INCOME TAXES

10 Months Ended

Dec. 31, 2025

9. INCOME TAXES

Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments, as gains and losses are generally not included in taxable income until they are realized; (2) income or loss recognition on exited investments, if any; (3) temporary differences in the recognition of expenses for book and tax purposes; and (4) other non-deductible expenses.

The Fund makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and non-deductible expenses, among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, undistributed net investment income or undistributed net realized gains on investments, as appropriate. For the period ended December 31, 2025, permanent differences were as follows:


	December 31, 2025
Undistributed net investment income (loss)	$	—
Accumulated net realized gain (loss)		—
Paid in capital		(31	)

During the period ended December 31, 2025, permanent differences were principally related to non-deductible offering costs.

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


	December 31, 2025
Net increase (decrease) in net assets resulting from operations	$	(649	)
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		(32	)
Expenses not currently deductible and income and realized losses not currently includable		656
Non-deductible expenses and income not includable		31
Taxable/distributable income	$	6

The components of accumulated under-distributed (over-distributed) earnings as calculated on a tax basis for the taxable period ended December 31, 2025 is as follows:


	December 31, 2025
Distributable ordinary income	$	(618	)
Distributable capital gains		—
Net unrealized (appreciation) depreciation		(32	)
Other temporary book/tax differences		656
Total accumulated earnings (losses) - net	$	6

Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized by the Fund may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. Any such losses will be deemed to arise on the first day of the next taxable year. The Fund did not have any capital losses for the period ended December 31, 2025.

The cost and unrealized gain (loss) of the Fund’s investments, as calculated on a tax basis, at December 31, 2025 is as follows:


	December 31, 2025
Tax cost	$	99,681
Gross unrealized appreciation		32
Gross unrealized depreciation		—
Net unrealized investment appreciation (depreciation) on investments	$	32

Management has analyzed the Fund’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 Fund’s financial statements. The Fund’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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