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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
Investment Company [Abstract] |
Summary of Composition of Portfolio Investments by Industry | The following table summarizes the composition of the Company’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of March 31, 2023 and December 31, 2022 (dollars in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Industry |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
Green Technology |  | $ | 142,302 |  |  |  | 12.3 | % |  | $ | 151,712 |  |  |  | 14.0 | % |  | $ | 142,931 |  |  |  | 12.3 | % |  | $ | 152,117 |  |  |  | 14.0 | %
Finance and Insurance |  |  | 124,793 |  |  |  | 10.9 | % |  |  | 124,984 |  |  |  | 11.5 | % |  |  | 113,645 |  |  |  | 9.9 | % |  |  | 114,131 |  |  |  | 10.4 | %
Food and Agriculture Technologies |  |  | 100,012 |  |  |  | 8.7 | % |  |  | 99,610 |  |  |  | 9.1 | % |  |  | 101,279 |  |  |  | 8.8 | % |  |  | 101,947 |  |  |  | 9.3 | %
Real Estate Technology |  |  | 102,480 |  |  |  | 8.9 | % |  |  | 96,374 |  |  |  | 8.8 | % |  |  | 102,171 |  |  |  | 8.9 | % |  |  | 95,871 |  |  |  | 8.8 | %
Life Sciences |  |  | 79,464 |  |  |  | 6.9 | % |  |  | 79,608 |  |  |  | 7.3 | % |  |  | 71,664 |  |  |  | 6.2 | % |  |  | 71,457 |  |  |  | 6.5 | %
Consumer Products & Services |  |  | 72,387 |  |  |  | 6.3 | % |  |  | 72,034 |  |  |  | 6.6 | % |  |  | 71,811 |  |  |  | 6.2 | % |  |  | 70,129 |  |  |  | 6.4 | %
Space Technology |  |  | 70,644 |  |  |  | 6.2 | % |  |  | 70,853 |  |  |  | 6.5 | % |  |  | 71,476 |  |  |  | 6.2 | % |  |  | 71,607 |  |  |  | 6.5 | %
Healthcare |  |  | 87,198 |  |  |  | 7.6 | % |  |  | 56,119 |  |  |  | 5.1 | % |  |  | 88,421 |  |  |  | 7.7 | % |  |  | 58,098 |  |  |  | 5.3 | %
Marketing, Media, and Entertainment |  |  | 48,950 |  |  |  | 4.3 | % |  |  | 48,341 |  |  |  | 4.4 | % |  |  | 61,013 |  |  |  | 5.3 | % |  |  | 60,443 |  |  |  | 5.5 | %
Digital Assets Technology and Services |  |  | 57,040 |  |  |  | 5.0 | % |  |  | 46,937 |  |  |  | 4.3 | % |  |  | 60,704 |  |  |  | 5.3 | % |  |  | 44,842 |  |  |  | 4.1 | %
Automation & Internet of Things |  |  | 45,440 |  |  |  | 4.0 | % |  |  | 45,170 |  |  |  | 4.1 | % |  |  | 54,178 |  |  |  | 4.7 | % |  |  | 54,795 |  |  |  | 5.0 | %
Human Resource Technology |  |  | 40,830 |  |  |  | 3.6 | % |  |  | 41,704 |  |  |  | 3.8 | % |  |  | 40,678 |  |  |  | 3.5 | % |  |  | 41,226 |  |  |  | 3.8 | %
Connectivity |  |  | 36,272 |  |  |  | 3.2 | % |  |  | 33,164 |  |  |  | 3.0 | % |  |  | 36,099 |  |  |  | 3.1 | % |  |  | 33,680 |  |  |  | 3.1 | %
Transportation Technology |  |  | 32,104 |  |  |  | 2.8 | % |  |  | 30,809 |  |  |  | 2.8 | % |  |  | 31,338 |  |  |  | 2.7 | % |  |  | 29,874 |  |  |  | 2.7 | %
SaaS |  |  | 28,103 |  |  |  | 2.4 | % |  |  | 28,017 |  |  |  | 2.6 | % |  |  | 29,302 |  |  |  | 2.5 | % |  |  | 29,342 |  |  |  | 2.7 | %
Industrials |  |  | 22,321 |  |  |  | 1.9 | % |  |  | 21,430 |  |  |  | 2.0 | % |  |  | 24,296 |  |  |  | 2.1 | % |  |  | 23,363 |  |  |  | 2.1 | %
Construction Technology |  |  | 22,341 |  |  |  | 1.9 | % |  |  | 17,647 |  |  |  | 1.6 | % |  |  | 23,731 |  |  |  | 2.1 | % |  |  | 19,609 |  |  |  | 1.8 | %
Education Technology |  |  | 18,959 |  |  |  | 1.7 | % |  |  | 14,358 |  |  |  | 1.3 | % |  |  | 18,962 |  |  |  | 1.6 | % |  |  | 14,334 |  |  |  | 1.3 | %
Supply Chain Technology |  |  | 10,385 |  |  |  | 0.9 | % |  |  | 7,476 |  |  |  | 0.7 | % |  |  | 9,885 |  |  |  | 0.9 | % |  |  | 7,521 |  |  |  | 0.7 | %
Multi-Sector Holdings(1) |  |  | 5,184 |  |  |  | 0.5 | % |  |  | 5,184 |  |  |  | 0.5 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 1,147,209 |  |  |  | 100.0 | % |  | $ | 1,091,531 |  |  |  | 100.0 | % |  | $ | 1,153,584 |  |  |  | 100.0 | % |  | $ | 1,094,386 |  |  |  | 100.0 | %
(1) i40, LLC is a joint venture between the Company and the JV Partner. This entity invests in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The portfolio companies held by i40, LLC represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See Note 1 for further discussion.
Schedule of Composition of Portfolio Investments by Geographic Region | The following table summarizes the composition of the Company’s portfolio investments by geographic region of the United States and other countries at cost and fair value and as a percentage of the total portfolio as of March 31, 2023 and December 31, 2022 (dollars in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Geographic Region |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
West |  | $ | 432,235 |  |  |  | 37.6 | % |  | $ | 425,110 |  |  |  | 39.0 | % |  | $ | 454,226 |  |  |  | 39.3 | % |  | $ | 441,602 |  |  |  | 40.3 | %
Northeast |  |  | 332,098 |  |  |  | 28.9 | % |  |  | 321,891 |  |  |  | 29.5 | % |  |  | 321,980 |  |  |  | 27.9 | % |  |  | 310,322 |  |  |  | 28.4 | %
Mountain |  |  | 137,569 |  |  |  | 12.0 | % |  |  | 134,221 |  |  |  | 12.3 | % |  |  | 122,862 |  |  |  | 10.7 | % |  |  | 122,139 |  |  |  | 11.2 | %
South |  |  | 103,246 |  |  |  | 9.0 | % |  |  | 80,214 |  |  |  | 7.3 | % |  |  | 103,244 |  |  |  | 8.9 | % |  |  | 79,018 |  |  |  | 7.2 | %
Midwest |  |  | 54,799 |  |  |  | 4.8 | % |  |  | 45,945 |  |  |  | 4.2 | % |  |  | 58,284 |  |  |  | 5.1 | % |  |  | 50,636 |  |  |  | 4.6 | %
Southeast |  |  | 10,153 |  |  |  | 0.9 | % |  |  | 9,937 |  |  |  | 0.9 | % |  |  | 11,290 |  |  |  | 1.0 | % |  |  | 11,144 |  |  |  | 1.0 | %
i40, LLC(1) |  |  | 5,184 |  |  |  | 0.5 | % |  |  | 5,184 |  |  |  | 0.5 | % |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
International: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 44,194 |  |  |  | 3.9 | % |  |  | 41,474 |  |  |  | 3.8 | % |  |  | 52,406 |  |  |  | 4.5 | % |  |  | 50,289 |  |  |  | 4.6 | %
Western Europe |  |  | 27,731 |  |  |  | 2.4 | % |  |  | 27,555 |  |  |  | 2.5 | % |  |  | 29,292 |  |  |  | 2.6 | % |  |  | 29,236 |  |  |  | 2.7 | %
Total |  | $ | 1,147,209 |  |  |  | 100.0 | % |  | $ | 1,091,531 |  |  |  | 100.0 | % |  | $ | 1,153,584 |  |  |  | 100.0 | % |  | $ | 1,094,386 |  |  |  | 100.0 | %
(1) i40, LLC is a joint venture between the Company and the JV Partner. This entity invests in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The portfolio companies held by i40, LLC represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly. See Note 1 for further discussion.
Schedule of Portfolio Investments by Investment Type | The following table summarizes the composition of the Company’s portfolio investments by investment type at cost and fair value and as a percentage of the total portfolio as of March 31, 2023 and December 31, 2022 (dollars in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Investment |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
Secured Loans |  | $ | 829,914 |  |  |  | 72.3 | % |  | $ | 808,002 |  |  |  | 74.0 | % |  | $ | 827,377 |  |  |  | 71.7 | % |  | $ | 802,851 |  |  |  | 73.3 | %
Equipment Financing |  |  | 253,669 |  |  |  | 22.1 | % |  |  | 239,096 |  |  |  | 21.9 | % |  |  | 266,139 |  |  |  | 23.1 | % |  |  | 245,978 |  |  |  | 22.5 | %
Warrants |  |  | 21,256 |  |  |  | 1.9 | % |  |  | 26,963 |  |  |  | 2.5 | % |  |  | 21,282 |  |  |  | 1.8 | % |  |  | 31,724 |  |  |  | 2.9 | %
Equity |  |  | 42,370 |  |  |  | 3.7 | % |  |  | 17,470 |  |  |  | 1.6 | % |  |  | 38,786 |  |  |  | 3.4 | % |  |  | 13,833 |  |  |  | 1.3 | %
Total |  | $ | 1,147,209 |  |  |  | 100.0 | % |  | $ | 1,091,531 |  |  |  | 100.0 | % |  | $ | 1,153,584 |  |  |  | 100.0 | % |  | $ | 1,094,386 |  |  |  | 100.0 | %

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