| Commitments and Contingencies |
8.COMMITMENTS AND CONTINGENCIES Commitments The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances, for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. The Company may commit to fund an investment whereby one of the Accounts has committed to issue standby letters of credit (each Account acting in such capacity, an “LC Issuer”). In the event a letter of credit is funded, the LC Issuer will be obligated under the relevant credit agreement to fund a portion of the letter of credit on behalf of the Company. The Company would be obligated to reimburse the LC Issuer as set forth in the relevant credit agreement. As of September 30, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:
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|
|
|
|
|
|
|
Unfunded Commitment Balances(1) |
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|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
1st Lien/Senior Secured Debt |
|
|
|
|
|
|
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
|
$ |
1,220 |
|
|
$ |
1,220 |
|
ABC Investment Holdco Inc. (dba ABC Plumbing) |
|
|
2,546 |
|
|
|
3,152 |
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Accommodations Plus Technologies LLC |
|
|
2,394 |
|
|
|
— |
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Admiral Buyer, Inc. (dba Fidelity Payment Services) |
|
|
3,914 |
|
|
|
3,555 |
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AGS Health BCP Holdings, Inc. (dba AGS Health) |
|
|
15,340 |
|
|
|
— |
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AGS Health BCP LLC (dba AGS Health) |
|
|
8,522 |
|
|
|
— |
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AI Titan Parent, Inc. (dba Prometheus) |
|
|
2,329 |
|
|
|
2,329 |
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Airwavz Solutions, Inc. |
|
|
3,285 |
|
|
|
— |
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AQ Helios Buyer, Inc. (dba SurePoint) |
|
|
925 |
|
|
|
8,308 |
|
AQ Sunshine, Inc. (dba Relation Insurance) |
|
|
169 |
|
|
|
271 |
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Ark Data Centers, LLC |
|
|
4,750 |
|
|
|
6,500 |
|
Artifact Bidco, Inc. (dba Avetta) |
|
|
4,433 |
|
|
|
4,433 |
|
Aryeh Bidco Investment Ltd. (dba Dentalcorp) |
|
|
23,953 |
|
|
|
— |
|
Aurora Acquireco, Inc. (dba AuditBoard) |
|
|
400 |
|
|
|
400 |
|
Bayside Opco, LLC (dba Pro-PT) |
|
|
415 |
|
|
|
415 |
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BCPE HIPH Parent, Inc. (dba Harrington Industrial Plastics) |
|
|
3,776 |
|
|
|
3,776 |
|
BCTO Bluebill Buyer, Inc. (dba Ren) |
|
|
2,270 |
|
|
|
— |
|
Blast Bidco Inc. (dba Bazooka Candy Brands) |
|
|
522 |
|
|
|
522 |
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Blazing Star Shields Direct Parent, LLC (dba Shields Health Solutions) |
|
|
1,424 |
|
|
|
— |
|
BSI3 Menu Buyer, Inc (dba Kydia) |
|
|
1,038 |
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|
|
1,038 |
|
Buckeye Acquiror LLC (dba Superior Environmental Solutions) |
|
|
2,228 |
|
|
|
2,676 |
|
Bullhorn, Inc. |
|
|
1,165 |
|
|
|
1,344 |
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Businessolver.com, Inc. |
|
|
488 |
|
|
|
2,068 |
|
Celero Commerce LLC |
|
|
1,205 |
|
|
|
— |
|
Chess.com, LLC (fka Checkmate Finance Merger Sub, LLC) |
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|
3,140 |
|
|
|
3,140 |
|
CI (Quercus) Intermediate Holdings, LLC (dba SavATree) |
|
|
5,940 |
|
|
|
2,760 |
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Circustrix Holdings, LLC (dba SkyZone) |
|
|
269 |
|
|
|
108 |
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Clearcourse Partnership Acquireco Finance Limited |
|
|
4,599 |
|
|
|
4,282 |
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Coding Solutions Acquisition, Inc. (dba CorroHealth) |
|
|
320 |
|
|
|
382 |
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Computer Services, Inc. |
|
|
26,706 |
|
|
|
14,830 |
|
Convenient Payments Acquisition, Inc. |
|
|
432 |
|
|
|
— |
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Coretrust Purchasing Group LLC |
|
|
4,953 |
|
|
|
4,953 |
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Crewline Buyer, Inc. (dba New Relic) |
|
|
363 |
|
|
|
363 |
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CST Holding Company (dba Intoxalock) |
|
|
86 |
|
|
|
86 |
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CURiO Brands LLC |
|
|
196 |
|
|
|
— |
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Diligent Corporation |
|
|
20,216 |
|
|
|
21,036 |
|
Eagle Family Foods Group LLC |
|
|
101 |
|
|
|
101 |
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Edition Holdings, Inc. (dba Enverus) |
|
|
36,665 |
|
|
|
— |
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Elemica Parent, Inc. |
|
|
22 |
|
|
|
— |
|
Engage2Excel, Inc. |
|
|
38 |
|
|
|
23 |
|
EnviroSmart, LLC (dba ES Integrated) |
|
|
5,028 |
|
|
|
— |
|
Everest Clinical Research Corporation (fka 1272775 B.C. LTD.) |
|
|
1,260 |
|
|
|
1,260 |
|
Experity, Inc. |
|
|
81 |
|
|
|
67 |
|
Frontgrade Technologies Holdings Inc. |
|
|
250 |
|
|
|
250 |
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Frontline Road Safety Operations, LLC |
|
|
1,221 |
|
|
|
— |
|
FS WhiteWater Borrower, LLC (fka Whitewater Holding Company LLC) |
|
|
8,623 |
|
|
|
2,340 |
|
Fullsteam Operations LLC |
|
|
11,874 |
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|
|
38,708 |
|
Gainsight, Inc. |
|
|
5,708 |
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|
|
2,736 |
|
Geo TopCo Corporation (fka Geotechnical Merger Sub, Inc.) |
|
|
196 |
|
|
|
307 |
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitment Balances(1) |
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
GHA Buyer Inc. (dba Cedar Gate) |
|
$ |
1,880 |
|
|
$ |
1,880 |
|
GovDelivery Holdings, LLC (dba Granicus, Inc.) |
|
|
1,924 |
|
|
|
1,924 |
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GS AcquisitionCo, Inc. (dba Insightsoftware) |
|
|
2,745 |
|
|
|
3,819 |
|
Guidepoint Security Holdings, LLC (fka GPS Phoenix Buyer, Inc.) |
|
|
1,588 |
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|
|
1,588 |
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Hamilton Thorne, Inc. |
|
|
7,720 |
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|
|
5,128 |
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Heartland Home Services, Inc. (fka Helios Buyer, Inc.) |
|
|
1,440 |
|
|
|
1,747 |
|
Highfive Dental Holdco, LLC |
|
|
313 |
|
|
|
313 |
|
Honor HN Buyer, Inc |
|
|
12,452 |
|
|
|
12,452 |
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iCIMS, Inc. |
|
|
3,023 |
|
|
|
3,359 |
|
Ideal Components Acquisition, LLC (dba Ideal Tridon) |
|
|
4,920 |
|
|
|
— |
|
IMO Investor Holdings, Inc. (fka Intelligent Medical Objects, Inc.) |
|
|
1,490 |
|
|
|
1,445 |
|
iWave Information Systems, Inc. |
|
|
438 |
|
|
|
438 |
|
Jupiter Refuel Canada Buyer Inc. (dba 4Refuel) |
|
|
11,129 |
|
|
|
— |
|
Jupiter Refuel US Buyer, Inc. (dba 4Refuel) |
|
|
811 |
|
|
|
— |
|
Kene Acquisition, Inc. (dba Entrust) |
|
|
5,039 |
|
|
|
5,039 |
|
KPA Parent Holdings, Inc. |
|
|
191 |
|
|
|
— |
|
Legends Hospitality Holding Company, LLC (fka ASM Buyer, Inc.) |
|
|
1,090 |
|
|
|
1,400 |
|
Lobos Parent, Inc. (dba NEOGOV) |
|
|
10,916 |
|
|
|
— |
|
Mandrake Bidco, Inc. (dba Miratech) |
|
|
138 |
|
|
|
138 |
|
ML Holdco, LLC (dba MeridianLink) |
|
|
18,025 |
|
|
|
— |
|
NAVEX TopCo, Inc. |
|
|
810 |
|
|
|
810 |
|
NC Topco, LLC (dba NContracts) |
|
|
14,384 |
|
|
|
14,384 |
|
NCWS Intermediate, Inc. (dba National Carwash Solutions) |
|
|
3,806 |
|
|
|
4,164 |
|
Newtek Merchant Solutions, LLC (dba NewtekOne) |
|
|
936 |
|
|
|
— |
|
NFM & J, L.P. (dba the Facilities Group) |
|
|
2,518 |
|
|
|
2,992 |
|
North Star Acquisitionco, LLC (dba Everway) |
|
|
27,615 |
|
|
|
4,447 |
|
Octane Purchaser, Inc. (dba Office Ally) |
|
|
3,941 |
|
|
|
— |
|
Oliver Packaging and Equipment Company, LLC (fka Buffalo Merger Sub, LLC) |
|
|
5,208 |
|
|
|
5,208 |
|
Onyx CenterSource, Inc. |
|
|
70 |
|
|
|
698 |
|
Pacvue Intermediate LLC (fka Assembly Intermediate LLC) |
|
|
4,399 |
|
|
|
4,399 |
|
Paris US Holdco, Inc. (dba Precinmac) |
|
|
5,488 |
|
|
|
5,581 |
|
PDDS Holdco, Inc. (dba Planet DDS) |
|
|
3,284 |
|
|
|
6,156 |
|
Pioneer Buyer I, LLC |
|
|
4,300 |
|
|
|
4,300 |
|
PlanSource Holdings, Inc. |
|
|
7,824 |
|
|
|
7,824 |
|
Pluralsight, Inc. |
|
|
8,464 |
|
|
|
8,464 |
|
PPW Aero Buyer, Inc. (dba Pursuit Aerospace) |
|
|
7,303 |
|
|
|
— |
|
Precision Concepts Parent Inc. |
|
|
2,825 |
|
|
|
— |
|
Project Accelerate Parent, LLC (dba ABC Fitness) |
|
|
1,875 |
|
|
|
1,875 |
|
Prophix Software Inc. (dba Pound Bidco) |
|
|
1,214 |
|
|
|
1,703 |
|
PT Intermediate Holdings III, LLC (dba Parts Town) |
|
|
2,601 |
|
|
|
3,059 |
|
QBS Parent, Inc. (dba Quorum Software) |
|
|
2,379 |
|
|
|
1,910 |
|
Recorded Books Inc. (dba RBMedia) |
|
|
1,891 |
|
|
|
749 |
|
Riverpoint Medical, LLC |
|
|
4,094 |
|
|
|
3,275 |
|
Rocket Bidco, Inc. (dba Recochem) |
|
|
2,176 |
|
|
|
2,029 |
|
Rodeo Buyer Company (dba Absorb Software) |
|
|
3,387 |
|
|
|
3,387 |
|
Rotation Buyer, LLC (dba Rotating Machinery Services) |
|
|
5,342 |
|
|
|
7,069 |
|
Rubix Foods, LLC |
|
|
1,792 |
|
|
|
— |
|
Runway Bidco, LLC (dba Redwood Software) |
|
|
4,545 |
|
|
|
4,545 |
|
SI Swan UK Bidco Limited (dba Sapiens International) |
|
|
20,947 |
|
|
|
— |
|
Singlewire Software, LLC |
|
|
129 |
|
|
|
129 |
|
Smarsh, Inc. |
|
|
10,267 |
|
|
|
4,333 |
|
Sonar Acquisitionco, Inc. (dba SimPRO) |
|
|
1,132 |
|
|
|
9,811 |
|
Southeast Mechanical, LLC |
|
|
14,839 |
|
|
|
17,279 |
|
SpecialtyCare, Inc. |
|
|
896 |
|
|
|
— |
|
Spectrum Safety Solutions Purchaser, LLC (dba Carrier Industrial Fire) |
|
|
235 |
|
|
|
279 |
|
SpendMend Holdings LLC |
|
|
3,893 |
|
|
|
4,454 |
|
Splash Car Wash, Inc. |
|
|
262 |
|
|
|
— |
|
Spotless Brands, LLC |
|
|
1,764 |
|
|
|
433 |
|
Streamland Media Midco LLC |
|
|
637 |
|
|
|
— |
|
Summit Buyer, LLC (dba Classic Collision) |
|
|
26,376 |
|
|
|
7,864 |
|
Sundance Group Holdings, Inc. (dba NetDocuments) |
|
|
5,680 |
|
|
|
4,361 |
|
Sunshine Cadence HoldCo, LLC (dba Cadence Education) |
|
|
2,834 |
|
|
|
3,498 |
|
Superman Holdings, LLC (dba Foundation Software) |
|
|
2,667 |
|
|
|
4,794 |
|
Supreme Fitness Group NY Holdings, LLC |
|
|
3,321 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Unfunded Commitment Balances(1) |
|
|
|
September 30, 2025 |
|
|
December 31, 2024 |
|
Sweep Purchaser LLC |
|
$ |
3,633 |
|
|
$ |
4,541 |
|
TEI Intermediate LLC (dba Triumvirate Environmental) |
|
|
7,978 |
|
|
|
8,570 |
|
Tropical Bidco, LLC (dba Tropical Cheese) |
|
|
1,674 |
|
|
|
1,395 |
|
Trystar, LLC |
|
|
295 |
|
|
|
349 |
|
United Flow Technologies Intermediate Holdco II, LLC |
|
|
667 |
|
|
|
3,673 |
|
US Signal Company, LLC |
|
|
1,579 |
|
|
|
3,158 |
|
USA DeBusk, LLC |
|
|
3,925 |
|
|
|
3,772 |
|
USN Opco LLC (dba Global Nephrology Solutions) |
|
|
3,023 |
|
|
|
2,118 |
|
Valet Waste Holdings, Inc. (dba Valet Living) |
|
|
3,176 |
|
|
|
3,477 |
|
Vamos Bidco, Inc. (dba VIP) |
|
|
8,108 |
|
|
|
— |
|
Vardiman Black Holdings, LLC (dba Specialty Dental Brands) |
|
|
3 |
|
|
|
12 |
|
VASA Fitness Buyer, Inc. |
|
|
2,194 |
|
|
|
357 |
|
VisionSafe Holdings, Inc. |
|
|
1,219 |
|
|
|
1,219 |
|
Volt Bidco, Inc. (dba Power Factors) |
|
|
3,960 |
|
|
|
4,753 |
|
VRC Companies, LLC (dba Vital Records Control) |
|
|
944 |
|
|
|
9,709 |
|
WebPT, Inc. |
|
|
337 |
|
|
|
1,234 |
|
Wellness AcquisitionCo, Inc. (dba SPINS) |
|
|
439 |
|
|
|
4,800 |
|
Westwood Professional Services Inc. |
|
|
3,366 |
|
|
|
3,744 |
|
Wildcat Solutions Holdings, LLC (dba O6 Environmental) |
|
|
3,341 |
|
|
|
— |
|
Xactly Corporation |
|
|
3,874 |
|
|
|
3,874 |
|
Zarya HoldCo, Inc. (dba Eptura) |
|
|
7,987 |
|
|
|
7,987 |
|
Zeppelin US Buyer Inc. (dba Global Critical Logistics) |
|
|
5,501 |
|
|
|
— |
|
Zeus Company LLC |
|
|
5,709 |
|
|
|
6,395 |
|
Acquia, Inc. |
|
|
— |
|
|
|
1,438 |
|
Arrow Buyer, Inc. (dba Archer Technologies) |
|
|
— |
|
|
|
487 |
|
ATX Networks Corp. |
|
|
— |
|
|
|
361 |
|
Capitol Imaging Acquisition Corp. |
|
|
— |
|
|
|
180 |
|
Chronicle Bidco Inc. (dba Lexitas) |
|
|
— |
|
|
|
30,522 |
|
CivicPlus LLC |
|
|
— |
|
|
|
1,217 |
|
CorePower Yoga LLC |
|
|
— |
|
|
|
682 |
|
Easy Mile Fitness, LLC |
|
|
— |
|
|
|
1,624 |
|
ESO Solutions, Inc. |
|
|
— |
|
|
|
1,086 |
|
Formulations Parent Corporation (dba Chase Corp) |
|
|
— |
|
|
|
835 |
|
Governmentjobs.com, Inc. (dba NeoGov) |
|
|
— |
|
|
|
21,273 |
|
HealthEdge Software, Inc. |
|
|
— |
|
|
|
1,682 |
|
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) |
|
|
— |
|
|
|
1,524 |
|
Kaseya Inc. |
|
|
— |
|
|
|
1,643 |
|
LS Clinical Services Holdings, Inc (dba CATO) |
|
|
— |
|
|
|
440 |
|
Rubrik, Inc. |
|
|
— |
|
|
|
252 |
|
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
|
|
— |
|
|
|
913 |
|
Total Vision LLC |
|
|
— |
|
|
|
1,270 |
|
Total 1st Lien/Senior Secured Debt |
|
$ |
617,552 |
|
|
$ |
479,238 |
|
|
|
|
|
|
|
|
|
|
1st Lien/Last-Out Unitranche |
|
|
|
|
|
|
EDB Parent, LLC (dba Enterprise DB) |
|
$ |
4,987 |
|
|
$ |
1,852 |
|
EIP Consolidated, LLC (dba Everest Infrastructure) |
|
|
417 |
|
|
|
1,000 |
|
K2 Towers III, LLC |
|
|
33 |
|
|
|
714 |
|
Skyway Towers Intermediate LLC |
|
|
8,339 |
|
|
|
3,150 |
|
Tarpon Towers II LLC |
|
|
3,188 |
|
|
|
4,313 |
|
Thor FinanceCo LLC (dba Harmoni Towers) |
|
|
400 |
|
|
|
1,144 |
|
Towerco IV Holdings, LLC |
|
|
545 |
|
|
|
785 |
|
Total 1st Lien/Last-Out Unitranche |
|
$ |
17,909 |
|
|
$ |
12,958 |
|
2nd Lien/Senior Secured Debt |
|
|
|
|
|
|
Wine.com, LLC |
|
$ |
770 |
|
|
$ |
770 |
|
Total 2nd Lien/Senior Secured Debt |
|
$ |
770 |
|
|
$ |
770 |
|
Total |
|
$ |
636,231 |
|
|
$ |
492,966 |
|
(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date. Contingencies In the normal course of business, the Company enters 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.
|