Note 8 - Financial Instruments With Off-balance-sheet Risk

3 Months Ended

Mar. 31, 2026

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 $155.0 million and $104.0 million as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025:

		*March 31, 2026*								*December 31, 2025*
						*Fair Value of*								*Fair Value of*
						*Unfunded*								*Unfunded*
		*Commitment*				*Commitment*				*Commitment*				*Commitment*
		*Amount*				*Liability*				*Amount*				*Liability*
		(In thousands)								(In thousands)
Avive Solutions, Inc.		$	10,000			$	—			$	—			$	—
Britecore Holdings, Inc.			5,000				50				5,000				50
Ceribell, Inc.			21,000				120				21,000				120
Crafty Holdings, Inc.			1,500				19				3,000				39
GT Medical Technologies, Inc.			10,000				50				20,000				100
Hyperfine, Inc.			25,000				298				—				—
Infobionic, Inc.			5,000				50				5,000				50
Long Grove Pharmaceuticals LLC			10,000				75				10,000				75
MasteryPrep, LLC			5,000				50				5,000				50
MML US, Inc.			20,000				100				20,000				100
Ossio, Inc.			2,500				—				—				—
Pelthos Therapeutics, Inc.			20,000				—				—				—
Samba TV, Inc.			5,000				75				5,000				75
Sonex Health, Inc.			10,000				100				—				—
Sparkcharge, Inc.			5,000				73				5,000				73
Supply Network Visibility Holdings, LLC			—				—				5,000				62
Total		$	155,000			$	1,060			$	104,000			$	794

The table above also provides the fair value of the Company’s unfunded commitment liability as of March 31, 2026 and December 31, 2025, which totaled $1.1 million and $0.8 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 total investments at fair value on the Company’s consolidated statement of assets and liabilities.