Commitments and Contingencies
Portfolio Company Commitments
From time to time, the Company may enter into commitments to fund investments in the form of revolving credit, delayed draw, or equity commitments, which require the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. The Company had the following outstanding commitments as of the following periods:
| | | | | | | | | | | |
| As of December 31, 2025 | | As of December 31, 2024 |
| Total unfunded revolving loan commitments | $ | 888,190 | | | $ | 673,576 | |
| Total unfunded delayed draw loan commitments | 652,746 | | | 607,998 | |
| | | |
| Total unfunded debt commitments | $ | 1,540,936 | | | $ | 1,281,574 | |
| | | |
| Total unfunded specialty finance equity commitments | $ | 129,076 | | | $ | 158,259 | |
| Total unfunded common equity commitments | 4,946 | | | — | |
| Total unfunded equity commitments | $ | 134,022 | | | $ | 158,259 | |
| | | |
Total Unfunded Commitments | $ | 1,674,958 | | | $ | 1,439,833 | |
As of December 31, 2025, the Company believed they had adequate financial resources to satisfy the unfunded portfolio company commitments.
Other Commitments and Contingencies
On November 1, 2022, the Board approved the 2022 Stock Repurchase Program (the “2022 Stock Repurchase Program”) under which the Company may repurchase up to $150 million of the Company’s outstanding common stock. Under the 2022 Stock Repurchase Program, purchases were made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. On May 2, 2024, the 2022 Stock Repurchase Program ended in accordance with its terms. While the 2022 Stock Repurchase Program was in effect, the agent repurchased 4,090,138 shares of common stock pursuant to the 2022 Stock Repurchase Program for approximately $50.0 million.
On May 6, 2024, the Board approved the 2024 Stock Repurchase Program (the “2024 Stock Repurchase Program”) under which the Company may repurchase up to $150 million of the Company’s common stock. Under the 2024 Stock Repurchase Program, purchases may be made at management's discretion from time to time in open-market transactions, in accordance with all applicable rules and regulations. On November 6, 2025, the 2024 Stock Repurchase Program ended in accordance with its terms. For the year ended December 31, 2025, there were no repurchases under the 2024 Stock Repurchase Program.
On November 4, 2025, the Board approved a repurchase program (the “2025 Stock Repurchase Program”) under which the Company may repurchase up to $200.0 million of the Company’s common stock. Under the 2025 Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, including pursuant to trading plans with investment banks pursuant to Rule 10b5-1 of the Exchange Act, in accordance with all applicable rules and regulations. Unless extended by the Board, the 2025 Stock Repurchase Program will terminate 18-months from the date it was approved. Refer to “Note 9 — Net Assets” for additional details on repurchases made during 2025.
From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At December 31, 2025, management was not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.