Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Fund is treated as a partnership for income tax purposes and is not subject to income tax. As a pass-through entity, each partner or member therein is responsible for income taxes related to income or loss based on their respective share of an entity’s income and expenses. In addition, the Fund operates, in part, through subsidiaries that are treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to U.S. federal, state and/or local income taxes at the subsidiary level from ongoing operations or in a monetization event.

As of March 31, 2026, the Fund has recognized Deferred Tax Liabilities, Net of $20.5 million ($16.6 million

as of December 31, 2025), consisting of $22.2 million ($17.7 million as of December 31, 2025) of deferred tax liabilities related to temporary differences between financial statement carrying amounts and tax basis of assets, net of deferred tax assets of $1.7 million ($1.1 million as of December 31, 2025) relating to federal and state net operating losses. The Fund recognized $4.1 million of deferred tax liabilities in connection with the acquisition of an investment from an affiliate in March 2026, which was recorded as a capital unit transaction in the Condensed Consolidated Statement of Changes in Net Assets. The Fund recognized the remaining decline in deferred tax liabilities, net from January 1, 2026 to March 31, 2026 of $0.2 million within Income Tax Benefit on the Condensed Consolidated Statement of Operations as a result of an increase to deferred tax assets.

For the three months ended March 31, 2026, the Fund incurred current taxes of $0.1 million in relation to an investment acquired during the period. Other than the above noted investments, the Fund's effective federal statutory rate was 0.0%.

As of March 31, 2026 and December 31, 2025 the Fund has not identified any uncertain tax positions that require recognition or disclosure. The Fund files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign tax authorities. Although the outcome of tax audits is always uncertain, the Fund does not believe the outcome of any future audit will have a material adverse effect on the Fund’s condensed consolidated financial statements.