v3.26.1
Organization and Basis of Presentation
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Organization and Basis of Presentation Organization and Basis of Presentation
Organization
Crestline Lending Solutions, LLC (the “Company”) is a Delaware limited liability company initially formed as Crestline Lending Solutions Ramp, LLC (the "Ramp Vehicle") on August 15, 2024 ("Inception"). The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the "1940 Act") on September 2, 2025 (the “BDC Election Date”).
In addition, for tax purposes, the Company intends to elect to be treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Prior to the BDC Election Date, the Ramp Vehicle operated as a private fund in reliance on an exception from the definition of "investment company" under Section 3(c)(7) of the 1940 Act. During its operations, the Ramp Vehicle completed an initial closing of capital commitments and purchased assets with initial proceeds from the initial shareholders of the Ramp Vehicle.
The Company's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation by targeting investments that we believe have favorable risk-adjusted returns and the ability to generate price appreciation. The Company invests in senior secured debt, while also taking advantage of investments in other parts of the capital structure, including second-lien loans, mezzanine or more junior loans, as well as equity investments. The Company intends to seek attractive risk-adjusted returns to investors by investing primarily in lower and core middle market companies located in the United States, with between $10 million and $75 million in annual earnings before interest, taxes, depreciation and amortization ("EBITDA").
The Company is externally managed by Crestline Management, L.P. (the "Adviser"), which manages the Company’s day-to-day operations and provides the Company with investment advisory services pursuant to the terms of the investment advisory agreement between the Company and the Adviser, dated as of December 1, 2025 (the "Investment Advisory Agreement").
The Adviser is registered as an investment adviser with the SEC. Under the administration agreement (as amended and restated, the “Administration Agreement”) between the Company and Crestline Management, L.P. (in such capacity, the “Administrator”), the Administrator provides for the administrative services necessary for the Company to operate, and the Company has agreed to reimburse the Administrator for the allocable portion of its overhead and other expenses incurred by the Administrator in performing its obligations thereunder, including, but not limited to, its allocable portion of the costs of compensation and related expenses of its Chief Financial Officer and Chief Compliance Officer and their respective staff. The Administrator has engaged a third-party sub-administrator to assist in the provision of the Company’s administrative services.
On July 22, 2025, the Company formed a wholly owned subsidiary, CL LSF SPV I, LLC, a Delaware limited liability company. On October 3, 2025, the Company formed a wholly owned subsidiary, CL LSF Blocker, LLC, a Delaware limited liability company.