v3.26.3
INCOME TAXES (Tables)
9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The provision for income taxes consists of the following for the three and nine months ended September 30, 2026 and 2025:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Current
U.S. federal income tax (expense)/benefit$— $— $— $— 
State and local income tax (expense)/benefit— — — — 
— — — — 
Deferred
U.S. federal income tax (expense)/benefit(36,455)(8,509)(77,291)(15,790)
State and local income tax (expense)/benefit(6,970)(827)(18,386)(1,535)
(43,425)(9,336)(95,677)(17,325)
Total
U.S. federal income tax (expense)/benefit(36,455)(8,509)(77,291)(15,790)
State and local income tax (expense)/benefit(6,970)(827)(18,386)(1,535)
Income tax (expense)/benefit$(43,425)$(9,336)$(95,677)$(17,325)
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of taxes from the statutory tax rate to the Fund’s effective tax rate as calculated in accordance with ASU 2023-09 for the nine months ended September 30, 2026 is presented below:
Nine months ended September 30, 2026
U.S. federal statutory tax rate21.0 %
State and local income taxes, net of federal income tax effect3.0 
Effect of changes in state tax laws or rates enacted in the current period 0.8 
Total effective rate24.8 %

The reconciliation of the statutory tax rate to the Fund’s effective tax rate for the period prior to the adoption of ASU 2023-09 for the nine months ended September 30, 2025 is as follows:
Nine months ended September 30, 2025
Income tax expense at federal statutory rate21.0 %
State income tax (net of federal benefit)1.6 
Total effective rate22.6 %
Schedule of Deferred Tax Assets and Liabilities
The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of September 30, 2026 and December 31, 2025:
As of
September 30, 2026December 31, 2025
Deferred tax assets
Net operating loss$20,910 $1,880 
Interest expense1,646 2,765 
Incentive fees2,400 2,544 
Total gross deferred tax assets24,956 7,189 
Valuation allowance— — 
Total deferred tax assets24,956 7,189 
Deferred tax liabilities
Investments(1)
137,344 42,417 
Interest rate swaps(1)
19,208 692 
Total deferred tax liabilities156,552 43,109 
Net deferred tax (liabilities) assets$(131,596)$(35,920)
(1)Represents the tax impact of the difference in book and tax basis for investments and interest rate swaps.