| Commitments and Contingencies |
Note 8. Commitments and Contingencies Portfolio Company Commitments The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. As of December 31, 2025 and December 31, 2024, the Company’s unfunded commitments consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Investments—non-controlled/non-affiliated |
|
Commitment Type |
|
Commitment
Expiration Date |
|
Unfunded
Commitment |
|
|
Fair
Value |
|
First Lien Debt |
|
|
|
|
|
|
|
|
|
|
7Ridge Investments |
|
Delayed Draw |
|
7/7/2026 |
|
$ |
11,119 |
|
|
$ |
35 |
|
Agrofresh |
|
Revolver |
|
3/31/2029 |
|
|
5,581 |
|
|
|
(67 |
) |
Azurite Intermediate Holdings, Inc. |
|
Revolver |
|
3/19/2031 |
|
|
9,500 |
|
|
|
(106 |
) |
AmerSpirit FL LLC |
|
Delayed Draw |
|
8/15/2027 |
|
|
24,204 |
|
|
|
(336 |
) |
AVSC Holding Corporation |
|
Revolver |
|
12/5/2029 |
|
|
6,283 |
|
|
|
(99 |
) |
Best Trash LLC |
|
Delayed Draw |
|
10/10/2026 |
|
|
25,000 |
|
|
|
(115 |
) |
Best Trash LLC |
|
Revolver |
|
7/10/2031 |
|
|
6,060 |
|
|
|
(58 |
) |
Boasso Global |
|
Revolver |
|
7/1/2026 |
|
|
5,729 |
|
|
|
(132 |
) |
Brown & Root |
|
Revolver |
|
10/3/2030 |
|
|
20,060 |
|
|
|
(286 |
) |
Cadogan Tate |
|
Delayed Draw |
|
10/31/2026 |
|
|
54,091 |
|
|
|
(274 |
) |
Cadogan Tate |
|
Revolver |
|
10/31/2031 |
|
|
12,500 |
|
|
|
(157 |
) |
Carevet LLC |
|
Delayed Draw |
|
6/18/2026 |
|
|
8,201 |
|
|
|
(47 |
) |
Carevet LLC |
|
Delayed Draw |
|
6/18/2026 |
|
|
12,078 |
|
|
|
173 |
|
Carevet LLC |
|
Revolver |
|
6/18/2029 |
|
|
6,600 |
|
|
|
(46 |
) |
Clubcorp Holdings Inc. |
|
Delayed Draw |
|
7/10/2027 |
|
|
9,600 |
|
|
|
(62 |
) |
Clubcorp Holdings Inc. |
|
Revolver |
|
7/10/2031 |
|
|
16,000 |
|
|
|
(221 |
) |
Confluent Holdings LLC |
|
Delayed Draw |
|
7/2/2026 |
|
|
9,915 |
|
|
|
39 |
|
Red Fox CD Acquisition Corp. |
|
Delayed Draw |
|
11/21/2026 |
|
|
30,940 |
|
|
|
(540 |
) |
CoreWeave Compute Acquisition Co., IV, LLC |
|
Delayed Draw |
|
3/31/2026 |
|
|
10,168 |
|
|
|
8 |
|
Disa Holdings Corp. |
|
Delayed Draw |
|
3/1/2026 |
|
|
354 |
|
|
|
(1 |
) |
Disa Holdings Corp. |
|
Revolver |
|
9/9/2028 |
|
|
3,055 |
|
|
|
(28 |
) |
Elessent Clean Technologies Inc. |
|
Revolver |
|
11/15/2029 |
|
|
13,158 |
|
|
|
(204 |
) |
FEG, Inc. |
|
Revolver |
|
5/10/2030 |
|
|
15,000 |
|
|
|
(219 |
) |
Foundation Risk Partners |
|
Delayed Draw |
|
2/26/2027 |
|
|
4,872 |
|
|
|
(9 |
) |
Foundation Risk Partners |
|
Revolver |
|
10/29/2029 |
|
|
4,003 |
|
|
|
- |
|
Four Winds Interactive LLC |
|
Delayed Draw |
|
2/20/2027 |
|
|
2,903 |
|
|
|
(19 |
) |
Four Winds Interactive LLC |
|
Revolver |
|
2/20/2030 |
|
|
1,935 |
|
|
|
(32 |
) |
Frontgrade Technologies Inc. |
|
Revolver |
|
1/9/2028 |
|
|
7,024 |
|
|
|
- |
|
Fullsteam |
|
Delayed Draw |
|
8/8/2027 |
|
|
8,077 |
|
|
|
(25 |
) |
Fullsteam |
|
Revolver |
|
8/8/2031 |
|
|
2,692 |
|
|
|
(25 |
) |
Great Day Improvements LLC |
|
Revolver |
|
6/13/2030 |
|
|
11,200 |
|
|
|
(167 |
) |
Healthco Investment LTD |
|
Delayed Draw |
|
2/19/2029 |
|
|
6,738 |
|
|
|
(61 |
) |
Highgate Hotels, L.P. |
|
Revolver |
|
11/3/2029 |
|
|
12,500 |
|
|
|
(245 |
) |
Highgate Hotels, L.P. |
|
Delayed Draw |
|
12/9/2027 |
|
|
25,000 |
|
|
|
(240 |
) |
Hotel Equities Group, LLC |
|
Revolver |
|
1/22/2029 |
|
|
7,100 |
|
|
|
(87 |
) |
Inframark |
|
Delayed Draw |
|
7/31/2026 |
|
|
1,234 |
|
|
|
4 |
|
Inspired Pet Nutrition |
|
Delayed Draw |
|
9/1/2028 |
|
|
4,044 |
|
|
|
(26 |
) |
K1 Speed Inc. |
|
Delayed Draw |
|
1/2/2026 |
|
|
2,429 |
|
|
|
(35 |
) |
Learnosity |
|
Revolver |
|
1/15/2031 |
|
|
7,500 |
|
|
|
(79 |
) |
Legends Hospitality |
|
Delayed Draw |
|
8/22/2026 |
|
|
638 |
|
|
|
(4 |
) |
Legends Hospitality |
|
Revolver |
|
8/22/2030 |
|
|
5,063 |
|
|
|
(79 |
) |
Ligado Networks LLC |
|
Delayed Draw |
|
12/31/2026 |
|
|
1,726 |
|
|
|
(337 |
) |
Maxar Technologies Inc. |
|
Revolver |
|
5/3/2029 |
|
|
5,316 |
|
|
|
- |
|
Natural Partners, Inc. |
|
Revolver |
|
3/15/2028 |
|
|
6,563 |
|
|
|
(58 |
) |
Parfums Holding Co Inc |
|
Revolver |
|
6/27/2029 |
|
|
6,000 |
|
|
|
(42 |
) |
PetVet Care Centers |
|
Revolver |
|
11/15/2029 |
|
|
6,283 |
|
|
|
(543 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Investments—non-controlled/non-affiliated |
|
Commitment Type |
|
Commitment
Expiration Date |
|
Unfunded
Commitment |
|
|
Fair
Value |
|
First Lien Debt |
|
|
|
|
|
|
|
|
|
|
Pharmalogic Holdings Corp |
|
Delayed Draw |
|
6/21/2026 |
|
|
20,202 |
|
|
|
(75 |
) |
RPX Corporation |
|
Revolver |
|
8/2/2030 |
|
|
6,122 |
|
|
|
(61 |
) |
S.A.F.E. Management |
|
Delayed Draw |
|
11/24/2028 |
|
|
12,000 |
|
|
|
2 |
|
S.A.F.E. Management |
|
Delayed Draw |
|
2/24/2026 |
|
|
20,320 |
|
|
|
3 |
|
S.A.F.E. Management |
|
Delayed Draw |
|
5/24/2027 |
|
|
13,000 |
|
|
|
2 |
|
S.A.F.E. Management |
|
Revolver |
|
11/24/2031 |
|
|
2,383 |
|
|
|
(23 |
) |
S.A.F.E. Management |
|
Capital Commitment |
|
11/24/2031 |
|
|
1,522 |
|
|
|
- |
|
Sandlot Baseball Borrower Co. |
|
Delayed Draw |
|
6/5/2026 |
|
|
21,933 |
|
|
|
35 |
|
Sandlot Baseball Borrower Co. |
|
Revolver |
|
12/27/2028 |
|
|
10,000 |
|
|
|
- |
|
Sky Merger Sub, LLC |
|
Delayed Draw |
|
5/28/2026 |
|
|
12,500 |
|
|
|
99 |
|
Sky Merger Sub, LLC |
|
Revolver |
|
5/28/2029 |
|
|
25,000 |
|
|
|
(426 |
) |
Solvias AG |
|
Revolver |
|
2/27/2030 |
|
|
22,711 |
|
|
|
(472 |
) |
Spartan College LLC |
|
Delayed Draw |
|
9/25/2026 |
|
|
10,070 |
|
|
|
38 |
|
St. Croix |
|
Revolver |
|
10/24/2032 |
|
|
8,573 |
|
|
|
(83 |
) |
SurveyMonkey Global Inc. |
|
Revolver |
|
5/31/2029 |
|
|
13,440 |
|
|
|
(94 |
) |
Systems Planning and Analysis, Inc. |
|
Delayed Draw |
|
6/6/2027 |
|
|
4,712 |
|
|
|
(11 |
) |
Systems Planning and Analysis, Inc. |
|
Revolver |
|
8/16/2027 |
|
|
3,669 |
|
|
|
(27 |
) |
Townsend |
|
Revolver |
|
8/1/2030 |
|
|
2,500 |
|
|
|
(54 |
) |
Trillium FlowControl |
|
Delayed Draw |
|
6/20/2026 |
|
|
3,667 |
|
|
|
(16 |
) |
Trillium FlowControl |
|
Revolver |
|
12/20/2029 |
|
|
3,000 |
|
|
|
(18 |
) |
USA Debusk LLC |
|
Delayed Draw |
|
4/30/2026 |
|
|
5,115 |
|
|
|
(10 |
) |
USA Debusk LLC |
|
Revolver |
|
4/30/2030 |
|
|
1,183 |
|
|
|
(11 |
) |
Total Unfunded Commitments |
|
|
|
|
|
$ |
679,658 |
|
|
$ |
(6,054 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
Investments—non-controlled/non-affiliated |
|
Commitment Type |
|
Commitment
Expiration Date |
|
Unfunded
Commitment |
|
|
Fair
Value |
|
First Lien Debt |
|
|
|
|
|
|
|
|
|
|
ALF Finance |
|
Delayed Draw |
|
12/10/2029 |
|
$ |
29,000 |
|
|
$ |
3 |
|
Azurite Intermediate Holdings, Inc. |
|
Revolver |
|
3/19/2031 |
|
|
9,500 |
|
|
|
(127 |
) |
AVSC Holding Corporation |
|
Revolver |
|
12/5/2029 |
|
|
6,283 |
|
|
|
(124 |
) |
Best Trash LLC |
|
Delayed Draw |
|
7/10/2031 |
|
|
16,250 |
|
|
|
(88 |
) |
Best Trash LLC |
|
Revolver |
|
7/10/2031 |
|
|
6,060 |
|
|
|
(71 |
) |
Boasso Global |
|
Delayed Draw |
|
7/1/2028 |
|
|
1,175 |
|
|
|
15 |
|
Boasso Global |
|
Delayed Draw |
|
7/1/2028 |
|
|
4,038 |
|
|
|
12 |
|
Boasso Global |
|
Revolver |
|
7/1/2026 |
|
|
6,250 |
|
|
|
(11 |
) |
Cadogan Tate |
|
Delayed Draw |
|
10/31/2031 |
|
|
59,500 |
|
|
|
(425 |
) |
Cadogan Tate |
|
Revolver |
|
10/31/2031 |
|
|
18,700 |
|
|
|
(274 |
) |
Carevet LLC |
|
Delayed Draw |
|
6/18/2029 |
|
|
19,800 |
|
|
|
(354 |
) |
Carevet LLC |
|
Delayed Draw |
|
6/18/2029 |
|
|
33,000 |
|
|
|
71 |
|
Carevet LLC |
|
Revolver |
|
6/18/2029 |
|
|
6,600 |
|
|
|
(59 |
) |
Confluent Holdings LLC |
|
Delayed Draw |
|
3/28/2029 |
|
|
4,318 |
|
|
|
20 |
|
CoreWeave Compute Acquisition Co., IV, LLC |
|
Delayed Draw |
|
8/29/2029 |
|
|
26,094 |
|
|
|
15 |
|
DFS Holding Company |
|
Delayed Draw |
|
1/31/2029 |
|
|
3,000 |
|
|
|
(17 |
) |
Disa Holdings Corp. |
|
Revolver |
|
9/9/2028 |
|
|
4,166 |
|
|
|
(51 |
) |
Disa Holdings Corp. |
|
Delayed Draw |
|
9/9/2028 |
|
|
11,063 |
|
|
|
(53 |
) |
Elessent Clean Technologies Inc. |
|
Revolver |
|
11/15/2029 |
|
|
13,158 |
|
|
|
(257 |
) |
Faraday Buyer, LLC |
|
Delayed Draw |
|
10/10/2028 |
|
|
3,514 |
|
|
|
(19 |
) |
FEG, Inc. |
|
Revolver |
|
5/10/2030 |
|
|
15,000 |
|
|
|
(268 |
) |
Foundation Risk Partners |
|
Delayed Draw |
|
10/29/2030 |
|
|
4,898 |
|
|
|
13 |
|
Foundation Risk Partners |
|
Revolver |
|
10/29/2029 |
|
|
1,589 |
|
|
|
(4 |
) |
Foundation Risk Partners |
|
Revolver |
|
10/29/2029 |
|
|
3,748 |
|
|
|
(8 |
) |
Frontgrade Technologies Inc. |
|
Revolver |
|
1/9/2028 |
|
|
8,263 |
|
|
|
— |
|
Great Day Improvements LLC |
|
Revolver |
|
6/13/2030 |
|
|
14,000 |
|
|
|
(254 |
) |
Highgate Hotels, L.P. |
|
Revolver |
|
11/3/2029 |
|
|
12,500 |
|
|
|
— |
|
Hotel Equities Group, LLC |
|
Revolver |
|
1/22/2029 |
|
|
10,000 |
|
|
|
(162 |
) |
Inframark |
|
Delayed Draw |
|
7/31/2031 |
|
|
3,364 |
|
|
|
(15 |
) |
K1 Speed Inc. |
|
Delayed Draw |
|
1/2/2029 |
|
|
3,643 |
|
|
|
(70 |
) |
Legends Hospitality |
|
Delayed Draw |
|
8/22/2031 |
|
|
3,750 |
|
|
|
(34 |
) |
Legends Hospitality |
|
Revolver |
|
8/22/2031 |
|
|
6,750 |
|
|
|
(128 |
) |
Maxar Technologies Inc. |
|
Revolver |
|
5/3/2029 |
|
|
8,417 |
|
|
|
- |
|
Natural Partners, Inc. |
|
Revolver |
|
11/29/2027 |
|
|
6,563 |
|
|
|
(122 |
) |
Neptune Platform Buyer, LLC |
|
Delayed Draw |
|
1/19/2031 |
|
|
1,544 |
|
|
|
(8 |
) |
Parfums Holding Co Inc |
|
Revolver |
|
6/27/2029 |
|
|
6,000 |
|
|
|
(54 |
) |
PetVet Care Centers |
|
Delayed Draw |
|
11/15/2030 |
|
|
6,981 |
|
|
|
61 |
|
PetVet Care Centers |
|
Revolver |
|
11/15/2029 |
|
|
6,981 |
|
|
|
(66 |
) |
Pharmalogic Holdings Corp |
|
Delayed Draw |
|
6/21/2030 |
|
|
25,253 |
|
|
|
(156 |
) |
Red Fox CD Acquisition Corp. |
|
Delayed Draw |
|
3/4/2030 |
|
|
7,364 |
|
|
|
(127 |
) |
RPX Corporation |
|
Revolver |
|
8/2/2030 |
|
|
6,122 |
|
|
|
(85 |
) |
Sandlot Baseball Borrower Co. |
|
Delayed Draw |
|
12/27/2028 |
|
|
13,800 |
|
|
|
56 |
|
Sky Merger Sub, LLC |
|
Delayed Draw |
|
5/28/2029 |
|
|
12,500 |
|
|
|
37 |
|
Sky Merger Sub, LLC |
|
Revolver |
|
5/28/2029 |
|
|
25,000 |
|
|
|
(551 |
) |
SurveyMonkey Global Inc. |
|
Revolver |
|
5/31/2029 |
|
|
13,440 |
|
|
|
(120 |
) |
Systems Planning and Analysis, Inc. |
|
Delayed Draw |
|
8/16/2027 |
|
|
42,286 |
|
|
|
(59 |
) |
Systems Planning and Analysis, Inc. |
|
Revolver |
|
8/16/2027 |
|
|
5,827 |
|
|
|
(52 |
) |
TIC Bidco LTD |
|
Delayed Draw |
|
6/16/2031 |
|
|
1,577 |
|
|
|
(9 |
) |
Townsend |
|
Revolver |
|
8/1/2029 |
|
|
2,500 |
|
|
|
(69 |
) |
Trillium FlowControl |
|
Delayed Draw |
|
12/20/2029 |
|
|
3,667 |
|
|
|
(27 |
) |
Trillium FlowControl |
|
Revolver |
|
12/20/2029 |
|
|
3,000 |
|
|
|
(22 |
) |
USA Debusk LLC |
|
Delayed Draw |
|
4/30/2031 |
|
|
5,420 |
|
|
|
(33 |
) |
USA Debusk LLC |
|
Revolver |
|
4/30/2030 |
|
|
1,603 |
|
|
|
(21 |
) |
Total Unfunded Commitments |
|
|
|
|
|
$ |
574,819 |
|
|
$ |
(4,151 |
) |
Other Commitments and Contingencies From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At both December 31, 2025 and December 31, 2024, management was not aware of any pending or threatened material litigation.
|