Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.24.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments
As of September 30, 2024, and December 31, 2023, 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, 2024 December 31, 2023
Debt Investments:
Earnix Ltd. $ 41,250  $ — 
Arcus Biosciences, Inc. 37,500  — 
Shield AI, Inc. 37,500  — 
Thumbtack, Inc. 30,000  40,000 
Armis, Inc. 25,000  — 
Checkr Group, Inc. 23,625  23,625 
Skydio, Inc. 22,500  22,500 
Pindrop Security, Inc. 19,375  — 
Braeburn Pharmaceuticals 17,500  — 
Coronet Cyber Security Ltd. 17,000  — 
Phathom Pharmaceuticals, Inc. 15,300  6,120 
Akero Therapeutics, Inc. 15,000  15,000 
Main Street Rural, Inc. 14,000  10,500 
Harness, Inc. 11,550  — 
Marathon Health, LLC 10,000  — 
Viridian Therapeutics 10,000  — 
Suzy, Inc. 8,000  12,000 
WellBe Senior Medical, LLC 8,000  — 
Geron Corporation 7,800  — 
Semperis Technologies Inc. 7,500  — 
Elation Health, Inc. 7,500  7,500 
Curana Health Holdings, LLC 7,500  — 
ATAI Life Sciences N.V. 7,000  — 
Behavox Limited 7,000  — 
Dragos 6,500  13,000 
Leapwork ApS 6,345  3,900 
enGene, Inc. 5,250  — 
Babel Street 4,367  3,375 
Heron Therapeutics, Inc. 4,000  4,000 
AlphaSense Inc. 4,000  — 
Saama Technologies, LLC 3,875  3,875 
Allvue Systems, LLC 3,590  3,590 
Sight Sciences, Inc. 3,500  — 
LogRhythm, Inc. 3,142  — 
Recover Together, Inc. 2,500  — 
Dronedeploy, Inc. 3,125  6,250 
Riviera Partners LLC 3,000  3,000 
Zappi, Inc. 2,571  2,571 
Loftware, Inc. 2,277  2,277 
(in thousands)
Unfunded Commitments (1) as of
Portfolio Company September 30, 2024 December 31, 2023
Debt Investments:
Streamline Healthcare Solutions $ 2,200  $ 2,200 
New Relic, Inc. 2,176  2,176 
Sumo Logic, Inc. 2,000  2,000 
Ceros, Inc. 1,707  1,707 
ThreatConnect, Inc. 1,600  1,600 
LogicSource 1,209  1,209 
3GTMS, LLC 1,155  1,182 
Zimperium, Inc. 1,088  3,727 
Flight Schedule Pro, LLC 1,080  639 
Ikon Science Limited 1,050  1,050 
LinenMaster, LLC 1,000  1,000 
Fortified Health Security 840  840 
Omeda Holdings, LLC 731  731 
Dispatch Technologies, Inc. 688  625 
Constructor.io Corporation 625  625 
ShadowDragon, LLC 333  333 
Cybermaxx Intermediate Holdings, Inc. 12  390 
Automation Anywhere, Inc. —  29,400 
Tarsus Pharmaceuticals, Inc. —  20,625 
Kura Oncology, Inc. —  19,250 
Tipalti Solutions Ltd. —  10,500 
Next Insurance, Inc. —  10,000 
Senseonics Holdings, Inc. —  8,750 
Modern Life, Inc. —  6,500 
Brain Corporation —  5,000 
Cutover, Inc. —  2,650 
Plentific Ltd —  2,625 
Altumint, Inc. —  2,500 
Yipit, LLC —  2,250 
Dashlane, Inc. —  2,137 
Annex Cloud —  1,750 
Agilence, Inc. —  800 
Enmark Systems, Inc. —  457 
Alchemer LLC —  445 
Cytracom Holdings LLC —  72 
Total Unfunded Debt Commitments: 484,936  330,828 
Investment Funds & Vehicles:(2)
   
Forbion Growth Opportunities Fund I C.V. 1,757  1,757 
Forbion Growth Opportunities Fund II C.V. 2,277  2,748 
Total Unfunded Commitments in Investment Funds & Vehicles: 4,034  4,505 
Total Unfunded Commitments $ 488,970  $ 335,333 
(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 $152.2 million and $127.7 million of unfunded commitments as of September 30, 2024, and December 31, 2023, 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, 2024 December 31, 2023
Expiring during:
2024 $ 162,870  $ 291,896 
2025 236,470  3,004 
2026 32,202  7,537 
2027 15,071  14,078 
2028 6,164  6,547 
2029 27,983  3,590 
2030 4,176  4,176 
Total Unfunded Debt Commitments 484,936  330,828 
Unfunded Commitments in Investment Funds & Vehicles:    
Expiring during:    
2030 1,757  1,757 
2032 2,277  2,748 
Total Unfunded Commitments in Investment Funds & Vehicles 4,034  4,505 
Total Unfunded Commitments $ 488,970  $ 335,333 
Schedule of Contractual Obligations
The following tables provide the Company’s contractual obligations as of September 30, 2024 and December 31, 2023:
As of September 30, 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(2)(3)
$ 1,751,000  $ 170,000  $ 1,216,000  $ —  $ 365,000 
Lease and License Obligations(4)
24,528  3,206  6,551  5,560  9,211 
Total $ 1,775,528  $ 173,206  $ 1,222,551  $ 5,560  $ 374,211 
 
As of December 31, 2023: 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)
$ 1,570,000  $ 105,000  $ 689,000  $ 411,000  $ 365,000 
Lease and License Obligations(4)
26,741  2,539  6,629  6,248  11,325 
Total $ 1,596,741  $ 107,539  $ 695,629  $ 417,248  $ 376,325 
(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, $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, 2024. There was also $201.0 million outstanding under the SMBC Facility and $240.0 million outstanding under the MUFG Bank Facility as of September 30, 2024.
(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 $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 December 31, 2023. There was also $94.0 million outstanding under the SMBC Facility and $61.0 million outstanding under the MUFG Bank Facility as of December 31, 2023.
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, 2024, and 2023:
(in thousands) Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Total operating lease cost $ 762  $ 691  $ 2,091  $ 1,995 
Cash paid for amounts included in the measurement of lease liabilities $ 371  $ 495  $ 1,268  $ 2,231 
  As of September 30, 2024 As of December 31, 2023
Weighted-average remaining lease term (in years) 8.06 8.68
Weighted-average discount rate 6.85  % 6.79  %
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, 2024:
(in thousands) As of September 30, 2024
2024 $ 598 
2025 3,088 
2026 3,179 
2027 3,452 
Thereafter 14,090 
Total lease payments 24,407 
Less: imputed interest & other items (5,927)
Total operating lease liability $ 18,480