v3.26.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Total investments, at fair value $ 598,114 [1],[2] $ 573,558 [3],[4]
Cash 23,744 33,697
Deferred financing costs 3,139 3,210
Receivable for investments sold/repaid 176 1,698
Other assets 54 8
Total assets 628,632 615,648
Liabilities    
Debt 307,165 274,206
Payable for investments purchased 0 16,080
Payable to affiliates (Note 3) 77 210
Distributions payable 2,814 2,867
Management fees payable 611 420
Subscriptions received in advance (Note 8) 382 3,020
Payable for units repurchased 15,242 15,754
Interest and financing costs payable 1,822 886
Income based incentive fees payable 615 415
Accrued expenses and other liabilities 1,005 745
Total liabilities 329,733 314,603
Commitments and contingencies (Note 7)
Members' Capital    
Common units, par value $0.001 per unit (15,466,742 and 14,945,887 units issued and outstanding) 15 15
Paid-in capital in excess of par value 306,107 301,265
Distributable earnings (loss) (7,223) (235)
Total members' capital 298,899 301,045
Total liabilities and members' capital $ 628,632 $ 615,648
Net asset value per unit [5] $ 19.71 $ 20.14
Non-Controlled/Non-Affiliated Investments    
Assets    
Total investments, at fair value $ 596,279 $ 573,558
Interest and dividend receivable 3,395 3,477
Non-Controlled/Affiliated Investments    
Assets    
Total investments, at fair value 1,835 0
Interest and dividend receivable $ 10 $ 0
[1]

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2026, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2026, the Company was an “affiliated person” of any one portfolio company.
[2]

Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the SMBC Facility (as defined below). See Note 6 "Debt".
[3] Assets or a portion thereof are pledged as collateral for the SMBC Facility. See Note 6 "Debt".
[4] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is not an “affiliated person” of any of its portfolio companies.
[5] The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.