KKR Enhanced Us Direct Lending Fund-L

05/12/2026 | Press release | Distributed by Public on 05/12/2026 14:28

Quarterly Report for Quarter Ending MARCH 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations.
(in thousands, except share and per share amounts and percentages)
The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. In this report, "we," "us," "our" and the "Company" refer to KKR Enhanced US Direct Lending Fund-L Inc. and the "Adviser" refers to KKR Credit Advisors (US) LLC.
Forward-Looking Statements
This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. We are externally managed by the Adviser, a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and a subsidiary of KKR & Co. Inc. (together with the Adviser and its other affiliates, "KKR"). Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "potential," "predicts," and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:
• our future operating results;
• our business prospects and the prospects of our portfolio companies;
• risk associated with possible disruptions in our operations or the economy generally;
• changes in the general interest rate environment;
• general economic, political and industry trends and other external factors, including uncertainty surrounding
the financial and political stability of the United States and other countries;
• our contractual arrangements and relationships with third parties;
• actual and potential conflicts of interest with our Adviser and its affiliates;
• the dependence of our future success on the general economy and its effect on the industries in which we invest;
• the ability of our portfolio companies to achieve their objectives;
• the use of borrowed money to finance a portion of our investments;
• the adequacy of our financing sources and working capital;
• the timing and amount of cash flows, if any, from the operations of our portfolio companies;
• the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;
• the ability of our Adviser and its affiliates to attract and retain highly talented professionals;
• our ability to qualify and maintain our qualification as a BDC and as a RIC under the Code;
• the impact on our business of U.S. and international financial reform legislation, rules and regulations;
• the effect of changes in tax laws and regulations and interpretations thereof.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in
this report should not be regarded as a representation by us that our plans and objectives will be achieved. This report contains forward-looking statements, which may relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those described or identified in the section entitled "Item 1A. Risk Factors" and elsewhere in this report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we may file with the SEC in the future, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview
We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. We are externally managed by the Adviser, which manages our day-to-day operations and provides us with investment advisory and administrative services pursuant to the terms of the Investment Advisory Agreement and the Administration Agreement. The Adviser is registered as an investment adviser with the SEC. We were formed as a Delaware statutory trust on December 22, 2023 and converted into a Delaware corporation on April 19, 2024. After the conversion, we also elected to be treated for U.S. federal income tax purposes, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code.
The Adviser oversees (subject to the oversight of the Board, a majority of whom are Independent Directors) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Investment Advisory Agreement. For the services it provides to us, the Adviser receives an annual fee, payable monthly by us, in an amount equal to 1.25% of our month end net assets. The Adviser has agreed to reduce its management fee to an annual rate of 0.00% of our month end net assets. The Management Fee Waiver may be terminated only upon 60 days' notice by the Board or the Adviser.
We are conducting the continuous Private Offering of our Common Shares in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act.
Investments
Our level of investment activity can and is expected to vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.
Revenues
We plan to principally generate revenues in the form of interest income on the debt investments we hold, as well as dividends and other distributions on the equity or other securities we hold. In addition, we plan to generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, monitoring fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees.
Expenses
Our primary operating expenses will include interest expense from financing arrangements and other indebtedness and other expenses necessary for our operations. The Adviser has agreed to reduce its management fee to an annual rate of 0.00% of our month end net assets. The Management Fee Waiver may be terminated only upon 60 days' notice by the Board or the Adviser. See "Item 1. Financial Statements - Note 4 - Agreements and Related Party Transactions" for additional information.
Portfolio Investment Activity
Total Portfolio Activity
The following table presents certain selected information regarding our portfolio investment activity for the three months ended March 31, 2026 and March 31, 2025:
Net Investment Activity For the Three Months Ended
March 31, 2026 		For the Three Months Ended
March 31, 2025
Purchases $ 73,965 $ 147,686
Paid-in-kind interest 497 583
Sales and Repayments (50,508) (15,717)
Net Investment Activity $ 23,954 $ 132,552
The following tables summarize the composition of our investment portfolio at cost and fair value as of March 31, 2026 and December 31, 2025:
March 31, 2026 (Unaudited) December 31, 2025
Cost Fair Value Percentage of Portfolio Cost Fair Value Percentage of Portfolio
Senior Secured Loans - First Lien $ 1,320,397 $ 1,311,638 98.6 % $ 1,295,967 $ 1,303,361 95.6 %
Subordinated Debt 765 642 0.1 % 743 743 0.1 %
Equity 2,459 453 - % 2,459 942 0.1 %
Money Market Fund 17,207 17,207 1.3 % 56,856 56,856 4.2 %
Total $ 1,340,828 $ 1,329,940 100.0 % $ 1,356,025 $ 1,361,902 100.0 %
The following table presents certain selected information regarding the composition of our investment portfolio as of March 31, 2026 and December 31, 2025:
March 31, 2026 (Unaudited) December 31, 2025
Number of Portfolio Companies 87 86
% Variable Rate Debt Investments (based on fair value)(1)(4)
99.1 % 99.9 %
% of Investments on Non-Accrual (based on fair value) 0.9 % 0.1 %
Weighted Average Annual Yield on Accruing Debt Investments(1)(2)(3)
8.5 % 8.8 %
Weighted Average Annual Yield on All Debt Investments(1)(4)
8.6 % 8.9 %
__________________
(1)"Debt Investments" means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.
(2)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of March 31, 2026 or December 31, 2025, as applicable, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of March 31, 2026 or December 31, 2025, as applicable.
(3)Does not include investments on non-accrual status.
(4)The Weighted Average Annual Yield on All Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of
March 31, 2026 and December 31, 2025, as applicable, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of March 31, 2026 and December 31, 2025, as applicable.
For the three months ended March 31, 2026, our total return based on NAV was 0.52%. See footnote 3 to the table included in Note 9 - Financial Highlights to our unaudited consolidated financial statements included herein for information regarding the calculation of our total return based on NAV. See footnote 3 to the table included in Note 9 - Financial Highlights to our unaudited consolidated financial statements included herein for information regarding the calculation of our total return based on NAV.
Portfolio Composition by Industry Classification
The table below describes investments, excluding money market funds, by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of March 31, 2026 and December 31, 2025:
March 31, 2026 (Unaudited) December 31, 2025
Industry Classification Fair Value Percentage of Portfolio Fair Value Percentage of Portfolio
Systems Software $ 165,645 12.5 % $ 152,163 11.6 %
Construction & Engineering 119,499 9.1 % 114,715 8.8 %
Diversified Support Services 116,842 8.9 % 132,155 10.1 %
Application Software 111,320 8.5 % 112,126 8.6 %
Insurance Brokers 84,358 6.4 % 73,174 5.6 %
Environmental & Facilities Services 69,796 5.3 % 67,565 5.2 %
Health Care Services 65,254 5.0 % 65,059 5.0 %
Asset Management & Custody Banks 49,275 3.8 % 49,242 3.8 %
Air Freight & Logistics 48,380 3.7 % 48,106 3.7 %
Specialized Consumer Services 46,382 3.5 % 45,702 3.5 %
Aerospace & Defense 38,023 2.9 % 37,649 2.9 %
Electrical Components & Equipment 34,868 2.7 % 35,545 2.7 %
Health Care Technology 35,481 2.7 % 35,850 2.7 %
Trading Companies & Distributors 34,168 2.6 % 21,726 1.7 %
Health Care Supplies 31,777 2.4 % 32,358 2.5 %
Consumer Finance 31,373 2.4 % 28,755 2.2 %
Property & Casualty Insurance 29,161 2.2 % 29,809 2.3 %
Interactive Media & Services 22,801 1.7 % 22,923 1.8 %
Research & Consulting Services 22,271 1.7 % 22,586 1.7 %
Specialty Chemicals 20,439 1.6 % 20,580 1.6 %
Leisure Facilities 19,052 1.5 % 19,251 1.5 %
Education Services 17,241 1.3 % 16,666 1.3 %
Cargo Ground Transportation 14,690 1.1 % 15,015 1.2 %
Human Resource & Employment Services 13,761 1.0 % 13,824 1.1 %
Commercial & Residential Mortgage Finance 12,295 0.9 % 12,294 0.9 %
Health Care Equipment 10,800 0.8 % 10,663 0.8 %
Internet Services & Infrastructure 7,487 0.6 % 7,685 0.6 %
Personal Care Products 7,766 0.6 % 7,886 0.6 %
Health Care Facilities 4,890 0.4 % 5,010 0.4 %
Food Distributors 4,649 0.4 % 4,520 0.3 %
Highways & Railtracks 5,619 0.4 % 5,696 0.4 %
Diversified Financial Services 5,394 0.4 % 5,570 0.4 %
Hotels, Resorts & Cruise Lines 4,613 0.4 % 4,462 0.3 %
Construction Machinery & Heavy Transportation Equipment 4,181 0.3 % 4,192 0.3 %
IT Consulting & Other Services 2,294 0.2 % 2,610 0.2 %
Electronic Equipment & Instruments 888 0.1 % 970 0.1 %
Publishing - - % 20,944 1.6 %
Total $ 1,312,733 100.0 % $ 1,305,046 100.0 %
Results of Operations
Revenues
Our investment income for the three months ended March 31, 2026 and March 31, 2025 were as follows:
For the Three Months Ended
March 31, 2026 		For the Three Months Ended
March 31, 2025
Amount Percentage of Total Income Amount Percentage of Total Income
Interest income $ 27,919 93.7 % $ 19,900 91.7 %
Interest income - PIK 497 1.7 % 583 2.7 %
Fee income 1,383 4.6 % 1,226 5.6 %
Total investment income $ 29,799 100.0 % $ 21,709 100.0 %
The level of interest income and other income we received was primarily driven by our deployment of capital. We expect the dollar amount of interest that we earn to increase as the size of our investment portfolio increases.
The increase in interest and PIK income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily due to the increase in the size of our investment portfolio. The change in fee income is primarily related to changes in deal activity during the respective periods.
Expenses
Our operating expenses for the three months ended March 31, 2026 and March 31, 2025 were as follows:
For the Three Months Ended
March 31, 2026 		For the Three Months Ended
March 31, 2025
Interest expense $ 9,690 $ 7,480
Management fee 2,182 1,370
Professional fees 493 571
Administration and custody fees 126 86
Directors' fees 18 18
Other expenses 74 62
Total operating expenses 12,583 9,587
Less: Fees waived by the Adviser (2,182) (1,370)
Net operating expenses $ 10,401 $ 8,217
Interest expense, among other things, is the main driver of net operating expenses, which may increase or decrease depending on investment activities, changes in amounts outstanding under our financing arrangement and benchmark interest rates such as SOFR, among other factors.
The increase in expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily due to an increase in the size of our investment portfolio, which increased the acceleration of our operational activity during the three months ended March 31, 2026, and the incurrence of additional borrowings under the Citibank Credit Facility and BNP Credit Facility (each as defined below), which increased interest expense.
Net Investment Income
Our net investment income for the three months ended March 31, 2026 and March 31, 2025 were as follows:
For the Three Months Ended
March 31, 2026 		For the Three Months Ended
March 31, 2025
Total investment income $ 29,799 $ 21,709
Net operating expenses 10,401 8,217
Net investment income $ 19,398 $ 13,492
The increase in net investment income for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily due to an increase in interest and fee income earned due to increased size of our investment portfolio, which is offset by the interest expense discussed above.
Net Realized Gains or Losses
Our net realized gains (losses) on investments and foreign currency for the three months ended March 31, 2026 and March 31, 2025 were as follows:
For the Three Months Ended
March 31, 2026 		For the Three Months Ended
March 31, 2025
Net realized gains (losses) on investments and foreign currencies $ 337 $ 268
Total net realized gains (losses) $ 337 $ 268
Our realized gains (losses) on investments for the three months ended March 31, 2026 and March 31, 2025 were derived from the acceleration of OID from repayment activities and the sale of investments.
Net Change in Unrealized Appreciation (Depreciation)
Our net change in unrealized appreciation (depreciation) on investments and foreign currency for the three months ended March 31, 2026 and March 31, 2025 were as follows:
For the Three Months Ended
March 31, 2026 		For the Three Months Ended
March 31, 2025
Net change in unrealized appreciation (depreciation) on investments and foreign currencies $ (16,297) $ 1,718
Benefit (provision) for income taxes 190 -
Total net change in unrealized appreciation (depreciation) $ (16,107) $ 1,718
Our net change in unrealized depreciation in our investments for the three months ended March 31, 2026 and March 31, 2025 was primarily due to depreciation in the value of several specific assets in the portfolio as determined in accordance with our best estimate of fair value.
Financial Condition, Liquidity and Capital Resources
Overview
We intend to generate cash primarily from the net proceeds from the Private Offering and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of the Private Offering. Our primary use of cash will be investments in portfolio companies, payments of our expenses, payment of cash distributions to our shareholders and repurchases of our Common Shares under our share repurchase program.
For the three months ended March 31, 2026 and March 31, 2025, we had received capital subscriptions of $13,098 and $92,935, respectively, from the investors in the Private Offering.
As of March 31, 2026, we had $35,736 in cash and cash equivalents, which we held in custodial accounts and money market fund accounts with financial institutions. As of March 31, 2026, we had aggregate unfunded commitments of $281,599. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.
Financing Arrangements
We intend to utilize leverage to finance our investments. The amount of leverage that we employ will be subject to the restrictions of the 1940 Act and the supervision of our Board of Directors. At the time of any proposed borrowing, the amount of leverage we employ will also depend on our Adviser's assessment of market and other factors.
We may establish credit facilities in addition to the Citibank Credit Facility and BNP Credit Facility (each as defined below) or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over a specified reference rate. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets (and the ability to enforce the payment thereof) and may ask us to comply with positive or negative covenants that could have an effect on our operations.
On April 1, 2024, KKR Enhanced US EVDL Funding LLC, our wholly-owned subsidiary, entered into a secured revolving credit facility agreement (the "Citibank Credit Facility") with Citibank, N.A., as lender, to borrow up to $600.0 million, with options to increase the financing commitment up to $1.25 billion. In the absence of any events of default, the borrowing and repayment period will terminate on April 1, 2028. Subsequent to this period, outstanding borrowings are subject to periodic mandatory repayments through the final maturity date of March 30, 2030.
The Citibank Credit Facility accrues interest based on the Secured Overnight Financing Rate, or a base rate applicable to each currency's borrowing, plus a spread of 1.85%. Commitment fees accrue at a rate of 0.50%, 1.25%, or 1.50%, depending on the utilization levels. The Citibank Credit Facility contains certain financial, collateral, and operating covenants that require the maintenance of ratios and benchmarks throughout the borrowing period. As of March 31, 2026, the Company was in compliance with these covenants. The fair value of the Citibank Credit Facility approximates its carrying value due to variable interest rates that periodically reset to market rates. The fair value was determined using Level 2 inputs in the fair value hierarchy.
On April 11, 2025, KKR Enhanced US EvDL Funding II LLC ("KKR Funding II"), a wholly-owned subsidiary of us, entered into a revolving credit facility (the "BNP Credit Facility") with BNP Paribas, as administrative agent, to borrow up to $300.0 million. The revolving period during which KKR Funding II is permitted to borrow, repay and re-borrow advances will terminate on April 11, 2028. Any amounts borrowed under the BNP Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on April 11, 2030.
Borrowings under the BNP Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowing (which, for U.S. dollar-denominated borrowings, is three-month term SOFR, subject to a floor of 0% per annum), plus an applicable margin of 1.85% per annum. From and after April 11, 2028, the applicable margin will be 2.35% per annum. In addition, during the revolving period, KKR Funding II will pay a non-usage fee on the unused commitments under the facility ranging from 0.50% per annum to 1.00% per annum depending on utilization levels. The fair value of the BNP Credit Facility approximates its carrying value due to variable interest rates that periodically reset to market rates. The fair value was determined using Level 2 inputs in the fair value hierarchy.
The following table presents summary information with respect to our outstanding financing arrangements as of March 31, 2026:
March 31, 2026
Debt Obligations(1)
Type of Debt Rate
Amount Outstanding(2)
Amount
Available 		Maturity Date
Citibank Credit Facility Revolving Credit Facility SOFR+1.85% $ 434,178 $ 165,822 March 30, 2029
BNP Credit Facility Revolving Credit Facility SOFR+1.85% 210,000 90,000 April 11, 2030
Total $ 644,178 $ 255,822
____________
(1)The carrying amount outstanding under the facility approximates its fair value.
(2)Amount includes borrowings in GBP and EUR, which have been converted to U.S dollars at exchange rates as of March 31, 2026 to reflect total amount outstanding in U.S. dollars.
See Note 7 - Debt Obligations to our unaudited consolidated financial statements included herein for additional information regarding our financing arrangements.
Recent Developments
Subsequent events after the reporting date have been evaluated through the date the unaudited consolidated financial statements were issued. We have concluded that there is no impact requiring adjustment or disclosure in the unaudited consolidated financial statements.
Critical Accounting Policies and Estimates
Our financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management utilizes available information, which includes our history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in Note 2 - Summary of Significant Accounting Policies to our unaudited consolidated financial statements herein.
Critical accounting policies are those that require the application of management's most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We will evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified one of our accounting policies, valuation of portfolio investments, specifically the valuation of Level 3 investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition.
Upon executing our operating plans, we will describe additional critical accounting policies in the notes to our future financial statements in addition to those discussed below and in the notes to the unaudited consolidated financial statements included herein.
Fair Value Measurements
We are required to report our investments for which current market values are not readily available at fair value. We value our investments in accordance with FASB ASC 820-10, Fair Value Measurements and Disclosures ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these
investments existed, and these differences could be material. See Note 2 - Summary of Significant Accounting Policies to our unaudited consolidated financial statements included in this report for more information on how we value our investments.
Contractual Obligations
We have entered into certain contracts under which we may have material future commitments. We have entered into each of the Investment Advisory Agreement and the Administration Agreement with the Adviser to provide us with investment advisory services and administrative services. Payments for investment advisory services under the Investment Advisory Agreement and reimbursements made under the Administration Agreement. If any of our contractual obligations are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Investment Advisory Agreement and our Administration Agreement.
Under our organizational documents, our officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to us. In the normal course of business, we enter into contracts that contain a variety of representations that provide general indemnifications. Our maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against us. However, based on experience, we expect the risk of loss to be remote.
Off-Balance Sheet Arrangements
We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.
We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of March 31, 2026, we believed that we had adequate financial resources to satisfy our unfunded commitments of $281,599.
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