Commitments and Contingencies

12 Months Ended

Feb. 28, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. Commitments and Contingencies

Contractual Obligations

The following table shows our payment obligations for repayment of debt and other contractual obligations at February 28, 2023:

			Payment Due by Period
Long-Term Debt Obligations	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		More Than 5 Years
	($ in thousands)
Encina credit facility	$	32,500	$	-	$	32,500	$	-	$	-
SBA debentures		202,000		-		15,000		12,000		175,000
6.00% 2025 Notes		12,000		-		12,000		-		-
7.75% 2025 Notes		5,000		-		5,000		-		-
4.375% 2026 Notes		175,000		-		-		175,000		-
4.35% 2027 Notes		75,000		-		-		75,000		-
6.00% 2027 Notes		105,500		-		-		105,500		-
6.25% 2027 Notes		15,000		-		-		15,000		-
8.00% 2027 Notes		46,000		-		-		46,000		-
8.125% 2027 Notes		60,375		-		-		60,375		-
Total Long-Term Debt Obligations	$	728,375	$	-	$	64,500	$	488,875	$	175,000

Off-balance Sheet Arrangements

At February 28, 2023 and February 28, 2022, the Company’s off-balance sheet arrangements consisted of $108.8 million and $83.4 million, respectively, of unfunded commitments outstanding to provide debt financing to its portfolio companies or to fund limited partnership interests. Such commitments are generally up to the Company’s discretion to approve, or 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 unfunded commitments outstanding as of February 28, 2023 and February 28, 2022 is shown in the table below (dollars in thousands):

	February 28, 2023		February 28, 2022
At Company’s discretion
ActiveProspect, Inc.	$	10,000	$	-
Artemis Wax Corp.		-		3,700
Ascend Software, LLC		5,000		5,000
Axero Holdings, LLC		-		3,000
Book4Time, Inc.		-		2,000
Davisware, LLC		-		2,000
Granite Comfort, LP		15,000		-
JDXpert		5,000		-
LFR Chicken LLC		4,000		10,000
Netreo Holdings, LLC		-		4,000
Pepper Palace, Inc.		3,000		3,000
Procurement Partners, LLC		4,250		2,800
Saratoga Senior Loan Fund I JV, LLC		8,548		17,500
Sceptre Hospitality Resources, LLC		5,000		1,000
Total		59,798		54,000
At portfolio company’s discretion - satisfaction of certain financial and nonfinancial covenants required
ARC Health OpCo LLC		10,773		-
Artemis Wax Corp.		8,500
Ascend Software, LLC		3,200		6,500
Axero Holdings, LLC		-		2,000
Axero Holdings, LLC - Revolver		500		500
Davisware, LLC		-		1,000
Exigo, LLC		4,167
Exigo, LLC - Revolver		833
GDS Software Holdings, LLC		-		2,786
Gen4 Dental Partners Holdings, LLC		11,000		-
GoReact		2,500		2,500
HemaTerra Holding Company, LLC		-		-
JDXpert		1,000		-
LFR Chicken LLC		-		3,000
Madison Logic, Inc. - Revolver		-		1,084
New England Dental Partners		-		4,500
Passageways, Inc.		-		-
Pepper Palace, Inc.		2,000		2,000
Pepper Palace, Inc. - Revolver		2,500		2,500
Procurement Partners, LLC		1,000		-
Zollege PBC		1,000		1,000
		48,973		29,370
Total	$	108,771	$	83,370

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of February 28, 2023, the Company had cash and cash equivalents of $65.7 million and $31.1 million in available borrowings under the Encina Credit Facility.