| Commitments and Contingencies |
5. Commitments and Contingencies The Fund conducts business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the Boston area. In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers, and the custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications and is engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote. The Consolidated Schedule of Investments include certain revolving loan facilities and other commitments with unfunded balances at June 30, 2026 and December 31, 2025 as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Balances |
|
Issuer |
|
Maturity Date |
|
June 30, 2026
(Unaudited) |
|
|
December 31, 2025 |
|
Alcami Corporation |
|
12/21/2028 |
|
N/A |
|
|
$ |
104,876 |
|
Alcami Corporation |
|
12/21/2029 |
|
|
224,908 |
|
|
N/A |
|
AmeriLife Holdings, LLC |
|
8/31/2029 |
|
|
2,559,820 |
|
|
|
3,119,196 |
|
AmeriLife Holdings, LLC |
|
8/31/2028 |
|
|
1,452,819 |
|
|
|
1,614,244 |
|
Applause App Quality, Inc. |
|
10/24/2029 |
|
|
1,350,633 |
|
|
|
1,200,563 |
|
Anthracite Buyer, Inc. (Coalfire) |
|
12/3/2032 |
|
|
4,287,989 |
|
|
|
4,287,989 |
|
Allied Benefit Systems Intermediate, LLC |
|
10/31/2030 |
|
|
5,163,116 |
|
|
|
5,163,116 |
|
Alpine Acquisition Corp II (48Forty) |
|
1/14/2031 |
|
|
44,371 |
|
|
N/A |
|
Alpine Acquisition Corp II (48Forty) |
|
1/14/2031 |
|
|
177,483 |
|
|
N/A |
|
Azuria Water Solutions Inc |
|
1/26/2033 |
|
|
253,518 |
|
|
N/A |
|
Aryeh Bidco Investment Ltd (DentalCorp) (Canada) |
|
1/14/2033 |
|
|
5,982,806 |
|
|
N/A |
|
Aryeh Bidco Investment Ltd (DentalCorp) (Canada) |
|
1/14/2033 |
|
|
4,387,392 |
|
|
N/A |
|
As1 Sports Bidco Ltd (United Kingdom) |
|
3/25/2033 |
|
|
6,519,951 |
|
|
N/A |
|
As1 Sports Bidco Ltd (United Kingdom) |
|
3/27/2032 |
|
|
3,259,975 |
|
|
N/A |
|
Advanced Cooling Technologies Inc. |
|
5/19/2033 |
|
|
4,906,143 |
|
|
N/A |
|
Avalon Borrower LLC (Gaming Labs) |
|
6/18/2033 |
|
|
8,102,824 |
|
|
N/A |
|
Bluefin Holding, LLC (Allvue) |
|
9/12/2029 |
|
|
1,190,668 |
|
|
|
1,190,668 |
|
Bullhorn, Inc. |
|
10/1/2029 |
|
|
1,281,416 |
|
|
|
1,281,416 |
|
Bullhorn, Inc. |
|
9/30/2029 |
|
N/A |
|
|
|
1,124,030 |
|
Bynder Bidco B.V. (Netherlands) |
|
1/26/2029 |
|
|
171,174 |
|
|
|
171,174 |
|
Bynder Bidco, Inc. (Netherlands) |
|
1/26/2029 |
|
|
47,160 |
|
|
|
47,160 |
|
Beekeeper Buyer Inc. (Archway) |
|
6/30/2031 |
|
|
1,452,291 |
|
|
|
1,452,291 |
|
Brown & Settle, Inc. |
|
5/16/2030 |
|
N/A |
|
|
|
612,946 |
|
Chronicle Parent LLC (Lexitas) |
|
4/15/2031 |
|
|
8,002,603 |
|
|
|
8,925,000 |
|
Chronicle Parent LLC (Lexitas) |
|
4/15/2031 |
|
|
3,240,741 |
|
|
|
3,240,741 |
|
Civicplus LLC |
|
8/24/2030 |
|
|
2,546,218 |
|
|
|
2,546,218 |
|
Civicplus LLC |
|
8/23/2030 |
|
|
698,657 |
|
|
|
698,657 |
|
Cherry Bekaert Advisory, LLC |
|
6/28/2030 |
|
N/A |
|
|
|
447,254 |
|
Cherry Bekaert Advisory, LLC |
|
6/28/2030 |
|
N/A |
|
|
|
3,627,369 |
|
Clever Devices Ltd. |
|
6/12/2030 |
|
|
309,208 |
|
|
|
432,891 |
|
Clydesdale Acquisition Holdings, Inc |
|
4/13/2029 |
|
N/A |
|
|
|
4,852 |
|
5. Commitments and Contingencies (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Balances (Continued) |
|
Issuer |
|
Maturity Date |
|
June 30, 2026
(Unaudited) |
|
|
December 31, 2025 |
|
Cohnreznick Advisory LLC |
|
3/26/2032 |
|
$ |
1,337,641 |
|
|
$ |
3,357,941 |
|
Community Merger Sub Debt LLC (CINC Systems) |
|
1/18/2030 |
|
|
1,731,362 |
|
|
|
1,997,725 |
|
Compsych Holdings Corp |
|
7/22/2031 |
|
|
3,737,596 |
|
|
|
3,737,596 |
|
Crewline Buyer, Inc. (New Relic) |
|
11/8/2030 |
|
|
995,744 |
|
|
|
995,744 |
|
CP Iris Holdco I, Inc |
|
10/27/2032 |
|
|
96,409 |
|
|
|
324,100 |
|
Coreweave Financing DDTL V LLC |
|
11/6/2031 |
|
|
1,464,429 |
|
|
N/A |
|
Corinthia Bidco Limited (Walkers Professional Services) (Cayman Islands) |
|
6/2/2033 |
|
|
18,900,000 |
|
|
N/A |
|
Corinthia Bidco Limited (Walkers Professional Services) (Cayman Islands) |
|
6/2/2033 |
|
|
9,072,000 |
|
|
N/A |
|
Clearwater Analytics Holdings, Inc. |
|
6/27/2033 |
|
|
1,384,361 |
|
|
N/A |
|
Clearwater Analytics Holdings, Inc. |
|
6/27/2033 |
|
|
899,835 |
|
|
N/A |
|
DNAnexus, Inc |
|
12/18/2029 |
|
N/A |
|
|
|
16,793,184 |
|
Douglas Holdings, Inc (Docupace) |
|
8/27/2030 |
|
N/A |
|
|
|
1,635,795 |
|
Douglas Holdings, Inc (Docupace) |
|
8/27/2030 |
|
|
205,005 |
|
|
|
281,657 |
|
Douglas Holdings, Inc (Docupace) |
|
8/27/2030 |
|
|
743,543 |
|
|
|
743,543 |
|
Deepl Se (Germany) |
|
6/26/2030 |
|
|
14,783,278 |
|
|
|
14,783,278 |
|
Deepl Se (Germany) |
|
6/26/2030 |
|
|
4,166,336 |
|
|
|
4,166,336 |
|
Dragos, Inc. |
|
6/30/2030 |
|
N/A |
|
|
|
19,924,142 |
|
Dragos, Inc. |
|
6/30/2030 |
|
|
7,315,247 |
|
|
|
7,315,247 |
|
EBS Parent Holdings Inc. (The Difference Card) |
|
7/1/2032 |
|
|
3,641,447 |
|
|
|
3,641,447 |
|
EBS Parent Holdings Inc. (The Difference Card) |
|
7/1/2032 |
|
|
1,213,816 |
|
|
|
1,213,816 |
|
Emburse Inc. |
|
5/28/2032 |
|
|
4,651,654 |
|
|
|
4,651,654 |
|
Emburse Inc. |
|
5/28/2032 |
|
|
4,651,654 |
|
|
|
4,651,654 |
|
Express Wash Acquisition Company, LLC (Whistle) |
|
4/10/2031 |
|
|
1,274,611 |
|
|
|
1,274,611 |
|
e-Discovery Acquireco, LLC (Reveal) |
|
8/23/2029 |
|
|
672,678 |
|
|
|
672,678 |
|
EdgeCo Buyer, Inc. |
|
6/1/2028 |
|
|
97,613 |
|
|
|
585,680 |
|
EdgeCo Buyer, Inc. |
|
6/1/2028 |
|
N/A |
|
|
|
917,566 |
|
FirstUp, Inc |
|
7/13/2027 |
|
|
908,548 |
|
|
|
908,548 |
|
Flexport Capital, LLC |
|
6/30/2029 |
|
|
19,360,567 |
|
|
|
19,360,567 |
|
Fusion Holding Corp. (Finalsite) |
|
9/15/2028 |
|
|
269,071 |
|
|
|
167,010 |
|
Fusion Risk Management, Inc. |
|
5/22/2029 |
|
|
259,307 |
|
|
|
335,574 |
|
G-3 Apollo Acquisition Corp (Appriss Retail) |
|
3/10/2031 |
|
|
2,870,057 |
|
|
|
2,870,057 |
|
G-3 Apollo Acquisition Corp (Appriss Retail) |
|
3/10/2031 |
|
|
2,391,714 |
|
|
|
2,583,051 |
|
GC Champion Acquisition LLC (Numerix) |
|
8/19/2028 |
|
|
3,682,906 |
|
|
|
3,682,906 |
|
GC Waves Holdings, Inc. (Mercer) |
|
10/4/2030 |
|
|
831,419 |
|
|
|
831,419 |
|
GTY Technology Holdings Inc. |
|
7/9/2029 |
|
|
675,891 |
|
|
|
1,056,080 |
|
GC Waves Holdings, Inc. (Mercer) |
|
10/4/2030 |
|
|
19,304,066 |
|
|
|
28,606,431 |
|
Griffon Bidco Inc. (Layerzero) |
|
7/31/2031 |
|
|
4,597,405 |
|
|
|
4,597,405 |
|
Griffon Bidco Inc. (Layerzero) |
|
7/31/2031 |
|
|
4,597,405 |
|
|
|
4,597,405 |
|
Higginbotham Insurance Agency, Inc. |
|
6/11/2031 |
|
|
7,860,000 |
|
|
|
12,000,000 |
|
Higginbotham Insurance Agency, Inc. |
|
12/10/2027 |
|
N/A |
|
|
|
345,585 |
|
5. Commitments and Contingencies (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Balances (Continued) |
|
Issuer |
|
Maturity Date |
|
June 30, 2026
(Unaudited) |
|
|
December 31, 2025 |
|
Honey Intermediate, Inc. (iLobby) (Canada) |
|
9/30/2030 |
|
$ |
1,872,401 |
|
|
$ |
1,872,401 |
|
HSI Halo Acquisitions, Inc. |
|
6/28/2031 |
|
N/A |
|
|
|
551,868 |
|
HSI Halo Acquisitions, Inc. |
|
6/28/2031 |
|
|
735,825 |
|
|
|
735,825 |
|
Huckabee Acquisition, LLC (MOREgroup) |
|
1/16/2030 |
|
N/A |
|
|
|
1,020,417 |
|
Huckabee Acquisition, LLC (MOREgroup) |
|
1/16/2030 |
|
|
612,250 |
|
|
|
612,250 |
|
Hyphen Solutions, LLC |
|
8/6/2032 |
|
|
6,417,610 |
|
|
|
6,417,610 |
|
Hyphen Solutions, LLC |
|
8/6/2032 |
|
|
3,850,566 |
|
|
|
3,850,566 |
|
Hobbs & Associates, LLC |
|
7/23/2031 |
|
N/A |
|
|
|
414,167 |
|
Integrity Marketing Acquisition, LLC |
|
8/25/2028 |
|
|
2,709,613 |
|
|
|
2,709,613 |
|
Integrity Marketing Acquisition, LLC |
|
8/25/2028 |
|
|
4,184,623 |
|
|
|
4,184,623 |
|
Intercept Bidco, Inc. |
|
6/3/2030 |
|
N/A |
|
|
|
2,591,349 |
|
Intercept Bidco, Inc. |
|
6/3/2030 |
|
|
1,727,566 |
|
|
|
1,727,566 |
|
IVXS UK Limited (ComplyAdvantage) (United Kingdom) |
|
5/19/2029 |
|
N/A |
|
|
|
3,155,511 |
|
IvyRehab Intermediate II, LLC |
|
4/23/2029 |
|
|
13,027,863 |
|
|
|
21,548,457 |
|
JF Acquisition, LLC (JF Petroleum) |
|
6/18/2030 |
|
|
4,505,216 |
|
|
|
6,723,169 |
|
JF Acquisition, LLC (JF Petroleum) |
|
6/18/2030 |
|
|
4,158,661 |
|
|
|
4,158,661 |
|
June Purchaser LLC |
|
11/28/2031 |
|
|
107,836 |
|
|
N/A |
|
Kaman Corporation |
|
2/26/2032 |
|
N/A |
|
|
|
494,807 |
|
Kaman Corporation |
|
2/26/2032 |
|
|
440,072 |
|
|
N/A |
|
Kid Distro Holdings, LLC |
|
10/1/2029 |
|
|
1,546,384 |
|
|
|
1,546,384 |
|
Lighthouse Parent Holdings, Inc (Aperture) |
|
12/20/2031 |
|
|
266,865 |
|
|
|
1,700,161 |
|
Lighthouse Parent Holdings, Inc (Aperture) |
|
12/20/2031 |
|
|
1,085,209 |
|
|
|
1,085,209 |
|
Lighthouse Parent Holdings, Inc (Aperture) |
|
12/20/2031 |
|
|
14,423,077 |
|
|
N/A |
|
LJ Avalon Holdings, LLC (Ardurra) |
|
2/1/2030 |
|
N/A |
|
|
|
1,594,443 |
|
LJ Avalon Holdings, LLC (Ardurra) |
|
2/1/2029 |
|
|
606,845 |
|
|
|
689,596 |
|
LJ Avalon Holdings, LLC (Ardurra) |
|
2/1/2030 |
|
|
3,378,209 |
|
|
N/A |
|
Logicmonitor Inc. |
|
11/19/2031 |
|
|
1,856,512 |
|
|
|
1,856,512 |
|
Logicmonitor Inc. |
|
10/7/2032 |
|
|
10,888,019 |
|
|
|
10,888,019 |
|
Lucky US BuyerCo, LLC (Global Payments) |
|
3/30/2029 |
|
|
35,720 |
|
|
|
37,679 |
|
Madison Logic Holdings, Inc. |
|
12/30/2027 |
|
|
85,805 |
|
|
|
85,805 |
|
MRO Parent Corporation |
|
6/9/2032 |
|
|
3,022,672 |
|
|
|
3,022,672 |
|
MRO Parent Corporation |
|
6/9/2032 |
|
|
3,022,672 |
|
|
|
3,022,672 |
|
Modigent, LLC (Pueblo) |
|
8/23/2027 |
|
|
1,021,491 |
|
|
|
1,021,491 |
|
Mpulse Mobile Inc. |
|
8/26/2032 |
|
|
3,821,067 |
|
|
|
3,821,067 |
|
Mpulse Mobile Inc. |
|
8/26/2032 |
|
|
5,731,601 |
|
|
|
5,731,601 |
|
MB2 Dental Solutions LLC |
|
2/13/2031 |
|
|
13,806,148 |
|
|
N/A |
|
Oak Funding LLC |
|
12/2/2032 |
|
|
1,706,111 |
|
|
|
1,706,111 |
|
Onward Acquireco Inc (Onestream Inc) |
|
4/1/2033 |
|
|
5,518,735 |
|
|
N/A |
|
Onward Acquireco Inc (Onestream Inc) |
|
4/1/2033 |
|
|
2,299,933 |
|
|
N/A |
|
Payroc, LLC |
|
11/1/2027 |
|
|
63,273 |
|
|
|
166,509 |
|
5. Commitments and Contingencies (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Balances (Continued) |
|
Issuer |
|
Maturity Date |
|
June 30, 2026
(Unaudited) |
|
|
December 31, 2025 |
|
PMA Parent Holdings, LLC |
|
1/31/2031 |
|
$ |
5,032,725 |
|
|
$ |
5,032,725 |
|
Pye-Barker Fire & Safety LLC |
|
12/16/2032 |
|
|
246,600 |
|
|
|
126,750 |
|
Palmdale Oil Company, LLC |
|
12/12/2031 |
|
N/A |
|
|
|
228,988 |
|
Palmdale Oil Company, LLC |
|
12/12/2031 |
|
|
763,292 |
|
|
|
763,292 |
|
Palmdale Oil Company, LLC |
|
5/14/2029 |
|
N/A |
|
|
|
309,850 |
|
Pareto Health Intermediate Holdings Inc |
|
6/1/2029 |
|
|
459,249 |
|
|
N/A |
|
Raven Acquisition Holdings LLC (R1 RCM) |
|
11/19/2031 |
|
|
108,175 |
|
|
|
136,326 |
|
RBS Buyer Inc. |
|
7/31/2031 |
|
|
3,406,439 |
|
|
|
3,406,439 |
|
RBS Buyer Inc. |
|
7/31/2031 |
|
|
5,677,398 |
|
|
|
5,677,398 |
|
Secretariat Advisors LLC |
|
2/24/2032 |
|
|
885,777 |
|
|
|
885,777 |
|
Serrano Parent, LLC (Sumo Logic) |
|
5/12/2030 |
|
|
311,540 |
|
|
|
409,922 |
|
Skydio, Inc |
|
12/4/2029 |
|
N/A |
|
|
|
3,750,000 |
|
Spark Buyer, LLC (Sparkstone) |
|
10/15/2031 |
|
|
4,701,603 |
|
|
|
4,701,603 |
|
Spark Buyer, LLC (Sparkstone) |
|
10/15/2031 |
|
|
1,057,861 |
|
|
|
1,551,529 |
|
Spartan Bidco Pty Ltd (StarRez) (Australia) |
|
1/24/2028 |
|
N/A |
|
|
|
360,555 |
|
Streamland Media Midco LLC |
|
3/31/2029 |
|
|
34,716 |
|
|
|
57,174 |
|
Stonebridge Companies, LLC |
|
5/16/2031 |
|
|
1,792,747 |
|
|
|
1,792,747 |
|
Stonebridge Companies, LLC |
|
5/16/2030 |
|
|
1,195,165 |
|
|
|
1,195,165 |
|
Syndigo, LLC |
|
9/2/2032 |
|
|
3,534,325 |
|
|
|
4,207,530 |
|
Signia Aerospace, LLC |
|
11/21/2031 |
|
N/A |
|
|
|
119,638 |
|
Signia Aerospace, LLC |
|
12/11/2031 |
|
|
86,405 |
|
|
N/A |
|
Shackleton Bidco Inc. (Payworks) (Canada) |
|
11/5/2032 |
|
|
3,826,279 |
|
|
|
3,826,279 |
|
Shackleton Bidco Inc. (Payworks) (Canada) |
|
11/5/2032 |
|
|
15,305,116 |
|
|
|
15,305,116 |
|
SRS Acquiom Holdings LLC |
|
1/14/2032 |
|
|
4,951,663 |
|
|
N/A |
|
Thunder Purchaser, Inc. (Vector Solutions) |
|
6/30/2028 |
|
|
342,194 |
|
|
|
342,194 |
|
Titan Home Improvement, LLC (Renuity) |
|
5/31/2030 |
|
N/A |
|
|
|
1,810,099 |
|
Titan Home Improvement, LLC (Renuity) |
|
5/31/2030 |
|
|
1,508,416 |
|
|
|
1,508,416 |
|
Trintech, Inc. |
|
7/25/2029 |
|
N/A |
|
|
|
516,842 |
|
Vensure Employer Services, Inc. |
|
9/19/2031 |
|
N/A |
|
|
|
250,355 |
|
Vortex Companies, LLC |
|
9/4/2029 |
|
N/A |
|
|
|
4,658,247 |
|
Vortex Companies, LLC |
|
9/4/2029 |
|
|
763,881 |
|
|
|
1,061,989 |
|
Vensure Employer Services, Inc. |
|
9/27/2031 |
|
|
4,952,862 |
|
|
N/A |
|
Wealth Enhancement Group, LLC |
|
10/2/2028 |
|
|
940,284 |
|
|
|
3,896,494 |
|
Wealth Enhancement Group, LLC |
|
10/4/2028 |
|
|
1,318,338 |
|
|
|
1,318,338 |
|
Wealth Enhancement Group, LLC |
|
10/2/2028 |
|
|
7,609,295 |
|
|
|
7,609,295 |
|
Wharf Street Rating Acquisition, LLC (KBRA) |
|
9/16/2032 |
|
|
3,937,508 |
|
|
|
3,937,508 |
|
Wharf Street Rating Acquisition, LLC (KBRA) |
|
9/16/2032 |
|
|
3,937,508 |
|
|
|
3,937,508 |
|
Zenith AcquisitionCo LLC |
|
1/13/2033 |
|
|
10,875,416 |
|
|
N/A |
|
Zenith AcquisitionCo LLC |
|
1/13/2033 |
|
|
4,255,453 |
|
|
N/A |
|
Total Unfunded Balances |
|
|
|
$ |
430,613,179 |
|
|
$ |
402,336,961 |
|
|