Investments (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Investment Company [Abstract] |
|
| 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 June 30, 2025 and December 31, 2024 (dollars in thousands):
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June 30, 2025 |
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December 31, 2024 |
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|
|
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 |
|
|
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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.
|
| 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 June 30, 2025 and December 31, 2024 (dollars in thousands):
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|
June 30, 2025 |
|
|
December 31, 2024 |
|
|
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
Geographic Region |
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
United States: |
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|
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
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.
|
| 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 June 30, 2025 and December 31, 2024 (dollars in thousands):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
|
| Schedule of Fair Value and Locaton of Derivative Instruments in Consolidated Statements of Assets and Liabilities |
The following is a summary of the fair value and location of the Company’s derivative instruments in the Consolidated Statements of Assets and Liabilities held as of June 30, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value |
|
Derivative Instrument |
|
Statement Location |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Foreign currency forward contract |
|
Accounts payable, accrued expenses and other liabilities |
|
$ |
(317 |
) |
|
|
— |
|
Total |
|
|
|
$ |
(317 |
) |
|
$ |
— |
|
|
| Schedule of Net Realized and Unrealized Gains and Losses on Derivative Instruments |
Net realized and unrealized gains and losses on derivative instruments recorded by the Company during the three and six months ended June 30, 2025 and 2024 are in the following locations in the Consolidated Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
Six Months Ended |
|
Derivative Instrument |
|
Statement Location |
|
June 30, 2025 |
|
|
June 30, 2024 |
|
|
June 30, 2025 |
|
|
June 30, 2024 |
|
Foreign currency forward contract |
|
Net change in unrealized appreciation/(depreciation) from investments |
|
$ |
(317 |
) |
|
$ |
— |
|
|
$ |
(317 |
) |
|
$ |
— |
|
Total |
|
|
|
$ |
(317 |
) |
|
$ |
— |
|
|
$ |
(317 |
) |
|
$ |
— |
|
|