Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

As of March 31, 2024, and December 31, 2023, the Company had the following unfunded commitments to its portfolio companies:


	March 31, 2024		December 31, 2023
Unfunded revolver obligations and bridge loan commitments (1)	$	145,637	$	139,979
Standby letters of credit issued and outstanding (2)		43,235		42,921
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)		170,567		167,756
Total Unfunded Commitments (4)	$	359,438	$	350,656

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(1)

The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of March 31, 2024 and December 31, 2023, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of March 31, 2024 and December 31, 2023, the bridge loan commitments included in the balances were $0 and $0, respectively.

(2)

For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.

(3)

The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.

(4)

The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $29,925 and $25,925 as of March 31, 2024 and December 31, 2023, respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.