| Commitments and Contingencies |
8. COMMITMENTS AND CONTINGENCIES 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. The Company may commit to issue standby letters of credit in connection with an investment or it may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each of the Company or the Account, acting in such capacity in issuing such standby letters of credit, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer would be obligated under the terms of the relevant credit agreement to fund a portion of the letter of credit, for a period of time, on behalf of the Accounts that also have a commitment to the investment. The Accounts are obligated to reimburse the LC Issuer as defined in the relevant credit agreement. As of December 31, 2025, the Company has committed to fund letters of credit of $27,916 on behalf of the Accounts. 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 (1) |
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
1st Lien/Senior Secured Debt |
|
|
|
|
|
|
|
123Dentist Inc. |
|
$ |
17,926 |
|
|
$ |
— |
|
|
A.C.N. 664 616 371 Pty Ltd (dba Aspen Pharmacare) |
|
|
193,851 |
|
|
|
— |
|
|
AAG KP Borrower LLC (dba KUIU) |
|
|
27,794 |
|
|
|
— |
|
|
ABC Investment Holdco Inc. (dba ABC Plumbing) |
|
|
6,128 |
|
|
|
6,781 |
|
|
Accommodations Plus Technologies LLC |
|
|
12,291 |
|
|
|
— |
|
|
Admiral Buyer, Inc. (dba Fidelity Payment Services) |
|
|
11,719 |
|
|
|
10,440 |
|
|
Advarra Holdings, Inc. |
|
|
7,087 |
|
|
|
7,087 |
|
|
AGS Health BCP Holdings, Inc. (dba AGS Health) |
|
|
11,249 |
|
|
|
— |
|
|
AGS Health BCP LLC (dba AGS Health) |
|
|
6,250 |
|
|
|
— |
|
|
AI Titan Parent, Inc. (dba Prometheus) |
|
|
4,743 |
|
|
|
3,845 |
|
|
Airwavz Solutions, Inc. |
|
|
3,791 |
|
|
|
— |
|
|
Algae BidCo (dba Solabia Group) |
|
|
3,347 |
|
|
|
— |
|
|
AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) |
|
|
118,890 |
|
|
|
— |
|
|
Apple Bidco Holdings, Inc. (dba Raptor Technologies) |
|
|
91,688 |
|
|
|
— |
|
|
Aptean, Inc. |
|
|
18,438 |
|
|
|
9,567 |
|
|
AQ Sunshine, Inc. (dba Relation Insurance) |
|
|
13,911 |
|
|
|
20,472 |
|
|
Ark Data Centers, LLC |
|
|
32,705 |
|
|
|
45,717 |
|
|
Artifact Bidco, Inc. (dba Avetta) |
|
|
19,212 |
|
|
|
11,823 |
|
|
Aryeh Bidco Investment Ltd. (dba Dentalcorp) |
|
|
58,420 |
|
|
|
— |
|
|
Aurora Acquireco, Inc. (dba AuditBoard) |
|
|
9,600 |
|
|
|
23,600 |
|
|
Bamboo US BidCo LLC (dba Baxter) |
|
|
5,406 |
|
|
|
12,522 |
|
|
BCTO Bluebill Buyer, Inc. (dba Ren) |
|
|
4,949 |
|
|
|
— |
|
|
Blast Bidco Inc. (dba Bazooka Candy Brands) |
|
|
8,410 |
|
|
|
7,366 |
|
|
Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) |
|
|
8,650 |
|
|
|
— |
|
|
BSI3 Menu Buyer, Inc (dba Kydia) |
|
|
208 |
|
|
|
— |
|
|
Buckeye Acquiror LLC (dba Superior Environmental Solutions) |
|
|
7,258 |
|
|
|
6,878 |
|
|
Businessolver.com, Inc. |
|
|
5,578 |
|
|
|
— |
|
|
BX Frontier Member I LLC |
|
|
9,544 |
|
|
|
— |
|
|
Celero Commerce LLC |
|
|
30,353 |
|
|
|
— |
|
|
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) |
|
|
367 |
|
|
|
— |
|
|
CI (Quercus) Intermediate Holdings, LLC (dba SavATree) |
|
|
72,841 |
|
|
|
36,250 |
|
|
Circustrix Holdings, LLC (dba SkyZone) |
|
|
1,182 |
|
|
|
642 |
|
|
Clearwater Analytics, LLC |
|
|
759,363 |
|
|
|
— |
|
|
Coding Solutions Acquisition, Inc. (dba CorroHealth) |
|
|
8,076 |
|
|
|
9,139 |
|
|
Computer Services, Inc. |
|
|
34,793 |
|
|
|
— |
|
|
Consilio Midco Limited (dba Cyncly) |
|
|
33,013 |
|
|
|
— |
|
|
Convenient Payments Acquisition, Inc. |
|
|
989 |
|
|
|
— |
|
|
Coretrust Purchasing Group LLC |
|
|
10,066 |
|
|
|
11,053 |
|
|
Creek Parent, Inc. (dba Catalent) |
|
|
9,980 |
|
|
|
9,980 |
|
|
Crewline Buyer, Inc. (dba New Relic) |
|
|
7,326 |
|
|
|
6,165 |
|
|
CST Holding Company (dba Intoxalock) |
|
|
4,949 |
|
|
|
4,310 |
|
|
CURiO Brands LLC |
|
|
5,176 |
|
|
|
— |
|
|
Curriculum Associates, LLC |
|
|
67,513 |
|
|
|
— |
|
|
Dawn Bidco, LLC (dba Dayforce) |
|
|
298,625 |
|
|
|
— |
|
|
Diamond Communications LLC |
|
|
24,950 |
|
|
|
— |
|
|
Dwyer Instruments, LLC |
|
|
11,992 |
|
|
|
26,366 |
|
|
Eagle Family Foods Group LLC |
|
|
22,753 |
|
|
|
22,753 |
|
|
Edition Holdings, Inc. (dba Enverus) |
|
|
20,539 |
|
|
|
— |
|
|
Edko, LLC |
|
|
19,800 |
|
|
|
— |
|
|
(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitment Balances (1) |
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
1st Lien/Senior Secured Debt |
|
|
|
|
|
|
|
Engage2Excel, Inc. |
|
$ |
639 |
|
|
$ |
495 |
|
|
EnviroSmart, LLC (dba ES Integrated) |
|
|
8,403 |
|
|
|
— |
|
|
eResearch Technology, Inc. (dba Clario) |
|
|
40,214 |
|
|
|
— |
|
|
eShipping, LLC |
|
|
68,817 |
|
|
|
— |
|
|
Financière N (dba Nemera) |
|
|
3,630 |
|
|
|
— |
|
|
Frontgrade Technologies Holdings Inc. |
|
|
4,819 |
|
|
|
3,689 |
|
|
Frontline Road Safety Operations, LLC |
|
|
61,024 |
|
|
|
— |
|
|
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) |
|
|
9,091 |
|
|
|
— |
|
|
Fullsteam Operations LLC |
|
|
78,803 |
|
|
|
35,960 |
|
|
Galway Borrower LLC |
|
|
6,865 |
|
|
|
8,069 |
|
|
GEMS Topco Limited (dba GEMS Education) |
|
|
59,400 |
|
|
|
— |
|
|
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) |
|
|
11,317 |
|
|
|
17,738 |
|
|
GovDelivery Holdings, LLC (dba Granicus, Inc.) |
|
|
4,299 |
|
|
|
3,863 |
|
|
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) |
|
|
24,044 |
|
|
|
15,659 |
|
|
Hamilton Thorne, Inc. |
|
|
19,055 |
|
|
|
12,695 |
|
|
Highfive Dental Holdco, LLC |
|
|
7,838 |
|
|
|
979 |
|
|
Hyland Software, Inc. |
|
|
4,525 |
|
|
|
4,525 |
|
|
iCIMS, Inc. |
|
|
3,482 |
|
|
|
2,454 |
|
|
Ideal Components Acquisition, LLC (dba Ideal Tridon) |
|
|
8,981 |
|
|
|
— |
|
|
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) |
|
|
400 |
|
|
|
— |
|
|
INK (BC) BIDCO S.R.L. (dba Namirial) |
|
|
5,288 |
|
|
|
— |
|
|
Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) |
|
|
35,082 |
|
|
|
— |
|
|
iWave Information Systems, Inc. |
|
|
6,094 |
|
|
|
2,391 |
|
|
Jeppesen Holdings, LLC |
|
|
11,333 |
|
|
|
— |
|
|
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) |
|
|
13,087 |
|
|
|
— |
|
|
Jupiter Refuel US Buyer, Inc. (dba 4Refuel) |
|
|
941 |
|
|
|
— |
|
|
Kene Acquisition, Inc. (dba Entrust) |
|
|
52,607 |
|
|
|
22,173 |
|
|
KPA Parent Holdings, Inc. |
|
|
6,311 |
|
|
|
— |
|
|
Kryptona Bidco US, LLC (dba Kyriba) |
|
|
72,879 |
|
|
|
10,825 |
|
|
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) |
|
|
8,740 |
|
|
|
14,000 |
|
|
Lobos Parent, Inc. (dba NEOGOV) |
|
|
13,986 |
|
|
|
— |
|
|
Mandrake Bidco, Inc. (dba Miratech) |
|
|
6,600 |
|
|
|
5,910 |
|
|
ML Holdco, LLC (dba MeridianLink) |
|
|
26,057 |
|
|
|
— |
|
|
MRI Software LLC |
|
|
2,037 |
|
|
|
— |
|
|
NC Topco, LLC (dba NContracts) |
|
|
22,352 |
|
|
|
16,282 |
|
|
NCWS Intermediate, Inc. (dba National Carwash Solutions) |
|
|
33,087 |
|
|
|
29,149 |
|
|
Netrisk Group Luxco 4 S.à r.l. |
|
|
3,788 |
|
|
|
— |
|
|
Netsmart Technologies, Inc. |
|
|
47,843 |
|
|
|
47,843 |
|
|
Newtek Merchant Solutions, LLC (dba NewtekOne) |
|
|
1,990 |
|
|
|
— |
|
|
NFM & J, L.P. (dba the Facilities Group) |
|
|
227 |
|
|
|
— |
|
|
North Star Acquisitionco, LLC (dba Everway) |
|
|
314,420 |
|
|
|
11,202 |
|
|
Octane Purchaser, Inc. (dba Office Ally) |
|
|
70,934 |
|
|
|
— |
|
|
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) |
|
|
8,719 |
|
|
|
8,719 |
|
|
OMEGA II AB (dba Fortnox) |
|
|
4,116 |
|
|
|
— |
|
|
Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) |
|
|
9,252 |
|
|
|
— |
|
|
One, Inc. Software Corporation |
|
|
66,158 |
|
|
|
— |
|
|
Onyx CenterSource, Inc. |
|
|
137 |
|
|
|
1,100 |
|
|
Optima S.P.A |
|
|
51,192 |
|
|
|
— |
|
|
Orthrus Limited (dba Ocorian) |
|
|
1,461 |
|
|
|
3,031 |
|
|
Pacific Group Bidco Pty Ltd (dba Magentus) |
|
|
28,685 |
|
|
|
— |
|
|
Packaging Coordinators Midco, Inc. (dba PCI Pharma) |
|
|
109,139 |
|
|
|
— |
|
|
(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitment Balances (1) |
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
1st Lien/Senior Secured Debt |
|
|
|
|
|
|
|
Paris US Holdco, Inc. (dba Precinmac) |
|
|
64,819 |
|
|
|
63,690 |
|
|
PAS Parent Inc. (dba Pace Analytical) |
|
|
44,581 |
|
|
|
— |
|
|
PDDS Holdco, Inc. (dba Planet DDS) |
|
|
6,984 |
|
|
|
— |
|
|
Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) |
|
|
96,309 |
|
|
|
— |
|
|
Pike Corporation |
|
|
75,798 |
|
|
|
— |
|
|
PPW Aero Buyer, Inc. (dba Pursuit Aerospace) |
|
|
15,530 |
|
|
|
— |
|
|
Precision Concepts Parent Inc. |
|
|
2,856 |
|
|
|
— |
|
|
Project Accelerate Parent, LLC (dba ABC Fitness) |
|
|
6,250 |
|
|
|
5,000 |
|
|
Prophix Software Inc. (dba Pound Bidco) |
|
|
4,419 |
|
|
|
7,756 |
|
|
PT Intermediate Holdings III, LLC (dba Parts Town) |
|
|
7,802 |
|
|
|
7,953 |
|
|
QBS Parent, Inc. (dba Quorum Software) |
|
|
26,756 |
|
|
|
3,820 |
|
|
Ranch Bidco B.V. (dba Innovad) |
|
|
52,481 |
|
|
|
— |
|
|
Recorded Books Inc. (dba RBMedia) |
|
|
27,916 |
|
|
|
6,278 |
|
|
Rocket Bidco, Inc. (dba Recochem) |
|
|
18,493 |
|
|
|
14,807 |
|
|
Rotation Buyer, LLC (dba Rotating Machinery Services) |
|
|
45,975 |
|
|
|
58,598 |
|
|
Rubix Foods, LLC |
|
|
3,300 |
|
|
|
— |
|
|
Runner Bidco AB (dba nShift) |
|
|
14,585 |
|
|
|
— |
|
|
Runway Bidco, LLC (dba Redwood Software) |
|
|
24,431 |
|
|
|
18,750 |
|
|
Saber Parent Holdings Corp. (dba Service Logic) |
|
|
38,700 |
|
|
|
— |
|
|
Seven BidCo (dba Septeo) |
|
|
31,859 |
|
|
|
— |
|
|
SI Swan UK Bidco Limited (dba Sapiens International) |
|
|
29,560 |
|
|
|
— |
|
|
Singlewire Software, LLC |
|
|
7,560 |
|
|
|
3,226 |
|
|
Solar Holdings Bidco Limited (dba SLR Consulting) |
|
|
6,055 |
|
|
|
19,046 |
|
|
Sonar Acquisitionco, Inc. (dba SimPRO) |
|
|
4,811 |
|
|
|
29,434 |
|
|
Southeast Mechanical, LLC |
|
|
12,215 |
|
|
|
— |
|
|
SpecialtyCare, Inc. |
|
|
13,221 |
|
|
|
— |
|
|
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) |
|
|
18,189 |
|
|
|
15,976 |
|
|
SpendMend Holdings LLC |
|
|
380 |
|
|
|
— |
|
|
Splash Car Wash, Inc. |
|
|
6,765 |
|
|
|
— |
|
|
Spotless Brands, LLC |
|
|
51,454 |
|
|
|
— |
|
|
Summit Buyer, LLC (dba Classic Collision) |
|
|
147,136 |
|
|
|
35,389 |
|
|
Sundance Group Holdings, Inc. (dba NetDocuments) |
|
|
19,712 |
|
|
|
— |
|
|
Sunshine Cadence HoldCo, LLC (dba Cadence Education) |
|
|
13,548 |
|
|
|
16,326 |
|
|
Superman Holdings, LLC (dba Foundation Software) |
|
|
4,070 |
|
|
|
13,262 |
|
|
Supreme Fitness Group NY Holdings, LLC |
|
|
3,638 |
|
|
|
— |
|
|
TEI Intermediate LLC (dba Triumvirate Environmental) |
|
|
40,754 |
|
|
|
47,488 |
|
|
TL Sapphire Holdings, Inc. (dba SouthernCarlson) |
|
|
140,884 |
|
|
|
— |
|
|
Tropical Bidco, LLC (dba Tropical Cheese) |
|
|
17,538 |
|
|
|
14,615 |
|
|
Trystar, LLC |
|
|
40,600 |
|
|
|
18,837 |
|
|
UFT Buyer LLC (dba United Flow Technologies) |
|
|
40,079 |
|
|
|
— |
|
|
Unit4 Group Holding B.V. |
|
|
117,874 |
|
|
|
— |
|
|
US Signal Company, LLC |
|
|
8,637 |
|
|
|
13,579 |
|
|
USA DeBusk, LLC |
|
|
33,629 |
|
|
|
34,430 |
|
|
Valet Waste Holdings, Inc. (dba Valet Living) |
|
|
12,820 |
|
|
|
13,040 |
|
|
Vamos Bidco, Inc. (dba VIP) |
|
|
37,200 |
|
|
|
— |
|
|
Vardiman Black Holdings, LLC (dba Specialty Dental Brands) |
|
|
124 |
|
|
|
319 |
|
|
VASA Fitness Buyer, Inc. |
|
|
8,269 |
|
|
|
1,306 |
|
|
Victors Purchaser, LLC (dba Service Express) |
|
|
27,064 |
|
|
|
— |
|
|
VisionSafe Holdings, Inc. |
|
|
1,763 |
|
|
|
1,320 |
|
|
VRS Buyer, Inc. (dba LiquidTech) |
|
|
11,610 |
|
|
|
— |
|
|
WebPT, Inc. |
|
|
36 |
|
|
|
— |
|
|
(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitment Balances (1) |
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
1st Lien/Senior Secured Debt |
|
|
|
|
|
|
|
Wellness AcquisitionCo, Inc. (dba SPINS) |
|
|
1,716 |
|
|
|
— |
|
|
Westwood Professional Services Inc. |
|
|
27,855 |
|
|
|
30,988 |
|
|
Wildcat Solutions Holdings, LLC (dba O6 Environmental) |
|
|
10,867 |
|
|
|
— |
|
|
Zarya HoldCo, Inc. (dba Eptura) |
|
|
938 |
|
|
|
— |
|
|
Zeppelin US Buyer Inc. (dba Global Critical Logistics) |
|
|
51,531 |
|
|
|
— |
|
|
Zeus Company LLC |
|
|
18,923 |
|
|
|
18,270 |
|
|
Amspec Parent, LLC |
|
— |
|
|
|
6,667 |
|
|
Arrow Buyer, Inc. (dba Archer Technologies) |
|
— |
|
|
|
1,460 |
|
|
BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) |
|
— |
|
|
|
15,086 |
|
|
DFS Holding Company, Inc. |
|
— |
|
|
|
5,491 |
|
|
Easy Mile Fitness, LLC |
|
— |
|
|
|
4,650 |
|
|
Formulations Parent Corporation (dba Chase Corp) |
|
— |
|
|
|
9,068 |
|
|
HealthEdge Software, Inc. |
|
— |
|
|
|
4,580 |
|
|
NAVEX TopCo, Inc. |
|
— |
|
|
|
4,050 |
|
|
Rubrik, Inc. |
|
— |
|
|
|
627 |
|
|
United Flow Technologies Intermediate Holdco II, LLC |
|
— |
|
|
|
26,338 |
|
|
Total 1st Lien/Senior Secured Debt |
|
$ |
5,222,746 |
|
|
$ |
1,163,027 |
|
|
1st Lien/Last-Out Unitranche |
|
|
|
|
|
|
|
EDB Parent, LLC (dba Enterprise DB) |
|
$ |
1,169 |
|
|
$ |
— |
|
|
EIP Consolidated, LLC (dba Everest Infrastructure) |
|
|
1,417 |
|
|
|
7,500 |
|
|
K2 Towers II, LLC |
|
|
275 |
|
|
|
— |
|
|
K2 Towers III, LLC |
|
|
9,140 |
|
|
|
4,858 |
|
|
Octagon Towers LLC |
|
|
1,010 |
|
|
|
— |
|
|
Peppertree Towers, LLC |
|
|
807 |
|
|
|
— |
|
|
Skyway Towers Intermediate LLC |
|
|
18,880 |
|
|
|
7,349 |
|
|
Tarpon Towers II LLC |
|
|
8,438 |
|
|
|
10,063 |
|
|
Towerco IV Holdings, LLC |
|
|
2,350 |
|
|
|
2,982 |
|
|
Esperanto BidCo AG (dba BSI Software) |
|
— |
|
|
|
26,541 |
|
|
Thor FinanceCo LLC (dba Harmoni Towers) |
|
— |
|
|
|
17,167 |
|
|
Total 1st Lien/Last-Out Unitranche |
|
$ |
43,486 |
|
|
$ |
76,460 |
|
|
2nd Lien/Senior Secured Debt |
|
|
|
|
|
|
|
AP Kona Holdings LLC (dba Keurig Dr Pepper Inc.) |
|
$ |
28,861 |
|
|
$ |
— |
|
|
Consilio IntermediateCo Limited (dba Cyncly) |
|
|
6,603 |
|
|
|
— |
|
|
Total 2nd Lien/Senior Secured Debt |
|
$ |
35,464 |
|
|
$ |
— |
|
|
Membership Interest |
|
|
|
|
|
|
|
BX Frontier Member I Holdings LLC |
|
|
37,023 |
|
|
|
— |
|
|
Total Membership Interest |
|
$ |
37,023 |
|
|
$ |
— |
|
|
Total |
|
$ |
5,338,719 |
|
|
$ |
1,239,487 |
|
|
(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date. 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. The Investment Adviser agreed to bear all of the Company’s expenses through the Initial Issuance Date. The Company was obligated to reimburse the Investment Adviser for such advanced expenses upon breaking escrow in connection with the initial closing of the private offering of the Shares, and the Investment Adviser requested reimbursement of these expenses paid pursuant to the Expense Support and Conditional Reimbursement Agreement.
|