As of March 31, 2026 and December 31, 2025, the Company’s unfunded commitments totaled $206.8 million to 24 portfolio companies and $260.4 million to 25 portfolio companies, respectively, of which $51.0 million and $50.7 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.


	March 31, 2026				December 31, 2025
Unfunded Commitments(1) (in thousands)	Unfunded Commitments		Fair Value of Unfunded Commitment Liability		Unfunded Commitments		Fair Value of Unfunded Commitment Liability
Etched.AI, Inc.	$	25,500	$	—	$	25,500	$	—
Eightfold AI Inc.	25,000		63		25,000		63
Project Affinity, Inc.	25,000		108		25,000		108
Bidgely Inc.	20,000		72		20,000		72
Rudderstack, Inc.	20,000		98		20,000		98
Branch Messenger, Inc.	17,426		—		16,933		—
Minted Inc.	14,286		—		14,286		—
Incode Technologies, Inc.	13,500		386		25,000		433
Simpplr Inc.	12,500		203		12,500		203
Pair Team, PBC	10,400		12		14,400		33
Bitonic Technology Labs, Inc.	8,000		22		11,750		43
Lively, Inc.	3,250		63		3,250		63
Hover Inc.	2,400		24		6,000		60
Hydrow, Inc.	1,514		—		1,410		—
All Inspire Health, Inc.	1,333		28		1,000		27
Planhub Holdings, LLC	1,125		—		1,313		—
Encharge AI, Inc.	1,000		28		1,000		28
Signal Advisors USA, Inc.	966		—		966		—
Muon Space, Inc.	893		19		4,264		93
Equafin Corp.	877		5		877		4
Panorama Education, Inc.	600		—		600		—
FlashParking, Inc.	500		2		500		2
Freed Inc.	500		1		—		—
Parry Labs, LLC	267		—		267		—
Ao1 Holdings Inc.	—		—		3,633		55
ThoughtSpot, Inc.	—		—		25,000		425





















Total	$	206,837	$	1,134	$	260,449	$	1,810

(1)Does not include a $0.3 million of backlog of potential future commitments as of December 31, 2025. The Company did not have any backlog of future commitments as of March 31, 2026. 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 $1.1 million and $1.8 million as of March 31, 2026 and December 31, 2025, 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 months ended March 31, 2026 and 2025:


Commitments Activity (in thousands)	For the Three Months Ended March 31,
		2026		2025
Unfunded commitments at beginning of period(1)		$	260,782	$	104,540
New commitments(1)		1,000		76,500
Fundings		(26,542)		(27,676)
Expirations / Terminations		(28,403)		(36,522)

Unfunded commitments and backlog of potential future commitments at end of period		$	206,837	$	116,842
Backlog of potential future commitments		—		—
Unfunded commitments at end of period		$	206,837	$	116,842

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 March 31, 2026 the Company did not have any backlog of potential future commitments. As of December 31, 2025, the Company had a $0.3 million backlog of potential future commitments.