Barings BDC, Inc.BBDC
Barings BDC, Inc. Commitments Disclosure
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 December 31, 2025 and 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 December 31, 2025 and 2024 were as follows:
Portfolio Company(1) ($ in thousands) | Investment Type | December 31, 2025 | December 31, 2024 | ||||||||||||||
| Accelevation LLC | Delayed Draw Term Loan | $ | 401 | $ | — | ||||||||||||
| Accelevation LLC | Revolver | 793 | — | ||||||||||||||
| Accurus Aerospace Corporation(2) | Revolver | 2,017 | 461 | ||||||||||||||
| AD Bidco, Inc. | Delayed Draw Term Loan | 391 | 3,522 | ||||||||||||||
| AD Bidco, Inc. | Revolver | 1,303 | 1,303 | ||||||||||||||
| Adhefin International(3) | Delayed Draw Term Loan | 446 | 393 | ||||||||||||||
| AirX Climate Solutions, Inc.(2) | Delayed Draw Term Loan | 2,443 | 2,443 | ||||||||||||||
| AirX Climate Solutions, Inc.(2) | Revolver | 814 | 814 | ||||||||||||||
| AlliA Insurance Brokers NV(3) | Delayed Draw Term Loan | — | 259 | ||||||||||||||
| Americo Chemical Products, LLC | Revolver | 471 | 471 | ||||||||||||||
| Application Boot Camp LLC(2) | Revolver | 528 | — | ||||||||||||||
| Aquavista Watersides 2 LTD(4) | Capex / Acquisition Facility | — | 2,182 | ||||||||||||||
| Arc Education(3) | Delayed Draw Term Loan | 724 | 997 | ||||||||||||||
| ARC Interco Purchaser, LLC | Delayed Draw Term Loan | 1,178 | — | ||||||||||||||
| ARC Interco Purchaser, LLC | Revolver | 728 | — | ||||||||||||||
| Argus Bidco Limited(2)(4) | Capex / Acquisition Facility | — | 358 | ||||||||||||||
| Argus Intermediate, LLC(2) | Delayed Draw Term Loan | 4,580 | — | ||||||||||||||
| Argus Intermediate, LLC(2) | Revolver | 549 | — | ||||||||||||||
| Armstrong Transport Group (Pele Buyer, LLC)(2) | Revolver | 898 | — | ||||||||||||||
| Artemis Bidco Limited(3) | Delayed Draw Term Loan | 446 | 663 | ||||||||||||||
| ASC Communications, LLC(2) | Revolver | 1,089 | 1,089 | ||||||||||||||
| Astra Bidco Limited(4) | Delayed Draw Term Loan | — | 185 | ||||||||||||||
| ATL II MRO Holdings Inc. | Revolver | 3,289 | 3,289 | ||||||||||||||
| Avance Clinical Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 1,274 | 1,183 | ||||||||||||||
| Azalea Buyer, Inc. | Delayed Draw Term Loan | — | 644 | ||||||||||||||
| Azalea Buyer, Inc. | Revolver | 481 | 481 | ||||||||||||||
| Basin Innovation Group, LLC | Delayed Draw Term Loan | 399 | 2,151 | ||||||||||||||
| Basin Innovation Group, LLC | Revolver | 1,858 | 1,858 | ||||||||||||||
| Beyond Risk Management, Inc. | Delayed Draw Term Loan | 879 | 4,629 | ||||||||||||||
| Biolam Group(2)(3) | Delayed Draw Term Loan | — | 625 | ||||||||||||||
| Bitly, Inc.(2) | Revolver | 189 | — | ||||||||||||||
| BKF Buyer, Inc.(2) | Revolver | 2,970 | 2,970 | ||||||||||||||
| BLI Buyer, Inc.(2) | Delayed Draw Term Loan | 752 | — | ||||||||||||||
| BLI Buyer, Inc.(2) | Revolver | 634 | — | ||||||||||||||
| Brightpay Limited(3) | Delayed Draw Term Loan | — | 131 | ||||||||||||||
| BrightSign LLC | Revolver | 332 | 244 | ||||||||||||||
Portfolio Company(1) ($ in thousands) | Investment Type | December 31, 2025 | December 31, 2024 | ||||||||||||||
| Broadstone Group UK LTD(4) | Delayed Draw Term Loan | 696 | — | ||||||||||||||
| Broadway Buyer, LLC | Delayed Draw Term Loan | 1,649 | — | ||||||||||||||
| Broadway Buyer, LLC | Revolver | 967 | — | ||||||||||||||
| CAi Software, LLC | Revolver | — | 1,261 | ||||||||||||||
| Caldwell & Gregory LLC | Delayed Draw Term Loan | 417 | 3,312 | ||||||||||||||
| Caldwell & Gregory LLC | Revolver | 2,500 | 2,500 | ||||||||||||||
| Canadian Orthodontic Partners Corp.(2)(6) | Delayed Draw Term Loan | 53 | 63 | ||||||||||||||
| Cascade Residential Services LLC | Delayed Draw Term Loan | — | 629 | ||||||||||||||
| Cascade Residential Services LLC | Revolver | 331 | — | ||||||||||||||
| CCFF Buyer, LLC | Delayed Draw Term Loan | 1,257 | 1,396 | ||||||||||||||
| CCFF Buyer, LLC | Revolver | 1,047 | 1,047 | ||||||||||||||
| Ceres Pharma NV(3) | Delayed Draw Term Loan | 163 | — | ||||||||||||||
| CGI Parent, LLC | Revolver | 1,653 | 1,653 | ||||||||||||||
| CH Buyer, LLC | Revolver | 55 | — | ||||||||||||||
| CloudOne Digital Corp. | Revolver | 2,707 | — | ||||||||||||||
| Comply365, LLC | Revolver | 807 | 1,101 | ||||||||||||||
| Coyo Uprising GmbH(2)(3) | Delayed Draw Term Loan | 461 | 407 | ||||||||||||||
| Credit Key Funding II LLC(2) | Delayed Draw Term Loan | 7,304 | — | ||||||||||||||
| Credit Key Funding II LLC(2) | Revolver | 870 | — | ||||||||||||||
| CSL DualCom(4) | Capex / Acquisition Facility | — | 148 | ||||||||||||||
| CW Group Holdings, LLC | Delayed Draw Term Loan | 7,446 | — | ||||||||||||||
| DataServ Integrations, LLC | Revolver | — | 481 | ||||||||||||||
| DAWGS Intermediate Holdings Co. | Revolver | 1,802 | — | ||||||||||||||
| DecksDirect, LLC(2) | Revolver | 85 | 34 | ||||||||||||||
| DISA Holdings Corp. | Revolver | 314 | 429 | ||||||||||||||
| Discovery Buyer, L.P. | Delayed Draw Term Loan | 2,646 | — | ||||||||||||||
| Discovery Buyer, L.P. | Revolver | 1,793 | — | ||||||||||||||
| Dune Group(3) | Delayed Draw Term Loan | — | 411 | ||||||||||||||
| Durare Bidco, LLC | Delayed Draw Term Loan | 968 | — | ||||||||||||||
| Durare Bidco, LLC | Revolver | 969 | — | ||||||||||||||
| EB Development(3) | Capex / Acquisition Facility | 242 | — | ||||||||||||||
| EB Development(3) | Delayed Draw Term Loan | 627 | 553 | ||||||||||||||
| Eclipse Business Capital, LLC | Revolver | 12,818 | 12,636 | ||||||||||||||
| Electrical Components International, Inc. | Delayed Draw Term Loan | — | 585 | ||||||||||||||
| EMI Porta Holdco LLC(2) | Revolver | 2,195 | 2,254 | ||||||||||||||
| eShipping, LLC | Revolver | — | 1,486 | ||||||||||||||
| Events Software BidCo Pty Ltd(2) | Delayed Draw Term Loan | 619 | 619 | ||||||||||||||
| Expert Institute Group Inc. | Delayed Draw Term Loan | 2,005 | — | ||||||||||||||
| Expert Institute Group Inc. | Revolver | 701 | — | ||||||||||||||
| Express Wash Acquisition Company, LLC(2) | Revolver | 193 | 115 | ||||||||||||||
| EZ SMBO Bidco(3) | Delayed Draw Term Loan | 703 | — | ||||||||||||||
| Faraday(3) | Delayed Draw Term Loan | — | 928 | ||||||||||||||
| Footco 40 Limited(4) | Delayed Draw Term Loan | — | 515 | ||||||||||||||
Portfolio Company(1) ($ in thousands) | Investment Type | December 31, 2025 | December 31, 2024 | ||||||||||||||
| Forest Buyer, LLC | Revolver | 298 | 298 | ||||||||||||||
| Fortis Payment Systems, LLC | Delayed Draw Term Loan | — | 361 | ||||||||||||||
| Fortis Payment Systems, LLC | Revolver | — | 625 | ||||||||||||||
| GB Eagle Buyer, Inc. | Delayed Draw Term Loan | — | 2,312 | ||||||||||||||
| GB Eagle Buyer, Inc. | Revolver | 2,316 | 2,316 | ||||||||||||||
| GCDL LLC | Delayed Draw Term Loan | 108 | 108 | ||||||||||||||
| GCDL LLC | Revolver | 108 | 108 | ||||||||||||||
| Global Academic Group Limited(2)(7) | Term Loan | — | 233 | ||||||||||||||
| GMES LLC | Delayed Draw Term Loan | 1,253 | — | ||||||||||||||
| GMES LLC | Revolver | 916 | — | ||||||||||||||
| GMF Parent, Inc. | Delayed Draw Term Loan | 1,195 | — | ||||||||||||||
| GMF Parent, Inc. | Revolver | 468 | — | ||||||||||||||
| GPNZ II GmbH(2)(3) | Delayed Draw Term Loan | 51 | 49 | ||||||||||||||
| Graphpad Software, LLC | Delayed Draw Term Loan | — | 2,093 | ||||||||||||||
| Graphpad Software, LLC | Revolver | — | 872 | ||||||||||||||
| Greenhill II BV(3) | Capex / Acquisition Facility | — | 28 | ||||||||||||||
| Greenhill II BV(3) | Delayed Draw Term Loan | 585 | — | ||||||||||||||
| Groupe Product Life(2)(3) | Delayed Draw Term Loan | 2,704 | 145 | ||||||||||||||
| Haystack Holdings LLC | Delayed Draw Term Loan | 4,086 | — | ||||||||||||||
| Haystack Holdings LLC | Revolver | 1,416 | — | ||||||||||||||
| HeartHealth Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 113 | 164 | ||||||||||||||
| Heavy Construction Systems Specialists, LLC | Revolver | 2,632 | 2,632 | ||||||||||||||
| HEKA Invest(3) | Delayed Draw Term Loan | — | 539 | ||||||||||||||
| HemaSource, Inc. | Delayed Draw Term Loan | 368 | — | ||||||||||||||
| HemaSource, Inc. | Revolver | 1,804 | 1,804 | ||||||||||||||
| High Street Buyer Inc. | Delayed Draw Term Loan | 1,800 | — | ||||||||||||||
| HomeX Services Group LLC | Delayed Draw Term Loan | 221 | 650 | ||||||||||||||
| HomeX Services Group LLC | Revolver | 304 | 338 | ||||||||||||||
| HS Advisory Buyer LLC | Delayed Draw Term Loan | 652 | — | ||||||||||||||
| HS Advisory Buyer LLC | Revolver | 600 | — | ||||||||||||||
| HSL Compliance(4) | Delayed Draw Term Loan | 2,152 | — | ||||||||||||||
| HTI Technology & Industries(2) | Delayed Draw Term Loan | 2,045 | 2,045 | ||||||||||||||
| HTI Technology & Industries(2) | Revolver | 1,364 | 1,364 | ||||||||||||||
| Hydratech Holdings, Inc.(2) | Delayed Draw Term Loan | 162 | 1,725 | ||||||||||||||
| Hydratech Holdings, Inc.(2) | Revolver | 522 | 924 | ||||||||||||||
| Ice House America, L.L.C.(2) | Delayed Draw Term Loan | 816 | 816 | ||||||||||||||
| Ice House America, L.L.C.(2) | Revolver | 72 | 257 | ||||||||||||||
| International Fleet Financing No.2 B.V.(2)(3) | Revolver | 947 | — | ||||||||||||||
| Interstellar Group B.V.(3) | Delayed Draw Term Loan | 628 | 582 | ||||||||||||||
| InvoCare Limited(5) | Delayed Draw Term Loan | 296 | 275 | ||||||||||||||
| ISTO Technologies II, LLC | Revolver | — | 714 | ||||||||||||||
| ITI Intermodal, Inc. | Revolver | 1,031 | 1,031 | ||||||||||||||
| Jocassee Partners LLC | Joint Venture | 65,000 | 65,000 | ||||||||||||||
Portfolio Company(1) ($ in thousands) | Investment Type | December 31, 2025 | December 31, 2024 | ||||||||||||||
| Jon Bidco Limited(2)(7) | Capex / Acquisition Facility | — | 728 | ||||||||||||||
| Jon Bidco Limited(2)(7) | Delayed Draw Term Loan | 529 | — | ||||||||||||||
| Jones Fish Hatcheries & Distributors LLC | Revolver | — | 418 | ||||||||||||||
| KAMC Holdings Inc. | Revolver | 476 | — | ||||||||||||||
| Kanawha Scales & Systems, LLC(2) | Delayed Draw Term Loan | 407 | — | ||||||||||||||
| Kanawha Scales & Systems, LLC(2) | Revolver | 144 | — | ||||||||||||||
| Keystone Bidco B.V.(3) | Delayed Draw Term Loan | 67 | 185 | ||||||||||||||
| Keystone Bidco B.V.(3) | Revolver | 42 | 28 | ||||||||||||||
| Lambir Bidco Limited(2)(3) | Delayed Draw Term Loan | 103 | 402 | ||||||||||||||
| Lattice Group Holdings Bidco Limited(2) | Capex / Acquisition Facility | 778 | — | ||||||||||||||
| Lattice Group Holdings Bidco Limited(2) | Delayed Draw Term Loan | 72 | 237 | ||||||||||||||
| Lattice Group Holdings Bidco Limited(2) | Revolver | 18 | 35 | ||||||||||||||
| LeadsOnline, LLC | Revolver | 2,603 | 2,603 | ||||||||||||||
| LHS Borrower, LLC | Revolver | 725 | — | ||||||||||||||
| Lockmasters Security Intermediate, Inc. | Delayed Draw Term Loan | 1,024 | — | ||||||||||||||
| Lockmasters Security Intermediate, Inc. | Revolver | 868 | — | ||||||||||||||
| Maia Bidco Limited(2)(4) | Delayed Draw Term Loan | 1,350 | — | ||||||||||||||
| Maia Bidco Limited(2)(4) | Revolver | 337 | — | ||||||||||||||
| 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 Loan | 42 | — | ||||||||||||||
| MB Purchaser, LLC | Delayed Draw Term Loan | 1,350 | 773 | ||||||||||||||
| MB Purchaser, LLC | Revolver | 769 | 309 | ||||||||||||||
| MC Group Ventures Corporation(2) | Delayed Draw Term Loan | 4,837 | 5,098 | ||||||||||||||
| Media Recovery, Inc. (SpotSee) | Revolver | 635 | 635 | ||||||||||||||
| Media Recovery, Inc. (SpotSee)(4) | Revolver | 797 | 742 | ||||||||||||||
| Megawatt Acquisitionco, Inc.(2) | Revolver | 665 | 475 | ||||||||||||||
| Mercell Holding AS(2)(8) | Capex / Acquisition Facility | 778 | 691 | ||||||||||||||
| MIV Buyer, LLC | Delayed Draw Term Loan | 1,260 | — | ||||||||||||||
| MIV Buyer, LLC | Revolver | 311 | — | ||||||||||||||
| Modern Star Holdings Bidco Pty Limited(2)(5) | Term Loan | 952 | 884 | ||||||||||||||
| Momentum Textiles, LLC(2) | Revolver | 923 | — | ||||||||||||||
| Moonlight Bidco Limited(4) | Delayed Draw Term Loan | 593 | 552 | ||||||||||||||
| MSI Express Inc.(2) | Revolver | 723 | — | ||||||||||||||
| Narda Acquisitionco., Inc. | Revolver | — | 1,311 | ||||||||||||||
| NAW Buyer LLC | Delayed Draw Term Loan | 4,554 | 5,729 | ||||||||||||||
| NAW Buyer LLC | Revolver | 1,894 | 1,894 | ||||||||||||||
| Next Holdco, LLC | Delayed Draw Term Loan | — | 1,891 | ||||||||||||||
| Next Holdco, LLC | Revolver | 733 | 733 | ||||||||||||||
| NF Holdco, LLC(2) | Revolver | 630 | 829 | ||||||||||||||
| Northstar Recycling, LLC | Delayed Draw Term Loan | — | 4,295 | ||||||||||||||
| Northstar Recycling, LLC | Revolver | 3,527 | 3,527 | ||||||||||||||
| NPM Investments 28 B.V.(3) | Delayed Draw Term Loan | 255 | 449 | ||||||||||||||
Portfolio Company(1) ($ in thousands) | Investment Type | December 31, 2025 | December 31, 2024 | ||||||||||||||
| OA Buyer, Inc. | Revolver | — | 1,331 | ||||||||||||||
| OAC Holdings I Corp | Revolver | 1,370 | 1,370 | ||||||||||||||
| OSP AFS Buyer, LLC(2) | Delayed Draw Term Loan | 5,699 | — | ||||||||||||||
| OSP AFS Buyer, LLC(2) | Revolver | 1,309 | — | ||||||||||||||
| OSP Hamilton Purchaser, LLC | Delayed Draw Term Loan | — | 4,276 | ||||||||||||||
| OSP Hamilton Purchaser, LLC | Revolver | 1,145 | 666 | ||||||||||||||
| OSP Lakeside Intermediate Holdings 2, LLC(2) | Revolver | 735 | — | ||||||||||||||
| Owl Intermediate Holdings, LLC(2) | Delayed Draw Term Loan | 584 | — | ||||||||||||||
| Owl Intermediate Holdings, LLC(2) | Revolver | 1,900 | — | ||||||||||||||
| Parkview Dental Holdings LLC(2) | Delayed Draw Term Loan | — | 328 | ||||||||||||||
| PDQ.Com Corporation | Delayed Draw Term Loan | — | 5,226 | ||||||||||||||
| Polara Enterprises, L.L.C. | Revolver | 949 | 545 | ||||||||||||||
| PowerGEM Buyer, Inc. | Delayed Draw Term Loan | 782 | 4,946 | ||||||||||||||
| PowerGEM Buyer, Inc. | Revolver | 579 | 2,579 | ||||||||||||||
| Premium Invest(3) | Capex / Acquisition Facility | 1,820 | 1,605 | ||||||||||||||
| Process Insights Acquisition, Inc.(2) | Delayed Draw Term Loan | — | 935 | ||||||||||||||
| Process Insights Acquisition, Inc.(2) | Revolver | — | 104 | ||||||||||||||
| ProfitOptics, LLC(2) | Revolver | 484 | 242 | ||||||||||||||
| Pro-Vision Solutions Holdings, LLC | Revolver | 1,932 | 2,077 | ||||||||||||||
| PSP Intermediate 4, LLC(3) | Delayed Draw Term Loan | — | 193 | ||||||||||||||
| Qima Finance LTD | Capex / Acquisition Facility | 655 | — | ||||||||||||||
| Qualified Industries, LLC | Revolver | — | 242 | ||||||||||||||
| R1 Holdings, LLC(2) | Revolver | 219 | 1,601 | ||||||||||||||
| Randys Holdings, Inc. | Delayed Draw Term Loan | 630 | 2,399 | ||||||||||||||
| Randys Holdings, Inc. | Revolver | 1,865 | 1,231 | ||||||||||||||
| Rapid Buyer LLC(2) | Delayed Draw Term Loan | 2,956 | 2,956 | ||||||||||||||
| Rapid Buyer LLC(2) | Revolver | 1,478 | 1,478 | ||||||||||||||
| Real Chemistry Intermediate III, Inc.(2) | Delayed Draw Term Loan | 1,111 | — | ||||||||||||||
| Real Chemistry Intermediate III, Inc.(2) | Revolver | 1,000 | — | ||||||||||||||
| Recon Buyer LLC(2) | Delayed Draw Term Loan | 4,837 | — | ||||||||||||||
| Recon Buyer LLC(2) | Revolver | 612 | — | ||||||||||||||
| REP SEKO MERGER SUB LLC(2) | Delayed Draw Term Loan | 145 | — | ||||||||||||||
| RKD Group, LLC | Delayed Draw Term Loan | 1,645 | — | ||||||||||||||
| RKD Group, LLC | Revolver | 1,135 | — | ||||||||||||||
| Rocade Holdings LLC(2) | Delayed Draw Term Loan | 7,133 | — | ||||||||||||||
| Rocade Holdings LLC(2) | Preferred Equity | 7,000 | 14,000 | ||||||||||||||
| Rock Labor LLC | Revolver | 1,103 | 1,103 | ||||||||||||||
| ROI Solutions LLC | Delayed Draw Term Loan | 2,256 | 3,506 | ||||||||||||||
| ROI Solutions LLC | Revolver | 3,138 | 3,138 | ||||||||||||||
| Royal Buyer, LLC | Revolver | — | 1,748 | ||||||||||||||
| RPX Corporation | Revolver | 3,024 | 3,024 | ||||||||||||||
| Ruby Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 642 | — | ||||||||||||||
| Saab Purchaser, Inc.(2) | Delayed Draw Term Loan | — | 4,787 | ||||||||||||||
Portfolio Company(1) ($ in thousands) | Investment Type | December 31, 2025 | December 31, 2024 | ||||||||||||||
| Saab Purchaser, Inc.(2) | Revolver | 2,394 | 2,394 | ||||||||||||||
| Sanoptis S.A.R.L.(3) | Term Loan | 2,786 | 2,456 | ||||||||||||||
| Sansidor BV(3) | Capex / Acquisition Facility | — | 396 | ||||||||||||||
| Sapphire Bidco S.A.R.L.(3) | Delayed Draw Term Loan | 1,048 | — | ||||||||||||||
| SBP Holdings LP | Delayed Draw Term Loan | 7,905 | 7,905 | ||||||||||||||
| SBP Holdings LP | Revolver | 3,250 | 3,250 | ||||||||||||||
| Scout Bidco B.V.(2)(3) | Revolver | 680 | 999 | ||||||||||||||
| SCP CDH Buyer, Inc. | Delayed Draw Term Loan | 2,051 | — | ||||||||||||||
| SCP CDH Buyer, Inc. | Revolver | 974 | — | ||||||||||||||
| SCP Medical Products, LLC. | Revolver | 213 | — | ||||||||||||||
| Screenvision, LLC | Revolver | 613 | — | ||||||||||||||
| Security Holdings B.V.(2)(3) | Revolver | 822 | 1,916 | ||||||||||||||
| Sinari Invest(2)(3) | Delayed Draw Term Loan | 509 | 449 | ||||||||||||||
| SISU ACQUISITIONCO., INC.(2) | Delayed Draw Term Loan | — | 503 | ||||||||||||||
| Skyvault Holdings LLC(2) | Delayed Draw Term Loan | 2,729 | 15,164 | ||||||||||||||
| Skyvault Holdings LLC(2) | Equity | 910 | — | ||||||||||||||
| Smartling, Inc. | Revolver | — | 1,176 | ||||||||||||||
| SmartShift Group, Inc. | Revolver | 1,651 | 1,651 | ||||||||||||||
| Solo Buyer, L.P.(2) | Revolver | 1,130 | 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.) | Revolver | 156 | 156 | ||||||||||||||
| SPATCO Energy Solutions, LLC | Delayed Draw Term Loan | 1,041 | 1,453 | ||||||||||||||
| SPATCO Energy Solutions, LLC | Revolver | 1,188 | 1,188 | ||||||||||||||
| Spatial Business Systems LLC | Revolver | 406 | 1,406 | ||||||||||||||
| SSCP Pegasus Midco Limited(4) | Delayed Draw Term Loan | — | 2,226 | ||||||||||||||
| Sunrise Acquisition Bidco Limited(4) | Capex / Acquisition Facility | 1,953 | — | ||||||||||||||
| Superjet Buyer, LLC | Delayed Draw Term Loan | 292 | 4,085 | ||||||||||||||
| Superjet Buyer, LLC | Revolver | 1,459 | 2,432 | ||||||||||||||
| SVI International LLC | Delayed Draw Term Loan | — | 74 | ||||||||||||||
| SVI International LLC | Revolver | 74 | 74 | ||||||||||||||
| Swoop Intermediate III, Inc. | Delayed Draw Term Loan | 3,455 | — | ||||||||||||||
| Swoop Intermediate III, Inc. | Revolver | 818 | — | ||||||||||||||
| Syntax Midco 2 Inc.(2) | Delayed Draw Term Loan | 601 | — | ||||||||||||||
| Syntax Midco 2 Inc.(2) | Revolver | 1,763 | — | ||||||||||||||
| TA KHP Aggregator, L.P. | Delayed Draw Term Loan | 1,123 | — | ||||||||||||||
| TA KHP Aggregator, L.P. | Revolver | 448 | — | ||||||||||||||
| Tank Holding Corp(2) | Delayed Draw Term Loan | — | 139 | ||||||||||||||
| Tank Holding Corp(2) | Revolver | 873 | 873 | ||||||||||||||
| Tanqueray Bidco Limited(4) | Capex / Acquisition Facility | 1,217 | 1,133 | ||||||||||||||
| TAPCO Buyer LLC | Delayed Draw Term Loan | — | 8,016 | ||||||||||||||
| TAPCO Buyer LLC | Revolver | 1,415 | 2,915 | ||||||||||||||
| Technology Service Stream BidCo Pty Ltd(5) | Delayed Draw Term Loan | 169 | 233 | ||||||||||||||
| Techone B.V.(3) | Revolver | 558 | 492 | ||||||||||||||
Portfolio Company(1) ($ in thousands) | Investment Type | December 31, 2025 | December 31, 2024 | ||||||||||||||
| Tencarva Machinery Company, LLC | Delayed Draw Term Loan | 7,144 | — | ||||||||||||||
| Tencarva Machinery Company, LLC | Revolver | 2,103 | 1,470 | ||||||||||||||
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Delayed Draw Term Loan | 3,811 | — | ||||||||||||||
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Revolver | 2,261 | 827 | ||||||||||||||
| THG Acquisition, LLC | Delayed Draw Term Loan | 1,629 | 2,299 | ||||||||||||||
| THG Acquisition, LLC | Revolver | 1,314 | 1,401 | ||||||||||||||
| Transportation Insight, LLC(2) | Revolver | 1,281 | — | ||||||||||||||
| Trintech, Inc. | Revolver | 383 | 383 | ||||||||||||||
| TSYL Corporate Buyer, Inc. | Delayed Draw Term Loan | 7,596 | 11,751 | ||||||||||||||
| TSYL Corporate Buyer, Inc. | Revolver | 443 | 443 | ||||||||||||||
| UBC Ledgers Holding AB(9) | Delayed Draw Term Loan | 117 | 234 | ||||||||||||||
| UHY Advisors, Inc. | Delayed Draw Term Loan | 8,143 | 13,247 | ||||||||||||||
| UHY Advisors, Inc. | Revolver | 2,494 | 3,507 | ||||||||||||||
| Union Bidco Limited(4) | Capex / Acquisition Facility | — | 66 | ||||||||||||||
| United Therapy Holding III GmbH(3) | Capex / Acquisition Facility | — | 641 | ||||||||||||||
| Unither (Uniholding)(3) | Delayed Draw Term Loan | 259 | 449 | ||||||||||||||
| Unosquare, LLC(2) | Delayed Draw Term Loan | 2,106 | — | ||||||||||||||
| Unosquare, LLC(2) | Revolver | 661 | — | ||||||||||||||
| WEST-NR ACQUISITIONCO, LLC | Delayed Draw Term Loan | 12,065 | 14,420 | ||||||||||||||
| Whitcraft Holdings, Inc. | Delayed Draw Term Loan | 171 | 2,912 | ||||||||||||||
| Whitcraft Holdings, Inc. | Revolver | 1,886 | 893 | ||||||||||||||
| White Bidco Limited | Delayed Draw Term Loan | — | 515 | ||||||||||||||
| Woodland Foods, LLC(2) | Line of Credit | 2,793 | 1,177 | ||||||||||||||
| World 50, Inc. | Revolver | 973 | 973 | ||||||||||||||
| WWEC Holdings III Corp | Revolver | 2,484 | 2,484 | ||||||||||||||
| ZB Holdco LLC(2) | Revolver | — | 338 | ||||||||||||||
| Zelda Luxco S.A.S(3) | Delayed Draw Term Loan | 1,249 | — | ||||||||||||||
| Total unused commitments to extend financing | $ | 400,635 | $ | 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.
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 December 31, 2025 and 2024, the Company had guaranteed €6.0 million ($7.0 million U.S. dollars) and €9.9 million ($10.3 million U.S. dollars), respectively, relating to credit facilities among Erste Bank and MVC Automotive Group GmbH (“MVC Auto”), that mature on June 30, 2026. As of December 31, 2025 the Company had guaranteed €4.0 million ($4.7 million U.S. dollars) relating to a credit facility among Santander Consumer Bank GmbH and MVC Auto, which will be in place for the holding period of the associated asset, unless terminated earlier in accordance with the terms of the credit facility. The Company would be required to make payments to Erste Bank or Santander Consumer Bank GmbH 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 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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.