v3.25.4
Tax Information
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Tax Information

10. TAX INFORMATION

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

 

$

40,139

 

 

$

24,260

 

 

$

5,162

 

Net Long-Term Capital Gains

 

 

241

 

 

 

18

 

 

—

 

Total Taxable Distributions

 

$

40,380

 

 

$

24,278

 

 

$

5,162

 

As of the dates indicated, the components of Accumulated Earnings (Losses) on a tax basis were as follows:

 

 

For the Year Ended December 31, 2025

 

 

For the Year Ended December 31, 2024

 

 

For the Year Ended December 31, 2023

 

Undistributed Ordinary Income - net

 

$

576

 

 

$

680

 

 

$

403

 

Undistributed Long-Term Capital Gains

 

 

994

 

 

 

241

 

 

 

18

 

Total Undistributed Earnings

 

$

1,570

 

 

$

921

 

 

$

421

 

Capital Loss Carryforward

 

 

 

 

 

 

 

 

 

    Perpetual Long-Term

 

$

—

 

 

$

—

 

 

$

—

 

    Perpetual Short-Term

 

 

—

 

 

 

—

 

 

 

—

 

Timing Differences (Organizational Costs)

 

 

(335

)

 

 

(364

)

 

 

(392

)

Unrealized Earnings (Losses)—net

 

 

(2,613

)

 

 

(154

)

 

 

424

 

Total Accumulated Earnings (Losses)—net

 

$

(1,378

)

 

$

403

 

 

$

453

 

As of the date indicated, the Company’s aggregate unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

 

 

For the Year Ended December 31, 2025

 

 

For the Year Ended December 31, 2024

 

 

For the Year Ended December 31, 2023

 

Tax cost

 

$

922,900

 

 

$

613,795

 

 

$

186,537

 

Gross unrealized appreciation

 

 

2,982

 

 

 

2,374

 

 

 

608

 

Gross unrealized depreciation

 

 

(5,595

)

 

 

(2,521

)

 

 

(185

)

Net unrealized investment appreciation on investments

 

$

(2,613

)

 

$

(147

)

 

$

423

 

 

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of material modification of debt securities.

In order to present certain components of the Company's capital accounts on a tax-basis, certain reclassifications have been recorded to the Company's accounts. These reclassifications have no impact on the net asset value of the Company and result primarily from certain non-deductible expenses and differences in the tax treatment of underlying investments. For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company reclassified $228, $448, and ($937) from total distributable earnings (loss) to common units.

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 (decrease) in members' capital resulting from operations

 

$

38,827

 

 

$

24,676

 

 

$

5,072

 

Adjustments:

 

 

 

 

 

 

 

 

 

Net unrealized losses (gains)

 

$

2,511

 

 

$

553

 

 

$

(431

)

Income not currently taxable

 

 

(228

)

 

 

(390

)

 

 

(61

)

Income for tax but not for book

 

—

 

 

—

 

 

—

 

Expenses not currently deductible

 

—

 

 

 

(58

)

 

 

1,032

 

Expenses for tax but not for book

 

 

(29

)

 

 

(29

)

 

 

(29

)

Realized gain (loss) differences

 

 

(53

)

 

 

26

 

 

 

—

 

Taxable income net of capital loss carryforward

 

$

41,028

 

 

$

24,778

 

 

$

5,583

 

Nondeductible net investment loss

 

 

—

 

 

 

—

 

 

 

—

 

Taxable income(1)

 

$

41,028

 

 

$

24,778

 

 

$

5,583

 

(1) Taxable Income is an estimate and is not fully determined until the Company's tax return is filed.

ASC Topic 740 Accounting for Uncertainty in Income Taxes (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.