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COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Loss Contingencies by Contingency The balances of unused commitments to extend financing as of June 30, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment Type
June 30, 2025
December 31, 2024
Accelevation LLCDelayed Draw Term Loan$988 $— 
Accelevation LLCRevolver584 — 
Accurus Aerospace Corporation(2)Revolver588 277 
AD Bidco, Inc.Delayed Draw Term Loan559 5,035 
AD Bidco, Inc.Revolver1,863 1,863 
Adhefin International(3)Delayed Draw Term Loan446 393 
AirX Climate Solutions, Inc.(2)Delayed Draw Term Loan10,387 10,387 
Portfolio Company(1)
($ in thousands)
Investment Type
June 30, 2025
December 31, 2024
AirX Climate Solutions, Inc.(2)Revolver3,460 3,460 
Aldinger CompanyTerm Loan5,310 — 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan48 259 
Americo Chemical Products, LLCRevolver1,400 1,400 
Application Boot Camp LLC(2)Revolver880 — 
Aquavista Watersides 2 LTD(4)Capex / Acquisition Facility— 1,012 
Arc Education(3)Delayed Draw Term Loan2,253 1,988 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility782 715 
Artemis Bidco Limited(3)Delayed Draw Term Loan580 663 
ASC Communications, LLCRevolver647 647 
Astra Bidco Limited(4)Delayed Draw Term Loan— 265 
ATL II MRO Holdings Inc.Revolver6,410 6,410 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan1,462 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 Loan1,603 1,414 
BKF Buyer, Inc.(2)Revolver2,846 2,846 
Brightpay Limited(3)Delayed Draw Term Loan— 183 
BrightSign LLC(2)Revolver425 203 
British Engineering Services Holdco Limited(2)(4)Capex / Acquisition Facility34 46 
Broadstone Group UK LTD(4)Delayed Draw Term Loan2,094 — 
CAi Software, LLCRevolver1,870 1,870 
Caldwell & Gregory LLC(2)Delayed Draw Term Loan4,625 6,625 
Caldwell & Gregory LLC(2)Revolver5,000 5,000 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan54 63 
Cascade Residential Services LLC(2)Delayed Draw Term Loan388 2,459 
Cascade Residential Services LLC(2)Revolver65 — 
CCFF Buyer, LLCDelayed Draw Term Loan1,338 1,338 
CCFF Buyer, LLCRevolver1,004 1,004 
Ceres Pharma NV(3)Delayed Draw Term Loan3,871 — 
CGI Parent, LLCRevolver1,653 1,653 
CH Buyer, LLC(2)Revolver111 — 
Comply365, LLC(2)Revolver575 575 
Cosmelux International(2)(3)Revolver266 235 
Coyo Uprising GmbH(3)Delayed Draw Term Loan555 490 
CW Group Holdings, LLC(2)Delayed Draw Term Loan12,297 — 
DataServ Integrations, LLCRevolver— 481 
DAWGS Intermediate Holdings Co.Revolver2,778 — 
DecksDirect, LLC(2)Revolver360 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(3)Delayed Draw Term Loan— 985 
Portfolio Company(1)
($ in thousands)
Investment Type
June 30, 2025
December 31, 2024
EB Development(3)Capex / Acquisition Facility901 — 
EB Development(3)Delayed Draw Term Loan2,335 2,060 
Eclipse Business Capital, LLCRevolver9,112 8,920 
Electrical Components International, Inc.(2)Delayed Draw Term Loan1,170 1,170 
EMI Porta Holdco LLC(2)Revolver2,441 1,932 
eShipping, LLCRevolver743 743 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan620 620 
Expert Institute Group Inc.Delayed Draw Term Loan3,833 — 
Expert Institute Group Inc.Revolver2,061 — 
Express Wash Acquisition Company, LLC(2)Revolver287 115 
EZ SMBO Bidco(3)Delayed Draw Term Loan976 — 
Faraday(3)Delayed Draw Term Loan— 1,856 
Finaxy Holding(3)Delayed Draw Term Loan5,672 5,841 
Footco 40 Limited(4)Delayed Draw Term Loan563 515 
Forest Buyer, LLCRevolver595 595 
Fortis Payment Systems, LLCDelayed Draw Term Loan— 1,320 
Fortis Payment Systems, LLCRevolver— 2,288 
GB Eagle Buyer, Inc.Delayed Draw Term Loan2,891 2,891 
GB Eagle Buyer, Inc.Revolver1,809 2,895 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Glacis Acquisition S.A.R.L.(3)Delayed Draw Term Loan242 213 
Global Academic Group Limited(2)(7)Term Loan14 233 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan65 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 Loan834 5,832 
Haystack Holdings LLCDelayed Draw Term Loan7,442 — 
Haystack Holdings LLCRevolver1,806 — 
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan174 164 
Heavy Construction Systems Specialists, LLCRevolver2,193 2,193 
HEKA Invest(3)Delayed Draw Term Loan1,222 1,078 
HemaSource, Inc.Revolver3,290 3,290 
HomeX Services Group LLCDelayed Draw Term Loan4,257 6,503 
HomeX Services Group LLCRevolver3,378 3,378 
HS Advisory Buyer LLCDelayed Draw Term Loan22,424 — 
HS Advisory Buyer LLCRevolver2,764 — 
HSL Compliance(4)Delayed Draw Term Loan1,285 — 
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.Revolver731 885 
Ice House America, L.L.C.(2)Delayed Draw Term Loan1,224 1,224 
Ice House America, L.L.C.(2)Revolver95 385 
Infoniqa Holdings GmbH(3)Capex / Acquisition Facility76 3,999 
Interstellar Group B.V.(3)Delayed Draw Term Loan1,255 1,163 
Portfolio Company(1)
($ in thousands)
Investment Type
June 30, 2025
December 31, 2024
InvoCare Limited(5)Delayed Draw Term Loan582 550 
ISTO Technologies II, LLCRevolver1,114 1,114 
ITI Intermodal, Inc.Revolver1,031 1,031 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility412 380 
Jones Fish Hatcheries & Distributors LLCRevolver418 418 
Keystone Bidco B.V.(3)Delayed Draw Term Loan67 185 
Keystone Bidco B.V.(3)Revolver42 28 
Kline Hill Partners LPDelayed Draw Term Loan23,605 — 
Kline Hill Partners LPRevolver9,442 — 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan120 471 
Lattice Group Holdings Bidco LimitedDelayed Draw Term Loan72 237 
Lattice Group Holdings Bidco LimitedRevolver— 35 
LeadsOnline, LLCRevolver3,190 3,190 
Lockmasters Security Intermediate, Inc. (2)Delayed Draw Term Loan2,978 — 
Lockmasters Security Intermediate, Inc. (2)Revolver1,150 — 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan— 23 
Marmoutier Holding B.V.(2)(3)Revolver— 65 
Marmoutier Holding B.V.(2)(3)Term Loan66 — 
MB Purchaser, LLCDelayed Draw Term Loan264 2,060 
MB Purchaser, LLCRevolver824 824 
MC Group Ventures Corporation(2)Delayed Draw Term Loan8,260 8,260 
Media Recovery, Inc. (SpotSee)Revolver1,196 1,944 
Media Recovery, Inc. (SpotSee)(4)Revolver2,484 2,270 
Megawatt Acquisitionco, Inc.(2)Revolver1,476 1,426 
Mercell Holding AS(2)(8)Capex / Acquisition Facility776 691 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan555 524 
Momentum Textiles, LLCRevolver1,357 — 
Moonlight Bidco Limited(4)Delayed Draw Term Loan604 552 
MSI Express Inc.Delayed Draw Term Loan2,103 — 
MSI Express Inc.Revolver2,773 — 
Narda Acquisitionco., Inc.Revolver— 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)Revolver843 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 Loan1,018 898 
OA Buyer, Inc.Revolver— 1,331 
OAC Holdings I CorpRevolver646 1,370 
Octane Purchaser Inc.(2)Delayed Draw Term Loan15,152 — 
Octane Purchaser Inc.(2)Revolver6,061 — 
Oracle Vision Bidco Limited(4)Delayed Draw Term Loan872 1,139 
OSP Hamilton Purchaser, LLCDelayed Draw Term Loan22,875 4,255 
OSP Hamilton Purchaser, LLCRevolver643 964 
Owl Intermediate Holdings, LLC(2)Delayed Draw Term Loan1,053 — 
Portfolio Company(1)
($ in thousands)
Investment Type
June 30, 2025
December 31, 2024
Owl Intermediate Holdings, LLC(2)Revolver2,705 — 
Pare SAS (SAS Maurice MARLE)(2)Delayed Draw Term Loan2,100 2,100 
Parkview Dental Holdings LLC(2)Delayed Draw Term Loan— 328 
PDQ.Com CorporationDelayed Draw Term Loan5,624 5,753 
Polara Enterprises, L.L.C.Revolver1,032 947 
PowerGEM Buyer, Inc.(2)Delayed Draw Term Loan3,955 7,153 
PowerGEM Buyer, Inc.(2)Revolver3,730 3,730 
Premium Invest(3)Capex / Acquisition Facility1,364 1,204 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan610 1,220 
Process Insights Acquisition, Inc.(2)Revolver571 136 
ProfitOptics, LLC(2)Revolver123 97 
Pro-Vision Solutions Holdings, LLCRevolver2,920 3,318 
PSP Intermediate 4, LLC(2)(3)Delayed Draw Term Loan— 193 
Qualified Industries, LLCRevolver364 364 
R1 Holdings, LLCRevolver219 1,601 
Randys Holdings, Inc.Delayed Draw Term Loan2,112 3,877 
Randys Holdings, Inc.Revolver898 1,539 
Rapid Buyer LLC(2)Delayed Draw Term Loan2,833 2,833 
Rapid Buyer LLC(2)Revolver1,417 1,417 
Raven Acquisition Holdings, LLCDelayed Draw Term Loan262 — 
Real Chemistry Intermediate III, Inc.(2)Delayed Draw Term Loan13,317 — 
Real Chemistry Intermediate III, Inc.(2)Revolver8,104 — 
RKD Group, LLC(2)Delayed Draw Term Loan4,958 — 
RKD Group, LLC(2)Revolver3,421 — 
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 Loan— 1,531 
Royal Buyer, LLCRevolver2,175 2,330 
RPX CorporationRevolver4,919 4,919 
Saab Purchaser, Inc.Delayed Draw Term Loan7,660 — 
Saab Purchaser, Inc.Revolver2,979 — 
Saab Purchaser, Inc. Delayed Draw Term Loan— 7,660 
Saab Purchaser, Inc. Revolver— 3,830 
Sanoptis S.A.R.L.(3)Term Loan2,784 2,456 
Sansidor BV(3)Capex / Acquisition Facility303 989 
SBP Holdings LPDelayed Draw Term Loan21,659 22,428 
SBP Holdings LPRevolver5,467 5,467 
Scout Bidco B.V.(2)(3)Revolver340 500 
SCP Medical Products, LLC. Revolver1,904 — 
Screenvision, LLC(2)Revolver8,480 — 
Sinari Invest(3)Delayed Draw Term Loan508 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 
Portfolio Company(1)
($ in thousands)
Investment Type
June 30, 2025
December 31, 2024
Solo Buyer, L.P.(2)Revolver1,197 1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan— 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver156 156 
SPATCO Energy Solutions, LLC(2)Delayed Draw Term Loan4,755 5,086 
SPATCO Energy Solutions, LLC(2)Revolver4,159 4,159 
Spatial Business Systems LLCRevolver1,406 1,406 
SSCP Pegasus Midco Limited(4)Delayed Draw Term Loan52 215 
Superjet Buyer, LLC(2)Delayed Draw Term Loan13,469 14,512 
Superjet Buyer, LLC(2)Revolver3,980 3,980 
SVI International LLCDelayed Draw Term Loan17 74 
SVI International LLCRevolver35 74 
Swoop Intermediate III, Inc.(2)Delayed Draw Term Loan23,092 — 
Swoop Intermediate III, Inc.(2)Revolver7,697 — 
Tank Holding Corp(2)Delayed Draw Term Loan— 307 
Tank Holding Corp(2)Revolver655 655 
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,239 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 Loan166 233 
Techone B.V.(3)Revolver259 228 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan19,930 — 
Tencarva Machinery Company, LLC(2)Revolver4,041 2,554 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Delayed Draw Term Loan15,452 — 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Revolver3,749 1,233 
THG Acquisition, LLCDelayed Draw Term Loan2,133 2,204 
THG Acquisition, LLCRevolver1,343 1,343 
Trintech, Inc.Revolver1,020 1,020 
TSYL Corporate Buyer, Inc.Delayed Draw Term Loan20,773 23,563 
TSYL Corporate Buyer, Inc.Revolver443 443 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan113 234 
UHY Advisors, Inc.Delayed Draw Term Loan14,048 14,992 
UHY Advisors, Inc.Revolver3,968 3,968 
Union Bidco Limited(4)Capex / Acquisition Facility17 177 
United Therapy Holding III GmbH(2)(3)Capex / Acquisition Facility675 596 
Unither (Uniholding)(3)Delayed Draw Term Loan509 449 
Unosquare, LLCDelayed Draw Term Loan4,128 — 
Unosquare, LLCRevolver2,002 — 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(2)Term Loan3,077 — 
Vital Buyer, LLC(2)Delayed Draw Term Loan12,949 — 
WEST-NR ACQUISITIONCO, LLCDelayed Draw Term Loan35,574 36,481 
Whitcraft Holdings, Inc.(2)Delayed Draw Term Loan10,677 18,199 
Whitcraft Holdings, Inc.(2)Revolver2,046 1,190 
White Bidco LimitedDelayed Draw Term Loan514 514 
Woodland Foods, LLC(2)Delayed Draw Term Loan1,401 — 
Woodland Foods, LLC(2)Line of Credit1,704 852 
World 50, Inc.Revolver1,703 1,703 
Portfolio Company(1)
($ in thousands)
Investment Type
June 30, 2025
December 31, 2024
WWEC Holdings III CorpDelayed Draw Term Loan6,627 6,627 
WWEC Holdings III CorpRevolver3,359 3,359 
Xeinadin Bidco Limited(4)Capex / Acquisition Facility3,482 5,297 
ZB Holdco LLC(2)Delayed Draw Term Loan20,671 2,084 
ZB Holdco LLC(2)Revolver2,944 338 
Total unused commitments to extend financing$798,374 $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.