Commitments, Contingencies, and Risks

6 Months Ended

Jun. 30, 2023

Commitments, Contingencies, and Risks [Abstract]

Note 11. Commitments, Contingencies, and Risks

Commitments: As of June 30, 2023 and December 31, 2022, the Company had $19,475,568 and $25,345,245 in outstanding commitments to direct investments and $1,105,362 and $1,105,362 in outstanding commitments to fund investments, respectively.

June 30, 2023	Outstanding Commitments
Direct Investments
PPC Event Services, Inc.	$	2,752,879
TCP Acquisition, LLC		10,000,000
The Range NYC, LLC (dba Five Iron Golf)		6,722,689
Total Direct Investments	$	19,475,568

Fund Investments
Madryn Select Opportunities, LP	$	1,105,362
Total Fund Investments	$	1,105,362

Total	$	20,580,930

December 31, 2022	Outstanding Commitments
Direct Investments
Gridsource Incorporated, LLC	$	4,166,667
PPC Event Services, Inc.		3,159,041
Rock Gate Capital, LLC (dba 160 Driving Academy)		1,296,848
TCP Acquisition, LLC		10,000,000
The Range NYC, LLC (dba Five Iron Golf)		6,722,689
Total Direct Investments	$	25,345,245

Fund Investments
Madryn Select Opportunities, LP	$	1,105,362
Total Fund Investments	$	1,105,362

Total	$	26,450,607

Management believes that the Company’s available cash balances provide sufficient funds to cover its unfunded commitments as of June 30, 2023 and December 31, 2022.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnification provisions to be remote.

Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company is not currently aware of any such proceedings or disposition that would have a material adverse effect on the Company’s financial statements.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.