Quarterly report [Sections 13 or 15(d)]

Commitments and Contingencies

v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 2026 and December 31, 2025, the Company had approximately $408.2 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 June 30, 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 June 30, 2026 December 31, 2025
Debt Investments:
ChenMed, LLC $ 25,000  $ 25,000 
Neo4j, Inc. 25,000  — 
Mango Technologies, Inc. 23,450  16,750 
4D Molecular Therapeutics, Inc. 22,800  — 
Intercom, Inc. 22,500  — 
Saronic Technologies, Inc. 21,250  21,250 
Weee! Inc. 20,000  12,500 
Disc Medicine, Inc. 18,750  22,500 
Earnix, Inc. 16,250  26,250 
ControlUp, Inc. 15,000  — 
Maze Therapeutics, Inc. 14,000  — 
Expel, Inc. 12,000  — 
Belong Health, Inc. 11,250  — 
micro1 Inc. 10,875  — 
CollectiveHealth, Inc. 10,125  — 
CoreView USA, Inc. 10,000  10,000 
DroneDeploy, Inc. 10,000  10,000 
Marathon Health, LLC 10,000  9,620 
LeoLabs, Inc. 9,900  — 
iSpot.tv, Inc. 9,750  5,980 
Pindrop Security, Inc. 7,750  7,750 
Loft Orbital Solutions Inc. 7,700  6,600 
Tipalti Solutions Ltd. 7,500  — 
Nerdy Inc. 7,000  7,000 
Finix Payments, Inc. 5,250  8,750 
PayIt, LLC 5,080  4,800 
Smartsheet Inc. 4,840  4,840 
Renew Home, LLC 4,717  — 
Peek Travel, Inc. 4,465  9,750 
Babel Street 4,367  3,275 
Connections Health Holdings, LLC 4,250  — 
Canary Technologies Corp. 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 
New Relic, Inc. 2,176  2,176 
Sumo Logic, Inc. 1,520  2,000 
Andesa Services, Inc. 1,222  — 
Zimperium, Inc. 1,088  1,087 
Alchemer LLC 890  890 
(in thousands)
Unfunded Commitments (1) as of
Portfolio Company June 30, 2026 December 31, 2025
Debt Investments:
Streamline Healthcare Solutions $ 840  $ 2,100 
LinenMaster, LLC 338  338 
Omeda Holdings, LLC 180  160 
Arcus Biosciences, Inc. —  18,750 
GoEuro Travel GmbH —  18,750 
Curana Health Holdings, LLC —  17,500 
Harness, Inc. —  14,438 
Viridian Therapeutics, Inc. —  12,250 
Alector, Inc. —  10,500 
DocPlanner —  9,538 
ZeroEyes, Inc. —  8,000 
Elation Health, Inc. —  7,500 
Imagen Technologies, Inc. —  7,500 
Distributed Creation Inc. —  5,000 
DNSFilter, Inc. —  5,000 
Octave Health Group, Inc. —  2,500 
Carbyne, Inc. —  2,334 
Behavox Limited —  2,100 
Akeyless Security Ltd. —  2,000 
Saama Technologies, LLC —  1,938 
LogicSource —  1,209 
Dispatch Technologies, Inc. —  625 
ShadowDragon, LLC —  333 
TaxCalc —  311 
Total Unfunded Debt Commitments: 405,240  382,234 
Investment Funds & Vehicles:(2)
   
Forbion Growth Opportunities Fund I C.V. $ 1,601  $ 1,771 
Forbion Growth Opportunities Fund II C.V. 1,401  1,618 
Total Unfunded Commitments in Investment Funds & Vehicles: 3,002  3,389 
Total Unfunded Commitments $ 408,242  $ 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 $117.7 million and $96.2 million of unfunded commitments as of June 30, 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
June 30, 2026 December 31, 2025
Expiring during:
2026 $ 175,395  $ 281,807 
2027 141,673  41,112 
2028 8,736  4,361 
2029 21,588  16,588 
2030 51,786  33,526 
2031 6,062  4,840 
Total Unfunded Debt Commitments 405,240  382,234 
Unfunded Commitments in Investment Funds & Vehicles:    
Expiring during:    
2030 1,601  1,771 
2032 1,401  1,618 
Total Unfunded Commitments in Investment Funds & Vehicles 3,002  3,389 
Total Unfunded Commitments $ 408,242  $ 385,623 
The following tables provide the Company’s contractual obligations as of June 30, 2026 and December 31, 2025:
As of June 30, 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)
$ 2,362,983  $ 675,000  $ 675,500  $ 571,689  $ 440,794 
Lease and License Obligations(4)
18,894  3,444  5,532  5,404  4,514 
Total $ 2,381,877  $ 678,444  $ 681,032  $ 577,093  $ 445,308 
 
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, $50.8 million of the 2031 Asset-Backed Notes and $40.0 million of the 2033 Notes as of June 30, 2026. There was also $221.7 million outstanding under the SMBC Facility and $88.0 million outstanding under the MUFG Bank Facility as of June 30, 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 June 30, 2026 and 2025, total rent expense, including short-term leases, amounted to approximately $0.8 million and $0.9 million in each period, respectively. During the six months ended June 30, 2026 and 2025, total rent expense, including short-term leases, amounted to approximately $1.7 million and $1.7 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 and six months ended June 30, 2026 and 2025:
(in thousands) Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Total operating lease cost $ 774  $ 774  $ 1,548  $ 1,548 
Cash paid for amounts included in the measurement of lease liabilities 1,345  1,291  1,953  1,886 
As of
  June 30, 2026 December 31, 2025
Weighted-average remaining lease term (in years) 6.60 6.94
Weighted-average discount rate 7.02  % 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 June 30, 2026:
(in thousands) As of June 30, 2026
2026 $ 1,226 
2027 3,452 
2028 2,766 
2029 2,823 
Thereafter 8,501 
Total lease payments 18,768 
Less: imputed interest & other items (3,910)
Total operating lease liability $ 14,858 
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.