Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

The Fund conducts business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the Boston area.

In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers, and the custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications and is engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.

The Consolidated Schedule of Investments include certain revolving loan facilities and other commitments with unfunded balances at June 30, 2024 and December 31, 2023 as follows:

		Unfunded Balances
Issuer	Maturity Date	June 30, 2024		December 31, 2023
Accordion Partners LLC	8/31/2028	$	125,445	$	250,890
Accordion Partners LLC	8/29/2029	N/A			2,964,083
Accuserve Solutions, Inc.	3/15/2030		616,709	N/A
Alcami Corporation	12/21/2028	N/A			83,235
Alcami Corporation	12/21/2028		133,176		133,176
Alera Group, Inc.	10/2/2028	N/A			70,848
Alera Group, Inc.	11/17/2025		7,538,756		9,010,465
Allied Benefit Systems Intermediate, LLC	10/31/2030		1,460,816		1,460,816
AmeriLife Holdings, LLC	8/31/2029	N/A			126,586
AmeriLife Holdings, LLC	8/31/2028	N/A			377,494
AmeriLife Holdings, LLC	8/31/2029		377,494	N/A
AmeriLife Holdings, LLC	8/31/2029	N/A			11,935,075
AmeriLife Holdings, LLC	8/31/2029		935,710	N/A
Avalara, Inc.	10/19/2028		377,651		377,651
Blackbird Purchaser, Inc.	12/19/2030		330,864		472,662
Blackbird Purchaser, Inc.	12/19/2030		315,108		315,108
Bluefin Holding, LLC	9/12/2029		1,190,668		1,190,668
Bullhorn, Inc.	10/1/2029		886,451	N/A
Bullhorn, Inc.	9/30/2029		845,156	N/A
Bynder Bidco B.V. (Netherlands)	1/26/2029		171,174		171,174
Bynder Bidco, Inc. (Netherlands)	1/26/2029		47,160		47,160
Cherry Bekaert Advisory, LLC	6/30/2028		447,254		447,254
Cherry Bekaert Advisory, LLC	6/30/2028		970,468		970,468
Clever Devices Ltd.	6/12/2030		680,257	N/A
Community Merger Sub Debt LLC (CINC Systems)	1/18/2030		1,997,725	N/A
Crewline Buyer, Inc.	11/8/2030		995,744		995,744
Disco Parent, Inc. (Duck Creek Technologies)	3/30/2029		232,723		232,723
e-Discovery AcquireCo, LLC	8/29/2029		779,930		779,930
Epicor Software Corporation (fka Eagle Parent Inc.)	5/30/2031		248,718	N/A
Fusion Holding Corp. (Finalsite)	9/15/2027		278,350		371,133
Fusion Risk Management, Inc.	5/22/2029		457,601		457,601
Galway Borrower LLC	9/29/2028		5,400,000		5,400,000
GC Waves Holdings, Inc. (Mercer)	8/11/2029		8,816,191		11,827,234
GTY Technology Holdings Inc.	7/9/2029		158,624		237,936
GTY Technology Holdings Inc.	7/9/2029		770,655		1,085,429
Higginbotham Insurance Agency, Inc.	11/25/2028	N/A			3,675,280
Higginbotham Insurance Agency, Inc.	11/25/2026		1,148,321	N/A
HSI Halo Acquisitions, Inc.	6/28/2031		1,103,737	N/A
HSI Halo Acquisitions, Inc.	6/28/2031		735,825	N/A

5. Commitments and Contingencies (Continued)

		Unfunded Balances (continued)
Issuer	Maturity Date	June 30, 2024		December 31, 2023
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030		1,020,417	N/A
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030		612,250	N/A
ImageFirst Holdings, LLC	4/27/2028	N/A			228,309
Integrity Marketing Acquisition, LLC	8/19/2026		1,883,683		2,713,905
Integrity Marketing Acquisition, LLC	8/19/2026		3,452,216		3,452,216
Intercept Bidco, Inc.	6/3/2030		2,591,349	N/A
Intercept Bidco, Inc.	6/3/2030		1,727,566	N/A
LJ Avalon Holdings, LLC (Ardurra)	2/1/2030		187,452		187,452
LJ Avalon Holdings, LLC (Ardurra)	2/1/2030		2,299,429	N/A
LJ Avalon Holdings, LLC (Ardurra)	2/1/2029		123,067		123,067
Lucky US BuyerCo, LLC (Global Payments)	3/30/2029		163,820		409,549
Madison Logic Holdings, Inc.	12/30/2027		163,029		163,029
Mesquite Bidco, LLC	11/30/2029		668,614		668,614
OMNIA Partners, LLC	7/18/2030	N/A			24,996
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)	8/23/2027		161,736		680,994
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)	8/23/2028		5,353,117		5,353,117
Oranje Holdco, Inc. (KnowBe4)	2/1/2029		180,686		180,686
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	7/19/2030	N/A			3,431,510
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	11/1/2028		6,540,395	N/A
PMA Parent Holdings, LLC	1/31/2031		1,270,184	N/A
RSC Acquisition, Inc. (Risk Strategies)	10/30/2026		625,607		3,578,907
Serrano Parent, LLC (Sumo Logic)	5/13/2030		409,922		409,922
Showtime Acquisition, L.L.C. (World Choice)	8/7/2028	N/A			158,331
Showtime Acquisition, L.L.C. (World Choice)	8/7/2028		197,914		197,914
SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)	4/25/2031		3,200,000	N/A
Titan Home Improvement, LLC (Renuity)	5/31/2030		1,810,099	N/A
Titan Home Improvement, LLC (Renuity)	5/31/2030		1,508,416	N/A
TransNetwork, LLC	12/29/2030		388,867	N/A
Trintech, Inc.	7/25/2029		516,842		516,842
Vensure Employer Services, Inc.	2/28/2027	N/A			1,660
Vensure Employer Services, Inc.	2/26/2027		2,155,545		5,876,054
Vortex Finance Sub, LLC	9/4/2029		2,149,739		2,621,633
Vortex Finance Sub, LLC	9/4/2029		187,948		199,305
Wealth Enhancement Group, LLC	10/4/2028		1,019,158	N/A
Wealth Enhancement Group, LLC	10/4/2027		69,201	N/A
Zendesk Inc.	11/22/2028		610,938		610,938
Zendesk Inc.	11/22/2028		251,563		251,563
Total Unfunded Balances		$	84,075,230	$	87,508,336