Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 08, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 814-00702 | ||
Entity Registrant Name | HERCULES CAPITAL, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 74-3113410 | ||
Entity Address, Address Line One | 1 North B Street | ||
Entity Address, Address Line Two | Suite 2000 | ||
Entity Address, City or Town | San Mateo | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94401 | ||
City Area Code | 650 | ||
Local Phone Number | 289-3060 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Auditor Firm ID | 238 | ||
Auditor Name | PricewaterhouseCoopers, LLP | ||
Auditor Location | San Francisco, CA | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,960 | ||
Entity Common Stock, Shares Outstanding | 158,379,784 | ||
Documents Incorporated By Reference | Portions of the registrant’s Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant's 2024 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Annual Report on Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant's fiscal year ended December 31, 2023. | ||
Entity Central Index Key | 0001280784 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock Par Value $0.001 Per Share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Shares, par value $0.001 per share | ||
Trading Symbol | HTGC | ||
Security Exchange Name | NYSE | ||
6.25% Notes Due 2033 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.25% Notes due 2033 | ||
Trading Symbol | HCXY | ||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Investments, at fair value: | $ 3,248,046 | $ 2,963,955 |
Cash and cash equivalents | 98,899 | 15,797 |
Restricted cash (amounts related to a VIE $17,114 and $10,079, respectively) | 17,114 | 10,079 |
Interest receivable | 32,741 | 31,682 |
Right of use asset | 4,787 | 4,986 |
Other assets | 15,339 | 2,356 |
Total assets | 3,416,926 | 3,028,855 |
Liabilities | ||
Debt (net of debt issuance costs - Note 5; amounts related to a VIE $148,544 and $147,957, respectively) | 1,554,869 | 1,574,351 |
Accounts payable and accrued liabilities | 54,156 | 47,539 |
Operating lease liability | 5,195 | 5,506 |
Total liabilities | 1,614,220 | 1,627,396 |
Net assets consist of: | ||
Common stock, par value | 158 | 134 |
Capital in excess of par value | 1,662,535 | 1,341,416 |
Total distributable earnings | 140,013 | 59,909 |
Total net assets | 1,802,706 | 1,401,459 |
Total liabilities and net assets | $ 3,416,926 | $ 3,028,855 |
Common stock outstanding ($.001 par value and 200,000 authorized) (in shares) | 157,758 | 133,045 |
Net asset value per share (in dollars per share) | $ 11.43 | $ 10.53 |
Non-control/Non-affiliate investments | ||
Assets | ||
Investments, at fair value: | $ 3,133,042 | $ 2,887,497 |
Control investments | ||
Assets | ||
Investments, at fair value: | $ 115,004 | $ 76,458 |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investment cost | $ 3,247,033 | $ 3,005,696 |
Restricted cash | 17,114 | 10,079 |
Net of debt issuance costs | $ 1,554,869 | $ 1,574,351 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock authorized (in shares) | 200,000 | 200,000 |
Non-control/Non-affiliate investments | ||
Investment cost | $ 3,143,851 | $ 2,918,425 |
Control investments | ||
Investment cost | 103,182 | 87,271 |
VIE | ||
Investment cost | 254,868 | 236,585 |
Restricted cash | 17,114 | 10,079 |
Net of debt issuance costs | $ 148,544 | $ 147,957 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment income: | |||
Total interest and dividend income | $ 434,425 | $ 307,258 | $ 253,360 |
Total fee income | 26,243 | 14,430 | 27,616 |
Total investment income | 460,668 | 321,688 | 280,976 |
Operating expenses: | |||
Interest | 67,620 | 54,749 | 54,447 |
Loan fees | 9,845 | 7,598 | 8,657 |
General and administrative | 18,696 | 16,948 | 16,111 |
Tax expenses | 6,071 | 5,416 | 7,928 |
Employee compensation: | |||
Compensation and benefits | 50,258 | 43,852 | 36,970 |
Stock-based compensation | 13,242 | 13,378 | 11,930 |
Total employee compensation | 63,500 | 57,230 | 48,900 |
Total gross operating expenses | 165,732 | 141,941 | 136,043 |
Expenses allocated to the Adviser Subsidiary | (9,101) | (8,321) | (5,035) |
Total net operating expenses | 156,631 | 133,620 | 131,008 |
Net investment income | 304,037 | 188,068 | 149,968 |
Net realized gain (loss): | |||
Loss on extinguishment of debt | 0 | (3,686) | (4,419) |
Total net realized gain (loss) | 8,437 | (924) | 20,876 |
Net change in unrealized appreciation (depreciation): | |||
Total net change in unrealized appreciation (depreciation) | 25,010 | (85,063) | 3,311 |
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) | 33,447 | (85,987) | 24,187 |
Net increase (decrease) in net assets resulting from operations | $ 337,484 | $ 102,081 | $ 174,155 |
Net investment income before gains and losses per common share: | |||
Basic (in dollars per share) | $ 2.09 | $ 1.48 | $ 1.29 |
Change in net assets resulting from operations per common share: | |||
Basic (in dollars per share) | 2.32 | 0.80 | 1.50 |
Diluted (in dollars per share) | $ 2.31 | $ 0.79 | $ 1.49 |
Weighted average shares outstanding: | |||
Basic (in shares) | 144,091 | 125,189 | 114,742 |
Diluted (in shares) | 144,826 | 126,659 | 115,955 |
Distributions paid per common share: | |||
Basic (in dollars per share) | $ 1.90 | $ 1.97 | $ 1.55 |
Non-control/Non-affiliate investments | |||
Investment income: | |||
Total interest and dividend income | $ 429,783 | $ 301,433 | $ 249,341 |
Total fee income | 26,148 | 14,362 | 27,557 |
Net realized gain (loss): | |||
Total net realized gain (loss) | 8,437 | 1,004 | 87,438 |
Net change in unrealized appreciation (depreciation): | |||
Total net change in unrealized appreciation (depreciation) | 2,376 | (88,874) | (57,818) |
Control investments | |||
Investment income: | |||
Total interest and dividend income | 4,642 | 4,621 | 4,009 |
Total fee income | 95 | 68 | 59 |
Total investment income | 4,737 | 4,689 | |
Net realized gain (loss): | |||
Total net realized gain (loss) | 0 | 0 | 0 |
Net change in unrealized appreciation (depreciation): | |||
Total net change in unrealized appreciation (depreciation) | 22,634 | (278) | (2,677) |
Affiliate investments | |||
Investment income: | |||
Total interest and dividend income | 0 | 1,204 | 10 |
Total investment income | 1,204 | ||
Net realized gain (loss): | |||
Total net realized gain (loss) | 0 | 1,758 | (62,143) |
Net change in unrealized appreciation (depreciation): | |||
Total net change in unrealized appreciation (depreciation) | $ 0 | $ 4,089 | $ 63,806 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 133,045,000 | |||
Beginning balance | $ 1,401,459 | $ 1,308,547 | $ 1,291,704 | |
Net increase (decrease) in net assets resulting from operations | $ 337,484 | $ 102,081 | $ 174,155 | |
Public offering, net of offering expenses (in shares) | 22,700,000 | 14,600,000 | 600,000 | |
Public offering, net of offering expenses | $ 338,215 | $ 229,659 | $ 10,620 | |
Issuance of common stock under equity-based award plans | 495 | 1,484 | 3,903 | |
Shares retired on vesting of equity-based awards | $ (13,197) | $ (6,016) | $ (6,719) | |
Distributions reinvested in common stock (in shares) | 303,960 | 259,466 | 248,041 | |
Distributions reinvested in common stock | $ 4,624 | $ 3,953 | $ 4,074 | |
Distributions | (278,301) | (249,077) | (179,575) | |
Stock-based compensation | [1] | $ 11,927 | $ 10,828 | 10,385 |
Ending balance (in shares) | 157,758,000 | 133,045,000 | ||
Ending balance | $ 1,802,706 | $ 1,401,459 | $ 1,308,547 | |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 133,044,602 | 116,619,000 | 114,726,000 | |
Beginning balance | $ 134 | $ 117 | $ 115 | |
Public offering, net of offering expenses (in shares) | 22,728,000 | 14,559,000 | 639,000 | |
Public offering, net of offering expenses | $ 22 | $ 15 | $ 1 | |
Issuance of common stock under equity-based award plans (in shares) | 1,932,000 | 922,000 | 1,311,000 | |
Issuance of common stock under equity-based award plans | $ 2 | $ 1 | $ 1 | |
Shares retired on vesting of equity-based awards (in shares) | (251,000) | (295,000) | (305,000) | |
Distributions reinvested in common stock (in shares) | 304,000 | 259,000 | 248,000 | |
Issuance of Convertible Notes (in shares) | 981,000 | |||
Issuance of Convertible Notes | $ 1 | |||
Distributions | $ (275,548) | $ (246,873) | $ (177,864) | |
Ending balance (in shares) | 157,758,072 | 133,044,602 | 116,619,000 | |
Ending balance | $ 158 | $ 134 | $ 117 | |
Capital in Excess of Par Value | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,341,416 | 1,091,907 | 1,158,198 | |
Public offering, net of offering expenses | 338,193 | 229,644 | 10,619 | |
Issuance of common stock under equity-based award plans | 493 | 1,483 | 3,902 | |
Shares retired on vesting of equity-based awards | (13,197) | (6,016) | (6,719) | |
Distributions reinvested in common stock | 4,624 | 3,953 | 4,074 | |
Issuance of Convertible Notes | (1) | |||
Stock-based compensation | [1] | 11,927 | 10,828 | 10,385 |
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | (20,921) | 9,618 | (88,552) | |
Ending balance | 1,662,535 | 1,341,416 | 1,091,907 | |
Distributable Earnings | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 59,909 | 216,523 | 133,391 | |
Net increase (decrease) in net assets resulting from operations | 337,484 | 102,081 | 174,155 | |
Distributions | (278,301) | (249,077) | (179,575) | |
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | 20,921 | (9,618) | 88,552 | |
Ending balance | $ 140,013 | $ 59,909 | $ 216,523 | |
[1] Stock-based compensation includes $117 thousand, $149 thousand, and $125 thousand of restricted stock and option expense related to director compensation for the years ended December 31, 2023, 2022 and 2021, respectively. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Restricted stock and option expense related to director compensation | $ 117 | $ 149 | $ 125 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from (used in) operating activities: | ||||
Net increase (decrease) in net assets resulting from operations | $ 337,484 | $ 102,081 | $ 174,155 | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
Purchases of investments | (1,598,584) | (1,465,035) | (1,467,129) | |
Fundings assigned to Adviser Funds | 350,686 | 330,164 | 125,295 | |
Principal and fee repayments received and proceeds from the sale of debt investments | 1,002,433 | 530,441 | 1,183,014 | |
Proceeds from the sale of equity investments | 43,202 | 15,201 | 111,890 | |
Net change in unrealized (appreciation) depreciation | (25,010) | 85,063 | (3,311) | |
Net realized (gain) loss | (8,437) | (2,762) | (25,295) | |
Accretion of paid-in-kind principal | (24,670) | (20,455) | (11,210) | |
Accretion of loan discounts | (6,939) | (4,697) | (3,842) | |
Accretion of loan discount on convertible notes | 0 | 112 | 671 | |
Accretion of loan exit fees | (24,961) | (24,532) | (23,512) | |
Change in loan income, net of collections | 23,796 | 26,687 | 35,045 | |
Unearned fees related to unfunded commitments | (2,650) | 2,201 | (2,034) | |
Realized loss on extinguishment of debt | 0 | 364 | 4,419 | |
Amortization of debt fees and issuance costs | 6,980 | 5,562 | 6,368 | |
Depreciation and amortization | 190 | 204 | 317 | |
Stock-based compensation and amortization of restricted stock grants | [1] | 11,927 | 10,828 | 10,385 |
Change in operating assets and liabilities: | ||||
Interest receivable | (1,050) | (14,212) | 1,712 | |
Other assets | (22,466) | 406 | 2,175 | |
Accrued liabilities | 6,347 | (2,420) | 9,508 | |
Net cash provided by (used in) operating activities | 68,278 | (424,799) | 128,621 | |
Cash flows used in investing activities: | ||||
Purchases of capital equipment | (887) | (114) | (106) | |
Net cash (used in) investing activities | (887) | (114) | (106) | |
Cash flows provided by (used in) financing activities: | ||||
Issuance of common stock | 344,347 | 232,090 | 10,829 | |
Offering expenses | (6,132) | (2,431) | (209) | |
Retirement of employee shares, net | (12,702) | (4,532) | (2,816) | |
Distributions paid | (273,677) | (245,124) | (175,501) | |
Issuance of debt | 659,000 | 1,274,237 | 1,736,975 | |
Repayment of debt | (683,000) | (931,198) | (1,787,043) | |
Debt issuance costs | 0 | (6,742) | (5,632) | |
Fees paid for credit facilities and debentures | (5,090) | (1,776) | (6,475) | |
Net cash provided by (used in) financing activities | 22,746 | 314,524 | (229,872) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 90,137 | (110,389) | (101,357) | |
Cash, cash equivalents and restricted cash at beginning of period | 25,876 | 136,265 | 237,622 | |
Cash, cash equivalents and restricted cash at end of period | 116,013 | 25,876 | 136,265 | |
Supplemental disclosures of cash flow information and non-cash investing and financing activities: | ||||
Interest paid | 67,149 | 52,075 | 51,469 | |
Income tax, including excise tax, paid | 5,267 | 7,376 | 3,759 | |
Distributions reinvested | $ 4,624 | $ 3,953 | $ 4,074 | |
[1]Stock-based compensation includes $117 thousand, $149 thousand, and $125 thousand of restricted stock and option expense related to director compensation for the years ended December 31, 2023, 2022, and 2021, respectively |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Cash Flows [Abstract] | ||||
Restricted stock and option expense related to director compensation | $ 117 | $ 149 | $ 125 | |
Cash and cash equivalents | 98,899 | 15,797 | 133,115 | |
Restricted cash | 17,114 | 10,079 | 3,150 | |
Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows | $ 116,013 | $ 25,876 | $ 136,265 | $ 237,622 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS £ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2023 GBP (£) shares | Dec. 31, 2022 GBP (£) shares | ||||||
Summary of Investment Holdings | |||||||||
Basis spread variable rate | 8.50% | 8.50% | |||||||
Investment cost | $ 3,247,033,000 | $ 3,005,696,000 | |||||||
Investments, at fair value: | 3,248,046,000 | $ 2,963,955,000 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and AmplifyBio, LLC, Warrant, Acquisition Date 12/27/2022, Class A Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [1],[2] | 237,000 | |||||||
Investments, at fair value: | [1] | $ 184,000 | |||||||
Acquisition date | [1],[3] | Dec. 27, 2022 | |||||||
Shares | shares | [1] | 69,239 | 69,239 | ||||||
Investment, Identifier [Axis]: Debt Investments (169.59%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 169.59% | 169.59% | ||||||
Investment cost | [2] | $ 3,058,370,000 | |||||||
Investments, at fair value: | 3,057,299,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments (199.47%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 199.47% | 199.47% | ||||||
Investment cost | [6] | $ 2,818,060,000 | |||||||
Investments, at fair value: | $ 2,795,444,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools (2.02%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | 47,010,000 | |||||||
Investments, at fair value: | $ 48,027,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools (2.31%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 2.31% | 2.31% | ||||||
Investment cost | [6] | $ 32,339,000 | |||||||
Investments, at fair value: | $ 32,339,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools (2.66%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 2.66% | 2.66% | ||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools and Alamar Biosciences, Inc. Senior Secured, Maturity Date June 2026, Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7] | 2026-06 | 2026-06 | ||||||
Basis spread variable rate | [7],[8] | 3% | 3% | ||||||
Interest rate floor | [7],[8] | 6.50% | 6.50% | ||||||
Interest rate paid in kind | [7],[8] | 1% | 1% | ||||||
Exit fee rate | [7],[8] | 5.95% | 5.95% | ||||||
Principal amount | [7] | $ 5,000,000 | |||||||
Investment cost | [6],[7] | 4,951,000 | |||||||
Investments, at fair value: | [7] | $ 4,951,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools and Alamar Biosciences, Inc., Senior Secured, June 2026, Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[10] | 2026-06 | 2026-06 | ||||||
Basis spread variable rate | [9],[10],[11] | 3% | 3% | ||||||
Interest rate floor | [9],[10],[11] | 6.50% | 6.50% | ||||||
Interest rate paid in kind | [9],[10],[11] | 1% | 1% | ||||||
Exit fee rate | [9],[10],[11] | 5.95% | 5.95% | ||||||
Principal amount | [9],[10] | $ 15,049,000 | |||||||
Investment cost | [2],[9],[10] | 15,069,000 | |||||||
Investments, at fair value: | [9],[10] | $ 15,508,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools and PathAI, Inc., Senior Secured, January 2027, Prime + 2.15%, Floor rate 9.15%, 9.81% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [12] | 2027-01 | 2027-01 | ||||||
Basis spread variable rate | [11],[12] | 2.15% | 2.15% | ||||||
Interest rate floor | [11],[12] | 9.15% | 9.15% | ||||||
Exit fee rate | [11],[12] | 9.81% | 9.81% | ||||||
Principal amount | [12] | $ 32,000,000 | |||||||
Investment cost | [2],[12] | 31,941,000 | |||||||
Investments, at fair value: | [12] | $ 32,519,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools and PathAI, Inc., Senior Secured, Maturity Date January 2027, Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7] | 2027-01 | 2027-01 | ||||||
Basis spread variable rate | [7],[8] | 2.15% | 2.15% | ||||||
Interest rate floor | [7],[8] | 9.15% | 9.15% | ||||||
Exit fee rate | [7],[8] | 11.21% | 11.21% | ||||||
Principal amount | [7] | $ 28,000,000 | |||||||
Investment cost | [6],[7] | 27,388,000 | |||||||
Investments, at fair value: | [7] | $ 27,388,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Communications & Networking (7.26%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 7.26% | 7.26% | ||||||
Investment cost | [6] | $ 99,167,000 | |||||||
Investments, at fair value: | $ 101,734,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Communications & Networking and Aryaka Networks, Inc. Senior Secured, Maturity Date July 2026, Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[13],[14] | 2026-07 | 2026-07 | ||||||
Basis spread variable rate | [7],[8],[13],[14] | 3.25% | 3.25% | ||||||
Interest rate floor | [7],[8],[13],[14] | 6.75% | 6.75% | ||||||
Interest rate paid in kind | [7],[8],[13],[14] | 1.05% | 1.05% | ||||||
Exit fee rate | [7],[8],[13],[14] | 3.55% | 3.55% | ||||||
Principal amount | [7],[13],[14] | $ 5,023,000 | |||||||
Investment cost | [6],[7],[13],[14] | 4,969,000 | |||||||
Investments, at fair value: | [7],[13],[14] | $ 5,053,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Communications & Networking and Cytracom Holdings LLC Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.31%, Floor rate 10.31% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[15],[16] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [7],[8],[15],[16] | 9.31% | 9.31% | ||||||
Interest rate floor | [7],[8],[15],[16] | 10.31% | 10.31% | ||||||
Principal amount | [7],[15],[16] | $ 8,910,000 | |||||||
Investment cost | [6],[7],[15],[16] | 8,768,000 | |||||||
Investments, at fair value: | [7],[15],[16] | $ 8,748,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Communications & Networking and Rocket Lab Global Services, LLC Senior Secured, Maturity Date June 2024, Prime + 4.90%, Floor rate 8.15%, PIK Interest 1.25%, 3.25% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[15],[17],[18],[19] | 2024-06 | 2024-06 | ||||||
Basis spread variable rate | [8],[14],[15],[17],[18],[19] | 4.90% | 4.90% | ||||||
Interest rate floor | [8],[14],[15],[17],[18],[19] | 8.15% | 8.15% | ||||||
Interest rate paid in kind | [8],[14],[15],[17],[18],[19] | 1.25% | 1.25% | ||||||
Exit fee rate | [8],[14],[15],[17],[18],[19] | 3.25% | 3.25% | ||||||
Principal amount | [14],[15],[17],[18],[19] | $ 84,581,000 | |||||||
Investment cost | [6],[14],[15],[17],[18],[19] | 85,430,000 | |||||||
Investments, at fair value: | [14],[15],[17],[18],[19] | $ 87,933,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Communications and Networking and Aryaka Networks, Inc., Senior Secured, July 2026, Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[12],[20] | 2026-07 | 2026-07 | ||||||
Basis spread variable rate | [9],[11],[12],[20] | 3.25% | 3.25% | ||||||
Interest rate floor | [9],[11],[12],[20] | 6.75% | 6.75% | ||||||
Interest rate paid in kind | [9],[11],[12],[20] | 1.05% | 1.05% | ||||||
Exit fee rate | [9],[11],[12],[20] | 3.55% | 3.55% | ||||||
Principal amount | [9],[12],[20] | $ 25,153,000 | |||||||
Investment cost | [2],[9],[12],[20] | 24,943,000 | |||||||
Investments, at fair value: | [9],[12],[20] | $ 26,000,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Communications and Networking and Cytracom Holdings LLC, Senior Secured, February 2025, 3-month SOFR + 9.72%, Floor rate 10.62% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [21],[22],[23] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [11],[21],[22],[23] | 9.72% | 9.72% | ||||||
Interest rate floor | [11],[21],[22],[23] | 10.62% | 10.62% | ||||||
Principal amount | [21],[22],[23] | $ 3,267,000 | |||||||
Investment cost | [2],[21],[22],[23] | 3,239,000 | |||||||
Investments, at fair value: | [21],[22],[23] | $ 3,272,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services (28.24%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 28.24% | 28.24% | ||||||
Investment cost | [2] | $ 507,063,000 | |||||||
Investments, at fair value: | $ 509,053,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services (30.59%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 30.59% | 30.59% | ||||||
Investment cost | [6] | $ 444,703,000 | |||||||
Investments, at fair value: | $ 428,750,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Altumint, Inc., Senior Secured, December 2027, Prime + 3.65%, Floor rate 12.15%, 2.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[22] | 2027-12 | 2027-12 | ||||||
Basis spread variable rate | [1],[11],[22] | 3.65% | 3.65% | ||||||
Interest rate floor | [1],[11],[22] | 12.15% | 12.15% | ||||||
Exit fee rate | [1],[11],[22] | 2.50% | 2.50% | ||||||
Principal amount | [1],[22] | $ 10,000,000 | |||||||
Investment cost | [1],[2],[22] | 9,905,000 | |||||||
Investments, at fair value: | [1],[22] | $ 9,905,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and AppDirect, Inc. Senior Secured, Maturity Date April 2026, Prime + 5.50%, Floor rate 8.8%, 8.29% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[18] | 2026-04 | 2026-04 | ||||||
Basis spread variable rate | [7],[8],[18] | 5.50% | 5.50% | ||||||
Interest rate floor | [7],[8],[18] | 8.75% | 8.75% | ||||||
Exit fee rate | [7],[8],[18] | 8.29% | 8.29% | ||||||
Principal amount | [7],[18] | $ 40,790,000 | |||||||
Investment cost | [6],[7],[18] | 41,856,000 | |||||||
Investments, at fair value: | [7],[18] | $ 42,426,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and AppDirect, Inc., Senior Secured, April 2026, Prime + 5.50%, Floor rate 8.75%, 7.12% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [12] | 2026-04 | 2026-04 | ||||||
Basis spread variable rate | [11],[12] | 5.50% | 5.50% | ||||||
Interest rate floor | [11],[12] | 8.75% | 8.75% | ||||||
Exit fee rate | [11],[12] | 7.12% | 7.12% | ||||||
Principal amount | [12] | $ 55,790,000 | |||||||
Investment cost | [2],[12] | 57,653,000 | |||||||
Investments, at fair value: | [12] | $ 59,507,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Carwow LTD Senior Secured, Maturity Date December 2024, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[24],[25] | 2024-12 | 2024-12 | ||||||
Basis spread variable rate | [8],[14],[24],[25] | 4.70% | 4.70% | ||||||
Interest rate floor | [8],[14],[24],[25] | 7.95% | 7.95% | ||||||
Interest rate paid in kind | [8],[14],[24],[25] | 1.45% | 1.45% | ||||||
Exit fee rate | [8],[14],[24],[25] | 4.95% | 4.95% | ||||||
Principal amount | £ | [14],[24],[25] | £ 18,890 | |||||||
Investment cost | [6],[14],[24],[25] | $ 26,024,000 | |||||||
Investments, at fair value: | [14],[24],[25] | $ 22,971,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Carwow LTD, Senior Secured, December 2024, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[26],[27] | 2024-12 | 2024-12 | ||||||
Basis spread variable rate | [9],[11],[26],[27] | 4.70% | 4.70% | ||||||
Interest rate floor | [9],[11],[26],[27] | 7.95% | 7.95% | ||||||
Interest rate paid in kind | [9],[11],[26],[27] | 1.45% | 1.45% | ||||||
Exit fee rate | [9],[11],[26],[27] | 4.95% | 4.95% | ||||||
Principal amount | £ | [9],[26],[27] | £ 19,146 | |||||||
Investment cost | [2],[9],[26],[27] | $ 26,834,000 | |||||||
Investments, at fair value: | [9],[26],[27] | $ 25,157,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Houzz, Inc. Convertible Debt, Maturity Date May 2028, PIK Interest 5.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[28] | 2028-05 | 2028-05 | ||||||
Interest rate paid in kind | [8],[14],[28] | 5.50% | 5.50% | ||||||
Principal amount | [14],[28] | $ 21,853,000 | |||||||
Investment cost | [6],[14],[28] | 21,853,000 | |||||||
Investments, at fair value: | [14],[28] | $ 20,356,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Houzz, Inc., Convertible Debt, May 2028, PIK Interest 8.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[29] | 2028-05 | 2028-05 | ||||||
Interest rate paid in kind | [9],[11],[29] | 8.50% | 8.50% | ||||||
Principal amount | [9],[29] | $ 23,340,000 | |||||||
Investment cost | [2],[9],[29] | 23,340,000 | |||||||
Investments, at fair value: | [9],[29] | $ 23,244,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Jobandtalent USA, Inc. Senior Secured, Maturity Date February 2025, 1-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [24],[25] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [8],[24],[25] | 8.86% | 8.86% | ||||||
Interest rate floor | [8],[24],[25] | 9.75% | 9.75% | ||||||
Exit fee rate | [8],[24],[25] | 3% | 3% | ||||||
Principal amount | [24],[25] | $ 14,000,000 | |||||||
Investment cost | [6],[24],[25] | 13,853,000 | |||||||
Investments, at fair value: | [24],[25] | $ 13,904,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Jobandtalent USA, Inc., Senior Secured, February 2025, 1-month SOFR + 8.86% Floor rate 9.75%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [26],[27] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [11],[26],[27] | 8.86% | 8.86% | ||||||
Interest rate floor | [11],[26],[27] | 9.75% | 9.75% | ||||||
Exit fee rate | [11],[26],[27] | 3% | 3% | ||||||
Principal amount | [26],[27] | $ 14,000,000 | |||||||
Investment cost | [2],[26],[27] | 14,095,000 | |||||||
Investments, at fair value: | [26],[27] | $ 14,259,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Plentific Ltd, Senior Secured, October 2026, Prime + 2.55%, Floor rate 11.05%, 2.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[26],[27] | 2026-10 | 2026-10 | ||||||
Basis spread variable rate | [11],[22],[26],[27] | 2.55% | 2.55% | ||||||
Interest rate floor | [11],[22],[26],[27] | 11.05% | 11.05% | ||||||
Exit fee rate | [11],[22],[26],[27] | 2.95% | 2.95% | ||||||
Principal amount | [22],[26],[27] | $ 875,000 | |||||||
Investment cost | [2],[22],[26],[27] | 853,000 | |||||||
Investments, at fair value: | [22],[26],[27] | $ 853,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Provi, Senior Secured, December 2026, Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1] | 2026-12 | 2026-12 | ||||||
Basis spread variable rate | [1],[11] | 4.40% | 4.40% | ||||||
Interest rate floor | [1],[11] | 10.65% | 10.65% | ||||||
Exit fee rate | [1],[11] | 2.95% | 2.95% | ||||||
Principal amount | [1] | $ 15,000,000 | |||||||
Investment cost | [1],[2] | 14,904,000 | |||||||
Investments, at fair value: | [1] | $ 15,046,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Provi, Senior Secured, Maturity Date December 2026, Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [30] | 2026-12 | 2026-12 | ||||||
Basis spread variable rate | [8],[30] | 4.40% | 4.40% | ||||||
Interest rate floor | [8],[30] | 10.65% | 10.65% | ||||||
Exit fee rate | [8],[30] | 2.95% | 2.95% | ||||||
Principal amount | [30] | $ 15,000,000 | |||||||
Investment cost | [6],[30] | 14,739,000 | |||||||
Investments, at fair value: | [30] | $ 14,739,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and RVShare, LLC, Senior Secured, December 2026, 3-month SOFR + 5.50%, Floor rate 6.50%, PIK Interest 4.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[9],[10] | 2026-12 | 2026-12 | ||||||
Basis spread variable rate | [1],[9],[10],[11] | 5.50% | 5.50% | ||||||
Interest rate floor | [1],[9],[10],[11] | 6.50% | 6.50% | ||||||
Interest rate paid in kind | [1],[9],[10],[11] | 4% | 4% | ||||||
Principal amount | [1],[9],[10] | $ 28,876,000 | |||||||
Investment cost | [1],[2],[9],[10] | 28,404,000 | |||||||
Investments, at fair value: | [1],[9],[10] | $ 28,888,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and RVShare, LLC, Senior Secured, Maturity Date December 2026, 3-month LIBOR + 5.50%, Floor rate 6.50%, PIK Interest 4.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14],[17],[30] | 2026-12 | 2026-12 | ||||||
Basis spread variable rate | [7],[8],[14],[17],[30] | 5.50% | 5.50% | ||||||
Interest rate floor | [7],[8],[14],[17],[30] | 6.50% | 6.50% | ||||||
Interest rate paid in kind | [7],[8],[14],[17],[30] | 4% | 4% | ||||||
Principal amount | [7],[14],[17],[30] | $ 27,730,000 | |||||||
Investment cost | [6],[7],[14],[17],[30] | 27,265,000 | |||||||
Investments, at fair value: | [7],[14],[17],[30] | $ 27,256,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Rhino Labs, Inc. Senior Secured, Maturity Date March 2024, Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[30] | 2024-03 | 2024-03 | ||||||
Basis spread variable rate | [8],[14],[30] | 5.50% | 5.50% | ||||||
Interest rate floor | [8],[14],[30] | 8.75% | 8.75% | ||||||
Interest rate paid in kind | [8],[14],[30] | 2.25% | 2.25% | ||||||
Principal amount | [14],[30] | $ 16,500,000 | |||||||
Investment cost | [6],[14],[30] | 16,328,000 | |||||||
Investments, at fair value: | [14],[30] | $ 16,496,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Rhino Labs, Inc., Senior Secured, June 2024, Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[9] | 2024-06 | 2024-06 | ||||||
Basis spread variable rate | [1],[9],[11] | 5.50% | 5.50% | ||||||
Interest rate floor | [1],[9],[11] | 8.75% | 8.75% | ||||||
Interest rate paid in kind | [1],[9],[11] | 2.25% | 2.25% | ||||||
Principal amount | [1],[9] | $ 4,710,000 | |||||||
Investment cost | [1],[2],[9] | 4,704,000 | |||||||
Investments, at fair value: | [1],[9] | $ 4,704,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Riviera Partners LLC, Senior Secured, April 2027, 3-month SOFR + 8.26%, Floor rate 9.26% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23] | 2027-04 | 2027-04 | ||||||
Basis spread variable rate | [11],[22],[23] | 8.26% | 8.26% | ||||||
Interest rate floor | [11],[22],[23] | 9.26% | 9.26% | ||||||
Principal amount | [22],[23] | $ 36,868,000 | |||||||
Investment cost | [2],[22],[23] | 36,339,000 | |||||||
Investments, at fair value: | [22],[23] | $ 34,659,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Seat Geek, Inc., Senior Secured, July 2026, Prime + 2.50%, Floor rate 10.75%, PIK Interest 0.50%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[12],[31] | 2026-07 | 2026-07 | ||||||
Basis spread variable rate | [9],[11],[12],[31] | 2.50% | 2.50% | ||||||
Interest rate floor | [9],[11],[12],[31] | 10.75% | 10.75% | ||||||
Interest rate paid in kind | [9],[11],[12],[31] | 0.50% | 0.50% | ||||||
Exit fee rate | [9],[11],[12],[31] | 3% | 3% | ||||||
Principal amount | [9],[12],[31] | $ 77,642,000 | |||||||
Investment cost | [2],[9],[12],[31] | 77,170,000 | |||||||
Investments, at fair value: | [9],[12],[31] | $ 79,119,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and SeatGeek, Inc. Senior Secured, Maturity Date June 2023, Prime + 5.00%, Floor rate 10.50%, PIK Interest 0.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[17],[18],[19] | 2023-06 | 2023-06 | ||||||
Basis spread variable rate | [8],[14],[17],[18],[19] | 5% | 5% | ||||||
Interest rate floor | [8],[14],[17],[18],[19] | 10.50% | 10.50% | ||||||
Interest rate paid in kind | [8],[14],[17],[18],[19] | 0.50% | 0.50% | ||||||
Principal amount | [14],[17],[18],[19] | $ 60,915,000 | |||||||
Investment cost | [6],[14],[17],[18],[19] | 60,721,000 | |||||||
Investments, at fair value: | [14],[17],[18],[19] | $ 60,721,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and SeatGeek, Inc. Senior Secured, Maturity Date May 2026, Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[15],[19] | 2026-05 | 2026-05 | ||||||
Basis spread variable rate | [8],[14],[15],[19] | 7% | 7% | ||||||
Interest rate floor | [8],[14],[15],[19] | 10.50% | 10.50% | ||||||
Interest rate paid in kind | [8],[14],[15],[19] | 0.50% | 0.50% | ||||||
Principal amount | [14],[15],[19] | $ 25,071,000 | |||||||
Investment cost | [6],[14],[15],[19] | 24,912,000 | |||||||
Investments, at fair value: | [14],[15],[19] | $ 25,823,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and SeatGeek, Inc., Senior Secured, May 2026, Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50%, 4.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[21],[31] | 2026-05 | 2026-05 | ||||||
Basis spread variable rate | [9],[11],[21],[31] | 7% | 7% | ||||||
Interest rate floor | [9],[11],[21],[31] | 10.50% | 10.50% | ||||||
Interest rate paid in kind | [9],[11],[21],[31] | 0.50% | 0.50% | ||||||
Exit fee rate | [9],[11],[21],[31] | 4% | 4% | ||||||
Principal amount | [9],[21],[31] | $ 25,199,000 | |||||||
Investment cost | [2],[9],[21],[31] | 25,126,000 | |||||||
Investments, at fair value: | [9],[21],[31] | $ 25,869,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Skyword, Inc. Senior Secured, Maturity Date November 2026, Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[17] | 2026-11 | 2026-11 | ||||||
Basis spread variable rate | [8],[14],[17] | 2.75% | 2.75% | ||||||
Interest rate floor | [8],[14],[17] | 9.25% | 9.25% | ||||||
Interest rate paid in kind | [8],[14],[17] | 1.75% | 1.75% | ||||||
Exit fee rate | [8],[14],[17] | 3% | 3% | ||||||
Principal amount | [14],[17] | $ 9,007,000 | |||||||
Investment cost | [6],[14],[17] | 8,918,000 | |||||||
Investments, at fair value: | [14],[17] | $ 8,870,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Skyword, Inc., Senior Secured, November 2026, Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[10] | 2026-11 | 2026-11 | ||||||
Basis spread variable rate | [9],[10],[11] | 2.75% | 2.75% | ||||||
Interest rate floor | [9],[10],[11] | 9.25% | 9.25% | ||||||
Interest rate paid in kind | [9],[10],[11] | 1.75% | 1.75% | ||||||
Exit fee rate | [9],[10],[11] | 3% | 3% | ||||||
Principal amount | [9],[10] | $ 9,169,000 | |||||||
Investment cost | [2],[9],[10] | 9,189,000 | |||||||
Investments, at fair value: | [9],[10] | $ 9,311,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, July 2024, FIXED 8.25% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [32] | 2024-07 | 2024-07 | ||||||
Interest rate paid in cash | [11],[32] | 8.25% | 8.25% | ||||||
Principal amount | [32] | $ 8,250,000 | |||||||
Investment cost | [2],[32] | 8,250,000 | |||||||
Investments, at fair value: | [32] | $ 8,250,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024 One, PIK Interest 5.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[33],[34] | 2024-07 | 2024-07 | ||||||
Interest rate paid in kind | [8],[14],[33],[34] | 5% | 5% | ||||||
Principal amount | [14],[33],[34] | $ 10,680,000 | |||||||
Investment cost | [6],[14],[33],[34] | 240,000 | |||||||
Investments, at fair value: | [14],[33],[34] | $ 0 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024 Two, PIK Interest 5.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[33],[34] | 2024-07 | 2024-07 | ||||||
Interest rate paid in kind | [8],[14],[33],[34] | 5% | 5% | ||||||
Principal amount | [14],[33],[34] | $ 13,023,000 | |||||||
Investment cost | [6],[14],[33],[34] | 13,023,000 | |||||||
Investments, at fair value: | [14],[33],[34] | $ 0 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024, FIXED 8.25% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[33],[34] | 2024-07 | 2024-07 | ||||||
Interest rate paid in cash | [8],[14],[33],[34] | 8.25% | 8.25% | ||||||
Principal amount | [14],[33],[34] | $ 8,250,000 | |||||||
Investment cost | [6],[14],[33],[34] | 8,250,000 | |||||||
Investments, at fair value: | [14],[33],[34] | $ 8,042,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Thumbtack, Inc. Senior Secured, Maturity Date April 2026, Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14],[18] | 2026-04 | 2026-04 | ||||||
Basis spread variable rate | [7],[8],[14],[18] | 4.95% | 4.95% | ||||||
Interest rate floor | [7],[8],[14],[18] | 8.20% | 8.20% | ||||||
Interest rate paid in kind | [7],[8],[14],[18] | 1.50% | 1.50% | ||||||
Exit fee rate | [7],[8],[14],[18] | 3.95% | 3.95% | ||||||
Principal amount | [7],[14],[18] | $ 10,103,000 | |||||||
Investment cost | [6],[7],[14],[18] | 10,050,000 | |||||||
Investments, at fair value: | [7],[14],[18] | $ 10,167,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Thumbtack, Inc., Senior Secured, April 2026, Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[12],[22] | 2026-04 | 2026-04 | ||||||
Basis spread variable rate | [9],[11],[12],[22] | 4.95% | 4.95% | ||||||
Interest rate floor | [9],[11],[12],[22] | 8.20% | 8.20% | ||||||
Interest rate paid in kind | [9],[11],[12],[22] | 1.50% | 1.50% | ||||||
Exit fee rate | [9],[11],[12],[22] | 3.95% | 3.95% | ||||||
Principal amount | [9],[12],[22] | $ 10,258,000 | |||||||
Investment cost | [2],[9],[12],[22] | 10,317,000 | |||||||
Investments, at fair value: | [9],[12],[22] | 10,639,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Total SeatGeek, Inc., Senior Secured | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 102,841,000 | ||||||||
Investment cost | [2] | 102,296,000 | |||||||
Investments, at fair value: | 104,988,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Total Veem, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 10,217,000 | ||||||||
Investment cost | [2] | 10,365,000 | |||||||
Investments, at fair value: | 10,516,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Total Worldremit Group Limited | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 94,500,000 | ||||||||
Investment cost | [2] | 95,626,000 | |||||||
Investments, at fair value: | $ 95,997,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Udacity, Inc. Senior Secured, Maturity Date September 2024, Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[18] | 2024-09 | 2024-09 | ||||||
Basis spread variable rate | [8],[14],[18] | 4.50% | 4.50% | ||||||
Interest rate floor | [8],[14],[18] | 7.75% | 7.75% | ||||||
Interest rate paid in kind | [8],[14],[18] | 2% | 2% | ||||||
Exit fee rate | [8],[14],[18] | 3% | 3% | ||||||
Principal amount | [14],[18] | $ 51,937,000 | |||||||
Investment cost | [6],[14],[18] | 52,265,000 | |||||||
Investments, at fair value: | [14],[18] | $ 52,976,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Udacity, Inc., Senior Secured, September 2024, Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[12] | 2024-09 | 2024-09 | ||||||
Basis spread variable rate | [9],[11],[12] | 4.50% | 4.50% | ||||||
Interest rate floor | [9],[11],[12] | 7.75% | 7.75% | ||||||
Interest rate paid in kind | [9],[11],[12] | 2% | 2% | ||||||
Exit fee rate | [9],[11],[12] | 3% | 3% | ||||||
Principal amount | [9],[12] | $ 53,000,000 | |||||||
Investment cost | [2],[9],[12] | 53,989,000 | |||||||
Investments, at fair value: | [9],[12] | $ 53,130,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Veem, Inc. Senior Secured, Maturity Date March 2025, Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[17] | 2025-03 | 2025-03 | ||||||
Basis spread variable rate | [8],[14],[17] | 4% | 4% | ||||||
Interest rate floor | [8],[14],[17] | 7.25% | 7.25% | ||||||
Interest rate paid in kind | [8],[14],[17] | 1.25% | 1.25% | ||||||
Exit fee rate | [8],[14],[17] | 4.50% | 4.50% | ||||||
Principal amount | [14],[17] | $ 5,043,000 | |||||||
Investment cost | [6],[14],[17] | 5,000,000 | |||||||
Investments, at fair value: | [14],[17] | $ 5,042,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Veem, Inc. Senior Secured, Maturity Date March 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14] | 2025-03 | 2025-03 | ||||||
Basis spread variable rate | [8],[14] | 4.70% | 4.70% | ||||||
Interest rate floor | [8],[14] | 7.95% | 7.95% | ||||||
Interest rate paid in kind | [8],[14] | 1.50% | 1.50% | ||||||
Exit fee rate | [8],[14] | 4.50% | 4.50% | ||||||
Principal amount | [14] | $ 5,033,000 | |||||||
Investment cost | [6],[14] | 4,988,000 | |||||||
Investments, at fair value: | [14] | $ 5,124,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Veem, Inc., Senior Secured, March 2025, Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[10] | 2025-03 | 2025-03 | ||||||
Basis spread variable rate | [9],[10],[11] | 4% | 4% | ||||||
Interest rate floor | [9],[10],[11] | 7.25% | 7.25% | ||||||
Interest rate paid in kind | [9],[10],[11] | 1.25% | 1.25% | ||||||
Exit fee rate | [9],[10],[11] | 4.50% | 4.50% | ||||||
Principal amount | [9],[10] | $ 5,107,000 | |||||||
Investment cost | [2],[9],[10] | 5,176,000 | |||||||
Investments, at fair value: | [9],[10] | $ 5,230,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Veem, Inc., Senior Secured, March 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[12] | 2025-03 | 2025-03 | ||||||
Basis spread variable rate | [9],[11],[12] | 4.70% | 4.70% | ||||||
Interest rate floor | [9],[11],[12] | 7.95% | 7.95% | ||||||
Interest rate paid in kind | [9],[11],[12] | 1.50% | 1.50% | ||||||
Exit fee rate | [9],[11],[12] | 4.50% | 4.50% | ||||||
Principal amount | [9],[12] | $ 5,110,000 | |||||||
Investment cost | [2],[9],[12] | 5,189,000 | |||||||
Investments, at fair value: | [9],[12] | $ 5,286,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Worldremit Group Limited, Senior Secured, February 2025, 1-month SOFR + 9.35%, Floor rate 10.25%, 3.20% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [20],[26],[27],[31] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [11],[20],[26],[27],[31] | 9.35% | 9.35% | ||||||
Interest rate floor | [11],[20],[26],[27],[31] | 10.25% | 10.25% | ||||||
Exit fee rate | [11],[20],[26],[27],[31] | 3.20% | 3.20% | ||||||
Principal amount | [20],[26],[27],[31] | $ 6,250,000 | |||||||
Investment cost | [2],[20],[26],[27],[31] | 6,308,000 | |||||||
Investments, at fair value: | [20],[26],[27],[31] | $ 6,344,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Worldremit Group Limited, Senior Secured, February 2025, 3-month SOFR + 9.40%, Floor rate 10.25%, 3.20% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [12],[20],[21],[26],[27],[31] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [11],[12],[20],[21],[26],[27],[31] | 9.40% | 9.40% | ||||||
Interest rate floor | [11],[12],[20],[21],[26],[27],[31] | 10.25% | 10.25% | ||||||
Exit fee rate | [11],[12],[20],[21],[26],[27],[31] | 3.20% | 3.20% | ||||||
Principal amount | [12],[20],[21],[26],[27],[31] | $ 88,250,000 | |||||||
Investment cost | [2],[12],[20],[21],[26],[27],[31] | 89,318,000 | |||||||
Investments, at fair value: | [12],[20],[21],[26],[27],[31] | $ 89,653,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Worldremit Group Limited, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.25%, Floor rate 10.25%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [13],[15],[18],[19],[24],[25] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [8],[13],[15],[18],[19],[24],[25] | 9.25% | 9.25% | ||||||
Interest rate floor | [8],[13],[15],[18],[19],[24],[25] | 10.25% | 10.25% | ||||||
Exit fee rate | [8],[13],[15],[18],[19],[24],[25] | 3% | 3% | ||||||
Principal amount | [13],[15],[18],[19],[24],[25] | $ 94,500,000 | |||||||
Investment cost | [6],[13],[15],[18],[19],[24],[25] | 94,418,000 | |||||||
Investments, at fair value: | [13],[15],[18],[19],[24],[25] | 93,837,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services, SeatGeek, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 85,986,000 | ||||||||
Investment cost | [6] | 85,633,000 | |||||||
Investments, at fair value: | 86,544,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services, Tectura Corporation | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 31,953,000 | ||||||||
Investment cost | [6] | 21,513,000 | |||||||
Investments, at fair value: | 8,042,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services, Veem, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 10,076,000 | ||||||||
Investment cost | [6] | 9,988,000 | |||||||
Investments, at fair value: | $ 10,166,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services (2.40%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 2.40% | 2.40% | ||||||
Investment cost | [6] | $ 36,567,000 | |||||||
Investments, at fair value: | $ 33,700,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services (3.17%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 3.17% | 3.17% | ||||||
Investment cost | [2] | $ 56,764,000 | |||||||
Investments, at fair value: | 57,096,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC) | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 35,000,000 | ||||||||
Investment cost | [2] | 34,478,000 | |||||||
Investments, at fair value: | $ 34,478,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC), UnSecured, Maturity Date September 2026, FIXED + 11.95% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [32],[35] | 2026-09 | 2026-09 | ||||||
Interest rate paid in cash | [11],[32],[35] | 11.95% | 11.95% | ||||||
Principal amount | [32],[35] | $ 10,000,000 | |||||||
Investment cost | [2],[32],[35] | 9,815,000 | |||||||
Investments, at fair value: | [32],[35] | $ 9,815,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC), Unsecured, Maturity Date September 2026, FIXED 11.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [32],[35] | 2026-09 | 2026-09 | ||||||
Interest rate paid in cash | [11],[32],[35] | 11.50% | 11.50% | ||||||
Principal amount | [32],[35] | $ 25,000,000 | |||||||
Investment cost | [2],[32],[35] | 24,663,000 | |||||||
Investments, at fair value: | [32],[35] | $ 24,663,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Unsecured, Maturity Date September 2026, FIXED 11.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [34] | 2026-09 | 2026-09 | ||||||
Interest rate paid in cash | [8],[34] | 11.50% | 11.50% | ||||||
Principal amount | [34] | $ 10,000,000 | |||||||
Investment cost | [6],[34] | 9,852,000 | |||||||
Investments, at fair value: | [34] | $ 8,898,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Unsecured, Maturity Date September 2026, FIXED 14.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [34] | 2026-09 | 2026-09 | ||||||
Interest rate paid in cash | [8],[34] | 14.50% | 14.50% | ||||||
Principal amount | [34] | $ 15,000,000 | |||||||
Investment cost | [6],[34] | 14,715,000 | |||||||
Investments, at fair value: | [34] | $ 12,802,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Hercules Adviser LLC, Unsecured, Maturity Date June 2025, FIXED 5.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2025-06 | [32],[36] | 2025-06 | [34] | 2025-06 | [32],[36] | 2025-06 | [34] | |
Interest rate paid in cash | 5% | [11],[32],[36] | 5% | [8],[34] | 5% | [11],[32],[36] | 5% | [8],[34] | |
Principal amount | $ 12,000,000 | [32],[36] | $ 12,000,000 | [34] | |||||
Investment cost | 12,000,000 | [2],[32],[36] | 12,000,000 | [6],[34] | |||||
Investments, at fair value: | $ 12,000,000 | [32],[36] | 12,000,000 | [34] | |||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Next Insurance, Inc, Senior Secured, Maturity Date February 2028, Prime + -1.50%, Floor rate 4.75%, PIK Interest 5.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[20],[22] | 2028-02 | 2028-02 | ||||||
Basis spread variable rate | [9],[11],[20],[22] | (1.50%) | (1.50%) | ||||||
Interest rate floor | [9],[11],[20],[22] | 4.75% | 4.75% | ||||||
Interest rate paid in kind | [9],[11],[20],[22] | 5.50% | 5.50% | ||||||
Principal amount | [9],[20],[22] | $ 10,469,000 | |||||||
Investment cost | [2],[9],[20],[22] | 10,286,000 | |||||||
Investments, at fair value: | [9],[20],[22] | $ 10,618,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services, Gibraltar Business Capital, LLC, Unsecured | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 25,000,000 | ||||||||
Investment cost | [6] | 24,567,000 | |||||||
Investments, at fair value: | $ 21,700,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development (66.60%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 66.60% | 66.60% | ||||||
Investment cost | [2] | $ 1,184,022,000 | |||||||
Investments, at fair value: | $ 1,200,667,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development (78.59%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 78.59% | 78.59% | ||||||
Investment cost | [6] | $ 1,107,352,000 | |||||||
Investments, at fair value: | $ 1,101,430,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and ATAI Life Sciences N.V. Senior Secured, Maturity Date August 2026, Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2026-08 | [26],[27] | 2026-08 | [24],[25] | 2026-08 | [26],[27] | 2026-08 | [24],[25] | |
Basis spread variable rate | 4.55% | [11],[26],[27] | 4.55% | [8],[24],[25] | 4.55% | [11],[26],[27] | 4.55% | [8],[24],[25] | |
Interest rate floor | 8.55% | [11],[26],[27] | 8.55% | [8],[24],[25] | 8.55% | [11],[26],[27] | 8.55% | [8],[24],[25] | |
Exit fee rate | 6.95% | [11],[26],[27] | 6.95% | [8],[24],[25] | 6.95% | [11],[26],[27] | 6.95% | [8],[24],[25] | |
Principal amount | $ 10,500,000 | [26],[27] | $ 10,500,000 | [24],[25] | |||||
Investment cost | 10,695,000 | [2],[26],[27] | 10,513,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 10,904,000 | [26],[27] | $ 10,513,000 | [24],[25] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Akero Therapeutics, Inc. Senior Secured, Maturity Date January 2027, Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2027-01 | [10],[22],[26] | 2027-01 | [7],[17],[24] | 2027-01 | [10],[22],[26] | 2027-01 | [7],[17],[24] | |
Basis spread variable rate | 3.65% | [10],[11],[22],[26] | 3.65% | [7],[8],[17],[24] | 3.65% | [10],[11],[22],[26] | 3.65% | [7],[8],[17],[24] | |
Interest rate floor | 7.65% | [10],[11],[22],[26] | 7.65% | [7],[8],[17],[24] | 7.65% | [10],[11],[22],[26] | 7.65% | [7],[8],[17],[24] | |
Exit fee rate | 5.85% | [10],[11],[22],[26] | 5.85% | [7],[8],[17],[24] | 5.85% | [10],[11],[22],[26] | 5.85% | [7],[8],[17],[24] | |
Principal amount | $ 12,500,000 | [10],[22],[26] | $ 5,000,000 | [7],[17],[24] | |||||
Investment cost | 12,525,000 | [2],[10],[22],[26] | 4,986,000 | [6],[7],[17],[24] | |||||
Investments, at fair value: | $ 13,065,000 | [10],[22],[26] | $ 5,039,000 | [7],[17],[24] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Aldeyra Therapeutics, Inc. Senior Secured, Maturity Date October 2024, Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2024-10 | [21] | 2024-10 | [15] | 2024-10 | [21] | 2024-10 | [15] | |
Basis spread variable rate | 3.10% | [11],[21] | 3.10% | [8],[15] | 3.10% | [11],[21] | 3.10% | [8],[15] | |
Interest rate floor | 8.60% | [11],[21] | 8.60% | [8],[15] | 8.60% | [11],[21] | 8.60% | [8],[15] | |
Exit fee rate | 8.90% | [11],[21] | 8.90% | [8],[15] | 8.90% | [11],[21] | 8.90% | [8],[15] | |
Principal amount | $ 15,000,000 | [21] | $ 15,000,000 | [15] | |||||
Investment cost | 15,152,000 | [2],[21] | 15,879,000 | [6],[15] | |||||
Investments, at fair value: | $ 15,152,000 | [21] | $ 15,974,000 | [15] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Alladapt Immunotherapeutics Inc. Senior Secured, Maturity Date September 2026, Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 10.60% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[17] | 2026-09 | 2026-09 | ||||||
Basis spread variable rate | [7],[8],[17] | 3.65% | 3.65% | ||||||
Interest rate floor | [7],[8],[17] | 8.40% | 8.40% | ||||||
Interest rate cap | [7],[8],[17] | 10.90% | 10.90% | ||||||
Exit fee rate | [7],[8],[17] | 10.60% | 10.60% | ||||||
Principal amount | [7],[17] | $ 15,000,000 | |||||||
Investment cost | [6],[7],[17] | 14,920,000 | |||||||
Investments, at fair value: | [7],[17] | $ 14,920,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Alladapt Immunotherapeutics Inc. Senior Secured, Maturity Date September 2026, Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 5.30% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10] | 2026-09 | 2026-09 | ||||||
Basis spread variable rate | [10],[11] | 3.65% | 3.65% | ||||||
Interest rate floor | [10],[11] | 8.40% | 8.40% | ||||||
Interest rate cap | [10],[11] | 10.90% | 10.90% | ||||||
Exit fee rate | [10],[11] | 5.30% | 5.30% | ||||||
Principal amount | [10] | $ 35,000,000 | |||||||
Investment cost | [2],[10] | 35,173,000 | |||||||
Investments, at fair value: | [10] | $ 36,855,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and AmplifyBio, LLC, Senior Secured, Maturity Date January 2027, Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2027-01 | [1] | 2027-01 | [30] | 2027-01 | [1] | 2027-01 | [30] | |
Basis spread variable rate | 2.50% | [1],[11] | 2.50% | [8],[30] | 2.50% | [1],[11] | 2.50% | [8],[30] | |
Interest rate floor | 9.50% | [1],[11] | 9.50% | [8],[30] | 9.50% | [1],[11] | 9.50% | [8],[30] | |
Interest rate cap | 10.75% | [1],[11] | 10.75% | [8],[30] | 10.75% | [1],[11] | 10.75% | [8],[30] | |
Exit fee rate | 5.85% | [1],[11] | 5.85% | [8],[30] | 5.85% | [1],[11] | 5.85% | [8],[30] | |
Principal amount | $ 24,000,000 | [1] | $ 24,000,000 | [30] | |||||
Investment cost | 24,120,000 | [1],[2] | 23,663,000 | [6],[30] | |||||
Investments, at fair value: | $ 24,514,000 | [1] | $ 23,663,000 | [30] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Aveo Pharmaceuticals, Inc. Senior Secured, Maturity Date September 2024, Prime + 6.40%, Floor rate 9.65%, Cap rate 15.00%, 6.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [15],[30] | 2024-09 | 2024-09 | ||||||
Basis spread variable rate | [8],[15],[30] | 6.40% | 6.40% | ||||||
Interest rate floor | [8],[15],[30] | 9.65% | 9.65% | ||||||
Interest rate cap | [8],[15],[30] | 15% | 15% | ||||||
Exit fee rate | [8],[15],[30] | 6.95% | 6.95% | ||||||
Principal amount | [15],[30] | $ 40,000,000 | |||||||
Investment cost | [6],[15],[30] | 41,644,000 | |||||||
Investments, at fair value: | [15],[30] | $ 43,183,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Axsome Therapeutics, Inc. Senior Secured, Maturity Date January 2028 Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.78% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [12],[21],[26],[31] | 2028-01 | 2028-01 | ||||||
Basis spread variable rate | [11],[12],[21],[26],[31] | 2.20% | 2.20% | ||||||
Interest rate floor | [11],[12],[21],[26],[31] | 9.95% | 9.95% | ||||||
Interest rate cap | [11],[12],[21],[26],[31] | 10.70% | 10.70% | ||||||
Exit fee rate | [11],[12],[21],[26],[31] | 5.78% | 5.78% | ||||||
Principal amount | [12],[21],[26],[31] | $ 143,350,000 | |||||||
Investment cost | [2],[12],[21],[26],[31] | 143,646,000 | |||||||
Investments, at fair value: | [12],[21],[26],[31] | $ 150,255,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Axsome Therapeutics, Inc. Senior Secured, Maturity Date October 2026, Prime + 5.70%, Floor rate 8.95%, Cap rate 10.70%, 5.31% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[15],[18],[19],[24] | 2026-10 | 2026-10 | ||||||
Basis spread variable rate | [7],[8],[15],[18],[19],[24] | 5.70% | 5.70% | ||||||
Interest rate floor | [7],[8],[15],[18],[19],[24] | 8.95% | 8.95% | ||||||
Interest rate cap | [7],[8],[15],[18],[19],[24] | 10.70% | 10.70% | ||||||
Exit fee rate | [7],[8],[15],[18],[19],[24] | 5.31% | 5.31% | ||||||
Principal amount | [7],[15],[18],[19],[24] | $ 81,725,000 | |||||||
Investment cost | [6],[7],[15],[18],[19],[24] | 81,631,000 | |||||||
Investments, at fair value: | [7],[15],[18],[19],[24] | $ 78,074,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Senior Secured, Maturity Date July 2025, Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2025-07 | [12],[21],[26],[27] | 2025-07 | [15],[18],[24],[25] | 2025-07 | [12],[21],[26],[27] | 2025-07 | [15],[18],[24],[25] | |
Basis spread variable rate | 4.55% | [11],[12],[21],[26],[27] | 4.55% | [8],[15],[18],[24],[25] | 4.55% | [11],[12],[21],[26],[27] | 4.55% | [8],[15],[18],[24],[25] | |
Interest rate floor | 8.05% | [11],[12],[21],[26],[27] | 8.05% | [8],[15],[18],[24],[25] | 8.05% | [11],[12],[21],[26],[27] | 8.05% | [8],[15],[18],[24],[25] | |
Interest rate cap | 9.05% | [11],[12],[21],[26],[27] | 9.05% | [8],[15],[18],[24],[25] | 9.05% | [11],[12],[21],[26],[27] | 9.05% | [8],[15],[18],[24],[25] | |
Exit fee rate | 5% | [11],[12],[21],[26],[27] | 5% | [8],[15],[18],[24],[25] | 5% | [11],[12],[21],[26],[27] | 5% | [8],[15],[18],[24],[25] | |
Principal amount | $ 11,500,000 | [12],[21],[26],[27] | $ 11,500,000 | [15],[18],[24],[25] | |||||
Investment cost | 11,880,000 | [2],[12],[21],[26],[27] | 11,757,000 | [6],[15],[18],[24],[25] | |||||
Investments, at fair value: | $ 11,783,000 | [12],[21],[26],[27] | $ 11,435,000 | [15],[18],[24],[25] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and BiomX, INC, Senior Secured, Maturity Date September 2025, Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2025-09 | [21],[26],[27] | 2025-09 | [15],[24],[25] | 2025-09 | [21],[26],[27] | 2025-09 | [15],[24],[25] | |
Basis spread variable rate | 5.70% | [11],[21],[26],[27] | 5.70% | [8],[15],[24],[25] | 5.70% | [11],[21],[26],[27] | 5.70% | [8],[15],[24],[25] | |
Interest rate floor | 8.95% | [11],[21],[26],[27] | 8.95% | [8],[15],[24],[25] | 8.95% | [11],[21],[26],[27] | 8.95% | [8],[15],[24],[25] | |
Exit fee rate | 6.55% | [11],[21],[26],[27] | 6.55% | [8],[15],[24],[25] | 6.55% | [11],[21],[26],[27] | 6.55% | [8],[15],[24],[25] | |
Principal amount | $ 6,448,000 | [21],[26],[27] | $ 9,000,000 | [15],[24],[25] | |||||
Investment cost | 6,807,000 | [2],[21],[26],[27] | 9,174,000 | [6],[15],[24],[25] | |||||
Investments, at fair value: | $ 6,790,000 | [21],[26],[27] | $ 9,052,000 | [15],[24],[25] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Braeburn, Inc., Senior Secured, Maturity Date October 2028, Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Basis spread variable rate | [9],[11] | 2.45% | 2.45% | ||||||
Interest rate floor | [9],[11] | 10.95% | 10.95% | ||||||
Interest rate paid in kind | [9],[11] | 1.10% | 1.10% | ||||||
Exit fee rate | [9],[11] | 5.45% | 5.45% | ||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Braeburn, Inc., Senior Secured, Maturity Date October2028, Prime + 2.45%, Floor rate 10.95%, PIK Interest 1.10%, 5.45% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9] | 2028-10 | 2028-10 | ||||||
Principal amount | [9] | $ 52,601,000 | |||||||
Investment cost | [2],[9] | 52,185,000 | |||||||
Investments, at fair value: | [9] | $ 52,185,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and BridgeBio Pharma, Inc. Senior Secured, Maturity Date November 2026, FIXED 9.00%, 2.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2026-11 | [9],[10],[12] | 2026-11 | [14],[17],[18] | 2026-11 | [9],[10],[12] | 2026-11 | [14],[17],[18] | |
Interest rate paid in cash | 9% | [9],[10],[11],[12] | 9% | [8],[14],[17],[18] | 9% | [9],[10],[11],[12] | 9% | [8],[14],[17],[18] | |
Exit fee rate | 2% | [9],[10],[11],[12] | 2% | [8],[14],[17],[18] | 2% | [9],[10],[11],[12] | 2% | [8],[14],[17],[18] | |
Principal amount | $ 38,167,000 | [9],[10],[12] | $ 37,312,000 | [14],[17],[18] | |||||
Investment cost | 38,124,000 | [2],[9],[10],[12] | 37,039,000 | [6],[14],[17],[18] | |||||
Investments, at fair value: | $ 35,498,000 | [9],[10],[12] | $ 33,344,000 | [14],[17],[18] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and COMPASS Pathways plc Senior Secured, Maturity Date July 2027, Prime + 1.50%, Floor rate 9.75%, PIK Interest 1.40%, 4.75% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[26],[27] | 2027-07 | 2027-07 | ||||||
Basis spread variable rate | [9],[11],[26],[27] | 1.50% | 1.50% | ||||||
Interest rate floor | [9],[11],[26],[27] | 9.75% | 9.75% | ||||||
Interest rate paid in kind | [9],[11],[26],[27] | 1.40% | 1.40% | ||||||
Exit fee rate | [9],[11],[26],[27] | 4.75% | 4.75% | ||||||
Principal amount | [9],[26],[27] | $ 24,144,000 | |||||||
Investment cost | [2],[9],[26],[27] | 23,798,000 | |||||||
Investments, at fair value: | [9],[26],[27] | $ 24,601,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Cellarity, Inc. Senior Secured, Maturity Date June 2026, Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2026-06 | [1],[10] | 2026-06 | [17],[30] | 2026-06 | [1],[10] | 2026-06 | [17],[30] | |
Basis spread variable rate | 5.70% | [1],[10],[11] | 5.70% | [8],[17],[30] | 5.70% | [1],[10],[11] | 5.70% | [8],[17],[30] | |
Interest rate floor | 8.95% | [1],[10],[11] | 8.95% | [8],[17],[30] | 8.95% | [1],[10],[11] | 8.95% | [8],[17],[30] | |
Exit fee rate | 3.75% | [1],[10],[11] | 3.75% | [8],[17],[30] | 3.75% | [1],[10],[11] | 3.75% | [8],[17],[30] | |
Principal amount | $ 29,193,000 | [1],[10] | $ 30,000,000 | [17],[30] | |||||
Investment cost | 29,482,000 | [1],[2],[10] | 29,841,000 | [6],[17],[30] | |||||
Investments, at fair value: | $ 30,051,000 | [1],[10] | $ 30,097,000 | [17],[30] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Century Therapeutics, Inc. Senior Secured, Maturity Date April 2024, Prime + 6.30%, Floor rate 9.55%, 3.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [15] | 2024-04 | 2024-04 | ||||||
Basis spread variable rate | [8],[15] | 6.30% | 6.30% | ||||||
Interest rate floor | [8],[15] | 9.55% | 9.55% | ||||||
Exit fee rate | [8],[15] | 3.95% | 3.95% | ||||||
Principal amount | [15] | $ 10,000,000 | |||||||
Investment cost | [6],[15] | 10,235,000 | |||||||
Investments, at fair value: | [15] | $ 10,292,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Codiak Biosciences, Inc. Senior Secured, Maturity Date October 2025, Prime + 5.00%, Floor rate 8.25%, 5.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [15] | 2025-10 | 2025-10 | ||||||
Basis spread variable rate | [8],[15] | 5% | 5% | ||||||
Interest rate floor | [8],[15] | 8.25% | 8.25% | ||||||
Exit fee rate | [8],[15] | 5.50% | 5.50% | ||||||
Principal amount | [15] | $ 25,000,000 | |||||||
Investment cost | [6],[15] | 25,759,000 | |||||||
Investments, at fair value: | [15] | $ 25,177,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Corium, Inc. Senior Secured, Maturity Date September 2026, Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2026-09 | [10],[31] | 2026-09 | [17],[19] | 2026-09 | [10],[31] | 2026-09 | [17],[19] | |
Basis spread variable rate | 5.70% | [10],[11],[31] | 5.70% | [8],[17],[19] | 5.70% | [10],[11],[31] | 5.70% | [8],[17],[19] | |
Interest rate floor | 8.95% | [10],[11],[31] | 8.95% | [8],[17],[19] | 8.95% | [10],[11],[31] | 8.95% | [8],[17],[19] | |
Exit fee rate | 7.75% | [10],[11],[31] | 7.75% | [8],[17],[19] | 7.75% | [10],[11],[31] | 7.75% | [8],[17],[19] | |
Principal amount | $ 105,225,000 | [10],[31] | $ 132,675,000 | [17],[19] | |||||
Investment cost | 107,667,000 | [2],[10],[31] | 133,557,000 | [6],[17],[19] | |||||
Investments, at fair value: | $ 108,545,000 | [10],[31] | $ 135,619,000 | [17],[19] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Curevo, Inc. Senior Secured, Maturity Date June 2027 Prime + 1.70%, Floor rate 9.70%, 6.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1] | 2027-06 | 2027-06 | ||||||
Basis spread variable rate | [1],[11] | 1.70% | 1.70% | ||||||
Interest rate floor | [1],[11] | 9.70% | 9.70% | ||||||
Exit fee rate | [1],[11] | 6.95% | 6.95% | ||||||
Principal amount | [1] | $ 10,000,000 | |||||||
Investment cost | [1],[2] | 9,821,000 | |||||||
Investments, at fair value: | [1] | $ 10,076,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Eloxx Pharmaceuticals, Inc. Senior Secured, Maturity Date April 2025, Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2025-04 | [1] | 2025-04 | [30] | 2025-04 | [1] | 2025-04 | [30] | |
Basis spread variable rate | 6.25% | [1],[11] | 6.25% | [8],[30] | 6.25% | [1],[11] | 6.25% | [8],[30] | |
Interest rate floor | 9.50% | [1],[11] | 9.50% | [8],[30] | 9.50% | [1],[11] | 9.50% | [8],[30] | |
Exit fee rate | 6.55% | [1],[11] | 6.55% | [8],[30] | 6.55% | [1],[11] | 6.55% | [8],[30] | |
Principal amount | $ 3,099,000 | [1] | $ 12,500,000 | [30] | |||||
Investment cost | 3,789,000 | [1],[2] | 12,753,000 | [6],[30] | |||||
Investments, at fair value: | $ 3,731,000 | [1] | $ 12,535,000 | [30] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Finch Therapeutics Group, Inc. Senior Secured, Maturity Date November 2026, Prime + 4.05%, Floor rate 7.55%, Cap rate 8.80%, 5.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2026-11 | 2026-11 | |||||||
Basis spread variable rate | [8] | 4.05% | 4.05% | ||||||
Interest rate floor | [8] | 7.55% | 7.55% | ||||||
Interest rate cap | [8] | 8.80% | 8.80% | ||||||
Exit fee rate | [8] | 5.50% | 5.50% | ||||||
Principal amount | $ 15,000,000 | ||||||||
Investment cost | [6] | 15,012,000 | |||||||
Investments, at fair value: | $ 13,940,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and G1 Therapeutics, Inc. Senior Secured, Maturity Date November 2026, Prime + 5.90%, Floor rate 9.15%, 9.86% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[15],[18],[30] | 2026-11 | 2026-11 | ||||||
Basis spread variable rate | [7],[8],[15],[18],[30] | 5.90% | 5.90% | ||||||
Interest rate floor | [7],[8],[15],[18],[30] | 9.15% | 9.15% | ||||||
Exit fee rate | [7],[8],[15],[18],[30] | 9.86% | 9.86% | ||||||
Principal amount | [7],[15],[18],[30] | $ 58,125,000 | |||||||
Investment cost | [6],[7],[15],[18],[30] | 58,674,000 | |||||||
Investments, at fair value: | [7],[15],[18],[30] | $ 58,407,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and G1 Therapeutics, Inc., Senior Secured, Maturity Date November 2026, Prime + 5.65%, Floor rate 9.15%, 11.41% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[12],[21] | 2026-11 | 2026-11 | ||||||
Basis spread variable rate | [1],[11],[12],[21] | 5.65% | 5.65% | ||||||
Interest rate floor | [1],[11],[12],[21] | 9.15% | 9.15% | ||||||
Exit fee rate | [1],[11],[12],[21] | 11.41% | 11.41% | ||||||
Principal amount | [1],[12],[21] | $ 38,750,000 | |||||||
Investment cost | [1],[2],[12],[21] | 39,679,000 | |||||||
Investments, at fair value: | [1],[12],[21] | $ 40,421,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Geron Corporation, Senior Secured, Maturity Date April 2025, Prime + 4.50%, Floor rate 9.00%, 6.55% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[12],[26] | 2025-04 | 2025-04 | ||||||
Basis spread variable rate | [10],[11],[12],[26] | 4.50% | 4.50% | ||||||
Interest rate floor | [10],[11],[12],[26] | 9% | 9% | ||||||
Exit fee rate | [10],[11],[12],[26] | 6.55% | 6.55% | ||||||
Principal amount | [10],[12],[26] | $ 30,200,000 | |||||||
Investment cost | [2],[10],[12],[26] | 31,005,000 | |||||||
Investments, at fair value: | [10],[12],[26] | $ 31,210,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Geron Corporation, Senior Secured, Maturity Date October 2024, Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [17],[18],[24] | 2024-10 | 2024-10 | ||||||
Basis spread variable rate | [8],[17],[18],[24] | 5.75% | 5.75% | ||||||
Interest rate floor | [8],[17],[18],[24] | 9% | 9% | ||||||
Exit fee rate | [8],[17],[18],[24] | 6.55% | 6.55% | ||||||
Principal amount | [17],[18],[24] | $ 18,500,000 | |||||||
Investment cost | [6],[17],[18],[24] | 19,109,000 | |||||||
Investments, at fair value: | [17],[18],[24] | $ 19,174,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Gritstone Bio, Inc. Senior Secured, Maturity Date July 2027, Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14] | 2027-07 | 2027-07 | ||||||
Basis spread variable rate | [7],[8],[14] | 3.15% | 3.15% | ||||||
Interest rate floor | [7],[8],[14] | 7.15% | 7.15% | ||||||
Interest rate cap | [7],[8],[14] | 8.65% | 8.65% | ||||||
Interest rate paid in kind | [7],[8],[14] | 2% | 2% | ||||||
Exit fee rate | [7],[8],[14] | 5.75% | 5.75% | ||||||
Principal amount | [7],[14] | $ 15,113,000 | |||||||
Investment cost | [6],[7],[14] | 15,109,000 | |||||||
Investments, at fair value: | [7],[14] | $ 15,109,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Gritstone Bio, Inc., Senior Secured, Maturity Date July 2027, Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[10] | 2027-07 | 2027-07 | ||||||
Basis spread variable rate | [9],[10],[11] | 3.15% | 3.15% | ||||||
Interest rate floor | [9],[10],[11] | 7.15% | 7.15% | ||||||
Interest rate cap | [9],[10],[11] | 8.65% | 8.65% | ||||||
Interest rate paid in kind | [9],[10],[11] | 2% | 2% | ||||||
Exit fee rate | [9],[10],[11] | 5.75% | 5.75% | ||||||
Principal amount | [9],[10] | $ 30,532,000 | |||||||
Investment cost | [2],[9],[10] | 30,717,000 | |||||||
Investments, at fair value: | [9],[10] | $ 30,909,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Heron Therapeutics, Inc., Senior Secured, Maturity Date February 2026, Prime + 1.70%, Floor rate 9.95%, PIK Interest 1.50%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[9],[22] | 2026-02 | 2026-02 | ||||||
Basis spread variable rate | [1],[9],[11],[22] | 1.70% | 1.70% | ||||||
Interest rate floor | [1],[9],[11],[22] | 9.95% | 9.95% | ||||||
Interest rate paid in kind | [1],[9],[11],[22] | 1.50% | 1.50% | ||||||
Exit fee rate | [1],[9],[11],[22] | 3% | 3% | ||||||
Principal amount | [1],[9],[22] | $ 20,095,000 | |||||||
Investment cost | [1],[2],[9],[22] | 19,788,000 | |||||||
Investments, at fair value: | [1],[9],[22] | $ 19,788,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Hibercell, Inc. Senior Secured, Maturity Date May 2025, Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [17],[30] | 2025-05 | 2025-05 | ||||||
Basis spread variable rate | [8],[17],[30] | 5.40% | 5.40% | ||||||
Interest rate floor | [8],[17],[30] | 8.65% | 8.65% | ||||||
Exit fee rate | [8],[17],[30] | 4.95% | 4.95% | ||||||
Principal amount | [17],[30] | $ 17,000,000 | |||||||
Investment cost | [6],[17],[30] | 17,313,000 | |||||||
Investments, at fair value: | [17],[30] | $ 17,265,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Hibercell, Inc., Senior Secured, Maturity Date May 2025, Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[10] | 2025-05 | 2025-05 | ||||||
Basis spread variable rate | [1],[10],[11] | 5.40% | 5.40% | ||||||
Interest rate floor | [1],[10],[11] | 8.65% | 8.65% | ||||||
Exit fee rate | [1],[10],[11] | 4.95% | 4.95% | ||||||
Principal amount | [1],[10] | $ 12,535,000 | |||||||
Investment cost | [1],[2],[10] | 13,117,000 | |||||||
Investments, at fair value: | [1],[10] | $ 13,181,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and HilleVax, Inc. Senior Secured, Maturity Date May 2027, Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14],[30] | 2027-05 | 2027-05 | ||||||
Basis spread variable rate | [7],[8],[14],[30] | 1.05% | 1.05% | ||||||
Interest rate floor | [7],[8],[14],[30] | 4.55% | 4.55% | ||||||
Interest rate cap | [7],[8],[14],[30] | 6.05% | 6.05% | ||||||
Interest rate paid in kind | [7],[8],[14],[30] | 2.85% | 2.85% | ||||||
Exit fee rate | [7],[8],[14],[30] | 7.15% | 7.15% | ||||||
Principal amount | [7],[14],[30] | $ 12,072,000 | |||||||
Investment cost | [6],[7],[14],[30] | 12,043,000 | |||||||
Investments, at fair value: | [7],[14],[30] | $ 11,333,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and HilleVax, Inc., Senior Secured, Maturity Date May 2027, Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[9] | 2027-05 | 2027-05 | ||||||
Basis spread variable rate | [1],[9],[11] | 1.05% | 1.05% | ||||||
Interest rate floor | [1],[9],[11] | 4.55% | 4.55% | ||||||
Interest rate cap | [1],[9],[11] | 6.05% | 6.05% | ||||||
Interest rate paid in kind | [1],[9],[11] | 2.85% | 2.85% | ||||||
Exit fee rate | [1],[9],[11] | 7.15% | 7.15% | ||||||
Principal amount | [1],[9] | $ 20,524,000 | |||||||
Investment cost | [1],[2],[9] | 20,685,000 | |||||||
Investments, at fair value: | [1],[9] | $ 20,335,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Iveric Bio, Inc. Senior Secured, Maturity Date August 2027, Prime + 4.00%, Floor rate 8.75%, Cap rate 10.25%, 4.25% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [18],[24] | 2027-08 | 2027-08 | ||||||
Basis spread variable rate | [8],[18],[24] | 4% | 4% | ||||||
Interest rate floor | [8],[18],[24] | 8.75% | 8.75% | ||||||
Interest rate cap | [8],[18],[24] | 10.25% | 10.25% | ||||||
Exit fee rate | [8],[18],[24] | 4.25% | 4.25% | ||||||
Principal amount | [18],[24] | $ 49,500,000 | |||||||
Investment cost | [6],[18],[24] | 49,090,000 | |||||||
Investments, at fair value: | [18],[24] | $ 49,090,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Kura Oncology, Inc. Senior Secured, Maturity Date November 2027, Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[24],[30] | 2027-11 | 2027-11 | ||||||
Basis spread variable rate | [7],[8],[24],[30] | 2.40% | 2.40% | ||||||
Interest rate floor | [7],[8],[24],[30] | 8.65% | 8.65% | ||||||
Exit fee rate | [7],[8],[24],[30] | 15.13% | 15.13% | ||||||
Principal amount | [7],[24],[30] | $ 5,500,000 | |||||||
Investment cost | [6],[7],[24],[30] | 5,448,000 | |||||||
Investments, at fair value: | [7],[24],[30] | $ 5,448,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Kura Oncology, Inc., Senior Secured, Maturity Date November 2027, Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[22],[26] | 2027-11 | 2027-11 | ||||||
Basis spread variable rate | [1],[11],[22],[26] | 2.40% | 2.40% | ||||||
Interest rate floor | [1],[11],[22],[26] | 8.65% | 8.65% | ||||||
Exit fee rate | [1],[11],[22],[26] | 15.13% | 15.13% | ||||||
Principal amount | [1],[22],[26] | $ 5,500,000 | |||||||
Investment cost | [1],[2],[22],[26] | 5,532,000 | |||||||
Investments, at fair value: | [1],[22],[26] | $ 5,752,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Locus Biosciences, Inc. Senior Secured, Maturity Date July 2025, Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [30] | 2025-07 | 2025-07 | ||||||
Basis spread variable rate | [8],[30] | 6.10% | 6.10% | ||||||
Interest rate floor | [8],[30] | 9.35% | 9.35% | ||||||
Exit fee rate | [8],[30] | 4.95% | 4.95% | ||||||
Principal amount | [30] | $ 8,000,000 | |||||||
Investment cost | [6],[30] | 8,120,000 | |||||||
Investments, at fair value: | [30] | $ 8,085,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Locus Biosciences, Inc., Senior Secured, Maturity Date July 2025, Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1] | 2025-07 | 2025-07 | ||||||
Basis spread variable rate | [1],[11] | 6.10% | 6.10% | ||||||
Interest rate floor | [1],[11] | 9.35% | 9.35% | ||||||
Exit fee rate | [1],[11] | 4.95% | 4.95% | ||||||
Principal amount | [1] | $ 5,399,000 | |||||||
Investment cost | [1],[2] | 5,651,000 | |||||||
Investments, at fair value: | [1] | $ 5,686,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc. Senior Secured, Maturity Date May 2026, Prime + 3.95%, Floor rate 7.45%, 5.35% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[24] | 2026-05 | 2026-05 | ||||||
Basis spread variable rate | [7],[8],[24] | 3.95% | 3.95% | ||||||
Interest rate floor | [7],[8],[24] | 7.45% | 7.45% | ||||||
Exit fee rate | [7],[8],[24] | 5.35% | 5.35% | ||||||
Principal amount | [7],[24] | $ 34,000,000 | |||||||
Investment cost | [6],[7],[24] | 33,945,000 | |||||||
Investments, at fair value: | [7],[24] | $ 33,987,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Senior Secured, Maturity Date May 2026, Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [26] | 2026-05 | 2026-05 | ||||||
Basis spread variable rate | [11],[26] | 2.45% | 2.45% | ||||||
Interest rate floor | [11],[26] | 8.25% | 8.25% | ||||||
Exit fee rate | [11],[26] | 5.35% | 5.35% | ||||||
Principal amount | [26] | $ 78,200,000 | |||||||
Investment cost | [2],[26] | 78,728,000 | |||||||
Investments, at fair value: | [26] | $ 81,945,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Nabriva Therapeutics, Senior Secured, Maturity Date June 2023, Prime + 4.30%, Floor rate 9.80%, 9.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [17],[24],[25] | 2023-06 | 2023-06 | ||||||
Basis spread variable rate | [8],[17],[24],[25] | 4.30% | 4.30% | ||||||
Interest rate floor | [8],[17],[24],[25] | 9.80% | 9.80% | ||||||
Exit fee rate | [8],[17],[24],[25] | 9.95% | 9.95% | ||||||
Principal amount | [17],[24],[25] | $ 2,079,000 | |||||||
Investment cost | [6],[17],[24],[25] | 2,734,000 | |||||||
Investments, at fair value: | [17],[24],[25] | $ 2,804,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc. Senior Secured, Maturity Date October 2026, Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14],[18],[19],[24],[30],[37] | 2026-10 | 2026-10 | ||||||
Basis spread variable rate | [7],[8],[14],[18],[19],[24],[30],[37] | 2.25% | 2.25% | ||||||
Interest rate floor | [7],[8],[14],[18],[19],[24],[30],[37] | 5.50% | 5.50% | ||||||
Interest rate paid in kind | [7],[8],[14],[18],[19],[24],[30],[37] | 3.35% | 3.35% | ||||||
Exit fee rate | [7],[8],[14],[18],[19],[24],[30],[37] | 7.50% | 7.50% | ||||||
Principal amount | [7],[14],[18],[19],[24],[30],[37] | $ 94,737,000 | |||||||
Investment cost | [6],[7],[14],[18],[19],[24],[30],[37] | 95,032,000 | |||||||
Investments, at fair value: | [7],[14],[18],[19],[24],[30],[37] | $ 93,916,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Senior Secured, Maturity Date December 2027, Prime + 1.35%, Floor rate 9.85%, PIK Interest 2.15%, 7.29% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[9],[12],[22],[26],[31],[38] | 2027-12 | 2027-12 | ||||||
Basis spread variable rate | [1],[9],[11],[12],[22],[26],[31],[38] | 1.35% | 1.35% | ||||||
Interest rate floor | [1],[9],[11],[12],[22],[26],[31],[38] | 9.85% | 9.85% | ||||||
Interest rate paid in kind | [1],[9],[11],[12],[22],[26],[31],[38] | 2.15% | 2.15% | ||||||
Exit fee rate | [1],[9],[11],[12],[22],[26],[31],[38] | 7.29% | 7.29% | ||||||
Principal amount | [1],[9],[12],[22],[26],[31],[38] | $ 129,699,000 | |||||||
Investment cost | [1],[2],[9],[12],[22],[26],[31],[38] | 130,934,000 | |||||||
Investments, at fair value: | [1],[9],[12],[22],[26],[31],[38] | $ 128,326,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Provention Bio, Inc. Senior Secured, Maturity Date September 2027, Prime + 2.70%, Floor rate 8.20%, 6.60% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7] | 2027-09 | 2027-09 | ||||||
Basis spread variable rate | [7],[8] | 2.70% | 2.70% | ||||||
Interest rate floor | [7],[8] | 8.20% | 8.20% | ||||||
Exit fee rate | [7],[8] | 6.60% | 6.60% | ||||||
Principal amount | [7] | $ 25,000,000 | |||||||
Investment cost | [6],[7] | 24,670,000 | |||||||
Investments, at fair value: | [7] | $ 24,670,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Redshift Bioanalytics, Inc. Senior Secured, Maturity Date January 2026, Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [30] | 2026-01 | 2026-01 | ||||||
Basis spread variable rate | [8],[30] | 4.25% | 4.25% | ||||||
Interest rate floor | [8],[30] | 7.50% | 7.50% | ||||||
Exit fee rate | [8],[30] | 3.80% | 3.80% | ||||||
Principal amount | [30] | $ 5,000,000 | |||||||
Investment cost | [6],[30] | 4,957,000 | |||||||
Investments, at fair value: | [30] | $ 4,946,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Redshift Bioanalytics, Inc., Senior Secured, Maturity Date January 2026, Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1] | 2026-01 | 2026-01 | ||||||
Basis spread variable rate | [1],[11] | 4.25% | 4.25% | ||||||
Interest rate floor | [1],[11] | 7.50% | 7.50% | ||||||
Exit fee rate | [1],[11] | 3.80% | 3.80% | ||||||
Principal amount | [1] | $ 5,000,000 | |||||||
Investment cost | [1],[2] | 5,047,000 | |||||||
Investments, at fair value: | [1] | $ 5,119,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Replimune Group, Inc. Senior Secured, Maturity Date October 2027, Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14],[24] | 2027-10 | 2027-10 | ||||||
Basis spread variable rate | [7],[8],[14],[24] | 1.75% | 1.75% | ||||||
Interest rate floor | [7],[8],[14],[24] | 7.25% | 7.25% | ||||||
Interest rate cap | [7],[8],[14],[24] | 9% | 9% | ||||||
Interest rate paid in kind | [7],[8],[14],[24] | 1.50% | 1.50% | ||||||
Exit fee rate | [7],[8],[14],[24] | 4.95% | 4.95% | ||||||
Principal amount | [7],[14],[24] | $ 20,754,000 | |||||||
Investment cost | [6],[7],[14],[24] | 20,656,000 | |||||||
Investments, at fair value: | [7],[14],[24] | $ 20,656,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Replimune Group, Inc., Senior Secured, Maturity Date October 2026, Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[12],[26] | 2027-10 | 2027-10 | ||||||
Basis spread variable rate | [9],[11],[12],[26] | 1.75% | 1.75% | ||||||
Interest rate floor | [9],[11],[12],[26] | 7.25% | 7.25% | ||||||
Interest rate cap | [9],[11],[12],[26] | 9% | 9% | ||||||
Interest rate paid in kind | [9],[11],[12],[26] | 1.50% | 1.50% | ||||||
Exit fee rate | [9],[11],[12],[26] | 4.95% | 4.95% | ||||||
Principal amount | [9],[12],[26] | $ 31,416,000 | |||||||
Investment cost | [2],[9],[12],[26] | 31,450,000 | |||||||
Investments, at fair value: | [9],[12],[26] | $ 32,702,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Scynexis, Inc. Senior Secured, Maturity Date March 2025, Prime + 5.80%, Floor rate 9.05%, 3.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [17],[18] | 2025-03 | 2025-03 | ||||||
Basis spread variable rate | [8],[17],[18] | 5.80% | 5.80% | ||||||
Interest rate floor | [8],[17],[18] | 9.05% | 9.05% | ||||||
Exit fee rate | [8],[17],[18] | 3.95% | 3.95% | ||||||
Principal amount | [17],[18] | $ 18,667,000 | |||||||
Investment cost | [6],[17],[18] | 18,675,000 | |||||||
Investments, at fair value: | [17],[18] | $ 18,698,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Seres Therapeutics, Inc. Senior Secured, Maturity Date October 2024, Prime + 6.40%, Floor rate 9.65%, 4.98% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [17],[18] | 2024-10 | 2024-10 | ||||||
Basis spread variable rate | [8],[17],[18] | 6.40% | 6.40% | ||||||
Interest rate floor | [8],[17],[18] | 9.65% | 9.65% | ||||||
Exit fee rate | [8],[17],[18] | 4.98% | 4.98% | ||||||
Principal amount | [17],[18] | $ 37,500,000 | |||||||
Investment cost | [6],[17],[18] | 38,638,000 | |||||||
Investments, at fair value: | [17],[18] | $ 38,816,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and TG Therapeutics, Inc. Senior Secured, Maturity Date January 2026, Prime + 2.15%, Floor rate 5.40%, PIK Interest 3.45%, 5.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[15],[18],[24] | 2026-01 | 2026-01 | ||||||
Basis spread variable rate | [8],[14],[15],[18],[24] | 2.15% | 2.15% | ||||||
Interest rate floor | [8],[14],[15],[18],[24] | 5.40% | 5.40% | ||||||
Interest rate paid in kind | [8],[14],[15],[18],[24] | 3.45% | 3.45% | ||||||
Exit fee rate | [8],[14],[15],[18],[24] | 5.95% | 5.95% | ||||||
Principal amount | [14],[15],[18],[24] | $ 47,983,000 | |||||||
Investment cost | [6],[14],[15],[18],[24] | 47,889,000 | |||||||
Investments, at fair value: | [14],[15],[18],[24] | $ 48,649,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and TG Therapeutics, Inc., Senior Secured, Maturity Date January 2026, Prime + 1.20%, Floor rate 8.95%, PIK Interest 2.25%, 5.69% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[12],[21],[26] | 2026-01 | 2026-01 | ||||||
Basis spread variable rate | [9],[11],[12],[21],[26] | 1.20% | 1.20% | ||||||
Interest rate floor | [9],[11],[12],[21],[26] | 8.95% | 8.95% | ||||||
Interest rate paid in kind | [9],[11],[12],[21],[26] | 2.25% | 2.25% | ||||||
Exit fee rate | [9],[11],[12],[21],[26] | 5.69% | 5.69% | ||||||
Principal amount | [9],[12],[21],[26] | $ 65,770,000 | |||||||
Investment cost | [2],[9],[12],[21],[26] | 66,439,000 | |||||||
Investments, at fair value: | [9],[12],[21],[26] | $ 67,610,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc. Senior Secured, Maturity Date February 2027, Prime + 5.20%, Floor rate 8.45%, 4.75% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[17],[24] | 2027-02 | 2027-02 | ||||||
Basis spread variable rate | [7],[8],[17],[24] | 5.20% | 5.20% | ||||||
Interest rate floor | [7],[8],[17],[24] | 8.45% | 8.45% | ||||||
Exit fee rate | [7],[8],[17],[24] | 4.75% | 4.75% | ||||||
Principal amount | [7],[17],[24] | $ 8,250,000 | |||||||
Investment cost | [6],[7],[17],[24] | 8,274,000 | |||||||
Investments, at fair value: | [7],[17],[24] | $ 8,423,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc., Senior Secured, Maturity Date February 2027, Prime + 4.45%, Floor rate 8.45%, Cap rate 11.45%, 4.75% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[22],[26] | 2027-02 | 2027-02 | ||||||
Basis spread variable rate | [10],[11],[22],[26] | 4.45% | 4.45% | ||||||
Interest rate floor | [10],[11],[22],[26] | 8.45% | 8.45% | ||||||
Interest rate cap | [10],[11],[22],[26] | 11.45% | 11.45% | ||||||
Exit fee rate | [10],[11],[22],[26] | 4.75% | 4.75% | ||||||
Principal amount | [10],[22],[26] | $ 12,375,000 | |||||||
Investment cost | [2],[10],[22],[26] | 12,488,000 | |||||||
Investments, at fair value: | [10],[22],[26] | $ 12,916,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Unity Biotechnology, Inc. Senior Secured, Maturity Date August 2024, Prime + 6.10%, Floor rate 9.35%, 6.25% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [17] | 2024-08 | 2024-08 | ||||||
Basis spread variable rate | [8],[17] | 6.10% | 6.10% | ||||||
Interest rate floor | [8],[17] | 9.35% | 9.35% | ||||||
Exit fee rate | [8],[17] | 6.25% | 6.25% | ||||||
Principal amount | [17] | $ 20,000,000 | |||||||
Investment cost | [6],[17] | 21,079,000 | |||||||
Investments, at fair value: | [17] | $ 20,967,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Valo Health, LLC, Senior Secured, Maturity Date May 2024, Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2024-05 | [10],[21] | 2024-05 | [15],[17] | 2024-05 | [10],[21] | 2024-05 | [15],[17] | |
Basis spread variable rate | 6.45% | [10],[11],[21] | 6.45% | [8],[15],[17] | 6.45% | [10],[11],[21] | 6.45% | [8],[15],[17] | |
Interest rate floor | 9.70% | [10],[11],[21] | 9.70% | [8],[15],[17] | 9.70% | [10],[11],[21] | 9.70% | [8],[15],[17] | |
Exit fee rate | 3.85% | [10],[11],[21] | 3.85% | [8],[15],[17] | 3.85% | [10],[11],[21] | 3.85% | [8],[15],[17] | |
Principal amount | $ 2,396,000 | [10],[21] | $ 8,146,000 | [15],[17] | |||||
Investment cost | 2,808,000 | [2],[10],[21] | 8,416,000 | [6],[15],[17] | |||||
Investments, at fair value: | $ 2,808,000 | [10],[21] | $ 8,410,000 | [15],[17] | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Verona Pharma, Inc., Senior Secured, Maturity Date December 2028, 1-month SOFR + 5.85%, Floor rate 11.19%, Cap rate 13.19%, 3.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [26],[27] | 2028-12 | 2028-12 | ||||||
Basis spread variable rate | [11],[26],[27] | 5.85% | 5.85% | ||||||
Interest rate floor | [11],[26],[27] | 11.19% | 11.19% | ||||||
Interest rate cap | [11],[26],[27] | 13.19% | 13.19% | ||||||
Exit fee rate | [11],[26],[27] | 3.50% | 3.50% | ||||||
Principal amount | [26],[27] | $ 15,750,000 | |||||||
Investment cost | [2],[26],[27] | 15,646,000 | |||||||
Investments, at fair value: | [26],[27] | $ 15,646,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Viridian Therapeutics, Inc. Senior Secured, Maturity Date October 2026, Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 4.76% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[17],[24] | 2026-10 | 2026-10 | ||||||
Basis spread variable rate | [7],[8],[17],[24] | 4.20% | 4.20% | ||||||
Interest rate floor | [7],[8],[17],[24] | 7.45% | 7.45% | ||||||
Interest rate cap | [7],[8],[17],[24] | 8.95% | 8.95% | ||||||
Exit fee rate | [7],[8],[17],[24] | 4.76% | 4.76% | ||||||
Principal amount | [7],[17],[24] | $ 2,000,000 | |||||||
Investment cost | [6],[7],[17],[24] | 2,012,000 | |||||||
Investments, at fair value: | [7],[17],[24] | $ 1,934,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Viridian Therapeutics, Inc., Senior Secured, Maturity Date October 2026, Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[26] | 2026-10 | 2026-10 | ||||||
Basis spread variable rate | [10],[11],[26] | 4.20% | 4.20% | ||||||
Interest rate floor | [10],[11],[26] | 7.45% | 7.45% | ||||||
Interest rate cap | [10],[11],[26] | 8.95% | 8.95% | ||||||
Exit fee rate | [10],[11],[26] | 6% | 6% | ||||||
Principal amount | [10],[26] | $ 8,000,000 | |||||||
Investment cost | [2],[10],[26] | 8,057,000 | |||||||
Investments, at fair value: | [10],[26] | $ 8,023,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc. Senior Secured, Maturity Date July 2024, Prime + 3.75%, Floor rate 8.75%, 8.80% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [15],[17],[18] | 2024-07 | 2024-07 | ||||||
Basis spread variable rate | [8],[15],[17],[18] | 3.75% | 3.75% | ||||||
Interest rate floor | [8],[15],[17],[18] | 8.75% | 8.75% | ||||||
Exit fee rate | [8],[15],[17],[18] | 8.80% | 8.80% | ||||||
Principal amount | [15],[17],[18] | $ 32,500,000 | |||||||
Investment cost | [6],[15],[17],[18] | 33,705,000 | |||||||
Investments, at fair value: | [15],[17],[18] | $ 33,700,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Senior Secured, Maturity Date October 2026, Prime + 3.15%, Floor rate 10.15%, 3.80% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[12],[21] | 2026-10 | 2026-10 | ||||||
Basis spread variable rate | [10],[11],[12],[21] | 3.15% | 3.15% | ||||||
Interest rate floor | [10],[11],[12],[21] | 10.15% | 10.15% | ||||||
Exit fee rate | [10],[11],[12],[21] | 3.80% | 3.80% | ||||||
Principal amount | [10],[12],[21] | $ 55,000,000 | |||||||
Investment cost | [2],[10],[12],[21] | 54,680,000 | |||||||
Investments, at fair value: | [10],[12],[21] | $ 55,417,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and enGene, Inc. Senior Secured, Maturity Date January 2028, Prime + 0.75%, Floor rate 9.25%, Cap rate 9.75%, PIK Interest 1.15%, 5.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [26],[27] | 2028-01 | 2028-01 | ||||||
Basis spread variable rate | [11],[26],[27] | 0.75% | 0.75% | ||||||
Interest rate floor | [11],[26],[27] | 9.25% | 9.25% | ||||||
Interest rate cap | [11],[26],[27] | 9.75% | 9.75% | ||||||
Interest rate paid in kind | [11],[26],[27] | 1.15% | 1.15% | ||||||
Exit fee rate | [11],[26],[27] | 5.50% | 5.50% | ||||||
Principal amount | [26],[27] | $ 15,750,000 | |||||||
Investment cost | [2],[26],[27] | 15,550,000 | |||||||
Investments, at fair value: | [26],[27] | $ 15,550,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and enGene, Inc. Senior Secured, Maturity Date July 2025, Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [17],[18],[24],[25] | 2025-07 | 2025-07 | ||||||
Basis spread variable rate | [8],[17],[18],[24],[25] | 5% | 5% | ||||||
Interest rate floor | [8],[17],[18],[24],[25] | 8.25% | 8.25% | ||||||
Exit fee rate | [8],[17],[18],[24],[25] | 6.35% | 6.35% | ||||||
Principal amount | [17],[18],[24],[25] | $ 11,000,000 | |||||||
Investment cost | [6],[17],[18],[24],[25] | 11,072,000 | |||||||
Investments, at fair value: | [17],[18],[24],[25] | $ 11,067,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and uniQure B.V. Senior Secured, Maturity Date December 2025, Prime + 4.70%, Floor rate 7.95%, 7.28% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [15],[18],[19],[24],[25] | 2025-12 | 2025-12 | ||||||
Basis spread variable rate | [8],[15],[18],[19],[24],[25] | 4.70% | 4.70% | ||||||
Interest rate floor | [8],[15],[18],[19],[24],[25] | 7.95% | 7.95% | ||||||
Exit fee rate | [8],[15],[18],[19],[24],[25] | 7.28% | 7.28% | ||||||
Principal amount | [15],[18],[19],[24],[25] | $ 70,000,000 | |||||||
Investment cost | [6],[15],[18],[19],[24],[25] | 72,329,000 | |||||||
Investments, at fair value: | [15],[18],[19],[24],[25] | $ 73,019,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and uniQure B.V., Senior Secured, Maturity Date January 2027, Prime + 4.70%, Floor rate 7.95%, 6.10% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [12],[21],[26],[27] | 2027-01 | 2027-01 | ||||||
Basis spread variable rate | [11],[12],[21],[26],[27] | 4.70% | 4.70% | ||||||
Interest rate floor | [11],[12],[21],[26],[27] | 7.95% | 7.95% | ||||||
Exit fee rate | [11],[12],[21],[26],[27] | 6.10% | 6.10% | ||||||
Principal amount | [12],[21],[26],[27] | $ 70,000,000 | |||||||
Investment cost | [2],[12],[21],[26],[27] | 71,157,000 | |||||||
Investments, at fair value: | [12],[21],[26],[27] | $ 73,318,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Electronics & Computer Hardware (1.05%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 1.05% | 1.05% | ||||||
Investment cost | [2] | $ 18,348,000 | |||||||
Investments, at fair value: | $ 18,982,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Electronics & Computer Hardware (1.34%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 1.34% | 1.34% | ||||||
Investment cost | [6] | $ 18,171,000 | |||||||
Investments, at fair value: | $ 18,723,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Electronics & Computer Hardware and Locus Robotics Corp. Senior Secured, Maturity Date June 2026, Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [13] | 2026-06 | 2026-06 | ||||||
Basis spread variable rate | [8],[13] | 4.50% | 4.50% | ||||||
Interest rate floor | [8],[13] | 8% | 8% | ||||||
Exit fee rate | [8],[13] | 1% | 1% | ||||||
Principal amount | [13] | $ 18,281,000 | |||||||
Investment cost | [6],[13] | 18,171,000 | |||||||
Investments, at fair value: | [13] | $ 18,723,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Electronics & Computer Hardware and Locus Robotics Corp., Senior Secured, Maturity Date June 2026, Prime + 4.50%, Floor rate 8.00%, 4.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [20] | 2026-06 | 2026-06 | ||||||
Basis spread variable rate | [11],[20] | 4.50% | 4.50% | ||||||
Interest rate floor | [11],[20] | 8% | 8% | ||||||
Exit fee rate | [11],[20] | 4% | 4% | ||||||
Principal amount | [20] | $ 18,281,000 | |||||||
Investment cost | [2],[20] | 18,348,000 | |||||||
Investments, at fair value: | [20] | $ 18,982,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other (13.98%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 13.98% | 13.98% | ||||||
Investment cost | [6] | $ 196,342,000 | |||||||
Investments, at fair value: | $ 195,855,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other (16.56%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 16.56% | 16.56% | ||||||
Investment cost | [2] | $ 301,164,000 | |||||||
Investments, at fair value: | $ 298,523,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Better Therapeutics, Inc. Senior Secured, Maturity Date August 2025, Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [30] | 2025-08 | 2025-08 | ||||||
Basis spread variable rate | [8],[30] | 5.70% | 5.70% | ||||||
Interest rate floor | [8],[30] | 8.95% | 8.95% | ||||||
Exit fee rate | [8],[30] | 5.95% | 5.95% | ||||||
Principal amount | [30] | $ 12,000,000 | |||||||
Investment cost | [6],[30] | 12,162,000 | |||||||
Investments, at fair value: | [30] | $ 12,053,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Better Therapeutics, Inc., Senior Secured, Maturity Date August 2025, Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1] | 2025-08 | 2025-08 | ||||||
Basis spread variable rate | [1],[11] | 5.70% | 5.70% | ||||||
Interest rate floor | [1],[11] | 8.95% | 8.95% | ||||||
Exit fee rate | [1],[11] | 5.95% | 5.95% | ||||||
Principal amount | [1] | $ 10,865,000 | |||||||
Investment cost | [1],[2] | 11,285,000 | |||||||
Investments, at fair value: | [1] | $ 8,455,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Blue Sprig Pediatrics, Inc. Senior Secured, Maturity Date November 2026, 1-month LIBOR + 5.00%, Floor rate 6.00%, PIK Interest 4.45% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[15],[17] | 2026-11 | 2026-11 | ||||||
Basis spread variable rate | [8],[14],[15],[17] | 5% | 5% | ||||||
Interest rate floor | [8],[14],[15],[17] | 6% | 6% | ||||||
Interest rate paid in kind | [8],[14],[15],[17] | 4.45% | 4.45% | ||||||
Principal amount | [14],[15],[17] | $ 51,480,000 | |||||||
Investment cost | [6],[14],[15],[17] | 50,813,000 | |||||||
Investments, at fair value: | [14],[15],[17] | $ 49,732,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Blue Sprig Pediatrics, Inc., Senior Secured, Maturity Date November 2026, 1-month SOFR + 5.11%, Floor rate 6.00%, PIK Interest 4.45% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[10],[21] | 2026-11 | 2026-11 | ||||||
Basis spread variable rate | [9],[10],[11],[21] | 5.11% | 5.11% | ||||||
Interest rate floor | [9],[10],[11],[21] | 6% | 6% | ||||||
Interest rate paid in kind | [9],[10],[11],[21] | 4.45% | 4.45% | ||||||
Principal amount | [9],[10],[21] | $ 69,032,000 | |||||||
Investment cost | [2],[9],[10],[21] | 68,277,000 | |||||||
Investments, at fair value: | [9],[10],[21] | $ 68,393,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Carbon Health Technologies, Inc. Senior Secured, Maturity Date March 2025, Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [13],[15],[17] | 2025-03 | 2025-03 | ||||||
Basis spread variable rate | [8],[13],[15],[17] | 5.60% | 5.60% | ||||||
Interest rate floor | [8],[13],[15],[17] | 8.85% | 8.85% | ||||||
Exit fee rate | [8],[13],[15],[17] | 4.61% | 4.61% | ||||||
Principal amount | [13],[15],[17] | $ 46,125,000 | |||||||
Investment cost | [6],[13],[15],[17] | 46,552,000 | |||||||
Investments, at fair value: | [13],[15],[17] | $ 46,548,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Senior Secured, Maturity Date March 2025, Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[21] | 2025-03 | 2025-03 | ||||||
Basis spread variable rate | [10],[11],[21] | 5.60% | 5.60% | ||||||
Interest rate floor | [10],[11],[21] | 8.85% | 8.85% | ||||||
Exit fee rate | [10],[11],[21] | 4.61% | 4.61% | ||||||
Principal amount | [10],[21] | $ 46,125,000 | |||||||
Investment cost | [2],[10],[21] | 47,193,000 | |||||||
Investments, at fair value: | [10],[21] | $ 46,242,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Equality Health, LLC, Senior Secured, Maturity Date February 2026, Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2026-02 | [9],[12],[21] | 2026-02 | [14],[18] | 2026-02 | [9],[12],[21] | 2026-02 | [14],[18] | |
Basis spread variable rate | 6.25% | [9],[11],[12],[21] | 6.25% | [8],[14],[18] | 6.25% | [9],[11],[12],[21] | 6.25% | [8],[14],[18] | |
Interest rate floor | 9.50% | [9],[11],[12],[21] | 9.50% | [8],[14],[18] | 9.50% | [9],[11],[12],[21] | 9.50% | [8],[14],[18] | |
Interest rate paid in kind | 1.55% | [9],[11],[12],[21] | 1.55% | [8],[14],[18] | 1.55% | [9],[11],[12],[21] | 1.55% | [8],[14],[18] | |
Principal amount | $ 54,425,000 | [9],[12],[21] | $ 53,587,000 | [14],[18] | |||||
Investment cost | 54,142,000 | [2],[9],[12],[21] | 53,164,000 | [6],[14],[18] | |||||
Investments, at fair value: | $ 54,697,000 | [9],[12],[21] | $ 53,871,000 | [14],[18] | |||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Main Street Rural, Inc., Senior Secured, Maturity Date July 2027, Prime + 1.95%, Floor rate 9.95%, 6.85% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[22] | 2027-07 | 2027-07 | ||||||
Basis spread variable rate | [1],[11],[22] | 1.95% | 1.95% | ||||||
Interest rate floor | [1],[11],[22] | 9.95% | 9.95% | ||||||
Exit fee rate | [1],[11],[22] | 6.85% | 6.85% | ||||||
Principal amount | [1],[22] | $ 24,500,000 | |||||||
Investment cost | [1],[2],[22] | 24,476,000 | |||||||
Investments, at fair value: | [1],[22] | $ 24,929,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Modern Life, Inc., Senior Secured, Maturity Date February 2027, Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[22] | 2027-02 | 2027-02 | ||||||
Basis spread variable rate | [10],[11],[22] | 2.75% | 2.75% | ||||||
Interest rate floor | [10],[11],[22] | 8.75% | 8.75% | ||||||
Exit fee rate | [10],[11],[22] | 5% | 5% | ||||||
Principal amount | [10],[22] | $ 13,000,000 | |||||||
Investment cost | [2],[10],[22] | 12,888,000 | |||||||
Investments, at fair value: | [10],[22] | $ 13,111,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Oak Street Health, Inc. Senior Secured, Maturity Date October 2027, Prime + 2.45%, Floor rate 7.95%, Cap rate 9.45%, PIK Interest 1.00%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14],[24] | 2027-10 | 2027-10 | ||||||
Basis spread variable rate | [7],[8],[14],[24] | 2.45% | 2.45% | ||||||
Interest rate floor | [7],[8],[14],[24] | 7.95% | 7.95% | ||||||
Interest rate cap | [7],[8],[14],[24] | 9.45% | 9.45% | ||||||
Interest rate paid in kind | [7],[8],[14],[24] | 1% | 1% | ||||||
Exit fee rate | [7],[8],[14],[24] | 4.95% | 4.95% | ||||||
Principal amount | [7],[14],[24] | $ 33,808,000 | |||||||
Investment cost | [6],[7],[14],[24] | 33,651,000 | |||||||
Investments, at fair value: | [7],[14],[24] | $ 33,651,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Recover Together, Inc., Senior Secured, Maturity Date July 2027, Prime + 1.90%, Floor rate 10.15%, 7.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2027-07 | 2027-07 | |||||||
Basis spread variable rate | [11] | 1.90% | 1.90% | ||||||
Interest rate floor | [11] | 10.15% | 10.15% | ||||||
Exit fee rate | [11] | 7.50% | 7.50% | ||||||
Principal amount | $ 35,000,000 | ||||||||
Investment cost | [2] | 34,683,000 | |||||||
Investments, at fair value: | $ 34,683,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Strive Health Holdings, LLC, Senior Secured, Maturity Date September 2027, Prime + 0.70%, Floor rate 9.20%, 5.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1] | 2027-09 | 2027-09 | ||||||
Basis spread variable rate | [1],[11] | 0.70% | 0.70% | ||||||
Interest rate floor | [1],[11] | 9.20% | 9.20% | ||||||
Exit fee rate | [1],[11] | 5.95% | 5.95% | ||||||
Principal amount | [1] | $ 12,000,000 | |||||||
Investment cost | [1],[2] | 11,868,000 | |||||||
Investments, at fair value: | [1] | $ 11,868,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Vida Health, Inc., Senior Secured, Maturity Date March 2026, 9.20% + Lower of (Prime - 3.25%) or 1.00%, Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [21] | 2026-03 | 2026-03 | ||||||
Basis spread variable rate | [11],[21] | 3.25% | 3.25% | ||||||
Interest rate floor | [11],[21] | 9.20% | 9.20% | ||||||
Interest rate cap | [11],[21] | 10.20% | 10.20% | ||||||
Exit fee rate | [11],[21] | 4.95% | 4.95% | ||||||
Principal amount | [21] | $ 36,500,000 | |||||||
Investment cost | [2],[21] | 36,352,000 | |||||||
Investments, at fair value: | [21] | $ 36,145,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Vida Health, Inc., Senior Secured, Maturity Date March 2026, 9.20% + Lower of (Prime - 3.25%) or 1.00%, Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee | Minimum | |||||||||
Summary of Investment Holdings | |||||||||
Basis spread variable rate | [11],[21] | 1% | 1% | ||||||
Investment, Identifier [Axis]: Debt Investments Information Services (3.72%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 3.72% | 3.72% | ||||||
Investment cost | [6] | $ 52,619,000 | |||||||
Investments, at fair value: | $ 52,075,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Information Services (6.65%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 6.65% | 6.65% | ||||||
Investment cost | [2] | $ 117,099,000 | |||||||
Investments, at fair value: | $ 119,876,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Information Services and Capella Space Corp. Senior Secured, Maturity Date November 2025, Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [13],[14],[30] | 2025-11 | 2025-11 | ||||||
Basis spread variable rate | [8],[13],[14],[30] | 5% | 5% | ||||||
Interest rate floor | [8],[13],[14],[30] | 8.25% | 8.25% | ||||||
Interest rate paid in kind | [8],[13],[14],[30] | 1.10% | 1.10% | ||||||
Exit fee rate | [8],[13],[14],[30] | 7% | 7% | ||||||
Principal amount | [13],[14],[30] | $ 20,250,000 | |||||||
Investment cost | [6],[13],[14],[30] | 20,506,000 | |||||||
Investments, at fair value: | [13],[14],[30] | $ 20,574,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Information Services and Capella Space Corp., Senior Secured, Maturity Date November 2025, Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[9] | 2025-11 | 2025-11 | ||||||
Basis spread variable rate | [1],[9],[11] | 5% | 5% | ||||||
Interest rate floor | [1],[9],[11] | 8.25% | 8.25% | ||||||
Interest rate paid in kind | [1],[9],[11] | 1.10% | 1.10% | ||||||
Exit fee rate | [1],[9],[11] | 7% | 7% | ||||||
Principal amount | [1],[9] | $ 20,477,000 | |||||||
Investment cost | [1],[2],[9] | 21,166,000 | |||||||
Investments, at fair value: | [1],[9] | $ 21,351,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Information Services and Checkr Group, Inc., Senior Secured, Maturity Date August 2028, Prime + 1.45%, Floor rate 8.00%, PIK Interest 2.00%, 2.75% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[22] | 2028-08 | 2028-08 | ||||||
Basis spread variable rate | [9],[11],[22] | 1.45% | 1.45% | ||||||
Interest rate floor | [9],[11],[22] | 8% | 8% | ||||||
Interest rate paid in kind | [9],[11],[22] | 2% | 2% | ||||||
Exit fee rate | [9],[11],[22] | 2.75% | 2.75% | ||||||
Principal amount | [9],[22] | $ 47,621,000 | |||||||
Investment cost | [2],[9],[22] | 47,460,000 | |||||||
Investments, at fair value: | [9],[22] | $ 49,382,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Information Services and Saama Technologies, LLC, Senior Secured, Maturity Date July 2027, Prime + 0.70%, Floor rate 8.95%, PIK Interest 2.00%, 2.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[22] | 2027-07 | 2027-07 | ||||||
Basis spread variable rate | [9],[11],[22] | 0.70% | 0.70% | ||||||
Interest rate floor | [9],[11],[22] | 8.95% | 8.95% | ||||||
Interest rate paid in kind | [9],[11],[22] | 2% | 2% | ||||||
Exit fee rate | [9],[11],[22] | 2.95% | 2.95% | ||||||
Principal amount | [9],[22] | $ 11,725,000 | |||||||
Investment cost | [2],[9],[22] | 11,627,000 | |||||||
Investments, at fair value: | [9],[22] | $ 11,876,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Information Services and Signal Media Limited, Senior Secured, Maturity Date June 2025, Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2025-06 | [26],[27] | 2025-06 | [7],[24],[25] | 2025-06 | [26],[27] | 2025-06 | [7],[24],[25] | |
Basis spread variable rate | 5.50% | [11],[26],[27] | 5.50% | [7],[8],[24],[25] | 5.50% | [11],[26],[27] | 5.50% | [7],[8],[24],[25] | |
Interest rate floor | 9% | [11],[26],[27] | 9% | [7],[8],[24],[25] | 9% | [11],[26],[27] | 9% | [7],[8],[24],[25] | |
Interest rate cap | 12% | [11],[26],[27] | 12% | [7],[8],[24],[25] | 12% | [11],[26],[27] | 12% | [7],[8],[24],[25] | |
Exit fee rate | 3.45% | [11],[26],[27] | 3.45% | [7],[8],[24],[25] | 3.45% | [11],[26],[27] | 3.45% | [7],[8],[24],[25] | |
Principal amount | $ 5,400,000 | [26],[27] | $ 750,000 | [7],[24],[25] | |||||
Investment cost | 5,364,000 | [2],[26],[27] | 742,000 | [6],[7],[24],[25] | |||||
Investments, at fair value: | $ 5,392,000 | [26],[27] | $ 738,000 | [7],[24],[25] | |||||
Investment, Identifier [Axis]: Debt Investments Information Services and Yipit, LLC, Senior Secured, Maturity Date September 2026, 1-month SOFR + 8.45%, Floor rate 9.35% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23] | 2026-09 | 2026-09 | ||||||
Basis spread variable rate | [11],[22],[23] | 8.45% | 8.45% | ||||||
Interest rate floor | [11],[22],[23] | 9.35% | 9.35% | ||||||
Principal amount | [22],[23] | $ 31,875,000 | |||||||
Investment cost | [2],[22],[23] | 31,482,000 | |||||||
Investments, at fair value: | [22],[23] | $ 31,875,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Information Services and Yipit, LLC, Senior Secured, Maturity Date September 2026, 1-month SOFR + 9.08%, Floor rate 10.08% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2026-09 | 2026-09 | ||||||
Basis spread variable rate | [7],[8],[16] | 9.08% | 9.08% | ||||||
Interest rate floor | [7],[8],[16] | 10.08% | 10.08% | ||||||
Principal amount | [7],[16] | $ 31,875,000 | |||||||
Investment cost | [6],[7],[16] | 31,371,000 | |||||||
Investments, at fair value: | [7],[16] | $ 30,763,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology (0.44%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.44% | 0.44% | ||||||
Investment cost | [2] | $ 8,064,000 | |||||||
Investments, at fair value: | $ 8,006,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology (2.99%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 2.99% | 2.99% | ||||||
Investment cost | [6] | $ 41,568,000 | |||||||
Investments, at fair value: | $ 41,953,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology and Bright Machines, Inc. Senior Secured, Maturity Date April 2025, Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [17] | 2025-04 | 2025-04 | ||||||
Basis spread variable rate | [8],[17] | 4% | 4% | ||||||
Interest rate floor | [8],[17] | 9.50% | 9.50% | ||||||
Exit fee rate | [8],[17] | 5% | 5% | ||||||
Principal amount | [17] | $ 11,050,000 | |||||||
Investment cost | [6],[17] | 10,832,000 | |||||||
Investments, at fair value: | [17] | $ 10,832,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology and Bright Machines, Inc., Senior Secured, Maturity Date May 2025, Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10] | 2025-05 | 2025-05 | ||||||
Basis spread variable rate | [10],[11] | 4% | 4% | ||||||
Interest rate floor | [10],[11] | 9.50% | 9.50% | ||||||
Exit fee rate | [10],[11] | 5% | 5% | ||||||
Principal amount | [10] | $ 7,827,000 | |||||||
Investment cost | [2],[10] | 8,064,000 | |||||||
Investments, at fair value: | [10] | $ 8,006,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology and MacroFab, Inc. Senior Secured, Maturity Date March 2026, Prime + 4.35%, Floor rate 7.60%, PIK Interest 1.25%, 4.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14] | 2026-03 | 2026-03 | ||||||
Basis spread variable rate | [7],[8],[14] | 4.35% | 4.35% | ||||||
Interest rate floor | [7],[8],[14] | 7.60% | 7.60% | ||||||
Interest rate paid in kind | [7],[8],[14] | 1.25% | 1.25% | ||||||
Exit fee rate | [7],[8],[14] | 4.50% | 4.50% | ||||||
Principal amount | [7],[14] | $ 17,137,000 | |||||||
Investment cost | [6],[7],[14] | 16,766,000 | |||||||
Investments, at fair value: | [7],[14] | $ 16,917,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology and Ouster, Inc. Senior Secured, Maturity Date May 2026, Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [17],[24] | 2026-05 | 2026-05 | ||||||
Basis spread variable rate | [8],[17],[24] | 6.15% | 6.15% | ||||||
Interest rate floor | [8],[17],[24] | 9.40% | 9.40% | ||||||
Exit fee rate | [8],[17],[24] | 7.45% | 7.45% | ||||||
Principal amount | [17],[24] | $ 14,000,000 | |||||||
Investment cost | [6],[17],[24] | 13,970,000 | |||||||
Investments, at fair value: | [17],[24] | $ 14,204,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info (0.69%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.69% | 0.69% | ||||||
Investment cost | [2] | $ 12,340,000 | |||||||
Investments, at fair value: | $ 12,469,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Fever Labs, Inc., Senior Secured, Maturity Date December 2025, Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [20] | 2025-12 | 2025-12 | ||||||
Basis spread variable rate | [11],[20] | 3.50% | 3.50% | ||||||
Interest rate floor | [11],[20] | 9% | 9% | ||||||
Exit fee rate | [11],[20] | 3% | 3% | ||||||
Principal amount | [20] | $ 1,333,000 | |||||||
Investment cost | [2],[20] | 1,342,000 | |||||||
Investments, at fair value: | [20] | $ 1,351,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Fever Labs, Inc., Senior Secured, Maturity Date June 2026, Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [20] | 2026-06 | 2026-06 | ||||||
Basis spread variable rate | [11],[20] | 3.50% | 3.50% | ||||||
Interest rate floor | [11],[20] | 9% | 9% | ||||||
Exit fee rate | [11],[20] | 3% | 3% | ||||||
Principal amount | [20] | $ 1,667,000 | |||||||
Investment cost | [2],[20] | 1,647,000 | |||||||
Investments, at fair value: | [20] | $ 1,653,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Fever Labs, Inc., Senior Secured, Maturity Date March 2026, Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [20] | 2026-03 | 2026-03 | ||||||
Basis spread variable rate | [11],[20] | 3.50% | 3.50% | ||||||
Interest rate floor | [11],[20] | 9% | 9% | ||||||
Exit fee rate | [11],[20] | 3% | 3% | ||||||
Principal amount | [20] | $ 1,500,000 | |||||||
Investment cost | [2],[20] | 1,501,000 | |||||||
Investments, at fair value: | [20] | $ 1,509,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Fever Labs, Inc., Senior Secured, Maturity Date September 2025, Prime + 3.50%, Floor rate 9.00%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [20] | 2025-09 | 2025-09 | ||||||
Basis spread variable rate | [11],[20] | 3.50% | 3.50% | ||||||
Interest rate floor | [11],[20] | 9% | 9% | ||||||
Exit fee rate | [11],[20] | 3% | 3% | ||||||
Principal amount | [20] | $ 1,167,000 | |||||||
Investment cost | [2],[20] | 1,178,000 | |||||||
Investments, at fair value: | [20] | $ 1,188,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Fever Labs, Inc., Senior Secured, Maturity Date September 2026, Prime + 3.50%, Floor rate 9.00%, 4.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [20] | 2026-09 | 2026-09 | ||||||
Basis spread variable rate | [11],[20] | 3.50% | 3.50% | ||||||
Interest rate floor | [11],[20] | 9% | 9% | ||||||
Exit fee rate | [11],[20] | 4% | 4% | ||||||
Principal amount | [20] | $ 6,667,000 | |||||||
Investment cost | [2],[20] | 6,672,000 | |||||||
Investments, at fair value: | [20] | 6,768,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Total Fever Labs, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 12,334,000 | ||||||||
Investment cost | [2] | 12,340,000 | |||||||
Investments, at fair value: | $ 12,469,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Medical Devices & Equipment (1.20%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 1.20% | 1.20% | |||||||
Investment cost | [2] | $ 21,572,000 | |||||||
Investments, at fair value: | $ 21,572,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Medical Devices & Equipment and Senseonics Holdings, Inc. Maturity Date September 2027, Prime + 1.40%, Floor rate 9.90%, 6.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22] | 2027-09 | 2027-09 | ||||||
Basis spread variable rate | [11],[22] | 1.40% | 1.40% | ||||||
Interest rate floor | [11],[22] | 9.90% | 9.90% | ||||||
Exit fee rate | [11],[22] | 6.95% | 6.95% | ||||||
Principal amount | [22] | $ 21,875,000 | |||||||
Investment cost | [2],[22] | 21,572,000 | |||||||
Investments, at fair value: | [22] | $ 21,572,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Semiconductors (1.51%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 1.51% | 1.51% | ||||||
Investment cost | [6] | $ 19,639,000 | |||||||
Investments, at fair value: | $ 21,192,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Semiconductors and Fungible, Inc. Senior Secured, Maturity Date December 2024, Prime + 5.00%, Floor rate 8.25%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [13],[30] | 2024-12 | 2024-12 | ||||||
Basis spread variable rate | [8],[13],[30] | 5% | 5% | ||||||
Interest rate floor | [8],[13],[30] | 8.25% | 8.25% | ||||||
Exit fee rate | [8],[13],[30] | 4.95% | 4.95% | ||||||
Principal amount | [13],[30] | $ 20,000,000 | |||||||
Investment cost | [6],[13],[30] | 19,639,000 | |||||||
Investments, at fair value: | [13],[30] | $ 21,192,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software (40.39%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 40.39% | 40.39% | ||||||
Investment cost | [2] | $ 751,108,000 | |||||||
Investments, at fair value: | 728,139,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Software (54.28%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 54.28% | 54.28% | ||||||
Investment cost | [6] | $ 762,371,000 | |||||||
Investments, at fair value: | 760,679,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Software and 3GTMS, LLC | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 15,100,000 | 13,176,000 | |||||||
Investment cost | 15,017,000 | [2] | 13,035,000 | [6] | |||||
Investments, at fair value: | $ 15,089,000 | $ 12,998,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 6.57%, Floor rate 7.57% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [16] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [8],[16] | 6.57% | 6.57% | ||||||
Interest rate floor | [8],[16] | 7.57% | 7.57% | ||||||
Principal amount | [16] | $ 2,750,000 | |||||||
Investment cost | [6],[16] | 2,744,000 | |||||||
Investments, at fair value: | [16] | $ 2,681,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.28%, Floor rate 10.28% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [15],[16] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [8],[15],[16] | 9.28% | 9.28% | ||||||
Interest rate floor | [8],[15],[16] | 10.28% | 10.28% | ||||||
Principal amount | [15],[16] | $ 10,426,000 | |||||||
Investment cost | [6],[15],[16] | 10,291,000 | |||||||
Investments, at fair value: | [15],[16] | $ 10,317,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month SOFR + 6.88%, Floor rate 7.78% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [11],[22],[23] | 6.88% | 6.88% | ||||||
Interest rate floor | [11],[22],[23] | 7.78% | 7.78% | ||||||
Principal amount | [22],[23] | $ 1,990,000 | |||||||
Investment cost | [2],[22],[23] | 1,988,000 | |||||||
Investments, at fair value: | [22],[23] | $ 1,986,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month SOFR + 9.70%, Floor rate 10.60% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [21],[22],[23] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [11],[21],[22],[23] | 9.70% | 9.70% | ||||||
Interest rate floor | [11],[21],[22],[23] | 10.60% | 10.60% | ||||||
Principal amount | [21],[22],[23] | $ 13,110,000 | |||||||
Investment cost | [2],[21],[22],[23] | 13,029,000 | |||||||
Investments, at fair value: | [21],[22],[23] | $ 13,103,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Agilence, Inc. Senior Secured, Maturity Date October 2026, 1-month BSBY + 9.00%, Floor rate 10.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2026-10 | [12],[22],[23] | 2026-10 | [7],[16],[18] | 2026-10 | [12],[22],[23] | 2026-10 | [7],[16],[18] | |
Basis spread variable rate | 9% | [11],[12],[22],[23] | 9% | [7],[8],[16],[18] | 9% | [11],[12],[22],[23] | 9% | [7],[8],[16],[18] | |
Interest rate floor | 10% | [11],[12],[22],[23] | 10% | [7],[8],[16],[18] | 10% | [11],[12],[22],[23] | 10% | [7],[8],[16],[18] | |
Principal amount | $ 9,212,000 | [12],[22],[23] | $ 9,306,000 | [7],[16],[18] | |||||
Investment cost | 9,040,000 | [2],[12],[22],[23] | 9,088,000 | [6],[7],[16],[18] | |||||
Investments, at fair value: | $ 9,212,000 | [12],[22],[23] | $ 8,977,000 | [7],[16],[18] | |||||
Investment, Identifier [Axis]: Debt Investments Software and Alchemer LLC, Senior Secured, Maturity Date May 2028, 1-month SOFR + 7.89%, Floor rate 8.89% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2028-05 | 2028-05 | ||||||
Basis spread variable rate | [7],[8],[16] | 7.89% | 7.89% | ||||||
Interest rate floor | [7],[8],[16] | 8.89% | 8.89% | ||||||
Principal amount | [7],[16] | $ 20,463,000 | |||||||
Investment cost | [6],[7],[16] | 19,999,000 | |||||||
Investments, at fair value: | [7],[16] | $ 20,123,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Alchemer LLC, Senior Secured, Maturity Date May 2028, 1-month SOFR + 8.14%, Floor rate 9.14% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[22],[23] | 2028-05 | 2028-05 | ||||||
Basis spread variable rate | [10],[11],[22],[23] | 8.14% | 8.14% | ||||||
Interest rate floor | [10],[11],[22],[23] | 9.14% | 9.14% | ||||||
Principal amount | [10],[22],[23] | $ 20,908,000 | |||||||
Investment cost | [2],[10],[22],[23] | 20,508,000 | |||||||
Investments, at fair value: | [10],[22],[23] | $ 21,297,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Allvue Systems, LLC, Senior Secured, Maturity Date September 2029, 6-month SOFR + 7.25%, Floor rate 8.25% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22] | 2029-09 | 2029-09 | ||||||
Basis spread variable rate | [11],[22] | 7.25% | 7.25% | ||||||
Interest rate floor | [11],[22] | 8.25% | 8.25% | ||||||
Principal amount | [22] | $ 36,410,000 | |||||||
Investment cost | [2],[22] | 35,530,000 | |||||||
Investments, at fair value: | [22] | $ 35,530,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Annex Cloud, Senior Secured, Maturity Date February 2027, 1-month BSBY + 8.99%, Floor rate 10.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[17] | 2027-02 | 2027-02 | ||||||
Basis spread variable rate | [7],[8],[17] | 8.99% | 8.99% | ||||||
Interest rate floor | [7],[8],[17] | 10% | 10% | ||||||
Principal amount | [7],[17] | $ 8,500,000 | |||||||
Investment cost | [6],[7],[17] | 8,292,000 | |||||||
Investments, at fair value: | [7],[17] | $ 8,176,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Annex Cloud, Senior Secured, Maturity Date February 2027, 1-month BSBY + 9.41%, Floor rate 10.41% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[22] | 2027-02 | 2027-02 | ||||||
Basis spread variable rate | [10],[11],[22] | 9.41% | 9.41% | ||||||
Interest rate floor | [10],[11],[22] | 10.41% | 10.41% | ||||||
Principal amount | [10],[22] | $ 9,823,000 | |||||||
Investment cost | [2],[10],[22] | 9,649,000 | |||||||
Investments, at fair value: | [10],[22] | $ 9,761,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Automation Anywhere, Inc. Senior Secured, Maturity Date September 2027, Prime + 4.25%, Floor rate 9.00%, 2.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[13],[15] | 2027-09 | 2027-09 | ||||||
Basis spread variable rate | [7],[8],[13],[15] | 4.25% | 4.25% | ||||||
Interest rate floor | [7],[8],[13],[15] | 9% | 9% | ||||||
Exit fee rate | [7],[8],[13],[15] | 2.50% | 2.50% | ||||||
Principal amount | [7],[13],[15] | $ 19,600,000 | |||||||
Investment cost | [6],[7],[13],[15] | 19,059,000 | |||||||
Investments, at fair value: | [7],[13],[15] | $ 19,059,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Automation Anywhere, Inc. Senior Secured, Maturity Date September 2027, Prime + 4.25%, Floor rate 9.00%, 4.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [20],[21],[22] | 2027-09 | 2027-09 | ||||||
Basis spread variable rate | [11],[20],[21],[22] | 4.25% | 4.25% | ||||||
Interest rate floor | [11],[20],[21],[22] | 9% | 9% | ||||||
Exit fee rate | [11],[20],[21],[22] | 4.50% | 4.50% | ||||||
Principal amount | [20],[21],[22] | $ 19,600,000 | |||||||
Investment cost | [2],[20],[21],[22] | 19,345,000 | |||||||
Investments, at fair value: | [20],[21],[22] | $ 20,269,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Babel Street, Senior Secured, Maturity Date December 2027, 3-month SOFR + 7.89%, Floor rate 8.89% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2027-12 | [1],[22],[23] | 2027-12 | [7],[16],[30] | 2027-12 | [1],[22],[23] | 2027-12 | [7],[16],[30] | |
Basis spread variable rate | 7.89% | [1],[11],[22],[23] | 7.89% | [7],[8],[16],[30] | 7.89% | [1],[11],[22],[23] | 7.89% | [7],[8],[16],[30] | |
Interest rate floor | 8.89% | [1],[11],[22],[23] | 8.89% | [7],[8],[16],[30] | 8.89% | [1],[11],[22],[23] | 8.89% | [7],[8],[16],[30] | |
Principal amount | $ 45,000,000 | [1],[22],[23] | $ 45,000,000 | [7],[16],[30] | |||||
Investment cost | 43,983,000 | [1],[2],[22],[23] | 43,801,000 | [6],[7],[16],[30] | |||||
Investments, at fair value: | $ 44,928,000 | [1],[22],[23] | $ 43,801,000 | [7],[16],[30] | |||||
Investment, Identifier [Axis]: Debt Investments Software and Brain Corporation, Senior Secured, Maturity Date April 2025, PRIME + 3.70%, Floor rate 6.95%, PIK Interest 1.00%, 3.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14],[17],[30] | 2025-04 | 2025-04 | ||||||
Basis spread variable rate | [7],[8],[14],[17],[30] | 3.70% | 3.70% | ||||||
Interest rate floor | [7],[8],[14],[17],[30] | 6.95% | 6.95% | ||||||
Interest rate paid in kind | [7],[8],[14],[17],[30] | 1% | 1% | ||||||
Exit fee rate | [7],[8],[14],[17],[30] | 3.95% | 3.95% | ||||||
Principal amount | [7],[14],[17],[30] | $ 20,166,000 | |||||||
Investment cost | [6],[7],[14],[17],[30] | 20,242,000 | |||||||
Investments, at fair value: | [7],[14],[17],[30] | $ 20,138,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Brain Corporation, Senior Secured, Maturity Date April 2026, Prime + 3.70%, Floor rate 9.20%, PIK Interest 1.00%, 3.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[9],[10],[22] | 2026-04 | 2026-04 | ||||||
Basis spread variable rate | [1],[9],[10],[11],[22] | 3.70% | 3.70% | ||||||
Interest rate floor | [1],[9],[10],[11],[22] | 9.20% | 9.20% | ||||||
Interest rate paid in kind | [1],[9],[10],[11],[22] | 1% | 1% | ||||||
Exit fee rate | [1],[9],[10],[11],[22] | 3.95% | 3.95% | ||||||
Principal amount | [1],[9],[10],[22] | $ 30,415,000 | |||||||
Investment cost | [1],[2],[9],[10],[22] | 30,678,000 | |||||||
Investments, at fair value: | [1],[9],[10],[22] | $ 30,989,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Campaign Monitor Limited, Senior Secured, Maturity Date November 2025, 3-month SOFR + 9.05%, Floor rate 9.90% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[20] | 2025-11 | 2025-11 | ||||||
Basis spread variable rate | [10],[11],[20] | 9.05% | 9.05% | ||||||
Interest rate floor | [10],[11],[20] | 9.90% | 9.90% | ||||||
Principal amount | [10],[20] | $ 33,000,000 | |||||||
Investment cost | [2],[10],[20] | 32,706,000 | |||||||
Investments, at fair value: | [10],[20] | $ 33,000,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Campaign Monitor Limited, Senior Secured, Maturity Date November 2025, 6-month SOFR + 8.90%, Floor rate 9.90% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [13],[17] | 2025-11 | 2025-11 | ||||||
Basis spread variable rate | [8],[13],[17] | 8.90% | 8.90% | ||||||
Interest rate floor | [8],[13],[17] | 9.90% | 9.90% | ||||||
Principal amount | [13],[17] | $ 33,000,000 | |||||||
Investment cost | [6],[13],[17] | 32,578,000 | |||||||
Investments, at fair value: | [13],[17] | $ 33,000,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Catchpoint Systems, Inc., Senior Secured, Maturity Date June 2026, 3-month SOFR + 8.86%, Floor rate 9.76% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [16] | 2026-06 | 2026-06 | ||||||
Basis spread variable rate | [8],[16] | 8.86% | 8.86% | ||||||
Interest rate floor | [8],[16] | 9.76% | 9.76% | ||||||
Principal amount | [16] | $ 10,175,000 | |||||||
Investment cost | [6],[16] | 9,980,000 | |||||||
Investments, at fair value: | [16] | $ 9,996,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Catchpoint Systems, Inc., Senior Secured, Maturity Date November 2025, 3-month SOFR + 9.41%, Floor rate 11.81% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [23] | 2025-11 | 2025-11 | ||||||
Basis spread variable rate | [11],[23] | 9.41% | 9.41% | ||||||
Interest rate floor | [11],[23] | 11.81% | 11.81% | ||||||
Principal amount | [23] | $ 10,073,000 | |||||||
Investment cost | [2],[23] | 9,931,000 | |||||||
Investments, at fair value: | [23] | $ 9,940,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Ceros, Inc., Senior Secured, Maturity Date September 2026, 6-month LIBOR + 8.99%, Floor rate 9.89% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23] | 2026-09 | 2026-09 | ||||||
Basis spread variable rate | [11],[22],[23] | 8.99% | 8.99% | ||||||
Interest rate floor | [11],[22],[23] | 9.89% | 9.89% | ||||||
Principal amount | [22],[23] | $ 22,867,000 | |||||||
Investment cost | [2],[22],[23] | 22,498,000 | |||||||
Investments, at fair value: | [22],[23] | $ 23,075,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Ceros, Inc., Senior Secured, Maturity Date September 2026, 6-month LIBOR + 9.67%, Floor rate 10.67% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2026-09 | 2026-09 | ||||||
Basis spread variable rate | [7],[8],[16] | 9.67% | 9.67% | ||||||
Interest rate floor | [7],[8],[16] | 10.67% | 10.67% | ||||||
Principal amount | [7],[16] | $ 21,445,000 | |||||||
Investment cost | [6],[7],[16] | 21,003,000 | |||||||
Investments, at fair value: | [7],[16] | $ 21,050,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and CloudBolt Software, Inc., Senior Secured, Maturity Date October 2024, Prime + 6.70%, Floor rate 9.95%, 3.45% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [13],[15] | 2024-10 | 2024-10 | ||||||
Basis spread variable rate | [8],[13],[15] | 6.70% | 6.70% | ||||||
Interest rate floor | [8],[13],[15] | 9.95% | 9.95% | ||||||
Exit fee rate | [8],[13],[15] | 3.45% | 3.45% | ||||||
Principal amount | [13],[15] | $ 10,000,000 | |||||||
Investment cost | [6],[13],[15] | 10,069,000 | |||||||
Investments, at fair value: | [13],[15] | $ 10,498,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Constructor Corporation, Senior Secured, Maturity Date July 2027, 1-month SOFR + 8.44%, Floor rate 9.44% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[22],[23] | 2027-07 | 2027-07 | ||||||
Basis spread variable rate | [10],[11],[22],[23] | 8.44% | 8.44% | ||||||
Interest rate floor | [10],[11],[22],[23] | 9.44% | 9.44% | ||||||
Principal amount | [10],[22],[23] | $ 4,688,000 | |||||||
Investment cost | [2],[10],[22],[23] | 4,592,000 | |||||||
Investments, at fair value: | [10],[22],[23] | $ 4,790,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Constructor.io Corporation, Senior Secured, Maturity Date July 2027, 1-month SOFR + 8.44%, Floor rate 9.44% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2027-07 | 2027-07 | ||||||
Basis spread variable rate | [7],[8],[16] | 8.44% | 8.44% | ||||||
Interest rate floor | [7],[8],[16] | 9.44% | 9.44% | ||||||
Principal amount | [7],[16] | $ 4,688,000 | |||||||
Investment cost | [6],[7],[16] | 4,573,000 | |||||||
Investments, at fair value: | [7],[16] | $ 4,573,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Convoy, Inc., Senior Secured, Maturity Date March 2026, Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2026-03 | [9],[20],[39] | 2026-03 | [13],[14],[19] | 2026-03 | [9],[20],[39] | 2026-03 | [13],[14],[19] | |
Basis spread variable rate | 3.20% | [9],[11],[20],[39] | 3.20% | [8],[13],[14],[19] | 3.20% | [9],[11],[20],[39] | 3.20% | [8],[13],[14],[19] | |
Interest rate floor | 6.45% | [9],[11],[20],[39] | 6.45% | [8],[13],[14],[19] | 6.45% | [9],[11],[20],[39] | 6.45% | [8],[13],[14],[19] | |
Interest rate paid in kind | 1.95% | [9],[11],[20],[39] | 1.95% | [8],[13],[14],[19] | 1.95% | [9],[11],[20],[39] | 1.95% | [8],[13],[14],[19] | |
Exit fee rate | 4.55% | [9],[11],[20],[39] | 4.55% | [8],[13],[14],[19] | 4.55% | [9],[11],[20],[39] | 4.55% | [8],[13],[14],[19] | |
Principal amount | $ 31,049,000 | [9],[20],[39] | $ 73,987,000 | [13],[14],[19] | |||||
Investment cost | 30,916,000 | [2],[9],[20],[39] | 73,060,000 | [6],[13],[14],[19] | |||||
Investments, at fair value: | $ 0 | [9],[20],[39] | $ 73,498,000 | [13],[14],[19] | |||||
Investment, Identifier [Axis]: Debt Investments Software and Copper CRM, Inc, Senior Secured, Maturity Date March 2025, Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 3.96% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[21] | 2025-03 | 2025-03 | ||||||
Basis spread variable rate | [9],[11],[21] | 4.50% | 4.50% | ||||||
Interest rate floor | [9],[11],[21] | 8.25% | 8.25% | ||||||
Interest rate cap | [9],[11],[21] | 10.25% | 10.25% | ||||||
Interest rate paid in kind | [9],[11],[21] | 1.95% | 1.95% | ||||||
Exit fee rate | [9],[11],[21] | 3.96% | 3.96% | ||||||
Principal amount | [9],[21] | $ 9,141,000 | |||||||
Investment cost | [2],[9],[21] | 9,307,000 | |||||||
Investments, at fair value: | [9],[21] | $ 9,153,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Copper CRM, Inc, Senior Secured, Maturity Date March 2025, Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[15] | 2025-03 | 2025-03 | ||||||
Basis spread variable rate | [8],[14],[15] | 4.50% | 4.50% | ||||||
Interest rate floor | [8],[14],[15] | 8.25% | 8.25% | ||||||
Interest rate cap | [8],[14],[15] | 10.25% | 10.25% | ||||||
Interest rate paid in kind | [8],[14],[15] | 1.95% | 1.95% | ||||||
Exit fee rate | [8],[14],[15] | 4.50% | 4.50% | ||||||
Principal amount | [14],[15] | $ 10,144,000 | |||||||
Investment cost | [6],[14],[15] | 10,150,000 | |||||||
Investments, at fair value: | [14],[15] | $ 9,820,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Cutover, Inc., Senior Secured, Maturity Date October 2025, Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2025-10 | [12],[22],[26],[27] | 2025-10 | [7],[18],[24],[25] | 2025-10 | [12],[22],[26],[27] | 2025-10 | [7],[18],[24],[25] | |
Basis spread variable rate | 5.20% | [11],[12],[22],[26],[27] | 5.20% | [7],[8],[18],[24],[25] | 5.20% | [11],[12],[22],[26],[27] | 5.20% | [7],[8],[18],[24],[25] | |
Interest rate floor | 9.95% | [11],[12],[22],[26],[27] | 9.95% | [7],[8],[18],[24],[25] | 9.95% | [11],[12],[22],[26],[27] | 9.95% | [7],[8],[18],[24],[25] | |
Exit fee rate | 4.95% | [11],[12],[22],[26],[27] | 4.95% | [7],[8],[18],[24],[25] | 4.95% | [11],[12],[22],[26],[27] | 4.95% | [7],[8],[18],[24],[25] | |
Principal amount | $ 5,500,000 | [12],[22],[26],[27] | $ 5,000,000 | [7],[18],[24],[25] | |||||
Investment cost | 5,544,000 | [2],[12],[22],[26],[27] | 4,949,000 | [6],[7],[18],[24],[25] | |||||
Investments, at fair value: | 5,715,000 | [12],[22],[26],[27] | $ 4,949,000 | [7],[18],[24],[25] | |||||
Investment, Identifier [Axis]: Debt Investments Software and Cybermaxx Intermediate Holdings, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Principal amount | 10,501,000 | ||||||||
Investment cost | [2] | 10,324,000 | |||||||
Investments, at fair value: | $ 10,334,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Software and Cybermaxx Intermediate Holdings, Inc., Senior Secured, Maturity Date August 2026, 6-month SOFR + 12.36%, Floor rate 13.11% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22] | 2026-08 | 2026-08 | ||||||
Basis spread variable rate | [11],[22] | 12.36% | 12.36% | ||||||
Interest rate floor | [11],[22] | 13.11% | 13.11% | ||||||
Principal amount | [22] | $ 2,546,000 | |||||||
Investment cost | [2],[22] | 2,494,000 | |||||||
Investments, at fair value: | [22] | $ 2,556,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Cybermaxx Intermediate Holdings, Inc., Senior Secured, Maturity Date August 2026, 6-month SOFR + 8.63%, Floor rate 9.38% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[22] | 2026-08 | 2026-08 | ||||||
Basis spread variable rate | [10],[11],[22] | 8.63% | 8.63% | ||||||
Interest rate floor | [10],[11],[22] | 9.38% | 9.38% | ||||||
Principal amount | [10],[22] | $ 7,955,000 | |||||||
Investment cost | [2],[10],[22] | 7,830,000 | |||||||
Investments, at fair value: | [10],[22] | $ 7,778,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Cybermaxx Intermediate Holdings, Inc., Senior Secured, Maturity Date August 2026, 6-month SOFR + 9.53%, Floor rate 10.28% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[17] | 2026-08 | 2026-08 | ||||||
Basis spread variable rate | [7],[8],[17] | 9.53% | 9.53% | ||||||
Interest rate floor | [7],[8],[17] | 10.28% | 10.28% | ||||||
Principal amount | [7],[17] | $ 10,528,000 | |||||||
Investment cost | [6],[7],[17] | 10,298,000 | |||||||
Investments, at fair value: | [7],[17] | $ 10,114,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Dashlane, Inc., Senior Secured, Maturity Date July 2025, Prime + 3.05%, Floor rate 11.55%, PIK Interest 1.10%, 7.26% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [10],[20],[21],[22] | 2027-12 | 2027-12 | ||||||
Basis spread variable rate | [10],[11],[20],[21],[22] | 3.05% | 3.05% | ||||||
Interest rate floor | [10],[11],[20],[21],[22] | 11.55% | 11.55% | ||||||
Interest rate paid in kind | [10],[11],[20],[21],[22] | 1.10% | 1.10% | ||||||
Exit fee rate | [10],[11],[20],[21],[22] | 7.26% | 7.26% | ||||||
Principal amount | [10],[20],[21],[22] | $ 42,863,000 | |||||||
Investment cost | [2],[10],[20],[21],[22] | 43,087,000 | |||||||
Investments, at fair value: | [10],[20],[21],[22] | $ 43,087,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Dashlane, Inc., Senior Secured, Maturity Date July 2025, Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%, 4.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[13],[14],[15],[17] | 2025-07 | 2025-07 | ||||||
Basis spread variable rate | [7],[8],[13],[14],[15],[17] | 3.05% | 3.05% | ||||||
Interest rate floor | [7],[8],[13],[14],[15],[17] | 7.55% | 7.55% | ||||||
Interest rate paid in kind | [7],[8],[13],[14],[15],[17] | 1.10% | 1.10% | ||||||
Exit fee rate | [7],[8],[13],[14],[15],[17] | 4.95% | 4.95% | ||||||
Principal amount | [7],[13],[14],[15],[17] | $ 31,930,000 | |||||||
Investment cost | [6],[7],[13],[14],[15],[17] | 32,346,000 | |||||||
Investments, at fair value: | [7],[13],[14],[15],[17] | $ 32,012,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Demandbase, Inc., Senior Secured, Maturity Date August 2025, Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.00%, 5.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[13],[14],[17] | 2025-08 | 2025-08 | ||||||
Basis spread variable rate | [7],[8],[13],[14],[17] | 2.25% | 2.25% | ||||||
Interest rate floor | [7],[8],[13],[14],[17] | 5.50% | 5.50% | ||||||
Interest rate paid in kind | [7],[8],[13],[14],[17] | 3% | 3% | ||||||
Exit fee rate | [7],[8],[13],[14],[17] | 5% | 5% | ||||||
Principal amount | [7],[13],[14],[17] | $ 28,503,000 | |||||||
Investment cost | [6],[7],[13],[14],[17] | 28,442,000 | |||||||
Investments, at fair value: | [7],[13],[14],[17] | $ 28,664,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Dispatch Technologies, Inc., Senior Secured, Maturity Date April 2028, 3-month SOFR + 8.01%, Floor rate 8.76% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2028-04 | [22],[23] | 2028-04 | [7],[16] | 2028-04 | [22],[23] | 2028-04 | [7],[16] | |
Basis spread variable rate | 8.01% | [11],[22],[23] | 8.01% | [7],[8],[16] | 8.01% | [11],[22],[23] | 8.01% | [7],[8],[16] | |
Interest rate floor | 8.76% | [11],[22],[23] | 8.76% | [7],[8],[16] | 8.76% | [11],[22],[23] | 8.76% | [7],[8],[16] | |
Principal amount | $ 8,125,000 | [22],[23] | $ 7,500,000 | [7],[16] | |||||
Investment cost | 7,949,000 | [2],[22],[23] | 7,295,000 | [6],[7],[16] | |||||
Investments, at fair value: | $ 8,127,000 | [22],[23] | $ 7,339,000 | [7],[16] | |||||
Investment, Identifier [Axis]: Debt Investments Software and DroneDeploy, Inc., Senior Secured, Maturity Date July 2026, Prime + 4.50%, Floor rate 8.75%, 4.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22] | 2026-07 | 2026-07 | ||||||
Basis spread variable rate | [11],[22] | 4.50% | 4.50% | ||||||
Interest rate floor | [11],[22] | 8.75% | 8.75% | ||||||
Exit fee rate | [11],[22] | 4% | 4% | ||||||
Principal amount | [22] | $ 6,250,000 | |||||||
Investment cost | [2],[22] | 6,083,000 | |||||||
Investments, at fair value: | [22] | $ 6,153,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Eigen Technologies Ltd., Senior Secured, Maturity Date April 2025, Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2025-04 | [26],[27] | 2025-04 | [24],[25] | 2025-04 | [26],[27] | 2025-04 | [24],[25] | |
Basis spread variable rate | 5.10% | [11],[26],[27] | 5.10% | [8],[24],[25] | 5.10% | [11],[26],[27] | 5.10% | [8],[24],[25] | |
Interest rate floor | 8.35% | [11],[26],[27] | 8.35% | [8],[24],[25] | 8.35% | [11],[26],[27] | 8.35% | [8],[24],[25] | |
Exit fee rate | 2.95% | [11],[26],[27] | 2.95% | [8],[24],[25] | 2.95% | [11],[26],[27] | 2.95% | [8],[24],[25] | |
Principal amount | $ 3,750,000 | [26],[27] | $ 3,750,000 | [24],[25] | |||||
Investment cost | 3,801,000 | [2],[26],[27] | 3,744,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 3,730,000 | [26],[27] | $ 3,746,000 | [24],[25] | |||||
Investment, Identifier [Axis]: Debt Investments Software and Elation Health, Inc., Senior Secured, Maturity Date March 2026, Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2026-03 | [9],[20],[22] | 2026-03 | [7],[13],[14] | 2026-03 | [9],[20],[22] | 2026-03 | [7],[13],[14] | |
Basis spread variable rate | 4.25% | [9],[11],[20],[22] | 4.25% | [7],[8],[13],[14] | 4.25% | [9],[11],[20],[22] | 4.25% | [7],[8],[13],[14] | |
Interest rate floor | 9% | [9],[11],[20],[22] | 9% | [7],[8],[13],[14] | 9% | [9],[11],[20],[22] | 9% | [7],[8],[13],[14] | |
Interest rate paid in kind | 1.95% | [9],[11],[20],[22] | 1.95% | [7],[8],[13],[14] | 1.95% | [9],[11],[20],[22] | 1.95% | [7],[8],[13],[14] | |
Exit fee rate | 3.95% | [9],[11],[20],[22] | 3.95% | [7],[8],[13],[14] | 3.95% | [9],[11],[20],[22] | 3.95% | [7],[8],[13],[14] | |
Principal amount | $ 12,629,000 | [9],[20],[22] | $ 5,021,000 | [7],[13],[14] | |||||
Investment cost | 12,253,000 | [2],[9],[20],[22] | 4,839,000 | [6],[7],[13],[14] | |||||
Investments, at fair value: | $ 12,692,000 | [9],[20],[22] | $ 4,839,000 | [7],[13],[14] | |||||
Investment, Identifier [Axis]: Debt Investments Software and Enmark Systems, Inc., Senior Secured, Maturity Date September 2026, 3-month LIBOR + 6.77%, Floor rate 7.77%, PIK Interest 2.16% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[14],[15],[16] | 2026-09 | 2026-09 | ||||||
Basis spread variable rate | [7],[8],[14],[15],[16] | 6.77% | 6.77% | ||||||
Interest rate floor | [7],[8],[14],[15],[16] | 7.77% | 7.77% | ||||||
Interest rate paid in kind | [7],[8],[14],[15],[16] | 2.16% | 2.16% | ||||||
Principal amount | [7],[14],[15],[16] | $ 8,223,000 | |||||||
Investment cost | [6],[7],[14],[15],[16] | 8,054,000 | |||||||
Investments, at fair value: | [7],[14],[15],[16] | $ 8,043,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Enmark Systems, Inc., Senior Secured, Maturity Date September 2026, 3-month SOFR + 6.73%, Floor rate 7.73%, PIK Interest 2.13% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[21],[22],[23] | 2026-09 | 2026-09 | ||||||
Basis spread variable rate | [9],[11],[21],[22],[23] | 6.73% | 6.73% | ||||||
Interest rate floor | [9],[11],[21],[22],[23] | 7.73% | 7.73% | ||||||
Interest rate paid in kind | [9],[11],[21],[22],[23] | 2.13% | 2.13% | ||||||
Principal amount | [9],[21],[22],[23] | $ 8,363,000 | |||||||
Investment cost | [2],[9],[21],[22],[23] | 8,230,000 | |||||||
Investments, at fair value: | [9],[21],[22],[23] | $ 8,363,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Esentire, Inc., Senior Secured, Maturity Date May 2024, 3-month LIBOR + 9.96%, Floor rate 10.96% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [15],[16],[24],[25] | 2024-05 | 2024-05 | ||||||
Basis spread variable rate | [8],[15],[16],[24],[25] | 9.96% | 9.96% | ||||||
Interest rate floor | [8],[15],[16],[24],[25] | 10.96% | 10.96% | ||||||
Principal amount | [15],[16],[24],[25] | $ 8,436,000 | |||||||
Investment cost | [6],[15],[16],[24],[25] | 8,361,000 | |||||||
Investments, at fair value: | [15],[16],[24],[25] | $ 8,376,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Esme Learning Solutions, Inc., Senior Secured, Maturity Date February 2025, Prime + 5.50%, Floor rate 8.75%, PIK Interest 1.50%, 3.00% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[33] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [8],[14],[33] | 5.50% | 5.50% | ||||||
Interest rate floor | [8],[14],[33] | 8.75% | 8.75% | ||||||
Interest rate paid in kind | [8],[14],[33] | 1.50% | 1.50% | ||||||
Exit fee rate | [8],[14],[33] | 3% | 3% | ||||||
Principal amount | [14],[33] | $ 4,892,000 | |||||||
Investment cost | [6],[14],[33] | 4,737,000 | |||||||
Investments, at fair value: | [14],[33] | $ 1,671,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Flight Schedule Pro, LLC, Senior Secured, Maturity Date October 2027, 1-month SOFR + 7.79%, Floor rate 8.70% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2027-10 | 2027-10 | ||||||
Basis spread variable rate | [7],[8],[16] | 7.79% | 7.79% | ||||||
Interest rate floor | [7],[8],[16] | 8.70% | 8.70% | ||||||
Principal amount | [7],[16] | $ 5,948,000 | |||||||
Investment cost | [6],[7],[16] | 5,771,000 | |||||||
Investments, at fair value: | [7],[16] | $ 5,771,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Flight Schedule Pro, LLC, Senior Secured, Maturity Date October 2027, 1-month SOFR + 7.80%, Floor rate 8.70% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23] | 2027-10 | 2027-10 | ||||||
Basis spread variable rate | [11],[22],[23] | 7.80% | 7.80% | ||||||
Interest rate floor | [11],[22],[23] | 8.70% | 8.70% | ||||||
Principal amount | [22],[23] | $ 6,587,000 | |||||||
Investment cost | [2],[22],[23] | 6,420,000 | |||||||
Investments, at fair value: | [22],[23] | $ 6,553,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Fortified Health Security, Senior Secured, Maturity Date December 2027, 6-month SOFR + 7.64%, Floor rate 8.54% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [21],[22],[23] | 2027-12 | 2027-12 | ||||||
Basis spread variable rate | [11],[21],[22],[23] | 7.64% | 7.64% | ||||||
Interest rate floor | [11],[21],[22],[23] | 8.54% | 8.54% | ||||||
Principal amount | [21],[22],[23] | $ 7,000,000 | |||||||
Investment cost | [2],[21],[22],[23] | 6,851,000 | |||||||
Investments, at fair value: | [21],[22],[23] | $ 6,910,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Fortified Health Security, Senior Secured, Maturity Date December 2027, 6-month SOFR + 7.79%, Floor rate 8.54% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2027-12 | 2027-12 | ||||||
Basis spread variable rate | [7],[8],[16] | 7.79% | 7.79% | ||||||
Interest rate floor | [7],[8],[16] | 8.54% | 8.54% | ||||||
Principal amount | [7],[16] | $ 7,000,000 | |||||||
Investment cost | [6],[7],[16] | 6,824,000 | |||||||
Investments, at fair value: | [7],[16] | $ 6,824,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Ikon Science Limited, Senior Secured, Maturity Date October 2024, 3-month Eurodollar + 9.00%, Floor rate 10.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16],[24],[25] | 2024-10 | 2024-10 | ||||||
Basis spread variable rate | [7],[8],[16],[24],[25] | 9% | 9% | ||||||
Interest rate floor | [7],[8],[16],[24],[25] | 10% | 10% | ||||||
Principal amount | [7],[16],[24],[25] | $ 6,563,000 | |||||||
Investment cost | [6],[7],[16],[24],[25] | 6,422,000 | |||||||
Investments, at fair value: | [7],[16],[24],[25] | $ 6,484,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Ikon Science Limited, Senior Secured, Maturity Date October 2024, 3-month SOFR + 9.26%, Floor rate 10.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23],[26],[27] | 2024-10 | 2024-10 | ||||||
Basis spread variable rate | [11],[22],[23],[26],[27] | 9.26% | 9.26% | ||||||
Interest rate floor | [11],[22],[23],[26],[27] | 10% | 10% | ||||||
Principal amount | [22],[23],[26],[27] | $ 6,213,000 | |||||||
Investment cost | [2],[22],[23],[26],[27] | 6,148,000 | |||||||
Investments, at fair value: | [22],[23],[26],[27] | $ 6,148,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Imperva, Inc., Senior Secured, Maturity Date January 2027, 3-month LIBOR + 7.75%, Floor rate 8.75% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [13] | 2027-01 | 2027-01 | ||||||
Basis spread variable rate | [8],[13] | 7.75% | 7.75% | ||||||
Interest rate floor | [8],[13] | 8.75% | 8.75% | ||||||
Principal amount | [13] | $ 20,000,000 | |||||||
Investment cost | [6],[13] | 19,875,000 | |||||||
Investments, at fair value: | [13] | $ 20,200,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.), Senior Secured, Maturity Date July 2023, 3-month SOFR + 10.14%, Floor rate 11.14% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [16] | 2023-07 | 2023-07 | ||||||
Basis spread variable rate | [8],[16] | 10.14% | 10.14% | ||||||
Interest rate floor | [8],[16] | 11.14% | 11.14% | ||||||
Principal amount | [16] | $ 10,681,000 | |||||||
Investment cost | [6],[16] | 10,593,000 | |||||||
Investments, at fair value: | [16] | $ 10,593,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Khoros (p.k.a Lithium Technologies), Senior Secured, Maturity Date January 2024, 3-month SOFR + 8.00%, Floor rate 9.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7] | 2024-01 | 2024-01 | ||||||
Basis spread variable rate | [7],[8] | 8% | 8% | ||||||
Interest rate floor | [7],[8] | 9% | 9% | ||||||
Principal amount | [7] | $ 56,208,000 | |||||||
Investment cost | [6],[7] | 56,062,000 | |||||||
Investments, at fair value: | [7] | $ 55,520,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Khoros (p.k.a Lithium Technologies), Senior Secured, Maturity Date January 2025, 3-month SOFR + 4.50%, Floor rate 5.50%, PIK Interest 4.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9] | 2025-01 | 2025-01 | ||||||
Basis spread variable rate | [9],[11] | 4.50% | 4.50% | ||||||
Interest rate floor | [9],[11] | 5.50% | 5.50% | ||||||
Interest rate paid in kind | [9],[11] | 4.50% | 4.50% | ||||||
Principal amount | [9] | $ 57,770,000 | |||||||
Investment cost | [2],[9] | 57,730,000 | |||||||
Investments, at fair value: | [9] | $ 56,293,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Leapwork ApS., Senior Secured, Maturity Date February 2026, Prime + 0.25%, Floor rate 7.25%, PIK Interest 1.95%, 2.70% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[12],[22],[26],[27] | 2026-02 | 2026-02 | ||||||
Basis spread variable rate | [9],[11],[12],[22],[26],[27] | 0.25% | 0.25% | ||||||
Interest rate floor | [9],[11],[12],[22],[26],[27] | 7.25% | 7.25% | ||||||
Interest rate paid in kind | [9],[11],[12],[22],[26],[27] | 1.95% | 1.95% | ||||||
Exit fee rate | [9],[11],[12],[22],[26],[27] | 2.70% | 2.70% | ||||||
Principal amount | [9],[12],[22],[26],[27] | $ 3,813,000 | |||||||
Investment cost | [2],[9],[12],[22],[26],[27] | 3,810,000 | |||||||
Investments, at fair value: | [9],[12],[22],[26],[27] | $ 3,907,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and LinenMaster, LLC., Senior Secured, Maturity Date August 2028 1-month SOFR + 6.25%, Floor rate 7.25%, PIK Interest 2.15% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[22] | 2028-08 | 2028-08 | ||||||
Basis spread variable rate | [9],[11],[22] | 6.25% | 6.25% | ||||||
Interest rate floor | [9],[11],[22] | 7.25% | 7.25% | ||||||
Interest rate paid in kind | [9],[11],[22] | 2.15% | 2.15% | ||||||
Principal amount | [9],[22] | $ 15,083,000 | |||||||
Investment cost | [2],[9],[22] | 14,799,000 | |||||||
Investments, at fair value: | [9],[22] | $ 14,799,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Loftware, Inc., Senior Secured, Maturity Date March 2028, 3-month SOFR + 7.88%, Floor rate 8.88% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23] | 2028-03 | 2028-03 | ||||||
Basis spread variable rate | [11],[22],[23] | 7.88% | 7.88% | ||||||
Interest rate floor | [11],[22],[23] | 8.88% | 8.88% | ||||||
Principal amount | [22],[23] | $ 26,469,000 | |||||||
Investment cost | [2],[22],[23] | 25,897,000 | |||||||
Investments, at fair value: | [22],[23] | $ 26,566,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and LogicSource, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.93%, Floor rate 9.93% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2027-07 | [22],[23] | 2027-07 | [7] | 2027-07 | [22],[23] | 2027-07 | [7] | |
Basis spread variable rate | 8.93% | [11],[22],[23] | 8.93% | [7],[8] | 8.93% | [11],[22],[23] | 8.93% | [7],[8] | |
Interest rate floor | 9.93% | [11],[22],[23] | 9.93% | [7],[8] | 9.93% | [11],[22],[23] | 9.93% | [7],[8] | |
Principal amount | $ 13,300,000 | [22],[23] | $ 13,300,000 | [7] | |||||
Investment cost | 13,074,000 | [2],[22],[23] | 13,028,000 | [6],[7] | |||||
Investments, at fair value: | $ 13,493,000 | [22],[23] | $ 13,028,000 | [7] | |||||
Investment, Identifier [Axis]: Debt Investments Software and Logicworks, Senior Secured, Maturity Date January 2024, Prime + 7.50%, Floor rate 10.75% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [18] | 2024-01 | 2024-01 | ||||||
Basis spread variable rate | [8],[18] | 7.50% | 7.50% | ||||||
Interest rate floor | [8],[18] | 10.75% | 10.75% | ||||||
Principal amount | [18] | $ 14,500,000 | |||||||
Investment cost | [6],[18] | 14,398,000 | |||||||
Investments, at fair value: | [18] | $ 14,473,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Mobile Solutions Services, Senior Secured, Maturity Date December 2025, 3-month LIBOR + 9.06%, Floor rate 10.06% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2025-12 | 2025-12 | ||||||
Basis spread variable rate | [7],[8],[16] | 9.06% | 9.06% | ||||||
Interest rate floor | [7],[8],[16] | 10.06% | 10.06% | ||||||
Principal amount | [7],[16] | $ 17,915,000 | |||||||
Investment cost | [6],[7],[16] | 17,556,000 | |||||||
Investments, at fair value: | [7],[16] | $ 17,474,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Mobile Solutions Services, Senior Secured, Maturity Date December 2025, 3-month SOFR + 9.31%, Floor rate 10.06% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [23] | 2025-12 | 2025-12 | ||||||
Basis spread variable rate | [11],[23] | 9.31% | 9.31% | ||||||
Interest rate floor | [11],[23] | 10.06% | 10.06% | ||||||
Principal amount | [23] | $ 18,366,000 | |||||||
Investment cost | [2],[23] | 18,116,000 | |||||||
Investments, at fair value: | [23] | $ 18,176,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Mobile Solutions Services, Senior Secured, Maturity Date November 2030, 3-month SOFR + 6.75%, Floor rate 7.75% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22] | 2030-11 | 2030-11 | ||||||
Basis spread variable rate | [11],[22] | 6.75% | 6.75% | ||||||
Interest rate floor | [11],[22] | 7.75% | 7.75% | ||||||
Principal amount | [22] | $ 20,890,000 | |||||||
Investment cost | [2],[22] | 20,375,000 | |||||||
Investments, at fair value: | [22] | $ 20,375,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Nextroll, Inc., Senior Secured, Maturity Date July 2023, Prime + 3.75%, Floor rate 7.75%, PIK Interest 2.95%, 1.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[18] | 2023-07 | 2023-07 | ||||||
Basis spread variable rate | [8],[14],[18] | 3.75% | 3.75% | ||||||
Interest rate floor | [8],[14],[18] | 7.75% | 7.75% | ||||||
Interest rate paid in kind | [8],[14],[18] | 2.95% | 2.95% | ||||||
Exit fee rate | [8],[14],[18] | 1.95% | 1.95% | ||||||
Principal amount | [14],[18] | $ 22,211,000 | |||||||
Investment cost | [6],[14],[18] | 22,284,000 | |||||||
Investments, at fair value: | [14],[18] | $ 22,284,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Nuvolo Technologies Corporation, Senior Secured, Maturity Date July 2025, Prime + 5.25%, Floor rate 8.50%, 2.42% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[13],[17],[18] | 2025-07 | 2025-07 | ||||||
Basis spread variable rate | [7],[8],[13],[17],[18] | 5.25% | 5.25% | ||||||
Interest rate floor | [7],[8],[13],[17],[18] | 8.50% | 8.50% | ||||||
Exit fee rate | [7],[8],[13],[17],[18] | 2.42% | 2.42% | ||||||
Principal amount | [7],[13],[17],[18] | $ 22,500,000 | |||||||
Investment cost | [6],[7],[13],[17],[18] | 22,508,000 | |||||||
Investments, at fair value: | [7],[13],[17],[18] | $ 22,817,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Omeda Holdings, LLC, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.05%, Floor rate 9.05% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2027-07 | [21],[22],[23] | 2027-07 | [7],[16] | 2027-07 | [21],[22],[23] | 2027-07 | [7],[16] | |
Basis spread variable rate | 8.05% | [11],[21],[22],[23] | 8.05% | [7],[8],[16] | 8.05% | [11],[21],[22],[23] | 8.05% | [7],[8],[16] | |
Interest rate floor | 9.05% | [11],[21],[22],[23] | 9.05% | [7],[8],[16] | 9.05% | [11],[21],[22],[23] | 9.05% | [7],[8],[16] | |
Principal amount | $ 7,706,000 | [21],[22],[23] | $ 7,500,000 | [7],[16] | |||||
Investment cost | 7,508,000 | [2],[21],[22],[23] | 7,261,000 | [6],[7],[16] | |||||
Investments, at fair value: | $ 7,702,000 | [21],[22],[23] | $ 7,261,000 | [7],[16] | |||||
Investment, Identifier [Axis]: Debt Investments Software and Onna Technologies, Inc., Senior Secured, Maturity Date March 2026, Prime + 1.35%, Floor rate 8.85%, PIK Interest, 1.75%, 4.45% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9] | 2026-03 | 2026-03 | ||||||
Basis spread variable rate | [9],[11] | 1.35% | 1.35% | ||||||
Interest rate floor | [9],[11] | 8.85% | 8.85% | ||||||
Interest rate paid in kind | [9],[11] | 1.75% | 1.75% | ||||||
Exit fee rate | [9],[11] | 4.45% | 4.45% | ||||||
Principal amount | [9] | $ 3,853,000 | |||||||
Investment cost | [2],[9] | 3,814,000 | |||||||
Investments, at fair value: | [9] | $ 3,810,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Riviera Partners LLC, Senior Secured, Maturity Date April 2027, 6-month SOFR + 7.53%, Floor rate 8.53% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2027-04 | 2027-04 | ||||||
Basis spread variable rate | [7],[8],[16] | 7.53% | 7.53% | ||||||
Interest rate floor | [7],[8],[16] | 8.53% | 8.53% | ||||||
Principal amount | [7],[16] | $ 26,184,000 | |||||||
Investment cost | [6],[7],[16] | 25,622,000 | |||||||
Investments, at fair value: | [7],[16] | $ 25,487,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Salary.com, LLC, Senior Secured, Maturity Date September 2027, 3-month SOFR + 8.00%, Floor rate 9.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [23] | 2027-09 | 2027-09 | ||||||
Basis spread variable rate | [11],[23] | 8% | 8% | ||||||
Interest rate floor | [11],[23] | 9% | 9% | ||||||
Principal amount | [23] | $ 22,185,000 | |||||||
Investment cost | [2],[23] | 21,814,000 | |||||||
Investments, at fair value: | [23] | $ 22,048,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Salary.com, LLC, Senior Secured, Maturity Date September 2027, 6-month SOFR + 8.00%, Floor rate 9.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [16] | 2027-09 | 2027-09 | ||||||
Basis spread variable rate | [8],[16] | 8% | 8% | ||||||
Interest rate floor | [8],[16] | 9% | 9% | ||||||
Principal amount | [16] | $ 18,000,000 | |||||||
Investment cost | [6],[16] | 17,654,000 | |||||||
Investments, at fair value: | [16] | $ 17,654,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and ShadowDragon, LLC, Senior Secured, Maturity Date December 2026, 3-month LIBOR + 9.00%, Floor rate 10.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2026-12 | 2026-12 | ||||||
Basis spread variable rate | [7],[8],[16] | 9% | 9% | ||||||
Interest rate floor | [7],[8],[16] | 10% | 10% | ||||||
Principal amount | [7],[16] | $ 5,985,000 | |||||||
Investment cost | [6],[7],[16] | 5,841,000 | |||||||
Investments, at fair value: | [7],[16] | $ 5,830,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and ShadowDragon, LLC, Senior Secured, Maturity Date December 2026, 6-month SOFR + 9.01%, Floor rate 9.91% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23] | 2026-12 | 2026-12 | ||||||
Basis spread variable rate | [11],[22],[23] | 9.01% | 9.01% | ||||||
Interest rate floor | [11],[22],[23] | 9.91% | 9.91% | ||||||
Principal amount | [22],[23] | $ 6,000,000 | |||||||
Investment cost | [2],[22],[23] | 5,883,000 | |||||||
Investments, at fair value: | [22],[23] | $ 5,921,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Simon Data, Inc., Senior Secured, Maturity Date March 2027, Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.92% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[12] | 2027-03 | 2027-03 | ||||||
Basis spread variable rate | [9],[11],[12] | 1% | 1% | ||||||
Interest rate floor | [9],[11],[12] | 8.75% | 8.75% | ||||||
Interest rate paid in kind | [9],[11],[12] | 1.95% | 1.95% | ||||||
Exit fee rate | [9],[11],[12] | 2.92% | 2.92% | ||||||
Principal amount | [9],[12] | $ 15,065,000 | |||||||
Investment cost | [2],[9],[12] | 14,982,000 | |||||||
Investments, at fair value: | [9],[12] | $ 15,037,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Sisense Ltd., Senior Secured, Maturity Date July 2027, Prime + 1.50%, Floor rate 9.50%, PIK Interest 1.95%, 5.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[26],[27] | 2027-07 | 2027-07 | ||||||
Basis spread variable rate | [9],[11],[26],[27] | 1.50% | 1.50% | ||||||
Interest rate cap | [9],[11],[26],[27] | 9.50% | 9.50% | ||||||
Interest rate paid in kind | [9],[11],[26],[27] | 1.95% | 1.95% | ||||||
Exit fee rate | [9],[11],[26],[27] | 5.95% | 5.95% | ||||||
Principal amount | [9],[26],[27] | $ 34,830,000 | |||||||
Investment cost | [2],[9],[26],[27] | 34,584,000 | |||||||
Investments, at fair value: | [9],[26],[27] | $ 34,881,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Streamline Healthcare Solutions, Senior Secured, Maturity Date March 2028, 1-month SOFR + 7.25%, Floor rate 8.25% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23] | 2028-03 | 2028-03 | ||||||
Basis spread variable rate | [11],[22],[23] | 7.25% | 7.25% | ||||||
Interest rate floor | [11],[22],[23] | 8.25% | 8.25% | ||||||
Principal amount | [22],[23] | $ 13,200,000 | |||||||
Investment cost | [2],[22],[23] | 12,953,000 | |||||||
Investments, at fair value: | [22],[23] | $ 13,327,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Sumo Logic, Inc., Senior Secured, Maturity Date May 2030, 3-month SOFR + 6.50%, Floor rate 7.50% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22] | 2030-05 | 2030-05 | ||||||
Basis spread variable rate | [11],[22] | 6.50% | 6.50% | ||||||
Interest rate floor | [11],[22] | 7.50% | 7.50% | ||||||
Principal amount | [22] | $ 23,000,000 | |||||||
Investment cost | [2],[22] | 22,460,000 | |||||||
Investments, at fair value: | [22] | $ 23,105,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Suzy, Inc.., Senior Secured, Maturity Date August 2027, Prime + 1.75%, Floor rate 10.00%, PIK Interest 1.95%, 3.45% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [1],[9],[22] | 2027-08 | 2027-08 | ||||||
Basis spread variable rate | [1],[9],[11],[22] | 1.75% | 1.75% | ||||||
Interest rate floor | [1],[9],[11],[22] | 10% | 10% | ||||||
Interest rate paid in kind | [1],[9],[11],[22] | 1.95% | 1.95% | ||||||
Exit fee rate | [1],[9],[11],[22] | 3.45% | 3.45% | ||||||
Principal amount | [1],[9],[22] | $ 12,064,000 | |||||||
Investment cost | [1],[2],[9],[22] | 11,837,000 | |||||||
Investments, at fair value: | [1],[9],[22] | $ 11,837,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Tact.ai Technologies, Inc., Senior Secured, Maturity Date February 2024, Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14] | 2024-02 | 2024-02 | ||||||
Basis spread variable rate | [8],[14] | 4% | 4% | ||||||
Interest rate floor | [8],[14] | 8.75% | 8.75% | ||||||
Interest rate paid in kind | [8],[14] | 2% | 2% | ||||||
Exit fee rate | [8],[14] | 5.50% | 5.50% | ||||||
Principal amount | [14] | $ 4,250,000 | |||||||
Investment cost | [6],[14] | 4,481,000 | |||||||
Investments, at fair value: | [14] | $ 4,446,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and ThreatConnect, Inc., Senior Secured, Maturity Date May 2026, 6-month LIBOR + 9.00%, Floor rate 10.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [7],[16] | 2026-05 | 2026-05 | ||||||
Basis spread variable rate | [7],[8],[16] | 9% | 9% | ||||||
Interest rate floor | [7],[8],[16] | 10% | 10% | ||||||
Principal amount | [7],[16] | $ 11,032,000 | |||||||
Investment cost | [6],[7],[16] | 10,778,000 | |||||||
Investments, at fair value: | [7],[16] | $ 10,793,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and ThreatConnect, Inc., Senior Secured, Maturity Date May 2026, 6-month SOFR + 9.25%, Floor rate 10.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [22],[23] | 2026-05 | 2026-05 | ||||||
Basis spread variable rate | [11],[22],[23] | 9.25% | 9.25% | ||||||
Interest rate floor | [11],[22],[23] | 10% | 10% | ||||||
Principal amount | [22],[23] | $ 10,920,000 | |||||||
Investment cost | [2],[22],[23] | 10,730,000 | |||||||
Investments, at fair value: | [22],[23] | $ 10,920,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Tipalti Solutions Ltd., Senior Secured, Maturity Date April 2027, Prime + 0.45%, Floor rate 7.95%, PIK Interest 2.00%, 3.75% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[22],[26],[27] | 2027-04 | 2027-04 | ||||||
Basis spread variable rate | [9],[11],[22],[26],[27] | 0.45% | 0.45% | ||||||
Interest rate floor | [9],[11],[22],[26],[27] | 7.95% | 7.95% | ||||||
Interest rate paid in kind | [9],[11],[22],[26],[27] | 2% | 2% | ||||||
Exit fee rate | [9],[11],[22],[26],[27] | 3.75% | 3.75% | ||||||
Principal amount | [9],[22],[26],[27] | $ 10,649,000 | |||||||
Investment cost | [2],[9],[22],[26],[27] | 10,578,000 | |||||||
Investments, at fair value: | [9],[22],[26],[27] | $ 10,835,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and VideoAmp, Inc., Senior Secured, Maturity Date February 2025, Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.25%, 5.25% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [13],[14],[30] | 2025-02 | 2025-02 | ||||||
Basis spread variable rate | [8],[13],[14],[30] | 3.70% | 3.70% | ||||||
Interest rate floor | [8],[13],[14],[30] | 6.95% | 6.95% | ||||||
Interest rate paid in kind | [8],[13],[14],[30] | 1.25% | 1.25% | ||||||
Exit fee rate | [8],[13],[14],[30] | 5.25% | 5.25% | ||||||
Principal amount | [13],[14],[30] | $ 63,187,000 | |||||||
Investment cost | [6],[13],[14],[30] | 62,640,000 | |||||||
Investments, at fair value: | [13],[14],[30] | $ 63,429,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Software and Zappi, Inc., Senior Secured, Maturity Date December 2027, 3-month SOFR + 8.03%, Floor rate 9.03% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2027-12 | [10],[22],[23],[26],[27] | 2027-12 | [7],[16],[24],[25] | 2027-12 | [10],[22],[23],[26],[27] | 2027-12 | [7],[16],[24],[25] | |
Basis spread variable rate | 8.03% | [10],[11],[22],[23],[26],[27] | 8.03% | [7],[8],[16],[24],[25] | 8.03% | [10],[11],[22],[23],[26],[27] | 8.03% | [7],[8],[16],[24],[25] | |
Interest rate floor | 9.03% | [10],[11],[22],[23],[26],[27] | 9.03% | [7],[8],[16],[24],[25] | 9.03% | [10],[11],[22],[23],[26],[27] | 9.03% | [7],[8],[16],[24],[25] | |
Principal amount | $ 9,000,000 | [10],[22],[23],[26],[27] | $ 9,000,000 | [7],[16],[24],[25] | |||||
Investment cost | 8,816,000 | [2],[10],[22],[23],[26],[27] | 8,779,000 | [6],[7],[16],[24],[25] | |||||
Investments, at fair value: | $ 8,967,000 | [10],[22],[23],[26],[27] | $ 8,779,000 | [7],[16],[24],[25] | |||||
Investment, Identifier [Axis]: Debt Investments Software and Zimperium, Inc., Senior Secured, Maturity Date May 2027, 3-month SOFR + 8.31%, Floor rate 9.31% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | 2027-05 | [22],[23] | 2027-05 | [7],[16] | 2027-05 | [22],[23] | 2027-05 | [7],[16] | |
Basis spread variable rate | 8.31% | [11],[22],[23] | 8.31% | [7],[8],[16] | 8.31% | [11],[22],[23] | 8.31% | [7],[8],[16] | |
Interest rate floor | 9.31% | [11],[22],[23] | 9.31% | [7],[8],[16] | 9.31% | [11],[22],[23] | 9.31% | [7],[8],[16] | |
Principal amount | $ 16,313,000 | [22],[23] | $ 16,313,000 | [7],[16] | |||||
Investment cost | 16,057,000 | [2],[22],[23] | 16,000,000 | [6],[7],[16] | |||||
Investments, at fair value: | $ 16,394,000 | [22],[23] | $ 16,072,000 | [7],[16] | |||||
Investment, Identifier [Axis]: Debt Investments Software and iGrafx,LLC, Senior Secured, Maturity Date May 2027, 1-month SOFR + 8.66%, Floor rate 9.56% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [23] | 2027-05 | 2027-05 | ||||||
Basis spread variable rate | [11],[23] | 8.66% | 8.66% | ||||||
Interest rate floor | [11],[23] | 9.56% | 9.56% | ||||||
Principal amount | [23] | $ 5,000,000 | |||||||
Investment cost | [2],[23] | 4,901,000 | |||||||
Investments, at fair value: | [23] | $ 4,901,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Subtotal: Communications & Networking (1.62%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 1.62% | 1.62% | ||||||
Investment cost | [2] | $ 28,182,000 | |||||||
Investments, at fair value: | $ 29,272,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology (0.31%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.31% | 0.31% | ||||||
Investment cost | [2] | $ 5,634,000 | |||||||
Investments, at fair value: | $ 5,617,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology (0.50%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.50% | 0.50% | ||||||
Investment cost | [6] | $ 7,222,000 | |||||||
Investments, at fair value: | $ 7,014,000 | ||||||||
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology and Ampion, PBC, Senior Secured, Maturity Date May 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.78% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [9],[10] | 2025-05 | 2025-05 | ||||||
Basis spread variable rate | [9],[10],[11] | 4.70% | 4.70% | ||||||
Interest rate floor | [9],[10],[11] | 7.95% | 7.95% | ||||||
Interest rate paid in kind | [9],[10],[11] | 1.45% | 1.45% | ||||||
Exit fee rate | [9],[10],[11] | 3.78% | 3.78% | ||||||
Principal amount | [9],[10] | $ 3,926,000 | |||||||
Investment cost | [2],[9],[10] | 3,952,000 | |||||||
Investments, at fair value: | [9],[10] | $ 3,939,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology and Ampion, PBC, Senior Secured, Maturity Date May 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14],[17] | 2025-05 | 2025-05 | ||||||
Basis spread variable rate | [8],[14],[17] | 4.70% | 4.70% | ||||||
Interest rate floor | [8],[14],[17] | 7.95% | 7.95% | ||||||
Interest rate paid in kind | [8],[14],[17] | 1.45% | 1.45% | ||||||
Exit fee rate | [8],[14],[17] | 3.95% | 3.95% | ||||||
Principal amount | [14],[17] | $ 4,037,000 | |||||||
Investment cost | [6],[14],[17] | 3,985,000 | |||||||
Investments, at fair value: | [14],[17] | $ 4,008,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Senior Secured, Maturity Date December 2024, PIK Interest 10.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [14] | 2024-12 | 2024-12 | ||||||
Interest rate paid in kind | [8],[14] | 10% | 10% | ||||||
Principal amount | [14] | $ 3,237,000 | |||||||
Investment cost | [6],[14] | 3,237,000 | |||||||
Investments, at fair value: | [14] | $ 3,006,000 | |||||||
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Senior Secured, Maturity Date June 2027, FIXED 10.00% | |||||||||
Summary of Investment Holdings | |||||||||
Maturity Date | [20] | 2027-06 | 2027-06 | ||||||
Interest rate paid in kind | [11],[20] | 10% | 10% | ||||||
Principal amount | [20] | $ 1,682,000 | |||||||
Investment cost | [2],[20] | 1,682,000 | |||||||
Investments, at fair value: | [20] | $ 1,678,000 | |||||||
Investment, Identifier [Axis]: Equity Investments (8.44%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 8.44% | 8.44% | |||||||
Investment cost | [2] | $ 155,226,000 | |||||||
Investments, at fair value: | $ 152,170,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments (9.56%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 9.56% | 9.56% | ||||||
Investment cost | [6] | $ 153,173,000 | |||||||
Investments, at fair value: | $ 133,972,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products (0.04%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.04% | 0.04% | ||||||
Investment cost | [6] | $ 663,000 | |||||||
Investments, at fair value: | 498,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products (0.13%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0.13% | 0.13% | |||||||
Investment cost | [2] | $ 1,764,000 | |||||||
Investments, at fair value: | 2,264,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and Fabletics, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | 1,229,000 | |||||||
Investments, at fair value: | $ 796,000 | ||||||||
Shares | shares | 173,180 | 173,180 | |||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 128,000 | |||||||
Investments, at fair value: | $ 96,000 | ||||||||
Acquisition date | [3] | Apr. 30, 2010 | |||||||
Shares | shares | 42,989 | 42,989 | |||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and Fabletics, Inc., Equity, Acquisition Date 7/16/2013, Series Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 1,101,000 | |||||||
Investments, at fair value: | $ 700,000 | ||||||||
Acquisition date | [3] | Jul. 16, 2013 | |||||||
Shares | shares | 130,191 | 130,191 | |||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 433,000 | [2],[3] | 433,000 | [6],[40] | |||||
Investments, at fair value: | $ 21,000 | [3] | $ 24,000 | [40] | |||||
Acquisition date | Apr. 30, 2021 | [3] | Apr. 30, 2021 | [40] | |||||
Shares | shares | 12,260 | [3] | 61,300 | [40] | 12,260 | [3] | 61,300 | [40] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 13,000 | [2] | $ 13,000 | [6] | |||||
Investments, at fair value: | $ 863,000 | $ 226,000 | |||||||
Acquisition date | Apr. 30, 2010 | [3] | Apr. 30, 2010 | [40] | |||||
Shares | shares | 172,328 | 42,137 | 172,328 | 42,137 | |||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and TFG Holding, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 89,000 | [2] | $ 89,000 | [6] | |||||
Investments, at fair value: | $ 584,000 | $ 116,000 | |||||||
Acquisition date | Apr. 30, 2010 | [3] | Apr. 30, 2010 | [40] | |||||
Shares | shares | 173,180 | 42,989 | 173,180 | 42,989 | |||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and TechStyle, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 128,000 | |||||||
Investments, at fair value: | $ 132,000 | ||||||||
Acquisition date | [40] | Apr. 30, 2010 | |||||||
Shares | shares | 42,989 | 42,989 | |||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services (0.57%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.57% | 0.57% | ||||||
Investment cost | [6] | $ 13,488,000 | |||||||
Investments, at fair value: | 7,995,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services (0.70%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.70% | 0.70% | ||||||
Investment cost | [2] | $ 26,145,000 | |||||||
Investments, at fair value: | 12,703,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-4 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 1,151,000 | [2],[26],[27] | 1,151,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 679,000 | [26],[27] | $ 257,000 | [24],[25] | |||||
Acquisition date | Dec. 15, 2021 | [3],[26],[27] | Dec. 15, 2021 | [24],[25],[40] | |||||
Shares | shares | 199,742 | [26],[27] | 199,742 | [24],[25] | 199,742 | [26],[27] | 199,742 | [24],[25] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and DoorDash, Inc., Equity, Acquisition Date 12/20/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 657,000 | [2],[3] | $ 945,000 | [6],[40] | |||||
Investments, at fair value: | $ 5,636,000 | [3] | $ 4,003,000 | [40] | |||||
Acquisition date | Dec. 20, 2018 | [3] | Dec. 20, 2018 | [40] | |||||
Shares | shares | 56,996 | [3] | 81,996 | [40] | 56,996 | [3] | 81,996 | [40] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 5,263,000 | [2],[3] | $ 5,263,000 | [6],[40] | |||||
Investments, at fair value: | $ 1,510,000 | [3] | $ 1,110,000 | [40] | |||||
Acquisition date | Dec. 26, 2018 | [3] | Dec. 26, 2018 | [40] | |||||
Shares | shares | 100,738 | [3] | 100,738 | [40] | 100,738 | [3] | 100,738 | [40] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 1,000,000 | [2],[3] | $ 1,000,000 | [6],[40] | |||||
Investments, at fair value: | $ 343,000 | [3] | $ 225,000 | [40] | |||||
Acquisition date | Sep. 17, 2021 | [3] | Sep. 17, 2021 | [40] | |||||
Shares | shares | 100,000 | [3] | 100,000 | [40] | 100,000 | [3] | 100,000 | [40] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 1,663,000 | [2] | $ 1,663,000 | [6] | |||||
Investments, at fair value: | $ 377,000 | $ 372,000 | |||||||
Acquisition date | Oct. 25, 2016 | [3] | Oct. 25, 2016 | [40] | |||||
Shares | shares | 286,080 | 286,080 | 286,080 | 286,080 | |||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-1 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 632,000 | [2] | $ 632,000 | [6] | |||||
Investments, at fair value: | $ 143,000 | $ 141,000 | |||||||
Acquisition date | Oct. 25, 2016 | [3] | Oct. 25, 2016 | [40] | |||||
Shares | shares | 108,710 | 108,710 | 108,710 | 108,710 | |||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 577,000 | [2],[3] | $ 577,000 | [6],[40] | |||||
Investments, at fair value: | $ 189,000 | [3] | $ 266,000 | [40] | |||||
Acquisition date | Jun. 28, 2013 | [3] | Jun. 28, 2013 | [40] | |||||
Shares | shares | 48,365 | [3] | 48,365 | [40] | 48,365 | [3] | 48,365 | [40] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Reischling Press, Inc., Equity, Acquisition Date 7/31/2020, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 39,000 | [2] | $ 39,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | Jul. 31, 2020 | [3] | Jul. 31, 2020 | [40] | |||||
Shares | shares | 3,095 | 3,095 | 3,095 | 3,095 | |||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 1,000,000 | |||||||
Investments, at fair value: | $ 559,000 | ||||||||
Acquisition date | [3] | Jan. 24, 2022 | |||||||
Shares | shares | 7,063 | 7,063 | |||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Preferred Series B-2 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 1,000,000 | |||||||
Investments, at fair value: | $ 805,000 | ||||||||
Acquisition date | [40] | Jan. 24, 2022 | |||||||
Shares | shares | 7,063 | 7,063 | |||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 12/29/2023, Series Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[32] | $ 13,263,000 | |||||||
Investments, at fair value: | [32] | $ 3,251,000 | |||||||
Acquisition date | [3],[32] | Dec. 29, 2023 | |||||||
Shares | shares | [32] | 3,235,298 | 3,235,298 | ||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 900,000 | [2],[32] | $ 900,000 | [6],[34] | |||||
Investments, at fair value: | $ 4,000 | [32] | $ 0 | [34] | |||||
Acquisition date | May 23, 2018 | [3],[32] | May 23, 2018 | [34],[40] | |||||
Shares | shares | 414,994,863 | [32] | 414,994,863 | [34] | 414,994,863 | [32] | 414,994,863 | [34] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 0 | [2],[32] | $ 0 | [6],[34] | |||||
Investments, at fair value: | $ 12,000 | [32] | $ 0 | [34] | |||||
Acquisition date | Jun. 06, 2016 | [3],[32] | Jun. 06, 2016 | [34],[40] | |||||
Shares | shares | 1,000,000 | [32] | 1,000,000 | [34] | 1,000,000 | [32] | 1,000,000 | [34] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Total OfferUp, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 2,295,000 | [2] | $ 2,295,000 | [6] | |||||
Investments, at fair value: | $ 520,000 | $ 513,000 | |||||||
Shares | shares | 394,790 | 394,790 | 394,790 | 394,790 | |||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Total Tectura Corporation | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 14,163,000 | [2] | $ 900,000 | [6] | |||||
Investments, at fair value: | $ 3,267,000 | $ 0 | |||||||
Shares | shares | 419,230,161 | 415,994,863 | 419,230,161 | 415,994,863 | |||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Uber Technologies, Inc., Equity, Acquisition Date 12/1/2020, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 318,000 | |||||||
Investments, at fair value: | [40] | $ 816,000 | |||||||
Acquisition date | [40] | Dec. 01, 2020 | |||||||
Shares | shares | [40] | 32,991 | 32,991 | ||||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services (2.49%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 2.49% | 2.49% | ||||||
Investment cost | [6] | $ 28,444,000 | |||||||
Investments, at fair value: | 34,869,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services (3.17%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 3.17% | 3.17% | ||||||
Investment cost | [2] | $ 34,444,000 | |||||||
Investments, at fair value: | 57,072,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services and Gibraltar Acquisition, LLC (p.k.a. Gibraltar Business Capital, LLC), Equity, Acquisition Date 3/1/2018, Series Member Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[32],[35] | 34,006,000 | |||||||
Investments, at fair value: | [32],[35] | $ 28,034,000 | |||||||
Acquisition date | [3],[32],[35] | Mar. 01, 2018 | |||||||
Shares | shares | [32],[35] | 1 | 1 | ||||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Equity, Acquisition Date 3/1/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[34] | 1,884,000 | |||||||
Investments, at fair value: | [34] | $ 1,107,000 | |||||||
Acquisition date | [34],[40] | Mar. 01, 2018 | |||||||
Shares | shares | [34] | 830,000 | 830,000 | ||||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Equity, Acquisition Date 3/1/2018, Series Preferred Series A | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[34] | $ 26,122,000 | |||||||
Investments, at fair value: | [34] | $ 14,137,000 | |||||||
Acquisition date | [34],[40] | Mar. 01, 2018 | |||||||
Shares | shares | [34] | 10,602,752 | 10,602,752 | ||||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 35,000 | [2],[32],[36] | $ 35,000 | [6],[34] | |||||
Investments, at fair value: | $ 28,713,000 | [32],[36] | $ 19,153,000 | [34] | |||||
Acquisition date | Mar. 26, 2021 | [3],[32],[36] | Mar. 26, 2021 | [34],[40] | |||||
Shares | shares | 1 | [32],[36] | 1 | [34] | 1 | [32],[36] | 1 | [34] | |
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services and Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-2 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 403,000 | [2] | $ 403,000 | [6] | |||||
Investments, at fair value: | $ 325,000 | $ 472,000 | |||||||
Acquisition date | Sep. 30, 2021 | [3] | Sep. 30, 2021 | [40] | |||||
Shares | shares | 210,282 | 210,282 | 210,282 | 210,282 | |||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services, Gibraltar Business Capital, LLC | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 28,006,000 | |||||||
Investments, at fair value: | $ 15,244,000 | ||||||||
Shares | shares | 11,432,752 | 11,432,752 | |||||||
Investment, Identifier [Axis]: Equity Investments Drug Delivery (0.00%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0% | 0% | ||||||
Investment cost | [2] | $ 3,638,000 | |||||||
Investments, at fair value: | 21,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Drug Delivery (0.01%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.01% | 0.01% | ||||||
Investment cost | [6] | $ 3,638,000 | |||||||
Investments, at fair value: | 89,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Drug Delivery and AcelRx Pharmaceuticals, Inc., Equity, Acquisition Date 12/10/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | 1,329,000 | |||||||
Investments, at fair value: | [40] | $ 20,000 | |||||||
Acquisition date | [40] | Dec. 10, 2018 | |||||||
Shares | shares | [40] | 8,836 | 8,836 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 1,500,000 | [2],[3] | $ 1,500,000 | [6],[40] | |||||
Investments, at fair value: | $ 2,000 | [3] | $ 3,000 | [40] | |||||
Acquisition date | Mar. 28, 2014 | [3] | Mar. 28, 2014 | [40] | |||||
Shares | shares | 680 | [3] | 13,600 | [40] | 680 | [3] | 13,600 | [40] | |
Investment, Identifier [Axis]: Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 500,000 | [2] | $ 500,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 33,000 | |||||||
Acquisition date | Dec. 08, 2015 | [3] | Dec. 08, 2015 | [40] | |||||
Shares | shares | 165,000 | 165,000 | 165,000 | 165,000 | |||||
Investment, Identifier [Axis]: Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 309,000 | [2],[3] | $ 309,000 | [6],[40] | |||||
Investments, at fair value: | $ 12,000 | [3] | $ 33,000 | [40] | |||||
Acquisition date | Apr. 06, 2015 | [3] | Apr. 06, 2015 | [40] | |||||
Shares | shares | 2,498 | [3] | 2,498 | [40] | 2,498 | [3] | 2,498 | [40] | |
Investment, Identifier [Axis]: Equity Investments Drug Delivery and Talphera, Inc (p.k.a. AcelRx Pharmaceuticals, Inc. ), Equity, Acquisition Date 12/10/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 1,329,000 | |||||||
Investments, at fair value: | [3] | $ 7,000 | |||||||
Acquisition date | [3] | Dec. 10, 2018 | |||||||
Shares | shares | [3] | 8,836 | 8,836 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development (2.47%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 2.47% | 2.47% | ||||||
Investment cost | [2] | $ 40,735,000 | |||||||
Investments, at fair value: | 44,500,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development (2.66%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 2.66% | 2.66% | ||||||
Investment cost | [6] | $ 43,971,000 | |||||||
Investments, at fair value: | 37,315,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Akero Therapeutics, Inc., Equity, Acquisition Date 9/19/2022, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[40] | 1,000,000 | |||||||
Investments, at fair value: | [24],[40] | $ 2,108,000 | |||||||
Acquisition date | [24],[40] | Sep. 19, 2022 | |||||||
Shares | shares | [24],[40] | 38,461 | 38,461 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Albireo Pharma, Inc., Equity, Acquisition Date 9/14/2020, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[40] | $ 1,000,000 | |||||||
Investments, at fair value: | [24],[40] | $ 540,000 | |||||||
Acquisition date | [24],[40] | Sep. 14, 2020 | |||||||
Shares | shares | [24],[40] | 25,000 | 25,000 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Applied Molecular Transport, Equity, Acquisition Date 4/6/2021, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[40] | $ 42,000 | |||||||
Investments, at fair value: | [24],[40] | $ 0 | |||||||
Acquisition date | [24],[40] | Apr. 06, 2021 | |||||||
Shares | shares | [24],[40] | 1,000 | 1,000 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, 8/19/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | 1,000,000 | |||||||
Investments, at fair value: | [3] | $ 0 | |||||||
Acquisition date | [3] | Aug. 19, 2014 | |||||||
Shares | shares | [3] | 42 | 42 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 1,000,000 | |||||||
Investments, at fair value: | [40] | $ 50,000 | |||||||
Acquisition date | [40] | Aug. 19, 2014 | |||||||
Shares | shares | [40] | 9,924 | 9,924 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Aveo Pharmaceuticals, Inc., Equity, Acquisition Date 7/31/2011, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 1,715,000 | |||||||
Investments, at fair value: | [40] | $ 2,843,000 | |||||||
Acquisition date | [40] | Jul. 31, 2011 | |||||||
Shares | shares | [40] | 190,179 | 190,179 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Equity, 5/9/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26],[31] | $ 4,165,000 | |||||||
Investments, at fair value: | [3],[26],[31] | $ 10,110,000 | |||||||
Acquisition date | [3],[26],[31] | May 09, 2022 | |||||||
Shares | shares | [3],[26],[31] | 127,021 | 127,021 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Equity, Acquisition Date 5/9/2022, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[19],[24],[40] | $ 4,165,000 | |||||||
Investments, at fair value: | [19],[24],[40] | $ 9,797,000 | |||||||
Acquisition date | [19],[24],[40] | May 09, 2022 | |||||||
Shares | shares | [19],[24],[40] | 127,021 | 127,021 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, 10/5/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26],[27] | $ 1,871,000 | |||||||
Investments, at fair value: | [3],[26],[27] | $ 1,774,000 | |||||||
Acquisition date | [3],[26],[27] | Oct. 05, 2020 | |||||||
Shares | shares | [3],[26],[27] | 98,100 | 98,100 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/5/2020, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[25],[40] | $ 1,871,000 | |||||||
Investments, at fair value: | [24],[25],[40] | $ 2,904,000 | |||||||
Acquisition date | [24],[25],[40] | Oct. 05, 2020 | |||||||
Shares | shares | [24],[25],[40] | 98,100 | 98,100 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, 6/21/2018, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 2,255,000 | |||||||
Investments, at fair value: | [3] | $ 9,339,000 | |||||||
Acquisition date | [3] | Jun. 21, 2018 | |||||||
Shares | shares | [3] | 231,329 | 231,329 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Concert Pharmaceuticals, Inc., Equity, Acquisition Date 2/13/2019, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[40] | $ 1,367,000 | |||||||
Investments, at fair value: | [24],[40] | $ 413,000 | |||||||
Acquisition date | [24],[40] | Feb. 13, 2019 | |||||||
Shares | shares | [24],[40] | 70,796 | 70,796 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Cyclo Therapeutics, Inc. (p.k.a. Applied Molecular Transport), Equity, 4/6/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26] | $ 42,000 | |||||||
Investments, at fair value: | [3],[26] | $ 0 | |||||||
Acquisition date | [3],[26] | Apr. 06, 2021 | |||||||
Shares | shares | [3],[26] | 134 | 134 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Dare Biosciences, Inc., Equity, 1/8/2015, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 1,000,000 | |||||||
Investments, at fair value: | [3] | $ 4,000 | |||||||
Acquisition date | [3] | Jan. 08, 2015 | |||||||
Shares | shares | [3] | 13,550 | 13,550 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 1,000,000 | |||||||
Investments, at fair value: | [40] | $ 11,000 | |||||||
Acquisition date | [40] | Jan. 08, 2015 | |||||||
Shares | shares | [40] | 13,550 | 13,550 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, 7/22/2015, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26] | $ 550,000 | |||||||
Investments, at fair value: | [3],[26] | $ 280,000 | |||||||
Acquisition date | [3],[26] | Jul. 22, 2015 | |||||||
Shares | shares | [3],[26] | 20,000 | 20,000 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[40] | $ 550,000 | |||||||
Investments, at fair value: | [24],[40] | $ 213,000 | |||||||
Acquisition date | [24],[40] | Jul. 22, 2015 | |||||||
Shares | shares | [24],[40] | 20,000 | 20,000 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Gritstone Bio, Inc., Equity, 10/26/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 1,000,000 | |||||||
Investments, at fair value: | [3] | $ 903,000 | |||||||
Acquisition date | [3] | Oct. 26, 2022 | |||||||
Shares | shares | [3] | 442,477 | 442,477 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Gritstone Bio, Inc., Equity, Acquisition Date 10/26/2022, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 1,000,000 | |||||||
Investments, at fair value: | [40] | $ 1,527,000 | |||||||
Acquisition date | [40] | Oct. 26, 2022 | |||||||
Shares | shares | [40] | 442,477 | 442,477 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Heron Therapeutics, Inc., Equity, 7/25/2015, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 500,000 | |||||||
Investments, at fair value: | [3] | $ 620,000 | |||||||
Acquisition date | [3] | Jul. 25, 2023 | |||||||
Shares | shares | [3] | 364,963 | 364,963 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, 5/7/2021, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [1],[2] | $ 4,250,000 | |||||||
Investments, at fair value: | [1] | $ 1,834,000 | |||||||
Acquisition date | [1],[3] | May 07, 2021 | |||||||
Shares | shares | [1] | 3,466,840 | 3,466,840 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[30] | $ 4,250,000 | |||||||
Investments, at fair value: | [30] | $ 2,233,000 | |||||||
Acquisition date | [30],[40] | May 07, 2021 | |||||||
Shares | shares | [30] | 3,466,840 | 3,466,840 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and HilleVax, Inc, Equity, Acquisition Date 5/3/2022, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 4,000,000 | |||||||
Investments, at fair value: | [40] | $ 3,937,000 | |||||||
Acquisition date | [40] | May 03, 2022 | |||||||
Shares | shares | [40] | 235,295 | 235,295 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and HilleVax, Inc., Equity, 5/3/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 4,000,000 | |||||||
Investments, at fair value: | [3] | $ 3,777,000 | |||||||
Acquisition date | [3] | May 03, 2022 | |||||||
Shares | shares | [3] | 235,295 | 235,295 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Humanigen, Inc., Equity, 3/31/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26] | $ 800,000 | |||||||
Investments, at fair value: | [3],[26] | $ 0 | |||||||
Acquisition date | [3],[26] | Mar. 31, 2021 | |||||||
Shares | shares | [3],[26] | 43,243 | 43,243 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Humanigen, Inc., Equity, Acquisition Date 3/31/2021, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[40] | $ 800,000 | |||||||
Investments, at fair value: | [24],[40] | $ 5,000 | |||||||
Acquisition date | [24],[40] | Mar. 31, 2021 | |||||||
Shares | shares | [24],[40] | 43,243 | 43,243 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Kura Oncology, Inc., Equity, 6/16/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26] | $ 550,000 | |||||||
Investments, at fair value: | [3],[26] | $ 688,000 | |||||||
Acquisition date | [3],[26] | Jun. 16, 2023 | |||||||
Shares | shares | [3],[26] | 47,826 | 47,826 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Equity, 9/29/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26] | $ 773,000 | |||||||
Investments, at fair value: | [3],[26] | $ 1,180,000 | |||||||
Acquisition date | [3],[26] | Sep. 29, 2023 | |||||||
Shares | shares | [3],[26] | 5,100 | 5,100 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, 12/15/2021, Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[26],[27] | $ 2,000,000 | |||||||
Investments, at fair value: | [26],[27] | $ 1,427,000 | |||||||
Acquisition date | [3],[26],[27] | Dec. 15, 2021 | |||||||
Shares | shares | [26],[27] | 983 | 983 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[25] | $ 2,000,000 | |||||||
Investments, at fair value: | [24],[25] | $ 1,476,000 | |||||||
Acquisition date | [24],[25],[40] | Dec. 15, 2021 | |||||||
Shares | shares | [24],[25] | 983 | 983 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Paratek Pharmaceuticals, Inc., Equity, Acquisition Date 2/26/2007, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 2,744,000 | |||||||
Investments, at fair value: | [40] | $ 143,000 | |||||||
Acquisition date | [40] | Feb. 26, 2007 | |||||||
Shares | shares | [40] | 76,362 | 76,362 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Equity, 6/9/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26],[31] | $ 1,730,000 | |||||||
Investments, at fair value: | [3],[26],[31] | $ 1,344,000 | |||||||
Acquisition date | [3],[26],[31] | Jun. 09, 2023 | |||||||
Shares | shares | [3],[26],[31] | 147,233 | 147,233 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, 8/22/2007, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 1,500,000 | |||||||
Investments, at fair value: | [3] | $ 28,000 | |||||||
Acquisition date | [3] | Aug. 22, 2007 | |||||||
Shares | shares | [3] | 944 | 944 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 1,500,000 | |||||||
Investments, at fair value: | [40] | $ 18,000 | |||||||
Acquisition date | [40] | Aug. 22, 2007 | |||||||
Shares | shares | [40] | 944 | 944 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Savara, Inc., Equity, 8/11/2015, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 203,000 | |||||||
Investments, at fair value: | [3] | $ 52,000 | |||||||
Acquisition date | [3] | Aug. 11, 2015 | |||||||
Shares | shares | [3] | 11,119 | 11,119 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 203,000 | |||||||
Investments, at fair value: | [40] | $ 17,000 | |||||||
Acquisition date | [40] | Aug. 11, 2015 | |||||||
Shares | shares | [40] | 11,119 | 11,119 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Sio Gene Therapies, Inc., Equity, 2/2/2017, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 1,269,000 | |||||||
Investments, at fair value: | [3] | $ 6,000 | |||||||
Acquisition date | [3] | Feb. 02, 2017 | |||||||
Shares | shares | [3] | 16,228 | 16,228 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Sio Gene Therapies, Inc., Equity, Acquisition Date 2/2/2017, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 1,269,000 | |||||||
Investments, at fair value: | [40] | $ 7,000 | |||||||
Acquisition date | [40] | Feb. 02, 2017 | |||||||
Shares | shares | [40] | 16,228 | 16,228 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc., Equity, 5/5/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26] | $ 2,100,000 | |||||||
Investments, at fair value: | [3],[26] | $ 3,150,000 | |||||||
Acquisition date | [3],[26] | May 05, 2022 | |||||||
Shares | shares | [3],[26] | 155,555 | 155,555 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc., Equity, Acquisition Date 5/5/2022, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[40] | $ 2,100,000 | |||||||
Investments, at fair value: | [24],[40] | $ 2,280,000 | |||||||
Acquisition date | [24],[40] | May 05, 2022 | |||||||
Shares | shares | [24],[40] | 155,555 | 155,555 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Total Valo Health, LLC | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 4,000,000 | |||||||
Investments, at fair value: | $ 4,098,000 | ||||||||
Shares | shares | 680,410 | 680,410 | |||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Tricida, Inc., Equity, Acquisition Date 2/28/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 863,000 | |||||||
Investments, at fair value: | [40] | $ 11,000 | |||||||
Acquisition date | [40] | Feb. 28, 2018 | |||||||
Shares | shares | [40] | 68,816 | 68,816 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, 12/11/2020, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 3,000,000 | |||||||
Investments, at fair value: | $ 2,911,000 | ||||||||
Acquisition date | [3] | Dec. 11, 2020 | |||||||
Shares | shares | 510,308 | 510,308 | |||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 1,000,000 | |||||||
Investments, at fair value: | $ 1,012,000 | ||||||||
Acquisition date | [40] | Oct. 31, 2022 | |||||||
Shares | shares | 170,102 | 170,102 | |||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 3,000,000 | |||||||
Investments, at fair value: | $ 2,063,000 | ||||||||
Acquisition date | [40] | Dec. 11, 2020 | |||||||
Shares | shares | 510,308 | 510,308 | |||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Valo Health, LLC., Equity, 10/31/2022, Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 1,000,000 | |||||||
Investments, at fair value: | $ 1,187,000 | ||||||||
Acquisition date | [3] | Oct. 31, 2022 | |||||||
Shares | shares | 170,102 | 170,102 | |||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Verge Analytics, Inc., Equity, 9/6/2023, Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 1,500,000 | |||||||
Investments, at fair value: | $ 1,753,000 | ||||||||
Acquisition date | [3] | Sep. 06, 2023 | |||||||
Shares | shares | 208,588 | 208,588 | |||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Viridian Therapeutics, Inc., Equity, 11/6/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26] | $ 400,000 | |||||||
Investments, at fair value: | [3],[26] | $ 704,000 | |||||||
Acquisition date | [3],[26] | Nov. 06, 2023 | |||||||
Shares | shares | [3],[26] | 32,310 | 32,310 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, 11/26/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 2,945,000 | |||||||
Investments, at fair value: | [3] | $ 1,313,000 | |||||||
Acquisition date | [3] | Nov. 26, 2019 | |||||||
Shares | shares | [3] | 1,566,064 | 1,566,064 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 2,945,000 | |||||||
Investments, at fair value: | [40] | $ 1,555,000 | |||||||
Acquisition date | [40] | Nov. 26, 2019 | |||||||
Shares | shares | [40] | 1,566,064 | 1,566,064 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and uniQure B.V., Equity, 1/31/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26],[27] | $ 332,000 | |||||||
Investments, at fair value: | [3],[26],[27] | $ 116,000 | |||||||
Acquisition date | [3],[26],[27] | Jan. 31, 2019 | |||||||
Shares | shares | [3],[26],[27] | 17,175 | 17,175 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[19],[24],[25],[40] | $ 332,000 | |||||||
Investments, at fair value: | [19],[24],[25],[40] | $ 389,000 | |||||||
Acquisition date | [19],[24],[25],[40] | Jan. 31, 2019 | |||||||
Shares | shares | [19],[24],[25],[40] | 17,175 | 17,175 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development, Valo Health LLC | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 4,000,000 | |||||||
Investments, at fair value: | $ 3,075,000 | ||||||||
Shares | shares | 680,410 | 680,410 | |||||||
Investment, Identifier [Axis]: Equity Investments Electronics & Computer Hardware (0.05%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.05% | 0.05% | ||||||
Investment cost | [2] | $ 2,150,000 | |||||||
Investments, at fair value: | 951,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Electronics & Computer Hardware (0.11%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.11% | 0.11% | ||||||
Investment cost | [6] | $ 2,150,000 | |||||||
Investments, at fair value: | 1,521,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 650,000 | [2] | 650,000 | [6] | |||||
Investments, at fair value: | $ 407,000 | $ 606,000 | |||||||
Acquisition date | Nov. 17, 2022 | [3] | Nov. 17, 2022 | [40] | |||||
Shares | shares | 15,116 | 15,116 | 15,116 | 15,116 | |||||
Investment, Identifier [Axis]: Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 1,500,000 | [2] | $ 1,500,000 | [6] | |||||
Investments, at fair value: | $ 544,000 | $ 915,000 | |||||||
Acquisition date | Mar. 08, 2022 | [3] | Mar. 08, 2022 | [40] | |||||
Shares | shares | 248,900 | 248,900 | 248,900 | 248,900 | |||||
Investment, Identifier [Axis]: Equity Investments Healthcare Services, Other (0.05%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.05% | 0.05% | ||||||
Investment cost | [2] | $ 6,782,000 | |||||||
Investments, at fair value: | 960,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Healthcare Services, Other (0.21%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.21% | 0.21% | ||||||
Investment cost | [6] | $ 6,781,000 | |||||||
Investments, at fair value: | 2,894,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 5,094,000 | [2],[3] | 5,094,000 | [6],[40] | |||||
Investments, at fair value: | $ 754,000 | [3] | $ 1,784,000 | [40] | |||||
Acquisition date | Mar. 11, 2019 | [3] | Mar. 11, 2019 | [40] | |||||
Shares | shares | 825,732 | [3] | 825,732 | [40] | 825,732 | [3] | 825,732 | [40] | |
Investment, Identifier [Axis]: Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 1,688,000 | [2] | $ 1,687,000 | [6] | |||||
Investments, at fair value: | $ 206,000 | $ 1,110,000 | |||||||
Acquisition date | Mar. 30, 2021 | [3] | Mar. 30, 2021 | [40] | |||||
Shares | shares | 217,880 | 217,880 | 217,880 | 217,880 | |||||
Investment, Identifier [Axis]: Equity Investments Information Services (0.35%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.35% | 0.35% | ||||||
Investment cost | [2] | $ 4,440,000 | |||||||
Investments, at fair value: | 6,243,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Information Services (0.58%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.58% | 0.58% | ||||||
Investment cost | [6] | $ 4,440,000 | |||||||
Investments, at fair value: | 8,175,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Information Services and Planet Labs, Inc., Equity, Acquisition Date 6/21/2019, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 615,000 | [2],[3] | 615,000 | [6],[40] | |||||
Investments, at fair value: | $ 1,353,000 | [3] | $ 2,383,000 | [40] | |||||
Acquisition date | Jun. 21, 2019 | [3] | Jun. 21, 2019 | [40] | |||||
Shares | shares | 547,880 | [3] | 547,880 | [40] | 547,880 | [3] | 547,880 | [40] | |
Investment, Identifier [Axis]: Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 3,825,000 | [2] | $ 3,825,000 | [6] | |||||
Investments, at fair value: | $ 4,890,000 | $ 3,375,000 | |||||||
Acquisition date | Dec. 30, 2021 | [3] | Dec. 30, 2021 | [40] | |||||
Shares | shares | 41,021 | 41,021 | 41,021 | 41,021 | |||||
Investment, Identifier [Axis]: Equity Investments Information Services and Zeta Global Corp., Equity, Acquisition Date 11/20/2007, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 0 | |||||||
Investments, at fair value: | [40] | $ 2,417,000 | |||||||
Acquisition date | [40] | Nov. 20, 2007 | |||||||
Shares | shares | [40] | 295,861 | 295,861 | ||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment (0.01%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.01% | 0.01% | ||||||
Investment cost | [2] | $ 250,000 | |||||||
Investments, at fair value: | 262,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment (0.07%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.07% | 0.07% | ||||||
Investment cost | [6] | $ 2,953,000 | |||||||
Investments, at fair value: | 915,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 0 | [2],[32] | 0 | [6],[34] | |||||
Investments, at fair value: | $ 2,000 | [32] | $ 6,000 | [34] | |||||
Acquisition date | Oct. 15, 2021 | [3],[32] | Oct. 15, 2021 | [34],[40] | |||||
Shares | shares | 180,000 | [32] | 180,000 | [34] | 180,000 | [32] | 180,000 | [34] | |
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-2 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[32] | $ 250,000 | |||||||
Investments, at fair value: | [32] | $ 260,000 | |||||||
Acquisition date | [3],[32] | Oct. 15, 2021 | |||||||
Shares | shares | [32] | 5,000,000 | 5,000,000 | ||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and Flowonix Medical Incorporated, Equity, Acquisition Date 11/3/2014, Series Preferred Series AA | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 1,499,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Nov. 03, 2014 | |||||||
Shares | shares | 221,893 | 221,893 | |||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and Gelesis, Inc., Equity, Acquisition Date 11/30/2009, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 871,000 | |||||||
Investments, at fair value: | [40] | $ 433,000 | |||||||
Acquisition date | [40] | Nov. 30, 2009 | |||||||
Shares | shares | [40] | 1,490,700 | 1,490,700 | ||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and ViewRay, Inc., Equity, Acquisition Date 12/16/2013, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 333,000 | |||||||
Investments, at fair value: | [40] | $ 163,000 | |||||||
Acquisition date | [40] | Dec. 16, 2013 | |||||||
Shares | shares | [40] | 36,457 | 36,457 | ||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment, Coronado Aesthetics, LLC | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 250,000 | |||||||
Investments, at fair value: | $ 319,000 | ||||||||
Shares | shares | 5,180,000 | 5,180,000 | |||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment, Total Coronado Aesthetics, LLC | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 250,000 | |||||||
Investments, at fair value: | $ 262,000 | ||||||||
Shares | shares | 5,180,000 | 5,180,000 | |||||||
Investment, Identifier [Axis]: Equity Investments Semiconductors (0.01%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.01% | 0.01% | ||||||
Investment cost | [6] | $ 160,000 | |||||||
Investments, at fair value: | 205,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Semiconductors (0.02%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.02% | 0.02% | ||||||
Investment cost | [2] | $ 160,000 | |||||||
Investments, at fair value: | 394,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 160,000 | [2] | 160,000 | [6] | |||||
Investments, at fair value: | $ 394,000 | $ 205,000 | |||||||
Acquisition date | Jul. 01, 2011 | [3] | Jul. 01, 2011 | [40] | |||||
Shares | shares | 277,995 | 277,995 | 277,995 | 277,995 | |||||
Investment, Identifier [Axis]: Equity Investments Software (1.27%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 1.27% | 1.27% | |||||||
Investment cost | [2] | $ 23,210,000 | |||||||
Investments, at fair value: | 22,919,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Software (2.07%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 2.07% | 2.07% | ||||||
Investment cost | [6] | $ 32,498,000 | |||||||
Investments, at fair value: | 28,966,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Software and 3GTMS, LLC, Equity, Acquisition Date 8/9/2021, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 1,000,000 | [2] | 1,000,000 | [6] | |||||
Investments, at fair value: | $ 863,000 | $ 793,000 | |||||||
Acquisition date | Aug. 09, 2021 | [3] | Aug. 09, 2021 | [40] | |||||
Shares | shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||
Investment, Identifier [Axis]: Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 2,406,000 | [2],[41] | $ 3,000,000 | [6],[42] | |||||
Investments, at fair value: | $ 2,406,000 | [41] | $ 3,000,000 | [42] | |||||
Acquisition date | Mar. 24, 2021 | [3],[41] | Mar. 24, 2021 | [40],[42] | |||||
Shares | shares | 3 | [41] | 3 | [42] | 3 | [41] | 3 | [42] | |
Investment, Identifier [Axis]: Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-3 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 51,000 | [2] | $ 51,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 6,000 | |||||||
Acquisition date | Oct. 26, 2012 | [3] | Oct. 26, 2012 | [40] | |||||
Shares | shares | 53,614 | 53,614 | 53,614 | 53,614 | |||||
Investment, Identifier [Axis]: Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 500,000 | [2],[26],[27] | $ 500,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 842,000 | [26],[27] | $ 732,000 | [24],[25] | |||||
Acquisition date | Nov. 20, 2018 | [3],[26],[27] | Nov. 20, 2018 | [24],[25],[40] | |||||
Shares | shares | 108,500 | [26],[27] | 108,500 | [24],[25] | 108,500 | [26],[27] | 108,500 | [24],[25] | |
Investment, Identifier [Axis]: Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 138,000 | [2],[26],[27] | $ 138,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 303,000 | [26],[27] | $ 258,000 | [24],[25] | |||||
Acquisition date | Dec. 22, 2020 | [3],[26],[27] | Dec. 22, 2020 | [24],[25],[40] | |||||
Shares | shares | 41,000 | [26],[27] | 41,000 | [24],[25] | 41,000 | [26],[27] | 41,000 | [24],[25] | |
Investment, Identifier [Axis]: Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 4,284,000 | [2] | $ 4,284,000 | [6] | |||||
Investments, at fair value: | $ 636,000 | $ 503,000 | |||||||
Acquisition date | Nov. 29, 2018 | [3] | Nov. 29, 2018 | [40] | |||||
Shares | shares | 20,000 | 20,000 | 20,000 | 20,000 | |||||
Investment, Identifier [Axis]: Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 2 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 1,000,000 | [2] | $ 1,000,000 | [6] | |||||
Investments, at fair value: | $ 2,752,000 | $ 1,764,000 | |||||||
Acquisition date | Oct. 22, 2015 | [3] | Oct. 22, 2015 | [40] | |||||
Shares | shares | 458,841 | 458,841 | 458,841 | 458,841 | |||||
Investment, Identifier [Axis]: Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 3 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 300,000 | [2] | $ 300,000 | [6] | |||||
Investments, at fair value: | $ 587,000 | $ 395,000 | |||||||
Acquisition date | Aug. 24, 2017 | [3] | Aug. 24, 2017 | [40] | |||||
Shares | shares | 93,620 | 93,620 | 93,620 | 93,620 | |||||
Investment, Identifier [Axis]: Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 307,000 | [2] | $ 307,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | Jan. 18, 2013 | [3] | Jan. 18, 2013 | [40] | |||||
Shares | shares | 190 | 190 | 190 | 190 | |||||
Investment, Identifier [Axis]: Equity Investments Software and Leapwork ApS., Equity, Acquisition Date 8/25/2023, Series Preferred Series B2 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[26],[27] | $ 250,000 | |||||||
Investments, at fair value: | [26],[27] | $ 231,000 | |||||||
Acquisition date | [3],[26],[27] | Aug. 25, 2023 | |||||||
Shares | shares | [26],[27] | 183,073 | 183,073 | ||||||
Investment, Identifier [Axis]: Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 265,000 | [2] | $ 265,000 | [6] | |||||
Investments, at fair value: | $ 23,000 | $ 24,000 | |||||||
Acquisition date | Dec. 04, 2020 | [3] | Dec. 04, 2020 | [40] | |||||
Shares | shares | 38,461 | 38,461 | 38,461 | 38,461 | |||||
Investment, Identifier [Axis]: Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 4,854,000 | [2],[3] | $ 4,854,000 | [6],[40] | |||||
Investments, at fair value: | $ 1,927,000 | [3] | $ 2,100,000 | [40] | |||||
Acquisition date | Aug. 01, 2018 | [3] | Aug. 01, 2018 | [40] | |||||
Shares | shares | 1,019,255 | [3] | 1,019,255 | [40] | 1,019,255 | [3] | 1,019,255 | [40] | |
Investment, Identifier [Axis]: Equity Investments Software and Palantir Technologies, Equity, Acquisition Date 9/23/2020, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 3,474,000 | [2],[3] | $ 8,670,000 | [6],[40] | |||||
Investments, at fair value: | $ 9,758,000 | [3] | $ 9,106,000 | [40] | |||||
Acquisition date | Sep. 23, 2020 | [3] | Sep. 23, 2020 | [40] | |||||
Shares | shares | 568,337 | [3] | 1,418,337 | [40] | 568,337 | [3] | 1,418,337 | [40] | |
Investment, Identifier [Axis]: Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 2,000,000 | [2] | $ 2,000,000 | [6] | |||||
Investments, at fair value: | $ 1,721,000 | $ 1,940,000 | |||||||
Acquisition date | Nov. 25, 2020 | [3] | Nov. 25, 2020 | [40] | |||||
Shares | shares | 580,983 | 580,983 | 580,983 | 580,983 | |||||
Investment, Identifier [Axis]: Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 280,000 | [2] | $ 280,000 | [6] | |||||
Investments, at fair value: | $ 196,000 | $ 221,000 | |||||||
Acquisition date | Aug. 12, 2021 | [3] | Aug. 12, 2021 | [40] | |||||
Shares | shares | 52,956 | 52,956 | 52,956 | 52,956 | |||||
Investment, Identifier [Axis]: Equity Investments Software and Sprinklr, Inc., Equity, Acquisition Date 3/22/2017, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 3,748,000 | |||||||
Investments, at fair value: | [40] | $ 5,719,000 | |||||||
Acquisition date | [40] | Mar. 22, 2017 | |||||||
Shares | shares | [40] | 700,000 | 700,000 | ||||||
Investment, Identifier [Axis]: Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Preferred Series E | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 2,000,000 | [2] | $ 2,000,000 | [6] | |||||
Investments, at fair value: | $ 422,000 | $ 1,023,000 | |||||||
Acquisition date | Jul. 08, 2021 | [3] | Jul. 08, 2021 | [40] | |||||
Shares | shares | 952,562 | 952,562 | 952,562 | 952,562 | |||||
Investment, Identifier [Axis]: Equity Investments Software and ZeroFox, Inc., Equity, Acquisition Date 5/7/2020, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 101,000 | [2],[3] | $ 101,000 | [6],[40],[43] | |||||
Investments, at fair value: | $ 252,000 | [3] | $ 1,382,000 | [40],[43] | |||||
Acquisition date | May 07, 2020 | [3] | May 07, 2020 | [40],[43] | |||||
Shares | shares | 289,992 | [3] | 289,992 | [40],[43] | 289,992 | [3] | 289,992 | [40],[43] | |
Investment, Identifier [Axis]: Equity Investments Software, Contentful Global, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 638,000 | |||||||
Investments, at fair value: | $ 990,000 | ||||||||
Shares | shares | 149,500 | 149,500 | |||||||
Investment, Identifier [Axis]: Equity Investments Software, Druva Holdings, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 1,300,000 | |||||||
Investments, at fair value: | $ 2,159,000 | ||||||||
Shares | shares | 552,461 | 552,461 | |||||||
Investment, Identifier [Axis]: Equity Investments Software, SingleStore, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 2,280,000 | |||||||
Investments, at fair value: | $ 2,161,000 | ||||||||
Shares | shares | 633,939 | 633,939 | |||||||
Investment, Identifier [Axis]: Equity Investments Software, Total Contentful Global, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 638,000 | |||||||
Investments, at fair value: | $ 1,145,000 | ||||||||
Shares | shares | 149,500 | 149,500 | |||||||
Investment, Identifier [Axis]: Equity Investments Software, Total Druva Holdings, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 1,300,000 | |||||||
Investments, at fair value: | $ 3,339,000 | ||||||||
Shares | shares | 552,461 | 552,461 | |||||||
Investment, Identifier [Axis]: Equity Investments Software, Total SingleStore, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 2,280,000 | |||||||
Investments, at fair value: | $ 1,917,000 | ||||||||
Shares | shares | 633,939 | 633,939 | |||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices (0.18%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.18% | 0.18% | ||||||
Investment cost | [6] | $ 2,479,000 | |||||||
Investments, at fair value: | 2,546,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 1/18/2007, Series Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | 250,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Jan. 18, 2007 | |||||||
Shares | shares | 219,298 | 219,298 | |||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 12/18/2018, Series Preferred Series F | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 118,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Dec. 18, 2018 | |||||||
Shares | shares | 1,523,693 | 1,523,693 | |||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 12/18/2018, Series Preferred Series F-1 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 150,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Dec. 18, 2018 | |||||||
Shares | shares | 2,418,125 | 2,418,125 | |||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 2/8/2013, Series Preferred Series D | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 712,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Feb. 08, 2013 | |||||||
Shares | shares | 1,991,157 | 1,991,157 | |||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 6/16/2010, Series Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 282,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Jun. 16, 2010 | |||||||
Shares | shares | 656,538 | 656,538 | |||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 7/14/2015, Series Preferred Series E | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 429,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Jul. 14, 2015 | |||||||
Shares | shares | 2,786,367 | 2,786,367 | |||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices and TransMedics Group, Inc., Equity, Acquisition Date 11/7/2012, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 538,000 | |||||||
Investments, at fair value: | [40] | $ 2,546,000 | |||||||
Acquisition date | [40] | Nov. 07, 2012 | |||||||
Shares | shares | [40] | 50,000 | 50,000 | ||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices, Gynesonics, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 1,941,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Shares | shares | 9,595,178 | 9,595,178 | |||||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology (0.22%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0.22% | 0.22% | |||||||
Investment cost | [2] | $ 11,508,000 | |||||||
Investments, at fair value: | 3,881,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology (0.57%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.57% | 0.57% | ||||||
Investment cost | [6] | $ 11,508,000 | |||||||
Investments, at fair value: | 7,984,000 | ||||||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Fulcrum Bioenergy, Inc., Equity, Acquisition Date 9/13/2012, Series Preferred Series C-1 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 711,000 | [2] | 711,000 | [6] | |||||
Investments, at fair value: | $ 529,000 | $ 995,000 | |||||||
Acquisition date | Sep. 13, 2012 | [3] | Sep. 13, 2012 | [40] | |||||
Shares | shares | 187,265 | 187,265 | 187,265 | 187,265 | |||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-1 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 2,000,000 | [2] | $ 2,000,000 | [6] | |||||
Investments, at fair value: | $ 479,000 | $ 2,173,000 | |||||||
Acquisition date | May 10, 2019 | [3] | May 10, 2019 | [40] | |||||
Shares | shares | 188,611 | 188,611 | 188,611 | 188,611 | |||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 500,000 | [2] | $ 500,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | Jun. 01, 2015 | [3] | Jun. 01, 2015 | [40] | |||||
Shares | shares | 1,035 | 1,035 | 1,035 | 1,035 | |||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and NantEnergy, LLC, Equity, Acquisition Date 8/31/2013, Series Common Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 102,000 | [2] | $ 102,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | Aug. 31, 2013 | [3] | Aug. 31, 2013 | [40] | |||||
Shares | shares | 59,665 | 59,665 | 59,665 | 59,665 | |||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Equity, Acquisition Date 12/10/2020, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 3,153,000 | [2],[3] | $ 3,153,000 | [6],[40],[43] | |||||
Investments, at fair value: | $ 180,000 | [3] | $ 634,000 | [40],[43] | |||||
Acquisition date | Dec. 10, 2020 | [3] | Dec. 10, 2020 | [40],[43] | |||||
Shares | shares | 304,487 | [3] | 304,486 | [40],[43] | 304,487 | [3] | 304,486 | [40],[43] | |
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 4,500,000 | [2] | $ 4,500,000 | [6] | |||||
Investments, at fair value: | $ 2,684,000 | $ 2,456,000 | |||||||
Acquisition date | Jun. 28, 2021 | [3] | Jun. 28, 2021 | [40] | |||||
Shares | shares | 593,080 | 593,080 | 593,080 | 593,080 | |||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Proterra, Inc., Equity, Acquisition Date 5/28/2015, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 542,000 | [2],[3] | $ 542,000 | [6],[40] | |||||
Investments, at fair value: | $ 9,000 | [3] | $ 1,726,000 | [40] | |||||
Acquisition date | May 28, 2015 | [3] | May 28, 2015 | [40] | |||||
Shares | shares | 457,841 | [3] | 457,841 | [40] | 457,841 | [3] | 457,841 | [40] | |
Investment, Identifier [Axis]: Equity Investments and Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 2,255,000 | |||||||
Investments, at fair value: | [40] | $ 1,763,000 | |||||||
Acquisition date | [40] | Jun. 21, 2018 | |||||||
Shares | shares | [40] | 231,329 | 231,329 | ||||||
Investment, Identifier [Axis]: Equity Investments and Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-2 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[34] | $ 250,000 | |||||||
Investments, at fair value: | [34] | $ 313,000 | |||||||
Acquisition date | [34],[40] | Oct. 15, 2021 | |||||||
Shares | shares | [34] | 5,000,000 | 5,000,000 | ||||||
Investment, Identifier [Axis]: Investment Fund After Cash & Cash Equivalents (183.28%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 183.28% | 183.28% | ||||||
Investment cost | [2] | $ 3,303,033,000 | |||||||
Investments, at fair value: | 3,304,046,000 | ||||||||
Investment, Identifier [Axis]: Investment Fund Cash & Cash Equivalent and GS Financial Square Government Fund, FGTXX/38141W273 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | 56,000,000 | |||||||
Investments, at fair value: | $ 56,000,000 | ||||||||
Investment, Identifier [Axis]: Investment Fund In Cash & Cash Equivalents (3.11%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 3.11% | 3.11% | ||||||
Investment cost | [2] | $ 56,000,000 | |||||||
Investments, at fair value: | $ 56,000,000 | ||||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments (0.26%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.26% | 0.26% | ||||||
Investment cost | [2] | $ 4,483,000 | |||||||
Investments, at fair value: | $ 4,608,000 | ||||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments (0.28%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.28% | 0.28% | ||||||
Investment cost | [6] | $ 3,499,000 | |||||||
Investments, at fair value: | $ 3,893,000 | ||||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Drug Discovery & Development (0.23%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.23% | 0.23% | ||||||
Investment cost | [2] | $ 4,102,000 | |||||||
Investments, at fair value: | 4,230,000 | ||||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Drug Discovery & Development (0.25%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.25% | 0.25% | ||||||
Investment cost | [6] | $ 3,118,000 | |||||||
Investments, at fair value: | 3,518,000 | ||||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund I C.V., Investment Funds & Vehicles, Acquisition Date 11/16/2020 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 3,783,000 | [2],[22],[26],[27] | 2,699,000 | [6],[7],[24],[25] | |||||
Investments, at fair value: | $ 3,619,000 | [22],[26],[27] | $ 3,080,000 | [7],[24],[25] | |||||
Acquisition date | Nov. 16, 2020 | [3],[22],[26],[27] | Nov. 16, 2020 | [7],[24],[25],[40] | |||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund II C.V., Investment Funds & Vehicles, Acquisition Date 6/23/2022 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 319,000 | [2],[22],[26],[27] | $ 419,000 | [6],[7],[24],[25] | |||||
Investments, at fair value: | $ 611,000 | [22],[26],[27] | $ 438,000 | [7],[24],[25] | |||||
Acquisition date | Jun. 23, 2022 | [3],[22],[26],[27] | Jun. 23, 2022 | [7],[24],[25],[40] | |||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Software (0.02%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.02% | 0.02% | ||||||
Investment cost | [2] | $ 381,000 | |||||||
Investments, at fair value: | 378,000 | ||||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Software (0.03%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.03% | 0.03% | ||||||
Investment cost | [6] | $ 381,000 | |||||||
Investments, at fair value: | 375,000 | ||||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Software and Liberty Zim Co-Invest L.P., Investment Funds & Vehicles, Acquisition Date 7/21/2022 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 381,000 | [2],[26],[27] | 381,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 378,000 | [26],[27] | $ 375,000 | [24],[25] | |||||
Acquisition date | Jul. 21, 2022 | [3],[26],[27] | Jul. 21, 2022 | [24],[25],[40] | |||||
Investment, Identifier [Axis]: Investments (180.18%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 180.18% | 180.18% | ||||||
Investment cost | [2] | $ 3,247,033,000 | |||||||
Investments, at fair value: | $ 3,248,046,000 | ||||||||
Investment, Identifier [Axis]: Investments (211.49%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 211.49% | 211.49% | ||||||
Investment cost | [6] | $ 3,005,696,000 | |||||||
Investments, at fair value: | $ 2,963,955,000 | ||||||||
Investment, Identifier [Axis]: Investments in Securities (179.92%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 179.92% | 179.92% | ||||||
Investment cost | [2] | $ 3,242,550,000 | |||||||
Investments, at fair value: | $ 3,243,438,000 | ||||||||
Investment, Identifier [Axis]: Investments in Securities (211.21%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 211.21% | 211.21% | ||||||
Investment cost | [6] | $ 3,002,197,000 | |||||||
Investments, at fair value: | $ 2,960,062,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments (1.88%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 1.88% | 1.88% | ||||||
Investment cost | [2] | $ 28,954,000 | |||||||
Investments, at fair value: | $ 33,969,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments (2.19%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 2.19% | 2.19% | ||||||
Investment cost | [6] | $ 30,964,000 | |||||||
Investments, at fair value: | $ 30,646,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Biotechnology Tools (0.02%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0.02% | 0.02% | |||||||
Investment cost | [2] | $ 496,000 | |||||||
Investments, at fair value: | 354,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Biotechnology Tools (0.03%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.03% | 0.03% | ||||||
Investment cost | [6] | $ 485,000 | |||||||
Investments, at fair value: | 486,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 36,000 | [2] | 24,000 | [6] | |||||
Investments, at fair value: | $ 20,000 | $ 23,000 | |||||||
Acquisition date | Jun. 21, 2022 | [3] | Jun. 21, 2022 | [40] | |||||
Shares | shares | 46,197 | 15,399 | 46,197 | 15,399 | |||||
Investment, Identifier [Axis]: Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 460,000 | [2],[12] | $ 461,000 | [6] | |||||
Investments, at fair value: | $ 334,000 | [12] | $ 463,000 | ||||||
Acquisition date | Dec. 23, 2022 | [3],[12] | Dec. 23, 2022 | [40] | |||||
Shares | shares | 53,418 | [12] | 53,418 | 53,418 | [12] | 53,418 | |||
Investment, Identifier [Axis]: Warrant Investments and Communications & Networking (0.01%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0.01% | 0.01% | [5] | 0.01% | 0.01% | [5] | |||
Investment cost | $ 123,000 | [2] | $ 541,000 | [6] | |||||
Investments, at fair value: | 128,000 | 99,000 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 123,000 | [2],[12] | 123,000 | [6] | |||||
Investments, at fair value: | $ 128,000 | [12] | $ 99,000 | ||||||
Acquisition date | Jun. 28, 2022 | [3],[12] | Jun. 28, 2022 | [40] | |||||
Shares | shares | 229,611 | [12] | 229,611 | 229,611 | [12] | 229,611 | |||
Investment, Identifier [Axis]: Warrant Investments and Communications & Networking and Spring Mobile Solutions, Inc., Warrant, Acquisition Date 4/19/2013, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 418,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Apr. 19, 2013 | |||||||
Shares | shares | 2,834,375 | 2,834,375 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products (0.02%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.02% | 0.02% | ||||||
Investment cost | [2] | $ 611,000 | |||||||
Investments, at fair value: | 325,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products (0.17%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.17% | 0.17% | ||||||
Investment cost | [6] | $ 1,712,000 | |||||||
Investments, at fair value: | 2,323,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 228,000 | [2] | 228,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | Jun. 03, 2014 | [3] | Jun. 03, 2014 | [40] | |||||
Shares | shares | 1,662,441 | 1,662,441 | 1,662,441 | 1,662,441 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and Savage X Holding, LLC, Warrant, Acquisition Date 6/27/2014, Class A Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 0 | |||||||
Investments, at fair value: | $ 1,103,000 | ||||||||
Acquisition date | [40] | Jun. 27, 2014 | |||||||
Shares | shares | 206,185 | 206,185 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and TFG Holding, Inc., Warrant, Acquisition Date 6/27/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 0 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Jun. 27, 2014 | |||||||
Shares | shares | 206,185 | 206,185 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and TechStyle, Inc., Warrant, Acquisition Date 7/16/2013, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 1,101,000 | |||||||
Investments, at fair value: | $ 745,000 | ||||||||
Acquisition date | [40] | Jul. 16, 2013 | |||||||
Shares | shares | 206,185 | 206,185 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and The Neat Company, Warrant, Acquisition Date 8/13/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 365,000 | [2] | $ 365,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | Aug. 13, 2014 | [3] | Aug. 13, 2014 | [40] | |||||
Shares | shares | 54,054 | 54,054 | 54,054 | 54,054 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 18,000 | [2] | $ 18,000 | [6] | |||||
Investments, at fair value: | $ 325,000 | $ 475,000 | |||||||
Acquisition date | Jun. 27, 2018 | [3] | Jun. 27, 2018 | [40] | |||||
Shares | shares | 686,270 | 686,270 | 686,270 | 686,270 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services (0.19%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.19% | 0.19% | ||||||
Investment cost | [6] | $ 4,248,000 | |||||||
Investments, at fair value: | 2,639,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services (0.23%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.23% | 0.23% | ||||||
Investment cost | [2] | $ 4,208,000 | |||||||
Investments, at fair value: | 4,217,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 164,000 | [2],[26],[27] | 164,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 75,000 | [26],[27] | $ 34,000 | [24],[25] | |||||
Acquisition date | Dec. 14, 2021 | [3],[26],[27] | Dec. 14, 2021 | [24],[25],[40] | |||||
Shares | shares | 174,163 | [26],[27] | 174,163 | [24],[25] | 174,163 | [26],[27] | 174,163 | [24],[25] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 20,000 | [2] | $ 20,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | Oct. 29, 2019 | [3] | Oct. 29, 2019 | [40] | |||||
Shares | shares | 529,661 | 529,661 | 529,661 | 529,661 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 116,000 | [1],[2] | $ 116,000 | [6],[30] | |||||
Investments, at fair value: | $ 298,000 | [1] | $ 127,000 | [30] | |||||
Acquisition date | Mar. 12, 2021 | [1],[3] | Mar. 12, 2021 | [30],[40] | |||||
Shares | shares | 11,806 | [1] | 11,806 | [30] | 11,806 | [1] | 11,806 | [30] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Preferred Series D | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 39,000 | [2] | $ 39,000 | [6] | |||||
Investments, at fair value: | $ 33,000 | $ 19,000 | |||||||
Acquisition date | Mar. 29, 2019 | [3] | Mar. 29, 2019 | [40] | |||||
Shares | shares | 127,032 | 127,032 | 127,032 | 127,032 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Plentific Ltd, Warrant, Acquisition Date 10/3/2023, Ordinary shares | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[26],[27] | $ 48,000 | |||||||
Investments, at fair value: | [26],[27] | $ 51,000 | |||||||
Acquisition date | [3],[26],[27] | Oct. 03, 2023 | |||||||
Shares | shares | [26],[27] | 19,499 | 19,499 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Provi, Warrant, Acquisition Date 12/22/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 166,000 | [1],[2] | $ 166,000 | [6],[30] | |||||
Investments, at fair value: | $ 74,000 | [1] | $ 155,000 | [30] | |||||
Acquisition date | Dec. 22, 2022 | [1],[3] | Dec. 22, 2022 | [30],[40] | |||||
Shares | shares | 117,042 | [1] | 117,042 | [30] | 117,042 | [1] | 117,042 | [30] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 470,000 | [1],[2] | $ 470,000 | [6],[30] | |||||
Investments, at fair value: | $ 4,000 | [1] | $ 308,000 | [30] | |||||
Acquisition date | Mar. 12, 2021 | [1],[3] | Mar. 12, 2021 | [30],[40] | |||||
Shares | shares | 13,106 | [1] | 13,106 | [30] | 13,106 | [1] | 13,106 | [30] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and RumbleON, Inc., Warrant, Acquisition Date 4/30/2018, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 88,000 | |||||||
Investments, at fair value: | [40] | $ 0 | |||||||
Acquisition date | [40] | Apr. 30, 2018 | |||||||
Shares | shares | [40] | 5,139 | 5,139 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 842,000 | [2],[31] | $ 842,000 | [6],[18],[19] | |||||
Investments, at fair value: | $ 3,065,000 | [31] | $ 1,332,000 | [18],[19] | |||||
Acquisition date | Jun. 12, 2019 | [3],[31] | Jun. 12, 2019 | [18],[19],[40] | |||||
Shares | shares | 1,379,761 | [31] | 1,379,761 | [18],[19] | 1,379,761 | [31] | 1,379,761 | [18],[19] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Skyword, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 140,000 | |||||||
Investments, at fair value: | $ 43,000 | ||||||||
Shares | shares | 2,051,587 | 2,051,587 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 57,000 | [2] | $ 57,000 | [6] | |||||
Investments, at fair value: | $ 58,000 | $ 43,000 | |||||||
Acquisition date | Nov. 14, 2022 | [3] | Nov. 14, 2022 | [40] | |||||
Shares | shares | 1,607,143 | 1,607,143 | 1,607,143 | 1,607,143 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 83,000 | [2] | $ 83,000 | [6] | |||||
Investments, at fair value: | $ 5,000 | $ 0 | |||||||
Acquisition date | Aug. 23, 2019 | [3] | Aug. 23, 2019 | [40] | |||||
Shares | shares | 444,444 | 444,444 | 444,444 | 444,444 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Snagajob.com, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 860,000 | |||||||
Investments, at fair value: | $ 118,000 | ||||||||
Shares | shares | 3,611,537 | 3,611,537 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 16,000 | [2] | $ 16,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 43,000 | |||||||
Acquisition date | Apr. 20, 2020 | [3] | Apr. 20, 2020 | [40] | |||||
Shares | shares | 600,000 | 600,000 | 600,000 | 600,000 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Preferred Series A | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 782,000 | [2] | $ 782,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 50,000 | |||||||
Acquisition date | Jun. 30, 2016 | [3] | Jun. 30, 2016 | [40] | |||||
Shares | shares | 1,800,000 | 1,800,000 | 1,800,000 | 1,800,000 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 62,000 | [2] | $ 62,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 25,000 | |||||||
Acquisition date | Aug. 01, 2018 | [3] | Aug. 01, 2018 | [40] | |||||
Shares | shares | 1,211,537 | 1,211,537 | 1,211,537 | 1,211,537 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 844,000 | [2],[12] | $ 844,000 | [6],[18] | |||||
Investments, at fair value: | $ 515,000 | [12] | $ 280,000 | [18] | |||||
Acquisition date | May 01, 2018 | [3],[12] | May 01, 2018 | [18],[40] | |||||
Shares | shares | 267,225 | [12] | 267,225 | [18] | 267,225 | [12] | 267,225 | [18] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Total Skyword, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 140,000 | |||||||
Investments, at fair value: | $ 63,000 | ||||||||
Shares | shares | 2,051,587 | 2,051,587 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Total Snagajob.com, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 860,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Shares | shares | 3,611,537 | 3,611,537 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Total Worldremit Group Limited | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 155,000 | |||||||
Investments, at fair value: | $ 23,000 | ||||||||
Shares | shares | 79,083 | 79,083 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Udacity, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 218,000 | [2],[12] | $ 218,000 | [6],[18] | |||||
Investments, at fair value: | $ 0 | [12] | $ 4,000 | [18] | |||||
Acquisition date | Sep. 25, 2020 | [3],[12] | Sep. 25, 2020 | [18],[40] | |||||
Shares | shares | 486,359 | [12] | 486,359 | [18] | 486,359 | [12] | 486,359 | [18] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 126,000 | [2],[12] | $ 126,000 | [6] | |||||
Investments, at fair value: | $ 16,000 | [12] | $ 25,000 | ||||||
Acquisition date | Mar. 31, 2022 | [3],[12] | Mar. 31, 2022 | [40] | |||||
Shares | shares | 98,428 | [12] | 98,428 | 98,428 | [12] | 98,428 | |||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Worldremit Group Limited | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 155,000 | |||||||
Investments, at fair value: | $ 194,000 | ||||||||
Shares | shares | 79,083 | 79,083 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Preferred Series D | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 129,000 | [2],[12],[26],[27],[31] | $ 129,000 | [6],[18],[19],[24],[25] | |||||
Investments, at fair value: | $ 23,000 | [12],[26],[27],[31] | $ 192,000 | [18],[19],[24],[25] | |||||
Acquisition date | Feb. 11, 2021 | [3],[12],[26],[27],[31] | Feb. 11, 2021 | [18],[19],[24],[25],[40] | |||||
Shares | shares | 77,215 | [12],[26],[27],[31] | 77,215 | [18],[19],[24],[25] | 77,215 | [12],[26],[27],[31] | 77,215 | [18],[19],[24],[25] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Preferred Series E | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 26,000 | [2],[26],[27],[31] | $ 26,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 0 | [26],[27],[31] | $ 2,000 | [24],[25] | |||||
Acquisition date | Aug. 27, 2021 | [3],[26],[27],[31] | Aug. 27, 2021 | [24],[25],[40] | |||||
Shares | shares | 1,868 | [26],[27],[31] | 1,868 | [24],[25] | 1,868 | [26],[27],[31] | 1,868 | [24],[25] | |
Investment, Identifier [Axis]: Warrant Investments and Diversified Financial Services (0.03%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.03% | 0.03% | ||||||
Investment cost | [2] | $ 214,000 | |||||||
Investments, at fair value: | 554,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Diversified Financial Services and Next Insurance, Inc., Warrant, Acquisition Date 2/3/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | 214,000 | |||||||
Investments, at fair value: | $ 554,000 | ||||||||
Acquisition date | [3] | Feb. 03, 2023 | |||||||
Shares | shares | 522,930 | 522,930 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Delivery (0.00%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0% | [4] | 0% | [5] | 0% | [4] | 0% | [5] | |
Investment cost | $ 392,000 | [2] | $ 465,000 | [6] | |||||
Investments, at fair value: | 0 | 1,000 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Delivery and Aerami Therapeutics Holdings, Inc., Warrant, Acquisition Date 6/1/2016, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | 0 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [3] | Jun. 01, 2016 | |||||||
Shares | shares | 67,069 | 67,069 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Delivery and Aerami Therapeutics Holdings, Inc., Warrant, Acquisition Date 9/30/2015, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | 74,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Sep. 30, 2015 | |||||||
Shares | shares | 110,882 | 110,882 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Delivery and BioQ Pharma Incorporated, Warrant, Acquisition Date 10/27/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 2,000 | [2] | $ 1,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | Oct. 27, 2014 | [3] | Oct. 27, 2014 | [40] | |||||
Shares | shares | 459,183 | 459,183 | 459,183 | 459,183 | |||||
Investment, Identifier [Axis]: Warrant Investments and Drug Delivery and PDS Biotechnology Corporation, Warrant, Acquisition Date 8/28/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 390,000 | [2],[3] | $ 390,000 | [6],[40] | |||||
Investments, at fair value: | $ 0 | [3] | $ 1,000 | [40] | |||||
Acquisition date | Aug. 28, 2014 | [3] | Aug. 28, 2014 | [40] | |||||
Shares | shares | 3,929 | [3] | 3,929 | [40] | 3,929 | [3] | 3,929 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development (0.46%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.46% | 0.46% | ||||||
Investment cost | [2] | $ 7,517,000 | |||||||
Investments, at fair value: | 8,302,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development (0.60%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.60% | 0.60% | ||||||
Investment cost | [6] | $ 7,466,000 | |||||||
Investments, at fair value: | 8,444,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and ADMA Biologics, Inc., Warrant, Acquisition Date 2/24/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 166,000 | [2],[3] | 166,000 | [6],[40] | |||||
Investments, at fair value: | $ 11,000 | [3] | $ 10,000 | [40] | |||||
Acquisition date | Feb. 24, 2014 | [3] | Feb. 24, 2014 | [40] | |||||
Shares | shares | 58,000 | [3] | 58,000 | [40] | 58,000 | [3] | 58,000 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Acacia Pharma Inc., Warrant, Acquisition Date 6/29/2018, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[25] | $ 304,000 | |||||||
Investments, at fair value: | [24],[25] | $ 0 | |||||||
Acquisition date | [24],[25],[40] | Jun. 29, 2018 | |||||||
Shares | shares | [24],[25] | 201,330 | 201,330 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 175,000 | [2],[3],[26] | $ 56,000 | [6],[24],[40] | |||||
Investments, at fair value: | $ 335,000 | [3],[26] | $ 674,000 | [24],[40] | |||||
Acquisition date | Jun. 15, 2022 | [3],[26] | Jun. 15, 2022 | [24],[40] | |||||
Shares | shares | 22,949 | [3],[26] | 18,360 | [24],[40] | 22,949 | [3],[26] | 18,360 | [24],[40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Albireo Pharma, Inc., Warrant, Acquisition Date 6/8/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[40] | $ 61,000 | |||||||
Investments, at fair value: | [24],[40] | $ 31,000 | |||||||
Acquisition date | [24],[40] | Jun. 08, 2020 | |||||||
Shares | shares | [24],[40] | 5,311 | 5,311 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and AmplifyBio, LLC, Warrant, Acquisition Date 12/27/2022, Class A Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[30] | $ 238,000 | |||||||
Investments, at fair value: | [30] | $ 256,000 | |||||||
Acquisition date | [30],[40] | Dec. 27, 2022 | |||||||
Shares | shares | [30] | 69,239 | 69,239 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 1,290,000 | [2],[3],[12],[26],[31] | $ 880,000 | [6],[18],[19],[24],[40] | |||||
Investments, at fair value: | $ 1,657,000 | [3],[12],[26],[31] | $ 1,590,000 | [18],[19],[24],[40] | |||||
Acquisition date | Sep. 25, 2020 | [3],[12],[26],[31] | Sep. 25, 2020 | [18],[19],[24],[40] | |||||
Shares | shares | 61,004 | [3],[12],[26],[31] | 40,396 | [18],[19],[24],[40] | 61,004 | [3],[12],[26],[31] | 40,396 | [18],[19],[24],[40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and COMPASS Pathways plc, Warrant, Acquisition Date 6/30/2023, Ordinary Shares | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26],[27] | $ 278,000 | |||||||
Investments, at fair value: | [3],[26],[27] | $ 285,000 | |||||||
Acquisition date | [3],[26],[27] | Jun. 30, 2023 | |||||||
Shares | shares | [3],[26],[27] | 75,376 | 75,376 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 287,000 | [1],[2] | $ 287,000 | [6],[30] | |||||
Investments, at fair value: | $ 201,000 | [1] | $ 318,000 | [30] | |||||
Acquisition date | Dec. 08, 2021 | [1],[3] | Dec. 08, 2021 | [30],[40] | |||||
Shares | shares | 100,000 | [1] | 100,000 | [30] | 100,000 | [1] | 100,000 | [30] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 37,000 | [2],[3] | $ 37,000 | [6],[40] | |||||
Investments, at fair value: | $ 1,000 | [3] | $ 3,000 | [40] | |||||
Acquisition date | Sep. 14, 2020 | [3] | Sep. 14, 2020 | [40] | |||||
Shares | shares | 16,112 | [3] | 16,112 | [40] | 16,112 | [3] | 16,112 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Curevo, Inc., Warrant, Acquisition Date 6/9/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [1],[2] | $ 233,000 | |||||||
Investments, at fair value: | [1] | $ 251,000 | |||||||
Acquisition date | [1],[3] | Jun. 09, 2023 | |||||||
Shares | shares | [1] | 95,221 | 95,221 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Dermavant Sciences Ltd., Warrant, Acquisition Date 5/31/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 101,000 | [2],[26],[27] | $ 101,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 7,000 | [26],[27] | $ 199,000 | [24],[25] | |||||
Acquisition date | May 31, 2019 | [3],[26],[27] | May 31, 2019 | [24],[25],[40] | |||||
Shares | shares | 223,642 | [26],[27] | 223,642 | [24],[25] | 223,642 | [26],[27] | 223,642 | [24],[25] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Evofem Biosciences, Inc., Warrant, Acquisition Date 6/11/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 266,000 | [2],[3] | $ 266,000 | [6],[40] | |||||
Investments, at fair value: | $ 0 | [3] | $ 0 | [40] | |||||
Acquisition date | Jun. 11, 2014 | [3] | Jun. 11, 2014 | [40] | |||||
Shares | shares | 3 | [3] | 520 | [40] | 3 | [3] | 520 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.), Warrant, Acquisition Date 2/18/2016, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 119,000 | [2],[3] | $ 119,000 | [6],[40] | |||||
Investments, at fair value: | $ 0 | [3] | $ 0 | [40] | |||||
Acquisition date | Feb. 18, 2016 | [3] | Feb. 18, 2016 | [40] | |||||
Shares | shares | 201 | [3] | 200 | [40] | 201 | [3] | 200 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Heron Therapeutics, Inc., Warrant, Acquisition Date 8/9/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [1],[2],[3] | $ 228,000 | |||||||
Investments, at fair value: | [1],[3] | $ 223,000 | |||||||
Acquisition date | [1],[3] | Aug. 09, 2023 | |||||||
Shares | shares | [1],[3] | 238,095 | 238,095 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 110,000 | [2],[3] | $ 110,000 | [6],[40] | |||||
Investments, at fair value: | $ 0 | [3] | $ 0 | [40] | |||||
Acquisition date | Dec. 20, 2019 | [3] | Dec. 20, 2019 | [40] | |||||
Shares | shares | 2,202 | [3] | 2,202 | [40] | 2,202 | [3] | 2,202 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 88,000 | [1],[2],[3],[26] | $ 88,000 | [24],[30],[40] | |||||
Investments, at fair value: | $ 63,000 | [1],[3],[26] | $ 59,000 | [24],[30],[40] | |||||
Acquisition date | Nov. 02, 2022 | [1],[3],[26] | Nov. 02, 2022 | [24],[30],[40] | |||||
Shares | shares | 14,342 | [1],[3],[26] | 14,342 | [24],[30],[40] | 14,342 | [1],[3],[26] | 14,342 | [24],[30],[40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 570,000 | [2],[3],[26] | $ 177,000 | [6],[24],[40] | |||||
Investments, at fair value: | $ 1,842,000 | [3],[26] | $ 1,977,000 | [24],[40] | |||||
Acquisition date | May 09, 2022 | [3],[26] | May 09, 2022 | [24],[40] | |||||
Shares | shares | 13,229 | [3],[26] | 10,131 | [24],[40] | 13,229 | [3],[26] | 10,131 | [24],[40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Myovant Sciences, Ltd., Warrant, Acquisition Date 10/16/2017, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[24],[25],[40] | $ 460,000 | |||||||
Investments, at fair value: | [24],[25],[40] | $ 958,000 | |||||||
Acquisition date | [24],[25],[40] | Oct. 16, 2017 | |||||||
Shares | shares | [24],[25],[40] | 73,710 | 73,710 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Paratek Pharmaceuticals, Inc., Warrant, Acquisition Date 8/1/2018, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 520,000 | |||||||
Investments, at fair value: | [40] | $ 34,000 | |||||||
Acquisition date | [40] | Aug. 01, 2018 | |||||||
Shares | shares | [40] | 426,866 | 426,866 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 848,000 | [1],[2],[3],[12],[26],[31] | $ 848,000 | [6],[18],[19],[24],[30],[40] | |||||
Investments, at fair value: | $ 68,000 | [1],[3],[12],[26],[31] | $ 101,000 | [18],[19],[24],[30],[40] | |||||
Acquisition date | Sep. 17, 2021 | [1],[3],[12],[26],[31] | Sep. 17, 2021 | [18],[19],[24],[30],[40] | |||||
Shares | shares | 64,687 | [1],[3],[12],[26],[31] | 64,687 | [18],[19],[24],[30],[40] | 64,687 | [1],[3],[12],[26],[31] | 64,687 | [18],[19],[24],[30],[40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Provention Bio, Inc., Warrant, Acquisition Date 9/15/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 281,000 | |||||||
Investments, at fair value: | [40] | $ 677,000 | |||||||
Acquisition date | [40] | Sep. 15, 2022 | |||||||
Shares | shares | [40] | 111,934 | 111,934 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Preferred Series E | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 20,000 | [1],[2] | $ 20,000 | [6],[30] | |||||
Investments, at fair value: | $ 6,000 | [1] | $ 21,000 | [30] | |||||
Acquisition date | Mar. 23, 2022 | [1],[3] | Mar. 23, 2022 | [30],[40] | |||||
Shares | shares | 475,510 | [1] | 475,510 | [30] | 475,510 | [1] | 475,510 | [30] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 296,000 | [2],[3] | $ 296,000 | [6],[18],[40] | |||||
Investments, at fair value: | $ 28,000 | [3] | $ 15,000 | [18],[40] | |||||
Acquisition date | May 14, 2021 | [3] | May 14, 2021 | [18],[40] | |||||
Shares | shares | 106,035 | [3] | 106,035 | [18],[40] | 106,035 | [3] | 106,035 | [18],[40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 2/28/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 1,284,000 | [2],[3],[12],[26] | $ 1,033,000 | [6],[18],[24],[40] | |||||
Investments, at fair value: | $ 2,583,000 | [3],[12],[26] | $ 1,084,000 | [18],[24],[40] | |||||
Acquisition date | Feb. 28, 2019 | [3],[12],[26] | Feb. 28, 2019 | [18],[24],[40] | |||||
Shares | shares | 264,226 | [3],[12],[26] | 231,613 | [18],[24],[40] | 264,226 | [3],[12],[26] | 231,613 | [18],[24],[40] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Tricida, Inc., Warrant, Acquisition Date 3/27/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 280,000 | |||||||
Investments, at fair value: | [40] | $ 1,000 | |||||||
Acquisition date | [40] | Mar. 27, 2019 | |||||||
Shares | shares | [40] | 31,352 | 31,352 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Common Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 256,000 | [2] | $ 256,000 | [6] | |||||
Investments, at fair value: | $ 153,000 | $ 127,000 | |||||||
Acquisition date | Jun. 15, 2020 | [3] | Jun. 15, 2020 | [40] | |||||
Shares | shares | 102,216 | 102,216 | 102,216 | 102,216 | |||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 12/9/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 510,000 | |||||||
Investments, at fair value: | [40] | $ 281,000 | |||||||
Acquisition date | [40] | Dec. 09, 2022 | |||||||
Shares | shares | [40] | 1,392,787 | 1,392,787 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 3/18/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 510,000 | |||||||
Investments, at fair value: | [3] | $ 225,000 | |||||||
Acquisition date | [3] | Mar. 18, 2019 | |||||||
Shares | shares | [3] | 1,392,787 | 1,392,787 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/30/2021, Preferred Series 3 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[18],[24],[25] | $ 72,000 | |||||||
Investments, at fair value: | [18],[24],[25] | $ 28,000 | |||||||
Acquisition date | [18],[24],[25],[40] | Dec. 30, 2021 | |||||||
Shares | shares | [18],[24],[25] | 133,692 | 133,692 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and enGene,Inc, Warrant, Acquisition Date 12/22/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3],[26],[27] | $ 118,000 | |||||||
Investments, at fair value: | [3],[26],[27] | $ 179,000 | |||||||
Acquisition date | [3],[26],[27] | Dec. 22, 2023 | |||||||
Shares | shares | [3],[26],[27] | 43,689 | 43,689 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware (0.02%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.02% | 0.02% | ||||||
Investment cost | [2] | $ 692,000 | |||||||
Investments, at fair value: | 391,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware (0.09%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.09% | 0.09% | ||||||
Investment cost | [6] | $ 692,000 | |||||||
Investments, at fair value: | 1,273,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 101,000 | [2],[3] | 101,000 | [6],[40] | |||||
Investments, at fair value: | $ 175,000 | [3] | $ 86,000 | [40] | |||||
Acquisition date | Mar. 15, 2017 | [3] | Mar. 15, 2017 | [40] | |||||
Shares | shares | 49,078 | [3] | 49,078 | [40] | 49,078 | [3] | 49,078 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 34,000 | [2] | $ 34,000 | [6] | |||||
Investments, at fair value: | $ 102,000 | $ 212,000 | |||||||
Acquisition date | Jun. 21, 2022 | [3] | Jun. 21, 2022 | [40] | |||||
Shares | shares | 8,503 | 8,511 | 8,503 | 8,511 | |||||
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 557,000 | [2] | $ 557,000 | [6] | |||||
Investments, at fair value: | $ 114,000 | $ 975,000 | |||||||
Acquisition date | Nov. 08, 2021 | [3] | Nov. 08, 2021 | [40] | |||||
Shares | shares | 622,255 | 622,255 | 622,255 | 622,255 | |||||
Investment, Identifier [Axis]: Warrant Investments and Healthcare Services, Other (0.00%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0% | 0% | ||||||
Investment cost | [6] | $ 114,000 | |||||||
Investments, at fair value: | 14,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Healthcare Services, Other (0.03%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.03% | 0.03% | ||||||
Investment cost | [2] | $ 750,000 | |||||||
Investments, at fair value: | 596,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Healthcare Services, Other and Modern Life, Inc., Warrant, Acquisition Date 3/30/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | 164,000 | |||||||
Investments, at fair value: | $ 165,000 | ||||||||
Acquisition date | [3] | Mar. 30, 2023 | |||||||
Shares | shares | 37,618 | 37,618 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Healthcare Services, Other and Recover Together, Inc.., Warrant, Acquisition Date 7/3/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 382,000 | |||||||
Investments, at fair value: | $ 327,000 | ||||||||
Acquisition date | [3] | Jul. 03, 2023 | |||||||
Shares | shares | 194,830 | 194,830 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Healthcare Services, Other and Strive Health Holdings, LLC., Warrant, Acquisition Date 9/28/2023, Common Units | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [1],[2] | $ 83,000 | |||||||
Investments, at fair value: | [1] | $ 95,000 | |||||||
Acquisition date | [1],[3] | Sep. 28, 2023 | |||||||
Shares | shares | [1] | 51,760 | 51,760 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 121,000 | [2] | 114,000 | [6] | |||||
Investments, at fair value: | $ 9,000 | $ 14,000 | |||||||
Acquisition date | Mar. 28, 2022 | [3] | Mar. 28, 2022 | [40] | |||||
Shares | shares | 192,431 | 100,618 | 192,431 | 100,618 | |||||
Investment, Identifier [Axis]: Warrant Investments and Information Services (0.03%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.03% | 0.03% | ||||||
Investment cost | [2] | $ 694,000 | |||||||
Investments, at fair value: | 486,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Information Services (0.04%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.04% | 0.04% | ||||||
Investment cost | [6] | $ 680,000 | |||||||
Investments, at fair value: | 509,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Information Services and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 207,000 | [1],[2] | 207,000 | [6],[30] | |||||
Investments, at fair value: | $ 33,000 | [1] | $ 114,000 | [30] | |||||
Acquisition date | Oct. 21, 2021 | [1],[3] | Oct. 21, 2021 | [30],[40] | |||||
Shares | shares | 176,200 | [1] | 176,200 | [30] | 176,200 | [1] | 176,200 | [30] | |
Investment, Identifier [Axis]: Warrant Investments and Information Services and INMOBI Inc., Warrant, Acquisition Date 11/19/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 82,000 | [2],[26],[27] | $ 82,000 | [6],[24] | |||||
Investments, at fair value: | $ 0 | [26],[27] | $ 0 | [24] | |||||
Acquisition date | Nov. 19, 2014 | [3],[26],[27] | Nov. 19, 2014 | [24],[40] | |||||
Shares | shares | 65,587 | [26],[27] | 65,587 | [24] | 65,587 | [26],[27] | 65,587 | [24] | |
Investment, Identifier [Axis]: Warrant Investments and Information Services and NetBase Solutions, Inc., Warrant, Acquisition Date 8/22/2017, Preferred Series 1 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 356,000 | [2] | $ 356,000 | [6] | |||||
Investments, at fair value: | $ 362,000 | $ 380,000 | |||||||
Acquisition date | Aug. 22, 2017 | [3] | Aug. 22, 2017 | [40] | |||||
Shares | shares | 60,000 | 60,000 | 60,000 | 60,000 | |||||
Investment, Identifier [Axis]: Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 49,000 | [2],[26],[27] | $ 35,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 91,000 | [26],[27] | $ 15,000 | [24],[25] | |||||
Acquisition date | Jun. 29, 2022 | [3],[26],[27] | Jun. 29, 2022 | [24],[25],[40] | |||||
Shares | shares | 113,828 | [26],[27] | 94,857 | [24],[25] | 113,828 | [26],[27] | 94,857 | [24],[25] | |
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology (0.17%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0.17% | 0.17% | |||||||
Investment cost | [2] | $ 1,112,000 | |||||||
Investments, at fair value: | 3,000,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology (0.30%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.30% | 0.30% | ||||||
Investment cost | [6] | $ 1,112,000 | |||||||
Investments, at fair value: | 4,156,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 537,000 | [2] | 537,000 | [6] | |||||
Investments, at fair value: | $ 279,000 | $ 1,154,000 | |||||||
Acquisition date | Mar. 31, 2022 | [3] | Mar. 31, 2022 | [40] | |||||
Shares | shares | 392,308 | 392,308 | 392,308 | 392,308 | |||||
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 528,000 | [2] | $ 528,000 | [6] | |||||
Investments, at fair value: | $ 677,000 | $ 1,202,000 | |||||||
Acquisition date | Mar. 23, 2022 | [3] | Mar. 23, 2022 | [40] | |||||
Shares | shares | 1,111,111 | 1,111,111 | 1,111,111 | 1,111,111 | |||||
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology and Xometry, Inc., Warrant, Acquisition Date 5/9/2018, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 47,000 | [2],[3] | $ 47,000 | [6],[40] | |||||
Investments, at fair value: | $ 2,044,000 | [3] | $ 1,800,000 | [40] | |||||
Acquisition date | May 09, 2018 | [3] | May 09, 2018 | [40] | |||||
Shares | shares | 87,784 | [3] | 87,784 | [40] | 87,784 | [3] | 87,784 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Media/Content/Info (0.00%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0% | 0% | ||||||
Investment cost | [6] | $ 35,000 | |||||||
Investments, at fair value: | 35,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Media/Content/Info (0.01%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0.01% | 0.01% | |||||||
Investment cost | [2] | $ 67,000 | |||||||
Investments, at fair value: | 235,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Preferred Series E-1 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 67,000 | [2] | 35,000 | [6] | |||||
Investments, at fair value: | $ 235,000 | $ 35,000 | |||||||
Acquisition date | Dec. 30, 2022 | [3] | Dec. 30, 2022 | [40] | |||||
Shares | shares | 369,370 | 221,622 | 369,370 | 221,622 | |||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment (0.01%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0.01% | 0.01% | |||||||
Investment cost | [2] | $ 956,000 | |||||||
Investments, at fair value: | 262,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment (0.07%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.07% | 0.07% | ||||||
Investment cost | [6] | $ 2,034,000 | |||||||
Investments, at fair value: | 919,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Aspire Bariatrics, Inc., Warrant, Acquisition Date 1/28/2015, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | 455,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Jan. 28, 2015 | |||||||
Shares | shares | 22,572 | 22,572 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 713,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Shares | shares | 836,752 | 836,752 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated, Warrant, Acquisition Date 11/3/2014, Preferred Series AA | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 362,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Nov. 03, 2014 | |||||||
Shares | shares | 110,946 | 110,946 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated, Warrant, Acquisition Date 9/21/2018, Preferred Series BB | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 351,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Sep. 21, 2018 | |||||||
Shares | shares | 725,806 | 725,806 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Intuity Medical, Inc., Warrant, Acquisition Date 12/29/2017, Preferred Series B-1 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 294,000 | [2] | $ 294,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 54,000 | |||||||
Acquisition date | Dec. 29, 2017 | [3] | Dec. 29, 2017 | [40] | |||||
Shares | shares | 3,076,323 | 3,076,323 | 3,076,323 | 3,076,323 | |||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Lucira Health, Inc., Warrant, Acquisition Date 2/4/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[40] | $ 110,000 | |||||||
Investments, at fair value: | [40] | $ 0 | |||||||
Acquisition date | [40] | Feb. 04, 2022 | |||||||
Shares | shares | [40] | 59,642 | 59,642 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Outset Medical, Inc., Warrant, Acquisition Date 9/27/2013, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 401,000 | [2],[3] | $ 401,000 | [6],[40] | |||||
Investments, at fair value: | $ 78,000 | [3] | $ 864,000 | [40] | |||||
Acquisition date | Sep. 27, 2013 | [3] | Sep. 27, 2013 | [40] | |||||
Shares | shares | 62,794 | [3] | 62,794 | [40] | 62,794 | [3] | 62,794 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Senseonics Holdings, Inc., Warrant, Acquisition Date 9/8/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[3] | $ 200,000 | |||||||
Investments, at fair value: | [3] | $ 184,000 | |||||||
Acquisition date | [3] | Sep. 08, 2023 | |||||||
Shares | shares | [3] | 728,317 | 728,317 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 61,000 | [2],[3] | $ 61,000 | [6],[40] | |||||
Investments, at fair value: | $ 0 | [3] | $ 1,000 | [40] | |||||
Acquisition date | Mar. 31, 2017 | [3] | Mar. 31, 2017 | [40] | |||||
Shares | shares | 15,712 | [3] | 15,712 | [40] | 15,712 | [3] | 15,712 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Semiconductors (0.04%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0.04% | 0.04% | [5] | 0.04% | 0.04% | [5] | |||
Investment cost | $ 99,000 | [2] | $ 850,000 | [6] | |||||
Investments, at fair value: | 811,000 | 524,000 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Preferred Series D-2 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 99,000 | [2] | 99,000 | [6] | |||||
Investments, at fair value: | $ 811,000 | $ 524,000 | |||||||
Acquisition date | Jun. 26, 2015 | [3] | Jun. 26, 2015 | [40] | |||||
Shares | shares | 750,000 | 750,000 | 750,000 | 750,000 | |||||
Investment, Identifier [Axis]: Warrant Investments and Semiconductors and Fungible, Inc., Warrant, Acquisition Date 12/16/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[30] | $ 751,000 | |||||||
Investments, at fair value: | [30] | $ 0 | |||||||
Acquisition date | [30],[40] | Dec. 16, 2021 | |||||||
Shares | shares | [30] | 800,000 | 800,000 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software (0.59%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.59% | 0.59% | ||||||
Investment cost | [6] | $ 9,761,000 | |||||||
Investments, at fair value: | 8,244,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Software (0.75%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0.75% | 0.75% | ||||||
Investment cost | [2] | $ 10,445,000 | |||||||
Investments, at fair value: | 13,549,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Preferred Series G | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 74,000 | [2] | 74,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | May 22, 2015 | [3] | May 22, 2015 | [40] | |||||
Shares | shares | 231,535 | 231,535 | 231,535 | 231,535 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 448,000 | [2] | $ 448,000 | [6] | |||||
Investments, at fair value: | $ 430,000 | $ 365,000 | |||||||
Acquisition date | Sep. 23, 2022 | [3] | Sep. 23, 2022 | [40] | |||||
Shares | shares | 254,778 | 254,778 | 254,778 | 254,778 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 284,000 | [2] | $ 284,000 | [6] | |||||
Investments, at fair value: | $ 666,000 | $ 398,000 | |||||||
Acquisition date | Nov. 18, 2020 | [3] | Nov. 18, 2020 | [40] | |||||
Shares | shares | 29,691 | 29,691 | 29,691 | 29,691 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 165,000 | [1],[2] | $ 165,000 | [6],[30] | |||||
Investments, at fair value: | $ 47,000 | [1] | $ 61,000 | [30] | |||||
Acquisition date | Oct. 04, 2021 | [1],[3] | Oct. 04, 2021 | [30],[40] | |||||
Shares | shares | 194,629 | [1] | 194,629 | [30] | 194,629 | [1] | 194,629 | [30] | |
Investment, Identifier [Axis]: Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 117,000 | [2] | $ 117,000 | [6] | |||||
Investments, at fair value: | $ 12,000 | $ 1,000 | |||||||
Acquisition date | Sep. 30, 2020 | [3] | Sep. 30, 2020 | [40] | |||||
Shares | shares | 211,342 | 211,342 | 211,342 | 211,342 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 71,000 | [2] | $ 71,000 | [6] | |||||
Investments, at fair value: | $ 29,000 | $ 14,000 | |||||||
Acquisition date | Nov. 06, 2018 | [3] | Nov. 06, 2018 | [40] | |||||
Shares | shares | 477,454 | 477,454 | 477,454 | 477,454 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 54,000 | [2],[26],[27] | $ 54,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 844,000 | [26],[27] | $ 400,000 | [24],[25] | |||||
Acquisition date | Apr. 10, 2018 | [3],[26],[27] | Apr. 10, 2018 | [24],[25],[40] | |||||
Shares | shares | 6,763 | [26],[27] | 6,763 | [24],[25] | 6,763 | [26],[27] | 6,763 | [24],[25] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Convoy, Inc., Warrant, Acquisition Date 3/30/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[19] | $ 974,000 | |||||||
Investments, at fair value: | [19] | $ 364,000 | |||||||
Acquisition date | [19],[40] | Mar. 30, 2022 | |||||||
Shares | shares | [19] | 165,456 | 165,456 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 462,000 | [2],[3] | $ 462,000 | [6],[40] | |||||
Investments, at fair value: | $ 1,225,000 | [3] | $ 488,000 | [40] | |||||
Acquisition date | Apr. 25, 2019 | [3] | Apr. 25, 2019 | [40] | |||||
Shares | shares | 105,350 | [3] | 105,350 | [40] | 105,350 | [3] | 105,350 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 26,000 | [2],[12],[26],[27] | $ 26,000 | [6],[18],[24],[25] | |||||
Investments, at fair value: | $ 62,000 | [12],[26],[27] | $ 19,000 | [18],[24],[25] | |||||
Acquisition date | Sep. 21, 2022 | [3],[12],[26],[27] | Sep. 21, 2022 | [18],[24],[25],[40] | |||||
Shares | shares | 102,898 | [12],[26],[27] | 102,898 | [18],[24],[25] | 102,898 | [12],[26],[27] | 102,898 | [18],[24],[25] | |
Investment, Identifier [Axis]: Warrant Investments and Software and DNAnexus, Inc., Warrant, Acquisition Date 3/21/2014, Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 97,000 | [2] | $ 97,000 | [6] | |||||
Investments, at fair value: | $ 47,000 | $ 131,000 | |||||||
Acquisition date | Mar. 21, 2014 | [3] | Mar. 21, 2014 | [40] | |||||
Shares | shares | 909,091 | 909,091 | 909,091 | 909,091 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 461,000 | [2] | $ 353,000 | [6] | |||||
Investments, at fair value: | $ 258,000 | $ 168,000 | |||||||
Acquisition date | Mar. 11, 2019 | [3] | Mar. 11, 2019 | [40] | |||||
Shares | shares | 770,838 | 453,641 | 770,838 | 453,641 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Delphix Corp., Warrant, Acquisition Date 10/8/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 1,594,000 | [2] | $ 1,594,000 | [6] | |||||
Investments, at fair value: | $ 3,801,000 | $ 2,657,000 | |||||||
Acquisition date | Oct. 08, 2019 | [3] | Oct. 08, 2019 | [40] | |||||
Shares | shares | 718,898 | 718,898 | 718,898 | 718,898 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 545,000 | [2] | $ 545,000 | [6] | |||||
Investments, at fair value: | $ 396,000 | $ 180,000 | |||||||
Acquisition date | Aug. 02, 2021 | [3] | Aug. 02, 2021 | [40] | |||||
Shares | shares | 727,047 | 727,047 | 727,047 | 727,047 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Dragos, Inc., Warrant, Acquisition Date 6/28/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 1,452,000 | |||||||
Investments, at fair value: | $ 1,207,000 | ||||||||
Acquisition date | [3] | Jun. 28, 2023 | |||||||
Shares | shares | 49,309 | 49,309 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 278,000 | [2] | $ 278,000 | [6] | |||||
Investments, at fair value: | $ 413,000 | $ 300,000 | |||||||
Acquisition date | Jun. 30, 2022 | [3] | Jun. 30, 2022 | [40] | |||||
Shares | shares | 95,911 | 95,911 | 95,911 | 95,911 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Eigen Technologies Ltd., Warrant, Acquisition Date 4/13/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 8,000 | [2],[26],[27] | $ 8,000 | [6],[24],[25] | |||||
Investments, at fair value: | $ 4,000 | [26],[27] | $ 6,000 | [24],[25] | |||||
Acquisition date | Apr. 13, 2022 | [3],[26],[27] | Apr. 13, 2022 | [24],[25],[40] | |||||
Shares | shares | 522 | [26],[27] | 522 | [24],[25] | 522 | [26],[27] | 522 | [24],[25] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 583,000 | [2] | $ 583,000 | [6] | |||||
Investments, at fair value: | $ 188,000 | $ 382,000 | |||||||
Acquisition date | Sep. 12, 2022 | [3] | Sep. 12, 2022 | [40] | |||||
Shares | shares | 362,837 | 362,837 | 362,837 | 362,837 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Esme Learning Solutions, Inc., Warrant, Acquisition Date 1/27/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 198,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Jan. 27, 2022 | |||||||
Shares | shares | 56,765 | 56,765 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Evernote Corporation, Warrant, Acquisition Date 9/30/2016, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 107,000 | |||||||
Investments, at fair value: | $ 6,000 | ||||||||
Acquisition date | [40] | Sep. 30, 2016 | |||||||
Shares | shares | 62,500 | 62,500 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 96,000 | [2] | $ 96,000 | [6] | |||||
Investments, at fair value: | $ 77,000 | $ 39,000 | |||||||
Acquisition date | May 10, 2018 | [3] | May 10, 2018 | [40] | |||||
Shares | shares | 75,917 | 75,917 | 75,917 | 75,917 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 325,000 | [2] | $ 325,000 | [6] | |||||
Investments, at fair value: | $ 456,000 | $ 314,000 | |||||||
Acquisition date | Jul. 29, 2022 | [3] | Jul. 29, 2022 | [40] | |||||
Shares | shares | 84,995 | 84,995 | 84,995 | 84,995 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Kore.ai, Inc., Warrant, Acquisition Date 3/31/2023, Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 208,000 | |||||||
Investments, at fair value: | $ 243,000 | ||||||||
Acquisition date | [3] | Mar. 31, 2023 | |||||||
Shares | shares | 64,293 | 64,293 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Leapwork ApS, Warrant, Acquisition Date 1/23/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[12],[26],[27] | $ 16,000 | |||||||
Investments, at fair value: | [12],[26],[27] | $ 35,000 | |||||||
Acquisition date | [3],[12],[26],[27] | Jan. 23, 2023 | |||||||
Shares | shares | [12],[26],[27] | 39,948 | 39,948 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Preferred Series D | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 131,000 | [2] | $ 131,000 | [6] | |||||
Investments, at fair value: | $ 49,000 | $ 1,000 | |||||||
Acquisition date | Feb. 14, 2018 | [3] | Feb. 14, 2018 | [40] | |||||
Shares | shares | 89,685 | 89,685 | 89,685 | 89,685 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 252,000 | [2] | $ 252,000 | [6] | |||||
Investments, at fair value: | $ 306,000 | $ 225,000 | |||||||
Acquisition date | Sep. 30, 2020 | [3] | Sep. 30, 2020 | [40] | |||||
Shares | shares | 82,362 | 82,362 | 82,362 | 82,362 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Nuvolo Technologies Corporation, Warrant, Acquisition Date 3/29/2019, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6],[18] | $ 172,000 | |||||||
Investments, at fair value: | [18] | $ 175,000 | |||||||
Acquisition date | [18],[40] | Mar. 29, 2019 | |||||||
Shares | shares | [18] | 70,000 | 70,000 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Onna Technologies, Inc., Warrant 7/5/2023 Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Acquisition date | [3] | Jul. 05, 2023 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Onna Technologies, Inc.Warrant 7/5/2023 Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 60,000 | |||||||
Investments, at fair value: | $ 39,000 | ||||||||
Shares | shares | 172,867 | 172,867 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Poplicus, Inc., Warrant, Acquisition Date 5/28/2014, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 0 | [2] | $ 0 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | May 28, 2014 | [3] | May 28, 2014 | [40] | |||||
Shares | shares | 132,168 | 132,168 | 132,168 | 132,168 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 215,000 | [2] | $ 215,000 | [6] | |||||
Investments, at fair value: | $ 447,000 | $ 298,000 | |||||||
Acquisition date | Jun. 30, 2020 | [3] | Jun. 30, 2020 | [40] | |||||
Shares | shares | 69,120 | 69,120 | 69,120 | 69,120 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and SignPost, Inc., Warrant, Acquisition Date 1/13/2016, Series Junior 1 Preferred | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 314,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Jan. 13, 2016 | |||||||
Shares | shares | 474,019 | 474,019 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Simon Data, Inc., Warrant, Acquisition Date 3/22/2023, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[12] | $ 96,000 | |||||||
Investments, at fair value: | [12] | $ 76,000 | |||||||
Acquisition date | [3],[12] | Mar. 22, 2023 | |||||||
Shares | shares | [12] | 77,934 | 77,934 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Preferred Series D | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 103,000 | [2] | $ 103,000 | [6] | |||||
Investments, at fair value: | $ 386,000 | $ 426,000 | |||||||
Acquisition date | Apr. 28, 2020 | [3] | Apr. 28, 2020 | [40] | |||||
Shares | shares | 312,596 | 312,596 | 312,596 | 312,596 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Sisense Ltd., Warrant, Acquisition Date 6/28/2023, Ordinary Shares | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[26],[27] | $ 174,000 | |||||||
Investments, at fair value: | [26],[27] | $ 128,000 | |||||||
Acquisition date | [3],[26],[27] | Jun. 08, 2023 | |||||||
Shares | shares | [26],[27] | 321,956 | 321,956 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Suzy, Inc. Warrant, Acquisition Date 8/24/2023 Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [1],[2] | $ 367,000 | |||||||
Investments, at fair value: | [1] | $ 354,000 | |||||||
Acquisition date | [1],[3] | Aug. 24, 2023 | |||||||
Shares | shares | [1] | 292,936 | 292,936 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Tact.ai Technologies, Inc., Warrant, Acquisition Date 2/13/2020, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 206,000 | |||||||
Investments, at fair value: | $ 69,000 | ||||||||
Acquisition date | [40] | Feb. 13, 2020 | |||||||
Shares | shares | 1,041,667 | 1,041,667 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Software and The Faction Group LLC, Warrant, Acquisition Date 11/3/2014, Preferred Series AA | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 234,000 | [2] | $ 234,000 | [6] | |||||
Investments, at fair value: | $ 904,000 | $ 436,000 | |||||||
Acquisition date | Nov. 03, 2014 | [3] | Nov. 03, 2014 | [40] | |||||
Shares | shares | 8,076 | 8,076 | 8,076 | 8,076 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/22/2023, Ordinary Shares | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2],[26],[27] | $ 174,000 | |||||||
Investments, at fair value: | [26],[27] | $ 234,000 | |||||||
Acquisition date | [3],[26],[27] | Mar. 22, 2023 | |||||||
Shares | shares | [26],[27] | 254,877 | 254,877 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 1,275,000 | [1],[2] | $ 1,275,000 | [6],[30] | |||||
Investments, at fair value: | $ 186,000 | [1] | $ 321,000 | [30] | |||||
Acquisition date | Jan. 21, 2022 | [1],[3] | Jan. 21, 2022 | [30],[40] | |||||
Shares | shares | 152,048 | [1] | 152,048 | [30] | 152,048 | [1] | 152,048 | [30] | |
Investment, Identifier [Axis]: Warrant Investments and Surgical Devices (0.04%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | 0.04% | [4] | 0.04% | [5] | 0.04% | [4] | 0.04% | [5] | |
Investment cost | $ 39,000 | [2] | $ 46,000 | [6] | |||||
Investments, at fair value: | 676,000 | 492,000 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Surgical Devices and Gynesonics, Inc., Warrant, Acquisition Date 1/16/2013, Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | 7,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Jan. 16, 2013 | |||||||
Shares | shares | 16,835 | 16,835 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Surgical Devices and TransMedics Group, Inc., Warrant, Acquisition Date 9/11/2015, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 39,000 | [2],[3] | $ 39,000 | [6],[40] | |||||
Investments, at fair value: | $ 676,000 | [3] | $ 492,000 | [40] | |||||
Acquisition date | Sep. 11, 2015 | [3] | Sep. 11, 2015 | [40] | |||||
Shares | shares | 14,440 | [3] | 14,440 | [40] | 14,440 | [3] | 14,440 | [40] | |
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology (0.00%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [4] | 0% | 0% | ||||||
Investment cost | [2] | $ 539,000 | |||||||
Investments, at fair value: | 83,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology (0.03%) | |||||||||
Summary of Investment Holdings | |||||||||
Investment owned, percent of net assets | [5] | 0.03% | 0.03% | ||||||
Investment cost | [6] | $ 723,000 | |||||||
Investments, at fair value: | 488,000 | ||||||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Ampion, PBC, Warrant, Acquisition Date 4/15/2022, Common Stock | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | 52,000 | [2] | 52,000 | [6] | |||||
Investments, at fair value: | $ 36,000 | $ 44,000 | |||||||
Acquisition date | Apr. 15, 2022 | [3] | Apr. 15, 2022 | [40] | |||||
Shares | shares | 18,472 | 18,472 | 18,472 | 18,472 | |||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Fulcrum Bioenergy, Inc., Warrant, Acquisition Date 4/30/2013, Preferred Series C-1 | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 64,000 | |||||||
Investments, at fair value: | $ 275,000 | ||||||||
Acquisition date | [40] | Apr. 30, 2013 | |||||||
Shares | shares | 93,632 | 93,632 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Halio, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 218,000 | |||||||
Investments, at fair value: | $ 169,000 | ||||||||
Shares | shares | 456,883 | 456,883 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Halio, Inc., Warrant, Acquisition Date 4/22/2014, Preferred Series A | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 155,000 | [2] | $ 155,000 | [6] | |||||
Investments, at fair value: | $ 36,000 | $ 126,000 | |||||||
Acquisition date | Apr. 22, 2014 | [3] | Apr. 22, 2014 | [40] | |||||
Shares | shares | 325,000 | 325,000 | 325,000 | 325,000 | |||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Halio, Inc., Warrant, Acquisition Date 4/7/2015, Preferred Series B | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 63,000 | [2] | $ 63,000 | [6] | |||||
Investments, at fair value: | $ 11,000 | $ 43,000 | |||||||
Acquisition date | Apr. 07, 2015 | [3] | Apr. 07, 2015 | [40] | |||||
Shares | shares | 131,883 | 131,883 | 131,883 | 131,883 | |||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and IngredientWerks Holdings, Inc. (p.k.a Agrivida, Inc.), Warrant, Acquisition Date 6/20/2013, Preferred Series D | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [6] | $ 120,000 | |||||||
Investments, at fair value: | $ 0 | ||||||||
Acquisition date | [40] | Jun. 20, 2013 | |||||||
Shares | shares | 471,327 | 471,327 | |||||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Polyera Corporation, Warrant, Acquisition Date 3/24/2015, Preferred Series C | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | $ 269,000 | [2] | $ 269,000 | [6] | |||||
Investments, at fair value: | $ 0 | $ 0 | |||||||
Acquisition date | Mar. 24, 2015 | [3] | Mar. 24, 2015 | [40] | |||||
Shares | shares | 150,036 | 150,036 | 150,036 | 150,036 | |||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Total Halio, Inc. | |||||||||
Summary of Investment Holdings | |||||||||
Investment cost | [2] | $ 218,000 | |||||||
Investments, at fair value: | $ 47,000 | ||||||||
Shares | shares | 456,883 | 456,883 | |||||||
[1] Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company. Except for warrants in 24 publicly traded companies and common stock in 36 publicly traded companies, all investments are restricted as of December 31, 2023 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s valuation committee (the “Valuation Committee”) and approved by the board of directors (the “Board”). Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies. Value as a percent of net assets. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies. Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $72.2 million, $112.0 million, and $39.8 million, respectively. The tax cost of investments is $3.0 billion. Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 2022. Refer to “Note 11 — Commitments and Contingencies”. Interest rate PRIME represents 7.50% as of December 31, 2022. 1-month LIBOR, 3-month LIBOR, and 6-month LIBOR represent, 4.40%, 4.77%, and 5.14%, respectively, as of December 31, 2022. Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments. Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”). Interest rate PRIME represents 8.50% as of December 31, 2023. 1-month SOFR, 3-month SOFR, and 6-month SOFR represent 5.34%, 5.36%, and 5.35%, respectively, as of December 31, 2023. Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”). Denotes second lien senior secured debt. Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments. Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”). Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition. Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”). Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”). Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of December 31, 2022. Denotes second lien senior secured debt. Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”). Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 2023 (Refer to “Note 11 — Commitments and Contingencies”). Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition. Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Non-U.S. company or the company’s principal place of business is outside the United States. Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Denotes that all or a portion of the debt investment is convertible debt. Denotes that all or a portion of the debt investment is convertible debt. Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company. Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of December 31, 2023. Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board. Debt is on non-accrual status as of December 31, 2022, and is therefore considered non-income producing. Note that only the PIK portion is on non-accrual for the Company’s debt investment in Tectura Corporation and Pineapple Energy LLC. Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1” for additional disclosure. Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $4.6 million and $3.4 million, respectively. Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $12.0 million and $9.4 million, respectively. Debt is on non-accrual status as of December 31, 2023, and is therefore considered non-income producing. Except for warrants in 27 publicly traded companies and common stock in 43 publicly traded companies, all investments are restricted as of December 31, 2022 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s Board. Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of December 31, 2023, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $2.4 million. Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock in portfolio company Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of December 31, 2022, the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $3.0 million. Denotes all or a portion of the public equity or warrant investment was acquired in a transaction exempt from registration under the Securities Act of 1933 (“Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS - Forward Foreign Currency Exchange Contracts £ in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 GBP (£) | Dec. 31, 2023 USD ($) | |
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Exchange Contracts, Great British Pound (GBP) Counterparty Goldman Sachs Bank USA Settlement Date 6/3/2024 | ||
Schedule Of Investments [Line Items] | ||
Derivative, settlement date | Jun. 03, 2024 | |
Derivative liability notional amount | £ | £ 19,288 | |
Derivative liability | $ 23,810 | |
Derivatives, gain (loss) value | (766) | |
Open Forward Foreign Currency Contract, Identifier [Axis]: Total Foreign Currency Forward ((0.04%)) | ||
Schedule Of Investments [Line Items] | ||
Derivative liability | 23,810 | |
Derivatives, gain (loss) value | $ (766) | |
Investment owned, percent of net assets | (0.04%) | (0.04%) |
CONSOLIDATED SCHEDULE OF INVE_3
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) $ in Thousands | Dec. 31, 2023 USD ($) Firm | Dec. 31, 2022 USD ($) Firm |
Summary of Investment Holdings | ||
Investment, basis spread, variable rate | 8.50% | |
Tax basis of investments, gross, unrealized appreciation | $ 118,300 | $ 72,200 |
Tax basis of investments, gross, unrealized depreciation | 115,900 | 112,000 |
Tax basis of investments, unrealized appreciation (depreciation), net | 2,400 | (39,800) |
Tax basis of investments, cost for income tax purposes | 3,200,000 | 3,000,000 |
Investment cost | 3,247,033 | 3,005,696 |
Investments, at fair value: | 3,248,046 | 2,963,955 |
Black Crow AI, Inc. | Promissory Notes | ||
Summary of Investment Holdings | ||
Principal amount | 2,400 | 3,000 |
Phathom Pharmaceuticals, Inc. | Royalty Contract | ||
Summary of Investment Holdings | ||
Investment cost | 12,000 | 4,600 |
Investments, at fair value: | $ 9,400 | $ 3,400 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Warrants | ||
Summary of Investment Holdings | ||
Number of publicly traded companies | Firm | 24 | 27 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stock | ||
Summary of Investment Holdings | ||
Number of publicly traded companies | Firm | 36 | 43 |
PRIME | ||
Summary of Investment Holdings | ||
Investment, basis spread, variable rate | 7.50% | |
1-month SOFR | ||
Summary of Investment Holdings | ||
Interest rate | 5.34% | |
3-month SOFR | ||
Summary of Investment Holdings | ||
Interest rate | 5.36% | |
6-month SOFR | ||
Summary of Investment Holdings | ||
Interest rate | 5.35% | |
1-month LIBOR | ||
Summary of Investment Holdings | ||
Interest rate | 4.40% | |
3-month LIBOR | ||
Summary of Investment Holdings | ||
Interest rate | 4.77% | |
6-month LIBOR | ||
Summary of Investment Holdings | ||
Interest rate | 5.14% |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Hercules Capital, Inc. (the “Company”) is a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional-backed companies in a variety of technology, life sciences, and sustainable and renewab le technology industries. The Company sources its investments through its principal office, which was located in Palo Alto, CA until February 12, 2024 and in San Mateo, CA thereafter and presently, as well as through its additional offices in Boston, M A, New York, NY, Bethesda, MD, San Diego, CA, Denver, CO, and London, United Kingdom. The Company was incorporated under the General Corporation Law of the State of Maryland in December 2003. The Company is an internally managed, non-diversified closed-end investment company that has elected to be regulated as a Business Development Company under the Investment Company Act of 1940, as amended. From incorporation through December 31, 2005, the Company was subject to tax as a corporation under Subchapter C of the Code. Effective January 1, 2006, the Company elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Code (see “Note 6 – Income Taxes”). The Company is not registered with the Commodity Futures Trading Commission (“CFTC”). The Company has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”), pursuant to Rule 4.5 under the CEA. The Company is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA. Hercules Capital IV, L.P. (“HC IV”) is our wholly owned Delaware limited partnership that was formed in December 2010. HC IV received a license to operate as a Small Business Investment Company (“SBIC”) under the authority of the Small Business Administration (“SBA”) on October 27, 2020. SBICs are subject to a variety of regulations concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments. Hercules Technology SBIC Management, LLC (“HTM”), is a wholly owned limited liability company subsidiary of the Company, which was formed in November 2003 and serves as the general partner of HC IV. The Company has also established certain wholly owned subsidiaries, all of which are structured as Delaware corporations or Limited Liability Companies (“LLCs”), to hold portfolio companies organized as LLCs (or other forms of pass-through entities). These subsidiaries are consolidated for financial reporting purposes in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Certain of the subsidiaries are taxable and not consolidated with Hercules for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments. The Company formed Hercules Capital Management LLC and Hercules Adviser LLC in 2020 as wholly owned Delaware limited liability subsidiaries. The Company was granted no-action relief by the staff of the Securities and Exchange Commission (“SEC”) to allow Hercules Adviser LLC (the "Adviser Subsidiary") to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). The Adviser Subsidiary provides investment advisory and related services to investment vehicles (“Adviser Funds”) owned by one or more unrelated third-party investors (“External Parties”). The Adviser Subsidiary is owned by Hercules Capital Management LLC and collectively held and presented with Hercules Partner Holdings, LLC, which separately wholly owns the general partnership vehicles to each of the Adviser Funds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S GAAP and pursuant to Regulation S-X. The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency. As an investment company, the Company follows accounting and reporting guidance as set forth in Topic 946, Financial Services – Investment Companies (“ASC Topic 946”) of the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification, as amended (“ASC”). As provided under Regulation S-X and ASC Topic 946, the Company will not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Rather, an investment company’s interest in portfolio companies that are not investment companies should be measured at fair value in accordance with ASC Topic 946. The Adviser Subsidiary is not an investment company as defined in ASC Topic 946 and further, the Adviser Subsidiary provides investment advisory services exclusively to the Adviser Funds which are owned by External Parties. As such pursuant to ASC Topic 946, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value and is not consolidated. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, other macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war), and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries, and all Variable Interest Entities (“VIE”) of which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could be significant to the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact its economic performance, the Company considers all the facts and circumstances including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If the Company determines that it is the party with the power to make the most significant decisions affecting the VIE, and the Company has a potentially significant interest in the VIE, then it consolidates the VIE. The Company performs periodic reassessments, usually quarterly, of whether it is the primary beneficiary of a VIE. The reassessment process considers whether the Company has acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances. The Company also reconsiders whether entities previously determined not to be VIEs have become VIEs, based on certain events, and therefore are subject to the VIE consolidation framework. The Company's Consolidated Financial Statements included the accounts of the securitization trust, a VIE, formed in 2022 in conjunction with the issuance of the 2031 Asset-Backed Notes (as defined in “Note 5 – Debt”). The Company held no interests in a VIE as of December 31, 2021. The assets of the Company's securitization VIE are restricted to be used to settle obligations of its consolidated securitization VIE, which are disclosed parenthetically on the Consolidated Statements of Assets and Liabilities. The liabilities are the only obligations of its consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to the Company's general credit. Fair Value Measurements The Company follows guidance in ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a framework for measuring the fair value of assets and liabilities and outlines a three-tier hierarchy which maximizes the use of observable market data input and minimizes the use of unobservable inputs to establish a classification of fair value measurements. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. ASC Topic 820 also requires disclosure for fair value measurements based on the level within the hierarchy of the information used in the valuation. ASC Topic 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. The Company categorizes all investments recorded at fair value in accordance with ASC Topic 820 based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC Topic 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets at the measurement date. The types of assets carried at Level 1 fair value generally are equities listed in active markets. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset in connection with market data at the measurement date and for the extent of the instrument’s anticipated life. Fair valued assets that are generally included in this category are publicly held debt investments and warrants held in a public company. Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset at the measurement date. It includes prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Generally, assets carried at fair value and included in this category are the debt investments and warrants and equities held in a private company. Valuation of Investments The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. As of December 31, 2023, approximately 95.1% of the Company’s total assets represented investments in portfolio companies whose fair value is determined in good faith by the Company's Valuation Committee and approved by the Board. Fair Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which a market quotation is readily available and (ii) for all other securities and assets, fair value is as determined in good faith by the valuation designee of the Board. The Company’s investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with ASC Topic 820. The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for these investment securities to be traded or exchanged. As such, the Company values substantially all of its investments at fair value as determined in good faith pursuant to a consistent valuation policy established by the Board in accordance with the provisions of ASC Topic 820 and the 1940 Act. Due to the inherent uncertainty in determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments determined in good faith by the Company's Valuation Committee and approved by the Board may differ significantly from the value that would have been used had a readily available market existed for such investments, and the differences could be material. In accordance with procedures established by its Board, the Company values investments on a quarterly basis following a multistep valuation process. Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, the Board has designated the Company’s Valuation Committee as the “valuation designee”. The quarterly Board approved multi-step valuation process is described below: (1) The Company’s quarterly valuation process begins with each portfolio company being initially valued by the investment professionals responsible for the portfolio investment; (2) Preliminary valuation conclusions and business-based assumptions, along with any applicable fair value marks provided by an independent firm, are reviewed with the Company’s investment committee and certain member(s) of credit group as necessary; (3) The Valuation Committee reviews the preliminary valuations recommended by the investment committee and certain member(s) of the credit group of each investment in the portfolio and determines the fair value of each investment in the Company’s portfolio in good faith and recommends the valuation determinations to the Audit Committee of the Board; (4) The Audit Committee of the Board provides oversight of the quarterly valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Valuation Committee, reviews the fair valuation determinations made by the Valuation Committee, and approves such valuations for inclusion in public reporting and disclosures, as appropriate; and (5) The Board, upon the recommendation of the Audit Committee, discusses valuations and approves the fair value of each investment in the Company’s portfolio. Investments purchased within the preceding two calendar quarters before the valuation date and debt investments with remaining maturities within 12 months or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity, unless such valuation, in the judgment of the Company, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. As part of the overall process noted above, the Company engages one or more independent valuation firm(s) to provide management with assistance in determining the fair value of selected portfolio investments each quarter. In selecting which portfolio investments to engage an independent valuation firm, the Company considers a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality, and the time lapse since the last valuation of the portfolio investment by an independent valuation firm. The scope of services rendered by the independent valuation firm is at the discretion of the Valuation Committee and subject to approval of the Board, and the Company may engage an independent valuation firm to value all or some of our portfolio investments. In determining the fair value of a portfolio investment in good faith, the Company recognizes these determinations are made using the best available information that is knowable or reasonably knowable. In addition, changes in the market environment, portfolio company performance and other events that may occur over the duration of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. The change in fair value of each individual investment is recorded as an adjustment to the investment's fair value and the change is reflected in unrealized appreciation or depreciation. Debt Investments The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for debt instruments for these investment securities to be traded or exchanged. The Company may, from time to time, invest in public debt of companies that meet the Company’s investment objectives, and to the extent market quotations or other pricing indicators (i.e. broker quotes) are available, these investments are considered Level 1 or 2 assets in line with ASC Topic 820. In making a good faith determination of the value of the Company’s investments, the Company generally starts with the cost basis of the investment, which includes the value attributed to the original issue discount (“OID”), if any, and payment-in-kind (“PIK”) interest or other receivables which have been accrued as earned. The Company then applies the valuation methods as set forth below. The Company assumes the sale of each debt security in a hypothetical market to a hypothetical market participant where buyers and sellers are willing participants. The hypothetical market does not include scenarios where the underlying security was simply repaid or extinguished, but includes an exit concept. The Company determines the yield at inception for each debt investment. The Company then uses senior secured, leveraged loan yields provided by third party providers to calibrate the change in market yields between inception of the debt investment and the measurement date. Industry specific indices and other relevant market data are used to benchmark and assess market-based movements for reasonableness. As part of determining the fair value, the Company also evaluates the collateral for recoverability of the debt investments. The Company considers each portfolio company’s credit rating, security liens and other characteristics of the investment to adjust the baseline yield to derive a credit adjusted hypothetical yield for each investment as of the measurement date. The anticipated future cash flows from each investment are then discounted at the hypothetical yield to estimate each investment’s fair value as of the measurement date. The Company’s process includes an analysis of, among other things, the underlying investment performance, the current portfolio company’s financial condition and market changing events that impact valuation, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. The Company values debt securities that are traded on a public exchange at the prevailing market price as of the valuation date. For syndicated debt investments, for which sufficient market data is available and liquidity, the Company values debt securities using broker quotes and bond indices amongst other factors. If there is a significant deterioration of the credit quality of a debt investment, the Company may consider other factors to estimate fair value, including the proceeds that would be received in a liquidation analysis. The Company records unrealized depreciation on investments when it believes that an investment has decreased in value, including where collection of a debt investment is doubtful or, if under the in-exchange premise, when the value of a debt investment is less than amortized cost of the investment. Conversely, where appropriate, the Company records unrealized appreciation if it believes that the underlying portfolio company has appreciated in value and, therefore, that its investment has also appreciated in value or, if under the in-exchange premise, the value of a debt investment is greater than amortized cost. When originating a debt instrument, the Company generally receives warrants or other equity securities from the borrower. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Any resulting discount on the debt investments from recording warrant or other equity instruments is accreted into interest income over the life of the debt investment. Equity Securities and Warrants Securities that are traded in the over-the-counter markets or on a stock exchange will be valued at the prevailing bid price at period end. The Company has a limited amount of equity securities in public companies. In accordance with the 1940 Act, unrestricted publicly traded securities for which market quotations are readily available are valued at the closing market quote on the measurement date. At each reporting date, privately held warrant and equity securities are valued based on an analysis of various factors including, but not limited to, the portfolio company’s operating performance and financial condition, general market conditions, price to enterprise value or price to equity ratios, discounted cash flow, valuation comparisons to comparable public companies or other industry benchmarks. When an external event occurs, such as a purchase transaction, public offering, or subsequent equity sale, the pricing indicated by that external event is utilized to corroborate the Company’s valuation of the warrant and equity securities. The Company periodically reviews the valuation of its portfolio companies that have not been involved in a qualifying external event to determine if the enterprise value of the portfolio company may have increased or decreased since the last valuation measurement date. Absent a qualifying external event, the Company estimates the fair value of warrants using a Black Scholes OPM. For certain privately held equity securities, the income approach is used, in which the Company converts future amounts (for example, cash flows or earnings) to a net present value. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account include, as relevant: applicable market yields and multiples, the portfolio company’s capital structure, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, and enterprise value among other factors. Investment Funds & Vehicles The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820. Derivative Instruments The Company's derivative instruments include foreign currency forward contracts. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on non-control/non-affiliate investments in the Consolidated Statements of Operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on non-control/non-affiliate investments in the Consolidated Statements of Operations. The net cash flows realized on settlement of derivatives are included in realized (gain) loss in the Consolidated Statements of Cash Flows. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist solely of funds deposited with financial institutions and short-term liquid investments in money market deposit accounts. Cash and cash equivalents are carried at cost, which approximates fair value. As of December 31, 2023, the Company held $804 thousand (Cost basis $842 thousand) of foreign cash. As of December 31, 2022, the Company held $1,178 thousand (Cost basis $1,168 thousand) of foreign cash. Restricted cash includes amounts that are held as collateral securing certain of the Company’s financing transactions, including amounts held in a securitization trust by trustees related to its 2031 Asset-Backed Notes (refer to “Note 5 – Debt”). Other Assets Other assets generally consist of prepaid expenses, debt issuance costs on our Credit Facilities net of accumulated amortization, fixed assets net of accumulated depreciation, deferred revenues and deposits and other assets, including escrow and other investment related receivables. Escrow Receivables Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year and may accrue interest during the escrow period. Escrow balances are measured for collectability on at least a quarterly basis and fair value is determined based on the amount of the estimated recoverable balances and the contractual maturity date. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and operating lease liability obligations in our Consolidated Statements of Assets and Liabilities. The Company recognizes a ROU asset and an operating lease liability for all leases, with the exception of short-term leases which have a term of 12 months or less. ROU assets represent the right to use an underlying asset for the lease term and operating lease liability obligations represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components and has separated these components when determining the ROU assets and the related lease liabilities. As most of the Company’s leases do not provide an implicit rate, the Company estimated its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. See “Note 11 – Commitments and Contingencies”. Investment Income Recognition The Company’s investment portfolio generates interest, fee, and dividend income. The Company records interest income on an accrual basis, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. The Company’s Structured Debt investments may generate OID. The OID received upfront typically represents the value of detachable equity, warrants, or another asset obtained in conjunction with the acquisition of debt securities. The OID is accreted into interest income over the term of the loan as a yield enhancement following the effective interest method. Additionally, certain debt investments in the Company’s portfolio earn PIK interest. The Company records PIK interest in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. Contractual PIK interest represents contractually deferred interest that is added to the loan balance as principal and is generally due at the end of the loan term. The Company’s loan origination activities generate fee income, which is generally collected in advance and includes loan commitment, facility fees for due diligence and structuring, as well as fees for transaction services and management services rendered by the Company to portfolio companies and other third parties. Loan commitment and facility fees are capitalized and then amortized into income over the contractual life of the loan using the effective interest method. One-off fees for transaction and management services are generally recognized as income in the period when the services are rendered. The Company may also earn loan exit fees, which are contractual fees that are generally received upon the earlier of maturity or prepayment. The Company accretes loan exit fees into interest income following the effective interest method, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. From time to time, additional fees may be earned by the Company relating to specific loan modifications, prepayments, or other one-off events. These non-recurring fees are either amortized into fee income over the remaining term of the loan commencing in the quarter for loan modifications, or recognized currently as one-time fee income for items such as prepayment penalties, fees related to select covenant default waiver fees, and acceleration of previously deferred loan fees and OID related to early loan pay-off or material modification of the specific debt outstanding. Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may determine to continue to accrue interest on a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal. Realized Gains or Losses Realized gains or losses are measured by the difference between the net proceeds from the sale or other realization event and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Secured Borrowings The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participation and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest”, as defined in the guidance, in order for sale accounting treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest, or which are not eligible for sale accounting treatment remain as an investment on the consolidated balance sheet as required under U.S. GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value. Equity Offering Expenses The Company’s offering expenses are charged against the proceeds from equity offerings when received as a reduction of capital upon completion of an offering of registered securities. Debt The debt of the Company is carried at amortized cost which is comprised of the principal amount borrowed net of any unamortized discount and debt issuance costs. Discounts and issuance costs are accreted to interest expense and loan fees, respectively, using the straight-line method, which closely approximates the effective yield method, over the remaining life of the underlying debt obligations (see “Note 5 - Debt”). Accrued but unpaid interest is included within Accounts payable and accrued liabilities on the Consolidated Statements of Assets and Liabilities. In the event that the debt is extinguished, either partially or in full, before maturity, the Company recognizes the gain or loss in the Consolidated Statements of Operations within net realized gains (losses) as a “Loss on extinguishment of debt”. Debt Issuance Costs Debt issuance costs are fees and other direct incremental costs incurred by the Company in obtaining debt financing and are recognized as prepaid expenses and amortized over the life of the related debt instrument using the effective yield method or the straight-line method, which closely approximates the effective yield method. In accordance with ASC Subtopic 835-30, Interest – Imputation of Interest, debt issuance costs are presented as a reduction to the associated liability balance on the Consolidated Statements of Assets and Liabilities, except for debt issuance costs associated with line-of-credit arrangements. Stock-Based Compensation The Company has issued and may, from time to time, issue stock options, restricted stock, and other stock-based compensation awards to employees and directors. Management follows the guidance set forth under ASC Topic 718, to account for stock-based compensation awards granted. Under ASC Topic 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropriate fair value model and calculating the fair value of stock-bas |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of December 31, 2023 and December 31, 2022. (in thousands) Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Cash and cash equivalents Money Market Fund (1) $ 56,000 $ 56,000 $ — $ — Other assets Escrow and Other Investment Receivables $ 10,888 $ — $ — $ 10,888 Investments Senior Secured Debt $ 2,987,577 $ — $ — $ 2,987,577 Unsecured Debt 69,722 — — 69,722 Preferred Stock 53,038 — — 53,038 Common Stock (2) 99,132 57,342 — 41,790 Warrants 33,969 — 11,881 22,088 $ 3,243,438 $ 57,342 $ 11,881 $ 3,174,215 Investment Funds & Vehicles measured at Net Asset Value (3) 4,608 Total Investments, at fair value $ 3,248,046 Derivative Instruments (4) $ (766) Total Investments including cash and cash equivalents and derivative instruments $ 3,303,280 (in thousands) Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Other assets Escrow Receivables $ 875 $ — $ — $ 875 Investments Senior Secured Debt $ 2,741,388 $ — $ — $ 2,741,388 Unsecured Debt 54,056 — — 54,056 Preferred Stock 41,488 — — 41,488 Common Stock (2) 92,484 66,027 1,398 25,059 Warrants 30,646 — 11,227 19,419 $ 2,960,062 $ 66,027 $ 12,625 $ 2,881,410 Investment Funds & Vehicles measured at Net Asset Value (3) 3,893 Total Investments, at fair value $ 2,963,955 (1) This investment is included in Cash and cash equivalents in the accompanying Consolidated Statements of Assets and Liabilities. (2) Common Stock includes non-voting security in the form of a promissory note with a lien on shares of issuer's Common Stock. (3) In accordance with U.S. GAAP, certain investments are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statements of Assets and Liabilities. (4) Derivative Instruments are carried at fair value and a level 2 security within the Company's fair value hierarchy . The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and December 31, 2022. (in thousands) Balance as of Net Realized Gains (Losses) (1) Net Change in Unrealized Appreciation (Depreciation) (2) Purchases (5) Sales Repayments (6) Gross Transfers into Level 3 (3) Gross Transfers out of Level 3 (3) Balance as of Investments Senior Secured Debt $ 2,741,388 $ (5,350) $ 17,277 $ 1,264,689 $ — $ (990,448) $ — $ (39,979) $ 2,987,577 Unsecured Debt 54,056 — 4,268 11,398 — — — — 69,722 Preferred Stock 41,488 (3,441) (1,123) 2,851 — — 13,263 — 53,038 Common Stock 25,059 — 11,325 6,000 (594) — — — 41,790 Warrants 19,419 (4,295) 4,825 3,894 (1,755) — — — 22,088 Other Assets Escrow and Other Investment Receivable 875 65 (17,022) 537 (283) — 26,716 — 10,888 Total $ 2,882,285 $ (13,021) $ 19,550 $ 1,289,369 $ (2,632) $ (990,448) $ 39,979 $ (39,979) $ 3,185,103 (in thousands) Balance as of Net Realized Gains (Losses) (1) Net Change in Unrealized Appreciation (Depreciation) (2) Purchases (5) Sales Repayments (6) Gross Transfers into Level 3 (4) Gross Transfers out of Level 3 (4) Balance as of Investments Senior Secured Debt $ 2,156,709 $ (1,884) $ (9,788) $ 1,145,048 $ (84,000) $ (461,193) $ — $ (3,504) $ 2,741,388 Unsecured Debt 52,890 — (2,840) 4,006 — — — — 54,056 Preferred Stock 69,439 7,966 (23,658) 5,264 (11,101) — — (6,422) 41,488 Common Stock 21,968 (74) 6,894 25 (19) — 207 (3,942) 25,059 Warrants 27,477 (624) (12,412) 7,494 (2,516) — — — 19,419 Other Assets Escrow Receivable 561 401 (287) 1,148 (948) — — — 875 Total $ 2,329,044 $ 5,785 $ (42,091) $ 1,162,985 $ (98,584) $ (461,193) $ 207 $ (13,868) $ 2,882,285 (1) Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations. (2) Included in net change in unrealized appreciation (depreciation) in the accompanying Consolidated Statements of Operations. (3) Transfers within Level 3 during the year ended December 31, 2023 related to the conversion of Level 3 debt investments into Level 3 preferred stock investments and other assets. (4) Transfers out of Level 3 during the year ended December 31, 2022 related to the initial public offerings of Gelesis, Inc., Pineapple Energy, LLC, and the conversion of Level 3 debt investments into common stock investments. Transfers into Level 3 during the year ended December 31, 2022 related to the decline of liquidity of Kaleido Biosciences, Inc. shares. (5) Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of level 3 investments. Amounts are net of purchases assigned to the Adviser Funds. (6) Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization. The following table presents the net unrealized appreciation (depreciation) recorded for preferred stock, common stock, debt and warrant Level 3 investments relating to assets still held at the reporting date. (in millions) Year Ended December 31, 2023 2022 Debt investments $ 11.5 $ (18.9) Preferred stock (4.6) (19.4) Common stock 11.3 6.8 Warrant investments 1.5 (12.7) The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of December 31, 2023 and December 31, 2022. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company’s investments. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable. Investment Type - Level 3 Fair Value as of Valuation Unobservable Input (1) Range Weighted Average (2) Pharmaceuticals $ 971,775 Market Comparable Companies Hypothetical Market Yield 10.91% - 21.43% 13.46% Premium/(Discount) (1.00)% - 3.50% 0.04% 8,455 Liquidation (3) Probability weighting of alternative outcomes 10.00% - 50.00% 41.83% Technology 1,181,823 Market Comparable Companies Hypothetical Market Yield 11.30% - 20.74% 15.03% Premium/(Discount) (1.00)% - 5.00% 0.47% 23,244 Convertible Note Analysis Probability weighting of alternative outcomes 1.00% - 50.00% 39.32% — Liquidation (3) Probability weighting of alternative outcomes 100.00% - 100.00% 100.00% Sustainable and Renewable Technology 1,678 Market Comparable Companies Hypothetical Market Yield 10.75% - 10.75% 10.75% Premium/(Discount) 0.75% - 0.75% 0.75% Lower Middle Market 322,162 Market Comparable Companies Hypothetical Market Yield 12.54% - 20.15% 14.13% Premium/(Discount) (0.75)% - 2.25% 0.56% Debt Investments for which Cost Approximates Fair Value 431,512 Debt Investments originated within 6 months 54,430 Imminent Payoffs (4) 62,220 Debt Investments Maturing in Less than One Year $ 3,057,299 Total Level 3 Debt Investments Other Investment Receivables 9,648 Liquidation Probability weighting of alternative outcomes 10.00% - 50.00% 41.83% $ 3,066,947 -94828000 Total Level Three Debt Investments and Other Investment Receivables (1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment. Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows: • Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries. • Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info” and “Software” industries. • Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry. • Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries. (2) The weighted averages are calculated based on the fair market value of each investment. (3) The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes. (4) Imminent Payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date. Investment Type - Level 3 Fair Value as of Valuation Techniques/Methodologies Unobservable Input (1) Range Weighted Average (2) Pharmaceuticals $ 903,427 Market Comparable Companies Hypothetical Market Yield 11.74% - 19.04% 15.17% Premium/(Discount) (0.75)% - 1.75% 0.01% Technology 967,108 Market Comparable Companies Hypothetical Market Yield 12.05% - 18.53% 15.21% Premium/(Discount) (1.00)% - 1.50% 0.20% 20,356 Convertible Note Analysis Probability weighting of alternative outcomes 1.00% - 50.00% 35.79% 1,671 Liquidation (3) Probability weighting of alternative outcomes 5.00% - 80.00% 48.29% Sustainable and Renewable Technology 3,006 Market Comparable Companies Hypothetical Market Yield 14.71% - 14.71% 14.71% Premium/(Discount) 0.75% - 0.75% 0.75% Lower Middle Market 328,393 Market Comparable Companies Hypothetical Market Yield 13.68% - 18.49% 14.82% Premium/(Discount) (2.00)% - 0.75% (0.43)% 8,042 Liquidation (3) Probability weighting of alternative outcomes 20.00% - 80.00% 80.00% Debt Investments for which Cost Approximates Fair Value 392,168 Debt Investments originated within 6 months 77,676 Imminent Payoffs (4) 93,597 Debt Investments Maturing in Less than One Year $ 2,795,444 Total Level 3 Debt Investments (1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment. Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows: • Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries. • Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info” and “Software” industries. • Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry. • Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries. (2) The weighted averages are calculated based on the fair market value of each investment. (3) The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes. (4) Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date. Investment Type - Level 3 Equity and Warrant Investments Fair Value as of Valuation Techniques/ Unobservable Input (1) Range Weighted Average (5) Equity Investments $ 52,094 Market Comparable Companies EBITDA Multiple (2) 12.3x - 12.3x 12.3x Revenue Multiple (2) 0.3x - 20.1x 7.2x Tangible Book Value Multiple (2) 1.8x - 1.8x 1.8x Discount for Lack of Marketability (3) 7.11% - 92.72% 31.57% 11,096 Market Adjusted OPM Backsolve Market Equity Adjustment (4) (86.14)% - 32.69% 7.47% 28,713 Discounted Cash Flow Discount Rate (7) 19.88% - 31.97% 30.51% 2,925 Other (6) Warrant Investments 19,014 Market Comparable Companies EBITDA Multiple (2) 12.3x - 12.3x 12.3x Revenue Multiple (2) 0.9x - 10.2x 4.2x Discount for Lack of Marketability (3) 6.21% - 33.12% 21.70% 3,074 Market Adjusted OPM Backsolve Market Equity Adjustment (4) (70.67)% - 34.86% 13.17% — Other (6) Total Level 3 Equity and $ 116,916 (1) The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes. (2) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments. (3) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments. (4) Represents the range of changes in industry valuations since the portfolio company's last external valuation event. (5) Weighted averages are calculated based on the fair market value of each investment. (6) The fair market value of these investments is derived based on recent market private market and merger and acquisition transaction prices. (7) The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments. Investment Type - Level 3 Equity and Warrant Investments Fair Value as of Valuation Techniques/ Unobservable Input (1) Range Weighted Average (5) Equity Investments $ 30,086 Market Comparable Companies EBITDA Multiple (2) 12.4x - 12.4x 12.4x Revenue Multiple (2) 0.7x - 16.1x 7.4x Tangible Book Value Multiple (2) 1.6x - 1.6x 1.6x Discount for Lack of Marketability (3) 8.11% - 28.90% 19.79% 13,795 Market Adjusted OPM Backsolve Market Equity Adjustment (4) (97.82)% - 16.34% (16.69)% 19,153 Discounted Cash Flow Discount Rate (7) 17.72% - 30.13% 24.46% — Liquidation Revenue Multiple (2) 2.1x - 2.1x 2.1x Discount for Lack of Marketability (3) 85.00% - 85.00% 85.00% 3,513 Other (6) Warrant Investments 12,479 Market Comparable Companies EBITDA Multiple (2) 12.4x - 12.4x 12.4x Revenue Multiple (2) 0.6x - 8.8x 3.4x Discount for Lack of Marketability (3) 8.11% - 32.70% 18.97% 6,934 Market Adjusted OPM Backsolve Market Equity Adjustment (4) (97.82)% - 66.43% (8.86)% — Liquidation Revenue Multiple (2) 6.2x - 6.2x 6.2x Discount for Lack of Marketability (3) 90.00% - 90.00% 90.00% 6 Other (6) Total Level 3 Equity and Warrant Investments $ 85,966 (1) The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes. (2) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments. (3) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments. (4) Represents the range of changes in industry valuations since the portfolio company's last external valuation event. (5) Weighted averages are calculated based on the fair market value of each investment. (6) The fair market value of these investments is derived based on recent market transactions. (7) The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments. The Company believes that the carrying amounts of its financial instruments, other than investments and debt, which consist of cash and cash equivalents, receivables including escrow receivables, accounts payable and accrued liabilities, approximate the fair values of such items due to the short maturity of such instruments. The debt obligations of the Company are recorded at amortized cost and not at fair value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s outstanding debt obligations are based on observable market trading prices or quotations and unobservable market rates as applicable for each instrument. As of December 31, 2023 and December 31, 2022, the 2033 Notes were trading on the New York Stock Exchange ("NYSE") at $25.25 and $24.59 per unit at par value. The par value at underwriting for the 2033 Notes was $25.00 per unit. Based on market quotations on or around December 31, 2023 the 2031 Asset-Backed Notes were quoted for 0.950. The fair values of the SBA debentures, July 2024 Notes, February 2025 Notes, June 2025 Notes, June 2025 3-Year Notes, March 2026 A Notes, March 2026 B Notes, September 2026, and January 2027 Notes are calculated based on the net present value of payments over the term of the notes using estimated market rates for similar notes and remaining terms. The fair values of the outstanding debt under the MUFG Bank Facility and the SMBC Facility are equal to their outstanding principal balances as of December 31, 2023 and December 31, 2022. The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of December 31, 2023 and December 31, 2022: (in thousands) December 31, 2023 Description Carrying Approximate Identical Assets Observable Inputs Unobservable Inputs SBA Debentures $ 170,323 $ 142,011 $ — $ — $ 142,011 July 2024 Notes 104,828 105,755 — — 105,755 February 2025 Notes 49,866 49,144 — — 49,144 June 2025 Notes 69,757 67,198 — — 67,198 June 2025 3-Year Notes 49,771 48,983 — — 48,983 March 2026 A Notes 49,795 47,702 — — 47,702 March 2026 B Notes 49,776 47,759 — — 47,759 September 2026 Notes 322,339 288,711 — — 288,711 January 2027 Notes 345,935 315,832 — — 315,832 2031 Asset-Backed Notes 148,544 142,500 — 142,500 — 2033 Notes 38,935 40,400 — 40,400 — MUFG Bank Facility (1) 61,000 61,000 — — 61,000 SMBC Facility 94,000 94,000 — — 94,000 Total $ 1,554,869 $ 1,450,995 $ — $ 182,900 $ 1,268,095 (in thousands) December 31, 2022 Description Carrying Approximate Identical Assets Observable Inputs Unobservable Inputs SBA Debentures $ 169,738 $ 155,257 $ — $ — $ 155,257 July 2024 Notes 104,533 102,019 — — 102,019 February 2025 Notes 49,751 47,044 — — 47,044 June 2025 Notes 69,595 64,198 — — 64,198 June 2025 3-Year Notes 49,616 47,528 — — 47,528 March 2026 A Notes 49,700 45,512 — — 45,512 March 2026 B Notes 49,673 45,588 — — 45,588 September 2026 Notes 321,358 269,509 — — 269,509 January 2027 Notes 344,604 296,826 — — 296,826 2031 Asset-Backed Notes 147,957 142,620 — 142,620 — 2033 Notes 38,826 39,344 — 39,344 — MUFG Bank Facility (1) 107,000 107,000 — — 107,000 SMBC Facility 72,000 72,000 — — 72,000 Total $ 1,574,351 $ 1,434,445 $ — $ 181,964 $ 1,252,481 (1) |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investments | 4. Investments Control and Affiliate Investments As required by the 1940 Act, the Company classifies its investments by level of control. “Control investments” are defined in the 1940 Act as investments in those companies that the Company is deemed to “control”. Under the 1940 Act, the Company is generally deemed to “control” a company in which it has invested if it owns 25% or more of the voting securities of such company or has greater than 50% representation on its board. “Affiliate investments” are investments in those companies that are “affiliated companies” of the Company, as defined in the 1940 Act, which are not control investments. The Company is deemed to be an “affiliate” of a company in which it has invested if it owns 5% or more, but generally less than 25%, of the voting securities of such company. “Non-control/non-affiliate investments” are investments that are neither control investments nor affiliate investments. For purposes of determining the classification of its investments, the Company has included consideration of any voting securities or board appointment rights held by the Adviser Funds. The following table summarizes the Company’s realized gains and losses and changes in unrealized appreciation and depreciation on control and affiliate investments for the years ended December 31, 2023, 2022, and 2021. (in thousands) For the Year Ended December 31, 2023 Portfolio Company (1) Type Fair Value as of Interest Income Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 262 $ — $ — $ (57) $ — Gibraltar Acquisition LLC (3) Control 62,512 3,344 95 9,656 — Hercules Adviser LLC (4) Control 40,713 608 — 9,560 — Tectura Corporation Control 11,517 690 — 3,475 — Total Control Investments $ 115,004 $ 4,642 $ 95 $ 22,634 $ — (in thousands) For the Year Ended December 31, 2022 Portfolio Company (1) Type Fair Value as of Interest Income Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 319 $ — $ — $ (246) $ — Gibraltar Business Capital, LLC Control 36,944 3,385 68 (6,968) — Hercules Adviser LLC Control 31,153 546 — 7,163 — Tectura Corporation Control 8,042 690 — (227) — Total Control Investments $ 76,458 $ 4,621 $ 68 $ (278) $ — Affiliate Investments Black Crow AI, Inc. (2) Affiliate $ — $ — $ — $ (120) $ 3,772 Pineapple Energy LLC (2) Affiliate — 1,204 — 4,209 (2,014) Total Affiliate Investments $ — $ 1,204 $ — $ 4,089 $ 1,758 Total Control & Affiliate Investments $ 76,458 $ 5,825 $ 68 $ 3,811 $ 1,758 (in thousands) For the Year Ended December 31, 2021 Portfolio Company (1) Type Fair Value as of Interest Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 565 $ — $ — $ 315 $ — Gibraltar Business Capital, LLC Control 43,830 3,178 54 (14,616) — Hercules Adviser LLC Control 20,840 141 — 11,955 — Tectura Corporation Control 8,269 690 5 (331) — Total Control Investments $ 73,504 $ 4,009 $ 59 $ (2,677) $ — Affiliate Investments Black Crow AI, Inc. Affiliate $ 1,120 $ — $ — $ 1,905 $ — Pineapple Energy LLC Affiliate 8,338 10 — (282) — Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) Affiliate — — — 62,183 (62,143) Total Affiliate Investments $ 9,458 $ 10 $ — $ 63,806 $ (62,143) Total Control & Affiliate Investments $ 82,962 $ 4,019 $ 59 $ 61,129 $ (62,143) (1) In accordance with Rules 3-09, 4-08(g), and Rule 10-01(b)(1) of Regulation S-X, (“Rule 3-09”, “Rule 4-08(g)”, and “Rule 10-01(b)(1)”, respectively), the Company must determine if its unconsolidated subsidiaries are considered “significant subsidiaries”. As of December 31, 2023, December 31, 2022, and December 31, 2021 there were no unconsolidated subsidiaries that are considered “significant subsidiaries”. (2) As of September 30, 2022, Black Crow AI, Inc. and Pineapple Energy LLC were no longer affiliates as defined under the 1940 Act. (3) Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively. (4) Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1” for additional disclosure . Portfolio Composition The following table shows the fair value of the Company’s portfolio of investments by asset class as of December 31, 2023 and December 31, 2022: (in thousands) December 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of Senior Secured Debt $ 2,987,577 92.0 % $ 2,741,388 92.5 % Unsecured Debt 69,722 2.2 % 54,056 1.8 % Preferred Stock 53,038 1.6 % 41,488 1.4 % Common Stock 99,132 3.1 % 92,484 3.1 % Warrants 33,969 1.0 % 30,646 1.1 % Investment Funds & Vehicles 4,608 0.1 % 3,893 0.1 % Total $ 3,248,046 100.0 % $ 2,963,955 100.0 % A summary of the Company’s investment portfolio, at value, by geographic location as of December 31, 2023 and December 31, 2022 is shown as follows: (in thousands) December 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of United States $ 2,861,615 88.1 % $ 2,670,520 90.1 % United Kingdom 222,136 6.9 % 171,629 5.8 % Netherlands 89,995 2.8 % 88,915 3.0 % Israel 52,868 1.6 % 9,052 0.3 % Canada 15,730 0.5 % 19,472 0.7 % Denmark 4,173 0.1 % — 0.0 % Germany 1,144 0.0 % 990 0.0 % Other 385 0.0 % 573 0.0 % Ireland — 0.0 % 2,804 0.1 % Total $ 3,248,046 100.0 % $ 2,963,955 100.0 % The following table shows the fair value of the Company’s portfolio by industry sector as of December 31, 2023 and December 31, 2022: (in thousands) December 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of Drug Discovery & Development $ 1,257,699 38.7 % $ 1,150,707 38.8 % Software 764,985 23.6 % 798,264 26.9 % Consumer & Business Services 525,973 16.2 % 439,384 14.8 % Healthcare Services, Other 300,079 9.3 % 198,763 6.7 % Communications & Networking 29,400 0.9 % 101,833 3.5 % Diversified Financial Services 114,722 3.5 % 68,569 2.3 % Information Services 126,605 3.9 % 60,759 2.1 % Biotechnology Tools 48,381 1.5 % 32,825 1.1 % Manufacturing Technology 11,006 0.3 % 46,109 1.6 % Medical Devices & Equipment 22,096 0.7 % 1,834 0.1 % Electronics & Computer Hardware 20,324 0.6 % 21,517 0.7 % Media/Content/Info 12,704 0.4 % 35 0.0 % Sustainable and Renewable Technology 9,581 0.3 % 15,486 0.5 % Consumer & Business Products 2,589 0.1 % 2,821 0.1 % Semiconductors 1,205 0.0 % 21,921 0.7 % Surgical Devices 676 0.0 % 3,038 0.1 % Drug Delivery 21 0.0 % 90 0.0 % Total $ 3,248,046 100.0 % $ 2,963,955 100.0 % No single portfolio investment represents more than 10% of the fair value of the Company’s total investments as of December 31, 2023 or December 31, 2022. Concentrations of Credit Risk The Company’s customers are primarily privately held companies and public companies which are active in the “Drug Discovery & Development", "Software”, “Consumer & Business Services”, “Healthcare Services, Other”, and “Communications & Networking” sectors. These sectors are characterized by high margins, high growth rates, consolidation and product and market extension opportunities. Value for companies in these sectors is often vested in intangible assets and intellectual property. Industry and sector concentrations vary as new loans are recorded and loans are paid off. Loan revenue, consisting of interest, fees, and recognition of gains on equity and warrant or other equity interests, can fluctuate materially when a loan is paid off or a related warrant or equity interest is sold. Revenue recognition in any given year can be highly concentrated among several portfolio companies. As of December 31, 2023 and December 31, 2022, the Company’s ten largest portfolio companies represented approximately 29.7% and 29.0% of the total fair value of the Company’s investments in portfolio companies, respectively. As of December 31, 2023 and December 31, 2022, the Company had five and eight portfolio companies, respectively, that represented 5% or more of the Company’s net assets. As of December 31, 2023, the Company had five equity investments representing approximately 56.5% of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of the Company’s equity investments. As of December 31, 2022, the Company had four equity investments which represented approximately 39.8% of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of such investments. Investment Collateral In the majority of cases, the Company collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property. In other cases, the Company may obtain a negative pledge covering a company’s intellectual property. The Company's investments were collateralized as follows as of December 31, 2023 and December 31, 2022: Percentage of debt investments (at fair value), as of December 31, 2023 December 31, 2022 Senior Secured First Lien All assets including intellectual property 52.3 % 42.0 % All assets with negative pledge on intellectual property 24.0 % 26.1 % “Last-out” with security interest in all of the assets 12.5 % 11.6 % Total senior secured first lien position 88.8 % 79.7 % Second lien 8.9 % 18.4 % Unsecured 2.3 % 1.9 % Total debt investments at fair value 100.0 % 100.0 % Derivative Instruments The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. 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 December 31, 2023 and December 31, 2022: (in thousands) Fair Value Derivative Instrument Statement Location December 31, 2023 December 31, 2022 Foreign currency forward contract Accounts payable and accrued liabilities $ 766 $ — Total $ 766 $ — Net realized and unrealized gains and losses on derivative instruments recorded by the Company during the years ended December 31, 2023 and December 31, 2022 are in the following locations in the Consolidated Statements of Operations: (in thousands) Year Ended December 31, Derivative Instrument Statement Location 2023 2022 Foreign currency forward contract Net realized gain (loss) - Non-control / Non-affiliate investments $ — $ — Foreign currency forward contract Net change in unrealized appreciation (depreciation) - Non-control / Non-affiliate investments (766) — Total $ (766) $ — Investment Income The Company’s investment portfolio generates interest, fee, and dividend income. The composition of the Company’s interest income and fee income is as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Contractual interest income $ 351,883 $ 249,375 $ 200,682 Exit fee interest income 45,747 32,063 37,494 PIK interest income 24,670 20,455 11,210 Dividend income 1,400 — — Other investment income (1) 10,725 5,365 3,974 Total interest and dividend income $ 434,425 $ 307,258 $ 253,360 Recurring fee income $ 8,835 $ 7,834 $ 7,458 Fee income - expired commitments 1,695 1,502 3,031 Accelerated fee income - early repayments 15,713 5,094 17,127 Total fee income $ 26,243 $ 14,430 $ 27,616 (1) Other interest income includes OID interest income and interest recorded on other assets. As of December 31, 2023 and 2022, unamortized capitalized fee income was recorded as follows: (in millions) As of December 31, 2023 2022 Offset against debt investment cost $ 32.9 $ 43.1 Deferred obligation contingent on funding or other milestone 9.4 10.9 Total Unamortized Fee Income $ 42.3 $ 54.0 As of December 31, 2023 and 2022, loan exit fees receivable were recorded as follows: (in millions) As of December 31, 2023 2022 Included within debt investment cost $ 35.9 $ 32.5 Deferred receivable related to expired commitments 4.3 5.0 Total Exit Fees Receivable $ 40.2 $ 37.5 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt As of December 31, 2023 and December 31, 2022, the Company had the following available and outstanding debt: (in thousands) December 31, 2023 December 31, 2022 Total Available Principal Carrying Value (1) Total Available Principal Carrying Value (1) SBA Debentures (2) $ 175,000 $ 175,000 $ 170,323 $ 175,000 $ 175,000 $ 169,738 July 2024 Notes 105,000 105,000 104,828 105,000 105,000 104,533 February 2025 Notes 50,000 50,000 49,866 50,000 50,000 49,751 June 2025 Notes 70,000 70,000 69,757 70,000 70,000 69,595 June 2025 3-Year Notes 50,000 50,000 49,771 50,000 50,000 49,616 March 2026 A Notes 50,000 50,000 49,795 50,000 50,000 49,700 March 2026 B Notes 50,000 50,000 49,776 50,000 50,000 49,673 September 2026 Notes 325,000 325,000 322,339 325,000 325,000 321,358 January 2027 Notes 350,000 350,000 345,935 350,000 350,000 344,604 2031 Asset-Backed Notes 150,000 150,000 148,544 150,000 150,000 147,957 2033 Notes 40,000 40,000 38,935 40,000 40,000 38,826 MUFG Bank Facility (2)(3) 400,000 61,000 61,000 545,000 107,000 107,000 SMBC Facility (2) 400,000 94,000 94,000 225,000 72,000 72,000 Total $ 2,215,000 $ 1,570,000 $ 1,554,869 $ 2,185,000 $ 1,594,000 $ 1,574,351 (1) Except for the SMBC Facility and MUFG Bank Facility (f.k.a. Union Bank Facility), all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date. (2) Availability subject to the Company meeting the borrowing base requirements. (3) In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. (4) Includes $175.0 million of available commitment through the letter of credit facility as of December 31, 2023 . Debt issuance costs, net of accumulated amortization, were as follows as of December 31, 2023 and December 31, 2022: (in thousands) December 31, 2023 December 31, 2022 SBA Debentures $ 4,677 $ 5,262 July 2024 Notes 172 467 February 2025 Notes 134 249 June 2025 Notes 243 405 June 2025 3-Year Notes 229 384 March 2026 A Notes 205 300 March 2026 B Notes 224 327 September 2026 Notes 2,661 3,642 January 2027 Notes 4,065 5,396 2031 Asset-Backed Notes 1,456 2,043 2033 Notes 1,065 1,174 MUFG Bank Facility (1) 3,540 1,292 SMBC Facility (1) 1,775 1,701 Total $ 20,446 $ 22,642 (1) The MUFG Bank Facility (f.k.a. Union Bank Facility) and SMBC Facility, are line-of-credit arrangements, the debt issuance costs associated with these instruments are included within Other assets on the Consolidated Statements of Assets and Liabilities in accordance with ASC Subtopic 835-30. For the year ended December 31, 2023, the components of interest expense, related fees, losses on debt extinguishment and cash paid for interest expense for debt were as follows: (in thousands) Year ended December 31, 2023 Description Interest expense (1) Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 4,562 $ 585 $ — $ 5,147 $ 4,562 July 2024 Notes 5,009 295 — 5,304 5,009 February 2025 Notes 2,140 115 — 2,255 2,140 June 2025 Notes 3,017 162 — 3,179 3,017 June 2025 3-Year Notes 3,000 155 — 3,155 3,000 March 2026 A Notes 2,250 95 — 2,345 2,250 March 2026 B Notes 2,275 103 — 2,378 2,276 September 2026 Notes 8,697 815 — 9,512 8,532 January 2027 Notes 12,316 828 — 13,144 11,812 2031 Asset-Backed Notes 7,613 399 — 8,012 7,425 2033 Notes 2,500 108 — 2,608 2,500 MUFG Bank Facility (2) 5,583 1,770 2,782 10,135 5,948 SMBC Facility 8,658 693 940 10,291 8,678 Total $ 67,620 $ 6,123 $ 3,722 $ 77,465 $ 67,149 (1) Interest expense includes amortization of original issue discounts for the year ended December 31, 2023, of $166 thousand, $503 thousand, and $188 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. (2) The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. For the year ended December 31, 2022, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows: (in thousands) Year ended December 31, 2022 Description Interest expense (1) Amortization of debt issuance cost (loan fees) (2) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 3,997 $ 581 $ — $ 4,578 $ 2,835 2022 Notes (3) 1,011 50 — 1,061 2,293 July 2024 Notes 5,009 295 — 5,304 5,009 February 2025 Notes 2,140 115 — 2,255 2,140 June 2025 Notes 3,017 162 — 3,179 3,017 June 2025 3-Year Notes 1,567 81 — 1,648 1,500 March 2026 A Notes 2,250 95 — 2,345 2,250 March 2026 B Notes 2,275 103 — 2,378 2,275 September 2026 Notes 8,698 815 — 9,513 8,531 January 2027 Notes 11,630 782 — 12,412 5,906 2031 Asset-Backed Notes 3,975 209 — 4,184 3,671 2033 Notes 2,500 108 — 2,608 2,500 2022 Convertible Notes (3) 923 148 — 1,071 5,004 MUFG Bank Facility (2) 4,548 941 2,285 7,774 4,097 SMBC Facility 1,209 315 513 2,037 1,047 Total $ 54,749 $ 4,800 $ 2,798 $ 62,347 $ 52,075 (1) Interest expense includes amortization of original issue discounts for the year ended December 31, 2022, of $23 thousand, $112 thousand, $166 thousand, $475 thousand, $98 thousand related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. (2) The June 2022 amendment of the MUFG Bank Facility replaced Union Bank Facility via an amendment as the lead lender. (3) The Company fully redeemed the 2022 Notes on February 22, 2022 and fully repaid the 2022 Convertible Notes on February 1, 2022. For the year ended December 31, 2021, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows: (in thousands) Year ended December 31, 2021 Description Interest expense (1) Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 1,580 $ 452 $ — $ 2,032 $ 2,272 2022 Notes 7,102 360 — 7,462 6,938 July 2024 Notes 5,009 295 — 5,304 5,008 February 2025 Notes 2,140 115 — 2,255 2,140 April 2025 Notes (3) 1,969 1,667 — 3,636 2,635 June 2025 Notes 3,017 162 — 3,179 3,017 March 2026 A Notes 2,250 93 — 2,343 1,875 March 2026 B Notes 1,877 85 — 1,962 1,138 September 2026 Notes 2,513 236 — 2,749 — 2033 Notes 2,500 108 — 2,608 2,500 2027 Asset-Backed Notes (3) 4,888 2,176 — 7,064 4,972 2028 Asset-Backed Notes (3) 8,139 2,351 — 10,490 8,240 2022 Convertible Notes 10,734 892 — 11,626 10,062 Wells Facility (3) — 198 675 873 — MUFG Bank Facility (4) 672 1,228 1,906 3,806 672 SMBC Facility 57 33 44 134 — Total $ 54,447 $ 10,451 $ 2,625 $ 67,523 $ 51,469 (1) Interest expense includes amortization of original issue discounts for the year ended December 31, 2021, of $165 thousand, $671 thousand, and $48 thousand for the 2022 Notes, 2022 Convertible Notes, and September 2026 Notes, respectively. (2) “Amortization of debt issuance cost (loan fees)” includes $1,477 thousand, $1,272 thousand, and $1,670 thousand related to debt extinguishment costs for the April 2025 Notes, 2027 Asset-Backed Notes, and 2028 Asset-Backed Notes, respectively for the year ended December 31, 2021 disclosed as a “Loss on debt extinguishment” in the Consolidated Statements of Operations. (3) The April 2025 Notes, 2027 Asset-Backed Notes and 2028 Asset-Backed Notes were retired on July 1, 2021, and October 20, 2021, respectively. The Wells Facility was terminated on November 29, 2021. (4) The June 2022 amendment of the MUFG Bank Facility replaced Union Bank Facility via an amendment as the lead lender. As of December 31, 2023, December 31, 2022, and December 31, 2021, the Company was in compliance with the terms of all borrowing arrangements. There are no sinking fund requirements for any of the Company’s debt. SBA Debentures The Company held the following SBA debentures outstanding principal balances as of December 31, 2023 and December 31, 2022: (in thousands) Issuance/Pooling Date Maturity Date Interest Rate (1) December 31, 2023 December 31, 2022 March 26, 2021 September 1, 2031 1.58% $ 37,500 $ 37,500 June 25, 2021 September 1, 2031 1.58% 16,200 16,200 July 28, 2021 September 1, 2031 1.58% 5,400 5,400 August 20, 2021 September 1, 2031 1.58% 5,400 5,400 October 21, 2021 March 1, 2032 3.21% 14,000 14,000 November 1, 2021 March 1, 2032 3.21% 21,000 21,000 November 15, 2021 March 1, 2032 3.21% 5,200 5,200 November 30, 2021 March 1, 2032 3.21% 20,800 20,800 December 20, 2021 March 1, 2032 3.21% 10,000 10,000 December 23, 2021 March 1, 2032 3.21% 10,000 10,000 December 28, 2021 March 1, 2032 3.21% 5,000 5,000 January 14, 2022 March 1, 2032 3.21% 4,500 4,500 January 21, 2022 March 1, 2032 3.21% 20,000 20,000 Total SBA Debentures $ 175,000 $ 175,000 (1) Interest rates are determined initially at issuance and reset to a fixed rate at the debentures pooling date. The rates are inclusive of annual SBA charges. SBICs are subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they may invest as well as the structures of those investments. The SBA as part of its oversight periodically examines and audits to determine SBICs' compliance with SBA regulations. Our SBIC was in compliance with all SBIC terms, including those pertaining to the SBA Debentures as of December 31, 2023 and December 31, 2022. HC IV received its license to operate as a SBIC on October 27, 2020. The license has a 10-year term. Through the license, HC IV has access to $175.0 million of capital through the SBA debenture program, in addition to the Company’s regulatory capital commitment of $87.5 million to HC IV. As of December 31, 2023, HC IV has issued the entire $175.0 million in SBA guaranteed debentures. As of December 31, 2023, the Company held 25 investments through HC IV, with a fair value of approximately $331.5 million, accounting for approximately 10.2% of the Company’s total investment portfolio. Further, HC IV held approximately $341.8 million in tangible assets which accounted for approximately 10.0% of the Company’s total assets as of December 31, 2023. As of December 31, 2022, the Company held 21 investments through HC IV, with a fair value of approximately $343.7 million, accounting for approximately 11.6% of the Company’s total investment portfolio. HC IV held approximately $348.6 million in tangible assets which accounted for approximately 11.5% of the Company’s total assets as of December 31, 2022. July 2024 Notes On July 16, 2019, the Company issued $105.0 million in aggregate principal amount of 4.77% interest-bearing unsecured notes due on July 16, 2024 (the “July 2024 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the July 2024 Notes is due semiannually. The July 2024 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. February 2025 Notes On February 5, 2020, the Company issued $50.0 million in aggregate principal amount of 4.28% interest-bearing unsecured notes due February 5, 2025 (the “February 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the February 2025 Notes is due semiannually. The February 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. June 2025 Notes On June 3, 2020, the Company issued $70.0 million in aggregate principal amount of 4.31% interest-bearing unsecured notes due June 3, 2025 (the “June 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the June 2025 Notes is due semiannually. The June 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. June 2025 3-Year Notes On June 23, 2022, the Company issued $50.0 million in aggregate principal amount of 6.00% interest-bearing unsecured notes due June 23, 2025 (the “June 2025 3-Year Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the June 2025 3-Year Notes is due semiannually. The June 2025 3-Year Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. March 2026 A Notes On November 4, 2020, the Company issued $50.0 million in aggregate principal amount of 4.50% interest-bearing unsecured notes due March 4, 2026 (the “March 2026 A Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the March 2026 A Notes is due semiannually. The March 2026 A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. March 2026 B Notes On March 4, 2021, the Company issued $50.0 million in aggregate principal amount of 4.55% interest-bearing unsecured notes due March 4, 2026 (the “March 2026 B Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement pursuant note offering. Interest on the March 2026 B Notes is due semiannually. The March 2026 B Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. September 2026 Notes On September 16, 2021, the Company issued $325.0 million in aggregate principal amount of 2.625% interest-bearing unsecured notes due September 16, 2026 (the “September 2026 Notes”), unless repurchased in accordance with the terms of the Seventh Supplemental Indenture, dated September 16, 2021. Interest on the September 2026 Notes is payable semi-annually in arrears on March 16 and September 16 of each year. The September 2026 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. January 2027 Notes On January 20, 2022, the Company issued $350.0 million in aggregate principal amount of 3.375% interest-bearing unsecured notes due January 20, 2027 (the “January 2027 Notes”), unless repurchased in accordance with the terms of the Eight Supplemental Indenture, dated January 20, 2022. Interest on the January 2027 Notes is payable semi-annually in arrears on January 20 and July 20 of each year. The January 2027 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Company may redeem some or all of the January 2027 Notes at any time, or from time to time, at the redemption price set forth under the terms of the January 2027 Notes Indenture. 2031 Asset-Backed Notes On June 22, 2022, the Company completed a term debt securitization in connection with which an affiliate of the Company issued $150.0 million in aggregate principal amount of 4.95% interest-bearing asset-backed notes due on July 20, 2031 (the “2031 Asset-Backed Notes”). The 2031 Asset-Backed Notes were issued by Hercules Capital Funding Trust 2022-1 LLC (the “2022 Securitization Issuer”) pursuant to a note purchase agreement, dated as of June 22, 2022, by and among the Company, Hercules Capital Funding 2022-1 LLC, as trust depositor, the 2022 Securitization Issuer, and U.S. Bank Trust Company, N. A., as trustee, and are backed by a pool of senior loans made to certain portfolio companies of the Company and secured by certain assets of those portfolio companies and are to be serviced by the Company. Interest on the 2031 Asset-Backed Notes will be paid, to the extent of funds available. Under the terms of the 2031 Asset-Backed Notes, the Company is required to maintain a reserve cash balance, funded through proceeds from the sale of the 2031 Asset-Backed Notes and through interest and principal collections from the underlying securitized debt portfolio, which may be used to pay monthly interest and principal payments on the 2031 Asset-Backed Notes. The Company has segregated these funds and classified them as restricted cash. As of December 31, 2023 and 2022, there was approximately $17.1 million and $10.1 million, respectively, of funds segregated as restricted cash related to the 2031 Asset-Backed Notes. 2033 Notes On September 24, 2018, the Company issued $40.0 million in aggregate principal amount of 6.25% interest-bearing unsecured notes due October 30, 2033 (the “2033 Notes”), unless repurchased in accordance with the terms of the Sixth Supplemental Indenture to the Base Indenture, dated September 24, 2018. Interest on the 2033 Notes is payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year. The 2033 Notes trade on the NYSE under the symbol “HCXY.” The 2033 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Company may redeem some or all of the 2033 Notes at any time, or from time to time, at the redemption price set forth under the terms of the 2033 Notes indenture after October 30, 2023. Credit Facilities As of December 31, 2023 and December 31, 2022, the Company has two available credit facilities, the MUFG Bank Facility and the SMBC Facility (together, the “Credit Facilities”). For the year ended December 31, 2023 and 2022, the weighted average interest rate was 7.41% and 4.51%, respectively, and the average debt outstanding under the Credit Facilities was $192.3 million and $127.7 million, respectively. MUFG Bank Facility On January 13, 2023, the Company entered into a third amended credit facility agreement, which amends the agreement dated as of June 10, 2022. The Company, through a special purpose wholly owned subsidiary, Hercules Funding IV LLC (“Hercules Funding IV”), as borrower, entered into the credit facility (the “MUFG Bank Facility”) with MUFG Bank Ltd. (formerly MUFG Union Bank and known as the “Union Bank Facility”) as the arranger and administrative agent, and the lenders party to the MUFG Bank Facility from time to time. Under the MUFG Bank Facility, the lenders have made commitments of $400.0 million, which may be further increased via an accordion feature up to an aggregate $600.0 million, funded by existing or additional lenders and with the agreement of MUFG Bank and subject to other customary conditions. There can be no assurances that additional lenders will join the MUFG Bank Facility to increase available borrowings. Debt under the MUFG Bank Facility generally bears interest at a rate per annum equal to SOFR plus 2.75% for SOFR loans. The MUFG Bank Facility matures on January 13, 2026, plus a twelve month amortization period, unless sooner terminated in accordance with its terms. The MUFG Bank Facility is secured by all of the assets of Hercules Funding IV. The MUFG Bank Facility requires payment of a non-use fee during the revolving credit availability period. The MUFG Bank Facility also includes financial and other covenants applicable to the Company and the Company’s subsidiaries, in addition to those applicable to Hercules Funding IV, including covenants relating to certain changes of control of Hercules Funding IV. Among other things, these covenants require the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a minimum tangible net worth with respect to Hercules Funding IV. The MUFG Bank Facility provides for customary events of default, including with respect to payment defaults, breach of representations and covenants, servicer defaults, certain key person provisions, cross default provisions to certain other debt, lien and judgment limitations, and bankruptcy. SMBC Facility On June 14, 2022, the Company entered into a second amendment to a revolving credit agreement, which amends the revolving credit agreement, dated as of November 9, 2021, with Sumitomo Mitsui Banking Corporation (the “SMBC Facility”), as administrative agent, and the lenders and issuing banks to the SMBC Facility. As of December 31, 2023, the SMBC Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies of up to $225.0 million, from which the Company may access subject to certain conditions. The SMBC Facility contains an accordion feature, in which the Company can increase the credit line up to an aggregate of $500.0 million, funded by existing or additional lenders and with the agreement of SMBC Bank and subject to other customary conditions. Availability under the SMBC Facility will terminate on November 7, 2025, and the outstanding loans under the SMBC Facility will mature on November 9, 2026. Borrowings under the SMBC Facility are subject to compliance with a borrowing base and an aggregate portfolio balance. The Company’s obligations under the SMBC Facility may in the future be guaranteed by certain of the Company’s subsidiaries and primarily secured by a first priority security interest (subject to certain exceptions) in only certain specified property and assets of the Company and the subsidiary guarantors thereunder. Additionally in January 2023, the Company entered into a Letter of Credit Facility Agreement (the “SMBC LC Facility”) with Sumitomo Mitsui Banking Corporation that provides for a letter of credit facility with a final maturity date ending on January 13, 2026 and a commitment amount of $175.0 million as amended. Further, the SMBC LC Facility includes an accordion provision to increase the commitment up to $400.0 million, subject to certain conditions. The Company’s obligations under the SMBC LC Facility may in the future be guaranteed by certain of the Company’s subsidiaries and is primarily secured by a first priority security interest (subject to certain exceptions) in only certain specified property and assets of the Company and any subsidiary guarantors thereunder. Interest under the SMBC Facility is determined by the nature and denomination of the borrowing. Interest rates are determined by the appropriate benchmark rate (SOFR, EURIBOR, Prime, CDOR, or TIBOR) as applicable for the type of borrowing plus an applicable margin adjustment which can range from 0.875% to 2.0% per annum subject to certain conditions. In addition to interest, the SMBC Facility is subject to a non-usage fee of 0.375% per annum (based on the immediately preceding period’s average usage) on the unused portion of the commitment under the SMBC Facility during the revolving period. The Company is required to pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the SMBC Facility. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The determination of taxable income pursuant to U.S. federal income tax regulations differs from U.S. GAAP. As a result, permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. During the years ended December 31, 2023, 2022 and 2021, the Company reclassified accumulated net realized gains (losses) to additional paid-in capital for book purposes primarily related to net realized gains from portfolio companies which are held in taxable subsidiaries and are not consolidated with the Company for income tax purposes, as follows: (in millions) Year Ended December 31, 2023 2022 2021 Reclassified accumulated net realized gains (losses) $ 0.8 $ 3.0 $ 63.3 During the years ended December 31, 2023, 2022 and 2021, the Company reclassified amounts from undistributed ordinary income or accumulated realized gains (losses) to additional paid-in capital for book purposes, as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Undistributed net investment income (distributions in excess of investment income) $ (18,396) $ (8,784) $ 19,486 Accumulated realized gains (losses) 39,317 (834) 69,066 Additional paid-in capital (20,921) 9,618 (88,552) For income tax purposes, distributions paid to stockholders are reported as ordinary income, long-term capital gains, return of capital, or a combination thereof. The tax character of distributions paid are as follows for each of the years ended: (in millions) Year Ended December 31, 2023 2022 2021 Ordinary income $ 275.5 $ 203.7 $ 122.6 Long-term capital gains — 43.1 55.2 As of December 31, 2023, 2022 and 2021, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Consolidated Statements of Assets and Liabilities by temporary book or tax differences primarily arising from the treatment of loan related yield enhancements. (in thousands) Year Ended December 31, 2023 2022 2021 Accumulated capital gains $ (8,190) $ (3,102) $ 43,005 Other temporary differences (18,609) (20,100) (16,206) Undistributed ordinary income 133,783 127,703 149,069 Unrealized appreciation (depreciation) 33,029 (44,592) 40,655 Components of distributable earnings $ 140,013 $ 59,909 $ 216,523 Taxable income and taxable net realized gains (losses) for the year ended December 31, 2023, 2022 and 2021 appears as follows: (in millions, except per share data) Year Ended December 31, 2023 2022 2021 Taxable Income $ 283.00 $ 181.10 $ 172.80 Taxable Income, Per Share $ 1.96 $ 1.45 $ 1.51 Taxable Net Realized Gains (Losses) $ (8.2) $ (1.7) $ 89.4 Taxable Net Realized Gains, Per Share $ (0.06) $ (0.01) $ 0.78 Weighted average shares outstanding 144.1 125.2 114.7 The aggregate gross unrealized appreciation and depreciation of the Company's investment over cost for U.S. federal income tax purposes appears as follows: (in millions) Year Ended December 31, 2023 2022 2021 Aggregate Gross Unrealized Appreciation $ 118.3 $ 72.2 $ 121.0 Aggregate Gross Unrealized Depreciation 115.9 112.0 75.7 Net Unrealized Appreciation (Depreciation) over cost for U.S. federal income tax purposes 2.4 (39.8) 45.3 Aggregate cost of securities for U.S. federal income tax purposes (in billions) 3.2 3.0 2.4 For the year ended December 31, 2023, the Company paid approximately $5.3 million of income tax, including excise tax, and had $6.0 million of accrued, but unpaid tax expense as of December 31, 2023. For the year ended December 31, 2022, the Company paid approximately $7.4 million of income tax, including excise tax, and had $5.2 million of accrued, but unpaid tax expense as of December 31, 2022. Additionally, the Company has taxable subsidiaries which hold certain portfolio investments in an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisions of the Code. These taxable subsidiaries are consolidated for U.S. GAAP and the portfolio investments held by the taxable subsidiaries are included in the Company’s consolidated financial statements and are recorded at fair value. These taxable subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments. Any income generated by these taxable subsidiaries generally would be subject to tax at normal U.S. federal tax rates based on its taxable income. In accordance with ASC 740, the Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties, if any, related to unrecognized tax benefits as a component of provision for income taxes. Based on an analysis of the Company’s tax position, there are no uncertain tax positions that met the recognition or measurement criteria. The Company is currently not undergoing any tax examinations. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits for the next twelve months. The 2019 – 2022 federal tax years for the Company remain subject to examination by the Internal Revenue Service. The 2018 – 2022 state tax years for the Company remain subject to examination by the state taxing authorities. |
Stockholders' Equity and Distri
Stockholders' Equity and Distributions | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity and Distributions | 7. Stockholders’ Equity and Distributions The Company has issued and outstanding 157,758,072 and 133,044,602 shares of common stock as of December 31, 2023 and December 31, 2022, respectively. The Company currently sell shares through our equity distribution agreement with JMP Securities LLC (“JMP”) and Jefferies LLC (“Jefferies”) (the “2023 Equity Distribution Agreement”) entered into on May 5, 2023. The 2023 Equity Distribution Agreement provides that the Company may offer and sell up to 25.0 million shares of our common stock from time to time through JMP or Jefferies, as the Company's sales agents. Sales of the Company's common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The 2023 Equity Distribution Agreement replaced the ATM equity distribution agreement between the Company, JMP and Jefferies executed on May 9, 2022. Additionally, on August 7, 2023, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers to sell 6.5 million shares of common stock through an upsized public offering. The Company issued and sold the following shares of common stock during the years ended December 31, 2023, 2022, and 2021: (in millions, except per share data) Year Ending December 31, Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Price/Share 2021 0.6 $ 10.8 $ 0.2 $ 10.6 $ 16.62 2022 14.6 $ 232.1 $ 2.4 $ 229.7 $ 15.77 2023 22.7 $ 344.3 $ 6.1 $ 338.2 $ 14.88 The Company generally uses net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of December 31, 2023, approximately 17.3 million shares remain available for issuance and sale under the current equity distribution agreement. The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the years ended December 31, 2023, 2022 and 2021: (in thousands, except per share data) Distribution Type Declared Date Record Date Payment Date Per Share Amount Total Amount Base February 17, 2021 March 8, 2021 March 15, 2021 $ 0.32 $ 37,012 Supplemental February 17, 2021 March 8, 2021 March 15, 2021 0.05 5,783 Base April 21, 2021 May 12, 2021 May 19, 2021 0.32 37,053 Supplemental April 21, 2021 May 12, 2021 May 19, 2021 0.07 8,105 Base July 21, 2021 August 11, 2021 August 18, 2021 0.32 37,079 Supplemental July 21, 2021 August 11, 2021 August 18, 2021 0.07 8,111 Base October 21, 2021 November 10, 2021 November 17, 2021 0.33 38,306 Supplemental October 21, 2021 November 10, 2021 November 17, 2021 0.07 8,126 Total distributions declared during the year ended December 31, 2021 $ 1.55 $ 179,575 Base February 16, 2022 March 9, 2022 March 16, 2022 $ 0.33 $ 39,794 Supplemental February 16, 2022 March 9, 2022 March 16, 2022 0.15 18,088 Base April 27, 2022 May 17, 2022 May 24, 2022 0.33 41,245 Supplemental April 27, 2022 May 17, 2022 May 24, 2022 0.15 18,748 Base July 20, 2022 August 9, 2022 August 16, 2022 0.35 44,765 Supplemental July 20, 2022 August 9, 2022 August 16, 2022 0.15 19,185 Base October 13, 2022 November 10, 2022 November 17, 2022 0.36 47,472 Supplemental October 13, 2022 November 10, 2022 November 17, 2022 0.15 19,780 Total distributions declared during the year ended December 31, 2022 $ 1.97 $ 249,077 Base February 9, 2023 March 2, 2023 March 9, 2023 $ 0.39 $ 53,749 Supplemental February 9, 2023 March 2, 2023 March 9, 2023 0.08 11,025 Base April 27, 2023 May 16, 2023 May 23, 2023 0.39 55,910 Supplemental April 27, 2023 May 16, 2023 May 23, 2023 0.08 11,469 Base July 28, 2023 August 18, 2023 August 25, 2023 0.40 60,445 Supplemental July 28, 2023 August 18, 2023 August 25, 2023 0.08 12,089 Base October 26, 2023 November 15, 2023 November 22, 2023 0.40 61,345 Supplemental October 26, 2023 November 15, 2023 November 22, 2023 0.08 12,269 Total distributions declared during the year ended December 31, 2023 $ 1.90 $ 278,301 In 2023, for income tax purposes, the distributions paid of $1.90 per share were comprised of ordinary income. As of December 31, 2023, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.80 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 8. Equity Incentive Plans The Company grants equity-based awards to employees and non-employee directors for the purpose of attracting and retaining the services of its executive officers, key employees, and members of the Board. The Company’s equity-based awards are granted under the 2018 Equity Incentive Plan (the “2018 Plan”) for employees and 2018 Non-Employee Director Plan (the “Director Plan”) for non-employee directors. The 2018 Plan and the Director Plan were approved by stockholders on June 28, 2018 and unless earlier terminated by the Board, terminate on May 12, 2028. Subject to certain adjustments and permitted reversions of shares, the maximum aggregate number of shares that may be authorized for issuance under awards granted under the 2018 Plan and Director Plan is 9,261,229 shares and 300,000 shares, respectively. In connection with the issuance of shares under the 2018 Plan and Director Plan, the Company has registered, in aggregate, 18.7 million and 300,000 shares of common stock, respectively. Outstanding awards issued under plans that precede the 2018 Plan and Director Plan remain outstanding, unchanged and subject to the terms of such plans and their respective award agreements, until the vesting, expiration or lapse of such awards in accordance with their terms. The Company has received exemptive relief from the SEC that permits it to issue restricted stock to non-employee directors under the Director Plan and restricted stock and restricted stock units to certain of its employees, officers, and directors (excluding non-employee directors) under the 2018 Plan. The exemptive order also allows participants in the Director Plan and the 2018 Plan to (i) elect to have the Company withhold shares of its common stock to pay for the exercise price and applicable taxes with respect to an option exercise (“net issuance exercise”) and/or (ii) permit the holders of restricted stock to elect to have the Company withhold shares of its stock to pay the applicable taxes due on restricted stock at the time of vesting. Each individual employee would be able to make a cash payment to satisfy applicable tax withholding at the time of option exercise or vesting on restricted stock. The Company has granted equity-based awards that have service and performance conditions. Certain of the Company’s equity-based awards are classified as liability awards in accordance with ASC Topic 718, Compensation – Stock Compensation. All of the Company’s equity-based awards require future service and are expensed over the relevant service period. The Company does not estimate forfeitures, and reverses all unvested costs associated with equity-awards in the period they are forfeited. For the years ended December 31, 2023, 2022, and 2021, the Company recognized $13.2 million, $13.4 million, and $11.9 million of stock-based compensation expense in the Consolidated Statements of Operations, respectively. As of December 31, 2023 and 2022, approximately $21.7 million and $13.1 million of total unrecognized compensation costs expected to be recognized over the next 3.5 and 1.7 years, respectively. Service-Vesting Awards The Company grants equity-based awards which have service conditions, which generally begin to vest one-third after one year after the date of grant and ratably over the succeeding 2 years in accordance with the individual award terms. Certain awards have service conditions of longer duration and may begin to vest up to seven years after the date of grant. These equity-based awards which vest upon achievement of service conditions are collectively referred to as the “Service Vesting Awards”. The grant date fair value of Service Vesting Awards granted during the years ended December 31, 2023, 2022, and 2021, were approximately $22.2 million, $11.1 million and $12.1 million, respectively. The Company has granted restricted stock equity awards in the form of restricted stock awards and restricted stock units. The Company determines the grant date fair values of restricted stock equity awards using the grant date stock close price. The activities for the Company's unvested restricted stock equity awards for each of the three years ended December 31, 2023, 2022, and 2021 are summarized below: Year ended, December 31, 2023 2022 2021 Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Unvested Shares Beginning of Period 958,985 $ 16.35 1,037,848 $ 14.51 989,100 $ 13.69 Granted 1,565,571 $ 14.07 632,831 $ 17.24 751,074 $ 14.80 Vested (1) (632,575) $ 16.15 (686,030) $ 14.40 (620,116) $ 13.69 Forfeited (11,572) $ 15.42 (25,664) $ 16.00 (82,210) $ 14.17 Unvested Shares End of Period 1,880,409 $ 14.52 958,985 $ 16.35 1,037,848 $ 14.51 (1) With respect to certain restricted stock equity awards granted prior to January 1, 2019, receipt of the shares of the Company’s common stock underlying vested restricted stock equity awards will be deferred for four years from grant date unless certain conditions are met. Accordingly, such vested restricted stock equity awards will not be issued as common stock upon vesting until the completion of the deferral period. In addition to the restricted stock equity-based awards, the Company has also issued stock options to certain employees. The fair value of options granted during the years ended December 31, 2023, 2022, and 2021, was approximately $148,000, $166,000 and $144,000, respectively. During the years ended December 31, 2023, 2022, and 2021, approximately $105,000, $76,000, and $37,000 of share-based cost due to stock option grants was expensed, respectively. Performance-Vesting Awards The Company has granted equity-based awards, which have market and performance conditions in addition to a service condition (“Performance Awards”). The value of these awards may increase dependent on increases to the Company’s total stockholder return (“TSR”). The total compensation will be determined by the Company’s TSR relative to specified BDCs during a specified performance period. Depending on the results achieved during the specified performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the target shares granted. The Performance Awards typically vest after four years, and generally may not be disposed until one year post vesting. The Company determines the fair values of the Performance Awards at the grant date using a Monte-Carlo simulation multiplied by the target payout level and is recognized over the service period. For certain Performance Awards, distribution equivalent units (“Performance DEUs”) will accrue in the form of additional shares, but will not be paid unless the Performance Awards to which such Performance DEUs relate actually vest. During the year ended December 31, 2023, no Performance Awards were granted or vested. During the year ended December 31, 2022, a total of 487,409 Performance Awards shares vested. During the year ended December 31, 2023, 54,858 Performance DEUs were issued and vested immediately with an aggregate grant date fair value of $0.7 million. During the year ended December 31, 2022, 639,413 Performance DEUs were issued and vested immediately with a grant fair value of $6.2 million. During the year ended December 31, 2021, no Performance DEUs were issued, nor were any Performance Awards or Performance DEUs granted or vested. As of December 31, 2023, 2022, or 2021, there were zero, zero, and 487,409 shares of unvested Performance Awards. Liability Classified Awards The Company has granted equity-based awards which are subject to both service and performance conditions. These awards are settled either in cash or a fixed dollar value of shares, subject to the terms of each individual award, and therefore classified as liability awards (the “Liability Awards”). The remaining maximum total potential value of the Liability Awards granted is $3.1 million, which assumes all performance conditions are met for each Liability award. If the performance conditions are not met, the total compensation expense related to the Liability Awards may be less than the maximum granted value of the awards. The awards are recorded as deferred compensation within Accounts Payable and Accrued Liabilities included on the Consolidated Statements of Assets and Liabilities. Certain Liability Awards are structured similar to the Performance Awards and increase in value with corresponding increases to the Company’s TSR and vest after four years. The Company remeasures the value of these awards each period based on the Company’s TSR achieved to date. Certain other Liability Awards are linked to attainment of investment funding goals. The Company determines the fair value of these Liability Awards based on the expected probability of the performance conditions being met and recognized over the service period. As of December 31, 2023, the Company determined that the weighted average expected probability of the performance conditions being met within each Liability Award was 100%. The expected probability is re-evaluated each period, and may be adjusted to reflect changes in this assumption. These other Liability Awards vest over a three-year service term. As of December 31, 2023, all Liability Awards are unvested and there was approximately $0.5 million of total unrecognized compensation costs expected to be recognized over a weighted average period of 0.3 years. For the year ended December 31, 2023, there was approximately $1.4 million of compensation expense related to the Liability Awards recognized in the Consolidated Statements of Operations and $2.6 million accrued within Accounts Payable and Accrued Liabilities in the Consolidated Statements of Assets and Liabilities. During the year ended December 31, 2023, no Liability Awards vested. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share Shares used in the computation of the Company’s basic and diluted earnings per share are as follows: (in thousands, except per share data) Year Ended December 31, 2023 2022 2021 Numerator Net increase (decrease) in net assets resulting from operations $ 337,484 $ 102,081 $ 174,155 Less: Total distributions declared (278,301) (249,077) (179,575) Total Earnings, net of total distributions 59,183 (146,996) (5,420) Earnings, net of distributions attributable to common shares 58,593 (146,995) (5,420) Add: Distributions declared attributable to common shares 275,548 246,873 177,864 Numerator for basic and diluted change in net assets per common share $ 334,141 $ 99,878 $ 172,444 Denominator Basic weighted average common shares outstanding 144,091 125,189 114,742 Incremental shares from assumed conversion of 2022 Convertible Notes — — 512 Common shares issuable 735 1,470 701 Weighted average common shares outstanding assuming dilution 144,826 126,659 115,955 Change in net assets per common share: Basic $ 2.32 $ 0.80 $ 1.50 Diluted $ 2.31 $ 0.79 $ 1.49 In the table above, unvested share-based payment awards that have non-forfeitable rights to distributions or distribution equivalents are treated as participating securities for calculating earnings per share. Unvested common stock options and restricted stock units are also considered for the purpose of calculating diluted earnings per share. Diluted EPS was computed using the if-converted method as it was determined to be the most dilutive method. The calculation of change in net assets resulting from operations per common share—assuming dilution, excludes all anti-dilutive shares. For the years ended December 31, 2023, 2022 and 2021, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company’s common stock for the periods, are as follows: Year Ended December 31, Anti-dilutive Securities 2023 2022 2021 Unvested common stock options 1,496 2,085 690 Restricted stock units* 4,357 — 20 Unvested restricted stock awards 30,028 2,116 861 * Included in these amounts are shares related to certain equity-based awards, which are fully vested but have not been delivered and thus not outstanding for purposes of calculating earnings per share. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | 10. Financial Highlights Following is a schedule of financial highlights for the five years ended December 31, 2023, 2022, 2021, 2020, and 2019: (in thousands, except per share data and ratios) Year Ended December 31, 2023 2022 2021 2020 2019 Per share data (1) : Net asset value at beginning of period $ 10.53 $ 11.22 $ 11.26 $ 10.55 $ 9.90 Net investment income 2.11 1.50 1.29 1.39 1.41 Net realized gain (loss) 0.06 (0.01) 0.18 (0.50) 0.16 Net unrealized appreciation (depreciation) 0.17 (0.68) 0.03 1.13 0.14 Total from investment operations 2.34 0.81 1.50 2.02 1.71 Net increase (decrease) in net assets from capital share transactions (1) 0.44 0.34 (0.08) 0.01 0.20 Distributions of net investment income (6) (1.93) (1.63) (1.06) (1.03) (1.15) Distributions of capital gains (6) — (0.36) (0.49) (0.36) (0.18) Stock-based compensation expense included in net investment income and other movements (2) 0.05 0.15 0.09 0.07 0.07 Net asset value at end of period $ 11.43 $ 10.53 $ 11.22 $ 11.26 $ 10.55 Ratios and supplemental data: Per share market value at end of period $ 16.67 $ 13.22 $ 16.59 $ 14.42 $ 14.02 Total return (3) 42.00 % (10.14) % 25.62 % 14.31 % 39.36 % Shares outstanding at end of period 157,758 133,045 116,619 114,726 107,364 Weighted average number of common shares outstanding 144,091 125,189 114,742 111,985 101,132 Net assets at end of period $ 1,802,706 $ 1,401,459 $ 1,308,547 $ 1,291,704 $ 1,133,049 Ratio of total expense to average net assets (4) 9.92 % 9.92 % 9.86 % 11.30 % 11.95 % Ratio of net investment income before investment gains and losses to average net assets (4) 19.26 % 13.96 % 11.28 % 13.64 % 13.74 % Portfolio turnover rate (5) 31.95 % 19.29 % 51.58 % 32.38 % 31.30 % Weighted average debt outstanding $ 1,607,278 $ 1,468,335 $ 1,248,177 $ 1,309,903 $ 1,177,379 Weighted average debt per common share $ 11.15 $ 11.73 $ 10.88 $ 11.70 $ 11.64 (1) All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2) Adjusts for the impact of stock-based compensation expense, which is a non-cash expense and has no net impact to net asset value. Pursuant to ASC Topic 718, the expense is offset by a corresponding increase in paid-in capital. Additionally, adjusts for other items attributed to the difference between certain per share data based on the weighted-average basic shares outstanding and those calculated using the shares outstanding as of a period end or transaction date. (3) The total return for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 equals to the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. As such, the total return is not annualized. The total return does not reflect any sales load that must be paid by investors. (4) The ratios are calculated based on weighted average net assets for the relevant period and are annualized. (5) The portfolio turnover rate for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 equals to the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover rate is not annualized. (6) Includes distributions on unvested restricted stock awards. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies The Company’s commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to the Company’s portfolio companies. A portion of these unfunded contractual commitments as of December 31, 2023 are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions which allow the Company relief from funding obligations for previously made unfunded commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the portfolio company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by future or unachieved milestones. As of December 31, 2023 and December 31, 2022, the Company had approximately $335.3 million and $628.9 million, respectively, of available unfunded commitments, including undrawn revolving facilities, which were available at the request of the portfolio company and unencumbered by future or unachieved milestones. In order to draw a portion of the Company's available unfunded commitments, a portfolio company must submit to the Company a formal funding request that complies with the applicable advance notice and other operational requirements. The amounts disclosed exclude unfunded commitments (i) for which, with respect to a portfolio company's agreement, a milestone was achieved after the last day on which the portfolio company could have requested a drawdown funding to be completed within the reporting period; and (ii) related to the portion of portfolio company investments assigned to or directly committed by the Adviser Funds as described in "Note -13 Related Party Transactions". The fair value of the Company’s unfunded commitments is considered to be immaterial as the yield determined at the time of underwriting is expected to be materially consistent with the yield upon funding, given that interest rates are generally pegged to market indices and given the existence of milestones, conditions and/or obligations embedded in the borrowing agreements. As of December 31, 2023 and December 31, 2022, the Company’s unfunded contractual commitments available at the request of the portfolio company, including undrawn revolving facilities, and unencumbered by milestones were as follows: (in thousands) Unfunded Commitments (1) as of Portfolio Company December 31, 2023 December 31, 2022 Debt Investments: Thumbtack, Inc. $ 40,000 $ 40,000 Automation Anywhere, Inc. 29,400 29,400 Checkr Group, Inc. 23,625 — Skydio, Inc. 22,500 22,500 Tarsus Pharmaceuticals, Inc. 20,625 10,313 Kura Oncology, Inc. 19,250 8,250 Akero Therapeutics, Inc. 15,000 5,000 Dragos 13,000 — Suzy, Inc. 12,000 — Tipalti Solutions Ltd. 10,500 — Main Street Rural, Inc. 10,500 — Next Insurance, Inc. 10,000 — Senseonics Holdings, Inc. 8,750 — Elation Health, Inc. 7,500 7,500 Modern Life, Inc. 6,500 — Dronedeploy, Inc. 6,250 12,500 Phathom Pharmaceuticals, Inc. 6,120 66,500 Brain Corporation 5,000 20,700 Heron Therapeutics, Inc. 4,000 — Leapwork ApS 3,900 — Saama Technologies, LLC 3,875 — Zimperium, Inc. 3,727 1,088 Allvue Systems, LLC 3,590 — Babel Street 3,375 3,375 Riviera Partners LLC 3,000 3,500 Cutover, Inc. 2,650 1,000 Plentific Ltd 2,625 — Zappi, Inc. 2,571 2,571 Altumint, Inc. 2,500 — Loftware, Inc. 2,277 — Yipit, LLC 2,250 2,250 Streamline Healthcare Solutions 2,200 — New Relic, Inc. 2,176 — Dashlane, Inc. 2,137 10,000 Sumo Logic, Inc. 2,000 — (in thousands) Unfunded Commitments (1) as of Portfolio Company December 31, 2023 December 31, 2022 Annex Cloud $ 1,750 $ 386 Ceros, Inc. 1,707 1,707 ThreatConnect, Inc. 1,600 1,600 LogicSource 1,209 1,209 3GTMS, LLC 1,182 — Ikon Science Limited 1,050 1,050 LinenMaster, LLC 1,000 — Fortified Health Security 840 840 Agilence, Inc. 800 800 Omeda Holdings, LLC 731 938 Flight Schedule Pro, LLC 639 639 Dispatch Technologies, Inc. 625 1,250 Constructor.io Corporation 625 625 Enmark Systems, Inc. 457 457 Alchemer LLC 445 890 Cybermaxx Intermediate Holdings, Inc. 390 390 ShadowDragon, LLC 333 333 Cytracom Holdings LLC 72 225 Provention Bio, Inc. — 40,000 Vida Health, Inc. — 40,000 Madrigal Pharmaceutical, Inc. — 34,000 Oak Street Health, Inc. — 33,750 HilleVax, Inc. — 28,000 Axsome Therapeutics, Inc. — 21,000 Replimune Group, Inc. — 20,700 Aryaka Networks, Inc. — 20,000 G1 Therapeutics, Inc. — 19,375 AppDirect, Inc. — 15,000 Alladapt Immunotherapeutics Inc. — 15,000 PathAI, Inc. — 12,000 Viridian Therapeutics, Inc. — 12,000 Alamar Biosciences, Inc. — 10,000 Fever Labs, Inc. — 8,333 Gritstone Bio, Inc. — 7,500 Nuvolo Technologies Corporation — 5,970 Signal Media Limited — 5,250 Fulfil Solutions, Inc. — 5,000 Demandbase, Inc. — 3,750 MacroFab, Inc. — 3,000 Khoros (p.k.a Lithium Technologies) — 1,812 RVShare, LLC — 1,500 Mobile Solutions Services — 495 Total Unfunded Debt Commitments: 330,828 623,221 Investment Funds & Vehicles: (2) Forbion Growth Opportunities Fund II C.V. 2,748 2,811 Forbion Growth Opportunities Fund I C.V. 1,757 2,842 Total Unfunded Commitments in Investment Funds & Vehicles: 4,505 5,653 Total Unfunded Commitments $ 335,333 $ 628,874 (1) For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $127.7 million and $173.5 million of unfunded commitments as of December 31, 2023, and December 31, 2022, respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in "Note -13 Related Party Transactions". (2) For investment funds and vehicles, the amount represents uncalled capital commitments in private equity funds. The following table provides additional information on the Company’s unencumbered unfunded commitments regarding milestones, expirations and type: (in thousands) December 31, 2023 December 31, 2022 Unfunded Debt Commitments: Expiring during: 2023 $ — $ 461,296 2024 291,896 134,856 2025 3,004 720 2026 7,537 9,038 2027 14,078 15,171 2028 6,547 2,140 2029 3,590 — 2030 4,176 — Total Unfunded Debt Commitments 330,828 623,221 Unfunded Commitments in Investment Funds & Vehicles: Expiring during: 2030 1,757 2,842 2032 2,748 2,811 Total Unfunded Commitments in Investment Funds & Vehicles 4,505 5,653 Total Unfunded Commitments $ 335,333 $ 628,874 The following tables provide the Company’s contractual obligations as of December 31, 2023 and December 31, 2022: As of December 31, 2023: Payments due by period (in thousands) Contractual Obligations (1) Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years Debt (2)(3) $ 1,570,000 $ 105,000 $ 689,000 $ 411,000 $ 365,000 Lease and License Obligations (4) 26,741 2,539 6,629 6,248 11,325 Total $ 1,596,741 $ 107,539 $ 695,629 $ 417,248 $ 376,325 As of December 31, 2022: Payments due by period (in thousands) Contractual Obligations (1) Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years Debt (5)(3) $ 1,594,000 $ — $ 382,000 $ 847,000 $ 365,000 Lease and License Obligations (4) 8,641 2,723 2,259 2,452 1,207 Total $ 1,602,641 $ 2,723 $ 384,259 $ 849,452 $ 366,207 (1) Excludes commitments to extend credit to the Company’s portfolio companies and uncalled capital commitments in investment funds. (2) Includes $175.0 million in principal outstanding under the SBA Debentures, $105.0 million of the July 2024 Notes, $50.0 million of the February 2025 Notes, $70.0 million of the June 2025 Notes, $50.0 million of the June 2025 3-Year Notes, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $150.0 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes, and $350.0 million of the January 2027 Notes as of December 31, 2023. There was also $94.0 million outstanding under the SMBC Facility and $61.0 million outstanding under the MUFG Bank Facility as of December 31, 2023. (3) Amounts represent future principal repayments and not the carrying value of each liability. See “Note 5 – Debt”. (4) Facility leases and licenses including short-term leases. (5) Includes $175.0 million in principal outstanding under the SBA Debentures, $105.0 million of the July 2024 Notes, $50.0 million of the February 2025 Notes, $70.0 million of the June 2025 Notes, $50.0 million of the June 2025 3-Year Notes, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $150.0 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes and $350.0 million of the January 2027 Notes as of December 31, 2022. There was also $72.0 million outstanding under the SMBC Facility and $107.0 million outstanding under the MUFG Bank Facility as of December 31, 2022. Certain premises are leased or licensed under agreements which expire at various dates through July 2034. Total rent expense, including short-term leases, amounted to approximately $3.4 million, $3.2 million, and $3.1 million, during the years ended December 31, 2023, 2022, and 2021, respectively. The Company recognizes an operating lease liability and a ROU asset for all leases, with the exception of short-term leases. The lease payments on short-term leases are recognized as rent expense on a straight-line basis. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental weighted average cost of debt. The Company considers the general economic environment and its credit rating and factors in various financing and asset specific adjustments to ensure the discount rate applied is appropriate to the intended use of the underlying lease. While some of the leases contained options to extend and terminate, it is not reasonably certain that either option will be utilized and therefore, only the payments in the initial term of the leases were included in the lease liability and ROU asset. The following table sets forth information related to the measurement of the Company’s operating lease liabilities and supplemental cash flow information related to operating leases as of December 31, 2023 and 2022: (in thousands) Year Ended December 31, 2023 Year Ended December 31, 2022 Total operating lease cost $ 2,382 $ 2,928 Cash paid for amounts included in the measurement of lease liabilities $ 2,499 $ 3,064 As of December 31, 2023 As of December 31, 2022 Weighted-average remaining lease term (in years) 8.68 5.48 Weighted-average discount rate 6.79 % 5.37 % The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of December 31, 2023: (in thousands) As of December 31, 2023 2024 $ 1,894 2025 3,267 2026 3,362 Thereafter 17,573 Total lease payments 26,096 Less: imputed interest & other items (20,901) Total operating lease liability $ 5,195 The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect the Company’s financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period. |
Indemnification
Indemnification | 12 Months Ended |
Dec. 31, 2023 | |
Indemnification [Abstract] | |
Indemnification | 12. Indemnification The Company has entered into indemnification agreements with its directors and executive officers. The indemnification agreements are intended to provide its directors and executive officers the maximum indemnification permitted under Maryland law and the 1940 Act. Each indemnification agreement provides that the Company shall indemnify the director or executive officer who is a party to the agreement, or an “Indemnitee,” including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Maryland law and the 1940 Act. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions As disclosed in “Note 1 - Description of Business”, the Adviser Subsidiary is the Company's wholly owned registered investment advisor business, comprised of the collectively held and presented entities Hercules Adviser LLC, Hercules Capital Management, LLC, and Hercules Partner Holdings, LLC entities. The Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value. The Adviser Subsidiary has entered into investment management agreements with its privately offered Adviser Funds, and it receives management fees based on the assets under management of the Adviser Funds. In addition, the general partner interests (the “GP Interests”) held by Hercules Partner Holdings, LLC may receive incentive fees based on the performance of the Adviser Funds. Both the Adviser Subsidiary and Hercules Partner Holdings, LLC are owned by Hercules Capital Management LLC. During the year ended December 31, 2023, the Advisor Subsidiary declared and paid dividend distributions to the Company of $1.4 million. No dividends distributions were made during the year ended December 31, 2022. Refer to “Note 4 – Investments” for information related to income, gains and losses recognized related to the Company’s investment. The Company has a shared services agreement (“Sharing Agreement”) with the Adviser Subsidiary, through which the Adviser Subsidiary has access to the Company's human capital resources (including administrative functions) and other resources and infrastructure (including office space and technology). Under the terms of the Sharing Agreement, the Company allocates the related expenses of shared services to the Adviser Subsidiary based on direct time spent, investment activity, and proportion of assets under management depending on the nature of the expense. The Company’s total expenses for the years ended December 31, 2023 and 2022, are net of expenses allocated to the Adviser Subsidiary of $9.1 million and $8.3 million, respectively. As of December 31, 2023 and 2022, there was $0.1 million and $0.1 million receivable, respectively from the Adviser Subsidiary. In addition, the Company may from time-to-time make investments alongside the Adviser Funds or assign a portion of investments to the Adviser Funds in accordance with the Company’s allocation policy. During the year ended December 31, 2023, $595.6 million of all investment commitments of the Company and the Adviser Subsidiary were assigned to or directly committed by the Adviser Funds. During the year ended December 31, 2023, fundings of $350.7 million were assigned to, directly originated, or funded by the Adviser Funds. The Company received $12.1 million from the Adviser Funds relating to the assigned investments during the year ended December 31, 2023. During the year ended December 31, 2022, $747.1 million of all investment commitments of the Company and the Adviser Subsidiary were assigned to or directly committed by the Adviser Funds, respectively. During the year ended December 31, 2022, fundings of $330.2 million were assigned to, directly originated, or funded by the Adviser Funds. The Company received $137.0 million from the Adviser Funds relating to the assigned investments during the year ended December 31, 2022. Additionally, in May 2022, the Company sold $73.5 million of assets to the Adviser Funds and realized a $0.1 million gain. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Dividend Distribution Declaration On February 8, 2024, the Board declared (i) a fourth quarter cash distribution of $0.40 per share and (ii) a supplemental cash distribution of $0.32 per share, to be paid in four quarterly distributions of $0.08 per share beginning with the first quarter of 2024 (the "$0.32 Supplemental Cash Distribution"). The fourth quarter cash distribution and the first quarterly distribution of the $0.32 Supplemental Cash Distribution (a total of $0.48 per share) will be paid on March 6, 2024 to stockholders of record as of February 28, 2024. |
N-2
N-2 - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cover [Abstract] | ||||||||||||||||||||||
Entity Central Index Key | 0001280784 | |||||||||||||||||||||
Amendment Flag | false | |||||||||||||||||||||
Securities Act File Number | 814-00702 | |||||||||||||||||||||
Document Type | 10-K | |||||||||||||||||||||
Entity Registrant Name | HERCULES CAPITAL, INC. | |||||||||||||||||||||
Entity Address, Address Line One | 1 North B Street | |||||||||||||||||||||
Entity Address, Address Line Two | Suite 2000 | |||||||||||||||||||||
Entity Address, City or Town | San Mateo | |||||||||||||||||||||
Entity Address, State or Province | CA | |||||||||||||||||||||
Entity Address, Postal Zip Code | 94401 | |||||||||||||||||||||
City Area Code | 650 | |||||||||||||||||||||
Local Phone Number | 289-3060 | |||||||||||||||||||||
Entity Well-known Seasoned Issuer | Yes | |||||||||||||||||||||
Entity Emerging Growth Company | false | |||||||||||||||||||||
Fee Table [Abstract] | ||||||||||||||||||||||
Sales Load [Percent] | 0% | |||||||||||||||||||||
Dividend Reinvestment and Cash Purchase Fees | $ 0 | |||||||||||||||||||||
Other Transaction Expenses [Abstract] | ||||||||||||||||||||||
Other Transaction Expense 1 [Percent] | 0% | |||||||||||||||||||||
Other Transaction Expenses [Percent] | 0% | |||||||||||||||||||||
Annual Expenses [Table Text Block] | The following table is intended to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. However, we caution you that some of the percentages indicated in the table below are estimates and may vary. The footnotes to the fee table state which items are estimates. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “you” or “us” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in Hercules Capital, Inc. Stockholder Transaction Expenses (as a percentage of the public offering price): Sales load (as a percentage of offering price) (1) — % Offering expenses — % (2) Dividend reinvestment plan fees — % (3) Total stockholder transaction expenses (as a percentage of the public offering price) — % (4) Annual Expenses (as a percentage of net assets attributable to common stock): (5) Operating expenses 5.01 % (6)(7) Interest and fees paid in connection with borrowed funds 4.91 % (8) Acquired fund fees and expenses 0.01 % (10) Total annual expenses 9.93 % (9) (1) In the event that our securities are sold to or through underwriters, a corresponding prospectus supplement to the Prospectus will disclose the applicable sales load. (2) In the event that we conduct an offering of our securities, a corresponding prospectus supplement to this prospectus will disclose the estimated offering expenses. (3) The expenses associated with the administration of our dividend reinvestment plan are included in “Operating expenses.” We pay all brokerage commissions incurred with respect to open market purchases, if any, made by the administrator under the plan. For more details about the plan, see “Dividend Reinvestment Plan.” (4) Total stockholder transaction expenses may include sales load and will be disclosed in a future prospectus supplement, if any. (5) “Net assets attributable to common stock” equals the weighted average net assets for the year ended December 31, 2023, which is approximately $1,578.3 million. (6) “Operating expenses” represent our actual operating expenses incurred for the twelve months ended December 31, 2023. (7) We do not have an investment adviser and are internally managed by our executive officers under the supervision of our Board. As a result, we do not pay investment advisory fees, but instead we pay the operating costs associated with employing investment management professionals. (8) “Interest and fees paid in connection with borrowed funds” represent our interest, fees, and credit facility expenses incurred for the year ended December 31, 2023. (9) “Total annual expenses” is the sum of “Operating expenses”, “Interest and fees paid in connection with borrowed funds”, and "Acquired fund fees and expenses". “Total annual expenses” is presented as a percentage of weighted average net assets attributable to common stockholders, because the holders of shares of our common stock (and not the holders of our debt securities or preferred stock, if any) bear all of our fees and expenses, including the fees and expenses of our wholly-owned consolidated subsidiaries, all of which are included in this fee table presentation. (10) “Acquired fund fees and expenses” represent the estimated indirect expense incurred due to investments in other investment companies and private funds. | |||||||||||||||||||||
Interest Expenses on Borrowings [Percent] | 4.91% | |||||||||||||||||||||
Acquired Fund Fees and Expenses [Percent] | 0.01% | |||||||||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||||||||
Other Annual Expenses [Percent] | 5.01% | |||||||||||||||||||||
Total Annual Expenses [Percent] | 9.93% | |||||||||||||||||||||
Purpose of Fee Table , Note [Text Block] | Fees and Expenses The following table is intended to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. However, we caution you that some of the percentages indicated in the table below are estimates and may vary. The footnotes to the fee table state which items are estimates. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “you” or “us” or that “we” will pay fees or expenses, stockholders will indirectly bear such fees or expenses as investors in Hercules Capital, Inc. Stockholder Transaction Expenses (as a percentage of the public offering price): Sales load (as a percentage of offering price) (1) — % Offering expenses — % (2) Dividend reinvestment plan fees — % (3) Total stockholder transaction expenses (as a percentage of the public offering price) — % (4) Annual Expenses (as a percentage of net assets attributable to common stock): (5) Operating expenses 5.01 % (6)(7) Interest and fees paid in connection with borrowed funds 4.91 % (8) Acquired fund fees and expenses 0.01 % (10) Total annual expenses 9.93 % (9) (1) In the event that our securities are sold to or through underwriters, a corresponding prospectus supplement to the Prospectus will disclose the applicable sales load. (2) In the event that we conduct an offering of our securities, a corresponding prospectus supplement to this prospectus will disclose the estimated offering expenses. (3) The expenses associated with the administration of our dividend reinvestment plan are included in “Operating expenses.” We pay all brokerage commissions incurred with respect to open market purchases, if any, made by the administrator under the plan. For more details about the plan, see “Dividend Reinvestment Plan.” (4) Total stockholder transaction expenses may include sales load and will be disclosed in a future prospectus supplement, if any. (5) “Net assets attributable to common stock” equals the weighted average net assets for the year ended December 31, 2023, which is approximately $1,578.3 million. (6) “Operating expenses” represent our actual operating expenses incurred for the twelve months ended December 31, 2023. (7) We do not have an investment adviser and are internally managed by our executive officers under the supervision of our Board. As a result, we do not pay investment advisory fees, but instead we pay the operating costs associated with employing investment management professionals. (8) “Interest and fees paid in connection with borrowed funds” represent our interest, fees, and credit facility expenses incurred for the year ended December 31, 2023. (9) “Total annual expenses” is the sum of “Operating expenses”, “Interest and fees paid in connection with borrowed funds”, and "Acquired fund fees and expenses". “Total annual expenses” is presented as a percentage of weighted average net assets attributable to common stockholders, because the holders of shares of our common stock (and not the holders of our debt securities or preferred stock, if any) bear all of our fees and expenses, including the fees and expenses of our wholly-owned consolidated subsidiaries, all of which are included in this fee table presentation. (10) “Acquired fund fees and expenses” represent the estimated indirect expense incurred due to investments in other investment companies and private funds. | |||||||||||||||||||||
Other Transaction Fees, Note [Text Block] | The expenses associated with the administration of our dividend reinvestment plan are included in “Operating expenses.” We pay all brokerage commissions incurred with respect to open market purchases, if any, made by the administrator under the plan. For more details about the plan, see “Dividend Reinvestment Plan.” | |||||||||||||||||||||
Acquired Fund Fees Estimated, Note [Text Block] | “Acquired fund fees and expenses” represent the estimated indirect expense incurred due to investments in other investment companies and private funds. | |||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities [Table Text Block] | Senior Securities Information about our senior securities is shown in the following table for the periods as of December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014 which is derived from our audited financial statements for these periods, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm. The “N/A” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Average Market Value per Unit (3) Securitized Credit Facility with Wells Fargo Capital Finance December 31, 2014 (7) — — N/A December 31, 2015 $ 50,000,000 $ 26,352 N/A December 31, 2016 $ 5,015,620 $ 290,234 N/A December 31, 2017 (7) — — N/A December 31, 2018 $ 13,106,582 $ 147,497 N/A December 31, 2019 (7) — — N/A December 31, 2020 (7) — — N/A Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Average Market Value per Unit (3) December 31, 2021 (7) — — N/A Secured Credit Facility with MUFG Bank Ltd. (MUFG) (9) December 31, 2014 (7) — — N/A December 31, 2015 (7) — — N/A December 31, 2016 (7) — — N/A December 31, 2017 (7) — — N/A December 31, 2018 $ 39,849,010 $ 48,513 N/A December 31, 2019 $ 103,918,736 $ 23,423 N/A December 31, 2020 (7) — — N/A December 31, 2021 (7) — — N/A December 31, 2022 $ 107,000,000 $ 27,964 N/A December 31, 2023 $ 61,000,000 $ 55,250 N/A Secured Credit Facility with Sumitomo Mitsui Banking Corporation (SMBC) December 31, 2021 $ 29,924,726 $ 85,479 N/A December 31, 2022 $ 72,000,000 $ 41,558 N/A December 31, 2023 $ 94,000,000 $ 35,854 N/A Small Business Administration Debentures (HT II) (4) December 31, 2014 $ 41,200,000 $ 31,535 N/A December 31, 2015 $ 41,200,000 $ 31,981 N/A December 31, 2016 $ 41,200,000 $ 35,333 N/A December 31, 2017 $ 41,200,000 $ 39,814 N/A December 31, 2018 — — N/A Small Business Administration Debentures (HT III) (5) December 31, 2014 $ 149,000,000 $ 8,720 N/A December 31, 2015 $ 149,000,000 $ 8,843 N/A December 31, 2016 $ 149,000,000 $ 9,770 N/A December 31, 2017 $ 149,000,000 $ 11,009 N/A December 31, 2018 $ 149,000,000 $ 12,974 N/A December 31, 2019 $ 149,000,000 $ 16,336 N/A December 31, 2020 $ 99,000,000 $ 26,168 N/A December 31, 2021 — — N/A Small Business Administration Debentures (HC IV) (6) December 31, 2021 $ 150,500,000 $ 16,996 N/A December 31, 2022 $ 175,000,000 $ 17,098 N/A December 31, 2023 $ 175,000,000 $ 19,259 N/A 2016 Convertible Notes December 31, 2014 $ 17,674,000 $ 74,905 $ 1,290 December 31, 2015 $ 17,604,000 $ 74,847 $ 1,110 December 31, 2016 — — N/A April 2019 Notes December 31, 2014 $ 84,489,500 $ 15,377 $ 1,023 December 31, 2015 $ 64,489,500 $ 20,431 $ 1,017 December 31, 2016 $ 64,489,500 $ 22,573 $ 1,022 December 31, 2017 — — N/A September 2019 Notes December 31, 2014 $ 85,875,000 $ 15,129 $ 1,026 December 31, 2015 $ 45,875,000 $ 28,722 $ 1,009 December 31, 2016 $ 45,875,000 $ 31,732 $ 1,023 December 31, 2017 — — N/A 2022 Notes December 31, 2017 $ 150,000,000 $ 10,935 $ 1,014 Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Average Market Value per Unit (3) December 31, 2018 $ 150,000,000 $ 12,888 $ 976 December 31, 2019 $ 150,000,000 $ 16,227 $ 1,008 December 31, 2020 $ 150,000,000 $ 17,271 $ 1,017 December 31, 2021 $ 150,000,000 $ 17,053 $ 1,019 December 31, 2022 — — N/A 2024 Notes December 31, 2014 $ 103,000,000 $ 12,614 $ 1,010 December 31, 2015 $ 103,000,000 $ 12,792 $ 1,014 December 31, 2016 $ 252,873,175 $ 5,757 $ 1,016 December 31, 2017 $ 183,509,600 $ 8,939 $ 1,025 December 31, 2018 $ 83,509,600 $ 23,149 $ 1,011 December 31, 2019 — — N/A 2025 Notes December 31, 2018 $ 75,000,000 $ 25,776 $ 962 December 31, 2019 $ 75,000,000 $ 32,454 $ 1,032 December 31, 2020 $ 75,000,000 $ 34,541 $ 1,020 December 31, 2021 — — N/A 2033 Notes December 31, 2018 $ 40,000,000 $ 48,330 $ 934 December 31, 2019 $ 40,000,000 $ 60,851 $ 1,054 December 31, 2020 $ 40,000,000 $ 64,765 $ 1,072 December 31, 2021 $ 40,000,000 $ 63,948 $ 1,067 December 31, 2022 $ 40,000,000 $ 74,804 $ 984 December 31, 2023 $ 40,000,000 $ 84,256 $ 1,010 July 2024 Notes December 31, 2019 $ 105,000,000 $ 23,181 N/A December 31, 2020 $ 105,000,000 $ 24,672 N/A December 31, 2021 $ 105,000,000 $ 24,361 N/A December 31, 2022 $ 105,000,000 $ 28,497 N/A December 31, 2023 $ 105,000,000 $ 32,098 N/A February 2025 Notes December 31, 2020 $ 50,000,000 $ 51,812 N/A December 31, 2021 $ 50,000,000 $ 51,159 N/A December 31, 2022 $ 50,000,000 $ 59,843 N/A December 31, 2023 $ 50,000,000 $ 67,405 N/A June 2025 Notes December 31, 2020 $ 70,000,000 $ 37,009 N/A December 31, 2021 $ 70,000,000 $ 36,542 N/A December 31, 2022 $ 70,000,000 $ 42,745 N/A December 31, 2023 $ 70,000,000 $ 48,146 N/A June 2025 3-Year Notes December 31, 2022 $ 50,000,000 $ 59,843 N/A December 31, 2023 $ 50,000,000 $ 67,405 N/A March 2026 A Notes December 31, 2020 $ 50,000,000 $ 51,812 N/A December 31, 2021 $ 50,000,000 $ 51,159 N/A December 31, 2022 $ 50,000,000 $ 59,843 N/A December 31, 2023 $ 50,000,000 $ 67,405 N/A March 2026 B Notes December 31, 2021 $ 50,000,000 $ 51,159 N/A December 31, 2022 $ 50,000,000 $ 59,843 N/A Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Average Market Value per Unit (3) December 31, 2023 $ 50,000,000 $ 67,405 N/A September 2026 Notes December 31, 2021 $ 325,000,000 $ 7,871 N/A December 31, 2022 $ 325,000,000 $ 9,207 N/A December 31, 2023 $ 325,000,000 $ 10,370 N/A January 2027 Notes December 31, 2022 $ 350,000,000 $ 8,549 N/A December 31, 2023 $ 350,000,000 $ 9,629 N/A 2017 Asset-Backed Notes December 31, 2014 $ 16,049,144 $ 80,953 $ 1,375 December 31, 2015 — — N/A 2021 Asset-Backed Notes December 31, 2014 $ 129,300,000 $ 10,048 $ 1,000 December 31, 2015 $ 129,300,000 $ 10,190 $ 996 December 31, 2016 $ 109,205,263 $ 13,330 $ 1,002 December 31, 2017 $ 49,152,504 $ 33,372 $ 1,001 December 31, 2018 — — N/A 2027 Asset-Backed Notes December 31, 2018 $ 200,000,000 $ 9,666 $ 1,006 December 31, 2019 $ 200,000,000 $ 12,170 $ 1,004 December 31, 2020 $ 180,988,022 $ 14,314 $ 1,001 December 31, 2021 — — N/A 2028 Asset-Backed Notes December 31, 2019 $ 250,000,000 $ 9,736 $ 1,004 December 31, 2020 $ 250,000,000 $ 10,362 $ 1,002 December 31, 2021 — — N/A 2031 Asset-Backed Notes December 31, 2022 $ 150,000,000 $ 19,948 $ 951 December 31, 2023 $ 150,000,000 $ 22,468 $ 950 2022 Convertible Notes December 31, 2017 $ 230,000,000 $ 7,132 $ 1,028 December 31, 2018 $ 230,000,000 $ 8,405 $ 946 December 31, 2019 $ 230,000,000 $ 10,583 $ 1,021 December 31, 2020 $ 230,000,000 $ 11,264 $ 1,027 December 31, 2021 $ 230,000,000 $ 11,121 $ 1,026 December 31, 2022 $ — $ — N/A Total Senior Securities (8) December 31, 2014 $ 626,587,644 $ 2,073 N/A December 31, 2015 $ 600,468,500 $ 2,194 N/A December 31, 2016 $ 667,658,558 $ 2,180 N/A December 31, 2017 $ 802,862,104 $ 2,043 N/A December 31, 2018 $ 980,465,192 $ 1,972 N/A December 31, 2019 $ 1,302,918,736 $ 1,868 N/A December 31, 2020 $ 1,299,988,022 $ 1,993 N/A December 31, 2021 $ 1,250,424,726 $ 2,046 N/A December 31, 2022 $ 1,594,000,000 $ 1,877 N/A December 31, 2023 $ 1,570,000,000 $ 2,147 N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, including senior securities not subject to asset coverage requirements under the 1940 Act due to exemptive relief from the SEC, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage per Unit. (3) Not applicable because senior securities are not registered for public trading. (4) Issued by Hercules Technology II, L.P. ("HT II"), one of our prior SBIC subsidiaries, to the Small Business Association ("SBA"). On July 13, 2018, we completed repayment of the remaining outstanding HT II debentures and subsequently surrendered the SBA license with respect to HT II. These categories of senior securities were not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC. (5) Issued by HT III, one of our prior SBIC subsidiaries, to the SBA. On May 5, 2021, we completed repayment of the remaining outstanding HT III debentures and subsequently surrendered the SBA license with respect to HT III. These categories of senior securities were not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC. (6) Issued by HC IV, one of our SBIC subsidiaries, to the SBA. These categories of senior securities are not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC. (7) The Company’s Wells Facility and MUFG Bank Facility had no borrowings outstanding as of the periods noted above. (8) The total senior securities and Asset Coverage per Unit shown for those securities do not represent the asset coverage ratio requirement under the 1940 Act, because the presentation includes senior securities not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC. As of December 31, 2023, our asset coverage ratio under our regulatory requirements as a business development company was 228.7% excluding our SBA debentures as a result of our exemptive order from the SEC which allows us to exclude all SBA leverage from our asset coverage ratio. (9) The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment as the lead lender. | |||||||||||||||||||||
Senior Securities, Note [Text Block] | Information about our senior securities is shown in the following table for the periods as of December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014 which is derived from our audited financial statements for these periods, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm. The “N/A” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Average Market Value per Unit (3) Securitized Credit Facility with Wells Fargo Capital Finance December 31, 2014 (7) — — N/A December 31, 2015 $ 50,000,000 $ 26,352 N/A December 31, 2016 $ 5,015,620 $ 290,234 N/A December 31, 2017 (7) — — N/A December 31, 2018 $ 13,106,582 $ 147,497 N/A December 31, 2019 (7) — — N/A December 31, 2020 (7) — — N/A Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Average Market Value per Unit (3) December 31, 2021 (7) — — N/A Secured Credit Facility with MUFG Bank Ltd. (MUFG) (9) December 31, 2014 (7) — — N/A December 31, 2015 (7) — — N/A December 31, 2016 (7) — — N/A December 31, 2017 (7) — — N/A December 31, 2018 $ 39,849,010 $ 48,513 N/A December 31, 2019 $ 103,918,736 $ 23,423 N/A December 31, 2020 (7) — — N/A December 31, 2021 (7) — — N/A December 31, 2022 $ 107,000,000 $ 27,964 N/A December 31, 2023 $ 61,000,000 $ 55,250 N/A Secured Credit Facility with Sumitomo Mitsui Banking Corporation (SMBC) December 31, 2021 $ 29,924,726 $ 85,479 N/A December 31, 2022 $ 72,000,000 $ 41,558 N/A December 31, 2023 $ 94,000,000 $ 35,854 N/A Small Business Administration Debentures (HT II) (4) December 31, 2014 $ 41,200,000 $ 31,535 N/A December 31, 2015 $ 41,200,000 $ 31,981 N/A December 31, 2016 $ 41,200,000 $ 35,333 N/A December 31, 2017 $ 41,200,000 $ 39,814 N/A December 31, 2018 — — N/A Small Business Administration Debentures (HT III) (5) December 31, 2014 $ 149,000,000 $ 8,720 N/A December 31, 2015 $ 149,000,000 $ 8,843 N/A December 31, 2016 $ 149,000,000 $ 9,770 N/A December 31, 2017 $ 149,000,000 $ 11,009 N/A December 31, 2018 $ 149,000,000 $ 12,974 N/A December 31, 2019 $ 149,000,000 $ 16,336 N/A December 31, 2020 $ 99,000,000 $ 26,168 N/A December 31, 2021 — — N/A Small Business Administration Debentures (HC IV) (6) December 31, 2021 $ 150,500,000 $ 16,996 N/A December 31, 2022 $ 175,000,000 $ 17,098 N/A December 31, 2023 $ 175,000,000 $ 19,259 N/A 2016 Convertible Notes December 31, 2014 $ 17,674,000 $ 74,905 $ 1,290 December 31, 2015 $ 17,604,000 $ 74,847 $ 1,110 December 31, 2016 — — N/A April 2019 Notes December 31, 2014 $ 84,489,500 $ 15,377 $ 1,023 December 31, 2015 $ 64,489,500 $ 20,431 $ 1,017 December 31, 2016 $ 64,489,500 $ 22,573 $ 1,022 December 31, 2017 — — N/A September 2019 Notes December 31, 2014 $ 85,875,000 $ 15,129 $ 1,026 December 31, 2015 $ 45,875,000 $ 28,722 $ 1,009 December 31, 2016 $ 45,875,000 $ 31,732 $ 1,023 December 31, 2017 — — N/A 2022 Notes December 31, 2017 $ 150,000,000 $ 10,935 $ 1,014 Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Average Market Value per Unit (3) December 31, 2018 $ 150,000,000 $ 12,888 $ 976 December 31, 2019 $ 150,000,000 $ 16,227 $ 1,008 December 31, 2020 $ 150,000,000 $ 17,271 $ 1,017 December 31, 2021 $ 150,000,000 $ 17,053 $ 1,019 December 31, 2022 — — N/A 2024 Notes December 31, 2014 $ 103,000,000 $ 12,614 $ 1,010 December 31, 2015 $ 103,000,000 $ 12,792 $ 1,014 December 31, 2016 $ 252,873,175 $ 5,757 $ 1,016 December 31, 2017 $ 183,509,600 $ 8,939 $ 1,025 December 31, 2018 $ 83,509,600 $ 23,149 $ 1,011 December 31, 2019 — — N/A 2025 Notes December 31, 2018 $ 75,000,000 $ 25,776 $ 962 December 31, 2019 $ 75,000,000 $ 32,454 $ 1,032 December 31, 2020 $ 75,000,000 $ 34,541 $ 1,020 December 31, 2021 — — N/A 2033 Notes December 31, 2018 $ 40,000,000 $ 48,330 $ 934 December 31, 2019 $ 40,000,000 $ 60,851 $ 1,054 December 31, 2020 $ 40,000,000 $ 64,765 $ 1,072 December 31, 2021 $ 40,000,000 $ 63,948 $ 1,067 December 31, 2022 $ 40,000,000 $ 74,804 $ 984 December 31, 2023 $ 40,000,000 $ 84,256 $ 1,010 July 2024 Notes December 31, 2019 $ 105,000,000 $ 23,181 N/A December 31, 2020 $ 105,000,000 $ 24,672 N/A December 31, 2021 $ 105,000,000 $ 24,361 N/A December 31, 2022 $ 105,000,000 $ 28,497 N/A December 31, 2023 $ 105,000,000 $ 32,098 N/A February 2025 Notes December 31, 2020 $ 50,000,000 $ 51,812 N/A December 31, 2021 $ 50,000,000 $ 51,159 N/A December 31, 2022 $ 50,000,000 $ 59,843 N/A December 31, 2023 $ 50,000,000 $ 67,405 N/A June 2025 Notes December 31, 2020 $ 70,000,000 $ 37,009 N/A December 31, 2021 $ 70,000,000 $ 36,542 N/A December 31, 2022 $ 70,000,000 $ 42,745 N/A December 31, 2023 $ 70,000,000 $ 48,146 N/A June 2025 3-Year Notes December 31, 2022 $ 50,000,000 $ 59,843 N/A December 31, 2023 $ 50,000,000 $ 67,405 N/A March 2026 A Notes December 31, 2020 $ 50,000,000 $ 51,812 N/A December 31, 2021 $ 50,000,000 $ 51,159 N/A December 31, 2022 $ 50,000,000 $ 59,843 N/A December 31, 2023 $ 50,000,000 $ 67,405 N/A March 2026 B Notes December 31, 2021 $ 50,000,000 $ 51,159 N/A December 31, 2022 $ 50,000,000 $ 59,843 N/A Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Average Market Value per Unit (3) December 31, 2023 $ 50,000,000 $ 67,405 N/A September 2026 Notes December 31, 2021 $ 325,000,000 $ 7,871 N/A December 31, 2022 $ 325,000,000 $ 9,207 N/A December 31, 2023 $ 325,000,000 $ 10,370 N/A January 2027 Notes December 31, 2022 $ 350,000,000 $ 8,549 N/A December 31, 2023 $ 350,000,000 $ 9,629 N/A 2017 Asset-Backed Notes December 31, 2014 $ 16,049,144 $ 80,953 $ 1,375 December 31, 2015 — — N/A 2021 Asset-Backed Notes December 31, 2014 $ 129,300,000 $ 10,048 $ 1,000 December 31, 2015 $ 129,300,000 $ 10,190 $ 996 December 31, 2016 $ 109,205,263 $ 13,330 $ 1,002 December 31, 2017 $ 49,152,504 $ 33,372 $ 1,001 December 31, 2018 — — N/A 2027 Asset-Backed Notes December 31, 2018 $ 200,000,000 $ 9,666 $ 1,006 December 31, 2019 $ 200,000,000 $ 12,170 $ 1,004 December 31, 2020 $ 180,988,022 $ 14,314 $ 1,001 December 31, 2021 — — N/A 2028 Asset-Backed Notes December 31, 2019 $ 250,000,000 $ 9,736 $ 1,004 December 31, 2020 $ 250,000,000 $ 10,362 $ 1,002 December 31, 2021 — — N/A 2031 Asset-Backed Notes December 31, 2022 $ 150,000,000 $ 19,948 $ 951 December 31, 2023 $ 150,000,000 $ 22,468 $ 950 2022 Convertible Notes December 31, 2017 $ 230,000,000 $ 7,132 $ 1,028 December 31, 2018 $ 230,000,000 $ 8,405 $ 946 December 31, 2019 $ 230,000,000 $ 10,583 $ 1,021 December 31, 2020 $ 230,000,000 $ 11,264 $ 1,027 December 31, 2021 $ 230,000,000 $ 11,121 $ 1,026 December 31, 2022 $ — $ — N/A Total Senior Securities (8) December 31, 2014 $ 626,587,644 $ 2,073 N/A December 31, 2015 $ 600,468,500 $ 2,194 N/A December 31, 2016 $ 667,658,558 $ 2,180 N/A December 31, 2017 $ 802,862,104 $ 2,043 N/A December 31, 2018 $ 980,465,192 $ 1,972 N/A December 31, 2019 $ 1,302,918,736 $ 1,868 N/A December 31, 2020 $ 1,299,988,022 $ 1,993 N/A December 31, 2021 $ 1,250,424,726 $ 2,046 N/A December 31, 2022 $ 1,594,000,000 $ 1,877 N/A December 31, 2023 $ 1,570,000,000 $ 2,147 N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, including senior securities not subject to asset coverage requirements under the 1940 Act due to exemptive relief from the SEC, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage per Unit. (3) Not applicable because senior securities are not registered for public trading. (4) Issued by Hercules Technology II, L.P. ("HT II"), one of our prior SBIC subsidiaries, to the Small Business Association ("SBA"). On July 13, 2018, we completed repayment of the remaining outstanding HT II debentures and subsequently surrendered the SBA license with respect to HT II. These categories of senior securities were not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC. (5) Issued by HT III, one of our prior SBIC subsidiaries, to the SBA. On May 5, 2021, we completed repayment of the remaining outstanding HT III debentures and subsequently surrendered the SBA license with respect to HT III. These categories of senior securities were not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC. (6) Issued by HC IV, one of our SBIC subsidiaries, to the SBA. These categories of senior securities are not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC. (7) The Company’s Wells Facility and MUFG Bank Facility had no borrowings outstanding as of the periods noted above. (8) The total senior securities and Asset Coverage per Unit shown for those securities do not represent the asset coverage ratio requirement under the 1940 Act, because the presentation includes senior securities not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC. As of December 31, 2023, our asset coverage ratio under our regulatory requirements as a business development company was 228.7% excluding our SBA debentures as a result of our exemptive order from the SEC which allows us to exclude all SBA leverage from our asset coverage ratio. (9) The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment as the lead lender. | |||||||||||||||||||||
Senior Securities Headings, Note [Text Block] | The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, including senior securities not subject to asset coverage requirements under the 1940 Act due to exemptive relief from the SEC, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage per Unit. | |||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Investment Objectives and Practices [Text Block] | OUR BUSINESS STRATEGY Our strategy to achieve our investment objective includes the following key elements: Leverage the Experience and Industry Relationships of Our Management Team and Investment Professionals . We have been investing in venture capital-backed and institutional-backed companies for over 20 years. Our investment professionals are led by individuals with extensive experience as venture capitalists, commercial lenders, and originators of Structured Debt and equity investments in technology-related companies. In addition, our team members have originated Structured Debt, senior debt, and equity investments in over 600 technology-related companies, representing approximately $19.0 billion in commitments from inception to December 31, 2023, and have developed a network of industry contacts with investors and other participants within the venture capital and private equity communities. Members of our management team also have operational, research and development and finance experience with technology-related companies. Furthermore, we have established contacts with leading venture capital and private equity fund sponsors, public and private companies, research institutions and other industry participants, which we believe will enable us to identify and attract well-positioned prospective portfolio companies. We focus our investing activities generally in industries in which our investment professionals have investment experience. We believe that our focus on financing technology-related companies will enable us to leverage our expertise in structuring prospective investments, to assess the value of both tangible and intangible assets, to evaluate the business prospects and operating characteristics of technology-related companies and to identify and originate potentially attractive investments with these types of companies. Mitigate Risk of Principal Loss and Build a Portfolio of Warrant and Equity Securities. We expect that our investments have the potential to produce attractive risk-adjusted returns through current income, in the form of interest and fee income, as well as capital appreciation from warrant and equity securities. We believe that we can mitigate the risk of loss on our debt investments through the combination of loan principal amortization after an initial interest only period, cash interest payments, relatively short maturities (typically between 36-48 months), security interests in the assets of our portfolio companies, and on select investment covenants requiring prospective portfolio companies to have certain amounts of available cash at the time of our investment and the continued support from a venture capital or private equity firm at the time we make our investment. Although we generally do not engage in significant hedging transactions, we may engage in hedging transactions in the future utilizing instruments such as forward contracts, currency options and interest rate swaps, caps, collars, and floors. Historically our Structured Debt investments to technology-related companies typically include warrants or other equity interests, giving us the potential to realize equity-like returns on a portion of our investment. In addition, in some cases, we receive the right to make additional equity investments in our portfolio companies, including the right to convert some portion of our debt into equity, in connection with future equity financing rounds. We believe these equity interests will create the potential for meaningful long-term capital gains in connection with the future liquidity events of these technology-related companies. Provide Customized Financing Complementary to Financial Sponsors’ Capital. We offer a broad range of investment structures and possess expertise and experience to effectively structure and price investments in technology-related companies. Unlike many of our competitors that only invest in companies that fit a specific set of investment parameters, we have the flexibility to structure our investments to suit the particular needs of our portfolio companies. We offer customized financing solutions ranging from senior debt, including below-investment grade debt instruments, also known as “junk bonds”, to equity capital, with a focus on Structured Debt. We use our relationships in the financial sponsor community to originate investment opportunities. Because venture capital and private equity funds typically invest solely in the equity securities of their portfolio companies, we believe that our debt investments will be viewed as an attractive and complementary source of capital, both by the portfolio company and by the portfolio company’s financial sponsor. In addition, we believe that many venture capital and private equity fund sponsors encourage their portfolio companies to use debt financing for a portion of their capital needs as a means of potentially enhancing equity returns, minimizing equity dilution and increasing valuations prior to a subsequent equity financing round or a liquidity event. Invest at Various Stages of Development. We provide growth capital to technology-related companies at all stages of development, including select publicly listed companies and select special opportunity lower middle market companies that require additional capital to fund acquisitions, recapitalizations and refinancings and established-stage companies. We believe that this provides us with a broader range of potential investment opportunities than those available to many of our competitors, who generally focus their investments on a particular stage in a company’s development. Because of the flexible structure of our investments and the extensive experience of our investment professionals, we believe we are well positioned to take advantage of these investment opportunities at all stages of prospective portfolio companies’ development. Benefit from Our Efficient Organizational Structure. We believe that the perpetual nature of our corporate structure enables us to be a long-term partner for our portfolio companies in contrast to traditional investment funds, which typically have a limited life. In addition, because of our access to the equity markets, we believe that we may benefit from a lower cost of capital than that available to private investment funds. We are not subject to requirements to return invested capital to investors, nor do we have a finite investment horizon. Capital providers that are subject to such limitations are often required to seek a liquidity event more quickly than they otherwise might, which can result in a lower overall return on an investment. OUR INVESTMENTS AND OPERATIONS We principally invest in debt securities and, to a lesser extent, equity securities, with a particular emphasis on Structured Debt. We generally seek to invest in companies that have been operating for at least six to twelve months prior to the date of our investment. We anticipate that such entities may, at the time of investment, be generating revenues or will have a business plan that anticipates generation of revenues within 24 to 48 months. Further, we anticipate that on the date of our investment we will generally obtain a lien on available assets, which may or may not include intellectual property, and these companies will have sufficient cash on their balance sheet to operate as well as potentially amortize their debt for at least three to nine months following our investment. We generally require that a prospective portfolio company, in addition to having sufficient capital to support leverage, demonstrate an operating plan capable of generating cash flows or raising the additional capital necessary to cover its operating expenses and service its debt, for an additional six to twelve months subject to market conditions. We expect that our investments will generally range from $25.0 million to $100.0 million, although we may make investments in amounts above or below this range. We typically structure our debt securities to provide for amortization of principal over the life of the loan, but may include a period of interest-only payments. Our loans will typically be collateralized by a security interest in the borrower’s assets, although we may not have the first claim on these assets and the assets may not include intellectual property. Our debt investments carry fixed or variable contractual interest rates which generally ranged from approximately 8% to 18% as of December 31, 2023. Approximately 95.9% of our loans were at floating rates or floating rates with a floor and 4.1% of the loans were at fixed rates as of December 31, 2023. In addition to the cash yields received on our loans, our loans generally include one or more of the following: exit fees, balloon payment fees, commitment fees, success fees, or prepayment fees. In some cases, our loans also include contractual payment-in-kind ("PIK") interest arrangements. The increases in loan balances as a result of contractual PIK arrangements are included in income for the period in which such PIK interest was accrued, which is often in advance of receiving cash payment, and are separately identified on our statements of cash flows. We also may be required to include in income for U.S. federal, state, and local tax purposes certain other amounts prior to receiving the related cash. Moreover as noted above, our debt investments in venture capital-backed and institutional-backed companies are generally structured with equity enhancement features. These enhancement features typically are received in the form of warrants or other equity securities that are considered original issue discounts ("OID") to our loans and are designed to provide us with an opportunity for potential capital appreciation. Warrants received are typically immediately exercisable upon issuance and generally will remain exercisable for the lesser of five to ten years or three to five years after completion of an initial public offering (“IPO”). The exercise prices for the warrants varies from nominal exercise prices to exercise prices that are at or above the current fair market value of the equity for which we receive warrants. We may structure warrants to provide minority rights provisions or, on a very select basis, put rights upon the occurrence of certain events. We generally target a total annualized return (including interest, fees and value of warrants) of 10% to 20% for our debt investments. Typically, our debt and equity investments take one of the following forms: • Structured Debt: We seek to invest a majority of our assets in debt structured with warrants, equity, options, or other rights to purchase or convert into common or preferred stock of prospective portfolio companies. Our investments in Structured Debt may be the only debt capital on the balance sheet of our portfolio companies, and in many cases, we have a first priority security interest in all of our portfolio company’s assets, or in certain investments we may have a negative pledge on intellectual property. Our Structured Debt typically has a maturity of between two and five years, and it may provide for full amortization after an interest only period. Our Structured Debt with warrants carries an interest rate referenced to Prime, SOFR, BSBY, or a similar benchmark rate plus a spread with a floor and may include an additional exit fee payment or contractual PIK interest arrangements. Additionally, our Structured Debt financings may include restrictive affirmative and negative covenants, default penalties, prepayment penalties, lien protection, equity calls, change-in-control provisions or board observation rights. • Senior Debt: We seek to invest a limited portion of our assets in senior debt. Senior debt may be collateralized by accounts receivable and/or inventory financing of prospective portfolio companies. Senior debt has a senior position with respect to a borrower’s scheduled interest and principal payments and holds a first priority security interest in the assets pledged as collateral. Senior debt also may impose covenants on a borrower with regard to cash flows and changes in capital structure, among other items. We generally collateralize our investments by obtaining security interests in our portfolio companies’ assets, which may include their intellectual property. In other cases, we may obtain a negative pledge covering a company’s intellectual property. Our senior loans, in certain instances, may be tied to the financing of specific assets. In connection with a senior debt investment, we may also provide the borrower with a working capital line-of-credit that will carry an interest rate generally referenced to Prime, SOFR, BSBY, or a similar benchmark rate plus a spread with a floor, generally maturing in three to five years, and typically secured by accounts receivable and/or inventory. We also provide “unitranche” loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position with security interest in all the assets of the portfolio company. The loans can either be “first out” or “last out”, whereby the “last-out” loans will be subordinated to the “first-out” portion of the unitranche loan in a liquidation, sale or other disposition. • Equity Securities: The equity securities we hold consist primarily of warrants or other equity interests generally obtained in connection with our Structured Debt investments. In addition to the warrants received as a part of a Structured Debt financing, we typically receive the right to make equity investments in a portfolio company in connection with that company’s next round of equity financing. We may also hold certain debt investments that have the right to convert a portion of the debt investment into equity. These rights will provide us with the opportunity to further enhance our returns over time through opportunistic equity investments in our portfolio companies. These equity investments are typically in the form of preferred or common equity and may be structured with a dividend yield, providing us with a current return, and with customary anti-dilution protection and preemptive rights. We may achieve liquidity through a merger or acquisition of a portfolio company, a public offering of a portfolio company’s stock or by exercising our right, if any, to require a portfolio company to buy back the equity securities we hold. We may also make stand-alone direct equity investments into portfolio companies in which we may not have any debt investment in the company. As of December 31, 2023, we held warrant and equity securities in 160 portfolio companies. In addition to the characteristics described above, the table below compares the typical features of our investments. Structured Debt Senior Debt Equity Securities Typical Structure Term debt with warrants Term or revolving debt Warrants, preferred stock, or common stock Investment Horizon Long-term: 2 to 5 years; Average of 3.5 years Generally under 4 years 3 to 7 years Covenants Less restrictive; mostly financial Generally borrowing base and financial None Investment Criteria We have identified several criteria, among others, that we believe are important in achieving our investment objective with respect to prospective portfolio companies. These criteria, while not inclusive, provide general guidelines for our investment decisions. Portfolio Composition - While we generally focus our investments in venture capital-backed and institutional-backed companies in a variety of technology-related industries, we seek to invest across various financial sponsors as well as across various stages of companies’ development and various technology industry sub-sectors and geographies. As of December 31, 2023, approximately 78.5% of the fair value of our portfolio was composed of investments in three industries: 38.7% was composed of investments in the "Drug Discovery & Development" industry, 23.6% was composed of investments in the "Software" industry, and 16.2% was composed of investments in the "Consumer & Business Services" industry. Continuing Support from One or More Financial Sponsors - We generally invest in companies in which one or more established financial sponsors have previously invested and continue to make a contribution to the management of the business. We believe that having established financial sponsors with meaningful commitments to the business is a key characteristic of a prospective portfolio company. In addition, we look for representatives of one or more financial sponsors to maintain seats on the board of directors of a prospective portfolio company as an indication of such commitment. Company Stage of Development - While we invest in companies at various stages of development, we generally require that prospective portfolio companies be beyond the seed stage of development and generally have received or anticipate having commitments for their first institutional round of equity financing for early-stage companies. We expect a prospective portfolio company to demonstrate progress in its product development or demonstrate a path towards revenue generation or increase its revenues and operating cash flow over time. The anticipated growth rate of a prospective portfolio company is a key factor in determining the value that we ascribe to any warrants or other equity securities that we may acquire in connection with an investment in debt securities. Operating Plan - We generally require that a prospective portfolio company, in addition to having potential access to capital to support leverage, demonstrate an operating plan capable of generating cash flows or the ability to potentially raise the additional capital necessary to cover its operating expenses and service its debt for a specific period. Specifically, we require that a prospective portfolio company demonstrate at the time of our proposed investment that in addition to having sufficient capital to support leverage, it has an operating plan capable of generating cash flows or raising the additional capital necessary to cover its operating expenses and service its debt for an additional six to twelve months subject to market conditions. Security Interest - In many instances we seek a first priority security interest in all of the portfolio company’s tangible and intangible assets as collateral for our debt investment, subject in some cases to permitted exceptions. In other cases, we may obtain a negative pledge prohibiting a company from pledging or otherwise encumbering their intellectual property. Although we do not intend to operate as an asset-based lender, the estimated liquidation value of the assets, if any, collateralizing the debt securities that we hold is an important factor in our credit analysis and subject to assumptions that may change over the life of the investment especially when attempting to estimate the value of intellectual property. We generally evaluate both tangible assets, such as accounts receivable, inventory and equipment, and intangible assets, such as intellectual property, customer lists, networks and databases. Covenants - Our investments may include one or more of the following covenants: cross-default; material adverse change provisions; requirements that the portfolio company provide periodic financial reports and operating metrics; and limitations on the portfolio company’s ability to incur additional debt, sell assets, dividend recapture, engage in transactions with affiliates and consummate an extraordinary transaction, such as a merger or recapitalization without our consent. In addition, we may require other performance or financial based covenants, as we deem appropriate. Exit Strategy - Prior to making a debt investment that is accompanied by a warrant or other equity security in a prospective portfolio company, we analyze the potential for that company to increase the liquidity of its equity through a future event that would enable us to realize appreciation in the value of our equity interest. Liquidity events may include an IPO, a private sale of our equity interest to a third party, a merger or an acquisition of the company or a purchase of our equity position by the company or one of its stockholders. Investment Process We have organized our management team around the four key elements of our investment process: • Origination; • Underwriting; • Documentation; and • Loan and Compliance Administration. Our investment process is summarized in the following chart: Origination The origination process for our investments includes sourcing, screening, preliminary due diligence and deal structuring and negotiation, all leading to an executed non-binding term sheet. As of December 31, 2023, our investment origination team, which consists of more than 50 investment professionals, is headed by our Chief Investment Officer and Chief Executive Officer. The origination team is responsible for sourcing potential investment opportunities and members of the investment origination team use their extensive relationships with various leading financial sponsors, management contacts within technology-related companies, trade sources, technology conferences and various publications to source prospective portfolio companies. Our investment origination team is divided into life sciences, technology, SaaS finance, sustainable and renewable technology, and special situation sub-teams to better source potential portfolio companies. In addition, we have developed a comprehensive proprietary database to track various aspects of our investment process including sourcing, originations, transaction monitoring and post-investment performance. Our proprietary database allows our origination team to maintain, cultivate and grow our industry relationships while providing our origination team with comprehensive details on companies in the technology-related industries and their financial sponsors. If a prospective portfolio company generally meets certain underwriting criteria, we perform preliminary due diligence, which may include high level company and technology assessments, evaluation of its financial sponsors’ support, market analysis, competitive analysis, identifying key management, risk analysis and transaction size, pricing, return analysis and structure analysis. If the preliminary due diligence is satisfactory, and the origination team recommends moving forward, we then structure, negotiate and execute a non-binding term sheet with the potential portfolio company. Upon execution of a term sheet, the investment opportunity moves to the underwriting process to complete formal due diligence review and approval. Underwriting The underwriting review includes formal due diligence and approval of the proposed investment in the portfolio company. Due Diligence - Our due diligence on a prospective investment is typically completed by two or more investment professionals whom we define as the underwriting team. The underwriting team for a proposed investment consists of the deal sponsor who typically possesses general industry knowledge and is responsible for originating and managing the transaction, other investment professionals who perform due diligence, credit and corporate financial analyses and our legal professionals, as needed. To ensure consistent underwriting, we generally use our standardized due diligence methodologies, which include due diligence on financial performance and credit risk as well as an analysis of the operations and the legal and applicable regulatory framework of a prospective portfolio company. The members of the underwriting team work together to conduct due diligence and understand the relationships among the prospective portfolio company’s business plan, operations and financial performance. As part of our evaluation of a proposed investment, the underwriting team prepares an investment memorandum for presentation to the investment committee. In preparing the investment memorandum, the underwriting team typically interviews select key management of the company and select financial sponsors and assembles information necessary to the investment decision. If and when appropriate, the investment professionals may also contact industry experts and customers, vendors or, in some cases, competitors of the company. The underwriting team collaborates with the credit and legal teams to ensure the final credit underwriting deal structure meets our standards. In addition to the aforementioned members of the investment team, each deal is also assigned to a member of the credit team. The credit team is responsible for making sure that all material risks in the transaction are identified and mitigated to the extent possible in the investment memorandum and that the legal documentation properly reflects the transaction as approved by the investment committee. Approval Process - The sponsoring managing director or principal presents the investment memorandum to our investment committee for consideration. Each investment requires the approval of at least 80% of the investment committee members who are present and eligible to vote on the matter. The investment committee members include our Chief Executive Officer and Chief Investment Officer, Chief Financial Officer, Chief Credit Officer, and certain other senior investment professionals. The investment committee meets on an as-needed basis. Documentation Our legal department administers the documentation process for our investments. This department is responsible for documenting the transactions approved by our investment committee with a prospective portfolio company. This department negotiates loan documentation and, subject to appropriate approvals, final documents are prepared for execution by all parties. The legal department generally uses the services of external law firms to complete the necessary documentation. Loan and Compliance Administration Our investment committee, supported by our investment team, credit team, and finance department, administers loans and tracks covenant compliance, if applicable, of our investments and oversees periodic reviews of our critical functions to ensure adherence with our internal policies and procedures. After the funding of a loan in accordance with the investment committee’s approval, the loan is recorded in our loan administration software and our proprietary database. The investment team, credit team, and finance department are responsible for ensuring timely interest and principal payments and collateral management as well as advising the investment committee on the financial performance and trends of each portfolio company, including any covenant violations that occur, to aid us in assessing the appropriate course of action for each portfolio company and evaluating overall portfolio quality. In addition, the investment team and credit team advise the investment committee and the Audit Committee of our Board, accordingly, regarding the credit and investment grading for each portfolio company as well as changes in the value of collateral that may occur. The investment team and credit team monitor our portfolio companies in order to determine whether the companies are meeting our financing criteria and their respective business plans and also monitors the financial trends of each portfolio company from its monthly or quarterly financial statements to assess the appropriate course of action for each company and to evaluate overall portfolio quality. In addition, our management team closely monitors the status and performance of each individual company through our proprietary database and periodic contact with our portfolio companies’ management teams and their respective financial sponsors. Credit and Investment Grading System. Our investment and credit teams use an investment grading system to characterize and monitor our outstanding loans. They monitor and when appropriate, recommend changes to investment grading. Our investment committee reviews and approves the recommendations and/or changes to the investment grading. These approved investment gradings are provided on a quarterly basis to the Audit Committee and our Board, along with valuations for our investments which are submitted for approval. From time to time, we will identify investments that require closer monitoring or become workout assets. We develop a workout strategy for workout assets and our investment committee monitors the progress against the strategy. We may incur losses from our investing activities; however, we work with our troubled portfolio companies to recover as much of our investments as is practicable, including possibly taking control of the portfolio company. There can be no assurance that principal will be recovered. We use the following investment grading system approved by our Board: Grade 1 Loans involve the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk profile is generally favorable. Grade 2 The borrower is performing as expected and the risk profile is neutral to favorable. All new loans are initially graded 2. Grade 3 The borrower may be performing below expectations, and the loan’s risk has increased materially since origination. We typically increase procedures to monitor a borrower when it is determined that credit risk has increased meaningfully since origination, such as, when the borrower is approaching a low liquidity point and an expected capital raise event is not imminent, when an expected milestone has slipped or failed, when performance or new business is materially below our plan, or if the estimated fair value of the enterprise is materially lower than it was when the loan was originated. Grade 4 The borrower is performing materially below expectations, and the loan risk has substantially increased since origination with the prospect of raising additional capital significantly in question. Loans graded 4 may experience some partial loss or full return of principal but are expected to realize some loss of interest which is not anticipated to be repaid in full, which, to the extent not already reflected, may require the fair value of the loan to be reduced to the amount we anticipate will be recovered. Grade 4 investments are closely monitored. Grade 5 The borrower is in workout, materially performing below expectations and a significant risk of principal loss is probable. Loans graded 5 will experience some partial principal loss or full loss of remaining principal outstanding is expected. Grade 5 loans will require the fair value of the loans be reduced to the amount, if any, we anticipate will be recovered. As of December 31, 2023, our investment portfolio had a weighted average investment grading of 2.24. Managerial Assistance As a BDC, we are generally required to offer and provide, upon request, significant managerial assistance to our portfolio companies. This assistance could involve monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance, among other things. We may, from time to time, receive fees for these services. In the event that such fees are received, they are incorporated into our operating income and are passed through to our stockholders, given the nature of our structure as an internally managed BDC. See “—Regulation—Significant Managerial Assistance” for additional information. COMPETITION Our primary competitors provide financing to prospective portfolio companies and include non-bank financial institutions, federally or state-chartered banks, venture debt funds, financial institutions, venture capital funds, private equity funds, investment funds and investment banks. Many of these entities have greater financial and managerial resources than we have, and the 1940 Act imposes certain regulatory restrictions on us as a BDC to which many of our competitors are not subject. However, we believe that few of our competitors possess the expertise to properly structure and price debt investments to venture capital-backed and institutional capital-backed companies in technology-related industries. We believe that our specialization in financing technology-related companies will enable us to determine a range of potential values of intellectual property assets, evaluate the business prospects and operating characteristics of prospective portfolio companies and, as a result, identify investment opportunities that produce attractive risk-adjusted returns. For additional information concerning the compe | |||||||||||||||||||||
Risk Factors [Table Text Block] | Risk Factors Investing in our securities involves a number of significant risks. In addition to the other information contained in this Annual Report on Form 10-K, you should carefully consider the following information before making an investment in our securities. The risks set forth below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, and results of operations could be materially adversely affected. In such case, our NAV and the trading price of our common stock or the value of our other securities could decline, and you may lose all or part of your investment. Risks Related To Our Business Structure We operate in a highly competitive market for investment opportunities. We compete for investments with a number of other investment funds (including venture capital and private equity funds, debt funds, BDCs and SBICs), as well as traditional financial services companies such as commercial and investment banks and other sources of funding. Many of our competitors are substantially larger and have considerably greater financial, technical, marketing and other resources than we do. For example, some competitors may have a lower cost of funds and/or access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we have. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we do match our competitors’ pricing, terms or structure, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of our competitors in this target market could force us to accept less attractive investment terms. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or that the Code imposes on us as a RIC. We are dependent upon senior management personnel for our future success, particularly our CEO, Scott Bluestein. We depend upon the members of our senior management, particularly Mr. Bluestein, and other key personnel for the identification, final selection, structuring, closing and monitoring of our investments. These employees have critical industry experience and relationships on which we rely to implement our business plan. Our future success depends on the continued service of our senior management team. The departure of Mr. Bluestein or any member of our senior management team or a significant number of the members of our investment team could have a material adverse effect on our ability to achieve our investment objective as well as our business, financial condition or results of operation. As a result, we may not be able to operate our business as we expect, and our ability to compete could be harmed, which could cause our operating results to suffer. Our success depends on attracting and retaining qualified personnel in a competitive environment. Our growth will require that we retain new investment and administrative personnel in a competitive market. Our ability to attract and retain personnel with the requisite credentials, experience and skills depends on several factors including, but not limited to, our ability to offer competitive wages, benefits and professional growth opportunities. Many of the entities, including investment funds (such as venture capital funds, private equity funds, debt funds and mezzanine funds) and traditional financial services companies, with which we compete for experienced personnel have greater resources than we have. The competitive environment for qualified personnel may require us to take certain measures to ensure that we are able to attract and retain experienced personnel. Such measures may include increasing the attractiveness of our overall compensation packages, altering the structure of our compensation packages through the use of additional forms of compensation, or other steps. The inability to attract and retain experienced personnel would have a material adverse effect on our business. As an internally managed BDC, we are subject to certain restrictions that may adversely affect our business. As an internally managed BDC, the size and categories of our assets under management is limited, and we are unable to offer as wide a variety of financial products to prospective portfolio companies and sponsors (potentially limiting the size and diversification of our asset base). We therefore may not achieve efficiencies of scale and greater management resources available to externally managed business development companies. In addition, if we fail to comply with restrictions applicable to an internally managed BDC, for example with respect to the portion of our assets representing qualifying assets, we may be subject to further restrictions that could have a negative impact on our business. See “Item 1. Business — Regulation.” Additionally, as an internally managed BDC, our ability to offer more competitive and flexible compensation structures, such as offering both a profit-sharing plan and an equity incentive plan, is subject to the limitations imposed by the 1940 Act, which limits our ability to attract and retain talented investment management professionals. As such, these limitations could inhibit our ability to grow, pursue our business plan and attract and retain professional talent, any or all of which may have a negative impact on our business, financial condition and results of operations. Our business model depends to a significant extent upon strong referral relationships. We expect that members of our management team will maintain their relationships with venture capital and private equity firms, other financial institutions and intermediaries, investment bankers, commercial bankers, financial advisers, attorneys, accountants, consultants and other individuals within our network, and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If we fail to maintain our existing relationships or develop new relationships with sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom members of our management team have relationships are not obligated to provide us with investment opportunities and, therefore, there is no assurance that such relationships will general investment opportunities for us. Our Board may change our operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse. Our Board has the authority to modify or waive certain of our current operating policies and strategies without prior notice and without stockholder approval. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, NAV, operating results and value of our stock. However, the effect might be adverse, which could negatively impact our ability to pay interest and principal payments to holders of our debt instruments and dividends to our stockholders and cause our investors to lose all or part of their investment in us. We may not be able to pay distributions to our stockholders, our distributions may not grow over time, and a portion of distributions paid to our stockholders may be a return of capital, which is a distribution of the stockholders’ invested capital. We intend to pay distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to pay a specified level of cash distributions, previously projected distributions for future periods, or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described herein. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC could limit our ability to pay distributions. All distributions will be paid at the discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations, compliance with our debt covenants and such other factors as our Board may deem relevant from time to time. We cannot assure you that we will pay distributions to our stockholders in the future. When we make distributions, we will be required to determine the extent to which such distributions are paid out of current or accumulated taxable earnings, recognized capital gains or capital. To the extent there is a return of capital, investors will be required to reduce their basis in our stock for U.S. federal income tax purposes, which may result in higher tax liability when the shares are sold, even if they have not increased in value or have lost value. In addition, any return of capital will be net of any sales load and offering expenses associated with sales of shares of our common stock. In the future, our distributions may include a return of capital. We are subject to risks related to corporate social responsibility. Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as diversity and inclusion, environmental stewardship, support for local communities, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business. In addition, different stakeholder groups have divergent views on ESG matters, which increases the risk that any action or lack thereof with respect to ESG matters will be perceived negatively by at least some stakeholders and may adversely impact our reputation and business. If we do not successfully manage ESG-related expectations across these varied stakeholder interests, it could erode stakeholder trust, impact our reputation and constrain our business. Risks Related To Our Investments Our investments in portfolio companies involve higher levels of risk, and we could lose all or part of our investment. Investing in our portfolio companies exposes us indirectly to a number of significant risks. Among other things, these companies: • may have limited financial resources (including the inability to obtain additional equity or debt financing as needed) and may be unable to meet their obligations under their debt instruments that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees from subsidiaries or affiliates of our portfolio companies that we may have obtained in connection with our investment, as well as a corresponding decrease in the value of the equity components of our investments; • may require substantial additional financing to satisfy their continuing working capital and other cash requirements; • may have shorter operating histories, narrower product lines, smaller market shares and/or significant customer concentrations than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation, termination or significant under-performance of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us; • generally have less predictable operating results which may fluctuate suddenly and dramatically, may from time-to-time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, may require substantial additional capital to support their operations, finance expansion or maintain their competitive position, and may have more limited access to capital and higher funding costs; • may be adversely affected by a lack of IPO or merger and acquisition opportunities; and • generally have less publicly available information about their businesses, operations and financial condition. We are required to rely on the ability of our management team and investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and may lose all or part of our investment. In addition, in the course of providing significant managerial assistance to certain of our portfolio companies, certain of our officers and directors may serve as directors on the boards of such companies. To the extent that litigation arises out of our investments in these companies, our officers and directors may be named as defendants in such litigation, which could result in an expenditure of funds (through our indemnification of such officers and directors) and the diversion of management time and resources. A lack of IPO or merger and acquisition opportunities may cause companies to stay in our portfolio longer, leading to lower returns, unrealized depreciation, or realized losses. A lack of IPO or merger and acquisition, or M&A, opportunities for private companies, including venture capital-backed and institutional-backed companies could lead to portfolio companies staying longer in our portfolio as private entities still requiring funding. IPO activity in particular has slowed significantly during 2022-2023 and this trend may remain for the foreseeable future. This situation may adversely affect the amount of available funding for early-stage companies in particular as, in general, venture capital, institutional, and other sponsor firms are being forced to provide additional financing to late-stage companies that cannot complete an IPO or M&A transaction. In the best case, such stagnation would dampen returns, and in the worst case, could lead to unrealized depreciation and realized losses as some portfolio companies run short of cash and have to accept lower valuations in private fundings or are not able to access additional capital at all. A lack of IPO or M&A opportunities for private companies can also cause some venture capital, institutional, and other sponsor firms to change their strategies, leading some of them to reduce funding to their portfolio companies and making it more difficult for such companies to access capital and to fulfill their potential, which can result in unrealized depreciation and realized losses in such portfolio companies by other companies, such as ourselves, who are co-investors in such portfolio companies. Investing in publicly traded companies can involve a high degree of risk and can be speculative. A portion of our portfolio is invested in publicly traded companies or companies that are in the process of completing an IPO. As publicly traded companies, the securities of these companies may not trade at high volumes, and prices can be volatile, particularly during times of general market volatility, which may restrict our ability to sell our positions and may have a material adverse impact on us. In addition, our ability to invest in public companies may be limited in certain circumstances. To maintain our status as a BDC, we are not permitted to acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made and giving effect to it, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as a qualifying asset only if such issuer has a market capitalization that is less than $250.0 million at any point in the 60 days prior to the time of such investment and meets the other specified requirements. Our investments are concentrated in certain technology-related industries, which subjects us to the risk of significant loss if any one or more of such industries experiences a downturn. We have invested and intend to continue investing in a number of companies that operate in technology-related industries. A downturn in one or more technology-related industry sectors and particularly those in which we are heavily concentrated could materially adversely affect our financial condition more than if we invested in a wider range of industries. As of December 31, 2023, approximately 78.5% of the fair value of our portfolio comprised investments in three industries: 38.7% comprised investments in the “Drug Discovery and Development” industry, 23.6% comprised investments in the “Software” industry and 16.2% comprised investments in the “Consumer & Business Services” industry. Companies in technology-related industries are subject to numerous risks, including: • Technology Industry (including Software and Consumer & Business Services Industries) Risk. The market prices and values of companies operating in the technology industry – including software and consumer and business services companies – tend to exhibit a greater degree of risk and volatility than other types of investments. These companies may fall in and out of favor with the public and investors rapidly, which may cause sudden selling and dramatically lower market prices. These companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, short product cycles, falling prices and profits, government regulation, lack of standardization or compatibility with existing technologies, intense competition, aggressive pricing, advances in artificial intelligence and machine learning, dependence on copyright and/or patent protection and/or obsolete products or services. Certain technology-related companies may face special risks that their products or services may not prove to be commercially successful. Technology-related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Companies in the application software industry, in particular, may also be negatively affected by the decline or fluctuation of subscription renewal rates for their products and services, which may have an adverse effect on profit margins. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, a rising interest rate environment tends to negatively affect technology and technology-related companies. Those technology or technology-related companies seeking to finance their expansion would have increased borrowing costs, which may negatively impact their earnings. Technology-related companies are often smaller and less experienced companies and may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets. • Drug Discovery & Development Industry Risk . The success of pharmaceutical companies operating in the drug discovery and development industry is highly dependent on the development, procurement and marketing of drugs. The values of pharmaceutical companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of pharmaceutical companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. The research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant, and the results of such research and expenditures are unpredictable. There can be no assurance that those efforts or costs will result in the development of a profitable drug. Pharmaceutical companies may be susceptible to product obsolescence. Many pharmaceutical companies face intense competition from new products and less costly generic products. Moreover, the process for obtaining regulatory approval by the FDA or other governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained. Pharmaceutical companies are also subject to rapid and significant technological change and competitive forces that may make drugs obsolete or make it difficult to raise prices and, in fact, may result in price discounting. Pharmaceutical companies may also be subject to expenses and losses from extensive litigation based on intellectual property, product liability and similar claims. Failure of pharmaceutical companies to comply with applicable laws and regulations can result in the imposition of civil and criminal fines, penalties and, in some instances, exclusion of participation in government sponsored programs such as Medicare and Medicaid. Pharmaceutical companies may be adversely affected by government regulation and changes in reimbursement rates. The ability of many pharmaceutical companies to commercialize current and any future products depends in part on the extent to which reimbursement for the cost of such products and related treatments are available from third party payors, such as Medicare, Medicaid, private health insurance plans and health maintenance organizations. Third-party payors are increasingly challenging the price and cost-effectiveness of medical products. Significant uncertainty exists as to the reimbursement status of health care products, and there can be no assurance that adequate third-party coverage will be available for pharmaceutical companies to obtain satisfactory price levels for their products. The international operations of many pharmaceutical companies expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations and other risks inherent to international business. Additionally, a pharmaceutical company’s valuation can often be based largely on the potential or actual performance of a limited number of products. A pharmaceutical company’s valuation can also be greatly affected if one of its products proves unsafe, ineffective or unprofitable. Such companies also may be characterized by thin capitalization and limited markets, financial resources or personnel, as well as dependence on wholesale distributors. The values of companies in the pharmaceutical industry have been and will likely continue to be extremely volatile. • Biotechnology Industry Risk . The success of biotechnology companies is highly dependent on the development, procurement and/or marketing of drugs, products, and/or technologies. The values of biotechnology companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of biotechnology companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. The research and other costs associated with developing or procuring new drugs, products or technologies and the related intellectual property rights can be significant, and the results of such research and expenditures are unpredictable. There can be no assurance that those efforts or costs will result in the development of a profitable drug, product or technology. Moreover, the process for obtaining regulatory approval by the FDA or other governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained. Biotechnology companies are also subject to rapid and significant technological change and competitive forces that may make drugs, products or technologies obsolete or make it difficult to raise prices and, in fact, may result in price discounting. Biotechnology companies may also be subject to expenses and losses from extensive litigation based on intellectual property, product liability and similar claims. Failure of biotechnology companies to comply with applicable laws and regulations can result in the imposition of civil and/or criminal fines, penalties and, in some instances, exclusion of participation in government sponsored programs such as Medicare and Medicaid. Biotechnology companies may be adversely affected by government regulation and changes in reimbursement rates. Healthcare providers, principally hospitals, that transact with biotechnology companies, often rely on third party payors, such as Medicare, Medicaid, private health insurance plans and health maintenance organizations to reimburse all or a portion of the cost of healthcare related products or services. Biotechnology companies will continue to be affected by the efforts of governments and third-party payors to contain or reduce health care costs. For example, certain foreign markets control pricing or profitability of biotechnology products and technologies. In the United States, the Inflation Reduction Act has imposed a number of provisions aimed at reducing drug spending and there has been, and there will likely continue to be, a number of additional federal and state proposals to implement additional controls. A biotechnology company’s valuation could be based on the potential or actual performance of a limited number of products. A biotechnology company’s valuation could be affected if one of its products proves unsafe, ineffective or unprofitable. Such companies may also be characterized by thin capitalization and limited markets, financial resources or personnel. The stock prices of companies involved in the biotechnology sector have been and will likely continue to be extremely volatile. • Life Sciences Industry Risk . Life sciences industries are characterized by limited product focus, rapidly changing technology and extensive government regulation. In particular, technological advances can render an existing product, which may account for a disproportionate share of a company’s revenue, obsolete. Obtaining governmental approval from agencies such as the FDA, the U.S. Department of Agriculture and other governmental agencies for new products can be lengthy, expensive and uncertain as to outcome. Any delays in product development may result in the need to seek additional capital, potentially diluting the interests of existing investors such as the Company. In addition, governmental agencies may, for a variety of reasons, restrict the release of certain innovative technologies of commercial significance, such as genetically altered material. These various factors may result in abrupt advances and declines in the securities prices of particular companies and, in some cases, may have a broad effect on the prices of securities of companies in particular life sciences industries. Intense competition exists within and among certain life sciences industries, including competition to obtain and sustain proprietary technology protection. Life sciences companies can be highly dependent on the strength of patents, trademarks and other intellectual property rights for maintenance of profit margins and market share. The complex nature of the technologies involved can lead to patent disputes, including litigation that may be costly and that could result in a company losing an exclusive right to a patent. Competitors of life sciences companies may have invested substantially in developing technologies and products that are more effective or less costly than any that may be developed by life sciences companies in which the Company invests and may also prove to be more successful in production and marketing. Competition may increase further as a result of potential advances in health services and medical technology and greater availability of capital for investment in these fields. With respect to healthcare, cost containment measures already implemented by the federal government, state governments and the private sector have adversely affected certain sectors of these industries. Increased emphasis on managed care in the United States may put pressure on the price and usage of products sold by life sciences companies in which the Company may invest in and may adversely affect the sales and revenues of life sciences companies. Product development efforts by life sciences companies may not result in commercial products for many reasons, including, but not limited to, failure to achieve acceptable clinical trial results, limited effectiveness in treating the specified condition or illness, harmful side effects, failure to obtain regulatory approval, and high manufacturing costs. Even after a product is commercially released, governmental agencies may require additional clinical trials or change the labeling requirements for products if additional product side effects are identified, which could have a material adverse effect on the market price of the securities of those life sciences companies. Certain life sciences companies in which the Company may invest may be exposed to potential product liability risks that are inherent in the testing, manufacturing, marketing and sale of pharmaceuticals, medical devices or other products. There can be no assurances that a product liability claim would not have a material adverse effect on the business, financial condition or securities prices of a company in which the Company has invested. • Healthcare Services Industry Risk . The operations of healthcare services companies are subject to extensive federal, state and local government regulations, including Medicare and Medicaid payment rules and regulations, federal and state anti-kickback laws, the physician self-referral law and analogous state self-referral prohibition statutes, Federal Acquisition Regulations, the False Claims Act and federal and state laws regarding the collection, use and disclosure of patient health information and the storage, handling and administration of pharmaceuticals. The Medicare and Medicaid reimbursement rules related to claims submission, enrollment and licensing requirements, cost reporting, and payment processes impose complex and extensive requirements upon dialysis providers as well. A violation or departure from any of these legal requirements may result in government audits, lower reimbursements, significant fines and penalties, the potential loss of certification, recoupment efforts or voluntary repayments. If healthcare services companies fail to adhere to all of the complex government regulations that apply to their businesses, such companies could suffer severe consequences that would substantially reduce revenues, earnings, cash flows and stock prices. If healthcare companies are unable to successfully expand their product lines through internal research and development and acquisitions, their business may be materially and adversely affected. In addition, if these companies are unable to successfully grow their businesses through marketing partnerships and acquisitions, their business may be materially and adversely affected. • Sustainable and Renewable Technology Industry Risk. Companies in sustainable and renewable technology sectors may be subject to extensive regulation by foreign, U.S. federal, state and/or local agencies. Changes in existing laws, rules or regulati | |||||||||||||||||||||
Effects of Leverage [Text Block] | Illustration. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming that we employ (1) our actual asset coverage ratio as of December 31, 2023, (2) a hypothetical asset coverage ratio of 200%, and (3) a hypothetical asset coverage ratio of 150% (each excluding our SBA debentures as permitted by our exemptive relief) each at various annual returns on our portfolio as of December 31, 2023, net of expenses. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below. Annual Return on Our Portfolio (Net of Expenses) -10% -5% 0% 5% 10% Corresponding return to common stockholder assuming our actual asset coverage of 228.7% as of December 31, 2023 (1) (23.15)% (13.67)% (4.20)% 5.28% 14.76% Corresponding return to common stockholder assuming 200% asset coverage (2) (26.45)% (15.86)% (5.27)% 5.32% 15.91% Corresponding return to common stockholder assuming 150% asset coverage (3) (41.21)% (25.64)% (10.07)% 5.50% 21.07% (1) Assumes $3.4 billion in total assets, $1.6 billion in debt outstanding, $1.8 billion in stockholders’ equity, and an average cost of funds of 4.8%, which is the approximate average cost of our Notes and Credit Facilities for the period ended December 31, 2023. Actual interest payments may be different. (2) Assumes $3.8 billion in total assets including debt issuance costs on a pro forma basis, $2.0 billion in debt outstanding, $1.8 billion in stockholders’ equity, and an average cost of funds of 4.8%, which is the approximate average cost of our Notes and Credit Facilities for the period ended December 31, 2023, along with the hypothetical estimated incremental cost of debt that would be incurred on offering the maximum permissible debt under the 200% asset coverage. Actual interest payments may be different. (3) Assumes $5.6 billion in total assets including debt issuance costs on a pro forma basis, $3.8 billion in debt outstanding, $1.8 billion in stockholders’ equity, and an average cost of funds of 4.8%, which is the approximate average cost of our Notes and Credit Facilities for the period ended December 31, 2023, along with the hypothetical estimated incremental cost of debt that would be incurred on offering the maximum permissible debt under the 150% asset coverage. Actual interest payments may be different. | |||||||||||||||||||||
Effects of Leverage [Table Text Block] | The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below. Annual Return on Our Portfolio (Net of Expenses) -10% -5% 0% 5% 10% Corresponding return to common stockholder assuming our actual asset coverage of 228.7% as of December 31, 2023 (1) (23.15)% (13.67)% (4.20)% 5.28% 14.76% Corresponding return to common stockholder assuming 200% asset coverage (2) (26.45)% (15.86)% (5.27)% 5.32% 15.91% Corresponding return to common stockholder assuming 150% asset coverage (3) (41.21)% (25.64)% (10.07)% 5.50% 21.07% (1) Assumes $3.4 billion in total assets, $1.6 billion in debt outstanding, $1.8 billion in stockholders’ equity, and an average cost of funds of 4.8%, which is the approximate average cost of our Notes and Credit Facilities for the period ended December 31, 2023. Actual interest payments may be different. (2) Assumes $3.8 billion in total assets including debt issuance costs on a pro forma basis, $2.0 billion in debt outstanding, $1.8 billion in stockholders’ equity, and an average cost of funds of 4.8%, which is the approximate average cost of our Notes and Credit Facilities for the period ended December 31, 2023, along with the hypothetical estimated incremental cost of debt that would be incurred on offering the maximum permissible debt under the 200% asset coverage. Actual interest payments may be different. (3) Assumes $5.6 billion in total assets including debt issuance costs on a pro forma basis, $3.8 billion in debt outstanding, $1.8 billion in stockholders’ equity, and an average cost of funds of 4.8%, which is the approximate average cost of our Notes and Credit Facilities for the period ended December 31, 2023, along with the hypothetical estimated incremental cost of debt that would be incurred on offering the maximum permissible debt under the 150% asset coverage. Actual interest payments may be different. | |||||||||||||||||||||
Return at Minus Ten [Percent] | (23.15%) | |||||||||||||||||||||
Return at Minus Five [Percent] | (13.67%) | |||||||||||||||||||||
Return at Zero [Percent] | (4.20%) | |||||||||||||||||||||
Return at Plus Five [Percent] | 5.28% | |||||||||||||||||||||
Return at Plus Ten [Percent] | 14.76% | |||||||||||||||||||||
Share Price [Table Text Block] | Price Range of Common Stock and Distributions The following table sets forth the range of high and low closing sales prices of our common stock, the sales price as a percentage of NAV and the distributions declared by us for each fiscal quarter. The stock quotations are interdealer quotations and do not include markups, markdowns or commissions. Price Range Premium/ Discount of High Sales Price to NAV Premium/ Discount of Low Sales Price to NAV Cash Distribution per Share (2) NAV (1) High Low 2021 First quarter $ 11.36 $ 16.60 $ 14.21 46.1 % 25.1 % $ 0.37 Second quarter $ 11.71 $ 17.66 $ 15.98 50.8 % 36.5 % $ 0.39 Third quarter $ 11.54 $ 17.56 $ 16.50 52.2 % 43.0 % $ 0.39 Fourth quarter $ 11.22 $ 18.07 $ 16.14 61.1 % 43.9 % $ 0.40 2022 First quarter $ 10.82 $ 18.23 $ 16.56 68.5 % 53.0 % $ 0.48 Second quarter $ 10.43 $ 18.91 $ 12.82 81.3 % 22.9 % $ 0.48 Third quarter $ 10.47 $ 16.13 $ 11.45 54.1 % 9.4 % $ 0.50 Fourth quarter $ 10.53 $ 14.92 $ 11.59 41.7 % 10.1 % $ 0.51 2023 First quarter $ 10.82 $ 16.24 $ 11.56 50.1 % 6.8 % $ 0.47 Second quarter $ 10.96 $ 15.08 $ 12.38 37.6 % 13.0 % $ 0.47 Third quarter $ 10.93 $ 18.02 $ 14.86 64.9 % 36.0 % $ 0.48 Fourth quarter $ 11.43 $ 16.93 $ 15.09 48.2 % 32.1 % $ 0.48 (1) NAV per share is generally determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period. (2) Represents the dividend or distribution declared in the relevant quarter. | |||||||||||||||||||||
Lowest Price or Bid | $ 15.09 | $ 14.86 | $ 12.38 | $ 11.56 | $ 11.59 | $ 11.45 | $ 12.82 | $ 16.56 | $ 16.14 | $ 16.50 | $ 15.98 | $ 14.21 | ||||||||||
Highest Price or Bid | $ 16.93 | $ 18.02 | $ 15.08 | $ 16.24 | $ 14.92 | $ 16.13 | $ 18.91 | $ 18.23 | $ 18.07 | $ 17.56 | $ 17.66 | $ 16.60 | ||||||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 48.20% | 64.90% | 37.60% | 50.10% | 41.70% | 54.10% | 81.30% | 68.50% | 61.10% | 52.20% | 50.80% | 46.10% | ||||||||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | 32.10% | 36% | 13% | 6.80% | 10.10% | 9.40% | 22.90% | 53% | 43.90% | 43% | 36.50% | 25.10% | ||||||||||
Share Price | $ 16.67 | $ 13.22 | $ 16.59 | $ 16.67 | $ 13.22 | $ 16.59 | $ 14.42 | $ 14.02 | ||||||||||||||
NAV Per Share | $ 11.43 | $ 10.93 | $ 10.96 | $ 10.82 | $ 10.53 | $ 10.47 | $ 10.43 | $ 10.82 | $ 11.22 | $ 11.54 | $ 11.71 | $ 11.36 | $ 11.43 | $ 10.53 | $ 11.22 | $ 11.26 | $ 10.55 | $ 9.90 | ||||
We Operate In A Highly Competitive Market For Investment Opportunities [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We operate in a highly competitive market for investment opportunities. | |||||||||||||||||||||
We are dependent upon senior management personnel for our future success, particularly our CEO, Scott Bluestein [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We are dependent upon senior management personnel for our future success, particularly our CEO, Scott Bluestein. We depend upon the members of our senior management, particularly Mr. Bluestein, and other key personnel for the identification, final selection, structuring, closing and monitoring of our investments. These employees have critical industry experience and relationships on which we rely to implement our business plan. Our future success depends on the continued service of our senior management team. The departure of Mr. Bluestein or any member of our senior management team or a significant number of the members of our investment team could have a material adverse effect on our ability to achieve our investment objective as well as our business, financial condition or results of operation. As a result, we may not be able to operate our business as we expect, and our ability to compete could be harmed, which could cause our operating results to suffer. | |||||||||||||||||||||
Our success depends on attracting and retaining qualified personnel in a competitive environment [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our success depends on attracting and retaining qualified personnel in a competitive environment. Our growth will require that we retain new investment and administrative personnel in a competitive market. Our ability to attract and retain personnel with the requisite credentials, experience and skills depends on several factors including, but not limited to, our ability to offer competitive wages, benefits and professional growth opportunities. Many of the entities, including investment funds (such as venture capital funds, private equity funds, debt funds and mezzanine funds) and traditional financial services companies, with which we compete for experienced personnel have greater resources than we have. | |||||||||||||||||||||
As an internally managed BDC, we are subject to certain restrictions that may adversely affect our business [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | As an internally managed BDC, we are subject to certain restrictions that may adversely affect our business. As an internally managed BDC, the size and categories of our assets under management is limited, and we are unable to offer as wide a variety of financial products to prospective portfolio companies and sponsors (potentially limiting the size and diversification of our asset base). We therefore may not achieve efficiencies of scale and greater management resources available to externally managed business development companies. In addition, if we fail to comply with restrictions applicable to an internally managed BDC, for example with respect to the portion of our assets representing qualifying assets, we may be subject to further restrictions that could have a negative impact on our business. See “Item 1. Business — Regulation.” Additionally, as an internally managed BDC, our ability to offer more competitive and flexible compensation structures, such as offering both a profit-sharing plan and an equity incentive plan, is subject to the limitations imposed by the 1940 Act, which limits our ability to attract and retain talented investment management professionals. As such, these limitations could inhibit our ability to grow, pursue our business plan and attract and retain professional talent, any or all of which may have a negative impact on our business, financial condition and results of operations. | |||||||||||||||||||||
Our business model depends to a significant extent upon strong referral relationships [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our business model depends to a significant extent upon strong referral relationships. | |||||||||||||||||||||
Our Board may change our operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our Board may change our operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse. | |||||||||||||||||||||
We may not be able to pay distributions to stockholders, distributions may not grow over time, and a portion of distributions paid to stockholders may be a return of capital, which is a distribution of the stockholders' invested capital [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may not be able to pay distributions to our stockholders, our distributions may not grow over time, and a portion of distributions paid to our stockholders may be a return of capital, which is a distribution of the stockholders’ invested capital. We intend to pay distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to pay a specified level of cash distributions, previously projected distributions for future periods, or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described herein. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC could limit our ability to pay distributions. All distributions will be paid at the discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations, compliance with our debt covenants and such other factors as our Board may deem relevant from time to time. We cannot assure you that we will pay distributions to our stockholders in the future. When we make distributions, we will be required to determine the extent to which such distributions are paid out of current or accumulated taxable earnings, recognized capital gains or capital. To the extent there is a return of capital, investors will be required to reduce their basis in our stock for U.S. federal income tax purposes, which may result in higher tax liability when the shares are sold, even if they have not increased in value or have lost value. In addition, any return of capital will be net of any sales load and offering expenses associated with sales of shares of our common stock. In the future, our distributions may include a return of capital. | |||||||||||||||||||||
We are subject to risks related to corporate social responsibility [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We are subject to risks related to corporate social responsibility. Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as diversity and inclusion, environmental stewardship, support for local communities, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business. In addition, different stakeholder groups have divergent views on ESG matters, which increases the risk that any action or lack thereof with respect to ESG matters will be perceived negatively by at least some stakeholders and may adversely impact our reputation and business. If we do not successfully manage ESG-related expectations across these varied stakeholder interests, it could erode stakeholder trust, impact our reputation and constrain our business. | |||||||||||||||||||||
Our investments in portfolio companies involve higher levels of risk, and we could lose all or part of our investment [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our investments in portfolio companies involve higher levels of risk, and we could lose all or part of our investment. Investing in our portfolio companies exposes us indirectly to a number of significant risks. Among other things, these companies: • may have limited financial resources (including the inability to obtain additional equity or debt financing as needed) and may be unable to meet their obligations under their debt instruments that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees from subsidiaries or affiliates of our portfolio companies that we may have obtained in connection with our investment, as well as a corresponding decrease in the value of the equity components of our investments; • may require substantial additional financing to satisfy their continuing working capital and other cash requirements; • may have shorter operating histories, narrower product lines, smaller market shares and/or significant customer concentrations than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation, termination or significant under-performance of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us; • generally have less predictable operating results which may fluctuate suddenly and dramatically, may from time-to-time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, may require substantial additional capital to support their operations, finance expansion or maintain their competitive position, and may have more limited access to capital and higher funding costs; • may be adversely affected by a lack of IPO or merger and acquisition opportunities; and • generally have less publicly available information about their businesses, operations and financial condition. We are required to rely on the ability of our management team and investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and may lose all or part of our investment. In addition, in the course of providing significant managerial assistance to certain of our portfolio companies, certain of our officers and directors may serve as directors on the boards of such companies. To the extent that litigation arises out of our investments in these companies, our officers and directors may be named as defendants in such litigation, which could result in an expenditure of funds (through our indemnification of such officers and directors) and the diversion of management time and resources. | |||||||||||||||||||||
A lack of IPO or merger and acquisition opportunities may cause companies to stay in our portfolio longer, leading to lower returns, unrealized depreciation, or realized losses [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | A lack of IPO or merger and acquisition opportunities may cause companies to stay in our portfolio longer, leading to lower returns, unrealized depreciation, or realized losses. | |||||||||||||||||||||
Investing in publicly traded companies can involve a high degree of risk and can be speculative [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Investing in publicly traded companies can involve a high degree of risk and can be speculative. A portion of our portfolio is invested in publicly traded companies or companies that are in the process of completing an IPO. As publicly traded companies, the securities of these companies may not trade at high volumes, and prices can be volatile, particularly during times of general market volatility, which may restrict our ability to sell our positions and may have a material adverse impact on us. In addition, our ability to invest in public companies may be limited in certain circumstances. To maintain our status as a BDC, we are not permitted to acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made and giving effect to it, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as a qualifying asset only if such issuer has a market capitalization that is less than $250.0 million at any point in the 60 days prior to the time of such investment and meets the other specified requirements. | |||||||||||||||||||||
Our investments are concentrated in certain technology-related industries, which subjects us to the risk of significant loss if any one or more of such industries experiences a downturn [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our investments are concentrated in certain technology-related industries, which subjects us to the risk of significant loss if any one or more of such industries experiences a downturn. We have invested and intend to continue investing in a number of companies that operate in technology-related industries. A downturn in one or more technology-related industry sectors and particularly those in which we are heavily concentrated could materially adversely affect our financial condition more than if we invested in a wider range of industries. As of December 31, 2023, approximately 78.5% of the fair value of our portfolio comprised investments in three industries: 38.7% comprised investments in the “Drug Discovery and Development” industry, 23.6% comprised investments in the “Software” industry and 16.2% comprised investments in the “Consumer & Business Services” industry. Companies in technology-related industries are subject to numerous risks, including: • Technology Industry (including Software and Consumer & Business Services Industries) Risk. The market prices and values of companies operating in the technology industry – including software and consumer and business services companies – tend to exhibit a greater degree of risk and volatility than other types of investments. These companies may fall in and out of favor with the public and investors rapidly, which may cause sudden selling and dramatically lower market prices. These companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, short product cycles, falling prices and profits, government regulation, lack of standardization or compatibility with existing technologies, intense competition, aggressive pricing, advances in artificial intelligence and machine learning, dependence on copyright and/or patent protection and/or obsolete products or services. Certain technology-related companies may face special risks that their products or services may not prove to be commercially successful. Technology-related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Companies in the application software industry, in particular, may also be negatively affected by the decline or fluctuation of subscription renewal rates for their products and services, which may have an adverse effect on profit margins. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, a rising interest rate environment tends to negatively affect technology and technology-related companies. Those technology or technology-related companies seeking to finance their expansion would have increased borrowing costs, which may negatively impact their earnings. Technology-related companies are often smaller and less experienced companies and may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets. • Drug Discovery & Development Industry Risk . The success of pharmaceutical companies operating in the drug discovery and development industry is highly dependent on the development, procurement and marketing of drugs. The values of pharmaceutical companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of pharmaceutical companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. The research and other costs associated with developing or procuring new drugs and the related intellectual property rights can be significant, and the results of such research and expenditures are unpredictable. There can be no assurance that those efforts or costs will result in the development of a profitable drug. Pharmaceutical companies may be susceptible to product obsolescence. Many pharmaceutical companies face intense competition from new products and less costly generic products. Moreover, the process for obtaining regulatory approval by the FDA or other governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained. Pharmaceutical companies are also subject to rapid and significant technological change and competitive forces that may make drugs obsolete or make it difficult to raise prices and, in fact, may result in price discounting. Pharmaceutical companies may also be subject to expenses and losses from extensive litigation based on intellectual property, product liability and similar claims. Failure of pharmaceutical companies to comply with applicable laws and regulations can result in the imposition of civil and criminal fines, penalties and, in some instances, exclusion of participation in government sponsored programs such as Medicare and Medicaid. Pharmaceutical companies may be adversely affected by government regulation and changes in reimbursement rates. The ability of many pharmaceutical companies to commercialize current and any future products depends in part on the extent to which reimbursement for the cost of such products and related treatments are available from third party payors, such as Medicare, Medicaid, private health insurance plans and health maintenance organizations. Third-party payors are increasingly challenging the price and cost-effectiveness of medical products. Significant uncertainty exists as to the reimbursement status of health care products, and there can be no assurance that adequate third-party coverage will be available for pharmaceutical companies to obtain satisfactory price levels for their products. The international operations of many pharmaceutical companies expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations and other risks inherent to international business. Additionally, a pharmaceutical company’s valuation can often be based largely on the potential or actual performance of a limited number of products. A pharmaceutical company’s valuation can also be greatly affected if one of its products proves unsafe, ineffective or unprofitable. Such companies also may be characterized by thin capitalization and limited markets, financial resources or personnel, as well as dependence on wholesale distributors. The values of companies in the pharmaceutical industry have been and will likely continue to be extremely volatile. • Biotechnology Industry Risk . The success of biotechnology companies is highly dependent on the development, procurement and/or marketing of drugs, products, and/or technologies. The values of biotechnology companies are also dependent on the development, protection and exploitation of intellectual property rights and other proprietary information, and the profitability of biotechnology companies may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. The research and other costs associated with developing or procuring new drugs, products or technologies and the related intellectual property rights can be significant, and the results of such research and expenditures are unpredictable. There can be no assurance that those efforts or costs will result in the development of a profitable drug, product or technology. Moreover, the process for obtaining regulatory approval by the FDA or other governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained. Biotechnology companies are also subject to rapid and significant technological change and competitive forces that may make drugs, products or technologies obsolete or make it difficult to raise prices and, in fact, may result in price discounting. Biotechnology companies may also be subject to expenses and losses from extensive litigation based on intellectual property, product liability and similar claims. Failure of biotechnology companies to comply with applicable laws and regulations can result in the imposition of civil and/or criminal fines, penalties and, in some instances, exclusion of participation in government sponsored programs such as Medicare and Medicaid. Biotechnology companies may be adversely affected by government regulation and changes in reimbursement rates. Healthcare providers, principally hospitals, that transact with biotechnology companies, often rely on third party payors, such as Medicare, Medicaid, private health insurance plans and health maintenance organizations to reimburse all or a portion of the cost of healthcare related products or services. Biotechnology companies will continue to be affected by the efforts of governments and third-party payors to contain or reduce health care costs. For example, certain foreign markets control pricing or profitability of biotechnology products and technologies. In the United States, the Inflation Reduction Act has imposed a number of provisions aimed at reducing drug spending and there has been, and there will likely continue to be, a number of additional federal and state proposals to implement additional controls. A biotechnology company’s valuation could be based on the potential or actual performance of a limited number of products. A biotechnology company’s valuation could be affected if one of its products proves unsafe, ineffective or unprofitable. Such companies may also be characterized by thin capitalization and limited markets, financial resources or personnel. The stock prices of companies involved in the biotechnology sector have been and will likely continue to be extremely volatile. • Life Sciences Industry Risk . Life sciences industries are characterized by limited product focus, rapidly changing technology and extensive government regulation. In particular, technological advances can render an existing product, which may account for a disproportionate share of a company’s revenue, obsolete. Obtaining governmental approval from agencies such as the FDA, the U.S. Department of Agriculture and other governmental agencies for new products can be lengthy, expensive and uncertain as to outcome. Any delays in product development may result in the need to seek additional capital, potentially diluting the interests of existing investors such as the Company. In addition, governmental agencies may, for a variety of reasons, restrict the release of certain innovative technologies of commercial significance, such as genetically altered material. These various factors may result in abrupt advances and declines in the securities prices of particular companies and, in some cases, may have a broad effect on the prices of securities of companies in particular life sciences industries. Intense competition exists within and among certain life sciences industries, including competition to obtain and sustain proprietary technology protection. Life sciences companies can be highly dependent on the strength of patents, trademarks and other intellectual property rights for maintenance of profit margins and market share. The complex nature of the technologies involved can lead to patent disputes, including litigation that may be costly and that could result in a company losing an exclusive right to a patent. Competitors of life sciences companies may have invested substantially in developing technologies and products that are more effective or less costly than any that may be developed by life sciences companies in which the Company invests and may also prove to be more successful in production and marketing. Competition may increase further as a result of potential advances in health services and medical technology and greater availability of capital for investment in these fields. With respect to healthcare, cost containment measures already implemented by the federal government, state governments and the private sector have adversely affected certain sectors of these industries. Increased emphasis on managed care in the United States may put pressure on the price and usage of products sold by life sciences companies in which the Company may invest in and may adversely affect the sales and revenues of life sciences companies. Product development efforts by life sciences companies may not result in commercial products for many reasons, including, but not limited to, failure to achieve acceptable clinical trial results, limited effectiveness in treating the specified condition or illness, harmful side effects, failure to obtain regulatory approval, and high manufacturing costs. Even after a product is commercially released, governmental agencies may require additional clinical trials or change the labeling requirements for products if additional product side effects are identified, which could have a material adverse effect on the market price of the securities of those life sciences companies. Certain life sciences companies in which the Company may invest may be exposed to potential product liability risks that are inherent in the testing, manufacturing, marketing and sale of pharmaceuticals, medical devices or other products. There can be no assurances that a product liability claim would not have a material adverse effect on the business, financial condition or securities prices of a company in which the Company has invested. • Healthcare Services Industry Risk . The operations of healthcare services companies are subject to extensive federal, state and local government regulations, including Medicare and Medicaid payment rules and regulations, federal and state anti-kickback laws, the physician self-referral law and analogous state self-referral prohibition statutes, Federal Acquisition Regulations, the False Claims Act and federal and state laws regarding the collection, use and disclosure of patient health information and the storage, handling and administration of pharmaceuticals. The Medicare and Medicaid reimbursement rules related to claims submission, enrollment and licensing requirements, cost reporting, and payment processes impose complex and extensive requirements upon dialysis providers as well. A violation or departure from any of these legal requirements may result in government audits, lower reimbursements, significant fines and penalties, the potential loss of certification, recoupment efforts or voluntary repayments. If healthcare services companies fail to adhere to all of the complex government regulations that apply to their businesses, such companies could suffer severe consequences that would substantially reduce revenues, earnings, cash flows and stock prices. If healthcare companies are unable to successfully expand their product lines through internal research and development and acquisitions, their business may be materially and adversely affected. In addition, if these companies are unable to successfully grow their businesses through marketing partnerships and acquisitions, their business may be materially and adversely affected. • Sustainable and Renewable Technology Industry Risk. Companies in sustainable and renewable technology sectors may be subject to extensive regulation by foreign, U.S. federal, state and/or local agencies. Changes in existing laws, rules or regulations, or judicial or administrative interpretations thereof, new laws, rules or regulations, or changes in government priorities or limitations on government resources could all have an adverse impact on the business and industries of these companies. We are unable to predict whether any such changes in laws, rules or regulations will occur and, if they do occur, the impact of these changes on our portfolio companies and our investment returns. Furthermore, if any of our portfolio companies fail to comply with applicable regulations, they could be subject to significant penalties and claims that could materially and adversely affect their operations, which would also impact our ability to realize value since our exit from the investment may be subject to the portfolio company obtaining the necessary regulatory approvals. Our portfolio companies may be subject to the expense, delay and uncertainty of the regulatory approval process for their products and, even if approved, these products may not be accepted in the marketplace. In addition, there is considerable uncertainty about whether foreign, U.S., state and/or local governmental entities will enact or maintain legislation or regulatory programs that mandate reductions in greenhouse gas emissions or provide incentives for sustainable and renewable technology companies. Without such regulatory policies, investments in sustainable and renewable technology companies may not be economical and financing for sustainable and renewable technology companies may become unavailable. Further, industries within the energy sector are cyclical with fluctuations in commodity prices and demand for, and production of commodities driven by a variety of factors. The highly cyclical nature of the industries within the energy sector may lead to volatile changes in commodity prices. Commodity price fluctuation may adversely affect the earnings of companies in which we may invest. | |||||||||||||||||||||
Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected. Our total investment in companies may be significant individually or in the aggregate. As a result, if a significant investment in one or more companies fails to perform as expected, our financial results could be more negatively affected, and the magnitude of the loss could be more significant than if we had made smaller investments in more companies. The following table shows the fair value of the investments held in portfolio companies as of December 31, 2023, that represent greater than 5% of our net assets: (in thousands) December 31, 2023 Fair Value Percentage of Net Assets Axsome Therapeutics, Inc. $ 162,022 9.0 % Phathom Pharmaceuticals, Inc. 129,738 7.2 % Corium, Inc. 108,545 6.0 % SeatGeek, Inc. 108,053 6.0 % Worldremit Group Limited 96,020 5.3 % • Axsome Therapeutics, Inc. is a biopharmaceutical company developing novel therapies for the management of central nervous system disorders for which there are limited treatment options. • Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases and disorders. • Corium, Inc. develops, engineers, and manufactures drug delivery products and devices that utilize the skin and mucosa as a primary means of transport. • SeatGeek, Inc. is a mobile-focused ticket platform that enables users to buy and sell tickets for live sports, concerts and theater events. • Worldremit Group Limited is a global online money transfer business. Our financial results could be materially adversely affected if these portfolio companies or any of our other significant portfolio companies encounter financial difficulty and fail to repay their obligations or to perform as expected. | |||||||||||||||||||||
We may be exposed to higher risks with respect to our investments that include PIK interest or exit fees [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may be exposed to higher risks with respect to our investments that include PIK interest or exit fees. Our investments may include contractual PIK interest and exit fees. PIK interest represents contractual interest added to a loan’s principal balance and is due in accordance with the loan’s amortization terms. Exit fees represent a contractual fee accrued over the life of the loan and is typically due at loan payoff. To the extent PIK interest and exit fees constitute a portion of our income, we are exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash, including the following: • PIK interest and exit fee instruments may have higher yields, which reflect the payment deferral and credit risk associated with these instruments; • PIK interest and exit fee instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of the collateral; and • PIK interest and exit fee instruments may represent a higher credit risk than coupon loans; even if the conditions for income accrual under generally accepted accounting principles in the United States of America are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan. | |||||||||||||||||||||
The lack of liquidity in our investments may adversely affect our business [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | The lack of liquidity in our investments may adversely affect our business. We generally invest in companies whose securities are not publicly traded and/or whose securities will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. The illiquidity of these investments may make it difficult for us to sell these investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. As a result, we do not expect to achieve liquidity in our investments in the near-term. Our investments are usually subject to contractual or legal restrictions on resale or are otherwise illiquid because there is usually no established trading market for such investments. Even if an established trading market for such securities were established, we may be limited in our ability to divest ourselves from a debt or equity instrument for a variety of reasons, such as limited trading volume in a public company’s securities, or regulatory factors such as the receipt of material non-public information or insider blackout periods when we are legally prohibited from selling. The illiquidity of most of our investments may make it difficult for us to dispose of them at a favorable price or at all and, as a result, we may suffer losses. | |||||||||||||||||||||
We may not have the funds or ability to make additional investments in our portfolio companies [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may not have the funds or ability to make additional investments in our portfolio companies. We may not have the funds or ability to make additional investments in our portfolio companies. After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the extension of additional loans, the exercise of a warrant to purchase equity securities, or the funding of additional equity investments. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation, may reduce our ability to protect an existing investment or may dilute our equity interest or otherwise reduce the expected yield on the investment. | |||||||||||||||||||||
There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. Even if our investment is structured as a senior-secured loan, principles of equitable subordination, as defined by existing case law, could lead a bankruptcy court to subordinate all or a portion of our claim to that of other creditors and transfer any lien securing such subordinated claim to the bankruptcy estate. The principles of equitable subordination defined by case law have generally indicated that a claim may be subordinated only if its holder is guilty of misconduct or where the senior loan is re-characterized as an equity investment and the senior lender has actually provided significant managerial assistance to the bankrupt debtor. We may also be subject to lender liability claims for actions taken by us with respect to a borrower’s business or instances where we exercise control over the borrower. It is possible that we could become subject to a lender liability claim, including as a result of actions taken in rendering significant managerial assistance or actions to compel and collect payments from the borrower outside the ordinary course of business. | |||||||||||||||||||||
We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer, which may subject us to a risk of significant loss if any such issuer experiences a downturn. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Under the 1940 Act, a “diversified” investment company is required to invest at least 75% of the value of its total assets in cash and cash items, government securities, securities of other investment companies and other securities limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of such company and no more than 10% of the outstanding voting securities of such issuer. As a non-diversified investment company, we are not subject to this requirement. To the extent that we assume large positions in the securities of a small number of issuers, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company might be. Beyond our RIC asset diversification requirements, we do not have fixed guidelines for portfolio diversification, and our investments could be concentrated in relatively few portfolio companies. See “Risk Factors – Risks Related to Operating as a RIC and U.S. Federal Income Taxes.” | |||||||||||||||||||||
We generally will not control our portfolio companies, which may result in the portfolio company making decisions which could adversely impact the value of our investments in the portfolio company's securities [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We generally will not control our portfolio companies, which may result in the portfolio company making decisions which could adversely impact the value of our investments in the portfolio company ’ s securities. In some instances, we may control our portfolio companies or provide our portfolio companies with significant managerial assistance. However, we do not, and do not expect to, control the ultimate decision making in most of our portfolio companies, even though we may have board representation or board observation rights, and our debt agreements may contain certain restrictive covenants. As a result, we are subject to the risk that a portfolio company in which we invest will make business decisions with which we disagree, and the management of such company will take risks or otherwise act in ways that do not serve our interests as debt investors or minority equity holders. Due to the lack of liquidity for our investments in non-traded companies, we may not be able to dispose of our interests in our portfolio companies as readily as we would like or at an appropriate valuation. As a result, a portfolio company may make decisions that would decrease the value of our portfolio holdings. | |||||||||||||||||||||
Defaults by our portfolio companies will harm our operating results [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Defaults by our portfolio companies will harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to non-payment of interest and other defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company’s ability to meet its obligations under the debt or equity securities that we hold. In addition, in the event of a default by a portfolio company on a secured loan, we will only have recourse to the assets collateralizing the loan, which in some cases excludes the IP on which we have only a negative pledge. In any case, the assets collateralizing our loan may not be sufficient to fully cover our indebtedness. Further, some of our secured loans are secured by a negative pledge on a portfolio company’s intellectual property. In the event of a default on a loan, there can be no assurance that our security interest will be enforceable in a court of law or bankruptcy court or that there will not be others with senior or pari passu credit interests. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. | |||||||||||||||||||||
Substantially all of our portfolio investments are recorded at fair value as determined in accordance with our Valuation Guidelines and, as a result, there may be uncertainty as to the value of our portfolio investments [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Substantially all of our portfolio investments are recorded at fair value as determined in accordance with our Valuation Guidelines and, as a result, there may be uncertainty as to the value of our portfolio investments. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in accordance with our Valuation Guidelines adopted pursuant to Rule 2a-5 under the 1940 Act. As of December 31, 2023, portfolio investments, whose fair value is determined in good faith by our Valuation Committee and approved by the Board were approximately 95.1% of our total assets. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. Our NAV could be adversely affected if determinations regarding the fair value of these investments were materially higher than the values ultimately realized upon the disposal of such investments. | |||||||||||||||||||||
Any unrealized depreciation we experience on investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution and could impair our ability to service our borrowings [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Any unrealized depreciation we experience on our investment portfolio may be an indication of future realized losses, which could reduce our income available for distribution and could impair our ability to service our borrowings. | |||||||||||||||||||||
Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity. During the year ended December 31, 2023, we received early principal payments and early payoffs on our debt investments of approximately $925.1 million. We are subject to the risk that the debt investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid, and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our securities. | |||||||||||||||||||||
The phase-out and replacement of LIBOR may adversely affect the value of our portfolio securities. [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | The phase-out and replacement of LIBOR may adversely affect the value of our portfolio securities. As of June 30, 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. Dollar LIBOR settings have been entirely discontinued. On July 29, 2021, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, recommended replacing U.S. dollar LIBOR with alternative reference rates based on the Secured Overnight Financing Rate (“SOFR”). SOFR significantly differs from LIBOR, both in the actual rate and how it is calculated. Further, on March 15, 2022, the Consolidated Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”), was signed into law in the United States. This legislation established a uniform benchmark replacement process for certain financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable LIBOR fallback provisions. The legislation also created a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the U.S. Federal Reserve. In addition, the U.K. Financial Conduct Authority, which regulates the publisher of LIBOR (ICR Benchmark Administration) has announced that it will require the continued publication of one, three and six month tenors of U.S. dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not being covered by the federal legislation remaining on synthetic U.S. dollar LIBOR until the end of this period. The transition from LIBOR or the use of synthetic LIBOR in floating-rate debt securities in our portfolio or issued by us could have a material and adverse impact on the value or liquidity of those instruments. The transition away from LIBOR to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems. | |||||||||||||||||||||
We are subject to risks associated with the current interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We are subject to risks associated with the current interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments. To the extent we borrow money or issue debt securities or preferred stock to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds or pay interest or dividends on such debt securities or preferred stock and the rate at which we invest these funds. In addition, many of our debt investments and borrowings have floating interest rates that reset on a periodic basis, and many of our investments are subject to interest rate floors and caps. As of December 31, 2023, approximately 95.9% of our debt investments were at floating rates or floating rates with a floor, and 4.1% of our debt investments were at fixed rates. As a result, a change in market interest rates could have a material adverse effect on our net investment income, in particular with respect to increases from current levels to the level of the interest rate caps on certain investments. In periods of rising interest rates, our cost of funds will increase because the interest rates on the amounts borrowed under our Credit Facilities are floating and are not subject to interest rate caps, which could reduce our net investment income to the extent any debt investments have either fixed interest rates, or floating interest rates subject to an interest rate cap below the then current levels, and as a result such interest rates on these debt investments will not increase. Some of our portfolio companies have debt investments which bear interest at variable rates and may be negatively affected by changes in market interest rates. An increase in market interest rates would increase the interest costs and reduce the cash flows of our portfolio companies that have variable rate debt instruments, a situation which could reduce the value of our investments in these portfolio companies. The value of our securities could also be reduced from an increase in market interest rates as rates available to investors could make an investment in our securities less attractive than alternative investments. Conversely, decreases in market interest rates could negatively impact the interest income from our variable rate debt investments. A decrease in market interest rates may also have an adverse impact on our returns by requiring us to accept lower yields on our debt investments and by increasing the risk that our portfolio companies will prepay our debt investments, resulting in the need to redeploy capital at potentially lower rates. See further discussion and analysis at “Item 7A. Quantitative and Qualitative Disclosures about Market Risk.” | |||||||||||||||||||||
We may not realize gains from our equity or warrant investments [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may not realize gains from our equity or warrant investments. Certain investments that we have made in the past and may make in the future include warrants or other equity securities. Investments in equity securities involve a number of significant risks, including the risk of further dilution as a result of additional issuances, inability to access additional capital and failure to pay current distributions. We may from time to time make non-control, equity investments in portfolio companies. Our goal is ultimately to realize gains upon our disposition of such equity interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We also may be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We may seek puts or similar rights to give us the right to sell our equity securities back to the portfolio company issuer; however, we may be unable to exercise these put rights for the consideration provided in our investment documents if the issuer is in financial distress. In addition, we anticipate that approximately 50% of our warrants may not realize any exit or generate any returns. Furthermore, because of the financial reporting requirements under U.S. generally accepted accounting principles (“U.S. GAAP”), of those approximately 50% of warrants that we do not realize any exit, the assigned costs to the initial warrants may lead to realized losses when the warrants either expire or are not exercised. | |||||||||||||||||||||
We may expose ourselves to risks if we engage in hedging transactions [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may expose ourselves to risks when we engage in hedging transactions. When we engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. It may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and there can be no assurance that any such hedging arrangements will achieve the desired effect. During the year ended and as of December 31, 2023, we had entered into and held one outstanding foreign currency forward contract. We do not utilize hedge accounting and as such we recognize the value of our derivatives at fair value on the Consolidated Statements of Assets and Liabilities with changes in the net unrealized appreciation (depreciation) on forward currency forward contracts recorded on the Consolidated Statements of Operations. | |||||||||||||||||||||
Our investments in foreign securities or investments denominated in foreign currencies may involve significant risks in addition to the risks inherent in U.S. and U.S.-denominated investments [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our investments in foreign securities or investments denominated in foreign currencies may involve significant risks in addition to the risks inherent in U.S. and U.S.-denominated investments. Our investment strategy contemplates potential investments in securities of foreign companies. Our total investments at value in foreign companies were approximately $386.4 million or 11.9% of total investments as of December 31, 2023. Investing in foreign companies may expose us to additional risks not typically associated with investing in securities of U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Although most of our investments will be U.S. dollar denominated, any investments denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. | |||||||||||||||||||||
The disposition of our investments may result in contingent liabilities [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | The disposition of our investments may result in contingent liabilities. | |||||||||||||||||||||
Depending on funding requirements, we may need to raise additional capital to meet our unfunded commitments through additional borrowings [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Depending on funding requirements, we may need to raise additional capital to meet our unfunded commitments through additional borrowings. As of December 31, 2023, we had approximately $335.3 million of available unfunded commitments, including undrawn revolving facilities, which were available at the request of the portfolio company and unencumbered by milestones. Our unfunded contractual commitments may be significant from time-to-time. A portion of these unfunded contractual commitments are dependent upon the portfolio company achieving certain milestones before the debt commitment becomes available. Furthermore, our credit agreements contain customary lending provisions which allow us relief from funding obligations for previously made commitments in instances where the underlying company experiences materially adverse events that affect the financial condition or business outlook for the company. These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Closed commitments generally fund 50-80% of the committed amount in aggregate over the life of the commitment. We believe that our assets provide adequate cover to satisfy all of our unfunded commitments and we intend to use cash flow from operations and early principal repayments and proceeds from borrowings and notes to fund these commitments. However, there can be no assurance that we will have sufficient capital available to fund these commitments as they come due, which could have a material adverse effect on our reputation in the market and our ability to generate incremental lending activity and subject us to lender liability claims. | |||||||||||||||||||||
Because we have substantial borrowings, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Because we have substantial borrowings, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. Borrowings, also known as leverage, magnify the potential for loss on investments in our indebtedness and gain or loss on investments in our equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. Accordingly, any event that adversely affects the value of an investment would be magnified to the extent we use leverage. Such events could result in a substantial loss to us, which would be greater than if leverage had not been used. In addition, our investment objectives are dependent on the continued availability of leverage at attractive relative interest rates. We may also borrow from banks and other lenders and may issue debt securities or enter into other types of borrowing arrangements in the future. Lenders of these senior securities will have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. We generally may grant security interests in our assets, subject to our requirement to maintain a 150% minimum asset coverage ratio and any restrictions on encumbered assets imposed by the terms of our existing indebtedness. The terms of our existing indebtedness require us to comply with certain financial and operational covenants, and we expect similar covenants in future debt instruments. Failure to comply with such covenants could result in a default under the applicable credit facility or debt instrument if we are unable to obtain a waiver from the applicable lender or holder, and such lender or holder could accelerate repayment under such indebtedness and negatively affect our business, financial condition, results of operations and cash flows. In addition, under the terms of any credit facility or other debt instrument we enter into, in the event of a default, we are likely to be required by its terms to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. See “Note 5 – Debt” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition, Liquidity, Capital Resources and Obligations” for a discussion regarding our outstanding indebtedness. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any decrease in our income would cause net investment income to decline more sharply than it would have had we not leveraged our business. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Our ability to service our debt depends largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Our secured credit facilities with Sumitomo Mitsui Banking Corporation (the “SMBC Facility”) and MUFG Union Bank, N.A., (the “MUFG Bank Facility”) and our letter of credit facility with Sumitomo Mitsui Banking Corporation (the “SMBC LC Facility” and together with the SMBC Facility and MUFG Bank Facility, our “Credit Facilities”), as well as the July 2024 Notes, February 2025 Notes, June 2025 Notes, June 2025 3-Year Notes, March 2026 A Notes, March 2026 B Notes, September 2026 Notes, January 2027 Notes, 2031 Asset-Backed Notes and 2033 Notes (each term as is individually defined herein and collectively, the “Notes”) contain financial and operating covenants that could restrict our business activities, including our ability to declare dividend distributions if we default under certain provisions. As of December 31, 2023, we had $94.0 million and $61.0 million in borrowings under the SMBC Facility and MUFG Bank Facility and approximately $1.24 billion in aggregate principal outstanding Notes. Further we have an additional $175.0 million SBA Debentures outstanding and incurred by our SBIC subsidiary, as of December 31, 2023. Illustration. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming that we employ (1) our actual asset coverage ratio as of December 31, 2023, (2) a hypothetical asset coverage ratio of 200%, and (3) a hypothetical asset coverage ratio of 150% (each excluding our SBA debentures as permitted by our exemptive relief) each at various annual returns on our portfolio as of December 31, 2023, net of expenses. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below. Annual Return on Our Portfolio (Net of Expenses) -10% -5% 0% 5% 10% Corresponding return to common stockholder assuming our actual asset coverage of 228.7% as of December 31, 2023 (1) (23.15)% (13.67)% (4.20)% 5.28% 14.76% Corresponding return to common stockholder assuming 200% asset coverage (2) (26.45)% (15.86)% (5.27)% 5.32% 15.91% Corresponding return to common stockholder assuming 150% asset coverage (3) (41.21)% (25.64)% (10.07)% 5.50% 21.07% (1) Assumes $3.4 billion in total assets, $1.6 billion in debt outstanding, $1.8 billion in stockholders’ equity, and an average cost of funds of 4.8%, which is the approximate average cost of our Notes and Credit Facilities for the period ended December 31, 2023. Actual interest payments may be different. (2) Assumes $3.8 billion in total assets including debt issuance costs on a pro forma basis, $2.0 billion in debt outstanding, $1.8 billion in stockholders’ equity, and an average cost of funds of 4.8%, which is the approximate average cost of our Notes and Credit Facilities for the period ended December 31, 2023, along with the hypothetical estimated incremental cost of debt that would be incurred on offering the maximum permissible debt under the 200% asset coverage. Actual interest payments may be different. (3) Assumes $5.6 billion in total assets including debt issuance costs on a pro forma basis, $3.8 billion in debt outstanding, $1.8 billion in stockholders’ equity, and an average cost of funds of 4.8%, which is the approximate average cost of our Notes and Credit Facilities for the period ended December 31, 2023, along with the hypothetical estimated incremental cost of debt that would be incurred on offering the maximum permissible debt under the 150% asset coverage. Actual interest payments may be different. Our ability to achieve our investment objective may depend in part on our ability to access additional leverage on favorable terms and there can be no assurance that such additional leverage can in fact be achieved. If we are unable to obtain leverage or renew, extend or replace our current leverage facilities, or if the interest rates of such leverage are not attractive, we could experience diminished returns. The number of leverage providers and the total amount of financing available could decrease or remain static. | |||||||||||||||||||||
Certain of our assets are subject to security interests under our senior securities and if we default on our obligations under our senior securities, we may suffer adverse consequences, including foreclosure on those assets [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Certain of our assets are subject to security interests under our senior securities and if we default on our obligations under our senior securities, we may suffer adverse consequences, including foreclosure on those assets. Certain of our assets are currently pledged as collateral under our senior securities, including any credit facilities or notes. If we default on our obligations under our senior securities, our lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests or their superior claim. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order to avoid foreclosure and these forced sales may be at times and at prices we would not consider advantageous. Moreover, such deleveraging of our company could significantly impair our ability to effectively operate our business in the manner in which we have historically operated. As a result, we could be forced to curtail or cease new investment activities and lower or eliminate the dividends that we have historically paid to our stockholders. In addition, if the lenders exercise their right to sell the assets pledged under our senior securities, such sales may be completed at distressed sale prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under the senior securities. If our operating performance declines and we are not able to generate sufficient cash flow to service our debt obligations, we may in the future need to refinance or restructure our debt, sell assets, reduce or delay capital investments, seek to raise additional capital or seek to obtain waivers from the required lenders under our senior securities to avoid being in default. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under our senior securities. If we breach our covenants under our senior securities and seek a waiver, we may not be able to obtain a waiver from the required lenders or debt holders. If this occurs, we would be in default under our senior securities, the lenders or debt holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt. Because certain of our senior securities have customary cross-default and cross-acceleration provisions, if the indebtedness under our senior securities is accelerated, we may be unable to repay or finance the amounts due. | |||||||||||||||||||||
Our executive officers and employees, through the Adviser Subsidiary, are expected to manage the Adviser Funds or separately managed accounts [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our executive officers and employees, through the Adviser Subsidiary, are expected to manage the Adviser Funds or separately managed accounts, which includes funds from External Parties, that operate in the same or a related line of business as we do, which may result in significant conflicts of interest. Our executive officers and employees, through the Adviser Subsidiary, are expected to manage the Adviser Funds that operate in the same or a related line of business as we do, and which funds may be invested in by us and/or our executive officers and employees. Accordingly, they may have obligations to such other entities, the fulfillment of which obligations may not be in the interests of us or our stockholders. Our relationship with the Adviser Subsidiary may require us to commit resources to achieving the Adviser Funds or External Parties’ investment objectives, while such resources were previously solely devoted to achieving our investment objective. Our investment objective and investment strategies may be very similar to those of the Adviser Funds and External Parties, and it is likely that an investment appropriate for us, the Adviser Funds, or External Parties would be appropriate for the other entity. Because the Adviser Subsidiary may receive performance-based fee compensation from the Adviser Funds or External Parties, this may provide an incentive to allocate opportunities to the Adviser Funds or External Parties instead of us. Accordingly, we and the Adviser Subsidiary have established policies and procedures governing the allocation investment opportunities between us, the Adviser Funds, and External Parties. We may be limited in or unable to participate in certain investments based upon such allocation policy. Although we will endeavor to allocate investment opportunities in a fair and equitable manner, we may face conflicts in allocating investment opportunities between us, the Adviser Funds and External Parties managed by the Adviser Subsidiary. | |||||||||||||||||||||
Investments in the Adviser Funds managed by our Adviser Subsidiary may create conflicts of interests [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Investments in the Adviser Funds managed by our Adviser Subsidiary may create conflicts of interests. Our Adviser Subsidiary is committed to make contributions as a limited partner to certain Adviser Funds, it is also entitled to receive distributions on such interest. Our officers and employees may dedicate more time or resources to the Adviser Funds or allocate more favorable investment opportunities to the Adviser Funds instead of us. The Adviser Funds will, at times, acquire, hold, or sell investments that are also suitable for us. Investments allocated to the Adviser Funds may reduce the amount of investments available to us. Our officers and employees may make investment decisions or recommendations for the Adviser Funds that differ from the investment decisions that are made for us. The Adviser Subsidiary could determine to sell a loan for one or more Adviser Funds while all or a portion of such loan is retained by us, or vice-versa. The Adviser Subsidiary makes its decisions as to whether the Adviser Funds should invest pursuant to, among other things, its duties under the applicable governing documents for the Adviser Funds. Conflicts of interest can arise if the Adviser Subsidiary seeks to acquire or sell portions of one or more loans for one or more of the Adviser Funds while we also seek to acquire or sell portions of such loans. We and the Adviser Subsidiary have implemented an investment allocation policy and procedures designed to ensure that investment opportunities are allocated among us and the Adviser Funds fairly and equitably over time; however, there can be no assurance that the application of our allocation policy will result in our desired participation in every investment opportunity that may be suitable for both us and the Adviser Funds. In addition, we may make investments in the Adviser Funds in the form of loans. For example, prior to the receipt by the Adviser Funds of capital contributions from investors for which a capital call notice has or will be given, we expect to provide loan financing to such Adviser Funds to fund such amounts on a temporary basis in order to permit the Adviser Funds to invest in a target portfolio company within the applicable time constraints prior to the receipt by the Adviser Funds of a capital call in respect of such investment. In addition, we may provide loan financing to the Adviser Funds to cover start-up and initial operating costs prior to the receipt by the Adviser Funds of a capital call in respect of such expenses. The provision of debt financing to the Adviser Funds may cause conflicts of interest, including in situations where our interest as a lender to the Adviser Funds conflicts with the interest of holders of third-party equity interests. | |||||||||||||||||||||
We, through the Adviser Subsidiary, derive revenues from managing third-party funds pursuant to management agreements that may be terminated, which could negatively impact our operating results. [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We, through the Adviser Subsidiary, derive revenues from managing third-party funds pursuant to management agreements that may be terminated, which could negatively impact our operating results. We will derive our revenues related to the Adviser Subsidiary primarily from dividend income, which the Adviser Subsidiary will pay from net profits generated from advisory fees charged to the Adviser Funds. The Adviser Funds may be established with different fee structures, including management fees payable at varying rates and carried interest or performance fees that are payable at varying hurdle rates. Investment advisory, carried interest, and performance fee revenues can be adversely affected by several factors, including market factors, third-party investor preferences, and our Adviser Subsidiary’s performance and track record. A reduction in revenues of our Adviser Subsidiary, without a commensurate reduction in expenses, would adversely affect our Adviser Subsidiary’s business and our revenues and results of operations derived from the Adviser Subsidiary. In addition, the terms of the investment management agreements with the Adviser Funds generally provide for the right to terminate the management agreement in certain circumstances. | |||||||||||||||||||||
Failure to comply with applicable laws or regulations and changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Failure to comply with applicable laws or regulations and changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. We, the Adviser Funds and our portfolio companies are subject to applicable local, state and federal laws and regulations, including those promulgated by the SEC, the NYSE, and the Public Company Accounting Oversight Board. Failure to comply with any applicable local, state or federal law or regulation could negatively impact our reputation and our business results. New legislation may also be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our stockholders, potentially with retroactive effect. Additionally, any changes to the laws and regulations governing our operations relating to permitted investments may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities. Such changes could result in material differences to the strategies and plans set forth herein and may result in our investment focus shifting from the areas of expertise of our investment team to other types of investments in which our investment team may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment. | |||||||||||||||||||||
Failure to maintain our status as a BDC would reduce our operating flexibility [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Failure to maintain our status as a BDC would reduce our operating flexibility. If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions under the 1940 Act and correspondingly decrease our operating flexibility. | |||||||||||||||||||||
Operating under the constraints imposed on us as a BDC and RIC may hinder the achievement of our investment objectives [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Operating under the constraints imposed on us as a BDC and RIC may hinder the achievement of our investment objectives. | |||||||||||||||||||||
Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital. Our business will require capital to operate and grow. In addition to funding new and existing investments, we may pursue growth through acquisitions or strategic investments in new businesses. Completion and timing of any such acquisitions or strategic investments may be subject to a number of contingencies and risks. There can be no assurance that the integration of an acquired business will be successful or that an acquired business will prove to be profitable or sustainable. We may acquire additional capital from the following sources: Senior Securities . We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as senior securities. As a result of issuing senior securities, we will be exposed to additional risks, including the following: • Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue senior securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% immediately after each issuance of senior securities. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we will be prohibited from issuing debt securities or preferred stock and/or borrowing money from banks or other financial institutions and may not be permitted to declare a dividend or make any distribution to stockholders or repurchase shares until such time as we satisfy this test. • Any amounts that we use to service our debt or make payments on preferred stock will not be available for dividends to our common stockholders. • It is likely that any senior securities or other indebtedness we issue will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. Additionally, some of these securities or other indebtedness may be rated by rating agencies, and in obtaining a rating for such securities and other indebtedness, we may be required to abide by operating and investment guidelines that further restrict operating and financial flexibility. • We and, indirectly, our stockholders will bear the cost of issuing and servicing such securities and other indebtedness. • Preferred stock or any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock, including separate voting rights and could delay or prevent a transaction or a change in control to the detriment of the holders of our common stock. • Any unsecured debt issued by us would generally rank (i) pari passu with our current and future unsecured indebtedness and effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, and (ii) structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries. Additional Common Stock . We are not generally able to issue and sell our common stock at a price below NAV per share. We may, however, sell our common stock, warrants, options or rights to acquire our common stock, at a price below the current NAV of the common stock if our Board of Directors determines that such sale is in the best interests of our stockholders, and our stockholders approve such sale. Our stockholders have authorized us to issue common stock at a price below the then-current NAV per share, subject to certain conditions including Board approval, for a twelve-month period expiring on July 20, 2024. See “Risk Factors – Risks Related to our Securities — Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or issue securities to subscribe to, convert to or purchase shares of our common stock” for a discussion of the risks related to us issuing shares of our common stock below NAV. Our stockholders have also authorized us to issue warrants, options or rights to subscribe for, convert to, or purchase shares of our common stock at a price per share below the then-current NAV per share, subject to the applicable requirements of the 1940 Act. There is no expiration date on our ability to issue such warrants, options, rights or convertible securities based on this stockholder approval. If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our stockholders at that time would decrease, and they may experience dilution. Moreover, we can offer no assurance that we will be able to issue and sell additional equity securities in the future, on favorable terms or at all. | |||||||||||||||||||||
Investing in our securities may involve a high degree of risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Investing in our securities may involve a high degree of risk. The investments we make in accordance with our investment objective may be highly speculative and result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk, and therefore, an investment in our securities may not be suitable for someone with lower risk tolerance. | |||||||||||||||||||||
Shares of closed-end investment companies, including BDCs, may trade at a discount to their NAV [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Shares of closed-end investment companies, including BDCs, may trade at a discount to their NAV. Shares of closed-end investment companies, including BDCs, may trade at a discount to NAV. This characteristic of closed-end investment companies and BDCs is separate and distinct from the risk that our NAV per share may decline. We cannot predict whether our common stock will trade at, above or below NAV. In addition, if our common stock trades below our NAV per share, we will generally not be able to issue additional common stock at the market price unless our stockholders approve such a sale and our Board makes certain determinations. While our stockholders have authorized us to issue common stock at a price below the then-current NAV per share, subject to certain conditions including Board approval, for a twelve-month period expiring on July 20, 2024, we cannot predict whether we will make any such sales. See “Risk Factors — Risks Related to our Securities — Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or issue securities to subscribe to, convert to or purchase shares of our common stock” for a discussion related to us issuing shares of our common stock below NAV. | |||||||||||||||||||||
The market price of our securities may be volatile and fluctuate significantly [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | The market price of our securities may be volatile and fluctuate significantly. Fluctuations in the trading prices of our securities may adversely affect the liquidity of the trading market for our securities and, if we seek to raise capital through future securities offerings, our ability to raise such capital. The market price and liquidity of the market for our securities may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: • significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies; • changes in regulatory policies, accounting pronouncements or tax guidelines; • the exclusion of BDC common stock from certain market indices, such as what happened with respect to the Russell indices and the Standard and Poor’s indices, could reduce the ability of certain investment funds to own our common stock and limit the number of owners of our common stock and otherwise negatively impact the market price of our common stock; • inability to obtain any exemptive relief that may be required by us in the future from the SEC; • loss of our BDC or RIC status or our wholly owned subsidiary’s status as an SBIC; • changes in our earnings or variations in our operating results; • changes in the value of our portfolio of investments; • any shortfall in our investment income or net investment income or any increase in losses from levels expected by investors or securities analysts; • loss of a major funding source; • fluctuations in interest rates; • the operating performance of companies comparable to us; • departure of our key personnel; • proposed, or completed, offerings of our securities, including classes other than our common stock; • global or national credit market changes; and • general economic trends and other external factors. | |||||||||||||||||||||
Stockholders may incur dilution if we sell shares of common stock in one or more offerings at prices below then current NAV per share of common stock or issue securities to subscribe to, convert to or purchase shares of our common stock [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or issue securities to subscribe to, convert to or purchase shares of our common stock. The 1940 Act prohibits us from selling shares of our common stock at a price below the current NAV per share of such stock, with certain exceptions. One such exception is prior stockholder approval of issuances below NAV provided that our Board of Directors makes certain determinations. In connection with our 2023 Annual Meeting, we obtained authorization from our stockholders to issue common stock below our then-current NAV per share, subject to certain conditions including Board approval, for a twelve-month period expiring on July 20, 2024. We may also seek such authorization at future annual or special meetings of stockholders. Our stockholders have previously approved a proposal to authorize us to issue securities to subscribe to, convert to, or purchase shares of our common stock in one or more offerings. Even though we have obtained authorization from our stockholders to issue common stock at a price below our then-current NAV, we cannot predict whether we will make any such sales. Any decision to sell shares of our common stock below the then current NAV per share of our common stock or securities to subscribe to, convert to, or purchase shares of our common stock would be subject to the determination by our Board that such issuance is in our and our stockholders’ best interests. If we were to sell shares of our common stock below NAV per share, such sales would result in an immediate dilution to the NAV per share. This dilution would occur as a result of the sale of shares at a price below the then current NAV per share of our common stock and a proportionately greater decrease in a stockholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. In addition, if we issue securities to subscribe to, convert to or purchase shares of common stock, the exercise or conversion of such securities would increase the number of outstanding shares of our common stock. Any such exercise would be dilutive on the voting power of existing stockholders and could be dilutive with regard to dividends and our NAV, and other economic aspects of the common stock. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted; however, the example below illustrates the effect of dilution to existing stockholders resulting from the sale of common stock at prices below the NAV of such shares. Illustration: Example of Dilutive Effect of the Issuance of Shares Below NAV . Assume that Company XYZ has 1,000,000 total shares outstanding, $15,000,000 in total assets and $5,000,000 in total liabilities. The NAV per share of the common stock of Company XYZ is $10.00. The following table illustrates the reduction to NAV, or NAV, and the dilution experienced by Stockholder A following the sale of 40,000 shares of the common stock of Company XYZ at $9.50 per share, a price below its NAV per share. Prior to Sale Below NAV Following Sale Below NAV Percentage Change Reduction to NAV Total Shares Outstanding 1,000,000 1,040,000 4.0 % NAV per share $ 10.00 $ 9.98 (0.2) % Dilution to Existing Stockholder Shares Held by Stockholder A 10,000 10,000 (1) 0.0 % Percentage Held by Stockholder A 1.00 % 0.96 % (4.0) % Total Interest of Stockholder A in NAV $ 100,000 $ 99,808 (0.2) % (1) Assumes that Stockholder A does not purchase additional shares in the sale of shares below NAV. In addition, all distributions in cash payable to stockholders who participate in our dividend reinvestment plan are automatically reinvested in shares of our common stock. As a result, stockholders who opt out of our dividend reinvestment plan will experience dilution of their ownership percentage of our common stock over time. | |||||||||||||||||||||
Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. The Maryland General Corporation Law and our charter and bylaws contain provisions that may have the effect of discouraging, delaying, or making difficult a change in control of our company or the removal of our incumbent directors. For example, our governing documents provide for a staggered board and authorize the issuance of “blank check” preferred stock. The existence of these provisions, among others, may have a negative impact on the price of our common stock and may discourage third party bids for ownership of our company. These provisions may prevent any premiums being offered to you for our common stock. | |||||||||||||||||||||
We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may in the future determine to issue preferred stock, which could adversely affect the market value of our common stock. The issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the market price for our common stock by making an investment in the common stock less attractive. In addition, the dividends on any preferred stock we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred stock must take preference over any dividends or other payments to our common stockholders, and holders of preferred stock are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred stock that converts into common stock). In addition, under the 1940 Act, preferred stock constitutes a “senior security” for purposes of the asset coverage test. | |||||||||||||||||||||
The Notes are unsecured and therefore effectively subordinated to any current or future secured indebtedness [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | The Notes are unsecured and therefore effectively subordinated to any current or future secured indebtedness. The Notes are not secured by any of our assets or any of the assets of our subsidiaries and rank equally in right of payment with all of our existing and future unsubordinated, unsecured indebtedness. As a result, the Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. | |||||||||||||||||||||
The Notes Are Structurally Subordinated To The Indebtedness And Other Liabilities Of Our Subsidiaries [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries. The Notes are obligations exclusively of Hercules Capital, Inc. and not of any of our subsidiaries. None of our subsidiaries are or act as guarantors of the Notes. Furthermore, the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Our secured indebtedness with respect to the SBA debentures is held through our SBIC subsidiary. The assets of any such subsidiary are not directly available to satisfy the claims of our creditors, including holders of the Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including holders of preferred stock, if any, of our subsidiaries) will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. As a result of not having a direct claim against any of our subsidiaries, the Notes are structurally subordinated to all indebtedness and other liabilities (including trade payables) of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise. In addition, our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the Notes. | |||||||||||||||||||||
The Notes May Or May Not Have An Established Trading Market. If A Trading Market In The Notes Is Developed, It May Not Be Maintained [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | The Notes may or may not have an established trading market. If a trading market in the Notes is developed, it may not be maintained. The Notes may or may not have an established trading market. If a trading market in the Notes is developed, it may not be maintained. If the Notes are traded, they may trade at a discount to their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, our financial condition or other relevant factors. Accordingly, a liquid trading market may not develop for any or all of the Notes, and noteholders may not be able to sell Notes at a particular time or at a favorable price. To the extent an active trading market does not develop or is not maintained, the liquidity and trading price for the Notes may be harmed. Accordingly, noteholders may be required to bear the financial risk of an investment in the Notes for an indefinite period of time. | |||||||||||||||||||||
A Downgrade, Suspension, Or Withdrawal Of The Credit Rating Assigned By A Rating Agency To Us Or Our Debt Securities [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | A downgrade, suspension, or withdrawal of the credit rating assigned by a rating agency to us or our debt securities, if any, or change in the debt markets could cause the liquidity or market value of our debt securities to decline significantly. Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our outstanding debt and equity securities and our ability to raise capital. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of such debt and equity securities. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of our debt and equity securities of any changes in our credit ratings. There can be no assurance that a credit rating will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely if future circumstances relating to the basis of the credit rating, such as adverse changes in our company, so warrant. An increase in the competitive environment, inability to cover distributions, or increase in leverage could lead to a downgrade in our credit ratings and limit our access to the debt and equity markets capability impairing our ability to grow the business. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future. | |||||||||||||||||||||
The Indentures Under Which The Notes Were Issued Contain Limited Protections For The Holders Of The Notes [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | The indentures under which the Notes were issued contain limited protections for the holders of the Notes. The indentures under which the Notes were issued offers limited protections to the holders of the Notes. The terms of the respective Notes indentures do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on an investment in the Notes. In particular, the terms of the respective Notes indentures do not place any restrictions on our or our subsidiaries’ ability to: • issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore would rank structurally senior to the Notes and (4) securities, indebtedness or other obligations issued or incurred by our subsidiaries that would be senior in right of payment to our equity interests in our subsidiaries and therefore would rank structurally senior in right of payment to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act, but giving effect to any exemptive relief granted to us by the SEC (currently, these provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% thereafter after such borrowings); • pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including subordinated indebtedness; • sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets); • enter into transactions with affiliates; • create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions; • make investments; or • create restrictions on the payment of distributions or other amounts to us from our subsidiaries. Furthermore, the terms of the respective Notes indentures do not protect their respective holders in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity. Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for their holders, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting their trading value. Certain of our debt instruments include more protections for their respective lenders than the Notes, and we may issue or incur additional debt in the future which could contain more protections for its holders, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes. | |||||||||||||||||||||
Terms Relating To Redemption May Materially Adversely Affect Your Return On Any Debt Securities That We May Issue [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Terms relating to redemption may materially adversely affect the return on any debt securities that we may issue. With respect to debt securities issued by us that are redeemable at our option, we may choose to redeem such debt securities at times when prevailing interest rates are lower than the interest rate paid on such debt securities. In addition, with respect to debt securities issued by us that are subject to mandatory redemption, we may be required to redeem such debt securities at times when prevailing interest rates are lower than the interest rate paid on such debt securities. In this circumstance, such noteholders may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as those debt securities being redeemed. We may redeem our Notes at a redemption price set forth under the terms of the individual indentures. See "Note 5 – Debt." If we choose to redeem our Notes when the fair market value is above par value, such noteholders would experience a loss of any potential premium. | |||||||||||||||||||||
If We Default On Our Obligations Imposed Upon Us By Our Indebtedness, We May Not Be Able To Make Payments On Our Outstanding Notes And Credit Facilities [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | If we default on our obligations imposed upon us by our indebtedness, we may not be able to make payments on our outstanding Notes and Credit Facilities. The agreements governing our indebtedness, including our Notes and Credit Facilities, require us to comply with certain financial, operational and payment covenants. These covenants require us to, among other things, maintain certain financial ratios, including asset coverage, debt to equity and interest coverage. Our ability to continue to comply with these covenants in the future depends on many factors, some of which are beyond our control. Any default under such agreements, or other indebtedness to which we may be a party, that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness, could make us unable to pay principal, premium, if any, and interest on any of our indebtedness, including our Notes and Credit Facilities, or other indebtedness and substantially decrease the market value of our outstanding Notes and Credit Facilities debt. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, (i) the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, (ii) the lenders under our Credit Facilities or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and (iii) we could be forced into bankruptcy or liquidation. If our operating performance declines, we may in the future need to seek to obtain waivers from the required lenders under our Credit Facilities or the required holders of our outstanding Notes or other debt that we may incur in the future to avoid being in default. If we breach our debt covenants and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default under the related Credit Facility or Notes and the lenders or holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations, including the lenders under our Credit Facilities, could proceed against the collateral securing the debt. Because our Credit Facilities have, and any future credit facilities will likely have, customary cross-default and cross-acceleration provisions, if our outstanding Notes are accelerated, we may be unable to repay or finance the amounts due. | |||||||||||||||||||||
We May Not Be Able To Prepay The Notes Or Credit Facilities Upon A Change In Control [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may not be able to prepay the Notes upon a change in control. The indentures governing the July 2024 Notes, February 2025 Notes, June 2025 Notes, June 2025 3-Year Notes, March 2026 A Notes, March 2026 B Notes, September 2026 Notes and January 2027 Notes require us to offer to prepay all of the issued and outstanding notes upon a change in control and election by the holders, which could have a material adverse effect on our business, financial condition and results of operations. A change in control under the indentures occurs upon the consummation of a transaction which results in a “person” or “group” (as those terms are used in the Exchange Act and the rules promulgated thereunder) becoming the beneficial owner of more than 50% of our outstanding voting stock. Upon a change in control event, holders of the notes may require us to prepay for cash some or all of the notes at a prepayment price equal to 100% of the aggregate principal amount of the notes being prepaid, plus accrued and unpaid interest to, but not including, the date of prepayment. If a change in control were to occur, we may not have sufficient funds to prepay any such accelerated indebtedness. The 2033 Notes do not require us to purchase the 2033 Notes in connection with a change of control or any other event. Our Credit Facilities do not require us to repay the Credit Facilities in connection with a change of control, however, certain merger or consolidation transactions may trigger an event of default under the Credit Facilities, which may result in amounts outstanding under the Credit Facilities to be accelerated. | |||||||||||||||||||||
Any Inability To Renew, Extend Or Replace Our Credit Facilities Could Adversely Impact Our Liquidity And Ability To Find New Investments Or Maintain Distributions To Our Stockholders [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Any inability to renew, extend or replace our Credit Facilities could adversely impact our liquidity and ability to find new investments or maintain distributions to our stockholders. The MUFG Bank Facility and the SMBC Facility mature in January 2027 and November 2026, respectively. In addition, the SMBC LC Facility has a final maturity date ending January 2026. There can be no assurance that we will be able to renew, extend or replace our Credit Facilities upon maturity on terms that are favorable to us, if at all. Our ability to renew, extend or replace the Credit Facilities will be constrained by then-current economic conditions affecting the credit markets. In the event that we are not able to renew, extend or replace our Credit Facilities at the time of their respective maturities, this could have a material adverse effect on our liquidity and ability to fund new investments, our ability to make distributions to our stockholders and our ability to qualify as a RIC. | |||||||||||||||||||||
We, Through Our Wholly Owned Subsidiary, Issue Debt Securities Guaranteed By The SBA And Sold In The Capital Markets [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We, through our wholly owned subsidiary, issue debt securities guaranteed by the SBA and sold in the capital markets. As a result of its guarantee of the debt securities, the SBA has fixed dollar claims on the assets of our subsidiary that are superior to the claims of our securities holders. We, through our wholly owned subsidiary Hercules Capital IV, LP ("HC IV"), have outstanding SBIC debentures guaranteed by the SBA. The debentures guaranteed by the SBA have a maturity of ten years from the date of issuance (maturing in 2031 and 2032) and require semiannual payments of interest. We will need to generate sufficient cash flow to make required interest payments on the debentures. If we are unable to meet the financial obligations under the debentures, the SBA, as a creditor, will have a superior claim to the assets of HC IV over our securities holders in the event we liquidate or the SBA exercises its remedies under such debentures as the result of a default by us. See “Item 1. Business — Regulation—Small Business Administration Regulations.” | |||||||||||||||||||||
Our Wholly Owned Subsidiary Is Licensed By The SBA, And Therefore Subject To SBIC Regulations [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our wholly owned subsidiary is licensed by the SBA, and therefore subject to SBIC regulations. HC IV is licensed to act as SBICs and is regulated by the SBA. The SBA also places certain limitations on the financing terms of investments by SBICs in portfolio companies and prohibits SBICs from providing funds for certain purposes or to businesses in a few prohibited industries. Compliance with SBA requirements may cause us to forego attractive investment opportunities that are not permitted under SBIC regulations. Further, the SBIC regulations require, among other things, that a licensed SBIC be periodically examined by the SBA and audited by an independent auditor, in each case to determine the SBIC’s compliance with the relevant SBIC regulations. The SBA prohibits, without prior SBA approval, a “change of control” of an SBIC or transfers that would result in any person (or a group of persons acting in concert) owning 10% or more of a class of capital stock of a licensed SBIC. If HC IV fails to comply with applicable SBIC regulations, the SBA could, depending on the severity of the violation, limit or prohibit our use of SBIC debentures, declare outstanding SBIC debentures immediately due and payable, and/or limit HC IV from making new investments. In addition, the SBA can revoke or suspend a license for willful or repeated violation of, or willful or repeated failure to observe, any provision of the Small Business Investment Act of 1958 or any rule or regulation promulgated thereunder. Such actions by the SBA would, in turn, negatively affect us. | |||||||||||||||||||||
Our SBIC Subsidiary May Be Unable To Make Distributions To Us That Will Enable Us To Meet Or Maintain RIC Status, Which Could Result In The Imposition Of An Entity-Level Tax [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Our SBIC subsidiary may be unable to make distributions to us that will enable us to meet or maintain RIC status, which could result in the imposition of an entity-level tax. In order for us to continue to qualify for RIC tax treatment and to minimize corporate-level U.S. federal taxes, we will be required to distribute substantially all of our net ordinary taxable income and net capital gain income, including taxable income from certain of our subsidiaries, which includes the income from HC IV. We will be partially dependent on HC IV for cash distributions to enable us to meet the RIC distribution requirements. HC IV may be limited by SBIC regulations from making certain distributions to us that may be necessary to enable us to maintain our status as a RIC. We may have to request a waiver of the SBA’s restrictions for HC IV to make certain distributions to maintain our eligibility for RIC status. We cannot assure you that the SBA will grant such waiver and if HC IV is unable to obtain a waiver, compliance with the SBIC regulations may result in loss of RIC status and a consequent imposition of an entity-level tax on us. | |||||||||||||||||||||
We Will Be Subject To U.S. Federal Income Tax If We Are Unable To Qualify As A RIC Under Subchapter M Of The Code [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We will be subject to U.S. federal income tax if we are unable to qualify as a RIC under Subchapter M of the Code. To maintain RIC status under Subchapter M Part I of the Code, we must meet the following distribution, income and asset requirements: • The Distribution Requirements for a RIC will be satisfied if we distribute to our stockholders on an annual basis at least 90% of our net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income must be distributed through a dividend declared prior to filing the final tax return related to the year which generated such taxable income. For more information regarding tax treatment, see “Item 1. Business — Certain United States Federal Income Tax Considerations — Taxation as a Regulated Investment Company.” Because we use debt financing, we are subject to certain asset coverage ratio requirements under the 1940 Act and are (and may in the future become) subject to certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirement. In addition, because we receive non-cash sources of income such as PIK interest which involves us recognizing taxable income without receiving the cash representing such income, we may have difficulty meeting the distribution requirement. If we are unable to obtain cash from other sources, we could fail to qualify as a RIC and thus become subject to U.S. federal income tax. • The Income Test will be satisfied if we obtain at least 90% of our gross income for each year from dividends, interest, gains from the sale of stock or securities or similar sources. • The Asset Test will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy this requirement, at least 50% of the value of our assets must consist of cash, cash equivalents, U.S. government securities, securities of other RICs, and other acceptable securities; and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, (i) of one issuer, (ii) of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) of certain “qualified publicly traded partnerships.” Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments are in privately held companies, and therefore illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. Moreover, if we fail to maintain our RIC status for any reason and are subject to U.S. federal income taxes, the resulting taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. | |||||||||||||||||||||
We May Have Difficulty Paying The Distributions Required To Maintain RIC Status Under The Code If We Recognize Income Before Or Without Receiving Cash Representing Such Income [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may have difficulty paying the distributions required to maintain RIC status under the Code if we recognize income before or without receiving cash representing such income. We will include in income certain amounts that we have not yet received in cash. Among other circumstances, these amounts generally relate to: (i) amortization of OID, which may arise if (a) we receive equity, warrants, or another asset in connection with the origination of a loan; (b) we invest or acquire a debt investment at a discount to its par value; (ii) contractual payment-in-kind, or PIK, interest, which represents contractual interest added to the loan balance and due at the end of the loan term; (iii) contractual exit fees, which is a contractual fee accrued over the life of a loan and its typically due at loan payoff; or (iv) contractual preferred dividends, which represents contractual dividends added to the preferred stock and due at the end of the preferred stock term, subject to adequate profitability at the portfolio company. Such amortization of OID, accrual to par of any debt bought below par, accrual of PIK, exit fees, and cumulative preferred dividends will be included in income before we receive the corresponding cash payments. Since, in certain cases, we may recognize taxable income before or without receiving cash representing such income, we may have difficulty meeting the Distribution Requirements necessary to maintain RIC status under the Code. Accordingly, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify as a RIC and thus become subject to U.S. federal income tax. For additional discussion regarding the tax implications of a RIC, please see “Item 1. Business — Certain United States Federal Income Tax Considerations – Taxation as a Regulated Investment Company.” | |||||||||||||||||||||
We May In The Future Choose To Pay Distributions In Our Own Stock, In Which Case You May Be Required To Pay Tax In Excess Of The Cash You Receive [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may in the future choose to pay distributions in our own stock, in which case you may be required to pay tax in excess of the cash you receive. We may distribute taxable dividends that are payable in part in our stock. Under certain applicable provisions of the Code and the Treasury regulations, distributions payable by us in cash or in shares of stock (at the stockholders’ election) would satisfy the Distribution Requirements. The IRS has issued guidance providing that a dividend payable in stock or in cash at the election of the stockholders will be treated as a taxable dividend eligible for the dividends paid deduction provided that at least 20% of the total dividend is payable in cash and certain other requirements are satisfied. Taxable stockholders receiving such dividends will be required to include the full amount of the dividend as ordinary income (or as long-term capital gain to the extent such dividend is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock. | |||||||||||||||||||||
Stockholders May Have Current Tax Liability On Dividends They Elect To Reinvest In Our Common Stock But Would Not Receive Cash From Such Dividends To Pay Such Tax Liability [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Stockholders may have current tax liability on dividends they elect to reinvest in our common stock but would not receive cash from such dividends to pay such tax liability. If stockholders participate in our dividend reinvestment plan, they will be deemed to have received, and for federal income tax purposes will be taxed on, the amount reinvested in our common stock to the extent the amount reinvested was not a tax-free return of capital. As a result, unless a stockholder is a tax-exempt entity, it may have to use funds from other sources to pay its tax liability on the value of the dividend that they have elected to have reinvested in our common stock. | |||||||||||||||||||||
Legislative Or Regulatory Tax Changes Could Adversely Affect Our Stockholders [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Legislative or regulatory tax changes could adversely affect our stockholders. At any time, the U.S. federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. The likelihood of any new legislation being enacted is uncertain. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our stockholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our shares or the value or the resale potential of our investments. If we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of our business and may be subject to civil fines and criminal penalties. | |||||||||||||||||||||
FATCA Withholding May Apply To Payments Made To Certain Foreign Entities [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | FATCA withholding may apply to payments made to certain foreign entities. | |||||||||||||||||||||
We are currently operating in a period of capital markets disruption and economic uncertainty, and capital markets may experience periods of disruption and instability in the future [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We are currently operating in a period of economic and political uncertainty, and capital markets may experience periods of disruption and instability in the future. These market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business and operations. U.S. capital markets have experienced volatility and disruption in recent years, including as a result of the COVID-19 pandemic, certain regional bank failures, and an inflationary economic environment. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on our business, financial condition, results of operations and cash flows, as well as the businesses of our portfolio companies, and the broader financial and credit markets. At various times, such disruptions have resulted in, and may in the future result in, a lack of liquidity in parts of the debt capital markets, significant write-offs in the financial services sector and the repricing of credit risk. Such conditions may occur for a prolonged period of time again, and may materially worsen in the future, including as a result of U.S. government shutdowns, or future downgrades to the U.S. government's sovereign credit rating or the perceived credit worthiness of the U.S. or other large global economies. In addition, the current U.S. political environment and presidential election and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China or an escalation in conflict between Russia and Ukraine or in the Middle East, could lead to disruption, instability and volatility in the global markets. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events have limited and could continue to limit our investment originations, and limit our ability to grow and could have a material negative impact on our operating results, financial condition, results of operations and cash flows and the fair values of our debt and equity investments. In addition, the U.S. and global capital markets have in the past, and may in the future, experience periods of extreme volatility and disruption during economic downturns and recessions. Trade wars and volatility in the U.S. repo market, the U.S. high yield bond markets, the Chinese stock markets and global markets for commodities may affect other financial markets worldwide. Increases to budget deficits or direct and contingent sovereign debt may create concerns about the ability of certain nations to service their sovereign debt obligations and any risks resulting from any such debt crisis in Europe, the U.S. or elsewhere could have a detrimental impact on the global economy, sovereign and non-sovereign debt in certain countries and the financial condition of financial institutions generally. Government shutdowns or austerity measures that certain countries may agree to as part of any debt crisis or disruptions to major financial trading markets may adversely affect world economic conditions, our business and the businesses of our portfolio companies. Additionally, the Federal Reserve may continue to raise the Federal Funds Rate in 2024. These developments, along with the United States government’s debt ceiling, budget, credit, and deficit concerns, presidential election, and global economic uncertainties and market volatility, could cause interest rates to be volatile, which may negatively impact our ability to access the capital markets on favorable terms. | |||||||||||||||||||||
Deterioration in the economy and financial markets could impair our portfolio companies financial positions and operating results and affect the industries in which we invest, which could, in turn, harm our operating results [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Deterioration in the economy and financial markets could impair our portfolio companies’ financial positions and operating results and affect the industries in which we invest, which could, in turn, harm our operating results. The broader fundamentals of the United States economy remain mixed. In the event that the United States economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which we invest, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements and an increase in defaults. In addition, a decline in oil and natural gas prices would adversely affect the credit quality of our debt investments and the underlying operating performance of our equity investments in energy-related businesses. Consequently, we can provide no assurance that the performance of certain portfolio companies will not be negatively impacted by economic cycles, industry cycles or other conditions, which could also have a negative impact on our future results. Although we have been able to secure access to additional liquidity, the potential for volatility in the debt and equity capital markets provides no assurance that debt or equity capital will be available to us in the future on favorable terms, or at all. | |||||||||||||||||||||
We May Experience Fluctuations In Our Operating Results [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may experience fluctuations in our operating results. We could experience fluctuations in our operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities we acquire, the level of portfolio dividend and fee income, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, operating results for any period should not be relied upon as being indicative of performance in future periods. | |||||||||||||||||||||
Terrorist Attacks, Acts Of War, Public Health Crises, Climate Change, Or Natural Disasters May Affect Any Market For Our Securities, Impact The Businesses In Which We Invest And Harm Our Business [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Terrorist attacks, acts of war, public health crises, climate change, or natural disasters may affect any market for our securities, impact the businesses in which we invest and harm our business, operating results and financial condition. Terrorist acts, acts of war, public health crises (including the COVID-19 outbreak) or natural disasters may disrupt our operations, as well as the operations of the businesses in which we invest. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. Future terrorist activities, military or security operations, public health crises, climate change, or natural disasters could further weaken the domestic/global economies and create additional uncertainties, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. Losses from terrorist attacks, public health crises, climate change, and natural disasters are generally uninsurable. | |||||||||||||||||||||
Technological innovations and industry disruptions, including those related to artificial intelligence and machine learning, may negatively impact us. [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Technological innovations and industry disruptions, including those related to artificial intelligence and machine learning, may negatively impact us. Technological innovations, including artificial intelligence and machine learning, have disrupted traditional approaches in multiple industries and can permit younger companies to achieve success and in the process disrupt markets and market practices. We can provide no assurance that new businesses and approaches will not be created that would compete with us and/or our portfolio companies or alter the market practices in which we have been designed to function within and on which we depend on for our investment return. New approaches could damage our investments, disrupt the market in which we operate and subject us to increased competition, which could materially and adversely affect our business, financial condition and results of investments. | |||||||||||||||||||||
We Are Highly Dependent On Information Systems And Systems Failures Could Significantly Disrupt Our Business, Which May, In Turn, Negatively Affect The Market Price Of Our Common Stock And Our Ability To Pay Dividends [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends. Our business is highly dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease pandemics; • events arising from local or larger scale political or social matters, including terrorist acts and social unrest; and • cyber-attacks, including software viruses, ransomware, malware and phishing and vishing schemes. | |||||||||||||||||||||
Failure In Cyber Security Systems, As Well As The Occurrence Of Events Unanticipated In Our Disaster Recovery Systems And Business Continuity Planning Could Impair Our Ability To Conduct Business [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | The failure in cyber security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and business continuity planning could impair our ability to conduct business effectively. Our business operations rely upon secure information technology systems for data processing, storage and reporting. Despite careful security and controls design, implementation and updating, our information technology systems could become subject to cyber-attacks, which have been occurring globally at a more frequent and severe level and are expected to continue to increase in frequency and severity in the future. Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition. The occurrence of a disaster such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in our disaster recovery systems, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data. If a significant number of our managers were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised. We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems could be subject to cyber-attacks and unauthorized access, such as physical and electronic break-ins or unauthorized tampering. Like other companies, we may experience threats to our data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed and stored in, and transmitted through, our computer systems and networks, or otherwise cause interruptions or malfunctions in our operations, which could result in damage to our reputation, financial losses, litigation, increased costs, regulatory penalties and/or customer dissatisfaction or loss. Third parties with which we do business (including, but not limited to, service providers, such as accountants, custodians, transfer agents and administrators, and the issuers of securities in which we invest) may also be sources or targets of cyber security or other technological risks. While we engage in actions to reduce our exposure to third-party risks, we cannot control the cyber security plans and systems put in place by these third parties and ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. | |||||||||||||||||||||
We May Experience Fluctuations In Our Quarterly Operating Results [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may experience fluctuations in our quarterly operating results. We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods. | |||||||||||||||||||||
We May Be The Target Of Litigation [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | We may be the target of litigation. We may be the target of securities litigation in the future, particularly if the value of shares of our common stock fluctuates significantly. We could also generally be subject to litigation, including derivative actions by our stockholders or in connection with shareholder activism. In addition, our investment activities subject us to litigation relating to the bankruptcy process and the normal risks of becoming involved in litigation by third parties. This risk is somewhat greater where we exercise control or significant influence over a portfolio company’s direction. Any litigation could result in substantial costs and divert management’s attention and resources from our business and cause a material adverse effect on our business, financial condition and results of operations. | |||||||||||||||||||||
Securitized Credit Facility With Wells Fargo Capital Finance [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 0 | $ 0 | $ 0 | $ 13,106,582 | $ 0 | $ 5,015,620 | $ 50,000,000 | $ 0 | |||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 0 | $ 0 | $ 0 | $ 147,497 | $ 0 | $ 290,234 | $ 26,352 | $ 0 | |||||||||||||
Secured Credit Facility with M U F G Bank Ltd. (M U F G) [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 61,000,000 | $ 107,000,000 | $ 0 | $ 61,000,000 | $ 107,000,000 | $ 0 | $ 0 | $ 103,918,736 | $ 39,849,010 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Senior Securities Coverage per Unit | $ 55,250 | $ 27,964 | $ 0 | $ 55,250 | $ 27,964 | $ 0 | $ 0 | $ 23,423 | $ 48,513 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Secured Credit Facility with Sumitomo Mitsui Banking Corporation (S M B C) [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 94,000,000 | $ 72,000,000 | $ 29,924,726 | $ 94,000,000 | $ 72,000,000 | $ 29,924,726 | ||||||||||||||||
Senior Securities Coverage per Unit | $ 35,854 | $ 41,558 | $ 85,479 | $ 35,854 | $ 41,558 | $ 85,479 | ||||||||||||||||
Small Business Administration Debentures (HT II) [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 41,200,000 | $ 41,200,000 | $ 41,200,000 | $ 41,200,000 | |||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 39,814 | $ 35,333 | $ 31,981 | $ 31,535 | |||||||||||||||||
Small Business Administration Debentures (HT III) [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 0 | $ 99,000,000 | $ 149,000,000 | $ 149,000,000 | $ 149,000,000 | $ 149,000,000 | $ 149,000,000 | $ 149,000,000 | |||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 0 | $ 26,168 | $ 16,336 | $ 12,974 | $ 11,009 | $ 9,770 | $ 8,843 | $ 8,720 | |||||||||||||
Small Business Administration Debentures (HC IV) [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 175,000,000 | $ 175,000,000 | $ 150,500,000 | $ 175,000,000 | $ 175,000,000 | $ 150,500,000 | ||||||||||||||||
Senior Securities Coverage per Unit | $ 19,259 | $ 17,098 | $ 16,996 | $ 19,259 | $ 17,098 | $ 16,996 | ||||||||||||||||
Convertible Notes 2016 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 17,604,000 | $ 17,674,000 | |||||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 74,847 | $ 74,905 | |||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,110 | $ 1,290 | ||||||||||||||||||||
April 2019 Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 64,489,500 | $ 64,489,500 | $ 84,489,500 | ||||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 22,573 | $ 20,431 | $ 15,377 | ||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,022 | $ 1,017 | $ 1,023 | |||||||||||||||||||
September 2019 Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 45,875,000 | $ 45,875,000 | $ 85,875,000 | ||||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 31,732 | $ 28,722 | $ 15,129 | ||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,023 | $ 1,009 | $ 1,026 | |||||||||||||||||||
Notes 2022 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 150,000,000 | $ 0 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 17,053 | $ 0 | $ 17,053 | $ 17,271 | $ 16,227 | $ 12,888 | $ 10,935 | ||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,019 | $ 1,017 | $ 1,008 | $ 976 | $ 1,014 | |||||||||||||||||
Notes 2024 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 83,509,600 | $ 183,509,600 | $ 252,873,175 | $ 103,000,000 | $ 103,000,000 | ||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 23,149 | $ 8,939 | $ 5,757 | $ 12,792 | $ 12,614 | ||||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,011 | $ 1,025 | $ 1,016 | $ 1,014 | $ 1,010 | |||||||||||||||||
Notes 2025 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 0 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | |||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 0 | $ 34,541 | $ 32,454 | $ 25,776 | |||||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,020 | $ 1,032 | $ 962 | |||||||||||||||||||
Notes 2033 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | |||||||||||||
Senior Securities Coverage per Unit | $ 84,256 | $ 74,804 | $ 63,948 | $ 84,256 | $ 74,804 | $ 63,948 | $ 64,765 | $ 60,851 | $ 48,330 | |||||||||||||
Senior Securities Average Market Value per Unit | $ 1,010 | $ 984 | $ 1,067 | $ 1,072 | $ 1,054 | $ 934 | ||||||||||||||||
July 2024 Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | $ 105,000,000 | ||||||||||||||
Senior Securities Coverage per Unit | $ 32,098 | $ 28,497 | $ 24,361 | $ 32,098 | $ 28,497 | $ 24,361 | $ 24,672 | $ 23,181 | ||||||||||||||
February 2025 Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||||||||||||
Senior Securities Coverage per Unit | $ 67,405 | $ 59,843 | $ 51,159 | $ 67,405 | $ 59,843 | $ 51,159 | $ 51,812 | |||||||||||||||
June 2025 Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 70,000,000 | $ 70,000,000 | $ 70,000,000 | $ 70,000,000 | $ 70,000,000 | $ 70,000,000 | $ 70,000,000 | |||||||||||||||
Senior Securities Coverage per Unit | $ 48,146 | $ 42,745 | $ 36,542 | $ 48,146 | $ 42,745 | $ 36,542 | $ 37,009 | |||||||||||||||
June 2025 3-Year Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||||
Senior Securities Coverage per Unit | $ 67,405 | $ 59,843 | $ 67,405 | $ 59,843 | ||||||||||||||||||
March 2026 A Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||||||||||||
Senior Securities Coverage per Unit | $ 67,405 | $ 59,843 | $ 51,159 | $ 67,405 | $ 59,843 | $ 51,159 | $ 51,812 | |||||||||||||||
March 2026 B Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||||||||
Senior Securities Coverage per Unit | $ 67,405 | $ 59,843 | $ 51,159 | $ 67,405 | $ 59,843 | $ 51,159 | ||||||||||||||||
September 2026 Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | $ 325,000,000 | ||||||||||||||||
Senior Securities Coverage per Unit | $ 10,370 | $ 9,207 | $ 7,871 | $ 10,370 | $ 9,207 | $ 7,871 | ||||||||||||||||
January 2027 Notes [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | ||||||||||||||||||
Senior Securities Coverage per Unit | $ 9,629 | $ 8,549 | $ 9,629 | $ 8,549 | ||||||||||||||||||
Asset-Backed Notes 2017 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 16,049,144 | ||||||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 80,953 | ||||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,375 | |||||||||||||||||||||
Asset-Backed Notes 2021 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 49,152,504 | $ 109,205,263 | $ 129,300,000 | $ 129,300,000 | |||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 33,372 | $ 13,330 | $ 10,190 | $ 10,048 | |||||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,001 | $ 1,002 | $ 996 | $ 1,000 | ||||||||||||||||||
Asset-Backed Notes 2027 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 0 | $ 180,988,022 | $ 200,000,000 | $ 200,000,000 | |||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 0 | $ 14,314 | $ 12,170 | $ 9,666 | |||||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,001 | $ 1,004 | $ 1,006 | |||||||||||||||||||
Asset-Backed Notes 2028 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 0 | $ 250,000,000 | $ 250,000,000 | ||||||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 0 | $ 10,362 | $ 9,736 | ||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,002 | $ 1,004 | ||||||||||||||||||||
Asset-Backed Notes 2031 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||||||||||||||||
Senior Securities Coverage per Unit | $ 22,468 | $ 19,948 | $ 22,468 | $ 19,948 | ||||||||||||||||||
Senior Securities Average Market Value per Unit | $ 950 | $ 951 | ||||||||||||||||||||
Convertible Notes 2022 [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 0 | $ 230,000,000 | $ 0 | $ 230,000,000 | $ 230,000,000 | $ 230,000,000 | $ 230,000,000 | $ 230,000,000 | ||||||||||||||
Senior Securities Coverage per Unit | $ 0 | $ 11,121 | $ 0 | $ 11,121 | $ 11,264 | $ 10,583 | $ 8,405 | $ 7,132 | ||||||||||||||
Senior Securities Average Market Value per Unit | $ 1,026 | $ 1,027 | $ 1,021 | $ 946 | $ 1,028 | |||||||||||||||||
Senior Securities [Member] | ||||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities Amount | $ 1,570,000,000 | $ 1,594,000,000 | $ 1,250,424,726 | $ 1,570,000,000 | $ 1,594,000,000 | $ 1,250,424,726 | $ 1,299,988,022 | $ 1,302,918,736 | $ 980,465,192 | $ 802,862,104 | $ 667,658,558 | $ 600,468,500 | $ 626,587,644 | |||||||||
Senior Securities Coverage per Unit | $ 2,147 | $ 1,877 | $ 2,046 | $ 2,147 | $ 1,877 | $ 2,046 | $ 1,993 | $ 1,868 | $ 1,972 | $ 2,043 | $ 2,180 | $ 2,194 | $ 2,073 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S GAAP and pursuant to Regulation S-X. The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency. As an investment company, the Company follows accounting and reporting guidance as set forth in Topic 946, Financial Services – Investment Companies (“ASC Topic 946”) of the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification, as amended (“ASC”). As provided under Regulation S-X and ASC Topic 946, the Company will not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Rather, an investment company’s interest in portfolio companies that are not investment companies should be measured at fair value in accordance with ASC Topic 946. The Adviser Subsidiary is not an investment company as defined in ASC Topic 946 and further, the Adviser Subsidiary provides investment advisory services exclusively to the Adviser Funds which are owned by External Parties. As such pursuant to ASC Topic 946, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value and is not consolidated. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, other macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war), and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries, and all Variable Interest Entities (“VIE”) of which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could be significant to the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact its economic performance, the Company considers all the facts and circumstances including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If the Company determines that it is the party with the power to make the most significant decisions affecting the VIE, and the Company has a potentially significant interest in the VIE, then it consolidates the VIE. The Company performs periodic reassessments, usually quarterly, of whether it is the primary beneficiary of a VIE. The reassessment process considers whether the Company has acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances. The Company also reconsiders whether entities previously determined not to be VIEs have become VIEs, based on certain events, and therefore are subject to the VIE consolidation framework. The Company's Consolidated Financial Statements included the accounts of the securitization trust, a VIE, formed in 2022 in conjunction with the issuance of the 2031 Asset-Backed Notes (as defined in “Note 5 – Debt”). The Company held no interests in a VIE as of December 31, 2021. The assets of the Company's securitization VIE are restricted to be used to settle obligations of its consolidated securitization VIE, which are disclosed parenthetically on the Consolidated Statements of Assets and Liabilities. The liabilities are the only obligations of its consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to the Company's general credit. |
Fair Value Measurements | Fair Value Measurements The Company follows guidance in ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a framework for measuring the fair value of assets and liabilities and outlines a three-tier hierarchy which maximizes the use of observable market data input and minimizes the use of unobservable inputs to establish a classification of fair value measurements. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. ASC Topic 820 also requires disclosure for fair value measurements based on the level within the hierarchy of the information used in the valuation. ASC Topic 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. The Company categorizes all investments recorded at fair value in accordance with ASC Topic 820 based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC Topic 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets at the measurement date. The types of assets carried at Level 1 fair value generally are equities listed in active markets. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset in connection with market data at the measurement date and for the extent of the instrument’s anticipated life. Fair valued assets that are generally included in this category are publicly held debt investments and warrants held in a public company. |
Derivative Instruments | Derivative Instruments The Company's derivative instruments include foreign currency forward contracts. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on non-control/non-affiliate investments in the Consolidated Statements of Operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on non-control/non-affiliate investments in the Consolidated Statements of Operations. The net cash flows realized on settlement of derivatives are included in realized (gain) loss in the Consolidated Statements of Cash Flows. |
Valuation of Investments | Valuation of Investments The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. As of December 31, 2023, approximately 95.1% of the Company’s total assets represented investments in portfolio companies whose fair value is determined in good faith by the Company's Valuation Committee and approved by the Board. Fair Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which a market quotation is readily available and (ii) for all other securities and assets, fair value is as determined in good faith by the valuation designee of the Board. The Company’s investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with ASC Topic 820. The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for these investment securities to be traded or exchanged. As such, the Company values substantially all of its investments at fair value as determined in good faith pursuant to a consistent valuation policy established by the Board in accordance with the provisions of ASC Topic 820 and the 1940 Act. Due to the inherent uncertainty in determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments determined in good faith by the Company's Valuation Committee and approved by the Board may differ significantly from the value that would have been used had a readily available market existed for such investments, and the differences could be material. In accordance with procedures established by its Board, the Company values investments on a quarterly basis following a multistep valuation process. Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, the Board has designated the Company’s Valuation Committee as the “valuation designee”. The quarterly Board approved multi-step valuation process is described below: (1) The Company’s quarterly valuation process begins with each portfolio company being initially valued by the investment professionals responsible for the portfolio investment; (2) Preliminary valuation conclusions and business-based assumptions, along with any applicable fair value marks provided by an independent firm, are reviewed with the Company’s investment committee and certain member(s) of credit group as necessary; (3) The Valuation Committee reviews the preliminary valuations recommended by the investment committee and certain member(s) of the credit group of each investment in the portfolio and determines the fair value of each investment in the Company’s portfolio in good faith and recommends the valuation determinations to the Audit Committee of the Board; (4) The Audit Committee of the Board provides oversight of the quarterly valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Valuation Committee, reviews the fair valuation determinations made by the Valuation Committee, and approves such valuations for inclusion in public reporting and disclosures, as appropriate; and (5) The Board, upon the recommendation of the Audit Committee, discusses valuations and approves the fair value of each investment in the Company’s portfolio. Investments purchased within the preceding two calendar quarters before the valuation date and debt investments with remaining maturities within 12 months or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity, unless such valuation, in the judgment of the Company, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. As part of the overall process noted above, the Company engages one or more independent valuation firm(s) to provide management with assistance in determining the fair value of selected portfolio investments each quarter. In selecting which portfolio investments to engage an independent valuation firm, the Company considers a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality, and the time lapse since the last valuation of the portfolio investment by an independent valuation firm. The scope of services rendered by the independent valuation firm is at the discretion of the Valuation Committee and subject to approval of the Board, and the Company may engage an independent valuation firm to value all or some of our portfolio investments. In determining the fair value of a portfolio investment in good faith, the Company recognizes these determinations are made using the best available information that is knowable or reasonably knowable. In addition, changes in the market environment, portfolio company performance and other events that may occur over the duration of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. The change in fair value of each individual investment is recorded as an adjustment to the investment's fair value and the change is reflected in unrealized appreciation or depreciation. Debt Investments The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for debt instruments for these investment securities to be traded or exchanged. The Company may, from time to time, invest in public debt of companies that meet the Company’s investment objectives, and to the extent market quotations or other pricing indicators (i.e. broker quotes) are available, these investments are considered Level 1 or 2 assets in line with ASC Topic 820. In making a good faith determination of the value of the Company’s investments, the Company generally starts with the cost basis of the investment, which includes the value attributed to the original issue discount (“OID”), if any, and payment-in-kind (“PIK”) interest or other receivables which have been accrued as earned. The Company then applies the valuation methods as set forth below. The Company assumes the sale of each debt security in a hypothetical market to a hypothetical market participant where buyers and sellers are willing participants. The hypothetical market does not include scenarios where the underlying security was simply repaid or extinguished, but includes an exit concept. The Company determines the yield at inception for each debt investment. The Company then uses senior secured, leveraged loan yields provided by third party providers to calibrate the change in market yields between inception of the debt investment and the measurement date. Industry specific indices and other relevant market data are used to benchmark and assess market-based movements for reasonableness. As part of determining the fair value, the Company also evaluates the collateral for recoverability of the debt investments. The Company considers each portfolio company’s credit rating, security liens and other characteristics of the investment to adjust the baseline yield to derive a credit adjusted hypothetical yield for each investment as of the measurement date. The anticipated future cash flows from each investment are then discounted at the hypothetical yield to estimate each investment’s fair value as of the measurement date. The Company’s process includes an analysis of, among other things, the underlying investment performance, the current portfolio company’s financial condition and market changing events that impact valuation, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. The Company values debt securities that are traded on a public exchange at the prevailing market price as of the valuation date. For syndicated debt investments, for which sufficient market data is available and liquidity, the Company values debt securities using broker quotes and bond indices amongst other factors. If there is a significant deterioration of the credit quality of a debt investment, the Company may consider other factors to estimate fair value, including the proceeds that would be received in a liquidation analysis. The Company records unrealized depreciation on investments when it believes that an investment has decreased in value, including where collection of a debt investment is doubtful or, if under the in-exchange premise, when the value of a debt investment is less than amortized cost of the investment. Conversely, where appropriate, the Company records unrealized appreciation if it believes that the underlying portfolio company has appreciated in value and, therefore, that its investment has also appreciated in value or, if under the in-exchange premise, the value of a debt investment is greater than amortized cost. When originating a debt instrument, the Company generally receives warrants or other equity securities from the borrower. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Any resulting discount on the debt investments from recording warrant or other equity instruments is accreted into interest income over the life of the debt investment. Equity Securities and Warrants Securities that are traded in the over-the-counter markets or on a stock exchange will be valued at the prevailing bid price at period end. The Company has a limited amount of equity securities in public companies. In accordance with the 1940 Act, unrestricted publicly traded securities for which market quotations are readily available are valued at the closing market quote on the measurement date. At each reporting date, privately held warrant and equity securities are valued based on an analysis of various factors including, but not limited to, the portfolio company’s operating performance and financial condition, general market conditions, price to enterprise value or price to equity ratios, discounted cash flow, valuation comparisons to comparable public companies or other industry benchmarks. When an external event occurs, such as a purchase transaction, public offering, or subsequent equity sale, the pricing indicated by that external event is utilized to corroborate the Company’s valuation of the warrant and equity securities. The Company periodically reviews the valuation of its portfolio companies that have not been involved in a qualifying external event to determine if the enterprise value of the portfolio company may have increased or decreased since the last valuation measurement date. Absent a qualifying external event, the Company estimates the fair value of warrants using a Black Scholes OPM. For certain privately held equity securities, the income approach is used, in which the Company converts future amounts (for example, cash flows or earnings) to a net present value. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account include, as relevant: applicable market yields and multiples, the portfolio company’s capital structure, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, and enterprise value among other factors. Investment Funds & Vehicles The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist solely of funds deposited with financial institutions and short-term liquid investments in money market deposit accounts. Cash and cash equivalents are carried at cost, which approximates fair value. As of December 31, 2023, the Company held $804 thousand (Cost basis $842 thousand) of foreign cash. As of December 31, 2022, the Company held $1,178 thousand (Cost basis $1,168 thousand) of foreign cash. Restricted cash includes amounts that are held as collateral securing certain of the Company’s financing transactions, including amounts held in a securitization trust by trustees related to its 2031 Asset-Backed Notes (refer to “Note 5 – Debt”). |
Other Assets | Other Assets Other assets generally consist of prepaid expenses, debt issuance costs on our Credit Facilities net of accumulated amortization, fixed assets net of accumulated depreciation, deferred revenues and deposits and other assets, including escrow and other investment related receivables. |
Escrow Receivables | Escrow Receivables |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and operating lease liability obligations in our Consolidated Statements of Assets and Liabilities. The Company recognizes a ROU asset and an operating lease liability for all leases, with the exception of short-term leases which have a term of 12 months or less. ROU assets represent the right to use an underlying asset for the lease term and operating lease liability obligations represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components and has separated these components when determining the ROU assets and the related lease liabilities. As most of the Company’s leases do not provide an implicit rate, the Company estimated its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. See “Note 11 – Commitments and Contingencies”. |
Investment Income Recognition | Investment Income Recognition The Company’s investment portfolio generates interest, fee, and dividend income. The Company records interest income on an accrual basis, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. The Company’s Structured Debt investments may generate OID. The OID received upfront typically represents the value of detachable equity, warrants, or another asset obtained in conjunction with the acquisition of debt securities. The OID is accreted into interest income over the term of the loan as a yield enhancement following the effective interest method. Additionally, certain debt investments in the Company’s portfolio earn PIK interest. The Company records PIK interest in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. Contractual PIK interest represents contractually deferred interest that is added to the loan balance as principal and is generally due at the end of the loan term. The Company’s loan origination activities generate fee income, which is generally collected in advance and includes loan commitment, facility fees for due diligence and structuring, as well as fees for transaction services and management services rendered by the Company to portfolio companies and other third parties. Loan commitment and facility fees are capitalized and then amortized into income over the contractual life of the loan using the effective interest method. One-off fees for transaction and management services are generally recognized as income in the period when the services are rendered. The Company may also earn loan exit fees, which are contractual fees that are generally received upon the earlier of maturity or prepayment. The Company accretes loan exit fees into interest income following the effective interest method, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. From time to time, additional fees may be earned by the Company relating to specific loan modifications, prepayments, or other one-off events. These non-recurring fees are either amortized into fee income over the remaining term of the loan commencing in the quarter for loan modifications, or recognized currently as one-time fee income for items such as prepayment penalties, fees related to select covenant default waiver fees, and acceleration of previously deferred loan fees and OID related to early loan pay-off or material modification of the specific debt outstanding. Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may determine to continue to accrue interest on a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal. |
Realized Gains or Losses | Realized Gains or Losses |
Secured Borrowings | Secured Borrowings The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participation and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest”, as defined in the guidance, in order for sale accounting treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest, or which are not eligible for sale accounting treatment remain as an investment on the consolidated balance sheet as required under U.S. GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value. |
Equity Offering Expenses | Equity Offering Expenses |
Debt | Debt |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are fees and other direct incremental costs incurred by the Company in obtaining debt financing and are recognized as prepaid expenses and amortized over the life of the related debt instrument using the effective yield method or the straight-line method, which closely approximates the effective yield method. In accordance with ASC Subtopic 835-30, Interest – Imputation of Interest, debt issuance costs are presented as a reduction to the associated liability balance on the Consolidated Statements of Assets and Liabilities, except for debt issuance costs associated with line-of-credit arrangements. |
Stock Based Compensation | Stock-Based Compensation The Company has issued and may, from time to time, issue stock options, restricted stock, and other stock-based compensation awards to employees and directors. Management follows the guidance set forth under ASC Topic 718, to account for stock-based compensation awards granted. Under ASC Topic 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropriate fair value model and calculating the fair value of stock-based awards at the grant date requires judgment. This includes certain assumptions such as stock price volatility, forfeiture rate, expected outcome probability, and expected option life, as applicable to each award. In accordance with ASC Topic 480, certain stock awards are classified as a liability. The compensation expense associated with these awards is recognized in the same manner as all other stock-based compensation. The award liability is recorded as deferred compensation and included in Accounts payable and accrued liabilities. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with the provisions of ASC Topic 740 Income Taxes, under which income taxes are provided for amounts currently payable and for amounts deferred based upon the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provisions of the enacted tax law. Valuation allowances may be used to reduce deferred tax assets to the amount likely to be realized. Because taxable income as determined in accordance with U.S. federal tax regulations differ from U.S. GAAP, taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Permanent differences may also result from the change in the classification of certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gains or losses are recognized at some time in the future for tax or U.S. GAAP purposes. The Company has elected to be treated as a RIC under Subchapter M of the Code. To qualify as a RIC, the Company is required to meet certain income and asset tests in addition to distributing dividends of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions paid, to its stockholders. See “Certain United States Federal Income Tax Considerations” for additional information. As a RIC, the Company is subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of its ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and capital gain net income realized, but not distributed, in preceding calendar years. The Company will not be subject to this excise tax on any amount on which the Company incurred U.S. federal income tax (such as the tax imposed on a RIC’s retained net capital gains). The amount to be paid out as a distribution is determined by the Board each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent that the Company's earnings fall below the amount of the dividend distributions declared, however, a portion of the total amount of the Company's distributions for the fiscal year may be deemed a return of capital. |
Earnings Per Share (“EPS”) | Earnings Per Share (“EPS”) Basic EPS is calculated by dividing net earnings applicable to common stockholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and restricted stock for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable pursuant to stock options and to restricted stock for which future service is required as a condition to the delivery of the underlying common stock. In accordance with ASC 260-10-45-60A, the Company uses the two-class method in the computation of basic EPS and diluted EPS, if applicable. |
Comprehensive Income | Comprehensive Income |
Distributions | Distributions |
Segments | Segments |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Investments Measured at Fair Value on Recurring Basis | Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of December 31, 2023 and December 31, 2022. (in thousands) Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Cash and cash equivalents Money Market Fund (1) $ 56,000 $ 56,000 $ — $ — Other assets Escrow and Other Investment Receivables $ 10,888 $ — $ — $ 10,888 Investments Senior Secured Debt $ 2,987,577 $ — $ — $ 2,987,577 Unsecured Debt 69,722 — — 69,722 Preferred Stock 53,038 — — 53,038 Common Stock (2) 99,132 57,342 — 41,790 Warrants 33,969 — 11,881 22,088 $ 3,243,438 $ 57,342 $ 11,881 $ 3,174,215 Investment Funds & Vehicles measured at Net Asset Value (3) 4,608 Total Investments, at fair value $ 3,248,046 Derivative Instruments (4) $ (766) Total Investments including cash and cash equivalents and derivative instruments $ 3,303,280 (in thousands) Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description Other assets Escrow Receivables $ 875 $ — $ — $ 875 Investments Senior Secured Debt $ 2,741,388 $ — $ — $ 2,741,388 Unsecured Debt 54,056 — — 54,056 Preferred Stock 41,488 — — 41,488 Common Stock (2) 92,484 66,027 1,398 25,059 Warrants 30,646 — 11,227 19,419 $ 2,960,062 $ 66,027 $ 12,625 $ 2,881,410 Investment Funds & Vehicles measured at Net Asset Value (3) 3,893 Total Investments, at fair value $ 2,963,955 (1) This investment is included in Cash and cash equivalents in the accompanying Consolidated Statements of Assets and Liabilities. (2) Common Stock includes non-voting security in the form of a promissory note with a lien on shares of issuer's Common Stock. (3) In accordance with U.S. GAAP, certain investments are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statements of Assets and Liabilities. (4) Derivative Instruments are carried at fair value and a level 2 security within the Company's fair value hierarchy . |
Schedule of Reconciliation Changes for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and December 31, 2022. (in thousands) Balance as of Net Realized Gains (Losses) (1) Net Change in Unrealized Appreciation (Depreciation) (2) Purchases (5) Sales Repayments (6) Gross Transfers into Level 3 (3) Gross Transfers out of Level 3 (3) Balance as of Investments Senior Secured Debt $ 2,741,388 $ (5,350) $ 17,277 $ 1,264,689 $ — $ (990,448) $ — $ (39,979) $ 2,987,577 Unsecured Debt 54,056 — 4,268 11,398 — — — — 69,722 Preferred Stock 41,488 (3,441) (1,123) 2,851 — — 13,263 — 53,038 Common Stock 25,059 — 11,325 6,000 (594) — — — 41,790 Warrants 19,419 (4,295) 4,825 3,894 (1,755) — — — 22,088 Other Assets Escrow and Other Investment Receivable 875 65 (17,022) 537 (283) — 26,716 — 10,888 Total $ 2,882,285 $ (13,021) $ 19,550 $ 1,289,369 $ (2,632) $ (990,448) $ 39,979 $ (39,979) $ 3,185,103 (in thousands) Balance as of Net Realized Gains (Losses) (1) Net Change in Unrealized Appreciation (Depreciation) (2) Purchases (5) Sales Repayments (6) Gross Transfers into Level 3 (4) Gross Transfers out of Level 3 (4) Balance as of Investments Senior Secured Debt $ 2,156,709 $ (1,884) $ (9,788) $ 1,145,048 $ (84,000) $ (461,193) $ — $ (3,504) $ 2,741,388 Unsecured Debt 52,890 — (2,840) 4,006 — — — — 54,056 Preferred Stock 69,439 7,966 (23,658) 5,264 (11,101) — — (6,422) 41,488 Common Stock 21,968 (74) 6,894 25 (19) — 207 (3,942) 25,059 Warrants 27,477 (624) (12,412) 7,494 (2,516) — — — 19,419 Other Assets Escrow Receivable 561 401 (287) 1,148 (948) — — — 875 Total $ 2,329,044 $ 5,785 $ (42,091) $ 1,162,985 $ (98,584) $ (461,193) $ 207 $ (13,868) $ 2,882,285 (1) Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations. (2) Included in net change in unrealized appreciation (depreciation) in the accompanying Consolidated Statements of Operations. (3) Transfers within Level 3 during the year ended December 31, 2023 related to the conversion of Level 3 debt investments into Level 3 preferred stock investments and other assets. (4) Transfers out of Level 3 during the year ended December 31, 2022 related to the initial public offerings of Gelesis, Inc., Pineapple Energy, LLC, and the conversion of Level 3 debt investments into common stock investments. Transfers into Level 3 during the year ended December 31, 2022 related to the decline of liquidity of Kaleido Biosciences, Inc. shares. (5) Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of level 3 investments. Amounts are net of purchases assigned to the Adviser Funds. (6) Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization. |
Schedule of Unrealized Gain (Loss) on Investments | The following table presents the net unrealized appreciation (depreciation) recorded for preferred stock, common stock, debt and warrant Level 3 investments relating to assets still held at the reporting date. (in millions) Year Ended December 31, 2023 2022 Debt investments $ 11.5 $ (18.9) Preferred stock (4.6) (19.4) Common stock 11.3 6.8 Warrant investments 1.5 (12.7) |
Schedule of Quantitative Information of Fair Value Measurements | The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of December 31, 2023 and December 31, 2022. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company’s investments. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable. Investment Type - Level 3 Fair Value as of Valuation Unobservable Input (1) Range Weighted Average (2) Pharmaceuticals $ 971,775 Market Comparable Companies Hypothetical Market Yield 10.91% - 21.43% 13.46% Premium/(Discount) (1.00)% - 3.50% 0.04% 8,455 Liquidation (3) Probability weighting of alternative outcomes 10.00% - 50.00% 41.83% Technology 1,181,823 Market Comparable Companies Hypothetical Market Yield 11.30% - 20.74% 15.03% Premium/(Discount) (1.00)% - 5.00% 0.47% 23,244 Convertible Note Analysis Probability weighting of alternative outcomes 1.00% - 50.00% 39.32% — Liquidation (3) Probability weighting of alternative outcomes 100.00% - 100.00% 100.00% Sustainable and Renewable Technology 1,678 Market Comparable Companies Hypothetical Market Yield 10.75% - 10.75% 10.75% Premium/(Discount) 0.75% - 0.75% 0.75% Lower Middle Market 322,162 Market Comparable Companies Hypothetical Market Yield 12.54% - 20.15% 14.13% Premium/(Discount) (0.75)% - 2.25% 0.56% Debt Investments for which Cost Approximates Fair Value 431,512 Debt Investments originated within 6 months 54,430 Imminent Payoffs (4) 62,220 Debt Investments Maturing in Less than One Year $ 3,057,299 Total Level 3 Debt Investments Other Investment Receivables 9,648 Liquidation Probability weighting of alternative outcomes 10.00% - 50.00% 41.83% $ 3,066,947 -94828000 Total Level Three Debt Investments and Other Investment Receivables (1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment. Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows: • Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries. • Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info” and “Software” industries. • Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry. • Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries. (2) The weighted averages are calculated based on the fair market value of each investment. (3) The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes. (4) Imminent Payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date. Investment Type - Level 3 Fair Value as of Valuation Techniques/Methodologies Unobservable Input (1) Range Weighted Average (2) Pharmaceuticals $ 903,427 Market Comparable Companies Hypothetical Market Yield 11.74% - 19.04% 15.17% Premium/(Discount) (0.75)% - 1.75% 0.01% Technology 967,108 Market Comparable Companies Hypothetical Market Yield 12.05% - 18.53% 15.21% Premium/(Discount) (1.00)% - 1.50% 0.20% 20,356 Convertible Note Analysis Probability weighting of alternative outcomes 1.00% - 50.00% 35.79% 1,671 Liquidation (3) Probability weighting of alternative outcomes 5.00% - 80.00% 48.29% Sustainable and Renewable Technology 3,006 Market Comparable Companies Hypothetical Market Yield 14.71% - 14.71% 14.71% Premium/(Discount) 0.75% - 0.75% 0.75% Lower Middle Market 328,393 Market Comparable Companies Hypothetical Market Yield 13.68% - 18.49% 14.82% Premium/(Discount) (2.00)% - 0.75% (0.43)% 8,042 Liquidation (3) Probability weighting of alternative outcomes 20.00% - 80.00% 80.00% Debt Investments for which Cost Approximates Fair Value 392,168 Debt Investments originated within 6 months 77,676 Imminent Payoffs (4) 93,597 Debt Investments Maturing in Less than One Year $ 2,795,444 Total Level 3 Debt Investments (1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment. Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows: • Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries. • Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info” and “Software” industries. • Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry. • Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries. (2) The weighted averages are calculated based on the fair market value of each investment. (3) The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes. (4) Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date. Investment Type - Level 3 Equity and Warrant Investments Fair Value as of Valuation Techniques/ Unobservable Input (1) Range Weighted Average (5) Equity Investments $ 52,094 Market Comparable Companies EBITDA Multiple (2) 12.3x - 12.3x 12.3x Revenue Multiple (2) 0.3x - 20.1x 7.2x Tangible Book Value Multiple (2) 1.8x - 1.8x 1.8x Discount for Lack of Marketability (3) 7.11% - 92.72% 31.57% 11,096 Market Adjusted OPM Backsolve Market Equity Adjustment (4) (86.14)% - 32.69% 7.47% 28,713 Discounted Cash Flow Discount Rate (7) 19.88% - 31.97% 30.51% 2,925 Other (6) Warrant Investments 19,014 Market Comparable Companies EBITDA Multiple (2) 12.3x - 12.3x 12.3x Revenue Multiple (2) 0.9x - 10.2x 4.2x Discount for Lack of Marketability (3) 6.21% - 33.12% 21.70% 3,074 Market Adjusted OPM Backsolve Market Equity Adjustment (4) (70.67)% - 34.86% 13.17% — Other (6) Total Level 3 Equity and $ 116,916 (1) The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes. (2) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments. (3) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments. (4) Represents the range of changes in industry valuations since the portfolio company's last external valuation event. (5) Weighted averages are calculated based on the fair market value of each investment. (6) The fair market value of these investments is derived based on recent market private market and merger and acquisition transaction prices. (7) The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments. Investment Type - Level 3 Equity and Warrant Investments Fair Value as of Valuation Techniques/ Unobservable Input (1) Range Weighted Average (5) Equity Investments $ 30,086 Market Comparable Companies EBITDA Multiple (2) 12.4x - 12.4x 12.4x Revenue Multiple (2) 0.7x - 16.1x 7.4x Tangible Book Value Multiple (2) 1.6x - 1.6x 1.6x Discount for Lack of Marketability (3) 8.11% - 28.90% 19.79% 13,795 Market Adjusted OPM Backsolve Market Equity Adjustment (4) (97.82)% - 16.34% (16.69)% 19,153 Discounted Cash Flow Discount Rate (7) 17.72% - 30.13% 24.46% — Liquidation Revenue Multiple (2) 2.1x - 2.1x 2.1x Discount for Lack of Marketability (3) 85.00% - 85.00% 85.00% 3,513 Other (6) Warrant Investments 12,479 Market Comparable Companies EBITDA Multiple (2) 12.4x - 12.4x 12.4x Revenue Multiple (2) 0.6x - 8.8x 3.4x Discount for Lack of Marketability (3) 8.11% - 32.70% 18.97% 6,934 Market Adjusted OPM Backsolve Market Equity Adjustment (4) (97.82)% - 66.43% (8.86)% — Liquidation Revenue Multiple (2) 6.2x - 6.2x 6.2x Discount for Lack of Marketability (3) 90.00% - 90.00% 90.00% 6 Other (6) Total Level 3 Equity and Warrant Investments $ 85,966 (1) The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes. (2) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments. (3) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments. (4) Represents the range of changes in industry valuations since the portfolio company's last external valuation event. (5) Weighted averages are calculated based on the fair market value of each investment. (6) The fair market value of these investments is derived based on recent market transactions. (7) The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments. |
Schedule of Fair Value Hierarchy Of Outstanding Borrowings | The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of December 31, 2023 and December 31, 2022: (in thousands) December 31, 2023 Description Carrying Approximate Identical Assets Observable Inputs Unobservable Inputs SBA Debentures $ 170,323 $ 142,011 $ — $ — $ 142,011 July 2024 Notes 104,828 105,755 — — 105,755 February 2025 Notes 49,866 49,144 — — 49,144 June 2025 Notes 69,757 67,198 — — 67,198 June 2025 3-Year Notes 49,771 48,983 — — 48,983 March 2026 A Notes 49,795 47,702 — — 47,702 March 2026 B Notes 49,776 47,759 — — 47,759 September 2026 Notes 322,339 288,711 — — 288,711 January 2027 Notes 345,935 315,832 — — 315,832 2031 Asset-Backed Notes 148,544 142,500 — 142,500 — 2033 Notes 38,935 40,400 — 40,400 — MUFG Bank Facility (1) 61,000 61,000 — — 61,000 SMBC Facility 94,000 94,000 — — 94,000 Total $ 1,554,869 $ 1,450,995 $ — $ 182,900 $ 1,268,095 (in thousands) December 31, 2022 Description Carrying Approximate Identical Assets Observable Inputs Unobservable Inputs SBA Debentures $ 169,738 $ 155,257 $ — $ — $ 155,257 July 2024 Notes 104,533 102,019 — — 102,019 February 2025 Notes 49,751 47,044 — — 47,044 June 2025 Notes 69,595 64,198 — — 64,198 June 2025 3-Year Notes 49,616 47,528 — — 47,528 March 2026 A Notes 49,700 45,512 — — 45,512 March 2026 B Notes 49,673 45,588 — — 45,588 September 2026 Notes 321,358 269,509 — — 269,509 January 2027 Notes 344,604 296,826 — — 296,826 2031 Asset-Backed Notes 147,957 142,620 — 142,620 — 2033 Notes 38,826 39,344 — 39,344 — MUFG Bank Facility (1) 107,000 107,000 — — 107,000 SMBC Facility 72,000 72,000 — — 72,000 Total $ 1,574,351 $ 1,434,445 $ — $ 181,964 $ 1,252,481 (1) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Schedule of Investments in and Advances to Affiliates | The following table summarizes the Company’s realized gains and losses and changes in unrealized appreciation and depreciation on control and affiliate investments for the years ended December 31, 2023, 2022, and 2021. (in thousands) For the Year Ended December 31, 2023 Portfolio Company (1) Type Fair Value as of Interest Income Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 262 $ — $ — $ (57) $ — Gibraltar Acquisition LLC (3) Control 62,512 3,344 95 9,656 — Hercules Adviser LLC (4) Control 40,713 608 — 9,560 — Tectura Corporation Control 11,517 690 — 3,475 — Total Control Investments $ 115,004 $ 4,642 $ 95 $ 22,634 $ — (in thousands) For the Year Ended December 31, 2022 Portfolio Company (1) Type Fair Value as of Interest Income Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 319 $ — $ — $ (246) $ — Gibraltar Business Capital, LLC Control 36,944 3,385 68 (6,968) — Hercules Adviser LLC Control 31,153 546 — 7,163 — Tectura Corporation Control 8,042 690 — (227) — Total Control Investments $ 76,458 $ 4,621 $ 68 $ (278) $ — Affiliate Investments Black Crow AI, Inc. (2) Affiliate $ — $ — $ — $ (120) $ 3,772 Pineapple Energy LLC (2) Affiliate — 1,204 — 4,209 (2,014) Total Affiliate Investments $ — $ 1,204 $ — $ 4,089 $ 1,758 Total Control & Affiliate Investments $ 76,458 $ 5,825 $ 68 $ 3,811 $ 1,758 (in thousands) For the Year Ended December 31, 2021 Portfolio Company (1) Type Fair Value as of Interest Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 565 $ — $ — $ 315 $ — Gibraltar Business Capital, LLC Control 43,830 3,178 54 (14,616) — Hercules Adviser LLC Control 20,840 141 — 11,955 — Tectura Corporation Control 8,269 690 5 (331) — Total Control Investments $ 73,504 $ 4,009 $ 59 $ (2,677) $ — Affiliate Investments Black Crow AI, Inc. Affiliate $ 1,120 $ — $ — $ 1,905 $ — Pineapple Energy LLC Affiliate 8,338 10 — (282) — Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) Affiliate — — — 62,183 (62,143) Total Affiliate Investments $ 9,458 $ 10 $ — $ 63,806 $ (62,143) Total Control & Affiliate Investments $ 82,962 $ 4,019 $ 59 $ 61,129 $ (62,143) (1) In accordance with Rules 3-09, 4-08(g), and Rule 10-01(b)(1) of Regulation S-X, (“Rule 3-09”, “Rule 4-08(g)”, and “Rule 10-01(b)(1)”, respectively), the Company must determine if its unconsolidated subsidiaries are considered “significant subsidiaries”. As of December 31, 2023, December 31, 2022, and December 31, 2021 there were no unconsolidated subsidiaries that are considered “significant subsidiaries”. (2) As of September 30, 2022, Black Crow AI, Inc. and Pineapple Energy LLC were no longer affiliates as defined under the 1940 Act. (3) Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively. (4) Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1” for additional disclosure . |
Schedule of Investments Portfolio | The following table shows the fair value of the Company’s portfolio of investments by asset class as of December 31, 2023 and December 31, 2022: (in thousands) December 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of Senior Secured Debt $ 2,987,577 92.0 % $ 2,741,388 92.5 % Unsecured Debt 69,722 2.2 % 54,056 1.8 % Preferred Stock 53,038 1.6 % 41,488 1.4 % Common Stock 99,132 3.1 % 92,484 3.1 % Warrants 33,969 1.0 % 30,646 1.1 % Investment Funds & Vehicles 4,608 0.1 % 3,893 0.1 % Total $ 3,248,046 100.0 % $ 2,963,955 100.0 % A summary of the Company’s investment portfolio, at value, by geographic location as of December 31, 2023 and December 31, 2022 is shown as follows: (in thousands) December 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of United States $ 2,861,615 88.1 % $ 2,670,520 90.1 % United Kingdom 222,136 6.9 % 171,629 5.8 % Netherlands 89,995 2.8 % 88,915 3.0 % Israel 52,868 1.6 % 9,052 0.3 % Canada 15,730 0.5 % 19,472 0.7 % Denmark 4,173 0.1 % — 0.0 % Germany 1,144 0.0 % 990 0.0 % Other 385 0.0 % 573 0.0 % Ireland — 0.0 % 2,804 0.1 % Total $ 3,248,046 100.0 % $ 2,963,955 100.0 % The following table shows the fair value of the Company’s portfolio by industry sector as of December 31, 2023 and December 31, 2022: (in thousands) December 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of Drug Discovery & Development $ 1,257,699 38.7 % $ 1,150,707 38.8 % Software 764,985 23.6 % 798,264 26.9 % Consumer & Business Services 525,973 16.2 % 439,384 14.8 % Healthcare Services, Other 300,079 9.3 % 198,763 6.7 % Communications & Networking 29,400 0.9 % 101,833 3.5 % Diversified Financial Services 114,722 3.5 % 68,569 2.3 % Information Services 126,605 3.9 % 60,759 2.1 % Biotechnology Tools 48,381 1.5 % 32,825 1.1 % Manufacturing Technology 11,006 0.3 % 46,109 1.6 % Medical Devices & Equipment 22,096 0.7 % 1,834 0.1 % Electronics & Computer Hardware 20,324 0.6 % 21,517 0.7 % Media/Content/Info 12,704 0.4 % 35 0.0 % Sustainable and Renewable Technology 9,581 0.3 % 15,486 0.5 % Consumer & Business Products 2,589 0.1 % 2,821 0.1 % Semiconductors 1,205 0.0 % 21,921 0.7 % Surgical Devices 676 0.0 % 3,038 0.1 % Drug Delivery 21 0.0 % 90 0.0 % Total $ 3,248,046 100.0 % $ 2,963,955 100.0 % |
Schedule of Investment Collateral | Concentrations of Credit Risk The Company’s customers are primarily privately held companies and public companies which are active in the “Drug Discovery & Development", "Software”, “Consumer & Business Services”, “Healthcare Services, Other”, and “Communications & Networking” sectors. These sectors are characterized by high margins, high growth rates, consolidation and product and market extension opportunities. Value for companies in these sectors is often vested in intangible assets and intellectual property. Industry and sector concentrations vary as new loans are recorded and loans are paid off. Loan revenue, consisting of interest, fees, and recognition of gains on equity and warrant or other equity interests, can fluctuate materially when a loan is paid off or a related warrant or equity interest is sold. Revenue recognition in any given year can be highly concentrated among several portfolio companies. As of December 31, 2023 and December 31, 2022, the Company’s ten largest portfolio companies represented approximately 29.7% and 29.0% of the total fair value of the Company’s investments in portfolio companies, respectively. As of December 31, 2023 and December 31, 2022, the Company had five and eight portfolio companies, respectively, that represented 5% or more of the Company’s net assets. As of December 31, 2023, the Company had five equity investments representing approximately 56.5% of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of the Company’s equity investments. As of December 31, 2022, the Company had four equity investments which represented approximately 39.8% of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of such investments. Investment Collateral In the majority of cases, the Company collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property. In other cases, the Company may obtain a negative pledge covering a company’s intellectual property. The Company's investments were collateralized as follows as of December 31, 2023 and December 31, 2022: Percentage of debt investments (at fair value), as of December 31, 2023 December 31, 2022 Senior Secured First Lien All assets including intellectual property 52.3 % 42.0 % All assets with negative pledge on intellectual property 24.0 % 26.1 % “Last-out” with security interest in all of the assets 12.5 % 11.6 % Total senior secured first lien position 88.8 % 79.7 % Second lien 8.9 % 18.4 % Unsecured 2.3 % 1.9 % Total debt investments at fair value 100.0 % 100.0 % |
Schedule of Fair Value and Location of the Company's Derivative Instruments | 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 December 31, 2023 and December 31, 2022: (in thousands) Fair Value Derivative Instrument Statement Location December 31, 2023 December 31, 2022 Foreign currency forward contract Accounts payable and accrued liabilities $ 766 $ — Total $ 766 $ — |
Schedule of Net Realized and Unrealized Gains and Losses | Net realized and unrealized gains and losses on derivative instruments recorded by the Company during the years ended December 31, 2023 and December 31, 2022 are in the following locations in the Consolidated Statements of Operations: (in thousands) Year Ended December 31, Derivative Instrument Statement Location 2023 2022 Foreign currency forward contract Net realized gain (loss) - Non-control / Non-affiliate investments $ — $ — Foreign currency forward contract Net change in unrealized appreciation (depreciation) - Non-control / Non-affiliate investments (766) — Total $ (766) $ — |
Schedule of Investment Interest Income and Fee Income | The Company’s investment portfolio generates interest, fee, and dividend income. The composition of the Company’s interest income and fee income is as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Contractual interest income $ 351,883 $ 249,375 $ 200,682 Exit fee interest income 45,747 32,063 37,494 PIK interest income 24,670 20,455 11,210 Dividend income 1,400 — — Other investment income (1) 10,725 5,365 3,974 Total interest and dividend income $ 434,425 $ 307,258 $ 253,360 Recurring fee income $ 8,835 $ 7,834 $ 7,458 Fee income - expired commitments 1,695 1,502 3,031 Accelerated fee income - early repayments 15,713 5,094 17,127 Total fee income $ 26,243 $ 14,430 $ 27,616 (1) Other interest income includes OID interest income and interest recorded on other assets. |
Schedule of Unamortized Capitalized Fee Income | As of December 31, 2023 and 2022, unamortized capitalized fee income was recorded as follows: (in millions) As of December 31, 2023 2022 Offset against debt investment cost $ 32.9 $ 43.1 Deferred obligation contingent on funding or other milestone 9.4 10.9 Total Unamortized Fee Income $ 42.3 $ 54.0 |
Schedule of Loan Exit Fees Receivable | As of December 31, 2023 and 2022, loan exit fees receivable were recorded as follows: (in millions) As of December 31, 2023 2022 Included within debt investment cost $ 35.9 $ 32.5 Deferred receivable related to expired commitments 4.3 5.0 Total Exit Fees Receivable $ 40.2 $ 37.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Available and Outstanding Debt | As of December 31, 2023 and December 31, 2022, the Company had the following available and outstanding debt: (in thousands) December 31, 2023 December 31, 2022 Total Available Principal Carrying Value (1) Total Available Principal Carrying Value (1) SBA Debentures (2) $ 175,000 $ 175,000 $ 170,323 $ 175,000 $ 175,000 $ 169,738 July 2024 Notes 105,000 105,000 104,828 105,000 105,000 104,533 February 2025 Notes 50,000 50,000 49,866 50,000 50,000 49,751 June 2025 Notes 70,000 70,000 69,757 70,000 70,000 69,595 June 2025 3-Year Notes 50,000 50,000 49,771 50,000 50,000 49,616 March 2026 A Notes 50,000 50,000 49,795 50,000 50,000 49,700 March 2026 B Notes 50,000 50,000 49,776 50,000 50,000 49,673 September 2026 Notes 325,000 325,000 322,339 325,000 325,000 321,358 January 2027 Notes 350,000 350,000 345,935 350,000 350,000 344,604 2031 Asset-Backed Notes 150,000 150,000 148,544 150,000 150,000 147,957 2033 Notes 40,000 40,000 38,935 40,000 40,000 38,826 MUFG Bank Facility (2)(3) 400,000 61,000 61,000 545,000 107,000 107,000 SMBC Facility (2) 400,000 94,000 94,000 225,000 72,000 72,000 Total $ 2,215,000 $ 1,570,000 $ 1,554,869 $ 2,185,000 $ 1,594,000 $ 1,574,351 (1) Except for the SMBC Facility and MUFG Bank Facility (f.k.a. Union Bank Facility), all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date. (2) Availability subject to the Company meeting the borrowing base requirements. (3) In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. (4) Includes $175.0 million of available commitment through the letter of credit facility as of December 31, 2023 . The Company held the following SBA debentures outstanding principal balances as of December 31, 2023 and December 31, 2022: (in thousands) Issuance/Pooling Date Maturity Date Interest Rate (1) December 31, 2023 December 31, 2022 March 26, 2021 September 1, 2031 1.58% $ 37,500 $ 37,500 June 25, 2021 September 1, 2031 1.58% 16,200 16,200 July 28, 2021 September 1, 2031 1.58% 5,400 5,400 August 20, 2021 September 1, 2031 1.58% 5,400 5,400 October 21, 2021 March 1, 2032 3.21% 14,000 14,000 November 1, 2021 March 1, 2032 3.21% 21,000 21,000 November 15, 2021 March 1, 2032 3.21% 5,200 5,200 November 30, 2021 March 1, 2032 3.21% 20,800 20,800 December 20, 2021 March 1, 2032 3.21% 10,000 10,000 December 23, 2021 March 1, 2032 3.21% 10,000 10,000 December 28, 2021 March 1, 2032 3.21% 5,000 5,000 January 14, 2022 March 1, 2032 3.21% 4,500 4,500 January 21, 2022 March 1, 2032 3.21% 20,000 20,000 Total SBA Debentures $ 175,000 $ 175,000 (1) Interest rates are determined initially at issuance and reset to a fixed rate at the debentures pooling date. The rates are inclusive of annual SBA charges. |
Schedule of Debt Issuance Costs, Net of Accumulated Amortization | Debt issuance costs, net of accumulated amortization, were as follows as of December 31, 2023 and December 31, 2022: (in thousands) December 31, 2023 December 31, 2022 SBA Debentures $ 4,677 $ 5,262 July 2024 Notes 172 467 February 2025 Notes 134 249 June 2025 Notes 243 405 June 2025 3-Year Notes 229 384 March 2026 A Notes 205 300 March 2026 B Notes 224 327 September 2026 Notes 2,661 3,642 January 2027 Notes 4,065 5,396 2031 Asset-Backed Notes 1,456 2,043 2033 Notes 1,065 1,174 MUFG Bank Facility (1) 3,540 1,292 SMBC Facility (1) 1,775 1,701 Total $ 20,446 $ 22,642 (1) |
Schedules of Components of Interest Expense, Related Fees, Losses on Debt Extinguishment and Cash Paid for Interest Expense for Debt | For the year ended December 31, 2023, the components of interest expense, related fees, losses on debt extinguishment and cash paid for interest expense for debt were as follows: (in thousands) Year ended December 31, 2023 Description Interest expense (1) Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 4,562 $ 585 $ — $ 5,147 $ 4,562 July 2024 Notes 5,009 295 — 5,304 5,009 February 2025 Notes 2,140 115 — 2,255 2,140 June 2025 Notes 3,017 162 — 3,179 3,017 June 2025 3-Year Notes 3,000 155 — 3,155 3,000 March 2026 A Notes 2,250 95 — 2,345 2,250 March 2026 B Notes 2,275 103 — 2,378 2,276 September 2026 Notes 8,697 815 — 9,512 8,532 January 2027 Notes 12,316 828 — 13,144 11,812 2031 Asset-Backed Notes 7,613 399 — 8,012 7,425 2033 Notes 2,500 108 — 2,608 2,500 MUFG Bank Facility (2) 5,583 1,770 2,782 10,135 5,948 SMBC Facility 8,658 693 940 10,291 8,678 Total $ 67,620 $ 6,123 $ 3,722 $ 77,465 $ 67,149 (1) Interest expense includes amortization of original issue discounts for the year ended December 31, 2023, of $166 thousand, $503 thousand, and $188 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. (2) The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. For the year ended December 31, 2022, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows: (in thousands) Year ended December 31, 2022 Description Interest expense (1) Amortization of debt issuance cost (loan fees) (2) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 3,997 $ 581 $ — $ 4,578 $ 2,835 2022 Notes (3) 1,011 50 — 1,061 2,293 July 2024 Notes 5,009 295 — 5,304 5,009 February 2025 Notes 2,140 115 — 2,255 2,140 June 2025 Notes 3,017 162 — 3,179 3,017 June 2025 3-Year Notes 1,567 81 — 1,648 1,500 March 2026 A Notes 2,250 95 — 2,345 2,250 March 2026 B Notes 2,275 103 — 2,378 2,275 September 2026 Notes 8,698 815 — 9,513 8,531 January 2027 Notes 11,630 782 — 12,412 5,906 2031 Asset-Backed Notes 3,975 209 — 4,184 3,671 2033 Notes 2,500 108 — 2,608 2,500 2022 Convertible Notes (3) 923 148 — 1,071 5,004 MUFG Bank Facility (2) 4,548 941 2,285 7,774 4,097 SMBC Facility 1,209 315 513 2,037 1,047 Total $ 54,749 $ 4,800 $ 2,798 $ 62,347 $ 52,075 (1) Interest expense includes amortization of original issue discounts for the year ended December 31, 2022, of $23 thousand, $112 thousand, $166 thousand, $475 thousand, $98 thousand related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. (2) The June 2022 amendment of the MUFG Bank Facility replaced Union Bank Facility via an amendment as the lead lender. (3) The Company fully redeemed the 2022 Notes on February 22, 2022 and fully repaid the 2022 Convertible Notes on February 1, 2022. For the year ended December 31, 2021, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows: (in thousands) Year ended December 31, 2021 Description Interest expense (1) Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 1,580 $ 452 $ — $ 2,032 $ 2,272 2022 Notes 7,102 360 — 7,462 6,938 July 2024 Notes 5,009 295 — 5,304 5,008 February 2025 Notes 2,140 115 — 2,255 2,140 April 2025 Notes (3) 1,969 1,667 — 3,636 2,635 June 2025 Notes 3,017 162 — 3,179 3,017 March 2026 A Notes 2,250 93 — 2,343 1,875 March 2026 B Notes 1,877 85 — 1,962 1,138 September 2026 Notes 2,513 236 — 2,749 — 2033 Notes 2,500 108 — 2,608 2,500 2027 Asset-Backed Notes (3) 4,888 2,176 — 7,064 4,972 2028 Asset-Backed Notes (3) 8,139 2,351 — 10,490 8,240 2022 Convertible Notes 10,734 892 — 11,626 10,062 Wells Facility (3) — 198 675 873 — MUFG Bank Facility (4) 672 1,228 1,906 3,806 672 SMBC Facility 57 33 44 134 — Total $ 54,447 $ 10,451 $ 2,625 $ 67,523 $ 51,469 (1) Interest expense includes amortization of original issue discounts for the year ended December 31, 2021, of $165 thousand, $671 thousand, and $48 thousand for the 2022 Notes, 2022 Convertible Notes, and September 2026 Notes, respectively. (2) “Amortization of debt issuance cost (loan fees)” includes $1,477 thousand, $1,272 thousand, and $1,670 thousand related to debt extinguishment costs for the April 2025 Notes, 2027 Asset-Backed Notes, and 2028 Asset-Backed Notes, respectively for the year ended December 31, 2021 disclosed as a “Loss on debt extinguishment” in the Consolidated Statements of Operations. (3) The April 2025 Notes, 2027 Asset-Backed Notes and 2028 Asset-Backed Notes were retired on July 1, 2021, and October 20, 2021, respectively. The Wells Facility was terminated on November 29, 2021. (4) The June 2022 amendment of the MUFG Bank Facility replaced Union Bank Facility via an amendment as the lead lender. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reclassified Accumulated Realized Gain (loss) to Additional Paid-in Capital | During the years ended December 31, 2023, 2022 and 2021, the Company reclassified accumulated net realized gains (losses) to additional paid-in capital for book purposes primarily related to net realized gains from portfolio companies which are held in taxable subsidiaries and are not consolidated with the Company for income tax purposes, as follows: (in millions) Year Ended December 31, 2023 2022 2021 Reclassified accumulated net realized gains (losses) $ 0.8 $ 3.0 $ 63.3 |
Schedule of Undistributed Ordinary Income or Accumulated Realized Gains (Losses) | During the years ended December 31, 2023, 2022 and 2021, the Company reclassified amounts from undistributed ordinary income or accumulated realized gains (losses) to additional paid-in capital for book purposes, as follows: (in thousands) Year Ended December 31, 2023 2022 2021 Undistributed net investment income (distributions in excess of investment income) $ (18,396) $ (8,784) $ 19,486 Accumulated realized gains (losses) 39,317 (834) 69,066 Additional paid-in capital (20,921) 9,618 (88,552) |
Schedule of Tax Character of Distributions Paid | The tax character of distributions paid are as follows for each of the years ended: (in millions) Year Ended December 31, 2023 2022 2021 Ordinary income $ 275.5 $ 203.7 $ 122.6 Long-term capital gains — 43.1 55.2 |
Schedule of Components of Distributable Earnings on a Tax Basis | As of December 31, 2023, 2022 and 2021, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Consolidated Statements of Assets and Liabilities by temporary book or tax differences primarily arising from the treatment of loan related yield enhancements. (in thousands) Year Ended December 31, 2023 2022 2021 Accumulated capital gains $ (8,190) $ (3,102) $ 43,005 Other temporary differences (18,609) (20,100) (16,206) Undistributed ordinary income 133,783 127,703 149,069 Unrealized appreciation (depreciation) 33,029 (44,592) 40,655 Components of distributable earnings $ 140,013 $ 59,909 $ 216,523 |
Schedule of Taxable Income And Taxable Net Realized Gains (Losses) | Taxable income and taxable net realized gains (losses) for the year ended December 31, 2023, 2022 and 2021 appears as follows: (in millions, except per share data) Year Ended December 31, 2023 2022 2021 Taxable Income $ 283.00 $ 181.10 $ 172.80 Taxable Income, Per Share $ 1.96 $ 1.45 $ 1.51 Taxable Net Realized Gains (Losses) $ (8.2) $ (1.7) $ 89.4 Taxable Net Realized Gains, Per Share $ (0.06) $ (0.01) $ 0.78 Weighted average shares outstanding 144.1 125.2 114.7 |
Schedule of Aggregate Unrealized Appreciation And Depreciation of Investment Over Federal Income Tax | The aggregate gross unrealized appreciation and depreciation of the Company's investment over cost for U.S. federal income tax purposes appears as follows: (in millions) Year Ended December 31, 2023 2022 2021 Aggregate Gross Unrealized Appreciation $ 118.3 $ 72.2 $ 121.0 Aggregate Gross Unrealized Depreciation 115.9 112.0 75.7 Net Unrealized Appreciation (Depreciation) over cost for U.S. federal income tax purposes 2.4 (39.8) 45.3 Aggregate cost of securities for U.S. federal income tax purposes (in billions) 3.2 3.0 2.4 |
Stockholders' Equity and Dist_2
Stockholders' Equity and Distributions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Shares Issued and Sold | The Company issued and sold the following shares of common stock during the years ended December 31, 2023, 2022, and 2021: (in millions, except per share data) Year Ending December 31, Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Price/Share 2021 0.6 $ 10.8 $ 0.2 $ 10.6 $ 16.62 2022 14.6 $ 232.1 $ 2.4 $ 229.7 $ 15.77 2023 22.7 $ 344.3 $ 6.1 $ 338.2 $ 14.88 |
Schedule of Dividends Declared | The following table summarizes the Company’s distributions declared during the years ended December 31, 2023, 2022 and 2021: (in thousands, except per share data) Distribution Type Declared Date Record Date Payment Date Per Share Amount Total Amount Base February 17, 2021 March 8, 2021 March 15, 2021 $ 0.32 $ 37,012 Supplemental February 17, 2021 March 8, 2021 March 15, 2021 0.05 5,783 Base April 21, 2021 May 12, 2021 May 19, 2021 0.32 37,053 Supplemental April 21, 2021 May 12, 2021 May 19, 2021 0.07 8,105 Base July 21, 2021 August 11, 2021 August 18, 2021 0.32 37,079 Supplemental July 21, 2021 August 11, 2021 August 18, 2021 0.07 8,111 Base October 21, 2021 November 10, 2021 November 17, 2021 0.33 38,306 Supplemental October 21, 2021 November 10, 2021 November 17, 2021 0.07 8,126 Total distributions declared during the year ended December 31, 2021 $ 1.55 $ 179,575 Base February 16, 2022 March 9, 2022 March 16, 2022 $ 0.33 $ 39,794 Supplemental February 16, 2022 March 9, 2022 March 16, 2022 0.15 18,088 Base April 27, 2022 May 17, 2022 May 24, 2022 0.33 41,245 Supplemental April 27, 2022 May 17, 2022 May 24, 2022 0.15 18,748 Base July 20, 2022 August 9, 2022 August 16, 2022 0.35 44,765 Supplemental July 20, 2022 August 9, 2022 August 16, 2022 0.15 19,185 Base October 13, 2022 November 10, 2022 November 17, 2022 0.36 47,472 Supplemental October 13, 2022 November 10, 2022 November 17, 2022 0.15 19,780 Total distributions declared during the year ended December 31, 2022 $ 1.97 $ 249,077 Base February 9, 2023 March 2, 2023 March 9, 2023 $ 0.39 $ 53,749 Supplemental February 9, 2023 March 2, 2023 March 9, 2023 0.08 11,025 Base April 27, 2023 May 16, 2023 May 23, 2023 0.39 55,910 Supplemental April 27, 2023 May 16, 2023 May 23, 2023 0.08 11,469 Base July 28, 2023 August 18, 2023 August 25, 2023 0.40 60,445 Supplemental July 28, 2023 August 18, 2023 August 25, 2023 0.08 12,089 Base October 26, 2023 November 15, 2023 November 22, 2023 0.40 61,345 Supplemental October 26, 2023 November 15, 2023 November 22, 2023 0.08 12,269 Total distributions declared during the year ended December 31, 2023 $ 1.90 $ 278,301 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of unvested restricted stock equity | The activities for the Company's unvested restricted stock equity awards for each of the three years ended December 31, 2023, 2022, and 2021 are summarized below: Year ended, December 31, 2023 2022 2021 Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Unvested Shares Beginning of Period 958,985 $ 16.35 1,037,848 $ 14.51 989,100 $ 13.69 Granted 1,565,571 $ 14.07 632,831 $ 17.24 751,074 $ 14.80 Vested (1) (632,575) $ 16.15 (686,030) $ 14.40 (620,116) $ 13.69 Forfeited (11,572) $ 15.42 (25,664) $ 16.00 (82,210) $ 14.17 Unvested Shares End of Period 1,880,409 $ 14.52 958,985 $ 16.35 1,037,848 $ 14.51 (1) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Shares used in the computation of the Company’s basic and diluted earnings per share are as follows: (in thousands, except per share data) Year Ended December 31, 2023 2022 2021 Numerator Net increase (decrease) in net assets resulting from operations $ 337,484 $ 102,081 $ 174,155 Less: Total distributions declared (278,301) (249,077) (179,575) Total Earnings, net of total distributions 59,183 (146,996) (5,420) Earnings, net of distributions attributable to common shares 58,593 (146,995) (5,420) Add: Distributions declared attributable to common shares 275,548 246,873 177,864 Numerator for basic and diluted change in net assets per common share $ 334,141 $ 99,878 $ 172,444 Denominator Basic weighted average common shares outstanding 144,091 125,189 114,742 Incremental shares from assumed conversion of 2022 Convertible Notes — — 512 Common shares issuable 735 1,470 701 Weighted average common shares outstanding assuming dilution 144,826 126,659 115,955 Change in net assets per common share: Basic $ 2.32 $ 0.80 $ 1.50 Diluted $ 2.31 $ 0.79 $ 1.49 |
Schedule of Number of Anti-diluted Shares As Calculated Based on Weighted Average Closing Price of Common Stock | For the years ended December 31, 2023, 2022 and 2021, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company’s common stock for the periods, are as follows: Year Ended December 31, Anti-dilutive Securities 2023 2022 2021 Unvested common stock options 1,496 2,085 690 Restricted stock units* 4,357 — 20 Unvested restricted stock awards 30,028 2,116 861 * Included in these amounts are shares related to certain equity-based awards, which are fully vested but have not been delivered and thus not outstanding for purposes of calculating earnings per share. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlights | Following is a schedule of financial highlights for the five years ended December 31, 2023, 2022, 2021, 2020, and 2019: (in thousands, except per share data and ratios) Year Ended December 31, 2023 2022 2021 2020 2019 Per share data (1) : Net asset value at beginning of period $ 10.53 $ 11.22 $ 11.26 $ 10.55 $ 9.90 Net investment income 2.11 1.50 1.29 1.39 1.41 Net realized gain (loss) 0.06 (0.01) 0.18 (0.50) 0.16 Net unrealized appreciation (depreciation) 0.17 (0.68) 0.03 1.13 0.14 Total from investment operations 2.34 0.81 1.50 2.02 1.71 Net increase (decrease) in net assets from capital share transactions (1) 0.44 0.34 (0.08) 0.01 0.20 Distributions of net investment income (6) (1.93) (1.63) (1.06) (1.03) (1.15) Distributions of capital gains (6) — (0.36) (0.49) (0.36) (0.18) Stock-based compensation expense included in net investment income and other movements (2) 0.05 0.15 0.09 0.07 0.07 Net asset value at end of period $ 11.43 $ 10.53 $ 11.22 $ 11.26 $ 10.55 Ratios and supplemental data: Per share market value at end of period $ 16.67 $ 13.22 $ 16.59 $ 14.42 $ 14.02 Total return (3) 42.00 % (10.14) % 25.62 % 14.31 % 39.36 % Shares outstanding at end of period 157,758 133,045 116,619 114,726 107,364 Weighted average number of common shares outstanding 144,091 125,189 114,742 111,985 101,132 Net assets at end of period $ 1,802,706 $ 1,401,459 $ 1,308,547 $ 1,291,704 $ 1,133,049 Ratio of total expense to average net assets (4) 9.92 % 9.92 % 9.86 % 11.30 % 11.95 % Ratio of net investment income before investment gains and losses to average net assets (4) 19.26 % 13.96 % 11.28 % 13.64 % 13.74 % Portfolio turnover rate (5) 31.95 % 19.29 % 51.58 % 32.38 % 31.30 % Weighted average debt outstanding $ 1,607,278 $ 1,468,335 $ 1,248,177 $ 1,309,903 $ 1,177,379 Weighted average debt per common share $ 11.15 $ 11.73 $ 10.88 $ 11.70 $ 11.64 (1) All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2) Adjusts for the impact of stock-based compensation expense, which is a non-cash expense and has no net impact to net asset value. Pursuant to ASC Topic 718, the expense is offset by a corresponding increase in paid-in capital. Additionally, adjusts for other items attributed to the difference between certain per share data based on the weighted-average basic shares outstanding and those calculated using the shares outstanding as of a period end or transaction date. (3) The total return for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 equals to the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. As such, the total return is not annualized. The total return does not reflect any sales load that must be paid by investors. (4) The ratios are calculated based on weighted average net assets for the relevant period and are annualized. (5) The portfolio turnover rate for the years ended December 31, 2023, 2022, 2021, 2020, and 2019 equals to the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover rate is not annualized. (6) Includes distributions on unvested restricted stock awards. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments | As of December 31, 2023 and December 31, 2022, the Company’s unfunded contractual commitments available at the request of the portfolio company, including undrawn revolving facilities, and unencumbered by milestones were as follows: (in thousands) Unfunded Commitments (1) as of Portfolio Company December 31, 2023 December 31, 2022 Debt Investments: Thumbtack, Inc. $ 40,000 $ 40,000 Automation Anywhere, Inc. 29,400 29,400 Checkr Group, Inc. 23,625 — Skydio, Inc. 22,500 22,500 Tarsus Pharmaceuticals, Inc. 20,625 10,313 Kura Oncology, Inc. 19,250 8,250 Akero Therapeutics, Inc. 15,000 5,000 Dragos 13,000 — Suzy, Inc. 12,000 — Tipalti Solutions Ltd. 10,500 — Main Street Rural, Inc. 10,500 — Next Insurance, Inc. 10,000 — Senseonics Holdings, Inc. 8,750 — Elation Health, Inc. 7,500 7,500 Modern Life, Inc. 6,500 — Dronedeploy, Inc. 6,250 12,500 Phathom Pharmaceuticals, Inc. 6,120 66,500 Brain Corporation 5,000 20,700 Heron Therapeutics, Inc. 4,000 — Leapwork ApS 3,900 — Saama Technologies, LLC 3,875 — Zimperium, Inc. 3,727 1,088 Allvue Systems, LLC 3,590 — Babel Street 3,375 3,375 Riviera Partners LLC 3,000 3,500 Cutover, Inc. 2,650 1,000 Plentific Ltd 2,625 — Zappi, Inc. 2,571 2,571 Altumint, Inc. 2,500 — Loftware, Inc. 2,277 — Yipit, LLC 2,250 2,250 Streamline Healthcare Solutions 2,200 — New Relic, Inc. 2,176 — Dashlane, Inc. 2,137 10,000 Sumo Logic, Inc. 2,000 — (in thousands) Unfunded Commitments (1) as of Portfolio Company December 31, 2023 December 31, 2022 Annex Cloud $ 1,750 $ 386 Ceros, Inc. 1,707 1,707 ThreatConnect, Inc. 1,600 1,600 LogicSource 1,209 1,209 3GTMS, LLC 1,182 — Ikon Science Limited 1,050 1,050 LinenMaster, LLC 1,000 — Fortified Health Security 840 840 Agilence, Inc. 800 800 Omeda Holdings, LLC 731 938 Flight Schedule Pro, LLC 639 639 Dispatch Technologies, Inc. 625 1,250 Constructor.io Corporation 625 625 Enmark Systems, Inc. 457 457 Alchemer LLC 445 890 Cybermaxx Intermediate Holdings, Inc. 390 390 ShadowDragon, LLC 333 333 Cytracom Holdings LLC 72 225 Provention Bio, Inc. — 40,000 Vida Health, Inc. — 40,000 Madrigal Pharmaceutical, Inc. — 34,000 Oak Street Health, Inc. — 33,750 HilleVax, Inc. — 28,000 Axsome Therapeutics, Inc. — 21,000 Replimune Group, Inc. — 20,700 Aryaka Networks, Inc. — 20,000 G1 Therapeutics, Inc. — 19,375 AppDirect, Inc. — 15,000 Alladapt Immunotherapeutics Inc. — 15,000 PathAI, Inc. — 12,000 Viridian Therapeutics, Inc. — 12,000 Alamar Biosciences, Inc. — 10,000 Fever Labs, Inc. — 8,333 Gritstone Bio, Inc. — 7,500 Nuvolo Technologies Corporation — 5,970 Signal Media Limited — 5,250 Fulfil Solutions, Inc. — 5,000 Demandbase, Inc. — 3,750 MacroFab, Inc. — 3,000 Khoros (p.k.a Lithium Technologies) — 1,812 RVShare, LLC — 1,500 Mobile Solutions Services — 495 Total Unfunded Debt Commitments: 330,828 623,221 Investment Funds & Vehicles: (2) Forbion Growth Opportunities Fund II C.V. 2,748 2,811 Forbion Growth Opportunities Fund I C.V. 1,757 2,842 Total Unfunded Commitments in Investment Funds & Vehicles: 4,505 5,653 Total Unfunded Commitments $ 335,333 $ 628,874 (1) For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $127.7 million and $173.5 million of unfunded commitments as of December 31, 2023, and December 31, 2022, respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in "Note -13 Related Party Transactions". (2) For investment funds and vehicles, the amount represents uncalled capital commitments in private equity funds. The following table provides additional information on the Company’s unencumbered unfunded commitments regarding milestones, expirations and type: (in thousands) December 31, 2023 December 31, 2022 Unfunded Debt Commitments: Expiring during: 2023 $ — $ 461,296 2024 291,896 134,856 2025 3,004 720 2026 7,537 9,038 2027 14,078 15,171 2028 6,547 2,140 2029 3,590 — 2030 4,176 — Total Unfunded Debt Commitments 330,828 623,221 Unfunded Commitments in Investment Funds & Vehicles: Expiring during: 2030 1,757 2,842 2032 2,748 2,811 Total Unfunded Commitments in Investment Funds & Vehicles 4,505 5,653 Total Unfunded Commitments $ 335,333 $ 628,874 |
Schedule of Contractual Obligations | The following tables provide the Company’s contractual obligations as of December 31, 2023 and December 31, 2022: As of December 31, 2023: Payments due by period (in thousands) Contractual Obligations (1) Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years Debt (2)(3) $ 1,570,000 $ 105,000 $ 689,000 $ 411,000 $ 365,000 Lease and License Obligations (4) 26,741 2,539 6,629 6,248 11,325 Total $ 1,596,741 $ 107,539 $ 695,629 $ 417,248 $ 376,325 As of December 31, 2022: Payments due by period (in thousands) Contractual Obligations (1) Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years Debt (5)(3) $ 1,594,000 $ — $ 382,000 $ 847,000 $ 365,000 Lease and License Obligations (4) 8,641 2,723 2,259 2,452 1,207 Total $ 1,602,641 $ 2,723 $ 384,259 $ 849,452 $ 366,207 (1) Excludes commitments to extend credit to the Company’s portfolio companies and uncalled capital commitments in investment funds. (2) Includes $175.0 million in principal outstanding under the SBA Debentures, $105.0 million of the July 2024 Notes, $50.0 million of the February 2025 Notes, $70.0 million of the June 2025 Notes, $50.0 million of the June 2025 3-Year Notes, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $150.0 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes, and $350.0 million of the January 2027 Notes as of December 31, 2023. There was also $94.0 million outstanding under the SMBC Facility and $61.0 million outstanding under the MUFG Bank Facility as of December 31, 2023. (3) Amounts represent future principal repayments and not the carrying value of each liability. See “Note 5 – Debt”. (4) Facility leases and licenses including short-term leases. (5) Includes $175.0 million in principal outstanding under the SBA Debentures, $105.0 million of the July 2024 Notes, $50.0 million of the February 2025 Notes, $70.0 million of the June 2025 Notes, $50.0 million of the June 2025 3-Year Notes, $50.0 million of the March 2026 A Notes, $50.0 million of the March 2026 B Notes, $150.0 million of the 2031 Asset-Backed Notes, $40.0 million of the 2033 Notes, $325.0 million of the September 2026 Notes and $350.0 million of the January 2027 Notes as of December 31, 2022. There was also $72.0 million outstanding under the SMBC Facility and $107.0 million outstanding under the MUFG Bank Facility as of December 31, 2022. |
Summary of Information Related to Measurement of Operating Lease Liabilities and Supplemental Cash Flow Information Related to Operating Leases | The following table sets forth information related to the measurement of the Company’s operating lease liabilities and supplemental cash flow information related to operating leases as of December 31, 2023 and 2022: (in thousands) Year Ended December 31, 2023 Year Ended December 31, 2022 Total operating lease cost $ 2,382 $ 2,928 Cash paid for amounts included in the measurement of lease liabilities $ 2,499 $ 3,064 As of December 31, 2023 As of December 31, 2022 Weighted-average remaining lease term (in years) 8.68 5.48 Weighted-average discount rate 6.79 % 5.37 % |
Schedule of Future Minimum Lease Payments under Operating Leases and Reconciliation to Operating Lease Liability | The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of December 31, 2023: (in thousands) As of December 31, 2023 2024 $ 1,894 2025 3,267 2026 3,362 Thereafter 17,573 Total lease payments 26,096 Less: imputed interest & other items (20,901) Total operating lease liability $ 5,195 |
Schedule 12-14s - CONSOLIDATED
Schedule 12-14s - CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments in and Advances to Affiliates [Abstract] | |
Schedule of Investments in and Advances to Affiliates, Schedule of Investments | (in thousands) Portfolio Company Investment (1) Amount of Interest and Fees Credited to Income (2) Realized Gain (Loss) Fair Value as of December 31, 2022 Gross Additions (3) Gross Reductions (4) Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of December 31, 2023 Control Investments Majority Owned Control Investments Coronado Aesthetics, LLC (8) Preferred Stock $ — $ — $ 313 $ — — $ (53) $ 260 Common Stock — — 6 — — (4) 2 Gibraltar Acquisition LLC (pka as Gibraltar Business Capital, LLC) (5) Unsecured Debt 3,439 — 21,700 9,912 — 2,866 34,478 Member Units — — 15,244 6,000 — 6,790 28,034 Hercules Adviser LLC (6) Unsecured Debt 608 — 12,000 — — — 12,000 Member Units — — 19,153 — — 9,560 28,713 Total Majority Owned Control Investments $ 4,047 $ — $ 68,416 $ 15,912 $ — $ 19,159 $ 103,487 Other Control Investments Tectura Corporation (7) Senior Debt $ 690 $ — $ 8,042 $ — $ (13,263) $ 13,471 $ 8,250 Preferred Stock — — — 13,263 — (10,000) 3,263 Common Stock — — — — — 4 4 Total Other Control Investments $ 690 $ — $ 8,042 $ 13,263 $ (13,263) $ 3,475 $ 11,517 Total Control Investments $ 4,737 $ — $ 76,458 $ 29,175 $ (13,263) $ 22,634 $ 115,004 (1) Stock and warrants are generally non-income producing and restricted. (2) Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment. (3) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities. (4) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period. (5) As of March 31, 2018, the Company's investment in Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC) became classified as a control investment as a result of obtaining a controlling financial interest. Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively. (6) Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1 - Description of Business” for additional disclosure. (7) As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018. (8) As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company. CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES As of and for the year ended December 31, 2022 (in thousands) Portfolio Company Investment (1) Amount of Interest and Fees Credited to Income (2) Realized Gain (Loss) Fair Value as of December 31, 2021 Gross Additions (3) Gross Reductions (4) Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of December 31, 2022 Control Investments Majority Owned Control Investments Coronado Aesthetics, LLC (9) Preferred Stock $ — $ — $ 500 $ — — $ (187) $ 313 Common Stock — — 65 — — (59) 6 Gibraltar Business Capital, LLC (5) Unsecured Debt 3,453 — 23,212 82 — (1,594) 21,700 Preferred Stock — — 19,393 — — (5,256) 14,137 Common Stock — — 1,225 — — (118) 1,107 Hercules Adviser LLC (6) Unsecured Debt 546 — 8,850 3,150 — — 12,000 Member Units — — 11,990 — — 7,163 19,153 Total Majority Owned Control Investments $ 3,999 $ — $ 65,235 $ 3,232 $ — $ (51) $ 68,416 Other Control Investments Tectura Corporation (7) Senior Debt $ 690 $ — $ 8,269 $ — $ — $ (227) $ 8,042 Preferred Stock — — — — — — — Common Stock — — — — — — — Total Other Control Investments $ 690 $ — $ 8,269 $ — $ — $ (227) $ 8,042 Total Control Investments $ 4,689 $ — $ 73,504 $ 3,232 $ — $ (278) $ 76,458 Affiliate Investments Black Crow AI, Inc. (8) Preferred Stock $ — $ 3,772 $ 1,120 $ — $ (1,000) $ (120) $ — Pineapple Energy LLC (8) Senior Debt 1,204 (2,014) 7,747 — (7,780) 33 — Common Stock — — 591 — (4,767) 4,176 — Total Affiliate Investments $ 1,204 $ 1,758 $ 9,458 $ — $ (13,547) $ 4,089 $ — Total Control and Affiliate Investments $ 5,893 $ 1,758 $ 82,962 $ 3,232 $ (13,547) $ 3,811 $ 76,458 (1) Stock and warrants are generally non-income producing and restricted. (2) Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment. (3) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities. (4) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period. (5) As of March 31, 2018, the Company's investment in Gibraltar Business Capital, LLC became classified as a control investment as a result of obtaining a controlling financial interest. (6) Hercules Adviser LLC is a wholly owned subsidiary providing investment management and other services to the Adviser Funds and other External Parties. (7) As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018. (8) As of September 30, 2022, Black Crow AI, Inc. and Pineapple Energy LLC were no longer affiliates as defined under the 1940 Act. (9) As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company. CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES As of and for the year ended December 31, 2023 (in thousands) Portfolio Company Industry Type of Investment (1) Maturity Date Interest Rate and Floor Principal Cost Value (2) Control Investments Majority Owned Control Investments Coronado Aesthetics, LLC Medical Devices & Equipment Preferred Series A Equity 5,000,000 $ 250 $ 260 Medical Devices & Equipment Common Stock 180,000 — 2 Total Coronado Aesthetics, LLC $ 250 $ 262 Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC) (3) Diversified Financial Services Unsecured Debt September 2026 Interest rate FIXED 11.50% $ 25,000 24,663 24,663 Diversified Financial Services Unsecured Debt September 2026 Interest rate FIXED 11.95% $ 10,000 9,815 9,815 Diversified Financial Services Member Units 1 34,006 28,034 Total Gibraltar Acquisition, LLC $ 68,484 $ 62,512 Hercules Adviser LLC (4) Diversified Financial Services Unsecured Debt June 2025 Interest rate FIXED 5.00% $ 12,000 12,000 12,000 Diversified Financial Services Member Units 1 35 28,713 Total Hercules Adviser LLC $ 12,035 $ 40,713 Total Majority Owned Control Investments (5.74%)* $ 80,769 $ 103,487 Other Control Investments Tectura Corporation Consumer & Business Services Senior Secured Debt July 2024 Interest rate FIXED 8.25% $ 8,250 $ 8,250 $ 8,250 Consumer & Business Services Common Stock 414,994,863 900 4 Consumer & Business Services Preferred Series BB Equity 1,000,000 — 12 Consumer & Business Services Preferred Series C Equity 3,235,298 13,263 3,251 Total Tectura Corporation $ 22,413 $ 11,517 Total Other Control Investments (0.64%)* $ 22,413 $ 11,517 Total Control Investments (6.38%)* $ 103,182 $ 115,004 * Value as a percent of net assets (1) Stock and warrants are generally non-income producing and restricted. (2) All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. (3) Gibraltar Acquisition LLC is a wholly-owned subsidiary, which is the holding company for their wholly-owned affiliated portfolio companies, Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC. The subsidiary has no significant assets or liabilities, other than their equity and debt investments and equity interest in Gibraltar Business Capital, LLC and Gibraltar Equipment Finance, LLC, respectively. (4) Hercules Adviser LLC is owned by Hercules Capital Management LLC and presented with Hercules Partner Holdings, LLC which are both wholly owned by the Company. Please refer to “Note 1” for additional disclosure. CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES As of and for the year ended December 31, 2022 (in thousands) Portfolio Company Industry Type of Investment (1) Maturity Date Interest Rate and Floor Principal or Shares Cost Value (2) Control Investments Majority Owned Control Investments Coronado Aesthetics, LLC Medical Devices & Equipment Preferred Series A Equity 5,000,000 $ 250 $ 313 Medical Devices & Equipment Common Stock 180,000 — 6 Total Coronado Aesthetics, LLC $ 250 $ 319 Gibraltar Business Capital, LLC Diversified Financial Services Unsecured Debt September 2026 Interest rate FIXED 14.50% $ 15,000 14,715 12,802 Diversified Financial Services Unsecured Debt September 2026 Interest rate FIXED 11.50% $ 10,000 9,852 8,898 Diversified Financial Services Preferred Series A Equity 10,602,752 26,122 14,137 Diversified Financial Services Common Stock 830,000 1,884 1,107 Total Gibraltar Business Capital, LLC $ 52,573 $ 36,944 Hercules Adviser LLC Diversified Financial Services Unsecured Debt June 2025 Interest rate FIXED 5.00% $ 12,000 12,000 12,000 Diversified Financial Services Member Units 1 35 19,153 Total Hercules Adviser LLC $ 12,035 $ 31,153 Total Majority Owned Control Investments (4.88%)* $ 64,858 $ 68,416 Other Control Investments Tectura Corporation Consumer & Business Services Senior Secured Debt July 2024 PIK Interest 5.00% $ 10,680 $ 240 $ — Consumer & Business Services Senior Secured Debt July 2024 Interest rate FIXED 8.25% $ 8,250 8,250 8,042 Consumer & Business Services Senior Secured Debt July 2024 PIK Interest 5.00% $ 13,023 13,023 — Consumer & Business Services Preferred Series BB Equity 1,000,000 — — Consumer & Business Services Common Stock 414,994,863 900 — Total Tectura Corporation $ 22,413 $ 8,042 Total Other Control Investments (0.58%)* $ 22,413 $ 8,042 Total Control Investments (5.46%)* $ 87,271 $ 76,458 * Value as a percent of net assets (1) Stock and warrants are generally non-income producing and restricted. (2) All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. |
Description of Business - Addit
Description of Business - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment company regulated status | true |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Investment company, accounting and reporting under Topic 946 | true | ||
Total asset investment, percentage | 95.10% | ||
Cash and cash equivalents, held in foreign currency | $ 804,000 | $ 1,178,000 | |
Cash and cash equivalents, held in foreign currency | 842,000 | 1,168,000 | |
Other comprehensive income | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Investments Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 3,243,438 | $ 2,960,062 |
Senior Secured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,987,577 | 2,741,388 |
Unsecured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 69,722 | 54,056 |
Preferred Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 53,038 | 41,488 |
Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 99,132 | 92,484 |
Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 33,969 | 30,646 |
Investment Funds & Vehicles measured at Net Asset Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 4,608 | 3,893 |
Total Investments, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,248,046 | 2,963,955 |
Derivative Instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | (766) | |
Total Investments including cash and cash equivalents and derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,303,280 | |
Money Market Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 56,000 | |
Escrow and Other Investment Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 10,888 | |
Escrow Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | 875 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 57,342 | 66,027 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 57,342 | 66,027 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 56,000 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 11,881 | 12,625 |
Significant Other Observable Inputs (Level 2) | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 1,398 | |
Significant Other Observable Inputs (Level 2) | Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 11,881 | 11,227 |
Significant Other Observable Inputs (Level 2) | Money Market Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,174,215 | 2,881,410 |
Significant Unobservable Inputs (Level 3) | Senior Secured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,987,577 | 2,741,388 |
Significant Unobservable Inputs (Level 3) | Unsecured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 69,722 | 54,056 |
Significant Unobservable Inputs (Level 3) | Preferred Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 53,038 | 41,488 |
Significant Unobservable Inputs (Level 3) | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 41,790 | 25,059 |
Significant Unobservable Inputs (Level 3) | Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 22,088 | 19,419 |
Significant Unobservable Inputs (Level 3) | Money Market Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 0 | |
Significant Unobservable Inputs (Level 3) | Escrow and Other Investment Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | $ 10,888 | |
Significant Unobservable Inputs (Level 3) | Escrow Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets | $ 875 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Reconciliation of Changes for All Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net realized gain (loss) | Total net realized gain (loss) |
HTGC Debt And Equity Securities Realized Gain Loss | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Total net change in unrealized appreciation (depreciation) | Total net change in unrealized appreciation (depreciation) |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Beginning Balance | $ 2,882,285 | $ 2,329,044 |
Net Realized Gains (Losses) | (13,021) | 5,785 |
Net Change in Unrealized Appreciation (Depreciation) | 19,550 | (42,091) |
Purchases | 1,289,369 | 1,162,985 |
Sales | (2,632) | (98,584) |
Repayments | (990,448) | (461,193) |
Gross Transfers into Level 3 | 39,979 | 207 |
Gross Transfers out of Level 3 | (39,979) | (13,868) |
Ending Balance | 3,185,103 | 2,882,285 |
Recurring | Significant Unobservable Inputs (Level 3) | Preferred Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Beginning Balance | 41,488 | 69,439 |
Net Realized Gains (Losses) | (3,441) | 7,966 |
Net Change in Unrealized Appreciation (Depreciation) | (1,123) | (23,658) |
Purchases | 2,851 | 5,264 |
Sales | 0 | (11,101) |
Repayments | 0 | 0 |
Gross Transfers into Level 3 | 13,263 | 0 |
Gross Transfers out of Level 3 | 0 | (6,422) |
Ending Balance | 53,038 | 41,488 |
Recurring | Significant Unobservable Inputs (Level 3) | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Beginning Balance | 25,059 | 21,968 |
Net Realized Gains (Losses) | 0 | (74) |
Net Change in Unrealized Appreciation (Depreciation) | 11,325 | 6,894 |
Purchases | 6,000 | 25 |
Sales | (594) | (19) |
Repayments | 0 | 0 |
Gross Transfers into Level 3 | 0 | 207 |
Gross Transfers out of Level 3 | 0 | (3,942) |
Ending Balance | 41,790 | 25,059 |
Recurring | Significant Unobservable Inputs (Level 3) | Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Beginning Balance | 19,419 | 27,477 |
Net Realized Gains (Losses) | (4,295) | (624) |
Net Change in Unrealized Appreciation (Depreciation) | 4,825 | (12,412) |
Purchases | 3,894 | 7,494 |
Sales | (1,755) | (2,516) |
Repayments | 0 | 0 |
Gross Transfers into Level 3 | 0 | 0 |
Gross Transfers out of Level 3 | 0 | 0 |
Ending Balance | 22,088 | 19,419 |
Recurring | Significant Unobservable Inputs (Level 3) | Senior Secured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Beginning Balance | 2,741,388 | 2,156,709 |
Net Realized Gains (Losses) | (5,350) | (1,884) |
Net Change in Unrealized Appreciation (Depreciation) | 17,277 | (9,788) |
Purchases | 1,264,689 | 1,145,048 |
Sales | 0 | (84,000) |
Repayments | (990,448) | (461,193) |
Gross Transfers into Level 3 | 0 | 0 |
Gross Transfers out of Level 3 | (39,979) | (3,504) |
Ending Balance | 2,987,577 | 2,741,388 |
Recurring | Significant Unobservable Inputs (Level 3) | Unsecured Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Beginning Balance | 54,056 | 52,890 |
Net Realized Gains (Losses) | 0 | 0 |
Net Change in Unrealized Appreciation (Depreciation) | 4,268 | (2,840) |
Purchases | 11,398 | 4,006 |
Sales | 0 | 0 |
Repayments | 0 | 0 |
Gross Transfers into Level 3 | 0 | 0 |
Gross Transfers out of Level 3 | 0 | 0 |
Ending Balance | 69,722 | 54,056 |
Recurring | Significant Unobservable Inputs (Level 3) | Escrow and Other Investment Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Beginning Balance | 875 | |
Net Realized Gains (Losses) | 65 | |
Net Change in Unrealized Appreciation (Depreciation) | (17,022) | |
Purchases | 537 | |
Sales | (283) | |
Repayments | 0 | |
Gross Transfers into Level 3 | 26,716 | |
Gross Transfers out of Level 3 | 0 | |
Ending Balance | 10,888 | 875 |
Recurring | Significant Unobservable Inputs (Level 3) | Escrow Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Roll Forward] | ||
Beginning Balance | $ 875 | 561 |
Net Realized Gains (Losses) | 401 | |
Net Change in Unrealized Appreciation (Depreciation) | (287) | |
Purchases | 1,148 | |
Sales | (948) | |
Repayments | 0 | |
Gross Transfers into Level 3 | 0 | |
Gross Transfers out of Level 3 | 0 | |
Ending Balance | $ 875 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Total net change in unrealized appreciation (depreciation) | $ 25,010 | $ (85,063) | $ 3,311 |
Significant Unobservable Inputs (Level 3) | Debt Investments | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Total net change in unrealized appreciation (depreciation) | 11,500 | (18,900) | |
Significant Unobservable Inputs (Level 3) | Preferred Stock Investment | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Total net change in unrealized appreciation (depreciation) | (4,600) | (19,400) | |
Significant Unobservable Inputs (Level 3) | Common Stock Investment | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Total net change in unrealized appreciation (depreciation) | 11,300 | 6,800 | |
Significant Unobservable Inputs (Level 3) | Warrants | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Total net change in unrealized appreciation (depreciation) | $ 1,500 | $ (12,700) |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Quantitative Information of Fair Value Measurements (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 3,057,299 | $ 2,795,444 |
Equity and Warrant Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 116,916 | 85,966 |
Debt Investments And Other Investment Receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 3,066,947 | |
Market Comparable Companies | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 52,094 | 30,086 |
Market Comparable Companies | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 19,014 | 12,479 |
Market Comparable Companies | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 971,775 | 903,427 |
Market Comparable Companies | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 1,181,823 | 967,108 |
Market Comparable Companies | Sustainable and Renewable Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 1,678 | 3,006 |
Market Comparable Companies | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 322,162 | $ 328,393 |
Market Comparable Companies | Hypothetical Market Yield | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1503 | |
Market Comparable Companies | Premium/(Discount) | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0020 | |
Market Comparable Companies | Minimum | Hypothetical Market Yield | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1091 | 0.1174 |
Market Comparable Companies | Minimum | Hypothetical Market Yield | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1130 | 0.1205 |
Market Comparable Companies | Minimum | Hypothetical Market Yield | Sustainable and Renewable Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1075 | 0.1471 |
Market Comparable Companies | Minimum | Hypothetical Market Yield | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1254 | 0.1368 |
Market Comparable Companies | Minimum | Premium/(Discount) | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | (0.0100) | (0.0075) |
Market Comparable Companies | Minimum | Premium/(Discount) | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | (0.0100) | (0.0100) |
Market Comparable Companies | Minimum | Premium/(Discount) | Sustainable and Renewable Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0075 | 0.0075 |
Market Comparable Companies | Minimum | Premium/(Discount) | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | (0.0075) | (0.0200) |
Market Comparable Companies | Minimum | EBITDA Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 12.3 | 12.4 |
Market Comparable Companies | Minimum | EBITDA Multiple | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 12.3 | 12.4 |
Market Comparable Companies | Minimum | Revenue Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.3 | 0.7 |
Market Comparable Companies | Minimum | Revenue Multiple | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.9 | 0.6 |
Market Comparable Companies | Minimum | Tangible Book Value Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 1.8 | 1.6 |
Market Comparable Companies | Minimum | Discount for Lack of Marketability | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0711 | 0.0811 |
Market Comparable Companies | Minimum | Discount for Lack of Marketability | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0621 | 0.0811 |
Market Comparable Companies | Maximum | Hypothetical Market Yield | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.2143 | 0.1904 |
Market Comparable Companies | Maximum | Hypothetical Market Yield | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.2074 | 0.1853 |
Market Comparable Companies | Maximum | Hypothetical Market Yield | Sustainable and Renewable Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1075 | 0.1471 |
Market Comparable Companies | Maximum | Hypothetical Market Yield | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.2015 | 0.1849 |
Market Comparable Companies | Maximum | Premium/(Discount) | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0350 | 0.0175 |
Market Comparable Companies | Maximum | Premium/(Discount) | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0500 | 0.0150 |
Market Comparable Companies | Maximum | Premium/(Discount) | Sustainable and Renewable Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0075 | 0.0075 |
Market Comparable Companies | Maximum | Premium/(Discount) | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0225 | 0.0075 |
Market Comparable Companies | Maximum | EBITDA Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 12.3 | 12.4 |
Market Comparable Companies | Maximum | EBITDA Multiple | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 12.3 | 12.4 |
Market Comparable Companies | Maximum | Revenue Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 20.1 | 16.1 |
Market Comparable Companies | Maximum | Revenue Multiple | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 10.2 | 8.8 |
Market Comparable Companies | Maximum | Tangible Book Value Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 1.8 | 1.6 |
Market Comparable Companies | Maximum | Discount for Lack of Marketability | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.9272 | 0.2890 |
Market Comparable Companies | Maximum | Discount for Lack of Marketability | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.3312 | 0.3270 |
Market Comparable Companies | Weighted Average | Hypothetical Market Yield | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1346 | 0.1517 |
Market Comparable Companies | Weighted Average | Hypothetical Market Yield | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1521 | |
Market Comparable Companies | Weighted Average | Hypothetical Market Yield | Sustainable and Renewable Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1075 | 0.1471 |
Market Comparable Companies | Weighted Average | Hypothetical Market Yield | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1413 | 0.1482 |
Market Comparable Companies | Weighted Average | Premium/(Discount) | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0004 | 0.0001 |
Market Comparable Companies | Weighted Average | Premium/(Discount) | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0047 | |
Market Comparable Companies | Weighted Average | Premium/(Discount) | Sustainable and Renewable Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0075 | 0.0075 |
Market Comparable Companies | Weighted Average | Premium/(Discount) | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0056 | (0.0043) |
Market Comparable Companies | Weighted Average | EBITDA Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 12.3 | 12.4 |
Market Comparable Companies | Weighted Average | EBITDA Multiple | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 12.3 | 12.4 |
Market Comparable Companies | Weighted Average | Revenue Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 7.2 | 7.4 |
Market Comparable Companies | Weighted Average | Revenue Multiple | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 4.2 | 3.4 |
Market Comparable Companies | Weighted Average | Tangible Book Value Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 1.8 | 1.6 |
Market Comparable Companies | Weighted Average | Discount for Lack of Marketability | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.3157 | 0.1979 |
Market Comparable Companies | Weighted Average | Discount for Lack of Marketability | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.2170 | 0.1897 |
Income Approach | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 23,244 | $ 20,356 |
Income Approach | Minimum | Probability weighting of alternative outcomes | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0100 | 0.0100 |
Income Approach | Maximum | Probability weighting of alternative outcomes | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.5000 | 0.5000 |
Income Approach | Weighted Average | Probability weighting of alternative outcomes | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.3932 | 0.3579 |
Liquidation | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 0 | |
Liquidation | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 0 | |
Liquidation | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 8,455 | |
Liquidation | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 0 | 1,671 |
Liquidation | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 8,042 | |
Liquidation | Other Investment Receivable | Other Investment Receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 9,648 | |
Liquidation | Minimum | Probability weighting of alternative outcomes | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1000 | |
Liquidation | Minimum | Probability weighting of alternative outcomes | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 1 | 0.0500 |
Liquidation | Minimum | Probability weighting of alternative outcomes | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.2000 | |
Liquidation | Minimum | Probability weighting of alternative outcomes | Other Investment Receivable | Other Investment Receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1000 | |
Liquidation | Minimum | Revenue Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 2.1 | |
Liquidation | Minimum | Revenue Multiple | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 6.2 | |
Liquidation | Minimum | Discount for Lack of Marketability | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.8500 | |
Liquidation | Minimum | Discount for Lack of Marketability | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 90 | |
Liquidation | Maximum | Probability weighting of alternative outcomes | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.5000 | |
Liquidation | Maximum | Probability weighting of alternative outcomes | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 1 | 0.8000 |
Liquidation | Maximum | Probability weighting of alternative outcomes | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.8000 | |
Liquidation | Maximum | Probability weighting of alternative outcomes | Other Investment Receivable | Other Investment Receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.5000 | |
Liquidation | Maximum | Revenue Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 2.1 | |
Liquidation | Maximum | Revenue Multiple | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 6.2 | |
Liquidation | Maximum | Discount for Lack of Marketability | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.8500 | |
Liquidation | Maximum | Discount for Lack of Marketability | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 90 | |
Liquidation | Weighted Average | Probability weighting of alternative outcomes | Pharmaceuticals | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.4183 | |
Liquidation | Weighted Average | Probability weighting of alternative outcomes | Technology | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 1 | 0.4829 |
Liquidation | Weighted Average | Probability weighting of alternative outcomes | Lower Middle Market | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.8000 | |
Liquidation | Weighted Average | Probability weighting of alternative outcomes | Other Investment Receivable | Other Investment Receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.4183 | |
Liquidation | Weighted Average | Revenue Multiple | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 2.1 | |
Liquidation | Weighted Average | Revenue Multiple | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 6.2 | |
Liquidation | Weighted Average | Discount for Lack of Marketability | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.8500 | |
Liquidation | Weighted Average | Discount for Lack of Marketability | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 90 | |
Cost Approach | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 431,512 | $ 392,168 |
Debt Investments Imminent Payoffs | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 54,430 | 77,676 |
Debt Maturing Within One Year | Debt Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 62,220 | 93,597 |
Market Adjusted OPM Backsolve | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | 11,096 | 13,795 |
Market Adjusted OPM Backsolve | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 3,074 | $ 6,934 |
Market Adjusted OPM Backsolve | Minimum | Market Equity Adjustment | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | (0.8614) | (0.9782) |
Market Adjusted OPM Backsolve | Minimum | Market Equity Adjustment | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | (0.7067) | (0.9782) |
Market Adjusted OPM Backsolve | Maximum | Market Equity Adjustment | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.3269 | 0.1634 |
Market Adjusted OPM Backsolve | Maximum | Market Equity Adjustment | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.3486 | 0.6643 |
Market Adjusted OPM Backsolve | Weighted Average | Market Equity Adjustment | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.0747 | (0.1669) |
Market Adjusted OPM Backsolve | Weighted Average | Market Equity Adjustment | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1317 | (0.0886) |
Discounted Cash Flow | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 28,713 | $ 19,153 |
Discounted Cash Flow | Minimum | Discount Rate | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.1988 | 0.1772 |
Discounted Cash Flow | Maximum | Discount Rate | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.3197 | 0.3013 |
Discounted Cash Flow | Weighted Average | Discount Rate | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investment company, investment owned, measurement input | 0.3051 | 0.2446 |
Other | Equity Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 2,925 | $ 3,513 |
Other | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Investments | $ 0 | $ 6 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total net change in unrealized appreciation (depreciation) | $ 25,010 | $ (85,063) | $ 3,311 |
2033 Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Current price per par value (in dollars per share) | $ 25.25 | $ 24.59 | |
2031 Asset-Backed Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Current price per par value (in dollars per share) | 0.950 | ||
Underwriting | 2033 Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Current price per par value (in dollars per share) | $ 25 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy Of Outstanding Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | $ 1,554,869 | $ 1,574,351 |
Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 1,554,869 | 1,574,351 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 1,450,995 | 1,434,445 |
SBA Debentures | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 170,323 | 169,738 |
SBA Debentures | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 142,011 | 155,257 |
July 2024 Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 104,828 | 104,533 |
July 2024 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 105,755 | 102,019 |
February 2025 Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 49,866 | 49,751 |
February 2025 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 49,144 | 47,044 |
June 2025 Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 69,757 | 69,595 |
June 2025 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 67,198 | 64,198 |
June 2025 3-Year Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 49,771 | 49,616 |
June 2025 3-Year Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 48,983 | 47,528 |
March 2026 A Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 49,795 | 49,700 |
March 2026 A Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 47,702 | 45,512 |
March 2026 B Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 49,776 | 49,673 |
March 2026 B Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 47,759 | 45,588 |
September 2026 Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 322,339 | 321,358 |
September 2026 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 288,711 | 269,509 |
January 2027 Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 345,935 | 344,604 |
January 2027 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 315,832 | 296,826 |
2031 Asset-Backed Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 148,544 | 147,957 |
2031 Asset-Backed Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 142,500 | 142,620 |
2033 Notes | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 38,935 | 38,826 |
2033 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 40,400 | 39,344 |
MUFG Bank Facility | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 61,000 | 107,000 |
MUFG Bank Facility | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 61,000 | 107,000 |
SMBC Facility | Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Net of debt issuance costs | 94,000 | 72,000 |
SMBC Facility | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 94,000 | 72,000 |
Identical Assets Level 1 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | SBA Debentures | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | July 2024 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | February 2025 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | June 2025 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | June 2025 3-Year Notes | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | |
Identical Assets Level 1 | June 2025 3-Year Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | |
Identical Assets Level 1 | March 2026 A Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | March 2026 B Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | September 2026 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | January 2027 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | 2031 Asset-Backed Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | 2033 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | MUFG Bank Facility | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Identical Assets Level 1 | SMBC Facility | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 182,900 | 181,964 |
Observable Inputs Level 2 | SBA Debentures | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | July 2024 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | February 2025 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | June 2025 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | June 2025 3-Year Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | March 2026 A Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | March 2026 B Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | September 2026 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | January 2027 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | 2031 Asset-Backed Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 142,500 | 142,620 |
Observable Inputs Level 2 | 2033 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 40,400 | 39,344 |
Observable Inputs Level 2 | MUFG Bank Facility | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Observable Inputs Level 2 | SMBC Facility | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Unobservable Inputs Level 3 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 1,268,095 | 1,252,481 |
Unobservable Inputs Level 3 | SBA Debentures | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 142,011 | 155,257 |
Unobservable Inputs Level 3 | July 2024 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 105,755 | 102,019 |
Unobservable Inputs Level 3 | February 2025 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 49,144 | 47,044 |
Unobservable Inputs Level 3 | June 2025 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 67,198 | 64,198 |
Unobservable Inputs Level 3 | June 2025 3-Year Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 48,983 | 47,528 |
Unobservable Inputs Level 3 | March 2026 A Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 47,702 | 45,512 |
Unobservable Inputs Level 3 | March 2026 B Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 47,759 | 45,588 |
Unobservable Inputs Level 3 | September 2026 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 288,711 | 269,509 |
Unobservable Inputs Level 3 | January 2027 Notes | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 315,832 | |
Unobservable Inputs Level 3 | January 2027 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 296,826 | |
Unobservable Inputs Level 3 | 2031 Asset-Backed Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Unobservable Inputs Level 3 | 2033 Notes | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 0 | 0 |
Unobservable Inputs Level 3 | MUFG Bank Facility | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | 61,000 | 107,000 |
Unobservable Inputs Level 3 | SMBC Facility | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Approximate Fair Value | $ 94,000 | $ 72,000 |
Investments - Schedule of Reali
Investments - Schedule of Realized Gains and Losses and Changes in Unrealized Appreciation and Depreciation on Control and Affiliate investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | $ 3,248,046 | $ 2,963,955 | |
Total fee income | 26,243 | 14,430 | $ 27,616 |
Total net change in unrealized appreciation (depreciation) | 25,010 | (85,063) | 3,311 |
Control investments | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 115,004 | 76,458 | 73,504 |
Interest income | 4,642 | 4,621 | 4,009 |
Total fee income | 95 | 68 | 59 |
Total net change in unrealized appreciation (depreciation) | 22,634 | (278) | (2,677) |
Total net realized gain (loss) | 0 | 0 | 0 |
Control investments | Coronado Aesthetics, LLC | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 262 | 319 | 565 |
Interest income | 0 | 0 | 0 |
Total fee income | 0 | 0 | 0 |
Total net change in unrealized appreciation (depreciation) | (57) | (246) | 315 |
Total net realized gain (loss) | 0 | 0 | 0 |
Control investments | Gibraltar Acquisition LLC | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 62,512 | ||
Interest income | 3,344 | ||
Total fee income | 95 | ||
Total net change in unrealized appreciation (depreciation) | 9,656 | ||
Total net realized gain (loss) | 0 | ||
Control investments | Gibraltar Business Capital, LLC | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 36,944 | 43,830 | |
Interest income | 3,385 | 3,178 | |
Total fee income | 68 | 54 | |
Total net change in unrealized appreciation (depreciation) | (6,968) | (14,616) | |
Total net realized gain (loss) | 0 | 0 | |
Control investments | Hercules Adviser LLC | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 40,713 | 31,153 | 20,840 |
Interest income | 608 | 546 | 141 |
Total fee income | 0 | 0 | 0 |
Total net change in unrealized appreciation (depreciation) | 9,560 | 7,163 | 11,955 |
Total net realized gain (loss) | 0 | 0 | 0 |
Control investments | Tectura Corporation | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 11,517 | 8,042 | 8,269 |
Interest income | 690 | 690 | 690 |
Total fee income | 0 | 0 | 5 |
Total net change in unrealized appreciation (depreciation) | 3,475 | (227) | (331) |
Total net realized gain (loss) | 0 | 0 | 0 |
Affiliate investments | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 0 | 9,458 | |
Total net change in unrealized appreciation (depreciation) | 0 | 4,089 | 63,806 |
Total net realized gain (loss) | $ 0 | 1,758 | (62,143) |
Investment, Affiliated Issuer | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 0 | 9,458 | |
Interest income | 1,204 | 10 | |
Total fee income | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | 4,089 | 63,806 | |
Total net realized gain (loss) | 1,758 | (62,143) | |
Investment, Affiliated Issuer | Black Crow AI, Inc. | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 0 | 1,120 | |
Interest income | 0 | 0 | |
Total fee income | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | (120) | 1,905 | |
Total net realized gain (loss) | 3,772 | 0 | |
Investment, Affiliated Issuer | Pineapple Energy LLC | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 0 | 8,338 | |
Interest income | 1,204 | 10 | |
Total fee income | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | 4,209 | (282) | |
Total net realized gain (loss) | (2,014) | 0 | |
Investment, Affiliated Issuer | Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 0 | ||
Interest income | 0 | ||
Total fee income | 0 | ||
Total net change in unrealized appreciation (depreciation) | 62,183 | ||
Total net realized gain (loss) | (62,143) | ||
Control And Affiliate Issuer Investments Member | |||
Schedule Of Investments [Line Items] | |||
Investments, at fair value: | 76,458 | 82,962 | |
Interest income | 5,825 | 4,019 | |
Total fee income | 68 | 59 | |
Total net change in unrealized appreciation (depreciation) | 3,811 | 61,129 | |
Total net realized gain (loss) | $ 1,758 | $ (62,143) |
Investments - Schedule of Fair
Investments - Schedule of Fair Value Portfolio of Investments by Asset Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 3,248,046 | $ 2,963,955 |
Investment Type Concentration Risk | Total Investments Benchmark | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 3,248,046 | $ 2,963,955 |
Percentage of Total Portfolio | 100% | 100% |
Investment Type Concentration Risk | Total Investments Benchmark | Senior Secured Debt | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 2,987,577 | $ 2,741,388 |
Percentage of Total Portfolio | 92% | 92.50% |
Investment Type Concentration Risk | Total Investments Benchmark | Unsecured Debt | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 69,722 | $ 54,056 |
Percentage of Total Portfolio | 2.20% | 1.80% |
Investment Type Concentration Risk | Total Investments Benchmark | Preferred Stock | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 53,038 | $ 41,488 |
Percentage of Total Portfolio | 1.60% | 1.40% |
Investment Type Concentration Risk | Total Investments Benchmark | Common Stock | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 99,132 | $ 92,484 |
Percentage of Total Portfolio | 3.10% | 3.10% |
Investment Type Concentration Risk | Total Investments Benchmark | Warrants | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 33,969 | $ 30,646 |
Percentage of Total Portfolio | 1% | 1.10% |
Investment Type Concentration Risk | Total Investments Benchmark | Investment Funds & Vehicles | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 4,608 | $ 3,893 |
Percentage of Total Portfolio | 0.10% | 0.10% |
Investments - Schedule of Fai_2
Investments - Schedule of Fair Value Portfolio of Investments by Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 3,248,046 | $ 2,963,955 |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 3,248,046 | $ 2,963,955 |
Percentage of Total Portfolio | 100% | 100% |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | United States | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 2,861,615 | $ 2,670,520 |
Percentage of Total Portfolio | 88.10% | 90.10% |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | United Kingdom | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 222,136 | $ 171,629 |
Percentage of Total Portfolio | 6.90% | 5.80% |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | Netherlands | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 89,995 | $ 88,915 |
Percentage of Total Portfolio | 2.80% | 3% |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | Israel | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 52,868 | $ 9,052 |
Percentage of Total Portfolio | 1.60% | 0.30% |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | Canada | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 15,730 | $ 19,472 |
Percentage of Total Portfolio | 0.50% | 0.70% |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | Denmark | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 4,173 | $ 0 |
Percentage of Total Portfolio | 0.10% | 0% |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | Germany | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 1,144 | $ 990 |
Percentage of Total Portfolio | 0% | 0% |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | Other | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 385 | $ 573 |
Percentage of Total Portfolio | 0% | 0% |
Geographic Concentration Risk | Total Investments Benchmark, Geographical | Ireland | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 0 | $ 2,804 |
Percentage of Total Portfolio | 0% | 0.10% |
Investments - Schedule of Fai_3
Investments - Schedule of Fair Value Portfolio By Industry Sector (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 3,248,046 | $ 2,963,955 |
Industry Sub Sector Concentration Risk | Total Industry Sectors | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 3,248,046 | 2,963,955 |
Industry Sub Sector Concentration Risk | Drug Discovery & Development | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 1,257,699 | 1,150,707 |
Industry Sub Sector Concentration Risk | Software | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 764,985 | 798,264 |
Industry Sub Sector Concentration Risk | Consumer & Business Services | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 525,973 | 439,384 |
Industry Sub Sector Concentration Risk | Healthcare Services, Other | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 300,079 | 198,763 |
Industry Sub Sector Concentration Risk | Communications & Networking | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 29,400 | 101,833 |
Industry Sub Sector Concentration Risk | Diversified Financial Services | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 114,722 | 68,569 |
Industry Sub Sector Concentration Risk | Information Services | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 126,605 | 60,759 |
Industry Sub Sector Concentration Risk | Biotechnology Tools | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 48,381 | 32,825 |
Industry Sub Sector Concentration Risk | Manufacturing Technology | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 11,006 | 46,109 |
Industry Sub Sector Concentration Risk | Medical Devices & Equipment | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 22,096 | 1,834 |
Industry Sub Sector Concentration Risk | Electronics & Computer Hardware | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 20,324 | 21,517 |
Industry Sub Sector Concentration Risk | Media/Content/Info | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 12,704 | 35 |
Industry Sub Sector Concentration Risk | Sustainable and Renewable Technology | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 9,581 | 15,486 |
Industry Sub Sector Concentration Risk | Consumer & Business Products | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 2,589 | 2,821 |
Industry Sub Sector Concentration Risk | Semiconductors | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 1,205 | 21,921 |
Industry Sub Sector Concentration Risk | Surgical Devices | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 676 | 3,038 |
Industry Sub Sector Concentration Risk | Drug Delivery | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 21 | $ 90 |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Total Industry Sectors | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 100% | 100% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Drug Discovery & Development | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 38.70% | 38.80% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Software | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 23.60% | 26.90% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Consumer & Business Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 16.20% | 14.80% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Healthcare Services, Other | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 9.30% | 6.70% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Communications & Networking | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0.90% | 3.50% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Diversified Financial Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 3.50% | 2.30% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Information Services | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 3.90% | 2.10% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Biotechnology Tools | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 1.50% | 1.10% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Manufacturing Technology | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0.30% | 1.60% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Medical Devices & Equipment | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0.70% | 0.10% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Electronics & Computer Hardware | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0.60% | 0.70% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Media/Content/Info | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0.40% | 0% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Sustainable and Renewable Technology | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0.30% | 0.50% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Consumer & Business Products | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0.10% | 0.10% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Semiconductors | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0% | 0.70% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Surgical Devices | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0% | 0.10% |
Industry Sub Sector Concentration Risk | Industry Sub Sector Investments Benchmark | Drug Delivery | ||
Schedule Of Investments [Line Items] | ||
Percentage of Total Portfolio | 0% | 0% |
Investments - Additional Inform
Investments - Additional Information (Details) | Dec. 31, 2023 equityInvestment Firm | Dec. 31, 2022 equityInvestment Firm |
Schedule Of Investments [Line Items] | ||
Percentage of fair value investment in portfolio companies | 29.70% | 29% |
Count greater five percent fair value equity | equityInvestment | 5 | 4 |
Percentage of equity investments held in portfolio companies | 56.50% | 39.80% |
Concentrations of Credit Risk | ||
Schedule Of Investments [Line Items] | ||
Number of portfolio companies | Firm | 5 | 8 |
Investments - Schedule of Inves
Investments - Schedule of Investment Collateral (Details) - Total Debt Investments Benchmark - Collateral Type Concentration Risk | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Investment Holdings | ||
Concentration risk, percentage | 100% | 100% |
Senior Secured First Lien | ||
Summary of Investment Holdings | ||
Concentration risk, percentage | 88.80% | 79.70% |
Senior Secured First Lien | All assets including intellectual property | ||
Summary of Investment Holdings | ||
Concentration risk, percentage | 52.30% | 42% |
Senior Secured First Lien | All assets with negative pledge on intellectual property | ||
Summary of Investment Holdings | ||
Concentration risk, percentage | 24% | 26.10% |
Senior Secured First Lien | “Last-out” with security interest in all of the assets | ||
Summary of Investment Holdings | ||
Concentration risk, percentage | 12.50% | 11.60% |
Second lien | ||
Summary of Investment Holdings | ||
Concentration risk, percentage | 8.90% | 18.40% |
Unsecured Debt | ||
Summary of Investment Holdings | ||
Concentration risk, percentage | 2.30% | 1.90% |
Investments - Schedule of Deriv
Investments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Investment Holdings | ||
Total | $ (766) | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Foreign Exchange Forward | ||
Summary of Investment Holdings | ||
Total | $ 766 | $ 0 |
Net realized (gain) loss on derivative investments | 0 | 0 |
Net change in unrealized gain loss on derivatives investments | (766) | 0 |
Foreign Exchange Forward | Accounts Payable and Accrued Liabilities | ||
Summary of Investment Holdings | ||
Total | $ 766 | $ 0 |
Investments - Schedule of Inv_2
Investments - Schedule of Investment Interest Income and Fee Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Investments [Line Items] | |||
Total interest and dividend income | $ 434,425 | $ 307,258 | $ 253,360 |
Total fee income | 26,243 | 14,430 | 27,616 |
Contractual interest income | |||
Schedule Of Investments [Line Items] | |||
Total interest and dividend income | 351,883 | 249,375 | 200,682 |
Exit fee interest income | |||
Schedule Of Investments [Line Items] | |||
Total interest and dividend income | 45,747 | 32,063 | 37,494 |
PIK interest income | |||
Schedule Of Investments [Line Items] | |||
Total interest and dividend income | 24,670 | 20,455 | 11,210 |
Dividend income | |||
Schedule Of Investments [Line Items] | |||
Total interest and dividend income | 1,400 | 0 | 0 |
Other investment income | |||
Schedule Of Investments [Line Items] | |||
Total interest and dividend income | 10,725 | 5,365 | 3,974 |
Recurring fee income | |||
Schedule Of Investments [Line Items] | |||
Total fee income | 8,835 | 7,834 | 7,458 |
Fee income - expired commitments | |||
Schedule Of Investments [Line Items] | |||
Total fee income | 1,695 | 1,502 | 3,031 |
Accelerated fee income - early repayments | |||
Schedule Of Investments [Line Items] | |||
Total fee income | $ 15,713 | $ 5,094 | $ 17,127 |
Investments - Schedule of Unamo
Investments - Schedule of Unamortized Capitalized Fee Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Unamortized Fee Income | $ 42.3 | $ 54 |
Offset against debt investment cost | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Unamortized Fee Income | 32.9 | 43.1 |
Deferred obligation contingent on funding or other milestone | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Unamortized Fee Income | $ 9.4 | $ 10.9 |
Investments - Schedule of Loan
Investments - Schedule of Loan Exit Fees Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Exit Fees Receivable | $ 40.2 | $ 37.5 |
Included within debt investment cost | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Exit Fees Receivable | 35.9 | 32.5 |
Deferred receivable related to expired commitments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Exit Fees Receivable | $ 4.3 | $ 5 |
Debt - Schedule of Available an
Debt - Schedule of Available and Outstanding Debt (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 23, 2022 | Jun. 22, 2022 | Jan. 20, 2022 | Sep. 16, 2021 | Mar. 04, 2021 | Nov. 04, 2020 | Jun. 03, 2020 | Feb. 05, 2020 | Jul. 16, 2019 | Sep. 24, 2018 |
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | $ 2,215,000,000 | $ 2,185,000,000 | ||||||||||
Principal | 1,570,000,000 | 1,594,000,000 | ||||||||||
Carrying Value | 1,554,869,000 | 1,574,351,000 | ||||||||||
SBA Debentures | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 175,000,000 | 175,000,000 | ||||||||||
Principal | 175,000,000 | 175,000,000 | ||||||||||
Carrying Value | 170,323,000 | 169,738,000 | ||||||||||
July 2024 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 105,000,000 | 105,000,000 | $ 105,000,000 | |||||||||
Principal | 105,000,000 | 105,000,000 | ||||||||||
Carrying Value | 104,828,000 | 104,533,000 | ||||||||||
February 2025 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||
Principal | 50,000,000 | 50,000,000 | ||||||||||
Carrying Value | 49,866,000 | 49,751,000 | ||||||||||
June 2025 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 70,000,000 | 70,000,000 | $ 70,000,000 | |||||||||
Principal | 70,000,000 | 70,000,000 | ||||||||||
Carrying Value | 69,757,000 | 69,595,000 | ||||||||||
June 2025 3-Year Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||
Principal | 50,000,000 | 50,000,000 | ||||||||||
Carrying Value | 49,771,000 | 49,616,000 | ||||||||||
March 2026 A Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||
Principal | 50,000,000 | 50,000,000 | ||||||||||
Carrying Value | 49,795,000 | 49,700,000 | ||||||||||
March 2026 B Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||
Principal | 50,000,000 | 50,000,000 | ||||||||||
Carrying Value | 49,776,000 | 49,673,000 | ||||||||||
September 2026 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 325,000,000 | 325,000,000 | $ 325,000,000 | |||||||||
Principal | 325,000,000 | 325,000,000 | ||||||||||
Carrying Value | 322,339,000 | 321,358,000 | ||||||||||
January 2027 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 350,000,000 | 350,000,000 | $ 350,000,000 | |||||||||
Principal | 350,000,000 | 350,000,000 | ||||||||||
Carrying Value | 345,935,000 | 344,604,000 | ||||||||||
2031 Asset-Backed Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 150,000,000 | 150,000,000 | $ 150,000,000 | |||||||||
Principal | 150,000,000 | 150,000,000 | ||||||||||
Carrying Value | 148,544,000 | 147,957,000 | ||||||||||
2033 Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 40,000,000 | 40,000,000 | $ 40,000,000 | |||||||||
Principal | 40,000,000 | 40,000,000 | ||||||||||
Carrying Value | 38,935,000 | 38,826,000 | ||||||||||
MUFG Bank Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 400,000,000 | 545,000,000 | ||||||||||
Principal | 61,000,000 | 107,000,000 | ||||||||||
Carrying Value | 61,000,000 | 107,000,000 | ||||||||||
SMBC Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | 400,000,000 | 225,000,000 | ||||||||||
Principal | 94,000,000 | 72,000,000 | ||||||||||
Carrying Value | $ 94,000,000 | $ 72,000,000 |
Debt - Schedule of Debt Issuanc
Debt - Schedule of Debt Issuance Costs, Net of accumulated Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | $ 20,446 | $ 22,642 |
SBA Debentures | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 4,677 | 5,262 |
July 2024 Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 172 | 467 |
February 2025 Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 134 | 249 |
June 2025 Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 243 | 405 |
June 2025 3-Year Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 229 | 384 |
March 2026 A Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 205 | 300 |
March 2026 B Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 224 | 327 |
September 2026 Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 2,661 | 3,642 |
January 2027 Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 4,065 | 5,396 |
2031 Asset-Backed Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 1,456 | 2,043 |
2033 Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 1,065 | 1,174 |
MUFG Bank Facility | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | 3,540 | 1,292 |
SMBC Facility | ||
Debt Instrument [Line Items] | ||
Debt issuance cost, net of accumulated amortization | $ 1,775 | $ 1,701 |
Debt - Schedule of Components o
Debt - Schedule of Components of Interest Expense, Related Fees, Losses on Debt Extinguishment and Cash Paid for Interest Expense for Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Interest expense | $ 67,620 | $ 54,749 | $ 54,447 |
Amortization of debt issuance cost (loan fees) | 6,123 | 4,800 | 10,451 |
Unused facility and other fees (loan fees) | 3,722 | 2,798 | 2,625 |
Total interest expense and fees | 77,465 | 62,347 | 67,523 |
Cash paid for interest expense | 67,149 | 52,075 | 51,469 |
SBA Debentures | |||
Debt Instrument [Line Items] | |||
Interest expense | 4,562 | 3,997 | 1,580 |
Amortization of debt issuance cost (loan fees) | 585 | 581 | 452 |
Unused facility and other fees (loan fees) | 0 | 0 | 0 |
Total interest expense and fees | 5,147 | 4,578 | 2,032 |
Cash paid for interest expense | 4,562 | 2,835 | 2,272 |
2022 Notes(3) | |||
Debt Instrument [Line Items] | |||
Interest expense | 1,011 | 7,102 | |
Amortization of debt issuance cost (loan fees) | 50 | 360 | |
Unused facility and other fees (loan fees) | 0 | 0 | |
Total interest expense and fees | 1,061 | 7,462 | |
Cash paid for interest expense | 2,293 | 6,938 | |
Amortization of original issue discounts | 23 | 165 | |
July 2024 Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 5,009 | 5,009 | 5,009 |
Amortization of debt issuance cost (loan fees) | 295 | 295 | 295 |
Unused facility and other fees (loan fees) | 0 | 0 | 0 |
Total interest expense and fees | 5,304 | 5,304 | 5,304 |
Cash paid for interest expense | 5,009 | 5,009 | 5,008 |
February 2025 Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 2,140 | 2,140 | 2,140 |
Amortization of debt issuance cost (loan fees) | 115 | 115 | 115 |
Unused facility and other fees (loan fees) | 0 | 0 | 0 |
Total interest expense and fees | 2,255 | 2,255 | 2,255 |
Cash paid for interest expense | 2,140 | 2,140 | 2,140 |
April 2025 Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 1,969 | ||
Amortization of debt issuance cost (loan fees) | 1,667 | ||
Unused facility and other fees (loan fees) | 0 | ||
Total interest expense and fees | 3,636 | ||
Cash paid for interest expense | 2,635 | ||
Debt extinguishment costs | 1,477 | ||
June 2025 Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 3,017 | 3,017 | 3,017 |
Amortization of debt issuance cost (loan fees) | 162 | 162 | 162 |
Unused facility and other fees (loan fees) | 0 | 0 | 0 |
Total interest expense and fees | 3,179 | 3,179 | 3,179 |
Cash paid for interest expense | 3,017 | 3,017 | 3,017 |
June 2025 3-Year Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 3,000 | 1,567 | |
Amortization of debt issuance cost (loan fees) | 155 | 81 | |
Unused facility and other fees (loan fees) | 0 | 0 | |
Total interest expense and fees | 3,155 | 1,648 | |
Cash paid for interest expense | 3,000 | 1,500 | |
March 2026 A Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 2,250 | 2,250 | 2,250 |
Amortization of debt issuance cost (loan fees) | 95 | 95 | 93 |
Unused facility and other fees (loan fees) | 0 | 0 | 0 |
Total interest expense and fees | 2,345 | 2,345 | 2,343 |
Cash paid for interest expense | 2,250 | 2,250 | 1,875 |
March 2026 B Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 2,275 | 2,275 | 1,877 |
Amortization of debt issuance cost (loan fees) | 103 | 103 | 85 |
Unused facility and other fees (loan fees) | 0 | 0 | 0 |
Total interest expense and fees | 2,378 | 2,378 | 1,962 |
Cash paid for interest expense | 2,276 | 2,275 | 1,138 |
September 2026 Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 8,697 | 8,698 | 2,513 |
Amortization of debt issuance cost (loan fees) | 815 | 815 | 236 |
Unused facility and other fees (loan fees) | 0 | 0 | 0 |
Total interest expense and fees | 9,512 | 9,513 | 2,749 |
Cash paid for interest expense | 8,532 | 8,531 | 0 |
Amortization of original issue discounts | 166 | 166 | 48 |
January 2027 Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 12,316 | 11,630 | |
Amortization of debt issuance cost (loan fees) | 828 | 782 | |
Unused facility and other fees (loan fees) | 0 | 0 | |
Total interest expense and fees | 13,144 | 12,412 | |
Cash paid for interest expense | 11,812 | 5,906 | |
Amortization of original issue discounts | 503 | 475 | |
2031 Asset-Backed Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 7,613 | 3,975 | |
Amortization of debt issuance cost (loan fees) | 399 | 209 | |
Unused facility and other fees (loan fees) | 0 | 0 | |
Total interest expense and fees | 8,012 | 4,184 | |
Cash paid for interest expense | 7,425 | 3,671 | |
Amortization of original issue discounts | 188 | 98 | |
2033 Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 2,500 | 2,500 | 2,500 |
Amortization of debt issuance cost (loan fees) | 108 | 108 | 108 |
Unused facility and other fees (loan fees) | 0 | 0 | 0 |
Total interest expense and fees | 2,608 | 2,608 | 2,608 |
Cash paid for interest expense | 2,500 | 2,500 | 2,500 |
2027 Asset-Backed Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 4,888 | ||
Amortization of debt issuance cost (loan fees) | 2,176 | ||
Unused facility and other fees (loan fees) | 0 | ||
Total interest expense and fees | 7,064 | ||
Cash paid for interest expense | 4,972 | ||
Debt extinguishment costs | 1,272 | ||
2028 Asset-Backed Notes | |||
Debt Instrument [Line Items] | |||
Interest expense | 8,139 | ||
Amortization of debt issuance cost (loan fees) | 2,351 | ||
Unused facility and other fees (loan fees) | 0 | ||
Total interest expense and fees | 10,490 | ||
Cash paid for interest expense | 8,240 | ||
Debt extinguishment costs | 1,670 | ||
2022 Convertible Notes(3) | |||
Debt Instrument [Line Items] | |||
Interest expense | 923 | 10,734 | |
Amortization of debt issuance cost (loan fees) | 148 | 892 | |
Unused facility and other fees (loan fees) | 0 | 0 | |
Total interest expense and fees | 1,071 | 11,626 | |
Cash paid for interest expense | 5,004 | 10,062 | |
Amortization of original issue discounts | 112 | 671 | |
Wells Facility | |||
Debt Instrument [Line Items] | |||
Interest expense | 0 | ||
Amortization of debt issuance cost (loan fees) | 198 | ||
Unused facility and other fees (loan fees) | 675 | ||
Total interest expense and fees | 873 | ||
Cash paid for interest expense | 0 | ||
MUFG Bank Facility | |||
Debt Instrument [Line Items] | |||
Interest expense | 5,583 | 4,548 | 672 |
Amortization of debt issuance cost (loan fees) | 1,770 | 941 | 1,228 |
Unused facility and other fees (loan fees) | 2,782 | 2,285 | 1,906 |
Total interest expense and fees | 10,135 | 7,774 | 3,806 |
Cash paid for interest expense | 5,948 | 4,097 | 672 |
SMBC Facility | |||
Debt Instrument [Line Items] | |||
Interest expense | 8,658 | 1,209 | 57 |
Amortization of debt issuance cost (loan fees) | 693 | 315 | 33 |
Unused facility and other fees (loan fees) | 940 | 513 | 44 |
Total interest expense and fees | 10,291 | 2,037 | 134 |
Cash paid for interest expense | $ 8,678 | $ 1,047 | $ 0 |
Debt - Schedule of SBA Debentur
Debt - Schedule of SBA Debentures Outstanding Principal Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Outstanding Principal Balances | $ 1,570,000 | $ 1,594,000 |
SBA Debentures Issued on March 26, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Mar. 26, 2021 | |
Maturity Date | Sep. 01, 2031 | |
Interest Rate | 1.58% | |
Outstanding Principal Balances | $ 37,500 | 37,500 |
SBA Debentures Issued on June 25, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Jun. 25, 2021 | |
Maturity Date | Sep. 01, 2031 | |
Interest Rate | 1.58% | |
Outstanding Principal Balances | $ 16,200 | 16,200 |
SBA Debentures Issued on July 28, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Jul. 28, 2021 | |
Maturity Date | Sep. 01, 2031 | |
Interest Rate | 1.58% | |
Outstanding Principal Balances | $ 5,400 | 5,400 |
SBA Debentures Issued on August 20, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Aug. 20, 2021 | |
Maturity Date | Sep. 01, 2031 | |
Interest Rate | 1.58% | |
Outstanding Principal Balances | $ 5,400 | 5,400 |
SBA Debentures Issued on October 21, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Oct. 21, 2021 | |
Maturity Date | Mar. 01, 2032 | |
Interest Rate | 3.21% | |
Outstanding Principal Balances | $ 14,000 | 14,000 |
SBA Debentures Issued on November 1, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Nov. 01, 2021 | |
Maturity Date | Mar. 01, 2032 | |
Interest Rate | 3.21% | |
Outstanding Principal Balances | $ 21,000 | 21,000 |
SBA Debentures Issued on November 15, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Nov. 15, 2021 | |
Maturity Date | Mar. 01, 2032 | |
Interest Rate | 3.21% | |
Outstanding Principal Balances | $ 5,200 | 5,200 |
SBA Debentures Issued on November 30, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Nov. 30, 2021 | |
Maturity Date | Mar. 01, 2032 | |
Interest Rate | 3.21% | |
Outstanding Principal Balances | $ 20,800 | 20,800 |
SBA Debentures Issued on December 20, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Dec. 20, 2021 | |
Maturity Date | Mar. 01, 2032 | |
Interest Rate | 3.21% | |
Outstanding Principal Balances | $ 10,000 | 10,000 |
SBA Debentures Issued on December 23, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Dec. 23, 2021 | |
Maturity Date | Mar. 01, 2032 | |
Interest Rate | 3.21% | |
Outstanding Principal Balances | $ 10,000 | 10,000 |
SBA Debentures Issued on December 28, 2021 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Dec. 28, 2021 | |
Maturity Date | Mar. 01, 2032 | |
Interest Rate | 3.21% | |
Outstanding Principal Balances | $ 5,000 | 5,000 |
SBA Debentures Issued on January 14, 2022 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Jan. 14, 2022 | |
Maturity Date | Mar. 01, 2032 | |
Interest Rate | 3.21% | |
Outstanding Principal Balances | $ 4,500 | 4,500 |
SBA Debentures Issued on January 21, 2022 | ||
Debt Instrument [Line Items] | ||
Issuance/Pooling Date | Jan. 21, 2022 | |
Maturity Date | Mar. 01, 2032 | |
Interest Rate | 3.21% | |
Outstanding Principal Balances | $ 20,000 | 20,000 |
SBA Debentures | ||
Debt Instrument [Line Items] | ||
Outstanding Principal Balances | $ 175,000 | $ 175,000 |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 27, 2020 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Facility investment | Dec. 31, 2022 USD ($) investment Facility | Jan. 13, 2023 USD ($) | Jun. 23, 2022 USD ($) | Jun. 22, 2022 USD ($) | Jan. 20, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 16, 2021 USD ($) | Mar. 04, 2021 USD ($) | Nov. 04, 2020 USD ($) | Jun. 03, 2020 USD ($) | Feb. 05, 2020 USD ($) | Jul. 16, 2019 USD ($) | Sep. 24, 2018 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 2,215,000,000 | $ 2,185,000,000 | ||||||||||||||
Investments at fair value | 3,248,046,000 | 2,963,955,000 | ||||||||||||||
Restricted cash | $ 17,114,000 | $ 10,079,000 | $ 3,150,000 | |||||||||||||
Number of available credit facilities | Facility | 2 | 2 | ||||||||||||||
VIE | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Restricted cash | $ 17,114,000 | $ 10,079,000 | ||||||||||||||
MUFG Bank Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | $ 400,000 | |||||||||||||||
Line of credit facility, covenant terms | these covenants require the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a minimum tangible net worth with respect to Hercules Funding IV | |||||||||||||||
Line of credit facility, termination date | Jan. 13, 2026 | |||||||||||||||
Line of credit facility, description | funded by existing or additional lenders and with the agreement of MUFG Bank and subject to other customary conditions. | |||||||||||||||
MUFG Bank Facility | 1-month SOFR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate plus applicable margin adjustment | 2.75% | |||||||||||||||
SMBC Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | $ 175,000,000 | $ 225,000,000 | ||||||||||||||
Line of credit facility, termination date | Jan. 13, 2026 | Nov. 09, 2026 | ||||||||||||||
Line of credit facility, description | Availability under the SMBC Facility will terminate on November 7, 2025, and the outstanding loans under the SMBC Facility will mature on November 9, 2026 | |||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.375% | |||||||||||||||
SMBC Facility | Minimum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate plus applicable margin adjustment | 0.875% | |||||||||||||||
SMBC Facility | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | $ 400,000,000 | $ 500,000,000 | ||||||||||||||
Interest rate plus applicable margin adjustment | 2% | |||||||||||||||
Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit interest rate | 7.41% | 4.51% | ||||||||||||||
Debt average amount outstanding | $ 192,300,000 | $ 127,700,000 | ||||||||||||||
SBA Debentures | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | 175,000,000 | 175,000,000 | ||||||||||||||
July 2024 Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 105,000,000 | 105,000,000 | $ 105,000,000 | |||||||||||||
Debt Instrument, redemption, description | On July 16, 2019, the Company issued $105.0 million in aggregate principal amount of 4.77% interest-bearing unsecured notes due on July 16, 2024 (the “July 2024 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. | |||||||||||||||
Debt instrument, interest rate | 4.77% | |||||||||||||||
Debt retired | Jul. 16, 2024 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the July 2024 Notes is due semiannually. | |||||||||||||||
Debt instrument, collateral | The July 2024 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | |||||||||||||||
February 2025 Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||||||
Debt Instrument, redemption, description | On February 5, 2020, the Company issued $50.0 million in aggregate principal amount of 4.28% interest-bearing unsecured notes due February 5, 2025 (the “February 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. | |||||||||||||||
Debt instrument, interest rate | 4.28% | |||||||||||||||
Debt retired | Feb. 05, 2025 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the February 2025 Notes is due semiannually. | |||||||||||||||
Debt instrument, collateral | The February 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | |||||||||||||||
June 2025 Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 70,000,000 | 70,000,000 | $ 70,000,000 | |||||||||||||
Debt Instrument, redemption, description | On June 3, 2020, the Company issued $70.0 million in aggregate principal amount of 4.31% interest-bearing unsecured notes due June 3, 2025 (the “June 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. | |||||||||||||||
Debt instrument, interest rate | 4.31% | |||||||||||||||
Debt retired | Jun. 03, 2025 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the June 2025 Notes is due semiannually. | |||||||||||||||
Debt instrument, collateral | The June 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | |||||||||||||||
June 2025 3-Year Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||||||
Debt Instrument, redemption, description | On June 23, 2022, the Company issued $50.0 million in aggregate principal amount of 6.00% interest-bearing unsecured notes due June 23, 2025 (the “June 2025 3-Year Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. | |||||||||||||||
Debt instrument, interest rate | 6% | |||||||||||||||
Debt retired | Jun. 23, 2025 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the June 2025 3-Year Notes is due semiannually. | |||||||||||||||
Debt instrument, collateral | The June 2025 3-Year Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | |||||||||||||||
March 2026 A Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||||||
Debt Instrument, redemption, description | On November 4, 2020, the Company issued $50.0 million in aggregate principal amount of 4.50% interest-bearing unsecured notes due March 4, 2026 (the “March 2026 A Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. | |||||||||||||||
Debt instrument, interest rate | 4.50% | |||||||||||||||
Debt retired | Mar. 04, 2026 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the March 2026 A Notes is due semiannually. | |||||||||||||||
Debt instrument, collateral | The March 2026 A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | |||||||||||||||
March 2026 B Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 50,000,000 | 50,000,000 | $ 50,000,000 | |||||||||||||
Debt Instrument, redemption, description | On March 4, 2021, the Company issued $50.0 million in aggregate principal amount of 4.55% interest-bearing unsecured notes due March 4, 2026 (the “March 2026 B Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement pursuant note offering. | |||||||||||||||
Debt instrument, interest rate | 4.55% | |||||||||||||||
Debt retired | Mar. 04, 2026 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the March 2026 B Notes is due semiannually. | |||||||||||||||
Debt instrument, collateral | The March 2026 B Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | |||||||||||||||
September 2026 Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 325,000,000 | 325,000,000 | $ 325,000,000 | |||||||||||||
Debt instrument, interest rate | 2.625% | |||||||||||||||
Debt retired | Sep. 16, 2026 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the September 2026 Notes is payable semi-annually in arrears on March 16 and September 16 of each year. | |||||||||||||||
Debt instrument, collateral | The September 2026 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | |||||||||||||||
January 2027 Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 350,000,000 | 350,000,000 | $ 350,000,000 | |||||||||||||
Debt Instrument, redemption, description | The Company may redeem some or all of the January 2027 Notes at any time, or from time to time, at the redemption price set forth under the terms of the January 2027 Notes Indenture. | |||||||||||||||
Debt instrument, interest rate | 3.375% | |||||||||||||||
Debt retired | Jan. 20, 2027 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the January 2027 Notes is payable semi-annually in arrears on January 20 and July 20 of each year. | |||||||||||||||
Debt instrument, collateral | The January 2027 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | |||||||||||||||
2031 Asset-Backed Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 150,000,000 | 150,000,000 | $ 150,000,000 | |||||||||||||
Debt instrument, interest rate | 4.95% | |||||||||||||||
Debt retired | Jul. 20, 2031 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the 2031 Asset-Backed Notes will be paid, to the extent of funds available. | |||||||||||||||
2031 Asset-Backed Notes | VIE | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Restricted cash | $ 17,100,000 | 10,100,000 | ||||||||||||||
2033 Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 40,000,000 | 40,000,000 | $ 40,000,000 | |||||||||||||
Debt Instrument, redemption, description | The Company may redeem some or all of the 2033 Notes at any time, or from time to time, at the redemption price set forth under the terms of the 2033 Notes indenture after October 30, 2023. | |||||||||||||||
Debt instrument, interest rate | 6.25% | |||||||||||||||
Debt retired | Oct. 30, 2033 | |||||||||||||||
Debt instrument, payment terms, description | Interest on the 2033 Notes is payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year. | |||||||||||||||
SMBC Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 400,000,000 | 225,000,000 | ||||||||||||||
MUFG Bank Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding balance | $ 400,000,000 | $ 545,000,000 | ||||||||||||||
MUFG Bank Facility | Maximum | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity | $ 600,000,000 | |||||||||||||||
HC IV | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument license description | HC IV received its license to operate as a SBIC on October 27, 2020. The license has a 10-year term. | |||||||||||||||
License term | 10 years | |||||||||||||||
Maximum borrowing capacity | $ 175,000,000 | |||||||||||||||
Regulatory capital commitment amount | $ 87,500,000 | |||||||||||||||
Outstanding balance | $ 175,000,000 | |||||||||||||||
Investments held by number of companies | investment | 25 | 21 | ||||||||||||||
Investments at fair value | $ 331,500,000 | $ 343,700,000 | ||||||||||||||
Percentage of total investment portfolio | 10.20% | 11.60% | ||||||||||||||
Tangible assets | $ 341,800,000 | $ 348,600,000 | ||||||||||||||
Percentage of total assets held | 10% | 11.50% |
Income Taxes - Schedule of Accu
Income Taxes - Schedule of Accumulated Net Realized Gain (Loss) of Paid-in Capital (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Income Tax Contingency [Line Items] | |||
Reclassified accumulated net realized gains (losses) | $ 0.8 | $ 3 | $ 63.3 |
Income Taxes - Schedule of Undi
Income Taxes - Schedule of Undistributed Ordinary Income or Accumulated Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Distributable Earnings | Net investment income | |||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | $ (18,396) | $ (8,784) | $ 19,486 |
Distributable Earnings | Realized Gain Loss | |||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | 39,317 | (834) | 69,066 |
Capital in Excess of Par Value | |||
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles | $ (20,921) | $ 9,618 | $ (88,552) |
Income tax - Schedule of Tax Ch
Income tax - Schedule of Tax Character of Distributions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $ 275.5 | $ 203.7 | $ 122.6 |
Long-term capital gains | $ 0 | $ 43.1 | $ 55.2 |
Income tax - Schedule of Compon
Income tax - Schedule of Components of Distributable Earnings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accumulated capital gains | $ (8,190) | $ (3,102) | $ 43,005 |
Unrealized appreciation (depreciation) | 33,029 | (44,592) | 40,655 |
Total distributable earnings | 140,013 | 59,909 | 216,523 |
Other temporary differences | |||
Total distributable earnings | (18,609) | (20,100) | (16,206) |
Undistributed ordinary income | |||
Total distributable earnings | $ 133,783 | $ 127,703 | $ 149,069 |
Income Taxes - Schedule of Taxa
Income Taxes - Schedule of Taxable income and Taxable Net Realized Gains Losses (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Taxable Income | $ 283 | $ 181.1 | $ 172.8 | ||
Taxable income, per share (in dollars per share) | $ 1.96 | $ 1.45 | $ 1.51 | ||
Taxable Net Realized Gains (Losses) | $ (8.2) | $ (1.7) | $ 89.4 | ||
Taxable net realized gains, per share (in dollars per share) | $ (0.06) | $ (0.01) | $ 0.78 | ||
Basic weighted average common shares outstanding (in shares) | 144,091 | 125,189 | 114,742 | 111,985 | 101,132 |
Income Taxes - Schedule of Aggr
Income Taxes - Schedule of Aggregate Unrealized Appreciation of Company investment Federal Income Tax (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | |||
Tax basis of investments, gross, unrealized appreciation | $ 118.3 | $ 72.2 | $ 121 |
Tax basis of investments, gross, unrealized depreciation | 115.9 | 112 | 75.7 |
Tax basis of investments, unrealized appreciation (depreciation), net | 2.4 | (39.8) | 45.3 |
Tax basis of investments, cost for income tax purposes | $ 3,200 | $ 3,000 | $ 2,400 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax, including excise tax, paid | $ 5,267 | $ 7,376 | $ 3,759 |
Taxes payable | $ 6,000 | $ 5,200 |
Stockholders' Equity and Dist_3
Stockholders' Equity and Distributions - Additional Information (Details) - $ / shares | 12 Months Ended | |||||
Aug. 07, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 05, 2023 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | ||||||
Common stock outstanding (in shares) | 157,758,000 | 133,045,000 | ||||
Distributions of net investment income (in dollars per share) | $ 1.90 | $ 1.97 | $ 1.55 | |||
Distributions reinvested in common stock (in shares) | 303,960 | 259,466 | 248,041 | |||
Spillover amount per share | ||||||
Class Of Stock [Line Items] | ||||||
Undistributed taxable earnings (in dollars per share) | $ 0.80 | |||||
Common Stock | ||||||
Class Of Stock [Line Items] | ||||||
Common stock issued (in shares) | 157,758,072 | 133,044,602 | ||||
Common stock outstanding (in shares) | 157,758,072 | 133,044,602 | 116,619,000 | 114,726,000 | ||
Equity distribution agreement, shares sold (in shares) | 6,500,000 | |||||
Equity distribution agreement remaining available shares (in shares) | 17,300,000 | |||||
Distributions reinvested in common stock (in shares) | 304,000 | 259,000 | 248,000 | |||
Common Stock | 2022 Equity Distribution Agreement | ||||||
Class Of Stock [Line Items] | ||||||
Equity distribution agreement available shares (in shares) | 25,000,000 |
Stockholders' Equity and Dist_4
Stockholders' Equity and Distributions - Schedule of Common Stock Shares Issued and Sold (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | |||
Number of Shares Issued (in shares) | 22.7 | 14.6 | 0.6 |
Public offering, net of offering expenses | $ 338,215 | $ 229,659 | $ 10,620 |
Average price/share (in dollars per share) | $ 14.88 | $ 15.77 | $ 16.62 |
Common - Gross Proceeds | |||
Class Of Stock [Line Items] | |||
Public offering, net of offering expenses | $ 344,300 | $ 232,100 | $ 10,800 |
Common - Offering Expenses | |||
Class Of Stock [Line Items] | |||
Public offering, net of offering expenses | $ 6,100 | $ 2,400 | $ 200 |
Stockholders' Equity and Dist_5
Stockholders' Equity and Distributions - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||||
Nov. 22, 2023 | Aug. 25, 2023 | May 23, 2023 | Mar. 09, 2023 | Nov. 17, 2022 | Aug. 16, 2022 | May 24, 2022 | Mar. 16, 2022 | Nov. 17, 2021 | Aug. 18, 2021 | May 19, 2021 | Mar. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends Payable [Line Items] | |||||||||||||||
Per share amount (in dollars per share) | $ 1.90 | $ 1.97 | $ 1.55 | ||||||||||||
Total Amount | $ 278,301 | $ 249,077 | $ 179,575 | ||||||||||||
Dividend Declared One | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Distribution Type | Base | Base | Base | ||||||||||||
Declared Date | Feb. 09, 2023 | Feb. 16, 2022 | Feb. 17, 2021 | ||||||||||||
Record Date | Mar. 02, 2023 | Mar. 09, 2022 | Mar. 08, 2021 | ||||||||||||
Payment Date | Mar. 09, 2023 | Mar. 16, 2022 | Mar. 15, 2021 | ||||||||||||
Per share amount (in dollars per share) | $ 0.39 | $ 0.33 | $ 0.32 | ||||||||||||
Total Amount | $ 53,749 | $ 39,794 | $ 37,012 | ||||||||||||
Dividend Declared Two | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Distribution Type | Supplemental | Supplemental | Supplemental | ||||||||||||
Declared Date | Feb. 09, 2023 | Feb. 16, 2022 | Feb. 17, 2021 | ||||||||||||
Record Date | Mar. 02, 2023 | Mar. 09, 2022 | Mar. 08, 2021 | ||||||||||||
Payment Date | Mar. 09, 2023 | Mar. 16, 2022 | Mar. 15, 2021 | ||||||||||||
Per share amount (in dollars per share) | $ 0.08 | $ 0.15 | $ 0.05 | ||||||||||||
Total Amount | $ 11,025 | $ 18,088 | $ 5,783 | ||||||||||||
Dividend Declared Three | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Distribution Type | Base | Base | Base | ||||||||||||
Declared Date | Apr. 27, 2023 | Apr. 27, 2022 | Apr. 21, 2021 | ||||||||||||
Record Date | May 16, 2023 | May 17, 2022 | May 12, 2021 | ||||||||||||
Payment Date | May 23, 2023 | May 24, 2022 | May 19, 2021 | ||||||||||||
Per share amount (in dollars per share) | $ 0.39 | $ 0.33 | $ 0.32 | ||||||||||||
Total Amount | $ 55,910 | $ 41,245 | $ 37,053 | ||||||||||||
Dividend Declared Four | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Distribution Type | Supplemental | Supplemental | Supplemental | ||||||||||||
Declared Date | Apr. 27, 2023 | Apr. 27, 2022 | Apr. 21, 2021 | ||||||||||||
Record Date | May 16, 2023 | May 17, 2022 | May 12, 2021 | ||||||||||||
Payment Date | May 23, 2023 | May 24, 2022 | May 19, 2021 | ||||||||||||
Per share amount (in dollars per share) | $ 0.08 | $ 0.15 | $ 0.07 | ||||||||||||
Total Amount | $ 11,469 | $ 18,748 | $ 8,105 | ||||||||||||
Dividend Declared Five | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Distribution Type | Base | Base | Base | ||||||||||||
Declared Date | Jul. 28, 2023 | Jul. 20, 2022 | Jul. 21, 2021 | ||||||||||||
Record Date | Aug. 18, 2023 | Aug. 09, 2022 | Aug. 11, 2021 | ||||||||||||
Payment Date | Aug. 25, 2023 | Aug. 16, 2022 | Aug. 18, 2021 | ||||||||||||
Per share amount (in dollars per share) | $ 0.40 | $ 0.35 | $ 0.32 | ||||||||||||
Total Amount | $ 60,445 | $ 44,765 | $ 37,079 | ||||||||||||
Dividend Declared Six | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Distribution Type | Supplemental | Supplemental | Supplemental | ||||||||||||
Declared Date | Jul. 28, 2023 | Jul. 20, 2022 | Jul. 21, 2021 | ||||||||||||
Record Date | Aug. 18, 2023 | Aug. 09, 2022 | Aug. 11, 2021 | ||||||||||||
Payment Date | Aug. 25, 2023 | Aug. 16, 2022 | Aug. 18, 2021 | ||||||||||||
Per share amount (in dollars per share) | $ 0.08 | $ 0.15 | $ 0.07 | ||||||||||||
Total Amount | $ 12,089 | $ 19,185 | $ 8,111 | ||||||||||||
Dividend Declared Seven | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Distribution Type | Base | Base | Base | ||||||||||||
Declared Date | Oct. 26, 2023 | Oct. 13, 2022 | Oct. 21, 2021 | ||||||||||||
Record Date | Nov. 15, 2023 | Nov. 10, 2022 | Nov. 10, 2021 | ||||||||||||
Payment Date | Nov. 22, 2023 | Nov. 17, 2022 | Nov. 17, 2021 | ||||||||||||
Per share amount (in dollars per share) | $ 0.40 | $ 0.36 | $ 0.33 | ||||||||||||
Total Amount | $ 61,345 | $ 47,472 | $ 38,306 | ||||||||||||
Dividend Declared Eight | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Distribution Type | Supplemental | Supplemental | Supplemental | ||||||||||||
Declared Date | Oct. 26, 2023 | Oct. 13, 2022 | Oct. 21, 2021 | ||||||||||||
Record Date | Nov. 15, 2023 | Nov. 10, 2022 | Nov. 10, 2021 | ||||||||||||
Payment Date | Nov. 22, 2023 | Nov. 17, 2022 | Nov. 17, 2021 | ||||||||||||
Per share amount (in dollars per share) | $ 0.08 | $ 0.15 | $ 0.07 | ||||||||||||
Total Amount | $ 12,269 | $ 19,780 | $ 8,126 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 28, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation | $ 13,200,000 | $ 13,400,000 | $ 11,900,000 | ||
unrecognized compensation costs | $ 21,700,000 | $ 13,100,000 | |||
Total unrecognized compensation costs expected to be recognized, Period | 3 years 6 months | 1 year 8 months 12 days | |||
Vested (in shares) | 632,575 | 686,030 | 620,116 | ||
Unvested Performance Awards (in shares) | 1,880,409 | 958,985 | 1,037,848 | 989,100 | |
Granted (in shares) | 1,565,571 | 632,831 | 751,074 | ||
Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service vesting percentages | 0% | ||||
Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service vesting percentages | 200% | ||||
Service-Vesting Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service vesting awards granted | $ 22,200,000 | $ 11,100,000 | $ 12,100,000 | ||
Service-Vesting Awards | Share-Based Payment Arrangement, Tranche One | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service vesting percentages | 33.33% | ||||
Service-Vesting Awards | Share-Based Payment Arrangement, Tranches Two And Three | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service vesting awards | 2 years | ||||
Service-Vesting Awards | Share-Based Payment Arrangement, Tranche Two | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service vesting percentages | 33.33% | ||||
Service-Vesting Awards | Share-Based Payment Arrangement, Tranche Three | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service vesting percentages | 33.33% | ||||
Service-Vesting Awards | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 7 years | ||||
Employee Stock Option Member | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation | $ 105,000 | 76,000 | 37,000 | ||
Service vesting awards granted | $ 148,000 | $ 166,000 | $ 144,000 | ||
Performance Vesting Award | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Service vesting awards | The total compensation will be determined by the Company’s TSR relative to specified BDCs during a specified performance period. Depending on the results achieved during the specified performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the target shares granted. | ||||
Vesting period | 4 years | ||||
Vested (in shares) | 0 | 487,409 | |||
Distribution equivalent units (“DEUs”) were issued with a grant date fair value | $ 6,200,000 | ||||
Unvested Performance Awards (in shares) | 0 | 0 | 487,409 | ||
Performance Vesting Award | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Disposal period after vesting | 1 year | ||||
Performance DEU | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vested (in shares) | 639,413 | 0 | |||
Distribution equivalent units (“DEUs”) were issued with a grant date fair value | $ 700,000 | ||||
Granted (in shares) | 54,858 | ||||
Liability Classified Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation | $ 1,400,000 | $ 2,700,000 | |||
unrecognized compensation costs | $ 500,000 | $ 1,900,000 | |||
Total unrecognized compensation costs expected to be recognized, Period | 3 months 18 days | 1 year 3 months 18 days | |||
Vesting period | 4 years | ||||
Remaining max award value | $ 3,100,000 | ||||
Weighted average performance conditions in liability | 100% | ||||
Accounts payable and accrued liabilities | $ 2,600,000 | $ 1,200,000 | |||
Liability award vested | $ 0 | $ 7,200,000 | |||
Other Liability Classified Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
2018 Plan | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock authorized (in shares) | 18,700,000 | 9,261,229 | |||
Director Plan | Common Stock | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock authorized (in shares) | 300,000 | 300,000 |
Equity Incentive Plans - Unvest
Equity Incentive Plans - Unvested Restricted Stock Equity Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares | |||
Unvested shares beginning of period (in shares) | 958,985 | 1,037,848 | 989,100 |
Granted (in shares) | 1,565,571 | 632,831 | 751,074 |
Vested (in shares) | (632,575) | (686,030) | (620,116) |
Forfeited (in shares) | (11,572) | (25,664) | (82,210) |
Unvested shares end of period (in shares) | 1,880,409 | 958,985 | 1,037,848 |
Weighted Average Grant Date Fair Value per Share | |||
Unvested shares beginning of period (in dollars per share) | $ 16.35 | $ 14.51 | $ 13.69 |
Granted (in dollars per share) | 14.07 | 17.24 | 14.80 |
Vested (in dollars per share) | 16.15 | 14.40 | 13.69 |
Forfeited (in dollars per share) | 15.42 | 16 | 14.17 |
Unvested shares end of period (in dollars per share) | $ 14.52 | $ 16.35 | $ 14.51 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator | |||||
Net increase (decrease) in net assets resulting from operations | $ 337,484 | $ 102,081 | $ 174,155 | ||
Distributions | (278,301) | (249,077) | (179,575) | ||
Distributions | 278,301 | 249,077 | 179,575 | ||
Total Earnings, net of total distributions | 59,183 | (146,996) | (5,420) | ||
Numerator for basic change in net assets per common share | 334,141 | 99,878 | 172,444 | ||
Numerator for diluted change in net assets per common share | $ 334,141 | $ 99,878 | $ 172,444 | ||
Denominator | |||||
Basic weighted average common shares outstanding (in shares) | 144,091 | 125,189 | 114,742 | 111,985 | 101,132 |
Incremental shares from assumed conversion of 2022 Convertible Notes | 0 | 0 | 512 | ||
Common shares issuable (in shares) | 735 | 1,470 | 701 | ||
Weighted average common shares outstanding assuming dilution (in shares) | 144,826 | 126,659 | 115,955 | ||
Change in net assets per common share: | |||||
Basic (in dollars per share) | $ 2.32 | $ 0.80 | $ 1.50 | ||
Diluted (in dollars per share) | $ 2.31 | $ 0.79 | $ 1.49 | ||
Common Stock | |||||
Numerator | |||||
Distributions | $ (275,548) | $ (246,873) | $ (177,864) | ||
Distributions | 275,548 | 246,873 | 177,864 | ||
Earnings, net of distributions attributable to common shares | $ 58,593 | $ (146,995) | $ (5,420) |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Number of Anti-diluted Shares As Calculated Based on Weighted Average Closing Price of Common Stock (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unvested common stock options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 1,496 | 2,085 | 690 |
Restricted stock units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 4,357 | 0 | 20 |
Unvested restricted stock awards | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 30,028 | 2,116 | 861 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Common stock authorized (in shares) | 200,000 | 200,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, voting rights | Each share of common stock entitles the holder to one vote. |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Per share data | |||||
Net asset value at beginning of period (in dollars per share) | $ 10.53 | $ 11.22 | $ 11.26 | $ 10.55 | $ 9.90 |
Total from investment operations (in dollars per share) | 2.34 | 0.81 | 1.50 | 2.02 | 1.71 |
Net increase (decrease) in net assets from capital share transactions (in dollars per share) | 0.44 | 0.34 | (0.08) | 0.01 | 0.20 |
Distributions of net investment income (in dollars per share) | (1.93) | (1.63) | (1.06) | (1.03) | (1.15) |
Distributions of capital gains (in dollars per share) | 0 | (0.36) | (0.49) | (0.36) | (0.18) |
Stock-based compensation expense included in net investment income and other movements (in dollars per share) | 0.05 | 0.15 | 0.09 | 0.07 | 0.07 |
Net asset value at ending of period (in dollars per share) | 11.43 | 10.53 | 11.22 | 11.26 | 10.55 |
Ratios and supplemental data: | |||||
Per share market value at end of period (in dollars per share) | $ 16.67 | $ 13.22 | $ 16.59 | $ 14.42 | $ 14.02 |
Total return | 42% | (10.14%) | 25.62% | 14.31% | 39.36% |
Shares outstanding at end of period (in shares) | 157,758 | 133,045 | 116,619 | 114,726 | 107,364 |
Basic weighted average common shares outstanding (in shares) | 144,091 | 125,189 | 114,742 | 111,985 | 101,132 |
Net assets at end of period | $ 1,802,706 | $ 1,401,459 | $ 1,308,547 | $ 1,291,704 | $ 1,133,049 |
Ratio of total expense to average net assets | 9.92% | 9.92% | 9.86% | 11.30% | 11.95% |
Ratio of net investment income before investment gains and losses to average net assets | 19.26% | 13.96% | 11.28% | 13.64% | 13.74% |
Portfolio turnover rate | 31.95% | 19.29% | 51.58% | 32.38% | 31.30% |
Weighted average debt outstanding | $ 1,607,278 | $ 1,468,335 | $ 1,248,177 | $ 1,309,903 | $ 1,177,379 |
Weighted average debt per common share (in dollars per share) | $ 11.15 | $ 11.73 | $ 10.88 | $ 11.70 | $ 11.64 |
Net investment income | |||||
Per share data | |||||
Net gain (loss) (in dollars per share) | 2.11 | 1.50 | 1.29 | 1.39 | 1.41 |
Net realized gain (loss) | |||||
Per share data | |||||
Net gain (loss) (in dollars per share) | 0.06 | (0.01) | 0.18 | (0.50) | 0.16 |
Net unrealized appreciation (depreciation) | |||||
Per share data | |||||
Net gain (loss) (in dollars per share) | $ 0.17 | $ (0.68) | $ 0.03 | $ 1.13 | $ 0.14 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Unfunded commitments | $ 335,333 | $ 628,874 | |
Rent expense | $ 3,400 | $ 3,200 | $ 3,100 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Unfunded Contractual Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Unfunded commitments | $ 335,333 | $ 628,874 |
Investment Funds And Vehicles | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 4,505 | 5,653 |
Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 330,828 | 623,221 |
Adviser Funds | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 127,700 | 173,500 |
Thumbtack, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 40,000 | 40,000 |
Automation Anywhere, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 29,400 | 29,400 |
Checkr Group, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 23,625 | 0 |
Skydio, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 22,500 | 22,500 |
Tarsus Pharmaceuticals, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 20,625 | 10,313 |
Kura Oncology, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 19,250 | 8,250 |
Akero Therapeutics, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 15,000 | 5,000 |
Dragos | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 13,000 | 0 |
Suzy, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 12,000 | 0 |
Tipalti Solutions Ltd. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 10,500 | 0 |
Main Street Rural, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 10,500 | 0 |
Next Insurance, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 10,000 | 0 |
Senseonics Holdings, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 8,750 | 0 |
Elation Health, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 7,500 | 7,500 |
Modern Life, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 6,500 | 0 |
Dronedeploy, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 6,250 | 12,500 |
Phathom Pharmaceuticals, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 6,120 | 66,500 |
Brain Corporation | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 5,000 | 20,700 |
Heron Therapeutics, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 4,000 | 0 |
Leapwork ApS | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 3,900 | 0 |
Saama Technologies, LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 3,875 | 0 |
Zimperium, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 3,727 | 1,088 |
Allvue Systems, LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 3,590 | 0 |
Babel Street | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 3,375 | 3,375 |
Riviera Partners LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 3,000 | 3,500 |
Cutover, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,650 | 1,000 |
Plentific Ltd | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,625 | 0 |
Zappi, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,571 | 2,571 |
Altumint, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,500 | 0 |
Loftware, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,277 | 0 |
Yipit, LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,250 | 2,250 |
Streamline Healthcare Solutions | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,200 | 0 |
New Relic, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,176 | 0 |
Dashlane, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,137 | 10,000 |
Sumo Logic, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,000 | 0 |
Annex Cloud | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 1,750 | 386 |
Ceros, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 1,707 | 1,707 |
ThreatConnect, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 1,600 | 1,600 |
LogicSource | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 1,209 | 1,209 |
3GTMS, LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 1,182 | 0 |
Ikon Science Limited | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 1,050 | 1,050 |
LinenMaster, LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 1,000 | 0 |
Fortified Health Security | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 840 | 840 |
Agilence, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 800 | 800 |
Omeda Holdings, LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 731 | 938 |
Flight Schedule Pro, LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 639 | 639 |
Dispatch Technologies, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 625 | 1,250 |
Constructor.io Corporation | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 625 | 625 |
Enmark Systems, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 457 | 457 |
Alchemer LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 445 | 890 |
Cybermaxx Intermediate Holdings, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 390 | 390 |
ShadowDragon, LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 333 | 333 |
Cytracom Holdings LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 72 | 225 |
Provention Bio, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 40,000 |
Vida Health, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 40,000 |
Madrigal Pharmaceutical, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 34,000 |
Oak Street Health, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 33,750 |
HilleVax, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 28,000 |
Axsome Therapeutics, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 21,000 |
Replimune Group, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 20,700 |
Aryaka Networks, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 20,000 |
G1 Therapeutics, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 19,375 |
AppDirect, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 15,000 |
Alladapt Immunotherapeutics Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 15,000 |
PathAI, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 12,000 |
Viridian Therapeutics, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 12,000 |
Alamar Biosciences, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 10,000 |
Fever Labs, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 8,333 |
Gritstone Bio, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 7,500 |
Nuvolo Technologies Corporation | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 5,970 |
Signal Media Limited | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 5,250 |
Fulfil Solutions, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 5,000 |
Demandbase, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 3,750 |
MacroFab, Inc. | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 3,000 |
Khoros (p.k.a Lithium Technologies) | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 1,812 |
RVShare, LLC | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 1,500 |
Mobile Solutions Services | Debt Investments | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 0 | 495 |
Forbion Growth Opportunities Fund II C.V. | Investment Funds And Vehicles | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | 2,748 | 2,811 |
Forbion Growth Opportunities Fund I C.V. | Investment Funds And Vehicles | ||
Loss Contingencies [Line Items] | ||
Unfunded commitments | $ 1,757 | $ 2,842 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Additional Information on Unecumbered Unfunded Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments And Contingencies [Line Items] | ||
Total Unfunded Debt Commitments | $ 335,333 | $ 628,874 |
Debt Investments | ||
Commitments And Contingencies [Line Items] | ||
2023 | 0 | 461,296 |
2024 | 291,896 | 134,856 |
2025 | 3,004 | 720 |
2026 | 7,537 | 9,038 |
2027 | 14,078 | 15,171 |
2028 | 6,547 | 2,140 |
2029 | 3,590 | 0 |
2030 | 4,176 | 0 |
Total Unfunded Debt Commitments | 330,828 | 623,221 |
Investment Funds And Vehicles | ||
Commitments And Contingencies [Line Items] | ||
2030 | 1,757 | 2,842 |
2032 | 2,748 | 2,811 |
Total Unfunded Debt Commitments | $ 4,505 | $ 5,653 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Contractual Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | $ 1,554,869 | $ 1,574,351 |
Total lease payments | 26,096 | |
Lease and License Obligations Less than 1 year | 1,894 | |
Contractual Obligations, Total | 1,596,741 | 1,602,641 |
Contractual Obligations Less than 1 year | 107,539 | 2,723 |
Contractual Obligations 1-3 years | 695,629 | 384,259 |
Contractual Obligations 3-5 years | 417,248 | 849,452 |
Contractual Obligations, After 5 years | 376,325 | 366,207 |
Principal | 1,570,000 | 1,594,000 |
SMBC Facility | ||
Commitments And Contingencies [Line Items] | ||
Principal | 94,000 | 72,000 |
MUFG Bank Facility | ||
Commitments And Contingencies [Line Items] | ||
Principal | 61,000 | 107,000 |
SBA Debentures | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 170,323 | 169,738 |
Principal | 175,000 | 175,000 |
July 2024 Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 104,828 | 104,533 |
Principal | 105,000 | 105,000 |
February 2025 Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 49,866 | 49,751 |
Principal | 50,000 | 50,000 |
June 2025 Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 69,757 | 69,595 |
Principal | 70,000 | 70,000 |
June 2025 3-Year Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 49,771 | 49,616 |
Principal | 50,000 | 50,000 |
March 2026 A Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 49,795 | 49,700 |
Principal | 50,000 | 50,000 |
March 2026 B Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 49,776 | 49,673 |
Principal | 50,000 | 50,000 |
2031 Asset-Backed Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 148,544 | 147,957 |
Principal | 150,000 | 150,000 |
2033 Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 38,935 | 38,826 |
Principal | 40,000 | 40,000 |
September 2026 Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 322,339 | 321,358 |
Principal | 325,000 | 325,000 |
January 2027 Notes | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 345,935 | 344,604 |
Principal | 350,000 | 350,000 |
Debt Investments | ||
Commitments And Contingencies [Line Items] | ||
Long-Term Debt, Total | 1,570,000 | 1,594,000 |
Debt Less than 1 year | 105,000 | 0 |
Debt 1 - 3 years | 689,000 | 382,000 |
Debt 3-5 years | 411,000 | 847,000 |
Debt After 5 years | 365,000 | 365,000 |
Lease and License Obligations | ||
Commitments And Contingencies [Line Items] | ||
Total lease payments | 26,741 | 8,641 |
Lease and License Obligations Less than 1 year | 2,539 | 2,723 |
Lease and License Obligations 1-3 years | 6,629 | 2,259 |
Lease and License Obligations 3-5 years | 6,248 | 2,452 |
Lease and License Obligations After 5 years | $ 11,325 | $ 1,207 |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Information Related to Measurement of Operating Lease Liabilities and Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Total operating lease cost | $ 2,382 | $ 2,928 |
Cash paid for amounts included in the measurement of lease liabilities | $ 2,499 | $ 3,064 |
Weighted-average remaining lease term (in years) | 8 years 8 months 4 days | 5 years 5 months 23 days |
Weighted-average discount rate | 6.79% | 5.37% |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Operating Leases and Reconciliation to Operating Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 1,894 | |
2025 | 3,267 | |
2026 | 3,362 | |
Thereafter | 17,573 | |
Total lease payments | 26,096 | |
Less: imputed interest & other items | (20,901) | |
Total operating lease liability | $ 5,195 | $ 5,506 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
May 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||
Distributions paid | $ 273,677 | $ 245,124 | $ 175,501 | |
Adviser Subsidiary | ||||
Related Party Transaction [Line Items] | ||||
Distributions paid | 1,400 | |||
Related party transactions amount received | 9,100 | 8,300 | ||
Receivable from related party | 100 | 100 | ||
Adviser Funds | ||||
Related Party Transaction [Line Items] | ||||
Related party transactions amount received | 12,100 | 137,000 | ||
Adviser Subsidiary investment commitments | 595,600 | 747,100 | ||
Adviser Subsidiary investment funding | $ 350,700 | $ 330,200 | ||
Sales to related party | $ 73,500 | |||
Gain on sales to related party | $ 100 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | Feb. 08, 2024 $ / shares |
Base And Supplemental Dividend | |
Subsequent Event [Line Items] | |
Dividend payable per share (in dollars per share) | $ 0.48 |
Base Dividend | |
Subsequent Event [Line Items] | |
Dividend payable per share (in dollars per share) | 0.40 |
Supplemental dividend | |
Subsequent Event [Line Items] | |
Total supplemental dividends amount to be paid (in dollars per share) | 0.32 |
Supplemental dividends amount to be paid each quarter (in dollars per share) | $ 0.08 |
Schedule 12-14s - CONSOLIDATE_2
Schedule 12-14s - CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | $ 460,668 | $ 321,688 | $ 280,976 |
Fair value beginning balance | 2,963,955 | ||
Total net change in unrealized appreciation (depreciation) | 25,010 | (85,063) | 3,311 |
Fair value ending balance | 3,248,046 | 2,963,955 | |
Control investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 4,737 | 4,689 | |
Realized Gain (Loss) | 0 | 0 | 0 |
Fair value beginning balance | 76,458 | 73,504 | |
Gross Additions | 29,175 | 3,232 | |
Gross Reductions | (13,263) | 0 | |
Total net change in unrealized appreciation (depreciation) | 22,634 | (278) | (2,677) |
Fair value ending balance | 115,004 | 76,458 | 73,504 |
Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 4,047 | 3,999 | |
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 68,416 | 65,235 | |
Gross Additions | 15,912 | 3,232 | |
Gross Reductions | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | 19,159 | (51) | |
Fair value ending balance | 103,487 | 68,416 | 65,235 |
Control investments | Other Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 690 | 690 | |
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 8,042 | 8,269 | |
Gross Additions | 13,263 | 0 | |
Gross Reductions | (13,263) | 0 | |
Total net change in unrealized appreciation (depreciation) | 3,475 | (227) | |
Fair value ending balance | 11,517 | 8,042 | 8,269 |
Affiliate investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 1,204 | ||
Realized Gain (Loss) | 0 | 1,758 | (62,143) |
Fair value beginning balance | 0 | 9,458 | |
Gross Additions | 0 | ||
Gross Reductions | (13,547) | ||
Total net change in unrealized appreciation (depreciation) | 0 | 4,089 | 63,806 |
Fair value ending balance | 0 | 9,458 | |
Investment Affiliated Issuers And Controlled Issuers | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 5,893 | ||
Realized Gain (Loss) | 1,758 | ||
Fair value beginning balance | 76,458 | 82,962 | |
Gross Additions | 3,232 | ||
Gross Reductions | (13,547) | ||
Total net change in unrealized appreciation (depreciation) | 3,811 | ||
Fair value ending balance | 76,458 | 82,962 | |
Coronado Aesthetics, LLC | Control investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Realized Gain (Loss) | 0 | 0 | 0 |
Fair value beginning balance | 319 | 565 | |
Total net change in unrealized appreciation (depreciation) | (57) | (246) | 315 |
Fair value ending balance | 262 | 319 | 565 |
Gibraltar Acquisition LLC | Control investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Realized Gain (Loss) | 0 | ||
Total net change in unrealized appreciation (depreciation) | 9,656 | ||
Fair value ending balance | 62,512 | ||
Hercules Adviser LLC | Control investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Realized Gain (Loss) | 0 | 0 | 0 |
Fair value beginning balance | 31,153 | 20,840 | |
Total net change in unrealized appreciation (depreciation) | 9,560 | 7,163 | 11,955 |
Fair value ending balance | 40,713 | 31,153 | 20,840 |
Tectura Corporation | Control investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Realized Gain (Loss) | 0 | 0 | 0 |
Fair value beginning balance | 8,042 | 8,269 | |
Total net change in unrealized appreciation (depreciation) | 3,475 | (227) | (331) |
Fair value ending balance | 11,517 | 8,042 | 8,269 |
Gibraltar Business Capital, LLC | Control investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 36,944 | 43,830 | |
Total net change in unrealized appreciation (depreciation) | (6,968) | (14,616) | |
Fair value ending balance | 36,944 | 43,830 | |
Preferred Stock | Coronado Aesthetics, LLC | Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | 0 | |
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 313 | 500 | |
Gross Additions | 0 | 0 | |
Gross Reductions | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | (53) | (187) | |
Fair value ending balance | 260 | 313 | 500 |
Preferred Stock | Tectura Corporation | Control investments | Other Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | 0 | |
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 0 | 0 | |
Gross Additions | 13,263 | 0 | |
Gross Reductions | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | (10,000) | 0 | |
Fair value ending balance | 3,263 | 0 | 0 |
Preferred Stock | Gibraltar Business Capital, LLC | Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | ||
Realized Gain (Loss) | 0 | ||
Fair value beginning balance | 14,137 | 19,393 | |
Gross Additions | 0 | ||
Gross Reductions | 0 | ||
Total net change in unrealized appreciation (depreciation) | (5,256) | ||
Fair value ending balance | 14,137 | 19,393 | |
Preferred Stock | Black Crow AI, Inc. | Affiliate investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | ||
Realized Gain (Loss) | 3,772 | ||
Fair value beginning balance | 0 | 1,120 | |
Gross Additions | 0 | ||
Gross Reductions | (1,000) | ||
Total net change in unrealized appreciation (depreciation) | (120) | ||
Fair value ending balance | 0 | 1,120 | |
Common Stock | Coronado Aesthetics, LLC | Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | 0 | |
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 6 | 65 | |
Gross Additions | 0 | 0 | |
Gross Reductions | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | (4) | (59) | |
Fair value ending balance | 2 | 6 | 65 |
Common Stock | Tectura Corporation | Control investments | Other Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | 0 | |
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 0 | 0 | |
Gross Additions | 0 | 0 | |
Gross Reductions | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | 4 | 0 | |
Fair value ending balance | 4 | 0 | 0 |
Common Stock | Gibraltar Business Capital, LLC | Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | ||
Realized Gain (Loss) | 0 | ||
Fair value beginning balance | 1,107 | 1,225 | |
Gross Additions | 0 | ||
Gross Reductions | 0 | ||
Total net change in unrealized appreciation (depreciation) | (118) | ||
Fair value ending balance | 1,107 | 1,225 | |
Common Stock | Pineapple Energy LLC | Affiliate investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | ||
Realized Gain (Loss) | 0 | ||
Fair value beginning balance | 0 | 591 | |
Gross Additions | 0 | ||
Gross Reductions | (4,767) | ||
Total net change in unrealized appreciation (depreciation) | 4,176 | ||
Fair value ending balance | 0 | 591 | |
Member Units | Gibraltar Acquisition LLC | Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | ||
Realized Gain (Loss) | 0 | ||
Fair value beginning balance | 15,244 | ||
Gross Additions | 6,000 | ||
Gross Reductions | 0 | ||
Total net change in unrealized appreciation (depreciation) | 6,790 | ||
Fair value ending balance | 28,034 | 15,244 | |
Member Units | Hercules Adviser LLC | Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 0 | 0 | |
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 19,153 | 11,990 | |
Gross Additions | 0 | 0 | |
Gross Reductions | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | 9,560 | 7,163 | |
Fair value ending balance | 28,713 | 19,153 | 11,990 |
Unsecured Debt | Gibraltar Acquisition LLC | Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 3,439 | ||
Realized Gain (Loss) | 0 | ||
Fair value beginning balance | 21,700 | ||
Gross Additions | 9,912 | ||
Gross Reductions | 0 | ||
Total net change in unrealized appreciation (depreciation) | 2,866 | ||
Fair value ending balance | 34,478 | 21,700 | |
Unsecured Debt | Hercules Adviser LLC | Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 608 | 546 | |
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 12,000 | 8,850 | |
Gross Additions | 0 | 3,150 | |
Gross Reductions | 0 | 0 | |
Total net change in unrealized appreciation (depreciation) | 0 | 0 | |
Fair value ending balance | 12,000 | 12,000 | 8,850 |
Unsecured Debt | Gibraltar Business Capital, LLC | Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 3,453 | ||
Realized Gain (Loss) | 0 | ||
Fair value beginning balance | 21,700 | 23,212 | |
Gross Additions | 82 | ||
Gross Reductions | 0 | ||
Total net change in unrealized appreciation (depreciation) | (1,594) | ||
Fair value ending balance | 21,700 | 23,212 | |
Senior Secured Debt | Tectura Corporation | Control investments | Other Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 690 | 690 | |
Realized Gain (Loss) | 0 | 0 | |
Fair value beginning balance | 8,042 | 8,269 | |
Gross Additions | 0 | 0 | |
Gross Reductions | (13,263) | 0 | |
Total net change in unrealized appreciation (depreciation) | 13,471 | (227) | |
Fair value ending balance | 8,250 | 8,042 | 8,269 |
Senior Secured Debt | Pineapple Energy LLC | Affiliate investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Amount of Interest and Fees Credited to Income | 1,204 | ||
Realized Gain (Loss) | (2,014) | ||
Fair value beginning balance | $ 0 | 7,747 | |
Gross Additions | 0 | ||
Gross Reductions | (7,780) | ||
Total net change in unrealized appreciation (depreciation) | 33 | ||
Fair value ending balance | $ 0 | $ 7,747 |
Schedule 12-14s - CONSOLIDATE_3
Schedule 12-14s - CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES (Parenthetical) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Investments in and Advances to Affiliates [Line Items] | |||
Investment cost | $ 3,247,033,000 | $ 3,005,696,000 | |
Investments, at fair value: | $ 3,248,046,000 | $ 2,963,955,000 | |
Control investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment owned, percent of net assets | 6.38% | 5.46% | |
Investment cost | $ 103,182,000 | $ 87,271,000 | |
Investments, at fair value: | $ 115,004,000 | $ 76,458,000 | $ 73,504,000 |
Control investments | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment owned, percent of net assets | 5.74% | 4.88% | |
Investment cost | $ 80,769,000 | $ 64,858,000 | |
Investments, at fair value: | $ 103,487,000 | $ 68,416,000 | 65,235,000 |
Control investments | Other Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment owned, percent of net assets | 0.64% | 0.58% | |
Investment cost | $ 22,413,000 | $ 22,413,000 | |
Investments, at fair value: | 11,517,000 | 8,042,000 | 8,269,000 |
Control investments | Coronado Aesthetics, LLC | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 262,000 | 319,000 | 565,000 |
Control investments | Coronado Aesthetics, LLC | Majority Owned Control Investments | Preferred Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 260,000 | 313,000 | 500,000 |
Control investments | Coronado Aesthetics, LLC | Majority Owned Control Investments | Common Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 2,000 | 6,000 | 65,000 |
Control investments | Coronado Aesthetics, LLC | Medical Devices & Equipment | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment cost | 250,000 | 250,000 | |
Investments, at fair value: | $ 262,000 | $ 319,000 | |
Control investments | Coronado Aesthetics, LLC | Medical Devices & Equipment | Majority Owned Control Investments | Common Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Shares | 180,000 | 180,000 | |
Investment cost | $ 0 | $ 0 | |
Investments, at fair value: | $ 2,000 | $ 6,000 | |
Control investments | Coronado Aesthetics, LLC | Medical Devices & Equipment | Preferred Series A | Majority Owned Control Investments | Preferred Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Shares | 5,000,000 | 5,000,000 | |
Investment cost | $ 250,000 | $ 250,000 | |
Investments, at fair value: | 260,000 | 313,000 | |
Control investments | Gibraltar Acquisition LLC | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 62,512,000 | ||
Control investments | Gibraltar Acquisition LLC | Majority Owned Control Investments | Unsecured Debt | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 34,478,000 | 21,700,000 | |
Control investments | Gibraltar Acquisition LLC | Majority Owned Control Investments | Member Units | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 28,034,000 | 15,244,000 | |
Control investments | Gibraltar Acquisition LLC | Diversified Financial Services | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment cost | 68,484,000 | ||
Investments, at fair value: | $ 62,512,000 | ||
Control investments | Gibraltar Acquisition LLC | Diversified Financial Services | Majority Owned Control Investments | Unsecured Debt One | |||
Investments in and Advances to Affiliates [Line Items] | |||
Maturity Date | 2026-09 | ||
Interest rate and floor, fixed | 11.50% | ||
Principal amount | $ 25,000,000 | ||
Investment cost | 24,663,000 | ||
Investments, at fair value: | $ 24,663,000 | ||
Control investments | Gibraltar Acquisition LLC | Diversified Financial Services | Majority Owned Control Investments | Unsecured Debt Two | |||
Investments in and Advances to Affiliates [Line Items] | |||
Maturity Date | 2026-09 | ||
Interest rate and floor, fixed | 11.95% | ||
Principal amount | $ 10,000,000 | ||
Investment cost | 9,815,000 | ||
Investments, at fair value: | $ 9,815,000 | ||
Control investments | Gibraltar Acquisition LLC | Diversified Financial Services | Majority Owned Control Investments | Member Units | |||
Investments in and Advances to Affiliates [Line Items] | |||
Shares | 1 | ||
Investment cost | $ 34,006,000 | ||
Investments, at fair value: | 28,034,000 | ||
Control investments | Hercules Adviser LLC | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 40,713,000 | 31,153,000 | 20,840,000 |
Control investments | Hercules Adviser LLC | Majority Owned Control Investments | Unsecured Debt | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 12,000,000 | 12,000,000 | 8,850,000 |
Control investments | Hercules Adviser LLC | Majority Owned Control Investments | Member Units | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 28,713,000 | 19,153,000 | 11,990,000 |
Control investments | Hercules Adviser LLC | Diversified Financial Services | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment cost | 12,035,000 | 12,035,000 | |
Investments, at fair value: | $ 40,713,000 | $ 31,153,000 | |
Control investments | Hercules Adviser LLC | Diversified Financial Services | Majority Owned Control Investments | Unsecured Debt | |||
Investments in and Advances to Affiliates [Line Items] | |||
Maturity Date | 2025-06 | 2025-06 | |
Interest rate and floor, fixed | 5% | 5% | |
Principal amount | $ 12,000,000 | $ 12,000,000 | |
Investment cost | 12,000,000 | 12,000,000 | |
Investments, at fair value: | $ 12,000,000 | $ 12,000,000 | |
Control investments | Hercules Adviser LLC | Diversified Financial Services | Majority Owned Control Investments | Member Units | |||
Investments in and Advances to Affiliates [Line Items] | |||
Shares | 1 | 1 | |
Investment cost | $ 35,000 | $ 35,000 | |
Investments, at fair value: | 28,713,000 | 19,153,000 | |
Control investments | Tectura Corporation | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 11,517,000 | 8,042,000 | 8,269,000 |
Control investments | Tectura Corporation | Other Control Investments | Senior Secured Debt | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 8,250,000 | 8,042,000 | 8,269,000 |
Control investments | Tectura Corporation | Other Control Investments | Preferred Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 3,263,000 | 0 | 0 |
Control investments | Tectura Corporation | Other Control Investments | Common Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 4,000 | 0 | 0 |
Control investments | Tectura Corporation | Consumer & Business Services | Other Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment cost | 22,413,000 | 22,413,000 | |
Investments, at fair value: | $ 11,517,000 | $ 8,042,000 | |
Control investments | Tectura Corporation | Consumer & Business Services | Other Control Investments | Senior Secured Debt | |||
Investments in and Advances to Affiliates [Line Items] | |||
Maturity Date | 2024-07 | 2024-07 | |
Interest rate and floor, fixed | 8.25% | ||
Interest rate paid in kind | 5% | ||
Principal amount | $ 8,250,000 | $ 10,680,000 | |
Investment cost | 8,250,000 | 240,000 | |
Investments, at fair value: | 8,250,000 | $ 0 | |
Control investments | Tectura Corporation | Consumer & Business Services | Other Control Investments | Senior Secured Debt One | |||
Investments in and Advances to Affiliates [Line Items] | |||
Maturity Date | 2024-07 | ||
Interest rate and floor, fixed | 8.25% | ||
Principal amount | $ 8,250,000 | ||
Investment cost | 8,250,000 | ||
Investments, at fair value: | $ 8,042,000 | ||
Control investments | Tectura Corporation | Consumer & Business Services | Other Control Investments | Senior Secured Debt Two | |||
Investments in and Advances to Affiliates [Line Items] | |||
Maturity Date | 2024-07 | ||
Interest rate paid in kind | 5% | ||
Principal amount | $ 13,023,000 | ||
Investment cost | 13,023,000 | ||
Investments, at fair value: | $ 0 | ||
Control investments | Tectura Corporation | Consumer & Business Services | Other Control Investments | Common Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Shares | 414,994,863 | ||
Principal amount | 414,994,863 | ||
Investment cost | 900,000 | $ 900,000 | |
Investments, at fair value: | 4,000 | $ 0 | |
Control investments | Tectura Corporation | Consumer & Business Services | Preferred Series BB | Other Control Investments | Preferred Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Shares | 1,000,000 | ||
Principal amount | 1,000,000 | ||
Investment cost | 0 | $ 0 | |
Investments, at fair value: | $ 12,000 | 0 | |
Control investments | Tectura Corporation | Consumer & Business Services | Preferred Series C | Other Control Investments | Preferred Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Shares | 3,235,298 | ||
Investment cost | $ 13,263,000 | ||
Investments, at fair value: | $ 3,251,000 | ||
Control investments | Gibraltar Business Capital, LLC | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 36,944,000 | 43,830,000 | |
Control investments | Gibraltar Business Capital, LLC | Majority Owned Control Investments | Unsecured Debt | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 21,700,000 | 23,212,000 | |
Control investments | Gibraltar Business Capital, LLC | Majority Owned Control Investments | Preferred Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 14,137,000 | 19,393,000 | |
Control investments | Gibraltar Business Capital, LLC | Majority Owned Control Investments | Common Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investments, at fair value: | 1,107,000 | $ 1,225,000 | |
Control investments | Gibraltar Business Capital, LLC | Diversified Financial Services | Majority Owned Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment cost | 52,573,000 | ||
Investments, at fair value: | $ 36,944,000 | ||
Control investments | Gibraltar Business Capital, LLC | Diversified Financial Services | Majority Owned Control Investments | Unsecured Debt One | |||
Investments in and Advances to Affiliates [Line Items] | |||
Maturity Date | 2026-09 | ||
Interest rate and floor, fixed | 14.50% | ||
Principal amount | $ 15,000,000 | ||
Investment cost | 14,715,000 | ||
Investments, at fair value: | $ 12,802,000 | ||
Control investments | Gibraltar Business Capital, LLC | Diversified Financial Services | Majority Owned Control Investments | Unsecured Debt Two | |||
Investments in and Advances to Affiliates [Line Items] | |||
Maturity Date | 2026-09 | ||
Interest rate and floor, fixed | 11.50% | ||
Principal amount | $ 10,000,000 | ||
Investment cost | 9,852,000 | ||
Investments, at fair value: | $ 8,898,000 | ||
Control investments | Gibraltar Business Capital, LLC | Diversified Financial Services | Majority Owned Control Investments | Common Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Shares | 830,000 | ||
Investment cost | $ 1,884,000 | ||
Investments, at fair value: | $ 1,107,000 | ||
Control investments | Gibraltar Business Capital, LLC | Diversified Financial Services | Preferred Series A | Majority Owned Control Investments | Preferred Stock | |||
Investments in and Advances to Affiliates [Line Items] | |||
Shares | 10,602,752 | ||
Investment cost | $ 26,122,000 | ||
Investments, at fair value: | $ 14,137,000 |