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Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of Outstanding Commitments to Fund Investments in Current Portfolio Companies

The Company may, from time to time, enter into commitments to fund investments. These unfunded commitments are assessed for fair value in accordance with ASC 820. As of September 30, 2025 and December 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies:

 

($ in thousands)

 

 

Par Value

 

Par Value

 

Portfolio Company

 

Investment

 

September 30, 2025

 

 

December 31, 2024

 

Accordion Partners LLC (Revolver)

 

 First Lien Debt

 

$

2,551

 

 

$

1,623

 

Accordion Partners LLC(1)

 

 First Lien Debt

 

 

1,205

 

 

 

913

 

Anthem Sports & Entertainment Inc. (Revolver)

 

 First Lien Debt

 

N/A

 

 

 

83

 

Anthem Sports & Entertainment Inc.(1)

 

 First Lien Debt

 

N/A

 

 

 

307

 

BetaNXT, Inc. (Revolver)

 

 First Lien Debt

 

 

1,721

 

 

 

1,401

 

Bradshaw International Parent Corp. (Revolver)

 

 First Lien Debt

 

 

1,691

 

 

 

922

 

CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)

 

 First Lien Debt

 

 

500

 

 

 

500

 

Dentive, LLC (Revolver)

 

 First Lien Debt

 

 

50

 

 

 

117

 

Dentive, LLC(1)

 

 First Lien Debt

 

 

427

 

 

 

427

 

Epilog Partners SPV III, LLC (Care Connectors Medical Group)

 

 Equity

 

N/A

 

 

 

87

 

Fortis Payment Systems, LLC(1)

 

 First Lien Debt

 

N/A

 

 

 

387

 

Franchise Group, Inc. (DIP)(1)

 

 First Lien Debt

 

N/A

 

 

 

249

 

HDC/HW Intermediate Holdings, LLC (Term Loan A)(1)

 

 First Lien Debt

 

 

67

 

 

 

—

 

IDC Infusion Services LLC(1)

 

 First Lien Debt

 

 

227

 

 

 

130

 

Luminii LLC (Revolver)

 

 First Lien Debt

 

N/A

 

 

 

172

 

Metrc Inc.(1)

 

 First Lien Debt

 

 

394

 

 

 

—

 

Metrc Inc. (Revolver)

 

 First Lien Debt

 

 

1,240

 

 

 

—

 

Middle West Spirits, LLC (Revolver)

 

 First Lien Debt

 

 

1,833

 

 

 

—

 

Morae Global Corporation (Revolver)

 

 First Lien Debt

 

 

100

 

 

 

208

 

Morae Global Corporation (Term Loan A)(1)

 

 First Lien Debt

 

 

2,143

 

 

 

—

 

Netwrix Corporation (Revolver)

 

 First Lien Debt

 

 

1,148

 

 

 

1,148

 

Newbury Franklin Industrials, LLC(1)

 

 First Lien Debt

 

 

853

 

 

 

987

 

PhyNet Dermatology LLC(1)

 

 First Lien Debt

 

 

948

 

 

 

690

 

PMA Parent Holdings LLC (Revolver)

 

 First Lien Debt

 

 

197

 

 

 

99

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)

 

 First Lien Debt

 

 

188

 

 

 

188

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC)(1)

 

 First Lien Debt

 

 

694

 

 

 

1,125

 

Riddell, Inc.(1)

 

 First Lien Debt

 

N/A

 

 

 

636

 

Riskonnect Parent LLC(1)

 

 First Lien Debt

 

 

5,000

 

 

 

5,000

 

RN Enterprises, LLC(1)

 

 First Lien Debt

 

 

683

 

 

 

—

 

Series A - Great Lakes Funding II LLC

 

 Joint Ventures

 

N/A

 

 

 

8,165

 

Series B - Great Lakes Funding II LLC

 

 Joint Ventures

 

 

15,118

 

 

N/A

 

Shepherd Parent Holdings, LLC(1)

 

 First Lien Debt

 

 

568

 

 

 

—

 

Shepherd Parent Holdings, LLC (Revolver)

 

 First Lien Debt

 

 

387

 

 

 

—

 

Spark Buyer, LLC(1)

 

 First Lien Debt

 

 

571

 

 

 

—

 

TA/WEG Holdings, LLC (Revolver)

 

 First Lien Debt

 

 

1,222

 

 

 

784

 

Tactical Air Support, Inc.(1)

 

 First Lien Debt

 

 

571

 

 

 

—

 

Taoglas Group Holdings Limited (Revolver)

 

 First Lien Debt

 

 

35

 

 

 

—

 

VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)

 

 First Lien Debt

 

N/A

 

 

 

129

 

VBC Spine Opco LLC (DxTx Pain and Spine LLC)(1)

 

 First Lien Debt

 

N/A

 

 

 

761

 

Total Unfunded Portfolio Company Commitments

 

 

 

$

42,332

 

 

$

27,238

 

 

 

(1) Delayed-draw term loan.