| Commitments and Contingencies |
Note 8. Commitments and Contingencies Unfunded commitments As of June 30, 2026 and December 31, 2025, the Company had commitments under loan and financing agreements to fund up to $100.6 million to 87 portfolio companies and $104.9 million to 76 portfolio companies, respectively. These commitments are primarily composed of senior secured term loans, revolvers, and in the SDLP, and an analysis of their fair value is included in the Consolidated Schedules of Investments. The Company's obligation to fund commitments is generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of June 30, 2026 and December 31, 2025 are shown in the table below (dollars in thousands):
|
|
|
|
|
|
|
|
|
Issuer |
|
As of June 30, 2026 |
|
|
As of December 31, 2025 |
|
360 Partners LLC |
|
|
3,043 |
|
|
|
3,043 |
|
360 Partners LLC |
|
|
1,261 |
|
|
|
1,739 |
|
3G Intermediate, Inc. |
|
|
— |
|
|
|
400 |
|
42 North Dental, LLC |
|
|
568 |
|
|
|
— |
|
42 North Dental, LLC |
|
|
284 |
|
|
|
— |
|
Accupac, LLC |
|
|
435 |
|
|
|
652 |
|
ACP Oak Buyer, Inc. |
|
|
1,498 |
|
|
|
1,498 |
|
ACP Oak Buyer, Inc. |
|
|
— |
|
|
|
333 |
|
Advanced Infusion Solutions Acquisition, LLC |
|
|
210 |
|
|
|
— |
|
Advanced Infusion Solutions Acquisition, LLC |
|
|
998 |
|
|
|
— |
|
Advanced Web Technologies Holding Company |
|
|
274 |
|
|
|
274 |
|
Advanced Web Technologies Holding Company |
|
|
— |
|
|
|
608 |
|
Alert SRC Newco LLC |
|
|
524 |
|
|
|
604 |
|
Allergy & Clinical MidCo, LLC |
|
|
2,354 |
|
|
|
2,354 |
|
Allergy & Clinical MidCo, LLC |
|
|
129 |
|
|
|
257 |
|
Andretti Buyer, LLC |
|
|
41 |
|
|
|
— |
|
Andretti Buyer, LLC |
|
|
41 |
|
|
|
— |
|
Apex Dental Partners, LLC |
|
|
759 |
|
|
|
683 |
|
Apex Dental Partners, LLC |
|
|
497 |
|
|
|
1,390 |
|
Basin Innovation Group, LLC |
|
|
— |
|
|
|
329 |
|
Basin Innovation Group, LLC |
|
|
1,266 |
|
|
|
1,266 |
|
Bebright MSO, LLC |
|
|
1,237 |
|
|
|
1,237 |
|
BH Buyer, Inc. |
|
|
776 |
|
|
|
776 |
|
Big Bucks Acquisition Corporation |
|
|
795 |
|
|
|
795 |
|
Boulder Scientific Company, LLC |
|
|
71 |
|
|
|
71 |
|
BRG Acquisition Co., LLC |
|
|
600 |
|
|
|
600 |
|
Castleworks Home Services Company |
|
|
7 |
|
|
|
7 |
|
Champion Elevator Operating Corporation |
|
|
304 |
|
|
|
— |
|
Champion Elevator Operating Corporation |
|
|
609 |
|
|
|
— |
|
Charlie RF Voltron Acquisition, Inc. |
|
|
266 |
|
|
|
— |
|
Charlie RF Voltron Acquisition, Inc. |
|
|
178 |
|
|
|
— |
|
Concord III, L.L.C., |
|
|
52 |
|
|
|
52 |
|
CPL Consultants, LLC |
|
|
50 |
|
|
|
— |
|
CPL Consultants, LLC |
|
|
396 |
|
|
|
— |
|
Distinct Holdings, Inc. |
|
|
689 |
|
|
|
451 |
|
DRML Holdings LLC |
|
|
2,000 |
|
|
|
2,000 |
|
DRML Holdings LLC |
|
|
1,333 |
|
|
|
1,333 |
|
Easy Ice, LLC |
|
|
704 |
|
|
|
1,043 |
|
Easy Ice, LLC |
|
|
597 |
|
|
|
495 |
|
Empower Benefits Inc. |
|
|
186 |
|
|
|
— |
|
Eventus Buyer, LLC |
|
|
1,730 |
|
|
|
1,730 |
|
Eventus Buyer, LLC |
|
|
519 |
|
|
|
404 |
|
Express Wash Acquisition Company, LLC |
|
|
180 |
|
|
|
180 |
|
Eye Health America, LLC |
|
|
137 |
|
|
|
184 |
|
Eye Health America, LLC |
|
|
600 |
|
|
|
528 |
|
FS Squared Holding Corp. |
|
|
60 |
|
|
|
60 |
|
FS Squared Holding Corp. |
|
|
54 |
|
|
|
14 |
|
G-3 Mobility Buyer LLC |
|
|
567 |
|
|
|
— |
|
G-3 Mobility Buyer LLC |
|
|
847 |
|
|
|
— |
|
Gen4 Dental Partners OPCO, LLC |
|
|
— |
|
|
|
585 |
|
Gen4 Dental Partners OPCO, LLC |
|
|
— |
|
|
|
2,342 |
|
Healthfuse, LLC |
|
|
1,442 |
|
|
|
1,442 |
|
Hissho Parent, LLC |
|
|
635 |
|
|
|
635 |
|
HLSG Intermediate, LLC |
|
|
— |
|
|
|
25 |
|
HLSG Intermediate, LLC |
|
|
— |
|
|
|
121 |
|
|
|
|
|
|
|
|
|
|
Issuer |
|
As of June 30, 2026 |
|
|
As of December 31, 2025 |
|
Horizon Freight Holdings, Inc. |
|
|
1,543 |
|
|
|
1,543 |
|
Horizon Freight Holdings, Inc. |
|
|
1,543 |
|
|
|
1,543 |
|
Horizon Freight Holdings, Inc. |
|
|
302 |
|
|
|
474 |
|
HTI Intermediate, LLC |
|
|
493 |
|
|
|
657 |
|
Hub Pen Company, LLC |
|
|
629 |
|
|
|
472 |
|
Iron Pillar United Mining Group, LLC |
|
|
650 |
|
|
|
— |
|
Iron Pillar United Mining Group, LLC |
|
|
325 |
|
|
|
— |
|
ISQ Hawkeye HoldCo, Inc. |
|
|
32 |
|
|
|
— |
|
iVision Buyer, LLC |
|
|
409 |
|
|
|
— |
|
JTM Foods LLC |
|
|
5 |
|
|
|
14 |
|
KL Bronco Acquisition, Inc. |
|
|
536 |
|
|
|
714 |
|
KL Charlie Acquisition Company |
|
|
52 |
|
|
|
52 |
|
Krayden Holdings, Inc. |
|
|
482 |
|
|
|
566 |
|
Krayden Holdings, Inc. |
|
|
865 |
|
|
|
480 |
|
Lav Gear Intermediate Holdings, INC. |
|
|
59 |
|
|
|
73 |
|
Le Sueur, Incorporated |
|
|
1,210 |
|
|
|
— |
|
Le Sueur, Incorporated |
|
|
484 |
|
|
|
— |
|
Leiters, Inc. |
|
|
145 |
|
|
|
56 |
|
Lightspeed Buyer, Inc. |
|
|
701 |
|
|
|
318 |
|
Lightspeed Buyer, Inc. |
|
|
159 |
|
|
|
— |
|
M&D Midco, Inc. |
|
|
3,503 |
|
|
|
3,503 |
|
M&D Midco, Inc. |
|
|
486 |
|
|
|
804 |
|
MDI Buyer, Inc. |
|
|
— |
|
|
|
453 |
|
MDI Buyer, Inc. |
|
|
1,171 |
|
|
|
1,171 |
|
MechanAir, LLC |
|
|
1,188 |
|
|
|
1,188 |
|
MechanAir, LLC |
|
|
150 |
|
|
|
150 |
|
MES Intermediate, Inc. (fka Municipal Emergency Services, Inc. ) |
|
|
300 |
|
|
|
300 |
|
MWD Management, LLC |
|
|
400 |
|
|
|
400 |
|
National Safety Apparel LLC (fka BPCP NSA Intermedco, Inc.) |
|
|
996 |
|
|
|
996 |
|
NBPT Acquisition LLC |
|
|
1,754 |
|
|
|
1,834 |
|
NBPT Acquisition LLC |
|
|
355 |
|
|
|
444 |
|
NS and Associates LLC |
|
|
468 |
|
|
|
468 |
|
OIS Management Services, LLC |
|
|
577 |
|
|
|
577 |
|
Oliver Packaging, LLC |
|
|
411 |
|
|
|
411 |
|
Online Labels Group, LLC |
|
|
11 |
|
|
|
11 |
|
Online Labels Group, LLC |
|
|
9 |
|
|
|
9 |
|
Online Labels Group, LLC |
|
|
4 |
|
|
|
4 |
|
Painters Supply and Equipment Co. (fka Graffiti Buyer, Inc.) |
|
|
— |
|
|
|
1,213 |
|
Pareto Buyer, LLC |
|
|
932 |
|
|
|
932 |
|
Pareto Buyer, LLC |
|
|
621 |
|
|
|
621 |
|
Pediatric Home Respiratory Services, LLC |
|
|
2,250 |
|
|
|
2,250 |
|
Pediatric Home Respiratory Services, LLC |
|
|
1,000 |
|
|
|
1,250 |
|
Phia Purchaser, LLC |
|
|
378 |
|
|
|
378 |
|
Phia Purchaser, LLC |
|
|
630 |
|
|
|
630 |
|
Pillr Health Intermediate II, LLC |
|
|
377 |
|
|
|
550 |
|
Pillr Health Intermediate II, LLC |
|
|
507 |
|
|
|
1,019 |
|
QM Buyer, Inc. |
|
|
1,470 |
|
|
|
2,306 |
|
QM Buyer, Inc. |
|
|
1,153 |
|
|
|
1,153 |
|
RBS Buyer Inc. |
|
|
918 |
|
|
|
918 |
|
RBS Buyer Inc. |
|
|
551 |
|
|
|
551 |
|
Reliable Medical Supply Acquisitionco LLC |
|
|
668 |
|
|
|
668 |
|
Reliable Medical Supply Acquisitionco LLC |
|
|
1,169 |
|
|
|
1,169 |
|
RFI Buyer, Inc. |
|
|
156 |
|
|
|
166 |
|
RFI Buyer, Inc. |
|
|
724 |
|
|
|
1,153 |
|
RWA Wealth Partners, LLC |
|
|
5,300 |
|
|
|
5,300 |
|
|
|
|
|
|
|
|
|
|
Issuer |
|
As of June 30, 2026 |
|
|
As of December 31, 2025 |
|
RWA Wealth Partners, LLC |
|
|
1,944 |
|
|
|
1,944 |
|
Senior Direct Lending Program, LLC |
|
|
8,513 |
|
|
|
8,625 |
|
Sentinel Technologies, Inc |
|
|
591 |
|
|
|
591 |
|
SHF Holdings, Inc. |
|
|
144 |
|
|
|
144 |
|
Source Holding Delaware, LLC |
|
|
294 |
|
|
|
571 |
|
Source Holding Delaware, LLC |
|
|
1,645 |
|
|
|
1,645 |
|
Specialized Dental Holdings II, LLC |
|
|
1,872 |
|
|
|
1,872 |
|
Techmer BB Bidco, LLC |
|
|
2 |
|
|
|
3 |
|
Techmer BB Bidco, LLC |
|
|
3 |
|
|
|
3 |
|
Titan Group Holdco, LLC |
|
|
586 |
|
|
|
586 |
|
Titan Group Holdco, LLC |
|
|
235 |
|
|
|
586 |
|
Titan Group Holdco, LLC |
|
|
— |
|
|
|
586 |
|
Triwizard Holdings, Inc. |
|
|
472 |
|
|
|
— |
|
TRX Buyer LLC |
|
|
300 |
|
|
|
— |
|
TRX Buyer LLC |
|
|
526 |
|
|
|
— |
|
TWH Bidco, LLC |
|
|
705 |
|
|
|
— |
|
UHY Advisors, Inc. |
|
|
1,383 |
|
|
|
1,247 |
|
UHY Advisors, Inc. |
|
|
2,221 |
|
|
|
5,832 |
|
US Health Partners Management, LLC |
|
|
3 |
|
|
|
22 |
|
US Health Partners Management, LLC |
|
|
— |
|
|
|
6 |
|
U.S. Urology Partners, LLC |
|
|
483 |
|
|
|
853 |
|
USN Opco, LLC |
|
|
377 |
|
|
|
556 |
|
USN Opco, LLC |
|
|
302 |
|
|
|
— |
|
USSC Holding Corp. |
|
|
246 |
|
|
|
246 |
|
Velocity Buyer, Inc. |
|
|
1,781 |
|
|
|
1,781 |
|
VG Target Holdings, LLC |
|
|
— |
|
|
|
27 |
|
VP Security Buyer, Inc. |
|
|
208 |
|
|
|
208 |
|
VP Security Buyer, Inc. |
|
|
111 |
|
|
|
139 |
|
VTC Buyer Corp |
|
|
361 |
|
|
|
361 |
|
VTC Buyer Corp |
|
|
333 |
|
|
|
505 |
|
Xifin, Inc. |
|
|
427 |
|
|
|
474 |
|
Zavation Medical Products, LLC |
|
|
159 |
|
|
|
— |
|
Zep Holdco Inc. |
|
|
1,319 |
|
|
|
1,000 |
|
Total Unfunded Commitments |
|
$ |
100,560 |
|
|
$ |
104,865 |
|
The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of June 30, 2026, the Company had cash of $39.9 million, available borrowings under the SMBC Facility of $120.7 million, subject to borrowing base limitations, and undrawn capital commitments of $73.5 million. Also included within commitments, as of June 30, 2026 and December 31, 2025, were commitments to issue up to $0.7 million and $0.2 million, respectively, in letter of credit through a financial intermediary on behalf of certain portfolio companies. As of June 30, 2026 and December 31, 2025, respectively, the Company had not issued any letters of credit. If the Company were to issue any letters of credit, it would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations.
|