Quarterly report [Sections 13 or 15(d)]

Commitments and Contingencies

v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company’s commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to the Company’s portfolio companies. As of March 31, 2026, a portion of these unfunded contractual commitments are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions which allow the Company relief from funding obligations for previously made unfunded commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the portfolio company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by future or unachieved milestones, taking into consideration relevant funding provisions such as any notice provisions in the credit agreements with the portfolio company.
As of March 31, 2026 and December 31, 2025, the Company had approximately $397.4 million and $385.6 million, respectively, of available unfunded commitments, including undrawn revolving facilities, which were available at the request of the portfolio company and unencumbered by future or unachieved milestones. In order to draw a portion of the Company's available unfunded commitments, a portfolio company must submit to the Company a formal funding request
that complies with the applicable advance notice and other operational requirements. The amounts disclosed exclude unfunded commitments (i) for which, with respect to a portfolio company's agreement, a milestone was achieved after the last day on which the portfolio company could have requested a drawdown funding to be completed within the reporting period; and (ii) related to the portion of portfolio company investments assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”. The fair value of the Company’s unfunded commitments is considered to be immaterial as the yield determined at the time of underwriting is expected to be materially consistent with the yield upon funding, given that interest rates are generally pegged to market indices and given the existence of milestones, conditions and/or obligations embedded in the borrowing agreements.
As of March 31, 2026 and December 31, 2025, 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 March 31, 2026 December 31, 2025
Debt Investments:
ChenMed, LLC $ 25,000  $ 25,000 
Intercom, Inc. 22,500  — 
Saronic Technologies, Inc. 21,250  21,250 
Earnix, Inc. 16,250  26,250 
ControlUp, Inc. 15,000  — 
Maze Therapeutics, Inc. 14,000  — 
Ennoble Care LLC 13,500  — 
GoEuro Travel GmbH 13,496  18,750 
Disc Medicine, Inc. 12,500  22,500 
Viridian Therapeutics, Inc. 12,250  12,250 
Expel, Inc. 12,000  — 
Mango Technologies, Inc. 11,750  16,750 
Belong Health, Inc. 11,250  — 
Alector, Inc. 10,500  10,500 
CollectiveHealth, Inc. 10,125  — 
CoreView USA, Inc. 10,000  10,000 
DroneDeploy, Inc. 10,000  10,000 
Scylla DB Ltd. 10,000  — 
iSpot.tv, Inc. 9,750  5,980 
Beren Therapeutics P.B.C. 8,625  — 
ZeroEyes, Inc. 8,000  8,000 
Pindrop Security, Inc. 7,750  7,750 
Senseonics Holdings, Inc. 7,750  — 
Imagen Technologies, Inc. 7,500  7,500 
Nerdy Inc. 7,000  7,000 
Peek Travel, Inc. 6,750  9,750 
Loft Orbital Solutions Inc. 6,600  6,600 
Marathon Health, LLC 6,000  9,620 
Tipalti Solutions Ltd. 6,000  — 
PayIt, LLC 5,698  4,800 
Distributed Creation Inc. 5,000  5,000 
DNSFilter, Inc. 5,000  5,000 
Smartsheet Inc. 4,840  4,840 
Hermeus Corporation 3,580  — 
Akeyless Security Ltd. 3,500  2,000 
Canary Technologies 3,375  — 
Loftware, Inc. 2,846  2,846 
Funnel Holding AB (publ) 2,625  2,625 
Zappi, Inc. 2,571  2,571 
Tidal Vision Products, Inc. 2,500  2,500 
Proven Optics, LLC 2,250  2,250 
(in thousands)
Unfunded Commitments (1) as of
Portfolio Company March 31, 2026 December 31, 2025
Debt Investments:
New Relic, Inc. $ 2,176  $ 2,176 
Streamline Healthcare Solutions 2,100  2,100 
Sumo Logic, Inc. 2,000  2,000 
Saama Technologies, LLC 1,938  1,938 
Babel Street 1,747  3,275 
DocPlanner 1,499  9,538 
Andesa Services, Inc. 1,222  — 
LogicSource 1,209  1,209 
Zimperium, Inc. 1,088  1,087 
Alchemer LLC 890  890 
Dispatch Technologies, Inc. 500  625 
LinenMaster, LLC 338  338 
ShadowDragon, LLC 333  333 
TaxCalc 311  311 
Omeda Holdings, LLC 61  160 
Arcus Biosciences, Inc. —  18,750 
Curana Health Holdings, LLC —  17,500 
Harness, Inc. —  14,438 
Weee! Inc. —  12,500 
Finix Payments, Inc. —  8,750 
Elation Health, Inc. —  7,500 
Octave Health Group, Inc. —  2,500 
Carbyne, Inc. —  2,334 
Behavox Limited —  2,100 
Total Unfunded Debt Commitments: 394,293  382,234 
Investment Funds & Vehicles:(2)
   
Forbion Growth Opportunities Fund I C.V. 1,740  1,771 
Forbion Growth Opportunities Fund II C.V. 1,413  1,618 
Total Unfunded Commitments in Investment Funds & Vehicles: 3,153  3,389 
Total Unfunded Commitments $ 397,446  $ 385,623 
(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 $160.6 million and $96.2 million of unfunded commitments as of March 31, 2026 and December 31, 2025, 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
March 31, 2026 December 31, 2025
Expiring during:
2026 $ 234,980  $ 281,807 
2027 97,901  41,112 
2028 4,236  4,361 
2029 17,588  16,588 
2030 33,526  33,526 
2031 6,062  4,840 
Total Unfunded Debt Commitments 394,293  382,234 
Unfunded Commitments in Investment Funds & Vehicles:    
Expiring during:    
2030 1,740  1,771 
2032 1,413  1,618 
Total Unfunded Commitments in Investment Funds & Vehicles 3,153  3,389 
Total Unfunded Commitments $ 397,446  $ 385,623 
The following tables provide the Company’s contractual obligations as of March 31, 2026 and December 31, 2025:
As of March 31, 2026: 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)
$ 2,569,319  $ 675,000  $ 587,500  $ 852,307  $ 454,512 
Lease and License Obligations(4)
20,291  3,387  6,281  5,495  5,128 
Total $ 2,589,610  $ 678,387  $ 593,781  $ 857,802  $ 459,640 
 
As of December 31, 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(3)(5)
$ 2,313,070  $ 425,000  $ 637,500  $ 795,934  $ 454,636 
Lease and License Obligations(4)
20,892  3,339  6,228  5,586  5,739 
Total $ 2,333,962  $ 428,339  $ 643,728  $ 801,520  $ 460,375 
(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, $325.0 million of the September 2026 Notes, $350.0 million of the January 2027 Notes, $287.5 million of the 2028 Convertible Notes, $300.0 million of the February 2029 Notes, $350.0 million of the June 2030 Notes, $64.5 million of the 2031 Asset-Backed Notes and $40.0 million of the 2033 Notes as of March 31, 2026. There was also $282.3 million outstanding under the SMBC Facility and $220.0 million outstanding under the MUFG Bank Facility as of March 31, 2026.
(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 $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, $325.0 million of the September 2026 Notes, $350.0 million of the January 2027 Notes, $287.5 million of the 2028 Convertible Notes, $350.0 million of the June 2030 Notes, $64.6 million of the 2031 Asset-Backed Notes and $40.0 million of the 2033 Notes as of December 31, 2025. There was also $277.9 million outstanding under the SMBC Facility and $168.0 million outstanding under the MUFG Bank Facility as of December 31, 2025.
Certain premises are leased or licensed under agreements which expire at various dates through July 2034. While some of the leases contained options to extend and terminate, it is not reasonably certain that either option will be utilized and therefore, only the payments in the initial term of the leases were included in the lease liability and ROU asset. During the three months ended March 31, 2026 and 2025, total rent expense, including short-term leases, amounted to approximately $0.8 million and $0.8 million in each period, respectively.
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 months ended March 31, 2026 and 2025:
(in thousands) Three Months Ended March 31,
2026 2025
Total operating lease cost $ 774  $ 774 
Cash paid for amounts included in the measurement of lease liabilities $ 608  $ 595 
As of
  March 31, 2026 December 31, 2025
Weighted-average remaining lease term (in years) 6.69 6.94
Weighted-average discount rate 6.91  % 6.91  %
The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of March 31, 2026:
(in thousands) As of March 31, 2026
2026 $ 2,571 
2027 3,452 
2028 2,766 
2029 2,823 
Thereafter 8,501 
Total lease payments 20,113 
Less: imputed interest & other items (4,911)
Total operating lease liability $ 15,202 
The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect the Company’s financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.