| Commitments and Contingencies |
Commitments and Contingencies Commitments: As of March 31, 2026 and December 31, 2025, the Fund had $47,103 and $38,551, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements. Management believes that the Fund’s available cash balances and/or ability to draw on its existing credit facility or raise additional leverage facilities provide sufficient funds to cover its unfunded commitments as of March 31, 2026. The table below presents outstanding commitments to fund investments in current portfolio companies as of March 31, 2026 and December 31, 2025: | | | | | | | | | | | | | | | Portfolio Company | | March 31, 2026 | | December 31, 2025 | | Asset Reliability Bidco, Inc. (Delayed Draw) | | $ | 1,190 | | $ | 1,190 | | Asset Reliability Bidco, Inc. (Revolver) | | 476 | | 476 | | BCTO Bobsled Purchaser, Inc. (Delayed Draw) | | 1,667 | | — | | BCTO Bobsled Purchaser, Inc. (Revolver) | | 500 | | — | | Cdata Software, Inc. (Delayed Draw) | | 439 | | 439 | | Cdata Software, Inc. (Delayed Draw) | | 373 | | 373 | | Cdata Software, Inc. (Revolver) | | 527 | | 527 | | Cohere Beauty, Phoenix LLC (Revolver) | | 1,599 | | 1,599 | | Cosmos Bidco, Inc. (Delayed Draw) | | 392 | | 392 | | Cosmos Bidco, Inc. (Revolver) | | 312 | | 410 | | DataOnline Corp. (Revolver) | | — | | 73 | | EMCO Holdco LLC (Delayed Draw) | | 1,369 | | 1,369 | | EMCO Holdco LLC (Revolver) | | 1,790 | | 1,790 | | Engineered Metal Solutions, Inc. (Revolver) | | 610 | | 610 | | Epika Fleet Services, Inc. | | — | | 1,837 | | Epika Fleet Services, Inc. (Revolver) | | 2,645 | | 2,645 | | EverView AcquisitionCo, Inc. (Delayed Draw) | | 2,750 | | 2,750 | | EverView AcquisitionCo, Inc. (Revolver) | | 2,063 | | 2,063 | | Excel Testing and Engineering Holdings LLC (Delayed Draw) | | 1,900 | | 2,500 | | Excel Testing and Engineering Holdings LLC (Revolver) | | 500 | | 500 | | FR Panther Intermediate, LLC (Delayed Draw) | | 1,333 | | — | | FR Panther Intermediate, LLC (Revolver) | | 389 | | — | | FR Panther Intermediate, LLC (Equity Commitment) | | 356 | | — | | GC Champion Acquisition LLC (Delayed Draw) | | 562 | | 562 | | Lifted Trucks Holdings, LLC (Revolver) | | 256 | | 305 | | Milrose Consultants, LLC (Revolver) | | 75 | | 75 | | Niteo Products, LLC (Revolver) | | 974 | | 974 | | Pacvue Intermediate LLC (Revolver) | | 152 | | 152 | | Pathlock, Inc. (Delayed Draw) | | 78 | | 130 | | Pathlock, Inc. (Delayed Draw) | | 261 | | 261 | | Pathlock, Inc. (Revolver) | | 26 | | 26 | | Phia Purchaser, LLC (Delayed Draw) | | 1,276 | | 1,276 | | Phia Purchaser, LLC (Revolver) | | 765 | | 765 | | Project Tahoe Acquisition Corporation (Revolver) | | 1,167 | | — | | Protecht Group Holdings Pty Ltd (Delayed Draw) | | 1,035 | | 1,001 | | Protecht Group Holdings Pty Ltd (Delayed Draw) | | 330 | | 440 | | Protecht Group Holdings Pty Ltd (Revolver) | | 207 | | 200 | | Protecht Group Holdings Pty Ltd (Revolver) | | 300 | | 300 | | Pursuit Buyer, LLC (Delayed Draw) | | 440 | | — | | Pursuit Buyer, LLC (Delayed Draw) | | 2,000 | | — | | Pursuit Buyer, LLC (Revolver) | | 1,500 | | — |
| | | | | | | | | | | | | | | Portfolio Company | | March 31, 2026 | | December 31, 2025 | | Rampart Exterior Services Buyer, Inc. (Revolver) | | $ | 589 | | $ | 589 | | RD Last Mile Holdings, LLC (Revolver) | | 554 | | 554 | | Securly, Inc. (Revolver) | | — | | 615 | | SingleStore, Inc. (Delayed Draw) | | 1,023 | | 1,268 | | SingleStore, Inc. (Revolver) | | 1,294 | | 1,294 | | StarCompliance MidCo, LLC (Revolver) | | 275 | | 275 | | TigerConnect, Inc. (Revolver) | | 1,532 | | 1,532 | | Vanterra Holdings, LLC (Delayed Draw) | | 3,000 | | — | | Veritas Buyer, LLC and DecisionHR Holdings, Inc. (Delayed Draw) | | 1,563 | | 1,563 | | Veritas Buyer, LLC and DecisionHR Holdings, Inc. (Revolver) | | 781 | | 781 | | Vhagar Purchaser, LLC (Delayed Draw) | | 493 | | 493 | | Vhagar Purchaser, LLC (Revolver) | | 197 | | 197 | | Volt Bidco, Inc. (Revolver) | | 176 | | 338 | | ZI Intermediate II, Inc. (Revolver) | | 1,042 | | 1,042 | | Total Unfunded Portfolio Company Commitments | | $ | 47,103 | | $ | 38,551 |
Indemnification: In the normal course of business, the Fund enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Fund’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Fund but that have not occurred. The Fund expects the risk of any future obligations under these indemnification provisions to be remote. Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Fund may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Fund’s policy to review, as necessary, the credit standing of each counterparty. Market risk: The Fund’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded. Legal proceedings: In the normal course of business, the Fund may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Fund is not currently aware of any such proceedings or disposition that would have a material adverse effect on the Fund’s consolidated financial statements.
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