v3.25.4
MEMBERS' CAPITAL (Tables)
12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Components of distributable earnings

The following table shows the components of distributable earnings as shown on the Consolidated Statements of Financial Condition:

 

 

 

As of

 

 

 

December 31,
2025

 

 

December 31,
2024

 

Total distributable earnings (loss), beginning of period

 

$

(50,459

)

 

$

(26,988

)

Net investment income

 

 

321,016

 

 

 

278,465

 

Net realized gain (loss)

 

 

(16,288

)

 

 

(26,749

)

Net unrealized appreciation (depreciation)

 

 

(66,296

)

 

 

8,255

 

Distributions declared

 

 

(312,944

)

 

 

(282,812

)

Tax reclassification of unitholders' equity (Note 10)

 

 

(1,028

)

 

 

(630

)

Total distributable earnings (loss), end of period

 

$

(125,999

)

 

$

(50,459

)

Schedule of Units Issued

The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the years ended December 31, 2025 and 2024:

 

Unit Issuance Date

 

Units Issued

 

 

Proceeds Received

 

For the Year Ended December 31, 2025

 

 

 

 

 

 

January 01, 2025

 

 

2,728,267

 

 

$

51,728

 

February 01, 2025

 

 

2,952,665

 

 

 

55,982

 

March 01, 2025

 

 

4,210,752

 

 

 

79,752

 

April 01, 2025

 

 

3,003,865

 

 

 

56,533

 

May 01, 2025

 

 

1,797,612

 

 

 

33,759

 

June 01, 2025

 

 

2,743,611

 

 

 

51,580

 

July 01, 2025

 

 

1,522,289

 

 

 

28,573

 

August 01, 2025

 

 

1,254,942

 

 

 

23,555

 

September 01, 2025

 

 

1,189,990

 

 

 

22,289

 

October 01, 2025

 

 

1,551,396

 

 

 

29,011

 

November 01, 2025

 

 

990,164

 

 

 

18,496

 

December 01, 2025

 

 

572,406

 

 

 

10,664

 

Total

 

 

24,517,959

 

 

$

461,922

 

For the Year Ended December 31, 2024

 

 

 

 

 

 

January 01, 2024

 

 

7,646,273

 

 

$

146,120

 

February 01, 2024

 

 

6,231,714

 

 

 

119,088

 

March 01, 2024

 

 

6,662,271

 

 

 

127,383

 

April 01, 2024

 

 

5,566,519

 

 

 

106,042

 

May 01, 2024

 

 

7,767,198

 

 

 

147,888

 

June 01, 2024

 

 

3,628,420

 

 

 

69,375

 

July 01, 2024

 

 

2,486,537

 

 

 

47,418

 

August 01, 2024

 

 

2,187,027

 

 

 

41,554

 

September 01, 2024

 

 

2,705,841

 

 

 

51,465

 

October 01, 2024

 

 

2,397,182

 

 

 

45,547

 

November 01, 2024

 

 

2,510,293

 

 

 

47,645

 

December 01, 2024

 

 

2,862,477

 

 

 

54,215

 

Total

 

 

52,651,752

 

 

$

1,003,740

 

 

Schedule of Dividends Declared and Payable

The following table summarizes the Company’s distributions declared and payable for the years ended December 31, 2025 and 2024:

 

Date Declared

 

Record Date

 

Payment Date

 

Per Unit Amount

 

Total Amount

 

January 27, 2025

 

January 31, 2025

 

February 5, 2025

 

$0.1265

 

$22,270

 

February 27, 2025

 

February 28, 2025

 

March 5, 2025

 

0.1263

 

22,696

 

March 25, 2025

 

March 31, 2025

 

April 3, 2025

 

0.1263

 

23,317

 

January 27, 2025

 

March 31, 2025

 

April 3, 2025

 

0.0474

 

8,751

(1)

April 25, 2025

 

April 30, 2025

 

May 5, 2025

 

0.1261

 

23,346

 

May 22, 2025

 

May 31, 2025

 

June 4, 2025

 

0.1259

 

23,628

 

June 18, 2025

 

June 30, 2025

 

July 3, 2025

 

0.1254

 

23,971

 

June 18, 2025

 

June 30, 2025

 

July 3, 2025

 

0.0470

 

8,984

(1)

July 24, 2025

 

July 31, 2025

 

August 5, 2025

 

0.1250

 

23,499

 

August 21, 2025

 

August 31, 2025

 

September 3, 2025

 

0.1250

 

23,749

 

September 22, 2025

 

September 30, 2025

 

October 3, 2025

 

0.1250

 

23,993

 

September 22, 2025

 

September 30, 2025

 

October 3, 2025

 

0.0463

 

8,888

(1)

October 23, 2025

 

October 31, 2025

 

November 5, 2025

 

0.1250

 

23,593

 

November 20, 2025

 

November 30, 2025

 

December 3, 2025

 

0.1250

 

23,811

 

December 22, 2025

 

December 31, 2025

 

January 6, 2026

 

0.1250

 

23,978

 

December 22, 2025

 

December 31, 2025

 

January 6, 2026

 

0.0233

 

4,470

(1)

Total Distributions

 

 

 

 

 

$1.6705

 

$312,944

 

 

(1) Represents special distribution.

 

 

Date Declared

 

Record Date

 

Payment Date

 

Per Unit Amount

 

Total Amount

January 29, 2024

 

January 31, 2024

 

February 05, 2024

 

$0.1513

 

$19,487

February 27, 2024

 

February 29, 2024

 

March 05, 2024

 

0.1512

 

20,505

March 26, 2024

 

March 31, 2024

 

April 04, 2024

 

0.1513

 

21,619

April 25, 2024

 

April 30, 2024

 

May 03, 2024

 

0.1508

 

22,258

May 28, 2024

 

May 31, 2024

 

June 05, 2024

 

0.1508

 

23,532

June 25, 2024

 

June 28, 2024

 

July 03, 2024

 

0.1514

 

24,285

July 25, 2024

 

July 30, 2024

 

August 05, 2024

 

0.1510

 

24,293

August 27, 2024

 

August 31, 2024

 

September 05, 2024

 

0.1504

 

24,639

September 24, 2024

 

September 30, 2024

 

October 03, 2024

 

0.1500

 

25,095

October 25, 2024

 

October 31, 2024

 

November 05, 2024

 

0.1498

 

25,240

November 27, 2024

 

November 29, 2024

 

December 04, 2024

 

0.1495

 

25,681

December 26, 2024

 

December 31, 2024

 

January 06, 2025

 

0.1492

 

26,178

Total Distributions

 

 

 

 

 

$1.8067

 

$282,812

Schedule of DRIP Shares Issued

The following table summarizes the amounts received and units issued to unitholders who have participated in the DRIP during for the years ended December 31, 2025 and 2024:

Payment Date

 

DRIP Units Issued

 

DRIP Units Value

January 04, 2025

 

807,260

 

$15,306

February 05, 2025

 

697,198

 

13,219

March 05, 2025

 

711,427

 

13,474

April 03, 2025

 

717,209

 

13,498

April 03, 2025

 

269,166

 

5,066

May 05, 2025

 

735,715

 

13,817

June 04, 2025

 

743,135

 

13,970

July 03, 2025

 

738,795

 

13,867

July 03, 2025

 

276,901

 

5,197

August 05, 2025

 

746,168

 

14,006

September 03, 2025

 

755,970

 

14,160

October 03, 2025

 

747,399

 

13,976

October 03, 2025

 

276,837

 

5,177

November 05, 2025

 

756,115

 

14,124

December 03, 2025

 

765,106

 

14,254

Total

 

9,744,401

 

$183,111

 

Payment Date

 

DRIP Units Issued

 

DRIP Units Value

January 04, 2024

 

539,376

 

$10,307

February 05, 2024

 

583,174

 

11,144

March 05, 2024

 

613,350

 

11,728

April 04, 2024

 

649,347

 

12,370

May 03, 2024

 

681,693

 

12,979

June 05, 2024

 

723,162

 

13,827

July 03, 2024

 

734,980

 

14,016

August 05, 2024

 

755,243

 

14,351

September 05, 2024

 

768,983

 

14,625

October 03, 2024

 

772,679

 

14,681

November 05, 2024

 

787,133

 

14,940

December 04, 2024

 

804,804

 

15,243

Total

 

8,413,924

 

$160,211

 

Schedule of Unit Repurchases

The following table further summarizes the unit repurchases completed for the years ended December 31, 2025 and 2024:

 

Repurchase
Deadline Request

 

Percentage of
Outstanding
Units the
Company
Offered to
Repurchase
(1)

 

Price Paid
Per Unit

 

Repurchase
Pricing Date

 

Amount
Repurchased

 

Number of
Units
Repurchased

 

Percentage of
Outstanding
Units
Repurchased
(1)

 

Maximum
number of units
that may yet be
purchased under
the repurchase
program
(2)

March 07, 2025

 

5.00%

 

$18.82

 

March 31, 2025

 

$65,290

 

3,469,202

 

2.01%

 

June 07, 2025

 

5.00%

 

$18.77

 

June 30, 2025

 

107,041

 

5,702,776

 

3.15%

 

September 04, 2025

 

5.00%

 

$18.70

 

September 30, 2025

 

107,961

 

5,773,310

 

3.11%

 

December 07, 2025

 

5.00%

 

$18.57

 

December 31, 2025

 

181,587

 

9,778,471

 

5.25%

 

Total

 

 

 

 

 

 

 

$461,879

 

24,723,759

 

 

 

 

(1)
Percentage is based on total units as of the close of the previous calendar quarter.
(2)
All repurchase requests were satisfied in full.

 

Repurchase
Deadline Request

 

Percentage of
Outstanding
Units the
Company
Offered to
Repurchase
(1)

 

Price Paid
Per Unit

 

Repurchase
Pricing Date

 

Amount
Repurchased

 

Number of
Units
Repurchased

 

Percentage of
Outstanding
Units
Repurchased
(1)

 

Maximum
number of units
that may yet be
purchased under
the repurchase
program
(2)

March 05, 2024

 

5.00%

 

$19.05

 

March 31, 2024

 

$28,707

 

1,506,944

 

1.25%

 

June 08, 2024

 

5.00%

 

$19.07

 

June 30, 2024

 

52,219

 

2,738,253

 

1.94%

 

September 07, 2024

 

5.00%

 

$19.00

 

September 30, 2024

 

37,636

 

1,980,872

 

1.26%

 

December 07, 2024

 

5.00%

 

$18.96

 

December 31, 2024

 

55,792

 

2,942,591

 

1.78%

 

Total

 

 

 

 

 

 

 

$174,354

 

9,168,660

 

 

 

 

 

(1)
Percentage is based on total units as of the close of the previous calendar quarter.
(2)
All repurchase requests were satisfied in full.