Tax Information (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Tax Character of Distributions |
The below table presents the tax character of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended
December 31, 2025 |
|
|
For the Year Ended
December 31, 2024 |
|
|
For the Year Ended
December 31, 2023 |
|
Distributions paid from: |
|
|
|
|
|
|
|
|
|
Ordinary Income |
|
$ |
143,212 |
|
|
$ |
147,398 |
|
|
$ |
177,199 |
|
Net Long-Term Capital Gains |
|
|
— |
|
|
$ |
7,309 |
|
|
— |
|
Total Taxable Distributions |
|
$ |
143,212 |
|
|
$ |
154,707 |
|
|
$ |
177,199 |
|
Tax Return of Capital |
|
$ |
83,736 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Components of Accumulated Earnings (Losses) on Tax Basis |
As of the dates indicated, the components of Accumulated Earnings (Losses) on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Undistributed Ordinary Income—net |
|
$ |
— |
|
|
$ |
60 |
|
|
$ |
209 |
|
Undistributed Long-Term Capital Gains |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,260 |
|
Total Undistributed Earnings |
|
$ |
— |
|
|
$ |
60 |
|
|
$ |
7,469 |
|
Capital Loss Carryforward(1) |
|
|
|
|
|
|
|
|
|
Perpetual Long-Term |
|
$ |
(89,762 |
) |
|
$ |
(103,341 |
) |
|
$ |
— |
|
Perpetual Short-Term |
|
|
(13,519 |
) |
|
|
(10,107 |
) |
|
— |
|
Timing Differences (Late Year Ordinary Loss Deferral/Post - October Loss Deferral/Organizational Costs/Unvested Incentive Fee/§852 (b)(7) Dividend/Distributions Payable) |
|
$ |
(103,137 |
) |
|
$ |
(33,267 |
) |
|
$ |
(30,936 |
) |
Unrealized Earnings (Losses)—net |
|
$ |
(106,010 |
) |
|
$ |
(68,768 |
) |
|
$ |
(115,553 |
) |
Total Accumulated Earnings (Losses)—net |
|
$ |
(312,428 |
) |
|
$ |
(215,423 |
) |
|
$ |
(139,020 |
) |
(1)For the years ended December 31, 2025 and December 31, 2024, the Company did not utilize any capital losses. For the year ended December 31, 2023, the Company utilized $3,157 of capital losses.
|
| Schedule of Aggregate Unrealized Appreciation and Depreciation on Investments |
As of the dates indicated, the Company’s aggregate unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Tax cost |
|
$ |
1,764,757 |
|
|
$ |
2,240,301 |
|
|
$ |
2,846,750 |
|
Gross unrealized appreciation |
|
|
12,066 |
|
|
|
17,145 |
|
|
|
12,027 |
|
Gross unrealized depreciation |
|
|
(118,076 |
) |
|
|
(85,913 |
) |
|
|
(127,580 |
) |
Net unrealized investment appreciation on investments |
|
$ |
(106,010 |
) |
|
$ |
(68,768 |
) |
|
$ |
(115,553 |
) |
|
| Schedule of Reconciles Net Increase in Net Assets Resulting from Operations to Taxable Income |
The following table reconciles net increase in net assets resulting from operations to taxable income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended
December 31, 2025 |
|
|
For the Year Ended
December 31, 2024 |
|
|
For the Year Ended
December 31, 2023 |
|
Net increase in members' capital resulting from operations |
|
$ |
79,311 |
|
|
$ |
69,758 |
|
|
$ |
105,209 |
|
Adjustments: |
|
|
|
|
— |
|
|
— |
|
Net unrealized loss (gain) |
|
|
25,181 |
|
|
|
(43,100 |
) |
|
|
27,064 |
|
Income not currently taxable |
|
|
399 |
|
|
|
(5,582 |
) |
|
|
(2,988 |
) |
Income for tax but not for book |
|
— |
|
|
— |
|
|
— |
|
Expenses not currently deductible |
|
|
13,640 |
|
|
|
14,128 |
|
|
|
19,658 |
|
Expenses for tax but not for book |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(9 |
) |
Realized gain (loss) differences |
|
|
(103,719 |
) |
|
|
(1,383 |
) |
|
|
35,592 |
|
Taxable income net of capital loss carryforward |
|
$ |
14,803 |
|
|
$ |
33,812 |
|
|
$ |
184,526 |
|
Capital loss carryforward |
|
|
103,280 |
|
|
|
113,449 |
|
|
— |
|
Taxable income(1) |
|
$ |
118,083 |
|
|
$ |
147,261 |
|
|
$ |
184,526 |
|
(1)Taxable income is an estimate and is not fully determined until the Company’s tax return is filed.
|