v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net Investment Income [Line Items]      
Total investment income $ 75,875 $ 42,405 $ 11,629
Expenses:      
Interest and other debt expenses 23,317 10,751 2,943
Incentive fees 3,383 1,725 206
Management fees 5,613 3,490 1,441
Directors' fees 243 126 136
Professional fees 854 695 882
Offering costs     997
Other general and administrative expenses 1,183 909 687
Total expenses 34,593 17,696 7,292
Management fee waiver     (286)
Net expenses 34,593 17,696 7,006
Net investment income (loss) 41,282 24,709 4,623
Net realized and unrealized gains (losses):      
Foreign currency transactions 37 521  
Non-controlled affiliated investments (2,556) (546) 431
Foreign currency translations 45 (7)  
Net realized and unrealized gains (losses) (2,455) (33) 449
Net increase (decrease) in members' capital from operations $ 38,827 $ 24,676 $ 5,072
Weighted average units outstanding 21,366,040 13,555,799 5,824,201
Net investment income (loss) per unit basic [1] $ 1.93 $ 1.82 $ 0.79
Net investment income (loss) per unit diluted 1.93 1.82 0.79
Basic earnings (loss) per unit 1.82 1.82 0.87
Diluted earnings (loss) per unit $ 1.82 $ 1.82 $ 0.87
Non-Controlled/Non-Affiliated      
Net Investment Income [Line Items]      
Interest income $ 72,644 $ 40,023 $ 9,461
Other income 1,538 846 124
Net realized and unrealized gains (losses):      
Non-controlled/non-affiliated investments 19 (1) 18
Non-controlled affiliated investments (1,586) (517) 431
Non-Controlled Affiliated Investments      
Net Investment Income [Line Items]      
Interest income 1,045 647  
Dividend income 625 875 $ 2,044
Other income 23 14  
Net realized and unrealized gains (losses):      
Non-controlled affiliated investments $ (970) $ (29)  
[1] The per Unit data was derived by using the weighted average Units outstanding during the applicable period, except for distributions recorded, which reflects the actual amount of distribution recorded per Unit for the applicable period.