What do 'capital contributions' and 'distributions' mean on my K-1?

Capital contributions reflect the total funds contributed to the SPV during the tax year. 
Beginning in 2025, the brokerage fee paid at the time of investment is included in your capital contribution as reported on your K-1, and forms part of your cost basis.

Distributions reflect any value transferred from the SPV back to you. This can include a return of your original capital, a payout of realized capital gains following a liquidity event, or an in-kind distribution of shares.