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COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
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 March 31, 2025 and December 31, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment Type
March 31, 2025
December 31, 2024
Accelevation LLC(2)Delayed Draw Term Loan$1,079 $— 
Accelevation LLC(2)Revolver799 — 
Accurus Aerospace Corporation(2)Revolver97 — 
Accurus Aerospace Corporation(2)Revolver— 277 
AD Bidco, Inc.Delayed Draw Term Loan5,035 5,035 
AD Bidco, Inc.Revolver1,863 1,863 
Adhefin International(3)Delayed Draw Term Loan410 393 
Portfolio Company(1)
($ in thousands)
Investment Type
March 31, 2025
December 31, 2024
AirX Climate Solutions, Inc.Delayed Draw Term Loan10,387 10,387 
AirX Climate Solutions, Inc.Revolver3,460 3,460 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan271 259 
Americo Chemical Products, LLC(2)Revolver1,400 1,400 
Aquavista Watersides 2 LTD(2)(4)Capex / Acquisition Facility— 1,012 
Arc Education(3)Delayed Draw Term Loan2,074 1,988 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility737 715 
Artemis Bidco Limited(3)Delayed Draw Term Loan692 663 
ASC Communications, LLCRevolver647 647 
Astra Bidco Limited(2)(4)Delayed Draw Term Loan156 265 
ATL II MRO Holdings Inc.Revolver6,410 6,410 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan1,390 1,381 
Azalea Buyer, Inc.Delayed Draw Term Loan— 644 
Azalea Buyer, Inc.Revolver481 481 
Basin Innovation Group, LLCDelayed Draw Term Loan2,061 2,061 
Basin Innovation Group, LLCRevolver1,781 1,781 
Beyond Risk Management, Inc.Delayed Draw Term Loan29,829 29,829 
Biolam Group(2)(3)Delayed Draw Term Loan1,475 1,414 
BKF Buyer, Inc.(2)Revolver2,846 2,846 
Brightpay Limited(2)(3)Delayed Draw Term Loan— 183 
BrightSign LLCRevolver203 203 
British Engineering Services Holdco Limited(2)(4)Capex / Acquisition Facility32 46 
Broadstone Group UK LTD(4)Delayed Draw Term Loan1,392 — 
Broadstone Group UK LTD(4)Delayed Draw Term Loan580 — 
CAi Software, LLCRevolver1,870 1,870 
Caldwell & Gregory LLCDelayed Draw Term Loan6,125 6,625 
Caldwell & Gregory LLCRevolver5,000 5,000 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan51 63 
Cascade Residential Services LLC(2)Delayed Draw Term Loan2,459 2,459 
Cascade Residential Services LLC(2)Revolver65 — 
CCFF Buyer, LLCDelayed Draw Term Loan1,338 1,338 
CCFF Buyer, LLCRevolver1,004 1,004 
Centralis Finco S.a.r.l.(3)Delayed Draw Term Loan253 — 
CGI Parent, LLCRevolver1,102 1,653 
Comply365, LLC(2)Revolver575 575 
Cosmelux International(2)(3)Revolver245 235 
Coyo Uprising GmbH(2)(3)Delayed Draw Term Loan511 490 
DataServ Integrations, LLCRevolver481 481 
DAWGS Intermediate Holding Co.Revolver3,031 — 
DecksDirect, LLC(2)Revolver127 34 
DISA Holdings Corp.Delayed Draw Term Loan73 2,265 
DISA Holdings Corp.Revolver1,025 1,282 
Discovery Buyer, L.P.Delayed Draw Term Loan9,201 — 
Discovery Buyer, L.P.Revolver2,286 — 
Dune Group(2)(3)Delayed Draw Term Loan1,027 985 
EB Development(3)Capex / Acquisition Facility829 — 
EB Development(3)Delayed Draw Term Loan2,149 2,060 
Portfolio Company(1)
($ in thousands)
Investment Type
March 31, 2025
December 31, 2024
Eclipse Business Capital, LLCRevolver8,086 8,920 
Electrical Components International, Inc.(2)Delayed Draw Term Loan1,170 1,170 
EMI Porta Holdco LLC(2)Revolver2,085 1,932 
eShipping, LLCRevolver743 743 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan620 620 
Expert Institute Group Inc.(2)Delayed Draw Term Loan3,833 — 
Expert Institute Group Inc.(2)Revolver2,061 — 
Express Wash Acquisition Company, LLC(2)Revolver115 115 
Faraday(2)(3)Delayed Draw Term Loan— 1,856 
Finaxy Holding(2)(3)Delayed Draw Term Loan5,219 5,841 
Footco 40 Limited(4)Delayed Draw Term Loan530 515 
Forest Buyer, LLCRevolver595 595 
Fortis Payment Systems, LLC(2)Delayed Draw Term Loan— 1,320 
Fortis Payment Systems, LLC(2)Revolver— 2,288 
GB Eagle Buyer, Inc.Delayed Draw Term Loan2,891 2,891 
GB Eagle Buyer, Inc.Revolver2,533 2,895 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Glacis Acquisition S.A.R.L.(2)(3)Delayed Draw Term Loan222 213 
Global Academic Group Limited(2)(7)Term Loan13 233 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan43 — 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan— 49 
Graphpad Software, LLCDelayed Draw Term Loan5,023 5,023 
Graphpad Software, LLCRevolver2,093 2,093 
Greenhill II BV(3)Capex / Acquisition Facility— 28 
Groupe Product Life(3)Delayed Draw Term Loan3,957 5,832 
Haystack Holdings LLC(2)Delayed Draw Term Loan7,442 — 
Haystack Holdings LLC(2)Revolver1,806 — 
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan165 164 
Heavy Construction Systems Specialists, LLCRevolver2,193 2,193 
HEKA Invest(3)Delayed Draw Term Loan1,124 1,078 
HemaSource, Inc.Revolver3,290 3,290 
HomeX Services Group LLCDelayed Draw Term Loan6,503 6,503 
HomeX Services Group LLCRevolver3,378 3,378 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan16,583 — 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan5,896 — 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan3,040 — 
HS Advisory Buyer LLC(2)Revolver2,764 — 
HSL Compliance(4)Delayed Draw Term Loan1,211 — 
HTI Technology & Industries(2)Delayed Draw Term Loan1,691 1,691 
HTI Technology & Industries(2)Revolver1,128 1,128 
Hydratech Holdings, Inc.Delayed Draw Term Loan155 1,654 
Hydratech Holdings, Inc.Revolver346 885 
Ice House America, L.L.C.(2)Delayed Draw Term Loan1,224 1,224 
Ice House America, L.L.C.(2)Revolver196 385 
Infoniqa Holdings GmbH(2)(3)Capex / Acquisition Facility84 3,999 
Interstellar Group B.V.(2)(3)Delayed Draw Term Loan1,155 1,163 
Portfolio Company(1)
($ in thousands)
Investment Type
March 31, 2025
December 31, 2024
InvoCare Limited(2)(5)Delayed Draw Term Loan554 550 
ISTO Technologies II, LLCRevolver1,114 1,114 
ITI Intermodal, Inc.Revolver1,031 1,031 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility384 380 
Jones Fish Hatcheries & Distributors LLCRevolver167 418 
Keystone Bidco B.V.(2)(3)Delayed Draw Term Loan61 185 
Keystone Bidco B.V.(2)(3)Revolver29 28 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan221 471 
Lattice Group Holdings Bidco LimitedDelayed Draw Term Loan227 237 
Lattice Group Holdings Bidco LimitedRevolver35 35 
LeadsOnline, LLCRevolver3,190 3,190 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan24 23 
Marmoutier Holding B.V.(2)(3)Revolver68 65 
MB Purchaser, LLCDelayed Draw Term Loan2,060 2,060 
MB Purchaser, LLCRevolver824 824 
MC Group Ventures Corporation(2)Delayed Draw Term Loan7,825 7,825 
MC Group Ventures Corporation(2)Delayed Draw Term Loan435 435 
Media Recovery, Inc. (SpotSee)(2)Revolver1,819 1,944 
Media Recovery, Inc. (SpotSee)(2)(4)Revolver2,340 2,270 
Megawatt Acquisitionco, Inc.(2)Revolver1,426 1,426 
Mercell Holding AS(2)(8)Capex / Acquisition Facility745 691 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan473 470 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan54 54 
Momentum Textiles, LLCRevolver1,357 — 
Moonlight Bidco Limited(4)Delayed Draw Term Loan569 552 
MSI Express Inc.(2)Delayed Draw Term Loan2,103 — 
MSI Express Inc.(2)Revolver2,103 — 
MSI Express Inc.(2)Revolver670 — 
Narda Acquisitionco., Inc.Revolver1,059 1,059 
NAW Buyer LLCDelayed Draw Term Loan8,992 8,992 
NAW Buyer LLCRevolver2,306 2,306 
Next Holdco, LLCDelayed Draw Term Loan5,984 5,984 
Next Holdco, LLCRevolver2,321 2,321 
NF Holdco, LLC(2)Revolver1,109 1,109 
Northstar Recycling, LLCDelayed Draw Term Loan4,381 4,381 
Northstar Recycling, LLCRevolver3,598 3,598 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan936 898 
OA Buyer, Inc.Revolver1,331 1,331 
OAC Holdings I CorpRevolver881 1,370 
Oracle Vision Bidco Limited(2)(4)Delayed Draw Term Loan821 1,139 
OSP Hamilton Purchaser, LLCDelayed Draw Term Loan4,255 4,255 
OSP Hamilton Purchaser, LLCRevolver964 964 
Pare SAS (SAS Maurice MARLE)(2)Delayed Draw Term Loan2,100 2,100 
Parkview Dental Holdings LLC(2)Delayed Draw Term Loan328 328 
PDQ.Com CorporationDelayed Draw Term Loan3,939 3,939 
PDQ.Com CorporationDelayed Draw Term Loan1,685 1,814 
Polara Enterprises, L.L.C.Revolver947 947 
Portfolio Company(1)
($ in thousands)
Investment Type
March 31, 2025
December 31, 2024
PowerGEM Buyer, Inc.(2)Delayed Draw Term Loan5,271 7,153 
PowerGEM Buyer, Inc.(2)Revolver3,730 3,730 
Premium Invest(3)Capex / Acquisition Facility1,256 1,204 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan610 1,220 
Process Insights Acquisition, Inc.(2)Revolver630 136 
ProfitOptics, LLC(2)Revolver97 97 
Pro-Vision Solutions Holdings, LLC(2)Revolver2,754 3,318 
PSP Intermediate 4, LLC(3)Delayed Draw Term Loan202 193 
Qualified Industries, LLCRevolver364 364 
R1 Holdings, LLCRevolver1,256 1,601 
Randys Holdings, Inc.Delayed Draw Term Loan2,361 3,877 
Randys Holdings, Inc.Revolver1,306 1,539 
Rapid Buyer LLCDelayed Draw Term Loan2,833 2,833 
Rapid Buyer LLCRevolver1,417 1,417 
Rocade Holdings LLC(2)Preferred Equity2,000 2,000 
Rock Labor LLC(2)Revolver941 941 
ROI Solutions LLCDelayed Draw Term Loan3,485 3,485 
ROI Solutions LLCRevolver3,120 3,120 
Royal Buyer, LLCDelayed Draw Term Loan392 1,531 
Royal Buyer, LLCRevolver2,330 2,330 
RPX CorporationRevolver4,919 4,919 
Saab Purchaser, Inc. Delayed Draw Term Loan7,660 7,660 
Saab Purchaser, Inc. Revolver3,830 3,830 
Sanoptis S.A.R.L.(2)(3)Term Loan2,562 2,456 
Sansidor BV(2)(3)Capex / Acquisition Facility702 989 
SBP Holdings LPDelayed Draw Term Loan15,924 15,924 
SBP Holdings LPDelayed Draw Term Loan6,504 6,504 
SBP Holdings LPRevolver5,467 5,467 
Scout Bidco B.V.(2)(3)Revolver521 500 
Sinari Invest(3)Delayed Draw Term Loan468 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan— 80 
Skyvault Holdings LLC(2)Delayed Draw Term Loan10,578 24,262 
Smartling, Inc.Revolver1,038 1,038 
SmartShift Group, Inc.Revolver2,731 2,731 
Solo Buyer, L.P.(2)Revolver1,130 1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan231 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver78 156 
SPATCO Energy Solutions, LLCDelayed Draw Term Loan5,086 5,086 
SPATCO Energy Solutions, LLCRevolver4,159 4,159 
Spatial Business Systems LLCRevolver1,406 1,406 
SSCP Pegasus Midco Limited(2)(4)Delayed Draw Term Loan49 215 
Superjet Buyer, LLC(2)Delayed Draw Term Loan14,512 14,512 
Superjet Buyer, LLC(2)Revolver3,980 3,980 
SVI International LLCDelayed Draw Term Loan74 74 
SVI International LLCRevolver74 74 
Tank Holding Corp(2)Delayed Draw Term Loan— 307 
Tank Holding CorpRevolver655 655 
Portfolio Company(1)
($ in thousands)
Investment Type
March 31, 2025
December 31, 2024
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,167 1,133 
TAPCO Buyer LLCDelayed Draw Term Loan11,198 11,198 
TAPCO Buyer LLCRevolver4,072 4,072 
Technology Service Stream BidCo Pty Ltd(2)(5)Delayed Draw Term Loan234 233 
Techone B.V.(3)Revolver238 228 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan11,498 — 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan8,432 — 
Tencarva Machinery Company, LLC(2)Revolver4,041 2,554 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Revolver1,233 1,233 
THG Acquisition, LLCDelayed Draw Term Loan2,165 2,204 
THG Acquisition, LLCRevolver1,384 1,343 
Trintech, Inc.Revolver1,020 1,020 
TSYL Corporate Buyer, Inc.(2)Delayed Draw Term Loan23,563 23,563 
TSYL Corporate Buyer, Inc.(2)Revolver442 443 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan258 234 
UHY Advisors, Inc.Delayed Draw Term Loan14,992 14,992 
UHY Advisors, Inc.Revolver3,086 3,968 
Union Bidco Limited(4)Capex / Acquisition Facility182 177 
United Therapy Holding III GmbH(2)(3)Capex / Acquisition Facility622 596 
Unither (Uniholding)(3)Delayed Draw Term Loan468 449 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(2)Term Loan3,077 — 
WEST-NR ACQUISITIONCO, LLC(2)Delayed Draw Term Loan31,650 31,650 
WEST-NR ACQUISITIONCO, LLC(2)Delayed Draw Term Loan4,831 4,831 
Whitcraft Holdings, Inc.(2)Delayed Draw Term Loan10,677 18,199 
Whitcraft Holdings, Inc.(2)Revolver842 1,190 
White Bidco LimitedDelayed Draw Term Loan514 514 
Woodland Foods, LLC(2)Delayed Draw Term Loan1,401 — 
Woodland Foods, LLC(2)Line of Credit1,428 852 
World 50, Inc.Revolver1,703 1,703 
WWEC Holdings III Corp(2)Delayed Draw Term Loan6,627 6,627 
WWEC Holdings III Corp(2)Revolver3,359 3,359 
Xeinadin Bidco Limited(2)(4)Capex / Acquisition Facility3,280 5,297 
ZB Holdco LLC(2)Delayed Draw Term Loan2,513 — 
ZB Holdco LLC(2)Delayed Draw Term Loan1,426 2,084 
ZB Holdco LLC(2)Revolver921 338 
Total unused commitments to extend financing$596,918 $550,799 
(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.
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.