Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Note 8 – Commitments and Contingencies

Commitments

The following table provides the Company’s contractual obligations as of March 31, 2024 (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	$	237,000	$	—	$		237,000	$		—	$	—
2026 Notes		95,000		—			95,000			—		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		484,250		—			332,000			152,250		—
Deferred Incentive Fees		10,216		481			5,915			3,689		131
Total	$	494,466	$	481	$		337,915	$		155,939	$	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, 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”).

Contingencies

The Company and RGC 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 or RGC 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 it. 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. With the exception of the JV, the availability of such unfunded 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 commitments to provide debt financing to its portfolio companies amounted to $235.8 million and $201.5 million as of March 31, 2024 and December 31, 2023, respectively, shown in the table below (in thousands):


Portfolio Company	Investment Type	March 31, 2024		December 31, 2023
3PL Central LLC (dba Extensiv)	Senior Secured Term Loan	$	—	$	11,500
Betterment Holdings, Inc.	Senior Secured Term Loan		5,000		5,000
Blueshift Labs, Inc.	Senior Secured Term Loan		14,500		14,500
Bombora, Inc.	Senior Secured Term Loan		2,000		2,000
Brivo, Inc.	Senior Secured Term Loan		6,000		6,000
CarNow, Inc.	Senior Secured Term Loan		12,000		—
EBR Systems, Inc.	Senior Secured Term Loan		10,000		10,000
Interactions Corporation	Senior Secured Term Loan		10,000		10,000
Madison Reed, Inc.	Senior Secured Term Loan		—		1,200
Linxup, LLC	Senior Secured Term Loan		7,500		7,500
Moximed, Inc.	Senior Secured Term Loan		15,000		15,000
Nalu Medical, Inc.	Senior Secured Term Loan		15,000		15,000
Route 92 Medical, Inc.	Senior Secured Term Loan		20,000		20,000
Runway-Cadma I LLC	Joint Venture		35,000		—
SetPoint Medical Corporation	Senior Secured Term Loan		40,000		40,000
Skillshare, Inc.	Senior Secured Term Loan		10,000		10,000
Snagajob.com, Inc.	Convertible Note		2,035		2,035
Snagajob.com, Inc.	Senior Secured Term Loan		6,785		6,785
Synack, Inc.	Senior Secured Term Loan		25,000		25,000
Total unused commitments to extend financing		$	235,820	$	201,520