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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES [Abstract]

Net Operating Loss Forfeiture for Income

During the years ended December 31, 2024 and December 31, 2023, the Company reclassified for book purposes amounts arising from permanent book to tax differences primarily related to net operating loss forfeiture and non-deductible excise tax paid for income tax purposes.

		December 31, 2024				December 31, 2023
Increase (decrease) in additional paid in capital		$	(10,676	)		$	121,099
Increase (decrease) in distributable earnings (accumulated loss)			10,676				(121,099	)

Components of Distributable Earning

For income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long-term capital gains, or a combination thereof. The tax character of distributions paid for the period from April 1, 2024 through December 31, 2024, and the tax year from April 1, 2023 through March 31, 2024, were as follows:

		For the period from April 1, 2024 through December 31, 2024				For the tax year from April 1, 2023 through March 31, 2024
Ordinary income		$	10,866,404			$	9,819,273
Long-term capital gain			-				-
Return of capital			-				-
Total Distributions		$	10,866,404			$	9,819,273

As of March 31, 2024 and March 31, 2023, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Statements of Assets and Liabilities by temporary book or tax differences primarily arising from the tax treatment of organizational costs, the tax treatment of transaction expenses related to the Loan Portfolio Acquisition, and the tax treatment of uncrystallized capital gain incentive fees.

		March 31, 2024				March 31, 2023
Undistributed ordinary income		$	1,782,017			$	3,418,714
Net unrealized appreciation (depreciation) on investments			1,248,303				713,009
Capital loss carry forwards			(210,767	)			-
Other temporary differences			(3,393,536	)			(399,948	)
Total		$	(573,983	)		$	3,731,775

Investments and Cash Equivalents for Federal Income tax

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments and cash equivalents for federal income tax purposes for the fiscal years ended December 31, 2024 and December 31, 2023.

		December 31, 2024				December 31, 2023
Tax cost of investments and cash equivalents		$	298,279,117			$	86,082,952
Unrealized appreciation			1,285,099				784,052
Unrealized depreciation			(390,412	)			(135,369	)
Net unrealized appreciation (depreciation) from investments and cash equivalents		$	894,687			$	648,683

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- Definition

Tabular disclosure of the components of net operating loss forfeiture for income.

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Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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