Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026 and December 31, 2025 (dollars in thousands):


	June 30, 2026										December 31, 2025
	Cost					Fair Value					Cost					Fair Value
Industry	Amount		%			Amount		%			Amount		%			Amount		%
Finance and Insurance	$	387,932		14.4	%	$	408,487		15.2	%	$	348,136		14.6	%	$	365,076		15.1	%
SaaS		356,614		13.1	%		358,081		13.1	%		222,706		9.3	%		222,659		9.2	%
Medical Devices		315,312		11.6	%		316,443		11.6	%		240,457		10.0	%		242,014		10.0	%
AI Automation & Infrastructure		235,703		8.7	%		236,259		8.6	%		148,557		6.2	%		150,223		6.2	%
Other Healthcare Services		217,102		8.0	%		218,713		8.0	%		218,862		9.1	%		221,332		9.2	%
Space Technology		137,713		5.1	%		150,502		5.5	%		123,244		5.1	%		135,903		5.6	%
Energy & Resource Technology		131,018		4.8	%		145,123		5.3	%		153,685		6.4	%		173,367		7.2	%
Marketing, Media, and Entertainment		126,338		4.6	%		123,540		4.5	%		99,642		4.2	%		98,515		4.1	%
Real Estate Technology		122,101		4.5	%		104,790		3.8	%		139,631		5.8	%		127,550		5.3	%
Healthcare Technology		113,664		4.2	%		104,558		3.8	%		137,083		5.7	%		127,390		5.3	%
Consumer Products & Services		90,445		3.3	%		102,394		3.7	%		59,153		2.5	%		62,237		2.6	%
Transportation Technology		98,391		3.6	%		96,155		3.5	%		82,958		3.5	%		80,281		3.2	%
Supply Chain Technology		99,345		3.7	%		94,229		3.4	%		99,462		4.1	%		93,897		3.9	%
Biotechnology		89,641		3.3	%		90,809		3.3	%		119,343		5.0	%		121,015		5.0	%
Multi-Sector Holdings (1)		63,101		2.3	%		74,643		2.7	%		43,890		1.8	%		54,602		2.3	%
Connectivity		58,153		2.1	%		51,794		1.9	%		78,500		3.3	%		72,475		2.9	%
Diagnostics & Tools		20,838		0.8	%		20,882		0.8	%		14,156		0.6	%		14,309		0.6	%
Education Technology		16,399		0.6	%		15,314		0.6	%		26,152		1.1	%		19,991		0.8	%
Food and Agriculture Technologies		3,519		0.1	%		12,311		0.5	%		6,419		0.3	%		14,711		0.6	%
Digital Assets Technology and Services		5,962		0.2	%		6,178		0.2	%		5,917		0.2	%		5,917		0.2	%
Construction Technology		9,443		0.3	%		1,071		—	%		9,444		0.4	%		1,947		0.1	%
Industrials		2,266		0.1	%		24		—	%		2,266		0.1	%		1,252		0.1	%
Human Resource Technology		17,220		0.6	%		1		—	%		17,220		0.7	%		11,412		0.5	%
Total	$	2,718,220		100.0	%	$	2,732,301		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 June 30, 2026 and December 31, 2025 (dollars in thousands):


	June 30, 2026										December 31, 2025
	Cost					Fair Value					Cost					Fair Value
Geographic Region	Amount		%			Amount		%			Amount		%			Amount		%
United States:
West	$	736,095		27.1	%	$	759,440		27.8	%	$	675,896		28.2	%	$	710,369		29.4	%
Northeast		623,950		23.0	%		615,186		22.5	%		619,019		25.8	%		610,521		25.2	%
South		380,642		14.0	%		376,575		13.8	%		309,040		12.9	%		307,262		12.7	%
Mountain		254,866		9.4	%		265,848		9.7	%		207,573		8.7	%		213,305		8.8	%
Southeast		249,974		9.2	%		239,693		8.8	%		189,725		7.9	%		183,232		7.6	%
Midwest		204,920		7.5	%		200,055		7.3	%		184,707		7.7	%		172,917		7.2	%
Multi-Sector Holdings (1)		41,351		1.5	%		52,915		1.9	%		43,270		1.8	%		54,016		2.2	%
International:
Western Europe		170,559		6.2	%		171,677		6.3	%		109,616		4.6	%		111,261		4.6	%
Canada		55,863		2.1	%		50,912		1.9	%		58,037		2.4	%		55,192		2.3	%
Total	$	2,718,220		100.0	%	$	2,732,301		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 June 30, 2026 and December 31, 2025 (dollars in thousands):


	June 30, 2026										December 31, 2025
	Cost					Fair Value					Cost					Fair Value
Investment	Amount		%			Amount		%			Amount		%			Amount		%
Secured Loans	$	2,071,202		76.2	%	$	2,046,916		75.0	%	$	1,874,010		78.1	%	$	1,863,200		77.1	%
Equipment Financings		393,577		14.5	%		390,409		14.3	%		337,368		14.1	%		336,764		13.9	%
Equity		198,881		7.3	%		214,454		7.8	%		131,066		5.5	%		140,185		5.8	%
Warrants		54,560		2.0	%		80,522		2.9	%		54,439		2.3	%		77,926		3.2	%
Total	$	2,718,220		100.0	%	$	2,732,301		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 June 30, 2026 and December 31, 2025:


		Fair Value
Derivative Instrument	Statement Location	June 30, 2026		December 31, 2025
Foreign currency forward contract	Other assets	$	1,583	$	54
Foreign currency forward contract	Accounts payable, accrued expenses and other liabilities		—		(46	)
Total		$	1,583	$	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 and six months ended June 30, 2026 and 2025 is in the following location in the Consolidated Statements of Operations:


		Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
Derivative Instrument	Statement Location	June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Foreign currency forward contract	Net realized gain/(loss) from investments	$	(10	)	$	—		$	(10	)	$	—
Foreign currency forward contract	Net change in unrealized appreciation/(depreciation) from investments		283			(317	)		1,575			(317	)
Total		$	273		$	(317	)	$	1,565		$	(317	)