v3.26.1
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 in net assets resulting from operations $ 19,581 $ 13,707 $ 7,059
Adjustments to reconcile the net increase in net assets resulting from operations to net cash used in operating activities:      
Purchases of investments (96,893) (67,697) (119,153)
Purchases of short-term investments 0 0 (34,438)
Interest income paid in-kind (2,169) (996) (196)
Proceeds from sales of short-term investments 0 34,642 24,963
Realized gain on short-term investments 0 (204) (400)
Proceeds from sales and paydowns of investments 41,813 36,677 12,806
Realized gain on investments 3 (27) (94)
Change in net unrealized (appreciation)/depreciation on investments 484 1,437 (722)
Amortization of premium and accretion of discount, net (1,614) (1,367) (454)
Increase (decrease) in operating assets and liabilities:      
(Increase) decrease in interest income receivable 28 (162) (595)
(Increase) decrease in receivable for investments sold 4 (31) 0
(Increase) decrease in prepaid and other assets (8) 0 (25)
Increase (decrease) in payable for short-term investments purchased 0 (34,438) 9,875
Increase (decrease) in incentive fees payable 3,455 2,419 1,169
Increase (decrease) in management fees payable 191 96 365
Increase (decrease) in administration fee payable 444 0 0
Increase (decrease) in organizational costs payable to Adviser 0 0 (147)
Increase (decrease) in directors' fees payable to Adviser 0 0 (134)
Increase (decrease) in other liabilities payable to Adviser 0 (10) (31)
Increase (decrease) in offerings costs payable to Adviser 0 0 (5)
Increase (decrease) in other accrued expenses and other liabilities (443) 114 260
Net cash used in operating activities (35,124) (15,840) (99,897)
Cash Flows from Financing Activities      
Contribution from Members 70,500 38,500 106,000
Distributions to Members (32,300) (25,099) (13,493)
Proceeds from repurchase obligation 58,399 61,367 86,131
Repayment of repurchase obligation (64,991) (54,775) (86,131)
Net cash provided by financing activities 31,608 19,993 92,507
Net (decrease) increase in cash and cash equivalents (3,516) 4,153 (7,390)
Cash and cash equivalents, beginning of period 9,643 5,490 12,880
Cash and cash equivalents, end of period 6,127 9,643 5,490
Supplemental and non-cash financing activities      
Interest expense paid 609 927 1,034
Non-cash purchases of investments due to reorganization (3,528) 0 0
Non-cash sales of investments due to reorganization $ 3,528 $ 0 $ 0