v3.26.1
MIDDLE MARKET CREDIT FUND, LLC - Summarized Financial Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
ASSETS        
Investments, at fair value $ 2,277,105 [1]   $ 2,463,922 [2]  
Cash, cash equivalents and restricted cash 97,241 $ 250,883 76,493 $ 56,575
Total assets 2,557,613   2,790,167  
LIABILITIES AND MEMBERS’ EQUITY        
Amortized Cost 2,306,378   2,469,396  
Selected Consolidated Statement of Operations Information:        
Total investment income 64,079 54,864    
Expenses        
Total expenses 38,434 32,559    
Net investment income (loss) 25,204 21,629    
Net realized gain (loss) on investments (9,618) (19,341)    
Net change in unrealized appreciation (depreciation) on investments and foreign currency (19,804) 11,766    
Net increase (decrease) in net assets resulting from operations (4,218) 14,054    
Credit Fund        
ASSETS        
Investments, at fair value 122,983   123,114  
Credit Fund        
ASSETS        
Investments, at fair value 1,020,183   957,830  
Cash, cash equivalents and restricted cash 64,069   90,283  
Other assets 12,192   17,302  
Total assets 1,096,444   1,065,415  
LIABILITIES AND MEMBERS’ EQUITY        
Secured borrowings 728,224   589,000  
Mezzanine loans 0   40,500  
Other liabilities 168,468   229,032  
Total members’ equity 199,752   206,883  
Total liabilities and members’ equity 1,096,444   1,065,415  
Amortized Cost 1,034,469   970,522  
Restricted cash and cash equivalents 61,931   $ 88,417  
Selected Consolidated Statement of Operations Information:        
Total investment income 19,629 14,230    
Expenses        
Interest expense and credit facility fees 9,383 6,162    
Other expenses 599 377    
Total expenses 9,982 6,539    
Net investment income (loss) 9,647 7,691    
Net realized gain (loss) on investments (5,162) 0    
Net change in unrealized appreciation (depreciation) on investments and foreign currency (1,616) (2,956)    
Net increase (decrease) in net assets resulting from operations $ 2,869 $ 4,735    
[1] Fair value is determined in good faith by or under the direction of the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment funds was determined using significant unobservable inputs.
[2] Fair value is determined in good faith by or under the direction of the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment funds was determined using significant unobservable inputs.