Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments
As of December 31, 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 December 31, 2024 December 31, 2023
Debt Investments:
Earnix, Inc. $ 41,250  $ — 
Arcus Biosciences, Inc. 37,500  — 
Thumbtack, Inc. 30,000  40,000 
GoEuro Travel GmbH 26,250  — 
Armis, Inc. 25,000  — 
Marathon Health, LLC 24,250  — 
Disc Medicine, Inc. 22,500  — 
Pindrop Security, Inc. 19,375  — 
Coronet Cyber Security Ltd. 17,000  — 
Locus Robotics Corp. 16,250  — 
Akero Therapeutics, Inc. 15,000  15,000 
Dragos, Inc. 13,000  13,000 
Aryaka Networks, Inc. 12,500  — 
WellBe Senior Medical, LLC 12,000  — 
Harness, Inc. 11,550  — 
Alector, Inc. 10,500  — 
CoreView USA, Inc. 10,000  — 
Strive Health Holdings, LLC 8,299  — 
Suzy, Inc. 8,000  12,000 
Heron Therapeutics, Inc. 8,000  4,000 
Viridian Therapeutics, Inc. 8,000  — 
PayIt, LLC 8,000  — 
Curana Health Holdings, LLC 7,500  — 
ATAI Life Sciences N.V. 7,000  — 
Dashlane, Inc. 5,000  2,137 
Babel Street 4,367  3,375 
(in thousands)
Unfunded Commitments (1) as of
Portfolio Company December 31, 2024 December 31, 2023
AlphaSense, Inc. $ 4,000  $ — 
Saama Technologies, LLC 3,875  3,875 
Allvue Systems, LLC 3,590  3,590 
LogRhythm, Inc. 3,143  — 
Zappi, Inc. 2,571  2,571 
Loftware, Inc. 2,277  2,277 
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 
LogicSource 1,209  1,209 
TaxCalc 1,166  — 
LinenMaster, LLC 1,000  1,000 
3GTMS, LLC 886  1,182 
Main Street Rural, Inc. 874  10,500 
Fortified Health Security 840  840 
Omeda Holdings, LLC 731  731 
Flight Schedule Pro, LLC 646  639 
DroneDeploy, Inc. 625  6,250 
Dispatch Technologies, Inc. 563  625 
ShadowDragon, LLC 333  333 
Zimperium, Inc. 196  3,727 
Automation Anywhere, Inc. —  29,400 
Checkr Group, Inc. —  23,625 
Skydio, Inc. —  22,500 
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 
Elation Health, Inc. —  7,500 
Modern Life, Inc. —  6,500 
Phathom Pharmaceuticals, Inc. —  6,120 
Brain Corporation —  5,000 
Leapwork ApS —  3,900 
Riviera Partners LLC —  3,000 
Cutover, Inc. —  2,650 
Plentific Ltd —  2,625 
Altumint, Inc. —  2,500 
Yipit, LLC —  2,250 
Annex Cloud —  1,750 
ThreatConnect, Inc. —  1,600 
Ikon Science Limited —  1,050 
Agilence, Inc. —  800 
Constructor.io Corporation —  625 
Enmark Systems, Inc. —  457 
Alchemer LLC —  445 
Cybermaxx Intermediate Holdings, Inc. —  390 
Cytracom Holdings LLC —  72 
Total Unfunded Debt Commitments: 444,699  330,828 
(in thousands)
Unfunded Commitments (1) as of
Portfolio Company December 31, 2024 December 31, 2023
Investment Funds & Vehicles(2)
Forbion Growth Opportunities Fund II C.V. 2,072  2,748 
Forbion Growth Opportunities Fund I C.V. 1,757  1,757 
Total Unfunded Commitments in Investment Funds & Vehicles: 3,829  4,505 
Total Unfunded Commitments $ 448,528  $ 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 $139.7 million and $127.7 million of unfunded commitments as of December 31, 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 -13 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) December 31, 2024 December 31, 2023
Unfunded Debt Commitments:
Expiring during:
2024 $ —  $ 291,896 
2025 251,941  3,004 
2026 147,840  7,537 
2027 10,553  14,078 
2028 6,040  6,547 
2029 24,149  3,590 
2030 4,176  4,176 
Total Unfunded Debt Commitments 444,699  330,828 
Unfunded Commitments in Investment Funds & Vehicles:
Expiring during:
2030 1,757  1,757 
2032 2,072  2,748 
Total Unfunded Commitments in Investment Funds & Vehicles 3,829  4,505 
Total Unfunded Commitments $ 448,528  $ 335,333 
Schedule of Contractual Obligations
The following tables provide the Company’s contractual obligations as of December 31, 2024 and December 31, 2023:
As of December 31, 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)
$ 1,783,265  $ 170,000  $ 891,000  $ 283,790  $ 438,475 
Lease and License Obligations(4)
23,976  3,246  6,640  5,589  8,501 
Total $ 1,807,241  $ 173,246  $ 897,640  $ 289,379  $ 446,976 
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 $279.0 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, $119.5 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, 2024. There was also $283.8 million outstanding under the SMBC Facility and $116.0 million outstanding under the MUFG Bank Facility as of December 31, 2024.
(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 $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 December 31, 2024 and 2023:
(in thousands) Year Ended December 31, 2024 Year Ended December 31, 2023
Total operating lease cost $ 2,873  $ 2,382 
Cash paid for amounts included in the measurement of lease liabilities $ 1,865  $ 2,499 
  As of December 31, 2024 As of December 31, 2023
Weighted-average remaining lease term (in years) 7.81 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 December 31, 2024:
(in thousands) As of December 31, 2024
2025 $ 3,088 
2026 3,179 
2027 3,452 
Thereafter 14,090 
Total lease payments 23,809 
Less: imputed interest & other items (5,615)
Total operating lease liability $ 18,194