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Commitments and Contingencies (Tables) | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments | As of September 30, 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 |  | September 30, 2025 |  | December 31, 2024
Debt Investments: |  |  |  |
Arcus Biosciences, Inc. |  | $ | 37,500 |  |  | $ | 37,500 |
Thumbtack, Inc. |  | 30,000 |  |  | 30,000 |
Earnix, Inc. |  | 26,250 |  |  | 41,250 |
Harness, Inc. |  | 25,988 |  |  | 11,550 |
ChenMed, LLC |  | 25,000 |  |  | — |
Disc Medicine, Inc. |  | 22,500 |  |  | 22,500 |
Saronic Technologies, Inc. |  | 21,250 |  |  | — |
Pindrop Security, Inc. |  | 19,375 |  |  | 19,375 |
GoEuro Travel GmbH |  | 18,750 |  |  | 26,250 |
Mango Technologies, Inc. |  | 16,750 |  |  | — |
Locus Robotics Corp. |  | 16,250 |  |  | 16,250 |
Weee! Inc. |  | 12,500 |  |  | — |
Alector, Inc. |  | 10,500 |  |  | 10,500 |
CoreView USA, Inc. |  | 10,000 |  |  | 10,000 |
DroneDeploy, Inc. |  | 10,000 |  |  | 625 |
Electric Hydrogen Co. |  | 10,000 |  |  | — |
iSpot.tv, Inc. |  | 9,750 |  |  | — |
Marathon Health, LLC |  | 9,620 |  |  | 24,250 |
DocPlanner |  | 9,538 |  |  | — |
Loft Orbital Solutions Inc. |  | 7,700 |  |  | — |
Elation Health, Inc. |  | 7,500 |  |  | — |
ZeroEyes, Inc. |  | 6,000 |  |  | — |
Stoke Space Technologies, Inc. |  | 5,625 |  |  | — |
Distributed Creation Inc. |  | 5,000 |  |  | — |
DNSFilter, Inc. |  | 5,000 |  |  | — |
Scylla DB Ltd. |  | 4,886 |  |  | — |
Smartsheet Inc. |  | 4,840 |  |  | — |
AlphaSense, Inc. |  | 4,000 |  |  | 4,000 |
WellBe Senior Medical, LLC |  | 4,000 |  |  | 12,000 |
LogRhythm, Inc. |  | 3,143 |  |  | 3,143 |
Altumint, Inc. |  | 3,000 |  |  | — |
Loftware, Inc. |  | 2,846 |  |  | 2,277 |
Ennoble Care LLC |  | 2,700 |  |  | — |
Zappi, Inc. |  | 2,571 |  |  | 2,571 |
Carbyne, Inc. |  | 2,334 |  |  | — |
New Relic, Inc. |  | 2,176 |  |  | 2,176 |
Behavox Limited |  | 2,100 |  |  | — |
Streamline Healthcare Solutions |  | 2,100 |  |  | 2,200 |
Akeyless Security Ltd. |  | 2,000 |  |  | — |
Kaseware, Inc. |  | 2,000 |  |  | — |
PayIt, LLC |  | 2,000 |  |  | 8,000 |
Sumo Logic, Inc. |  | 2,000 |  |  | 2,000 |
(in thousands) |  | Unfunded Commitments (1) as of
Portfolio Company |  | September 30, 2025 |  | December 31, 2024
Debt Investments: |  |  |  |
LogicSource |  | $ | 1,209 |  |  | $ | 1,209 |
Zimperium, Inc. |  | 1,087 |  |  | 196 |
Alchemer LLC |  | 890 |  |  | — |
Main Street Rural, Inc. |  | 874 |  |  | 874 |
Dispatch Technologies, Inc. |  | 812 |  |  | 563 |
Annex Cloud |  | 750 |  |  | — |
Omeda Holdings, LLC |  | 497 |  |  | 731 |
LinenMaster, LLC |  | 338 |  |  | 1,000 |
ShadowDragon, LLC |  | 333 |  |  | 333 |
TaxCalc |  | 311 |  |  | 1,166 |
Armis, Inc. |  | — |  |  | 25,000 |
Coronet Cyber Security Ltd. |  | — |  |  | 17,000 |
Akero Therapeutics, Inc. |  | — |  |  | 15,000 |
Dragos, Inc. |  | — |  |  | 13,000 |
Aryaka Networks, Inc. |  | — |  |  | 12,500 |
Strive Health Holdings, LLC |  | — |  |  | 8,299 |
Heron Therapeutics, Inc. |  | — |  |  | 8,000 |
Suzy, Inc. |  | — |  |  | 8,000 |
Viridian Therapeutics, Inc. |  | — |  |  | 8,000 |
Curana Health Holdings, LLC |  | — |  |  | 7,500 |
ATAI Life Sciences N.V. |  | — |  |  | 7,000 |
Dashlane, Inc. |  | — |  |  | 5,000 |
Babel Street |  | — |  |  | 4,367 |
Saama Technologies, LLC |  | — |  |  | 3,875 |
Allvue Systems, LLC |  | — |  |  | 3,590 |
Ceros, Inc. |  | — |  |  | 1,707 |
3GTMS, LLC |  | — |  |  | 886 |
Fortified Health Security |  | — |  |  | 840 |
Flight Schedule Pro, LLC |  | — |  |  | 646 |
Total Unfunded Debt Commitments: |  | 434,143 |  |  | 444,699 |
Investment Funds & Vehicles:(2) |  |  |  |
Forbion Growth Opportunities Fund I C.V. |  | 1,775 |  |  | 1,757 |
Forbion Growth Opportunities Fund II C.V. |  | 1,617 |  |  | 2,072 |
Total Unfunded Commitments in Investment Funds & Vehicles: |  | 3,392 |  |  | 3,829 |
Total Unfunded Commitments |  | $ | 437,535 |  |  | $ | 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 $99.1 million and $139.7 million of unfunded commitments as of September 30, 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 |  |  |  |
| September 30, 2025 |  | December 31, 2024
Expiring during: |  |  |  |
2025 |  | $ | 84,424 |  |  | $ | 251,941 |
2026 |  | 250,676 |  |  | 147,840 |
2027 |  | 36,649 |  |  | 10,553 |
2028 |  | 4,547 |  |  | 6,040 |
2029 |  | 19,731 |  |  | 24,149 |
2030 |  | 33,276 |  |  | 4,176 |
2031 |  | 4,840 |  |  | — |
Total Unfunded Debt Commitments |  | 434,143 |  |  | 444,699 |
Unfunded Commitments in Investment Funds & Vehicles: |  |  |  |
Expiring during: |  |  |  |
2030 |  | 1,775 |  |  | 1,757 |
2032 |  | 1,617 |  |  | 2,072 |
Total Unfunded Commitments in Investment Funds & Vehicles |  | 3,392 |  |  | 3,829 |
Total Unfunded Commitments |  | $ | 437,535 |  |  | $ | 448,528 |
Schedule of Contractual Obligations | The following tables provide the Company’s contractual obligations as of September 30, 2025 and December 31, 2024:
As of September 30, 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) |  | $ | 2,180,005 |  |  | $ | 425,000 |  |  | $ | 637,500 |  |  | $ | 638,866 |  |  | $ | 478,639 |
Lease and License Obligations(4) |  | 21,408 |  |  | 3,251 |  |  | 6,136 |  |  | 5,677 |  |  | 6,344 |
Total |  | $ | 2,201,413 |  |  | $ | 428,251 |  |  | $ | 643,636 |  |  | $ | 644,543 |  |  | $ | 484,983 |
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 $350.0 million in principal outstanding under the SBA Debentures, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $350.0 million of the June 2030 Notes, $88.6 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 September 30, 2025. There was also $222.9 million outstanding under the SMBC Facility and $66.0 million outstanding under the MUFG Bank Facility as of September 30, 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 tables set 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 and nine months ended September 30, 2025 and 2024:
(in thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total operating lease cost | $ | 774 |  |  | $ | 762 |  |  | $ | 2,322 |  |  | $ | 2,091 |
Cash paid for amounts included in the measurement of lease liabilities | $ | 599 |  |  | $ | 371 |  |  | $ | 2,485 |  |  | $ | 1,268 |
| As of September 30, 2025 |  | As of December 31, 2024
Weighted-average remaining lease term (in years) | 7.19 |  | 7.81
Weighted-average discount rate | 6.92 | % |  | 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 September 30, 2025:
(in thousands) | As of September 30, 2025
2025 | $ | 603 |
2026 | 3,179 |
2027 | 3,452 |
2028 | 2,766 |
Thereafter | 11,324 |
Total lease payments | 21,324 |
Less: imputed interest & other items | (4,737) |
Total operating lease liability | $ | 16,587 |

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