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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Summary of tax character of shareholder distributions

The tax character of shareholder distributions attributable to the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023 were as follows:


	Year Ended		Year Ended		Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Ordinary Income (1)	$	181,964	$	186,880	$	151,336
Long Term Capital Gains		10,903		6,563		28,630
Total	$	192,867	$	193,443	$	179,966

(1)

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, 83.51%, 86.81% and 87.01% of ordinary income qualified as interest related dividend which is exempt from U.S. withholding tax applicable to non-U.S. shareholders.

Summary of Tax Basis Components of Distributable Earnings

The tax basis components of distributable earnings for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 were as follows:


	Year Ended			Year Ended			Year Ended
	December 31, 2025			December 31, 2024			December 31, 2023
Undistributed net investment income - tax basis	$	114,693		$	105,332		$	85,002
Undistributed net realized gains (losses) - tax basis		(16,798	)		10,903			6,562
Net unrealized gains (losses) on investments		(12,435	)		(9,540	)		23,675
Other temporary differences		(3,817	)		(8,987	)		(14,463	)
Total distributable earnings - book basis	$	81,643		$	97,708		$	100,776

Summary of Reconciliation Increase in Net Assets

The following reconciles increase in net assets resulting from operations for the fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023, to taxable income at December 31, 2025, December 31, 2024 and December 31, 2023:


	Year Ended			Year Ended			Year Ended
	December 31, 2025			December 31, 2024			December 31, 2023
Increase in net assets resulting from operations	$	170,517		$	186,566		$	222,023
Adjustments:
Net unrealized (gains) losses on investments		(9,382	)		42,024			(13,191	)
Other income for tax purposes, not book		3,536			(1,815	)		2,680
Deferred organization costs		(100	)		(100	)		(100	)
Other expenses not currently deductible		5,346			3,809			2,263
Other book-tax differences		(5,483	)		(12,365	)		(4,959	)
Taxable Income	$	164,434		$	218,119		$	208,716