v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise, and accordingly, the Company has not accrued any liability in connection with such indemnifications.
Other Commitments and Contingencies
Unfunded commitments
The Company’s investment portfolio may contain revolving line of credit or delayed draw commitments, which require the Company to fund when requested by the portfolio companies. The Company believes that it maintains sufficient financial resources to satisfy any unfunded commitments, including cash on hand and available borrowings to fund such unfunded commitments. As of March 31, 2025 and December 31, 2024, the Company had unfunded investment commitments in the aggregate par amount of $132.0 million and $135.1 million, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.
As of March 31, 2025, the Company had the following unfunded commitments by investment types (amounts in thousands):
Investments - non-controlled/non-affiliatedCommitment TypeUnfunded Commitment
Accession Risk Management Group, Inc.Delayed Draw Term Loan7,810 
Accession Risk Management Group, Inc.Revolver1,858 
Investments - non-controlled/non-affiliatedCommitment TypeUnfunded Commitment
Ambient Enterprises Holdco, LLCDelayed Draw Term Loan1,631 
Ambient Enterprises Holdco, LLCRevolver685 
American Combustion Industries, LLCDelayed Draw Term Loan3,376 
American Combustion Industries, LLCRevolver896 
Apex Service Partners, LLCDelayed Draw Term Loan3,761 
Apex Service Partners, LLCRevolver392 
Beacon Oral SpecialistsDelayed Draw Term Loan3,683 
Bluehalo Global Holdings, LLCRevolver12 
Cvausa Management, LLCRevolver1,111 
Del-Air Heating, Air Conditioning & Refrigeration, LLCDelayed Draw Term Loan4,090 
Del-Air Heating, Air Conditioning & Refrigeration, LLCRevolver2,556 
Dentive Capital, LLCDelayed Draw Term Loan973 
Dentive Capital, LLCRevolver20 
Dermcare Management, LLCDelayed Draw Term Loan26,725 
Dukes Root Control Inc.Revolver52 
Elessent Clean Technologies Inc.Revolver1,711 
GC Waves Holdings, Inc.Delayed Draw Term Loan7,732 
GraphPAD Software, LLCDelayed Draw Term Loan3,113 
GraphPAD Software, LLCRevolver1,297 
HLSG Intermediate, LLCDelayed Draw Term Loan2,779 
HLSG Intermediate, LLCRevolver990 
IFH Franchisee Holdings, LLCDelayed Draw Term Loan3,136 
Neptune Platform Buyer, LLCDelayed Draw Term Loan2,350 
NWP Acquisition Holdings, LLCDelayed Draw Term Loan9,000 
NWP Acquisition Holdings, LLCRevolver5,000 
Orthofeet, IncRevolver1,524 
Pathstone Family Office, LLCDelayed Draw Term Loan5,340 
Pathstone Family Office, LLCRevolver1,048 
Peter C. Foy & Associates Insurance Services, LLCRevolver100 
RKD Group, LLCDelayed Draw Term Loan519 
Rogers Mechanical Contractors, LLCDelayed Draw Term Loan738 
Rogers Mechanical Contractors, LLCRevolver140 
Royal Holdco CorporationDelayed Draw Term Loan6,008 
Royal Holdco CorporationRevolver1,345 
RPX CorporationRevolver2,601 
Salt Dental Collective, LLCRevolver101 
Superjet Buyer, LLCDelayed Draw Term Loan4,454 
SV-AERO Holdings, LLCDelayed Draw Term Loan1,261 
Systems Planning And Analysis, Inc.Delayed Draw Term Loan1,584 
Systems Planning And Analysis, Inc.Revolver2,839 
USALCO, LLCDelayed Draw Term Loan937 
VRC Companies, LLCDelayed Draw Term Loan3,537 
VRC Companies, LLCRevolver100 
World Insurance Associates, LLCRevolver1,127 
132,041
As of December 31, 2024, the Company had the following unfunded commitments by investment types (amounts in thousands):
Investments - non-controlled/non-affiliatedCommitment TypeUnfunded
Accession Risk Management Group, Inc.Delayed Draw Term Loan$10,869 
Accession Risk Management Group, Inc.Revolver1,858
Ambient Enterprises Holdco LLCDelayed Draw Term Loan1,630
Ambient Enterprises Holdco LLCRevolver685
American Combustion Industries, LLCDelayed Draw Term Loan189
American Combustion Industries, LLCDelayed Draw Term Loan3,772
American Combustion Industries, LLCRevolver1,179
Apex Service Partners, LLCDelayed Draw Term Loan7,388
Apex Service Partners, LLCRevolver818
Beacon Oral SpecialistsDelayed Draw Term Loan3,748
Bluehalo Global Holdings, LLCRevolver12
Dentive Capital, LLCDelayed Draw Term Loan973 
Dentive Capital, LLCRevolver50
Dermcare Management, LLCDelayed Draw Term Loan3,768 
Dukes Root Control Inc.Revolver62
Elessent Clean Technologies Inc.Revolver1,711
GC Waves Holdings, Inc.Delayed Draw Term Loan10,135
GraphPAD Software, LLCDelayed Draw Term Loan3,113
GraphPAD Software, LLCRevolver1,297
HLSG Intermediate, LLCRevolver27
IFH Franchisee Holdings, LLCDelayed Draw Term Loan3,136
Neptune Platform Buyer LLCDelayed Draw Term Loan2,350
NWP Acquisition Holdings, LLCDelayed Draw Term Loan15,000
NWP Acquisition Holdings, LLCRevolver5,000
Orthofeet, IncRevolver1,524 
Pathstone Family Office LLCDelayed Draw Term Loan5,340
Pathstone Family Office LLCRevolver1,048
Peter C. Foy & Associates Insurance Services, LLCRevolver100 
RKD Group, LLCDelayed Draw Term Loan519 
Rogers Mechanical Contractors, LLCDelayed Draw Term Loan738 
Rogers Mechanical Contractors, LLCRevolver140 
RPX CorporationRevolver2,601 
Superjet Buyer, LLCDelayed Draw Term Loan4,454 
SV-AERO Holdings, LLCDelayed Draw Term Loan1,261 
Systems Planning And Analysis, Inc.Delayed Draw Term Loan16,745 
Systems Planning And Analysis, Inc.Revolver3,128 
VRC Companies, LLCDelayed Draw Term Loan18,577 
VRC Companies, LLCRevolver100 
World Insurance Associates, LLCRevolver100 
$135,145 
Off balance sheet risk
Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statement of Assets and Liabilities. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of March 31, 2025, there were no commitments outstanding for derivative contracts.
Legal proceedings
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 material pending legal proceedings.