| Commitments and Contingencies |
7. COMMITMENTS AND CONTINGENCIES Capital Commitments The Company had aggregate capital commitments and undrawn capital commitments from investors as follows (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
|
|
Capital
Commitments |
|
|
Unfunded
Capital
Commitments
Funded |
|
|
% of Capital
Commitments |
|
|
Capital
Commitments |
|
|
Unfunded
Capital
Commitments |
|
|
% of Capital
Commitments
Funded |
|
Common Stock |
|
$ |
1,901,732 |
|
|
$ |
1,444,669 |
|
|
|
24.03 |
% |
|
$ |
1,832,547 |
|
|
$ |
1,488,821 |
|
|
|
18.76 |
% |
Portfolio Company Commitments The Company may enter into investment commitments to fund investments through signed commitment letters which in certain circumstances may be disclosed by the Company. In many circumstances, borrower acceptance and final terms are subject to transaction-related contingencies. These are disclosed as commitments upon execution of a final agreement. As of March 31, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. As of March 31, 2025 and March 31, 2024, the Company had the following unfunded commitments by investment types (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitment Balances |
|
Porfolio Company |
|
Commitment Type |
|
Commitment
Expiration Date |
|
March 31,
2025 |
|
|
December 31,
2024 |
|
Adelaide Borrower LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
5/8/2026 |
|
$ |
5,353 |
|
|
$ |
5,353 |
|
Adelaide Borrower LLC |
|
First Lien Senior Secured Revolving Loan |
|
5/8/2030 |
|
|
3,332 |
|
|
|
3,332 |
|
Alert SRC Newco LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
12/11/2026 |
|
|
7,102 |
|
|
|
7,247 |
|
Alert SRC Newco LLC |
|
First Lien Senior Secured Revolving Loan |
|
12/11/2030 |
|
|
2,174 |
|
|
|
2,174 |
|
AMI Buyer Inc |
|
First Lien Senior Secured Revolving Loan |
|
10/17/2031 |
|
|
4,406 |
|
|
|
4,009 |
|
Ascend Partners Services LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
8/9/2026 |
|
|
7,468 |
|
|
|
10,401 |
|
Ascend Partners Services LLC |
|
First Lien Senior Secured Revolving Loan |
|
8/11/2031 |
|
|
1,415 |
|
|
|
832 |
|
Azurite Intermediate Holdings, Inc. |
|
First Lien Senior Secured Revolving Loan |
|
3/19/2031 |
|
|
2,076 |
|
|
|
2,076 |
|
Baxter Planning Systems, LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
5/20/2026 |
|
|
1,497 |
|
|
|
1,497 |
|
Baxter Planning Systems, LLC |
|
First Lien Senior Secured Revolving Loan |
|
5/20/2031 |
|
|
1,475 |
|
|
|
1,475 |
|
CB Buyer Inc |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
7/1/2026 |
|
|
4,724 |
|
|
|
6,037 |
|
CB Buyer Inc |
|
First Lien Senior Secured Revolving Loan |
|
7/1/2031 |
|
|
2,354 |
|
|
|
2,354 |
|
CData Software Inc |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
7/18/2026 |
|
|
3,083 |
|
|
|
3,083 |
|
CData Software Inc |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
7/18/2026 |
|
|
2,620 |
|
|
|
2,620 |
|
CData Software Inc |
|
First Lien Senior Secured Revolving Loan |
|
7/18/2030 |
|
|
3,699 |
|
|
|
3,699 |
|
CI (MG) GROUP, LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
3/27/2030 |
|
|
13,663 |
|
|
|
— |
|
CI (MG) GROUP, LLC |
|
First Lien Senior Secured Revolving Loan |
|
3/27/2030 |
|
|
3,077 |
|
|
|
— |
|
Coding Solutions Acquisition Inc |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
8/7/2026 |
|
|
4,764 |
|
|
|
4,764 |
|
Coding Solutions Acquisition Inc |
|
First Lien Senior Secured Revolving Loan |
|
8/7/2031 |
|
|
372 |
|
|
|
372 |
|
Cpex Purchaser, LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
3/31/2027 |
|
|
1,114 |
|
|
|
1,749 |
|
Cpex Purchaser, LLC |
|
First Lien Senior Secured Revolving Loan |
|
3/1/2030 |
|
|
13,678 |
|
|
|
9,818 |
|
Cpex Purchaser, LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
3/31/2027 |
|
|
3,227 |
|
|
|
— |
|
Four Winds Interactive LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
2/20/2027 |
|
|
7,253 |
|
|
|
— |
|
Four Winds Interactive LLC |
|
First Lien Senior Secured Revolving Loan |
|
2/20/2030 |
|
|
4,835 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitment Balances |
|
Porfolio Company |
|
Commitment Type |
|
Commitment
Expiration Date |
|
March 31,
2025 |
|
|
December 31,
2024 |
|
FH DMI Buyer Inc |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
10/12/2026 |
|
$ |
5,545 |
|
|
$ |
6,807 |
|
FH DMI Buyer Inc |
|
First Lien Senior Secured Revolving Loan |
|
10/11/2030 |
|
|
2,042 |
|
|
|
2,042 |
|
Goldeneye Parent, LLC |
|
First Lien Senior Secured Revolving Loan |
|
3/31/2032 |
|
|
1,850 |
|
|
|
— |
|
Grand River Aseptic Manufacturing, Inc. |
|
First Lien Senior Secured Revolving Loan |
|
3/10/2031 |
|
|
13,574 |
|
|
|
— |
|
Guardian Restoration Partners Buyer |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
11/1/2026 |
|
|
4,648 |
|
|
|
5,262 |
|
Guardian Restoration Partners Buyer |
|
First Lien Senior Secured Revolving Loan |
|
11/3/2031 |
|
|
1,089 |
|
|
|
1,192 |
|
Icefall Parent, Inc. |
|
First Lien Senior Secured Revolving Loan |
|
1/25/2030 |
|
|
2,375 |
|
|
|
2,375 |
|
LogRhythm Inc |
|
First Lien Senior Secured Revolving Loan |
|
7/2/2029 |
|
|
5,482 |
|
|
|
5,482 |
|
Penn TRGRP Holdings LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
9/27/2030 |
|
|
1,130 |
|
|
|
1,537 |
|
Penn TRGRP Holdings LLC |
|
First Lien Senior Secured Revolving Loan |
|
9/27/2030 |
|
|
3,881 |
|
|
|
3,881 |
|
RH Buyer, Inc. |
|
First Lien Senior Secured Revolving Loan |
|
1/17/2031 |
|
|
6,221 |
|
|
|
— |
|
Runway Bidco LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
12/17/2026 |
|
|
5,033 |
|
|
|
5,033 |
|
Runway Bidco LLC |
|
First Lien Senior Secured Revolving Loan |
|
12/17/2031 |
|
|
2,517 |
|
|
|
2,517 |
|
Sapphire Software Buyer Inc |
|
First Lien Senior Secured Revolving Loan |
|
9/30/2031 |
|
|
3,656 |
|
|
|
3,656 |
|
Thunder Buyer Inc |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
10/17/2026 |
|
|
7,319 |
|
|
|
7,319 |
|
Thunder Buyer Inc |
|
First Lien Senior Secured Revolving Loan |
|
10/17/2030 |
|
|
3,904 |
|
|
|
3,904 |
|
United Flow Technologies Intermediate HoldCo II, LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
6/21/2026 |
|
|
3,792 |
|
|
|
13,902 |
|
United Flow Technologies Intermediate HoldCo II, LLC |
|
First Lien Senior Secured Revolving Loan |
|
6/21/2030 |
|
|
3,083 |
|
|
|
3,083 |
|
Unlimited Technology Holdings, LLC |
|
First Lien Senior Secured Revolving Loan |
|
3/12/2032 |
|
|
2,294 |
|
|
|
— |
|
Xactly Corporation |
|
First Lien Senior Secured Revolving Loan |
|
7/30/2027 |
|
|
1,575 |
|
|
|
1,575 |
|
Zone & Company Software Consulting LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
9/13/2026 |
|
|
11,860 |
|
|
|
11,860 |
|
Zone & Company Software Consulting LLC |
|
First Lien Senior Secured Delayed Draw Term Loan |
|
9/13/2026 |
|
|
950 |
|
|
|
1,366 |
|
Zone & Company Software Consulting LLC |
|
First Lien Senior Secured Revolving Loan |
|
9/13/2030 |
|
|
6,354 |
|
|
|
6,354 |
|
Total |
|
|
|
|
|
$ |
204,935 |
|
|
$ |
162,039 |
|
Other Commitments and Contingencies From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025, management is not aware of any pending or threatened litigation.
|