Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies [Abstract]

Note 7: Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. As of September 30, 2025 and December 31, 2024, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of September 30, 2025 and December 31, 2024, management is not aware of any pending or threatened material litigation.

The Company may, from time to time, enter into commitments to fund investments. As of September 30, 2025 and December 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies:


	September 30, 2025		December 31, 2024
Unfunded delayed draw term loan commitments	$	22,768,161	$	29,064,659
Unfunded revolver obligations		15,207,332		6,099,927
Total Unfunded	$	37,975,493	$	35,164,586

The Consolidated Schedule of Investments include certain delayed draw and revolving loan facilities with unfunded balances at September 30, 2025 and December 31, 2024, as follows:


Issuer	Commitment Type	Commitment Expiration Date	Unfunded Commitment as of September 30, 2025		Fair Value as of September 30, 2025
Array Midco, Corp.	Delayed Draw Term Loan	12/31/2029		5,682,309		(176,152	)
ASI JBE Holdings LLC	Delayed Draw Term Loan	7/28/2031		10,055,213		(201,104	)
ASI JBE Holdings LLC	Revolver	7/28/2031		2,011,043		(40,221	)
Best Practices Associates, L.L.C.	Revolver	11/8/2029		2,589,371		(33,662	)
BP Loenbro Holdings Inc	Revolver	2/1/2029		4,036,697		12,110
CC Interholdings LLC	Delayed Draw Term Loan	12/31/2029		5,244,103		26,221
Kelso Industries LLC	Delayed Draw Term Loan	12/30/2029		141,235		-
MEI Buyer LLC	Delayed Draw Term Loan	6/29/2029		1,214,849		(7,289	)
MEI Buyer LLC	Revolver	6/29/2029		2,650,602		(25,048	)
Mood Media Borrower, LLC	Revolver	5/30/2030		3,919,619		(74,473	)
MRP Buyer, LLC	Delayed Draw Term Loan	6/4/2032		430,452		(7,662	)
Total Unfunded Balances			$	37,975,493	$	(527,280	)


Issuer	Commitment Type	Commitment Expiration Date	Unfunded Commitment as of December 31, 2024		Fair Value as of December 31, 2024
Array Midco, Corp.	Delayed Draw Term Loan	12/31/2029		12,785,196		(127,782	)
Best Practices Associates, L.L.C.	Revolver	11/8/2029		2,589,371		(90,628	)
BP Loenbro Holdings Inc	Delayed Draw Term Loan	2/1/2029		1,834,862		—
BP Loenbro Holdings Inc	Revolver	2/1/2029		1,100,917		—
MEI Buyer LLC	Revolver	6/29/2029		2,409,639		(37,349	)
Voltagrid LLC	Delayed Draw Term Loan	8/28/2025		3,453,751		(33,329	)
CC Interholdings LLC	Delayed Draw Term Loan	12/31/2029		10,084,811		(62,584	)
Kelso Industries LLC	Delayed Draw Term Loan	12/30/2029		401,235		(6,019	)
Tank Holding Corp.	Delayed Draw Term Loan	3/31/2028		245,604		(4,912	)
The Action Environmental Group, Inc	Delayed Draw Term Loan	10/24/2030		259,200		2,592
Total Unfunded Balances			$	35,164,586	$	(360,011	)