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COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 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 September 30, 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 September 30, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment Type
September 30, 2025
December 31, 2024
ABC Legal Holdings, LLC(2)Delayed Draw Term Loan$1,688 $— 
ABC Legal Holdings, LLC(2)Revolver1,539 — 
Accelevation LLCDelayed Draw Term Loan988 — 
Accelevation LLCRevolver760 — 
Acclime Holdings HK LimitedTerm Loan2,657 — 
Accurus Aerospace Corporation(2)Revolver1,003 277 
AD Bidco, Inc.Delayed Draw Term Loan559 5,035 
Portfolio Company(1)
($ in thousands)
Investment Type
September 30, 2025
December 31, 2024
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 
AirX Climate Solutions, Inc.(2)Revolver3,460 3,460 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan— 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 Loan2,256 1,988 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility— 715 
Armstrong Transport Group (Pele Buyer, LLC)(2)Revolver893 — 
Artemis Bidco Limited(3)Delayed Draw Term Loan580 663 
ASC Communications, LLC(2)Revolver647 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 Loan1,478 1,381 
Azalea Buyer, Inc.Delayed Draw Term Loan— 644 
Azalea Buyer, Inc.Revolver481 481 
Basin Innovation Group, LLCDelayed Draw Term Loan383 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 Loan1,604 1,414 
Bishop Street Underwriters, LLC(2)Delayed Draw Term Loan3,891 — 
BKF Buyer, Inc.(2)Revolver2,846 2,846 
Bounteous, Inc.Delayed Draw Term Loan14,776 — 
Bounteous, Inc.Revolver3,490 — 
Brightpay Limited(3)Delayed Draw Term Loan— 183 
BrightSign LLCRevolver573 203 
British Engineering Services Holdco Limited(2)(4)Capex / Acquisition Facility34 46 
Broadstone Group UK LTD(4)Delayed Draw Term Loan2,056 — 
CAi Software, LLCRevolver— 1,870 
Caldwell & Gregory LLCDelayed Draw Term Loan2,125 6,625 
Caldwell & Gregory LLCRevolver5,000 5,000 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan49 63 
Cascade Residential Services LLCDelayed Draw Term Loan— 2,459 
Cascade Residential Services LLCRevolver1,294 — 
CCFF Buyer, LLCDelayed Draw Term Loan1,338 1,338 
CCFF Buyer, LLCRevolver1,004 1,004 
Ceres Pharma NV(3)Delayed Draw Term Loan2,492 — 
CGI Parent, LLCRevolver1,653 1,653 
CH Buyer, LLCRevolver111 — 
CloudOne Digital Corp.(2)Revolver7,590 — 
Comply365, LLCRevolver575 575 
Cosmelux International(2)(3)Revolver267 235 
Coyo Uprising GmbH(2)(3)Delayed Draw Term Loan556 490 
CW Group Holdings, LLCDelayed Draw Term Loan12,297 — 
DataServ Integrations, LLCRevolver— 481 
Portfolio Company(1)
($ in thousands)
Investment Type
September 30, 2025
December 31, 2024
DAWGS Intermediate Holdings Co.Revolver2,778 — 
DecksDirect, LLC(2)Revolver283 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 
Durare Bidco, LLC(2)Delayed Draw Term Loan11,722 — 
Durare Bidco, LLC(2)Revolver11,733 — 
EB Development(3)Capex / Acquisition Facility902 — 
EB Development(3)Delayed Draw Term Loan2,337 2,060 
Eclipse Business Capital, LLCRevolver11,102 8,920 
Electrical Components International, Inc.Delayed Draw Term Loan— 1,170 
EMI Porta Holdco LLC(2)Revolver1,881 1,932 
eShipping, LLCRevolver694 743 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan619 620 
Expert Institute Group Inc.Delayed Draw Term Loan3,833 — 
Expert Institute Group Inc.Revolver2,061 — 
Express Wash Acquisition Company, LLCRevolver287 115 
EZ SMBO Bidco(2)(3)Delayed Draw Term Loan500 — 
Faraday(3)Delayed Draw Term Loan— 1,856 
Finaxy Holding(3)Delayed Draw Term Loan5,677 5,841 
Footco 40 Limited(4)Delayed Draw Term Loan— 515 
Forest Buyer, LLCRevolver2,780 595 
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 
GenesisCare(5)Delayed Draw Term Loan1,693 — 
Glacis Acquisition S.A.R.L.(3)Delayed Draw Term Loan242 213 
Global Academic Group Limited(2)(7)Term Loan13 233 
GMES LLC(2)Delayed Draw Term Loan2,678 — 
GMES LLC(2)Revolver2,174 — 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan65 49 
Graphpad Software, LLCDelayed Draw Term Loan— 5,023 
Graphpad Software, LLCRevolver— 2,093 
Greenhill II BV(3)Capex / Acquisition Facility— 28 
Greenhill II BV(3)Delayed Draw Term Loan585 — 
Groupe Product Life(3)Delayed Draw Term Loan835 5,832 
Haystack Holdings LLCDelayed Draw Term Loan7,442 — 
Haystack Holdings LLCRevolver1,806 — 
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan112 164 
Heavy Construction Systems Specialists, LLCRevolver2,193 2,193 
HEKA Invest(3)Delayed Draw Term Loan1,223 1,078 
HemaSource, Inc.Revolver3,290 3,290 
Portfolio Company(1)
($ in thousands)
Investment Type
September 30, 2025
December 31, 2024
High Street Buyer Inc.(2)Delayed Draw Term Loan15,771 — 
HomeX Services Group LLCDelayed Draw Term Loan4,257 6,503 
HomeX Services Group LLCRevolver3,041 3,378 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan15,201 — 
HS Advisory Buyer LLC(2)Revolver2,764 — 
HSL Compliance(4)Delayed Draw Term Loan1,263 — 
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.Revolver654 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 Facility— 3,999 
International Fleet Financing No.2 B.V.(3)Revolver189 — 
Interstellar Group B.V.(3)Delayed Draw Term Loan1,257 1,163 
InvoCare Limited(5)Delayed Draw Term Loan589 550 
ISTO Technologies II, LLCRevolver— 1,114 
ITI Intermodal, Inc.Revolver1,031 1,031 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility— 380 
Jon Bidco Limited(2)(7)Delayed Draw Term Loan279 — 
Jones Fish Hatcheries & Distributors LLCRevolver334 418 
KAMC Holdings Inc.(2)Revolver955 — 
Keystone Bidco B.V.(3)Delayed Draw Term Loan67 185 
Keystone Bidco B.V.(3)Revolver42 28 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan120 471 
Lattice Group Holdings Bidco Limited(2)Delayed Draw Term Loan72 237 
Lattice Group Holdings Bidco Limited(2)Revolver— 35 
LeadsOnline, LLCRevolver3,190 3,190 
LHS Borrower, LLC(2)Revolver4,573 — 
Lockmasters Security Intermediate, Inc. Delayed Draw Term Loan2,978 — 
Lockmasters Security Intermediate, Inc. Revolver1,278 — 
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 Loan65 — 
MB Purchaser, LLCDelayed Draw Term Loan264 2,060 
MB Purchaser, LLCRevolver824 824 
MC Group Ventures Corporation(2)Delayed Draw Term Loan7,848 8,260 
Media Recovery, Inc. (SpotSee)Revolver1,819 1,944 
Media Recovery, Inc. (SpotSee)(4)Revolver2,440 2,270 
Megawatt Acquisitionco, Inc.(2)Revolver1,745 1,426 
Mercell Holding AS(2)(8)Capex / Acquisition Facility787 691 
MIV Buyer, LLCDelayed Draw Term Loan3,326 — 
MIV Buyer, LLCRevolver983 — 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan562 524 
Momentum Textiles, LLCRevolver1,357 — 
Moonlight Bidco Limited(4)Delayed Draw Term Loan593 552 
MSI Express Inc.Delayed Draw Term Loan2,103 — 
Portfolio Company(1)
($ in thousands)
Investment Type
September 30, 2025
December 31, 2024
MSI Express Inc.Revolver1,530 — 
Narda Acquisitionco., Inc.Revolver— 1,059 
NAW Buyer LLCDelayed Draw Term Loan8,416 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)Revolver621 1,109 
Northstar Recycling, LLCDelayed Draw Term Loan— 4,381 
Northstar Recycling, LLCRevolver3,598 3,598 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan1,019 898 
OA Buyer, Inc.Revolver— 1,331 
OAC Holdings I CorpRevolver1,370 1,370 
Octane Purchaser Inc. Delayed Draw Term Loan15,152 — 
Octane Purchaser Inc. Revolver6,061 — 
Oracle Vision Bidco Limited(2)(4)Delayed Draw Term Loan857 1,139 
OSP Hamilton Purchaser, LLCDelayed Draw Term Loan19,649 4,255 
OSP Hamilton Purchaser, LLCRevolver2,052 964 
Owl Intermediate Holdings, LLCDelayed Draw Term Loan860 — 
Owl Intermediate Holdings, LLCRevolver2,796 — 
Pare SAS (SAS Maurice MARLE)(2)Delayed Draw Term Loan2,100 2,100 
Parkview Dental Holdings LLCDelayed Draw Term Loan— 328 
PDQ.Com CorporationDelayed Draw Term Loan2,980 5,753 
Polara Enterprises, L.L.C.Revolver1,238 947 
PowerGEM Buyer, Inc.Delayed Draw Term Loan2,951 7,153 
PowerGEM Buyer, Inc.Revolver3,730 3,730 
Premium Invest(3)Capex / Acquisition Facility1,366 1,204 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan— 1,220 
Process Insights Acquisition, Inc.(2)Revolver— 136 
ProfitOptics, LLC(2)Revolver155 97 
Pro-Vision Solutions Holdings, LLCRevolver3,085 3,318 
PSP Intermediate 4, LLC(2)(3)Delayed Draw Term Loan— 193 
Qima Finance LTD(2)Capex / Acquisition Facility465 — 
Qualified Industries, LLC(2)Revolver364 364 
R1 Holdings, LLCRevolver219 1,601 
Randys Holdings, Inc.Delayed Draw Term Loan1,597 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 
Real Chemistry Intermediate III, Inc.(2)Delayed Draw Term Loan8,190 — 
Real Chemistry Intermediate III, Inc.(2)Revolver8,104 — 
RKD Group, LLCDelayed Draw Term Loan4,958 — 
RKD Group, LLCRevolver1,967 — 
Rocade Holdings LLC(2)Preferred Equity2,000 2,000 
Rock Labor LLCRevolver941 941 
ROI Solutions LLCDelayed Draw Term Loan3,485 3,485 
ROI Solutions LLCRevolver3,120 3,120 
Royal Buyer, LLCDelayed Draw Term Loan— 1,531 
Portfolio Company(1)
($ in thousands)
Investment Type
September 30, 2025
December 31, 2024
Royal Buyer, LLCRevolver— 2,330 
RPX CorporationRevolver4,919 4,919 
Saab Purchaser, Inc.(2)Delayed Draw Term Loan14,022 7,660 
Saab Purchaser, Inc.(2)Revolver5,699 3,830 
Sanoptis S.A.R.L.(3)Term Loan2,787 2,456 
Sansidor BV(3)Capex / Acquisition Facility103 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.(2)Revolver1,904 — 
Screenvision, LLCRevolver8,480 — 
Sinari Invest(3)Delayed Draw Term Loan509 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan— 80 
Skyvault Holdings LLC(2)Delayed Draw Term Loan4,972 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 Loan— 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver156 156 
SPATCO Energy Solutions, LLC(2)Delayed Draw Term Loan4,136 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 Loan— 215 
Superjet Buyer, LLCDelayed Draw Term Loan13,469 14,512 
Superjet Buyer, LLCRevolver2,388 3,980 
SVI International LLCDelayed Draw Term Loan— 74 
SVI International LLCRevolver74 74 
Swoop Intermediate III, Inc.Delayed Draw Term Loan23,092 — 
Swoop Intermediate III, Inc.Revolver7,697 — 
TA KHP Aggregator, L.P.(2)Delayed Draw Term Loan23,605 — 
TA KHP Aggregator, L.P.(2)Revolver9,442 — 
Tank Holding Corp(2)Delayed Draw Term Loan— 307 
Tank Holding Corp(2)Revolver655 655 
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,218 1,133 
TAPCO Buyer LLC(2)Delayed Draw Term Loan15,514 11,198 
TAPCO Buyer LLC(2)Revolver4,072 4,072 
Technology Service Stream BidCo Pty Ltd(5)Delayed Draw Term Loan168 233 
Techone B.V.(3)Revolver259 228 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan18,628 — 
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 Loan1,845 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 
Portfolio Company(1)
($ in thousands)
Investment Type
September 30, 2025
December 31, 2024
TSYL Corporate Buyer, Inc.Revolver443 443 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan115 234 
UHY Advisors, Inc.Delayed Draw Term Loan14,048 14,992 
UHY Advisors, Inc.Revolver3,660 3,968 
Union Bidco Limited(4)Capex / Acquisition Facility17 177 
United Therapy Holding III GmbH(3)Capex / Acquisition Facility— 596 
Unither (Uniholding)(3)Delayed Draw Term Loan510 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, LLCDelayed Draw Term Loan12,949 — 
WEST-NR ACQUISITIONCO, LLCDelayed Draw Term Loan31,650 36,481 
Whitcraft Holdings, Inc.(2)Delayed Draw Term Loan10,445 18,199 
Whitcraft Holdings, Inc.(2)Revolver1,190 1,190 
White Bidco Limited(2)Delayed Draw Term Loan— 514 
Woodland Foods, LLC(2)Line of Credit2,118 852 
World 50, Inc.Revolver1,703 1,703 
WWEC Holdings III CorpDelayed Draw Term Loan6,627 6,627 
WWEC Holdings III CorpRevolver3,359 3,359 
Xeinadin Bidco Limited(4)Capex / Acquisition Facility3,421 5,297 
ZB Holdco LLC(2)Delayed Draw Term Loan13,372 2,084 
ZB Holdco LLC(2)Revolver2,944 338 
Zelda Luxco S.A.S(3)Delayed Draw Term Loan831 — 
Total unused commitments to extend financing$833,429 $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.