MEMBERS' CAPITAL (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Equity [Abstract] |
|
| Schedule of Distributable Earnings |
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 |
) |
|
| Schedule of Units Issued |
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 |
|
|
| Schedule of Dividends Declared and Payable |
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.
|
| Schedule of DRIP Shares Issued |
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 |
|
|
| Schedule of Unit Repurchases |
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.
|