XML 44 R31.htm IDEA: XBRL DOCUMENT
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 |

X
- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph (a) -Subparagraph (5) + Details
Name: | srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_OtherCommitmentsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about obligations resulting from other commitments. + References No definition available. + Details
Name: | us-gaap_OtherCommitmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_OtherCommitmentsAxis=htgc_UnfundedDebtCommitmentsMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |