v3.26.1
Federal Income Tax Matters (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Change in Net Assets For the year ended December 31, 2025, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to non-deductible excise taxes paid, non-deductible offering costs, and various differences associated with conversion from being taxed as a partnership as follows:

 

($ in thousands)

 

For the Year Ended
December 31, 2025

 

Additional paid-in capital

 

$

1,462

 

Accumulated undistributed earnings

 

 

(1,462

)

Summary Of Tax Character Of Shareholder Distributions

For U.S. federal income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid was as follows:

 

($ in thousands)

 

For the Year Ended
December 31, 2025

 

Ordinary Income

 

$

25,499

 

Schedule of Tax Cost Basis and Estimated Aggregate Gross Unrealized Gain (Loss) from Investments for Federal Income Tax Purposes

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized gain (loss) on investments for federal income tax purposes:

 

($ in thousands)

 

For the Year Ended
December 31, 2025

 

Tax cost of investments

 

$

1,503,544

 

Unrealized appreciation

 

$

3,751

 

Unrealized depreciation

 

 

(18,489

)

Net unrealized appreciation/(depreciation)

 

$

(14,738

)

Summary of Tax Basis Components of Distributable Earnings

At December 31, 2025, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Statements of Financial Condition by temporary and other book/tax differences, primarily relating to the tax adjustments on the basis of underlying assets on conversion from a partnership, as follows:

 

($ in thousands)

 

For the Year Ended
December 31, 2025

 

Undistributed ordinary income

 

$

1,722

 

Other accumulated losses

 

 

(534

)

Net change in unrealized appreciation (depreciation)

 

 

(14,738

)

Accumulated undistributed earnings on a tax basis

 

$

(13,550

)

Summary of Income Tax Expense (Benefit) This provision for income tax expense (benefit) is comprised of the following current and deferred income tax expense (benefit):

 

($ in thousands)

 

Current

 

 

Deferred

 

 

Total

 

Tax Expense/(Benefit)

 

 

 

 

 

50

 

 

 

50

 

Summary of Deferred Tax Assets and Liabilities

Components of the Corporate Subsidiary's deferred tax assets and liabilities are as follows:

 

($ in thousands)

 

 

 

Deferred Tax Liabilities:

 

 

 

Net unrealized appreciation/(depreciation) on investments

 

$

51

 

Deferred Tax Assets:

 

 

 

Net operating loss carried forward

 

 

(1

)

Net Deferred Tax (Asset)/Liability

 

$

50

 

Summary of Statutory Tax Rate and Statutory Rates

Total income tax (current and deferred) is computed by applying the federal statutory income tax rate of 21% and estimated applicable state tax statutory rates (net of federal benefit) to net investment income and realized and unrealized gains/(losses) on investments before taxes:

 

($ in thousands)

 

 

 

Income tax expense at federal statutory rate of 21%

 

$

50

 

Other differences

 

 

 

Total Income Tax Expense

 

$

50