| COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2026 and December 31, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2026 and December 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | Portfolio Company(1) ($ in thousands) | Investment Type | | September 30, 2026 | | December 31, 2025 | | Accelevation LLC | Delayed Draw Term Loan | | $ | 183 | | | $ | 401 | | | Accelevation LLC | Revolver | | 952 | | | 793 | | | Accurus Aerospace Corporation(2) | Revolver | | — | | | 2,017 | | | AD Bidco, Inc. | Delayed Draw Term Loan | | — | | | 391 | | | AD Bidco, Inc. | Revolver | | — | | | 1,303 | | | Adhefin International(3) | Delayed Draw Term Loan | | 431 | | | 446 | | | AFT Fastener Holdings, LLC(2) | Delayed Draw Term Loan | | 5,065 | | | — | | | AFT Fastener Holdings, LLC(2) | Revolver | | 1,447 | | | — | | | AirX Climate Solutions, Inc.(2) | Delayed Draw Term Loan | | 11,694 | | | 2,443 | | | AirX Climate Solutions, Inc.(2) | Revolver | | 814 | | | 814 | | | Alpha Holdings LLC(2) | Delayed Draw Term Loan | | 3,799 | | | — | | | Alpha Holdings LLC(2) | Revolver | | 1,333 | | | — | | | Americo Chemical Products, LLC | Revolver | | 471 | | | 471 | | | AMP Purchaser, LLC | Revolver | | 768 | | | — | | | Application Boot Camp LLC | Revolver | | 528 | | | 528 | | | Arc Education(3) | Delayed Draw Term Loan | | 700 | | | 724 | | | ARC Interco Purchaser, LLC(2) | Delayed Draw Term Loan | | 1,044 | | | 1,178 | | | ARC Interco Purchaser, LLC(2) | Revolver | | 1,279 | | | 728 | | | Argus Intermediate, LLC | Delayed Draw Term Loan | | 4,580 | | | 4,580 | |
| | | | | | | | | | | | | | | | | | Portfolio Company(1) ($ in thousands) | Investment Type | | September 30, 2026 | | December 31, 2025 | | Argus Intermediate, LLC | Revolver | | 1,019 | | | 549 | | | Armstrong Transport Group | Delayed Draw Term Loan | | 3,448 | | | — | | | Armstrong Transport Group | Revolver | | 1,341 | | | 898 | | | Artemis Bidco Limited(3) | Delayed Draw Term Loan | | 405 | | | 446 | | | ASC Communications, LLC | Revolver | | 1,089 | | | 1,089 | | | ATL II MRO Holdings Inc. | Revolver | | 3,289 | | | 3,289 | | | Avance Clinical Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | | 1,329 | | | 1,274 | | | AWP Group Holdings, Inc. | Revolver | | 1,052 | | | — | | | Azalea Buyer, Inc. | Revolver | | 481 | | | 481 | | | Basin Innovation Group, LLC | Delayed Draw Term Loan | | — | | | 399 | | | Basin Innovation Group, LLC | Revolver | | 1,858 | | | 1,858 | | | BCTS Parent, LLC(2)(6) | Delayed Draw Term Loan | | 1,212 | | | — | | | BCTS Parent, LLC(2)(6) | Revolver | | 435 | | | — | | | Beyond Risk Management, Inc. | Delayed Draw Term Loan | | — | | | 879 | | | Bishop Street Underwriters, LLC | Delayed Draw Term Loan | | 3,186 | | | — | | | Bitly, Inc. | Revolver | | 189 | | | 189 | | | BKF Buyer, Inc.(2) | Delayed Draw Term Loan | | 856 | | | — | | | BKF Buyer, Inc.(2) | Revolver | | 3,481 | | | 2,970 | | | BLI Buyer, Inc. | Delayed Draw Term Loan | | 752 | | | 752 | | | BLI Buyer, Inc. | Revolver | | 587 | | | 634 | | | BNI Intermediate Holdings, LLC(2) | Delayed Draw Term Loan | | 441 | | | — | | | BNI Intermediate Holdings, LLC(2) | Revolver | | 1,970 | | | — | | | BrightSign LLC | Revolver | | 753 | | | 332 | | | Broadstone Group UK LTD(4) | Delayed Draw Term Loan | | 576 | | | 696 | | | Broadway Buyer, LLC | Delayed Draw Term Loan | | 1,271 | | | 1,649 | | | Broadway Buyer, LLC | Revolver | | 871 | | | 967 | | | Cadence, Inc.(2) | Delayed Draw Term Loan | | 4,067 | | | — | | | Cadence, Inc.(2) | Revolver | | 2,632 | | | — | | | Caldwell & Gregory LLC(2) | Delayed Draw Term Loan | | — | | | 417 | | | Caldwell & Gregory LLC(2) | Revolver | | 2,500 | | | 2,500 | | | Canadian Orthodontic Partners Corp.(2)(6) | Delayed Draw Term Loan | | — | | | 53 | | | Cascade Residential Services LLC(2) | Revolver | | 132 | | | 331 | | | CCFF Buyer, LLC | Delayed Draw Term Loan | | 1,145 | | | 1,257 | | | CCFF Buyer, LLC | Revolver | | 873 | | | 1,047 | | | Ceres Pharma NV(2)(3) | Delayed Draw Term Loan | | — | | | 163 | | | CGI Parent, LLC | Revolver | | 1,653 | | | 1,653 | | | CH Buyer, LLC | Revolver | | 55 | | | 55 | | | Cherry Bekaert Advisory LLC(2) | Delayed Draw Term Loan | | 4,685 | | | — | | | Cherry Bekaert Advisory LLC(2) | Revolver | | 980 | | | — | | | CloudOne Digital Corp. | Revolver | | 2,707 | | | 2,707 | | | Comply365, LLC(2) | Revolver | | 624 | | | 807 | | | Constellation Bidco Limited(2) | Delayed Draw Term Loan | | 990 | | | — | | | Constellation Bidco Limited(2) | Revolver | | 660 | | | — | | | Coyo Uprising GmbH(2)(3) | Delayed Draw Term Loan | | 446 | | | 461 | | | Credit Key Funding II LLC | Delayed Draw Term Loan | | 6,435 | | | 7,304 | | | Credit Key Funding II LLC | Revolver | | 435 | | | 870 | | | CTA Inc.(2) | Delayed Draw Term Loan | | 2,597 | | | — | |
| | | | | | | | | | | | | | | | | | Portfolio Company(1) ($ in thousands) | Investment Type | | September 30, 2026 | | December 31, 2025 | | CTA Inc.(2) | Revolver | | 1,846 | | | — | | | CW Group Holdings, LLC | Delayed Draw Term Loan | | 7,446 | | | 7,446 | | | Dane Street, LLC | Delayed Draw Term Loan | | 1,069 | | | — | | | Dane Street, LLC | Revolver | | 569 | | | — | | | David Wood Baking UK Ltd(4) | Delayed Draw Term Loan | | 303 | | | — | | | DAWGS Intermediate Holdings Co.(2) | Revolver | | 1,862 | | | 1,802 | | | DecksDirect, LLC(2) | Revolver | | — | | | 85 | | | DISA Holdings Corp. | Revolver | | 429 | | | 314 | | | Discovery Buyer, L.P. | Delayed Draw Term Loan | | 2,646 | | | 2,646 | | | Discovery Buyer, L.P. | Revolver | | 1,793 | | | 1,793 | | | Durare Bidco, LLC | Delayed Draw Term Loan | | 234 | | | 968 | | | Durare Bidco, LLC | Revolver | | 969 | | | 969 | | | EB Development(3) | Capex / Acquisition Facility | | — | | | 242 | | | EB Development(3) | Delayed Draw Term Loan | | — | | | 627 | | | Eclipse Business Capital, LLC | Delayed Draw Term Loan | | 1,667 | | | — | | | Eclipse Business Capital, LLC | Revolver | | 10,455 | | | 12,818 | | | EMI Porta Holdco LLC | Revolver | | 759 | | | 2,195 | | | Encore Buyer, LLC(2) | Delayed Draw Term Loan | | 2,193 | | | — | | | Encore Buyer, LLC(2) | Revolver | | 2,572 | | | — | | | ERS Holdings, LLC(2) | Delayed Draw Term Loan | | 677 | | | — | | | ERS Holdings, LLC(2) | Revolver | | 186 | | | — | | | Events Software BidCo Pty Ltd(2) | Delayed Draw Term Loan | | — | | | 619 | | | Everest Midco Limited(2) | Delayed Draw Term Loan | | 1,611 | | | — | | | Everest Midco Limited(2) | Revolver | | 859 | | | — | | | Expert Institute Group Inc.(2) | Delayed Draw Term Loan | | 2,005 | | | 2,005 | | | Expert Institute Group Inc.(2) | Revolver | | 701 | | | 701 | | | Express Wash Acquisition Company, LLC(2) | Revolver | | 193 | | | 193 | | | EZ SMBO Bidco(2)(3) | Delayed Draw Term Loan | | 3,021 | | | 703 | | | Forest Buyer, LLC(2) | Revolver | | 298 | | | 298 | | | Forge Borrower, LLC | Delayed Draw Term Loan | | 2,454 | | | — | | | Forge Borrower, LLC | Revolver | | 791 | | | — | | | FSS Buyer LLC | Revolver | | 173 | | | — | | | GB Eagle Buyer, Inc. | Revolver | | 3,121 | | | 2,316 | | | GCDL LLC | Delayed Draw Term Loan | | — | | | 108 | | | GCDL LLC | Revolver | | 108 | | | 108 | | | GMES LLC | Delayed Draw Term Loan | | 543 | | | 1,253 | | | GMES LLC | Revolver | | 814 | | | 916 | | | GMF Parent, Inc.(2) | Delayed Draw Term Loan | | 629 | | | 1,195 | | | GMF Parent, Inc.(2) | Revolver | | 357 | | | 468 | | | GPNZ II GmbH(2)(3) | Delayed Draw Term Loan | | — | | | 51 | | | Greenhill II BV(3) | Delayed Draw Term Loan | | 566 | | | 585 | | | Groupe Product Life(2)(3) | Delayed Draw Term Loan | | 2,615 | | | 2,704 | | | Hawksford Trustees Jersey LTD(2)(4) | Capex / Acquisition Facility | | 2,467 | | | — | | | Haystack Holdings LLC(2) | Delayed Draw Term Loan | | 1,798 | | | 4,086 | | | Haystack Holdings LLC(2) | Revolver | | 1,416 | | | 1,416 | | | HeartHealth Bidco Pty Ltd(5) | Delayed Draw Term Loan | | 74 | | | 113 | | | Heavy Construction Systems Specialists, LLC | Revolver | | — | | | 2,632 | |
| | | | | | | | | | | | | | | | | | Portfolio Company(1) ($ in thousands) | Investment Type | | September 30, 2026 | | December 31, 2025 | | HemaSource, Inc. | Delayed Draw Term Loan | | 122 | | | 368 | | | HemaSource, Inc. | Revolver | | 1,804 | | | 1,804 | | | High Street Buyer Inc.(2) | Delayed Draw Term Loan | | 1,483 | | | 1,800 | | | HomeX Services Group LLC(2) | Delayed Draw Term Loan | | — | | | 221 | | | HomeX Services Group LLC(2) | Revolver | | 245 | | | 304 | | | HS Advisory Buyer LLC(2) | Delayed Draw Term Loan | | 551 | | | 652 | | | HS Advisory Buyer LLC(2) | Revolver | | 320 | | | 600 | | | HSL Compliance(4) | Delayed Draw Term Loan | | 1,315 | | | 2,152 | | | HTI Technology & Industries(2) | Delayed Draw Term Loan | | 2,045 | | | 2,045 | | | HTI Technology & Industries(2) | Revolver | | 818 | | | 1,364 | | | Hydratech Holdings, Inc.(2) | Delayed Draw Term Loan | | 1,193 | | | 162 | | | Hydratech Holdings, Inc.(2) | Revolver | | 442 | | | 522 | | | Ice House America, L.L.C.(2) | Delayed Draw Term Loan | | 816 | | | 816 | | | Ice House America, L.L.C.(2) | Revolver | | 360 | | | 72 | | | IM Square(2)(3) | Capex / Acquisition Facility | | 5,111 | | | — | | | Immix Buyer, LLC(2) | Revolver | | 2,863 | | | — | | | IMS Services Enterprises, LLC | Delayed Draw Term Loan | | 1,310 | | | — | | | IMS Services Enterprises, LLC | Revolver | | 981 | | | — | | | Integrated Precision Systems, LLC | Delayed Draw Term Loan | | 1,852 | | | — | | | Integrated Precision Systems, LLC | Revolver | | 864 | | | — | | | International Fleet Financing No.2 B.V.(2)(3) | Revolver | | 367 | | | 947 | | | Interstellar Group B.V.(3) | Delayed Draw Term Loan | | — | | | 628 | | | InvoCare Limited(5) | Delayed Draw Term Loan | | 309 | | | 296 | | | ITI Intermodal, Inc. | Revolver | | 1,031 | | | 1,031 | | | Jocassee Partners LLC(2) | Joint Venture | | 65,000 | | | 65,000 | | | Jon Bidco Limited(2)(7) | Delayed Draw Term Loan | | 2,225 | | | 529 | | | KAMC Holdings Inc.(2) | Revolver | | 550 | | | 476 | | | Kanawha Scales & Systems, LLC | Delayed Draw Term Loan | | 377 | | | 407 | | | Kanawha Scales & Systems, LLC | Revolver | | 134 | | | 144 | | | Keystone Bidco B.V.(3) | Delayed Draw Term Loan | | 95 | | | 67 | | | Keystone Bidco B.V.(3) | Revolver | | — | | | 42 | | | Kite Topco Ltd(2)(4) | Capex / Acquisition Facility | | 439 | | | — | | | L.A. Specialty Produce Co., LLC | Delayed Draw Term Loan | | 1,583 | | | — | | | L.A. Specialty Produce Co., LLC | Revolver | | 1,041 | | | — | | | Lambir Bidco Limited(2)(3) | Delayed Draw Term Loan | | — | | | 103 | | | Lattice Group Holdings Bidco Limited(2) | Capex / Acquisition Facility | | 778 | | | 778 | | | Lattice Group Holdings Bidco Limited(2) | Delayed Draw Term Loan | | — | | | 72 | | | Lattice Group Holdings Bidco Limited(2) | Revolver | | 35 | | | 18 | | | LeadsOnline, LLC | Revolver | | 2,603 | | | 2,603 | | | LHS Borrower, LLC(2) | Revolver | | 610 | | | 725 | | | Lido Purchaser, Inc. | Delayed Draw Term Loan | | 4,081 | | | — | | | Lighthouse Finco SARL(2)(4) | Capex / Acquisition Facility | | 676 | | | — | | | Lockmasters Security Intermediate, Inc. | Delayed Draw Term Loan | | 1,024 | | | 1,024 | | | Lockmasters Security Intermediate, Inc. | Revolver | | 868 | | | 868 | | | London Buyer, LLC | Delayed Draw Term Loan | | 1,276 | | | — | | | London Buyer, LLC | Revolver | | 2,236 | | | — | | | Maia Bidco Limited(4) | Delayed Draw Term Loan | | 1,333 | | | 1,350 | |
| | | | | | | | | | | | | | | | | | Portfolio Company(1) ($ in thousands) | Investment Type | | September 30, 2026 | | December 31, 2025 | | Maia Bidco Limited(4) | Revolver | | — | | | 337 | | | Main Line Commercial Pools LLC | Delayed Draw Term Loan | | 2,362 | | | — | | | Main Line Commercial Pools LLC | Revolver | | 591 | | | — | | | Marmoutier Holding B.V.(2)(3) | Delayed Draw Term Loan | | 32 | | | — | | | Marmoutier Holding B.V.(2)(3) | Term Loan | | — | | | 42 | | | Matrix Buyer, LLC | Delayed Draw Term Loan | | 473 | | | — | | | Matrix Buyer, LLC | Revolver | | 344 | | | — | | | MB Purchaser, LLC(2) | Delayed Draw Term Loan | | — | | | 1,350 | | | MB Purchaser, LLC(2) | Revolver | | 769 | | | 769 | | | MC Group Ventures Corporation(2) | Delayed Draw Term Loan | | — | | | 4,837 | | | Media Recovery, Inc. (SpotSee) | Revolver | | 635 | | | 635 | | | Media Recovery, Inc. (SpotSee)(4) | Revolver | | 787 | | | 797 | | | Megawatt Acquisitionco, Inc.(2) | Revolver | | 515 | | | 665 | | | Mercell Holding AS(2)(8) | Capex / Acquisition Facility | | — | | | 778 | | | MIV Buyer, LLC(2) | Delayed Draw Term Loan | | 1,000 | | | 1,260 | | | MIV Buyer, LLC(2) | Revolver | | 490 | | | 311 | | | Modern Star Holdings Bidco Pty Limited(5) | Term Loan | | — | | | 952 | | | Momentum Textiles, LLC(2) | Revolver | | 923 | | | 923 | | | Moonlight Bidco Limited(4) | Delayed Draw Term Loan | | 297 | | | 593 | | | MSI Express Inc.(2) | Revolver | | 299 | | | 723 | | | Nationwide Legal Services, LLC | Delayed Draw Term Loan | | 4,962 | | | — | | | Nationwide Legal Services, LLC | Revolver | | 1,527 | | | — | | | NAW Buyer LLC | Delayed Draw Term Loan | | 1,952 | | | 4,554 | | | NAW Buyer LLC | Revolver | | 1,894 | | | 1,894 | | | Next Holdco, LLC | Revolver | | 733 | | | 733 | | | NF Holdco, LLC(2) | Revolver | | — | | | 630 | | | Northstar Recycling, LLC | Revolver | | 3,527 | | | 3,527 | | | NPM Investments 28 B.V.(3) | Delayed Draw Term Loan | | 246 | | | 255 | | | OAC Holdings I Corp | Revolver | | 1,213 | | | 1,370 | | | ORS Buyer, Inc. | Revolver | | 421 | | | — | | | OSP AFS Buyer, LLC | Delayed Draw Term Loan | | 2,671 | | | 5,699 | | | OSP AFS Buyer, LLC | Revolver | | 1,309 | | | 1,309 | | | OSP Hamilton Purchaser, LLC(2) | Revolver | | 1,145 | | | 1,145 | | | OSP Lakeside Intermediate Holdings 2, LLC(2) | Revolver | | 735 | | | 735 | | | Owl Intermediate Holdings, LLC(2) | Delayed Draw Term Loan | | 584 | | | 584 | | | Owl Intermediate Holdings, LLC(2) | Revolver | | 1,666 | | | 1,900 | | | Panther Bidco Pty Ltd(5) | Capex / Acquisition Facility | | 715 | | | — | | | Pepper Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | | 743 | | | — | | | Petrus Buyer Inc.(2) | Delayed Draw Term Loan | | 3,928 | | | — | | | Polara Enterprises, L.L.C. | Revolver | | 1,265 | | | 949 | | | PowerGEM Buyer, Inc.(2) | Delayed Draw Term Loan | | 1,556 | | | 782 | | | PowerGEM Buyer, Inc.(2) | Revolver | | 785 | | | 579 | | | Premium Invest(3) | Capex / Acquisition Facility | | 1,760 | | | 1,820 | | | Proceed Legal Inc. | Delayed Draw Term Loan | | 2,144 | | | — | | | Proceed Legal Inc. | Revolver | | 439 | | | — | | | Process Insights Acquisition, Inc.(2) | Revolver | | 507 | | | — | | | ProfitOptics, LLC(2) | Revolver | | 484 | | | 484 | |
| | | | | | | | | | | | | | | | | | Portfolio Company(1) ($ in thousands) | Investment Type | | September 30, 2026 | | December 31, 2025 | | Prospero Bidco SAS(3) | Delayed Draw Term Loan | | 1,530 | | | — | | | Pro-Vision Solutions Holdings, LLC(2) | Revolver | | 1,766 | | | 1,932 | | | Pulse Holding GmbH(2)(3) | Capex / Acquisition Facility | | 1,465 | | | — | | | Pulse Holding GmbH(2)(3) | Revolver | | 146 | | | — | | | Qima Finance LTD(2) | Capex / Acquisition Facility | | 1,329 | | | 655 | | | Quantios Management Services Limited(2)(4) | Capex / Acquisition Facility | | 254 | | | — | | | Quantios Management Services Limited(2)(4) | Revolver | | 635 | | | — | | | R1 Holdings, LLC(2) | Revolver | | 358 | | | 219 | | | Randys Holdings, Inc. | Delayed Draw Term Loan | | — | | | 630 | | | Randys Holdings, Inc. | Revolver | | 1,259 | | | 1,865 | | | Rapid Buyer LLC | Delayed Draw Term Loan | | 2,956 | | | 2,956 | | | Rapid Buyer LLC | Revolver | | 1,478 | | | 1,478 | | | Real Chemistry Intermediate III, Inc.(2) | Delayed Draw Term Loan | | 562 | | | 1,111 | | | Real Chemistry Intermediate III, Inc.(2) | Revolver | | 1,000 | | | 1,000 | | | Recon Buyer LLC | Delayed Draw Term Loan | | 1,194 | | | 4,837 | | | Recon Buyer LLC | Revolver | | 612 | | | 612 | | | REP SEKO Merger Sub, LLC(2) | Delayed Draw Term Loan | | — | | | 145 | | | RKD Group, LLC | Delayed Draw Term Loan | | 1,132 | | | 1,645 | | | RKD Group, LLC | Revolver | | 624 | | | 1,135 | | | Rocade Holdings LLC(2) | Delayed Draw Term Loan | | 810 | | | 7,133 | | | Rocade Holdings LLC(2) | Preferred Equity | | 7,000 | | | 7,000 | | | Rock Labor LLC(2) | Revolver | | 1,103 | | | 1,103 | | | ROI Solutions LLC(2) | Delayed Draw Term Loan | | 2,256 | | | 2,256 | | | ROI Solutions LLC(2) | Revolver | | 3,138 | | | 3,138 | | | RPX Corporation | Revolver | | 1,524 | | | 3,024 | | | Ruby Bidco Pty Ltd(5) | Delayed Draw Term Loan | | 669 | | | 642 | | | Saab Purchaser, Inc.(2) | Revolver | | 2,394 | | | 2,394 | | | Salsify Inc.(2) | Delayed Draw Term Loan | | 1,588 | | | — | | | Salsify Inc.(2) | Revolver | | 1,136 | | | — | | | Sanoptis S.A.R.L.(3) | Term Loan | | — | | | 2,786 | | | Sansidor BV(3) | Delayed Draw Term Loan | | 2,391 | | | — | | | Sapphire Bidco S.A.R.L.(2)(3) | Delayed Draw Term Loan | | 958 | | | 1,048 | | | SBP Holdings LP | Delayed Draw Term Loan | | 7,905 | | | 7,905 | | | SBP Holdings LP | Revolver | | 3,250 | | | 3,250 | | | Scout Bidco B.V.(3) | Revolver | | — | | | 680 | | | SCP CDH Buyer, Inc. | Delayed Draw Term Loan | | 656 | | | 2,051 | | | SCP CDH Buyer, Inc. | Revolver | | 974 | | | 974 | | | SCP Medical Products, LLC. | Revolver | | 128 | | | 213 | | | Screenvision, LLC | Revolver | | 613 | | | 613 | | | Security Holdings B.V.(2)(3) | Delayed Draw Term Loan | | 1,363 | | | — | | | Security Holdings B.V.(2)(3) | Revolver | | 227 | | | 822 | | | Sinari Invest(3) | Delayed Draw Term Loan | | — | | | 509 | | | Skyvault Holdings LLC | Delayed Draw Term Loan | | — | | | 2,729 | | | Skyvault Holdings LLC | Equity | | — | | | 910 | | | SmartShift Group, Inc. | Revolver | | 1,651 | | | 1,651 | | | Solo Buyer, L.P.(2) | Revolver | | 1,164 | | | 1,130 | | | Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver | | 156 | | | 156 | |
| | | | | | | | | | | | | | | | | | Portfolio Company(1) ($ in thousands) | Investment Type | | September 30, 2026 | | December 31, 2025 | | SPATCO Energy Solutions, LLC(2) | Delayed Draw Term Loan | | 797 | | | 1,041 | | | SPATCO Energy Solutions, LLC(2) | Revolver | | 891 | | | 1,188 | | | Spatial Business Systems LLC | Revolver | | — | | | 406 | | | SRS Acquiom Holdings LLC | Revolver | | 973 | | | — | | | SSCP Pegasus Midco Limited(2)(4) | Delayed Draw Term Loan | | 695 | | | — | | | Stage 3 Holdco LLC | Delayed Draw Term Loan | | 1,471 | | | — | | | Stage 3 Holdco LLC | Revolver | | 588 | | | — | | | Sunrise Acquisition Bidco Limited(4) | Capex / Acquisition Facility | | 1,196 | | | 1,953 | | | Superjet Buyer, LLC(2) | Delayed Draw Term Loan | | — | | | 292 | | | Superjet Buyer, LLC(2) | Revolver | | 1,459 | | | 1,459 | | | Surface Finishing Technologies Inc. | Delayed Draw Term Loan | | 3,516 | | | — | | | Surface Finishing Technologies Inc. | Revolver | | 1,758 | | | — | | | Surgical Precision Instruments GmbH(2)(3) | Delayed Draw Term Loan | | 960 | | | — | | | SVI International LLC | Revolver | | — | | | 74 | | | Swoop Intermediate III, Inc. | Delayed Draw Term Loan | | 1,152 | | | 3,455 | | | Swoop Intermediate III, Inc. | Revolver | | 818 | | | 818 | | | Syntax Midco 2 Inc. | Delayed Draw Term Loan | | 601 | | | 601 | | | Syntax Midco 2 Inc. | Revolver | | 2,074 | | | 1,763 | | | TA KHP Aggregator, L.P. | Delayed Draw Term Loan | | 1,123 | | | 1,123 | | | TA KHP Aggregator, L.P. | Revolver | | 448 | | | 448 | | | Tallman Equipment Co., Inc. | Delayed Draw Term Loan | | 2,353 | | | — | | | Tallman Equipment Co., Inc. | Revolver | | 1,176 | | | — | | | Tank Holding Corp(2) | Revolver | | 785 | | | 873 | | | Tanqueray Bidco Limited(4) | Capex / Acquisition Facility | | — | | | 1,217 | | | TAPCO Buyer LLC | Revolver | | 1,203 | | | 1,415 | | | Technology Service Stream BidCo Pty Ltd(5) | Delayed Draw Term Loan | | 39 | | | 169 | | | Techone B.V.(3) | Revolver | | — | | | 558 | | | Tencarva Machinery Company, LLC | Delayed Draw Term Loan | | 5,481 | | | 7,144 | | | Tencarva Machinery Company, LLC | Revolver | | 2,103 | | | 2,103 | | | The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Delayed Draw Term Loan | | — | | | 3,811 | | | The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Revolver | | 2,261 | | | 2,261 | | | THG Acquisition, LLC | Delayed Draw Term Loan | | 343 | | | 1,629 | | | THG Acquisition, LLC | Revolver | | 934 | | | 1,314 | | | Transportation Insight, LLC | Revolver | | 1,068 | | | 1,281 | | | Trintech, Inc. | Revolver | | — | | | 383 | | | TSYL Corporate Buyer, Inc. | Delayed Draw Term Loan | | 4,174 | | | 7,596 | | | TSYL Corporate Buyer, Inc. | Revolver | | 443 | | | 443 | | | UBC Ledgers Holding AB(9) | Delayed Draw Term Loan | | 108 | | | 117 | | | UHY Advisors, Inc. | Delayed Draw Term Loan | | 1,023 | | | 8,143 | | | UHY Advisors, Inc. | Revolver | | 2,766 | | | 2,494 | | | UNA 658 Equity Management GmbH(2)(3) | Capex / Acquisition Facility | | 207 | | | — | | | Unither (Uniholding)(3) | Delayed Draw Term Loan | | — | | | 259 | | | Unosquare, LLC(2) | Delayed Draw Term Loan | | 2,106 | | | 2,106 | | | Unosquare, LLC(2) | Revolver | | 661 | | | 661 | | | Vista Acquisition, LLC | Delayed Draw Term Loan | | 825 | | | — | | | Vista Acquisition, LLC | Revolver | | 915 | | | — | | | VPP Intermediate Holdings, LLC(2) | Delayed Draw Term Loan | | 462 | | | — | |
| | | | | | | | | | | | | | | | | | Portfolio Company(1) ($ in thousands) | Investment Type | | September 30, 2026 | | December 31, 2025 | | VPP Intermediate Holdings, LLC(2) | Revolver | | 234 | | | — | | | Webcentral DEH(2)(3) | Capex / Acquisition Facility | | 4,924 | | | — | | | West-NR Acquisitionco, LLC(2) | Delayed Draw Term Loan | | 9,712 | | | 12,065 | | | Whitcraft Holdings, Inc. | Delayed Draw Term Loan | | — | | | 171 | | | Whitcraft Holdings, Inc. | Revolver | | 868 | | | 1,886 | | | Woodland Foods, LLC(2) | Revolver | | 2,194 | | | 2,793 | | | World 50, Inc. | Revolver | | 973 | | | 973 | | | WWEC HOLDINGS III CORP | Revolver | | 2,484 | | | 2,484 | | | Zelda Luxco S.A.S(2)(3) | Delayed Draw Term Loan | | — | | | 1,249 | | | Zest Bidco GmbH(2)(3) | Delayed Draw Term Loan | | 841 | | | — | | | Total unused commitments to extend financing | | | $ | 462,018 | | | $ | 400,635 | |
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments. (2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost. (3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of September 30, 2026 and December 31, 2025, the Company had guaranteed €6.0 million and €4.0 million, respectively ($6.8 million U.S. dollars and $4.7 million U.S. dollars, respectively) relating to a credit facility among Santander Consumer Bank GmbH and MVC Automotive Group GmbH (“MVC Auto”), which will be in place for the holding period of the associated asset, unless terminated earlier in accordance with the terms of the credit facility. The Company would be required to make payments to Santander Consumer Bank GmbH if MVC Auto were to default on their related payment obligations. As of December 31, 2025, the Company had guaranteed €6.0 million ($7.0 million U.S. dollars) relating to credit facilities among Erste Bank and MVC Auto, that matured on August 31, 2026. None of the credit facility guarantees are recorded as a liability on the Company’s Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.
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