| MEMBERS' CAPITAL |
The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Net distributable earnings, beginning of period |
|
$ |
1,395 |
|
|
$ |
354 |
|
Net investment income (loss) |
|
|
24,134 |
|
|
|
11,272 |
|
Net realized gain (loss) |
|
|
(94 |
) |
|
|
73 |
|
Net unrealized appreciation (depreciation) |
|
|
(1,525 |
) |
|
|
1,221 |
|
Distributions declared |
|
|
(24,246 |
) |
|
|
(11,577 |
) |
Tax reclassification of unitholders' equity |
|
|
101 |
|
|
|
52 |
|
Net distributable earnings, end of period |
|
$ |
(235 |
) |
|
$ |
1,395 |
|
Unit Issuance Date The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred were as follow:
|
|
|
|
|
|
|
|
|
Unit Issuance Date |
|
Class I Units Issued |
|
|
Proceeds Received |
|
For the year ended December 31, 2025 |
|
|
|
|
|
|
January 01, 2025 |
|
|
943,938 |
|
|
$ |
19,143 |
|
February 01, 2025 |
|
|
634,382 |
|
|
|
12,859 |
|
March 01, 2025 |
|
|
745,020 |
|
|
|
15,087 |
|
April 01, 2025 |
|
|
882,789 |
|
|
|
17,814 |
|
May 01, 2025 |
|
|
365,324 |
|
|
|
7,354 |
|
June 01, 2025 |
|
|
244,821 |
|
|
|
4,936 |
|
July 01, 2025 |
|
|
645,483 |
|
|
|
13,045 |
|
August 01, 2025 |
|
|
207,662 |
|
|
|
4,197 |
|
September 01, 2025 |
|
|
263,374 |
|
|
|
5,320 |
|
October 01, 2025 |
|
|
169,297 |
|
|
|
3,423 |
|
November 01, 2025 |
|
|
198,304 |
|
|
|
4,008 |
|
December 01, 2025 |
|
|
1,621,367 |
|
|
|
32,719 |
|
Total |
|
|
6,921,761 |
|
|
$ |
139,905 |
|
For the year ended December 31, 2024 |
|
|
|
|
|
|
January 01, 2024 |
|
|
918,507 |
|
|
$ |
18,462 |
|
February 01, 2024 |
|
|
366,271 |
|
|
|
7,373 |
|
March 01, 2024 |
|
|
487,396 |
|
|
|
9,826 |
|
April 01, 2024 |
|
|
583,000 |
|
|
|
11,736 |
|
May 01, 2024 |
|
|
524,319 |
|
|
|
10,555 |
|
June 01, 2024 |
|
|
997,355 |
|
|
|
20,147 |
|
July 01, 2024 |
|
|
444,009 |
|
|
|
8,969 |
|
August 01, 2024 |
|
|
277,270 |
|
|
|
5,606 |
|
September 01, 2024 |
|
|
446,941 |
|
|
|
9,059 |
|
October 01, 2024 |
|
|
715,250 |
|
|
|
14,527 |
|
November 01, 2024 |
|
|
972,291 |
|
|
|
19,728 |
|
December 01, 2024 |
|
|
379,861 |
|
|
|
7,700 |
|
Total |
|
|
7,112,470 |
|
|
$ |
143,688 |
|
The following table summarizes the Company’s distributions declared and payable as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date Declared |
|
Record Date |
|
Payment Date |
|
Per Unit Amount |
|
|
Total Amount |
|
|
|
For the year ended December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
January 27, 2025 |
|
January 31, 2025 |
|
February 05, 2025 |
|
$ |
0.1430 |
|
|
$ |
1,398 |
|
|
|
February 27, 2025 |
|
February 28, 2025 |
|
March 05, 2025 |
|
0.1429 |
|
|
|
1,492 |
|
|
|
March 25, 2025 |
|
March 31, 2025 |
|
April 03, 2025 |
|
|
0.1430 |
|
|
|
1,605 |
|
|
|
January 27, 2025 |
|
March 31, 2025 |
|
April 03, 2025 |
|
0.0507 |
|
|
|
569 |
|
|
(1 |
) |
April 25, 2025 |
|
April 30, 2025 |
|
May 05, 2025 |
|
0.1429 |
|
|
|
1,700 |
|
|
|
May 22, 2025 |
|
May 31, 2025 |
|
June 04, 2025 |
|
0.1428 |
|
|
|
1,757 |
|
|
|
June 18, 2025 |
|
June 30, 2025 |
|
July 03, 2025 |
|
0.1423 |
|
|
|
1,790 |
|
|
|
June 18, 2025 |
|
June 30, 2025 |
|
July 03, 2025 |
|
0.0505 |
|
|
|
635 |
|
|
(1 |
) |
July 24, 2025 |
|
July 31, 2025 |
|
August 05, 2025 |
|
0.1424 |
|
|
|
1,881 |
|
|
|
August 21, 2025 |
|
August 31, 2025 |
|
September 03, 2025 |
|
0.1426 |
|
|
|
1,919 |
|
|
|
September 22, 2025 |
|
September 30, 2025 |
|
October 03, 2025 |
|
|
0.1425 |
|
|
|
1,961 |
|
|
|
September 22, 2025 |
|
September 30, 2025 |
|
October 03, 2025 |
|
0.0505 |
|
|
|
695 |
|
|
(1 |
) |
October 23, 2025 |
|
October 31, 2025 |
|
November 05, 2025 |
|
|
0.1425 |
|
|
|
1,970 |
|
|
|
November 20, 2025 |
|
November 30, 2025 |
|
December 03, 2025 |
|
0.1426 |
|
|
|
2,006 |
|
|
|
December 22, 2025 |
|
December 31, 2025 |
|
January 06, 2026 |
|
|
0.1442 |
|
|
|
2,269 |
|
|
|
December 22, 2025 |
|
December 31, 2025 |
|
January 06, 2026 |
|
0.0381 |
|
|
|
599 |
|
|
(1 |
) |
Total Distributions |
|
|
|
|
|
$ |
1.9035 |
|
|
$ |
24,246 |
|
|
|
For the year ended December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
January 29, 2024 |
|
January 31, 2024 |
|
February 05, 2024 |
|
$ |
0.1591 |
|
|
$ |
490 |
|
|
|
February 27, 2024 |
|
February 29, 2024 |
|
March 05, 2024 |
|
0.1593 |
|
|
551 |
|
|
|
March 25, 2024 |
|
March 31, 2024 |
|
April 04, 2024 |
|
0.1596 |
|
|
631 |
|
|
|
April 25, 2024 |
|
April 30, 2024 |
|
May 03, 2024 |
|
0.1594 |
|
|
721 |
|
|
|
May 28, 2024 |
|
May 31, 2024 |
|
June 05, 2024 |
|
0.1594 |
|
|
809 |
|
|
|
June 25, 2024 |
|
June 30, 2024 |
|
July 03, 2024 |
|
0.1599 |
|
|
974 |
|
|
|
July 25, 2024 |
|
July 31, 2024 |
|
August 05, 2024 |
|
0.1599 |
|
|
|
1,042 |
|
|
|
August 27, 2024 |
|
August 31, 2024 |
|
September 05, 2024 |
|
0.1601 |
|
|
|
1,091 |
|
|
|
September 24, 2024 |
|
September 30, 2024 |
|
October 03, 2024 |
|
0.1605 |
|
|
|
1,169 |
|
|
|
October 25, 2024 |
|
October 31, 2024 |
|
November 05, 2024 |
|
0.1608 |
|
|
|
1,244 |
|
|
|
November 25, 2024 |
|
November 29, 2024 |
|
December 04, 2024 |
|
|
0.1600 |
|
|
|
1,396 |
|
|
|
December 23, 2024 |
|
December 31, 2024 |
|
January 06, 2025 |
|
0.1598 |
|
|
|
1,459 |
|
|
|
Total Distributions |
|
|
|
|
|
$ |
1.9178 |
|
|
$ |
11,577 |
|
|
|
(1) Represents a special distribution. The Company adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless unitholders elect to “opt out” of the DRIP, unitholders will have their cash dividends or distributions (net of applicable withholding tax) automatically reinvested in additional units of same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes. The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP were as follow:
|
|
|
|
|
|
|
|
|
Payment Date |
|
DRIP Units Issued |
|
|
DRIP Units Value |
|
For the year ended December 31, 2025 |
|
|
|
|
|
|
January 06, 2025 |
|
|
25,363 |
|
|
$ |
514 |
|
February 05, 2025 |
|
|
28,796 |
|
|
|
584 |
|
March 05, 2025 |
|
|
31,379 |
|
|
|
635 |
|
April 03, 2025 |
|
|
44,857 |
|
|
|
906 |
|
May 05, 2025 |
|
|
34,378 |
|
|
|
692 |
|
June 04, 2025 |
|
|
35,429 |
|
|
|
714 |
|
July 03, 2025 |
|
|
48,996 |
|
|
|
990 |
|
August 05, 2025 |
|
|
37,718 |
|
|
|
762 |
|
September 03, 2025 |
|
|
38,779 |
|
|
|
784 |
|
October 03, 2025 |
|
|
53,780 |
|
|
|
1,087 |
|
November 05, 2025 |
|
|
39,904 |
|
|
|
806 |
|
December 03, 2025 |
|
|
41,120 |
|
|
|
830 |
|
Total |
|
|
460,499 |
|
|
$ |
9,304 |
|
For the year ended December 31, 2024 |
|
|
|
|
|
|
January 04, 2024 |
|
|
4,483 |
|
|
$ |
90 |
|
February 05, 2024 |
|
|
9,919 |
|
|
|
200 |
|
March 05, 2024 |
|
|
11,682 |
|
|
|
236 |
|
April 04, 2024 |
|
|
13,050 |
|
|
|
263 |
|
May 03, 2024 |
|
|
14,667 |
|
|
|
295 |
|
June 05, 2024 |
|
|
18,143 |
|
|
|
366 |
|
July 03, 2024 |
|
|
20,287 |
|
|
|
410 |
|
August 05, 2024 |
|
|
21,181 |
|
|
|
428 |
|
September 05, 2024 |
|
|
22,357 |
|
|
|
453 |
|
October 03, 2024 |
|
|
23,124 |
|
|
|
470 |
|
November 05, 2024 |
|
|
20,994 |
|
|
|
426 |
|
December 04, 2024 |
|
|
24,510 |
|
|
|
497 |
|
Total |
|
|
204,397 |
|
|
$ |
4,134 |
|
Unit Repurchase Program At the discretion of the Board of Directors, the Company may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. Units purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units. In the event the amount of Units tendered exceeds the repurchase offer amount, Units will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the unit repurchase plan, as applicable. The following table further summarizes the unit repurchases completed for the year ended December 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Deadline Request |
|
Percentage of
Outstanding
Units the
Company
Offered to
Repurchase(1) |
|
Price Paid
Per Unit |
|
|
Repurchase
Pricing Date |
|
Amount
Repurchased |
|
|
Number of
Units
Repurchased |
|
|
Percentage of
Outstanding
Units
Repurchased(1) |
|
|
Maximum number
of units that may
yet be purchased
under the
repurchase
program(2) |
|
March 07, 2025 |
|
5.00% |
|
$ |
20.18 |
|
|
March 31, 2025 |
|
$ |
5,024 |
|
|
|
248,972 |
|
|
|
2.83 |
% |
|
|
— |
|
June 07, 2025 |
|
5.00% |
|
$ |
20.21 |
|
|
June 30, 2025 |
|
|
1,247 |
|
|
|
61,693 |
|
|
|
0.56 |
% |
|
|
— |
|
September 04, 2025 |
|
5.00% |
|
$ |
20.22 |
|
|
September 30, 2025 |
|
|
3,134 |
|
|
|
154,986 |
|
|
|
1.24 |
% |
|
|
— |
|
December 05, 2025 |
|
5.00% |
|
$ |
20.14 |
|
|
December 31, 2025 |
|
|
15,754 |
|
|
|
782,224 |
|
|
|
5.75 |
% |
|
|
— |
|
Total |
|
|
|
|
|
|
|
|
$ |
25,159 |
|
|
|
1,247,875 |
|
|
|
|
|
|
|
(1)Percentage is based on total units as of the close of the previous calendar quarter. (2)All repurchase requests were satisfied in full. For the year ended December 31, 2024, units repurchased as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Deadline Request |
|
Percentage of
Outstanding
Units the
Company
Offered to
Repurchase(1) |
|
Price Paid
Per Unit |
|
|
Repurchase
Pricing Date |
|
Amount
Repurchased |
|
|
Number of
Units
Repurchased |
|
|
Percentage of
Outstanding
Units
Repurchased(1) |
|
|
Maximum number
of units that may
yet be purchased
under the
repurchase
program(2) |
|
March 05, 2024 |
|
5.00% |
|
$ |
20.13 |
|
|
March 31, 2024 |
|
$ |
351 |
|
|
|
17,435 |
|
|
|
0.81 |
% |
|
|
— |
|
June 08, 2024 |
|
5.00% |
|
$ |
20.20 |
|
|
June 30, 2024 |
|
|
791 |
|
|
|
39,147 |
|
|
|
0.99 |
% |
|
|
— |
|
September 07, 2024 |
|
5.00% |
|
$ |
20.31 |
|
|
September 30, 2024 |
|
|
5,824 |
|
|
|
286,775 |
|
|
|
4.74 |
% |
|
|
— |
|
December 07, 2024 |
|
5.00% |
|
$ |
20.28 |
|
|
December 31, 2024 |
|
|
6,487 |
|
|
|
319,881 |
|
|
|
4.57 |
% |
|
|
— |
|
Total |
|
|
|
|
|
|
|
|
$ |
13,453 |
|
|
|
663,238 |
|
|
|
|
|
|
|
(1)Percentage is based on total units as of the close of the previous calendar quarter. (2)All repurchase requests were satisfied in full. |