| Commitments and Contingencies |
7. COMMITMENTS AND CONTINGENCIES Capital Commitments The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
|
Capital
Commitments |
|
|
Unfunded
Capital
Commitments |
|
|
% of Capital
Commitments
Funded |
|
|
Capital
Commitments |
|
|
Unfunded
Capital
Commitments |
|
|
% of Capital
Commitments
Funded |
|
Common Units |
|
$ |
927,010 |
|
|
$ |
718,425 |
|
|
|
22.50 |
% |
|
$ |
927,010 |
|
|
$ |
862,110 |
|
|
|
7.00 |
% |
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:
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitment Balances |
|
|
|
As of |
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
1st Lien/Senior Secured Debt |
|
|
|
|
|
|
AAG KP Borrower LLC (dba KUIU) |
|
$ |
1,682 |
|
|
$ |
— |
|
Accommodations Plus Technologies LLC |
|
|
1,845 |
|
|
|
— |
|
Airwavz Solutions, Inc. |
|
|
1,277 |
|
|
|
— |
|
Apple Bidco Holdings, Inc. (dba Raptor Technologies) |
|
|
20,906 |
|
|
|
— |
|
Ark Data Centers, LLC |
|
|
8,680 |
|
|
|
12,133 |
|
BCTO Bluebill Buyer, Inc. (dba Ren) |
|
|
1,137 |
|
|
|
— |
|
Businessolver.com, Inc. |
|
|
4,722 |
|
|
|
— |
|
Celero Commerce LLC |
|
|
2,254 |
|
|
|
— |
|
Computer Services, Inc. |
|
|
3,488 |
|
|
|
— |
|
Convenient Payments Acquisition, Inc. |
|
|
197 |
|
|
|
— |
|
CURiO Brands LLC |
|
|
1,346 |
|
|
|
— |
|
Curriculum Associates, LLC |
|
|
4,439 |
|
|
|
— |
|
Edition Holdings, Inc. (dba Enverus) |
|
|
9,548 |
|
|
|
— |
|
Edko, LLC |
|
|
6,347 |
|
|
|
— |
|
EnviroSmart, LLC (dba ES Integrated) |
|
|
1,805 |
|
|
|
— |
|
eShipping, LLC |
|
|
4,645 |
|
|
|
— |
|
Frontline Road Safety Operations, LLC |
|
|
2,790 |
|
|
|
— |
|
Fullsteam Operations LLC |
|
|
5,949 |
|
|
|
— |
|
Ideal Components Acquisition, LLC (dba Ideal Tridon) |
|
|
2,315 |
|
|
|
— |
|
Kene Acquisition, Inc. (dba Entrust) |
|
|
5,023 |
|
|
|
— |
|
KPA Parent Holdings, Inc. |
|
|
2,481 |
|
|
|
— |
|
Lobos Parent, Inc. (dba NEOGOV) |
|
|
5,469 |
|
|
|
— |
|
ML Holdco, LLC (dba MeridianLink) |
|
|
1,666 |
|
|
|
— |
|
Octane Purchaser, Inc. (dba Office Ally) |
|
|
1,576 |
|
|
|
— |
|
One, Inc. Software Corporation |
|
|
4,005 |
|
|
|
— |
|
PAS Parent Inc. (dba Pace Analytical) |
|
|
12,009 |
|
|
|
— |
|
PDDS Holdco, Inc. (dba Planet DDS) |
|
|
1,645 |
|
|
|
— |
|
PPW Aero Buyer, Inc. (dba Pursuit Aerospace) |
|
|
3,659 |
|
|
|
— |
|
Rotation Buyer, LLC (dba Rotating Machinery Services) |
|
|
3,106 |
|
|
|
3,959 |
|
Rubix Foods, LLC |
|
|
1,015 |
|
|
|
— |
|
Saber Parent Holdings Corp. (dba Service Logic) |
|
|
3,150 |
|
|
|
— |
|
SpecialtyCare, Inc. |
|
|
2,424 |
|
|
|
— |
|
Splash Car Wash, Inc. |
|
|
2,196 |
|
|
|
— |
|
Sundance Group Holdings, Inc. (dba NetDocuments) |
|
|
6,020 |
|
|
|
— |
|
TL Sapphire Holdings, Inc. (dba SouthernCarlson) |
|
|
8,528 |
|
|
|
— |
|
Tropical Bidco, LLC (dba Tropical Cheese) |
|
|
1,158 |
|
|
|
965 |
|
UFT Buyer LLC (dba United Flow Technologies) |
|
|
2,625 |
|
|
|
— |
|
Wellness AcquisitionCo, Inc. (dba SPINS) |
|
|
550 |
|
|
|
— |
|
Wildcat Solutions Holdings, LLC (dba O6 Environmental) |
|
|
1,931 |
|
|
|
— |
|
Zeppelin US Buyer Inc. (dba Global Critical Logistics) |
|
|
3,395 |
|
|
|
— |
|
Total 1st Lien/Senior Secured Debt |
|
$ |
159,003 |
|
|
$ |
17,057 |
|
Total |
|
$ |
159,003 |
|
|
$ |
17,057 |
|
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.
|