Investments (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026 and December 31, 2025 (dollars in thousands):


	March 31, 2026										December 31, 2025
	Cost					Fair Value					Cost					Fair Value
Industry	Amount		%			Amount		%			Amount		%			Amount		%
Finance and Insurance	$	359,771		14.5	%	$	376,128		15.0	%	$	348,136		14.6	%	$	365,076		15.1	%
Medical Devices		306,349		12.4	%		305,471		12.3	%		240,457		10.0	%		242,014		10.0	%
SaaS		260,649		10.6	%		259,058		10.4	%		222,706		9.3	%		222,659		9.2	%
Other Healthcare Services		220,968		9.0	%		223,134		9.0	%		218,862		9.1	%		221,332		9.2	%
Space Technology		140,870		5.7	%		154,047		6.2	%		123,244		5.1	%		135,903		5.6	%
Energy & Resource Technology		133,545		5.4	%		151,048		6.1	%		153,685		6.4	%		173,367		7.2	%
Artificial Intelligence & Automation		140,369		5.7	%		140,794		5.7	%		148,557		6.2	%		150,223		6.2	%
Healthcare Technology		124,487		5.0	%		116,646		4.7	%		137,083		5.7	%		127,390		5.3	%
Biotechnology		115,112		4.7	%		116,340		4.7	%		119,343		5.0	%		121,015		5.0	%
Marketing, Media, and Entertainment		111,240		4.5	%		109,436		4.4	%		99,642		4.2	%		98,515		4.1	%
Real Estate Technology		123,085		5.0	%		107,142		4.3	%		139,631		5.8	%		127,550		5.3	%
Supply Chain Technology		99,707		4.0	%		95,149		3.8	%		99,462		4.1	%		93,897		3.9	%
Transportation Technology		89,882		3.6	%		85,024		3.4	%		82,958		3.5	%		80,281		3.2	%
Consumer Products & Services		58,194		2.4	%		69,031		2.8	%		59,153		2.5	%		62,237		2.6	%
Multi-Sector Holdings (1)		44,840		1.8	%		56,039		2.3	%		43,890		1.8	%		54,602		2.3	%
Connectivity		59,345		2.4	%		53,452		2.2	%		78,500		3.3	%		72,475		2.9	%
Diagnostics & Tools		24,021		1.0	%		24,085		1.0	%		14,156		0.6	%		14,309		0.6	%
Education Technology		16,409		0.7	%		15,269		0.6	%		26,152		1.1	%		19,991		0.8	%
Food and Agriculture Technologies		4,667		0.2	%		13,315		0.5	%		6,419		0.3	%		14,711		0.6	%
Digital Assets Technology and Services		5,940		0.2	%		6,165		0.2	%		5,917		0.2	%		5,917		0.2	%
Human Resource Technology		17,220		0.7	%		4,401		0.2	%		17,220		0.7	%		11,412		0.5	%
Construction Technology		9,444		0.4	%		1,358		0.1	%		9,444		0.4	%		1,947		0.1	%
Industrials		2,266		0.1	%		1,022		0.1	%		2,266		0.1	%		1,252		0.1	%
Total	$	2,468,380		100.0	%	$	2,483,554		100.0	%	$	2,396,883		100.0	%	$	2,418,075		100.0	%

(1)

Multi-Sector Holdings generally 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 March 31, 2026 and December 31, 2025 (dollars in thousands):


	March 31, 2026										December 31, 2025
	Cost					Fair Value					Cost					Fair Value
Geographic Region	Amount		%			Amount		%			Amount		%			Amount		%
United States:
West	$	721,616		29.2	%	$	748,259		30.0	%	$	675,896		28.2	%	$	710,369		29.4	%
Northeast		610,852		24.7	%		601,224		24.2	%		619,019		25.8	%		610,521		25.2	%
South		311,749		12.6	%		310,211		12.5	%		309,040		12.9	%		307,262		12.7	%
Mountain		199,343		8.1	%		206,061		8.3	%		207,573		8.7	%		213,305		8.8	%
Southeast		204,544		8.3	%		194,343		7.8	%		189,725		7.9	%		183,232		7.6	%
Midwest		195,402		7.9	%		188,918		7.6	%		184,707		7.7	%		172,917		7.2	%
Multi-Sector Holdings (1)		44,170		1.8	%		55,385		2.2	%		43,270		1.8	%		54,016		2.2	%
International:
Western Europe		123,737		5.1	%		125,545		5.2	%		109,616		4.6	%		111,261		4.6	%
Canada		56,967		2.3	%		53,608		2.2	%		58,037		2.4	%		55,192		2.3	%
Total	$	2,468,380		100.0	%	$	2,483,554		100.0	%	$	2,396,883		100.0	%	$	2,418,075		100.0	%

(1)

Multi-Sector Holdings generally 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 March 31, 2026 and December 31, 2025 (dollars in thousands):


	March 31, 2026										December 31, 2025
	Cost					Fair Value					Cost					Fair Value
Investment	Amount		%			Amount		%			Amount		%			Amount		%
Secured Loans	$	1,915,709		77.6	%	$	1,900,237		76.4	%	$	1,874,010		78.1	%	$	1,863,200		77.1	%
Equipment Financings		330,593		13.4	%		329,276		13.3	%		337,368		14.1	%		336,764		13.9	%
Equity		168,290		6.8	%		182,835		7.4	%		131,066		5.5	%		140,185		5.8	%
Warrants		53,788		2.2	%		71,206		2.9	%		54,439		2.3	%		77,926		3.2	%
Total	$	2,468,380		100.0	%	$	2,483,554		100.0	%	$	2,396,883		100.0	%	$	2,418,075		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 March 31, 2026 and December 31, 2025:


		Fair Value
Derivative Instrument	Statement Location	March 31, 2026			December 31, 2025
Foreign currency forward contract	Other assets	$	1,302		$	54
Foreign currency forward contract	Accounts payable, accrued expenses and other liabilities		(2	)		(46	)
Total		$	1,300		$	8

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 months ended March 31, 2026 and 2025 is in the following location in the Consolidated Statements of Operations:


		Three Months Ended		Three Months Ended
Derivative Instrument	Statement Location	March 31, 2026		March 31, 2025
Foreign currency forward contract	Net change in unrealized appreciation/(depreciation) from investments	$	1,292	$	—
Total		$	1,292	$	—