v3.26.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company’s commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to the Company’s portfolio companies. As of September 30, 2026, a portion of these unfunded contractual commitments are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions which allow the Company relief from funding obligations for previously made unfunded commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the portfolio company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by future or unachieved milestones, taking into consideration relevant funding provisions such as any notice provisions in the credit agreements with the portfolio company.
As of September 30, 2026 and December 31, 2025, the Company had approximately $397.6 million and $385.6 million, respectively, of available unfunded commitments, including undrawn revolving facilities, which were available at the request of the portfolio company and unencumbered by future or unachieved milestones. In order to draw a portion of the Company's available unfunded commitments, a portfolio company must submit to the Company a formal funding
request that complies with the applicable advance notice and other operational requirements. The amounts disclosed exclude unfunded commitments (i) for which, with respect to a portfolio company's agreement, a milestone was achieved after the last day on which the portfolio company could have requested a drawdown funding to be completed within the reporting period; and (ii) related to the portion of portfolio company investments assigned to or directly committed by the Adviser Funds as described in “Note 12 - Related Party Transactions”. The fair value of the Company’s unfunded commitments is considered to be immaterial as the yield determined at the time of underwriting is expected to be materially consistent with the yield upon funding, given that interest rates are generally pegged to market indices and given the existence of milestones, conditions and/or obligations embedded in the borrowing agreements.
As of September 30, 2026 and December 31, 2025, 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 CompanySeptember 30, 2026December 31, 2025
Debt Investments:
Earnix, Inc.$26,250 $26,250 
ChenMed, LLC25,000 25,000 
Neo4j, Inc.25,000 — 
4D Molecular Therapeutics, Inc.22,800 — 
Saronic Technologies, Inc.21,250 21,250 
Weee! Inc.20,000 12,500 
Disc Medicine, Inc.18,750 22,500 
ControlUp, Inc.15,000 — 
Rocket Pharmaceuticals, Inc.15,000 — 
Maze Therapeutics, Inc.14,000 — 
Expel, Inc.12,000 — 
Belong Health, Inc.11,250 — 
Replimune Group, Inc.10,500 — 
CollectiveHealth, Inc.10,125 — 
Marathon Health, LLC10,000 9,620 
Elation Health, Inc.10,000 7,500 
LeoLabs, Inc.9,900 — 
iSpot.tv, Inc.9,750 5,980 
Hermeus Corporation9,545 — 
Finix Payments, Inc.8,750 8,750 
Antares Nuclear, Inc.7,969 — 
Loft Orbital Solutions Inc.6,930 6,600 
Tipalti Solutions Ltd.6,750 — 
Mango Technologies, Inc.6,700 16,750 
Renew Home, LLC4,873 — 
Smartsheet Inc.4,840 4,840 
Babel Street4,367 3,275 
Connections Health Holdings, LLC4,250 — 
Pindrop Security, Inc.3,875 7,750 
Canary Technologies Corp.3,375 — 
SonderMind Inc.3,260 — 
Loftware, Inc.2,846 2,846 
Funnel Holding AB (publ)2,625 2,625 
Zappi, Inc.2,571 2,571 
PayIt, LLC2,560 4,800 
DNSFilter, Inc.2,500 5,000 
Tidal Vision Products, Inc.2,500 2,500 
Proven Optics, LLC2,250 2,250 
New Relic, Inc.2,176 2,176 
Andesa Services, Inc.1,222 — 
Sumo Logic, Inc.1,120 2,000 
(in thousands)
Unfunded Commitments (1) as of
Portfolio CompanySeptember 30, 2026December 31, 2025
Debt Investments:
Zimperium, Inc.$1,088 $1,087 
Alchemer LLC890 890 
Streamline Healthcare Solutions840 2,100 
Perk International Holdings Ltd531 — 
LinenMaster, LLC338 338 
Arcus Biosciences, Inc.— 18,750 
GoEuro Travel GmbH— 18,750 
Curana Health Holdings, LLC— 17,500 
Harness, Inc.— 14,438 
Viridian Therapeutics, Inc.— 12,250 
Alector, Inc.— 10,500 
CoreView USA, Inc.— 10,000 
DroneDeploy, Inc.— 10,000 
Peek Travel, Inc.— 9,750 
DocPlanner— 9,538 
ZeroEyes, Inc.— 8,000 
Imagen Technologies, Inc.— 7,500 
Nerdy Inc.— 7,000 
Distributed Creation Inc.— 5,000 
Octave Health Group, Inc.— 2,500 
Carbyne, Inc.— 2,334 
Behavox Limited— 2,100 
Akeyless Security Ltd.— 2,000 
Saama Technologies, LLC— 1,938 
LogicSource— 1,209 
Dispatch Technologies, Inc.— 625 
ShadowDragon, LLC— 333 
TaxCalc— 311 
Omeda Holdings, LLC— 160 
Total Unfunded Debt Commitments:388,116 382,234 
Investment Funds & Vehicles:(2)
Forbion Growth Opportunities Fund I C.V.$1,592 $1,771 
Forbion Growth Opportunities Fund II C.V.1,259 1,618 
Forbion Growth Opportunities Fund IV3,407 — 
Forbion Ventures VIII3,248 — 
Total Unfunded Commitments in Investment Funds & Vehicles:9,506 3,389 
Total Unfunded Commitments$397,622 $385,623 
(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 $104.6 million and $96.2 million of unfunded commitments as of September 30, 2026 and December 31, 2025, 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, 2026December 31, 2025
Expiring during:
2026$124,360 $281,807 
2027167,484 41,112 
202817,236 4,361 
202921,588 16,588 
203051,386 33,526 
20316,062 4,840 
Total Unfunded Debt Commitments388,116 382,234 
Unfunded Commitments in Investment Funds & Vehicles:
Expiring during:
20301,592 1,771 
20321,259 1,618 
20366,655 — 
Total Unfunded Commitments in Investment Funds & Vehicles9,506 3,389 
Total Unfunded Commitments$397,622 $385,623 
The following tables provide the Company’s contractual obligations as of September 30, 2026 and December 31, 2025:
As of September 30, 2026:Payments due by period (in thousands)
Contractual Obligations(1)
TotalLess than 1 year1 - 3 years3 - 5 yearsAfter 5 years
Debt(2)(3)
$2,583,379 $350,000 $828,500 $1,079,379 $325,500 
Lease and License Obligations(4)
18,243 3,471 5,560 5,219 3,993 
Total$2,601,622 $353,471 $834,060 $1,084,598 $329,493 
As of December 31, 2025:Payments due by period (in thousands)
Contractual Obligations(1)
TotalLess than 1 year1 - 3 years3 - 5 yearsAfter 5 years
Debt(3)(5)
$2,313,070 $425,000 $637,500 $795,934 $454,636 
Lease and License Obligations(4)
20,892 3,339 6,228 5,586 5,739 
Total$2,333,962 $428,339 $643,728 $801,520 $460,375 
(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, $350.0 million of the January 2027 Notes, $287.5 million of the 2028 Convertible Notes, $300.0 million of the February 2029 Notes, $350.0 million of the June 2030 Notes, $49.7 million of the 2031 Asset-Backed Notes, $325.0 million of the July 2031 Notes, and $40.0 million of the 2033 Notes as of September 30, 2026. There was also $290.2 million outstanding under the SMBC Facility and $241.0 million outstanding under the MUFG Bank Facility as of September 30, 2026.
(3)Amounts represent future principal repayments and not the carrying value of each liability. See “Note 5 – Debt”.
(4)Leases and license obligations include contractual amounts related to short-term leases.
(5)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, $325.0 million of the September 2026 Notes, $350.0 million of the January 2027 Notes, $287.5 million of the 2028 Convertible Notes, $350.0 million of the June 2030 Notes, $64.6 million of the 2031 Asset-Backed Notes and $40.0 million of the 2033 Notes as of December 31, 2025. There was also $277.9 million outstanding under the SMBC Facility and $168.0 million outstanding under the MUFG Bank Facility as of December 31, 2025.
Certain premises are leased or licensed under agreements which expire at various dates through July 2034. While some of the leases contained options to extend and terminate, it is not reasonably certain that either option will be utilized and therefore, only the payments in the initial term of the leases were included in the lease liability and ROU asset. During the three months ended September 30, 2026 and 2025, total rent expense, including short-term leases, amounted to approximately $0.8 million and $0.8 million, respectively. During the nine months ended September 30, 2026 and 2025, total rent expense, including short-term leases, amounted to approximately $2.5 million and $2.5 million, respectively.
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, 2026
and 2025:
(in thousands)Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Total operating lease cost$774 $774 $2,322 $2,322 
Cash paid for amounts included in the measurement of lease liabilities611 599 2,564 2,485 
As of
September 30, 2026December 31, 2025
Weighted-average remaining lease term (in years)6.366.94
Weighted-average discount rate7.01 %6.91 %
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, 2026:
(in thousands)As of September 30, 2026
2026$615 
20273,452 
20282,766 
20292,823 
Thereafter8,501 
Total lease payments18,157 
Less: imputed interest & other items(3,654)
Total operating lease liability$14,503 
The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect the Company’s financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.