Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 7. Income Taxes

For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The final determination of the tax character of distributions will not be made until we file our tax return for each tax year and the tax characteristics of all distributions will be reported to shareholders on Form 1099 after the end of each calendar year. For periods prior to the effectiveness of our RIC election, the Company was taxed as a partnership for U.S. federal income tax purposes.

The Company commenced operations on January 24, 2025 and did not have any tax implications prior to the commencement of operations. For the period from June 26, 2024 (inception) through December 31, 2024, there was no taxable or distributable income.

The tax character of distributions paid to shareholders during the year ended December 31, 2025 was as follows:

	For the Fiscal Year December 31,
	2025
Ordinary income	$	41,719
Capital gains		-
Return of capital		-
Total distributions paid to stockholders	$	41,719

The following table reconciles the net increase in net assets resulting from operations to taxable income for the fiscal year ended December 31, 2025:

	For the Fiscal Year December 31,
	2025
Net increase (decrease) in net assets resulting from operations	$	43,999
Adjustments:
Net realized losses (gains)		(1,467	)
Net change in unrealized losses (gains)		(1,529	)
Income not currently taxable		-
Income (loss) recognized for tax but not book		(30	)
Expenses not currently deductible		237
Expenses incurred for tax but not book		-
Realized gain/loss differences		-
Taxable income before deductions for distributions	$	41,210

Taxable income generally differs from net increase in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The following table shows the components of accumulated losses on a tax basis for the fiscal year ended December 31, 2025:

	For the Fiscal Year December 31,
	2025
Undistributed ordinary income	$	986
Capital loss carryforward		-
Other temporary book-to-tax differences		(222	)
Post-October capital loss deferral		-
Unrealized appreciation (depreciation)		1,529
Total accumulated under-distributed (over-distributed) earnings	$	2,293

Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Company’s consolidated financial statements. The Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

In general, we may make certain reclassifications to the components of net assets as a result of permanent book-to-tax differences and book-to-tax differences relating to stockholder distributions.

As of December 31, 2025, we adjusted accumulated net realized loss by $(481) to $986, under-distributed net investment income by $481 to $(222), and paid-in capital in excess of par by $0 to $670,638. Total earnings and net asset value were not affected.

To the extent that the Company determines that its estimated current year annual taxable income will exceed its estimated current year dividends from such taxable income, the Company accrues excise tax on estimated excess taxable income. For the year ended December 31, 2025, $0 was recorded for U.S. federal excise tax. For the year ended December 31, 2024, $0 was recorded for U.S. federal excise tax.