v3.25.4
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Non-controlled/non-affiliated investments, at fair value (amortized cost of $573,586 and $268,579) $ 573,558 [1],[2] $ 269,888 [3],[4]
Cash 33,697 29,112
Deferred financing costs 3,210 2,378
Interest and dividend receivable from non-controlled/non-affiliated investments 3,477 1,903
Receivable for investments sold/repaid 1,698 17
Prepaid expenses and other assets 8 12
Total assets 615,648 303,310
Liabilities    
Debt 274,206 91,018
Payable for investments purchased 16,080 4,529
Payable to affiliates (Note 3) 210 40
Distributions payable 2,867 1,459
Management fees payable 420 518
Subscriptions received in advance (Note 8) 3,020 19,143
Payable for units repurchased 15,754 6,487
Capital gains based incentive fee payable 0 182
Interest and financing costs payable 886 177
Income based incentive fees payable 415 395
Accrued expenses and other liabilities 745 636
Total liabilities 314,603 124,584
Commitments and contingencies (Note 7)
Members' Capital    
Common units, par value $0.001 per unit (14,945,887 and 8,811,503 units issued and outstanding) 15 9
Paid-in capital in excess of par value 301,265 177,322
Net distributable earnings (accumulated losses) (235) 1,395
Total members' capital 301,045 178,726
Total liabilities and members' capital $ 615,648 $ 303,310
Net asset value per unit [5] $ 20.14 $ 20.28
[1] Assets or a portion thereof are pledged as collateral for the SMBC Facility. See Note 6 "Debt".
[2] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is not an “affiliated person” of any of its portfolio companies.
[3] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its
outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of its portfolio companies.
[4] Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the SMBC Facility (as defined below). See Note 6 "Debt".
[5] The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.