XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.23.2

COMMITMENTS AND CONTINGENCIES | 6 Months Ended
--- | ---
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2023, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of June 30, 2023 and December 31, 2022 were as follows:
Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Accurus Aerospace Corporation(1)(2) | Revolver | $ | 634 |  |  | $ | 1,152 |
Adhefin International(1)(2)(3) | Delayed Draw Term Loan | 808 |  |  | — |
Air Comm Corporation, LLC(1)(2) | Delayed Draw Term Loan | 1,549 |  |  | — |
AlliA Insurance Brokers NV(1)(3) | Delayed Draw Term Loan | 1,871 |  |  | — |
Americo Chemical Products, LLC(1)(2) | Revolver | 471 |  |  | — |
Amtech LLC(1) | Delayed Draw Term Loan | 764 |  |  | 1,527 |
Amtech LLC(1) | Revolver | 682 |  |  | 545 |
AnalytiChem Holding GmbH(1)(2)(3) | Bridge Revolver | 375 |  |  | 366 |
APC1 Holding(1)(3) | Delayed Draw Term Loan | — |  |  | 354 |
Aquavista Watersides 2 LTD(1)(2)(4) | Capex / Acquisition Facility | 2,215 |  |  | 2,543 |
Arc Education(1)(3) | Delayed Draw Term Loan | 1,732 |  |  | 1,900 |
Argus Bidco Limited(1)(2)(4) | CAF Term Loan | 693 |  |  | 789 |
Argus Bidco Limited(1)(2)(4) | RCF Bridge Term Loan | — |  |  | 168 |
ASC Communications, LLC(1) | Revolver | 1,089 |  |  | 1,089 |
Astra Bidco Limited(1)(4) | Delayed Draw Term Loan | 602 |  |  | 876 |
ATL II MRO Holdings, Inc.(1) | Revolver | 1,667 |  |  | 1,667 |
Avance Clinical Bidco Pty Ltd(1)(2)(5) | Delayed Draw Term Loan | 1,272 |  |  | 1,295 |
Azalea Buyer, Inc.(1) | Delayed Draw Term Loan | 962 |  |  | 962 |
Azalea Buyer, Inc.(1) | Revolver | 481 |  |  | 481 |
Bariacum S.A(1)(3) | Acquisition Facility | 982 |  |  | 2,028 |
Beyond Risk Management, Inc.(1)(2) | Delayed Draw Term Loan | 2,423 |  |  | 2,423 |
Biolam Group(1)(2)(3) | Delayed Draw Term Loan | 1,489 |  |  | 4,783 |
Black Angus Steakhouses, LLC(1) | Delayed Draw Term Loan | 417 |  |  | 417 |
Bounteous, Inc.(1)(2) | Delayed Draw Term Loan | 2,840 |  |  | 2,840 |
Brightpay Limited(1)(3) | Delayed Draw Term Loan | 138 |  |  | 135 |
BrightSign LLC(1)(2) | Revolver | 443 |  |  | 1,329 |
CAi Software, LLC(1)(2) | Revolver | 943 |  |  | 943 |
Canadian Orthodontic Partners Corp.(1)(2)(6) | Delayed Draw Term Loan | — |  |  | 110 |
Catawba River Limited(1)(2)(4) | Structured Junior Note | 12,998 |  |  | 12,635 |
Centralis Finco S.a.r.l.(1)(3) | Incremental CAF Term Loan | 925 |  |  | 1,028 |
CGI Parent, LLC(1)(2) | Revolver | 1,653 |  |  | 1,653 |
Classic Collision (Summit Buyer, LLC)(1) | Delayed Draw Term Loan | — |  |  | 78 |
Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Comply365, LLC(1) | Revolver | 1,100 |  |  | 935 |
Coyo Uprising GmbH(1)(3) | Delayed Draw Term Loan | 429 |  |  | 419 |
CSL Dualcom(1)(4) | Capex / Acquisition Term Loan | 150 |  |  | 142 |
DataServ Integrations, LLC(1) | Revolver | 481 |  |  | 481 |
DecksDirect, LLC(1) | Revolver | 218 |  |  | 218 |
DISA Holdings Corp.(1) | Delayed Draw Term Loan | 1,287 |  |  | 1,368 |
DISA Holdings Corp.(1) | Revolver | 429 |  |  | 416 |
DreamStart Bidco SAS (d/b/a SmartTrade)(1)(2)(3) | Acquisition Facility | — |  |  | 579 |
Dune Group(1)(2)(3) | Delayed Draw Term Loan | 638 |  |  | 624 |
Dwyer Instruments, Inc.(1) | Delayed Draw Term Loan | 5,164 |  |  | 5,164 |
Eclipse Business Capital, LLC(1) | Revolver | 19,091 |  |  | 17,455 |
EMI Porta Holdco LLC(1)(2) | Delayed Draw Term Loan | 9,272 |  |  | 9,272 |
EMI Porta Holdco LLC(1)(2) | Revolver | 1,026 |  |  | 1,471 |
EPS NASS Parent, Inc.(1) | Delayed Draw Term Loan | — |  |  | 257 |
eShipping, LLC(1) | Delayed Draw Term Loan | 1,650 |  |  | 1,650 |
eShipping, LLC(1) | Revolver | 1,486 |  |  | 1,486 |
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) | Delayed Draw Term Loan | 2,697 |  |  | 2,639 |
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) | Delayed Draw Term Loan | 539 |  |  | 528 |
Events Software BidCo Pty Ltd(1)(2) | Delayed Draw Term Loan | 640 |  |  | 640 |
Express Wash Acquisition Company, LLC(1)(2) | Revolver | 115 |  |  | 115 |
F24 (Stairway BidCo GmbH)(1)(2)(3) | Acquisition Term Loan | 231 |  |  | 246 |
Faraday(1)(3) | Delayed Draw Term Loan | 978 |  |  | — |
Fineline Technologies, Inc.(1) | Delayed Draw Term Loan | — |  |  | 180 |
Finexvet(1)(2)(3) | Delayed Draw Term Loan | 642 |  |  | — |
Footco 40 Limited(1)(2)(4) | Delayed Draw Term Loan | 572 |  |  | 766 |
Fortis Payment Systems, LLC(1) | Delayed Draw Term Loan | 575 |  |  | 925 |
FragilePak LLC(1) | Delayed Draw Term Loan | — |  |  | 2,354 |
GB Eagle Buyer, Inc.(1) | Revolver | 2,581 |  |  | 2,581 |
Global Academic Group Limited(1)(7) | Term Loan | 437 |  |  | 451 |
GPNZ II GmbH(1)(2)(3) | CAF Term Loan | — |  |  | 560 |
Greenhill II BV(1)(3) | Capex Acquisition Facility | 119 |  |  | 255 |
Groupe Product Life(1)(3) | Delayed Draw Term Loan | — |  |  | 441 |
Gusto Aus BidCo Pty Ltd(1)(5) | Delayed Draw Term Loan | 219 |  |  | 223 |
HeartHealth Bidco Pty Ltd(1)(5) | Delayed Draw Term Loan | 307 |  |  | 313 |
Heartland Veterinary Partners, LLC(1) | Delayed Draw Term Loan | — |  |  | 267 |
Heavy Construction Systems Specialists, LLC(1) | Revolver | 2,632 |  |  | 2,632 |
HEKA Invest(1)(3) | Delayed Draw Term Loan | 568 |  |  | 555 |
HTI Technology & Industries(1) | Delayed Draw Term Loan | 2,045 |  |  | 2,045 |
HTI Technology & Industries(1) | Revolver | 1,364 |  |  | 1,364 |
HW Holdco, LLC (Hanley Wood LLC)(1) | Delayed Draw Term Loan | — |  |  | 913 |
Innovad Group II BV(1)(3) | Delayed Draw Term Loan | 262 |  |  | 1,261 |
INOS 19-090 GmbH(1)(3) | Acquisition Facility | 2,432 |  |  | 2,380 |
Interstellar Group B.V.(1)(3) | Delayed Draw Term Loan | 1,331 |  |  | 1,310 |
Interstellar Group B.V.(1)(3) | Delayed Draw Term Loan | 57 |  |  | 55 |
Isolstar Holding NV (IPCOM)(1)(3) | Delayed Draw Term Loan | 761 |  |  | 744 |
ITI Intermodal, Inc.(1)(2) | Delayed Draw Term Loan | — |  |  | 103 |
Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
ITI Intermodal, Inc.(1)(2) | Revolver | 1,232 |  |  | 118 |
Jaguar Merger Sub Inc.(1) | Delayed Draw Term Loan | — |  |  | 422 |
Jaguar Merger Sub Inc.(1) | Revolver | — |  |  | 490 |
Jocassee Partners LLC | Joint Venture | 65,000 |  |  | 65,000 |
Jon Bidco Limited(1)(7) | Capex & Acquisition Facility | 1,396 |  |  | 1,441 |
Jones Fish Hatcheries & Distributors LLC(1)(2) | Revolver | 418 |  |  | 418 |
Kano Laboratories LLC(1) | Delayed Draw Term Loan | 153 |  |  | 153 |
Kano Laboratories LLC(1) | Delayed Draw Term Loan | 2,830 |  |  | 2,830 |
Kemmerer Operations LLC(1) | Delayed Draw Term Loan | — |  |  | 908 |
Lambir Bidco Limited(1)(2)(3) | Delayed Draw Term Loan | 714 |  |  | 1,766 |
Lattice Group Holdings Bidco Limited(1)(2) | Delayed Draw Term Loan | 255 |  |  | 298 |
LeadsOnline, LLC(1) | Revolver | 2,603 |  |  | 2,603 |
Lifestyle Intermediate II, LLC(1)(2) | Revolver | 2,500 |  |  | 2,500 |
LivTech Purchaser, Inc.(1)(2) | Delayed Draw Term Loan | 138 |  |  | 138 |
Marmoutier Holding B.V.(1)(2)(3) | Delayed Draw Term Loan | 24 |  |  | 24 |
Marmoutier Holding B.V.(1)(2)(3) | Revolver | 109 |  |  | 106 |
Marshall Excelsior Co.(1)(2) | Revolver | 110 |  |  | 413 |
MC Group Ventures Corporation(1) | Delayed Draw Term Loan | 276 |  |  | 296 |
Mercell Holding AS(1)(8) | Capex Acquisition Facility | 733 |  |  | 797 |
Modern Star Holdings Bidco Pty Limited(1)(2)(5) | Term Loan | 951 |  |  | 968 |
Murphy Midco Limited(1)(2)(4) | Delayed Draw Term Loan | 372 |  |  | 407 |
Narda Acquisitionco., Inc.(1)(2) | Revolver | 1,311 |  |  | 1,180 |
NeoxCo(1)(3) | Delayed Draw Term Loan | 491 |  |  | — |
Nexus Underwriting Management Limited(1)(2)(4) | Acquisition Facility | 385 |  |  | 443 |
Nexus Underwriting Management Limited(1)(2)(4) | Revolver | 97 |  |  | — |
NF Holdco, LLC(1)(2) | Revolver | 1,105 |  |  | — |
Novotech Aus Bidco Pty Ltd(1) | Capex & Acquisition Facility | 809 |  |  | 809 |
NPM Investments 28 BV(1)(3) | Delayed Draw Term Loan | 473 |  |  | 463 |
OA Buyer, Inc.(1) | Revolver | 1,331 |  |  | 1,331 |
OAC Holdings I Corp(1)(2) | Revolver | 391 |  |  | 607 |
Omni Intermediate Holdings, LLC(1)(2) | Delayed Draw Term Loan | — |  |  | 2,289 |
OSP Hamilton Purchaser, LLC(1) | Revolver | 416 |  |  | 187 |
PDQ.Com Corporation(1) | Delayed Draw Term Loan | 5,582 |  |  | 6,885 |
Polara Enterprises, L.L.C.(1) | Revolver | 545 |  |  | 545 |
Premium Invest(1)(3) | Delayed Draw Term Loan | 2,946 |  |  | 2,882 |
ProfitOptics, LLC(1) | Revolver | 81 |  |  | 484 |
Protego Bidco B.V.(1)(2)(3) | Delayed Draw Term Loan | 648 |  |  | 792 |
PSP Intermediate 4, LLC(1)(2)(3) | Delayed Draw Term Loan | 743 |  |  | 727 |
Qualified Industries, LLC(1) | Revolver | 242 |  |  | — |
R1 Holdings, LLC(1) | Delayed Draw Term Loan | 1,820 |  |  | 2,623 |
R1 Holdings, LLC(1) | Revolver | 1,947 |  |  | 1,601 |
RA Outdoors, LLC(1)(2) | Revolver | 1,235 |  |  | 1,235 |
Randys Holdings, Inc.(1)(2) | Delayed Draw Term Loan | 4,412 |  |  | 4,412 |
Randys Holdings, Inc.(1)(2) | Revolver | 1,513 |  |  | 1,571 |
Rep Seko Merger Sub LLC(1) | Delayed Draw Term Loan | 579 |  |  | 725 |
Reward Gateway (UK) Ltd(1)(2)(4) | Acquisition Facility | — |  |  | 600 |
Rhondda Financing No. 1 DAC(1)(4) | Structured Junior Note | 19,786 |  |  | — |
Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Rocade Holdings LLC(1)(2) | Preferred Equity | 30,000 |  |  | — |
Royal Buyer, LLC(1) | Revolver | 1,340 |  |  | 1,340 |
Royal Buyer, LLC(1) | Delayed Draw Term Loan | 1,684 |  |  | 2,209 |
RTIC Subsidiary Holdings, LLC(1)(2) | Revolver | 1,905 |  |  | 2,381 |
Sanoptis S.A.R.L.(1)(3) | Acquisition Capex Facility | 732 |  |  | 1,751 |
SBP Holdings LP(1) | Delayed Draw Term Loan | 1,469 |  |  | — |
SBP Holdings LP(1) | Revolver | 1,065 |  |  | — |
Scaled Agile, Inc.(1)(2) | Delayed Draw Term Loan | 331 |  |  | 416 |
Scaled Agile, Inc.(1)(2) | Revolver | 336 |  |  | 336 |
Scout Bidco B.V.(1)(3) | Delayed Draw Term Loan | 1,011 |  |  | 2,270 |
Scout Bidco B.V.(1)(3) | Revolver | 1,053 |  |  | 1,030 |
Security Holdings B.V.(1)(2)(3) | Delayed Draw Term Loan | 2,182 |  |  | 2,134 |
Security Holdings B.V.(1)(2)(3) | Revolver | 1,091 |  |  | 1,067 |
Sereni Capital NV(1)(3) | Delayed Draw Term Loan | 694 |  |  | — |
Sereni Capital NV(1)(2)(3) | Term Loan | — |  |  | 109 |
Smartling, Inc.(1)(2) | Delayed Draw Term Loan | — |  |  | 1,978 |
Smartling, Inc.(1)(2) | Revolver | 1,176 |  |  | 1,176 |
Smile Brands Group, Inc.(1)(2) | Delayed Draw Term Loan | — |  |  | 38 |
Soho Square III Debtco II SARL(1)(2)(4) | Delayed Draw Term Loan | 1,192 |  |  | 3,383 |
Solo Buyer, L.P.(1) | Revolver | 1,596 |  |  | 1,995 |
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) | Delayed Draw Term Loan | 399 |  |  | 666 |
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) | Revolver | 98 |  |  | 156 |
Spatial Business Systems LLC(1) | Delayed Draw Term Loan | 7,500 |  |  | 7,500 |
Spatial Business Systems LLC(1) | Revolver | 1,406 |  |  | 1,406 |
SSCP Pegasus Midco Limited(1)(4) | Delayed Draw Term Loan | 4,929 |  |  | 4,664 |
Superjet Buyer, LLC(1) | Revolver | 1,825 |  |  | 1,825 |
Syntax Systems Ltd(1)(2) | Delayed Draw Term Loan | 1,933 |  |  | 1,933 |
Syntax Systems Ltd(1)(2) | Revolver | 337 |  |  | 337 |
Tank Holding Corp(1)(2) | Delayed Draw Term Loan | 925 |  |  | — |
Tank Holding Corp(1)(2) | Revolver | 218 |  |  | 698 |
Tanqueray Bidco Limited(1)(2)(4) | Capex Facility | 1,150 |  |  | 1,088 |
Techone B.V.(1)(3) | Revolver | 311 |  |  | 203 |
Tencarva Machinery Company, LLC(1) | Revolver | 1,129 |  |  | 1,129 |
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) | Delayed Draw Term Loan | 2,811 |  |  | 2,811 |
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) | Revolver | 827 |  |  | 827 |
The Cleaver-Brooks Company, Inc.(1) | Revolver | 3,229 |  |  | 2,826 |
The Hilb Group, LLC(1)(2) | Delayed Draw Term Loan | 854 |  |  | 1,182 |
Trader Corporation(1)(6) | Revolver | 353 |  |  | 345 |
TSYL Corporate Buyer, Inc.(1) | Delayed Draw Term Loan | 1,681 |  |  | 1,681 |
TSYL Corporate Buyer, Inc.(1) | Revolver | 177 |  |  | 177 |
Turbo Buyer, Inc.(1)(2) | Delayed Draw Term Loan | 1,350 |  |  | 1,350 |
Union Bidco Limited(1)(2)(4) | Acquisition Facility | 83 |  |  | 78 |
United Therapy Holding III GmbH(1)(2)(3) | Acquisition Facility | 675 |  |  | 1,170 |
Unither (Uniholding)(1)(3) | Delayed Draw Term Loan | 473 |  |  | — |
USLS Acquisition, Inc.(f/k/a US Legal Support, Inc.)(1)(2) | Delayed Draw Term Loan | 3,629 |  |  | 3,629 |
W2O Holdings, Inc.(1) | Delayed Draw Term Loan | — |  |  | 2,622 |
Waccamaw River(2) | Joint Venture | — |  |  | 2,480 |
Portfolio Company ($ in thousands) | Investment Type | June 30, 2023 |  | December 31, 2022
Whitcraft Holdings, Inc.(1)(2) | Revolver | 1,886 |  |  | — |
Woodland Foods, Inc.(1)(2) | Line of Credit | 1,296 |  |  | 456 |
WWEC Holdings III Corp(1)(2) | Delayed Draw Term Loan | 3,106 |  |  | 3,106 |
WWEC Holdings III Corp(1)(2) | Revolver | 1,739 |  |  | 1,366 |
Xeinadin Bidco Limited(1)(4) | CAF Term Loan | 3,286 |  |  | 3,109 |
ZB Holdco LLC(1)(2) | Delayed Draw Term Loan | — |  |  | 1,352 |
ZB Holdco LLC(1) | Revolver | 845 |  |  | 845 |
Zeppelin Bidco Limited(1)(2)(4) | Capex / Acquisition Facility | 2,660 |  |  | 2,516 |
Total unused commitments to extend financing |  | $ | 338,322 |  |  | $ | 308,532 |
(1)The Adviser’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. (2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost. (3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. (8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date. In the normal course of business, the Company guarantees certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable. As of both June 30, 2023 and December 31, 2022, the Company had guaranteed €9.9 million ($10.8 million U.S. dollars and $10.6 million U.S. dollars, respectively) relating to credit facilities among Erste Bank and MVC Automotive Group Gmbh (“MVC Auto”) that mature in December 2025. The Company would be required to make payments to Erste Bank if MVC Auto were to default on their related payment obligations. None of the credit facility guarantees are recorded as a liability on the Company’s Unaudited and Audited Consolidated Balance Sheets, as such the credit facility liabilities are considered in the valuation of the investments in MVC Auto. The guarantees denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//450/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 440 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480327/954-440-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//440/tableOfContent + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration