Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.22.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2022
Other Commitments [Line Items]  
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments

As of December 31, 2022 and December 31, 2021, 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, 2022

 

 

December 31, 2021

 

Debt Investments:

 

 

 

 

 

 

Phathom Pharmaceuticals, Inc.

 

$

66,500

 

 

$

43,250

 

Provention Bio, Inc.

 

 

40,000

 

 

 

—

 

Thumbtack, Inc.

 

 

40,000

 

 

 

—

 

Vida Health, Inc.

 

 

40,000

 

 

 

—

 

Madrigal Pharmaceutical, Inc.

 

 

34,000

 

 

 

—

 

Oak Street Health, Inc.

 

 

33,750

 

 

 

—

 

Automation Anywhere, Inc.

 

 

29,400

 

 

 

—

 

HilleVax, Inc.

 

 

28,000

 

 

 

—

 

Skydio, Inc.

 

 

22,500

 

 

 

37,500

 

Axsome Therapeutics, Inc.

 

 

21,000

 

 

 

—

 

Brain Corporation

 

 

20,700

 

 

 

20,000

 

Replimune Group, Inc.

 

 

20,700

 

 

 

—

 

Aryaka Networks, Inc.

 

 

20,000

 

 

 

—

 

G1 Therapeutics, Inc.

 

 

19,375

 

 

 

19,375

 

Alladapt Immunotherapeutics Inc.

 

 

15,000

 

 

 

—

 

AppDirect, Inc.

 

 

15,000

 

 

 

—

 

Dronedeploy, Inc.

 

 

12,500

 

 

 

—

 

PathAI, Inc.

 

 

12,000

 

 

 

—

 

Viridian Therapeutics, Inc.

 

 

12,000

 

 

 

—

 

Tarsus Pharmaceuticals, Inc.

 

 

10,313

 

 

 

—

 

Alamar Biosciences, Inc.

 

 

10,000

 

 

 

—

 

Dashlane, Inc.

 

 

10,000

 

 

 

19,300

 

Fever Labs, Inc.

 

 

8,333

 

 

 

—

 

Kura Oncology, Inc.

 

 

8,250

 

 

 

—

 

Elation Health, Inc.

 

 

7,500

 

 

 

—

 

Gritstone Bio, Inc.

 

 

7,500

 

 

 

—

 

Nuvolo Technologies Corporation

 

 

5,970

 

 

 

—

 

Signal Media Limited

 

 

5,250

 

 

 

—

 

Akero Therapeutics, Inc.

 

 

5,000

 

 

 

—

 

Fulfil Solutions, Inc.

 

 

5,000

 

 

 

—

 

Demandbase, Inc.

 

 

3,750

 

 

 

9,375

 

Riviera Partners LLC

 

 

3,500

 

 

 

—

 

Babel Street

 

 

3,375

 

 

 

—

 

MacroFab, Inc.

 

 

3,000

 

 

 

—

 

Zappi, Inc.

 

 

2,571

 

 

 

—

 

Yipit, LLC

 

 

2,250

 

 

 

2,250

 

Khoros (p.k.a Lithium Technologies)

 

 

1,812

 

 

 

1,812

 

Ceros, Inc.

 

 

1,707

 

 

 

3,845

 

ThreatConnect, Inc.

 

 

1,600

 

 

 

1,600

 

RVShare, LLC

 

 

1,500

 

 

 

13,500

 

Dispatch Technologies, Inc.

 

 

1,250

 

 

 

—

 

LogicSource

 

 

1,209

 

 

 

—

 

(in thousands)

 

Unfunded Commitments (1) as of

 

Portfolio Company

 

December 31, 2022

 

 

December 31, 2021

 

Zimperium, Inc.

 

$

1,088

 

 

$

—

 

Ikon Science Limited

 

 

1,050

 

 

 

1,050

 

Cutover, Inc.

 

 

1,000

 

 

 

—

 

Omeda Holdings, LLC

 

 

938

 

 

 

—

 

Alchemer LLC

 

 

890

 

 

 

—

 

Fortified Health Security

 

 

840

 

 

 

—

 

Agilence, Inc.

 

 

800

 

 

 

800

 

Flight Schedule Pro, LLC

 

 

639

 

 

 

—

 

Constructor.io Corporation

 

 

625

 

 

 

—

 

Mobile Solutions Services

 

 

495

 

 

 

424

 

Enmark Systems, Inc.

 

 

457

 

 

 

457

 

Cybermaxx Intermediate Holdings, Inc.

 

 

390

 

 

 

471

 

Annex Cloud

 

 

386

 

 

 

—

 

ShadowDragon, LLC

 

 

333

 

 

 

333

 

Cytracom Holdings LLC

 

 

225

 

 

 

225

 

Blue Sprig Pediatrics, Inc.

 

 

—

 

 

 

30,000

 

Syndax Pharmaceutics, Inc.

 

 

—

 

 

 

30,000

 

Equality Health, LLC

 

 

—

 

 

 

17,500

 

Carbon Health Technologies, Inc.

 

 

—

 

 

 

11,625

 

Bicycle Therapeutics PLC

 

 

—

 

 

 

10,000

 

Better Therapeutics, Inc.

 

 

—

 

 

 

4,000

 

Logicworks

 

 

—

 

 

 

2,000

 

3GTMS, LLC

 

 

—

 

 

 

1,583

 

Gryphon Networks Corp.

 

 

—

 

 

 

268

 

ePayPolicy Holdings, LLC

 

 

—

 

 

 

250

 

Pineapple Energy LLC

 

 

—

 

 

 

120

 

Total Unfunded Debt Commitments:

 

 

623,221

 

 

 

282,913

 

Investment Funds & Vehicles:(2)

 

 

 

 

 

 

Forbion Growth Opportunities Fund I C.V.

 

 

2,842

 

 

 

3,839

 

Forbion Growth Opportunities Fund II C.V.

 

 

2,811

 

 

 

—

 

Total Unfunded Commitments in Investment Funds & Vehicles:

 

 

5,653

 

 

 

3,839

 

 

 

 

 

 

 

 

Total Unfunded Commitments

 

$

628,874

 

 

$

286,752

 

 

(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 $173.5 million and $34.9 million of unfunded commitments as of December 31, 2022, and December 31, 2021, 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.
Schedule of Contractual Obligations

The following tables provide the Company’s contractual obligations as of December 31, 2022 and December 31, 2021:

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 (2)(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2021:

 

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)

 

$

1,250,425

 

 

$

380,000

 

 

$

105,000

 

 

$

574,925

 

 

$

190,500

 

Lease and License Obligations (4)

 

 

8,283

 

 

 

3,120

 

 

 

2,958

 

 

 

1,427

 

 

 

778

 

Total

 

$

1,258,708

 

 

$

383,120

 

 

$

107,958

 

 

$

576,352

 

 

$

191,278

 
(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, 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.
(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 $150.5 million in principal outstanding under the SBA Debentures, $150.0 million of the 2022 Notes, $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 March 2026 A Notes, $50.0 million of the March 2026 B Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes, and $230.0 million of the 2022 Convertible Notes as of December 31, 2021. There was also $29.9 million outstanding under the SMBC Facility and no amounts outstanding under the Union Facility as of December 31, 2021.
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, 2022 and 2021:

(in thousands)

 

Year Ended December 31, 2022

 

 

Year Ended December 31, 2021

 

Total operating lease cost

 

$

2,928

 

 

$

2,900

 

Cash paid for amounts included in the measurement of lease liabilities

 

$

3,064

 

 

$

2,322

 

ROU assets obtained in exchange for lease liabilities

 

$

—

 

 

$

—

 

 

 

 

As of December 31, 2022

 

 

As of December 31, 2021

 

Weighted-average remaining lease term (in years)

 

 

5.48

 

 

 

4.30

 

Weighted-average discount rate

 

 

5.37

%

 

 

4.81

%
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, 2022:

(in thousands)

 

As of December 31, 2022

 

2023

 

$

2,598

 

2024

 

 

1,110

 

2025

 

 

1,149

 

2026

 

 

1,191

 

Thereafter

 

 

2,468

 

Total lease payments

 

 

8,516

 

Less: imputed interest & other items

 

 

(3,010

)

Total operating lease liability

 

$

5,506

 
Unfunded Debt Commitments  
Other Commitments [Line Items]  
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments

The following table provides additional information on the Company’s unencumbered unfunded commitments regarding milestones, expirations and type:

(in thousands)

 

December 31, 2022

 

 

December 31, 2021

 

Unfunded Debt Commitments:

 

 

 

 

 

 

Expiring during:

 

 

 

 

 

 

2023

 

$

461,296

 

 

$

199,681

 

2024

 

 

134,856

 

 

 

43,675

 

2025

 

 

720

 

 

 

25,800

 

2026

 

 

9,038

 

 

 

2,232

 

2027

 

 

15,171

 

 

 

11,525

 

2028

 

 

2,140

 

 

 

—

 

Total Unfunded Debt Commitments

 

 

623,221

 

 

 

282,913

 

 

 

 

 

 

 

 

Unfunded Commitments in Investment Funds & Vehicles:

 

 

 

 

 

 

Expiring during:

 

 

 

 

 

 

2030

 

 

2,842

 

 

 

3,839

 

2032

 

 

2,811

 

 

 

—

 

Total Unfunded Commitments in Investment Funds & Vehicles

 

 

5,653

 

 

 

3,839

 

Total Unfunded Commitments

 

$

628,874

 

 

$

286,752