Quarterly report [Sections 13 or 15(d)]

Commitments and Contingencies (Tables)

v3.26.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments
As of September 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 September 30, 2026 December 31, 2025
Debt Investments:
Earnix, Inc. $ 26,250  $ 26,250 
ChenMed, LLC 25,000  25,000 
Neo4j, Inc. 25,000  — 
4D Molecular Therapeutics, Inc. 22,800  — 
Saronic Technologies, Inc. 21,250  21,250 
Weee! Inc. 20,000  12,500 
Disc Medicine, Inc. 18,750  22,500 
ControlUp, Inc. 15,000  — 
Rocket Pharmaceuticals, Inc. 15,000  — 
Maze Therapeutics, Inc. 14,000  — 
Expel, Inc. 12,000  — 
Belong Health, Inc. 11,250  — 
Replimune Group, Inc. 10,500  — 
CollectiveHealth, Inc. 10,125  — 
Marathon Health, LLC 10,000  9,620 
Elation Health, Inc. 10,000  7,500 
LeoLabs, Inc. 9,900  — 
iSpot.tv, Inc. 9,750  5,980 
Hermeus Corporation 9,545  — 
Finix Payments, Inc. 8,750  8,750 
Antares Nuclear, Inc. 7,969  — 
Loft Orbital Solutions Inc. 6,930  6,600 
Tipalti Solutions Ltd. 6,750  — 
Mango Technologies, Inc. 6,700  16,750 
Renew Home, LLC 4,873  — 
Smartsheet Inc. 4,840  4,840 
Babel Street 4,367  3,275 
Connections Health Holdings, LLC 4,250  — 
Pindrop Security, Inc. 3,875  7,750 
Canary Technologies Corp. 3,375  — 
SonderMind Inc. 3,260  — 
Loftware, Inc. 2,846  2,846 
Funnel Holding AB (publ) 2,625  2,625 
Zappi, Inc. 2,571  2,571 
PayIt, LLC 2,560  4,800 
DNSFilter, Inc. 2,500  5,000 
Tidal Vision Products, Inc. 2,500  2,500 
Proven Optics, LLC 2,250  2,250 
New Relic, Inc. 2,176  2,176 
Andesa Services, Inc. 1,222  — 
Sumo Logic, Inc. 1,120  2,000 
(in thousands)
Unfunded Commitments (1) as of
Portfolio Company September 30, 2026 December 31, 2025
Debt Investments:
Zimperium, Inc. $ 1,088  $ 1,087 
Alchemer LLC 890  890 
Streamline Healthcare Solutions 840  2,100 
Perk International Holdings Ltd 531  — 
LinenMaster, LLC 338  338 
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 
CoreView USA, Inc. —  10,000 
DroneDeploy, Inc. —  10,000 
Peek Travel, Inc. —  9,750 
DocPlanner —  9,538 
ZeroEyes, Inc. —  8,000 
Imagen Technologies, Inc. —  7,500 
Nerdy Inc. —  7,000 
Distributed Creation 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 
Omeda Holdings, LLC —  160 
Total Unfunded Debt Commitments: 388,116  382,234 
Investment Funds & Vehicles:(2)
Forbion Growth Opportunities Fund I C.V. $ 1,592  $ 1,771 
Forbion Growth Opportunities Fund II C.V. 1,259  1,618 
Forbion Growth Opportunities Fund IV 3,407  — 
Forbion Ventures VIII 3,248  — 
Total Unfunded Commitments in Investment Funds & Vehicles: 9,506  3,389 
Total Unfunded Commitments $ 397,622  $ 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 $104.6 million and $96.2 million of unfunded commitments as of September 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
September 30, 2026 December 31, 2025
Expiring during:
2026 $ 124,360  $ 281,807 
2027 167,484  41,112 
2028 17,236  4,361 
2029 21,588  16,588 
2030 51,386  33,526 
2031 6,062  4,840 
Total Unfunded Debt Commitments 388,116  382,234 
Unfunded Commitments in Investment Funds & Vehicles:
Expiring during:
2030 1,592  1,771 
2032 1,259  1,618 
2036 6,655  — 
Total Unfunded Commitments in Investment Funds & Vehicles 9,506  3,389 
Total Unfunded Commitments $ 397,622  $ 385,623 
Schedule of Contractual Obligations
The following tables provide the Company’s contractual obligations as of September 30, 2026 and December 31, 2025:
As of September 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)
$ 2,583,379  $ 350,000  $ 828,500  $ 1,079,379  $ 325,500 
Lease and License Obligations(4)
18,243  3,471  5,560  5,219  3,993 
Total $ 2,601,622  $ 353,471  $ 834,060  $ 1,084,598  $ 329,493 
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, $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, $49.7 million of the 2031 Asset-Backed Notes, $325.0 million of the July 2031 Notes, and $40.0 million of the 2033 Notes as of September 30, 2026. There was also $290.2 million outstanding under the SMBC Facility and $241.0 million outstanding under the MUFG Bank Facility as of September 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 include 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.
Schedule 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, 2026
and 2025:
(in thousands) Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Total operating lease cost $ 774  $ 774  $ 2,322  $ 2,322 
Cash paid for amounts included in the measurement of lease liabilities 611  599  2,564  2,485 
As of
September 30, 2026 December 31, 2025
Weighted-average remaining lease term (in years) 6.36 6.94
Weighted-average discount rate 7.01  % 6.91  %
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, 2026:
(in thousands) As of September 30, 2026
2026 $ 615 
2027 3,452 
2028 2,766 
2029 2,823 
Thereafter 8,501 
Total lease payments 18,157 
Less: imputed interest & other items (3,654)
Total operating lease liability $ 14,503