Financial Highlights

3 Months Ended

Mar. 31, 2024

Selected data for a unit outstanding throughout the three months ended March 31, 2024 and 2023 is presented below.


	For the three months ended March 31,
	2024(1)			2023(1)
Net Asset Value Per Unit (accrual base), Beginning of Period	$	98.17		$	99.88
Income from Investment Operations:
Net investment income		0.83			0.02
Net realized and unrealized (loss) gain		(0.14	)		0.01
Total income from investment operations		0.69			0.03

Net Asset Value Per Unit (accrual base), End of Period	$	98.86		$	99.91
Unitholder Total Return(2)(3)		2.04	%		39.57	%
Unitholder IRR before incentive fee(4)		11.32	%		(4.76	)%
Unitholder IRR(4)		9.61	%		(4.76	)%
Ratios and Supplemental Data:
Members’ Capital, end of period	$	124,733		$	47,670
Units outstanding, end of period		3,753,190			3,753,190
Ratios based on average net assets of Members’ Capital:
Ratio of total expenses to average net asset(5)		4.20	%		0.52	%
Ratio of net investment income to average net assets(5)		10.17	%		0.10	%
Ratio of incentive fees to average net asset(5)		1.50	%		0.00	%
Portfolio turnover rate(3)		2.00	%		0.28	%

(1)

Per unit data was calculated using the number of Units issued and outstanding as of March 31, 2024 and 2023.

(2)

The Total Return for the three months ended March 31, 2024 and 2023 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Members during the period. The return does not reflect sales load and is net of management fees and expenses.

(3)

Not annualized.

(4)

The Internal Rate of Return (“IRR”) since inception for the Common Unitholders, after management fees, financing costs and operating expenses, but before incentive fees is 11.32% through March 31, 2024. The IRR since inception for the Common Unitholders, after management fees, financing costs and operating expenses is 9.61% through March 31, 2024. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Unitholders) and the net assets (residual value) of the Members’ Capital account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization.

(5)

Annualized.