v3.25.4
Commitments and Contingencies
12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

8. COMMITMENTS AND CONTINGENCIES

Capital Commitments

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Capital
Commitments

 

 

Unfunded
Capital
Commitments

 

 

% of Capital
Commitments
Funded

 

 

Capital
Commitments

 

 

Unfunded
Capital
Commitments

 

 

% of Capital
Commitments
Funded

 

Units

 

$

162,882

 

 

$

43,473

 

(1)

 

73

%

 

$

162,882

 

 

$

19,093

 

 

 

88

%

(1) See Note 9 Members Capital - Special Distribution for further information.

Portfolio Company Commitments

The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. As of December 31, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:

 

 

 

Unfunded Commitment Balances

 

 

 

 

December 31, 2025

 

 

 

December 31, 2024

 

1st Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

CDM Fitness Holdings, LLC

 

$

 

1,083

 

 

$

 

1,424

 

Good Feet Worldwide LLC

 

 

 

1,112

 

 

 

 

1,112

 

HAI Hospitality, Inc.

 

 

 

5,998

 

 

 

 

5,998

 

Keystone Purchaser LLC (dba Bridgeway)

 

 

 

545

 

 

 

 

2,342

 

Marquis Software Solutions Inc

 

 

 

171

 

 

 

 

494

 

PF Atlantic Holdco 2, LLC

 

 

 

1,539

 

 

 

 

1,539

 

Streamland Media Midco LLC

 

 

 

404

 

 

 

 

 

SugarCRM Inc.

 

 

 

2,128

 

 

 

 

2,128

 

VRC Companies, LLC (dba Vital Records Control)

 

 

 

443

 

 

 

 

443

 

Celero Commerce LLC

 

 

 

 

 

 

 

947

 

Convenient Payments Acquisition, Inc. (dba IntelliPay)

 

 

 

 

 

 

 

881

 

CorePower Yoga LLC

 

 

 

 

 

 

 

432

 

Curio Brands, LLC

 

 

 

 

 

 

 

1,426

 

Igloo Inc.

 

 

 

 

 

 

 

215

 

ITS Buyer Inc (dba ITS Logistics)

 

 

 

 

 

 

 

4,613

 

Sleep OpCo LLC (dba Helix Sleep)

 

 

 

 

 

 

 

1,373

 

Splash Car Wash Inc

 

 

 

 

 

 

 

1,402

 

StreetMasters Intermediate, Inc.

 

 

 

 

 

 

 

1,069

 

Total 1st Lien/Senior Secured Debt

 

$

 

13,423

 

 

$

 

27,838

 

1st Lien/Last-Out Unitranche

 

 

 

 

 

 

 

 

K2 Towers II, LLC

 

$

 

939

 

 

$

 

1,566

 

Octagon Towers LLC

 

 

 

92

 

 

 

 

194

 

Peppertree Towers LLC

 

 

 

1,053

 

 

 

 

1,218

 

Total 1st Lien/Last-Out Unitranche

 

$

 

2,084

 

 

$

 

2,978

 

2nd Lien/Senior Secured Debt

 

 

 

 

 

 

 

 

Wine.com, LLC

 

$

 

480

 

 

$

 

480

 

Total 2nd Lien/Senior Secured Debt

 

$

 

480

 

 

$

 

480

 

Total

 

$

 

15,987

 

 

$

 

31,296

 

 

Contingencies

In the normal course of business, the Company enters 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.