| Commitments and Contingencies |
7. COMMITMENTS AND CONTINGENCIES Capital Commitments The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:
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December 31, 2025 |
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December 31, 2024 |
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Capital
Commitments |
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Unfunded
Capital
Commitments |
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% of Capital
Commitments
Funded |
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Capital
Commitments |
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Unfunded
Capital
Commitments |
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% of Capital
Commitments
Funded |
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Common Units |
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$ |
750,010 |
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$ |
330,000 |
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56 |
% |
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$ |
750,010 |
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$ |
367,500 |
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51 |
% |
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. The Company may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each Account acting in such capacity, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer will be obligated under the relevant credit agreement to fund a portion of the letter of credit on behalf of the Company. The Company would be obligated to reimburse the LC Issuer as set forth in the relevant credit agreement. 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:
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Unfunded Commitment Balances |
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December 31, 2025 |
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December 31, 2024 |
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1st Lien/Senior Secured Debt |
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AAG KP Borrower LLC (dba KUIU) |
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$ |
1,401 |
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$ |
— |
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ABC Investment Holdco Inc. (dba ABC Plumbing) |
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1,942 |
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2,967 |
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Accommodations Plus Technologies LLC |
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879 |
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— |
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Admiral Buyer, Inc. (dba Fidelity Payment Services) |
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2,381 |
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2,465 |
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AI Titan Parent, Inc. (dba Prometheus) |
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1,644 |
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1,908 |
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Apple Bidco Holdings, Inc. (dba Raptor Technologies) |
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16,799 |
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— |
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AQ Sunshine, Inc. (dba Relation Insurance) |
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3,462 |
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6,039 |
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Ark Data Centers, LLC |
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6,975 |
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9,751 |
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Artifact Bidco, Inc. (dba Avetta) |
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4,433 |
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4,433 |
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BCTO Bluebill Buyer, Inc. (dba Ren) |
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948 |
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— |
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Blast Bidco Inc. (dba Bazooka Candy Brands) |
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522 |
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522 |
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Buckeye Acquiror LLC (dba Superior Environmental Solutions) |
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3,502 |
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3,701 |
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Businessolver.com, Inc. |
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3,935 |
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— |
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Celero Commerce LLC |
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1,879 |
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— |
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CI (Quercus) Intermediate Holdings, LLC (dba SavATree) |
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5,451 |
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2,751 |
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Circustrix Holdings, LLC (dba SkyZone) |
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251 |
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167 |
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Coding Solutions Acquisition, Inc. (dba CorroHealth) |
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483 |
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576 |
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Convenient Payments Acquisition, Inc. |
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164 |
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— |
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Crewline Buyer, Inc. (dba New Relic) |
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725 |
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725 |
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CURiO Brands LLC |
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1,122 |
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— |
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Eagle Family Foods Group LLC |
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2,255 |
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2,255 |
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Edko, LLC |
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5,289 |
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— |
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Engage2Excel, Inc. |
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165 |
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165 |
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EnviroSmart, LLC (dba ES Integrated) |
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1,504 |
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— |
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eShipping, LLC |
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3,871 |
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— |
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Frontline Road Safety Operations, LLC |
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2,325 |
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— |
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Fullsteam Operations LLC |
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4,957 |
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10,654 |
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Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) |
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4,403 |
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6,902 |
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Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) |
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4,028 |
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2,935 |
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Hamilton Thorne, Inc. |
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1,528 |
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5,768 |
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Highfive Dental Holdco, LLC |
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2,892 |
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532 |
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Ideal Components Acquisition, LLC (dba Ideal Tridon) |
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1,930 |
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— |
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Iris Specialty Acquisition LLC (dba Integrated Specialty Coverages) |
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2,406 |
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— |
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Kene Acquisition, Inc. (dba Entrust) |
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4,036 |
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— |
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KPA Parent Holdings, Inc. |
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2,067 |
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— |
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Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) |
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1,140 |
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2,100 |
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Mandrake Bidco, Inc. (dba Miratech) |
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3,076 |
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3,076 |
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ML Holdco, LLC (dba MeridianLink) |
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1,389 |
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— |
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NC Topco, LLC (dba NContracts) |
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6,415 |
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6,415 |
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NCWS Intermediate, Inc. (dba National Carwash Solutions) |
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2,112 |
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2,082 |
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Newtek Merchant Solutions, LLC (dba NewtekOne) |
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391 |
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— |
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Octane Purchaser, Inc. (dba Office Ally) |
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3,547 |
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— |
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Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) |
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2,323 |
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2,323 |
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Omega Midwest Buyer, LLC (dba Omega Fitness Holdings) |
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3,424 |
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— |
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One, Inc. Software Corporation |
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3,337 |
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— |
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Onyx CenterSource, Inc. |
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31 |
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310 |
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PAS Parent Inc. (dba Pace Analytical) |
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4,289 |
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— |
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PDDS Holdco, Inc. (dba Planet DDS) |
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1,371 |
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— |
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Pearl Acquisition Buyer, Inc. (dba Alliance Technical Group) |
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6,934 |
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— |
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PPW Aero Buyer, Inc. (dba Pursuit Aerospace) |
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3,049 |
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— |
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Project Accelerate Parent, LLC (dba ABC Fitness) |
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625 |
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625 |
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PT Intermediate Holdings III, LLC (dba Parts Town) |
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832 |
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979 |
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QBS Parent, Inc. (dba Quorum Software) |
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6,235 |
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955 |
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Recorded Books Inc. (dba RBMedia) |
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1,870 |
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471 |
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Rotation Buyer, LLC (dba Rotating Machinery Services) |
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2,496 |
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3,181 |
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Rubix Foods, LLC |
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846 |
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— |
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Runway Bidco, LLC (dba Redwood Software) |
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5,114 |
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5,114 |
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Singlewire Software, LLC |
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2,258 |
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1,438 |
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Sonar Acquisitionco, Inc. (dba SimPRO) |
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566 |
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4,906 |
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SpecialtyCare, Inc. |
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1,948 |
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— |
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Splash Car Wash, Inc. |
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1,830 |
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— |
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Spotless Brands, LLC |
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203 |
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5,651 |
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Summit Buyer, LLC (dba Classic Collision) |
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9,887 |
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3,932 |
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Sundance Group Holdings, Inc. (dba NetDocuments) |
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5,016 |
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— |
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\
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Unfunded Commitment Balances |
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|
December 31, 2025 |
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|
December 31, 2024 |
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Sunshine Cadence HoldCo, LLC (dba Cadence Education) |
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$ |
2,391 |
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$ |
3,498 |
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Superman Holdings, LLC (dba Foundation Software) |
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2,183 |
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7,112 |
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Supreme Fitness Group NY Holdings, LLC |
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860 |
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— |
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TEI Intermediate LLC (dba Triumvirate Environmental) |
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3,071 |
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3,578 |
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TL Sapphire Holdings, Inc. (dba SouthernCarlson) |
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7,107 |
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— |
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TM Restaurant Group LLC |
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1,286 |
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4,286 |
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Tropical Bidco, LLC (dba Tropical Cheese) |
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965 |
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804 |
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Trystar, LLC |
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7,461 |
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3,488 |
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UFT Buyer LLC (dba United Flow Technologies) |
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2,187 |
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8,193 |
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US Signal Company, LLC |
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3,521 |
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7,043 |
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USA DeBusk, LLC |
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1,135 |
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1,257 |
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Valet Waste Holdings, Inc. (dba Valet Living) |
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1,399 |
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1,739 |
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Vamos Bidco, Inc. (dba VIP) |
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7,905 |
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— |
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VASA Fitness Buyer, Inc. |
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3,088 |
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|
722 |
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VisionSafe Holdings, Inc. |
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|
509 |
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509 |
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Wellness AcquisitionCo, Inc. (dba SPINS) |
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458 |
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— |
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Westwood Professional Services Inc. |
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1,405 |
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1,563 |
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Wildcat Solutions Holdings, LLC (dba O6 Environmental) |
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1,609 |
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— |
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Zeppelin US Buyer Inc. (dba Global Critical Logistics) |
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2,728 |
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— |
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Arrow Buyer, Inc. (dba Archer Technologies) |
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— |
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|
487 |
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DFS Holding Company, Inc. |
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— |
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|
648 |
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Easy Mile Fitness, LLC |
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— |
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1,841 |
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Formulations Parent Corporation (dba Chase Corp) |
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— |
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|
835 |
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HealthEdge Software, Inc. |
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— |
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1,358 |
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Rubrik, Inc. |
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— |
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64 |
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BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) |
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— |
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748 |
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Total 1st Lien/Senior Secured Debt |
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$ |
236,376 |
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$ |
158,547 |
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1st Lien/Last-Out Unitranche |
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EIP Consolidated, LLC (dba Everest Infrastructure) |
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$ |
167 |
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1,000 |
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K2 Towers II, LLC |
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559 |
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— |
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K2 Towers III, LLC |
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3,561 |
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|
714 |
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Peppertree Towers, LLC |
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|
90 |
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— |
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Skyway Towers Intermediate LLC |
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4,566 |
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1,886 |
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Tarpon Towers II LLC |
|
|
938 |
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1,438 |
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Towerco IV Holdings, LLC |
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|
702 |
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1,203 |
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Thor FinanceCo LLC (dba Harmoni Towers) |
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— |
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2,289 |
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Total 1st Lien/Last-Out Unitranche |
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$ |
10,583 |
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$ |
8,530 |
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Total |
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$ |
246,959 |
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$ |
167,077 |
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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.
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