v3.25.4
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

 

$

40,139

 

 

$

24,260

 

 

$

5,162

 

Net Long-Term Capital Gains

 

 

241

 

 

 

18

 

 

—

 

Total Taxable Distributions

 

$

40,380

 

 

$

24,278

 

 

$

5,162

 
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:

 

 

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

 
Schedule of Aggregate Unrealized Appreciation and Depreciation

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

 
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 (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.