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Note 8 - Financial Instruments With Off-balance-sheet Risk

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

Note 8. Financial instruments with off-balance-sheet risk

In the normal course of business, the Company is party to financial instruments with off-balance-sheet risk to meet the financing needs of its borrowers. These financial instruments include commitments to extend credit and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated statement of assets and liabilities. The Company attempts to limit its credit risk by conducting extensive due diligence and obtaining collateral where appropriate.

The balance of unfunded commitments to extend credit was $189.9 million and $180.5 million as of September 30, 2024 and December 31, 2023, respectively. Commitments to extend credit consist principally of the unused portions of commitments that obligate the Company to extend credit, often subject to financial or non-financial milestones and other conditions to borrow that must be achieved before the commitment can be drawn. In addition, the commitments generally have fixed expiration dates or other termination clauses. Since commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

The following table provides the Company’s unfunded commitments by portfolio company as of September 30, 2024 and December 31, 2023:

		*September 30, 2024*								*December 31, 2023*
						*Fair Value of*								*Fair Value of*
						*Unfunded*								*Unfunded*
		*Commitment*				*Commitment*				*Commitment*				*Commitment*
		*Amount*				*Liability*				*Amount*				*Liability*
		(In thousands)								(In thousands)
Better Place Forests Co.		$	1,000			$	—			$	—			$	—
BrightInsight, Inc.			10,000				132				15,500				241
Britecore Holdings, Inc.			2,500				36				5,000				72
Candesant Biomedical Corporation			10,000				151				10,000				151
Ceribell, Inc.			21,000				120				—				—
Divergent Technologies, Inc.			—				—				11,250				118
Elligo Healthcare Research, Inc.			7,500				97				15,000				194
Fictiv, Inc.			30,000				236				—				—
GT Medical Technologies, Inc.			20,000				100				—				—
Hometeam Technologies, Inc.			10,000				100				—				—
MicroTransponder, Inc.			22,500				—				22,500				—
Mirantis, Inc.			—				—				15,000				136
Optoro, Inc.			—				—				6,250				—
Parse Biosciences, Inc.			15,000				252				15,000				251
Pivot Bio, Inc.			20,000				209				—				—
SafelyYou, Inc.			10,000				147				20,000				270
Sonex Health, Inc.			—				—				15,000				176
Standvast Holdings, LLC			5,000				175				—				—
Supply Network Visibility Holdings, LLC			5,000				17				10,000				35
Swift Health Systems, Inc.			375				—				—				—
Tallac Therapeutics, Inc.			—				—				10,000				229
Viken Detection Corporation			—				—				10,000				160
Total		$	189,875			$	1,772			$	180,500			$	2,033

The table above also provides the fair value of the Company’s unfunded commitment liability as of September 30, 2024 and December 31, 2023, which totaled $1.8 million and $2.0 million, respectively. The fair value at inception of the delay draw credit agreements is equal to the fees and/or warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the counterparties’ credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in the Company’s consolidated statement of assets and liabilities.