v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investment Income:      
Interest income $ 37,588 $ 16,392 $ 2,203
Payment-in-kind income 644 160 8
Dividend income 53 6 0
Other income 136 406 65
Total investment income 38,421 16,964 2,276
Expenses:      
Interest and other financing expenses 11,164 3,597 713
Management fees 3,127 1,449 182
Income based incentive fees 3,082 1,439 94
Capital gains incentive fees (182) 161 20
Professional fees 1,387 1,089 310
Directors' fees 181 105 51
Administrative service fees 202 59 50
Organization and offering costs 0 54 269
General and other expenses 86 39 45
Total expenses 19,047 7,992 1,734
Income based incentive fee waiver (Note 3) (2,380) (1,044) (94)
Expense support (Note 3) 0 (325) (717)
Management fees waiver (Note 3) (2,380) (931) (182)
Net expenses 14,287 5,692 741
Net investment income (loss) 24,134 11,272 1,535
Excise tax expense 0 0 8
Net investment income (loss) after taxes 24,134 11,272 1,527
Realized and unrealized gain (loss):      
Non-controlled/non-affiliated investments (96) 69 0
Foreign currency and other transactions 2 4 0
Net change in unrealized appreciation (depreciation):      
Non-controlled/non-affiliated investments (1,526) 1,225 159
Translation of assets and liabilities in foreign currencies 1 (4) 0
Net realized and unrealized gain (loss) (1,619) 1,294 159
Net increase (decrease) in members' capital resulting from operations $ 22,515 $ 12,566 $ 1,686
Earnings (loss) per unit - basic (in dollars per unit) $ 1.77 $ 2.08 $ 1.01
Earnings (loss) per unit - diluted (in dollars per unit) $ 1.77 $ 2.08 $ 1.01
Weighted average units outstanding - basic (in units) [1] 12,696,315 6,036,393 1,667,184
Weighted average units outstanding - diluted (in units) [1] 12,696,315 6,036,393 1,667,184
[1] The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.