v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net increase (decrease) in members' capital resulting from operations $ 238,432 $ 259,971 $ 205,918
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:      
Net change in unrealized (appreciation) depreciation on investments 66,469 (8,426) (43,906)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies (173) 171 (42)
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes 3,132 882 (1,009)
Net realized (gain) loss on investments 16,349 26,742 (105)
Net realized (gain) loss on foreign currency and other transactions (61) 7 (1)
Investments in unaffiliated money market fund, net 19,813 (58,216) 0
Net accretion of discount and amortization of premium on investments (25,236) (20,352) (8,909)
Payment-in-kind interest and dividend capitalized (25,718) (19,453) (7,987)
Amortization of deferred financing costs 7,910 5,506 2,768
Amortization of debt issuance costs and original issuance discount on unsecured notes 5,199 3,220 1,184
Amortization of deferred offering costs 0 0 18
Purchases of investments and change in payable for investments purchased (1,937,381) (2,623,841) (1,497,694)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid 1,314,314 894,845 338,192
Acquisition of SLIC, net of cash acquired [1] 0 (519,667) 0
Changes in operating assets and liabilities:      
(Increase) decrease in prepaid expenses and other assets (4,834) 14,678 348
(Decrease) increase in payable to affiliates (547) (3,167) 2,158
(Decrease) increase in management fees payable (4,101) 398 2,696
(Decrease) increase in incentive fees payable (4,223) 566 6,430
(Decrease) increase in interest payable 357 27,708 24,340
(Decrease) increase in accrued expenses and other liabilities (1,422) (10,759) 1,450
Net cash provided by (used in) operating activities (323,442) (2,064,190) (983,477)
Cash flows from financing activities:      
Borrowings on debt 2,118,314 2,754,469 2,018,500
Repayments on debt (1,709,000) (1,343,500) (1,828,500)
Deferred financing costs paid (6,522) (28,333) (8,223)
Debt issuance costs paid (3,996) (7,535) (9,563)
Distributions paid (127,563) (136,384) (70,181)
Proceeds from issuance of Units 410,194 857,620 1,021,895
Subscriptions received in advance 18,060 51,728 109,816
Repurchases of Units (336,085) (146,158) (103,406)
Net cash provided by (used in) financing activities 363,402 2,001,907 1,130,338
Net increase (decrease) in cash, cash equivalents and restricted cash 39,960 (62,283) 146,861
Effect of foreign exchange rate changes on cash 117 (173) 5
Cash, cash equivalents and restricted cash, at beginning of period 159,788 222,244 75,378
Cash, cash equivalents and restricted cash, at end of period 199,865 159,788 222,244
Supplemental information and non-cash activities:      
Excise tax paid 0 114 170
Interest expense paid 228,502 128,606 48,391
Distribution reinvestment paid 183,111 160,211 82,594
Accrued but unpaid distributions 28,448 26,178 18,455
Accrued but unpaid deferred financing costs 0 0 22
Accrued but unpaid repurchases of Units 181,587 55,792 27,596
Non-cash purchases of investments (30,915) (36,164) 0
Non-cash sales of investments 30,915 36,164 0
Debt assumed in purchase of reorganization [1] 0 558,073 0
Investment, Affiliated Issuer, Noncontrolled      
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:      
Net change in unrealized (appreciation) depreciation on investments 1,967 0 0
Net realized (gain) loss on investments 0    
Changes in operating assets and liabilities:      
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments (391) 0 0
Investment, Affiliated Issuer, Controlled [Member]      
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:      
Net change in unrealized (appreciation) depreciation on investments 162 0 0
Net realized (gain) loss on investments 0    
Changes in operating assets and liabilities:      
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments (1,174) 0 0
Investment, Non-controlled/Non-affiliated      
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:      
Net change in unrealized (appreciation) depreciation on investments 64,340 (8,426) (43,906)
Changes in operating assets and liabilities:      
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments $ 9,844 $ (35,003) $ (9,326)
[1] On July 15, 2024, in connection with the acquisition of SL Investment Corporation, the Company acquired total assets of $1,158,037, inclusive of $1,101,382 of investments, $41,990 of cash and cash equivalents and $14,665 of other assets, net of $596,381 of assumed liabilities, inclusive of $558,073 debt assumed. See Note 12 “SLIC Acquisition.”