XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
As of March 31, 2025 and December 31, 2024, the Company’s unfunded commitments totaled $70.6 million to 21 portfolio companies and $67.1 million to 22 portfolio companies, respectively, of which $5.0 million and none, respectively, were 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 March 31, 2025 and December 31, 2024:
March 31, 2025December 31, 2024
Unfunded Commitments(1)
(in thousands)
Unfunded CommitmentsFair Value of Unfunded Commitment LiabilityUnfunded CommitmentsFair Value of Unfunded Commitment Liability
Activehours, Inc.$10,000 $41 $10,000 $41 
Etched.ai, Inc.10,000 350 10,000 350 
Eridu Corporation7,000 110 — — 
Thoughtspot, Inc.7,000 119 — — 
Luxury Presence, Inc.5,500 47 5,500 47 
Cresta Intelligence, Inc.5,000 16 5,000 16 
Muon Space, Inc.5,000 78 5,000 78 
Earth Funeral Group, Inc.5,000 112 — — 
Thoughtful Automation, Inc.4,061 39 4,061 39 
Ao1 Holdings, Inc.2,280 34 2,280 34 
Hermeus Corporation2,272 26 3,212 36 
Ocrolus Inc.1,714 22 1,714 22 
Planet A Foods GmbH1,248 25 1,198 24 
Hover Inc.1,000 14 1,000 14 
Quantum Circuits, Inc.1,000 10 1,000 10 
Worldwide Freight Logistics Ltd.724 4 351 4 
Workmate Labs, Inc.500 2 500 2 
Mirelo AI GmbH449 10 862 17 
Hydrow Inc.439 — 324 — 
Flashparking, Inc.250 1 250 1 
Panorama Education, Inc.190 2 2,140 2 
Karat Financial Technologies, Inc.— — 6,719 84 
Haven Energy Inc.— — 2,700 67 
Join Digital, Inc.— — 2,100 41 
Overtime Sports, Inc.— — 1,143 8 
Ephemeral Solutions, Inc.— — — 1 
Encore Music Technologies, Inc.— 2 — 2 
Total$70,627 $1,064 $67,054 $940 
_______________
(1)As of March 31, 2025 and December 31, 2024, the Company did not have any backlog of potential 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 for the periods presented:
For the Three Months Ended March 31,
Commitments Activity (in thousands)20252024
Unfunded commitments at beginning of period(1)
$67,054 $72,193 
New commitments(1)
28,000 24,136 
Fundings(17,494)(28,606)
Repayments under existing revolvers839 — 
Expirations / Terminations(7,862)(17,003)
Foreign currency adjustments90 (4)
Unfunded commitments and backlog of potential future commitments at end of period$70,627 $50,716 
Backlog of potential future commitments— — 
Unfunded commitments at end of period$70,627 $50,716 
_______________
(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 March 31, 2025 and December 31, 2024:
Unfunded Commitments(1)
(in thousands)
March 31, 2025December 31, 2024
Dependent on milestones$5,000 $— 
Expiring during:
202547,024 55,989 
202623,603 11,065 
Unfunded commitments$70,627 $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 March 31, 2025 and December 31, 2024, the Company did not have any backlog of potential future commitments.