Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Note 7. Commitments and Contingencies

Commitments: The Company had outstanding commitments to portfolio companies to fund various undrawn revolving loans, other debt investments and capital commitments totaling $17,351 and $9,675 as of March 31, 2024 and December 31, 2023, respectively. Such outstanding commitments are summarized in the following table:


	March 31, 2024				December 31, 2023
	Total		Unfunded		Total		Unfunded
Portfolio Company - Investment	Commitment		Commitment		Commitment		Commitment
Ad Info Parent, Inc. (dba MediaRadar) - Revolving Loan	$	1,442	$	1,442	$	1,442	$	1,442
Acendre Midco, Inc. - Revolving Loan		1,000		—		1,000		250
American AllWaste LLC (dba WasteWater Transport Services) - First Lien Debt		6,250		3,326		—		—
Barefoot Mosquito and Pest Control, LLC - Revolving Loan		1,500		1,500		1,500		1,500
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan		1,000		1,000		1,000		1,000
Donovan Food Brokerage, LLC - Revolving Loan		1,000		1,000		—		—
Elements Brands, LLC - Revolving Loan		1,500		—		1,500		—
GMP HVAC, LLC (dba McGee Heating & Air, LLC) - Revolving Loan		1,000		1,000		1,000		1,000
Informatics Holdings, Inc. (dba Wasp Barcode Technologies) - Revolving Loan		1,000		1,000		—		—
Janus Health Technologies, Inc. - First Lien Debt		2,500		2,500		—		—
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - First Lien Debt		2,489		1,596		2,489		1,596
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Subordinated Debt		417		417		417		417
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Common Equity		70		70		70		70
Tedia Company, LLC - Revolving Loan		2,400		2,400		2,400		2,400
W50 Holdings, LLC - Preferred Equity		1,000		100		—		—
Total	$	24,568	$	17,351	$	12,818	$	9,675

Additional detail for each of the commitments above is provided in the Company’s consolidated schedules of investments. As of March 31, 2024 and December 31, 2023, the Company had sufficient liquidity coverage to satisfy these unfunded commitments. Cash and cash equivalents were $27,122 and $119,131 and available borrowings under the Credit Facility were $77,500 and $100,000 as of March 31, 2024 and December 31, 2023, respectively.

The commitments are generally subject to the borrowers meeting certain criteria such as compliance with financial and non-financial covenants, which may limit such borrower's ability to draw on a revolving loan or delayed draw loan. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide indemnifications under certain circumstances. In addition, in connection with the disposition of an investment in a portfolio company, the Company may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of a business. The Company may also be required to indemnify the purchasers of such investment to the extent that any such representations are inaccurate. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects the risk of future obligation under these indemnifications to be remote.

Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While the outcome of any such legal proceedings cannot be predicted with certainty, the Company does not believe any such legal proceedings will have a material adverse effect on the Company’s consolidated financial statements.