v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
As of June 30, 2025 and December 31, 2024, the Company’s unfunded commitments totaled $184.7 million to 19 portfolio companies and $104.5 million to 14 portfolio companies, respectively, of which $27.3 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.
The following table shows the Company’s unfunded commitments by portfolio company as of June 30, 2025 and December 31, 2024:
June 30, 2025December 31, 2024
Unfunded Commitments(1)
(in thousands)
Unfunded CommitmentsFair Value of Unfunded Commitment LiabilityUnfunded CommitmentsFair Value of Unfunded Commitment Liability
Eightfold AI Inc.$25,000 $63 $— $— 
Project Affinity, Inc.25,000 108 5,500 61 
ThoughtSpot, Inc.25,000 425 — — 
Rudderstack, Inc.20,000 98 — — 
Branch Messenger, Inc.16,934 — — — 
Simpplr Inc.15,625 253 — — 
ActiveHours Inc.15,000 61 15,000 61 
Ao1 Holdings Inc.11,003 104 11,003 104 
Minted Inc.9,524 — 8,500 — 
Muon Space, Inc.7,700 166 10,000 155 
Tetrascience, Inc.5,000 — — — 
Hover Inc.4,000 40 4,000 40 
All Inspire Health, Inc.1,000 27 — — 
Eridu Corporation1,000 10 — — 
Equafin Corp.877 4 — — 
Hydrow, Inc.861 — 543 — 
FlashParking, Inc.500 2 500 2 
Panorama Education, Inc.380 — 4,280 — 
Parry Labs, LLC267 — 500 4 
FabFitFun, Inc.— 447 — — 
Corelight, Inc.— — 9,000 301 
Cresta Intelligence Inc.— — 10,000 33 
Ocrolus Inc.— — 2,856 37 
Overtime Sports Inc.— — 22,858 122 
Total$184,671 $1,808 $104,540 $920 
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(1)The Company did not have any backlog of potential future commitments as of June 30, 2025 and December 31, 2024. Refer to the “Backlog of Potential Future Commitments” below.
The table above also shows the fair value of the Company’s unfunded commitment liability totaling $1.8 million and $0.9 million as of June 30, 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 and six months ended June 30, 2025 and 2024:
Commitments Activity
(in thousands)		For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Unfunded commitments at beginning of period(1)
$116,842 $73,101 $104,540 $118,111 
New commitments(1)
160,143 52,000 236,643 62,000 
Fundings(78,509)(38,674)(106,185)(52,174)
Expirations / Terminations(13,805)(15,000)(50,327)(56,510)
Unfunded commitments and backlog of potential future commitments at end of period$184,671 $71,427 $184,671 $71,427 
Backlog of potential future commitments— — — — 
Unfunded commitments at end of period$184,671 $71,427 $184,671 $71,427 
_______________
(1)Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of June 30, 2025 and December 31, 2024:
Unfunded Commitments(1)
(in thousands)
June 30, 2025December 31, 2024
Dependent on milestones$27,300 $9,100 
Expiring during:
2025$19,604 $83,617 
202688,610 20,923 
202776,457 — 
Unfunded commitments$184,671 $104,540 
_______________
(1)Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
Backlog of Potential Future Commitments
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 June 30, 2025 and December 31, 2024, the Company did not have any backlog of potential future commitments.