v3.25.2
Financial Highlights (Tables)
 6 Months Ended
Jun. 30, 2025
Investment Company, Financial Highlights [Abstract]  
Schedule of Net Asset Value Per Unit and Reflects all Units Issued and Outstanding

Selected data for a unit outstanding throughout the six months ended June 30, 2025 and 2024 is presented below.

 

 

For the Six Months Ended June 30,

 

 

2025(1)

 

 

2024(1)

 

Net Asset Value Per Unit (accrual base), Beginning of Period

 

$

50.49

 

 

$

53.53

 

Income from Investment Operations:

 

 

 

 

 

 

Net investment income

 

 

5.12

 

 

 

6.18

 

Net realized and unrealized loss

 

 

(8.34

)

 

 

(4.40

)

Total (loss) income from investment operations

 

 

(3.22

)

 

 

1.78

 

Less Distributions:

 

 

 

 

 

 

From distributable earnings

 

 

—

 

 

 

(0.36

)

Total distributions

 

 

—

 

 

 

(0.36

)

Net Asset Value Per Unit (accrual base), End of Period

 

$

47.27

 

 

$

54.95

 

Unitholder Total Return(2)(3)

 

 

(6.16

)%

 

 

3.39

%

Unitholder IRR before incentive fees(4)

 

 

7.80

%

 

 

9.94

%

Unitholder IRR after all fees and expenses(4)

 

 

7.80

%

 

 

9.00

%

Ratios and Supplemental Data:

 

 

 

 

 

 

Members’ Capital, end of period

 

$

483,738

 

 

$

589,282

 

Units outstanding, end of period

 

 

13,734,010

 

 

 

13,734,010

 

Ratios based on average net assets of Members’ Capital:

 

 

 

 

 

 

Ratio of total expenses before incentive fees to average net assets(5)

 

 

7.69

%

 

 

7.41

%

Ratio of financing cost to average net assets(3)

 

 

1.90

%

 

 

2.15

%

Ratio of net investment income to average net assets(5)

 

 

27.29

%

 

 

29.46

%

Ratio of incentive fees to average net assets(5)

 

 

(13.85

)%

 

 

(12.62

)%

Credit facilities payable

 

$

213,500

 

 

$

222,628

 

Asset coverage ratio

 

 

3.27

 

 

 

3.65

 

Portfolio turnover rate(3)

 

 

6.42

%

 

 

6.04

%

 

(1)
Per unit data was calculated using the number of Common Units issued and outstanding as of June 30, 2025 and 2024, respectively.
(2)
The Total Return for the six months ended June 30, 2025 and 2024 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses.
(3)
Not annualized.
(4)
The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before incentive fees is 7.80%. The IRR since inception for the Common Unitholders, after management fees, financing costs, operating expenses and Advisor incentive fees is 7.80%. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the actual return may vary significantly upon realization.
Annualized.