Commitment and Contingencies

As of December 31, 2025, the Company’s unfunded commitments totaled $119.4 million to 33 portfolio companies, of which $13.2 million was dependent upon the applicable portfolio company reaching certain milestones before the debt commitment becomes available to them. As of December 31, 2024, the Company’s unfunded commitments totaled $67.1 million to 22 portfolio companies, of which $0 was dependent upon the applicable portfolio company 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 December 31, 2025 and December 31, 2024:


	December 31, 2025				December 31, 2024
Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Observe, Inc.	$	8,000	$	162	$	—	$	—
All Inspire Health, Inc.	7,000		197		—		—
Eightfold AI, Inc.	7,000		18		—		—
Incode Technologies, Inc.	7,000		126		—		—
ThoughtSpot, Inc.	7,000		119		—		—
Equafin Corp.	6,123		32		—		—
Minted, Inc.	5,714		—		—		—
Etched.ai, Inc.	5,500		—		10,000		350
Artisan AI, Inc.	5,000		46		—		—
Bidgely Inc.	5,000		18		—		—
Rudderstack, Inc	5,000		24		—		—
Union Systems Inc.	5,000		138		—		—
Waymark, Inc.	5,000		28		—		—
Signal Advisors USA, Inc.	4,833		—		—		—
Deep Sentinel Corp.	4,500		—		—		—
Pair Team, PBC	3,600		8		—		—
Simpplr Inc.	3,500		57		—		—
Bitonic Technology Labs, Inc.	3,250		12		—		—
Contoro Inc.	3,000		47		—		—
Earth Services, Inc.	3,000		67		—		—
Total Expert, Inc.	2,500		39		—		—
Muon Space, Inc.	2,131		45		5,000		78
Lightbeam.ai, Inc.	2,000		—		—		—
Lively, Inc.	1,750		34		—		—
Hover Inc.	1,500		34		1,000		14
Radar Labs, Inc.	1,500		22		—		—
Ao1 Holdings, Inc.	1,200		18		2,280		34
Hydrow Inc.	842		—		324		—
Worldwide Freight Logistics Ltd.	753		4		351		4
Planhub Holdings, LLC	438		—		—		—
Panorama Education, Inc.	300		—		2,140		2
Flashparking, Inc.	250		1		250		1
Join Digital, Inc.	175		—		2,100		41
Activehours, Inc.	—		—		10,000		41
Cresta Intelligence, Inc.	—		—		5,000		16
Encore Music Technologies, Inc.	—		—		—		2
Ephemeral Solutions, Inc.	—		—		—		1
Haven Energy Inc.	—		—		2,700		67
Hermeus Corporation	—		—		3,212		36
Karat Financial Technologies, Inc.	—		—		6,719		84
Luxury Presence, Inc.	—		—		5,500		47
Mirelo AI GmbH	—		—		862		17
Ocrolus Inc.	—		—		1,714		22
Overtime Sports, Inc.	—		—		1,143		8
Planet A Foods GmbH	—		—		1,198		24
Quantum Circuits, Inc.	—		—		1,000		10
Thoughtful Automation, Inc.	—		—		4,061		39
Workmate Labs, Inc.	—		—		500		2
Total	$	119,359	$	1,296	$	67,054	$	940

(1)As of December 31, 2025, the Company had a $2.3 million backlog of future commitments. As of December 31, 2024, there was no backlog of future commitments. Refer to the “Backlog of Potential Future Commitments” below.

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 counterparties’ 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 years ended December 31, 2025, 2024 and 2023:


	For the Year Ended December 31,
Commitments Activity (in thousands)	2025		2024		2023
Unfunded commitments at beginning of period(1)	$	67,054	$	72,193	$	142,102
New commitments(1)	246,945		158,640		126,743
Fundings	(145,835)		(129,147)		(93,385)
Expirations / Terminations	(46,723)		(34,831)		(103,414)
Foreign currency adjustments	176		199		147
Unfunded commitments and backlog of potential future commitments at end of period	$	121,617	$	67,054	$	72,193
Backlog of potential future commitments	2,258		—		—
Unfunded commitments at end of period	$	119,359	$	67,054	$	72,193

(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 December 31, 2025 and December 31, 2024:


Unfunded Commitments(1) (in thousands)	December 31, 2025		December 31, 2024
Dependent on milestones	$	13,175	$	—
Expiring during:
2025	$	—	$	55,989
2026	84,075		11,065
2027	24,952		—
2028	$	10,332	$	—
Unfunded commitments	$	119,359	$	67,054

(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 December 31, 2025, the Company had a $2.3 million backlog of future commitments. As of December 31, 2024, there was no backlog of future commitments.