Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

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 $17,776 and $12,363 as of March 31, 2025 and December 31, 2024, respectively. Such outstanding commitments are summarized in the following table:


	March 31, 2025				December 31, 2024
	Total		Unfunded		Total		Unfunded
Portfolio Company - Investment	Commitment		Commitment		Commitment		Commitment
Acendre Midco, Inc. - Revolving Loan	$	1,000	$	—	$	1,000	$	—
Ad Info Parent, Inc. (dba MediaRadar) - Revolving Loan		1,442		1,117		1,442		865
Axis Medical Technologies LLC (dba MoveMedical) - Revolving Loan		800		800		800		800
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan		—		—		1,000		1,000
Detechtion Holdings, LLC - Revolving Loan		1,000		1,000		1,000		1,000
Elements Brands, LLC - Revolving Loan		1,500		—		1,500		—
Fraser Steel LLC - Revolving Loan		2,000		2,000		—		—
Fishbowl Solutions, LLC - Revolving Loan		3,000		1,500		3,000		2,223
GMP HVAC, LLC (dba McGee Heating & Air, LLC) - Revolving Loan		—		—		1,500		1,500
Mayesh Wholesale Florist, LLC - First Lien Debt		2,000		2,000		—		—
PayEntry Financial Services, Inc. (dba Payentry) - Second Lien (DDTL A)		1,425		1,425		—		—
PayEntry Financial Services, Inc. (dba Payentry) - Second Lien (DDTL B)		1,563		1,563		—		—
PayEntry Financial Services, Inc. (dba Payentry) - Second Lien (DDTL A)		1,425		1,425		—		—
PayEntry Financial Services, Inc. (dba Payentry) - Second Lien (DDTL B)		1,563		1,563		—		—
Tedia Company, LLC - Revolving Loan		2,250		2,250		2,250		2,250
Thrust Flight LLC - First Lien Debt		2,625		1,033		2,625		2,625
W50 Holdings, LLC - Preferred Equity		1,000		100		1,000		100
Total	$	24,593	$	17,776	$	17,117	$	12,363

Additional detail for each of the commitments above is provided in the Company’s consolidated schedules of investments. As of March 31, 2025 and December 31, 2024, the Company had sufficient liquidity coverage to satisfy these unfunded commitments. Cash and cash equivalents were $67,478 and $57,159 and available borrowings under the Credit Facility were $140,000 and $95,000 as of March 31, 2025 and December 31, 2024, 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.