v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise, and accordingly, the Company has not accrued any liability in connection with such indemnifications.
Other Commitments and Contingencies
Unfunded commitments
The Company’s investment portfolio may contain revolving line of credit or delayed draw commitments, which require the Company to fund when requested by the portfolio companies. The Company believes that it maintains sufficient financial resources to satisfy any unfunded commitments, including cash on hand and available borrowings to fund such unfunded commitments. As of June 30, 2026 and December 31, 2025, the Company had unfunded investment commitments in the aggregate par amount of $147.7 million and $197.8 million, respectively. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.
As of June 30, 2026, the Company had the following unfunded commitments by investment types (amounts in thousands):
Investments - non-controlled, non-affiliatedCommitment TypeUnfunded Commitment
ACP Avenu Buyer, LLCDelayed Draw Term Loan$5,889 
ACP Avenu Buyer, LLCRevolver1,601 
AG Bells, LLCRevolver1,696 
Ambient Enterprises Holdco, LLCDelayed Draw Term Loan26 
Ambient Enterprises Holdco, LLCDelayed Draw Term Loan50 
Ambient Enterprises Holdco, LLCRevolver685 
American Combustion Industries, LLCRevolver236 
Amerspirit FL, LLCDelayed Draw Term Loan488 
Ampler QSR Holdings, LLCRevolver2,451 
Amylu Borrower Sub, LLCDelayed Draw Term Loan1,662 
Amylu Borrower Sub, LLCRevolver2,508 
Apex Service Partners, LLCRevolver1,382 
Investments - non-controlled, non-affiliatedCommitment TypeUnfunded Commitment
Beacon Oral SpecialistsDelayed Draw Term Loan$928 
Bristol Hospice, LLCRevolver3,779 
Cards Live Oak Holdings Inc.Delayed Draw Term Loan17 
Cards Live Oak Holdings Inc.Revolver20 
Cranetech USA IncDelayed Draw Term Loan33 
Cranetech USA IncRevolver33 
Cvausa Management, LLCDelayed Draw Term Loan7,660 
Cvausa Management, LLCRevolver1,111 
Del-Air Heating, Air Conditioning & Refrigeration, LLCDelayed Draw Term Loan4,090 
Del-Air Heating, Air Conditioning & Refrigeration, LLCRevolver1,988 
Dentive Capital, LLCRevolver50 
Dukes Root Control Inc.Revolver908 
Durare Bidco LLCDelayed Draw Term Loan29 
Durare Bidco LLCRevolver50 
Elessent Clean Technologies Inc.Revolver1,711 
Flexera Software LLCRevolver50 
GC Waves Holdings, Inc.Delayed Draw Term Loan737 
GMLx Buyer LLCDelayed Draw Term Loan13,317 
GMLx Buyer LLCRevolver5,549 
GRVTY, Inc.Delayed Draw Term Loan50 
GRVTY, Inc.Revolver50 
High Street Buyer, Inc.Delayed Draw Term Loan15,810 
IFH Franchisee Holdings, LLCDelayed Draw Term Loan3,136 
Ironhorse Purchaser, LLCDelayed Draw Term Loan50 
Ironhorse Purchaser, LLCRevolver46 
KAMC Holdings, Inc.Revolver27 
Key Container Borrower, LLCDelayed Draw Term Loan50 
Key Container Borrower, LLCRevolver50 
Legacy Precast BuyerDelayed Draw Term Loan5,157 
Legacy Precast BuyerRevolver4,727 
Neptune Platform Buyer, LLCDelayed Draw Term Loan1,252 
Neptune Platform Buyer, LLCDelayed Draw Term Loan320 
Neptune Platform Buyer, LLCDelayed Draw Term Loan50 
Neptune Platform Buyer, LLCDelayed Draw Term Loan2,350 
NWP Acquisition Holdings, LLCDelayed Draw Term Loan14 
NWP Acquisition Holdings, LLCRevolver4,040 
Offen, Inc.Revolver3,178 
Orthofeet, IncRevolver1,524 
Pathstone Family Office, LLCDelayed Draw Term Loan48 
Pathstone Family Office, LLCRevolver1,048 
Premier Forge Purchaser LLCRevolver50 
Radwell Parent, LLCDelayed Draw Term Loan97 
Radwell Parent, LLCRevolver73 
Regent Surgical Health, LLCDelayed Draw Term Loan50 
Regent Surgical Health, LLCRevolver6,729 
RKD Group, LLCDelayed Draw Term Loan3,233 
RKD Group, LLCRevolver1,805 
Royal Holdco CorporationDelayed Draw Term Loan1,496 
Royal Holdco CorporationRevolver224 
RPX CorporationRevolver2,601 
Sandlot Baseball BorrowerCo, LLCDelayed Draw Term Loan49 
Sandlot Baseball BorrowerCo, LLCRevolver2,253 
Seahawk Buyer LLCDelayed Draw Term Loan50 
Seahawk Buyer LLCRevolver38 
Secretariat Advisors, LLCDelayed Draw Term Loan1,081 
Stonebridge Companies, LLCDelayed Draw Term Loan1,327 
Stonebridge Companies, LLCRevolver885 
Investments - non-controlled, non-affiliatedCommitment TypeUnfunded Commitment
SV-AERO Holdings, LLCDelayed Draw Term Loan$1,261 
Systems Planning And Analysis, Inc.Delayed Draw Term Loan785 
Systems Planning And Analysis, Inc.Revolver970 
Together Womens Health, LLCDelayed Draw Term Loan10,905 
Together Womens Health, LLCRevolver2,305 
VRC Companies, LLCRevolver100 
World Insurance Associates, LLCRevolver1,127 
WRM Wastewater Merger Sub, Inc.Delayed Draw Term Loan4,478 
$147,683 
As of December 31, 2025, the Company had the following unfunded commitments by investment types (amounts in thousands):
Investments - non-controlled, non-affiliatedCommitment TypeUnfunded Commitment
ACP Avenu Buyer, LLCDelayed Draw Term Loan$5,889 
ACP Avenu Buyer, LLCRevolver2,061 
AG Bells, LLCRevolver1,696 
Ambient Enterprises Holdco, LLCDelayed Draw Term Loan50 
Ambient Enterprises Holdco, LLCDelayed Draw Term Loan3,388 
Ambient Enterprises Holdco, LLCRevolver685 
American Combustion Industries, LLCDelayed Draw Term Loan3,376 
American Combustion Industries, LLCRevolver236 
Amerspirit FL, LLCDelayed Draw Term Loan865 
Ampler QSR Holdings, LLCRevolver2,451 
Amylu Borrower Sub, LLCDelayed Draw Term Loan1,998 
Amylu Borrower Sub, LLCRevolver2,508 
Apex Service Partners, LLCDelayed Draw Term Loan23 
Apex Service Partners, LLCRevolver1,885 
Beacon Oral SpecialistsDelayed Draw Term Loan252 
Beacon Oral SpecialistsDelayed Draw Term Loan1,171 
Bristol Hospice, LLCRevolver3,779 
Cards Live Oak Holdings INCDelayed Draw Term Loan50 
Cards Live Oak Holdings INCRevolver33 
Cvausa Management, LLCDelayed Draw Term Loan16,533 
Cvausa Management, LLCRevolver1,111 
Del-Air Heating, Air Conditioning & Refrigeration, LLCDelayed Draw Term Loan4,090 
Del-Air Heating, Air Conditioning & Refrigeration, LLCRevolver2,272 
Dentive Capital, LLCRevolver50 
Dermcare Management, LLCDelayed Draw Term Loan18,476 
Dukes Root Control Inc.Revolver908 
Durare Bidco LLCDelayed Draw Term Loan50 
Durare Bidco LLCRevolver50 
Elessent Clean Technologies Inc.Revolver1,711 
Flexera Software LLCRevolver50 
GC Waves Holdings, Inc.Delayed Draw Term Loan1,092 
High Street Buyer, Inc.Delayed Draw Term Loan17,251 
HLSG Intermediate, LLCDelayed Draw Term Loan2,341 
HLSG Intermediate, LLCRevolver837 
IFH Franchisee Holdings, LLCDelayed Draw Term Loan3,136 
KAMC Holdings, Inc.Revolver27 
Legacy Precast BuyerDelayed Draw Term Loan5,157 
Legacy Precast BuyerRevolver4,727 
Neptune Platform Buyer, LLCDelayed Draw Term Loan1,403 
Neptune Platform Buyer, LLCDelayed Draw Term Loan641 
Neptune Platform Buyer, LLCDelayed Draw Term Loan2,350 
NWP Acquisition Holdings, LLCDelayed Draw Term Loan4,000 
NWP Acquisition Holdings, LLCRevolver5,000 
Investments - non-controlled, non-affiliatedCommitment TypeUnfunded Commitment
Offen, Inc.Revolver$3,178 
Orthofeet, IncRevolver1,524 
Pathstone Family Office, LLCDelayed Draw Term Loan5,340 
Pathstone Family Office, LLCRevolver797 
Regent Surgical Health, LLCDelayed Draw Term Loan2,256 
Regent Surgical Health, LLCRevolver7,824 
RKD Group, LLCDelayed Draw Term Loan3,233 
RKD Group, LLCRevolver1,805 
Royal Holdco CorporationDelayed Draw Term Loan4,740 
Royal Holdco CorporationRevolver404 
RPX CorporationRevolver2,601 
Salt Dental Collective, LLCRevolver78 
Sandlot Baseball BorrowerCo, LLCDelayed Draw Term Loan4,942 
Sandlot Baseball BorrowerCo, LLCRevolver2,253 
Secretariat Advisors, LLCDelayed Draw Term Loan1,081 
Stonebridge Companies, LLCDelayed Draw Term Loan1,327 
Stonebridge Companies, LLCRevolver885 
Superjet Buyer, LLCDelayed Draw Term Loan4,134 
SV-AERO Holdings, LLCDelayed Draw Term Loan1,261 
Systems Planning And Analysis, Inc.Delayed Draw Term Loan1,595 
Systems Planning And Analysis, Inc.Revolver1,970 
Together Womens Health, LLCDelayed Draw Term Loan10,905 
Together Womens Health, LLCRevolver2,305 
VRC Companies, LLCRevolver100 
World Insurance Associates, LLCRevolver1,127 
WRM Wastewater Merger Sub, Inc.Delayed Draw Term Loan4,478 
$197,802 
Off balance sheet risk
Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Assets and Liabilities. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of June 30, 2026 and December 31, 2025, there were no commitments outstanding for derivative contracts.
Legal proceedings
From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2026, management is not aware of any material pending legal proceedings.