v3.25.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended 26 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Cash flows from operating activities:        
Net increase (decrease) in members' capital from operations $ 38,827,000 $ 24,676,000 $ 5,072,000  
Adjustments to reconcile net increase (decrease) in members' capital from operations to net cash provided by (used for) operating activities:        
Purchases of investments (438,627,000) (484,885,000) (175,031,000)  
Payment-in-kind interest capitalized (1,589,000) (573,000) (11,000)  
Investments in affiliated money market fund, net (9,499,000) 313,000 70,183,000  
Proceeds from sales of investments and principal repayments 143,977,000 59,670,000 16,120,000  
Net realized (gain) loss on investments (19,000) 1,000 (18,000)  
Net change in unrealized (appreciation) depreciation on investments 2,556,000 546,000 (431,000)  
Net change in unrealized (appreciation) depreciation on foreign currency translations (45,000) 7,000    
Amortization of premium and accretion of discount, net (3,400,000) (1,760,000) (695,000)  
Amortization of deferred financing costs 1,191,000 976,000 642,000  
Amortization of deferred offering costs     997,000  
Change in operating assets and liabilities:        
(Increase) decrease in interest and dividends receivable (857,000) (3,169,000) (948,000)  
(Increase) decrease in other assets 2,401,000 (2,625,000) (23,000)  
Increase (decrease) in interest and other debt expenses payable 2,565,000 2,826,000 886,000  
Increase (decrease) in professional fees payable 99,000 (41,000) 12,000  
Increase (decrease) in management fees payable 243,000 754,000 394,000  
Increase (decrease) in accrued organization costs     (217,000)  
Increase (decrease) in incentive fees payable 219,000 470,000 206,000  
Increase (decrease) in accrued deferred offering costs   (58,000)    
Increase (decrease) in accrued expenses and other liabilities (54,000) 198,000 57,000  
Net cash provided by (used for) operating activities (262,012,000) (402,674,000) (82,805,000)  
Cash flows from financing activities:        
Proceeds from issuance of common units 37,500,000 210,000,000 75,000,000 $ 322,500,000
Offering costs paid     (905,000)  
Distributions paid (155,000) (51,000)    
Financing costs paid (128,000) (3,804,000) (3,605,000)  
Borrowings on debt 277,250,000 296,050,000 48,000,000  
Repayments of debt (47,500,000) (93,950,000) (30,000,000)  
Net cash provided by (used for) financing activities 266,967,000 408,245,000 88,490,000  
Net increase (decrease) in cash 4,955,000 5,571,000 5,685,000  
Effect of foreign exchange rate changes on cash and cash equivalents 45,000 (7,000)    
Cash, beginning of period 11,353,000 5,789,000 104,000  
Cash, end of period 16,353,000 11,353,000 5,789,000 $ 16,353,000
Supplemental and non-cash activities        
Interest expense paid 18,288,000 5,125,000    
Accrued but unpaid distributions 10,544,000 9,123,000 $ 5,162,000  
Reinvestment of common unit distributions 38,804,000 $ 20,266,000    
Exchange of investments $ 9,967