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Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments
As of June 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 CompanyJune 30, 2025December 31, 2024
Debt Investments:
Earnix, Inc.$41,250 $41,250 
Harness, Inc.40,425 11,550 
Arcus Biosciences, Inc.37,500 37,500 
Thumbtack, Inc.30,000 30,000 
ChenMed, LLC25,000 — 
Disc Medicine, Inc.22,500 22,500 
Saronic Technologies, Inc.21,250 — 
Pindrop Security, Inc.19,375 19,375 
GoEuro Travel GmbH18,750 26,250 
Akero Therapeutics, Inc.17,500 15,000 
Coronet Cyber Security Ltd.17,000 17,000 
Locus Robotics Corp.16,250 16,250 
Aryaka Networks, Inc.12,500 12,500 
Weee! Inc.12,500 — 
Alector, Inc.10,500 10,500 
iSpot.tv, Inc.9,750 — 
Marathon Health, LLC9,620 24,250 
DocPlanner9,538 — 
CoreView USA, Inc.9,000 10,000 
Heron Therapeutics, Inc.8,000 8,000 
PayIt, LLC8,000 8,000 
ZeroEyes, Inc.6,000 — 
Distributed Creation Inc.5,000 — 
Smartsheet Inc.4,840 — 
Ennoble Care LLC4,500 — 
AlphaSense, Inc.4,000 4,000 
WellBe Senior Medical, LLC4,000 12,000 
Saama Technologies, LLC3,875 3,875 
Allvue Systems, LLC3,590 3,590 
LogRhythm, Inc.3,143 3,143 
Loftware, Inc.2,846 2,277 
Zappi, Inc.2,571 2,571 
Carbyne, Inc.2,550 — 
New Relic, Inc.2,176 2,176 
Streamline Healthcare Solutions2,100 2,200 
Babel Street2,091 4,367 
Kaseware, Inc.2,000 — 
Sumo Logic, Inc.2,000 2,000 
Altumint, Inc.1,500 — 
TaxCalc1,477 1,166 
Behavox Limited1,400 — 
LogicSource1,209 1,209 
Zimperium, Inc.1,087 196 
(in thousands)
Unfunded Commitments (1) as of
Portfolio CompanyJune 30, 2025December 31, 2024
Debt Investments:
LinenMaster, LLC$1,000 $1,000 
Dispatch Technologies, Inc.937 563 
Alchemer LLC890 — 
Main Street Rural, Inc.874 874 
Fortified Health Security840 840 
Ushur, Inc.800 — 
DroneDeploy, Inc.625 625 
Annex Cloud600 — 
Omeda Holdings, LLC497 731 
ShadowDragon, LLC333 333 
NorthSea Therapeutics100 — 
Armis, Inc.— 25,000 
Dragos, Inc.— 13,000 
Strive Health Holdings, LLC— 8,299 
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 
Ceros, Inc.— 1,707 
3GTMS, LLC— 886 
Flight Schedule Pro, LLC— 646 
Total Unfunded Debt Commitments:467,659 444,699 
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$471,488 $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 $129.7 million and $139.7 million of unfunded commitments as of June 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
June 30, 2025December 31, 2024
Expiring during:
2025$108,849 $251,941 
2026258,777 147,840 
202732,095 10,553 
20285,673 6,040 
202924,149 24,149 
203033,276 4,176 
20314,840 — 
Total Unfunded Debt Commitments467,659 444,699 
Unfunded Commitments in Investment Funds & Vehicles:  
Expiring during:  
20301,757 1,757 
20322,072 2,072 
Total Unfunded Commitments in Investment Funds & Vehicles3,829 3,829 
Total Unfunded Commitments$471,488 $448,528 
Schedule of Contractual Obligations
The following tables provide the Company’s contractual obligations as of June 30, 2025 and December 31, 2024:
As of June 30, 2025:Payments due by period (in thousands)
Contractual Obligations(1)
TotalLess than 1 year1 - 3 years3 - 5 yearsAfter 5 years
Debt(2)(3)
$2,095,220 $100,000 $675,000 $818,635 $501,585 
Lease and License Obligations(4)
22,049 3,280 6,056 5,647 7,066 
Total$2,117,269 $103,280 $681,056 $824,282 $508,651 
 
As of December 31, 2024:Payments due by period (in thousands)
Contractual Obligations(1)
TotalLess than 1 year1 - 3 years3 - 5 yearsAfter 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, $111.6 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 June 30, 2025. There was also $115.1 million outstanding under the SMBC Facility and $66.0 million outstanding under the MUFG Bank Facility as of June 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 six months ended June 30, 2025 and 2024:
(in thousands)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total operating lease cost$774 $796 $1,548 $1,329 
Cash paid for amounts included in the measurement of lease liabilities$1,291 $775 $1,886 $897 
 As of June 30, 2025As of December 31, 2024
Weighted-average remaining lease term (in years)7.447.81
Weighted-average discount rate6.92 %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 June 30, 2025:
(in thousands)As of June 30, 2025
2025$1,202 
20263,179 
20273,452 
20282,766 
Thereafter11,324 
Total lease payments21,923 
Less: imputed interest & other items(5,026)
Total operating lease liability$16,897