Quarterly report [Sections 13 or 15(d)]

Commitments and Contingencies (Tables)

v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments
As of September 30, 2025 and December 31, 2024, 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 September 30, 2025 December 31, 2024
Debt Investments:
Arcus Biosciences, Inc. $ 37,500  $ 37,500 
Thumbtack, Inc. 30,000  30,000 
Earnix, Inc. 26,250  41,250 
Harness, Inc. 25,988  11,550 
ChenMed, LLC 25,000  — 
Disc Medicine, Inc. 22,500  22,500 
Saronic Technologies, Inc. 21,250  — 
Pindrop Security, Inc. 19,375  19,375 
GoEuro Travel GmbH 18,750  26,250 
Mango Technologies, Inc. 16,750  — 
Locus Robotics Corp. 16,250  16,250 
Weee! Inc. 12,500  — 
Alector, Inc. 10,500  10,500 
CoreView USA, Inc. 10,000  10,000 
DroneDeploy, Inc. 10,000  625 
Electric Hydrogen Co. 10,000  — 
iSpot.tv, Inc. 9,750  — 
Marathon Health, LLC 9,620  24,250 
DocPlanner 9,538  — 
Loft Orbital Solutions Inc. 7,700  — 
Elation Health, Inc. 7,500  — 
ZeroEyes, Inc. 6,000  — 
Stoke Space Technologies, Inc. 5,625  — 
Distributed Creation Inc. 5,000  — 
DNSFilter, Inc. 5,000  — 
Scylla DB Ltd. 4,886  — 
Smartsheet Inc. 4,840  — 
AlphaSense, Inc. 4,000  4,000 
WellBe Senior Medical, LLC 4,000  12,000 
LogRhythm, Inc. 3,143  3,143 
Altumint, Inc. 3,000  — 
Loftware, Inc. 2,846  2,277 
Ennoble Care LLC 2,700  — 
Zappi, Inc. 2,571  2,571 
Carbyne, Inc. 2,334  — 
New Relic, Inc. 2,176  2,176 
Behavox Limited 2,100  — 
Streamline Healthcare Solutions 2,100  2,200 
Akeyless Security Ltd. 2,000  — 
Kaseware, Inc. 2,000  — 
PayIt, LLC 2,000  8,000 
Sumo Logic, Inc. 2,000  2,000 
(in thousands)
Unfunded Commitments (1) as of
Portfolio Company September 30, 2025 December 31, 2024
Debt Investments:
LogicSource $ 1,209  $ 1,209 
Zimperium, Inc. 1,087  196 
Alchemer LLC 890  — 
Main Street Rural, Inc. 874  874 
Dispatch Technologies, Inc. 812  563 
Annex Cloud 750  — 
Omeda Holdings, LLC 497  731 
LinenMaster, LLC 338  1,000 
ShadowDragon, LLC 333  333 
TaxCalc 311  1,166 
Armis, Inc. —  25,000 
Coronet Cyber Security Ltd. —  17,000 
Akero Therapeutics, Inc. —  15,000 
Dragos, Inc. —  13,000 
Aryaka Networks, Inc. —  12,500 
Strive Health Holdings, LLC —  8,299 
Heron Therapeutics, Inc. —  8,000 
Suzy, Inc. —  8,000 
Viridian Therapeutics, Inc. —  8,000 
Curana Health Holdings, LLC —  7,500 
ATAI Life Sciences N.V. —  7,000 
Dashlane, Inc. —  5,000 
Babel Street —  4,367 
Saama Technologies, LLC —  3,875 
Allvue Systems, LLC —  3,590 
Ceros, Inc. —  1,707 
3GTMS, LLC —  886 
Fortified Health Security —  840 
Flight Schedule Pro, LLC —  646 
Total Unfunded Debt Commitments: 434,143  444,699 
Investment Funds & Vehicles:(2)
   
Forbion Growth Opportunities Fund I C.V. 1,775  1,757 
Forbion Growth Opportunities Fund II C.V. 1,617  2,072 
Total Unfunded Commitments in Investment Funds & Vehicles: 3,392  3,829 
Total Unfunded Commitments $ 437,535  $ 448,528 
(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 $99.1 million and $139.7 million of unfunded commitments as of September 30, 2025 and December 31, 2024, respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in “Note 12 - 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)
Unfunded Commitments
September 30, 2025 December 31, 2024
Expiring during:
2025 $ 84,424  $ 251,941 
2026 250,676  147,840 
2027 36,649  10,553 
2028 4,547  6,040 
2029 19,731  24,149 
2030 33,276  4,176 
2031 4,840  — 
Total Unfunded Debt Commitments 434,143  444,699 
Unfunded Commitments in Investment Funds & Vehicles:    
Expiring during:    
2030 1,775  1,757 
2032 1,617  2,072 
Total Unfunded Commitments in Investment Funds & Vehicles 3,392  3,829 
Total Unfunded Commitments $ 437,535  $ 448,528 
Schedule of Contractual Obligations
The following tables provide the Company’s contractual obligations as of September 30, 2025 and December 31, 2024:
As of September 30, 2025: 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)
$ 2,180,005  $ 425,000  $ 637,500  $ 638,866  $ 478,639 
Lease and License Obligations(4)
21,408  3,251  6,136  5,677  6,344 
Total $ 2,201,413  $ 428,251  $ 643,636  $ 644,543  $ 484,983 
 
As of December 31, 2024: 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)
$ 1,783,265  $ 170,000  $ 891,000  $ 283,790  $ 438,475 
Lease and License Obligations(4)
23,976  3,246  6,640  5,589  8,501 
Total $ 1,807,241  $ 173,246  $ 897,640  $ 289,379  $ 446,976 
(1)Excludes commitments to extend credit to the Company’s portfolio companies and uncalled capital commitments in investment funds.
(2)Includes $350.0 million in principal outstanding under the SBA Debentures, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $350.0 million of the June 2030 Notes, $88.6 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes, $350.0 million of the January 2027 Notes and $287.5 million of the 2028 Convertible Notes as of September 30, 2025. There was also $222.9 million outstanding under the SMBC Facility and $66.0 million outstanding under the MUFG Bank Facility as of September 30, 2025.
(3)Amounts represent future principal repayments and not the carrying value of each liability. See “Note 5 – Debt”.
(4)Leases and license obligations includes contractual amounts related to short-term leases.
(5)Includes $279.0 million in principal outstanding under the SBA Debentures, $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, $119.5 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, 2024. There was also $283.8 million outstanding under the SMBC Facility and $116.0 million outstanding under the MUFG Bank Facility as of December 31, 2024.
Summary of Information Related to Measurement of Operating Lease Liabilities and Supplemental Cash Flow Information Related to Operating Leases
The following tables set forth information related to the measurement of the Company’s operating lease liabilities and supplemental cash flow information related to operating leases for the three and nine months ended September 30, 2025 and 2024:
(in thousands) Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Total operating lease cost $ 774  $ 762  $ 2,322  $ 2,091 
Cash paid for amounts included in the measurement of lease liabilities $ 599  $ 371  $ 2,485  $ 1,268 
  As of September 30, 2025 As of December 31, 2024
Weighted-average remaining lease term (in years) 7.19 7.81
Weighted-average discount rate 6.92  % 6.85  %
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 September 30, 2025:
(in thousands) As of September 30, 2025
2025 $ 603 
2026 3,179 
2027 3,452 
2028 2,766 
Thereafter 11,324 
Total lease payments 21,324 
Less: imputed interest & other items (4,737)
Total operating lease liability $ 16,587