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Investments (Tables)

3 Months Ended

Mar. 31, 2024

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	%