v3.26.1
Consolidated Balance Sheet - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Investments at fair value    
Non-controlled, non-affiliated investments (amortized cost of 464,319 and $103,310, respectively) $ 463,295,000 [1],[2] $ 103,947,000 [3],[4],[5]
Cash and cash equivalents 25,850,000 49,084,000 [5]
Interest receivable 3,395,000 775,000 [5]
Prepaid expenses and other assets 7,591,000 51,000 [5]
Total Assets 500,131,000 153,857,000 [5]
Liabilities    
Debt (net of deferred financing cost of $521) 142,902,000 0 [5]
Management fees payable to affiliate 856,000 0 [5]
Incentive fees on net investment income payable to affiliate 1,028,000 0 [5]
Dividends payable 8,820,000 0 [5],[6]
Investment payable 2,862,000 10,689,000 [5]
Total Liabilities 159,519,000 11,601,000 [5]
Commitments and contingencies (Note 7) [5]
Net Assets    
Members' Capital 0 142,256,000 [5]
Paid-in capital (unlimited shares authorized, 17,146,374 shares issued and outstanding as of December 31, 2025) 347,434,000 0 [5]
Distributable earnings (6,822,000) 0 [5]
Total Net Assets 340,612,000 142,256,000 [5],[7]
Total Liabilities and Net Assets $ 500,131,000 $ 153,857,000 [5]
Net Asset Value Per Share $ 19.86 $ 20.00
Affiliated Entity    
Liabilities    
Other liabilities $ 147,000 $ 0 [5]
Nonrelated Party    
Liabilities    
Other liabilities $ 2,904,000 $ 912,000 [5]
[1] In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 5 for further information related to investments at fair value.
[2] Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the 1940 Act, the Company would “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, the Company does not “control” any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more than 5% of the portfolio company's outstanding voting securities. As of December 31, 2025, the Company does not identify any of its portfolio companies as affiliates.
[3] In accordance with ASC Topic 820, unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 5 for further information related to investments at fair value.
[4] Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the 1940 Act, the Company would “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, the Company did not “control” any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more than 5% of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company did not identify any of its portfolio companies as affiliates. The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[5] As of December 31, 2024, Crestline Lending Solutions, LLC (the “Company”) had not yet elected to be regulated as a business development company (“BDC”), and was operating as Crestline Lending Solutions Ramp, LLC (the “Ramp Vehicle”), a private fund based on an exception from the definition of "investment company" under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “1940 Act”).
[6] Represents the Company’s period of operations as the Ramp Vehicle from the date of its formation through the fiscal quarter ended December 31, 2024.
[7] Represents the Company’s period of operations as the Ramp Vehicle from the date of its formation through the fiscal quarter ended December 31, 2024.