XML 48 R40.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Tax Character of Shareholder Distributions

The tax character of shareholder distributions attributable to 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)	$	491,809	$	471,181	$	107,004
Long Term Capital Gains (Losses)		64,988		6,928		—
Total	$	556,797	$	478,109	$	107,004

(1)

For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, 75.72%, 78.26% and 88.32%, respectively, of ordinary income qualified as interest related dividend which is exempt from U.S. withholding tax applicable to non-U.S. shareholders.

Summary of Reconciliation Increase in Net Assets

The following reconciles the 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 (decrease) in net assets resulting from operations	$	513,093		$	505,940		$	183,989
Adjustments:
Net unrealized (gains) losses on investments		80,914			(134,024	)		(56,755	)
Other income (loss) for tax purposes, not book		7,426			13,315			7,579
Deferred organization costs		(146	)		(146	)		(146	)
Other expenses not currently deductible		33			2,184			1,547
Other book-tax differences		(10,166	)		17,879			6,958
Taxable Income	$	591,154		$	405,148		$	143,172

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:


	December 31, 2025			December 31, 2024			December 31, 2023
Undistributed net investment income - tax basis	$	3,766		$	—		$	89,489
Undistributed net realized gains (losses) - tax basis		—			—			—
Net unrealized gains (losses) on investments		82,942			166,331			45,694
Other temporary differences		(16,638	)		(53,740	)		(52,607	)
Total distributable earnings - book basis	$	70,070		$	112,591		$	82,576