v3.25.1
Investments - Quantitative Information About the Level 3 Fair Value Measurements (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments $ 682,012 [1],[2] $ 676,249 [3],[4],[5]
Debt investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments 565,413 560,105
Warrant investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments 41,997 [6] 39,963 [5]
Equity investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments 74,602 76,181
Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments 681,482 675,633
Level 3 | Debt investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments 565,413 560,105
Level 3 | Debt investments | Discounted Cash Flows    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments $ 479,028 $ 492,095
Level 3 | Debt investments | Discounted Cash Flows | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1110 0.1147
Level 3 | Debt investments | Discounted Cash Flows | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.6838 0.4190
Level 3 | Debt investments | Discounted Cash Flows | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.2027 0.1912
Level 3 | Debt investments | Probability-Weighted Expected Return Method    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments $ 86,385 $ 68,010
Level 3 | Debt investments | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1000 0.1000
Level 3 | Debt investments | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 1.0000 1.0000
Level 3 | Debt investments | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.9156 0.6962
Level 3 | Warrant investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments $ 41,997 $ 39,963
Level 3 | Warrant investments | Black Scholes Option Pricing Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments $ 39,900 $ 38,138
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Revenue Multiples | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.15 0.15
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Revenue Multiples | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 21.00 21.00
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Revenue Multiples | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 11.04 11.56
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Volatility | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.2500 0.2500
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Volatility | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.9000 0.9000
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Volatility | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.5314 0.5294
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Term | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.20 0.20
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Term | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 4.50 4.50
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Term | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 2.39 2.39
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1000 0.1000
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.2500 0.2500
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1258 0.1253
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Risk Free Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.0009 0.0009
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Risk Free Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.0503 0.0503
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Risk Free Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.0364 0.0362
Level 3 | Warrant investments | Discounted Expected Return    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments $ 2,097 $ 1,825
Level 3 | Warrant investments | Discounted Expected Return | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.2000 0.2000
Level 3 | Warrant investments | Discounted Expected Return | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.3000 0.3000
Level 3 | Warrant investments | Discounted Expected Return | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.2741 0.2741
Level 3 | Warrant investments | Discounted Expected Return | Term | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 1.00 1.00
Level 3 | Warrant investments | Discounted Expected Return | Term | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 4.00 4.00
Level 3 | Warrant investments | Discounted Expected Return | Term | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 2.56 2.50
Level 3 | Warrant investments | Discounted Expected Return | Expected Recovery Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1875 0.1875
Level 3 | Warrant investments | Discounted Expected Return | Expected Recovery Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 1.0000 1.0000
Level 3 | Warrant investments | Discounted Expected Return | Expected Recovery Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.9030 0.8885
Level 3 | Equity investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments $ 74,072 $ 75,565
Level 3 | Equity investments | Black Scholes Option Pricing Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments $ 73,006 $ 74,408
Level 3 | Equity investments | Black Scholes Option Pricing Model | Revenue Multiples | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.35 0.30
Level 3 | Equity investments | Black Scholes Option Pricing Model | Revenue Multiples | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 21.00 21.00
Level 3 | Equity investments | Black Scholes Option Pricing Model | Revenue Multiples | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 9.31 7.65
Level 3 | Equity investments | Black Scholes Option Pricing Model | Volatility | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.2500 0.2500
Level 3 | Equity investments | Black Scholes Option Pricing Model | Volatility | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.9000 0.9000
Level 3 | Equity investments | Black Scholes Option Pricing Model | Volatility | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.4818 0.2975
Level 3 | Equity investments | Black Scholes Option Pricing Model | Term | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 1.00 1.00
Level 3 | Equity investments | Black Scholes Option Pricing Model | Term | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 4.00 4.00
Level 3 | Equity investments | Black Scholes Option Pricing Model | Term | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 2.00 1.99
Level 3 | Equity investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1000 0.1000
Level 3 | Equity investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1000 0.1000
Level 3 | Equity investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1000 0.1000
Level 3 | Equity investments | Black Scholes Option Pricing Model | Risk Free Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.0013 0.0013
Level 3 | Equity investments | Black Scholes Option Pricing Model | Risk Free Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.0503 0.0503
Level 3 | Equity investments | Black Scholes Option Pricing Model | Risk Free Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.0365 0.0255
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Total portfolio company investments $ 1,066 $ 1,157
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1420 0.2000
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1420 0.2000
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 0.1420 0.2000
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 2.00 0.50
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 3.00 1.50
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Unobservable Inputs 2.50 1.00
[1] The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of March 31, 2025, the Company’s portfolio company investments that were subject to restrictions on sales totaled $681.5 million at fair value and represented 196.4% of the Company’s net assets. In addition, unless otherwise indicated, as of March 31, 2025, all investments are pledged as collateral as part of the Company’s revolving credit facility.
[2] Except for equity in four public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”).
[3] The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $675.6 million at fair value and represented 195.4% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2024, all investments are pledged as collateral as part of the Company’s revolving credit facility.
[4] Except for equity in four public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board.
[5] Non-income producing investments.
[6] Non-income producing investments.