XML 30 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
MEMBERS' CAPITAL
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
MEMBERS' CAPITAL MEMBERS’ CAPITAL
The following table shows the components of total distributable earnings (loss) as shown on the Consolidated Statements of Financial Condition:
December 31, 2023December 31, 2022
Total distributable earnings, beginning of period$(194)$— 
Net investment income (loss)1,527 (194)
Net unrealized appreciation (depreciation)159 — 
Distributions declared(1,340)— 
Tax reclassification of unitholders' equity (Note 10)202 — 
Total distributable earnings, end of period$354 $(194)
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 year ended December 31, 2023:
Unit Issuance DateClass I Units IssuedProceeds Received
July 17, 20231,296,063$25,921 
August 01, 20238,989180
September 01, 202374,7371,494
October 01, 2023337,5836,779
November 01, 2023224,2644,492
December 01, 2023205,6914,138
Total2,147,327 $43,004 
The following table summarizes the Company’s distributions declared and payable for the year ended December 31, 2023:
Date DeclaredRecord DatePayment DatePer Unit AmountTotal Amount
August 30, 2023August 31, 2023September 06, 2023$0.1498 $196 
September 26, 2023September 30, 2023October 04, 20230.1582 219 
October 27, 2023October 31, 2023November 03, 20230.1590 271 
November 28, 2023November 30, 2023December 05, 20230.1585 309 
December 27, 2023December 31, 2023January 04, 20240.1592 345 
Total Distributions$0.7847 $1,340 
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 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 during for the year ended December 31, 2023:
Payment DateDRIP Units IssuedDRIP Units Value
September 06, 2023974 $19 
October 04, 20231,646 33 
November 03, 20232,825 57 
December 05, 20233,852 78 
Total9,297 $187 
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.
For the year ended December 31, 2023, no units were repurchased.