v3.26.1
Financial Highlights
 12 Months Ended
Dec. 31, 2025
Investment Company, Financial Highlights [Abstract]  
Financial Highlights
11.
Financial Highlights

 

Selected data for a unit outstanding throughout the years ended December 31, 2025, 2024, and 2023 is presented below.

 

 

For the Year Ended December 31,

 

2025(1)

 

 

2024(1)

 

 

2023(1)

 

 

2022(1)

 

 

Net Asset Value Per Unit (accrual base), Beginning of Period

 

$

96.87

 

 

$

98.95

 

 

$

99.57

 

 

$

100.00

 

 

Net Increase in Common Unitholder NAV from Prior Year(2)

 

 

—

 

 

 

0.17

 

 

 

0.13

 

 

 

—

 

 

Income from Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

7.86

 

 

 

5.93

 

 

 

4.37

 

 

 

1.45

 

 

Net realized and unrealized (loss) gain

 

 

(0.89

)

 

 

(1.17

)

 

 

0.45

 

 

 

0.03

 

 

Total income from investment operations

 

 

6.97

 

 

 

4.76

 

 

 

4.82

 

 

 

1.48

 

 

Less Distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

From net investment income

 

 

(9.12

)

 

 

(6.78

)

 

 

(5.28

)

 

 

(1.87

)

 

Return of Capital

 

 

(0.29

)

 

 

(0.23

)

 

 

(0.29

)

 

 

—

 

 

Total distributions

 

 

(9.41

)

 

 

(7.01

)

 

 

(5.57

)

 

 

(1.87

)

 

Offering Costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.04

)

 

Net Asset Value Per Unit (accrual base), End of Period

 

$

94.43

 

 

$

96.87

 

 

$

98.95

 

 

$

99.57

 

 

Unitholder Total Return(3)

 

 

11.16

 

%

 

11.20

 

%

 

14.90

 

%

 

8.48

 

%

Unitholder IRR before incentive fees(4)

 

 

14.71

 

%

 

14.95

 

%

 

15.73

 

%

 

9.96

 

%

Unitholder IRR after all fees and expenses(4)

 

 

12.74

 

%

 

12.86

 

%

 

13.43

 

%

 

8.45

 

%

Ratios and Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

Members’ Capital, end of period

 

$

819,100

 

 

$

611,229

 

 

$

460,210

 

 

$

196,018

 

 

Units outstanding, end of period

 

 

12,745,660

 

 

 

12,745,660

 

 

 

10,709,060

 

 

 

7,364,560

 

 

Ratios based on average net assets of Members’ Capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of total expenses before expenses (reimbursed) recaptured to average net asset

 

 

9.31

 

%

 

11.56

 

%

 

11.57

 

%

 

7.95

 

%

Expense (reimbursed) recaptured by Investment Advisor

 

 

(0.01

)

%

 

—

 

%

-0.02

 

%

0.31

 

%

Ratio of total expenses to average net assets

 

 

9.30

 

%

 

11.56

 

%

 

11.55

 

%

 

8.26

 

%

Ratio of financing cost to average net assets

 

 

4.85

 

%

 

7.00

 

%

 

6.10

 

%

 

2.87

 

%

Ratio of net investment income before expenses (reimbursed) recaptured to average net assets

 

 

13.38

 

%

 

14.41

 

%

 

13.12

 

%

 

8.47

 

%

Ratio of net investment income to average net assets

 

 

13.39

 

%

 

14.41

 

%

 

13.14

 

%

 

8.16

 

%

Ratio of incentive fees to average net assets

 

 

2.10

 

%

 

2.04

 

%

 

2.56

 

%

 

1.45

 

%

Credit facility payable

 

 

401,700

 

 

 

400,000

 

 

 

369,789

 

 

 

130,689

 

 

Asset coverage ratio

 

 

3.04

 

 

 

2.53

 

 

 

2.24

 

 

 

2.50

 

 

Portfolio turnover rate

 

 

32.91

 

%

 

29.82

 

%

 

19.22

 

%

 

17.69

 

%
(1)
Per unit data was calculated using the number of Units issued and outstanding as of December 31, 2025, 2024 and 2023.
(2)
Adjustment to NAV per Unit for the year-ended December 31, 2024 is attributable to the 734,300 Units and 1,302,300 Units issued on January 18, 2024 and March 19 2024, respectively, at $100 per Unit. Adjustment to NAV per Unit for the year-ended December 31, 2023 is attributable to the 1,025,550 Units, 1,173,625 Units, and 1,145,325 Units issued on April 3, 2023, July 24, 2023,and December 13, 2023, respectively, at $100 per Unit. See Note 1 in the financial statements.
(3)
The Total Return for the years ended December 31, 2025, 2024, and 2023, was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses.
11.
Financial Highlights (continued)

 

(4)
The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before incentive fees is 14.71%. The IRR since inception for the Common Unitholders, after management fees, financing costs and operating expenses, and Advisor incentive fees is 12.74% through December 31, 2025. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization.