The Company has various commitments to fund investments in its portfolio as described below. As of June 30, 2025 and December 31, 2024, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to fund which are at (or substantially at) the Company’s discretion:


	As of
	June 30, 2025		December 31, 2024
Total revolving loan commitments	$	2,469	$	2,254
Less: funded commitments	(539)		(529)
Less: unavailable revolving loan commitments due to borrowing base or other covenant restrictions	(12)		(1)

Total net unfunded revolving loan commitments	1,918		1,724

Total unfunded delayed draw loan commitments	2,320		2,193
Less: unavailable delayed draw loan commitments due to borrowing base or other covenant restrictions	(15)		(22)

Total net unfunded delayed draw loan commitments	2,305		2,171
Total net unfunded revolving and delayed draw loan commitments	$	4,223	$	3,895

The Company’s commitment to fund delayed draw loans is generally triggered upon the satisfaction of certain pre-negotiated terms and conditions. Generally, the most significant and uncertain term requires the borrower to satisfy a specific use of proceeds covenant. The use of proceeds covenant typically requires the borrower to use the additional loans for the specific purpose of a permitted acquisition or permitted investment, for example. In addition to the use of proceeds covenant, the borrower is generally required to satisfy additional negotiated covenants (including specified leverage levels).

Also included within the total revolving loan commitments as of June 30, 2025 were commitments to issue up to $507 in letters of credit through a financial intermediary on behalf of certain portfolio companies. As of June 30, 2025, the Company had $94 in letters of credit issued and outstanding under these commitments on behalf of the portfolio companies. For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $53 expire in 2025 and $41 expire in 2026.

The Company also has commitments to co-invest in the SDLP for the Company’s portion of the SDLP’s commitments to fund delayed draw loans to certain portfolio companies of the SDLP. See Note 4 for more information.

As of June 30, 2025 and December 31, 2024, the Company was party to agreements to fund equity investment commitments as follows:


	As of
	June 30, 2025		December 31, 2024
Total equity commitments	$	154	$	191
Less: funded equity commitments	(39)		(88)
Total unfunded equity commitments	115		103
Less: equity commitments substantially at discretion of the Company	(43)		(43)
Total net unfunded equity commitments	$	72	$	60

In the ordinary course of business, the Company may sell certain of its investments to third party purchasers. In particular, in connection with the sale of certain controlled portfolio company equity investments (as well as certain other sales) the Company has, and may continue to do so in the future, agreed to indemnify such purchasers for future liabilities arising from the investments and the related sale transaction. Such indemnification provisions have given rise to liabilities in the past and may do so in the future.

In addition, in the ordinary course of business, the Company may guarantee certain obligations in connection with its portfolio companies (in particular, certain controlled portfolio companies). Under these guarantee arrangements, payments may be required to be made to third parties if such guarantees are called upon or if the portfolio companies were to default on their related obligations, as applicable.