XML 31 R20.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2024
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

Note 9. Commitments and Contingencies

 

As of June 30, 2024 and December 31, 2023, the Company had an aggregate of $30.0 million and $20.1 million, respectively, of unfunded commitments to provide debt financing to its portfolio companies. As of each of June 30, 2024 and December 31, 2023, there were no capital calls or draw requests made by the portfolio companies to fund these commitments. Such commitments are generally up to the Company’s discretion to approve or are subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.

 

A summary of the composition of the unfunded commitments as of June 30, 2024 is shown in the table below:

 

      As of 
   Expiration
Date(1)
  June 30,
2024
 
Accession Risk Management Group, Inc.  2/14/2025  $429,643 
Aptean Inc  1/30/2031   436,880 
Aptean Inc  1/30/2026   810,041 
Aramsco, Inc.  10/10/2025   935,644 
B’Laster Holdings DD T/L  10/25/2025   466,666 
Enverus Holdings, Inc.  12/22/2025   310,811 
Enverus Holdings, Inc.  12/24/2029   472,973 
Galway Borrower LLC  9/30/2028   482,702 
Galway Borrower LLC  2/7/2026   4,440,500 
GS AcquisitionCo, Inc.  3/19/2026   4,543,680 
GS AcquisitionCo, Inc.  5/25/2028   1,040,000 
Logrhythm, Inc.  7/2/2029   636,364 
MRI Software, LLC  12/19/2025   5,186,358 
MRI Software, LLC  2/10/2027   636,370 
Minotaur Acquisition, Inc.  5/20/2026   1,162,791 
Minotaur Acquisition, Inc.  5/20/2025   1,162,791 
Minotaur Acquisition, Inc.  5/20/2030   697,674 
Patriot Growth Insurance Services, LLC  11/17/2025   3,470,000 
PT Intermediate Holdings III, LLC  9/1/2024   767,917 
Ryan, LLC  11/14/2024   514,286 
Tank Holding Corp.  5/22/2024   495,000 
Touchdown Acquirer Inc.  2/21/2026   898,204 
Total unfunded commitments     $29,997,295 

 

(1)Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

 

A summary of the composition of the unfunded commitments as of December 31, 2023 is shown in the table below:

 

   Expiration
Date(1)
  As of
December 31,
2023
 
Accession Risk Management Group, Inc.  2/14/2025  $2,457,847 
Aptean Inc.  1/30/2031   436,880 
Aptean Inc.  1/30/2026   851,480 
Aramsco, Inc.  10/10/2025   712,871 
B’Laster Holdings, LLC  10/25/2025   466,666 
Enverus Holdings, Inc.  12/22/2025   310,811 
Enverus Holdings, Inc.  12/24/2029   472,973 
ImageFirst Holdings, LLC  4/28/2025   833,333 
MRI Software LLC  2/10/2027   6,363,630 
MRI Software LLC  2/10/2027   636,370 
OMNIA Partners, LLC  1/25/2024   223,269 
Patriot Growth Insurance Services, LLC  11/17/2025   4,650,000 
PT Intermediate Holdings III, LLC  9/1/2024   579,942 
Ryan, LLC  11/14/2024   514,286 
Tank Holding Corp.  5/22/2024   597,000 
Total unfunded commitments     $20,107,358 

 

(1)Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

 

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2024, management is not aware of any pending or threatened litigation.