v3.26.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation and Regulatory Matters
From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Fund’s rights under contracts with the Fund’s portfolio companies. The Fund and the Adviser are not currently a party to any material legal proceedings.
Unfunded Portfolio Company Commitments
From time to time, the Fund enters into commitments to fund investments. As of December 31, 2025, the Fund had the following unfunded portfolio company commitments at par under loan and financing agreements:
Portfolio Company
Type of InvestmentDecember 31, 2025
Accordion Partners LLCFirst Lien Revolving Loan$1,301,891 
Accuserve Solutions, Inc.First Lien Revolving Loan298,295 
Action Behavior Centers Therapy LLCFirst Lien Delayed Draw Term Loan913,482 
Action Behavior Centers Therapy LLCFirst Lien Revolving Loan714,286 
Amerilife Holdings LLCFirst Lien Delayed Draw Term Loan1,474,911 
Amerilife Holdings LLCFirst Lien Delayed Draw Term Loan107,544 
Amerilife Holdings LLCFirst Lien Revolving Loan1,135,718 
Aprio Advisory Group, LLCFirst Lien Delayed Draw Term Loan11,123,263 
Aprio Advisory Group, LLCFirst Lien Delayed Draw Term Loan4,298,459 
Archduke Buyer, Inc.First Lien Revolving Loan404,341 
Arden Insurance Services LLCFirst Lien Revolving Loan332,927 
ARMStrong Receivable ManagementFirst Lien Delayed Draw Term Loan172,163 
Portfolio Company
Type of InvestmentDecember 31, 2025
ARMStrong Receivable ManagementFirst Lien Delayed Draw Term Loan128,771 
ARMStrong Receivable ManagementFirst Lien Revolving Loan130,587 
Babylon Buyer, Inc.First Lien Revolving Loan145,914 
Baker Tilly Advisory Group, L.P.First Lien Delayed Draw Term Loan1,721,374 
Baker Tilly Advisory Group, L.P.First Lien Revolving Loan781,349 
Baker Tilly Advisory Group, L.P.First Lien Revolving Loan387,324 
Beacon Pointe Harmony, LLCFirst Lien Delayed Draw Term Loan5,812,428 
Bellwether Buyer, LLCFirst Lien Delayed Draw Term Loan3,012,048 
Bellwether Buyer, LLCFirst Lien Revolving Loan1,204,819 
Belmont Buyer, Inc.First Lien Revolving Loan632,267 
Cerity Partners Equity Holding LLCFirst Lien Delayed Draw Term Loan12,585,187 
Cerity Partners Equity Holding LLCFirst Lien Revolving Loan994,817 
Chartis Group, LLCFirst Lien Delayed Draw Term Loan437,063 
Chartis Group, LLCFirst Lien Revolving Loan262,238 
Cherry Bekaert Advisory LLCFirst Lien Delayed Draw Term Loan1,009,017 
Cliffwater, LLCFirst Lien Revolving Loan1,545,462 
Coller Private Equity Backed Notes & Loans II-A L.P.First Lien Delayed Draw Term Loan2,221,661 
Continental Buyer Inc.First Lien Delayed Draw Term Loan1,150,410 
Continental Buyer Inc.First Lien Revolving Loan3,494,584 
Diligent CorporationFirst Lien Delayed Draw Term Loan1,570,022 
Diligent CorporationFirst Lien Revolving Loan290,254 
Equinox Buyer LLCFirst Lien Revolving Loan1,483,586 
Flexera Software LLCFirst Lien Revolving Loan456,525 
Flow Traders Holding, LLCFirst Lien Revolving Loan5,335,063 
Foundation Risk Partners, Corp.First Lien Revolving Loan674,442 
Fullsteam Operations LLCFirst Lien Delayed Draw Term Loan3,437,500 
Fullsteam Operations LLCFirst Lien Revolving Loan1,250,000 
Galway Borrower LLCFirst Lien Delayed Draw Term Loan1,715,736 
Galway Borrower LLCFirst Lien Revolving Loan498,262 
GC Waves Holdings, Inc.First Lien Delayed Draw Term Loan8,669,115 
GovDelivery Holdings, LLCFirst Lien Revolving Loan383,772 
GS Acquisitionco IncFirst Lien Delayed Draw Term Loan5,000,000 
HBWM Intermediate II, LLCFirst Lien Revolving Loan245,465 
Headlands Buyer, Inc.First Lien Delayed Draw Term Loan4,423,818 
Headlands Buyer, Inc.First Lien Revolving Loan2,164,099 
Heights Buyer, LLCFirst Lien Delayed Draw Term Loan1,619,142 
Kona Buyer, LLCFirst Lien Delayed Draw Term Loan1,487,779 
Kona Buyer, LLCFirst Lien Revolving Loan165,205 
KRIV Acquisition Inc.First Lien Delayed Draw Term Loan4,656,023 
KRIV Acquisition Inc.First Lien Delayed Draw Term Loan2,619,077 
KRIV Acquisition Inc.First Lien Revolving Loan1,097,413 
Low Voltage Holdings Inc.First Lien Delayed Draw Term Loan369,850 
Low Voltage Holdings Inc.First Lien Revolving Loan284,803 
MAI Capital Management Intermediate LLCFirst Lien Delayed Draw Term Loan2,099,370 
MAI Capital Management Intermediate LLCFirst Lien Revolving Loan871,245 
MB2 Dental Solutions, LLCFirst Lien Delayed Draw Term Loan1,333,333 
MB2 Dental Solutions, LLCFirst Lien Revolving Loan455,556 
Portfolio Company
Type of InvestmentDecember 31, 2025
MEDX Holdings, LLCFirst Lien Delayed Draw Term Loan3,097,727 
MEDX Holdings, LLCFirst Lien Revolving Loan1,454,545 
More Cowbell II LLCFirst Lien Delayed Draw Term Loan872,218 
More Cowbell II LLCFirst Lien Revolving Loan1,792,850 
MRI Software LLCFirst Lien Delayed Draw Term Loan6,623,094 
MRI Software LLCFirst Lien Revolving Loan927,691 
oneZero Financial Systems, LLCFirst Lien Delayed Draw Term Loan1,003,846 
oneZero Financial Systems, LLCFirst Lien Revolving Loan1,081,731 
PAS Parent Inc.First Lien Delayed Draw Term Loan4,165,937 
PAS Parent Inc.First Lien Revolving Loan375,000 
Petra Borrower, LLCFirst Lien Revolving Loan669,870 
Propio LS, LLCFirst Lien Revolving Loan51,579 
RCP NATS Purchaser, LLCFirst Lien Delayed Draw Term Loan2,238,806 
RCP NATS Purchaser, LLCFirst Lien Revolving Loan1,567,164 
Redwood Purchaser, INCFirst Lien Delayed Draw Term Loan3,676,921 
Redwood Purchaser, INCFirst Lien Revolving Loan1,385,500 
Redwood Services Group, LLCFirst Lien Delayed Draw Term Loan563,907 
Saab Purchaser, IncFirst Lien Delayed Draw Term Loan3,452,695 
Saab Purchaser, IncFirst Lien Revolving Loan479,520 
Skywalker Purchaser, LLCFirst Lien Delayed Draw Term Loan877,790 
Skywalker Purchaser, LLCFirst Lien Delayed Draw Term Loan985,654 
Southpaw AP Buyer, LLCFirst Lien Delayed Draw Term Loan19,861 
Southpaw AP Buyer, LLCFirst Lien Revolving Loan174,236 
SPV CA IX, LLCCommon Equity6,240,741 
TA/WEG Intermediate Holdings, LLCFirst Lien Delayed Draw Term Loan4,305,786 
TA/WEG Intermediate Holdings, LLCFirst Lien Revolving Loan833,266 
THG Acquisition, LLCFirst Lien Delayed Draw Term Loan1,776,014 
THG Acquisition, LLCFirst Lien Revolving Loan1,088,306 
Titan Home Improvement, LLCFirst Lien Delayed Draw Term Loan488,372 
Titan Home Improvement, LLCFirst Lien Revolving Loan406,977 
TRAK Purchaser, IncFirst Lien Revolving Loan652,939 
Wasteology Group Transportation, LLCFirst Lien Delayed Draw Term Loan7,017,940 
Wasteology Group Transportation, LLCFirst Lien Revolving Loan2,171,631 
Wharf Street Ratings Acquisition LLCFirst Lien Delayed Draw Term Loan2,489,787 
Wharf Street Ratings Acquisition LLCFirst Lien Revolving Loan2,548,610 
World Insurance Associates LLCFirst Lien Delayed Draw Term Loan1,753,600 
World Insurance Associates LLCFirst Lien Revolving Loan216,216 
Total Par$184,119,382 
The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded on the consolidated financial statements and reflected as an adjustment to the valuation of the related security on the Consolidated Schedule of Investments as of December 31, 2025. The par amount of the unfunded portfolio company commitments is not recognized by the Fund until the commitment is funded.
The credit agreements of the unfunded portfolio company commitments contain customary lending provisions which are subject to the portfolio company’s achievement of certain milestones. In instances where the underlying company experiences material adverse effects that would impact the financial condition or business outlook of the company, there is relief to the Fund from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Fund. The Fund expects to maintain sufficient liquidity in the form of cash, financing capacity and
undrawn capital commitments from its investors to cover any outstanding unfunded portfolio company commitments the Fund may be required to fund.