Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

8. COMMITMENTS AND CONTINGENCIES

From time-to-time the Company is a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of the Company’s investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on the Company’s balance sheet. Prior to extending such credit, the Company attempts to limit its credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants. As of June 30, 2024, and December 31, 2023, the Company had $32.7 million and $28.6 million unfunded commitments, respectively.

The Company may, from time to time, enter into commitments to fund investments. These unfunded commitments are assessed for fair value in accordance with ASC 820. As of June 30, 2024 and December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:


($ in thousands)		Par Value			Par Value
Portfolio Company	Investment	June 30, 2024			December 31, 2023
Accordion Partners LLC (Revolver)	Revolver		$	765		$	1,531
AMCP Pet Holdings, Inc. (Revolver)	Revolving Loan			—			350
Anthem Sports & Entertainment Inc. (Revolver)	Revolver			83			83
BetaNXT, Inc. (Revolver)	Revolver			1,328			2,174
Bradshaw International Parent Corp. (Revolver)	Revolver			922			922
CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)	Revolver			500			—
Centric Brands Inc. (Revolver)	Revolver			—			1,166
Colonnade Intermediate, LLC (Revolver)	Revolver			—			68
Colonnade Intermediate, LLC (Super Priority)	Delayed Draw Term Loan			101			—
Critical Nurse Staffing, LLC (Revolver)	Revolver			2,000			2,000
Dentive, LLC	Delayed Draw Term Loan			830			430
Dentive, LLC (Revolver)	Revolver			234			186
Fortis Payment Systems, LLC	Delayed Draw Term Loan			711			—
GreenPark Infrastructure, LLC - Series M-1	Common Stock and Membership Units			1,829			1,829
H.W. Lochner, Inc. (Revolver)	Revolver			—			4,142
IDC Infusion Services	Delayed Draw Term Loan			1,065			1,065
Luminii LLC (Revolver)	Revolver			172			172
Morae Global Corporation (Revolver)	Revolver			208			208
Netwrix Corporation (Revolver)	Revolver			1,148			1,148
Netwrix Corporation	Delayed Draw Term Loan			—			941
PhyNet Dermatology LLC	Delayed Draw Term Loan			690			690
PMP OPCO, LLC (Princeton Medspa Partners, LLC)	Delayed Draw Term Loan			1,125			—
PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)	Revolver			188			—
Qualtek LLC (ABL Revolver)	Revolver			761			—
Riddell, Inc.	Delayed Draw Term Loan			636			—
Riskonnect Parent LLC	Delayed Draw Term Loan			5,000			—
Series A-Great Lakes Funding II LLC	Joint Venture			10,145			5,473
TA/WEG Holdings, LLC	Delayed Draw Term Loan			—			758
TA/WEG Holdings, LLC (Revolver)	Revolver			784			784
Tactical Air Support, Inc.	Delayed Draw Term Loan			286			286
VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)	Revolver			387			258
VBC Spine Opco LLC (DxTx Pain and Spine LLC)	Delayed Draw Term Loan			761			1,902
Total Unfunded Portfolio Company Commitments			$	32,658		$	28,566

The Company is involved in litigation in the normal course of its operations and does not expect that the outcome of those litigations to have a material adverse impact to the Company’s financial position or results of operations.