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)	June 30, 2025		December 31, 2024
Total unfunded revolving loan commitments	$	688,971	$	315,345
Total unfunded delayed draw loan commitments	$	838,162	$	286,912
Total unfunded revolving and delayed draw loan commitments	$	1,527,133	$	602,257

Total unfunded equity commitments	$	76,479	$	6,080

Total unfunded commitments	$	1,603,612	$	608,337

The Company maintains sufficient borrowing capacity to cover outstanding unfunded portfolio company commitments that the Company may be required to fund.

On May 27, 2025, the Board approved the 2025 Stock Repurchase Program (the "2025 Stock Repurchase Program") under which we may repurchase up to $200 million of our outstanding common stock. Under the 2025 Stock Repurchase Program, purchases may be made at management's discretion from time to time in open-market transactions, in accordance with applicable securities laws and regulations. Unless extended by the Board, the 2025 Stock Repurchase Program will terminate 18-months from the date of the Exchange Listing. For the period ended June 30, 2025, there were no repurchases pursuant to the 2025 Stock Repurchase Program.

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of June 30, 2025, management was not aware of any pending or threatened litigation.