Tax Information

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Tax Information

11. TAX INFORMATION

The tax character of distributions was as follows:

	For the Years Ended December 31,
	2025		2024		2023
Distributions paid from:
Ordinary Income	$	216,756	$	208,488	$	197,124
Net Long-Term Capital Gains		—		—		—
Total Taxable Distributions	$	216,756	$	208,488	$	197,124

The components of Accumulated Earnings (Losses) on a tax basis were as follows:

	December 31, 2025			December 31, 2024			December 31, 2023
Undistributed Ordinary Income—net	$	108,725		$	152,038		$	118,026
Undistributed Long-Term Capital Gains		—			—			—
Total Undistributed Earnings	$	108,725		$	152,038		$	118,026
Capital Loss Carryforward (1):
Perpetual Long-Term	$	(318,245	)	$	(297,091	)	$	(138,282	)
Perpetual Short-Term		(100,239	)		(29,987	)		(12,358	)
Total capital loss carryforwards	$	(418,484	)	$	(327,078	)	$	(150,640	)
Timing Differences (Organizational Costs, Post-October Capital Loss Deferral and Late Year Ordinary Loss Deferral)		(2,216	)		(24,198	)		(50,451	)
Unrealized Earnings (Losses)—net		(144,720	)		(174,432	)		(141,514	)
Total Accumulated Earnings (Losses)—net	$	(456,695	)	$	(373,670	)	$	(224,579	)

(1)For the years ended December 31, 2025, 2024 and 2023 the Company did not utilize any capital losses.

The Company's ability to utilize its capital loss carryforwards is subject to an annual limitation under section 382 of the Code.

The Company’s aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes were as follows:

	December 31, 2025			December 31, 2024			December 31, 2023
Tax cost	$	3,439,934		$	3,677,186		$	3,555,001
Gross unrealized appreciation		28,055			36,583			24,511
Gross unrealized depreciation		(172,775	)		(211,015	)		(166,025	)
Net unrealized investment appreciation (depreciation) on investments	$	(144,720	)	$	(174,432	)	$	(141,514	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of underlying fund investments, partnership investments, material modification of debt securities, unrealized appreciation (depreciation) on derivatives and changes in the fair value of the hedged liabilities attributable to the risk being hedged.

In order to present certain components of the Company’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Company’s accounts. These reclassifications have no impact on the net asset value of the Company and result primarily from certain non-deductible expenses, and differences in the tax treatment of underlying fund investments. For the year ended December 31, 2025, the Company reclassified $14,464 from paid-in capital in excess of par to distributable earnings. For the years ended December 31, 2024 and 2023, the Company reclassified $3,470 and $17,127 from total distributable earnings to paid-in capital in excess of par, respectively.

The following reconciles net increase in net assets resulting from operations to taxable income:

	For the Years Ended December 31,
	2025			2024			2023
Net increase in net assets resulting from operations	$	119,267		$	62,867		$	195,874
Adjustments:
Net unrealized loss (gain) on investments and foreign currency forward contracts and translations		(60,390	)		35,762			(21,214	)
Income not currently taxable		10,358			(9,259	)		(23,098	)
Income for tax but not book		82			726			484
Expenses not currently deductible		4,111			5,791			5,970
Expenses for tax but not for book		(282	)		(68	)		(1,131	)
Realized gain(loss) differences		(318,188	)		(180,396	)		(79,145	)
Taxable income net of capital loss carryforward	$	(245,042	)	$	(84,577	)	$	77,740
Capital loss carryforward		418,484			327,078			150,640
Taxable income (1)	$	173,442		$	242,501		$	228,380

(1)Taxable income is an estimate and is not fully determined until the Company’s tax return is filed.

ASC Topic 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.