v3.25.2
Consolidated Statements of Assets and Liabilities - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Investments, at fair value    
Fair Value $ 327,832,330 [1],[2] $ 331,582,372 [3]
Cash and cash equivalents 1,389,000 17,736,000
Short-term investments 394,466,500 420,466,431
Interest income receivable 1,339,000 1,059,000
Deferred financing costs 5,000 166,000
Prepaid and other assets 0 30,000
Total Assets 725,032,000 771,040,000
Liabilities    
Payable for short-term investments purchased 394,467,000 420,466,000
Credit facility payable 73,250,000 [4] 92,650,000
Interest and credit facility expense payable 1,030,000 589,000
Directors' fees payable 135,000 0
Unrealized depreciation on unfunded commitments 0 1,007,000
Other accrued expenses and other liabilities 280,000 545,000
Total Liabilities 469,162,000 515,257,000
Commitments and Contingencies (Note 5)
Members’ Capital    
Common Unitholders' commitment: (18,034,649 units issued and outstanding) 1,803,465,000 1,803,465,000
Common Unitholders' undrawn commitment: (18,034,649 units issued and outstanding) (199,120,000) (199,120,000)
Common Unitholders' return of capital (1,117,327,000) (1,117,327,000)
Common Unitholders' offering costs (853,000) (853,000)
Accumulated Common Unitholders' tax reclassification (13,904,000) (13,904,000)
Common Unitholders’ capital 472,261,000 472,261,000
Accumulated overdistributed earnings (216,391,000) (216,478,000)
Total Members’ Capital 255,870,000 [4] 255,783,000
Total Liabilities and Members’ Capital $ 725,032,000 $ 771,040,000
Net Asset Value Per Unit (accrual base) (Note 12) [4],[5] $ 25.23 $ 25.22
Non-controlled/non-affiliated investments    
Investments, at fair value    
Fair Value $ 27,138,000 $ 27,658,000
Non-Controlled Affiliated Investments    
Investments, at fair value    
Fair Value 0 3,390,000
Controlled Affiliated Investments    
Investments, at fair value    
Fair Value $ 300,694,238 $ 300,534,828
[1] Investment is in default as of June 30, 2025.

SOFR - Secured Overnight Financing Rate, generally 1-Month or 3-Month

PIK - Payment-In-Kind

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $11,075,063 and $8,856,135, respectively, for the period ended June 30, 2025. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.

 

Geographic Breakdown of Portfolio

 

 

 

United States

 

 

100

%
[2] The fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”
[3] The fair value of the Quantum Corporation Common Stock held by the Company is based on the quoted market price of the issuer’s stock as of December 31, 2024. Such common stock is considered to be a Level 1 security within the Fair Value Hierarchy. Otherwise, the fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”
[4] Per unit data was calculated using the number of Common Units issued and outstanding as of June 30, 2025 and 2024.
[5] Net Asset Value Per Unit (accrual base) equates to the aggregate of the Total Members' Capital and Common Unitholders' undrawn commitment divided by total Common units outstanding.