v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies  
Commitments and Contingencies

Note 5. Commitments and Contingencies

Litigation and Regulatory Matters

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with the Company’s portfolio companies. As of June 30, 2026, the Company and the Adviser are not currently a party to any material legal proceedings.

Unfunded Portfolio Company Commitments

From time to time, the Company enters into commitments to fund investments. 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 and December 31, 2025, the Company had the following unfunded portfolio company commitments under loan and financing agreements:

 

($ in thousands)

 

 

 

 

 

 

Portfolio Company

Type of Investment

June 30, 2026 Par

 

 

December 31, 2025 Par

 

Accordion Partners LLC

First Lien Delayed Draw Term Loan

$

4,355

 

 

 

4,355

 

Accuserve Solutions, Inc.

First Lien Revolving Loan

 

2,859

 

 

 

4,930

 

Acentra Holdings, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

8,715

 

Acentra Holdings, LLC

First Lien Revolving Loan

 

1,441

 

 

 

1,441

 

Action Behavior Centers Therapy LLC

First Lien Delayed Draw Term Loan

 

2,839

 

 

 

3,928

 

Action Behavior Centers Therapy LLC

First Lien Revolving Loan

 

2,812

 

 

 

3,071

 

AKAM Buyer, Inc.

First Lien Delayed Draw Term Loan

 

7,483

 

 

 

-

 

AKAM Buyer, Inc.

First Lien Revolving Loan

 

2,860

 

 

 

-

 

Amerilife Holdings LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

330

 

AmeriLife Holdings LLC

First Lien Revolving Loan

 

4,254

 

 

 

4,727

 

Anaplan Inc.

First Lien Revolving Loan

 

1,546

 

 

 

1,546

 

Aprio Advisory Group, LLC

First Lien Delayed Draw Term Loan

 

239

 

 

 

256

 

Aprio Advisory Group, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

4,739

 

Aprio Advisory Group, LLC

First Lien Revolving Loan

 

4,402

 

 

 

4,402

 

Archduke Buyer, Inc.

First Lien Revolving Loan

 

876

 

 

 

876

 

Arden Insurance Services LLC

First Lien Revolving Loan

 

380

 

 

 

1,332

 

Ares Global Structured Solutions Rated Notes Feeder LLC

Unsecured Note

 

1,686

 

 

 

-

 

Ares Global Structured Solutions Rated Notes Feeder LLC

Preferred Equity

 

3,185

 

 

 

-

 

ARMStrong Receivable Management

First Lien Delayed Draw Term Loan

 

-

 

 

 

394

 

ARMStrong Receivable Management

First Lien Delayed Draw Term Loan

 

-

 

 

 

294

 

ARMStrong Receivable Management

First Lien Revolving Loan

 

299

 

 

 

299

 

 

 

($ in thousands)

 

 

 

 

 

 

Portfolio Company

Type of Investment

June 30, 2026 Par

 

 

December 31, 2025 Par

 

Babylon Buyer, Inc.

First Lien Revolving Loan

$

1,479

 

 

$

1,479

 

Baker Tilly Advisory Group, L.P.

First Lien Delayed Draw Term Loan

 

-

 

 

 

2,314

 

Baker Tilly Advisory Group, L.P.

First Lien Revolving Loan

 

1,050

 

 

 

1,050

 

Baker Tilly Advisory Group, L.P.

First Lien Revolving Loan

 

3,835

 

 

 

3,835

 

Beacon Global Strategies LLC

First Lien Delayed Draw Term Loan

 

3,588

 

 

 

-

 

Beacon Pointe Harmony, LLC

First Lien Revolving Loan

 

2,896

 

 

 

3,000

 

Bellwether Buyer, LLC

First Lien Delayed Draw Term Loan

 

6,476

 

 

 

7,530

 

Bellwether Buyer, LLC

First Lien Revolving Loan

 

3,012

 

 

 

3,012

 

Belmont Buyer, Inc.

First Lien Revolving Loan

 

1,599

 

 

 

2,180

 

Bottomline Technologies, Inc.

First Lien Revolving Loan

 

3,849

 

 

 

3,849

 

Captive Resources MIDCO, LLC

First Lien Revolving Loan

 

2,203

 

 

 

2,203

 

Cerity Partners Equity Holding LLC

First Lien Delayed Draw Term Loan

 

24,111

 

 

 

24,111

 

Cerity Partners Equity Holding LLC

First Lien Revolving Loan

 

1,180

 

 

 

1,906

 

Cherry Bekaert Advisory LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

1,142

 

Choreo Buyer LLC.

First Lien Delayed Draw Term Loan

 

4,321

 

 

 

15,311

 

Cliffwater, LLC

First Lien Revolving Loan

 

5,966

 

 

 

5,966

 

Coller Capital Feeder Note B

Unsecured Note

 

2,835

 

 

 

3,809

 

Coller Evergreen CFO I, L.P.

Unsecured Note

 

3,938

 

 

 

-

 

Conservice Midco LLC

First Lien Revolving Loan

 

949

 

 

 

-

 

Continental Buyer, Inc

First Lien Delayed Draw Term Loan

 

457

 

 

 

653

 

Continental Buyer, Inc.

First Lien Revolving Loan

 

4,921

 

 

 

4,921

 

Diligent Corporation

First Lien Delayed Draw Term Loan

 

-

 

 

 

4,124

 

Diligent Corporation

First Lien Revolving Loan

 

3,628

 

 

 

4,587

 

Eclipse Buyer, Inc.

First Lien Delayed Draw Term Loan

 

2,134

 

 

 

2,134

 

Eclipse Buyer, Inc.

First Lien Revolving Loan

 

1,083

 

 

 

1,083

 

Equinox Buyer LLC

First Lien Revolving Loan

 

4,776

 

 

 

4,776

 

Exeter Short Term Funding LLC

First Lien Revolving Loan

 

21,897

 

 

 

10,184

 

Fetch, Inc.

First Lien Delayed Draw Term Loan

 

5,899

 

 

 

-

 

Fetch, Inc.

First Lien Revolving Loan

 

3,744

 

 

 

-

 

Flexera Software LLC

First Lien Revolving Loan

 

1,056

 

 

 

1,056

 

Flow Traders Holding, LLC

First Lien Revolving Loan

 

6,167

 

 

 

11,564

 

Foundation Risk Partners, Corp.

First Lien Revolving Loan

 

2,255

 

 

 

2,644

 

Fullsteam Operations LLC

First Lien Delayed Draw Term Loan

 

9,167

 

 

 

9,167

 

Fullsteam Operations LLC

First Lien Revolving Loan

 

2,250

 

 

 

3,333

 

Galway Borrower LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

8,579

 

Galway Borrower LLC

First Lien Delayed Draw Term Loan

 

8,082

 

 

 

-

 

Galway Borrower LLC

First Lien Revolving Loan

 

2,061

 

 

 

2,491

 

GovDelivery Holdings LLC

First Lien Revolving Loan

 

2,018

 

 

 

2,193

 

GS ACQUISITIONCO, INC.

First Lien Delayed Draw Term Loan

 

-

 

 

 

893

 

GS ACQUISITIONCO, INC.

First Lien Revolving Loan

 

1

 

 

 

680

 

Guardian Restoration Partners Buyers, LLC

First Lien Delayed Draw Term Loan

 

1,352

 

 

 

2,257

 

Guardian Restoration Partners Buyers, LLC

First Lien Revolving Loan

 

714

 

 

 

357

 

HBWM Intermediate II, LLC

First Lien Delayed Draw Term Loan

 

4,211

 

 

 

-

 

HBWM Intermediate II, LLC

First Lien Revolving Loan

 

405

 

 

 

495

 

Headlands Buyer, Inc.

First Lien Delayed Draw Term Loan

 

11,376

 

 

 

11,376

 

Headlands Buyer, Inc.

First Lien Revolving Loan

 

5,088

 

 

 

5,565

 

Heights Buyer, LLC

First Lien Revolving Loan

 

2,171

 

 

 

2,235

 

Hyland Software, Inc

First Lien Revolving Loan

 

1,199

 

 

 

1,199

 

 

 

($ in thousands)

 

 

 

 

 

 

Portfolio Company

Type of Investment

June 30, 2026 Par

 

 

December 31, 2025 Par

 

IG Investments Holdings, LLC

First Lien Revolving Loan

$

3,509

 

 

$

3,509

 

Imagine Acquisition, Inc.

First Lien Revolving Loan

 

4,630

 

 

 

4,630

 

Kona Buyer, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

1,881

 

Kona Buyer, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

2,112

 

Kona Buyer, LLC

First Lien Delayed Draw Term Loan

 

3,188

 

 

 

3,188

 

Kona Buyer, LLC

First Lien Revolving Loan

 

317

 

 

 

355

 

KRESA Sub Merger, Inc.

First Lien Delayed Draw Term Loan

 

583

 

 

 

787

 

KRESA Sub Merger, Inc.

First Lien Revolving Loan

 

530

 

 

 

606

 

KRIV Acquisition Inc.

First Lien Delayed Draw Term Loan

 

568

 

 

 

1,510

 

KRIV Acquisition Inc.

First Lien Delayed Draw Term Loan

 

7,984

 

 

 

21,215

 

KRIV Acquisition Inc.

First Lien Revolving Loan

 

232

 

 

 

356

 

Kwol Acquisition Inc

First Lien Delayed Draw Term Loan

 

-

 

 

 

31

 

Kwol Acquisition Inc

First Lien Revolving Loan

 

666

 

 

 

493

 

LendDirect Trust

Second Lien Revolving Loan

 

4,568

 

 

 

-

 

London Buyer, LLC

First Lien Delayed Draw Term Loan

 

1,138

 

 

 

-

 

London Buyer, LLC

First Lien Revolving Loan

 

1,776

 

 

 

-

 

MacKay Sposito, LLC

First Lien Delayed Draw Term Loan

 

10,153

 

 

 

-

 

MacKay Sposito, LLC

First Lien Revolving Loan

 

1,209

 

 

 

-

 

MAI Capital Management Intermediate LLC

First Lien Delayed Draw Term Loan

 

9,134

 

 

 

-

 

MAI Capital Management Intermediate LLC

First Lien Delayed Draw Term Loan

 

1,558

 

 

 

2,099

 

MAI Capital Management Intermediate LLC

First Lien Revolving Loan

 

2,281

 

 

 

1,622

 

MB2 Dental Solutions, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

5,386

 

MB2 Dental Solutions, LLC

First Lien Revolving Loan

 

1,907

 

 

 

1,840

 

MEDX Holdings, LLC

First Lien Delayed Draw Term Loan

 

9,757

 

 

 

9,809

 

MEDX Holdings, LLC

First Lien Revolving Loan

 

4,606

 

 

 

4,606

 

Mercer Advisors

First Lien Delayed Draw Term Loan

 

12,680

 

 

 

18,790

 

Ministry Brands Holdings, LLC

First Lien Revolving Loan

 

1,695

 

 

 

1,554

 

Minotaur Acquisition, Inc.

First Lien Revolving Loan

 

2,041

 

 

 

2,041

 

MIRRA-PRIMEACCESS HOLDINGS, LLC

First Lien Revolving Loan

 

685

 

 

 

685

 

MRI Software LLC

First Lien Delayed Draw Term Loan

 

7,335

 

 

 

14,450

 

MRI Software LLC

First Lien Revolving Loan

 

1,898

 

 

 

2,024

 

NextGen Healthcare

First Lien Revolving Loan

 

889

 

 

 

889

 

NXGen Buyer, Inc.

First Lien Revolving Loan

 

124

 

 

 

326

 

Omega Systems Intermediate Holdings, INC

First Lien Delayed Draw Term Loan

 

4,332

 

 

 

4,332

 

Omega Systems Intermediate Holdings, INC

First Lien Revolving Loan

 

1,520

 

 

 

1,647

 

Onesource Merger Sub, Inc.

First Lien Revolving Loan

 

1,509

 

 

 

-

 

oneZero Financial Systems, LLC

First Lien Delayed Draw Term Loan

 

2,820

 

 

 

3,123

 

oneZero Financial Systems, LLC

First Lien Revolving Loan

 

3,365

 

 

 

3,365

 

PAS Parent Inc.

First Lien Delayed Draw Term Loan

 

6,737

 

 

 

6,737

 

PAS Parent Inc.

First Lien Revolving Loan

 

1,000

 

 

 

1,000

 

Petra Borrower, LLC

First Lien Revolving Loan

 

1,719

 

 

 

2,456

 

Portage Point Partners, LLC

First Lien Revolving Loan

 

846

 

 

 

-

 

Propio LS, LLC

First Lien Revolving Loan

 

142

 

 

 

103

 

RCP Nats Purchaser, LLC

First Lien Delayed Draw Term Loan

 

3,284

 

 

 

8,209

 

RCP Nats Purchaser, LLC

First Lien Revolving Loan

 

5,746

 

 

 

5,746

 

Redwood Purchaser, INC

First Lien Delayed Draw Term Loan

 

10,663

 

 

 

10,663

 

Redwood Purchaser, INC

First Lien Revolving Loan

 

5,022

 

 

 

4,018

 

Redwood Services Group, LLC

First Lien Delayed Draw Term Loan

 

3,730

 

 

 

-

 

Redwood Services Group, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

2,051

 

Redwood Trust, Inc.

First Lien Revolving Loan

 

961

 

 

 

-

 

Saab Purchaser, Inc

First Lien Delayed Draw Term Loan

 

6,905

 

 

 

6,905

 

Saab Purchaser, Inc

First Lien Revolving Loan

 

959

 

 

 

959

 

 

 

 

 

($ in thousands)

 

 

 

 

 

 

Portfolio Company

Type of Investment

June 30, 2026 Par

 

 

December 31, 2025 Par

 

SAM Holding Company, Inc.

First Lien Delayed Draw Term Loan

$

1,141

 

 

$

-

 

SAM Holding Company, Inc.

First Lien Delayed Draw Term Loan

 

4,563

 

 

 

-

 

Simplifi Holdings, Inc.

First Lien Revolving Loan

 

1,880

 

 

 

2,620

 

Southpaw AP Buyer, LLC

First Lien Delayed Draw Term Loan

 

76

 

 

 

76

 

Southpaw AP Buyer, LLC

First Lien Revolving Loan

 

670

 

 

 

670

 

SpecialtyCare, Inc.

First Lien Delayed Draw Term Loan

 

352

 

 

 

352

 

SpecialtyCare, Inc.

First Lien Revolving Loan

 

1,062

 

 

 

1,062

 

SPV CA IX LLC

Equity

 

14,768

 

 

 

20,087

 

SRS ACQUIOM HOLDINGS LLC

First Lien Revolving Loan

 

2,129

 

 

 

-

 

Standish Management US, LLC

First Lien Delayed Draw Term Loan

 

1,891

 

 

 

1,891

 

Standish Management US, LLC

First Lien Revolving Loan

 

3,886

 

 

 

3,886

 

Stepping Stones Healthcare Services, LLC

First Lien Delayed Draw Term Loan

 

4,698

 

 

 

-

 

Stepping Stones Healthcare Services, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

5,075

 

Stepping Stones Healthcare Services, LLC

First Lien Revolving Loan

 

2,527

 

 

 

-

 

Stepping Stones Healthcare Services, LLC

First Lien Revolving Loan

 

-

 

 

 

1,400

 

TA/WEG Holdings, LLC

First Lien Revolving Loan

 

1,902

 

 

 

1,902

 

Tamarack Intermediate, L.L.C.

First Lien Revolving Loan

 

3,516

 

 

 

3,516

 

The Chartis Group, LLC

First Lien Delayed Draw Term Loan

 

1,897

 

 

 

2,098

 

The Chartis Group, LLC

First Lien Revolving Loan

 

1,259

 

 

 

1,259

 

THG Acquisition, LLC

First Lien Delayed Draw Term Loan

 

1,506

 

 

 

4,144

 

THG Acquisition, LLC

First Lien Revolving Loan

 

2,205

 

 

 

2,539

 

Titan Home Improvement, LLC

First Lien Delayed Draw Term Loan

 

-

 

 

 

4,605

 

Titan Home Improvement, LLC

First Lien Revolving Loan

 

3,837

 

 

 

3,837

 

TRAKAmerica

First Lien Revolving Loan

 

2,187

 

 

 

2,187

 

Trinity Partners Holdings, LLC

First Lien Delayed Draw Term Loan

 

7,447

 

 

 

7,447

 

Trintech, Inc.

First Lien Delayed Draw Term Loan

 

2,074

 

 

 

-

 

Trintech, Inc.

First Lien Revolving Loan

 

1,734

 

 

 

-

 

True Talent Advisory Borrower LLC

First Lien Delayed Draw Term Loan

 

6,988

 

 

 

-

 

True Talent Advisory Borrower LLC

First Lien Revolving Loan

 

4,017

 

 

 

-

 

TST Intermediate Holdings, LLC

First Lien Delayed Draw Term Loan

 

5,817

 

 

 

5,817

 

TST Intermediate Holdings, LLC

First Lien Revolving Loan

 

374

 

 

 

516

 

Wasteology Group Transporation LLC

First Lien Delayed Draw Term Loan

 

15,211

 

 

 

15,211

 

Wasteology Group Transporation LLC

First Lien Revolving Loan

 

4,707

 

 

 

4,707

 

Wharf Street Ratings Acquisition LLC

First Lien Delayed Draw Term Loan

 

6,623

 

 

 

7,251

 

Wharf Street Ratings Acquisition LLC

First Lien Revolving Loan

 

6,838

 

 

 

7,487

 

World Insurance Associates, LLC

First Lien Delayed Draw Term Loan

 

3,797

 

 

 

5,261

 

World Insurance Associates, LLC

First Lien Revolving Loan

 

649

 

 

 

649

 

Worldwide Insurance Network, LLC

First Lien Delayed Draw Term Loan

 

5,384

 

 

 

13,016

 

Total Par.

 

$

511,427

 

 

$

525,553

 

 

The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded on the consolidated financial statements and reflected as an adjustment to the valuation of the related security on the Consolidated Schedule of Investments as of both June 30, 2026 and December 31, 2025. The par amount of the unfunded portfolio company commitments is not recognized by the Company until the commitment is funded.

The credit agreements of the unfunded portfolio company commitments contain customary lending provisions which are subject to the portfolio company’s achievement of certain milestones. In instances where the underlying company experiences material adverse effects that would impact the financial condition or business outlook of the company, there is relief to the Company from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Company. The Company expects to maintain sufficient liquidity in the form of cash, financing capacity, liquid investments, and undrawn capital commitments from its investors to cover any outstanding unfunded portfolio company commitments the Company may be required to fund.