Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Note 3 – Commitments and Contingencies

In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time.

At September 30, 2022, the Company had $329,284,615 in unfunded loan commitments to provide debt financing to its portfolio companies. Unfunded commitments may be subject to portfolio companies achieving certain performance milestones to access unfunded availability. The balance of unfunded commitments to extend financing as of September 30, 2022 was as follows:


Portfolio Company	Investment Type	September 30, 2022
Allurion Technologies, Inc.	Senior Secured Term Loan	$	15,000,000
CloudPay, Inc.	Senior Secured Term Loan		15,000,000
Dtex Systems, Inc.	Senior Secured Term Loan		10,000,000
EBR Systems, Inc.	Senior Secured Term Loan		30,000,000
INRIX, Inc.	Senior Secured Term Loan		5,000,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		10,000,000
Interactions Corporation	Senior Secured Term Loan		10,000,000
Kin Insurance, Inc.	Senior Secured Term Loan		25,000,000
Moximed, Inc.	Senior Secured Term Loan		15,000,000
Mustang Bio, Inc.	Senior Secured Term Loan		45,000,000
Revelle Aesthetics, Inc.	Senior Secured Term Loan		12,500,000
Route 92 Medical, Inc.	Senior Secured Term Loan		42,000,000
SetPoint Medical Corporation	Senior Secured Term Loan		25,000,000
ShareThis, Inc.	Senior Secured Term Loan		3,000,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,784,615
Synack, Inc.	Senior Secured Term Loan		25,000,000
TRACON Pharmaceuticals, Inc.	Senior Secured Term Loan		25,000,000
VERO Biotech LLC	Senior Secured Term Loan		10,000,000
Total unused commitments to extend financing		$	329,284,615

At December 31, 2021, the Company had $186,984,615 in unfunded loan commitments to provide debt financing to its portfolio companies. Unfunded commitments may be subject to portfolio companies achieving certain performance milestones to access unfunded availability. The balance of unfunded commitments to extend financing as of December 31, 2021 was as follows:


Portfolio Company	Investment Type	December 31, 2021
Allurion Technologies, Inc.	Senior Secured Term Loan	$	15,000,000
CloudPay, Inc.	Senior Secured Term Loan		10,000,000
CrossRoads Extremity Systems, LLC	Senior Secured Term Loan		7,500,000
Dtex Systems, Inc.	Senior Secured Term Loan		15,000,000
Gynesonics, Inc.	Senior Secured Term Loan		20,000,000
INRIX, Inc.	Senior Secured Term Loan		10,000,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		11,000,000
Marley Spoon AG	Senior Secured Term Loan		11,700,000
Route 92 Medical, Inc.	Senior Secured Term Loan		42,000,000
SetPoint Medical Corporation	Senior Secured Term Loan		25,000,000
ShareThis, Inc.	Senior Secured Term Loan		3,000,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,784,615
VERO Biotech LLC	Senior Secured Term Loan		10,000,000
Total unused commitments to extend financing		$	186,984,615

The Company’s management believes that its available cash balances and availability under the Credit Facility provides sufficient funds to cover its unfunded commitments as of September 30, 2022. The Company has evaluated the expected net future cash flows related to unfunded commitments and determined the fair value to be zero as of September 30, 2022 and December 31, 2021.

The Company is currently not subject to any material legal proceedings, nor, to its knowledge, is any material proceeding threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of its rights under contracts with its portfolio companies. While the outcome of any such legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its business, financial condition or results of operations.

Other Commitments and Contingencies

On February 24, 2022, the Board of Directors approved a repurchase program (the “Repurchase Program”) under which the Company may repurchase up to $25 million of its outstanding common stock. Under the Repurchase Program, purchases may be made

at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended by the Board of Directors, the repurchase program will terminate 12 months from the date it was approved. As of September 30, 2022, 744,756 shares of our common stock were repurchased under the Repurchase Program for an aggregate repurchase price of $9,301,933.