v3.26.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Fair Value $ 5,980,632 [1],[2] $ 6,610,610 [3],[4]
Cash and cash equivalents (restricted cash of $17,690 and $11,510) 135,854 199,865
Investments in unaffiliated money market fund (cost of $28,898 and $38,403) 28,898 38,403
Deferred financing costs 34,964 33,878
Receivable for investments sold/repaid 86,788 29,048
Prepaid expenses and other assets 3,433 10,958
Total assets 6,330,562 6,973,120
Liabilities    
Debt (net of unamortized debt issuance costs of $9,811 and $12,317) 2,959,423 3,290,766
Subscriptions received in advance (Note 12) 2,145 18,060
Payable for units repurchased (Note 8) 159,649 181,587
Interest and financing costs payable 53,938 54,291
Distributions payable 25,658 28,448
Management fees payable 6,182 3,236
Income based incentive fee payable 6,548 4,176
Payable to affiliates (Note 3) 50 36
Payable for investments purchased 24 24
Accrued expenses and other liabilities 25,131 12,668
Total liabilities 3,238,748 3,593,292
Commitments and contingencies (Note 7)
Members' Capital    
Units, par value $0.001 per unit (172,668,816 and 182,049,066 units issued and outstanding) 173 182
Paid-in capital in excess of par value 3,339,417 3,505,645
Distributable earnings (loss) (247,776) (125,999)
Total members' capital 3,091,814 [5] 3,379,828
Total liabilities and members' capital $ 6,330,562 $ 6,973,120
Net asset value per unit (in dollars per unit) [5] $ 17.91 $ 18.57
Investments - Non-Controlled/Affiliated    
Assets    
Fair Value $ 91,726 $ 20,956
Interest and dividend receivable 0 391
Investment- Non-controlled/non-affiliated    
Assets    
Fair Value 5,780,534 6,504,378
Interest and dividend receivable 56,306 48,793
Investments - Controlled/Affiliated    
Assets    
Fair Value [6] 108,372 85,276
Interest and dividend receivable $ 3,687 $ 1,174
[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 (including preferred 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 “controls” one of its portfolio companies, as indicated below. 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 four of its portfolio companies, as indicated below.
[2]

Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility (as defined below). See Note 6 "Debt".
[3] 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 would be deemed to “control” one of its portfolio companies, as indicated below. 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 an “affiliated person” of two of its portfolio companies, as indicated below.
[4] Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility as defined below. See Note 6 “Debt”.
[5] The per unit data was derived by using the weighted average units outstanding during the period, except otherwise noted.
[6] Although the Company owns more than 25% of the voting securities of NH Keystone (as defined below), the Company does not believe that it has control over NH Keystone (other than for purposes of the 1940 Act). See Note 4 “Investments”.