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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

Note 7: Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. As of December 31, 2024 and December 31, 2023, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of December 31, 2024 and December 31, 2023, management is not aware of any pending or threatened material litigation.

The Company may, from time to time, enter into commitments to fund investments. As of December 31, 2024 and December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:

 

 

December 31, 2024

 

 

December 31, 2023

 

Unfunded delayed draw term loan commitments

 

$

29,064,659

 

 

$

8,336,031

 

Unfunded revolver obligations

 

 

6,099,927

 

 

 

6,067,963

 

Total Unfunded

 

$

35,164,586

 

 

$

14,403,994

 

 

The Consolidated Schedule of Investments include certain delayed draw and revolving loan facilities with unfunded balances at December 31, 2024 and December 31, 2023, as follows:

 

Issuer

 

Commitment Type

 

Commitment Expiration Date

 

Unfunded Commitment as of December 31, 2024

 

 

Fair Value as of December 31, 2024

 

Array Midco, Corp.

 

Delayed Draw Term Loan

 

12/31/2029

 

 

12,785,196

 

 

 

(127,782

)

Best Practices Associates, L.L.C.

 

Revolver

 

11/8/2029

 

 

2,589,371

 

 

 

(90,628

)

BP Loenbro Holdings Inc

 

Delayed Draw Term Loan

 

2/1/2029

 

 

1,834,862

 

 

 

-

 

BP Loenbro Holdings Inc

 

Revolver

 

2/1/2029

 

 

1,100,917

 

 

 

-

 

MEI Buyer LLC

 

Revolver

 

6/29/2029

 

 

2,409,639

 

 

 

(37,349

)

Voltagrid LLC

 

Delayed Draw Term Loan

 

8/28/2025

 

 

3,453,751

 

 

 

(33,329

)

CC Interholdings LLC

 

Delayed Draw Term Loan

 

12/31/2029

 

 

10,084,811

 

 

 

(62,584

)

Kelso Industries LLC

 

Delayed Draw Term Loan

 

12/30/2029

 

 

401,235

 

 

 

(6,019

)

Tank Holding Corp.

 

Delayed Draw Term Loan

 

3/31/2028

 

 

245,604

 

 

 

(4,912

)

The Action Environmental Group, Inc.

 

Delayed Draw Term Loan

 

10/24/2030

 

 

259,200

 

 

 

2,592

 

Total Unfunded Balances

 

 

 

 

 

$

35,164,586

 

 

$

(360,011

)

 

Issuer

 

Commitment Type

 

Commitment Expiration Date

 

Unfunded Commitment as of December 31, 2023

 

 

Fair Value as of December 31, 2023

 

Aramsco, Inc.

 

Delayed Draw Term Loan

 

10/10/2030

 

 

445,545

 

 

 

(927

)

Imagefirst Holdings, LLC

 

Delayed Draw Term Loan

 

4/27/2028

 

 

666,667

 

 

 

(3,333

)

MEI Buyer LLC

 

Delayed Draw Term Loan

 

6/29/2029

 

 

2,409,639

 

 

 

(48,313

)

MEI Buyer LLC

 

Revolver

 

6/29/2029

 

 

2,602,410

 

 

 

(73,778

)

PetVet Care Centers, LLC

 

Delayed Draw Term Loan

 

11/15/2029

 

 

1,768,583

 

 

 

(17,354

)

PetVet Care Centers, LLC

 

Revolver

 

11/15/2030

 

 

1,768,583

 

 

 

(34,430

)

RSC Acquisition Inc

 

Delayed Draw Term Loan

 

11/1/2029

 

 

1,638,571

 

 

 

(16,386

)

Ryan LLC

 

Delayed Draw Term Loan

 

11/14/2030

 

 

190,476

 

 

 

417

 

Sales Performance International, LLC

 

Revolver

 

8/24/2028

 

 

1,696,970

 

 

 

(32,893

)

Tank Holding Corp

 

Delayed Draw Term Loan

 

3/31/2028

 

 

1,086,115

 

 

 

(46,160

)

The Action Environmental Group

 

Delayed Draw Term Loan

 

10/24/2030

 

 

130,435

 

 

 

326

 

Total Unfunded Balances

 

 

 

 

 

$

14,403,994

 

 

$

(272,831

)