Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

As of June 30, 2026, the Company had the following commitments to fund delayed draw term loans and revolvers.


Investments	Industry	Type of Investment	Total Committed		Funded		Unfunded1
Clean Connect AI	Application Software	Delayed draw term loan	$	1,500,000	$	-	$	1,500,000
SER Holdco, Inc. d/b/a SE Ranking	Application Software	Delayed draw term loan		3,000,000		2,400,000		600,000
Stress Free Auto Care, Inc.	Automotive Services	Delayed draw term loan		14,800,000		800,000		14,000,000
ADG Technology Inc dba Carry 1st	Business Services	Delayed draw term loan		1,950,000		-		1,950,000
CoreX, Inc.	Business Services	Revolver		12,500		409		12,091
SNA, Inc. dba Safety Net Access	Business Services	Delayed draw term loan		700,000		-		700,000
Koala Eco Company	Consumer Discretionary	Delayed draw term loan		1,940,000		-		1,940,000
Koala Eco Company	Consumer Discretionary	Revolver		12,500		13		12,487
Atlas Exploration, Inc.	Consumer Finance	Delayed draw term loan		18,000,000		6,000,000		12,000,000
Nickey Kehoe Inc.	Consumer Discretionary	Revolver		25,000		-		25,000
Milk + Honey Holdings LLC	Consumer Services	Delayed draw term loan		1,600,000		-		1,600,000
Cleveland Kitchen	Food & Beverage	Delayed draw term loan		2,440,000		-		2,440,000
Cleveland Kitchen	Food & Beverage	Revolver		12,500		7,535		4,965
Epigenetics Labs d/b/a Organixx	Food & Beverage	Delayed draw term loan		500,000		-		500,000
Slate Milk, Inc	Food & Beverage	Delayed draw term loan		3,992,000		-		3,992,000
Slate Milk, Inc	Food & Beverage	Revolver		12,500		4,167		8,333
Happy Head, Inc.	Health & Wellness	Delayed draw term loan		2,000,000		-		2,000,000
Fortem Technologies, Inc.	Technology – Aerospace	Delayed draw term loan		5,000,000		2,000,000		3,000,000
CamoAg Inc.	Technology – Agriculture	Delayed draw term loan		700,000		-		700,000
Hearth Display, Inc.	Technology – Consumer	Delayed draw term loan		16,000,000		2,000,000		14,000,000
Predictive Fitness, Inc.	Technology – Health & Wellness	Delayed draw term loan		3,000,000		-		3,000,000
Tapestry Management Services Inc.	Technology – Health & Wellness	Delayed draw term loan		3,500,000		-		3,500,000
Stake Network Inc	Technology – Property	Delayed draw term loan		2,450,000				2,450,000
Spotter Labs Inc.	Transportation	Delayed draw term loan		10,500,000		3,500,000		7,000,000
Total			$	93,647,000	$	16,712,124	$	76,934,876

The unfunded delayed draw term loans and revolvers may or may not be funded to the borrowing party in the future. These unfunded contractual commitments are generally at the Company's discretion and/or are dependent on the portfolio company meeting certain performance obligations before the debt commitment becomes available to be drawn. Furthermore, the Company’s credit agreements contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the Company. As of June 30, 2026, $12.6 million, in aggregate, was available to be drawn upon by eight portfolio companies at their discretion.

As of December 31, 2025, the Company had the following commitments to fund delayed draw term loans and a revolver.


Investments	Industry	Type of Investment	Total Committed		Funded		Unfunded1
SER Holdco, Inc. d/b/a SE Ranking	Application Software	Delayed draw term loan	$	1,800,000	$	-	$	1,800,000
Stress Free Auto Care, Inc.	Automotive Services	Delayed draw term loan		14,800,000		-		14,800,000
CoreX, Inc.	Business Services	Revolver		12,500		-		12,500
SNA, Inc. dba Safety Net Access	Business Services	Delayed draw term loan		700,000		-		700,000
Atlas Exploration, Inc.	Consumer Finance	Delayed draw term loan		18,000,000		2,000,000		16,000,000
Milk + Honey Holdings LLC	Consumer Services	Delayed draw term loan		1,600,000		-		1,600,000
Epigenetics Labs d/b/a Organixx	Food & Beverage	Delayed draw term loan		500,000		-		500,000
Happy Head, Inc.	Health & Wellness	Delayed draw term loan		2,666,667		-		2,666,667
CamoAg Inc.	Technology – Agriculture	Delayed draw term loan		700,000		-		700,000
Kudo, Inc.	Technology – Communication	Delayed draw term loan		1,200,000		-		1,200,000
Hearth Display, Inc.	Technology – Consumer	Delayed draw term loan		16,000,000		2,000,000		14,000,000
1touch.IO Inc.	Technology – Cybersecurity	Delayed draw term loan		1,600,000		-		1,600,000
Predictive Fitness, Inc.	Technology – Health & Wellness	Delayed draw term loan		3,000,000		-		3,000,000
Tapestry Management Services Inc.	Technology – Health & Wellness	Delayed draw term loan		3,500,000		-		3,500,000
Spotter Labs Inc.	Transportation	Delayed draw term loan		10,500,000		-		10,500,000
Total			$	76,579,167	$	4,000,000	$	72,579,167

The unfunded delayed draw term loans may or may not be funded to the borrowing party in the future. These unfunded contractual commitments are generally at the Company's discretion and/or are dependent on the portfolio company meeting certain performance obligations before the debt commitment becomes available to be drawn. Furthermore, the Company’s credit agreements contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the Company. As of December 31, 2025, $4.8 million, in aggregate, was available to be drawn upon by two portfolio companies at their discretion.