| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES In the ordinary course of its business, the Fund enters into contracts or agreements that contain indemnifications or warranties. Future events could occur that might lead to the enforcement of these provisions against the Fund. The Fund believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of June 30, 2026 and December 31, 2025 for any such exposure. As of June 30, 2026 and December 31, 2025, the Fund had the following unfunded investment commitments:
| | | | | | | | | | | | | | | | | | Portfolio Company | | June 30, 2026 | | December 31, 2025 | | | | 360 Holdco, Inc. (360 Training) - Delayed Draw Loan | | $ | 1,339 | | | $ | 3,580 | | | | | AB Centers Acquisition Corporation (Action Behavior Centers) - Delayed Draw Loan | | 1,271 | | | 1,611 | | | | | ACP Maverick Holdings, Inc. - Delayed Draw Loan | | 683 | | | 683 | | | | | ACS Celsius Aggregator LP (AirX Climate Solutions Company) | | 19 | | | 19 | | | | | All Star Recruiting Locums, LLC (All Star Healthcare Solutions) - Delayed Draw Loan | | 3,943 | | | 3,943 | | | |
| | | | | | | | | | | | | | | | | | Portfolio Company | | June 30, 2026 | | December 31, 2025 | | | | All4 Buyer, LLC - Delayed Draw Loan | | 1,328 | | | 1,602 | | | | | Alta Buyer, LLC - Revolving Loan | | 3,922 | | | — | | | | | AmerCareRoyal, LLC - Delayed Draw Loan | | — | | | 3,307 | | | | | Apex Service Partners, LLC - Delayed Draw Loan | | 3,173 | | | 5,170 | | | | | Apex Service Partners, LLC - Revolving Loan | | 596 | | | 812 | | | | | Aprio Advisory Group, LLC - Delayed Draw Loan | | 16,210 | | | 12,414 | | | | | Aprio Advisory Group, LLC - Revolving Loan | | 1,586 | | | 1,133 | | | | | Arax Investment Partners Holdings, LLC - Delayed Draw Loan | | — | | | 2,100 | | | | | Arax MidCo, LLC - Delayed Draw Loan | | — | | | 3,492 | | | | | ARC Health OPCO, LLC - Delayed Draw Loan | | 5,000 | | | 1,667 | | | | | Archer Acquisition, LLC (ARMstrong) - Delayed Draw Loan | | — | | | 281 | | | | | Arctiq, Inc. - Delayed Draw Loan | | 5,181 | | | — | | | | | Ascend Partner Services LLC - Delayed Draw Loan | | — | | | 379 | | | | | Astra Service Partners, LLC - Delayed Draw Loan | | 1,898 | | | 2,824 | | | | | AWP Group Holdings, Inc. - Delayed Draw Loan | | — | | | 1,978 | | | | | Beantown Holdings, Inc. - Delayed Draw Loan | | 4,818 | | | 4,818 | | | | | Bells Parent, Inc. - Revolving Loan | | 128 | | | — | | | | | Big Apple Advisory, LLC - Delayed Draw Loan | | 3,152 | | | 3,324 | | | | | Big Apple Advisory, LLC - Revolving Loan | | 1,740 | | | 1,740 | | | | | Bishop Street Underwriters LLC - Delayed Draw Loan | | 8,157 | | | — | | | | | Bluebird PM Buyer, Inc. - Delayed Draw Loan | | 1,019 | | | 1,019 | | | | | Bounteous, Inc. - Delayed Draw Loan | | 3,494 | | | 7,279 | | | | | Bradford Soap International, Inc. - Delayed Draw Loan | | 3,519 | | | 2,514 | | | | | Bridges Consumer Healthcare Intermediate LLC - Delayed Draw Loan | | 4,750 | | | 4,750 | | | | | Canopy Service Partners, LLC - Delayed Draw Loan | | 8,433 | | | — | | | | | Chicago US Midco III, LP - Delayed Draw Loan | | 1,293 | | | 1,293 | | | | | CLS Management Services, LLC (Contract Land Staff) - Delayed Draw Loan | | 9,859 | | | 442 | | | | | CMP Ren Partners I-A LP (LMI Consulting, LLC) | | 2 | | | 2 | | | | | CMP Terrapin Partners II LP (Clarity Innovations, Inc.) | | 6 | | | 6 | | | | | CMP Terrapin Partners I LP (Clarity Innovations, Inc.) | | 1 | | | 1 | | | | | Coalesce Diamond Coinvest, L.P. | | 200 | | | 200 | | | | | Cobalt Service Partners, LLC - Delayed Draw Loan | | 2,453 | | | 6,468 | | | | | Coding Solutions Acquisition, Inc. - Delayed Draw Loan | | 1,258 | | | 1,258 | | | | | Coding Solutions Acquisition, Inc. - Revolving Loan | | 1,101 | | | 1,101 | | | | | Cohen Advisory, LLC - Delayed Draw Loan | | 4,073 | | | 4,073 | | | | | Cohnreznick Advisory LLC - Delayed Draw Loan | | 1,008 | | | 2,532 | | | | | Columbia Home Services LLC - Delayed Draw Loan | | 442 | | | 442 | | | | | Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.) - Delayed Draw Loan | | 1,000 | | | 1,000 | | | | | COP Village Green Acquisitions, Inc. (Village Green Holding) - Delayed Draw Loan | | 536 | | | 536 | | | | | Coreweave Financing DDTL V, LLC - Delayed Draw Loan | | 172 | | | — | | | | | CPL Consultants, LLC - Delayed Draw Loan | | 7,913 | | | — | | | | | CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Delayed Draw Loan | | 1,955 | | | 3,487 | | | | | CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Revolving Loan | | 2,567 | | | 2,567 | | | | | Davidson Hotel Company LLC - Delayed Draw Loan | | 632 | | | 893 | | | | | Delphi Infrastructure Group LLC (f/k/a Safety Infrastructure Services Intermediate LLC) - Delayed Draw Loan | | — | | | 2,576 | | | | | Diligent Corporation (fka Diamond Merger Sub II, Corp.) - Delayed Draw Loan | | — | | | 2,553 | | | | | Emburse, Inc. - Delayed Draw Loan | | 529 | | | 529 | | | | | Emburse, Inc. - Revolving Loan | | 568 | | | 568 | | | | | Env Automation Acquisition, LLC - Delayed Draw Loan | | 6,080 | | | 5,129 | | | | | Environ Energy, LLC - Delayed Draw Loan | | 4,077 | | | 6,711 | | | | | ERA Industries, LLC (BTX Precision) - Delayed Draw Loan | | 1,790 | | | 563 | | | | | EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) - Delayed Draw Loan | | 2,051 | | | 2,051 | | | | | Excel Fitness Consolidator LLC - Delayed Draw Loan | | — | | | 1,677 | | | |
| | | | | | | | | | | | | | | | | | Portfolio Company | | June 30, 2026 | | December 31, 2025 | | | | Exterro, Inc. - Delayed Draw Loan | | 1,797 | | | 1,797 | | | | | FirstCall Mechanical Group, LLC - Delayed Draw Loan | | — | | | 4,400 | | | | | Firstline Road Solutions, LLC - Delayed Draw Loan | | 364 | | | — | | | | | FoodScience, LLC - Delayed Draw Loan | | 3,737 | | | 3,737 | | | | | Force Electrical Buyerco, LLC - Delayed Draw Loan | | 12,812 | | | 11,393 | | | | | Gannett Fleming, Inc. - Revolving Loan | | 853 | | | 2,131 | | | | | GNX HBS PARENT, LLC - Delayed Draw Loan | | — | | | 4,266 | | | | | GreyLion TGNL Holdings | | 153 | | | 153 | | | | | Health Management Associates, Inc. - Delayed Draw Loan | | 2,384 | | | — | | | | | Heartland Paving Partners, LLC - Delayed Draw Loan | | 621 | | | 621 | | | | | Hermod Co-Invest, LP | | 31 | | | 19 | | | | | HLSG Intermediate, LLC - Delayed Draw Loan | | 240 | | | — | | | | | HMN Acquirer Corp. - Delayed Draw Loan | | 1,565 | | | 2,144 | | | | | Hyphen Solutions, LLC - Delayed Draw Loan | | 1,444 | | | 1,444 | | | | | Impact Advisors, LLC - Delayed Draw Loan | | 6,186 | | | 7,143 | | | | | Impact Parent Corporation (Impact Environmental Group) - Delayed Draw Loan | | 18 | | | 84 | | | | | Industrial Air Flow Dynamics, Inc. - Delayed Draw Loan | | 4,167 | | | 4,167 | | | | | INS Co-Invest LP (Inszone) | | 3 | | | 3 | | | | | Integrated Power Services Holdings, Inc. - Delayed Draw Loan | | — | | | 1,649 | | | | | Kenco PPC Buyer LLC - Delayed Draw Loan | | — | | | 4,920 | | | | | KENE Acquisition, Inc. (aka Entrust) - Delayed Draw Loan | | — | | | 1,430 | | | | | KENE Acquisition, Inc. (aka Entrust) - Revolving Loan | | — | | | 197 | | | | | KL Bronco Acquisition, Inc. (Elevation Labs) - Delayed Draw Loan | | 11,098 | | | — | | | | | Knight AcquireCo, LLC - Delayed Draw Loan | | 4,814 | | | 3,439 | | | | | KRIV Acquisition Inc. (Riveron) - Revolving Loan | | 377 | | | — | | | | | KRIV Acquisition, Inc. (Riveron) - Delayed Draw Loan | | 9,558 | | | 7,045 | | | | | L.A. Specialty Produce Co., LLC - Delayed Draw Loan | | 2,190 | | | — | | | | | Lavie Group, Inc. - Delayed Draw Loan | | 2,132 | | | 2,132 | | | | | Legacy Service Partners, LLC - Delayed Draw Loan | | 11,584 | | | 11,998 | | | | | LH Equity Investors, L.P. | | — | | | 56 | | | | | LJ Avalon Holdings, LLC - Delayed Draw Loan | | 2,618 | | | — | | | | | Low Voltage Holdings Inc. - Delayed Draw Loan | | 338 | | | 457 | | | | | Low Voltage Holdings Inc. - Revolving Loan | | 272 | | | 311 | | | | | M&S Holdings Buyer, Inc. - Delayed Draw Loan | | 1,317 | | | 941 | | | | | MacKay Sposito, LLC - Delayed Draw Loan | | 926 | | | — | | | | | MEI Buyer LLC - Delayed Draw Loan | | 1,391 | | | 1,391 | | | | | Mobile Communications America, Inc. - Delayed Draw Loan | | 3,511 | | | 3,920 | | | | | MPG Parent Holdings, LLC (Market Performance Group) - Delayed Draw Loan | | 2,957 | | | 3,473 | | | | | Naturpak PPC Buyer LLC - Delayed Draw Loan | | 2,260 | | | 2,070 | | | | | New You Bariatric Group, LLC - Delayed Draw Loan | | 80 | | | 80 | | | | | Online Labels Group, LLC - Delayed Draw Loan | | 499 | | | 499 | | | | | Orion Group FM Holdings, LLC (Leo Facilities) - Delayed Draw Loan | | 11,219 | | | 17,583 | | | | | Ovation Holdings, Inc. - Delayed Draw Loan | | 3,028 | | | 372 | | | | | Perennial Services Group, LLC - Delayed Draw Loan | | 7,979 | | | 11,348 | | | | | Pinnacle Supply Partners, LLC - Delayed Draw Loan | | 1,571 | | | 1,571 | | | | | PMI (US) Bidco, Inc. - Delayed Draw Loan | | 690 | | | — | | | | | PN Buyer, Inc. - Delayed Draw Loan | | 4,444 | | | 4,444 | | | | | PT Intermediate Holdings III, LLC - Delayed Draw Loan | | — | | | 166 | | | | | R Arax Co-Invest UB, LP (Arax Investment Partners) | | 311 | | | 404 | | | | | R Chapel Avenue Holdings Co-Invest UB, LP | | 349 | | | 349 | | | | | RailPros Parent, LLC - Delayed Draw Loan | | 2,211 | | | 3,158 | | | | | RailPros Parent, LLC - Revolving Loan | | 1,579 | | | 1,579 | | | | | Randys Holdings, Inc. (Randy's Worldwide Automotive) - Delayed Draw Loan | | 11,190 | | | 8,727 | | | |
| | | | | | | | | | | | | | | | | | Portfolio Company | | June 30, 2026 | | December 31, 2025 | | | | Razor Light, Inc. - Delayed Draw Loan | | 5,022 | | | — | | | | | Razor Light, Inc. - Revolving Loan | | 3,630 | | | — | | | | | Redwood Services Group, LLC (Evergreen Services Group) - Delayed Draw Loan | | — | | | 1,030 | | | | | Ridge Trail US Bidco, Inc. (Options IT) - Delayed Draw Loan | | 2,743 | | | 3,187 | | | | | Ridge Trail US Bidco, Inc. (Options IT) - Revolving Loan | | 1,062 | | | 775 | | | | | RMS Energy Borrower LLC - Delayed Draw Loan | | 357 | | | 2,999 | | | | | Rose Paving, LLC - Delayed Draw Loan | | — | | | 146 | | | | | SCIC Buyer, Inc. - Delayed Draw Loan | | 2,323 | | | 2,323 | | | | | Secretariat Advisors LLC - Delayed Draw Loan | | 835 | | | 835 | | | | | SI Solutions, LLC - Delayed Draw Loan | | 3,960 | | | 3,960 | | | | | Simplicity Financial Marketing Group Holdings, Inc. - Delayed Draw Loan | | 1,000 | | | — | | | | | SkyKnight Financial Holdings LP | | 40 | | | 40 | | | | | SkyMark Refuelers, LLC - Delayed Draw Loan | | 13,296 | | | 9,972 | | | | | Smith & Howard Advisory LLC - Delayed Draw Loan | | 1,572 | | | 99 | | | | | Specialist Resources Global Inc. - Delayed Draw Loan | | — | | | 11,790 | | | | | Specialty Manufacturing Holdings, LLC - Delayed Draw Loan | | 1,879 | | | — | | | | | Sugar PPC Buyer LLC (Sugar Foods) - Delayed Draw Loan | | 3,043 | | | 3,043 | | | | | Syndigo LLC - Revolving Loan | | 1,493 | | | 1,777 | | | | | Tau Buyer, LLC - Delayed Draw Loan | | — | | | 1,165 | | | | | Tau Buyer, LLC - Revolving Loan | | 1,055 | | | 1,445 | | | | | TBRS, Inc. - Delayed Draw Loan | | 949 | | | 949 | | | | | TBRS, Inc. - Revolving Loan | | 1,144 | | | 1,243 | | | | | Thermostat Purchaser III, Inc. - Delayed Draw Loan | | — | | | 9,375 | | | | | Thompson Safety LLC - Delayed Draw Loan | | 11,564 | | | 12,177 | | | | | Thompson Safety LLC - Revolving Loan | | 1,159 | | | 1,364 | | | | | Transit Buyer, LLC (Propark Mobility) - Delayed Draw Loan | | 3,157 | | | 902 | | | | | USA Industries Holdings LLC - Delayed Draw Loan | | 4,858 | | | 3,470 | | | | | USA Water Intermediate Holdings, LLC - Delayed Draw Loan | | 5,283 | | | 1,148 | | | | | USALCO - Delayed Draw Loan | | — | | | 61 | | | | | Vensure Employer Services, Inc. - Delayed Draw Loan | | 1,986 | | | 250 | | | | | Venture Buyer, LLC (Velosio) - Delayed Draw Loan | | 1,349 | | | 1,349 | | | | | Vertex Service Partners, LLC - Delayed Draw Loan | | 7,194 | | | 7,194 | | | | | Vessco Midco Holdings, LLC - Delayed Draw Loan | | 76 | | | 792 | | | | | Vessco Midco Holdings, LLC - Revolving Loan | | 1,726 | | | 1,726 | | | | | Victors CCC Buyer LLC (CrossCountry Consulting) - Delayed Draw Loan | | 1,011 | | | — | | | | | VMG Holdings LLC (VMG Health) - Delayed Draw Loan | | — | | | 569 | | | | | VSC Specialty Molding Acquisition LLC - Delayed Draw Loan | | 513 | | | 3,230 | | | | | Waldo Buyer, LLC - Delayed Draw Loan | | 5,508 | | | — | | | | | Waldo Buyer, LLC - Revolving Loan | | 3,809 | | | — | | | | | Watermill Express, LLC - Delayed Draw Loan | | 1,900 | | | 1,900 | | | | | WCI-Momentum Bidco, LLC - Delayed Draw Loan | | 978 | | | 699 | | | | | WSB Engineering Holdings Inc. - Delayed Draw Loan | | 5,276 | | | 6,085 | | | | | Yard-Nique, Inc. - Delayed Draw Loan | | 4,488 | | | — | | | | Total unfunded commitments (1) | | $ | 383,031 | | | $ | 359,377 | | | |
_______________ (1)Represents the full amount of the Fund's commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Fund and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date. The Fund seeks to carefully consider its unfunded investment commitments for the purpose of planning its ongoing liquidity. As of June 30, 2026, the Fund had adequate financial resources to satisfy its unfunded investment commitments.
|