v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Voluntary Fee Waived by Expiration Period As of December 31, 2025 and 2024, the total amount of advanced expenses subject to recoupment by the Adviser was $14.9 million and $3.8 million, respectively, with expirations as follows:
For the Quarter EndedAmount
Eligible for Reimbursement through (1)
June 30, 2024$2,050 June 30, 2027
September 30, 20241,231 September 30, 2027
December 31, 2024493 December 31, 2027
March 31, 20252,908 March 31, 2028
June 30, 20252,668 June 30, 2028
September 30, 20253,007 September 30, 2028
December 31, 20252,564 December 31, 2028
(1) Individual expenses are only eligible for reimbursement within three years prior to the last business day of the applicable month in which they were incurred, which may be prior to the end of the respective quarter noted.
Schedule of Fund’s Unfunded Commitments As of December 31, 2025, the Fund’s unfunded commitments consisted of:
Company
Commitment Type(1)(2)
Total CommitmentUnfunded Amount
Stack SJ Holdings Parent A-I, LLCDelayed Draw Term Loan$137,500 $81,758 
Retained Vantage Data Centers Intermediate Holdco, LPDelayed Draw Term Loan185,000 146,458 
CMH01 Holdings LPDelayed Draw Term Loan125,000 44,071 
PowerHouse Data LCX, LLCDelayed Draw Term Loan75,000 59,622 
Galaxy Helios LLCDelayed Draw Term Loan100,000 37,287 
CW Nest Property Owner LLCDelayed Draw Term Loan100,000 81,159 
Tango Holdings, LLCEquity517,419 29,250 
Pioneer JV Holdings LLC Equity768,580 43,000 
Sierra Equity Holdings LLCEquity425,424 271,994 
(1) The unfunded debt/delayed draw term loan obligations may or may not be funded to the borrowing party in the future. The Fund’s commitment to fund delayed draw term loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants.
(2) The Fund’s equity commitments are based on either a pre-agreed funding schedule, performance milestones, or completion of assets that move into the investment portfolio. Certain terms of these investments are not finalized at the time of the commitment and the Fund's allocation may change prior to the date of funding. In this regard, the Fund may have to fund additional commitments in the future that it is currently not obligated to but may be at a future point in time.