5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk

SVCP, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC conduct business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the San Francisco area and in New York.

In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the custodian. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company, SVCP, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC enter into contracts that contain a variety of indemnifications, and are engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.

The Consolidated Schedules of Investments include certain revolving loan facilities and other commitments with unfunded balances at June 30, 2025 and December 31, 2024 as follows:


		Unfunded Balances
Issuer	Maturity	June 30, 2025		December 31, 2024
Accordion Partners LLC	11/15/2031	$	826,801	$	984,286
Accordion Partners LLC	11/15/2031		656,191		656,191
Accuserve Solutions, Inc.	3/15/2030		1,970,013		2,273,092
Acquia, Inc.	11/1/2025	N/A			832,182
Alcami Corporation	12/21/2028		1,167,666		1,080,091
ALCV Purchaser, Inc. (AutoLenders)	2/25/2026		448,202	N/A
AlphaSense, Inc.	6/27/2029		4,641,664		4,641,664
Alpine Acquisition Corp II (48Forty)	11/30/2029		171,095		483,992
AmeriLife Holdings, LLC	8/31/2028		680,617		742,492
Applause App Quality, Inc.	10/24/2029		1,046,175		1,307,719
Appriss Health, LLC (PatientPing)	5/6/2027		736,257		736,257
Aras Corporation	4/13/2029		727,344		727,344
Avalara, Inc.	10/19/2028	N/A			270,000
Beekeeper Buyer Inc. (Archway)	6/30/2031		200,000	N/A
Bluefin Holding, LLC (Allvue)	9/12/2029		762,821		762,821
Bonterra LLC (fka CyberGrants Holdings, LLC)	9/8/2027	N/A			200,000
Brown & Settle, Inc.	5/16/2030		507,317	N/A
Bynder Bidco B.V. (Netherlands)	1/26/2029		1,259,424		1,259,424
Bynder Bidco, Inc. (Netherlands)	1/26/2029		346,984		346,984
CareATC, Inc.	3/14/2026		945,362		945,362
Chronicle Parent LLC (Lexitas)	4/15/2031		4,320,988	N/A
Chronicle Parent LLC (Lexitas)	4/15/2031		1,440,329	N/A
Clever Devices Ltd.	6/12/2030		637,255		441,176
Community Merger Sub Debt LLC (CINC Systems)	1/18/2030		428,571		428,571
Crewline Buyer, Inc. (New Relic)	11/8/2030		163,522		163,522
Deepl Se (Germany)	6/26/2030		2,062,124	N/A
Deepl Se (Germany)	6/26/2030		581,163	N/A
Disco Parent, Inc. (Duck Creek Technologies)	3/30/2029		604,041		604,041
DNAnexus, Inc	12/18/2029		18,375,000		18,375,000
Douglas Holdings, Inc (Docupace)	8/27/2030	N/A			3,648,967
Douglas Holdings, Inc (Docupace)	8/27/2030		2,919,174		3,317,243
Douglas Holdings, Inc (Docupace)	8/27/2030		1,164,946		1,589,628
Douglas Holdings, Inc (Docupace)	8/27/2030		1,326,897		1,326,897
Dragos, Inc.	6/30/2030		2,400,000	N/A
Dragos, Inc.	6/30/2030		881,172	N/A
EBS Parent Holdings Inc. (The Difference Card)	7/1/2032		776,367	N/A
EBS Parent Holdings Inc. (The Difference Card)	7/1/2032		258,789	N/A
e-Discovery Acquireco, LLC (Reveal)	8/29/2029		498,714		748,071
Emerald Technologies (U.S.) AcquisitionCo, Inc.	12/29/2026		3,479		829,369
ESO Solutions, Inc.	5/3/2027	N/A			709,962
Express Wash Acquisition Company, LLC (Whistle)	4/10/2031		1,666,615	N/A
FirstUp, Inc	7/13/2027		38,620	N/A

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)


		Unfunded Balances
Issuer	Maturity	June 30, 2025		December 31, 2024
Flexport Capital, LLC	6/30/2029	$	4,333,333	N/A
Fusion Holding Corp. (Finalsite)	9/15/2027		22,428		299,035
Fusion Risk Management, Inc.	5/22/2029		514,286		642,857
G-3 Apollo Acquisition Corp (Appriss Retail)	3/10/2031		1,428,571	N/A
G-3 Apollo Acquisition Corp (Appriss Retail)	3/10/2031		1,276,190	N/A
GTY Technology Holdings Inc.	7/9/2029	N/A			1,016,653
GTY Technology Holdings Inc.	7/9/2029		925,056		394,917
Honey Intermediate, Inc. (iLobby) (Canada)	9/26/2030		2,352,941		2,352,941
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030		322,581		322,581
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030		193,548		193,548
ICIMS, Inc.	8/18/2028		1,232,637		1,160,129
INH Buyer, Inc.	3/2/2026		282,604	N/A
Integrate.com, Inc.	12/17/2027		14,000		14,000
Integrity Marketing Acquisition, LLC	8/25/2028		14,532,289		15,422,318
Intercept Bidco, Inc.	6/3/2030		416,667		416,667
Intercept Bidco, Inc.	6/3/2030		277,778		277,778
James Perse Enterprises, Inc.	9/8/2027		2,232,384		3,006,884
JF Acquisition, LLC (JF Petroleum)	6/18/2030		1,780,604	N/A
JF Acquisition, LLC (JF Petroleum)	6/18/2030		667,727	N/A
Kaseya, Inc.	6/25/2029	N/A			412,951
Kaseya, Inc.	6/25/2029	N/A			416,280
Kellermeyer Bergensons Services, LLC	11/6/2028	N/A			39,048
Lighthouse Parent Holdings, Inc (Aperture)	12/20/2031		5,826,746		5,826,746
Lighthouse Parent Holdings, Inc (Aperture)	12/20/2031		2,330,698		2,330,698
LJ Avalon Holdings, LLC (Ardurra)	2/1/2029		1,121,737		1,121,737
Logicmonitor, Inc	11/19/2031		50,748		50,748
Lucky US BuyerCo, LLC (Global Payments)	3/30/2029		144,517		222,333
Madison Logic Holdings, Inc.	12/30/2027		752,321		752,321
Modigent, LLC (Pueblo)	8/23/2027		337,262		80,100
Modigent, LLC (Pueblo)	8/23/2028		666,503		1,536,784
MRO Parent Corporation	6/9/2032		74,074	N/A
MRO Parent Corporation	6/9/2032		74,074	N/A
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	6/3/2027	N/A			328,745
Oranje Holdco, Inc. (KnowBe4)	2/1/2029		1,646,924		1,646,924
Persado, Inc.	6/10/2027	N/A			101,431
PlayPower, Inc	8/28/2030		1,313,131		1,313,131
Pluralsight, Inc.	8/22/2029		3,775,409		3,775,409
Pluralsight, Inc.	8/22/2029		1,849,410		1,849,410
PMA Parent Holdings, LLC	1/31/2031		750,000		750,000
Rialto Management Group, LLC	12/5/2030		172,414		172,414
Sailpoint Technologies Holdings, Inc.	8/16/2028	N/A			371,281
SellerX Germany GMBH & Co. KG (Germany)	6/18/2029		3,666,564	N/A
SellerX Germany GmbH (Germany)	11/22/2029	N/A			1,346,022
SellerX Germany GmbH (Germany)	10/28/2026		538,409		538,409
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)	5/9/2028		2,190,160		1,460,107
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	3/31/2027	N/A			1,908,116
Serrano Parent, LLC (Sumo Logic)	5/13/2030		697,970		697,970
Skydio, Inc	12/4/2029		6,562,500		6,562,500
Skydio, Inc	12/4/2029		6,562,500		6,562,500
Sonny’s Enterprises, LLC	8/5/2027		87,374		132,940
Spark Buyer, LLC (Sparkstone)	10/15/2031		4,482,759		4,482,759
Spark Buyer, LLC (Sparkstone)	10/15/2031		2,017,241		2,241,379
Spartan Bidco Pty Ltd (StarRez) (Australia)	1/24/2028	N/A			802,885
Spartan Bidco Pty Ltd (StarRez) (Australia)	1/24/2028		802,885	N/A
Stonebridge Companies, LLC	5/16/2031		193,548	N/A
Stonebridge Companies, LLC	5/16/2030		129,032	N/A
Streamland Media Midco LLC	3/31/2029		25,228	N/A

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)


		Unfunded Balances
Issuer	Maturity	June 30, 2025		December 31, 2024
SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)	4/25/2031		8,668,407		8,668,407
Thunder Purchaser, Inc. (Vector Solutions)	6/30/2028		1,352,453		5,409,810
Titan Home Improvement, LLC (Renuity)	5/31/2030		348,837		348,837
Titan Home Improvement, LLC (Renuity)	5/31/2030		290,698		290,698
Trintech, Inc.	7/25/2029		152,143		152,143
Vortex Companies, LLC	9/4/2029		654,447	N/A
Vortex Companies, LLC	9/4/2029		127,446		140,839
Xactly Corporation	7/31/2027		854,898		854,898
Zendesk Inc.	11/22/2028		955,930		1,393,091
Zendesk Inc.	11/22/2028		573,626		573,626
Zilliant Incorporated	12/21/2027		296,296		296,296
Total Unfunded Balances		$	153,564,645	$	143,915,382

From time to time, the Company and the Advisor may be parties to certain legal proceedings incidental to the normal course of our business, including with respect to our investments in our portfolio companies. On September 13, 2023, the Company was named as a defendant, together with the Advisor and certain other funds managed by the Advisor, as well as certain other defendants, in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York. The suit relates to a third-party sponsored collateralized loan obligation in which the Company and certain other defendants invested. The suit alleges that the Company and the other defendants knew or should have known of certain fraudulent activities of the third-party manager relating to its management of the collateralized loan obligation that caused the plaintiffs to suffer investment losses. The suit seeks to recover from the Company approximately $15.1 million, plus interest, additional amounts from the other defendants, and attorneys’ fees and costs from all defendants. The Company, the affiliated funds and the Advisor intend to vigorously defend against these claims. On November 6, 2023, the Company, the affiliated funds, and the Advisor, and certain other defendants filed motions to dismiss the lawsuit, which was fully briefed on February 12, 2024 and was argued in court on March 6, 2024. On November 8, 2024, the court issued a decision, granting in part and denying in part the motion to dismiss. As a result, on December 6, 2024, the plaintiffs filed an amended complaint containing substantially similar allegations but without the claims dismissed by the court. On January 23, 2025, the Company, the Advisor and the funds managed by it, along with other defendants, filed a motion to dismiss one of the counts in the amended complaint. As of the date of this report, the Company and the Advisor cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome, including any potential losses that could result.