v3.25.2
Financial Highlights (Tables)
 6 Months Ended
Jun. 30, 2025
Investment Company, Financial Highlights [Abstract]  
Schedule of Financial Highlights

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

 

$

96.87

 

 

$

98.95

 

Net Increase in Common Unitholder NAV from Prior Year(2)

 

 

—

 

 

 

0.17

 

Income from Investment Operations:

 

 

 

 

 

 

Net investment income

 

 

3.49

 

 

 

2.85

 

Net realized and unrealized loss

 

 

(1.66

)

 

 

(0.20

)

Total income from investment operations

 

 

1.83

 

 

 

2.65

 

Less Distributions:

 

 

 

 

 

 

From net investment income

 

 

(3.92

)

 

 

(3.12

)

Return of capital

 

 

—

 

 

 

(0.04

)

Total distributions

 

 

(3.92

)

 

 

(3.16

)

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

 

$

94.78

 

 

$

98.61

 

Unitholder Total Return(3)(4)

 

 

3.30

%

 

 

6.52

%

Unitholder IRR before incentive fee(5)

 

 

13.52

%

 

 

15.95

%

Unitholder IRR(5)

 

 

11.66

%

 

 

13.67

%

Ratios and Supplemental Data:

 

 

 

 

 

 

Members’ Capital, end of period

 

$

823,570

 

 

$

543,337

 

Units outstanding, end of period

 

 

12,745,660

 

 

 

12,745,660

 

Ratios based on average net assets of Members’ Capital:

 

 

 

 

 

 

Ratio of total expenses to average net assets(6)

 

 

9.52

%

 

 

11.87

%

Expense recaptured (reimbursed) by Investment Advisor(4)

 

 

0.00

%

 

 

0.00

%

Ratio of net expenses to average net assets(7)

 

 

9.52

%

 

 

11.87

%

Ratio of financing cost to average net assets(4)

 

 

2.87

%

 

 

3.44

%

Ratio of net investment income before expense recapture to average net assets(6)

 

 

13.31

%

 

 

14.50

%

Ratio of net investment income to average net assets(6)

 

 

13.31

%

 

 

14.50

%

Ratio of incentive fees to average net assets(6)

 

 

1.23

%

 

 

2.38

%

Credit facility payable

 

 

439,200

 

 

 

435,000

 

Asset coverage ratio

 

 

2.88

 

 

 

2.25

 

Portfolio turnover rate(4)

 

 

11.02

%

 

 

11.54

%
(1)
Per unit data was calculated using the number of Units issued and outstanding as of June 30, 2025 and 2024.
(2)
Adjustment to NAV per Unit is attributable to the 734,300 Units and 1,302,300 Units issued on January 18, 2024 and March 19 2024, respectively, at $100 per Unit. See Note 1 in the financial statements.
(3)
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.
(4)
Annualized.
(5)
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 13.52%. The IRR since inception for the Common Unitholders, after management fees, financing costs and operating expenses, is 11.66% through June 30, 2025. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common 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 return may vary significantly upon realization.
(6)
Annualized except for organizational costs.