TAX (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Tax Character of Distributions Paid

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	—		—		—		—

Schedule of 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.

Schedule of Cost of Investments for Federal Income Tax Purposes

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)