Investments (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Composition of Portfolio Investments by Industry

The following table summarizes the composition of the Company’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of March 31, 2025 and December 31, 2024 (dollars in thousands):


	March 31, 2025										December 31, 2024
	Cost					Fair Value					Cost					Fair Value
Industry	Amount		%			Amount		%			Amount		%			Amount		%
Finance and Insurance	$	310,142		16.9	%	$	313,212		17.6	%	$	319,278		18.1	%	$	322,735		18.7	%
Medical Devices		225,350		12.3	%		227,014		12.7	%		170,923		9.7	%		172,395		10.0	%
SaaS		183,954		10.0	%		187,035		10.4	%		144,896		8.2	%		146,778		8.5	%
Green Technology		149,129		8.1	%		162,461		9.1	%		146,851		8.3	%		158,852		9.2	%
Other Healthcare Services		155,106		8.5	%		156,530		8.7	%		142,430		8.1	%		143,186		8.3	%
Space Technology		145,957		8.0	%		145,656		8.1	%		141,163		8.0	%		142,034		8.2	%
Real Estate Technology		101,483		5.5	%		89,338		5.0	%		101,825		5.8	%		93,587		5.4	%
Artificial Intelligence & Automation		77,285		4.2	%		78,127		4.4	%		83,505		4.7	%		84,448		4.9	%
Healthcare Technology		70,545		3.9	%		61,690		3.4	%		78,381		4.5	%		71,853		4.2	%
Biotechnology		56,767		3.1	%		58,225		3.2	%		56,547		3.2	%		57,836		3.4	%
Consumer Products & Services		52,723		2.9	%		51,808		2.9	%		56,210		3.2	%		54,607		3.2	%
Transportation Technology		66,071		3.6	%		43,745		2.4	%		62,735		3.6	%		41,547		2.4	%
Connectivity		37,737		2.1	%		36,104		2.0	%		36,099		2.1	%		35,249		2.0	%
Multi-Sector Holdings (1)		27,623		1.5	%		35,448		2.0	%		27,623		1.6	%		33,137		1.9	%
Human Resource Technology		34,303		1.9	%		29,445		1.6	%		33,421		1.9	%		28,891		1.7	%
Education Technology		33,339		1.8	%		29,374		1.6	%		33,275		1.9	%		29,740		1.7	%
Marketing, Media, and Entertainment		28,742		1.6	%		28,514		1.6	%		38,749		2.2	%		38,479		2.2	%
Supply Chain Technology		30,289		1.7	%		27,849		1.6	%		29,765		1.7	%		28,535		1.7	%
Food and Agriculture Technologies		28,997		1.6	%		21,453		1.2	%		31,824		1.8	%		24,469		1.4	%
Industrials		3,864		0.2	%		4,100		0.2	%		11,772		0.7	%		9,677		0.6	%
Construction Technology		9,443		0.5	%		3,931		0.2	%		9,443		0.5	%		4,042		0.2	%
Digital Assets Technology and Services		1,638		0.1	%		1,630		0.1	%		3,511		0.2	%		3,493		0.2	%
Total	$	1,830,487		100.0	%	$	1,792,689		100.0	%	$	1,760,226		100.0	%	$	1,725,570		100.0	%

(1)

Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC and EPT 16 LLC. These entities invest or manage investments in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Note 12 – Related Party Transactions” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for further discussion.

Schedule of Composition of Portfolio Investments by Geographic Region

The following table summarizes the composition of the Company’s portfolio investments by geographic region of the United States and other countries at cost and fair value and as a percentage of the total portfolio as of March 31, 2025 and December 31, 2024 (dollars in thousands):


	March 31, 2025										December 31, 2024
	Cost					Fair Value					Cost					Fair Value
Geographic Region	Amount		%			Amount		%			Amount		%			Amount		%
United States:
West	$	595,153		32.5	%	$	597,966		33.3	%	$	543,501		30.7	%	$	543,102		31.5	%
Northeast		491,907		26.9	%		476,062		26.6	%		494,131		28.1	%		475,944		27.6	%
Mountain		187,904		10.3	%		173,465		9.7	%		191,244		10.9	%		180,644		10.5	%
Southeast		181,170		9.9	%		172,704		9.6	%		184,636		10.5	%		180,002		10.4	%
South		158,315		8.6	%		156,716		8.7	%		162,180		9.2	%		164,654		9.5	%
Midwest		109,163		6.0	%		101,381		5.7	%		104,074		5.9	%		96,193		5.6	%
Multi-Sector Holdings (1)		27,623		1.5	%		35,448		2.0	%		27,623		1.6	%		33,137		1.9	%
International:
Western Europe		67,772		3.7	%		68,012		3.8	%		41,366		2.4	%		41,455		2.4	%
Canada		11,480		0.6	%		10,935		0.6	%		11,471		0.7	%		10,439		0.6	%
Total	$	1,830,487		100.0	%	$	1,792,689		100.0	%	$	1,760,226		100.0	%	$	1,725,570		100.0	%

(1)

Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC and EPT 16 LLC. These entities invest or manage investments in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly. See “Note 12 – Related Party Transactions” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for further discussion.

Schedule of Portfolio Investments by Investment Type

The following table summarizes the composition of the Company’s portfolio investments by investment type at cost and fair value and as a percentage of the total portfolio as of March 31, 2025 and December 31, 2024 (dollars in thousands):


	March 31, 2025										December 31, 2024
	Cost					Fair Value					Cost					Fair Value
Investment	Amount		%			Amount		%			Amount		%			Amount		%
Secured Loans	$	1,371,035		74.9	%	$	1,330,377		74.2	%	$	1,322,999		75.1	%	$	1,286,668		74.5	%
Equipment Financings		339,053		18.5	%		336,728		18.8	%		317,962		18.1	%		315,463		18.3	%
Equity		79,096		4.3	%		73,808		4.1	%		78,585		4.5	%		71,985		4.2	%
Warrants		41,303		2.3	%		51,776		2.9	%		40,680		2.3	%		51,454		3.0	%
Total	$	1,830,487		100.0	%	$	1,792,689		100.0	%	$	1,760,226		100.0	%	$	1,725,570		100.0	%