v3.26.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
As of September 30, 2026 and December 31, 2025, the Company’s unfunded commitments totaled $171.6 million to 26 portfolio companies and $260.4 million to 25 portfolio companies, respectively, of which $14.8 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.
The following table shows the Company’s unfunded commitments by portfolio company as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Unfunded Commitments(1)
(in thousands)
Unfunded CommitmentsFair Value of Unfunded Commitment LiabilityUnfunded CommitmentsFair Value of Unfunded Commitment Liability
Eightfold AI Inc.$25,000 $580 $25,000 $63 
Project Affinity, Inc.25,000 108 25,000 108 
Bidgely Inc.20,000 72 20,000 72 
Branch Messenger, Inc.17,426 — 16,933 — 
Minted, Inc.14,286 — 14,286 — 
NetSPI Midco Corporation12,500 — — — 
Muon Space, Inc.10,000 — 4,264 93 
Bitonic Technology Labs, Inc.8,000 22 11,750 43 
Pair Team, PBC7,500 38 14,400 33 
Etched.AI, Inc.6,000 — 25,500 — 
TakeOne Network Corp.5,000 104 — — 
ThoughtSpot, Inc.5,000 47 25,000 425 
Lively, Inc.3,250 63 3,250 63 
Hover Inc.2,400 24 6,000 60 
Incode Technologies, Inc.2,000 26 25,000 433 
All Inspire Health, Inc.1,333 28 1,000 27 
Encharge AI, Inc.1,000 28 1,000 28 
Eridu Corporation1,000 28 — — 
Heron Power Electronics Company1,000 6 — — 
Signal Advisors USA, Inc.867 — 966 — 
Planhub Holdings, LLC750 — 1,313 — 
HeyAutofill, Inc.600 10 — — 
Freed Inc.500 1 — — 
Panorama Education, Inc.500 — 600 — 
Parry Labs, LLC500 — 267 — 
Haus Analytics Inc.167 3 — — 
Rudderstack, Inc.— — 20,000 98 
Simpplr Inc.— — 12,500 203 
Ao1 Holdings Inc.— — 3,633 55 
Hydrow, Inc.— — 1,410 — 
Equafin Corp.— — 877 4 
FlashParking, Inc.— — 500 2 
Total$171,579 $1,188 $260,449 $1,810 
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(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 September 30, 2026. Refer to “Backlog of Potential Future Commitments” below.
The table above also shows the fair value of the Company’s unfunded commitment liability totaling $1.2 million and $1.8 million as of September 30, 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 and nine months ended September 30, 2026 and 2025:
Commitments Activity
(in thousands)		For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Unfunded commitments at beginning of period(1)
$140,638 $184,671 $260,782 $104,540 
New commitments(1)
43,000 181,766 73,750 418,409 
Fundings(716)(88,170)(75,093)(194,355)
Expirations / Terminations(11,343)(14,540)(87,860)(64,867)
Unfunded commitments and backlog of potential future commitments at end of period$171,579 $263,727 $171,579 $263,727 
Backlog of potential future commitments— — — — 
Unfunded commitments at end of period$171,579 $263,727 $171,579 $263,727 
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(1)Includes backlog of potential future commitments. Refer to “Backlog of Potential Future Commitments” below.
The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of September 30, 2026 and December 31, 2025:
Unfunded Commitments(1)
(in thousands)
September 30, 2026December 31, 2025
Dependent on milestones$14,833 $50,700 
Expiring during:
2026$53,983 $150,851 
2027109,729 83,131 
20287,867 26,467 
Unfunded commitments$171,579 $260,449 
_______________
(1)Does not include backlog of potential future commitments. Refer to “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 are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of September 30, 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.