v3.26.1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 8. Commitments and Contingencies

Expense Support and Conditional Reimbursement

The Fund and the Adviser have entered into a Reimbursement Agreement. The Fund may be obligated to make a Reimbursement Payment to the Adviser for such expenses. As of June 30, 2026, the Fund did not have an obligation to repay expense support to the Adviser and did not record a liability on the Consolidated Statements of Assets and Liabilities. Refer to Note 4 — Related Party Transactions for more information on the Reimbursement Agreement.

The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Fund’s Inception:

 

For the Period Ended

 

Expense Payments by the Adviser

 

 

Reimbursement Payments to the Adviser

 

 

Cumulative Unreimbursed Expenses

 

December 31, 2024

 

$

2,439,409

 

 

$

(406,568

)

 

$

2,032,841

 

March 31, 2025

 

 

 

 

 

 

 

 

2,032,841

 

June 30, 2025

 

 

2,429,382

 

 

 

 

 

 

4,462,223

 

September 30, 2025

 

 

378,636

 

 

 

(537,873

)

 

 

4,302,986

 

December 31, 2025

 

 

131,290

 

 

 

 

 

 

4,434,276

 

March 31, 2026

 

 

 

 

 

(400,000

)

 

 

4,034,276

 

June 30, 2026

 

 

 

 

 

(193,121

)

 

 

3,841,155

 

Total

 

$

5,378,717

 

 

$

(1,537,562

)

 

$

3,841,155

 

During the three and six months ended June 30, 2026, the Fund did not incur expenses related to the Reimbursement Agreement. During the three and six months ended June 30, 2025, the Fund incurred expenses of $2,429,382 related to the Reimbursement Agreement, all of which was paid by the Adviser and which may be reimbursed by the Fund at a later date and is in the accompany Consolidated Statements of Operations.

Borrowings Under Leverage Facility

On October 10, 2024, the SPV entered into a Loan and Servicing Agreement (“LSA”) with Wells Fargo Bank, National Association (the “Leverage Facility”). The LSA allows for an advance of up to $500,000,000 for loans acquired by the SPV. On September 30, 2025, the SPV executed an amendment to allow for an advance of up to $600,000,000. The Leverage Facility had a maturity date of October 10, 2029 and accrued interest at SOFR plus 2.15% through September 30, 2025. On September 30, 2025, the maturity date was extended to September 30, 2030 and the margin was decreased to SOFR plus 2.00%. On January 22, 2026 the Fund amended the Leverage Facility LSA, which extended the maturity date to January 22, 2031, decreased the margin to SOFR plus 1.90% and allows for an advance of up to $800,000,000. The average rate for the outstanding loans as of June 30, 2026 and December 31,

2025 was 5.55% and 6.37%, respectively, and weighted average outstanding balance for the periods was $510,259,197 and $355,056,744, respectively. As of June 30, 2026 and December 31, 2025, the Fund had $546,865,537 and $489,741,436 outstanding on its Leverage Facility, net of deferred financing costs, which totaled $6,280,800 and $4,562,245, respectively. The Fund incurred interest expense and unused commitment fees of $7,872,161 and $14,920,439 during the three and six months ended June 30, 2026, respectively. The Fund incurred interest expense and unused commitment fees of $5,474,702 and $11,072,135 during the three and six months ended June 30, 2025, respectively.

Borrowings Under Credit Facility

On April 10, 2026, the Fund entered into a senior secured credit facility (the “Credit Facility”) pursuant to a Senior Secured Credit Agreement (the “Credit Facility Agreement”), with JPMorgan Chase Bank, N.A. The initial principal amount of the Credit Facility is $275,000,000, subject to availability under the borrowing base, which is based on the Fund’s portfolio investments and other outstanding indebtedness, with the ability to increase the total facility amount up to $412,500,000. The Credit Facility includes a $50,000,000 limit for swingline loans. Advances under the Credit Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875% plus the Adjusted Term SOFR Rate in the case of any loan other than an Alternate Base Rate (“ABR”) Loan, and 0.75% or 0.875% plus an ABR in the case of any ABR Loan, in each case, depending on the Fund’s rate option election and borrowing base (as of the most recently delivered borrowing base certificate delivered under the Credit Facility Agreement). Advances under the Credit Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to 1.75% or 1.875%, in each case depending on the Fund’s borrowing base (as of the most recently delivered borrowing base certificate delivered under the Credit Facility Agreement), plus any applicable credit spread adjustment, plus certain local rates consistent with market standards, each as specified in the Credit Facility Agreement. The Fund will also pay a fee of 0.375% per annum on daily undrawn amounts under the Credit Facility. The availability period of the revolving commitments under the Credit Facility will terminate on April 10, 2030 (the “Commitment Termination Date”) and the Credit Facility will mature on April 10, 2031 (the “Maturity Date”). During the period from the Commitment Termination Date to the Maturity Date, the Fund will be obligated to make mandatory prepayments under the Credit Facility out of the proceeds of certain asset sales, other recovery events and equity and debt issuances. The average rate for the outstanding loans as of June 30, 2026 was 6.46% and weighted average outstanding balance for the period was $10,394,874. As of June 30, 2026, the Fund had $18,477,641 outstanding on its Credit Facility, net of deferred financing costs, which totaled $3,310,440. The Fund incurred interest expense and unused commitment fees of $278,622 and $278,622 during the three and six months ended June 30, 2026, respectively.

At June 30, 2026 and December 31, 2025, the carrying amount of the Fund’s secured borrowings approximated their fair value. The fair values of the Fund’s debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Fund’s borrowings is estimated based upon market interest rates for the Fund’s own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. As of June 30, 2026 Fund’s borrowings would be deemed to be Level 3, as defined in Note 3 — Investments.

Short-Term Borrowings

From time to time, the Fund finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the Consolidated Statements of Assets and Liabilities. The Fund uses repurchase agreements as a short-term financing alternative. As of June 30, 2026 and December 31, 2025, the Fund had no short-term borrowings outstanding. For the three and six months ended June 30, 2026, there was no interest expense in connection with short-term borrowing. The Fund incurred interest expense and unused commitment fees of $14,767 and $166,372 during the three and six months ended June 30, 2025, respectively.

The Fund may enter into certain credit agreements that include loan commitments where all or a portion of which may be unfunded. The Fund is generally obligated to fund these unfunded loan commitments at the borrowers’ discretion. Funded portions of credit agreements are presented in the accompanying Consolidated Schedules of Investments. Unfunded loan commitments and funded portions of credit agreements are fair valued and unrealized appreciation or depreciation, if any, is included in the accompanying Consolidated Statements of Assets and Liabilities and accompanying Consolidated Statements of Operations.

Investment Commitments

The following table summarizes the Fund's significant contractual payment obligations as of June 30, 2026 and December 31, 2025:

Investment

 

Investment Type

 

Index

 

Spread

 

Interest Rate

 

Maturity

 

Industry

 

June 30, 2026

 

 

December 31, 2025

 

VC3

 

Unitranche DDTL

 

S+

 

5.00%

 

8.73%

 

3/12/2029

 

IT Services

 

$

15,000,000

 

 

$

15,000,000

 

Southeast Lineman Training Center

 

1st Lien DDTL

 

S+

 

5.00%

 

8.73%

 

1/3/2030

 

Diversified Consumer Services

 

 

10,000,000

 

 

 

10,000,000

 

HeartLand

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

12/12/2029

 

Commercial Services & Supplies

 

 

6,092,432

 

 

 

6,092,431

 

TechData

 

1st Lien Term Loan

 

S+

 

5.00%

 

8.73%

 

7/1/2032

 

Life Sciences Tools & Services

 

 

6,051,725

 

 

 

 

Radwell

 

Unitranche DDTL

 

S+

 

4.75%

 

8.48%

 

4/1/2030

 

Trading Companies & Distributors

 

 

5,828,571

 

 

 

 

HR Green

 

1st Lien DDTL

 

S+

 

5.25%

 

8.98%

 

1/28/2030

 

Construction & Engineering

 

 

5,577,515

 

 

 

2,788,758

 

Proceed

 

Unitranche Revolver

 

S+

 

4.50%

 

8.18%

 

12/31/2049

 

Professional Services

 

 

5,000,000

 

 

 

 

Kept

 

1st Lien DDTL

 

S+

 

5.00%

 

8.73%

 

4/30/2029

 

Commercial Services & Supplies

 

 

4,730,632

 

 

 

 

Klick Health

 

Unitranche DDTL

 

S+

 

5.00%

 

8.73%

 

11/5/2032

 

Media

 

 

4,080,000

 

 

 

 

EPIC Insurance 2021

 

Unitranche DDTL

 

S+

 

4.50%

 

8.23%

 

9/29/2028

 

Insurance

 

 

4,000,000

 

 

 

 

Specialized Dental

 

1st Lien DDTL

 

S+

 

4.50%

 

8.23%

 

11/1/2028

 

Health Care Providers & Services

 

 

3,644,860

 

 

 

3,644,860

 

EIS

 

1st Lien DDTL

 

S+

 

4.50%

 

8.23%

 

11/5/2031

 

Trading Companies & Distributors

 

 

3,500,000

 

 

 

 

AIS Healthcare

 

1st Lien DDTL

 

S+

 

5.00%

 

8.73%

 

6/4/2032

 

Health Care Providers & Services

 

 

3,495,146

 

 

 

 

Prime Pensions

 

Unitranche DDTL

 

S+

 

4.75%

 

8.48%

 

2/26/2030

 

Professional Services

 

 

3,444,911

 

 

 

3,444,911

 

Lighthouse

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

12/31/2029

 

Professional Services

 

 

3,440,538

 

 

 

3,440,538

 

Vessco Water

 

Unitranche DDTL

 

S+

 

4.50%

 

8.23%

 

7/24/2031

 

Water Utilities

 

 

3,158,722

 

 

 

3,158,722

 

Med Tech Solutions

 

Unitranche DDTL

 

S+

 

5.25%

 

8.98%

 

6/3/2032

 

IT Services

 

 

3,073,074

 

 

 

3,073,074

 

Argano

 

1st Lien DDTL

 

S+

 

5.50%

 

9.23%

 

9/13/2029

 

Internet Software & Services

 

 

3,027,327

 

 

 

5,000,000

 

SavATree

 

Unitranche DDTL

 

S+

 

5.00%

 

8.73%

 

6/6/2031

 

Commercial Services & Supplies

 

 

2,805,600

 

 

 

3,000,000

 

Allworth Financial

 

Unitranche DDTL

 

S+

 

5.00%

 

8.73%

 

6/30/2033

 

Capital Markets

 

 

2,768,740

 

 

 

 

Alcresta

 

1st Lien DDTL

 

S+

 

5.25%

 

8.98%

 

3/12/2031

 

Health Care Equipment & Supplies

 

 

2,753,588

 

 

 

4,457,239

 

Kalkomey

 

Unitranche Revolver

 

S+

 

5.00%

 

8.73%

 

6/18/2031

 

Diversified Consumer Services

 

 

2,748,599

 

 

 

2,748,599

 

PayByPhone

 

Unitranche DDTL

 

S+

 

4.75%

 

8.48%

 

3/31/2033

 

Software

 

 

2,666,667

 

 

 

 

Allyant

 

Unitranche Revolver

 

S+

 

6.00%

 

9.73%

 

10/30/2026

 

Software

 

 

2,576,812

 

 

 

2,576,812

 

Ascend Partner Services

 

1st Lien DDTL

 

S+

 

4.50%

 

8.23%

 

8/11/2031

 

Financial Services

 

 

2,569,143

 

 

 

4,774,857

 

MB2 Dental Solutions

 

Unitranche DDTL

 

S+

 

5.50%

 

9.23%

 

2/13/2031

 

Health Care Providers & Services

 

 

2,512,904

 

 

 

 

Summit Spine & Joint Centers

 

Unitranche DDTL

 

S+

 

4.75%

 

8.48%

 

3/25/2031

 

Health Care Providers & Services

 

 

2,499,627

 

 

 

3,787,313

 

Dane Street

 

1st Lien DDTL

 

S+

 

4.50%

 

8.23%

 

3/28/2033

 

Health Care Providers & Services

 

 

2,430,000

 

 

 

 

Foundation Source

 

1st Lien Revolver

 

S+

 

5.00%

 

8.73%

 

9/6/2029

 

Professional Services

 

 

2,405,025

 

 

 

2,319,131

 

Aprio

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

8/1/2031

 

Financial Services

 

 

2,331,710

 

 

 

2,500,000

 

Cherry Bekaert

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

6/28/2030

 

Professional Services

 

 

2,331,260

 

 

 

2,331,260

 

TechData

 

1st Lien DDTL

 

S+

 

5.00%

 

8.73%

 

6/23/2032

 

Life Sciences Tools & Services

 

 

2,327,586

 

 

 

 

Frazier & Deeter

 

1st Lien DDTL

 

S+

 

4.50%

 

8.23%

 

5/3/2032

 

Financial Services

 

 

2,205,000

 

 

 

 

USMed-Equip

 

Unitranche Revolver

 

S+

 

5.75%

 

9.48%

 

5/24/2029

 

Health Care Equipment & Supplies

 

 

2,148,687

 

 

 

2,335,530

 

Beacon Communications

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

4/2/2032

 

Commercial Services & Supplies

 

 

2,083,333

 

 

 

 

TRG Solutions

 

Unitranche DDTL

 

S+

 

4.50%

 

8.23%

 

1/5/2032

 

Electronic Equipment, Instruments & Components

 

 

2,064,000

 

 

 

 

Proceed

 

Unitranche DDTL

 

S+

 

4.50%

 

8.23%

 

3/31/2032

 

Professional Services

 

 

1,958,333

 

 

 

 

Taymax Group

 

1st Lien Revolver

 

S+

 

5.18%

 

8.92%

 

7/30/2027

 

Hotels, Restaurants & Leisure

 

 

1,958,044

 

 

 

1,664,338

 

SIAA (Alliance Holdings)

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

4/30/2030

 

Insurance

 

 

1,908,750

 

 

 

1,908,750

 

Eagle Fire

 

1st Lien DDTL

 

S+

 

4.25%

 

7.98%

 

7/15/2032

 

Commercial Services & Supplies

 

 

1,908,491

 

 

 

2,204,644

 

Clearway Pain Solutions

 

1st Lien DDTL

 

S+

 

5.50%

 

9.23%

 

8/30/2030

 

Health Care Providers & Services

 

 

1,897,536

 

 

 

2,041,536

 

GRVTY

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

5/28/2033

 

Aerospace & Defense

 

 

1,896,552

 

 

 

 

Magna Legal Services

 

1st Lien Revolver

 

S+

 

4.50%

 

8.23%

 

11/22/2028

 

Professional Services

 

 

1,859,558

 

 

 

 

O6 Environmental

 

1st Lien DDTL

 

S+

 

4.50%

 

8.23%

 

8/5/2032

 

Commercial Services & Supplies

 

 

1,854,756

 

 

 

1,854,756

 

Centre Technologies

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

6/22/2033

 

IT Services

 

 

1,843,750

 

 

 

 

Apex Service Partners

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

10/24/2030

 

Trading Companies & Distributors

 

 

1,840,909

 

 

 

3,000,000

 

Super-Sod

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

3/10/2032

 

Diversified Consumer Services

 

 

1,818,182

 

 

 

 

PKWARE

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

6/3/2030

 

Software

 

 

1,807,229

 

 

 

1,807,229

 

Power Digital

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

3/11/2030

 

Internet Software & Services

 

 

1,802,539

 

 

 

1,597,705

 

80/20

 

Unitranche DDTL

 

S+

 

4.50%

 

8.23%

 

12/13/2032

 

Machinery

 

 

1,714,286

 

 

 

1,714,286

 

FMG Suite

 

Unitranche DDTL

 

S+

 

4.50%

 

8.23%

 

9/9/2032

 

Software

 

 

1,698,113

 

 

 

1,698,113

 

Scruggs Company

 

1st Lien DDTL

 

S+

 

5.00%

 

8.73%

 

4/23/2032

 

Water Utilities

 

 

1,685,393

 

 

 

 

PayByPhone

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

3/31/2033

 

Software

 

 

1,666,667

 

 

 

 

Summit Spine & Joint Centers

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

3/25/2031

 

Health Care Providers & Services

 

 

1,628,545

 

 

 

1,780,037

 

Voeller Mixers

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

11/25/2032

 

Machinery

 

 

1,627,907

 

 

 

1,627,907

 

O6 Environmental

 

1st Lien Revolver

 

S+

 

4.50%

 

8.23%

 

8/5/2032

 

Commercial Services & Supplies

 

 

1,622,911

 

 

 

1,622,911

 

 

Investment

 

Investment Type

 

Index

 

Spread

 

Interest Rate

 

Maturity

 

Industry

 

June 30, 2026

 

 

December 31, 2025

 

Ned Stevens

 

Unitranche Revolver

 

S+

 

5.00%

 

8.73%

 

11/1/2029

 

Commercial Services & Supplies

 

$

1,538,560

 

 

$

1,538,560

 

Avalon

 

1st Lien Revolver

 

S+

 

4.50%

 

8.23%

 

12/31/2031

 

Health Care Technology

 

 

1,500,000

 

 

 

1,500,000

 

Clearway Pain Solutions

 

1st Lien Revolver

 

S+

 

5.50%

 

9.23%

 

8/30/2030

 

Health Care Providers & Services

 

 

1,457,398

 

 

 

1,457,398

 

Super-Sod

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

3/10/2032

 

Diversified Consumer Services

 

 

1,454,545

 

 

 

 

Riccobene Associates Family Dentistry

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

10/31/2030

 

Health Care Providers & Services

 

 

1,449,256

 

 

 

1,977,808

 

Lindsay Precast

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

12/16/2032

 

Construction & Engineering

 

 

1,448,276

 

 

 

 

Steward Partners

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

10/14/2028

 

Capital Markets

 

 

1,388,889

 

 

 

1,388,889

 

TRG Solutions

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

1/5/2032

 

Electronic Equipment, Instruments & Components

 

 

1,380,000

 

 

 

 

TryStar

 

1st Lien Revolver

 

S+

 

4.25%

 

7.98%

 

8/6/2031

 

Electrical Equipment

 

 

1,333,333

 

 

 

 

Lindsay Precast

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

12/16/2032

 

Construction & Engineering

 

 

1,327,586

 

 

 

 

SavATree

 

Unitranche Revolver

 

S+

 

5.00%

 

8.73%

 

6/6/2031

 

Commercial Services & Supplies

 

 

1,291,436

 

 

 

1,434,928

 

Modern Wealth

 

1st Lien DDTL

 

S+

 

5.25%

 

8.98%

 

8/27/2032

 

Capital Markets

 

 

1,283,333

 

 

 

 

Avita Pharmacy

 

Unitranche Revolver

 

S+

 

5.00%

 

8.73%

 

8/6/2030

 

Consumer Staples Distribution & Retail

 

 

1,269,231

 

 

 

1,269,231

 

SupplyHouse

 

1st Lien Revolver

 

S+

 

4.00%

 

7.73%

 

7/1/2032

 

Trading Companies & Distributors

 

 

1,250,000

 

 

 

1,250,000

 

AmpliFi

 

1st Lien Revolver

 

S+

 

5.00%

 

8.73%

 

4/23/2030

 

Financial Services

 

 

1,202,512

 

 

 

1,202,512

 

Certified Collision Group

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

12/30/2032

 

Commercial Services & Supplies

 

 

1,195,848

 

 

 

 

Russell Landscape Group

 

1st Lien DDTL

 

S+

 

5.50%

 

9.23%

 

4/11/2030

 

Commercial Services & Supplies

 

 

1,188,119

 

 

 

 

Gallo Mechanical

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

8/2/2032

 

Construction & Engineering

 

 

1,172,002

 

 

 

1,172,002

 

80/20

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

12/13/2032

 

Machinery

 

 

1,142,857

 

 

 

1,142,857

 

Industrial Electric Manufacturing

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

12/3/2031

 

Electrical Equipment

 

 

1,137,160

 

 

 

1,137,160

 

AGS Health

 

Unitranche DDTL

 

S+

 

4.50%

 

8.23%

 

8/2/2032

 

Health Care Technology

 

 

1,136,400

 

 

 

1,136,400

 

Dane Street

 

1st Lien Revolver

 

S+

 

4.50%

 

8.23%

 

3/28/2033

 

Health Care Providers & Services

 

 

1,125,000

 

 

 

 

USG Water Solutions

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

5/20/2032

 

Water Utilities

 

 

1,120,690

 

 

 

 

APT Healthcare

 

Unitranche DDTL

 

S+

 

4.50%

 

8.23%

 

9/30/2031

 

Health Care Providers & Services

 

 

1,111,111

 

 

 

1,111,111

 

APT Healthcare

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

9/30/2031

 

Health Care Providers & Services

 

 

1,111,111

 

 

 

1,111,111

 

Levata

 

1st Lien DDTL

 

S+

 

5.00%

 

8.73%

 

12/21/2027

 

Trading Companies & Distributors

 

 

1,104,449

 

 

 

1,104,449

 

Embark

 

1st Lien DDTL

 

S+

 

4.50%

 

8.23%

 

9/2/2032

 

Financial Services

 

 

1,080,000

 

 

 

3,600,000

 

Aqualis

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

4/19/2032

 

Commercial Services & Supplies

 

 

1,063,830

 

 

 

 

Repario

 

1st Lien DDTL

 

S+

 

5.25%

 

8.98%

 

6/4/2032

 

Professional Services

 

 

1,050,000

 

 

 

 

Prime Pensions

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

2/26/2030

 

Professional Services

 

 

1,047,086

 

 

 

1,047,086

 

Modern Wealth

 

1st Lien DDTL

 

S+

 

5.25%

 

8.98%

 

8/27/2032

 

Capital Markets

 

 

1,045,000

 

 

 

 

Voeller Mixers

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

11/25/2032

 

Machinery

 

 

1,031,008

 

 

 

1,302,326

 

Brown & Root

 

1st Lien Revolver

 

S+

 

5.00%

 

8.73%

 

10/3/2030

 

Commercial Services & Supplies

 

 

1,029,193

 

 

 

964,286

 

FMG Suite

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

9/9/2032

 

Software

 

 

1,018,868

 

 

 

1,018,868

 

BBB Industries

 

1st Lien DDTL

 

S+

 

6.00%

 

9.73%

 

7/25/2029

 

Automobile Components

 

 

1,000,000

 

 

 

 

Gallo Mechanical

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

8/2/2032

 

Construction & Engineering

 

 

996,202

 

 

 

1,523,603

 

Merchant Industry & Valor PayTech

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

9/19/2031

 

Financial Services

 

 

970,654

 

 

 

1,223,671

 

Dragonfly Health

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

6/30/2033

 

Health Care Equipment & Supplies

 

 

961,538

 

 

 

 

Dragonfly Health

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

6/30/2033

 

Health Care Equipment & Supplies

 

 

961,538

 

 

 

 

GRVTY

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

5/28/2033

 

Aerospace & Defense

 

 

948,276

 

 

 

 

Eagle Fire

 

1st Lien Revolver

 

S+

 

4.25%

 

7.98%

 

7/15/2032

 

Commercial Services & Supplies

 

 

942,308

 

 

 

942,308

 

Allworth Financial

 

Unitranche Revolver

 

S+

 

5.00%

 

8.73%

 

6/30/2033

 

Capital Markets

 

 

922,913

 

 

 

 

Med Tech Solutions

 

Unitranche Revolver

 

S+

 

5.25%

 

8.98%

 

6/3/2032

 

IT Services

 

 

921,922

 

 

 

921,922

 

Unison Global

 

Unitranche DDTL

 

S+

 

5.00%

 

8.73%

 

9/19/2028

 

Software

 

 

913,146

 

 

 

913,146

 

AIA Contract Documents

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

7/2/2031

 

Software

 

 

909,092

 

 

 

909,092

 

Tronair 2025

 

1st Lien Revolver

 

S+

 

3.75%

 

7.48%

 

12/22/2032

 

Aerospace & Defense

 

 

900,000

 

 

 

900,000

 

Embark

 

1st Lien Revolver

 

S+

 

4.50%

 

8.23%

 

9/2/2032

 

Financial Services

 

 

900,000

 

 

 

864,000

 

RailPros

 

Unitranche DDTL

 

S+

 

4.25%

 

7.98%

 

5/24/2032

 

Construction & Engineering

 

 

884,211

 

 

 

1,263,158

 

Riccobene Associates Family Dentistry

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

10/31/2030

 

Health Care Providers & Services

 

 

852,503

 

 

 

852,503

 

Sequel Ortho (fka OrthoNebraska)

 

Unitranche Revolver

 

S+

 

5.00%

 

8.73%

 

7/31/2028

 

Health Care Providers & Services

 

 

850,540

 

 

 

945,045

 

Forged Solutions

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

2/25/2033

 

Metals & Mining

 

 

833,333

 

 

 

 

Beacon Communications

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

4/2/2032

 

Commercial Services & Supplies

 

 

833,333

 

 

 

 

OB Hospitalist Group 2026

 

1st Lien Revolver

 

S+

 

5.50%

 

9.23%

 

1/31/2031

 

Health Care Providers & Services

 

 

826,848

 

 

 

 

Healthcare Linen Services Group

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

2/2/2033

 

Commercial Services & Supplies

 

 

805,970

 

 

 

 

USG Water Solutions

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

5/20/2032

 

Water Utilities

 

 

801,259

 

 

 

 

A1 Garage Door Service

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

12/22/2028

 

Construction & Engineering

 

 

788,740

 

 

 

788,740

 

Cerity Partners

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

7/28/2031

 

Capital Markets

 

 

765,864

 

 

 

1,237,164

 

Corestream

 

1st Lien Revolver

 

S+

 

5.00%

 

8.73%

 

6/27/2033

 

Professional Services

 

 

751,503

 

 

 

 

AIS Healthcare

 

1st Lien Revolver

 

S+

 

5.00%

 

8.73%

 

6/4/2032

 

Health Care Providers & Services

 

 

736,311

 

 

 

 

Accurate Neuromonitoring

 

Unitranche DDTL

 

S+

 

5.50%

 

9.23%

 

3/13/2031

 

Health Care Providers & Services

 

 

727,273

 

 

 

 

Apex Companies

 

1st Lien DDTL

 

S+

 

5.00%

 

8.73%

 

1/31/2030

 

Commercial Services & Supplies

 

 

726,000

 

 

 

1,000,000

 

Aptive Environmental

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

10/15/2032

 

Diversified Consumer Services

 

 

716,279

 

 

 

852,713

 

Denali Water Solutions 2025

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

11/19/2032

 

Commercial Services & Supplies

 

 

682,692

 

 

 

735,577

 

MDpanel

 

Unitranche Revolver

 

S+

 

6.50%

 

10.23%

 

8/2/2029

 

Health Care Providers & Services

 

 

680,354

 

 

 

680,354

 

 

Investment

 

Investment Type

 

Index

 

Spread

 

Interest Rate

 

Maturity

 

Industry

 

June 30, 2026

 

 

December 31, 2025

 

Allied Power Group

 

Unitranche DDTL

 

S+

 

5.00%

 

8.73%

 

5/16/2030

 

Energy Equipment & Services

 

$

676,692

 

 

$

 

Scruggs Company

 

1st Lien Revolver

 

S+

 

5.00%

 

8.73%

 

4/23/2032

 

Water Utilities

 

 

674,157

 

 

 

 

PlayPower 2025

 

Unitranche Revolver

 

S+

 

5.50%

 

9.23%

 

10/29/2030

 

Leisure Products

 

 

663,077

 

 

 

795,692

 

RailPros

 

Unitranche Revolver

 

S+

 

4.25%

 

7.98%

 

5/24/2032

 

Construction & Engineering

 

 

662,309

 

 

 

662,309

 

API Technologies 2026

 

1st Lien DDTL

 

S+

 

5.50%

 

9.23%

 

6/3/2033

 

Aerospace & Defense

 

 

652,200

 

 

 

 

API Technologies 2026

 

1st Lien Revolver

 

S+

 

5.50%

 

9.23%

 

6/3/2033

 

Aerospace & Defense

 

 

652,200

 

 

 

 

Palmdale Oil

 

Unitranche DDTL

 

S+

 

4.75%

 

8.48%

 

12/12/2031

 

Oil, Gas & Consumable Fuels

 

 

652,174

 

 

 

652,174

 

Novvia Group

 

Unitranche Revolver

 

S+

 

5.25%

 

8.98%

 

1/31/2031

 

Containers & Packaging

 

 

642,038

 

 

 

731,210

 

Legacy Service Partners

 

1st Lien DDTL

 

S+

 

4.50%

 

8.23%

 

6/17/2032

 

Construction & Engineering

 

 

632,848

 

 

 

659,217

 

AGS Health

 

Unitranche DDTL

 

S+

 

4.50%

 

8.23%

 

8/2/2032

 

Health Care Technology

 

 

625,050

 

 

 

625,050

 

TechData

 

1st Lien Revolver

 

S+

 

5.00%

 

8.73%

 

7/1/2032

 

Life Sciences Tools & Services

 

 

620,690

 

 

 

 

Cornerstone Caregiving

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

4/1/2032

 

Health Care Providers & Services

 

 

615,385

 

 

 

 

Specialized Dental

 

1st Lien Revolver

 

S+

 

4.50%

 

8.23%

 

11/1/2028

 

Health Care Providers & Services

 

 

607,477

 

 

 

607,477

 

GoldenSource

 

Unitranche Revolver

 

S+

 

5.00%

 

8.73%

 

5/12/2028

 

IT Services

 

 

602,498

 

 

 

602,498

 

Vessco Water

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

7/24/2031

 

Water Utilities

 

 

592,308

 

 

 

592,308

 

Allied Power Group

 

Unitranche Revolver

 

S+

 

5.00%

 

8.73%

 

5/16/2030

 

Energy Equipment & Services

 

 

576,405

 

 

 

1,200,844

 

Encore

 

1st Lien Revolver

 

S+

 

5.00%

 

8.73%

 

12/5/2029

 

Media

 

 

556,640

 

 

 

 

Leaf Home

 

1st Lien Revolver

 

S+

 

5.25%

 

8.98%

 

9/4/2031

 

Building Products

 

 

555,000

 

 

 

660,000

 

HeartLand

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

12/12/2029

 

Commercial Services & Supplies

 

 

548,460

 

 

 

863,533

 

VaxCare

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

6/17/2032

 

Health Care Technology

 

 

540,000

 

 

 

666,667

 

Industrial Service Group

 

Unitranche Revolver

 

S+

 

5.75%

 

9.48%

 

12/7/2028

 

Commercial Services & Supplies

 

 

517,260

 

 

 

596,839

 

Precision Concepts

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

8/2/2032

 

Containers & Packaging

 

 

510,001

 

 

 

564,714

 

Centre Technologies

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

6/22/2033

 

IT Services

 

 

468,750

 

 

 

 

Mitratech

 

Unitranche DDTL

 

S+

 

4.75%

 

8.48%

 

12/2/2031

 

Software

 

 

458,716

 

 

 

458,716

 

RotoCo

 

1st Lien Revolver

 

S+

 

5.50%

 

9.23%

 

6/30/2028

 

Diversified Consumer Services

 

 

451,045

 

 

 

451,045

 

Aptive Environmental

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

10/15/2032

 

Diversified Consumer Services

 

 

426,357

 

 

 

426,357

 

Tribute Technology

 

Unitranche Revolver

 

S+

 

6.50%

 

10.23%

 

10/30/2028

 

Software

 

 

424,232

 

 

 

518,506

 

Accurate Neuromonitoring

 

Unitranche Revolver

 

S+

 

5.50%

 

9.23%

 

3/13/2031

 

Health Care Providers & Services

 

 

412,121

 

 

 

 

Dun & Bradstreet

 

Unitranche Revolver

 

S+

 

5.50%

 

9.23%

 

8/26/2032

 

Internet Software & Services

 

 

410,000

 

 

 

500,000

 

Merchant Industry & Valor PayTech

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

9/19/2031

 

Financial Services

 

 

399,375

 

 

 

252,938

 

AGS Health

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

8/2/2032

 

Health Care Technology

 

 

397,800

 

 

 

397,800

 

Russell Landscape Group

 

1st Lien Revolver

 

S+

 

5.50%

 

9.23%

 

4/11/2030

 

Commercial Services & Supplies

 

 

389,371

 

 

 

282,401

 

Kept

 

1st Lien Revolver

 

S+

 

5.25%

 

8.98%

 

4/30/2029

 

Commercial Services & Supplies

 

 

381,818

 

 

 

 

Trace3 2025

 

Unitranche DDTL

 

S+

 

4.00%

 

7.73%

 

10/29/2032

 

IT Services

 

 

380,952

 

 

 

380,952

 

Mitratech

 

Unitranche Revolver

 

S+

 

4.75%

 

8.48%

 

12/2/2031

 

Software

 

 

366,972

 

 

 

366,972

 

Alcresta

 

Unitranche Revolver

 

S+

 

5.25%

 

8.98%

 

3/12/2031

 

Health Care Equipment & Supplies

 

 

344,323

 

 

 

419,176

 

Aqualis

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

4/19/2032

 

Commercial Services & Supplies

 

 

319,149

 

 

 

 

Pond

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

12/12/2032

 

Construction & Engineering

 

 

313,158

 

 

 

 

Steward Partners

 

1st Lien DDTL

 

S+

 

5.00%

 

8.73%

 

10/14/2028

 

Capital Markets

 

 

300,000

 

 

 

9,716,667

 

AGS Health

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

8/2/2032

 

Health Care Technology

 

 

227,250

 

 

 

227,250

 

Proceed

 

Unitranche Revolver

 

S+

 

4.50%

 

8.23%

 

3/31/2032

 

Professional Services

 

 

208,333

 

 

 

 

MBC Companies

 

1st Lien DDTL

 

S+

 

3.75%

 

7.48%

 

7/7/2028

 

Food Products

 

 

196,822

 

 

 

 

MBC Companies

 

1st Lien Revolver

 

S+

 

3.50%

 

7.23%

 

7/7/2028

 

Food Products

 

 

195,599

 

 

 

 

National Trench Safety

 

Unitranche Revolver

 

S+

 

5.50%

 

9.23%

 

12/4/2028

 

Construction & Engineering

 

 

154,835

 

 

 

812,883

 

Capital Consultants Management Corporation

 

Unitranche DDTL

 

S+

 

5.00%

 

8.73%

 

11/3/2031

 

Commercial Services & Supplies

 

 

150,451

 

 

 

2,208,451

 

Healthcare Linen Services Group

 

Unitranche DDTL

 

S+

 

4.75%

 

8.48%

 

2/2/2033

 

Commercial Services & Supplies

 

 

142,388

 

 

 

 

R.F. Fager

 

1st Lien Revolver

 

S+

 

5.00%

 

8.73%

 

3/4/2030

 

Trading Companies & Distributors

 

 

94,903

 

 

 

294,199

 

Hilco Vision

 

1st Lien Revolver

 

S+

 

6.00%

 

9.73%

 

4/21/2030

 

Health Care Providers & Services

 

 

93,474

 

 

 

251,665

 

Legacy Service Partners

 

1st Lien Revolver

 

S+

 

4.50%

 

8.23%

 

1/9/2029

 

Construction & Engineering

 

 

90,783

 

 

 

90,783

 

Cumming Group

 

1st Lien Revolver

 

S+

 

4.75%

 

8.48%

 

6/16/2033

 

Construction & Engineering

 

 

87,806

 

 

 

 

Prime Electric

 

Unitranche Revolver

 

S+

 

4.00%

 

7.73%

 

12/31/2031

 

Construction & Engineering

 

 

45,732

 

 

 

 

R.F. Fager

 

1st Lien DDTL

 

S+

 

5.00%

 

8.73%

 

3/4/2030

 

Trading Companies & Distributors

 

 

42,834

 

 

 

501,088

 

Kalkomey

 

Unitranche DDTL

 

S+

 

5.10%

 

8.75%

 

6/18/2031

 

Diversified Consumer Services

 

 

 

 

 

3,435,749

 

Magna Legal Services

 

Unitranche Revolver

 

S+

 

4.50%

 

8.18%

 

11/22/2028

 

Professional Services

 

 

 

 

 

1,859,558

 

Apex Service Partners

 

Unitranche DDTL

 

S+

 

5.00%

 

8.73%

 

10/24/2030

 

Trading Companies & Distributors

 

 

 

 

 

1,745,891

 

Lindsay Precast

 

1st Lien DDTL

 

S+

 

4.75%

 

8.40%

 

12/16/2032

 

Construction & Engineering

 

 

 

 

 

1,448,276

 

Certified Collision Group

 

Unitranche Revolver

 

S+

 

4.50%

 

8.15%

 

12/30/2032

 

Commercial Services & Supplies

 

 

 

 

 

1,353,791

 

Lindsay Precast

 

1st Lien Revolver

 

S+

 

4.75%

 

8.40%

 

12/16/2032

 

Construction & Engineering

 

 

 

 

 

1,327,586

 

Cumming Group

 

Unitranche Revolver

 

S+

 

4.75%

 

8.43%

 

11/16/2027

 

Construction & Engineering

 

 

 

 

 

1,312,265

 

Aprio

 

1st Lien DDTL

 

S+

 

4.75%

 

8.48%

 

8/1/2031

 

Financial Services

 

 

 

 

 

687,753

 

SavATree

 

Unitranche DDTL

 

S+

 

5.00%

 

8.68%

 

6/6/2031

 

Commercial Services & Supplies

 

 

 

 

 

549,313

 

Novvia Group

 

Unitranche DDTL

 

S+

 

5.25%

 

8.98%

 

1/31/2032

 

Containers & Packaging

 

 

 

 

 

508,280

 

Innovative XCessories & Services

 

1st Lien Revolver

 

S+

 

5.50%

 

9.15%

 

9/5/2029

 

Automobile Components

 

 

 

 

 

284,998

 

Palmdale Oil

 

Unitranche DDTL

 

S+

 

4.75%

 

8.40%

 

12/12/2031

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

195,653

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Unfunded Commitments

 

$

262,117,092

 

 

$

200,163,719