MEMBERS' CAPITAL (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Equity [Abstract] |
|
| Schedule of Distributable Earnings |
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 |
|
|
| Schedule of Units Issued |
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 |
|
|
| Schedule of Dividends Declared and Payable |
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.
|
| Schedule of DRIP Shares Issued |
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 |
|
|
| Schedule of Unit Repurchases |
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.
|