The Company provides debt, including loans, equipment financings and asset based lending to growth-oriented companies, including institutional investor-backed companies, primarily in the United States. The Company’s investment strategy includes making investments consisting primarily of term loans and equipment financings, and, to a lesser extent, working capital loans, equity, and equity-related investments. In addition, the Company may obtain warrants or contingent exit fees at funding from many of its portfolio companies.

Debt Securities

The Company’s debt securities primarily consist of direct investments in interest-bearing secured loans and equipment financings to privately held companies based in the United States. Secured loans are generally secured by a blanket first lien or a blanket second lien on the assets of the portfolio company. Equipment financings typically include a specific asset lien on mission-critical assets as well as a second lien on the assets of the portfolio company. These debt securities typically have a term of between three and five years from the original investment date. Certain of the debt securities are “covenant-lite” loans, which generally are loans that do not have a complete set of financial maintenance covenants and have covenants that are incurrence-based, meaning they are only tested and can only be breached following an affirmative action of the borrower rather than by a deterioration in the borrower’s financial condition. The equipment financings in the investment portfolio generally have fixed interest rates. The secured loans in the investment portfolio generally have floating interest rates subject to interest rate floors. Both equipment financings and secured loans generally include an EOT payment.

The specific terms of each debt security vary depending on the creditworthiness of the portfolio company and the projected value of the financed assets. Companies with stronger creditworthiness may receive an initial period of lower financing factor, which is analogous to an interest-only period on a traditional term loan. Equipment financings may include upfront interim payments and security deposits. Equipment financing arrangements have various structural protections, including customary default penalties, information and reporting rights, material adverse change or investor abandonment provisions, consent rights for any additions or changes to senior debt, and, as needed, intercreditor agreements with cross-default provisions to protect the Company’s second lien positions.

Warrant Investments

In connection with the Company’s debt investments, the Company may receive warrants in the portfolio company. Warrants received in connection with a debt investment typically include a potentially discounted contract price to exercise, and thus, as a portfolio company appreciates in value, the Company may achieve additional investment return from this equity interest. The warrants typically contain provisions that protect the Company as a minority-interest holder, as well as secured or unsecured put rights, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In certain cases, the Company may also obtain follow-up rights in connection with these equity interests, which allow the Company to participate in future financing rounds.

Equity Investments

In specific circumstances, the Company may seek to make direct equity investments in situations where it is appropriate to align the interests of the Company with key management and stockholders of the portfolio company, and to allow for participation in the appreciation in the equity values of the portfolio company. These equity investments are generally made in connection with debt investments. The Company seeks to maintain fully diluted equity positions in its portfolio companies of 5% to 50% and may have controlling equity interests in some instances.

Portfolio Composition

The Company’s portfolio investments are in companies conducting business in a variety of industries. Industry classifications have been updated to a preferred presentation and the prior year has been amended to conform with the new preferred presentation. 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 June 30, 2025 and December 31, 2024 (dollars in thousands):


	June 30, 2025										December 31, 2024
	Cost					Fair Value					Cost					Fair Value
Industry	Amount		%			Amount		%			Amount		%			Amount		%
Finance and Insurance	$	302,840		15.0	%	$	307,007		15.6	%	$	319,278		18.1	%	$	322,735		18.7	%
Other Healthcare Services		217,882		10.9	%		219,376		11.1	%		142,430		8.1	%		143,186		8.3	%
Medical Devices		210,194		10.5	%		212,582		10.7	%		170,923		9.7	%		172,395		10.0	%
SaaS		193,961		9.7	%		197,922		10.0	%		144,896		8.2	%		146,778		8.5	%
Space Technology		170,470		8.5	%		170,336		8.6	%		141,163		8.0	%		142,034		8.2	%
Real Estate Technology		142,288		7.1	%		130,180		6.6	%		101,825		5.8	%		93,587		5.4	%
Green Technology		108,940		5.4	%		129,048		6.5	%		146,851		8.3	%		158,852		9.2	%
Artificial Intelligence & Automation		100,077		5.0	%		100,799		5.1	%		83,505		4.7	%		84,448		4.9	%
Healthcare Technology		91,790		4.6	%		82,057		4.1	%		78,381		4.5	%		71,853		4.2	%
Marketing, Media, and Entertainment		75,248		3.8	%		74,992		3.8	%		38,749		2.2	%		38,479		2.2	%
Biotechnology		57,238		2.9	%		58,474		3.0	%		56,547		3.2	%		57,836		3.4	%
Connectivity		58,376		2.9	%		56,671		2.9	%		36,099		2.1	%		35,249		2.0	%
Transportation Technology		74,154		3.7	%		51,760		2.6	%		62,735		3.6	%		41,547		2.4	%
Consumer Products & Services		38,579		1.9	%		39,556		2.0	%		56,210		3.2	%		54,607		3.2	%
Multi-Sector Holdings (1)		28,193		1.4	%		37,791		1.9	%		27,623		1.6	%		33,137		1.9	%
Education Technology		33,387		1.7	%		28,346		1.4	%		33,275		1.9	%		29,740		1.7	%
Supply Chain Technology		30,182		1.5	%		27,839		1.4	%		29,765		1.7	%		28,535		1.7	%
Human Resource Technology		35,126		1.8	%		27,729		1.4	%		33,421		1.9	%		28,891		1.7	%
Food and Agriculture Technologies		19,448		1.0	%		18,705		0.9	%		31,824		1.8	%		24,469		1.4	%
Construction Technology		9,443		0.5	%		3,898		0.2	%		9,443		0.5	%		4,042		0.2	%
Industrials		3,122		0.2	%		3,262		0.2	%		11,772		0.7	%		9,677		0.6	%
Digital Assets Technology and Services		—		—			—		—			3,511		0.2	%		3,493		0.2	%
Total	$	2,000,938		100.0	%	$	1,978,330		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, EPT 16 LLC and AZ-VC Fund I, 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.

The geographic composition of the Company's investment portfolio is determined by the location of the corporate headquarters of the portfolio company. 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 June 30, 2025 and December 31, 2024 (dollars in thousands):


	June 30, 2025										December 31, 2024
	Cost					Fair Value					Cost					Fair Value
Geographic Region	Amount		%			Amount		%			Amount		%			Amount		%
United States:
West	$	566,022		28.2	%	$	577,765		29.0	%	$	543,501		30.7	%	$	543,102		31.5	%
Northeast		485,907		24.3	%		476,378		24.1	%		494,131		28.1	%		475,944		27.6	%
South		205,142		10.3	%		203,877		10.3	%		162,180		9.2	%		164,654		9.5	%
Southeast		209,915		10.5	%		200,318		10.1	%		184,636		10.5	%		180,002		10.4	%
Mountain		198,131		9.9	%		182,034		9.2	%		191,244		10.9	%		180,644		10.5	%
Midwest		181,279		9.1	%		173,461		8.8	%		104,074		5.9	%		96,193		5.6	%
Multi-Sector Holdings (1)		27,623		1.4	%		37,221		1.9	%		27,623		1.6	%		33,137		1.9	%
International:
Western Europe		67,456		3.3	%		68,539		3.6	%		41,366		2.4	%		41,455		2.4	%
Canada		59,463		3.0	%		58,737		3.0	%		11,471		0.7	%		10,439		0.6	%
Total	$	2,000,938		100.0	%	$	1,978,330		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.

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 June 30, 2025 and December 31, 2024 (dollars in thousands):


	June 30, 2025										December 31, 2024
	Cost					Fair Value					Cost					Fair Value
Investment	Amount		%			Amount		%			Amount		%			Amount		%
Secured Loans	$	1,528,241		76.4	%	$	1,491,803		75.4	%	$	1,322,999		75.1	%	$	1,286,668		74.5	%
Equipment Financings		346,823		17.3	%		342,620		17.3	%		317,962		18.1	%		315,463		18.3	%
Equity		80,022		4.0	%		80,247		4.1	%		78,585		4.5	%		71,985		4.2	%
Warrants		45,852		2.3	%		63,660		3.2	%		40,680		2.3	%		51,454		3.0	%
Total	$	2,000,938		100.0	%	$	1,978,330		100.0	%	$	1,760,226		100.0	%	$	1,725,570		100.0	%

Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks, including market risk, credit risk and liquidity risk. The Company identifies, measures and monitors risk through various control mechanisms, including investment limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

The Company’s investments are generally comprised of securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

The Company’s investments consist of growth-oriented companies, many of which have relatively limited operating histories and may experience variation in operating results. Many of these companies conduct business in regulated industries and could be affected by changes in government regulations. Most of the Company’s borrowers will need additional capital to satisfy their continuing working capital needs and other requirements, and in many instances, to service the interest and principal payments on the debt.

Derivative Instruments