v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies  
Commitments and Contingencies

Note 5. Commitments and Contingencies

Litigation and Regulatory Matters

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 the Company’s portfolio companies. The Company and the Adviser are not currently a party to any material legal proceedings. Due to the delay in obtaining a California lending license, the Company incurred a de minimis penalty payment obligation to California, which amount has been borne entirely by the Adviser.

Unfunded Portfolio Company Commitments

From time to time, the Company enters into commitments to fund investments. As of June 30, 2025 and December 31, 2024, the Company had the following unfunded portfolio company commitments under loan and financing agreements:

 

($ in thousands)

 

 

 

 

 

 

Portfolio Company

Type of Investment

June 30, 2025 Par

 

 

December 31, 2024 Par

 

Accordion Partners LLC

First Lien Delayed Draw Term Loan

$

4,581

 

 

$

5,454

 

Accordion Partners LLC

First Lien Revolving Loan

 

3,636

 

 

 

3,636

 

Accuserve Solutions, Inc.

First Lien Delayed Draw Term Loan

 

4,226

 

 

 

4,876

 

Accuserve Solutions, Inc.

First Lien Revolving Loan

 

2,629

 

 

 

6,573

 

Acentra Holdings, LLC

First Lien Delayed Draw Term Loan

 

8,715

 

 

 

8,715

 

Acentra Holdings, LLC

First Lien Revolving Loan

 

1,037

 

 

 

1,287

 

Action Behavior Centers Therapy LLC

First Lien Delayed Draw Term Loan

 

3,928

 

 

 

5,722

 

Action Behavior Centers Therapy LLC

First Lien Revolving Loan

 

3,071

 

 

 

3,071

 

Alkeme Intermediary Holdings, LLC

First Lien Delayed Draw Term Loan

 

4,057

 

 

 

-

 

Alkeme Intermediary Holdings, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

12,511

 

Amerilife Holdings LLC

First Lien Delayed Draw Term Loan

 

1,200

 

 

 

4,753

 

Amerilife Holdings LLC

First Lien Revolving Loan

 

5,199

 

 

 

6,891

 

Anaplan Inc.

First Lien Revolving Loan

 

1,546

 

 

 

1,546

 

Aprio Advisory Group, LLC

First Lien Delayed Draw Term Loan

 

10,915

 

 

 

-

 

Aprio Advisory Group, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

4,741

 

Aprio Advisory Group, LLC

First Lien Revolving Loan

 

4,402

 

 

 

2,994

 

Arden Insurance Services LLC

First Lien Revolving Loan

 

1,829

 

 

 

1,463

 

ARMStrong Receivable Management

First Lien Delayed Draw Term Loan

 

901

 

 

 

1,020

 

ARMStrong Receivable Management

First Lien Revolving Loan

 

299

 

 

 

299

 

Babylon Buyer, Inc.

First Lien Revolving Loan

 

1,183

 

 

 

-

 

Baker Tilly Advisory Group, L.P.

First Lien Delayed Draw Term Loan

 

-

 

 

 

2,736

 

Baker Tilly Advisory Group, L.P.

First Lien Delayed Draw Term Loan

 

2,726

 

 

 

-

 

Baker Tilly Advisory Group, L.P.

First Lien Revolving Loan

 

1,050

 

 

 

-

 

Baker Tilly Advisory Group, L.P.

First Lien Revolving Loan

 

3,835

 

 

 

3,835

 

Beacon Pointe Harmony, LLC

First Lien Delayed Draw Term Loan

 

9,390

 

 

 

9,390

 

Beacon Pointe Harmony, LLC

First Lien Revolving Loan

 

3,000

 

 

 

3,000

 

Bellwether Buyer, LLC

First Lien Delayed Draw Term Loan

 

7,530

 

 

 

-

 

Bellwether Buyer, LLC

First Lien Revolving Loan

 

3,012

 

 

 

-

 

Belmont Buyer, Inc.

First Lien Delayed Draw Term Loan

 

4,235

 

 

 

4,235

 

Belmont Buyer, Inc.

First Lien Revolving Loan

 

1,018

 

 

 

1,453

 

Bottomline Technologies, Inc.

First Lien Revolving Loan

 

3,849

 

 

 

7,365

 

Captive Resources Midco, LLC

First Lien Revolving Loan

 

2,203

 

 

 

2,203

 

Chartis Group, LLC

First Lien Delayed Draw Term Loan

 

2,518

 

 

 

2,517

 

Chartis Group, LLC

First Lien Revolving Loan

 

1,259

 

 

 

1,259

 

Cherry Bekaert Advisory LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

638

 

Choreo Buyer LLC.

First Lien Delayed Draw Term Loan

 

15,560

 

 

 

15,560

 

Cliffwater, LLC

First Lien Revolving Loan

 

5,966

 

 

 

2,857

 

Congress Buyer, Inc

First Lien Delayed Draw Term Loan

 

7,383

 

 

 

-

 

Continental Buyer, Inc

First Lien Delayed Draw Term Loan

 

-

 

 

 

8,153

 

Continental Buyer, Inc

First Lien Delayed Draw Term Loan

 

3,237

 

 

 

-

 

Continental Buyer, Inc

First Lien Revolving Loan

 

4,545

 

 

 

3,057

 

Diligent Corporation

First Lien Revolving Loan

 

5,547

 

 

 

5,997

 

Diligent Corporation

First Lien Delayed Draw Term Loan

 

4,124

 

 

 

4,124

 

Eclipse Buyer, Inc.

First Lien Delayed Draw Term Loan

 

2,134

 

 

 

2,134

 

Eclipse Buyer, Inc.

First Lien Revolving Loan

 

1,083

 

 

 

1,083

 

Ellkay, LLC

First Lien Revolving Loan

 

-

 

 

 

2,167

 

Exeter Short Term Funding LLC

First Lien Revolving Loan

 

14,163

 

 

 

8,797

 

 

 

 

 

 

 

 

 

 

 

($ in thousands)

 

 

 

 

 

 

Portfolio Company

Type of Investment

June 30, 2025 Par

 

 

December 31, 2024 Par

 

Foundation Risk Partners, Corp.

First Lien Delayed Draw Term Loan

 

421

 

 

 

4,686

 

Foundation Risk Partners, Corp.

First Lien Revolving Loan

 

3,526

 

 

 

4,407

 

Galway Borrower LLC

First Lien Revolving Loan

 

2,072

 

 

 

2,767

 

Galway Borrower LLC

First Lien Delayed Draw Term Loan

 

9,038

 

 

 

10,596

 

GovDelivery Holdings LLC

First Lien Revolving Loan

 

1,886

 

 

 

2,193

 

GS Acquisitionco, Inc.

First Lien Delayed Draw Term Loan

 

893

 

 

 

1,109

 

GS Acquisitionco, Inc.

First Lien Revolving Loan

 

1,000

 

 

 

1,080

 

Guardian Restoration Partners Buyers, LLC

First Lien Delayed Draw Term Loan

 

5,370

 

 

 

9,082

 

Guardian Restoration Partners Buyers, LLC

First Lien Revolving Loan

 

1,756

 

 

 

2,057

 

HBWM Intermediate II, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

5,498

 

HBWM Intermediate II, LLC

First Lien Revolving Loan

 

742

 

 

 

1,017

 

Heights Buyer, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

2,554

 

Heights Buyer, LLC

First Lien Revolving Loan

 

2,043

 

 

 

2,235

 

Hyland Software, Inc

First Lien Revolving Loan

 

1,199

 

 

 

1,199

 

IG Investments Holdings, LLC

First Lien Revolving Loan

 

3,509

 

 

 

3,509

 

Imagine Acquisition, Inc.

First Lien Revolving Loan

 

4,630

 

 

 

4,399

 

Kona Buyer, LLC

First Lien Delayed Draw Term Loan

 

3,188

 

 

 

-

 

Kona Buyer, LLC

First Lien Revolving Loan

 

355

 

 

 

-

 

KRIV Acquisition Inc.

First Lien Delayed Draw Term Loan

 

24,923

 

 

 

24,923

 

Kwol Acquisition Inc

First Lien Revolving Loan

 

329

 

 

 

329

 

LENDINGTREE, INC.

First Lien Delayed Draw Term Loan

 

-

 

 

 

3,000

 

Low Voltage Holdings Inc.

First Lien Delayed Draw Term Loan

 

1,119

 

 

 

-

 

Low Voltage Holdings Inc.

First Lien Revolving Loan

 

606

 

 

 

-

 

MAI Capital Management Intermediate LLC

First Lien Delayed Draw Term Loan

 

2,460

 

 

 

2,782

 

MAI Capital Management Intermediate LLC

First Lien Delayed Draw Term Loan

 

4,536

 

 

 

-

 

MAI Capital Management Intermediate LLC

First Lien Revolving Loan

 

1,570

 

 

 

1,331

 

MB2 Dental Solutions, LLC

First Lien Delayed Draw Term Loan

 

7,226

 

 

 

8,932

 

MB2 Dental Solutions, LLC

First Lien Revolving Loan

 

2,244

 

 

 

2,244

 

Ministry Brands Holdings, LLC

First Lien Revolving Loan

 

1,554

 

 

 

1,695

 

Minotaur Acquisition, Inc.

First Lien Delayed Draw Term Loan

 

3,401

 

 

 

3,401

 

Minotaur Acquisition, Inc.

First Lien Revolving Loan

 

2,041

 

 

 

2,041

 

MIRRA-PRIMEACCESS Holdings, LLC

First Lien Revolving Loan

 

685

 

 

 

685

 

New Mountain Capital LLC

First Lien Delayed Draw Term Loan

 

250

 

 

 

350

 

New Mountain Capital LLC

First Lien Delayed Draw Term Loan

 

557

 

 

 

557

 

New Mountain Capital LLC

First Lien Delayed Draw Term Loan

 

2,657

 

 

 

2,657

 

New Mountain Capital LLC

First Lien Delayed Draw Term Loan

 

1,942

 

 

 

1,942

 

NextGen Healthcare

First Lien Delayed Draw Term Loan

 

2,370

 

 

 

2,370

 

NextGen Healthcare

First Lien Revolving Loan

 

889

 

 

 

889

 

NXGen Buyer, Inc.

First Lien Revolving Loan

 

326

 

 

 

326

 

Omega Systems Intermediate Holdings, INC

First Lien Delayed Draw Term Loan

 

6,333

 

 

 

-

 

Omega Systems Intermediate Holdings, INC

First Lien Revolving Loan

 

1,900

 

 

 

-

 

oneZero Financial Systems, LLC

First Lien Delayed Draw Term Loan

 

3,123

 

 

 

4,712

 

oneZero Financial Systems, LLC

First Lien Revolving Loan

 

3,365

 

 

 

3,365

 

Orion Advisor Solutions, LLC

Second Lien Delayed Draw Term Loan

 

4,847

 

 

 

6,524

 

PAS Parent Inc.

First Lien Delayed Draw Term Loan

 

1,112

 

 

 

1,476

 

PAS Parent Inc.

First Lien Delayed Draw Term Loan

 

5,625

 

 

 

5,625

 

PAS Parent Inc.

First Lien Revolving Loan

 

934

 

 

 

1,000

 

Petra Borrower, LLC

First Lien Delayed Draw Term Loan

 

3,193

 

 

 

3,193

 

Petra Borrower, LLC

First Lien Revolving Loan

 

1,597

 

 

 

2,456

 

Project K Buyerco, INC.

First Lien Revolving Loan

 

7,727

 

 

 

7,727

 

 

($ in thousands)

 

 

 

 

 

 

Portfolio Company

Type of Investment

June 30, 2025 Par

 

 

December 31, 2024 Par

 

Propio LS, LLC

First Lien Revolving Loan

 

184

 

 

 

-

 

RCP Nats Purchaser, LLC

First Lien Delayed Draw Term Loan

 

8,209

 

 

 

-

 

RCP Nats Purchaser, LLC

First Lien Revolving Loan

 

5,746

 

 

 

-

 

Redwood Purchaser, INC

First Lien Delayed Draw Term Loan

 

10,663

 

 

 

-

 

Redwood Purchaser, INC

First Lien Revolving Loan

 

5,022

 

 

 

-

 

Redwood Services Group, LLC

First Lien Delayed Draw Term Loan

 

7,404

 

 

 

-

 

Simplifi Holdings, Inc.

First Lien Revolving Loan

 

2,060

 

 

 

2,892

 

Skywalker Purchaser, LLC

First Lien Delayed Draw Term Loan

 

1,881

 

 

 

-

 

Skywalker Purchaser, LLC

First Lien Delayed Draw Term Loan

 

2,112

 

 

 

-

 

Southpaw AP Buyer, LLC

First Lien Delayed Draw Term Loan

 

198

 

 

 

260

 

Southpaw AP Buyer, LLC

First Lien Revolving Loan

 

486

 

 

 

868

 

SpecialtyCare, Inc.

First Lien Revolving Loan

 

510

 

 

 

446

 

Standish Management US, LLC

First Lien Delayed Draw Term Loan

 

5,444

 

 

 

5,444

 

Standish Management US, LLC

First Lien Revolving Loan

 

5,662

 

 

 

4,247

 

Stepping Stones Healthcare Services, LLC

First Lien Delayed Draw Term Loan

 

5,075

 

 

 

6,300

 

Stepping Stones Healthcare Services, LLC

First Lien Revolving Loan

 

3,500

 

 

 

3,500

 

TA/WEG Holdings, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

5,602

 

TA/WEG Holdings, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

5

 

TA/WEG Holdings, LLC

First Lien Revolving Loan

 

2,000

 

 

 

1,995

 

TA/WEG Holdings, LLC

First Lien Revolving Loan

 

1,135

 

 

 

1,135

 

Tamarack Intermediate, L.L.C.

First Lien Revolving Loan

 

3,069

 

 

 

3,516

 

THG Acquisition, LLC

First Lien Delayed Draw Term Loan

 

5,660

 

 

 

5,847

 

THG Acquisition, LLC

First Lien Revolving Loan

 

2,707

 

 

 

2,706

 

Titan Home Improvement, LLC

First Lien Delayed Draw Term Loan

 

4,605

 

 

 

4,605

 

Titan Home Improvement, LLC

First Lien Revolving Loan

 

3,837

 

 

 

3,837

 

TRAK Purchaser, Inc.

First Lien Revolving Loan

 

1,094

 

 

 

-

 

Trinity Partners Holdings, LLC

First Lien Delayed Draw Term Loan

 

7,447

 

 

 

6,625

 

TST Intermediate Holdings, LLC

First Lien Delayed Draw Term Loan

 

5,817

 

 

 

5,817

 

TST Intermediate Holdings, LLC

First Lien Revolving Loan

 

748

 

 

 

890

 

Vital Care Buyer LLC

First Lien Revolving Loan

 

874

 

 

 

874

 

World Insurance Associates, LLC

First Lien Delayed Draw Term Loan

 

12,000

 

 

 

-

 

World Insurance Associates, LLC

First Lien Revolving Loan

 

649

 

 

 

-

 

Worldwide Insurance Network, LLC

First Lien Delayed Draw Term Loan

 

5,917

 

 

 

 

Worldwide Insurance Network, LLC

First Lien Delayed Draw Term Loan

 

15,000

 

 

 

12,174

 

Total Par.

 

$

452,505

 

 

$

402,618

 

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded on the consolidated financial statements and reflected as an adjustment to the valuation of the related security on the Consolidated Schedule of Investments as of both June 30, 2025 and December 31, 2024. The par amount of the unfunded portfolio company commitments is not recognized by the Company until the commitment is funded.

The credit agreements of the unfunded portfolio company commitments contain customary lending provisions which are subject to the portfolio company’s achievement of certain milestones. In instances where the underlying company experiences material adverse effects that would impact the financial condition or business outlook of the company, there is relief to the Company from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Company. The Company expects to maintain sufficient liquidity in the form of cash, financing capacity and undrawn capital commitments from its investors to cover any outstanding unfunded portfolio company commitments the Company may be required to fund.