| Commitments and Contingencies |
7.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. The Company and the Advisor have entered into an Expense Support Agreement. The Company may be obligated to make a Reimbursement Payment to the Advisor for such expenses through June 30, 2029. As of June 30, 2026, the Company did not have an obligation to repay expense support to the Advisor and did not record a liability on the consolidated statements of assets and liabilities. Refer to Note 3 for more information on the Expense Support Agreement. The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company’s inception:
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period Ended |
|
Expense Payments by Advisor |
|
|
Reimbursement Payments to Advisor |
|
|
Unreimbursed Expense Payable |
|
December 31, 2023 |
|
$ |
3,933 |
|
|
$ |
— |
|
|
$ |
3,933 |
|
March 31, 2024 |
|
|
885 |
|
|
|
— |
|
|
|
885 |
|
June 30, 2024 |
|
|
3,305 |
|
|
|
— |
|
|
|
3,305 |
|
September 30, 2024 |
|
|
4,491 |
|
|
|
— |
|
|
|
4,491 |
|
December 31, 2024 |
|
|
225 |
|
|
|
— |
|
|
|
225 |
|
March 31, 2025 |
|
|
2,634 |
|
|
|
— |
|
|
|
2,634 |
|
June 30, 2025 |
|
|
1,074 |
|
|
|
— |
|
|
|
1,074 |
|
September 30, 2025 |
|
|
1,180 |
|
|
|
— |
|
|
|
1,180 |
|
December 31, 2025 |
|
|
400 |
|
|
|
— |
|
|
|
400 |
|
March 31, 2026 |
|
|
515 |
|
|
|
— |
|
|
|
515 |
|
June 30, 2026 |
|
|
805 |
|
|
|
— |
|
|
|
805 |
|
Total |
|
$ |
19,447 |
|
|
$ |
— |
|
|
$ |
19,447 |
|
The Company’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments at fair value. Unrealized appreciation or depreciation, if any, is included in the consolidated statements of assets and liabilities and the change in unrealized appreciation or depreciation, if any, is included in net change in unrealized appreciation (depreciation) in the consolidated statements of operations. The Company had the following outstanding commitments to investments as of the following period:
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands)
Portfolio Company |
|
Commitment Type |
|
Commitment
Expiration Date |
|
Unfunded
Commitment |
|
|
Fair Value as of June 30, 2026(1) |
|
Atlantic Squared Supply LLC |
|
Delayed Draw Term Loan |
|
11/17/2027 |
|
|
10,345 |
|
|
|
(91 |
) |
CI (MG) GROUP, LLC |
|
Delayed Draw Term Loan |
|
3/27/2027 |
|
|
5,960 |
|
|
|
(18 |
) |
CI (MG) GROUP, LLC |
|
Revolving Term Loan |
|
3/27/2030 |
|
|
2,157 |
|
|
|
(17 |
) |
Continental Cafe LLC |
|
Delayed Draw Term Loan |
|
12/19/2026 |
|
|
10,430 |
|
|
|
(30 |
) |
Envision Management Holding, Inc. |
|
Delayed Draw Term Loan |
|
12/31/2027 |
|
|
3,124 |
|
|
|
(13 |
) |
Exclusive Resorts Real Estate Holdings I, LLC |
|
Delayed Draw Term Loan |
|
12/3/2027 |
|
|
5,859 |
|
|
|
(18 |
) |
Hand Family Companies Holdings, LLC |
|
Delayed Draw Term Loan |
|
5/30/2027 |
|
|
13,951 |
|
|
|
(279 |
) |
Hand Family Companies Holdings, LLC |
|
Delayed Draw Term Loan |
|
5/30/2027 |
|
|
5,115 |
|
|
|
(102 |
) |
JF Acquisition LLC |
|
Delayed Draw Term Loan |
|
6/18/2027 |
|
|
4,301 |
|
|
|
(43 |
) |
JF Acquisition LLC |
|
Revolving Term Loan |
|
6/18/2030 |
|
|
3,971 |
|
|
|
(79 |
) |
Ally Waste Services LLC |
|
Delayed Draw Term Loan |
|
6/1/2028 |
|
|
21,818 |
|
|
|
(164 |
) |
Oldcastle Lawn & Garden Inc |
|
Revolving Term Loan |
|
5/8/2028 |
|
|
14,756 |
|
|
|
(74 |
) |
Total Unfunded Portfolio Company
Commitments |
|
|
|
|
$ |
101,787 |
|
|
$ |
(928 |
) |
(1)The negative fair value is the result of the capitalized discount on the loan.
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands)
Portfolio Company |
|
Commitment Type |
|
Commitment
Expiration Date |
|
Unfunded
Commitment |
|
|
Fair Value as of December 31, 2025(1) |
|
Advanced Technology Services Inc |
|
Delayed Draw Term Loan |
|
12/31/2026 |
|
$ |
8,782 |
|
|
$ |
(132 |
) |
Atlantic Squared Supply LLC |
|
Delayed Draw Term Loan |
|
11/17/2027 |
|
|
10,345 |
|
|
|
(91 |
) |
CI (MG) GROUP, LLC |
|
Delayed Draw Term Loan |
|
3/27/2027 |
|
|
10,581 |
|
|
|
(68 |
) |
CI (MG) GROUP, LLC |
|
Revolving Term Loan |
|
3/27/2030 |
|
|
2,128 |
|
|
|
(24 |
) |
Continental Cafe LLC |
|
Delayed Draw Term Loan |
|
12/19/2026 |
|
|
13,788 |
|
|
|
(120 |
) |
Envision Management Holding, Inc. |
|
Delayed Draw Term Loan |
|
12/31/2027 |
|
|
3,124 |
|
|
|
(23 |
) |
Exclusive Resorts Real Estate Holdings I, LLC |
|
Delayed Draw Term Loan |
|
12/3/2027 |
|
|
11,719 |
|
|
|
(59 |
) |
Hand Family Companies Holdings, LLC |
|
Delayed Draw Term Loan |
|
5/30/2027 |
|
|
13,951 |
|
|
|
(279 |
) |
Hand Family Companies Holdings, LLC |
|
Delayed Draw Term Loan |
|
5/30/2027 |
|
|
5,115 |
|
|
|
(102 |
) |
JF Acquisition LLC |
|
Delayed Draw Term Loan |
|
6/18/2027 |
|
|
6,419 |
|
|
|
(64 |
) |
JF Acquisition LLC |
|
Revolving Term Loan |
|
6/18/2030 |
|
|
3,971 |
|
|
|
(79 |
) |
Total Unfunded Portfolio Company
Commitments |
|
|
|
|
$ |
89,923 |
|
|
$ |
(1,041 |
) |
(1)The negative fair value is the result of the capitalized discount on the loan. |