Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Commitments: As of March 31, 2025 and December 31, 2024, the Company had $1,009,586 and $896,624, respectively, in outstanding commitments to fund investments under undrawn revolvers, delayed draw commitments and subscription agreements. Management believes that the Company’s available cash balances and/or ability to draw on existing credit facilities or raise additional leverage facilities provide sufficient funds to cover its unfunded commitments as of March 31, 2025.

The table below presents outstanding commitments to fund investments in current portfolio companies as of March 31, 2025 and December 31, 2024:

Portfolio Company	March 31, 2025		December 31, 2024
3C Buyer LLC (Revolver)	$	1,836	n/a
601 Lafayette Mezz LLC (Delayed Draw)	20,500		20,500
601 Lafayette Mezz LLC (Delayed Draw)	20,500		20,500
95 Percent Buyer, LLC (Revolver)	808		809
A360, Inc. (Delayed Draw)	4,436		4,437
A360, Inc. (Revolver)	1,241		2,218
Accelevation LLC (Delayed Draw)	5,250		n/a
Accelevation LLC (Revolver)	3,065		n/a
Acquia Inc. (Revolver)	n/a		259
Aligned Exteriors Group Holdco, LLC (Delayed Draw)	10,000		10,000
Aligned Exteriors Group Holdco, LLC (Revolver)	1,667		1,667
Ambient Enterprises Holdco, LLC (Delayed Draw)	3,794		3,794
Ambient Enterprises Holdco, LLC (Revolver)	1,528		1,528
American Broadband and Telecommunications Company LLC (Delayed Draw)	94		107
American Broadband and Telecommunications Company LLC (Revolver)	746		748
Animal Dermatology Group, Inc. (Delayed Draw)	5,609		6,727
Animal Dermatology Group, Inc. (Delayed Draw)	5,769		5,769
Animal Dermatology Group, Inc. (Revolver)	2,500		2,500
Appriss Health, LLC (Revolver)	433		433
Aptean, Inc. (Delayed Draw)	225		397
Aptean, Inc. (Revolver)	728		728
Aras Corporation (Revolver)	448		448
Arax Midco, LLC (Delayed Draw)	1,647		2,131
Arax Midco, LLC (Revolver)	1,293		1,293
Arcserve Cayman Opco LP (Delayed Draw)	1,029		1,029
ASG III, LLC (Delayed Draw)	13,980		13,980
ASG III, LLC (Revolver)	3,158		3,158
Avalara, Inc. (Revolver)	n/a		1,000
Bench Walk Lead, LLC (Delayed Draw)	4,400		n/a
Bloomerang, LLC (Delayed Draw)	3,200		4,800
Bloomerang, LLC (Revolver)	3,200		2,960
BLP Buyer, Inc. (Revolver)	4,509		5,422
Bluesight, Inc. (Revolver)	5,217		5,217
Bonterra LLC (Revolver)	n/a		653
BTR Opco LLC (Delayed Draw)	383		383
BTRS Holdings Inc. (Revolver)	n/a		667

Portfolio Company	March 31, 2025	December 31, 2024
BTRS Holdings Inc. (Revolver)	2,255	n/a
Calabrio, Inc. (Revolver)	551	551
Calienger Holdings, L.L.C. (Revolver)	909	909
Caravel Autism Health, LLC (Delayed Draw)	7,714	7,714
Caravel Autism Health, LLC (Revolver)	5,400	5,400
Catalyst Data Holdings, Inc. (Delayed Draw)	9,900	9,900
Catalyst Data Holdings, Inc. (Delayed Draw)	667	759
Catalyst Data Holdings, Inc. (Delayed Draw)	9,900	9,900
Catalyst Data Holdings, Inc. (Revolver)	3,300	3,300
Catalyst Data Holdings, Inc. (Equity Commitment)	835	835
Cdata Software, Inc. (Delayed Draw)	3,616	3,616
Cdata Software, Inc. (Delayed Draw)	4,255	4,255
Cdata Software, Inc. (Revolver)	5,106	5,106
Chess.com, LLC (Revolver)	1,413	1,413
Cloud for Good, LLC (Delayed Draw)	12,500	n/a
Cloud for Good, LLC (Revolver)	4,000	n/a
Clydesdale Holdings, LLC (Delayed Draw)	5,367	6,000
Clydesdale Holdings, LLC (Revolver)	4,523	4,523
Cohere Beauty, Phoenix LLC (Revolver)	1,333	444
Cosmos Bidco, Inc. (Delayed Draw)	7,886	10,286
Cosmos Bidco, Inc. (Delayed Draw)	5,379	n/a
Cosmos Bidco, Inc. (Revolver)	5,625	5,625
Cpex Purchaser, LLC (Delayed Draw)	1,214	1,906
Cpex Purchaser, LLC (Delayed Draw)	4,320	n/a
Cpex Purchaser, LLC (Revolver)	13,935	10,452
DataOnline Corp. (Revolver)	2,221	3,146
Demakes Borrower, LLC (Delayed Draw)	1,372	1,372
Destination Media, Inc. (Revolver)	536	536
Dorado Acquisition, Inc. (Revolver)	1,670	1,670
Douglas Holdings, Inc. (Delayed Draw)	2,254	2,595
Douglas Holdings, Inc. (Delayed Draw)	n/a	5,957
Douglas Holdings, Inc. (Delayed Draw)	5,416	5,416
Douglas Holdings, Inc. (Revolver)	2,166	2,166
Drawbridge Partners, LLC (Delayed Draw)	396	396
Drawbridge Partners, LLC (Revolver)	2,609	2,609
ecMarket Inc. and Conexiom US Inc. (Delayed Draw)	n/a	569
ecMarket Inc. and Conexiom US Inc. (Revolver)	2,067	2,067
E-Discovery Acquireco, LLC (Revolver)	2,182	2,727
Edustaff, LLC (Revolver)	2,364	2,364
Einstein Parent, INC. (Revolver)	3,738	n/a
Epika Fleet Services, Inc. (Delayed Draw)	4,413	4,413
Epika Fleet Services, Inc. (Delayed Draw)	1,667	2,158
Epika Fleet Services, Inc. (Revolver)	2,301	3,040
EverService Midco, LLC (Revolver)	8,919	8,919
Excelligence Learning Corporation (Revolver)	1,541	3,219

Portfolio Company	March 31, 2025	December 31, 2024
Expedited Travel, LLC (Revolver)	1,500	1,500
Express Wash Acquisition Company, LLC (Revolver)	241	241
FH BMX Buyer, Inc. (Delayed Draw)	4,800	4,800
Fiasco Enterprises, LLC (Revolver)	1,750	1,750
Forest Buyer, LLC (Revolver)	2,719	2,719
Freedom U.S. Acquisition Corporation (Revolver)	5,100	5,100
Fueled Digital Media, LLC (Revolver)	81	81
GC Champion Acquisition LLC (Delayed Draw)	3,430	3,430
Guardian Restoration Partners Buyer, LLC (Delayed Draw)	11,701	13,245
Guardian Restoration Partners Buyer, LLC (Revolver)	2,740	3,000
Harlem Acquisition, LLC (Delayed Draw)	9,143	9,143
Harlem Acquisition, LLC (Revolver)	5,608	5,608
Helping Hands Childrens Services Management, LLC (Delayed Draw)	4,600	4,600
Helping Hands Childrens Services Management, LLC (Revolver)	2,300	2,300
HS4 Acquisitionco, Inc. (Revolver)	n/a	106
HOSTAWAY MIDCO OY (Delayed Draw)	5,000	n/a
HOSTAWAY MIDCO OY (Revolver)	4,167	n/a
Huckabee Acquisition, LLC (Delayed Draw)	6,522	6,522
Huckabee Acquisition, LLC (Revolver)	3,913	3,913
IDIG Parent, LLC (Common stock)	34	34
IF & P Holdings Company, LLC (Delayed Draw)	959	959
IF & P Holdings Company, LLC (Revolver)	1,677	2,471
Independence Buyer, Inc. (Revolver)	2,778	2,371
Innovative Artists Entertainment, LLC (Revolver)	2,225	n/a
Innovative Artists Entertainment, LLC (Equity Commitment)	1,091	n/a
InsideRE, LLC (Delayed Draw)	462	n/a
InsideRE, LLC (Revolver)	965	965
Interstate BidCo, LLC (Delayed Draw)	12,397	12,397
Interstate BidCo, LLC (Revolver)	3,125	3,125
Ivex Holdco Inc. and Induspac Holdco Inc. (Delayed Draw)	6,114	6,114
Ivex Holdco Inc. and Induspac Holdco Inc. (Revolver)	2,826	3,261
Izzio Artisan Bakery, LLC (Delayed Draw)	8,286	10,357
J2 BWA Funding III, LLC (Delayed Draw)	4,454	4,834
J2 BWA Funding III, LLC (Equity commitment)	697	697
J2 BWA Funding LLC (Revolver)	n/a	1,099
JDX Studio, LLC (Delayed Draw)	799	799
JDX Studio, LLC (Revolver)	2,398	2,078
Jesse Studio Mezz, LLC (Delayed Draw)	7,833	7,833
Jobnimbus Holdings, LLC (Delayed Draw)	7,111	7,111
Jobnimbus Holdings, LLC (Revolver)	5,333	5,333
Keel Platform, LLC (Delayed Draw)	n/a	1,647
Kingsley Gate Partners, LLC (Revolver)	240	240
KL Moon Acquisition, LLC (Revolver)	650	705
KT Naples UB LLC (Delayed Draw)	3,725	4,652
Lifted Trucks Holdings, LLC (Revolver)	1,429	2,063

Portfolio Company	March 31, 2025	December 31, 2024
Light Wave Dental Management, LLC (Revolver)	3,517	4,753
Long Grove Pharmaceuticals, LLC (Delayed Draw)	14,000	n/a
LVF Holdings, Inc. (Revolver)	n/a	329
Madison Logic Holdings, Inc. (Revolver)	635	635
Maltese Diplomat Owner 100 LLC (Delayed Draw)	5,467	n/a
Mammoth Holdings, LLC (Revolver)	2,727	2,727
MB Purchaser, LLC (Delayed Draw)	6,250	6,250
MB Purchaser, LLC (Revolver)	2,500	2,500
MC Voyager SPV II LLC (Equity commitment)	37,510	n/a
MEI Buyer LLC (Delayed Draw)	8,946	n/a
MEI Buyer LLC (Revolver)	5,253	4,775
Milrose Consultants, LLC (Revolver)	1,846	1,846
Mindbody, Inc. (Revolver)	190	190
Moonraker Acquisitionco LLC (Revolver)	653	653
Nastel Technologies, LLC (Revolver)	368	368
Nasuni Corporation (Revolver)	3,125	3,125
NationsBenefits, LLC (Delayed Draw)	1,987	1,987
NationsBenefits, LLC (Revolver)	4,083	6,806
NBPT Acquisition LLC (Delayed Draw)	8,074	n/a
NBPT Acquisition LLC (Revolver)	2,360	n/a
NBPT Acquisition LLC (Equity Commitment)	884	n/a
NFM & J, L.P. (Delayed Draw)	6,585	6,585
NFM & J, L.P. (Revolver)	4,087	5,273
Northeast Contracting Company, LLC (Revolver)	1,591	1,591
NQ PE Project Colosseum Midco Inc. (Revolver)	1,825	1,825
Off Hours Spirits, Inc. / Hour Barrel, LLC (Revolver)	133	133
Onix Networking Corp. (Revolver)	5,000	5,000
OPOC Acquisition, LLC (Delayed Draw)	3,009	3,009
OPOC Acquisition, LLC (Revolver)	1,204	1,083
Optomi, LLC (Revolver)	2,232	2,339
Oranje Holdco, Inc. (Revolver)	1,750	1,750
PAI Middle Tier, LLC (Revolver)	3,765	n/a
Parkhub, Inc. (Delayed Draw)	1,762	1,762
Parkhub, Inc. (Delayed Draw)	3,423	3,317
Parkhub, Inc. (Delayed Draw)	13,938	13,938
Parkhub, Inc. (Revolver)	4,713	6,733
PC Pest Buyer, LLC (Delayed Draw)	26,373	28,854
PC Pest Buyer, LLC (Revolver)	8,400	8,400
PNE Interco LLC (Delayed Draw)	884	884
PNE Interco LLC (Revolver)	5,899	5,112
PrecisionX Group, LLC (Delayed Draw)	600	600
PrecisionX Group, LLC (Revolver)	2,402	2,401
Premier Roofing L.L.C. (Revolver)	144	144
PRGX Global, Inc. (Revolver)	4,345	n/a
PRGX Global, Inc (Revolver)	n/a	3,024

Portfolio Company	March 31, 2025	December 31, 2024
Project Accelerate Parent, LLC (Revolver)	3,125	3,125
Prototek LLC (Revolver)	921	921
QF Holdings, Inc. (Revolver)	764	619
Quest Resource Management Group, LLC (Delayed Draw)	6,944	6,944
Rampart Exterior Services Buyer, Inc. (Delayed Draw)	n/a	7,143
Rampart Exterior Services Buyer, Inc. (Revolver)	2,679	2,679
Randys Holdings, Inc. (Delayed Draw)	2,432	3,994
Randys Holdings, Inc. (Revolver)	1,274	1,501
Really Great Reading Company, Inc. (Revolver)	3,200	3,200
Recorded Future, Inc. (Class A units)	n/a	8
Recycled Plastics Industries, LLC (Revolver)	297	446
Relevate Health Group, LLC (Revolver)	263	368
Rita's Franchise Company, LLC (Revolver)	1,799	1,799
Ro Health, LLC (Revolver)	800	n/a
RS Acquisition, LLC (Revolver)	379	379
Russell Investments US Institutional Holdco, Inc. (Revolver)	1,240	1,240
Sandvine Corporation (Delayed Draw)	n/a	86
SCP Intermediate Holdings, LLC (Delayed Draw)	3,947	3,947
SCP Eye Care Holdco, LLC (Delayed Draw)	20,318	20,318
SCP Eye Care Holdco, LLC (Revolver)	1,082	1,442
SDG Mgmt Company, LLC (Delayed Draw)	9,649	9,906
SDG Mgmt Company, LLC (Delayed Draw)	n/a	11,887
SDG Mgmt Company, LLC (Delayed Draw)	7,925	7,925
SDG Mgmt Company, LLC (Delayed Draw)	n/a	5,741
SDG Mgmt Company, LLC (Revolver)	1,981	1,981
Second Avenue SFR Holdings II LLC (Revolver)	n/a	2,316
Securly, Inc. (Revolver)	646	646
Seran BioScience, LLC (Delayed Draw)	3,556	n/a
Seran BioScience, LLC (Revolver)	356	356
SFR Holdco 2, LLC (Delayed Draw)	1,427	2,852
SFR Holdco 2, LLC (Equity commitment)	951	1,901
SheerTrans Solutions, LLC (Revolver)	513	513
Signiant Inc. (Delayed Draw)	3,000	3,000
Signiant Inc. (Revolver)	1,875	1,875
Sparq Holdings, Inc. (Delayed Draw)	578	578
Sparq Holdings, Inc. (Revolver)	314	368
Spherix Global Inc. (Revolver)	500	500
Sports Operating Holdings II, LLC (Delayed Draw)	835	1,785
Sports Operating Holdings II, LLC (Revolver)	865	865
StarCompliance MidCo, LLC (Revolver)	1,948	1,313
Steel City Wash, LLC (Delayed Draw)	3,158	n/a
Steel City Wash, LLC (Revolver)	1,579	n/a
Streamland Media MidCo LLC (Revolver)	132	n/a
Summit Professional Education, LLC (Revolver)	1,471	326
Sundy Village West Mezz Borrower, LLC (Delayed Draw)	9,639	9,639

Portfolio Company	March 31, 2025	December 31, 2024
Sundy Village West Mezz Borrower, LLC (Delayed Draw)	10,166	10,166
Sunstates Security, LLC (Delayed Draw)	13,333	13,333
Tavoron Buyer Corp. (Delayed Draw)	8,028	n/a
Tavoron Buyer Corp. (Revolver)	186	n/a
Tavoron Buyer Corp. (Revolver)	1,338	n/a
The Black Tux, LLC (Delayed Draw)	1,750	1,944
The Black Tux, LLC (Revolver)	1,944	1,944
The Gersh Agency, LLC (Delayed Draw)	12,270	12,270
The Gersh Agency, LLC (Revolver)	1,082	2,589
The Gersh Agency, LLC (Revolver)	3,762	3,762
The Kyjen Company, LLC (Revolver)	142	n/a
The Smilist DSO, LLC (Delayed Draw)	n/a	872
SFR Holdco 2, LLC (24.4% of equity commitments)	11,115	11,842
The Smilist DSO, LLC (Revolver)	1,974	1,974
TigerConnect, Inc. (Delayed Draw)	19	23
TigerConnect, Inc. (Delayed Draw)	340	436
TigerConnect, Inc. (Revolver)	1,429	1,429
Tiugo Group Holdings Corp (Delayed Draw)	13,178	n/a
Tiugo Group Holdings Corp (Revolver)	6,589	n/a
Touchmath Acquisition LLC (Revolver)	1,429	1,429
Triad Financial Services, Inc. (Equity commitment)	37,053	37,053
Trilon Group, LLC (Delayed Draw)	n/a	9,450
Trilon Group, LLC (Delayed Draw)	10,157	n/a
Trilon Group, LLC (Revolver)	4,874	4,265
Truck-Lite Co., LLC (Delayed Draw)	384	1,067
Truck-Lite Co., LLC (Revolver)	996	1,067
Ultra Clean Holdco LLC (Delayed Draw)	3,750	4,500
Ultra Clean Holdco LLC (Revolver)	3,000	3,000
Unanet, Inc. (Delayed Draw)	1,350	1,350
Unanet, Inc. (Delayed Draw)	3,034	3,555
Unanet, Inc. (Revolver)	4,316	4,316
Valkyrie Buyer, LLC (Delayed Draw)	3,088	3,088
Valkyrie Buyer, LLC (Delayed Draw)	1,083	2,864
Valkyrie Buyer, LLC (Delayed Draw)	6,667	6,667
Valkyrie Buyer, LLC (Delayed Draw)	3,333	3,333
Valkyrie Buyer, LLC (Delayed Draw)	2,316	2,316
Valkyrie Buyer, LLC (Revolver)	3,509	3,509
Varicent Intermediate Holdings Corporation (Delayed Draw)	5,610	6,085
Varicent Intermediate Holdings Corporation (Revolver)	4,443	4,443
Velociti, LLC (Revolver)	3,789	n/a
Vhagar Purchaser, LLC (Delayed Draw)	1,722	1,722
Vhagar Purchaser, LLC (Revolver)	1,111	1,111
Volt Bidco, Inc. (Revolver)	956	956
Water Buyer, LLC (Delayed Draw)	6,000	6,000
Water Buyer, LLC (Revolver)	3,000	3,000

Portfolio Company	March 31, 2025		December 31, 2024
WebPT, Inc. (Revolver)	156		246
Whistler Parent Holdings III, Inc. (Delayed Draw)	1,528		1,973
Whistler Parent Holdings III, Inc. (Revolver)	446		438
WPEngine, Inc. (Revolver)	1,650		1,650
XanEdu Publishing, Inc. (Revolver)	977		977
Xpress Wellness, LLC (Delayed Draw)	10,050		12,050
Xpress Wellness, LLC (Revolver)	4,677		2,769
YBR OZ ECE, LLC (Delayed Draw)	2,500		n/a
YBR OZ ECE, LLC (Revolver)	375		n/a
ZI Intermediate II, Inc. (Revolver)	4,771		4,771
Zodega Landscaping, LLC (Revolver)	992		992
Zodega Landscaping, LLC (Preferred interests)	1,197		1,197
Total Unfunded Portfolio Company Commitments	$	1,009,586	$	896,624

Indemnification: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnification provisions to be remote.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.

Market risk: The Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded.

Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company is not currently aware of any such proceedings or disposition that would have a material adverse effect on the Company’s consolidated financial statements.