| Commitments and Contingencies |
8.Commitments and Contingencies From time to time, the Fund may enter into commitments to fund investments. Such commitments are incorporated into the Fund's assessment of its liquidity position. The Fund's senior secured revolver commitments are generally available on a borrower's demand. The Fund's senior secured delayed draw term loan commitments are generally available on a borrower's demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement. A summary of the composition of the Fund’s unfunded commitments as of June 30, 2025 and December 31, 2024 is shown in the table below:
|
|
|
|
|
|
|
|
|
|
Portfolio Company |
Investment Type |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
A Stucki TopCo Holdings LLC & Intermediate Holdings LLC |
1st Lien Revolver |
|
$ |
— |
|
|
$ |
878,780 |
|
Accela Inc/US |
1st Lien Revolver |
|
|
908,238 |
|
|
|
908,238 |
|
Allentown LLC |
1st Lien Revolver |
|
|
1,054,199 |
|
|
|
752,999 |
|
Allium Buyer LLC |
1st Lien Revolver |
|
|
573,673 |
|
|
|
573,673 |
|
Arctic Glacier Group Holdings |
1st Lien Revolver |
|
|
— |
|
|
|
838,563 |
|
Artisan Bidco Inc |
1st Lien Revolver |
|
|
721,830 |
|
|
|
1,170,535 |
|
Azurite Intermediate Holdings Inc |
1st Lien Revolver |
|
|
770,731 |
|
|
|
770,731 |
|
Contractual Buyer, LLC (dba Kodiak Solutions) |
1st Lien Revolver |
|
|
401,425 |
|
|
|
200,713 |
|
Coupa Holdings LLC |
1st Lien Delayed Draw Term Loan |
|
|
924,210 |
|
|
|
924,210 |
|
Coupa Holdings LLC |
1st Lien Revolver |
|
|
707,659 |
|
|
|
707,659 |
|
Crewline Buyer Inc |
1st Lien Revolver |
|
|
989,736 |
|
|
|
989,736 |
|
Databricks Inc |
1st Lien Delayed Draw Term Loan |
|
|
1,859,945 |
|
|
|
1,859,945 |
|
Elessent Clean Technologies Inc |
1st Lien Revolver |
|
|
241,448 |
|
|
|
241,448 |
|
FR Vision Holdings, Inc. (CHA Consulting) |
1st Lien Delayed Draw Term Loan |
|
|
292,366 |
|
|
|
429,076 |
|
FR Vision Holdings, Inc. (CHA Consulting) |
1st Lien Revolver |
|
|
185,747 |
|
|
|
185,747 |
|
GC Bison Acquisition, LLC (Midland Industries) |
1st Lien Delayed Draw Term Loan |
|
|
2,126,895 |
|
|
|
2,126,895 |
|
GC Bison Acquisition, LLC (Midland Industries) |
1st Lien Revolver |
|
|
212,689 |
|
|
|
446,648 |
|
GI Apple Midco LLC (Atlas Technical) |
1st Lien Delayed Draw Term Loan |
|
|
— |
|
|
|
1,710,984 |
|
GI Apple Midco LLC (Atlas Technical) |
1st Lien Revolver |
|
|
1,316,881 |
|
|
|
826,655 |
|
Gopher Resource LLC |
1st Lien Revolver |
|
|
119,902 |
|
|
|
239,804 |
|
Health Catalyst Inc |
1st Lien Delayed Draw Term Loan |
|
|
5,045,399 |
|
|
|
5,238,806 |
|
HOA Finance Two, LLC / HOA II Finance Two, LLC |
1st Lien Delayed Draw Term Loan |
|
|
178,189 |
|
|
|
178,189 |
|
Hootsuite Inc. |
1st Lien Revolver |
|
|
1,422,136 |
|
|
|
1,422,136 |
|
Inotiv Inc |
1st Lien Revolver |
|
|
1,244,402 |
|
|
|
1,244,402 |
|
KORE Wireless Group Inc |
1st Lien Revolver |
|
|
626,612 |
|
|
|
626,612 |
|
LAC Acquisition LLC d/b/a Lighthouse Autism Center |
1st Lien Revolver |
|
|
500,000 |
|
|
|
500,000 |
|
LeVecke Real Estate Holdings, LLC |
1st Lien Delayed Draw Term Loan |
|
|
70,645 |
|
|
|
70,645 |
|
LVF Holdings Inc |
1st Lien Delayed Draw Term Loan |
|
|
2,408,809 |
|
|
|
— |
|
Mercury Bidco LLC |
1st Lien Revolver |
|
|
1,981,556 |
|
|
|
1,981,556 |
|
MIS Acquisition, LLC |
1st Lien Revolver |
|
|
— |
|
|
|
1,098,221 |
|
Mounty US Holdings |
1st Lien Revolver |
|
|
995,726 |
|
|
|
995,726 |
|
National Dentex Corp |
1st Lien Delayed Draw Term Loan |
|
|
— |
|
|
|
185,862 |
|
National Dentex Corp |
1st Lien Revolver |
|
|
14,869 |
|
|
|
364,290 |
|
NetSPI Midco Corporation |
1st Lien Revolver |
|
|
261,105 |
|
|
|
767,956 |
|
Recorded Books Inc (RB Media) |
1st Lien Revolver |
|
|
642,704 |
|
|
|
642,704 |
|
SBP Holdings LP |
1st Lien Delayed Draw Term Loan |
|
|
2,074,454 |
|
|
|
2,160,831 |
|
SBP Holdings LP |
1st Lien Revolver |
|
|
838,328 |
|
|
|
838,328 |
|
Shrieve Chemical Co LLC |
1st Lien Revolver |
|
|
539,828 |
|
|
|
539,828 |
|
Sintec Media NYC Inc |
1st Lien Revolver |
|
|
419,049 |
|
|
|
419,049 |
|
Smarsh Inc |
1st Lien Delayed Draw Term Loan |
|
|
472,634 |
|
|
|
472,634 |
|
Smarsh Inc |
1st Lien Revolver |
|
|
135,488 |
|
|
|
141,790 |
|
Source Energy Services Ltd |
1st Lien Delayed Draw Term Loan |
|
|
442,137 |
|
|
|
442,137 |
|
Speedstar Holding LLC |
1st Lien Delayed Draw Term Loan |
|
|
1,601,589 |
|
|
|
1,601,589 |
|
Telestream 2 LLC |
1st Lien Revolver |
|
|
425,843 |
|
|
|
— |
|
TETRA Technologies Inc |
1st Lien Delayed Draw Term Loan |
|
|
5,984,764 |
|
|
|
5,984,764 |
|
TH Liquidating Trust |
Trust Interest |
|
|
285,563 |
|
|
|
285,563 |
|
Thunder Grandparent Inc. (dba Telestream, Inc) |
1st Lien Revolver |
|
|
— |
|
|
|
235,569 |
|
USA Debusk LLC |
1st Lien Delayed Draw Term Loan |
|
|
2,715,054 |
|
|
|
2,814,143 |
|
USA Debusk LLC |
1st Lien Revolver |
|
|
673,809 |
|
|
|
832,352 |
|
Vensure Employer Services Inc |
1st Lien Delayed Draw Term Loan |
|
|
519,623 |
|
|
|
980,141 |
|
Wrangler Topco, LLC |
1st Lien Delayed Draw Term Loan |
|
|
363,641 |
|
|
|
1,118,895 |
|
Wrangler Topco, LLC |
1st Lien Revolver |
|
|
1,502,990 |
|
|
|
1,502,990 |
|
Xactus LLC |
1st Lien Revolver |
|
|
718,711 |
|
|
|
— |
|
Total |
|
|
$ |
48,513,231 |
|
|
$ |
52,470,747 |
|
In the normal course of its operations, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund believes the risk of significant loss to be remote. From time to time, the Fund and its affiliates are subject to litigation arising in the normal course of business, including with respect to our portfolio companies. The Fund and certain other funds managed by the Adviser and its affiliates were named as defendants in a lawsuit asserting tortious interference, filed in a United States bankruptcy court. The Fund intends to vigorously defend against these claims. At this time, the Fund cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome; however, management does not expect the results of any potential outcome, even if unfavorable, to be material to the Fund's consolidated financial statements.
|