TAX

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

TAX

TAX

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of December 31, 2025 and 2024.

In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. Through June 30, 2023, the Company's tax year-end was June 30. The Company has elected to change the tax year-end to December 31 starting with the period from July 1, 2023 to December 31, 2023 and elected this change concurrent with the filing of the Company’s tax return. The Company’s federal tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they are filed.

Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified among the Company’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP. As of December 31, 2025 and 2024, permanent differences primarily due to non-deductible excise tax paid and non-deductible expenses from investments in partnerships resulted in a net decrease in total distributable loss by $1,655 and $1,864, respectively, and a net decrease in additional paid-in capital in excess of par by $1,655 and $1,864, respectively, on the Consolidated Statements of Assets and Liabilities. Total earnings and NAV were not affected.

The tax character of the distributions paid for the periods from January 1, 2025 to December 31, 2025, January 1, 2024 to December 31, 2024, July 1, 2023 to December 31, 2023, and July 1, 2022 to June 30, 2023 was as follows:

	For the period from January 1, 2025 to December 31, 2025		For the period from January 1, 2024 to December 31, 2024		For the period from July 1, 2023 to December 31, 2023		For the period from July 1, 2022 to June 30, 2023
Ordinary income	$	159,420	$	119,271	$	57,030	$	114,465
Long-term capital gains	—		—		—		3,125
Tax return of capital	—		—		—		—

Income Tax Information and Distributions to Stockholders

As of December 31, 2025 and 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

	As of
	December 31, 2025		December 31, 2024
Undistributed ordinary income	$	36,424	$	55,204
Other book/tax temporary differences(1)	(268)		(300)
Capital loss carryforwards	(110,608)		(56,977)
Net unrealized appreciation (depreciation) on investments(2)	(31,889)		(55,674)
Net unrealized appreciation (depreciation) on non-investment assets and liabilities	—		203
Total accumulated earnings (deficit)	$	(106,341)	$	(57,544)

(1)Consists of the unamortized portion of organization costs as of December 31, 2025 and 2024.

(2)The difference between the book-basis and tax-basis unrealized appreciation (depreciation) on investments is attributable primarily to the tax treatment of partnership investments, the tax treatment of defaulted securities, the recognition for tax purposes of unrealized gain (loss) on certain derivative instruments, and material modifications of investments.

As of December 31, 2025 and 2024, the cost of investments for federal income tax purposes and gross unrealized appreciation and depreciation on investments were as follows:

	As of
	December 31, 2025		December 31, 2024
Cost of investments	$	2,675,306	$	2,006,942
Gross unrealized appreciation on investments	31,714		26,872
Gross unrealized depreciation on investments	(63,603)		(82,546)
Net unrealized appreciation (depreciation) on investments	$	(31,889)	$	(55,674)

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2025 and 2024, the Company had $110,608 and $56,977 of capital loss carryforwards, respectively, of which $710 and $1,445 were short-term capital loss carryforwards and $109,898 and $55,532 were long-term capital loss carryforwards, respectively.