v3.26.1
MEMBERS' CAPITAL
 6 Months Ended
Jun. 30, 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

 

 

 

June 30, 2026

 

 

December 31, 2025

 

Net distributable earnings (accumulated losses), beginning of period

 

$

(66,591

)

 

$

(24,853

)

Net investment income (loss)

 

 

62,502

 

 

 

119,922

 

Net realized gain (loss)

 

 

(28,771

)

 

 

(10,924

)

Net unrealized appreciation (depreciation)

 

 

(11,233

)

 

 

(30,102

)

Distributions to unitholders

 

 

(61,798

)

 

 

(120,588

)

Tax reclassification of members' capital

 

 

—

 

 

 

(46

)

Net distributable earnings (accumulated losses), end of period

 

$

(105,891

)

 

$

(66,591

)

The following table summarizes the total Common Units issued and proceeds from the Company's capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2026:

 

Unit Issuance Date

 

Common Units Issued

 

 

Amount

 

March 25, 2026

 

 

1,652,893

 

 

$

30,000

 

Total

 

 

1,652,893

 

 

$

30,000

 

 

There were no capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2025.

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2026 and for the six months ended June 30, 2025:

 

Date Declared

 

Record Date

 

Payment Date

 

Per Unit
Amount

 

 

Total Amount

 

For the Six Months Ended June 30, 2026

 

 

 

 

 

 

 

 

 

 

February 26, 2026

 

March 31, 2026

 

April 06, 2026

 

$

0.47

 

 

$

30,499

 

May 05, 2026

 

June 30, 2026

 

July 06, 2026

 

 

0.47

 

 

 

31,299

 

Total Distributions

 

 

 

 

 

$

0.94

 

 

$

61,798

 

For the Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

February 27, 2025

 

March 31, 2025

 

April 03, 2025

 

$

0.54

 

 

$

30,648

 

May 08, 2025

 

June 30, 2025

 

July 03, 2025

 

 

0.51

 

 

 

29,774

 

Total Distributions

 

 

 

 

 

$

1.05

 

 

$

60,422

 

 

The Company adopted an “opt out” distribution reinvestment plan. 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 Common Units, rather than receiving cash. Unitholders who receive distributions in the form of Common 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. Units issued under the DRIP will not reduce a unitholder’s outstanding capital commitment.

The following table summarizes the units issued to unitholders who participated in the DRIP for the six months ended June 30, 2026 and the value of such units as of the payment dates:

 

Payment Date

 

DRIP Units Issued

 

 

DRIP Units Value

 

January 06, 2026

 

 

1,614,853

 

 

$

29,453

 

April 06, 2026

 

 

1,701,653

 

 

 

30,342

 

Total

 

 

3,316,506

 

 

$

59,795

 

 

The following table summarizes the units issued to unitholders who participated in the DRIP for the six months ended June 30, 2025 and the value of such units as of the payment dates:

 

Payment Date

 

DRIP Units Issued

 

 

DRIP Units Value

 

January 06, 2025

 

 

1,733,215

 

 

$

32,827

 

April 03, 2025

 

 

1,624,468

 

 

 

30,475

 

Total

 

 

3,357,683

 

 

$

63,302