| Commitments and Contingencies Disclosure [Text Block] |
8. COMMITMENTS AND CONTINGENCIES
Unfunded Commitments
Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. The Company’s unfunded commitments may be significant from time to time. These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company intends to use cash flow from normal and early principal repayments and proceeds from borrowings to fund these commitments.
As of June 30, 2026 and December 31, 2025, the Company had the following unfunded commitments to portfolio companies:
June 30, 2026 | |
Investments—non-controlled/non-affiliated | | Commitment Type | | Commitment Expiration Date | | Unfunded Commitment | | | Fair Value (1) | |
First Lien Debt | | | | | | | | | | | | |
Boostability Parent, Inc. | | Revolver | | 7/12/2029 | | $ | 150 | | | $ | (37 | ) |
CAP-KSI Holdings, LLC | | Revolver | | 6/28/2030 | | $ | 67 | | | $ | (4 | ) |
Catalyst Acoustics Group, Inc. | | Delayed Draw | | 11/12/2030 | | $ | 125 | | | $ | — | |
Catalyst Acoustics Group, Inc. | | Revolver | | 11/12/2030 | | $ | 155 | | | $ | — | |
Centaur Holdings III L.L.C. | | Delayed Draw | | 9/5/2031 | | $ | 541 | | | $ | — | |
Centaur Holdings III L.L.C. | | Revolver | | 9/5/2031 | | $ | 505 | | | $ | — | |
Concord III, L.L.C. | | Revolver | | 12/20/2028 | | $ | 14 | | | $ | — | |
Continuum Companies, Inc. | | Delayed Draw | | 9/12/2027 | | $ | 676 | | | $ | — | |
Crestek, Inc | | Revolver | | 10/1/2030 | | $ | 1,031 | | | $ | (2 | ) |
Crosslake Intermediate, LLC | | Revolver | | 3/17/2031 | | $ | 130 | | | $ | — | |
Douglas Electrical Components, Inc. | | Revolver | | 8/31/2028 | | $ | 60 | | | $ | — | |
EDGE Intermediate, LLC | | Revolver | | 6/5/2029 | | $ | 170 | | | $ | — | |
Envirotech Services, LLC | | Delayed Draw | | 1/18/2029 | | $ | 312 | | | $ | — | |
Exec Connect Intermediate LLC | | Revolver | | 3/11/2029 | | $ | 60 | | | $ | — | |
GAINLINE TUBING INTERMEDIATE, LLC | | Delayed Draw | | 7/2/2030 | | $ | 330 | | | $ | — | |
GAINLINE TUBING INTERMEDIATE, LLC | | Delayed Draw | | 7/2/2030 | | $ | 43 | | | $ | — | |
GAINLINE TUBING INTERMEDIATE, LLC | | Revolver | | 7/2/2030 | | $ | 215 | | | $ | — | |
Greenrise Technologies, LLC | | Delayed Draw | | 7/19/2029 | | $ | 260 | | | $ | — | |
Greenrise Technologies, LLC | | Revolver | | 7/19/2029 | | $ | 10 | | | $ | — | |
Imagine Acquisitionco, Inc. | | Revolver | | 11/16/2027 | | $ | 747 | | | $ | — | |
JA Moody LLC | | Revolver | | 11/29/2029 | | $ | 48 | | | $ | — | |
Modular Devices Acquisition, LLC | | Delayed Draw | | 12/28/2027 | | $ | 50 | | | $ | — | |
Modular Devices Acquisition, LLC | | Revolver | | 12/28/2027 | | $ | 32 | | | $ | — | |
MOXFIVE LLC | | Revolver | | 8/16/2029 | | $ | 230 | | | $ | — | |
PAK Quality Foods Acquisition LLC | | Revolver | | 12/28/2029 | | $ | 60 | | | $ | — | |
P.J. Fitzpatrick LLC | | Delayed Draw | | 8/1/2031 | | $ | 203 | | | $ | — | |
P.J. Fitzpatrick LLC | | Revolver | | 8/1/2031 | | $ | 355 | | | $ | — | |
Prime ABA Holdings, Inc. | | Revolver | | 9/16/2030 | | $ | 197 | | | $ | (2 | ) |
Project Alliance Buyer, LLC | | Revolver | | 8/27/2031 | | $ | 992 | | | $ | — | |
Providus MPS Buyer LLC | | Delayed Draw | | 8/16/2029 | | $ | 869 | | | $ | — | |
Providus MPS Buyer LLC | | Delayed Draw | | 8/16/2029 | | $ | 1,303 | | | $ | — | |
Providus MPS Buyer LLC | | Revolver | | 8/16/2029 | | $ | 245 | | | $ | — | |
QM Buyer, Inc. | | Delayed Draw | | 12/6/2030 | | $ | 284 | | | $ | — | |
QM Buyer, Inc. | | Revolver | | 12/6/2030 | | $ | 220 | | | $ | — | |
QVF Acquisition, Inc. | | Delayed Draw | | 12/23/2030 | | $ | 183 | | | $ | — | |
QVF Acquisition, Inc. | | Delayed Draw | | 12/23/2030 | | $ | 183 | | | $ | — | |
QVF Acquisition, Inc. | | Revolver | | 12/23/2030 | | $ | 204 | | | $ | — | |
Rose Paving, LLC | | Revolver | | 11/7/2029 | | $ | 84 | | | $ | — | |
Science Care Parent Inc. | | Delayed Draw | | 7/23/2027 | | $ | 48 | | | $ | — | |
Science Care Parent Inc. | | Revolver | | 7/23/2027 | | $ | 75 | | | $ | — | |
Sentrics, Inc. | | Delayed Draw | | 8/13/2026 | | $ | 43 | | | $ | — | |
Trimech | | Delayed Draw | | 3/10/2028 | | $ | 77 | | | $ | — | |
VP Heron Parent, Inc. | | Revolver | | 1/8/2029 | | $ | 140 | | | $ | — | |
Total Unfunded Commitments | | $ | 11,726 | | | $ | (45 | ) |
December 31, 2025 | |
Investments—non-controlled/non-affiliated | | Commitment Type | | Commitment Expiration Date | | Unfunded Commitment | | | Fair Value (1) | |
First Lien Debt | | | | | | | | | | | | |
402 Ventures, LLC | | Revolver | | 9/26/2029 | | $ | 85 | | | $ | — | |
Boostability Parent, Inc. | | Revolver | | 7/12/2029 | | $ | 150 | | | $ | — | |
CAP-KSI Holdings, LLC | | Revolver | | 6/28/2030 | | $ | 117 | | | $ | — | |
Catalyst Acoustics Group, Inc. | | Delayed Draw | | 11/12/2030 | | $ | 125 | | | $ | — | |
Catalyst Acoustics Group, Inc. | | Revolver | | 11/12/2030 | | $ | 155 | | | $ | — | |
Centaur Holdings III L.L.C. | | Delayed Draw | | 9/5/2031 | | $ | 541 | | | $ | (3 | ) |
Centaur Holdings III L.L.C. | | Revolver | | 9/5/2031 | | $ | 450 | | | $ | (4 | ) |
CentralBDC Enterprises, LLC | | Revolver | | 6/11/2029 | | $ | 22 | | | $ | — | |
Concord III, L.L.C. | | Revolver | | 12/20/2028 | | $ | 14 | | | $ | — | |
Crosslake Intermediate, LLC | | Revolver | | 5/17/2029 | | $ | 130 | | | $ | — | |
Cultural Experiences Abroad, LLC | | Revolver | | 8/16/2028 | | $ | 143 | | | $ | — | |
Douglas Electrical Components, Inc. | | Revolver | | 8/31/2028 | | $ | 60 | | | $ | — | |
EDGE Intermediate, LLC | | Revolver | | 6/5/2029 | | $ | 117 | | | $ | — | |
Exec Connect Intermediate LLC | | Delayed Draw | | 3/11/2029 | | $ | 100 | | | $ | — | |
Exec Connect Intermediate LLC | | Revolver | | 3/11/2029 | | $ | 60 | | | $ | — | |
GAINLINE TUBING INTERMEDIATE, LLC | | Delayed Draw | | 7/2/2030 | | $ | 330 | | | $ | — | |
GAINLINE TUBING INTERMEDIATE, LLC | | Revolver | | 7/2/2030 | | $ | 215 | | | $ | — | |
Greenrise Technologies, LLC | | Delayed Draw | | 7/19/2029 | | $ | 260 | | | $ | — | |
Greenrise Technologies, LLC | | Revolver | | 7/19/2029 | | $ | 10 | | | $ | — | |
Imagine Acquisitionco, Inc. | | Revolver | | 11/16/2027 | | $ | 747 | | | $ | — | |
JA Moody LLC | | Delayed Draw | | 11/29/2029 | | $ | 355 | | | $ | — | |
JA Moody LLC | | Revolver | | 11/29/2029 | | $ | 96 | | | $ | — | |
Modular Devices Acquisition, LLC | | Delayed Draw | | 12/28/2026 | | $ | 1 | | | $ | — | |
Modular Devices Acquisition, LLC | | Revolver | | 12/28/2026 | | $ | 32 | | | $ | — | |
MOXFIVE LLC | | Revolver | | 8/16/2029 | | $ | 230 | | | $ | — | |
P.J. Fitzpatrick LLC | | Delayed Draw | | 8/1/2031 | | $ | 475 | | | $ | (3 | ) |
P.J. Fitzpatrick LLC | | Revolver | | 8/1/2031 | | $ | 354 | | | $ | (5 | ) |
PAG Holding Corp. | | Revolver | | 12/22/2029 | | $ | 46 | | | $ | — | |
PAK Quality Foods Acquisition LLC | | Revolver | | 12/28/2029 | | $ | 30 | | | $ | — | |
Prime ABA Holdings, Inc. | | Delayed Draw | | 9/16/2030 | | $ | 35 | | | $ | — | |
Prime ABA Holdings, Inc. | | Revolver | | 9/16/2030 | | $ | 297 | | | $ | — | |
Project Alliance Buyer, LLC | | Revolver | | 8/27/2031 | | $ | 991 | | | $ | (13 | ) |
Providus MPS Buyer LLC | | Revolver | | 8/16/2029 | | $ | 172 | | | $ | — | |
QM Buyer, Inc. | | Delayed Draw | | 12/6/2030 | | $ | 445 | | | $ | — | |
QM Buyer, Inc. | | Revolver | | 12/6/2030 | | $ | 220 | | | $ | — | |
QVF Acquisition, Inc. | | Delayed Draw | | 12/23/2030 | | $ | 183 | | | $ | — | |
QVF Acquisition, Inc. | | Delayed Draw | | 12/23/2030 | | $ | 183 | | | $ | — | |
QVF Acquisition, Inc. | | Revolver | | 12/23/2030 | | $ | 198 | | | $ | — | |
Rose Paving, LLC | | Revolver | | 11/7/2029 | | $ | 134 | | | $ | — | |
Rose Paving, LLC | | Delayed Draw | | 11/7/2029 | | $ | 4 | | | $ | — | |
Science Care Parent Inc. | | Delayed Draw | | 7/23/2027 | | $ | 48 | | | $ | — | |
Science Care Parent Inc. | | Revolver | | 7/23/2027 | | $ | 75 | | | $ | — | |
Talent Worldwide Inc. | | Revolver | | 12/18/2029 | | $ | 52 | | | $ | — | |
VP Heron Parent, Inc. | | Revolver | | 1/8/2029 | | $ | 140 | | | $ | — | |
Total Unfunded Commitments | | $ | 8,627 | | | $ | (28 | ) |
(1) | Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan. |
Transaction Fee Letter
Pursuant to a transaction fee letter between the Company and the Adviser, dated May 23, 2025 (the “Transaction Fee Letter”), the Adviser has incurred on behalf of the Company $725 of legal expenses related to (i) the consent solicitation related to the amendments to the limited partnership agreements of the Funds and the Mergers and (ii) the formation and organization of the Company. Upon making the BDC Election, the Company incurred $102 of other administrative expenses that were previously subject to contingencies under the terms of the Transaction Fee Letter and the Investment Management Agreement.
Indemnifications
In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote.
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