Investments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Investments Measured at Fair Value on a Recurring Basis

Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of June 30, 2025 and December 31, 2024. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.


Investment Type (in thousands)	June 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	590,565	$	590,565	$	—	$	—	$	560,105	$	560,105
Warrant investments	—		—		43,924		43,924		—		—		39,963		39,963
Equity investments	564		—		82,832		83,396		616		—		75,565		76,181
Total portfolio company investments	$	564	$	—	$	717,321	$	717,885	$	616	$	—	$	675,633	$	676,249

Schedule of Rollforward of Level 3 Investments Measured at Fair Value

The following tables show information about Level 3 portfolio company investments measured at fair value for the six months ended June 30, 2025 and 2024. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.


Level 3 Investment Activity (in thousands)	For the Six Months Ended June 30, 2025
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2024	$	560,105	$	39,963	$	75,565	$	675,633
Funding and purchases of investments, at cost	105,514		1,760		1,983		109,257
Principal payments and sale proceeds received from investments	(83,952)		—		(2,308)		(86,260)
Net amortization and accretion of premiums and discounts and end-of-term payments	5,728		—		—		5,728
Net realized gains (losses) on investments	—		—		2,278		2,278
Net change in unrealized gains (losses) included in earnings	(5,837)		2,540		4,975		1,678
Payment-in-kind coupon	9,007		—		—		9,007
Transfers between investment types	—		(339)		339		—
Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of June 30, 2025	$	590,565	$	43,924	$	82,832	$	717,321

Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2025	$	(5,664)	$	2,306	$	4,974	$	1,616

__________

(1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the six months ended June 30, 2025.


Level 3 Investment Activity (in thousands)	For the Six Months Ended June 30, 2024
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2023	$	730,295	$	30,055	$	40,425	$	800,775
Funding and purchases of investments, at cost	50,882		436		800		52,118
Principal payments and sale proceeds received from investments	(135,700)		(889)		—		(136,589)
Net amortization and accretion of premiums and discounts and end-of-term payments	2,589		—		—		2,589
Net realized gains (losses) on investments	(29,228)		(423)		—		(29,651)
Net change in unrealized gains (losses) included in earnings	(2,763)		7,766		11,462		16,465
Payment-in-kind coupon	7,609		—		—		7,609
Transfers between investment types	(8,028)		(384)		8,412		—
Gross transfers out of Level 3(1)	—		—		(73)		(73)
Fair value as of June 30, 2024	$	615,656	$	36,561	$	61,026	$	713,243

Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2024	$	(13,700)	$	6,726	$	11,462	$	4,488

_______________

(1)Transfers out of Level 3 are measured as of the date of the transfer. During the six months ended June 30, 2024, transfers related to equity investments in publicly traded companies.

Schedule of Quantitative Information About the Level 3 Fair Value Measurements

The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of June 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.


Level 3 Investments (dollars in thousands)	June 30, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	497,842	Discounted Cash Flows	Discount Rate	10.60% - 40.25%	17.25%
	92,723		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	10.00% - 100.00%	81.93%
Warrant investments	41,717		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 13.50x	8.00x
				Volatility	35.00% - 90.00%	60.79%
				Term	0.20 - 4.50 Years	2.92
				Discount for Lack of Marketability	10.00% - 25.00%	12.42%
				Risk Free Rate	0.09% - 5.03%	3.41%

	2,207		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.58
				Expected Recovery Rate	18.75% - 100.00%	90.78%
Equity investments	81,766		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 13.50x	7.12x
				Volatility	35.00% - 90.00%	53.48%
				Term	1.00 - 4.00 Years	2.34
				Discount for Lack of Marketability	10.00% - 10.00%	10.00%
				Risk Free Rate	0.13% - 5.03%	3.34%
	1,066		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	14.20% - 14.20%	14.20%
				Term	2.00 - 3.00 Years	2.50
Total portfolio company investments	$	717,321


Level 3 Investments (dollars in thousands)	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	492,095	Discounted Cash Flows	Discount Rate	11.47% - 41.90%	19.12%
	68,010		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	10.00% - 100.00%	69.62%
Warrant investments	38,138		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 21.00x	11.56x
				Volatility	25.00% - 90.00%	52.94%
				Term	0.20 - 4.50 Years	2.39
				Discount for Lack of Marketability	10.00% - 25.00%	12.53%
				Risk Free Rate	0.09% - 5.03%	3.62%

	1,825		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.50
				Expected Recovery Rate	18.75% - 100.00%	88.85%
Equity investments	74,408		Black Scholes Option Pricing Model	Revenue Multiples	0.30x - 21.00x	7.65x
				Volatility	25.00% - 90.00%	29.75%
				Term	1.00 - 4.00 Years	1.99
				Discount for Lack of Marketability	10.00% - 10.00%	10.00%
				Risk Free Rate	0.13% - 5.03%	2.55%
	1,157		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	20.00% - 20.00%	20.00%
				Term	0.50 - 1.50 Years	1.00
Total portfolio company investments	$	675,633

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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