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COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2024 and December 31, 2023 were as follows:
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2024December 31, 2023
Accurus Aerospace Corporation(1)(2)Revolver$461 $634 
AD Bidco, Inc.(1)Delayed Draw Term Loan3,522 — 
AD Bidco, Inc.(1)Revolver1,303 — 
Adhefin International(1)(3)Delayed Draw Term Loan424 419 
AirX Climate Solutions, Inc.(1)(2)Delayed Draw Term Loan— 1,179 
AirX Climate Solutions, Inc.(1)(2)Delayed Draw Term Loan2,443 — 
AirX Climate Solutions, Inc.(1)(2)Delayed Draw Term Loan560 — 
AirX Climate Solutions, Inc.(1)(2)Revolver814 482 
AlliA Insurance Brokers NV(1)(3)Delayed Draw Term Loan648 1,634 
Americo Chemical Products, LLC(1)Revolver471 471 
Amtech LLC(1)Revolver— 436 
Anju Software, Inc.(1)(2)Delayed Draw Term Loan— 343 
Aquavista Watersides 2 LTD(1)(2)(4)Capex / Acquisition Facility2,337 2,221 
Arc Education(1)(3)Delayed Draw Term Loan1,305 1,291 
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2024December 31, 2023
Argus Bidco Limited(1)(2)(4)CAF Term Loan396 541 
ASC Communications, LLC(1)Revolver1,089 1,089 
Astra Bidco Limited(1)(4)Delayed Draw Term Loan235 604 
ATL II MRO Holdings Inc.(1)Revolver1,667 1,667 
Avance Clinical Bidco Pty Ltd(1)(2)(5)Delayed Draw Term Loan1,325 1,304 
Azalea Buyer, Inc.(1)Delayed Draw Term Loan644 644 
Azalea Buyer, Inc.(1)Revolver481 481 
Beyond Risk Management, Inc.(1)Delayed Draw Term Loan— 2,007 
Beyond Risk Management, Inc.(1)(2)Delayed Draw Term Loan4,629 — 
Biolam Group(1)(2)(3)Delayed Draw Term Loan674 667 
BKF Buyer, Inc.(1)(2)Revolver2,970 — 
Bounteous, Inc.(1)(2)Delayed Draw Term Loan— 2,840 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan141 140 
BrightSign LLC(1)Revolver310 443 
CAi Software, LLC(1)(2)Revolver1,261 943 
Caldwell & Gregory LLC(1)Delayed Draw Term Loan3,750 — 
Caldwell & Gregory LLC(1)Revolver2,500 — 
Canadian Orthodontic Partners Corp.(1)(2)(6)Delayed Draw Term Loan95 — 
Cascade Residential Services LLC(1)Delayed Draw Term Loan629 1,985 
Cascade Residential Services LLC(1)Revolver265 331 
Catawba River Limited(1)(2)(4)Structured Junior Note— 13,971 
CCFF Buyer, LLC(1)Delayed Draw Term Loan3,490 — 
CCFF Buyer, LLC(1)Revolver1,047 — 
CGI Parent, LLC(1)Revolver1,653 1,653 
Classic Collision (Summit Buyer, LLC)(1)Delayed Draw Term Loan— 2,734 
Comply365, LLC(1)Revolver1,101 1,101 
Coyo Uprising GmbH(1)(2)(3)Delayed Draw Term Loan438 434 
CSL DualCom(1)(4)Capex / Acquisition Term Loan158 150 
DataServ Integrations, LLC(1)Revolver481 481 
DecksDirect, LLC(1)(2)Revolver34 381 
DISA Holdings Corp.(1)Delayed Draw Term Loan— 1,072 
DISA Holdings Corp.(1)Revolver429 339 
Dune Group(1)(2)(3)Delayed Draw Term Loan443 439 
Eclipse Business Capital, LLC(1)Revolver15,909 17,182 
Electrical Components International, Inc.(1)(2)Delayed Draw Term Loan585 — 
EMI Porta Holdco LLC(1)(2)Revolver2,610 403 
eShipping, LLC(1)Revolver1,486 1,486 
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)Delayed Draw Term Loan2,759 2,731 
Events Software BidCo Pty Ltd(1)(2)Delayed Draw Term Loan619 620 
Express Wash Acquisition Company, LLC(1)(2)Revolver115 115 
Faraday(1)(3)Delayed Draw Term Loan1,000 990 
Finexvet(1)(3)Delayed Draw Term Loan— 650 
Footco 40 Limited(1)(4)Delayed Draw Term Loan551 524 
Forest Buyer, LLC(1)Revolver298 — 
Fortis Payment Systems, LLC(1)(2)Delayed Draw Term Loan459 — 
Fortis Payment Systems, LLC(1)(2)Revolver625 — 
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2024December 31, 2023
GB Eagle Buyer, Inc.(1)Revolver2,581 2,581 
GCDL LLC(1)(2)Delayed Draw Term Loan108 — 
GCDL LLC(1)(2)Revolver108 — 
Global Academic Group Limited(1)(7)Term Loan416 414 
GPZN II GmbH(1)(2)(3)Delayed Draw Term Loan— 53 
GPZN II GmbH(1)(2)(3)Delayed Draw Term Loan18 — 
Graphpad Software, LLC(1)Delayed Draw Term Loan2,093 — 
Graphpad Software, LLC(1)Revolver872 — 
Greenhill II BV(1)(3)Capex Acquisition Facility30 120 
Groupe Product Life(1)(3)Delayed Draw Term Loan162 — 
Gusto Aus BidCo Pty Ltd(1)(5)Delayed Draw Term Loan113 167 
HeartHealth Bidco Pty Ltd(1)(2)(5)Delayed Draw Term Loan239 253 
Heavy Construction Systems Specialists, LLC(1)Revolver2,632 2,632 
HEKA INVEST(1)(3)Delayed Draw Term Loan581 575 
HemaSource, Inc.(1)Revolver1,804 1,421 
HomeX Services Group LLC(1)Delayed Draw Term Loan650 845 
HomeX Services Group LLC(1)Revolver338 338 
HTI Technology & Industries(1)(2)Delayed Draw Term Loan2,045 2,045 
HTI Technology & Industries(1)(2)Revolver1,364 1,364 
Hydratech Holdings, Inc. (1)(2)Delayed Draw Term Loan4,960 — 
Hydratech Holdings, Inc. (1)(2)Revolver1,125 — 
Ice House America, L.L.C.(1)Delayed Draw Term Loan165 — 
Ice House America, L.L.C.(1)Revolver302 — 
Innovad Group II BV(1)(2)(3)Delayed Draw Term Loan— 266 
INOS 19-090 GmbH(1)(2)(3)Acquisition Facility— 1,872 
Interstellar Group B.V.(1)(3)Delayed Draw Term Loan627 620 
Interstellar Group B.V.(1)(3)Delayed Draw Term Loan— 57 
InvoCare Limited(1)(5)Delayed Draw Term Loan393 387 
Isolstar Holding NV (IPCOM)(1)(2)(3)Delayed Draw Term Loan— 656 
ISTO Technologies II, LLC(1)Revolver714 714 
ITI Intermodal, Inc.(1)(2)Revolver1,031 1,157 
Jocassee Partners LLC(1)Joint Venture65,000 65,000 
Jon Bidco Limited(1)(2)(7)Capex & Acquisition Facility1,131 1,125 
Jones Fish Hatcheries & Distributors LLC(1)Revolver418 418 
Kano Laboratories LLC(1)Delayed Draw Term Loan— 2,830 
Kano Laboratories LLC(1)Delayed Draw Term Loan— 153 
Keystone Bidco B.V.(1)(3)Delayed Draw Term Loan200 — 
Keystone Bidco B.V.(1)(3)Revolver75 — 
Lambir Bidco Limited(1)(2)(3)Delayed Draw Term Loan633 626 
Lattice Group Holdings Bidco Limited(1)(2)Delayed Draw Term Loan237 255 
Lattice Group Holdings Bidco Limited(1)(2)Revolver— 18 
LeadsOnline, LLC(1)Revolver2,603 2,187 
Lifestyle Intermediate II, LLC(1)(2)Revolver— 2,500 
Marmoutier Holding B.V.(1)(2)(3)Delayed Draw Term Loan25 18 
Marmoutier Holding B.V.(1)(2)(3)Revolver111 109 
Marshall Excelsior Co.(1)(2)Revolver— 221 
MB Purchaser, LLC(1)Delayed Draw Term Loan1,144 — 
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2024December 31, 2023
MB Purchaser, LLC(1)Revolver309 — 
MC Group Ventures Corporation(1)Delayed Draw Term Loan276 276 
MC Group Ventures Corporation(1)Delayed Draw Term Loan4,822 — 
Media Recovery, Inc. (SpotSee)(1)Revolver635 — 
Media Recovery, Inc. (SpotSee)(1)(4)Revolver794 — 
Megawatt Acquisitionco, Inc.(1)(2)Revolver592 — 
Mercell Holding AS(1)(2)(8)Capex Acquisition Facility745 773 
Modern Star Holdings Bidco Pty Limited.(1)(2)(5)Term Loan991 974 
Moonlight Bidco Limited(1)(4)Delayed Draw Term Loan591 562 
Narda Acquisitionco., Inc.(1)Revolver1,311 1,311 
NAW Buyer LLC(1)Delayed Draw Term Loan5,729 5,876 
NAW Buyer LLC(1)Revolver1,894 1,515 
NeoxCo(1)(3)Delayed Draw Term Loan502 497 
Next Holdco, LLC(1)Delayed Draw Term Loan1,891 1,891 
Next Holdco, LLC(1)Revolver733 733 
NF Holdco, LLC(1)(2)Revolver497 663 
Novotech Aus Bidco Pty Ltd(1)Capex & Acquisition Facility— 809 
NPM Investments 28 B.V. (1)(3)Delayed Draw Term Loan484 479 
OA Buyer, Inc.(1)Revolver1,331 1,331 
OAC Holdings I Corp(1)Revolver1,370 1,370 
OSP Hamilton Purchaser, LLC(1)(2)Delayed Draw Term Loan4,276 5,345 
OSP Hamilton Purchaser, LLC(1)(2)Revolver1,109 1,109 
Parkview Dental Holdings LLC(1)(2)Delayed Draw Term Loan328 328 
PDQ.Com Corporation(1)(2)Delayed Draw Term Loan3,256 4,807 
PDQ.Com Corporation(1)(2)Delayed Draw Term Loan1,970 1,970 
Polara Enterprises, L.L.C.(1)Revolver545 545 
Premium Invest(1)(3)Acquisition Facility1,730 1,712 
Process Insights Acquisition, Inc.(1)Delayed Draw Term Loan935 935 
Process Insights Acquisition, Inc.(1)Revolver576 — 
Process Insights Acquisition, Inc.(1)Revolver— 1,014 
ProfitOptics, LLC(1)(2)Revolver169 210 
Protego Bidco B.V.(1)(2)(3)Delayed Draw Term Loan— 656 
Pro-Vision Solutions Holdings, LLC(1)Revolver2,077 — 
PSP Intermediate 4, LLC(1)(2)(3)Delayed Draw Term Loan208 206 
Qualified Industries, LLC(1)Revolver242 242 
R1 HOLDINGS, LLC(1)Delayed Draw Term Loan— 1,682 
R1 HOLDINGS, LLC(1)Revolver1,947 1,947 
RA Outdoors, LLC(1)(2)Revolver— 438 
Randys Holdings, Inc.(1)Delayed Draw Term Loan2,399 3,412 
Randys Holdings, Inc.(1)Revolver1,434 1,326 
REP SEKO MERGER SUB LLC(1)(2)Revolver56 — 
Rhondda Financing No. 1 DAC(1)(4)Structured Junior Note— 4,707 
Rocade Holdings LLC(1)Preferred Equity17,500 17,500 
Rock Labor LLC(1)Revolver1,103 1,103 
Royal Buyer, LLC(1)Delayed Draw Term Loan— 922 
Royal Buyer, LLC(1)Revolver1,748 1,340 
RPX Corporation(1)(2)Revolver3,024 — 
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2024December 31, 2023
RTIC Subsidiary Holdings, LLC(1)(2)Revolver— 3,333 
Sanoptis S.A.R.L.(1)(3)Term Loan2,647 — 
Sanoptis S.A.R.L.(1)(3)Acquisition Capex Facility— 16 
Sanoptis S.A.R.L.(1)(3)CAF Term Loan— 1,458 
Sansidor BV(1)(2)(3)Acquisition Facility Term Loan427 — 
SBP Holdings LP(1)Delayed Draw Term Loan— 151 
SBP Holdings LP(1)Delayed Draw Term Loan7,905 — 
SBP Holdings LP(1)Revolver2,730 1,065 
Scaled Agile, Inc.(1)(2)Revolver— 280 
Scout Bidco B.V.(1)(2)(3)Revolver1,077 640 
Security Holdings B.V.(1)(2)(3)Delayed Draw Term Loan2,232 2,209 
Security Holdings B.V.(1)(2)(3)Revolver1,116 1,105 
Sinari Invest(1)(3)Delayed Draw Term Loan624 617 
SISU ACQUISITIONCO., INC.(1)(2)Delayed Draw Term Loan503 1,007 
Smartling, Inc.(1)Revolver1,176 1,176 
SmartShift Group, Inc.(1)(2)Delayed Draw Term Loan— 3,440 
SmartShift Group, Inc.(1)Revolver1,651 1,651 
SOLO BUYER, L.P.(1)(2)Revolver1,596 1,330 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)Delayed Draw Term Loan232 399 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)Revolver156 90 
SPATCO Energy Solutions, LLC(1)(2)Delayed Draw Term Loan1,635 — 
SPATCO Energy Solutions, LLC(1)(2)Revolver1,188 — 
Spatial Business Systems LLC(1)(2)Delayed Draw Term Loan1,875 1,875 
Spatial Business Systems LLC(1)(2)Revolver1,406 1,406 
SSCP Pegasus Midco Limited(1)(4)Delayed Draw Term Loan2,384 4,119 
Superjet Buyer, LLC(1)(2)Delayed Draw Term Loan4,085 — 
Superjet Buyer, LLC(1)(2)Revolver2,189 1,369 
SVI International LLC(1)Delayed Draw Term Loan74 — 
SVI International LLC(1)Revolver74 — 
Syntax Systems Ltd(1)Revolver— 391 
Tank Holding Corp(1)(2)Delayed Draw Term Loan509 614 
Tank Holding Corp(1)(2)Revolver255 640 
TANQUERAY BIDCO LIMITED(1)(4)Capex Facility1,213 1,153 
Technology Service Stream BidCo Pty Ltd(1)(5)Delayed Draw Term Loan261 — 
Techone B.V.(1)(3)Revolver530 315 
Tencarva Machinery Company, LLC(1)(2)Revolver1,470 1,129 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Delayed Draw Term Loan— 1,825 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Revolver827 827 
The Cleaver-Brooks Company, Inc.(1)Revolver— 3,229 
The Hilb Group, LLC(1)Delayed Draw Term Loan— 313 
Trader Corporation(1)(6)Revolver346 354 
Trintech, Inc.(1)Revolver383 383 
TSYL Corporate Buyer, Inc.(1)Delayed Draw Term Loan239 1,469 
TSYL Corporate Buyer, Inc.(1)Delayed Draw Term Loan2,244 2,244 
TSYL Corporate Buyer, Inc.(1)Revolver642 642 
Turbo Buyer, Inc. (1)(2)Delayed Draw Term Loan— 1,350 
UBC Ledgers Holding AB(1)(2)(9)Delayed Draw Term Loan255 840 
Portfolio Company
($ in thousands)		Investment TypeSeptember 30, 2024December 31, 2023
UBC Ledgers Holding AB(1)(9)Revolver— 278 
Union Bidco Limited(1)(4)Acquisition Facility71 83 
United Therapy Holding III GmbH(1)(2)(3)Acquisition Facility690 683 
Unither (Uniholding)(1)(3)Delayed Draw Term Loan484 479 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2)Delayed Draw Term Loan2,407 2,540 
WEST-NR ACQUISITIONCO, LLC(1)Delayed Draw Term Loan2,448 2,500 
Whitcraft Holdings, Inc.(1)(2)Delayed Draw Term Loan3,090 — 
Whitcraft Holdings, Inc.(1)(2)Revolver918 1,760 
White Bidco Limited(1)Delayed Draw Term Loan514 514 
Woodland Foods, LLC(1)(2)Line of Credit1,065 680 
World 50, Inc.(1)Revolver827 — 
WWEC HOLDINGS III CORP(1)(2)Revolver2,485 2,019 
Xeinadin Bidco Limited(1)(2)(4)CAF Term Loan— 2,704 
ZB Holdco LLC(1)Delayed Draw Term Loan— 2,932 
ZB Holdco LLC(1)(2)Revolver372 845 
Zeppelin Bidco Limited(1)(2)(4)Capex / Acquisition Facility— 2,667 
Total unused commitments to extend financing$306,343 $305,903 
(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.
(9)Actual commitment amount is denominated in Swedish kronor. 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 September 30, 2024 and December 31, 2023, the Company had guaranteed €9.9 million ($11.0 million U.S. dollars and $10.9 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.