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

10. TAX INFORMATION

As of the dates indicated, the tax character of distributions was as follows:

 

 

For the Year Ended December 31, 2025

 

 

For the period from May 1, 2024 (inception) to December 31, 2024

 

Distributions paid from:

 

 

 

 

 

 

Ordinary Income

 

$

6,414

 

 

$

—

 

Net Long-Term Capital Gains

 

—

 

 

—

 

Total Taxable Distributions

 

$

6,414

 

 

$

—

 

 

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 period from May 1, 2024 (inception) to December 31, 2024

 

Undistributed Ordinary Income - net

 

$

92

 

 

$

—

 

Undistributed Long-Term Capital Gains

 

 

—

 

(1)

 

—

 

Total Undistributed Earnings

 

$

92

 

 

$

—

 

Capital Loss Carryforward

 

$

—

 

 

$

—

 

Timing Differences (Organizational Costs)

 

 

(734

)

 

 

(788

)

Unrealized Earnings (Losses)—net

 

 

(653

)

 

 

(7

)

Total Accumulated Earnings (Losses)—net

 

$

(1,295

)

 

$

(795

)
(1)
Amount rounds to less than $1.

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:

 

 

For the Year Ended December 31, 2025

 

 

For the period from May 1, 2024 (inception) to December 31, 2024

 

Tax cost

 

$

444,417

 

 

$

103,108

 

Gross unrealized appreciation

 

 

114

 

 

 

—

 

Gross unrealized depreciation

 

 

(767

)

 

 

(7

)

Net unrealized investment appreciation on investments

 

$

(653

)

 

$

(7

)

 

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to 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 net operating losses. For the year ended December 31, 2025 and the period from May 1, 2024 (inception) to December 31, 2024, the Company reclassified $(426) and $(1,794) 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 period from May 1, 2024 (inception) to December 31, 2024

 

Net increase (decrease) in members' capital resulting from operations

 

$

5,488

 

 

$

(2,589

)

Adjustments:

 

 

 

 

 

 

Net unrealized losses (gains)

 

 

653

 

 

 

7

 

Expenses not currently deductible

 

 

426

 

 

 

1,679

 

Expenses for tax but not for book

 

 

(54

)

 

 

(18

)

Realized gain (loss) differences

 

 

(7

)

 

 

—

 

Taxable income net of capital loss carryforward

 

$

6,506

 

 

$

(921

)

Nondeductible net investment loss

 

 

—

 

 

 

921

 

Taxable income(1)

 

$

6,506

 

 

$

—

 
(2)
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.