Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2026 and December 31, 2025 (dollars in thousands):


	September 30, 2026										December 31, 2025
	Cost					Fair Value					Cost					Fair Value
Industry	Amount		%			Amount		%			Amount		%			Amount		%
Financial Technology	$	418,058		14.6	%	$	436,330		15.3	%	$	240,871		10.1	%	$	257,327		10.6	%
SaaS		343,261		12.1	%		345,789		12.1	%		222,706		9.3	%		222,659		9.2	%
Medical Devices		320,499		11.3	%		319,046		11.2	%		240,457		10.0	%		242,014		10.0	%
AI Infrastructure		189,156		6.7	%		189,387		6.6	%		22,524		0.9	%		22,650		0.9	%
Other Healthcare Services		165,282		5.8	%		165,259		5.8	%		218,862		9.1	%		221,332		9.2	%
Space Technology		145,717		5.1	%		157,006		5.5	%		123,244		5.1	%		135,903		5.6	%
AI, Automation, & Robotics		147,772		5.2	%		149,915		5.2	%		125,986		5.3	%		127,573		5.3	%
Energy & Resource Technology		132,757		4.7	%		145,305		5.1	%		153,732		6.4	%		173,367		7.2	%
Multi-Sector Holdings(1)		127,517		4.5	%		139,769		4.9	%		43,890		1.8	%		54,602		2.3	%
Marketing, Media, and Entertainment		102,508		3.6	%		100,885		3.5	%		99,642		4.2	%		98,515		4.1	%
Healthcare Technology		107,922		3.8	%		98,538		3.4	%		137,083		5.7	%		127,390		5.3	%
Consumer Products & Services		80,999		2.9	%		96,268		3.4	%		59,153		2.5	%		62,237		2.6	%
Real Estate Technology		111,380		3.9	%		96,021		3.4	%		139,631		5.8	%		127,550		5.3	%
Transportation Technology		90,382		3.2	%		90,731		3.2	%		82,958		3.5	%		80,281		3.2	%
Biotechnology		90,005		3.2	%		90,430		3.2	%		119,343		5.0	%		121,015		5.0	%
Supply Chain Technology		88,170		3.1	%		82,829		2.9	%		99,462		4.1	%		93,897		3.9	%
Insurance Technology		60,289		2.1	%		58,540		2.0	%		107,265		4.5	%		107,749		4.5	%
Connectivity		50,463		1.8	%		44,446		1.6	%		78,500		3.3	%		72,475		2.9	%
Diagnostics & Tools		20,933		0.7	%		19,448		0.7	%		14,156		0.6	%		14,309		0.6	%
Education Technology		16,389		0.6	%		15,302		0.5	%		26,152		1.1	%		19,991		0.8	%
Food and Agriculture Technologies		1,621		0.1	%		9,992		0.3	%		6,419		0.3	%		14,711		0.6	%
Digital Assets		5,985		0.2	%		6,186		0.2	%		5,917		0.2	%		5,917		0.2	%
Construction Technology		4,660		0.2	%		302		—	%		9,444		0.4	%		1,947		0.1	%
Industrials		347		—	%		7		—	%		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	$	2,839,292		100.0	%	$	2,857,732		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 September 30, 2026 and December 31, 2025 (dollars in thousands):


	September 30, 2026										December 31, 2025
	Cost					Fair Value					Cost					Fair Value
Geographic Region	Amount		%			Amount		%			Amount		%			Amount		%
United States:
West	$	683,397		24.0	%	$	708,881		24.7	%	$	675,896		28.2	%	$	710,369		29.4	%
Northeast		609,746		21.5	%		602,876		21.1	%		619,019		25.8	%		610,521		25.2	%
Mountain		345,917		12.2	%		355,245		12.4	%		207,573		8.7	%		213,305		8.8	%
South		352,305		12.4	%		348,673		12.2	%		309,040		12.9	%		307,262		12.7	%
Southeast		252,826		8.9	%		241,622		8.5	%		189,725		7.9	%		183,232		7.6	%
Midwest		227,805		8.0	%		222,630		7.8	%		184,707		7.7	%		172,917		7.2	%
Multi-Sector Holdings (1)		98,217		3.5	%		110,552		3.9	%		43,270		1.8	%		54,016		2.2	%
International:
Western Europe		161,114		5.7	%		160,829		5.7	%		109,616		4.6	%		111,261		4.6	%
Canada		107,965		3.8	%		106,424		3.7	%		58,037		2.4	%		55,192		2.3	%
Total	$	2,839,292		100.0	%	$	2,857,732		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 September 30, 2026 and December 31, 2025 (dollars in thousands):


	September 30, 2026										December 31, 2025
	Cost					Fair Value					Cost					Fair Value
Investment	Amount		%			Amount		%			Amount		%			Amount		%
Secured Loans	$	2,043,308		72.0	%	$	2,017,459		70.6	%	$	1,874,010		78.1	%	$	1,863,200		77.1	%
Equipment Financings		471,937		16.6	%		470,676		16.5	%		337,368		14.1	%		336,764		13.9	%
Equity		268,078		9.4	%		288,384		10.1	%		131,066		5.5	%		140,185		5.8	%
Warrants		55,969		2.0	%		81,213		2.8	%		54,439		2.3	%		77,926		3.2	%
Total	$	2,839,292		100.0	%	$	2,857,732		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 September 30, 2026 and December 31, 2025:


		Fair Value
Derivative Instrument	Statement Location	September 30, 2026		December 31, 2025
Foreign currency forward contract	Other assets	$	1,753	$	54
Foreign currency forward contract	Accounts payable, accrued expenses and other liabilities		—		(46	)
Total		$	1,753	$	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 nine months ended September 30, 2026 and 2025 is in the following location in the Consolidated Statements of Operations:


		Three Months Ended		Three Months Ended		Nine Months Ended			Nine Months Ended
Derivative Instrument	Statement Location	September 30, 2026		September 30, 2025		September 30, 2026			September 30, 2025
Foreign currency forward contract	Net realized gain/(loss) from investments	$	—	$	—	$	(10	)	$	—
Foreign currency forward contract	Net change in unrealized appreciation/(depreciation) from investments		170		499		1,745			181
Total		$	170	$	499	$	1,735		$	181