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Distributions
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Distributions Distributions
The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.
Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their
tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the year ended December 31, 2024 and the period from May 24, 2023 (commencement of operations) to December 31, 2023, the Company's reclassifications of amounts for book purposes arising from permanent book/tax differences primarily related to nondeductible expenses were as follows:
 Year Ended
 December 31, 2024December 31, 2023 (1)
Undistributed net investment income$335 $155 
Distributions in excess of net realized gains— — 
Contributed capital(335)(155)
(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.
For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid by the Company for the year ended December 31, 2024 and the period from May 24, 2023 (commencement of operations) to December 31, 2023 was estimated to be as follows:
Year Ended
 December 31, 2024December 31, 2023 (1)
Ordinary income$19,092 $1,717 
Capital gains331 — 
Return of capital222 6 
Total$19,645 $1,723 
(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.
As of December 31, 2024 and December 31, 2023, the costs of investments for the Company for U.S. federal income tax purposes were $375,086 and $85,250, respectively.
 As of
December 31, 2024December 31, 2023
Tax cost$375,086 $85,250 
Gross unrealized appreciation on investments109,317 1,443 
Gross unrealized depreciation on investments(106,609)(80)
Total investments at fair value$377,794 $86,613 
As of December 31, 2024 and December 31, 2023, the components of distributable earnings on a tax basis differ from the amounts reflected per the Company's Statements of Assets, Liabilities and Members' Capital by temporary book/tax differences primarily arising from differences between the tax and book basis of the Company's investment in securities held directly and undistributed income.
For the year ended December 31, 2024 and the period from May 24, 2023 (commencement of operations) to December 31, 2023, the Company's components of accumulated earnings (deficit) on a tax basis were as follows:
 Year Ended
 December 31, 2024December 31, 2023 (1)
Accumulated capital loss carryforwards$— $(11)
Other temporary differences(941)(966)
Undistributed ordinary income— — 
Unrealized depreciation2,710 1,362 
Total$1,769 $385 
(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.
The Company is subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. For the year ended December 31, 2024, the Company does not expect to incur any excise taxes. For the period from May 24, 2023 (commencement of operations) to December 31, 2023, the Company did not incur any excise taxes.
The following information is hereby provided with respect to distributions declared during the year ended December 31, 2024 and the period from May 24, 2023 (commencement of operations) to December 31, 2023:
Year Ended
December 31, 2024December 31, 2023 (1)
Distributions per share$0.977 $0.452 
Ordinary dividends(2)97.19 %99.62 %
Long-term capital gains1.68 %— %
Qualified dividend income— %— %
Dividends received deduction— %— %
Interest-related dividends(3)87.85 %— %
Qualified short-term capital gains(3)— %— %
Return of capital1.13 %0.38 %
(1)For the year ended December 31, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to December 31, 2023.
(2)Ordinary dividends are from the Company's net investment income and net short-term capital gains for the year. This type of dividend is reported as ordinary income. Ordinary dividend distributions from a RIC generally do not qualify for the preferential tax rate on dividend income from domestic corporations and qualified foreign corporations except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. 
(3)Interest-related dividends and short-term capital gain dividends received by nonresident aliens and foreign corporations are generally eligible for exemption from U.S. withholding tax in accordance with Sections 871(k) and 881(e) of the Code.