Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

7. COMMITMENTS AND CONTINGENCIES

Capital Commitments

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows (amounts in thousands):


	June 30, 2025							December 31, 2024
	Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded			Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded
Common Stock	$	1,927,612	$	1,470,549		23.71	%	$	1,832,547	$	1,488,821		18.76	%

Portfolio Company Commitments

The Company may enter into investment commitments to fund investments through signed commitment letters which in certain circumstances may be disclosed by the Company. In many circumstances, borrower acceptance and final terms are subject to transaction-related contingencies. These are disclosed as commitments upon execution of a final agreement. As of June 30, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. As of June 30, 2025 and December 31, 2024, the Company had the following unfunded commitments by investment types (amounts in thousands):

          
         Unfunded Commitment Balances

         Porfolio Company

         Commitment Type

         Commitment
Expiration Date

         June 30,
2025

         December 31,
2024

Adelaide Borrower LLC

First Lien Senior Secured Delayed Draw Term Loan

5/8/2026

5,353

5,353

Adelaide Borrower LLC

First Lien Senior Secured Revolving Loan

5/8/2030

3,332

3,332

Alert SRC Newco LLC

First Lien Senior Secured Delayed Draw Term Loan

12/11/2026

6,667

7,247

Alert SRC Newco LLC

First Lien Senior Secured Revolving Loan

12/11/2030

2,174

2,174

AMI Buyer Inc

First Lien Senior Secured Revolving Loan

10/17/2031

5,267

4,009

Ascend Partners Services LLC

First Lien Senior Secured Delayed Draw Term Loan

8/9/2026

2,991

10,401

Ascend Partners Services LLC

First Lien Senior Secured Revolving Loan

8/11/2031

2,080

832

Azurite Intermediate Holdings, Inc.

First Lien Senior Secured Revolving Loan

3/19/2031

2,076

2,076

Baxter Planning Systems, LLC

First Lien Senior Secured Delayed Draw Term Loan

5/20/2026

1,497

1,497

Baxter Planning Systems, LLC

First Lien Senior Secured Revolving Loan

5/20/2031

1,475

1,475

CB Buyer Inc

First Lien Senior Secured Delayed Draw Term Loan

7/1/2026

4,039

6,037

CB Buyer Inc

First Lien Senior Secured Revolving Loan

7/1/2031

2,354

2,354

CData Software Inc

First Lien Senior Secured Delayed Draw Term Loan

7/18/2026

3,083

3,083

CData Software Inc

First Lien Senior Secured Delayed Draw Term Loan

7/18/2026

2,620

2,620

CData Software Inc

First Lien Senior Secured Revolving Loan

7/18/2030

3,699

3,699

CI (MG) GROUP, LLC

First Lien Senior Secured Delayed Draw Term Loan

3/27/2030

12,309

—

CI (MG) GROUP, LLC

First Lien Senior Secured Revolving Loan

3/27/2030

1,600

—

Coding Solutions Acquisition Inc

First Lien Senior Secured Delayed Draw Term Loan

8/7/2026

3,648

4,764

Coding Solutions Acquisition Inc

First Lien Senior Secured Revolving Loan

8/7/2031

2,978

372

Coding Solutions Acquisition Inc

First Lien Senior Secured Term Loan

8/7/2031

—

1,749

Coding Solutions Acquisition Inc

First Lien Senior Secured Delayed Draw Term Loan

8/7/2031

3,932

—

Cpex Purchaser, LLC

First Lien Senior Secured Revolving Loan

3/1/2030

10,258

9,818

Cpex Purchaser, LLC

First Lien Senior Secured Delayed Draw Term Loan

3/31/2027

3,227

—

Cpex Purchaser, LLC

First Lien Senior Secured Delayed Draw Term Loan

3/31/2027

3

—

Four Winds Interactive LLC

First Lien Senior Secured Delayed Draw Term Loan

2/20/2027

7,253

—

Four Winds Interactive LLC

First Lien Senior Secured Revolving Loan

2/20/2030

4,835

—


			Unfunded Commitment Balances
Porfolio Company	Commitment Type	Commitment Expiration Date	June 30, 2025		December 31, 2024
FH DMI Buyer Inc	First Lien Senior Secured Delayed Draw Term Loan	10/12/2026	$	3,791	$	6,807
FH DMI Buyer Inc	First Lien Senior Secured Revolving Loan	10/11/2030		2,042		2,042
Goldeneye Parent, LLC	First Lien Senior Secured Revolving Loan	3/31/2032		1,850		—
Grand River Aseptic Manufacturing, Inc.	First Lien Senior Secured Revolving Loan	3/10/2031		13,574		—
Guardian Restoration Partners Buyer	First Lien Senior Secured Delayed Draw Term Loan	11/1/2026		3,111		5,262
Guardian Restoration Partners Buyer	First Lien Senior Secured Revolving Loan	11/3/2031		1,017		1,192
Icefall Parent, Inc.	First Lien Senior Secured Revolving Loan	1/25/2030		2,375		2,375
LogRhythm Inc	First Lien Senior Secured Revolving Loan	7/2/2029		5,482		5,482
Penn TRGRP Holdings LLC	First Lien Senior Secured Delayed Draw Term Loan	9/27/2030		713		1,537
Penn TRGRP Holdings LLC	First Lien Senior Secured Revolving Loan	9/27/2030		3,881		3,881
RH Buyer, Inc.	First Lien Senior Secured Revolving Loan	1/17/2031		3,733		—
Runway Bidco LLC	First Lien Senior Secured Delayed Draw Term Loan	12/17/2026		5,033		5,033
Runway Bidco LLC	First Lien Senior Secured Revolving Loan	12/17/2031		2,517		2,517
Sapphire Software Buyer Inc	First Lien Senior Secured Revolving Loan	9/30/2031		3,656		3,656
Thunder Buyer Inc	First Lien Senior Secured Delayed Draw Term Loan	10/17/2026		6,929		7,319
Thunder Buyer Inc	First Lien Senior Secured Revolving Loan	10/17/2030		3,904		3,904
United Flow Technologies Intermediate HoldCo II, LLC	First Lien Senior Secured Delayed Draw Term Loan	6/21/2026		80		13,902
United Flow Technologies Intermediate HoldCo II, LLC	First Lien Senior Secured Revolving Loan	6/21/2030		3,083		3,083
Unlimited Technology Holdings, LLC	First Lien Senior Secured Revolving Loan	3/12/2032		2,294		—
Xactly Corporation	First Lien Senior Secured Revolving Loan	7/30/2027		1,575		1,575
Zone & Company Software Consulting LLC	First Lien Senior Secured Delayed Draw Term Loan	9/13/2026		11,860		11,860
Zone & Company Software Consulting LLC	First Lien Senior Secured Delayed Draw Term Loan	9/13/2026		525		1,366
Zone & Company Software Consulting LLC	First Lien Senior Secured Revolving Loan	9/13/2030		6,354		6,354
Total			$	188,129	$	162,039

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025, management is not aware of any pending or threatened litigation.

26North BDC, Inc. 10-Q