v3.26.1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments: As of June 30, 2026 and December 31, 2025, the Company had $1,001,304 and $1,248,056, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements. Management believes that the Company’s available cash balances and/or ability to draw on existing credit facilities or raise additional leverage facilities provide sufficient funds to cover its unfunded commitments as of June 30, 2026.
The table below presents outstanding commitments to fund investments in current portfolio companies as of June 30, 2026 and December 31, 2025:
Portfolio Company
June 30, 2026December 31, 2025
601 Lafayette Mezz LLC (Delayed Draw)$11,358$17,968
95 Percent Buyer, LLC (Revolver)n/a809
A360, Inc. (Delayed Draw)3,9933,993
A360, Inc. (Revolver)2,2182,115
Accelevation LLC (Delayed Draw)1,8691,869
Accelevation LLC (Revolver)3,9953,329
Adept AG Holdings, LLC (Delayed Draw)488n/a
Air Transport Components Acquisition, LLC (Delayed Draw)n/a4,200
Air Transport Components Acquisition, LLC (Revolver)2,1002,100
Aligned Exteriors Group Holdco, LLC (Delayed Draw)n/a10,000
Aligned Exteriors Group Holdco, LLC (Revolver)1,6671,667
Alpine Pet OpCo, LLC (Delayed Draw)11,00011,000
Alpine Pet OpCo, LLC (Revolver)8,8008,800
Alta Pest Control, LLC (Delayed Draw)2,6003,760
Alta Pest Control, LLC (Revolver)2,0002,000
Ambient Enterprises Holdco, LLC (Delayed Draw)n/a3,493
Ambient Enterprises Holdco, LLC (Delayed Draw)2,2374,311
Ambient Enterprises Holdco, LLC (Revolver)1,6421,642
American Broadband and Telecommunications Company LLC (Revolver)1,112743
American Community Homes, Inc. (Revolver)2,500n/a
Angel Lux Bidco S.A.R.L. (Delayed Draw)2,710n/a
Animal Dermatology Group, Inc. (Delayed Draw)n/a2,885
Animal Dermatology Group, Inc. (Delayed Draw)n/a20,164
Animal Dermatology Group, Inc. (Revolver)2,5002,500
Appriss Health, LLC (Revolver)433433
Aras Corporation (Revolver)742472
Arax Midco, LLC (Delayed Draw)n/a5,355
Arax Midco, LLC (Revolver)n/a1,112
Archtop Fiber Intermediate LLC (Delayed Draw)19,06027,857
Arcserve Cayman Opco LP (Delayed Draw)1,4151,029
ASG III, LLC (Delayed Draw)5,47111,944
ASG III, LLC (Revolver)3,1583,158
Assembly Buyer, LLC (Delayed Draw)853853
Assembly Buyer, LLC (Delayed Draw)7,1117,111
Portfolio Company
June 30, 2026December 31, 2025
Assembly Buyer, LLC (Revolver)2,6672,667
Asset Reliability Bidco, Inc. (Delayed Draw)7,4547,454
Asset Reliability Bidco, Inc. (Revolver)2,9822,982
Attom Intermediate Holdco, LLC (Delayed Draw)15,09515,095
Attom Intermediate Holdco, LLC (Revolver)3,9723,972
Automated Industrial Robotics US HoldCo Inc. (Delayed Draw)7,0877,139
Automated Industrial Robotics US HoldCo Inc. (Revolver)4,4444,444
Band Finance LLC and Anderson Global Luxembourg SCSp (Delayed Draw)8524,970
Band Finance LLC and Anderson Global Luxembourg SCSp (Revolver)2,6074,693
Baystate Sewage Disposal, LLC (Delayed Draw)2781,138
Baystate Sewage Disposal, LLC (Revolver)1,0121,012
BCTO Bobsled Purchaser, Inc. (Delayed Draw)6,500n/a
BCTO Bobsled Purchaser, Inc. (Revolver)1,950n/a
Beckway Acquisition, Inc. (Delayed Draw)5,7145,714
Beckway Acquisition, Inc. (Revolver)1,4291,429
Bench Walk Lead, LLC (Delayed Draw)3,9764,400
Bloomerang, LLC (Delayed Draw)3,2003,186
Bloomerang, LLC (Revolver)3,2001,600
BLP Buyer, Inc. (Revolver)7111,624
Bluesight, Inc. (Revolver)5,5655,217
BTR Opco LLC (Delayed Draw)4193
BTRS Holdings Inc. (Revolver)9671,933
Buck Design LLC (Delayed Draw)n/a4,314
Buck Design LLC (Revolver)1,1593,120
Calienger Holdings, L.L.C. (Delayed Draw)2,8312,831
Calienger Holdings, L.L.C. (Revolver)909909
Caputo Cheese Interco Corp. (Revolver)1,5001,750
Caravel Autism Health, LLC (Delayed Draw)6,6396,639
Caravel Autism Health, LLC (Revolver)6,8409,000
Catalyst Data Holdings, Inc. (Delayed Draw)n/a400
Catalyst Data Holdings, Inc. (Delayed Draw)9,9009,900
Catalyst Data Holdings, Inc. (Delayed Draw)2,3419,667
Catalyst Data Holdings, Inc. (Equity Commitment)835835
Catalyst Data Holdings, Inc. (Revolver)1,5843,300
Cdata Software, Inc. (Delayed Draw)2,7293,616
Cdata Software, Inc. (Delayed Draw)2,4054,255
Cdata Software, Inc. (Revolver)5,7725,106
Chess.com, LLC (Revolver)2,0651,413
ClearCapital Holdings, LLC (Delayed Draw)6183,431
ClearCapital Holdings, LLC (Revolver)1,6201,620
ClearlyRated Capital, LLC (Delayed Draw)7891,077
Cloud for Good, LLC (Delayed Draw)12,50012,500
Portfolio Company
June 30, 2026December 31, 2025
Cloud for Good, LLC (Revolver)4,0004,000
Clydesdale Holdings, LLC (Revolver)4,5234,523
Cohere Beauty, Phoenix LLC (Revolver)1,3331,333
Cornerstone Caregiving, LLC (Revolver)2,128n/a
Cosmos Bidco, Inc. (Delayed Draw)5,3795,379
Cosmos Bidco, Inc. (Revolver)3,1505,625
Cpex Purchaser, LLC (Delayed Draw)n/a1,574
Cpex Purchaser, LLC (Delayed Draw)555n/a
Cpex Purchaser, LLC (Delayed Draw)2,173n/a
Cpex Purchaser, LLC (Revolver)n/a1,742
DataOnline Corp. (Revolver)n/a1,110
Dorado Acquisition, Inc. (Revolver)n/a1,670
Douglas Holdings, Inc. (Delayed Draw)n/a4,766
Douglas Holdings, Inc. (Delayed Draw)657821
Douglas Holdings, Inc. (Revolver)2,3842,166
Drawbridge Partners, LLC (Delayed Draw)475396
Drawbridge Partners, LLC (Revolver)3,1302,609
ecMarket Inc. and Conexiom US Inc. (Delayed Draw)n/a270
ecMarket Inc. and Conexiom US Inc. (Delayed Draw)1,027n/a
ecMarket Inc. and Conexiom US Inc. (Revolver)2,0672,067
Ecotrak, LLC (Delayed Draw)268268
Ecotrak, LLC (Revolver)1,1321,132
E-Discovery Acquireco, LLC (Revolver)1,2731,273
Edustaff, LLC (Revolver)2,3642,364
Einstein Parent, INC. (Revolver)3,7383,738
EMCO Holdco LLC (Delayed Draw)8,4408,440
EMCO Holdco LLC (Revolver)11,03711,037
Engineered Metal Solutions, Inc. (Revolver)1,6721,737
Epika Fleet Services, Inc. (Delayed Draw)n/a6,899
Epika Fleet Services, Inc. (Revolver)9,9369,936
EverService Midco, LLC (Revolver)8,9198,919
EverView AcquisitionCo, Inc. (Delayed Draw)6,3856,385
EverView AcquisitionCo, Inc. (Revolver)4,7894,789
Excel Testing and Engineering Holdings LLC (Delayed Draw)3,8005,000
Excel Testing and Engineering Holdings LLC (Revolver)9251,000
Excelligence Learning Corporation (Revolver)1,9012,860
Express Wash Acquisition Company, LLC (Revolver)1,1031,103
FH BMX Buyer, Inc. (Delayed Draw)n/a2,059
FH BMX Buyer, Inc. (Delayed Draw)4,2676,933
Fiasco Enterprises, LLC (Revolver)1,7501,750
FLEET Response, LLC (Revolver)1,644n/a
FLEET Response, LLC (Revolver)n/a379
FR Panther Intermediate, LLC (Delayed Draw)2,711n/a
Portfolio Company
June 30, 2026December 31, 2025
FR Panther Intermediate, LLC (Revolver)972n/a
FR Panther Intermediate, LLC (Equity Commitment)760n/a
Freedom U.S. Acquisition Corporation (Revolver)5,1005,100
Fueled Digital Media, LLC (Revolver)8181
Gas Media Holdings, LLC (Delayed Draw)12,21412,214
Gas Media Holdings, LLC (Revolver)5,0374,772
GBP CSTA Buyer LLC (Revolver)333444
GC Champion Acquisition LLC (Delayed Draw)4,0983,430
Guardian Restoration Partners Buyer, LLC (Delayed Draw)n/a3,291
Guardian Restoration Partners Buyer, LLC (Revolver)1,959520
Harlem Acquisition, LLC (Delayed Draw)n/a4,084
Harlem Acquisition, LLC (Delayed Draw)5,699n/a
Harlem Acquisition, LLC (Revolver)4,5715,181
Hart Halsey, LLC (Delayed Draw)4,3834,841
Hart Halsey, LLC (Delayed Draw)7,5007,500
Hart Halsey, LLC (Revolver)1,050750
Helping Hands Childrens Services Management, LLC (Delayed Draw)6734,600
Helping Hands Childrens Services Management, LLC (Revolver)2,3002,300
Honk Technologies, Inc. (Revolver)500n/a
Hostaway Midco Oy (Delayed Draw)5,0005,000
Hostaway Midco Oy (Revolver)4,1674,167
Huckabee Acquisition, LLC (Delayed Draw)n/a6,522
Huckabee Acquisition, LLC (Revolver)3,9133,913
IF & P Holdings Company, LLC (Delayed Draw)n/a959
IF & P Holdings Company, LLC (Revolver)3,5301,015
IMMEC Buyer (Delayed Draw)n/a4,248
IMMEC Buyer (Revolver)1,9121,912
Independence Buyer, Inc. (Delayed Draw)1,011n/a
Independence Buyer, Inc. (Revolver)364241
Innovative Artists Entertainment, LLC (Equity Commitment)357357
Innovative Artists Entertainment, LLC (Equity Commitment)734734
Innovative Artists Entertainment, LLC (Revolver)2,2252,225
InsideRE, LLC (Delayed Draw)296385
InsideRE, LLC (Revolver)450675
Interstate BidCo, LLC (Delayed Draw)12,39712,397
Interstate BidCo, LLC (Revolver)3,1253,125
Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw)6,1146,114
Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver)1,3311,331
Izzio Artisan Bakery, LLC (Delayed Draw)5,80012,014
J2 BWA Funding III, LLC (Delayed Draw)3,3593,663
J2 BWA Funding III, LLC (Equity commitment) n/a565
J2 BWA Funding LLC (Revolver) n/a42
Portfolio Company
June 30, 2026December 31, 2025
JDX Studio, LLC (Delayed Draw)799799
JDX Studio, LLC (Revolver)2,3982,398
Jesse Studio Mezz, LLC (Delayed Draw)n/a3,629
Jobnimbus Holdings, LLC (Delayed Draw)7,1117,111
Jobnimbus Holdings, LLC (Revolver)5,3335,333
Jumpstart Holdco, Inc. (Delayed Draw)3,6545,652
K2 Services Venture LLC (Revolver)7,9767,976
Key Container Borrower, LLC (Delayed Draw)1,905n/a
Key Container Borrower, LLC (Equity Commitment)556n/a
Key Container Borrower, LLC (Revolver)1,270n/a
KL Moon Acquisition, LLC (Revolver)650379
Learn-It Systems, LLC (Delayed Draw)8,39512,528
Learn-It Systems, LLC (Delayed Draw)2,7332,733
Learn-It Systems, LLC (Revolver)6,8326,832
Lifted Trucks Holdings, LLC (Revolver)3,1031,984
Light Wave Dental Management, LLC (Revolver)380380
LJ Blueprint Buyer, LLC (Delayed Draw)8,611n/a
LJ Blueprint Buyer, LLC (Revolver)4,306n/a
Long Grove Pharmaceuticals, LLC (Delayed Draw)14,00014,000
Madison Logic Holdings, Inc. (Revolver)635635
Maltese Diplomat Owner 100 LLC (Delayed Draw)25329
Mammoth Holdings, LLC (Revolver)2,6452,059
Matterhorn Finco, Inc. (Revolver)667n/a
MB Purchaser, LLC (Delayed Draw)3,2133,213
MB Purchaser, LLC (Revolver)3,7853,785
MC Voyager SPV II LLC (Equity commitment)18,56024,478
MEI Buyer LLC (Delayed Draw)7,2346,710
MEI Buyer LLC (Revolver)4,6345,253
Milrose Consultants, LLC (Revolver)n/a1,154
Mindbody, Inc. (Revolver)n/a2,305
Mission Critical Group, LLC (Delayed Draw)n/a1,356
Mission Critical Group, LLC (Revolver)n/a1,211
Mooring Primary, LLC (Delayed Draw)6,3336,333
Mooring Primary, LLC (Revolver)6,3336,333
Narrative Strategies Acquisition, LLC (Delayed Draw)3,6343,634
Narrative Strategies Acquisition, LLC (Revolver)1,2111,211
Nastel Technologies, LLC (Revolver)368368
Nasuni Corporation (Revolver)3,1253,125
NationsBenefits, LLC (Delayed Draw)4,33115,102
NBPT Acquisition LLC (Delayed Draw)7,0877,410
NBPT Acquisition LLC (Equity Commitment)884884
NBPT Acquisition LLC (Revolver)1,8882,360
Nellson Nutraceutical, LLC (Delayed Draw)1,9531,953
Portfolio Company
June 30, 2026December 31, 2025
Nellson Nutraceutical, LLC (Revolver)3,0473,984
NFM & J, L.P. (Revolver)2,4613,428
Niteo Products, LLC (Revolver)4,1204,578
Northeast Contracting Company, LLC (Revolver)6821,250
NQ PE Project Colosseum Midco Inc. (Revolver)2,2631,825
Onix Networking Corp. (Revolver)5,0005,000
OPOC Acquisition, LLC (Delayed Draw)2,3712,648
OPOC Acquisition, LLC (Revolver)1,2041,204
Optomi, LLC (Revolver)3,1281,594
Ossio, Inc. (Delayed Draw)2,500n/a
OWL Acquisition, LLC (Delayed Draw)1,2831,283
OWL Acquisition, LLC (Revolver)2,7483,403
PAI Middle Tier, LLC (Revolver)3,7653,227
Palmdale Oil Company LLC (Delayed Draw)4,3484,348
Palmdale Oil Company LLC (Delayed Draw)n/a1,304
Parkhub, Inc. (Delayed Draw)n/a392
Parkhub, Inc. (Delayed Draw)1,954171
Parkhub, Inc. (Delayed Draw)2,6267,878
Parkhub, Inc. (Revolver)4,7134,713
PC Pest Buyer, LLC (Delayed Draw)n/a9,466
PC Pest Buyer, LLC (Revolver)8,4008,400
Phia Purchaser, LLC (Delayed Draw)2,0412,041
Phia Purchaser, LLC (Revolver)1,2251,225
PNE Interco LLC (Delayed Draw)884884
PNE Interco LLC (Revolver)3,5395,899
PrecisionX Group, LLC (Revolver)n/a2,402
Premier Roofing L.L.C. (Revolver)159n/a
Premier Roofing L.L.C. (Revolver)n/a578
PRGX Global, Inc. (Revolver)2,3752,375
Project Accelerate Parent, LLC (Revolver)3,1253,125
Project Tahoe Acquisition Corporation (Revolver)4,229n/a
Protecht Group Holdings Pty Ltd (Delayed Draw)n/a5,338
Protecht Group Holdings Pty Ltd (Delayed Draw)1,1532,349
Protecht Group Holdings Pty Ltd (Delayed Draw)577n/a
Protecht Group Holdings Pty Ltd (Revolver)1,1071,068
Protecht Group Holdings Pty Ltd (Revolver)1,6001,600
Prototek LLC (Revolver)1,048921
Pursuit Buyer, LLC (Delayed Draw)904n/a
Pursuit Buyer, LLC (Delayed Draw)5,800n/a
Pursuit Buyer, LLC (Revolver)4,350n/a
Quest Resource Management Group, LLC (Delayed Draw)6,9446,944
Rampart Exterior Services Buyer, Inc. (Revolver)2,1432,679
Randys Holdings, Inc. (Delayed Draw)541,048
Portfolio Company
June 30, 2026December 31, 2025
Randys Holdings, Inc. (Revolver)2,0172,273
Really Great Reading Company, Inc. (Revolver)3,2003,200
Recycled Plastics Industries, LLC (Revolver)n/a446
Relevant Industrial, LLC (Delayed Draw)4,7407,190
Relevant Industrial, LLC (Delayed Draw)3,8043,804
Relevant Industrial, LLC (Revolver)2,6632,739
Relevate Health Group, LLC (Revolver)1,105789
Resin Solutions LLC (Delayed Draw)n/a2,241
Resin Solutions LLC (Revolver)1,0191,222
Rita's Franchise Company, LLC (Revolver)1,7991,799
Ro Health, LLC (Revolver)1,067747
SCP ADV Infusion Purchaser, LLC (Delayed Draw)2,5682,568
SCP ADV Infusion Purchaser, LLC (Revolver)4,6224,622
SCP Baked Goods Holdings, LLC (Delayed Draw)3,7503,750
SCP Baked Goods Holdings, LLC (Revolver)1,2501,250
SCP Eye Care Holdco, LLC (Delayed Draw)n/a1,710
SCP Eye Care Holdco, LLC (Revolver)1,0821,442
SCP Intermediate Holdings, LLC (Delayed Draw)3,9473,947
SDG Corporation (Delayed Draw)2,7272,727
SDG Corporation (Revolver)2,0462,046
SDG Mgmt Company, LLC (Delayed Draw)n/a5,845
SDG Mgmt Company, LLC (Revolver)9911,486
Securly, Inc. (Revolver)n/a646
Seran BioScience, LLC (Revolver)800356
SheerTrans Solutions, LLC (Revolver)1,505740
SHOOK Research, LLC (Revolver)2,8752,875
Signiant Inc. (Revolver)1,8751,875
SingleStore, Inc. (Delayed Draw)4,8868,319
SingleStore, Inc. (Revolver)8,4888,488
SIP Care Services, LLC (Revolver)n/a380
Sparq Holdings, Inc. (Revolver)266177
Spherix Global Inc. (Revolver)n/a250
Sports Operating Holdings II, LLC (Revolver)n/a1,500
StarCompliance MidCo, LLC (Revolver)2,3242,583
Steel City Wash, LLC (Delayed Draw)3,1583,158
Steel City Wash, LLC (Revolver)1,0531,242
Streamland Media MidCo LLC (Delayed Draw)2235
Summit Professional Education, LLC (Delayed Draw)6,7697,357
Summit Professional Education, LLC (Revolver)8341,471
Summit Restoration Group, LLC (fka Water Buyer, LLC) (Delayed Draw)n/a6,000
Summit Restoration Group, LLC (fka Water Buyer, LLC) (Revolver)3,0002,600
Sundy Village West Mezz Borrower, LLC (Delayed Draw)n/a3,930
Portfolio Company
June 30, 2026December 31, 2025
Sunstates Security, LLC (Delayed Draw)2,2226,667
Talent Systems, LLC (Revolver)933933
Tavoron Buyer Corp. (Delayed Draw)4,6036,958
Tavoron Buyer Corp. (Revolver)189195
Tavoron Buyer Corp. (Revolver)1,2311,338
Tax Protection BuyCo, LLC (Delayed Draw)4,7064,706
Tax Protection BuyCo, LLC (Revolver)5,8825,882
The Black Tux, LLC (Delayed Draw)n/a1,104
The Black Tux, LLC (Revolver)1,1671,944
The Gersh Agency, LLC (Delayed Draw)9,51012,270
The Gersh Agency, LLC (Revolver)1,1421,468
The Gersh Agency, LLC (Revolver)1,8161,686
The Kyjen Company, LLC (Revolver)420315
The Smilist DSO, LLC (Delayed Draw)1,1621,954
The Smilist DSO, LLC (Revolver)6831,974
TigerConnect, Inc. (Revolver)1,8571,429
Tiugo Group Holdings Corp (Delayed Draw)14,71813,178
Tiugo Group Holdings Corp (Revolver)7,3596,589
TJ Management HoldCo LLC (Revolver)509n/a
Together Women's Health, LLC (Delayed Draw)7,2447,244
Together Women's Health, LLC (Revolver)1,5521,552
Touchmath Acquisition LLC (Revolver)n/a1,429
Triad Financial Services, Inc. (Equity commitment)34,95234,952
Trident Maritime Systems, Inc. (Revolver)24n/a
Trilon Group, LLC (Delayed Draw)n/a7,313
Trilon Group, LLC (Revolver)n/a4,874
Ultra Clean Holdco LLC (Delayed Draw)3,7503,750
Ultra Clean Holdco LLC (Revolver)3,0003,000
Unanet, Inc. (Delayed Draw)1,3501,350
Unanet, Inc. (Delayed Draw)1,9921,992
Unanet, Inc. (Revolver)4,3164,316
USLIVE OPCO, INC. (Revolver)2,1052,105
V10 Entertainment, Inc. (Revolver)385n/a
Valkyrie Buyer, LLC (Delayed Draw)2,0022,488
Valkyrie Buyer, LLC (Revolver)2,4982,386
Valudor Products LLC (Revolver)427n/a
Vanterra Holdings, LLC (Delayed Draw)n/a21,000
Vanterra Holdings, LLC (Delayed Draw)6,84621,000
Vanterra Holdings, LLC (Revolver)6,3006,300
Varicent Intermediate Holdings Corporation (Delayed Draw)2,8262,826
Varicent Intermediate Holdings Corporation (Delayed Draw)2,7133,989
Varicent Intermediate Holdings Corporation (Revolver)5,7765,776
Velociti, LLC (Revolver)2,5263,789
Portfolio Company
June 30, 2026December 31, 2025
Veritas Buyer, LLC and DecisionHR Holdings, Inc. (Delayed Draw)6,1256,125
Veritas Buyer, LLC and DecisionHR Holdings, Inc. (Revolver)3,0633,063
Vhagar Purchaser, LLC (Delayed Draw)6,6676,667
Vhagar Purchaser, LLC (Revolver)2,6672,667
Volt Bidco, Inc. (Revolver)n/a956
WebPT, Inc. (Revolver)52167
Whistler Parent Holdings III, Inc. (Revolver)n/a663
WPEngine, Inc. (Revolver)1,6501,650
XanEdu Publishing, Inc. (Revolver)1,719977
Xpress Wellness, LLC (Delayed Draw)n/a8,550
Xpress Wellness, LLC (Revolver)2,2152,215
YBR OZ ECE, LLC (Delayed Draw)1,6001,600
YBR OZ ECE, LLC (Revolver)375375
ZI Intermediate II, Inc. (Revolver)6,9586,958
Zodega Landscaping, LLC (Equity Commitment)1,1971,197
Zodega Landscaping, LLC (Revolver)1,091992
Total Unfunded Portfolio Company Commitments$1,001,304$1,248,056
Indemnification: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company 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 Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.
Market risk: The Company’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 Company 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 Company is not currently aware of any such proceedings or disposition that would have a material adverse effect on the Company’s consolidated financial statements.