v3.25.4
Members' Capital
12 Months Ended
Dec. 31, 2025
Disclosure Text Block [Abstract]  
Members' Capital

8. MEMBERS’ CAPITAL

Capital Drawdowns

The following table summarizes the total Units issued and proceeds related to capital drawdowns:

Unit Issue Date

 

Units Issued

 

 

Proceeds Received

 

For the Year Ended December 31, 2025

 

 

 

 

 

 

December 22, 2025

 

 

1,860,119

 

 

$

37,500

 

Total capital drawdowns

 

 

1,860,119

 

 

$

37,500

 

For the Year Ended December 31, 2024

 

 

 

 

 

 

May 24, 2024

 

 

1,134,153

 

 

$

22,500

 

June 17, 2024

 

 

1,878,400

 

 

 

37,500

 

July 5, 2024

 

 

1,863,521

 

 

 

37,500

 

August 15, 2024

 

 

3,756,273

 

 

 

75,000

 

November 15, 2024

 

 

1,875,000

 

 

 

37,500

 

Total capital drawdowns

 

 

10,507,347

 

 

$

210,000

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

September 18, 2023

 

 

1,906,612

 

 

$

37,500

 

October 31, 2023

 

 

1,887,267

 

 

 

37,500

 

Total capital drawdowns

 

 

3,793,879

 

 

$

75,000

 

Total capital drawdowns

 

 

16,161,345

 

 

$

322,500

 

Distributions

The Company has a voluntary distribution reinvestment plan (the "DRIP") that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors unless a Unitholder elects to “opt out” of the plan. As a result, if the Board of Directors declares a cash distribution, then the Unitholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested by the plan administrator, as agent for the Unitholders in administering the DRIP, in additional Units of the same class of Units, rather than receiving the cash distribution. Participation in the DRIP is completely voluntary. The company will use newly issued Units to implement the DRIP. The number of Units to be issued to a Unitholder is determined by dividing the total dollar amount of the distribution payable to such Unitholder, net of any applicable withholding tax, by the then-current NAV per Unit. For purposes of this calculation, the NAV per Unit may be based on the NAV per Unit calculated at the end of the most recent calendar month prior to the date of the applicable distribution, subject to adjustments for material changes and to the limitations of the Investment Company Act. The Company may terminate the DRIP upon notice in writing to each participant at least 60 days prior to any record date for the payment of any distribution by the Company. The Initial Member has opted out of the DRIP.

The following table summarizes the distributions declared on the Units and Units distributed pursuant to the DRIP to Unitholders who had not opted out of the DRIP:

 

Date Declared

 

Record Date

 

Payment Date

 

Amount Per Unit

 

 

Units

 

 

For the Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

February 26, 2025

 

April 2, 2025

 

April 30, 2025

 

$

0.48

 

(1)

 

489,194

 

 

May 7, 2025

 

July 2,2025

 

July 29, 2025

 

$

0.46

 

 

 

481,232

 

 

August 6, 2025

 

October 2, 2025

 

October 30, 2025

 

$

0.47

 

 

 

496,376

 

 

November 5, 2025

 

December 31, 2025

 

January 29, 2026

 

$

0.44

 

 

 

530,734

 

 

For the Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

February 27, 2024

 

April 2, 2024

 

April 29, 2024

 

$

0.43

 

(2)

 

190,814

 

 

May 1, 2024

 

July 2, 2024

 

July 30, 2024

 

$

0.35

 

 

 

211,833

 

 

August 7, 2024

 

October 2, 2024

 

November 1, 2024

 

$

0.39

 

 

 

351,530

 

 

November 7, 2024

 

December 31, 2024

 

January 29, 2025

 

$

0.45

 

 

 

456,719

 

 

For the Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

November 1, 2023

 

December 29, 2023

 

January 29, 2024

 

$

0.59

 

 

 

261,789

 

 

 

(1)
$0.04 is considered a capital gain distribution.
(2)
$0.05 is considered a capital gain distribution.