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Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

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 September 30, 2024, and December 31, 2023, the Company had $31.7 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 September 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

September 30, 2024

 

December 31, 2023

 

Accordion Partners LLC (Revolver)

 

 First Lien Debt

 

$

765

 

 

$

1,531

 

AMCP Pet Holdings, Inc. (Revolver)

 

 First Lien Debt

 

 

—

 

 

 

350

 

Anthem Sports & Entertainment Inc. (Revolver)

 

 First Lien Debt

 

 

83

 

 

 

83

 

BetaNXT, Inc. (Revolver)

 

 First Lien Debt

 

 

1,256

 

 

 

2,174

 

Bradshaw International Parent Corp. (Revolver)

 

 First Lien Debt

 

 

615

 

 

 

922

 

CCMG Buyer, LLC (Care Connectors Medical Group) (Revolver)

 

 First Lien Debt

 

 

500

 

 

 

—

 

Centric Brands Inc. (Revolver)

 

 First Lien Debt

 

N/A

 

 

 

1,166

 

Colonnade Intermediate, LLC (Revolver)

 

 First Lien Debt

 

 

—

 

 

 

68

 

Critical Nurse Staffing, LLC (Revolver)

 

 First Lien Debt

 

 

2,000

 

 

 

2,000

 

Dentive, LLC(1)

 

 First Lien Debt

 

 

513

 

 

 

430

 

Dentive, LLC (Revolver)

 

 First Lien Debt

 

 

196

 

 

 

186

 

Epilog Partners SPV III, LLC (Care Connectors Medical Group)

 

 Equity

 

 

87

 

 

 

—

 

Fortis Payment Systems, LLC(1)

 

 First Lien Debt

 

 

492

 

 

 

—

 

GreenPark Infrastructure, LLC - Series M-1

 

 Equity

 

 

1,829

 

 

 

1,829

 

H.W. Lochner, Inc. (Revolver)

 

 First Lien Debt

 

 

—

 

 

 

4,142

 

IDC Infusion Services LLC(1)

 

 First Lien Debt

 

 

1,065

 

 

 

1,065

 

Luminii LLC (Revolver)

 

 First Lien Debt

 

 

172

 

 

 

172

 

Morae Global Corporation (Revolver)

 

 First Lien Debt

 

 

208

 

 

 

208

 

Netwrix Corporation (Revolver)

 

 First Lien Debt

 

 

1,148

 

 

 

1,148

 

Netwrix Corporation(1)

 

 First Lien Debt

 

N/A

 

 

 

941

 

PhyNet Dermatology LLC(1)

 

 First Lien Debt

 

 

690

 

 

 

690

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC)(1)

 

 First Lien Debt

 

 

1,125

 

 

 

—

 

PMP OPCO, LLC (Princeton Medspa Partners, LLC) (Revolver)

 

 First Lien Debt

 

 

188

 

 

 

—

 

Riddell, Inc.(1)

 

 First Lien Debt

 

 

636

 

 

 

—

 

Riskonnect Parent LLC(1)

 

 First Lien Debt

 

 

5,000

 

 

 

—

 

Series A-Great Lakes Funding II LLC

 

 Joint Ventures

 

 

11,156

 

 

 

5,473

 

TA/WEG Holdings, LLC(1)

 

 First Lien Debt

 

N/A

 

 

 

758

 

TA/WEG Holdings, LLC (Revolver)

 

 First Lien Debt

 

 

784

 

 

 

784

 

Tactical Air Support, Inc.(1)

 

 First Lien Debt

 

N/A

 

 

 

286

 

VBC Spine Opco LLC (DxTx Pain and Spine LLC) (Revolver)

 

 First Lien Debt

 

 

387

 

 

 

258

 

VBC Spine Opco LLC (DxTx Pain and Spine LLC)(1)

 

 First Lien Debt

 

 

761

 

 

 

1,902

 

Total Unfunded Portfolio Company Commitments

 

 

 

$

31,656

 

 

$

28,566

 

 

(1) Delayed-draw term loan.

 

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.