v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.
The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.
Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated balance sheets. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of March 31, 2025, the Company’s unfunded commitments consisted of the following:
Category / Company(1)
Commitment Amount
Senior Secured Loans—First Lien
3Pillar Global Inc$7.3 
48Forty Solutions LLC6.6 
Aareon AG15.1 
Advanced Dermatology & Cosmetic Surgery2.7 
Affordable Care Inc11.3 
Alacrity Solutions Group LLC1.7 
Alacrity Solutions Group LLC2.3 
Alpha Financial Markets Consulting PLC5.8 
American Vision Partners3.9 
Amerivet Partners Management Inc8.4 
Apex Service Partners LLC0.8 
Apex Service Partners LLC11.3 
Arcfield Acquisition Corp6.0 
Arcos LLC/VA4.5 
Area Wide Protective Inc12.1 
ATX Networks Corp5.4 
Avetta LLC2.6 
Avetta LLC3.7 
BGB Group LLC7.4 
BGB Group LLC19.9 
Bonterra LLC17.0 
Bonterra LLC14.2 
Cadence Education LLC8.5 
Cadence Education LLC8.6 
Cambrex Corp9.4 
Cambrex Corp8.2 
Carrier Fire Protection2.1 
Carrier Fire Protection2.6 
CFC Underwriting Ltd5.7 
Circana Group (f.k.a. NPD Group)0.9 
Civica Group Ltd6.4 
Civica Group Ltd4.4 
Clarience Technologies LLC20.2 
Clarience Technologies LLC7.8 
CLEAResult Consulting Inc4.5 
CLEAResult Consulting Inc1.5 
Category / Company(1)
Commitment Amount
Community Brands Inc$4.4 
Community Brands Inc8.8 
Consilium Safety Group AB10.5 
CSafe Global0.3 
Dental365 LLC4.6 
Dental365 LLC7.0 
DOXA Insurance Holdings LLC2.9 
DOXA Insurance Holdings LLC0.5 
DOXA Insurance Holdings LLC22.6 
DuBois Chemicals Inc14.7 
DuBois Chemicals Inc14.7 
Envirotainer Ltd2.8 
Excelitas Technologies Corp2.4 
Excelitas Technologies Corp23.4 
Follett Software Co9.9 
Foundation Consumer Brands LLC7.7 
Foundation Risk Partners Corp11.8 
Foundation Risk Partners Corp2.8 
Foundation Risk Partners Corp15.9 
Frontline Road Safety LLC26.5 
Frontline Road Safety LLC15.7 
Frontline Road Safety LLC1.3 
Galway Partners Holdings LLC8.8 
Galway Partners Holdings LLC7.9 
Gigamon Inc6.5 
Granicus Inc2.3 
Granicus Inc1.0 
Heniff Transportation Systems LLC2.5 
Heritage Environmental Services Inc8.0 
Heritage Environmental Services Inc4.0 
Higginbotham Insurance Agency Inc10.6 
Highgate Hotels Inc2.6 
HM Dunn Co Inc0.6 
Homrich & Berg Inc1.0 
Horizon CTS Buyer LLC13.8 
Horizon CTS Buyer LLC15.9 
Individual FoodService1.7 
Inhabit IQ3.6 
Inhabit IQ2.2 
iNova Pharmaceuticals (Australia) Pty Limited2.5 
Insight Global LLC36.6 
Insightsoftware.Com Inc5.5 
Insightsoftware.Com Inc5.3 
Integrity Marketing Group LLC0.1 
Integrity Marketing Group LLC1.5 
J S Held LLC6.9 
J S Held LLC14.7 
Karman Space Inc7.2 
Laboratoires Vivacy SAS0.6 
Lazer Logistics Inc1.4 
Category / Company(1)
Commitment Amount
Lazer Logistics Inc$5.7 
Legends Hospitality LLC7.4 
Legends Hospitality LLC6.9 
Lexitas Inc5.6 
Lexitas Inc28.6 
Lloyd's Register Quality Assurance Ltd8.3 
Magna Legal Services LLC2.2 
Magna Legal Services LLC3.5 
MAI Capital Management LLC4.0 
MAI Capital Management LLC1.9 
MB2 Dental Solutions LLC32.7 
MB2 Dental Solutions LLC10.7 
Med-Metrix7.8 
Mercer Advisors Inc19.7 
Misys Ltd1.1 
Model N Inc6.1 
Model N Inc3.2 
Net Documents2.8 
Netsmart Technologies Inc6.2 
Netsmart Technologies Inc6.3 
Nordic Climate Group Holding AB5.2 
NovaTaste Austria GmbH1.1 
OEConnection LLC6.4 
OEConnection LLC6.3 
Oxford Global Resources LLC7.6 
PartsSource Inc0.3 
PartsSource Inc16.9 
PCI Pharma Services52.1 
PCI Pharma Services9.9 
PSC Group0.6 
PSC Group2.0 
Radwell International LLC5.1 
Radwell International LLC61.6 
Revere Superior Holdings Inc3.8 
Rialto Capital Management LLC0.5 
Rockefeller Capital Management LP5.7 
RSC Insurance Brokerage Inc10.7 
RSC Insurance Brokerage Inc9.6 
Safe-Guard Products International LLC8.8 
SAMBA Safety Inc1.4 
Service Express Inc5.8 
Service Express Inc4.3 
Shaw Development LLC3.4 
Spins LLC4.8 
Spins LLC3.2 
Spotless Brands LLC13.4 
STV Group Inc6.5 
STV Group Inc11.9 
Sweeping Corp of America Inc5.7 
Time Manufacturing Co16.7 
Category / Company(1)
Commitment Amount
Trescal SA$5.4 
Turnpoint Services Inc1.3 
Turnpoint Services Inc2.5 
USIC Holdings Inc5.5 
USIC Holdings Inc6.9 
Veriforce LLC4.7 
Veriforce LLC3.7 
Vermont Information Processing Inc9.6 
Vermont Information Processing Inc2.9 
Version1 Software Ltd13.0 
VetCor Professional Practices LLC6.7 
VetCor Professional Practices LLC20.8 
Vitu9.1 
Waste Services Group Pty Ltd6.9 
Wealth Enhancement Group LLC2.8 
Wealth Enhancement Group LLC20.1 
Woolpert Inc18.6 
Woolpert Inc31.2 
Worldwise Inc1.7 
Zellis Holdings Ltd5.0 
Zendesk Inc14.4 
Zendesk Inc6.0 
Zeus Industrial Products Inc11.6 
Zeus Industrial Products Inc10.0 
Senior Secured Loans—Second Lien
Valeo Foods Group Ltd3.0 
Asset Based Finance
Altitude II IRL WH Borrower DAC, Revolver3.5 
Bausch Health Cos Inc, Revolver60.0 
Callodine Commercial Finance LLC, 2L Term Loan B36.1 
Curia Global Inc, Revolver41.3 
Florida Food Products LLC, Revolver4.0 
Fortna Group Inc, Revolver27.4 
GreenSky Holdings LLC, Term Loan3.0 
Opendoor Labs Inc, Structured Mezzanine13.2 
Powin Energy Corp/NV, Revolver25.8 
TalkTalk Telecom Group Ltd, Revolver13.9 
Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, Revolver11.7 
Tropicana Products Inc, Revolver10.4 
Vietjet Aviation JSC, Term Loan32.5 
Weber-Stephen Products LLC, Revolver11.8 
Kestra Financial Inc, Preferred Equity9.2 
Total$1,636.5 
Unfunded Asset Based Finance/Other commitments$394.8 
_____________
(1)May be commitments to one or more entities affiliated with the named company.
As of March 31, 2025, the Company’s debt commitments are comprised of $733.7 revolving credit facilities and $902.8 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $0.3. The Company’s unfunded
Asset Based Finance/Other commitments generally require certain conditions to be met or actual approval from the Adviser prior to funding.
The Senior Secured Revolving Credit Facility provides for the issuance of letters of credit in an initial aggregate face amount of up to $175, subject to increase or reduction from time to time pursuant to the terms of the Senior Secured Revolving Credit Facility. As of March 31, 2025, $29 of such letters of credit have been issued.
As of March 31, 2025, the Company also has an unfunded commitment to provide $577.5 of capital to COPJV. The capital commitment can be satisfied with contributions of cash and/or investments. The capital commitments cannot be drawn without an affirmative vote by both the Company’s and SCRS’s representatives on COPJV’s board of managers.
While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so.
In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company has no such guarantees outstanding at March 31, 2025 and December 31, 2024.