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

6 Months Ended

Jun. 30, 2025

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 $149.0 million and $181.0 million as of June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024:

		*June 30, 2025*								*December 31, 2024*
						*Fair Value of*								*Fair Value of*
						*Unfunded*								*Unfunded*
		*Commitment*				*Commitment*				*Commitment*				*Commitment*
		*Amount*				*Liability*				*Amount*				*Liability*
		(In thousands)								(In thousands)
Britecore Holdings, Inc.		$	—			$	—			$	2,500			$	36
Candesant Biomedical, Inc.			—				—				10,000				151
Ceribell, Inc.			21,000				120				21,000				120
Crafty Holdings, Inc.			5,000				65				5,000				65
Fictiv, Inc.			—				—				30,000				236
GT Medical Technologies, Inc.			20,000				100				20,000				100
HappyCo. Inc.			2,000				25				—				—
Hometeam Technologies, Inc.			10,000				100				10,000				100
Long Grove Pharmaceuticals LLC			10,000				75				—				—
MasteryPrep, LLC			5,000				50				—				—
MicroTransponder, Inc.			7,500				—				15,000				—
MML US, Inc.			20,000				100				—				—
OneNetworks, Inc. dba Finexio			—				—				5,000				26
Onkos Surgical, Inc.			5,000				27				5,000				27
Parse Biosciences, Inc.			5,000				84				15,000				252
Pivot Bio, Inc.			10,000				105				20,000				209
SafelyYou, Inc.			—				—				5,000				73
Scientia Vascular, Inc.			3,500				42				—				—
Sparkcharge, Inc.			10,000				123				—				—
Standvast Holdings, LLC			—				—				2,500				88
Supply Network Visibility Holdings, LLC			10,000				79				10,000				79
Ursa Space Systems Inc.			5,000				75				5,000				75
Total		$	149,000			$	1,170			$	181,000			$	1,637

The table above also provides the fair value of the Company’s unfunded commitment liability as of June 30, 2025 and December 31, 2024, which totaled $1.2 million and $1.6 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 total investments at fair value on the Company’s consolidated statement of assets and liabilities.