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Investments (Tables)

3 Months Ended

Mar. 31, 2023

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	%