Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

8. INCOME TAXES

Series I has elected to be treated as a corporation and is subject to current and deferred U.S. federal, state and/or local income taxes. Series II holds interests in Asset Backed Finance Assets, through subsidiaries that are treated as corporations for U.S. and non-U.S. tax purposes and therefore are subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level. The components of the provision for (benefit from) income taxes are as follows:

	For the year ended December 31, 2024
	Series I		Series II			Total
Current:
Federal Income Tax	$	33	$	140		$	174
State and local Income Tax	$	-	$	-		$	-
	$	33	$	140		$	174
Deferred:
Federal Income Tax	$	62	$	(54	)	$	7
State and local Income Tax	$	-	$	-		$	-
	$	62	$	(54	)	$	7
Total income Tax provision (Benefit)	$	95	$	86		$	181

The following table reconciles the U.S. federal statutory tax rate to the effective income tax rate:

	For the year ended December 31, 2024
	Series I			Series II			Total
U.S Federal Statuatory tax rate		21	%		21	%		21	%
State and local income taxes (net of federal tax)		0	%		0	%		0	%
Effective Income tax rate		21	%		21	%		21	%

The following table represents significant components of the Company’s deferred tax assets and liabilities:

	For the year ended December 31, 2024
	Series I		Series II		Total
Deferred tax asset
Unrealized appreciation/depreciation				54
Deferred tax liability
Unrealized appreciation/depreciation		62

In evaluating the realizability of deferred tax assets, the Company assesses whether it is more likely than not that some portion, or all, of the deferred tax assets, will be realized. The Company considers, among other things, the generation of future taxable income (including reversals of deferred tax assets) during the periods in which the related temporary differences will become deductible.

As of December 31, 2024, the Company has no open tax years under the general statute of limitations provision that could be subjected to examination as 2024 is the initial tax year. Currently, there are no audits in process.