v3.26.1
MEMBERS' CAPITAL
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
MEMBERS' CAPITAL
(8)
MEMBERS’ CAPITAL

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:

 

 

 

As of

 

 

 

March 31, 2026

 

 

December 31, 2025

 

Net distributable earnings, beginning of period

 

$

(235

)

 

$

1,395

 

Net investment income (loss)

 

 

7,443

 

 

 

24,134

 

Net realized gain (loss)

 

 

12

 

 

 

(94

)

Net unrealized appreciation (depreciation)

 

 

(5,156

)

 

 

(1,525

)

Distributions declared

 

 

(7,365

)

 

 

(24,246

)

Tax reclassification of unitholders' equity

 

 

—

 

 

 

101

 

Net distributable earnings, end of period

 

$

(5,301

)

 

$

(235

)

 

The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the three months ended March 31, 2026 and 2025:

 

Unit Issuance Date

 

Class I Units Issued

 

 

Proceeds Received

 

For the Three Months Ended March 31, 2026

 

 

 

 

 

 

January 01, 2026

 

 

174,540

 

 

$

3,515

 

February 01, 2026

 

 

706,441

 

 

 

14,199

 

March 01, 2026

 

 

224,727

 

 

 

4,505

 

Total

 

 

1,105,708

 

 

$

22,219

 

For the Three Months Ended March 31, 2025

 

 

 

 

 

 

January 01, 2025

 

 

943,938

 

 

$

19,143

 

February 01, 2025

 

 

634,382

 

 

 

12,859

 

March 01, 2025

 

 

745,020

 

 

 

15,087

 

Total

 

 

2,323,340

 

 

$

47,089

 

 

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2026 and 2025:

 

Date Declared

 

Record Date

 

Payment Date

 

Per Unit Amount

 

 

Total Amount

 

 

For the Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

January 26, 2026

 

January 31, 2026

 

February 04, 2026

 

$

0.1425

 

 

$

2,164

 

 

February 23, 2026

 

February 28, 2026

 

March 04, 2026

 

 

0.1419

 

 

 

2,262

 

 

March 23, 2026

 

March 31, 2026

 

April 06, 2026

 

 

0.1433

 

 

 

2,323

 

 

March 23, 2026

 

March 31, 2026

 

April 06, 2026

 

 

0.0380

 

 

 

616

 

(1)

Total Distributions

 

 

 

 

 

$

0.4657

 

 

$

7,365

 

 

For the Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

January 27, 2025

 

January 31, 2025

 

February 05, 2025

 

$

0.1430

 

 

$

1,398

 

 

February 27, 2025

 

February 28, 2025

 

March 05, 2025

 

 

0.1429

 

 

 

1,492

 

 

March 25, 2025

 

March 31, 2025

 

April 03, 2025

 

 

0.1430

 

 

 

1,605

 

 

January 27, 2025

 

March 31, 2025

 

April 03, 2025

 

 

0.0507

 

 

 

569

 

(1)

Total Distributions

 

 

 

 

 

$

0.4796

 

 

$

5,064

 

 

 

(1) Represents a special distribution.

 

The Company adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless unitholders elect to “opt out” of the DRIP, unitholders will have their cash dividends or distributions (net of applicable withholding tax) automatically reinvested in additional units of same class of units to which the distribution relates, rather than receiving cash. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any applicable taxes.

The following table summarizes the amounts received and Units issued to unitholders who have participated in the DRIP as follows:

 

Payment Date

 

DRIP Units Issued

 

 

DRIP Units Value

 

For the Three Months Ended March 31, 2026

 

 

 

 

 

 

January 06, 2026

 

 

63,126

 

 

$

1,271

 

February 04, 2026

 

 

49,745

 

 

 

1,000

 

March 04, 2026

 

 

49,569

 

 

 

993

 

Total

 

 

162,440

 

 

$

3,264

 

For the Three Months Ended March 31, 2025

 

 

 

 

 

 

January 06, 2025

 

 

25,363

 

 

$

514

 

February 05, 2025

 

 

28,796

 

 

 

584

 

March 05, 2025

 

 

31,379

 

 

 

635

 

Total

 

 

85,538

 

 

$

1,733

 

 

 

 

Unit Repurchase Program

At the discretion of the Board of Directors, the Company may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. Units purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units.

In the event the amount of Units tendered exceeds the repurchase offer amount, Units will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the unit repurchase plan, as applicable.

The following table further summarizes the unit repurchases completed for the three months ended March 31, 2026:

 

Repurchase
Deadline Request

 

Percentage of
Outstanding
Units the
Company
Offered to
Repurchase(1)

 

Price Paid
Per Unit

 

 

Repurchase
Pricing Date

 

Amount Repurchased

 

 

Number of
Units
Repurchased

 

Percentage of
Outstanding
Units
Repurchased(1)

 

Maximum
number
of units
that may
yet be
purchased
under the
repurchase
program(2)

 

March 07, 2026

 

5.00%

 

$

19.83

 

 

March 31, 2026

 

$

14,819

 

 

 

747,294

 

5.00%

 

 

—

 

Total

 

 

 

 

 

 

 

 

$

14,819

 

 

 

747,294

 

 

 

 

 

 

(1) Percentage is based on total units as of the close of the previous calendar quarter.

(2) Due to oversubscription of the tender offer, the Company accepted for purchase on a pro rata basis approximately 73.2% of the Units validly tendered and not properly withdrawn prior to the expiration of the tender offer on March 7, 2026.

For the three months ended March 31, 2025, units repurchased as follows:

 

Repurchase
Deadline Request

 

Percentage of
Outstanding
Units the
Company
Offered to
Repurchase(1)

 

Price Paid
Per Unit

 

 

Repurchase
Pricing Date

 

Amount
Repurchased

 

 

Number of
Units
Repurchased

 

Percentage of
Outstanding
Units
Repurchased(1)

 

 

Maximum
number
of units
that may
yet be
purchased
under the
repurchase
program(2)

 

March 07, 2025

 

5.00%

 

$

20.18

 

 

March 31, 2025

 

$

5,024

 

 

 

248,972

 

 

2.83

 %

 

 

—

 

Total

 

 

 

 

 

 

 

 

$

5,024

 

 

 

248,972

 

 

 

 

 

 

 

(1) Percentage is based on total units as of the close of the previous calendar quarter.

(2) All repurchase requests were satisfied in full.