v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 6—Commitments and Contingencies

Commitments

In the ordinary course of business, the Fund may enter into future funding commitments. As of March 31, 2026, the Fund had unfunded commitments on delayed draw term loans, revolving credit lines, and membership interests of $66,186, $49,762, and $3,141, respectively. As of December 31, 2025, the Fund had unfunded commitments on delayed draw term loans, revolving credit lines, and membership interests of $66,601, $55,075, and $2,574, respectively. The Fund maintains sufficient cash, uncalled commitments, and borrowing capacity on hand to satisfy such unfunded commitments.

As of March 31, 2026, the Fund’s unfunded commitments consisted of the following.

Portfolio Company Name

 

Investment Type

 

Commitment Type

 

Unfunded Commitments

 

Ag Bells LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

$

1,165

 

Allbridge, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

166

 

Allbridge, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

166

 

Allied OMS Intermediate Company, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,973

 

Allied OMS Intermediate Company, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

991

 

Ampler QSR Holdings LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,533

 

Archtop Fiber Intermediate LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

3,907

 

Armanino Advisory LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,381

 

Armanino Advisory LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

883

 

Aspire General Holding Company LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,638

 

Aspire General Holding Company LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

694

 

Batteries Plus Holding Corporation

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

51

 

Billhighway, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

80

 

Brown & Root Industrial Services, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

2,626

 

CheckedUp, Inc

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

73

 

Compu-Link Corporation

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,570

 

Cooper's Hawk Intermediate Holding,LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,842

 

Cooper's Hawk Intermediate Holding,LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,842

 

CrossLink Professional Tax Solutions, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,348

 

D4C Dental Brands, Inc.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,189

 

Discovery SL Management, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

330

 

Discovery SL Management, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,568

 

Discovery SL Management, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

621

 

Ensemble Music Schools LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,405

 

Fullsteam Operations LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

5,769

 

Fullsteam Operations LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,923

 

Hasa Acquisition, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

145

 

Hasa Acquisition, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

48

 

 

 

Portfolio Company Name

 

Investment Type

 

Commitment Type

 

Unfunded Commitments

 

Heathos LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

$

707

 

Hornblower Sub LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

—

 

Integrity Marketing Acquisition, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

878

 

Integrity Marketing Acquisition, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

962

 

Juvare, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,066

 

Juvare, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,322

 

Kemper Sports Management, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

163

 

Learn-it Systems, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

3,365

 

Learn-it Systems, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

734

 

Learn-it Systems, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,835

 

Lindstrom, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,569

 

Military Retail Solutions, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,515

 

Military Retail Solutions, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

353

 

Nuclear Care Partners Holdings, Inc.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,616

 

OEP Wheeler Buyer, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

3,144

 

OL Texas Restaurants, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

70

 

ORECV, LLC

 

Equity

 

Membership Interest

 

 

3,141

 

Palmetto Longevity Fund, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

127

 

Palmetto Longevity Fund, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

2,969

 

Pansophic Learning US, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

997

 

Pediatric Home Respiratory Services, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,916

 

Pediatric Home Respiratory Services, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

852

 

Periscope Cybermaxx Buyer, Inc

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,785

 

Periscope Cybermaxx Buyer, Inc

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

275

 

Petvet Care Centers, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,415

 

PF Carrus Careers, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

471

 

Project Pathfinder Borrower, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,960

 

Rails International, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

2,342

 

Rialto Management Group, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,067

 

Salisbury House, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,371

 

Salisbury House, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,581

 

Salt US Holdco, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

5,618

 

Senior Support Holdings (Franchise) Acquisition, Inc.

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

4,468

 

SL Buyer Corp.

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

3,293

 

SL Buyer Corp.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

774

 

Solidcore Topco, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

3,244

 

Solidcore Topco, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,233

 

Sparkle Holdco 2 Corp.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

603

 

Sparta Capital Management, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,705

 

Spartan CP, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,291

 

Spartan CP, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

166

 

Sportime Clubs, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

4,936

 

Sportime Clubs, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

293

 

Sylmar Group Holdco LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

4,155

 

Sylmar Group Holdco LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

935

 

The Mutual Group LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

672

 

Total Fleet Buyer, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,148

 

XDimensional Technologies, Inc.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

60

 

Total

 

 

 

 

 

$

119,089

 

 

As of December 31, 2025, the Fund’s unfunded commitments consisted of the following.

Portfolio Company Name

 

Investment Type

 

Commitment Type

 

Unfunded
Commitments

 

Ag Bells LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

$

1,165

 

Allbridge, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

166

 

Allbridge, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

166

 

Allied OMS Intermediate Company, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,973

 

Allied OMS Intermediate Company, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

991

 

Ampler QSR Holdings LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,553

 

Archtop Fiber Intermediate LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

5,710

 

Armanino Advisory LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,554

 

Armanino Advisory LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,920

 

Aspire General Holding Company LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,638

 

Aspire General Holding Company LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

694

 

Batteries Plus Holding Corporation

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

63

 

Billhighway, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

80

 

Brown & Root Industrial Services, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

2,956

 

CheckedUp, Inc

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

55

 

Compu-Link Corporation

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,570

 

Cooper's Hawk Intermediate Holding,LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,895

 

Cooper's Hawk Intermediate Holding,LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,579

 

CrossLink Professional Tax Solutions, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

599

 

D4C Dental Brands, Inc.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,189

 

Discovery SL Management, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

360

 

Discovery SL Management, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,568

 

Discovery SL Management, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

621

 

Ensemble Music Schools LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,405

 

Ensemble Music Schools LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,405

 

Fullsteam Operations LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

5,769

 

Fullsteam Operations LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,923

 

Hasa Acquisition, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

145

 

Hasa Acquisition, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

100

 

Heathos LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

707

 

Hornblower Sub LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

10

 

Integrity Marketing Acquisition, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

878

 

Integrity Marketing Acquisition, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

962

 

Juvare, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,066

 

Juvare, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,823

 

Kemper Sports Management, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

163

 

Learn-it Systems, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

3,365

 

Learn-it Systems, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

734

 

Learn-it Systems, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,835

 

Lindstrom, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,222

 

Military Retail Solutions, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,515

 

Military Retail Solutions, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

555

 

Nuclear Care Partners Holdings, Inc.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,616

 

OEP Wheeler Buyer, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

3,144

 

OL Texas Restaurants, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

210

 

ORECV, LLC

 

Equity

 

Membership Interest

 

 

2,574

 

 

 

Portfolio Company Name

 

Investment Type

 

Commitment Type

 

Unfunded
Commitments

 

Palmetto Longevity Fund, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

$

127

 

Palmetto Longevity Fund, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

3,002

 

Pansophic Learning US, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

997

 

Pediatric Home Respiratory Services, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,916

 

Pediatric Home Respiratory Services, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,065

 

Periscope Cybermaxx Buyer, Inc

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,836

 

Periscope Cybermaxx Buyer, Inc

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

413

 

Petvet Care Centers, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,592

 

PF Carrus Careers, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

553

 

Project Pathfinder Borrower, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,960

 

Rails International, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

2,342

 

Rialto Management Group, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,707

 

Salisbury House, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

2,371

 

Salisbury House, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,344

 

Salt US Holdco, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

323

 

Sarasota US Intermediate, Inc.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,239

 

Seatex Merger Sub, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,141

 

Senior Support Holdings (Franchise) Acquisition, Inc.

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

4,468

 

SL Buyer Corp.

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

3,507

 

SL Buyer Corp.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

774

 

Solidcore Topco, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

3,244

 

Solidcore Topco, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,622

 

Sparta Capital Management, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

3,606

 

Spartan CP, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

1,291

 

Spartan CP, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

414

 

Sportime Clubs, LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

5,016

 

Sportime Clubs, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

293

 

Sylmar Group Holdco LLC

 

First Lien Senior Secured

 

Delayed Draw Loan

 

 

4,155

 

Sylmar Group Holdco LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,195

 

The Mutual Group LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

672

 

Total Fleet Buyer, LLC

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

1,148

 

WildBrain Ltd.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

666

 

XDimensional Technologies, Inc.

 

First Lien Senior Secured

 

Revolving Credit Line

 

 

60

 

Total

 

 

 

 

 

$

124,250

 

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded in the consolidated financial statements and reflected as an adjustment to the valuation of the related security in the Consolidated Schedules of Investments as of March 31, 2026 and December 31, 2025. The par amount of the unfunded portfolio company commitments is not recognized by the Fund until the commitment is funded.

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 believes that it maintains sufficient liquidity in the form of cash and financing capacity to cover any outstanding unfunded portfolio company commitments that the Fund may be required to fund.

Litigation and Regulatory Matters

In the ordinary course of its business, the Fund may become subject to litigation, claims, and regulatory matters. The Fund has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Fund at this time.

Indemnifications

In the ordinary course of its business, the Fund may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Fund. Management believes that the likelihood of such an event is remote.