| 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 |
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Net distributable earnings, beginning of period |
|
$ |
(235 |
) |
|
$ |
1,395 |
|
Net investment income (loss) |
|
|
14,668 |
|
|
|
24,134 |
|
Net realized gain (loss) |
|
|
(728 |
) |
|
|
(94 |
) |
Net unrealized appreciation (depreciation) |
|
|
(6,290 |
) |
|
|
(1,525 |
) |
Distributions declared |
|
|
(14,638 |
) |
|
|
(24,246 |
) |
Tax reclassification of unitholders' equity |
|
|
— |
|
|
|
101 |
|
Net distributable earnings, end of period |
|
$ |
(7,223 |
) |
|
$ |
(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 six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
Unit Issuance Date |
|
Class I Units Issued |
|
|
Proceeds Received |
|
For the Six Months Ended June 30, 2026 |
|
|
|
|
|
|
January 01, 2026 |
|
|
174,540 |
|
|
$ |
3,515 |
|
February 01, 2026 |
|
|
706,441 |
|
|
|
14,199 |
|
March 01, 2026 |
|
|
224,727 |
|
|
|
4,505 |
|
April 01, 2026 |
|
|
195,115 |
|
|
|
3,869 |
|
May 01, 2026 |
|
|
88,416 |
|
|
|
1,752 |
|
June 01, 2026 |
|
|
24,412 |
|
|
|
484 |
|
Total |
|
|
1,413,651 |
|
|
$ |
28,324 |
|
For the Six Months Ended June 30, 2025 |
|
|
|
|
|
|
January 01, 2025 |
|
|
943,938 |
|
|
$ |
19,143 |
|
February 01, 2025 |
|
|
634,382 |
|
|
|
12,859 |
|
March 01, 2025 |
|
|
745,020 |
|
|
|
15,087 |
|
April 01, 2025 |
|
|
882,789 |
|
|
|
17,814 |
|
May 01, 2025 |
|
|
365,324 |
|
|
|
7,354 |
|
June 01, 2025 |
|
|
244,821 |
|
|
|
4,936 |
|
Total |
|
|
3,816,274 |
|
|
$ |
77,193 |
|
The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date Declared |
|
Record Date |
|
Payment Date |
|
Per Unit Amount |
|
|
Total Amount |
|
|
For the Six Months Ended June 30, 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) |
April 24, 2026 |
|
April 30, 2026 |
|
May 05, 2026 |
|
|
0.1417 |
|
|
|
2,229 |
|
|
May 26, 2026 |
|
May 31, 2026 |
|
June 03, 2026 |
|
|
0.1406 |
|
|
|
2,231 |
|
|
June 22, 2026 |
|
June 30, 2026 |
|
July 06, 2026 |
|
|
0.1393 |
|
|
|
2,220 |
|
|
June 22, 2026 |
|
June 30, 2026 |
|
July 06, 2026 |
|
|
0.0372 |
|
|
|
593 |
|
(1) |
Total Distributions |
|
|
|
|
|
$ |
0.9245 |
|
|
$ |
14,638 |
|
|
For the Six Months Ended June 30, 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) |
April 25, 2025 |
|
April 30, 2025 |
|
May 05, 2025 |
|
|
0.1429 |
|
|
|
1,700 |
|
|
May 22, 2025 |
|
May 31, 2025 |
|
June 04, 2025 |
|
|
0.1428 |
|
|
|
1,757 |
|
|
June 18, 2025 |
|
June 30, 2025 |
|
July 03, 2025 |
|
|
0.1423 |
|
|
|
1,790 |
|
|
June 18, 2025 |
|
June 30, 2025 |
|
July 03, 2025 |
|
|
0.0505 |
|
|
|
635 |
|
(1) |
Total Distributions |
|
|
|
|
|
$ |
0.9581 |
|
|
$ |
10,946 |
|
|
(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 Six Months Ended June 30, 2026 |
|
|
|
|
|
|
January 06, 2026 |
|
|
63,126 |
|
|
$ |
1,271 |
|
February 04, 2026 |
|
|
49,745 |
|
|
|
1,000 |
|
March 04, 2026 |
|
|
49,569 |
|
|
|
993 |
|
April 06, 2026 |
|
|
65,627 |
|
|
|
1,301 |
|
May 05, 2026 |
|
|
50,932 |
|
|
|
1,009 |
|
June 03, 2026 |
|
|
50,639 |
|
|
|
1,005 |
|
Total |
|
|
329,638 |
|
|
$ |
6,579 |
|
For the Six Months Ended June 30, 2025 |
|
|
|
|
|
|
January 06, 2025 |
|
|
25,363 |
|
|
$ |
514 |
|
February 05, 2025 |
|
|
28,796 |
|
|
|
584 |
|
March 05, 2025 |
|
|
31,379 |
|
|
|
635 |
|
April 03, 2025 |
|
|
44,857 |
|
|
|
906 |
|
May 05, 2025 |
|
|
34,378 |
|
|
|
692 |
|
June 04, 2025 |
|
|
35,429 |
|
|
|
714 |
|
Total |
|
|
200,202 |
|
|
$ |
4,045 |
|
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 six months ended June 30, 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 |
March 07, 2026 |
|
5.00% |
|
$ |
19.83 |
|
|
March 31, 2026 |
|
$ |
14,819 |
|
|
|
747,294 |
|
5.00% |
|
(2) |
June 04, 2026 |
|
5.00% |
|
$ |
19.71 |
|
|
June 30, 2026 |
|
|
15,242 |
|
|
|
773,337 |
|
5.00% |
|
(3) |
Total |
|
|
|
|
|
|
|
|
$ |
30,061 |
|
|
|
1,520,631 |
|
|
|
|
(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. (3) Due to oversubscription of the tender offer, the Company accepted for purchase on a pro rata basis approximately 69.4% of the Units validly tendered and not properly withdrawn prior to the expiration of the tender offer on June 4, 2026 For the six months ended June 30, 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 |
% |
|
|
— |
|
June 07, 2025 |
|
5.00% |
|
$ |
20.21 |
|
|
June 30, 2025 |
|
|
1,247 |
|
|
|
61,693 |
|
|
0.56 |
% |
|
|
— |
|
Total |
|
|
|
|
|
|
|
|
$ |
6,271 |
|
|
|
310,665 |
|
|
|
|
|
|
(1) Percentage is based on total units as of the close of the previous calendar quarter. (2) All repurchase requests were satisfied in full. |