v3.25.4
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.