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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
On August 2, 2022, the Company entered into a facility agreement, or the Cliffwater Facility Agreement, with Cliffwater Corporate Lending Fund, or the Financing Provider, an independent 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, such date, the Facility End Date, 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 $250,000, such condition, the Capital Condition.
During the year ended December 31, 2023, the Company purchased investments, including unfunded commitments, with a cost of $162,325 from the Financing Provider. As of December 31, 2023, $8,400 of these purchases are included in payable for investments purchased in the statement of assets and liabilities.
As of December 31, 2023, the conditions precedent to the Company’s obligation to purchase any such investments have 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 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 December 31, 2023, the Company’s unfunded commitments consisted of the following:
Category / Company(1)
Commitment Amount
Senior Secured Loans—First Lien
Apex Service Partners LLC$1,682 
Apex Service Partners LLC4,264 
DOXA Insurance Holdings LLC1,233 
DOXA Insurance Holdings LLC5,465 
Highgate Hotels Inc796 
Individual FoodService1,731 
Individual FoodService1,764 
Integrity Marketing Group LLC4,525 
Lazer Logistics Inc1,228 
Lazer Logistics Inc2,877 
Lexitas Inc4,643 
Lipari Foods LLC1,930 
Magna Legal Services LLC845 
Magna Legal Services LLC3,483 
Radwell International LLC/PA1,172 
Shaw Development LLC1,027 
Spotless Brands LLC9,706 
Subordinated Debt
Apex Service Partners LLC485 
Asset Based Finance
Altitude II IRL WH Borrower DAC, Revolver71 
Bausch Health Cos Inc, Revolver15,625 
TalkTalk Telecom Group Ltd, Revolver3,216 
Weber-Stephen Products LLC, Revolver4,487 
Total$72,255 
Unfunded Equity/Other commitments$10,905 
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(1)May be commitments to one or more entities affiliated with the named company.
As of December 31, 2023, the Company’s debt commitments are comprised of $36,643 revolving credit facilities and $35,610 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 $18. 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 has no such guarantees outstanding at December 31, 2023 and December 31, 2022.