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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
On August 2, 2022, and as amended and restated on May 9, 2024, and further amended on March 24, 2025, the Company entered into a facility agreement, or the Cliffwater Facility Agreement, with Cliffwater Corporate Lending Fund, or Cliffwater, and CCLF Holdings (D13) LLC, or CCLF Sub, and together with Cliffwater, individually and collectively, the Financing Provider, each an unaffiliated third party, to acquire portfolio investments from time to time by purchasing all or a portion of certain investments owned and held by the Financing Provider at the Company’s or the Financing Provider’s request pursuant to the terms and provisions of the Cliffwater Facility Agreement, or the Warehousing Transaction. The Cliffwater Facility Agreement creates a forward obligation of the Financing Provider to sell, and a forward obligation of the Company or its designee to purchase, all or a portion of certain investments owned and held by the Financing Provider at the Company’s or the Financing Provider’s request pursuant to the terms and conditions of the Cliffwater Facility Agreement. Prior to the date on which (i) an insolvency proceeding is commenced by the Company or (ii) an insolvency proceeding is commenced against the Company and is not dismissed or stayed within 60 days, the Company’s obligation to purchase such investments is conditional upon satisfying certain conditions, including that the Company has called and received cash funding from subscriptions in an aggregate amount of at least $1.4 billion, such condition, the Capital Condition.
During the six months ended June 30, 2025, the Company purchased investments, including unfunded commitments, with a cost of $18,690 from the Financing Provider. As of June 30, 2025, $3,162 of these purchases are included in payable for investments
purchased in the unaudited consolidated statement of assets and liabilities. For the period from July 1, 2025 through August 8, 2025, there were no investments purchased by the Company from the Financing Provider.
As of June 30, 2025, the conditions precedent to the Company’s obligation to purchase any additional investments from the Financing Provider had not been met. The Company did not hold any beneficial interest in the warehouse.
The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote.
The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.
Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated statements of assets and liabilities. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of June 30, 2025, the Company’s unfunded commitments consisted of the following:
Category / Company(1)
Commitment Amount
Senior Secured Loans—First Lien
Apex Service Partners LLC$3,722 
Arcfield Acquisition Corp1,375 
Arcwood Environmental (fka Heritage Environmental Services Inc)2,797 
Arcwood Environmental (fka Heritage Environmental Services Inc)276 
Area Wide Protective Inc2,769 
Avetta LLC1,146 
Avetta LLC1,605 
Bonterra LLC3,890 
Bonterra LLC3,064 
Cadence Education LLC1,412 
Cadence Education LLC1,440 
Cambrex Corp1,890 
Cambrex Corp2,160 
Carrier Fire Protection1,530 
Carrier Fire Protection1,656 
Carrier Fire Protection152 
Circana Group (f.k.a. NPD Group)718 
Clarience Technologies LLC9,439 
Clarience Technologies LLC3,129 
Clarience Technologies LLC1,126 
CLEAResult Consulting Inc3,108 
CLEAResult Consulting Inc2,064 
Community Brands Inc932 
Community Brands Inc1,750 
CSafe Global864 
Dental365 LLC2,083 
Dental365 LLC1,450 
DOXA Insurance Holdings LLC1,085 
Category / Company(1)
Commitment Amount
DOXA Insurance Holdings LLC$51 
DOXA Insurance Holdings LLC838 
DuBois Chemicals Inc2,138 
DuBois Chemicals Inc855 
Eagle Railcar Services Roscoe Inc2,008 
Eagle Railcar Services Roscoe Inc1,807 
Follett Software Co661 
Frontline Road Safety LLC7,072 
Frontline Road Safety LLC3,243 
Galway Partners Holdings LLC630 
Granicus Inc39 
Granicus Inc1,339 
Highgate Hotels Inc1,114 
Homrich & Berg Inc1,274 
Horizon CTS Buyer LLC2,302 
Horizon CTS Buyer LLC2,647 
Individual FoodService439 
Inhabit IQ1,192 
Inhabit IQ745 
Insightsoftware.Com Inc4,805 
Insightsoftware.Com Inc823 
Integrity Marketing Group LLC6,056 
Integrity Marketing Group LLC9,481 
J S Held LLC1,334 
J S Held LLC3,160 
Lazer Logistics Inc684 
Legends Hospitality LLC1,206 
Legends Hospitality LLC1,005 
Magna Legal Services LLC850 
Magna Legal Services LLC568 
MAI Capital Management LLC3,164 
MAI Capital Management LLC1,959 
MAI Capital Management LLC6,225 
MB2 Dental Solutions LLC4,092 
MB2 Dental Solutions LLC1,882 
Mercer Advisors Inc5,140 
Model N Inc2,664 
Model N Inc1,421 
Netsmart Technologies Inc4,236 
Netsmart Technologies Inc4,343 
OEConnection LLC1,597 
OEConnection LLC1,376 
PCI Pharma Services6,510 
PCI Pharma Services1,235 
PSC Group239 
Category / Company(1)
Commitment Amount
PSC Group$305 
Radwell International LLC1,270 
Radwell International LLC9,049 
Resa Power LLC3,984 
Resa Power LLC1,975 
Revere Superior Holdings Inc477 
Revere Superior Holdings Inc535 
Rialto Capital Management LLC362 
Rockefeller Capital Management LP2,244 
Service Express Inc2,555 
Service Express Inc1,865 
Spins LLC1,063 
Spotless Brands LLC2,052 
STV Group Inc1,382 
STV Group Inc1,974 
SureScripts LLC5,938 
Trackunit ApS8,233 
Turnpoint Services Inc609 
Turnpoint Services Inc1,108 
USIC Holdings Inc929 
USIC Holdings Inc1,647 
Veriforce LLC1,170 
Veriforce LLC935 
Vermont Information Processing Inc3,804 
Vermont Information Processing Inc1,141 
VetCor Professional Practices LLC456 
Vitu3,598 
Wealth Enhancement Group LLC298 
Wedgewood Weddings4,702 
Wedgewood Weddings4,702 
West Star Aviation Inc3,097 
West Star Aviation Inc1,658 
Woolpert Inc2,938 
Woolpert Inc2,969 
Xylem Kendall7,401 
Xylem Kendall833 
Zeus Industrial Products Inc3,244 
Zeus Industrial Products Inc2,174 
Asset Based Finance
Altitude II IRL WH Borrower DAC, Revolver143 
Bausch Health Cos Inc, Revolver18,750 
Curia Global Inc, Revolver10,333 
Discover Financial Services, Subordinated Loan23 
EW Scripps Co/The, Revolver6,667 
Florida Food Products LLC, Revolver923 
Category / Company(1)
Commitment Amount
Fortna Group Inc, Revolver$9,407 
GreenSky Holdings LLC, Term Loan374 
Opendoor Labs Inc, Structured Mezzanine4,130 
TalkTalk Telecom Group Ltd, Revolver2,367 
Tropicana Products Inc, Revolver4,183 
Vietjet Aviation JSC, Term Loan10,304 
Weber-Stephen Products LLC, Revolver12,409 
Total$339,770 
Unfunded Equity/Other commitments$19,594 
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(1)May be commitments to one or more entities affiliated with the named company.
As of June 30, 2025, the Company’s debt commitments are comprised of $167,463 revolving credit facilities and $172,307 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $545. The Company’s unfunded Equity/Other commitments generally require certain conditions to be met or actual approval from the Adviser prior to funding.
While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so.
In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company had no such guarantees outstanding at June 30, 2025 and December 31, 2024.