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 from operations: $ 30,807 $ (13,539) $ 52,302
Adjustments to reconcile net increase (decrease) in members' capital from operations to net cash provided by (used for) operating activities:      
Purchases of investments (12,574) (6,531) (5,556)
Payment-in-kind interest capitalized (5,284) (10,651) (4,650)
Investments in affiliated money market fund, net (139,556) 53,578 8,508
Proceeds from sales of investments and principal repayments 275,039 207,504 75,374
Net realized (gain) loss on investments 60,506 13,891 48,091
Net change in unrealized (appreciation) depreciation on investments (60,914) 48,059 (58,179)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions   (151) 66
Amortization of premium and accretion of discount, net (3,256) (2,102) (2,470)
Amortization of deferred financing costs 494 631 923
Change in operating assets and liabilities:      
(Increase) decrease in interest and dividends receivable 2,085 5,428 (247)
(Increase) decrease in other assets (456) 204 (186)
Increase (decrease) in interest and other debt expenses payable (274) (493) (1,072)
Increase (decrease) in management fees payable (220) (581) 9
Increase (decrease) in incentive fees payable 2,897 (52,416) 9,230
Increase (decrease) in accrued expenses and other liabilities (3,082) 3,045 (256)
Increase (decrease) in payable for units subscribed (6,315)    
Net cash provided by operating activities 139,897 245,876 121,887
Cash flows from financing activities:      
Proceeds from issuance of units   204,332  
Distributions paid (66,473) (138,926) (37,000)
Financing costs paid (576) (579) (345)
Cancellation of units   (257,054)  
Borrowings on debt   76,606  
Repayments of debt (144,700) (63,082) (83,165)
Secured borrowings   762  
Net cash provided by (used for) financing activities (211,749) (177,941) (120,510)
Net (decrease) increase in cash (71,852) 67,935 1,377
Effect of foreign exchange rate changes on cash   (27) (38)
Cash, beginning of period 79,248 11,340 10,001
Cash, end of period 7,396 79,248 11,340
Supplemental and non-cash activities      
Interest expense paid 14,760 2,379 9,918
Securities contributed in-kind at Fair Market Value   363,205  
Accrued but unpaid distributions   5,359 13,579
Accrued but unpaid deferred financing cost   273  
Interest and dividends receivable, contributed as part of In-kind contribution   3,007  
Interest and other debt expenses payable, contributed as part of In-kind contribution   1,976  
Accrued expenses and other liabilities, contributed as part of In-kind contribution   6,368  
Debt contributed as part of In-kind contribution   216,526  
Exchange of investments $ 41,278 $ 2,053 $ 52,400