| Commitments and Contingencies |
Note 7: Commitments and Contingencies In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. As of June 30, 2025 and December 31, 2024, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. 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 and December 31, 2024, management is not aware of any pending or threatened material litigation. The Company may, from time to time, enter into commitments to fund investments. As of June 30, 2025 and December 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies:
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|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Unfunded delayed draw term loan commitments |
|
$ |
15,196,604 |
|
|
$ |
29,064,659 |
|
Unfunded revolver obligations |
|
|
11,836,301 |
|
|
|
6,099,927 |
|
Total Unfunded |
|
$ |
27,032,905 |
|
|
$ |
35,164,586 |
|
The Consolidated Schedule of Investments include certain delayed draw and revolving loan facilities with unfunded balances at June 30, 2025 and December 31, 2024, as follows:
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|
|
|
|
|
|
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|
|
|
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Issuer |
|
Commitment Type |
|
Commitment Expiration Date |
|
Unfunded Commitment as of June 30, 2025 |
|
|
Fair Value as of June 30, 2025 |
|
Array Midco, Corp. |
|
Delayed Draw Term Loan |
|
12/31/2029 |
|
|
5,682,309 |
|
|
|
(79,552 |
) |
Best Practices Associates, L.L.C. |
|
Revolver |
|
11/8/2029 |
|
|
2,589,371 |
|
|
|
(41,430 |
) |
BP Loenbro Holdings Inc |
|
Delayed Draw Term Loan |
|
2/1/2029 |
|
|
596,330 |
|
|
|
(596 |
) |
BP Loenbro Holdings Inc |
|
Revolver |
|
2/1/2029 |
|
|
2,201,835 |
|
|
|
(2,202 |
) |
CC Interholdings LLC |
|
Delayed Draw Term Loan |
|
12/31/2029 |
|
|
5,983,654 |
|
|
|
(53,853 |
) |
Clydesdale Acquisition Holdings, Inc. |
|
Delayed Draw Term Loan |
|
4/1/2032 |
|
|
17,183 |
|
|
|
(76 |
) |
Kelso Industries LLC |
|
Delayed Draw Term Loan |
|
12/30/2029 |
|
|
213,457 |
|
|
|
- |
|
MEI Buyer LLC |
|
Delayed Draw Term Loan |
|
6/29/2029 |
|
|
1,619,800 |
|
|
|
(23,973 |
) |
MEI Buyer LLC |
|
Revolver |
|
6/29/2029 |
|
|
2,289,157 |
|
|
|
(33,651 |
) |
Mood Media Borrower, LLC |
|
Revolver |
|
5/30/2030 |
|
|
4,755,938 |
|
|
|
(93,216 |
) |
MRP Buyer, LLC |
|
Delayed Draw Term Loan |
|
6/4/2032 |
|
|
1,083,871 |
|
|
|
(16,930 |
) |
Total Unfunded Balances |
|
|
|
|
|
$ |
27,032,905 |
|
|
$ |
(345,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer |
|
Commitment Type |
|
Commitment Expiration Date |
|
Unfunded Commitment as of December 31, 2024 |
|
|
Fair Value as of December 31, 2024 |
|
Array Midco, Corp. |
|
Delayed Draw Term Loan |
|
12/31/2029 |
|
|
12,785,196 |
|
|
|
(127,782 |
) |
Best Practices Associates, L.L.C. |
|
Revolver |
|
11/8/2029 |
|
|
2,589,371 |
|
|
|
(90,628 |
) |
BP Loenbro Holdings Inc |
|
Delayed Draw Term Loan |
|
2/1/2029 |
|
|
1,834,862 |
|
|
|
— |
|
BP Loenbro Holdings Inc |
|
Revolver |
|
2/1/2029 |
|
|
1,100,917 |
|
|
|
— |
|
MEI Buyer LLC |
|
Revolver |
|
6/29/2029 |
|
|
2,409,639 |
|
|
|
(37,349 |
) |
Voltagrid LLC |
|
Delayed Draw Term Loan |
|
8/28/2025 |
|
|
3,453,751 |
|
|
|
(33,329 |
) |
CC Interholdings LLC |
|
Delayed Draw Term Loan |
|
12/31/2029 |
|
|
10,084,811 |
|
|
|
(62,584 |
) |
Kelso Industries LLC |
|
Delayed Draw Term Loan |
|
12/30/2029 |
|
|
401,235 |
|
|
|
(6,019 |
) |
Tank Holding Corp. |
|
Delayed Draw Term Loan |
|
3/31/2028 |
|
|
245,604 |
|
|
|
(4,912 |
) |
The Action Environmental Group, Inc |
|
Delayed Draw Term Loan |
|
10/24/2030 |
|
|
259,200 |
|
|
|
2,592 |
|
Total Unfunded Balances |
|
|
|
|
|
$ |
35,164,586 |
|
|
$ |
(360,011 |
) |
|