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Investments (Tables)

12 Months Ended

Dec. 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 December 31, 2024 and December 31, 2023 (dollars in thousands):


	December 31, 2024										December 31, 2023
	Cost					Fair Value					Cost					Fair Value
Industry	Amount		%			Amount		%			Amount		%			Amount		%
Finance and Insurance	$	319,278		18.1	%	$	322,735		18.7	%	$	139,399		10.6	%	$	133,344		10.5	%
Medical Devices		170,923		9.7	%		172,395		10.0	%		68,717		5.2	%		70,320		5.5	%
Green Technology		146,851		8.3	%		158,852		9.2	%		138,510		10.5	%		143,279		11.2	%
SaaS		144,896		8.2	%		146,778		8.5	%		34,257		2.6	%		34,440		2.7	%
Other Healthcare Services		142,430		8.1	%		143,186		8.3	%		—		—			—		—
Space Technology		141,163		8.0	%		142,034		8.2	%		185,384		14.1	%		186,335		14.6	%
Real Estate Technology		101,825		5.8	%		93,587		5.4	%		94,878		7.2	%		91,344		7.2	%
Artificial Intelligence & Automation		83,505		4.7	%		84,448		4.9	%		34,732		2.6	%		34,435		2.7	%
Healthcare Technology		78,381		4.5	%		71,853		4.2	%		89,038		6.8	%		84,917		6.6	%
Biotechnology		56,547		3.2	%		57,836		3.4	%		56,173		4.3	%		55,810		4.4	%
Consumer Products & Services		56,210		3.2	%		54,607		3.2	%		85,683		6.5	%		83,722		6.6	%
Transportation Technology		62,735		3.6	%		41,547		2.4	%		45,024		3.4	%		39,532		3.1	%
Marketing, Media, and Entertainment		38,749		2.2	%		38,479		2.2	%		49,145		3.7	%		47,526		3.7	%
Connectivity		36,099		2.1	%		35,249		2.0	%		36,191		2.7	%		34,219		2.7	%
Multi-Sector Holdings(1)		27,623		1.6	%		33,137		1.9	%		11,006		0.8	%		11,335		0.9	%
Education Technology		33,275		1.9	%		29,740		1.7	%		18,975		1.4	%		15,285		1.2	%
Human Resource Technology		33,421		1.9	%		28,891		1.7	%		31,142		2.4	%		30,595		2.4	%
Supply Chain Technology		29,765		1.7	%		28,535		1.7	%		30,414		2.3	%		24,556		1.9	%
Food and Agriculture Technologies		31,824		1.8	%		24,469		1.4	%		90,967		6.9	%		88,707		7.0	%
Industrials		11,772		0.7	%		9,677		0.6	%		21,995		1.7	%		23,113		1.8	%
Construction Technology		9,443		0.5	%		4,042		0.2	%		24,141		1.8	%		6,813		0.5	%
Digital Assets Technology and Services		3,511		0.2	%		3,493		0.2	%		33,545		2.5	%		35,553		2.8	%
Total	$	1,760,226		100.0	%	$	1,725,570		100.0	%	$	1,319,316		100.0	%	$	1,275,180		100.0	%

(1)

Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC and EPT 16 LLC. These entities invest or manage investments in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Note 12 – Related Party Transactions” in the notes to the consolidated financial statements 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 December 31, 2024 and December 31, 2023 (dollars in thousands):


	December 31, 2024										December 31, 2023
	Cost					Fair Value					Cost					Fair Value
Geographic Region	Amount		%			Amount		%			Amount		%			Amount		%
United States:
West	$	543,501		30.7	%	$	543,102		31.5	%	$	468,917		35.5	%	$	464,909		36.5	%
Northeast		494,131		28.1	%		475,944		27.6	%		392,739		29.8	%		383,008		29.9	%
Mountain		191,244		10.9	%		180,644		10.5	%		118,126		9.0	%		110,681		8.7	%
Southeast		184,636		10.5	%		180,002		10.4	%		43,878		3.3	%		42,129		3.3	%
South		162,180		9.2	%		164,654		9.5	%		169,014		12.8	%		172,746		13.5	%
Midwest		104,074		5.9	%		96,193		5.6	%		64,535		4.9	%		56,945		4.5	%
Multi-Sector Holdings (1)		27,623		1.6	%		33,137		1.9	%		11,006		0.8	%		11,335		0.9	%
International:
Western Europe		41,366		2.4	%		41,455		2.4	%		22,235		1.7	%		22,400		1.8	%
Canada		11,471		0.7	%		10,439		0.6	%		28,866		2.2	%		11,027		0.9	%
Total	$	1,760,226		100.0	%	$	1,725,570		100.0	%	$	1,319,316		100.0	%	$	1,275,180		100.0	%

(1)

Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC and EPT 16 LLC. These entities invest or manage investments in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly. See “Note 12 – Related Party Transactions” in the notes to the consolidated financial statements 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 December 31, 2024 and December 31, 2023 (dollars in thousands):


	December 31, 2024										December 31, 2023
	Cost					Fair Value					Cost					Fair Value
Investment	Amount		%			Amount		%			Amount		%			Amount		%
Secured Loans	$	1,322,999		75.1	%	$	1,286,668		74.5	%	$	918,836		69.7	%	$	885,299		69.5	%
Equipment Financings		317,962		18.1	%		315,463		18.3	%		336,934		25.5	%		336,778		26.4	%
Equity		78,585		4.5	%		71,985		4.2	%		33,302		2.5	%		19,576		1.5	%
Warrants		40,680		2.3	%		51,454		3.0	%		30,244		2.3	%		33,527		2.6	%
Total	$	1,760,226		100.0	%	$	1,725,570		100.0	%	$	1,319,316		100.0	%	$	1,275,180		100.0	%