v3.25.4
CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Company [Abstract]  
Schedule of Financial Highlights

The following are the financial highlights:

 

 

 

For the Year Ended December 31,
2025

 

 

For the Year Ended December 31,
2024

 

 

For the Year Ended December 31,
2023

 

 

For the period
from
November 30,
2022
(inception) to
December 31,
2022

 

Per Unit Data:(1)

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

20.28

 

 

$

20.10

 

 

$

20.00

 

 

$

—

 

Net investment income (loss)

 

 

1.90

 

 

1.87

 

 

0.92

 

 

—

 

Net unrealized and realized gain (loss)(2)

 

 

(0.14

)

 

0.23

 

 

 

(0.04

)

 

—

 

Net increase (decrease) in net assets resulting from operations

 

 

1.76

 

 

 

2.10

 

 

0.88

 

 

—

 

Distributions declared

 

 

(1.90

)

 

 

(1.92

)

 

 

(0.78

)

 

—

 

Total increase (decrease) in net assets

 

 

(0.14

)

 

0.18

 

 

 

0.10

 

 

—

 

Net asset value, end of period

 

$

20.14

 

 

$

20.28

 

 

$

20.10

 

 

$

—

 

Units outstanding, end of period

 

 

14,945,887

 

 

 

8,811,503

 

 

 

2,157,873

 

 

—

 

Weighted average units outstanding

 

 

12,696,315

 

 

 

6,036,393

 

 

 

1,667,184

 

 

—

 

Total return based on net asset value(3)

 

 

9.08

%

 

 

10.90

%

 

 

4.49

%

 

— %

 

Ratio/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

Members' Capital, end of period

 

$

301,045

 

 

$

178,726

 

 

$

43,368

 

 

$

(194

)

Ratio of expenses before waivers to average Members' Capital

 

 

7.39

%

 

 

6.51

%

 

 

9.87

%

 

— %

 

Ratio of net expenses to average Members’ Capital

 

 

5.54

%

 

 

4.64

%

 

 

3.78

%

 

— %

 

Ratio of net investment income to average Members’ Capital

 

 

9.36

%

 

 

9.19

%

 

 

10.93

%

 

— %

 

Asset coverage ratio(4)

 

 

210.00

%

 

 

296.00

%

 

 

494.00

%

 

— %

 

Portfolio turnover rate

 

 

8.25

%

 

 

11.61

%

 

 

5.75

%

 

— %

 

 

(1)
The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.
(2)
The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)
Total return (not annualized) is calculated assuming a purchase of units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP.
(4)
Effective January 31, 2023, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to January 31, 2023, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.