XML 49 R37.htm IDEA: XBRL DOCUMENT
v3.25.1

Commitments and Contingencies (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments | As of March 31, 2025 and December 31, 2024, 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 |  | March 31, 2025 |  | December 31, 2024
Debt Investments: |  |  |  |
Earnix, Inc. |  | $ | 41,250 |  |  | $ | 41,250 |
Arcus Biosciences, Inc. |  | 37,500 |  |  | 37,500 |
Thumbtack, Inc. |  | 30,000 |  |  | 30,000 |
Harness, Inc. |  | 26,950 |  |  | 11,550 |
Armis, Inc. |  | 25,000 |  |  | 25,000 |
Disc Medicine, Inc. |  | 22,500 |  |  | 22,500 |
Pindrop Security, Inc. |  | 19,375 |  |  | 19,375 |
Coronet Cyber Security Ltd. |  | 17,000 |  |  | 17,000 |
Marathon Health, LLC |  | 16,550 |  |  | 24,250 |
Locus Robotics Corp. |  | 16,250 |  |  | 16,250 |
Akero Therapeutics, Inc. |  | 15,000 |  |  | 15,000 |
Dragos, Inc. |  | 13,000 |  |  | 13,000 |
Aryaka Networks, Inc. |  | 12,500 |  |  | 12,500 |
GoEuro Travel GmbH |  | 12,468 |  |  | 26,250 |
WellBe Senior Medical, LLC |  | 12,000 |  |  | 12,000 |
Semperis Technologies Inc. |  | 11,250 |  |  | — |
Alector, Inc. |  | 10,500 |  |  | 10,500 |
DocPlanner |  | 9,538 |  |  | — |
CoreView USA, Inc. |  | 9,000 |  |  | 10,000 |
iSpot.tv, Inc. |  | 8,250 |  |  | — |
Suzy, Inc. |  | 8,000 |  |  | 8,000 |
PayIt, LLC |  | 8,000 |  |  | 8,000 |
Heron Therapeutics, Inc. |  | 8,000 |  |  | 8,000 |
Curana Health Holdings, LLC |  | 7,500 |  |  | 7,500 |
SmartSheet Inc. |  | 4,840 |  |  | — |
Ennoble Care LLC |  | 4,500 |  |  | — |
Babel Street |  | 4,367 |  |  | 4,367 |
AlphaSense, Inc. |  | 4,000 |  |  | 4,000 |
Reveleer |  | 4,000 |  |  | — |
Allvue Systems, LLC |  | 3,590 |  |  | 3,590 |
Behavox Limited |  | 3,500 |  |  | — |
LogRhythm, Inc. |  | 3,143 |  |  | 3,143 |
Zappi, Inc. |  | 2,571 |  |  | 2,571 |
Dashlane, Inc. |  | 2,500 |  |  | 5,000 |
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 |
LogicSource |  | 1,209 |  |  | 1,209 |
TaxCalc |  | 1,166 |  |  | 1,166 |
LinenMaster, LLC |  | 1,000 |  |  | 1,000 |
Alchemer LLC |  | 890 |  |  | — |
Main Street Rural, Inc. |  | 874 |  |  | 874 |
Fortified Health Security |  | 840 |  |  | 840 |
(in thousands) |  | Unfunded Commitments (1) as of
Portfolio Company |  | March 31, 2025 |  | December 31, 2024
Debt Investments: |  |  |  |
Dispatch Technologies, Inc. |  | $ | 813 |  |  | $ | 563 |
Omeda Holdings, LLC |  | 750 |  |  | 731 |
Dronedeploy, Inc. |  | 625 |  |  | 625 |
ShadowDragon, LLC |  | 333 |  |  | 333 |
Zimperium, Inc. |  | 282 |  |  | 196 |
Strive Health Holdings, LLC |  | — |  |  | 8,299 |
Viridian Therapeutics, Inc. |  | — |  |  | 8,000 |
ATAI Life Sciences N.V. |  | — |  |  | 7,000 |
Saama Technologies, LLC |  | — |  |  | 3,875 |
Ceros, Inc. |  | — |  |  | 1,707 |
3GTMS, LLC |  | — |  |  | 886 |
Flight Schedule Pro, LLC |  | — |  |  | 646 |
Total Unfunded Debt Commitments: |  | 451,827 |  |  | 444,699 |
Investment Funds & Vehicles:(2) |  |  |  |
Forbion Growth Opportunities Fund I C.V. |  | 1,757 |  |  | 1,757 |
Forbion Growth Opportunities Fund II C.V. |  | 2,072 |  |  | 2,072 |
Total Unfunded Commitments in Investment Funds & Vehicles: |  | 3,829 |  |  | 3,829 |
Total Unfunded Commitments |  | $ | 455,656 |  |  | $ | 448,528 |
(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 $136.0 million and $139.7 million of unfunded commitments as of March 31, 2025 and December 31, 2024, 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 |  |  |  |
| March 31, 2025 |  | December 31, 2024
Expiring during: |  |  |  |
2025 |  | $ | 244,624 |  |  | $ | 251,941 |
2026 |  | 156,839 |  |  | 147,840 |
2027 |  | 10,020 |  |  | 10,553 |
2028 |  | 7,179 |  |  | 6,040 |
2029 |  | 24,149 |  |  | 24,149 |
2030 |  | 4,176 |  |  | 4,176 |
2031 |  | 4,840 |  |  | — |
Total Unfunded Debt Commitments |  | 451,827 |  |  | 444,699 |
Unfunded Commitments in Investment Funds & Vehicles: |  |  |  |
Expiring during: |  |  |  |
2030 |  | 1,757 |  |  | 1,757 |
2032 |  | 2,072 |  |  | 2,072 |
Total Unfunded Commitments in Investment Funds & Vehicles |  | 3,829 |  |  | 3,829 |
Total Unfunded Commitments |  | $ | 455,656 |  |  | $ | 448,528 |
Schedule of Contractual Obligations | The following tables provide the Company’s contractual obligations as of March 31, 2025 and December 31, 2024:
As of March 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(2)(3) |  | $ | 1,999,351 |  |  | $ | 220,000 |  |  | $ | 780,000 |  |  | $ | 547,506 |  |  | $ | 451,845 |
Lease and License Obligations(4) |  | 23,400 |  |  | 3,287 |  |  | 6,710 |  |  | 5,618 |  |  | 7,785 |
Total |  | $ | 2,022,751 |  |  | $ | 223,287 |  |  | $ | 786,710 |  |  | $ | 553,124 |  |  | $ | 459,630 |
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(5)(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 |
(1)Excludes commitments to extend credit to the Company’s portfolio companies and uncalled capital commitments in investment funds. (2)Includes $295.0 million in principal outstanding under the SBA Debentures, $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, $116.8 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes, $350.0 million of the January 2027 Notes and $287.5 million of the 2028 Convertible Notes as of March 31, 2025. There was also $260.0 million outstanding under the SMBC Facility and $105.0 million outstanding under the MUFG Bank Facility as of March 31, 2025. (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 $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.
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 for the three months ended March 31, 2025 and 2024:
(in thousands) | Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Total operating lease cost | $ | 774 |  |  | $ | 533 |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities | 595 |  |  | 122 |  |  |  |  |
| As of March 31, 2025 |  | As of December 31, 2024
Weighted-average remaining lease term (in years) | 7.56 |  | 7.81
Weighted-average discount rate | 6.84 | % |  | 6.85 | %
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 March 31, 2025:
(in thousands) | As of March 31, 2025
2025 | $ | 2,493 |
2026 | 3,179 |
2027 | 3,452 |
2028 | 2,766 |
Thereafter | 11,324 |
Total lease payments | 23,214 |
Less: imputed interest & other items | (6,003) |
Total operating lease liability | $ | 17,211 |

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 -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Subparagraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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