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Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Available and Outstanding Debt | As of September 30, 2025 and December 31, 2024, the Company had the following available and outstanding debt:
(in thousands) | September 30, 2025 |  | December 31, 2024
| Total Available |  | Principal Outstanding |  | Carrying Value(1) |  | Total Available |  | Principal Outstanding |  | Carrying Value(1)
SBA Debentures(2)(4) | $ | 350,000 |  |  | $ | 350,000 |  |  | $ | 340,717 |  |  | $ | 350,000 |  |  | $ | 279,000 |  |  | $ | 271,371 |
February 2025 Notes | — |  |  | — |  |  | — |  |  | 50,000 |  |  | 50,000 |  |  | 49,981 |
June 2025 Notes | — |  |  | — |  |  | — |  |  | 70,000 |  |  | 70,000 |  |  | 69,919 |
June 2025 3-Year Notes | — |  |  | — |  |  | — |  |  | 50,000 |  |  | 50,000 |  |  | 49,926 |
March 2026 A Notes | 50,000 |  |  | 50,000 |  |  | 49,961 |  |  | 50,000 |  |  | 50,000 |  |  | 49,889 |
March 2026 B Notes | 50,000 |  |  | 50,000 |  |  | 49,957 |  |  | 50,000 |  |  | 50,000 |  |  | 49,880 |
September 2026 Notes | 325,000 |  |  | 325,000 |  |  | 324,057 |  |  | 325,000 |  |  | 325,000 |  |  | 323,321 |
January 2027 Notes | 350,000 |  |  | 350,000 |  |  | 348,263 |  |  | 350,000 |  |  | 350,000 |  |  | 347,265 |
2028 Convertible Notes | 287,500 |  |  | 287,500 |  |  | 279,747 |  |  | — |  |  | — |  |  | — |
June 2030 Notes | 350,000 |  |  | 350,000 |  |  | 342,219 |  |  | — |  |  | — |  |  | — |
2031 Asset-Backed Notes | 88,639 |  |  | 88,639 |  |  | 88,391 |  |  | 119,475 |  |  | 119,475 |  |  | 118,769 |
2033 Notes | 40,000 |  |  | 40,000 |  |  | 39,124 |  |  | 40,000 |  |  | 40,000 |  |  | 39,043 |
MUFG Bank Facility(2) | 440,000 |  |  | 66,000 |  |  | 66,000 |  |  | 400,000 |  |  | 116,000 |  |  | 116,000 |
SMBC Facility(2)(3)(5) | 475,000 |  |  | 222,866 |  |  | 222,702 |  |  | 475,000 |  |  | 283,790 |  |  | 283,591 |
Total | $ | 2,806,139 |  |  | $ | 2,180,005 |  |  | $ | 2,151,138 |  |  | $ | 2,329,475 |  |  | $ | 1,783,265 |  |  | $ | 1,768,955 |
(1)Except for the SMBC Facility and MUFG 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)“Total Available” includes $175.0 million of available commitment through the letter of credit facility as of September 30, 2025 and December 31, 2024. (4)As of September 30, 2025 and December 31, 2024, the total available debt under the SBA Debentures was $350.0 million, of which $175.0 million was available to HC IV and $175.0 million was available to SBIC V. (5)In November 2024, the Company amended its SMBC Facility and converted a portion of the existing revolver facility into a term loan facility in connection therewith. As of September 30, 2025, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million respectively. As of December 31, 2024, the term loan portion of the SMBC Facility for total available, outstanding principal, and carrying value was $25.0 million, $25.0 million, and $24.8 million, respectively. The overall weighted average interest cost, cost of debt and debt outstanding for the Company for the three and nine months ended September 30, 2025 and 2024 were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average interest cost |  | 4.4 | % |  | 4.6 | % |  | 4.3 | % |  | 4.4 | %
Weighted average cost of debt(1) |  | 5.1 | % |  | 5.1 | % |  | 4.9 | % |  | 5.0 | %
Weighted average debt outstanding |  | $ | 2,128,248 |  |  | $ | 1,736,913 |  |  | $ | 2,029,422 |  |  | $ | 1,696,442 |
(1)Cost of debt includes interest and fees. The Company held the following SBA debentures outstanding principal balances as of September 30, 2025 and December 31, 2024:
(in thousands) Issuance/Pooling Date |  | Maturity Date |  | Interest Rate(1) |  | September 30, 2025 |  | December 31, 2024
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 |
November 8, 2024 |  | March 1, 2035 |  | 5.09% |  | 30,000 |  |  | 30,000 |
December 6, 2024 |  | March 1, 2035 |  | 5.09% |  | 33,600 |  |  | 33,600 |
December 12, 2024 |  | March 1, 2035 |  | 5.09% |  | 8,400 |  |  | 8,400 |
December 20, 2024 |  | March 1, 2035 |  | 5.09% |  | 32,000 |  |  | 32,000 |
February 5, 2025 |  | March 1, 2035 |  | 5.09% |  | 6,000 |  |  | — |
March 28, 2025 |  | September 1, 2035 |  | 4.66% |  | 10,000 |  |  | — |
April 25, 2025 |  | September 1, 2035 |  | 4.66% |  | 15,000 |  |  | — |
May 9, 2025 |  | September 1, 2035 |  | 4.66% |  | 5,000 |  |  | — |
June 5, 2025 |  | September 1, 2035 |  | 4.66% |  | 17,000 |  |  | — |
June 12, 2025 |  | September 1, 2035 |  | 4.66% |  | 3,000 |  |  | — |
June 25, 2025 |  | September 1, 2035 |  | 4.66% |  | 15,000 |  |  | — |
Total SBA Debentures |  |  |  |  |  | $ | 350,000 |  |  | $ | 279,000 |
(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 September 30, 2025 and December 31, 2024:
(in thousands) |  | September 30, 2025 |  | December 31, 2024
SBA Debentures |  | $ | 9,283 |  |  | $ | 7,629 |
February 2025 Notes |  | — |  |  | 19 |
June 2025 Notes |  | — |  |  | 81 |
June 2025 3-Year Notes |  | — |  |  | 74 |
March 2026 A Notes |  | 39 |  |  | 111 |
March 2026 B Notes |  | 43 |  |  | 120 |
September 2026 Notes |  | 943 |  |  | 1,679 |
January 2027 Notes |  | 1,737 |  |  | 2,735 |
2028 Convertible Notes |  | 7,753 |  |  | — |
June 2030 Notes |  | 7,781 |  |  | — |
2031 Asset-Backed Notes |  | 248 |  |  | 706 |
2033 Notes |  | 876 |  |  | 957 |
MUFG Bank Facility(1) |  | 3,803 |  |  | 1,770 |
SMBC Facility(1)(2) |  | 2,417 |  |  | 2,693 |
Total |  | $ | 34,923 |  |  | $ | 18,574 |
(1)The MUFG 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. (2)As part of the November 2024 amendment of the SMBC Facility, the existing revolver facility was split into a revolver facility and a term loan facility. As of September 30, 2025, the debt issuance costs, net of accumulated amortization of the revolver facility is $2.2 million and the term loan is $0.2 million. As of December 31, 2024, the debt issuance costs, net of accumulated amortization of the revolver facility is $2.5 million and the term loan is $0.2 million.
Components of Interest Expense, Related Fees and Cash Paid for Interest Expense for Debt | For the three and nine months ended September 30, 2025, the components of interest expense, related fees, losses on debt extinguishment and cash paid for interest expense for debt were as follows:
(in thousands) |  | Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
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 |  | 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 |  | $ | 3,381 |  |  | $ | 295 |  |  | $ | — |  |  | $ | 3,676 |  |  | $ | 5,892 |  |  | $ | 8,806 |  |  | $ | 785 |  |  | $ | — |  |  | $ | 9,591 |  |  | $ | 9,863 |
February 2025 Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 202 |  |  | 19 |  |  | — |  |  | 221 |  |  | 1,070 |
June 2025 Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,274 |  |  | 81 |  |  | — |  |  | 1,355 |  |  | 1,508 |
June 2025 3-Year Notes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,433 |  |  | 74 |  |  | — |  |  | 1,507 |  |  | 1,500 |
March 2026 A Notes |  | 562 |  |  | 23 |  |  | — |  |  | 585 |  |  | 1,125 |  |  | 1,687 |  |  | 71 |  |  | — |  |  | 1,758 |  |  | 2,250 |
March 2026 B Notes |  | 569 |  |  | 25 |  |  | — |  |  | 594 |  |  | 1,138 |  |  | 1,706 |  |  | 77 |  |  | — |  |  | 1,783 |  |  | 2,276 |
September 2026 Notes |  | 2,174 |  |  | 204 |  |  | — |  |  | 2,378 |  |  | 4,266 |  |  | 6,523 |  |  | 611 |  |  | — |  |  | 7,134 |  |  | 8,532 |
January 2027 Notes |  | 3,079 |  |  | 208 |  |  | — |  |  | 3,287 |  |  | 5,906 |  |  | 9,236 |  |  | 621 |  |  | — |  |  | 9,857 |  |  | 11,812 |
2028 Convertible Notes |  | 3,763 |  |  | 353 |  |  | — |  |  | 4,116 |  |  | 6,487 |  |  | 8,315 |  |  | 781 |  |  | — |  |  | 9,096 |  |  | 6,487 |
June 2030 Notes |  | 5,441 |  |  | 221 |  |  | — |  |  | 5,662 |  |  | — |  |  | 6,348 |  |  | 258 |  |  | — |  |  | 6,606 |  |  | — |
2031 Asset-Backed Notes(2) |  | 1,243 |  |  | 69 |  |  | — |  |  | 1,312 |  |  | 1,241 |  |  | 4,206 |  |  | 229 |  |  | — |  |  | 4,435 |  |  | 4,139 |
2033 Notes |  | 625 |  |  | 27 |  |  | — |  |  | 652 |  |  | 625 |  |  | 1,875 |  |  | 81 |  |  | — |  |  | 1,956 |  |  | 1,875 |
MUFG Bank Facility |  | 1,191 |  |  | 259 |  |  | 798 |  |  | 2,248 |  |  | 1,210 |  |  | 5,736 |  |  | 1,083 |  |  | 1,997 |  |  | 8,816 |  |  | 5,719 |
SMBC Facility |  | 2,161 |  |  | 203 |  |  | 319 |  |  | 2,683 |  |  | 1,897 |  |  | 9,470 |  |  | 614 |  |  | 767 |  |  | 10,851 |  |  | 9,764 |
Total |  | $ | 24,189 |  |  | $ | 1,887 |  |  | $ | 1,117 |  |  | $ | 27,193 |  |  | $ | 29,787 |  |  | $ | 66,817 |  |  | $ | 5,385 |  |  | $ | 2,764 |  |  | $ | 74,966 |  |  | $ | 66,795 |
(1)Interest expense includes amortization of OID for the three months ended September 30, 2025, of $42 thousand, $126 thousand, $311 thousand, $191 thousand, and $34 thousand related to the September 2026 Notes, January 2027 Notes, 2028 Convertible Notes, June 2030 Notes, and 2031 Asset-Backed Notes, respectively. Interest expense includes amortization of OID for the nine months ended September 30, 2025, of $125 thousand, $377 thousand, $690 thousand, $223 thousand, and $109 thousand related to the September 2026 Notes, January 2027 Notes, 2028 Convertible Notes, June 2030 Notes, and 2031 Asset-Backed Notes, respectively. (2)During the three and nine months ended September 30, 2025, we have recognized $84 thousand and $120 thousand, respectively, of loss on debt extinguishment for 2031 Asset-Backed Notes. For the three and nine months ended September 30, 2024, the components of interest expense, related fees, and cash paid for interest expense for debt were as follows:
(in thousands) |  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
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 |  | 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 |  | $ | 1,149 |  |  | $ | 147 |  |  | $ | — |  |  | $ | 1,296 |  |  | $ | 2,300 |  |  | $ | 3,424 |  |  | $ | 439 |  |  | $ | — |  |  | $ | 3,863 |  |  | $ | 4,575 |
July 2024 Notes |  | 202 |  |  | 24 |  |  | — |  |  | 226 |  |  | 2,504 |  |  | 2,706 |  |  | 172 |  |  | — |  |  | 2,878 |  |  | 5,008 |
February 2025 Notes |  | 535 |  |  | 29 |  |  | — |  |  | 564 |  |  | 1,070 |  |  | 1,605 |  |  | 86 |  |  | — |  |  | 1,691 |  |  | 2,140 |
June 2025 Notes |  | 755 |  |  | 40 |  |  | — |  |  | 795 |  |  | — |  |  | 2,263 |  |  | 121 |  |  | — |  |  | 2,384 |  |  | 1,508 |
June 2025 3-Year Notes |  | 750 |  |  | 38 |  |  | — |  |  | 788 |  |  | — |  |  | 2,250 |  |  | 116 |  |  | — |  |  | 2,366 |  |  | 1,500 |
March 2026 A Notes |  | 563 |  |  | 24 |  |  | — |  |  | 587 |  |  | 1,125 |  |  | 1,688 |  |  | 71 |  |  | — |  |  | 1,759 |  |  | 2,250 |
March 2026 B Notes |  | 568 |  |  | 25 |  |  | — |  |  | 593 |  |  | 1,138 |  |  | 1,706 |  |  | 77 |  |  | — |  |  | 1,783 |  |  | 2,276 |
September 2026 Notes |  | 2,174 |  |  | 205 |  |  | — |  |  | 2,379 |  |  | 4,266 |  |  | 6,523 |  |  | 612 |  |  | — |  |  | 7,135 |  |  | 8,531 |
January 2027 Notes |  | 3,080 |  |  | 208 |  |  | — |  |  | 3,288 |  |  | 5,906 |  |  | 9,236 |  |  | 622 |  |  | — |  |  | 9,858 |  |  | 11,812 |
2031 Asset-Backed Notes |  | 1,903 |  |  | 100 |  |  | — |  |  | 2,003 |  |  | 1,856 |  |  | 5,710 |  |  | 300 |  |  | — |  |  | 6,010 |  |  | 5,568 |
2033 Notes |  | 625 |  |  | 27 |  |  | — |  |  | 652 |  |  | 625 |  |  | 1,875 |  |  | 81 |  |  | — |  |  | 1,956 |  |  | 1,875 |
MUFG Bank Facility |  | 4,105 |  |  | 443 |  |  | 329 |  |  | 4,877 |  |  | 3,875 |  |  | 8,181 |  |  | 1,328 |  |  | 1,572 |  |  | 11,081 |  |  | 7,596 |
SMBC Facility |  | 3,961 |  |  | 180 |  |  | 174 |  |  | 4,315 |  |  | 4,020 |  |  | 9,989 |  |  | 540 |  |  | 599 |  |  | 11,128 |  |  | 9,582 |
Total |  | $ | 20,370 |  |  | $ | 1,490 |  |  | $ | 503 |  |  | $ | 22,363 |  |  | $ | 28,685 |  |  | $ | 57,156 |  |  | $ | 4,565 |  |  | $ | 2,171 |  |  | $ | 63,892 |  |  | $ | 64,221 |
(1)Interest expense includes amortization of OID for the three months ended September 30, 2024 of $42 thousand, $126 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. Interest expense includes amortization of OID for the nine months ended September 30, 2024 of $125 thousand, $377 thousand, and $141 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
Summary of SBIC Investments | The following table shows the fair value of the Company’s portfolio of investments by asset class as of September 30, 2025 and December 31, 2024:
(in thousands) | September 30, 2025 |  | December 31, 2024
| Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Senior Secured Debt | $ | 4,027,409 |  |  | 93.5 | % |  | $ | 3,419,044 |  |  | 93.4 | %
Unsecured Debt | 68,149 |  |  | 1.6 | % |  | 75,557 |  |  | 2.1 | %
Preferred Stock | 51,822 |  |  | 1.2 | % |  | 53,802 |  |  | 1.5 | %
Common Stock | 111,460 |  |  | 2.6 | % |  | 74,855 |  |  | 2.0 | %
Warrants | 40,675 |  |  | 0.9 | % |  | 30,500 |  |  | 0.8 | %
Investment Funds & Vehicles | 6,639 |  |  | 0.2 | % |  | 6,220 |  |  | 0.2 | %
Total | $ | 4,306,154 |  |  | 100.0 | % |  | $ | 3,659,978 |  |  | 100.0 | %
A summary of the Company’s investment portfolio, at value, by geographic location as of September 30, 2025 and December 31, 2024 is shown as follows:
(in thousands) | September 30, 2025 |  | December 31, 2024
| Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
United States | $ | 3,892,061 |  |  | 90.4 | % |  | $ | 3,288,737 |  |  | 89.9 | %
Netherlands | 118,026 |  |  | 2.8 | % |  | 59,157 |  |  | 1.6 | %
United Kingdom | 117,032 |  |  | 2.7 | % |  | 142,183 |  |  | 3.9 | %
Israel | 61,553 |  |  | 1.4 | % |  | 88,066 |  |  | 2.4 | %
Germany | 50,419 |  |  | 1.2 | % |  | 49,255 |  |  | 1.3 | %
Switzerland | 34,078 |  |  | 0.8 | % |  | — |  |  | 0.0 | %
Canada | 16,659 |  |  | 0.4 | % |  | 16,251 |  |  | 0.4 | %
Denmark | 9,536 |  |  | 0.2 | % |  | 9,284 |  |  | 0.3 | %
Ireland | 4,716 |  |  | 0.1 | % |  | 4,649 |  |  | 0.1 | %
Singapore | 1,711 |  |  | 0.0 | % |  | 1,996 |  |  | 0.1 | %
Other | 363 |  |  | 0.0 | % |  | 400 |  |  | 0.0 | %
Total | $ | 4,306,154 |  |  | 100.0 | % |  | $ | 3,659,978 |  |  | 100.0 | %
The following table shows the fair value of the Company’s portfolio by industry sector as of September 30, 2025 and December 31, 2024:
(in thousands) | September 30, 2025 |  | December 31, 2024
| Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Software | $ | 1,519,464 |  |  | 35.3 | % |  | $ | 1,081,100 |  |  | 29.5 | %
Drug Discovery & Development | 988,816 |  |  | 23.0 | % |  | 1,080,390 |  |  | 29.5 | %
Healthcare Services, Other | 833,492 |  |  | 19.3 | % |  | 610,184 |  |  | 16.7 | %
Consumer & Business Services | 433,323 |  |  | 10.1 | % |  | 372,641 |  |  | 10.2 | %
Defense Technologies | 140,622 |  |  | 3.3 | % |  | — |  |  | 0.0 | %
Diversified Financial Services | 104,221 |  |  | 2.4 | % |  | 113,491 |  |  | 3.1 | %
Medical Devices & Equipment | 76,389 |  |  | 1.8 | % |  | 74,962 |  |  | 2.0 | %
Electronics & Computer Hardware | 51,080 |  |  | 1.2 | % |  | 162,888 |  |  | 4.5 | %
Space Technologies | 34,019 |  |  | 0.8 | % |  | 45,700 |  |  | 1.2 | %
Communications & Networking | 27,535 |  |  | 0.6 | % |  | 27,700 |  |  | 0.8 | %
Information Services | 23,988 |  |  | 0.5 | % |  | 24,356 |  |  | 0.7 | %
Biotechnology Tools | 22,326 |  |  | 0.5 | % |  | 35,434 |  |  | 1.0 | %
Sustainable and Renewable Technology | 21,300 |  |  | 0.5 | % |  | 27,696 |  |  | 0.8 | %
Manufacturing Technology | 20,419 |  |  | 0.5 | % |  | 1,162 |  |  | 0.0 | %
Consumer & Business Products | 8,716 |  |  | 0.2 | % |  | 1,497 |  |  | 0.0 | %
Semiconductors | 339 |  |  | 0.0 | % |  | 704 |  |  | 0.0 | %
Media/Content/Info | 93 |  |  | 0.0 | % |  | 63 |  |  | 0.0 | %
Drug Delivery | 12 |  |  | 0.0 | % |  | 10 |  |  | 0.0 | %
Total | $ | 4,306,154 |  |  | 100.0 | % |  | $ | 3,659,978 |  |  | 100.0 | %
The following table summarizes information related to our SBICs as of September 30, 2025 and December 31, 2024.
|  | September 30, 2025 |  | December 31, 2024
Description |  | HC IV | SBIC V |  | HC IV | SBIC V
Number of investments held |  | 40 | 23 |  | 33 | 11 |
Fair value of investments (in millions) |  | $ | 411.3 | $ | 272.5 |  | $ | 377.7 | $ | 155.6 |
Percentage of fair value of investments based on the Company's total investment portfolio |  | 9.6 | % | 6.3 | % |  | 10.3 | % | 4.3 | %
Tangible assets (in millions) |  | $ | 416.3 | $ | 276.3 |  | $ | 382.9 | $ | 157.8 |
Percentage of tangible assets based on the Company's total assets |  | 9.4 | % | 6.3 | % |  | 10.0 | % | 4.1 | %

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