Federal Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Federal Income Taxes

Federal Income Taxes

The timing and characterization of certain income, capital gains, and return of capital distributions are determined annually in accordance with federal tax regulations, which may differ from GAAP. As a result, the net investment income/loss and net realized gain/loss on investment transactions for a reporting period may differ significantly from distributions during such period. These book to tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or distributable earnings, as appropriate, in the period in which the differences arise.

As of December 31, 2025, the Company’s most recent fiscal year end, the following permanent differences have been reclassified (to)/from the following accounts:

Distributable Earnings	Paid-in Capital
$914	$(914)

The tax character of distributions declared for the period ended December 31, 2025 are as follows:

Period Ended	Ordinary Income	Return of Capital	Total
December 31, 2024	$30,252	$670	$30,922
December 31, 2025*	$63,499	$—	$63,499

* The final tax character of any distribution declared in 2025 will be determined in January 2026 and reported to shareholders on IRS Form 1099-DIV in accordance with federal income tax regulations.

As of December 31, 2025, the components of accumulated distributable earnings on a tax basis for the Company are as follows:

Undistributed Ordinary Income	Net Unrealized Appreciation	Other Temporary Differences	Total Accumulated Gains
$—	$4,145	$(34)	$4,111

Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss. As of December 31, 2025, the Company had no non-expiring capital loss carry-forwards.

As of December 31, 2025, the total cost of securities for federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Company are as follows:

Federal Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$1,299,876	$94,254	$(90,110)	$4,145

As a result of a transaction prior to the Company's conversion from a statutory trust to a corporation and election to be treated as a business development company and subsequent activities, the Company recorded a deferred tax liability of

$692 as of December 31, 2025. The Company recorded an income tax benefit of $256 for the year ended December 31, 2025.