| Commitments and Contingencies |
Note 9. Commitments and Contingencies As of June 30, 2025 and December 31, 2024, the Company had an aggregate of $15.7 million and $21.6 million, respectively, of unfunded commitments to provide debt financing to its portfolio companies. As of each of June 30, 2025 and December 31, 2024, 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, 2025 is shown in the table below:
|
|
|
|
|
|
|
Expiration Date (1) |
|
As of
June 30,
2025 |
American Rock Salt Company LLC |
|
9/19/2026 |
|
$571,091 |
Aptean Inc |
|
1/30/2031 |
|
528,261 |
B'laster Holdings, LLC |
|
10/25/2025 |
|
466,666 |
Dwyer Instruments, LLC |
|
11/20/2026 |
|
492,210 |
Dwyer Instruments, LLC |
|
7/21/2029 |
|
1,032,321 |
Enverus Holdings, Inc. |
|
12/22/2025 |
|
118,108 |
Enverus Holdings, Inc. |
|
12/24/2029 |
|
438,758 |
Galway Borrower LLC |
|
2/7/2026 |
|
3,719,452 |
Galway Borrower LLC |
|
9/30/2028 |
|
383,991 |
GC Ferry Acquisition Inc |
|
7/31/2027 (2) |
|
1,020,833 |
Logrhythm, Inc. |
|
7/2/2029 |
|
636,364 |
Majco LLC |
|
3/11/2027 |
|
1,172,695 |
Minotaur Acquisition, Inc. |
|
5/10/2026 |
|
1,162,791 |
Minotaur Acquisition, Inc. |
|
5/10/2030 |
|
697,674 |
MRI Software LLC |
|
2/10/2027 |
|
601,016 |
Optimizely North America Inc. |
|
10/30/2031 |
|
458,333 |
Patriot Growth Insurance Services, LLC |
|
11/17/2025 |
|
787,710 |
PT Intermediate Holdings III, LLC |
|
4/8/2026 |
|
686,119 |
TMC Buyer, Inc. |
|
11/1/2026 |
|
416,667 |
USIC Holdings, Inc. |
|
9/10/2026 |
|
98,543 |
USIC Holdings, Inc. |
|
9/10/2031 |
|
174,731 |
Total unfunded commitments |
|
|
|
$15,664,334 |
(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. (2)Date estimated based on an expected closing date of July 31, 2025. A summary of the composition of the unfunded commitments as of December 31, 2024 is shown in the table below:
|
|
|
|
|
|
|
Expiration Date (1) |
|
As of
December 31,
2024 |
American Rock Salt Company LLC |
|
9/19/2026 |
|
$571,091 |
Aptean Inc. |
|
1/30/2031 |
|
436,880 |
Aptean Inc. |
|
1/30/2026 |
|
238,414 |
Aramsco, Inc. |
|
10/10/2025 |
|
561,386 |
B'Laster Holdings, LLC |
|
10/25/2025 |
|
466,666 |
Dwyer Instruments, LLC |
|
11/20/2026 |
|
492,210 |
Dwyer Instruments, LLC |
|
7/21/2029 |
|
1,197,934 |
Enverus Holdings, Inc. |
|
12/22/2025 |
|
310,811 |
Enverus Holdings, Inc. |
|
12/24/2029 |
|
458,884 |
Everest SubBidCo |
|
9/24/2025 |
|
2,660,000 |
Galway Borrower LLC |
|
9/30/2028 |
|
512,698 |
Galway Borrower LLC |
|
7/25/2026 |
|
4,360,571 |
GS AcquisitionCo, Inc. |
|
3/26/2026 |
|
1,232,000 |
GS AcquisitionCo, Inc. |
|
5/25/2028 |
|
1,200,000 |
Logrhythm, Inc. |
|
7/2/2029 |
|
636,364 |
Minotaur Acquisition, Inc. |
|
5/10/2026 |
|
1,162,791 |
Minotaur Acquisition, Inc. |
|
5/10/2030 |
|
697,674 |
MRI Software LLC |
|
2/10/2027 |
|
601,016 |
Optimizely North America Inc. |
|
10/30/2031 |
|
458,333 |
Patriot Growth Insurance Services, LLC |
|
11/17/2025 |
|
1,480,000 |
PT Intermediate Holdings III, LLC |
|
4/8/2026 |
|
686,119 |
Tank Holding Corp. |
|
11/22/2025 |
|
135,000 |
TMC Buyer, Inc. |
|
11/1/2026 |
|
416,667 |
US Fertility Enterprises, LLC |
|
10/14/2026 |
|
217,391 |
USIC Holdings, Inc. |
|
9/10/2026 |
|
139,276 |
USIC Holdings, Inc. |
|
9/10/2031 |
|
248,302 |
Total unfunded commitments |
|
|
|
$21,578,478 |
(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, 2025, management is not aware of any pending or threatened litigation.
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