From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding commitments as of the following periods:


	As of
($ in thousands)	March 31, 2025		December 31, 2024
Total unfunded revolving loan commitments	$	1,581,172	$	1,383,540
Total unfunded delayed draw loan commitments	2,326,308		1,716,991
Total unfunded revolving and delayed draw loan commitments	$	3,907,480	$	3,100,531

Total unfunded equity commitments	$	79,105	$	92,214

Total unfunded commitments	$	3,986,585	$	3,192,745

The Adviser has incurred organization and offering costs on behalf of the Company in the amount of $3.3 million for the period from April 22, 2020 (Inception) to March 31, 2025, of which $3.3 million has been charged to the Company pursuant to the Investment Advisory Agreement. Under the Investment Advisory Agreement and Administration Agreement, the Adviser is entitled to receive up to 1.5% of gross offering proceeds raised in the Company’s continuous public offering until all organization and offering costs paid by the Adviser have been recovered. The Adviser is responsible for the payment of the Company’s organization and offering expenses to the extent that these expenses exceed 1.5% of the aggregate gross offering proceeds, without recourse against or reimbursement by the Company.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2025, management was not aware of any pending or threatened litigation.