v3.25.4
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Fair Value $ 6,610,610 [1],[2] $ 6,079,019 [3],[4]
Cash and cash equivalents (restricted cash of $11,510 and $1,650) 199,865 159,788
Investments in unaffiliated money market fund (cost of $38,403 and $58,216) 38,403 58,216
Deferred financing costs 33,878 35,183
Receivable for investments sold/repaid 29,048 15,465
Prepaid expenses and other assets 10,958 2,196
Total assets 6,973,120 6,408,504
Liabilities    
Debt (net of unamortized debt issuance costs of $12,317 and $12,828) 3,290,766 2,861,892
Payable for investments purchased 24 47,887
Payable to affiliates (Note 3) 36 583
Distributions payable 28,448 26,178
Management fees payable 3,236 7,337
Subscriptions received in advance (Note 8) 18,060 51,728
Payable for units repurchased 181,587 55,792
Income based incentive fee payable 4,176 8,399
Interest and financing costs payable 54,291 53,852
Accrued expenses and other liabilities 12,668 23,670
Total liabilities 3,593,292 3,137,318
Commitments and contingencies (Note 7)
Members' Capital    
Units, par value $0.001 per unit (182,049,066 and 172,510,464 units issued and outstanding) 182 173
Paid-in capital in excess of par value 3,505,645 3,321,472
Total distributable earnings (loss) (125,999) (50,459)
Total Members' Capital 3,379,828 3,271,186
Total liabilities and Members' Capital $ 6,973,120 $ 6,408,504
Net asset value per unit (in dollars per unit) [5] $ 18.57 $ 18.96
Investment, Affiliated Issuer    
Assets    
Fair Value $ 20,956 $ 0
Interest and dividend receivable from non-controlled/non-affiliated investments 391 0
Investment, Unaffiliated Issuer [Member]    
Assets    
Fair Value 6,504,378 6,079,019
Interest and dividend receivable from non-controlled/non-affiliated investments 48,793 58,637
Investment, Affiliated Issuer, Controlled [Member]    
Assets    
Fair Value 85,276 0
Interest and dividend receivable from non-controlled/non-affiliated investments $ 1,174 $ 0
[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company would be deemed to “control” one of its portfolio companies, as indicated below. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is an “affiliated person” of two of its portfolio companies, as indicated below.
[2] Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility as defined below. See Note 6 “Debt”.
[3] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of its portfolio companies.
[4] Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility (as defined below). See Note 6 "Debt".
[5] The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.