v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net increase (decrease) in members' capital resulting from operations $ 22,515 $ 12,566 $ 1,686
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:      
Net change in unrealized (appreciation) depreciation on investments 1,526 (1,225) (159)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies (1) 4 0
Net realized (gain) loss on investments 96 (69) 0
Net realized (gain) loss on foreign currency and other transactions (2) (4) 0
Net accretion of discount and amortization of premium on investments (730) (423) (84)
Payment-in-kind interest and dividend capitalized (664) (168) 0
Amortization of deferred financing costs 635 396 104
Amortization of deferred offering costs 0 65 35
Purchases of investments and change in payable for investments purchased (326,969) (229,792) (53,622)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid 33,128 17,773 2,320
Changes in operating assets and liabilities:      
(Increase) decrease in prepaid expenses and other assets 4 75 (87)
(Decrease) increase in payable to affiliates 170 (767) 807
(Decrease) increase in management fees payable (98) 518 0
(Decrease) increase in incentive fees payable (162) 557 20
(Decrease) increase in interest payable 709 (128) 55
(Decrease) increase in accrued expenses and other liabilities 109 365 77
Net cash provided by (used in) operating activities (271,308) (201,806) (49,202)
Cash flows from financing activities:      
Borrowings on debt 322,000 153,688 23,000
Repayments on debt (139,000) (73,600) (12,000)
Deferred financing costs paid (1,467) (1,558) (1,070)
Distributions paid in cash (13,533) (6,329) (809)
Proceeds from issuance of Units 120,762 125,226 43,029
Subscriptions received in advance 3,020 19,143 18,462
Repurchases of Units (15,892) (6,966) 0
Offering costs paid 0 0 (100)
Net cash provided by (used in) financing activities 275,890 209,604 70,512
Net increase (decrease) in cash 4,582 7,798 21,310
Effect of foreign exchange rate changes on cash 3 4 0
Cash at beginning of period 29,112 21,310 0
Cash at end of period 33,697 29,112 21,310
Supplemental information and non-cash activities:      
Excise tax paid 0 7 0
Interest expense paid 9,822 3,079 554
Distribution reinvestment 9,304 4,134 187
Distributions payable 2,867 1,459 344
Accrued but unpaid deferred financing costs 0 0 250
Accrued but unpaid repurchases of common units 15,754 6,487 0
Non-Controlled/Non-Affiliated Investments      
Changes in operating assets and liabilities:      
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments $ (1,574) $ (1,549) $ (354)