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COMMITMENTS AND CONTINGENCIES (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Balances of Unused Commitments to Extend Financing The balances of unused commitments to extend financing as of June 30, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment TypeJune 30, 2025December 31, 2024
Accelevation LLCDelayed Draw Term Loan$1,031 $— 
Accelevation LLCRevolver609 — 
Accurus Aerospace Corporation(2)Revolver980 461 
AD Bidco, Inc.Delayed Draw Term Loan391 3,522 
AD Bidco, Inc.Revolver1,303 1,303 
Adhefin International(3)Delayed Draw Term Loan446 393 
AirX Climate Solutions, Inc.(2)Delayed Draw Term Loan2,443 2,443 
AirX Climate Solutions, Inc.(2)Revolver814 814 
Aldinger CompanyTerm Loan3,609 — 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan48 259 
Americo Chemical Products, LLCRevolver471 471 
Application Boot Camp LLC(2)Revolver528 — 
Aquavista Watersides 2 LTD(4)Capex / Acquisition Facility— 2,182 
Arc Education(3)Delayed Draw Term Loan1,130 997 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility391 358 
Artemis Bidco Limited(3)Delayed Draw Term Loan580 663 
ASC Communications, LLCRevolver1,089 1,089 
Astra Bidco Limited(4)Delayed Draw Term Loan— 185 
ATL II MRO Holdings Inc.Revolver3,289 3,289 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan1,252 1,183 
Azalea Buyer, Inc.Delayed Draw Term Loan— 644 
Azalea Buyer, Inc.Revolver481 481 
Basin Innovation Group, LLCDelayed Draw Term Loan2,151 2,151 
Basin Innovation Group, LLCRevolver1,858 1,858 
Beyond Risk Management, Inc.Delayed Draw Term Loan4,629 4,629 
Biolam Group(2)(3)Delayed Draw Term Loan709 625 
BKF Buyer, Inc.Revolver2,970 2,970 
Brightpay Limited(3)Delayed Draw Term Loan— 131 
BrightSign LLC(2)Revolver509 244 
Broadstone Group UK LTD(4)Delayed Draw Term Loan2,093 — 
CAi Software, LLCRevolver1,261 1,261 
Caldwell & Gregory LLCDelayed Draw Term Loan1,541 3,312 
Caldwell & Gregory LLCRevolver2,500 2,500 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan53 63 
Cascade Residential Services LLC(2)Delayed Draw Term Loan99 629 
Cascade Residential Services LLC(2)Revolver17 — 
CCFF Buyer, LLCDelayed Draw Term Loan1,396 1,396 
CCFF Buyer, LLCRevolver1,047 1,047 
Ceres Pharma NV(3)Delayed Draw Term Loan669 — 
CGI Parent, LLCRevolver1,653 1,653 
CH Buyer, LLC(2)Revolver55 — 
Portfolio Company(1)
($ in thousands)
Investment TypeJune 30, 2025December 31, 2024
Comply365, LLC(2)Revolver1,101 1,101 
Coyo Uprising GmbH(3)Delayed Draw Term Loan461 407 
CSL DualCom(4)Capex / Acquisition Facility— 148 
CW Group Holdings, LLC(2)Delayed Draw Term Loan7,446 — 
DataServ Integrations, LLCRevolver— 481 
DAWGS Intermediate Holdings Co.Revolver1,888 — 
DecksDirect, LLC(2)Revolver360 34 
DISA Holdings Corp.Revolver343 429 
Discovery Buyer, L.P.Delayed Draw Term Loan7,216 — 
Discovery Buyer, L.P.Revolver1,793 — 
Dune Group(3)Delayed Draw Term Loan— 411 
EB Development(3)Capex / Acquisition Facility242 — 
EB Development(3)Delayed Draw Term Loan627 553 
Eclipse Business Capital, LLCRevolver12,909 12,636 
Electrical Components International, Inc.(2)Delayed Draw Term Loan585 585 
EMI Porta Holdco LLC(2)Revolver2,847 2,254 
eShipping, LLCRevolver1,486 1,486 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan619 619 
Expert Institute Group Inc.Delayed Draw Term Loan2,605 — 
Expert Institute Group Inc.Revolver1,401 — 
Express Wash Acquisition Company, LLC(2)Revolver193 115 
EZ SMBO Bidco(3)Delayed Draw Term Loan1,375 — 
Faraday(3)Delayed Draw Term Loan— 928 
Footco 40 Limited(4)Delayed Draw Term Loan563 515 
Forest Buyer, LLCRevolver298 298 
Fortis Payment Systems, LLCDelayed Draw Term Loan— 361 
Fortis Payment Systems, LLCRevolver— 625 
GB Eagle Buyer, Inc.Delayed Draw Term Loan2,312 2,312 
GB Eagle Buyer, Inc.Revolver1,447 2,316 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Global Academic Group Limited(2)(7)Term Loan14 233 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan65 49 
Graphpad Software, LLCDelayed Draw Term Loan2,093 2,093 
Graphpad Software, LLCRevolver872 872 
Greenhill II BV(3)Capex / Acquisition Facility— 28 
Groupe Product Life(2)(3)Delayed Draw Term Loan6,680 145 
Haystack Holdings LLCDelayed Draw Term Loan4,086 — 
Haystack Holdings LLCRevolver1,416 — 
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan174 164 
Heavy Construction Systems Specialists, LLCRevolver2,632 2,632 
HEKA Invest(3)Delayed Draw Term Loan611 539 
HemaSource, Inc.Revolver1,804 1,804 
HomeX Services Group LLCDelayed Draw Term Loan426 650 
HomeX Services Group LLCRevolver338 338 
HS Advisory Buyer LLCDelayed Draw Term Loan4,868 — 
HS Advisory Buyer LLCRevolver600 — 
Portfolio Company(1)
($ in thousands)
Investment TypeJune 30, 2025December 31, 2024
HSL Compliance(4)Delayed Draw Term Loan2,579 — 
HTI Technology & Industries(2)Delayed Draw Term Loan2,045 2,045 
HTI Technology & Industries(2)Revolver1,364 1,364 
Hydratech Holdings, Inc.Delayed Draw Term Loan162 1,725 
Hydratech Holdings, Inc.Revolver763 924 
Ice House America, L.L.C.(2)Delayed Draw Term Loan816 816 
Ice House America, L.L.C.(2)Revolver63 257 
Interstellar Group B.V.(3)Delayed Draw Term Loan628 582 
InvoCare Limited(5)Delayed Draw Term Loan291 275 
ISTO Technologies II, LLCRevolver714 714 
ITI Intermodal, Inc.Revolver1,031 1,031 
Jocassee Partners LLCJoint Venture65,000 65,000 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility788 728 
Jones Fish Hatcheries & Distributors LLCRevolver418 418 
Keystone Bidco B.V.(3)Delayed Draw Term Loan67 185 
Keystone Bidco B.V.(3)Revolver42 28 
Kline Hill Partners LP(2)Delayed Draw Term Loan2,245 — 
Kline Hill Partners LP(2)Revolver898 — 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan102 402 
Lattice Group Holdings Bidco LimitedDelayed Draw Term Loan72 237 
Lattice Group Holdings Bidco LimitedRevolver— 35 
LeadsOnline, LLCRevolver2,603 2,603 
Lockmasters Security Intermediate, Inc. (2)Delayed Draw Term Loan2,024 — 
Lockmasters Security Intermediate, Inc. (2)Revolver782 — 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan— 23 
Marmoutier Holding B.V.(2)(3)Revolver— 65 
Marmoutier Holding B.V.(2)(3)Term Loan66 — 
MB Purchaser, LLCDelayed Draw Term Loan99 773 
MB Purchaser, LLCRevolver309 309 
MC Group Ventures Corporation(2)Delayed Draw Term Loan5,098 5,098 
Media Recovery, Inc. (SpotSee)Revolver391 635 
Media Recovery, Inc. (SpotSee)(4)Revolver812 742 
Megawatt Acquisitionco, Inc.(2)Revolver492 475 
Mercell Holding AS(2)(8)Capex / Acquisition Facility776 691 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan936 884 
Momentum Textiles, LLCRevolver923 — 
Moonlight Bidco Limited(4)Delayed Draw Term Loan604 552 
MSI Express Inc.Delayed Draw Term Loan1,429 — 
MSI Express Inc.Revolver1,885 — 
Narda Acquisitionco., Inc.Revolver— 1,311 
NAW Buyer LLCDelayed Draw Term Loan5,729 5,729 
NAW Buyer LLCRevolver1,894 1,894 
Next Holdco, LLCDelayed Draw Term Loan1,891 1,891 
Next Holdco, LLCRevolver733 733 
NF Holdco, LLC(2)Revolver630 829 
Northstar Recycling, LLCDelayed Draw Term Loan4,295 4,295 
Northstar Recycling, LLCRevolver3,527 3,527 
Portfolio Company(1)
($ in thousands)
Investment TypeJune 30, 2025December 31, 2024
NPM Investments 28 B.V.(3)Delayed Draw Term Loan509 449 
OA Buyer, Inc.Revolver— 1,331 
OAC Holdings I CorpRevolver646 1,370 
OSP Hamilton Purchaser, LLCDelayed Draw Term Loan2,857 4,276 
OSP Hamilton Purchaser, LLCRevolver444 666 
Owl Intermediate Holdings, LLC(2)Delayed Draw Term Loan715 — 
Owl Intermediate Holdings, LLC(2)Revolver1,839 — 
Parkview Dental Holdings LLC(2)Delayed Draw Term Loan— 328 
PDQ.Com Corporation(2)Delayed Draw Term Loan4,994 5,226 
Polara Enterprises, L.L.C.Revolver720 545 
PowerGEM Buyer, Inc.(2)Delayed Draw Term Loan2,735 4,946 
PowerGEM Buyer, Inc.(2)Revolver2,579 2,579 
Premium Invest(3)Capex / Acquisition Facility1,819 1,605 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan468 935 
Process Insights Acquisition, Inc.(2)Revolver437 104 
ProfitOptics, LLC(2)Revolver306 242 
Pro-Vision Solutions Holdings, LLCRevolver1,828 2,077 
PSP Intermediate 4, LLC(2)(3)Delayed Draw Term Loan— 193 
Qualified Industries, LLCRevolver242 242 
R1 Holdings, LLCRevolver219 1,601 
Randys Holdings, Inc.Delayed Draw Term Loan1,307 2,399 
Randys Holdings, Inc.Revolver719 1,231 
Rapid Buyer LLC(2)Delayed Draw Term Loan2,956 2,956 
Rapid Buyer LLC(2)Revolver1,478 1,478 
Real Chemistry Intermediate III, Inc.(2)Delayed Draw Term Loan3,887 — 
Real Chemistry Intermediate III, Inc.(2)Revolver2,366 — 
RKD Group, LLC(2)Delayed Draw Term Loan1,645 — 
RKD Group, LLC(2)Revolver1,135 — 
Rocade Holdings LLC(2)Preferred Equity14,000 14,000 
Rock Labor LLC(2)Revolver1,103 1,103 
ROI Solutions LLCDelayed Draw Term Loan3,506 3,506 
ROI Solutions LLCRevolver3,138 3,138 
Royal Buyer, LLCRevolver1,631 1,748 
RPX CorporationRevolver3,024 3,024 
Ruffalo Noel Levitz, LLC(2)Revolver288 — 
Saab Purchaser, Inc.Delayed Draw Term Loan4,787 4,787 
Saab Purchaser, Inc.Revolver1,862 2,394 
Sanoptis S.A.R.L.(3)Term Loan2,785 2,456 
Sansidor BV(3)Capex / Acquisition Facility121 396 
SBP Holdings LPDelayed Draw Term Loan7,905 7,905 
SBP Holdings LPRevolver3,250 3,250 
Scout Bidco B.V.(2)(3)Revolver680 999 
SCP Medical Products, LLC. Revolver426 — 
Screenvision, LLC(2)Revolver613 — 
Security Holdings B.V.(2)(3)Revolver822 1,916 
Sinari Invest(3)Delayed Draw Term Loan509 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan— 503 
Portfolio Company(1)
($ in thousands)
Investment TypeJune 30, 2025December 31, 2024
Skyvault Holdings LLC(2)Delayed Draw Term Loan6,611 15,164 
Smartling, Inc.Revolver1,176 1,176 
SmartShift Group, Inc.Revolver1,651 1,651 
Solo Buyer, L.P.(2)Revolver1,197 1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan— 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver156 156 
SPATCO Energy Solutions, LLC(2)Delayed Draw Term Loan1,359 1,453 
SPATCO Energy Solutions, LLC(2)Revolver1,188 1,188 
Spatial Business Systems LLCRevolver1,406 1,406 
SSCP Pegasus Midco Limited(4)Delayed Draw Term Loan541 2,226 
Superjet Buyer, LLC(2)Delayed Draw Term Loan3,792 4,085 
Superjet Buyer, LLC(2)Revolver2,432 2,432 
SVI International LLCDelayed Draw Term Loan17 74 
SVI International LLCRevolver35 74 
Swoop Intermediate III, Inc.(2)Delayed Draw Term Loan5,455 — 
Swoop Intermediate III, Inc.(2)Revolver1,818 — 
Tank Holding Corp(2)Delayed Draw Term Loan— 139 
Tank Holding Corp(2)Revolver873 873 
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,239 1,133 
TAPCO Buyer LLCDelayed Draw Term Loan8,016 8,016 
TAPCO Buyer LLCRevolver2,915 2,915 
Technology Service Stream BidCo Pty Ltd(2)(5)Delayed Draw Term Loan166 233 
Techone B.V.(3)Revolver558 492 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan8,486 — 
Tencarva Machinery Company, LLC(2)Revolver2,103 1,470 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Delayed Draw Term Loan8,811 — 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)Revolver2,261 827 
THG Acquisition, LLCDelayed Draw Term Loan2,226 2,299 
THG Acquisition, LLCRevolver1,401 1,401 
Trintech, Inc.Revolver383 383 
TSYL Corporate Buyer, Inc.Delayed Draw Term Loan10,359 11,751 
TSYL Corporate Buyer, Inc.Revolver443 443 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan113 234 
UHY Advisors, Inc.Delayed Draw Term Loan8,665 13,247 
UHY Advisors, Inc.Revolver3,506 3,507 
Union Bidco Limited(4)Capex / Acquisition Facility6 66 
United Therapy Holding III GmbH(2)(3)Capex / Acquisition Facility726 641 
Unither (Uniholding)(3)Delayed Draw Term Loan509 449 
Unosquare, LLCDelayed Draw Term Loan2,806 — 
Unosquare, LLCRevolver1,361 — 
WEST-NR ACQUISITIONCO, LLCDelayed Draw Term Loan13,978 14,420 
Whitcraft Holdings, Inc.(2)Delayed Draw Term Loan1,708 2,912 
Whitcraft Holdings, Inc.(2)Revolver1,534 893 
White Bidco LimitedDelayed Draw Term Loan514 515 
Woodland Foods, LLC(2)Delayed Draw Term Loan1,559 — 
Woodland Foods, LLC(2)Line of Credit2,246 1,177 
World 50, Inc.Revolver973 973 
Portfolio Company(1)
($ in thousands)
Investment TypeJune 30, 2025December 31, 2024
WWEC Holdings III CorpRevolver2,484 2,484 
ZB Holdco LLC(2)Delayed Draw Term Loan3,171 — 
ZB Holdco LLC(2)Revolver1,091 338 
Total unused commitments to extend financing$456,447 $388,772 
(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.