As of March 31, 2025 and December 31, 2024, the Company’s unfunded commitments totaled $116.8 million to 15 portfolio companies and $104.5 million to 14 portfolio companies, respectively, of which $19.1 million and $9.1 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them.

The Company’s credit agreements contain customary lending provisions that allow it relief from funding obligations for previously made commitments in instances where the underlying company experiences material adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.


	March 31, 2025				December 31, 2024
Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
ThoughtSpot, Inc.	$	25,000	$	425	$	—	$	—
Branch Messenger, Inc.	22,500		74		—		—
Activehours, Inc. (d/b/a Earnin)	15,000		61		15,000		61
Ao1 Holdings Inc.	11,003		104		11,003		104
Cresta Intelligence Inc.	10,000		33		10,000		33
Muon Space, Inc.	10,000		156		10,000		155
Minted, Inc.	8,500		—		8,500		—
Tetrascience, Inc.	5,000		—		—		—
Hover Inc.	4,000		40		4,000		40
Ocrolus Inc.	2,857		37		2,856		37
Eridu Corporation	1,000		10		—		—
Hydrow, Inc.	735		—		543		—
FlashParking, Inc.	500		2		500		2
Panorama Education, Inc.	380		—		4,280		—
Parry Labs, LLC	367		—		500		4
Project Affinity, Inc.	—		61		5,500		61
Overtime Sports Inc.	—		—		22,858		122
Corelight, Inc.	—		—		9,000		301


































Total	$	116,842	$	1,003	$	104,540	$	920

The table above also shows the fair value of the Company’s unfunded commitment liability totaling $1.0 million and $0.9 million as of March 31, 2025 and December 31, 2024, respectively. The fair value at the inception of the delay draw credit agreements is equal to the fees and warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in “Other accrued expenses and liabilities” in the Company’s consolidated statements of assets and liabilities.

These liabilities are considered Level 3 liabilities under ASC Topic 820 as there is no known or accessible market or market indices for these types of financial instruments. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. The following table shows additional details regarding the Company's unfunded commitment activity during the three months ended March 31, 2025 and 2024:


Commitments Activity (in thousands)	For the Three Months Ended March 31,
		2025		2024
Unfunded commitments at beginning of period(1)		$	104,540	$	118,111
New commitments(1)		76,500		10,000
Fundings		(27,676)		(13,500)
Expirations / Terminations		(36,522)		(41,510)

Unfunded commitments and backlog of potential future commitments at end of period		$	116,842	$	73,101
Backlog of potential future commitments		—		—
Unfunded commitments at end of period		$	116,842	$	73,101


Unfunded Commitments(1) (in thousands)	March 31, 2025		December 31, 2024
Dependent on milestones	$	19,100	$	9,100
Expiring during:

2025	$	43,260	$	83,617
2026	51,082		20,923
2027	22,500		—
Unfunded commitments	$	116,842	$	104,540

The Company may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of March 31, 2025 and December 31, 2024, the Company did not have any backlog of potential future commitments.