Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.22.2.2
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2022
Other Commitments [Line Items]  
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments

As of September 30, 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

 

September 30, 2022

 

 

December 31, 2021

 

Debt Investments:

 

 

 

 

 

 

Phathom Pharmaceuticals, Inc.

 

$

66,500

 

 

$

43,250

 

Oak Street Health, Inc.

 

 

44,250

 

 

 

—

 

Axsome Therapeutics, Inc.

 

 

42,000

 

 

 

—

 

Thumbtack, Inc.

 

 

40,000

 

 

 

—

 

Vida Health

 

 

40,000

 

 

 

—

 

Skydio, Inc.

 

 

37,500

 

 

 

37,500

 

HilleVax, Inc.

 

 

36,000

 

 

 

—

 

Automation Anywhere, Inc.

 

 

29,400

 

 

 

—

 

Iveric Bio Gene Therapy LLC

 

 

24,750

 

 

 

—

 

Brain Corporation

 

 

20,020

 

 

 

20,000

 

Aryaka Networks, Inc.

 

 

20,000

 

 

 

—

 

Finch Therapeutics Group, Inc.

 

 

20,000

 

 

 

—

 

G1 Therapeutics, Inc.

 

 

19,375

 

 

 

19,375

 

Tarsus Pharmaceuticals, Inc.

 

 

18,563

 

 

 

—

 

Locus Robotics Corporation

 

 

18,281

 

 

 

—

 

Alladapt Immunotherapeutics Inc.

 

 

15,000

 

 

 

—

 

ATAI Life Sciences N.V.

 

 

14,000

 

 

 

—

 

Dronedeploy, Inc.

 

 

12,500

 

 

 

—

 

Carbon Health Technologies, Inc.

 

 

11,625

 

 

 

11,625

 

Nuvolo Technologies Corporation

 

 

10,200

 

 

 

—

 

AppDirect, Inc.

 

 

10,000

 

 

 

—

 

Blue Sprig Pediatrics, Inc.

 

 

10,000

 

 

 

30,000

 

Dashlane, Inc.

 

 

10,000

 

 

 

19,300

 

RVShare, LLC

 

 

8,500

 

 

 

13,500

 

Viridian Therapeutics, Inc.

 

 

8,000

 

 

 

—

 

Elation Health, Inc.

 

 

7,500

 

 

 

—

 

Gritstone Bio, Inc.

 

 

7,500

 

 

 

—

 

Ouster, Inc.

 

 

7,000

 

 

 

—

 

Akero Therapeutics, Inc.

 

 

5,000

 

 

 

—

 

Alamar Biosciences, Inc.

 

 

5,000

 

 

 

—

 

Fulfil Solutions, Inc.

 

 

5,000

 

 

 

—

 

Demandbase, Inc.

 

 

3,750

 

 

 

9,375

 

Signal Media Limited

 

 

3,750

 

 

 

—

 

Riviera Partners LLC

 

 

3,500

 

 

 

—

 

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

 

Dispatch Technologies, Inc.

 

 

1,250

 

 

 

—

 

LogicSource

 

 

1,209

 

 

 

—

 

Zimperium, Inc.

 

 

1,088

 

 

 

—

 

Ikon Science Limited

 

 

1,050

 

 

 

1,050

 

Omeda Holdings, LLC

 

 

938

 

 

 

—

 

Alchemer LLC

 

 

890

 

 

 

—

 

Agilence, Inc.

 

 

800

 

 

 

800

 

Mobile Solutions Services

 

 

742

 

 

 

424

 

3GTMS, LLC

 

 

725

 

 

 

1,583

 

Constructor.io Corporation

 

 

625

 

 

 

—

 

Cybermaxx Intermediate Holdings, Inc.

 

 

471

 

 

 

471

 

Enmark Systems, Inc.

 

 

457

 

 

 

457

 

Annex Cloud

 

 

386

 

 

 

—

 

Gryphon Networks Corp.

 

 

268

 

 

 

268

 

Cytracom Holdings LLC

 

 

225

 

 

 

225

 

Syndax Pharmaceutics Inc.

 

 

—

 

 

 

30,000

 

Equality Health, LLC

 

 

—

 

 

 

17,500

 

Bicycle Therapeutics PLC

 

 

—

 

 

 

10,000

 

Better Therapeutics, Inc.

 

 

—

 

 

 

4,000

 

Logicworks

 

 

—

 

 

 

2,000

 

ShadowDragon, LLC

 

 

—

 

 

 

333

 

ePayPolicy Holdings, LLC

 

 

—

 

 

 

250

 

Pineapple Energy LLC

 

 

—

 

 

 

120

 

Total Unfunded Debt Commitments:

 

 

652,957

 

 

 

282,913

 

 

 

 

 

 

 

 

Investment Funds & Vehicles:(2)

 

 

 

 

 

 

Forbion Growth Opportunities Fund I C.V.

 

 

3,187

 

 

 

3,839

 

Forbion Growth Opportunities Fund II C.V.

 

 

2,826

 

 

 

—

 

Total Unfunded Commitments in Investment Funds & Vehicles:

 

 

6,013

 

 

 

3,839

 

 

 

 

 

 

 

 

Total Unfunded Commitments

 

$

658,970

 

 

$

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 $203.2 million and $34.9 million of unfunded commitments as of September 30, 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 -12 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 September 30, 2022 and December 31, 2021:

As of September 30, 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)

 

$

1,542,000

 

 

$

—

 

 

$

377,000

 

 

$

800,000

 

 

$

365,000

 

Lease and License Obligations (4)

 

 

6,821

 

 

 

3,060

 

 

 

1,908

 

 

 

1,853

 

 

 

—

 

Total

 

$

1,548,821

 

 

$

3,060

 

 

$

378,908

 

 

$

801,853

 

 

$

365,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30, 2022. There was also $25.0 million outstanding under the SMBC Facility and $102.0 million outstanding under the MUFG Bank Facility as of September 30, 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 September 30, 2022, and 2021:

(in thousands)

 

Three Months Ended September 30, 2022

 

 

Three Months Ended September 30, 2021

 

 

Nine Months Ended September 30, 2022

 

 

Nine Months Ended September 30, 2021

 

Total operating lease cost

 

$

744

 

 

$

724

 

 

$

2,185

 

 

$

2,196

 

Cash paid for amounts included in the measurement of lease liabilities

 

$

642

 

 

$

578

 

 

$

2,411

 

 

$

1,733

 

 

 

 

As of September 30, 2022

 

 

As of September 30, 2021

 

Weighted-average remaining lease term (in years)

 

 

4.17

 

 

 

4.37

 

Weighted-average discount rate

 

 

4.53

%

 

 

4.87

%
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, 2022:

(in thousands)

 

As of September 30, 2022

 

2022

 

$

652

 

2023

 

 

2,500

 

2024

 

 

848

 

2025

 

 

887

 

Thereafter

 

 

1,804

 

Total lease payments

 

 

6,691

 

Less: imputed interest

 

 

(599

)

Total operating lease liability

 

$

6,092

 
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)

 

September 30, 2022

 

 

December 31, 2021

 

Unfunded Debt Commitments:

 

 

 

 

 

 

Expiring during:

 

 

 

 

 

 

2022

 

$

198,281

 

 

$

199,681

 

2023

 

 

312,457

 

 

 

43,675

 

2024

 

 

121,586

 

 

 

25,800

 

2025

 

 

1,694

 

 

 

2,232

 

2026

 

 

9,053

 

 

 

11,525

 

2027

 

 

7,745

 

 

 

—

 

2028

 

 

2,141

 

 

 

—

 

Total Unfunded Debt Commitments

 

 

652,957

 

 

 

282,913

 

Unfunded Commitments in Investment Funds & Vehicles:

 

 

 

 

 

 

Expiring during:

 

 

 

 

 

 

2030

 

 

3,187

 

 

 

3,839

 

2032

 

 

2,826

 

 

 

—

 

Total Unfunded Commitments in Investment Funds & Vehicles

 

 

6,013

 

 

 

3,839

 

Total Unfunded Commitments

 

$

658,970

 

 

$

286,752