Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

8. Commitments and Contingencies

Portfolio Company Commitments

From time to time, the Company may enter into commitments to fund investments; such commitments are incorporated into the Company’s assessment of its liquidity position. The Company’s senior secured revolving loan commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the applicable loan. The Company’s senior secured delayed draw term loan commitments are generally available on a borrower’s demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

As of December 31, 2025 and December 31, 2024, the Company had the following commitments to fund investments in current portfolio companies:


	December 31, 2025		December 31, 2024
Alaska Bidco Oy - Delayed Draw & Revolver	$	246	$	217


Aledade, Inc. - Revolver	62,065	—
Apellis Pharmaceuticals, Inc. - Delayed Draw	—	42,105
Aptean, Inc. - Delayed Draw & Revolver	—	15,757
Arcwood Environmental Inc. - Delayed Draw & Revolver	19,458	28,485
Arrow Buyer, Inc. - Delayed Draw	—	20,157
Arrowhead Pharmaceuticals, Inc. - Delayed Draw	116,949	135,222
Artisan Bidco, Inc. - Revolver	4,222	16,886
Avalara, Inc. - Revolver	—	13,636
AVSC Holding Corp. - Revolver	26,580	33,830
Azurite Intermediate Holdings, Inc. - Revolver & Equity	29,175	29,175
Babylon Finco Limited - Delayed Draw	—	16,527
Banyan Software Holdings, LLC - Delayed Draw	—	19,491
BCTO Bluebill Buyer, Inc. - Delayed Draw	—	1,074
Ben Nevis Midco Limited - Delayed Draw	—	27,307
BTRS Holdings, Inc. - Delayed Draw & Revolver	—	9,086
Cirrus (Bidco) Ltd - Delayed Draw	448	417
Cordance Operations LLC - Delayed Draw	45,674	—
Coupa Holdings, LLC - Delayed Draw & Revolver	20,427	20,428
Crewline Buyer, Inc. - Revolver & Equity	16,295	16,295
Disco Parent, Inc. - Revolver	—	5,776
EDB Parent, LLC - Delayed Draw	1,124	—
Elysium BidCo Limited - Revolver	—	19,289
Erling Lux Bidco SARL - Delayed Draw & Revolver	6,134	2,772
Eventus Buyer, LLC - Delayed Draw & Revolver	16,157	18,777
Flight Intermediate HoldCo, Inc. - Delayed Draw	37,352	44,012
Fullsteam Operations, LLC - Delayed Draw & Revolver	—	70,282
Galileo Parent, Inc. - Revolver	8,077	12,788
Greenshoot Bidco B.V. - Revolver	461	407
Hippo XPA Bidco AB - Delayed Draw & Revolver	9,407	1,697
HireVue, Inc. - Revolver	—	5,141
HMP Omnimedia, LLC - Delayed Draw & Revolver	62,182	—
Ingenovis Health Finance, LLC - Revolver	10,000	—
Kangaroo Bidco AS - Delayed Draw	22,500	22,500
Kaseware Intermediate Holding Company - Delayed Draw & Revolver	4,724	—
Kryptona BidCo US, LLC - Revolver	14,674	14,674
LIHA Holdco B.V. - Delayed Draw & Revolver	753	993
Lynx BidCo - Delayed Draw & Revolver	15,686	25,077
Merit Software Finance Holdings, LLC - Delayed Draw & Revolver	—	3,214
Omnigo Software, LLC - Delayed Draw & Revolver	10,125	—
PDI TA Holdings, Inc. - Delayed Draw & Revolver	3,529	26,516
QSR Acquisition Co. - Delayed Draw	—	5,000
Rail Acquisitions LLC - Delayed Draw & Revolver	7,076	—
RainFocus, LLC - Delayed Draw	887	—
Rapid Data GmbH Unternehmensberatung - Delayed Draw & Revolver	1,231	1,425
Raptor US Buyer II Corp. - Revolver	3,800	4,318
Sapphire Software Buyer, Inc. - Revolver	27,027	27,027
Scorpio Bidco - Delayed Draw	17,234	15,195
Sediver S.p.A. - Delayed Draw	33,623	29,645
Severin Acquisition, LLC - Delayed Draw & Revolver	52,040	72,475
Shiftmove GmbH - Delayed Draw	4,522	6,040
SkyLark UK DebtCo Limited - Delayed Draw	—	24,084
SL Buyer Corp. - Delayed Draw	—	1,258
SMA Technologies Holdings, LLC - Revolver	3,991	3,991
Sport Alliance GmbH - Revolver	489	647
Tango Management Consulting, LLC - Delayed Draw & Revolver	6,208	—


Truck-Lite Co., LLC - Delayed Draw & Revolver		35,191		61,202
USA Debusk, LLC - Delayed Draw & Revolver		37,786		42,137
Varinem German Bidco GmbH - Delayed Draw		4,917		3,553
Velocity Clinical Research, Inc. - Delayed Draw & Revolver		37,289		—
Wrangler Topco, LLC - Delayed Draw & Revolver		20,065		32,377
Total Portfolio Company Commitments (1)(2)	$	857,800	$	1,050,384

(1)

Represents the full amount of the Company’s commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

(2)

The Company’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.

Other Commitments and Contingencies

As of December 31, 2025 and December 31, 2024, the Company did not have any unfunded commitments to fund investments to new borrowers that were not current portfolio companies as of such date.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of December 31, 2025 and December 31, 2024, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.