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Note 8 - Financial Instruments With Off-balance-sheet Risk
6 Months Ended
Jun. 30, 2024
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 $137.5 million and $180.5 million as of June 30, 2024 and  December 31, 2023, 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, 2024 and December 31, 2023:

 

  

June 30, 2024

  

December 31, 2023

 
      

Fair Value of

      

Fair Value of

 
      

Unfunded

      

Unfunded

 
  

Commitment

  

Commitment

  

Commitment

  

Commitment

 
  

Amount

  

Liability

  

Amount

  

Liability

 
  

(In thousands)

  

(In thousands)

 

Better Place Forests Co.

 $1,500  $  $    

BrightInsight, Inc.

  10,000   132   15,500  $241 

Britecore Holdings, Inc.

  2,500   36   5,000   72 

Candesant Biomedical Corporation

  10,000   151   10,000   151 

Ceribell, Inc.

  21,000   120       

Divergent Technologies, Inc.

        11,250   118 

Elligo Healthcare Research, Inc.

  15,000   194   15,000   194 

MicroTransponder, Inc.

  22,500      22,500    

Mirantis, Inc.

  15,000   136   15,000   136 

Optoro, Inc.

        6,250    

Parse Biosciences, Inc.

  15,000   251   15,000   251 

SafelyYou, Inc.

  10,000   147   20,000   270 

Sonex Health, Inc.

        15,000   176 

Standvast Holdings, LLC

  5,000   175       

Supply Network Visibility Holdings, LLC

  5,000   17   10,000   35 

Tallac Therapeutics, Inc.

  5,000   115   10,000   229 

Viken Detection Corporation

        10,000   160 

Total

 $137,500  $1,474  $180,500  $2,033 

 

The table above also provides the fair value of the Company’s unfunded commitment liability as of June 30, 2024 and December 31, 2023, which totaled $1.5 million and $2.0 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 the Company’s consolidated statement of assets and liabilities.