Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Note 8 — Commitments and Contingencies

Commitments

The following table provides the Company’s contractual obligations as of December 31, 2023 (in thousands):


			Payments Due by Period
Contractual Obligations (1)	Total		Less than 1 Year			1-3 years			3-5 years		More than 5 Years
Borrowings (2)
Credit Facility	$	272,000	$	—	$		272,000	$		—	$	—
2026 Notes		95,000		—			95,000			—		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		519,250		—			367,000			152,250		—
Deferred Incentive Fees		9,165		2,567			3,919			2,548		131
Total	$	528,415	$	2,567	$		370,919	$		154,798	$	131

(1)

Excludes interest payable on borrowings, accrued expenses, and commitments to extend credit to the Company’s portfolio companies.

(2)

Amounts represent future principal repayments and not the carrying value of each liability (refer to “Note 7 – Borrowings”).

The following table provides the Company’s contractual obligations as of December 31, 2022 (in thousands):


			Payments Due by Period
Contractual Obligations (1)	Total		Less than 1 Year			1-3 years			3-5 years		More than 5 Years
Borrowings (2)
Credit Facility	$	337,000	$	—	$		—	$		337,000	$	—
2026 Notes		70,000		—			—			70,000		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		559,250		—			—			559,250		—
Deferred Incentive Fees		5,009		674			1,760			1,023		1,552
Total	$	564,259	$	674	$		1,760	$		560,273	$	1,552

(1)

Excludes interest payable on borrowings, accrued expenses, and commitments to extend credit to the Company’s portfolio companies.

(2)

Amounts represent future principal repayments and not the carrying value of each liability (refer to “Note 7 – Borrowings”).

Contingencies

The Company are not currently subject to any material legal proceedings, nor, to its knowledge, is any material legal proceeding threatened against it. 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. The Company's business is also subject to extensive regulation, which may result in regulatory proceedings against us. 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 financial condition or results of operations.

Off-balance Sheet Arrangements

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. These unfunded contractual commitments to provide funds to portfolio companies are not reflected on our balance sheet. The availability of such unfunded loan commitments is subject to the specific terms and conditions of each contract, which may include, among other things, portfolio company performance requirements and time-based cancellation provisions. As a result, only a portion of unfunded commitments is currently eligible to be drawn.

The Company's unfunded loan commitments to provide debt financing to its portfolio companies amounted to $201.5 million and $315.7 million as of December 31, 2023 and December 31, 2022, respectively, shown in the table below (in thousands):


Portfolio Company	Investment Type	December 31, 2023		December 31, 2022
3PL Central LLC (dba Extensiv)	Senior Secured Term Loan	$	11,500		$	15,000
Betterment Holdings, Inc.	Senior Secured Term Loan		5,000			—
Blueshift Labs, Inc.	Senior Secured Term Loan		14,500			—
Bombora, Inc.	Senior Secured Term Loan		2,000			—
Brivo, Inc.	Senior Secured Term Loan		6,000			16,000
CloudPay, Inc.	Senior Secured Term Loan		—			15,000
Dtex Systems, Inc.	Senior Secured Term Loan		—			15,000
EBR Systems, Inc.	Senior Secured Term Loan		10,000			30,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		—			6,000
Interactions Corporation	Senior Secured Term Loan		10,000			10,000
Kin Insurance, Inc.	Senior Secured Term Loan		—			25,000
Linxup, LLC	Senior Secured Term Loan		7,500			—
Madison Reed, Inc.	Senior Secured Term Loan		1,200			2,400
Moximed, Inc.	Senior Secured Term Loan		15,000			15,000
Nalu Medical, Inc.	Senior Secured Term Loan		15,000			25,000
Revelle Aesthetics, Inc.	Senior Secured Term Loan		—			12,500
Route 92 Medical, Inc.	Senior Secured Term Loan		20,000			42,000
SetPoint Medical Corporation	Senior Secured Term Loan		40,000			40,000
Skillshare, Inc.	Senior Secured Term Loan		10,000			15,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,785			6,785
Snagajob.com, Inc.	Convertible Note		2,035			—
Synack, Inc.	Senior Secured Term Loan		25,000			25,000
Total unused commitments to extend financing		$	201,520		$	315,685