Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments
As of December 31, 2023 and December 31, 2022, the Company’s unfunded contractual commitments available at the request of the portfolio company, including undrawn revolving facilities, and unencumbered by milestones were as follows:
(in thousands)
Unfunded Commitments (1) as of
Portfolio Company December 31, 2023 December 31, 2022
Debt Investments:
Thumbtack, Inc. $ 40,000  $ 40,000 
Automation Anywhere, Inc. 29,400  29,400 
Checkr Group, Inc. 23,625  — 
Skydio, Inc. 22,500  22,500 
Tarsus Pharmaceuticals, Inc. 20,625  10,313 
Kura Oncology, Inc. 19,250  8,250 
Akero Therapeutics, Inc. 15,000  5,000 
Dragos 13,000  — 
Suzy, Inc. 12,000  — 
Tipalti Solutions Ltd. 10,500  — 
Main Street Rural, Inc. 10,500  — 
Next Insurance, Inc. 10,000  — 
Senseonics Holdings, Inc. 8,750  — 
Elation Health, Inc. 7,500  7,500 
Modern Life, Inc. 6,500  — 
Dronedeploy, Inc. 6,250  12,500 
Phathom Pharmaceuticals, Inc. 6,120  66,500 
Brain Corporation 5,000  20,700 
Heron Therapeutics, Inc. 4,000  — 
Leapwork ApS 3,900  — 
Saama Technologies, LLC 3,875  — 
Zimperium, Inc. 3,727  1,088 
Allvue Systems, LLC 3,590  — 
Babel Street 3,375  3,375 
Riviera Partners LLC 3,000  3,500 
Cutover, Inc. 2,650  1,000 
Plentific Ltd 2,625  — 
Zappi, Inc. 2,571  2,571 
Altumint, Inc. 2,500  — 
Loftware, Inc. 2,277  — 
Yipit, LLC 2,250  2,250 
Streamline Healthcare Solutions 2,200  — 
New Relic, Inc. 2,176  — 
Dashlane, Inc. 2,137  10,000 
Sumo Logic, Inc. 2,000  — 
(in thousands)
Unfunded Commitments (1) as of
Portfolio Company December 31, 2023 December 31, 2022
Annex Cloud $ 1,750  $ 386 
Ceros, Inc. 1,707  1,707 
ThreatConnect, Inc. 1,600  1,600 
LogicSource 1,209  1,209 
3GTMS, LLC 1,182  — 
Ikon Science Limited 1,050  1,050 
LinenMaster, LLC 1,000  — 
Fortified Health Security 840  840 
Agilence, Inc. 800  800 
Omeda Holdings, LLC 731  938 
Flight Schedule Pro, LLC 639  639 
Dispatch Technologies, Inc. 625  1,250 
Constructor.io Corporation 625  625 
Enmark Systems, Inc. 457  457 
Alchemer LLC 445  890 
Cybermaxx Intermediate Holdings, Inc. 390  390 
ShadowDragon, LLC 333  333 
Cytracom Holdings LLC 72  225 
Provention Bio, Inc. —  40,000 
Vida Health, Inc. —  40,000 
Madrigal Pharmaceutical, Inc. —  34,000 
Oak Street Health, Inc. —  33,750 
HilleVax, Inc. —  28,000 
Axsome Therapeutics, Inc. —  21,000 
Replimune Group, Inc. —  20,700 
Aryaka Networks, Inc. —  20,000 
G1 Therapeutics, Inc. —  19,375 
AppDirect, Inc. —  15,000 
Alladapt Immunotherapeutics Inc. —  15,000 
PathAI, Inc. —  12,000 
Viridian Therapeutics, Inc. —  12,000 
Alamar Biosciences, Inc. —  10,000 
Fever Labs, Inc. —  8,333 
Gritstone Bio, Inc. —  7,500 
Nuvolo Technologies Corporation —  5,970 
Signal Media Limited —  5,250 
Fulfil Solutions, Inc. —  5,000 
Demandbase, Inc. —  3,750 
MacroFab, Inc. —  3,000 
Khoros (p.k.a Lithium Technologies) —  1,812 
RVShare, LLC —  1,500 
Mobile Solutions Services —  495 
Total Unfunded Debt Commitments: 330,828  623,221 
Investment Funds & Vehicles:(2)
Forbion Growth Opportunities Fund II C.V. 2,748  2,811 
Forbion Growth Opportunities Fund I C.V. 1,757  2,842 
Total Unfunded Commitments in Investment Funds & Vehicles: 4,505  5,653 
Total Unfunded Commitments $ 335,333  $ 628,874 
(1)For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $127.7 million and $173.5 million of unfunded commitments as of December 31, 2023, and December 31, 2022, respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in "Note -13 Related Party Transactions".
(2)For investment funds and vehicles, the amount represents uncalled capital commitments in private equity funds.
The following table provides additional information on the Company’s unencumbered unfunded commitments regarding milestones, expirations and type:
(in thousands) December 31, 2023 December 31, 2022
Unfunded Debt Commitments:
Expiring during:
2023 $ —  $ 461,296 
2024 291,896  134,856 
2025 3,004  720 
2026 7,537  9,038 
2027 14,078  15,171 
2028 6,547  2,140 
2029 3,590  — 
2030 4,176  — 
Total Unfunded Debt Commitments 330,828  623,221 
Unfunded Commitments in Investment Funds & Vehicles:
Expiring during:
2030 1,757  2,842 
2032 2,748  2,811 
Total Unfunded Commitments in Investment Funds & Vehicles 4,505  5,653 
Total Unfunded Commitments $ 335,333  $ 628,874 
Schedule of Contractual Obligations
The following tables provide the Company’s contractual obligations as of December 31, 2023 and December 31, 2022:
As of December 31, 2023: Payments due by period (in thousands)
Contractual Obligations (1)
Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years
Debt (2)(3)
$ 1,570,000  $ 105,000  $ 689,000  $ 411,000  $ 365,000 
Lease and License Obligations (4)
26,741  2,539  6,629  6,248  11,325 
Total $ 1,596,741  $ 107,539  $ 695,629  $ 417,248  $ 376,325 
As of December 31, 2022: Payments due by period (in thousands)
Contractual Obligations (1)
Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years
Debt (5)(3)
$ 1,594,000  $ —  $ 382,000  $ 847,000  $ 365,000 
Lease and License Obligations (4)
8,641  2,723  2,259  2,452  1,207 
Total $ 1,602,641  $ 2,723  $ 384,259  $ 849,452  $ 366,207 
(1)Excludes commitments to extend credit to the Company’s portfolio companies and uncalled capital commitments in investment funds.
(2)Includes $175.0 million in principal outstanding under the SBA Debentures, $105.0 million of the July 2024 Notes, $50.0 million of the February 2025 Notes, $70.0 million of the June 2025 Notes, $50.0 million of the June 2025 3-Year Notes, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $150.0 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes, and $350.0 million of the January 2027 Notes as of December 31, 2023. There was also $94.0 million outstanding under the SMBC Facility and $61.0 million outstanding under the MUFG Bank Facility as of December 31, 2023.
(3)Amounts represent future principal repayments and not the carrying value of each liability. See “Note 5 – Debt”.
(4)Facility leases and licenses including short-term leases.
(5)Includes $175.0 million in principal outstanding under the SBA Debentures, $105.0 million of the July 2024 Notes, $50.0 million of the February 2025 Notes, $70.0 million of the June 2025 Notes, $50.0 million of the June 2025 3-Year Notes, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $150.0 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes and $350.0 million of the January 2027 Notes as of December 31, 2022. There was also $72.0 million outstanding under the SMBC Facility and $107.0 million outstanding under the MUFG Bank Facility as of December 31, 2022.
Summary of Information Related to Measurement of Operating Lease Liabilities and Supplemental Cash Flow Information Related to Operating Leases
The following table sets forth information related to the measurement of the Company’s operating lease liabilities and supplemental cash flow information related to operating leases as of December 31, 2023 and 2022:
(in thousands) Year Ended December 31, 2023 Year Ended December 31, 2022
Total operating lease cost $ 2,382  $ 2,928 
Cash paid for amounts included in the measurement of lease liabilities $ 2,499  $ 3,064 
  As of December 31, 2023 As of December 31, 2022
Weighted-average remaining lease term (in years) 8.68 5.48
Weighted-average discount rate 6.79  % 5.37  %
Schedule of Future Minimum Lease Payments under Operating Leases and Reconciliation to Operating Lease Liability
The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of December 31, 2023:
(in thousands) As of December 31, 2023
2024 $ 1,894 
2025 3,267 
2026 3,362 
Thereafter 17,573 
Total lease payments 26,096 
Less: imputed interest & other items (20,901)
Total operating lease liability $ 5,195