| Commitments and Contingencies |
Note 7. Commitments and Contingencies Unfunded Commitments Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. The Company’s unfunded commitments may be significant from time to time. These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company intends to use cash flow from normal and early principal repayments and proceeds from borrowings to fund these commitments. As of June 30, 2025 and December 31, 2024, the Company has the following unfunded commitments to portfolio companies:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
Investments—non-controlled/non-affiliated |
|
Commitment Type |
|
Commitment
Expiration Date |
|
Unfunded
Commitment |
|
|
Fair
Value |
|
Delayed Draw |
|
|
|
|
|
|
|
|
|
|
841 Prudential MOB LLC |
|
Delayed Draw |
|
10/8/2027 |
|
$ |
719 |
|
|
$ |
— |
|
Air Conditioning Specialist, Inc. |
|
Delayed Draw |
|
11/19/2026 |
|
$ |
782 |
|
|
$ |
(12 |
) |
AMCP Clean Acquisition Co LLC |
|
Delayed Draw |
|
6/15/2028 |
|
$ |
910 |
|
|
$ |
(2 |
) |
Apella Capital LLC |
|
Delayed Draw |
|
6/18/2027 |
|
$ |
1,334 |
|
|
$ |
— |
|
APS Acquisition Holdings, LLC |
|
Delayed Draw |
|
7/11/2026 |
|
$ |
2,699 |
|
|
$ |
(13 |
) |
Argano, LLC |
|
Delayed Draw |
|
10/3/2026 |
|
$ |
1,572 |
|
|
$ |
(16 |
) |
Case Works, LLC |
|
Delayed Draw |
|
10/1/2029 |
|
$ |
272 |
|
|
$ |
(5 |
) |
CI (MG) Group, LLC |
|
Delayed Draw |
|
3/27/2027 |
|
$ |
4,177 |
|
|
$ |
(63 |
) |
Community Based Care Acquisition, Inc. |
|
Delayed Draw |
|
3/19/2026 |
|
$ |
1,507 |
|
|
$ |
— |
|
Elevate HD Parent, Inc. |
|
Delayed Draw |
|
2/18/2025 |
|
$ |
449 |
|
|
$ |
— |
|
Electrical Components International, Inc. |
|
Delayed Draw |
|
5/10/2026 |
|
$ |
433 |
|
|
$ |
(2 |
) |
Enverus Holdings, Inc. |
|
Delayed Draw |
|
12/12/2026 |
|
$ |
73 |
|
|
$ |
— |
|
First Steps Recovery Acquisition, LLC |
|
Delayed Draw |
|
9/29/2025 |
|
$ |
276 |
|
|
$ |
(6 |
) |
Gen4 Dental Partners Opco, LLC |
|
Delayed Draw |
|
5/13/2026 |
|
$ |
1,867 |
|
|
$ |
(42 |
) |
Groundworks Operations, LLC |
|
Delayed Draw |
|
3/6/2026 |
|
$ |
393 |
|
|
$ |
— |
|
HFW Holdings, LLC |
|
Delayed Draw |
|
5/1/2027 |
|
$ |
5,213 |
|
|
$ |
(59 |
) |
Housework Holdings |
|
Delayed Draw |
|
5/28/2026 |
|
$ |
417 |
|
|
$ |
(2 |
) |
Mission Critical Group, LLC |
|
Delayed Draw |
|
4/17/2027 |
|
$ |
3,963 |
|
|
$ |
(40 |
) |
Monarch Behavioral Therapy, LLC |
|
Delayed Draw |
|
6/6/2026 |
|
$ |
266 |
|
|
$ |
(1 |
) |
Prescott's Inc. |
|
Delayed Draw |
|
12/30/2026 |
|
$ |
3,585 |
|
|
$ |
(27 |
) |
PRGX Global, Inc |
|
Delayed Draw |
|
2/20/2027 |
|
$ |
596 |
|
|
$ |
(6 |
) |
RL James, Inc. |
|
Delayed Draw |
|
12/15/2025 |
|
$ |
612 |
|
|
$ |
(5 |
) |
RMBUS Holdco Inc. |
|
Delayed Draw |
|
1/8/2026 |
|
$ |
2,070 |
|
|
$ |
— |
|
Schola Group Acquisition, Inc. |
|
Delayed Draw |
|
4/9/2027 |
|
$ |
4,564 |
|
|
$ |
(51 |
) |
SR Landscaping, LLC |
|
Delayed Draw |
|
2/20/2026 |
|
$ |
1,093 |
|
|
$ |
— |
|
Strategy Corps, LLC |
|
Delayed Draw |
|
6/28/2026 |
|
$ |
3,300 |
|
|
$ |
(49 |
) |
Tri Scapes, LLC |
|
Delayed Draw |
|
7/12/2026 |
|
$ |
2,370 |
|
|
$ |
(24 |
) |
Waste Resource Management Inc. |
|
Delayed Draw |
|
5/19/2027 |
|
$ |
4,867 |
|
|
$ |
— |
|
XPT Partners, LLC |
|
Delayed Draw |
|
12/10/2026 |
|
$ |
950 |
|
|
$ |
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments—non-controlled/non-affiliated |
|
Commitment Type |
|
Commitment
Expiration Date |
|
Unfunded
Commitment |
|
|
Fair
Value |
|
Revolver |
|
|
|
|
|
|
|
|
|
|
Advantmed Buyer Inc |
|
Revolver |
|
2/14/2031 |
|
$ |
2,189 |
|
|
$ |
(29 |
) |
Air Buyer Inc. |
|
Revolver |
|
7/23/2030 |
|
$ |
517 |
|
|
$ |
(16 |
) |
Air Conditioning Specialist, Inc. |
|
Revolver |
|
11/19/2029 |
|
$ |
621 |
|
|
$ |
(9 |
) |
APS Acquisition Holdings, LLC |
|
Revolver |
|
7/11/2029 |
|
$ |
1,741 |
|
|
$ |
(9 |
) |
Argano, LLC |
|
Revolver |
|
9/13/2029 |
|
$ |
348 |
|
|
$ |
(3 |
) |
Case Works, LLC |
|
Revolver |
|
10/1/2029 |
|
$ |
151 |
|
|
$ |
(3 |
) |
CI (MG) Group, LLC |
|
Revolver |
|
3/27/2030 |
|
$ |
543 |
|
|
$ |
(8 |
) |
Elevate HD Parent, Inc. |
|
Revolver |
|
8/20/2029 |
|
$ |
173 |
|
|
$ |
— |
|
Endo1 Partners, LLC |
|
Revolver |
|
5/23/2030 |
|
$ |
532 |
|
|
$ |
(11 |
) |
Enthusiast Auto Holdings, LLC |
|
Revolver |
|
12/19/2026 |
|
$ |
1,151 |
|
|
$ |
(1 |
) |
Enverus Holdings, Inc. |
|
Revolver |
|
12/24/2029 |
|
$ |
272 |
|
|
$ |
(7 |
) |
First Steps Recovery Acquisition, LLC |
|
Revolver |
|
3/29/2030 |
|
$ |
597 |
|
|
$ |
(12 |
) |
Gen4 Dental Partners Opco, LLC |
|
Revolver |
|
5/13/2030 |
|
$ |
467 |
|
|
$ |
(11 |
) |
HFW Holdings, LLC |
|
Revolver |
|
5/1/2031 |
|
$ |
944 |
|
|
$ |
(11 |
) |
Housework Holdings |
|
Revolver |
|
12/15/2028 |
|
$ |
86 |
|
|
$ |
— |
|
In Vitro Sciences, LLC |
|
Revolver |
|
2/28/2029 |
|
$ |
568 |
|
|
$ |
(63 |
) |
Irving Parent, Corp. |
|
Revolver |
|
3/11/2031 |
|
$ |
2,382 |
|
|
$ |
(36 |
) |
Mammoth Holdings, LLC |
|
Revolver |
|
11/15/2029 |
|
$ |
527 |
|
|
$ |
(18 |
) |
Medrina, LLC |
|
Revolver |
|
10/20/2029 |
|
$ |
1,107 |
|
|
$ |
— |
|
Mission Critical Group, LLC |
|
Revolver |
|
4/17/2030 |
|
$ |
1,612 |
|
|
$ |
(16 |
) |
Monarch Behavioral Therapy, LLC |
|
Revolver |
|
6/6/2030 |
|
$ |
780 |
|
|
$ |
(4 |
) |
Owl Vans, LLC |
|
Revolver |
|
12/31/2030 |
|
$ |
1,200 |
|
|
$ |
(16 |
) |
Prescott's Inc. |
|
Revolver |
|
12/30/2030 |
|
$ |
896 |
|
|
$ |
(7 |
) |
RL James, Inc. |
|
Revolver |
|
12/15/2028 |
|
$ |
1,081 |
|
|
$ |
(8 |
) |
RMBUS Holdco Inc. |
|
Revolver |
|
1/8/2029 |
|
$ |
1,035 |
|
|
$ |
— |
|
Sagebrush Buyer, LLC |
|
Revolver |
|
7/1/2030 |
|
$ |
1,263 |
|
|
$ |
— |
|
Schola Group Acquisition, Inc. |
|
Revolver |
|
4/9/2031 |
|
$ |
1,141 |
|
|
$ |
(13 |
) |
SR Landscaping, LLC |
|
Revolver |
|
10/30/2029 |
|
$ |
320 |
|
|
$ |
— |
|
Strategy Corps, LLC |
|
Revolver |
|
6/28/2030 |
|
$ |
1,567 |
|
|
$ |
(24 |
) |
Streetmasters Intermediate, Inc |
|
Revolver |
|
4/1/2030 |
|
$ |
1,587 |
|
|
$ |
(20 |
) |
Syner-G Intermediate Holdings, LLC |
|
Revolver |
|
9/17/2030 |
|
$ |
1,150 |
|
|
$ |
(75 |
) |
The Mutual Group, LLC |
|
Revolver |
|
1/31/2030 |
|
$ |
1,299 |
|
|
$ |
— |
|
Thornton Carpet, LLC |
|
Revolver |
|
5/15/2031 |
|
$ |
2,502 |
|
|
$ |
(28 |
) |
Tri Scapes, LLC |
|
Revolver |
|
7/12/2030 |
|
$ |
1,185 |
|
|
$ |
(12 |
) |
Unified Patents, LLC |
|
Revolver |
|
12/23/2027 |
|
$ |
1,271 |
|
|
$ |
(10 |
) |
Visante Acquisition, LLC |
|
Revolver |
|
1/31/2030 |
|
$ |
976 |
|
|
$ |
— |
|
Waste Resource Management Inc. |
|
Revolver |
|
12/28/2029 |
|
$ |
721 |
|
|
$ |
— |
|
XPT Partners, LLC |
|
Revolver |
|
9/13/2028 |
|
$ |
163 |
|
|
$ |
(3 |
) |
Zenith American Solutions, Inc. |
|
Revolver |
|
7/11/2029 |
|
$ |
636 |
|
|
$ |
(5 |
) |
Total Unfunded Commitments |
|
|
|
|
|
$ |
88,630 |
|
|
$ |
(932 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
Investments—non-controlled/non-affiliated |
|
Commitment Type |
|
Commitment
Expiration Date |
|
Unfunded
Commitment |
|
|
Fair
Value |
|
Delayed Draw |
|
|
|
|
|
|
|
|
|
|
841 Prudential MOB LLC |
|
Delayed Draw |
|
10/8/2027 |
|
$ |
719 |
|
|
$ |
(11 |
) |
Air Buyer Inc. |
|
Delayed Draw |
|
1/23/2026 |
|
$ |
1,138 |
|
|
$ |
(15 |
) |
Air Conditioning Specialist, Inc. |
|
Delayed Draw |
|
11/19/2026 |
|
$ |
1,915 |
|
|
$ |
(10 |
) |
AMCP Clean Acquisition Co LLC |
|
Delayed Draw |
|
6/15/2028 |
|
$ |
1,840 |
|
|
$ |
8 |
|
Apella Capital LLC |
|
Delayed Draw |
|
12/4/2026 |
|
$ |
148 |
|
|
$ |
(1 |
) |
APS Acquisition Holdings, LLC |
|
Delayed Draw |
|
7/11/2026 |
|
$ |
3,483 |
|
|
$ |
(52 |
) |
Argano, LLC |
|
Delayed Draw |
|
3/13/2026 |
|
$ |
2,087 |
|
|
$ |
(42 |
) |
Case Works, LLC |
|
Delayed Draw |
|
10/1/2029 |
|
$ |
272 |
|
|
$ |
(4 |
) |
Community Based Care Acquisition, Inc. |
|
Delayed Draw |
|
3/19/2026 |
|
$ |
2,118 |
|
|
$ |
— |
|
Elevate HD Parent, Inc. |
|
Delayed Draw |
|
2/18/2025 |
|
$ |
482 |
|
|
$ |
— |
|
Electrical Components International, Inc. |
|
Delayed Draw |
|
5/10/2026 |
|
$ |
433 |
|
|
$ |
(7 |
) |
Enverus Holdings, Inc. |
|
Delayed Draw |
|
12/12/2026 |
|
$ |
192 |
|
|
$ |
— |
|
First Steps Recovery Acquisition, LLC |
|
Delayed Draw |
|
9/29/2025 |
|
$ |
1,149 |
|
|
$ |
(23 |
) |
Focus Financial Partners, LLC |
|
Delayed Draw |
|
9/10/2026 |
|
$ |
194 |
|
|
$ |
2 |
|
Gen4 Dental Partners Opco, LLC |
|
Delayed Draw |
|
5/13/2026 |
|
$ |
2,333 |
|
|
$ |
(70 |
) |
Groundworks Operations, LLC |
|
Delayed Draw |
|
3/6/2026 |
|
$ |
393 |
|
|
$ |
3 |
|
Housework Holdings |
|
Delayed Draw |
|
3/1/2025 |
|
$ |
428 |
|
|
$ |
— |
|
Housework Holdings |
|
Delayed Draw |
|
5/28/2026 |
|
$ |
417 |
|
|
$ |
— |
|
In Vitro Sciences, LLC |
|
Delayed Draw |
|
7/31/2024 |
|
$ |
23 |
|
|
$ |
(1 |
) |
Medrina, LLC |
|
Delayed Draw |
|
4/20/2025 |
|
$ |
1,550 |
|
|
$ |
— |
|
Monarch Behavioral Therapy, LLC |
|
Delayed Draw |
|
6/6/2026 |
|
$ |
1,076 |
|
|
$ |
(8 |
) |
Prescott's Inc. |
|
Delayed Draw |
|
12/30/2026 |
|
$ |
3,585 |
|
|
$ |
(40 |
) |
RL James, Inc. |
|
Delayed Draw |
|
12/15/2025 |
|
$ |
612 |
|
|
$ |
(15 |
) |
RMBUS Holdco Inc. |
|
Delayed Draw |
|
1/8/2026 |
|
$ |
2,070 |
|
|
$ |
— |
|
SR Landscaping, LLC |
|
Delayed Draw |
|
2/20/2026 |
|
$ |
1,191 |
|
|
$ |
(3 |
) |
Strategy Corps, LLC |
|
Delayed Draw |
|
6/28/2026 |
|
$ |
3,300 |
|
|
$ |
(33 |
) |
Tri Scapes, LLC |
|
Delayed Draw |
|
7/12/2026 |
|
$ |
2,370 |
|
|
$ |
(36 |
) |
US Fertility Enterprises, LLC |
|
Delayed Draw |
|
10/3/2026 |
|
$ |
97 |
|
|
$ |
1 |
|
Waste Resource Management Inc. |
|
Delayed Draw |
|
12/28/2029 |
|
$ |
1,208 |
|
|
$ |
— |
|
Xcel Brands, Inc. |
|
Delayed Draw |
|
12/12/2028 |
|
$ |
683 |
|
|
$ |
(15 |
) |
XPT Partners, LLC |
|
Delayed Draw |
|
12/10/2026 |
|
$ |
1,205 |
|
|
$ |
(18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments—non-controlled/non-affiliated |
|
Commitment Type |
|
Commitment
Expiration Date |
|
Unfunded
Commitment |
|
|
Fair
Value |
|
Revolver |
|
|
|
|
|
|
|
|
|
|
Air Buyer Inc. |
|
Revolver |
|
7/23/2030 |
|
$ |
517 |
|
|
$ |
(7 |
) |
Air Conditioning Specialist, Inc. |
|
Revolver |
|
11/19/2029 |
|
$ |
847 |
|
|
$ |
(4 |
) |
Apella Capital LLC |
|
Revolver |
|
3/1/2029 |
|
$ |
50 |
|
|
$ |
— |
|
APS Acquisition Holdings, LLC |
|
Revolver |
|
7/11/2029 |
|
$ |
1,741 |
|
|
$ |
(26 |
) |
Argano, LLC |
|
Revolver |
|
9/13/2029 |
|
$ |
348 |
|
|
$ |
(7 |
) |
Case Works, LLC |
|
Revolver |
|
10/1/2029 |
|
$ |
362 |
|
|
$ |
(5 |
) |
Elevate HD Parent, Inc. |
|
Revolver |
|
8/20/2029 |
|
$ |
200 |
|
|
$ |
— |
|
Enthusiast Auto Holdings, LLC |
|
Revolver |
|
12/19/2025 |
|
$ |
1,151 |
|
|
$ |
— |
|
Enverus Holdings, Inc. |
|
Revolver |
|
12/24/2029 |
|
$ |
284 |
|
|
$ |
(8 |
) |
First Steps Recovery Acquisition, LLC |
|
Revolver |
|
3/29/2030 |
|
$ |
597 |
|
|
$ |
(12 |
) |
Gen4 Dental Partners Opco, LLC |
|
Revolver |
|
5/13/2030 |
|
$ |
467 |
|
|
$ |
(14 |
) |
Housework Holdings |
|
Revolver |
|
12/15/2028 |
|
$ |
176 |
|
|
$ |
— |
|
In Vitro Sciences, LLC |
|
Revolver |
|
2/28/2029 |
|
$ |
568 |
|
|
$ |
(20 |
) |
Mammoth Holdings, LLC |
|
Revolver |
|
11/15/2029 |
|
$ |
659 |
|
|
$ |
(20 |
) |
Medrina, LLC |
|
Revolver |
|
10/20/2029 |
|
$ |
1,107 |
|
|
$ |
— |
|
Mid-State Machine and Fabricating Corporation |
|
Revolver |
|
6/21/2029 |
|
$ |
1,917 |
|
|
$ |
(14 |
) |
Monarch Behavioral Therapy, LLC |
|
Revolver |
|
6/6/2030 |
|
$ |
1,059 |
|
|
$ |
(8 |
) |
Owl Vans, LLC |
|
Revolver |
|
12/31/2030 |
|
$ |
1,200 |
|
|
$ |
(16 |
) |
Prescott's Inc. |
|
Revolver |
|
12/30/2030 |
|
$ |
896 |
|
|
$ |
(10 |
) |
Project Cloud Holdings, LLC |
|
Revolver |
|
3/31/2029 |
|
$ |
71 |
|
|
$ |
(2 |
) |
RL James, Inc. |
|
Revolver |
|
12/15/2028 |
|
$ |
973 |
|
|
$ |
(24 |
) |
RMBUS Holdco Inc. |
|
Revolver |
|
1/8/2029 |
|
$ |
1,035 |
|
|
$ |
— |
|
Sagebrush Buyer, LLC |
|
Revolver |
|
7/1/2030 |
|
$ |
1,263 |
|
|
$ |
(19 |
) |
SR Landscaping, LLC |
|
Revolver |
|
10/30/2029 |
|
$ |
579 |
|
|
$ |
(1 |
) |
Strategy Corps, LLC |
|
Revolver |
|
6/28/2030 |
|
$ |
1,650 |
|
|
$ |
(16 |
) |
Syner-G Intermediate Holdings, LLC |
|
Revolver |
|
9/17/2030 |
|
$ |
1,150 |
|
|
$ |
(13 |
) |
The Mutual Group, LLC |
|
Revolver |
|
1/31/2030 |
|
$ |
1,299 |
|
|
$ |
(19 |
) |
Tri Scapes, LLC |
|
Revolver |
|
7/12/2030 |
|
$ |
1,185 |
|
|
$ |
(18 |
) |
Unified Patents, LLC |
|
Revolver |
|
12/23/2027 |
|
$ |
1,271 |
|
|
$ |
(10 |
) |
Visante Acquisition, LLC |
|
Revolver |
|
1/31/2030 |
|
$ |
976 |
|
|
$ |
— |
|
Waste Resource Management Inc. |
|
Revolver |
|
12/28/2029 |
|
$ |
786 |
|
|
$ |
— |
|
XPT Partners, LLC |
|
Revolver |
|
9/13/2028 |
|
$ |
271 |
|
|
$ |
(4 |
) |
Zenith American Solutions, Inc. |
|
Revolver |
|
7/11/2029 |
|
$ |
596 |
|
|
$ |
(9 |
) |
Total Unfunded Commitments |
|
|
|
|
|
$ |
65,962 |
|
|
$ |
(696 |
) |
Legal Proceedings From time to time, the Company, or the Advisers, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of the Company’s rights under contracts with its portfolio companies. Neither the Company, nor the Advisers, is currently subject to any material legal proceedings.
|