XML 29 R22.htm IDEA: XBRL DOCUMENT v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
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 consolidated statements of assets and liabilities. 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 March 31, 2025, and December 31, 2024, the Company had $26.5 million and $27.2 million of 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 March 31, 2025 and December 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies:

 

($ in thousands)

 

 

Par Value

 

Par Value

 

Portfolio Company

 

Investment

March 31, 2025

 

December 31, 2024

 

Accordion Partners LLC(1)

 

 First Lien Debt

 

$

767

 

 

$

913

 

Accordion Partners LLC (Revolver)

 

 First Lien Debt

 

 

1,623

 

 

 

1,623

 

Anthem Sports & Entertainment Inc.(1)

 

 First Lien Debt

 

 

—

 

 

 

307

 

Anthem Sports & Entertainment Inc. (Revolver)

 

 First Lien Debt

 

 

83

 

 

 

83

 

BetaNXT, Inc. (Revolver)

 

 First Lien Debt

 

 

990

 

 

 

1,401

 

Bradshaw International Parent Corp. (Revolver)

 

 First Lien Debt

 

 

922

 

 

 

922

 

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

 

 First Lien Debt

 

 

500

 

 

 

500

 

Dentive, LLC(1)

 

 First Lien Debt

 

 

427

 

 

 

427

 

Dentive, LLC (Revolver)

 

 First Lien Debt

 

 

47

 

 

 

117

 

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

 

 Equity

 

 

81

 

 

 

87

 

Fortis Payment Systems, LLC(1)

 

 First Lien Debt

 

N/A

 

 

 

387

 

Franchise Group, Inc. (DIP)(1)

 

 First Lien Debt

 

 

249

 

 

 

249

 

IDC Infusion Services LLC(1)

 

 First Lien Debt

 

 

130

 

 

 

130

 

Luminii LLC (Revolver)

 

 First Lien Debt

 

 

—

 

 

 

172

 

Morae Global Corporation (Revolver)

 

 First Lien Debt

 

 

208

 

 

 

208

 

Netwrix Corporation (Revolver)

 

 First Lien Debt

 

 

1,148

 

 

 

1,148

 

Newbury Franklin Industrials, LLC(1)

 

 First Lien Debt

 

 

987

 

 

 

987

 

PhyNet Dermatology LLC(1)

 

 First Lien Debt

 

 

690

 

 

 

690

 

PMA Parent Holdings LLC (Revolver)

 

 First Lien Debt

 

 

99

 

 

 

99

 

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

 

 First Lien Debt

 

 

1,125

 

 

 

1,125

 

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

 

 First Lien Debt

 

 

188

 

 

 

188

 

Riddell, Inc.(1)

 

 First Lien Debt

 

 

636

 

 

 

636

 

Riskonnect Parent LLC(1)

 

 First Lien Debt

 

 

5,000

 

 

 

5,000

 

Series A-Great Lakes Funding II LLC

 

 Joint Venture

 

 

8,669

 

 

 

8,165

 

TA/WEG Holdings, LLC (Revolver)

 

 First Lien Debt

 

 

784

 

 

 

784

 

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

 

 First Lien Debt

 

 

761

 

 

 

761

 

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

 

 First Lien Debt

 

 

387

 

 

 

129

 

Total Unfunded Portfolio Company Commitments

 

 

 

$

26,501

 

 

$

27,238

 

 

(1) Delayed-draw term loan.