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Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 and December 31, 2023 (dollars in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Industry |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
Finance and Insurance |  | $ | 190,781 |  |  |  | 13.3 | % |  | $ | 189,158 |  |  |  | 13.9 | % |  | $ | 139,399 |  |  |  | 10.6 | % |  | $ | 133,344 |  |  |  | 10.5 | %
Green Technology |  |  | 149,648 |  |  |  | 10.5 | % |  |  | 154,883 |  |  |  | 11.4 | % |  |  | 138,510 |  |  |  | 10.5 | % |  |  | 143,279 |  |  |  | 11.2 | %
Space Technology |  |  | 124,130 |  |  |  | 8.7 | % |  |  | 124,504 |  |  |  | 9.1 | % |  |  | 185,384 |  |  |  | 14.1 | % |  |  | 186,335 |  |  |  | 14.6 | %
Consumer Products & Services |  |  | 92,354 |  |  |  | 6.5 | % |  |  | 91,657 |  |  |  | 6.7 | % |  |  | 85,683 |  |  |  | 6.5 | % |  |  | 83,722 |  |  |  | 6.6 | %
Real Estate Technology |  |  | 93,027 |  |  |  | 6.6 | % |  |  | 89,264 |  |  |  | 6.5 | % |  |  | 94,878 |  |  |  | 7.2 | % |  |  | 91,344 |  |  |  | 7.2 | %
Healthcare Technology |  |  | 87,652 |  |  |  | 6.2 | % |  |  | 83,697 |  |  |  | 6.1 | % |  |  | 89,038 |  |  |  | 6.8 | % |  |  | 84,917 |  |  |  | 6.6 | %
Food and Agriculture Technologies |  |  | 84,125 |  |  |  | 5.9 | % |  |  | 79,608 |  |  |  | 5.8 | % |  |  | 90,967 |  |  |  | 6.9 | % |  |  | 88,707 |  |  |  | 7.0 | %
Medical Devices |  |  | 70,431 |  |  |  | 5.0 | % |  |  | 71,809 |  |  |  | 5.3 | % |  |  | 68,717 |  |  |  | 5.2 | % |  |  | 70,320 |  |  |  | 5.5 | %
Artificial Intelligence & Automation |  |  | 64,679 |  |  |  | 4.6 | % |  |  | 63,905 |  |  |  | 4.7 | % |  |  | 34,732 |  |  |  | 2.6 | % |  |  | 34,435 |  |  |  | 2.7 | %
Biotechnology |  |  | 56,665 |  |  |  | 4.0 | % |  |  | 57,399 |  |  |  | 4.2 | % |  |  | 56,173 |  |  |  | 4.3 | % |  |  | 55,810 |  |  |  | 4.4 | %
SaaS |  |  | 48,560 |  |  |  | 3.4 | % |  |  | 49,850 |  |  |  | 3.7 | % |  |  | 34,257 |  |  |  | 2.6 | % |  |  | 34,440 |  |  |  | 2.7 | %
Marketing, Media, and Entertainment |  |  | 47,688 |  |  |  | 3.4 | % |  |  | 46,526 |  |  |  | 3.4 | % |  |  | 49,145 |  |  |  | 3.7 | % |  |  | 47,526 |  |  |  | 3.7 | %
Diagnostics & Tools |  |  | 42,081 |  |  |  | 3.0 | % |  |  | 42,081 |  |  |  | 3.1 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Education Technology |  |  | 42,927 |  |  |  | 3.0 | % |  |  | 39,964 |  |  |  | 2.9 | % |  |  | 18,975 |  |  |  | 1.4 | % |  |  | 15,285 |  |  |  | 1.2 | %
Connectivity |  |  | 36,161 |  |  |  | 2.5 | % |  |  | 34,794 |  |  |  | 2.6 | % |  |  | 36,191 |  |  |  | 2.7 | % |  |  | 34,219 |  |  |  | 2.7 | %
Human Resource Technology |  |  | 31,246 |  |  |  | 2.2 | % |  |  | 30,708 |  |  |  | 2.3 | % |  |  | 31,142 |  |  |  | 2.4 | % |  |  | 30,595 |  |  |  | 2.4 | %
Transportation Technology |  |  | 43,633 |  |  |  | 3.1 | % |  |  | 28,955 |  |  |  | 2.1 | % |  |  | 45,024 |  |  |  | 3.4 | % |  |  | 39,532 |  |  |  | 3.1 | %
Supply Chain Technology |  |  | 31,426 |  |  |  | 2.2 | % |  |  | 25,368 |  |  |  | 1.9 | % |  |  | 30,414 |  |  |  | 2.3 | % |  |  | 24,556 |  |  |  | 1.9 | %
Digital Assets Technology and Services |  |  | 26,294 |  |  |  | 1.9 | % |  |  | 20,950 |  |  |  | 1.5 | % |  |  | 33,545 |  |  |  | 2.5 | % |  |  | 35,553 |  |  |  | 2.8 | %
Industrials |  |  | 18,102 |  |  |  | 1.3 | % |  |  | 19,181 |  |  |  | 1.4 | % |  |  | 21,995 |  |  |  | 1.7 | % |  |  | 23,113 |  |  |  | 1.8 | %
Multi-Sector Holdings (1) |  |  | 13,420 |  |  |  | 0.9 | % |  |  | 14,003 |  |  |  | 1.0 | % |  |  | 11,006 |  |  |  | 0.8 | % |  |  | 11,335 |  |  |  | 0.9 | %
Construction Technology |  |  | 24,968 |  |  |  | 1.8 | % |  |  | 5,598 |  |  |  | 0.4 | % |  |  | 24,141 |  |  |  | 1.8 | % |  |  | 6,813 |  |  |  | 0.5 | %
Total |  | $ | 1,419,998 |  |  |  | 100.0 | % |  | $ | 1,363,862 |  |  |  | 100.0 | % |  | $ | 1,319,316 |  |  |  | 100.0 | % |  | $ | 1,275,180 |  |  |  | 100.0 | %
(1) Multi-Sector Holdings consists of the Company's investment in Senior Credit Corp 2022 LLC, 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 the JV represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Note 1 – Organization and Basis of Presentation” 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, 2024 and December 31, 2023 (dollars in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Geographic Region |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
United States: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
West |  | $ | 451,413 |  |  |  | 31.9 | % |  | $ | 436,480 |  |  |  | 32.1 | % |  | $ | 468,917 |  |  |  | 35.5 | % |  | $ | 464,909 |  |  |  | 36.5 | %
Northeast |  |  | 409,086 |  |  |  | 28.8 | % |  |  | 398,610 |  |  |  | 29.2 | % |  |  | 392,739 |  |  |  | 29.8 | % |  |  | 383,008 |  |  |  | 29.9 | %
South |  |  | 189,131 |  |  |  | 13.3 | % |  |  | 194,746 |  |  |  | 14.3 | % |  |  | 169,014 |  |  |  | 12.8 | % |  |  | 172,746 |  |  |  | 13.5 | %
Mountain |  |  | 135,732 |  |  |  | 9.6 | % |  |  | 128,827 |  |  |  | 9.4 | % |  |  | 118,126 |  |  |  | 9.0 | % |  |  | 110,681 |  |  |  | 8.7 | %
Southeast |  |  | 86,865 |  |  |  | 6.1 | % |  |  | 84,516 |  |  |  | 6.2 | % |  |  | 43,878 |  |  |  | 3.3 | % |  |  | 42,129 |  |  |  | 3.3 | %
Midwest |  |  | 84,336 |  |  |  | 5.9 | % |  |  | 76,810 |  |  |  | 5.6 | % |  |  | 64,535 |  |  |  | 4.9 | % |  |  | 56,945 |  |  |  | 4.5 | %
Senior Credit Corp 2022 LLC (1) |  |  | 13,421 |  |  |  | 0.9 | % |  |  | 14,004 |  |  |  | 1.0 | % |  |  | 11,006 |  |  |  | 0.8 | % |  |  | 11,335 |  |  |  | 0.9 | %
International: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Western Europe |  |  | 19,930 |  |  |  | 1.4 | % |  |  | 19,850 |  |  |  | 1.5 | % |  |  | 22,235 |  |  |  | 1.7 | % |  |  | 22,400 |  |  |  | 1.8 | %
Canada |  |  | 30,084 |  |  |  | 2.1 | % |  |  | 10,019 |  |  |  | 0.7 | % |  |  | 28,866 |  |  |  | 2.2 | % |  |  | 11,027 |  |  |  | 0.9 | %
Total |  | $ | 1,419,998 |  |  |  | 100.0 | % |  | $ | 1,363,862 |  |  |  | 100.0 | % |  | $ | 1,319,316 |  |  |  | 100 | % |  | $ | 1,275,180 |  |  |  | 100 | %
(1) Senior Credit Corp 2022 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 the JV represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly. See “Note 1 – Organization and Basis of Presentation” 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, 2024 and December 31, 2023 (dollars in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Investment |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |  |  | Amount |  |  | % |
Secured Loans |  | $ | 1,055,348 |  |  |  | 74.3 | % |  | $ | 1,010,841 |  |  |  | 74.1 | % |  | $ | 918,836 |  |  |  | 69.7 | % |  | $ | 885,299 |  |  |  | 69.5 | %
Equipment Financing |  |  | 279,111 |  |  |  | 19.7 | % |  |  | 277,550 |  |  |  | 20.4 | % |  |  | 336,934 |  |  |  | 25.5 | % |  |  | 336,778 |  |  |  | 26.4 | %
Warrants |  |  | 32,868 |  |  |  | 2.3 | % |  |  | 39,930 |  |  |  | 2.9 | % |  |  | 30,244 |  |  |  | 2.3 | % |  |  | 33,527 |  |  |  | 2.6 | %
Equity |  |  | 52,671 |  |  |  | 3.7 | % |  |  | 35,541 |  |  |  | 2.6 | % |  |  | 33,302 |  |  |  | 2.5 | % |  |  | 19,576 |  |  |  | 1.5 | %
Total |  | $ | 1,419,998 |  |  |  | 100.0 | % |  | $ | 1,363,862 |  |  |  | 100.0 | % |  | $ | 1,319,316 |  |  |  | 100.0 | % |  | $ | 1,275,180 |  |  |  | 100.0 | %

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