Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 26, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | HERCULES CAPITAL, INC. | |
Entity Central Index Key | 0001280784 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 142,427,079 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 814-00702 | |
Entity Tax Identification Number | 74-3113410 | |
Entity Address, Address Line One | 400 Hamilton Ave | |
Entity Address, Address Line Two | Suite 310 | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94301 | |
City Area Code | 650 | |
Local Phone Number | 289-3060 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | MD | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock Par Value $0.001 Per Share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Shares, par value $0.001 per share | |
Trading Symbol | HTGC | |
Security Exchange Name | NYSE | |
6.25% Notes Due 2033 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.25% Notes due 2033 | |
Trading Symbol | HCXY | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Total investments, at fair value | $ 3,130,178 | $ 2,963,955 | ||
Cash and cash equivalents | 71,129 | 15,797 | ||
Restricted cash (amounts related to a VIE $7,819 and $10,079, respectively) | 7,819 | 10,079 | ||
Interest receivable | 31,485 | 31,682 | ||
Right of use asset | 4,350 | 4,986 | ||
Other assets | 6,858 | 2,356 | ||
Total assets | 3,251,819 | 3,028,855 | ||
Liabilities | ||||
Debt (net of debt issuance costs - Note 5; amounts related to a VIE $148,104 and $147,957, respectively) | 1,714,479 | 1,574,351 | ||
Accounts payable and accrued liabilities | 33,368 | 47,539 | ||
Operating lease liability | 4,966 | 5,506 | ||
Total liabilities | 1,752,813 | 1,627,396 | ||
Net assets consist of: | ||||
Common stock, par value | 139 | 134 | ||
Capital in excess of par value | 1,409,168 | 1,341,416 | ||
Investment Company, Distributable Earnings, Total | 89,699 | 59,909 | ||
Total net assets | 1,499,006 | 1,401,459 | ||
Total liabilities and net assets | $ 3,251,819 | $ 3,028,855 | ||
Shares of common stock outstanding ($0.001 par value and 200,000 authorized) | 138,596 | 133,045 | ||
Net asset value per share | $ 10.82 | $ 10.53 | ||
Investment, Unaffiliated Issuer [Member] | ||||
Assets | ||||
Total investments, at fair value | $ 3,044,852 | $ 2,887,497 | ||
Investment, Affiliated Issuer, Controlled [Member] | ||||
Assets | ||||
Total investments, at fair value | $ 85,326 | [1] | $ 76,458 | [2] |
[1] All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment cost | $ 3,150,846 | $ 3,005,696 |
Restricted cash (amounts related to a VIE $7,819 and $10,079, respectively) | 7,819 | 10,079 |
Net of debt issuance costs | $ 1,714,479 | $ 1,574,351 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Investment, Unaffiliated Issuer [Member] | ||
Investment cost | $ 3,063,553 | $ 2,918,425 |
Investment, Affiliated Issuer, Controlled [Member] | ||
Investment cost | 87,293 | 87,271 |
VIE | ||
Investment cost | 258,876 | 236,585 |
Restricted cash (amounts related to a VIE $7,819 and $10,079, respectively) | 7,819 | 10,079 |
Net of debt issuance costs | $ 148,104 | $ 147,957 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | ||||
Investment income: | |||||
Total interest and dividend income | $ 99,897 | $ 62,252 | |||
Fee Income | 5,193 | 2,905 | |||
Gross Investment Income, Operating, Total | 105,090 | 65,157 | |||
Operating expenses: | |||||
Interest expense, debt | [1] | 16,625 | 11,647 | ||
Loan fees | 2,329 | 1,842 | |||
General and administrative | 4,126 | 3,818 | |||
Investment Income, Operating, Tax Expense (Benefit) | 1,387 | 712 | |||
Total gross operating expenses | 42,270 | 30,772 | |||
Expenses allocated to the Adviser Subsidiary | (2,679) | (1,402) | |||
Employee compensation: | |||||
Compensation and benefits | 14,617 | 8,329 | |||
Employee benefits and share-based compensation | 3,186 | 4,424 | |||
Employee compensation | 17,803 | 12,753 | |||
Total net operating expenses | 39,591 | 29,370 | |||
Net investment income | 65,499 | 35,787 | |||
Net realized gain (loss): | |||||
Loss on debt extinguishment of debt | 0 | (3,686) | |||
Total net realized gain (loss) | 7,960 | (2,381) | |||
Net change in unrealized appreciation (depreciation): | |||||
Total net change in unrealized appreciation (depreciation) | 21,105 | (36,742) | |||
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) | 29,065 | (39,123) | |||
Net increase (decrease) in net assets resulting from operations | $ 94,564 | $ (3,336) | |||
Net investment income before investment gains and losses per common share: | |||||
Net investment income before investment gains and losses per common share: Basic | [2] | $ 0.48 | $ 0.30 | ||
Change in net assets resulting from operations per common share: | |||||
Basic | 0.69 | (0.03) | |||
Diluted | $ 0.68 | $ (0.03) | |||
Weighted average shares outstanding | |||||
Basic | 135,252 | 118,296 | |||
Diluted | 137,056 | 118,296 | |||
Distributions paid per common share: | |||||
Basic | $ 0.47 | ||||
Common Stock [Member] | |||||
Net investment income before investment gains and losses per common share: | |||||
Net investment income before investment gains and losses per common share: Basic | 0.48 | $ 0.30 | |||
Distributions paid per common share: | |||||
Basic | $ 0.47 | $ 0.48 | |||
Investment, Affiliated Issuer [Member] | |||||
Investment income: | |||||
Gross Investment Income, Operating, Total | [3] | $ 2,178 | |||
Net realized gain (loss): | |||||
Total net realized gain (loss) | 3,772 | ||||
Net change in unrealized appreciation (depreciation): | |||||
Total net change in unrealized appreciation (depreciation) | 2,207 | ||||
Investment, Unaffiliated Issuer [Member] | |||||
Investment income: | |||||
Total interest and dividend income | $ 98,781 | 60,090 | |||
Fee Income | 5,174 | 2,889 | |||
Net realized gain (loss): | |||||
Total net realized gain (loss) | 7,960 | (2,467) | |||
Net change in unrealized appreciation (depreciation): | |||||
Total net change in unrealized appreciation (depreciation) | 12,259 | (38,949) | |||
Investment, Affiliated Issuer, Controlled [Member] | |||||
Investment income: | |||||
Total interest and dividend income | 1,116 | 1,115 | |||
Fee Income | 19 | 16 | |||
Gross Investment Income, Operating, Total | 1,135 | [4] | 1,131 | [3] | |
Net realized gain (loss): | |||||
Total net realized gain (loss) | 0 | 0 | |||
Net change in unrealized appreciation (depreciation): | |||||
Total net change in unrealized appreciation (depreciation) | 8,846 | 1,454 | |||
Investment, Affiliated Issuer, Noncontrolled [Member] | |||||
Investment income: | |||||
Total interest and dividend income | 0 | 1,047 | |||
Gross Investment Income, Operating, Total | [3] | 1,047 | |||
Net realized gain (loss): | |||||
Total net realized gain (loss) | 0 | 3,772 | |||
Net change in unrealized appreciation (depreciation): | |||||
Total net change in unrealized appreciation (depreciation) | $ 0 | $ 753 | |||
[1] Interest expense includes amortization of original issue discounts for the three months ended March 31, 2022 of $ 23 thousand, $ 112 thousand, $ 42 thousand, and $ 98 thousand, related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, and January 2027 Notes, respectively. All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment. Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Beginning Balance | $ 1,401,459 | $ 1,308,547 | $ 1,308,547 | |||
Common stock, par value | 134 | |||||
Capital in excess of par value | 1,409,168 | 1,341,416 | ||||
Distributable Earnings (loss) | 59,909 | |||||
Net increase in net assets resulting from operations | 94,564 | (3,336) | ||||
Public offering, net of offering expenses | $ 65,342 | $ 85,249 | ||||
Public offering, net of offering expenses (Shares) | 4,700,000 | 4,900,000 | ||||
Issuance of common stock due to stock option exercises | $ 139 | $ 454 | ||||
Retired shares from net issuance of stock options exercises | (15) | (32) | ||||
Issuance of common stock under restricted stock plan | 0 | |||||
Distributions reinvested in common stock | $ 940 | $ 1,025 | ||||
Distributions reinvested in common stock (Shares) | 61,383 | 60,326 | ||||
Less: Distributions declared-common and restricted shares | $ (64,774) | $ (57,882) | (249,077) | |||
Stock-based compensation (1) | 2,853 | [1] | 3,117 | [2] | ||
Capital in excess of par value | 1,409,168 | 1,341,416 | ||||
Distributable Earnings (loss) | 89,699 | 59,909 | ||||
Net assets at end of period | $ 1,499,006 | $ 1,333,448 | 1,401,459 | |||
Ending Balance (Shares) | 138,596,000 | 123,194,000 | ||||
Common stock, par value | $ 139 | $ 134 | ||||
Restricted Stock | ||||||
Retired shares from net issuance of stock options exercises | $ (1,502) | $ (3,694) | ||||
Common Stock | ||||||
Beginning Balance (Shares) | 133,045,000 | 116,619,000 | 116,619,000 | |||
Common stock, par value | $ 134 | $ 117 | $ 117 | |||
Public offering, net of offering expenses | $ 4 | $ 5 | ||||
Public offering, net of offering expenses (Shares) | 4,659,000 | 4,860,000 | ||||
Issuance of common stock due to stock option exercises (Shares) | 10,000 | 37,000 | ||||
Retired shares from net issuance of stock options exercises (Shares) | (1,000) | (2,000) | ||||
Issuance of common stock under restricted stock plan | $ 1 | $ 1 | ||||
Issuance of common stock under restricted stock plan (Shares) | 937,000 | 765,000 | ||||
Distributions reinvested in common stock (Shares) | 61,000 | 60,000 | ||||
Issuance of common stock from conversion of 2022 Convertible Notes | $ 1 | |||||
Issuance of common stock from conversion of 2022 Convertible Notes | 981,000 | |||||
Less: Distributions declared-common and restricted shares | $ 64,023 | $ 57,261 | ||||
Ending Balance (Shares) | 138,596,000 | 123,194,000 | 133,045,000 | |||
Common stock, par value | $ 139 | $ 124 | $ 134 | |||
Common Stock | Restricted Stock | ||||||
Retired shares from net issuance of stock options exercises (Shares) | (115,000) | (126,000) | ||||
Capital in Excess of Par Value | ||||||
Capital in excess of par value | $ 1,409,168 | $ 1,178,019 | 1,341,416 | $ 1,091,907 | ||
Net increase in net assets resulting from operations | ||||||
Public offering, net of offering expenses | 65,338 | 85,244 | ||||
Issuance of common stock due to stock option exercises | 139 | 454 | ||||
Retired shares from net issuance of stock options exercises | (15) | (32) | ||||
Issuance of common stock under restricted stock plan | 1 | (1) | ||||
Distributions reinvested in common stock | 940 | 1,025 | ||||
Issuance of common stock from conversion of 2022 Convertible Notes | (1) | |||||
Stock-based compensation (1) | 2,853 | [1] | 3,117 | [2] | ||
Capital in excess of par value | 1,409,168 | 1,178,019 | 1,341,416 | |||
Capital in Excess of Par Value | Restricted Stock | ||||||
Retired shares from net issuance of stock options exercises | (1,502) | (3,694) | ||||
Distributable Earnings (Loss) | ||||||
Distributable Earnings (loss) | 59,909 | 216,523 | 216,523 | |||
Net increase in net assets resulting from operations | 94,564 | (3,336) | ||||
Less: Distributions declared-common and restricted shares | (64,774) | (57,882) | ||||
Distributable Earnings (loss) | $ 89,699 | $ 155,305 | $ 59,909 | |||
[1] Stock-based compensation includes $ 20 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2023 . Stock-based compensation includes $ 40 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2022 . |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Stockholders Equity [Abstract] | ||
APIC, Share-Based Payment Arrangement, Other, Increase for Cost Recognition | $ 20 | $ 40 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Cash flows provided by (used in) operating activities: | |||
Net increase (decrease) in net assets resulting from operations | $ 94,564 | $ (3,336) | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Purchases of investments | (476,162) | (351,601) | |
Fundings assigned to Adviser Funds | 120,846 | 61,081 | |
Net change in unrealized (appreciation) depreciation | (21,105) | 36,742 | |
Net realized (gain) loss | (7,960) | (1,305) | |
Accretion of paid-in-kind principal | (5,528) | (4,976) | |
Change in loan income, net of collections | 5,995 | 3,535 | |
Unearned fees related to unfunded commitments | (110) | 1,037 | |
Realized loss on extinguishment of debt | 0 | 3,686 | |
Amortization of debt fees and issuance costs | 1,723 | 1,371 | |
Depreciation and amortization | 44 | 54 | |
Stock-based compensation and amortization of restricted stock grants (1) | [1] | 2,853 | 3,117 |
Change in operating assets and liabilities: | |||
Interest receivable | 201 | (2,289) | |
Other assets | 3,565 | (13,229) | |
Accrued liabilities | (14,678) | (21,067) | |
Net cash provided by (used in) operating activities | (80,874) | (188,622) | |
Cash flows provided by (used in) investing activities: | |||
Purchases of capital equipment | (94) | (50) | |
Net cash provided by (used in) investing activities | (94) | (50) | |
Cash flows provided by (used in) financing activities: | |||
Issuance of common stock | 66,172 | 86,184 | |
Offering expenses | (830) | (935) | |
Retirement of employee shares, net | (1,378) | (3,272) | |
Distributions paid | (63,834) | (56,857) | |
Issuance of debt | 225,000 | 535,500 | |
Repayment of debt | (86,000) | (441,000) | |
Debt issuance costs | 0 | (4,140) | |
Fees paid for credit facilities and debentures | (5,090) | (616) | |
Net cash provided by (used in) financing activities | 134,040 | 114,864 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 53,072 | (73,808) | |
Cash, cash equivalents, and restricted cash at beginning of period | 25,876 | 136,265 | |
Cash, cash equivalents, and restricted cash at end of period | 78,948 | 62,457 | |
Supplemental disclosures of cash flow information and non-cash investing and financing activities: | |||
Interest paid | 23,840 | 19,010 | |
Income tax, including excise tax, paid | 4,763 | 7,119 | |
Distributions reinvested | 940 | 1,025 | |
Equity and Warrant Investments [Member] | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Principal and fee repayments received on debt investments | 14,972 | 8,816 | |
Debt Investment [Member] | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Principal and fee repayments received on debt investments | 207,466 | 96,311 | |
Convertible Note Discounts - Amortization [Member] | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Accretion of loan discounts | 0 | 112 | |
Discounts - Amortization [Member] | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Accretion of loan discounts | (1,636) | (972) | |
Exit Fees - Amortization [Member] | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Accretion of loan discounts | $ (5,924) | $ (5,709) | |
[1] Stock-based compensation includes $ 20 thousand and $ 40 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2023 and 2022 , respectively. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Of Cash Flows [Abstract] | ||||
Restricted stock and option expense related to director compensation | $ 20 | $ 40 | ||
Cash and cash equivalents | 71,129 | 59,330 | $ 15,797 | |
Restricted cash | 7,819 | 3,127 | 10,079 | |
Total cash, cash equivalents, and restricted cash presented in the Consolidated Statements of Cash Flows | $ 78,948 | $ 62,457 | $ 25,876 | $ 136,265 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS £ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 GBP (£) shares | ||||
Investment Holdings [Line Items] | |||||||
Investment, Basis Spread, Variable Rate | 8% | 7.50% | 7.50% | ||||
Investment cost | $ 3,150,846 | $ 3,005,696 | |||||
Investments at Fair Value | $ 3,130,178 | $ 2,963,955 | |||||
Investment, Identifier [Axis]: Investments in Cash & Cash Equivalents (1.00%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (1.00%) | |||||
Investment cost | [2] | $ 15,000 | |||||
Investments at Fair Value | 15,000 | ||||||
Investment, Identifier [Axis]: Cash & Cash Equivalents and GS Financial Square Government Fund, Cash & Cash Equivalents | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2] | 15,000 | |||||
Investments at Fair Value | $ 15,000 | ||||||
Investment, Identifier [Axis]: Debt Investments (198.04%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 198.04% | |||||
Investment cost | [2] | $ 2,971,498 | |||||
Investments at Fair Value | $ 2,968,651 | ||||||
Investment, Identifier [Axis]: Debt Investments (199.47%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 199.47% | 199.47% | ||||
Investment cost | [4] | $ 2,818,060 | |||||
Investments at Fair Value | $ 2,795,444 | ||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools (2.17%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (2.17%) | |||||
Investment cost | [2] | $ 32,527 | |||||
Investments at Fair Value | $ 32,527 | ||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools (2.31%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 2.31% | 2.31% | ||||
Investment cost | [4] | $ 32,339 | |||||
Investments at Fair Value | $ 32,339 | ||||||
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools and Alamar Biosciences, Inc. Senior Secured, Maturity Date June 2026, Prime + 3.00%, Floor rate 6.50%, PIK Interest 1.00%, 5.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-06 | [5],[6],[7] | 2026-06 | [8] | 2026-06 | [8] | |
Investments Maturity Month and Year | 2026-06 | [5],[6],[7] | 2026-06 | [8] | 2026-06 | [8] | |
Investment, Basis Spread, Variable Rate | 3% | [5],[6],[7],[9] | 3% | [8],[10] | 3% | [8],[10] | |
Investment, Interest Rate, Floor | 6.50% | [5],[6],[7],[9] | 6.50% | [8],[10] | 6.50% | [8],[10] | |
Investment, Interest Rate, Paid in Kind | 1% | [5],[6],[7],[9] | 1% | [8],[10] | 1% | [8],[10] | |
Principal Amount | $ 5,011 | [5],[6],[7] | $ 5,000 | [8] | |||
Investment cost | 4,987 | [2],[5],[6],[7] | 4,951 | [4],[8] | |||
Investments at Fair Value | $ 4,987 | [5],[6],[7] | $ 4,951 | [8] | |||
Investment Exit Fee | 5.95% | [5],[6],[7],[9] | 5.95% | [8],[10] | 5.95% | [8],[10] | |
Investment, Identifier [Axis]: Debt Investments Biotechnology Tools and PathAI, Inc., Senior Secured, Maturity Date January 2027, Prime + 2.15%, Floor rate 9.15%, 11.21% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-01 | [7] | 2027-01 | [8] | 2027-01 | [8] | |
Investments Maturity Month and Year | 2027-01 | [7] | 2027-01 | [8] | 2027-01 | [8] | |
Investment, Basis Spread, Variable Rate | 2.15% | [7],[9] | 2.15% | [8],[10] | 2.15% | [8],[10] | |
Investment, Interest Rate, Floor | 9.15% | [7],[9] | 9.15% | [8],[10] | 9.15% | [8],[10] | |
Principal Amount | $ 28,000 | [7] | $ 28,000 | [8] | |||
Investment cost | 27,540 | [2],[7] | 27,388 | [4],[8] | |||
Investments at Fair Value | $ 27,540 | [7] | $ 27,388 | [8] | |||
Investment Exit Fee | 11.21% | [7],[9] | 11.21% | [8],[10] | 11.21% | [8],[10] | |
Investment, Identifier [Axis]: Debt Investments Communications & Networking (7.14%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (7.14%) | |||||
Investment cost | [2] | $ 104,071 | |||||
Investments at Fair Value | $ 107,083 | ||||||
Investment, Identifier [Axis]: Debt Investments Communications & Networking (7.26%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 7.26% | 7.26% | ||||
Investment cost | [4] | $ 99,167 | |||||
Investments at Fair Value | $ 101,734 | ||||||
Investment, Identifier [Axis]: Debt Investments Communications & Networking and Aryaka Networks, Inc. Senior Secured, Maturity Date July 2026, Prime + 3.25%, Floor rate 6.75%, PIK Interest 1.05%, 3.55% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-07 | [5],[7],[11] | 2026-07 | [8],[12],[13] | 2026-07 | [8],[12],[13] | |
Investments Maturity Month and Year | 2026-07 | [5],[7],[11] | 2026-07 | [8],[12],[13] | 2026-07 | [8],[12],[13] | |
Investment, Basis Spread, Variable Rate | 3.25% | [5],[7],[9],[11] | 3.25% | [8],[10],[12],[13] | 3.25% | [8],[10],[12],[13] | |
Investment, Interest Rate, Floor | 6.75% | [5],[7],[9],[11] | 6.75% | [8],[10],[12],[13] | 6.75% | [8],[10],[12],[13] | |
Investment, Interest Rate, Paid in Kind | 1.05% | [5],[7],[9],[11] | 1.05% | [8],[10],[12],[13] | 1.05% | [8],[10],[12],[13] | |
Principal Amount | $ 15,036 | [5],[7],[11] | $ 5,023 | [8],[12],[13] | |||
Investment cost | 14,842 | [2],[5],[7],[11] | 4,969 | [4],[8],[12],[13] | |||
Investments at Fair Value | $ 15,377 | [5],[7],[11] | $ 5,053 | [8],[12],[13] | |||
Investment Exit Fee | 3.55% | [5],[7],[9],[11] | 3.55% | [8],[10],[12],[13] | 3.55% | [8],[10],[12],[13] | |
Investment, Identifier [Axis]: Debt Investments Communications & Networking and Cytracom Holdings LLC Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.31%, Floor rate 10.31% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[14],[15] | 2025-02 | 2025-02 | ||||
Investments Maturity Month and Year | [8],[14],[15] | 2025-02 | 2025-02 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[14],[15] | 9.31% | 9.31% | ||||
Investment, Interest Rate, Floor | [8],[10],[14],[15] | 10.31% | 10.31% | ||||
Principal Amount | [8],[14],[15] | $ 8,910 | |||||
Investment cost | [4],[8],[14],[15] | 8,768 | |||||
Investments at Fair Value | [8],[14],[15] | $ 8,748 | |||||
Investment, Identifier [Axis]: Debt Investments Communications & Networking and Cytracom Holdings LLC Senior Secured, Maturity Date February 2025, 3-month SOFR + 9.72%, Floor rate 10.62% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[16],[17] | 2025-02 | |||||
Investments Maturity Month and Year | [7],[16],[17] | 2025-02 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[16],[17] | 9.72% | |||||
Investment, Interest Rate, Floor | [7],[9],[16],[17] | 10.62% | |||||
Principal Amount | [7],[16],[17] | $ 3,292 | |||||
Investment cost | [2],[7],[16],[17] | 3,247 | |||||
Investments at Fair Value | [7],[16],[17] | $ 3,256 | |||||
Investment, Identifier [Axis]: Debt Investments Communications & Networking and Rocket Lab Global Services, LLC Senior Secured, Maturity Date June 2024, Prime + 4.90%, Floor rate 8.15%, PIK Interest 1.25%, 3.25% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-06 | [5],[6],[16],[18],[19] | 2024-06 | [13],[14],[20],[21],[22] | 2024-06 | [13],[14],[20],[21],[22] | |
Investments Maturity Month and Year | 2024-06 | [5],[6],[16],[18],[19] | 2024-06 | [13],[14],[20],[21],[22] | 2024-06 | [13],[14],[20],[21],[22] | |
Investment, Basis Spread, Variable Rate | 4.90% | [5],[6],[9],[16],[18],[19] | 4.90% | [10],[13],[14],[20],[21],[22] | 4.90% | [10],[13],[14],[20],[21],[22] | |
Investment, Interest Rate, Floor | 8.15% | [5],[6],[9],[16],[18],[19] | 8.15% | [10],[13],[14],[20],[21],[22] | 8.15% | [10],[13],[14],[20],[21],[22] | |
Investment, Interest Rate, Paid in Kind | 1.25% | [5],[6],[9],[16],[18],[19] | 1.25% | [10],[13],[14],[20],[21],[22] | 1.25% | [10],[13],[14],[20],[21],[22] | |
Principal Amount | $ 84,846 | [5],[6],[16],[18],[19] | $ 84,581 | [13],[14],[20],[21],[22] | |||
Investment cost | 85,982 | [2],[5],[6],[16],[18],[19] | 85,430 | [4],[13],[14],[20],[21],[22] | |||
Investments at Fair Value | $ 88,450 | [5],[6],[16],[18],[19] | $ 87,933 | [13],[14],[20],[21],[22] | |||
Investment Exit Fee | 3.25% | [5],[6],[9],[16],[18],[19] | 3.25% | [10],[13],[14],[20],[21],[22] | 3.25% | [10],[13],[14],[20],[21],[22] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services (30.59%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 30.59% | 30.59% | ||||
Investment cost | [4] | $ 444,703 | |||||
Investments at Fair Value | $ 428,750 | ||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services (30.89%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (30.89%) | |||||
Investment cost | [2] | $ 479,170 | |||||
Investments at Fair Value | $ 463,084 | ||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and AppDirect, Inc. Senior Secured, Maturity Date April 2026, Prime + 5.50%, Floor rate 8.75%, 8.29% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-04 | [7],[18] | 2026-04 | [8],[21] | 2026-04 | [8],[21] | |
Investments Maturity Month and Year | 2026-04 | [7],[18] | 2026-04 | [8],[21] | 2026-04 | [8],[21] | |
Investment, Basis Spread, Variable Rate | 5.50% | [7],[9],[18] | 5.50% | [8],[10],[21] | 5.50% | [8],[10],[21] | |
Investment, Interest Rate, Floor | 8.75% | [7],[9],[18] | 8.70% | [8],[10],[21] | 8.70% | [8],[10],[21] | |
Principal Amount | $ 40,790 | [7],[18] | $ 40,790 | [8],[21] | |||
Investment cost | 42,034 | [2],[7],[18] | 41,856 | [4],[8],[21] | |||
Investments at Fair Value | $ 42,902 | [7],[18] | $ 42,426 | [8],[21] | |||
Investment Exit Fee | 8.29% | [7],[9],[18] | 8.29% | [8],[10],[21] | 8.29% | [8],[10],[21] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Carwow LTD Senior Secured, Maturity Date December 2024, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 4.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-12 | [5],[7],[23],[24] | 2024-12 | [13],[25],[26] | 2024-12 | [13],[25],[26] | |
Investments Maturity Month and Year | 2024-12 | [5],[7],[23],[24] | 2024-12 | [13],[25],[26] | 2024-12 | [13],[25],[26] | |
Investment, Basis Spread, Variable Rate | 4.70% | [5],[7],[9],[23],[24] | 4.70% | [10],[13],[25],[26] | 4.70% | [10],[13],[25],[26] | |
Investment, Interest Rate, Floor | 7.95% | [5],[7],[9],[23],[24] | 7.95% | [10],[13],[25],[26] | 7.95% | [10],[13],[25],[26] | |
Investment, Interest Rate, Paid in Kind | 1.45% | [5],[7],[9],[23],[24] | 1.45% | [10],[13],[25],[26] | 1.45% | [10],[13],[25],[26] | |
Principal Amount | $ 19,166 | [5],[7],[23],[24] | £ 18,890 | [13],[25],[26] | |||
Investment cost | 26,212 | [2],[5],[7],[23],[24] | $ 26,024 | [4],[13],[25],[26] | |||
Investments at Fair Value | $ 23,888 | [5],[7],[23],[24] | $ 22,971 | [13],[25],[26] | |||
Investment Exit Fee | 4.95% | [5],[7],[9],[23],[24] | 4.95% | [10],[13],[25],[26] | 4.95% | [10],[13],[25],[26] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Collective Health, Inc.Senior Secured, Maturity Date September 2023, Prime + 4.75%, Floor rate 12.50% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2023-09 | ||||||
Investments Maturity Month and Year | 2023-09 | ||||||
Investment, Basis Spread, Variable Rate | [9] | 4.75% | |||||
Investment, Interest Rate, Floor | [9] | 12.50% | |||||
Principal Amount | $ 4,000 | ||||||
Investment cost | [2] | 3,964 | |||||
Investments at Fair Value | $ 3,964 | ||||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Houzz, Inc. Convertible Debt, Maturity Date May 2028, PIK Interest 5.50% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2028-05 | [5],[27] | 2028-05 | [13],[28] | 2028-05 | [13],[28] | |
Investments Maturity Month and Year | 2028-05 | [5],[27] | 2028-05 | [13],[28] | 2028-05 | [13],[28] | |
Investment, Interest Rate, Paid in Kind | 5.50% | [5],[9],[27] | 5.50% | [10],[13],[28] | 5.50% | [10],[13],[28] | |
Principal Amount | $ 22,154 | [5],[27] | $ 21,853 | [13],[28] | |||
Investment cost | 22,154 | [2],[5],[27] | 21,853 | [4],[13],[28] | |||
Investments at Fair Value | $ 21,536 | [5],[27] | $ 20,356 | [13],[28] | |||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Jobandtalent USA, Inc. Senior Secured, Maturity Date February 2025, 1-month SOFR + 8.86%, Floor rate 9.75%, 3.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-02 | [23],[24] | 2025-02 | [25],[26] | 2025-02 | [25],[26] | |
Investments Maturity Month and Year | 2025-02 | [23],[24] | 2025-02 | [25],[26] | 2025-02 | [25],[26] | |
Investment, Basis Spread, Variable Rate | 8.86% | [9],[23],[24] | 8.86% | [10],[25],[26] | 8.86% | [10],[25],[26] | |
Investment, Interest Rate, Floor | 9.75% | [9],[23],[24] | 9.75% | [10],[25],[26] | 9.75% | [10],[25],[26] | |
Principal Amount | $ 14,000 | [23],[24] | $ 14,000 | [25],[26] | |||
Investment cost | 13,910 | [2],[23],[24] | 13,853 | [4],[25],[26] | |||
Investments at Fair Value | $ 14,002 | [23],[24] | $ 13,904 | [25],[26] | |||
Investment Exit Fee | 3% | [9],[23],[24] | 3% | [10],[25],[26] | 3% | [10],[25],[26] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Modern Life, Inc. Senior Secured, Maturity Date February 2027, Prime + 2.75%, Floor rate 8.75%, 5.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7] | 2027-02 | |||||
Investments Maturity Month and Year | [7] | 2027-02 | |||||
Investment, Basis Spread, Variable Rate | [7],[9] | 2.75% | |||||
Investment, Interest Rate, Floor | [7],[9] | 8.75% | |||||
Principal Amount | [7] | $ 17,000 | |||||
Investment cost | [2],[7] | 16,617 | |||||
Investments at Fair Value | [7] | $ 16,617 | |||||
Investment Exit Fee | [7],[9] | 5% | |||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Provi, Senior Secured, Maturity Date December 2026, Prime + 4.40%, Floor rate 10.65%, 2.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-12 | [29] | 2026-12 | [30] | 2026-12 | [30] | |
Investments Maturity Month and Year | 2026-12 | [29] | 2026-12 | [30] | 2026-12 | [30] | |
Investment, Basis Spread, Variable Rate | 4.40% | [9],[29] | 4.40% | [10],[30] | 4.40% | [10],[30] | |
Investment, Interest Rate, Floor | 10.65% | [9],[29] | 10.65% | [10],[30] | 10.65% | [10],[30] | |
Principal Amount | $ 15,000 | [29] | $ 15,000 | [30] | |||
Investment cost | 14,778 | [2],[29] | 14,739 | [4],[30] | |||
Investments at Fair Value | $ 14,778 | [29] | $ 14,739 | [30] | |||
Investment Exit Fee | 2.95% | [9],[29] | 2.95% | [10],[30] | 2.95% | [10],[30] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and RVShare, LLC, Senior Secured, Maturity Date December 2026, 3-month LIBOR + 5.50%, Floor rate 6.50%, PIK Interest 4.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-12 | [5],[6],[7],[29] | 2026-12 | [8],[13],[20],[30] | 2026-12 | [8],[13],[20],[30] | |
Investments Maturity Month and Year | 2026-12 | [5],[6],[7],[29] | 2026-12 | [8],[13],[20],[30] | 2026-12 | [8],[13],[20],[30] | |
Investment, Basis Spread, Variable Rate | 5.50% | [5],[6],[7],[9],[29] | 5.50% | [8],[10],[13],[20],[30] | 5.50% | [8],[10],[13],[20],[30] | |
Investment, Interest Rate, Floor | 6.50% | [5],[6],[7],[9],[29] | 6.50% | [8],[10],[13],[20],[30] | 6.50% | [8],[10],[13],[20],[30] | |
Investment, Interest Rate, Paid in Kind | 4% | [5],[6],[7],[9],[29] | 4% | [8],[10],[13],[20],[30] | 4% | [8],[10],[13],[20],[30] | |
Principal Amount | $ 28,009 | [5],[6],[7],[29] | $ 27,730 | [8],[13],[20],[30] | |||
Investment cost | 27,576 | [2],[5],[6],[7],[29] | 27,265 | [4],[8],[13],[20],[30] | |||
Investments at Fair Value | $ 27,657 | [5],[6],[7],[29] | $ 27,256 | [8],[13],[20],[30] | |||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Rhino Labs, Inc. Senior Secured, Maturity Date March 2024, Prime + 5.50%, Floor rate 8.75%, PIK Interest 2.25% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-03 | [5],[29] | 2024-03 | [13],[30] | 2024-03 | [13],[30] | |
Investments Maturity Month and Year | 2024-03 | [5],[29] | 2024-03 | [13],[30] | 2024-03 | [13],[30] | |
Investment, Basis Spread, Variable Rate | 5.50% | [5],[9],[29] | 5.50% | [10],[13],[30] | 5.50% | [10],[13],[30] | |
Investment, Interest Rate, Floor | 8.75% | [5],[9],[29] | 8.75% | [10],[13],[30] | 8.75% | [10],[13],[30] | |
Investment, Interest Rate, Paid in Kind | 2.25% | [5],[9],[29] | 2.25% | [10],[13],[30] | 2.25% | [10],[13],[30] | |
Principal Amount | $ 16,593 | [5],[29] | $ 16,500 | [13],[30] | |||
Investment cost | 16,475 | [2],[5],[29] | 16,328 | [4],[13],[30] | |||
Investments at Fair Value | $ 16,475 | [5],[29] | $ 16,496 | [13],[30] | |||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and SeatGeek, Inc. Senior Secured, Maturity Date June 2023, Prime + 5.00%, Floor rate 10.50%, PIK Interest 0.50% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2023-06 | [5],[6],[18],[19] | 2023-06 | [13],[20],[21],[22] | 2023-06 | [13],[20],[21],[22] | |
Investments Maturity Month and Year | 2023-06 | [5],[6],[18],[19] | 2023-06 | [13],[20],[21],[22] | 2023-06 | [13],[20],[21],[22] | |
Investment, Basis Spread, Variable Rate | 5% | [5],[6],[9],[18],[19] | 5% | [10],[13],[20],[21],[22] | 5% | [10],[13],[20],[21],[22] | |
Investment, Interest Rate, Floor | 10.50% | [5],[6],[9],[18],[19] | 10.50% | [10],[13],[20],[21],[22] | 10.50% | [10],[13],[20],[21],[22] | |
Investment, Interest Rate, Paid in Kind | 0.50% | [5],[6],[9],[18],[19] | 0.50% | [10],[13],[20],[21],[22] | 0.50% | [10],[13],[20],[21],[22] | |
Principal Amount | $ 60,992 | [5],[6],[18],[19] | $ 60,915 | [13],[20],[21],[22] | |||
Investment cost | 60,911 | [2],[5],[6],[18],[19] | 60,721 | [4],[13],[20],[21],[22] | |||
Investments at Fair Value | $ 61,072 | [5],[6],[18],[19] | $ 60,721 | [13],[20],[21],[22] | |||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and SeatGeek, Inc. Senior Secured, Maturity Date May 2026, Prime + 7.00%, Floor rate 10.50%, PIK Interest 0.50% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-05 | [5],[16],[19] | 2026-05 | [13],[14],[22] | 2026-05 | [13],[14],[22] | |
Investments Maturity Month and Year | 2026-05 | [5],[16],[19] | 2026-05 | [13],[14],[22] | 2026-05 | [13],[14],[22] | |
Investment, Basis Spread, Variable Rate | 7% | [5],[9],[16],[19] | 7% | [10],[13],[14],[22] | 7% | [10],[13],[14],[22] | |
Investment, Interest Rate, Floor | 10.50% | [5],[9],[16],[19] | 10.50% | [10],[13],[14],[22] | 10.50% | [10],[13],[14],[22] | |
Investment, Interest Rate, Paid in Kind | 0.50% | [5],[9],[16],[19] | 0.50% | [10],[13],[14],[22] | 0.50% | [10],[13],[14],[22] | |
Principal Amount | $ 25,103 | [5],[16],[19] | $ 25,071 | [13],[14],[22] | |||
Investment cost | 24,954 | [2],[5],[16],[19] | 24,912 | [4],[13],[14],[22] | |||
Investments at Fair Value | $ 25,885 | [5],[16],[19] | $ 25,823 | [13],[14],[22] | |||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Skyword, Inc. Senior Secured, Maturity Date November 2026, Prime + 2.75%, Floor rate 9.25%, PIK Interest 1.75%, 3.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-11 | [5],[6] | 2026-11 | [13],[20] | 2026-11 | [13],[20] | |
Investments Maturity Month and Year | 2026-11 | [5],[6] | 2026-11 | [13],[20] | 2026-11 | [13],[20] | |
Investment, Basis Spread, Variable Rate | 2.75% | [5],[6],[9] | 2.75% | [10],[13],[20] | 2.75% | [10],[13],[20] | |
Investment, Interest Rate, Floor | 9.25% | [5],[6],[9] | 9.25% | [10],[13],[20] | 9.25% | [10],[13],[20] | |
Investment, Interest Rate, Paid in Kind | 1.75% | [5],[6],[9] | 1.75% | [10],[13],[20] | 1.75% | [10],[13],[20] | |
Principal Amount | $ 9,047 | [5],[6] | $ 9,007 | [13],[20] | |||
Investment cost | 8,984 | [2],[5],[6] | 8,918 | [4],[13],[20] | |||
Investments at Fair Value | $ 9,002 | [5],[6] | $ 8,870 | [13],[20] | |||
Investment Exit Fee | 3% | [5],[6],[9] | 3% | [10],[13],[20] | 3% | [10],[13],[20] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024 One, PIK Interest 5.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-07 | [5],[31],[32] | 2024-07 | [13],[33],[34] | 2024-07 | [13],[33],[34] | |
Investments Maturity Month and Year | 2024-07 | [5],[31],[32] | 2024-07 | [13],[33],[34] | 2024-07 | [13],[33],[34] | |
Investment, Interest Rate, Paid in Kind | 5% | [5],[9],[31],[32] | 5% | [10],[13],[33],[34] | 5% | [10],[13],[33],[34] | |
Principal Amount | $ 23,703 | [5],[31],[32] | $ 10,680 | [13],[33],[34] | |||
Investment cost | $ 13,263 | [2],[5],[31],[32] | 240 | [4],[13],[33],[34] | |||
Investments at Fair Value | [13],[33],[34] | $ 0 | |||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024 Two, PIK Interest 5.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [13],[33],[34] | 2024-07 | 2024-07 | ||||
Investments Maturity Month and Year | [13],[33],[34] | 2024-07 | 2024-07 | ||||
Investment, Interest Rate, Paid in Kind | [10],[13],[33],[34] | 5% | 5% | ||||
Principal Amount | [13],[33],[34] | $ 13,023 | |||||
Investment cost | [4],[13],[33],[34] | 13,023 | |||||
Investments at Fair Value | [13],[33],[34] | $ 0 | |||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Tectura Corporation, Senior Secured, Maturity Date July 2024, FIXED 8.25% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-07 | [31] | 2024-07 | [13],[33],[34] | 2024-07 | [13],[33],[34] | |
Investments Maturity Month and Year | 2024-07 | [31] | 2024-07 | [13],[33],[34] | 2024-07 | [13],[33],[34] | |
Investment, Interest Rate, Paid in Cash | 8.25% | [9],[31] | 8.25% | [10],[13],[33],[34] | 8.25% | [10],[13],[33],[34] | |
Principal Amount | $ 8,250 | [31] | $ 8,250 | [13],[33],[34] | |||
Investment cost | 8,250 | [2],[31] | 8,250 | [4],[13],[33],[34] | |||
Investments at Fair Value | $ 7,774 | [31] | $ 8,042 | [13],[33],[34] | |||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Thumbtack, Inc. Senior Secured, Maturity Date April 2026, Prime + 4.95%, Floor rate 8.20%, PIK Interest 1.50%, 3.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-04 | [5],[7],[18] | 2026-04 | [8],[13],[21] | 2026-04 | [8],[13],[21] | |
Investments Maturity Month and Year | 2026-04 | [5],[7],[18] | 2026-04 | [8],[13],[21] | 2026-04 | [8],[13],[21] | |
Investment, Basis Spread, Variable Rate | 4.95% | [5],[7],[9],[18] | 4.95% | [8],[10],[13],[21] | 4.95% | [8],[10],[13],[21] | |
Investment, Interest Rate, Floor | 8.20% | [5],[7],[9],[18] | 8.20% | [8],[10],[13],[21] | 8.20% | [8],[10],[13],[21] | |
Investment, Interest Rate, Paid in Kind | 1.50% | [5],[7],[9],[18] | 1.50% | [8],[10],[13],[21] | 1.50% | [8],[10],[13],[21] | |
Principal Amount | $ 10,141 | [5],[7],[18] | $ 10,103 | [8],[13],[21] | |||
Investment cost | 10,114 | [2],[5],[7],[18] | 10,050 | [4],[8],[13],[21] | |||
Investments at Fair Value | $ 10,304 | [5],[7],[18] | $ 10,167 | [8],[13],[21] | |||
Investment Exit Fee | 3.95% | [5],[7],[9],[18] | 3.95% | [8],[10],[13],[21] | 3.95% | [8],[10],[13],[21] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Udacity, Inc. Senior Secured, Maturity Date September 2024, Prime + 4.50%, Floor rate 7.75%, PIK Interest 2.00%, 3.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-09 | [5],[18] | 2024-09 | [13],[21] | 2024-09 | [13],[21] | |
Investments Maturity Month and Year | 2024-09 | [5],[18] | 2024-09 | [13],[21] | 2024-09 | [13],[21] | |
Investment, Basis Spread, Variable Rate | 4.50% | [5],[9],[18] | 4.50% | [10],[13],[21] | 4.50% | [10],[13],[21] | |
Investment, Interest Rate, Floor | 7.75% | [5],[9],[18] | 7.75% | [10],[13],[21] | 7.75% | [10],[13],[21] | |
Investment, Interest Rate, Paid in Kind | 2% | [5],[9],[18] | 2% | [10],[13],[21] | 2% | [10],[13],[21] | |
Principal Amount | $ 52,197 | [5],[18] | $ 51,937 | [13],[21] | |||
Investment cost | 52,678 | [2],[5],[18] | 52,265 | [4],[13],[21] | |||
Investments at Fair Value | $ 50,982 | [5],[18] | $ 52,976 | [13],[21] | |||
Investment Exit Fee | 3% | [5],[9],[18] | 3% | [10],[13],[21] | 3% | [10],[13],[21] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Veem, Inc. Senior Secured, Maturity Date March 2025, Prime + 4.00%, Floor rate 7.25%, PIK Interest 1.25%, 4.50% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-03 | [5],[6] | 2025-03 | [13],[20] | 2025-03 | [13],[20] | |
Investments Maturity Month and Year | 2025-03 | [5],[6] | 2025-03 | [13],[20] | 2025-03 | [13],[20] | |
Investment, Basis Spread, Variable Rate | 4% | [5],[6],[9] | 4% | [10],[13],[20] | 4% | [10],[13],[20] | |
Investment, Interest Rate, Floor | 7.25% | [5],[6],[9] | 7.25% | [10],[13],[20] | 7.25% | [10],[13],[20] | |
Investment, Interest Rate, Paid in Kind | 1.25% | [5],[6],[9] | 1.25% | [10],[13],[20] | 1.25% | [10],[13],[20] | |
Principal Amount | $ 5,058 | [5],[6] | $ 5,043 | [13],[20] | |||
Investment cost | 5,042 | [2],[5],[6] | 5,000 | [4],[13],[20] | |||
Investments at Fair Value | $ 5,108 | [5],[6] | $ 5,042 | [13],[20] | |||
Investment Exit Fee | 4.50% | [5],[6],[9] | 4.50% | [10],[13],[20] | 4.50% | [10],[13],[20] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Veem, Inc. Senior Secured, Maturity Date March 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.50%, 4.50% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-03 | [5] | 2025-03 | [13] | 2025-03 | [13] | |
Investments Maturity Month and Year | 2025-03 | [5] | 2025-03 | [13] | 2025-03 | [13] | |
Investment, Basis Spread, Variable Rate | 4.70% | [5],[9] | 4.70% | [10],[13] | 4.70% | [10],[13] | |
Investment, Interest Rate, Floor | 7.95% | [5],[9] | 7.95% | [10],[13] | 7.95% | [10],[13] | |
Investment, Interest Rate, Paid in Kind | 1.50% | [5],[9] | 1.50% | [10],[13] | 1.50% | [10],[13] | |
Principal Amount | $ 5,052 | [5] | $ 5,033 | [13] | |||
Investment cost | 5,043 | [2],[5] | 4,988 | [4],[13] | |||
Investments at Fair Value | $ 5,185 | [5] | $ 5,124 | [13] | |||
Investment Exit Fee | 4.50% | [5],[9] | 4.50% | [10],[13] | 4.50% | [10],[13] | |
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Vida Health, Inc., Senior Secured, Maturity Date March 2026, Prime + -3.25%, Floor rate 9.20%, Cap rate 10.20%, 4.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7] | 2026-03 | |||||
Investments Maturity Month and Year | [7] | 2026-03 | |||||
Investment, Basis Spread, Variable Rate | [7],[9] | (3.25%) | |||||
Investment, Interest Rate, Floor | [7],[9] | 9.20% | |||||
Investment, Interest Rate, Cap | [7],[9] | 10.20% | |||||
Principal Amount | [7] | $ 11,822 | |||||
Investment cost | [2],[7] | 11,683 | |||||
Investments at Fair Value | [7] | $ 11,447 | |||||
Investment Exit Fee | [7],[9] | 4.95% | |||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Worldremit Group Limited, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.25%, Floor rate 10.25%, 3.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [12],[14],[21],[22],[25],[26] | 2025-02 | 2025-02 | ||||
Investments Maturity Month and Year | [12],[14],[21],[22],[25],[26] | 2025-02 | 2025-02 | ||||
Investment, Basis Spread, Variable Rate | [10],[12],[14],[21],[22],[25],[26] | 9.25% | 9.25% | ||||
Investment, Interest Rate, Floor | [10],[12],[14],[21],[22],[25],[26] | 10.25% | 10.25% | ||||
Principal Amount | [12],[14],[21],[22],[25],[26] | $ 94,500 | |||||
Investment cost | [4],[12],[14],[21],[22],[25],[26] | 94,418 | |||||
Investments at Fair Value | [12],[14],[21],[22],[25],[26] | $ 93,837 | |||||
Investment Exit Fee | [10],[12],[14],[21],[22],[25],[26] | 3% | 3% | ||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services and Worldremit Group Limited, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.25%, Floor rate 10.25%, 3.20% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [11],[16],[18],[19],[23],[24] | 2025-02 | |||||
Investments Maturity Month and Year | [11],[16],[18],[19],[23],[24] | 2025-02 | |||||
Investment, Basis Spread, Variable Rate | [9],[11],[16],[18],[19],[23],[24] | 9.25% | |||||
Investment, Interest Rate, Floor | [9],[11],[16],[18],[19],[23],[24] | 10.25% | |||||
Principal Amount | [11],[16],[18],[19],[23],[24] | $ 94,500 | |||||
Investment cost | [2],[11],[16],[18],[19],[23],[24] | 94,528 | |||||
Investments at Fair Value | [11],[16],[18],[19],[23],[24] | $ 94,506 | |||||
Investment Exit Fee | [9],[11],[16],[18],[19],[23],[24] | 3.20% | |||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services, SeatGeek, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Principal Amount | $ 86,095 | $ 85,986 | |||||
Investment cost | 85,865 | [2] | 85,633 | [4] | |||
Investments at Fair Value | 86,957 | 86,544 | |||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services, Tectura Corporation | |||||||
Investment Holdings [Line Items] | |||||||
Principal Amount | 31,953 | 31,953 | |||||
Investment cost | 21,513 | [2] | 21,513 | [4] | |||
Investments at Fair Value | 7,774 | 8,042 | |||||
Investment, Identifier [Axis]: Debt Investments Consumer & Business Services, Veem, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Principal Amount | 10,110 | 10,076 | |||||
Investment cost | 10,085 | [2] | 9,988 | [4] | |||
Investments at Fair Value | $ 10,293 | $ 10,166 | |||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services (2.40%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 2.40% | 2.40% | ||||
Investment cost | [4] | $ 36,567 | |||||
Investments at Fair Value | $ 33,700 | ||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services (3.10%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (3.10%) | |||||
Investment cost | [2] | $ 46,425 | |||||
Investments at Fair Value | $ 46,425 | ||||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Unsecured, Maturity Date September 2026, FIXED 11.50% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-09 | [31] | 2026-09 | [33] | 2026-09 | [33] | |
Investments Maturity Month and Year | 2026-09 | [31] | 2026-09 | [33] | 2026-09 | [33] | |
Investment, Interest Rate, Paid in Cash | 11.50% | [9],[31] | 11.50% | [10],[33] | 11.50% | [10],[33] | |
Principal Amount | $ 25,000 | [31] | $ 10,000 | [33] | |||
Investment cost | 24,589 | [2],[31] | 9,852 | [4],[33] | |||
Investments at Fair Value | $ 24,589 | [31] | $ 8,898 | [33] | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Unsecured, Maturity Date September 2026, FIXED 14.50% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [33] | 2026-09 | 2026-09 | ||||
Investments Maturity Month and Year | [33] | 2026-09 | 2026-09 | ||||
Investment, Interest Rate, Paid in Cash | [10],[33] | 14.50% | 14.50% | ||||
Principal Amount | [33] | $ 15,000 | |||||
Investment cost | [4],[33] | 14,715 | |||||
Investments at Fair Value | [33] | $ 12,802 | |||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Hercules Adviser LLC, Unsecured, Maturity Date June 2025, FIXED 5.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-06 | [31] | 2025-06 | [33] | 2025-06 | [33] | |
Investments Maturity Month and Year | 2025-06 | [31] | 2025-06 | [33] | 2025-06 | [33] | |
Investment, Interest Rate, Paid in Cash | 5% | [9],[31] | 5% | [10],[33] | 5% | [10],[33] | |
Principal Amount | $ 12,000 | [31] | $ 12,000 | [33] | |||
Investment cost | 12,000 | [2],[31] | 12,000 | [4],[33] | |||
Investments at Fair Value | $ 12,000 | [31] | 12,000 | [33] | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services and Next Insurance, Inc, Senior Secured, Maturity Date February 2028, Prime + -1.50%, Floor rate 4.75%, PIK Interest 5.50% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [5],[7],[11] | 2028-02 | |||||
Investments Maturity Month and Year | [5],[7],[11] | 2028-02 | |||||
Investment, Basis Spread, Variable Rate | [5],[7],[9],[11] | (1.50%) | |||||
Investment, Interest Rate, Floor | [5],[7],[9],[11] | 4.75% | |||||
Investment, Interest Rate, Paid in Kind | [5],[7],[9],[11] | 5.50% | |||||
Principal Amount | [5],[7],[11] | $ 10,040 | |||||
Investment cost | [2],[5],[7],[11] | 9,836 | |||||
Investments at Fair Value | [5],[7],[11] | $ 9,836 | |||||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services, Gibraltar Business Capital, LLC, Unsecured | |||||||
Investment Holdings [Line Items] | |||||||
Principal Amount | 25,000 | ||||||
Investment cost | [4] | 24,567 | |||||
Investments at Fair Value | $ 21,700 | ||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development (78.49%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 78.49% | |||||
Investment cost | [2] | $ 1,172,536 | |||||
Investments at Fair Value | $ 1,176,627 | ||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development (78.59%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 78.59% | 78.59% | ||||
Investment cost | [4] | $ 1,107,352 | |||||
Investments at Fair Value | $ 1,101,430 | ||||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and ATAI Life Sciences N.V. Senior Secured, Maturity Date August 2026, Prime + 4.55%, Floor rate 8.55%, 6.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-08 | [7],[23],[24] | 2026-08 | [25],[26] | 2026-08 | [25],[26] | |
Investments Maturity Month and Year | 2026-08 | [7],[23],[24] | 2026-08 | [25],[26] | 2026-08 | [25],[26] | |
Investment, Basis Spread, Variable Rate | 4.55% | [7],[9],[23],[24] | 4.55% | [10],[25],[26] | 4.55% | [10],[25],[26] | |
Investment, Interest Rate, Floor | 8.55% | [7],[9],[23],[24] | 8.55% | [10],[25],[26] | 8.55% | [10],[25],[26] | |
Principal Amount | $ 10,500 | [7],[23],[24] | $ 10,500 | [25],[26] | |||
Investment cost | 10,559 | [2],[7],[23],[24] | 10,513 | [4],[25],[26] | |||
Investments at Fair Value | $ 10,570 | [7],[23],[24] | $ 10,513 | [25],[26] | |||
Investment Exit Fee | 6.95% | [7],[9],[23],[24] | 6.95% | [10],[25],[26] | 6.95% | [10],[25],[26] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Akero Therapeutics, Inc. Senior Secured, Maturity Date January 2027, Prime + 3.65%, Floor rate 7.65%, 5.85% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-01 | [6],[7],[23] | 2027-01 | [8],[20],[25] | 2027-01 | [8],[20],[25] | |
Investments Maturity Month and Year | 2027-01 | [6],[7],[23] | 2027-01 | [8],[20],[25] | 2027-01 | [8],[20],[25] | |
Investment, Basis Spread, Variable Rate | 3.65% | [6],[7],[9],[23] | 3.65% | [8],[10],[20],[25] | 3.65% | [8],[10],[20],[25] | |
Investment, Interest Rate, Floor | 7.65% | [6],[7],[9],[23] | 7.65% | [8],[10],[20],[25] | 7.65% | [8],[10],[20],[25] | |
Principal Amount | $ 12,500 | [6],[7],[23] | $ 5,000 | [8],[20],[25] | |||
Investment cost | 12,321 | [2],[6],[7],[23] | 4,986 | [4],[8],[20],[25] | |||
Investments at Fair Value | $ 12,734 | [6],[7],[23] | $ 5,039 | [8],[20],[25] | |||
Investment Exit Fee | 5.85% | [6],[7],[9],[23] | 5.85% | [8],[10],[20],[25] | 5.85% | [8],[10],[20],[25] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Aldeyra Therapeutics, Inc. Senior Secured, Maturity Date October 2024, Prime + 3.10%, Floor rate 8.60%, 8.90% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-10 | [16] | 2024-10 | [14] | 2024-10 | [14] | |
Investments Maturity Month and Year | 2024-10 | [16] | 2024-10 | [14] | 2024-10 | [14] | |
Investment, Basis Spread, Variable Rate | 3.10% | [9],[16] | 3.10% | [10],[14] | 3.10% | [10],[14] | |
Investment, Interest Rate, Floor | 8.60% | [9],[16] | 8.60% | [10],[14] | 8.60% | [10],[14] | |
Principal Amount | $ 15,000 | [16] | $ 15,000 | [14] | |||
Investment cost | 15,961 | [2],[16] | 15,879 | [4],[14] | |||
Investments at Fair Value | $ 16,111 | [16] | $ 15,974 | [14] | |||
Investment Exit Fee | 8.90% | [9],[16] | 8.90% | [10],[14] | 8.90% | [10],[14] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Alladapt Immunotherapeutics Inc. Senior Secured, Maturity Date September 2026, Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 10.60% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[20] | 2026-09 | 2026-09 | ||||
Investments Maturity Month and Year | [8],[20] | 2026-09 | 2026-09 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[20] | 3.65% | 3.65% | ||||
Investment, Interest Rate, Floor | [8],[10],[20] | 8.40% | 8.40% | ||||
Investment, Interest Rate, Cap | [8],[10],[20] | 10.90% | 10.90% | ||||
Principal Amount | [8],[20] | $ 15,000 | |||||
Investment cost | [4],[8],[20] | 14,920 | |||||
Investments at Fair Value | [8],[20] | $ 14,920 | |||||
Investment Exit Fee | [8],[10],[20] | 10.60% | 10.60% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Alladapt Immunotherapeutics Inc. Senior Secured, Maturity Date September 2026, Prime + 3.65%, Floor rate 8.40%, Cap rate 10.90%, 9.09% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [6],[7] | 2026-09 | |||||
Investments Maturity Month and Year | [6],[7] | 2026-09 | |||||
Investment, Basis Spread, Variable Rate | [6],[7],[9] | 3.65% | |||||
Investment, Interest Rate, Floor | [6],[7],[9] | 8.40% | |||||
Investment, Interest Rate, Cap | [6],[7],[9] | 10.90% | |||||
Principal Amount | [6],[7] | $ 17,500 | |||||
Investment cost | [2],[6],[7] | 17,455 | |||||
Investments at Fair Value | [6],[7] | $ 17,323 | |||||
Investment Exit Fee | [6],[7],[9] | 9.09% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and AmplifyBio, LLC, Senior Secured, Maturity Date January 2027, Prime + 2.50%, Floor rate 9.50%, Cap rate 10.75%, 5.85% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-01 | [29] | 2027-01 | [30] | 2027-01 | [30] | |
Investments Maturity Month and Year | 2027-01 | [29] | 2027-01 | [30] | 2027-01 | [30] | |
Investment, Basis Spread, Variable Rate | 2.50% | [9],[29] | 2.50% | [10],[30] | 2.50% | [10],[30] | |
Investment, Interest Rate, Floor | 9.50% | [9],[29] | 9.50% | [10],[30] | 9.50% | [10],[30] | |
Investment, Interest Rate, Cap | 10.75% | [9],[29] | 10.75% | [10],[30] | 10.75% | [10],[30] | |
Principal Amount | $ 24,000 | [29] | $ 24,000 | [30] | |||
Investment cost | 23,771 | [2],[29] | 23,663 | [4],[30] | |||
Investments at Fair Value | $ 23,771 | [29] | $ 23,663 | [30] | |||
Investment Exit Fee | 5.85% | [9],[29] | 5.85% | [10],[30] | 5.85% | [10],[30] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Aveo Pharmaceuticals, Inc. Senior Secured, Maturity Date September 2024, Prime + 6.40%, Floor rate 9.65%, Cap rate 15.00%, 6.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [14],[30] | 2024-09 | 2024-09 | ||||
Investments Maturity Month and Year | [14],[30] | 2024-09 | 2024-09 | ||||
Investment, Basis Spread, Variable Rate | [10],[14],[30] | 6.40% | 6.40% | ||||
Investment, Interest Rate, Floor | [10],[14],[30] | 9.65% | 9.65% | ||||
Investment, Interest Rate, Cap | [10],[14],[30] | 15% | 15% | ||||
Principal Amount | [14],[30] | $ 40,000 | |||||
Investment cost | [4],[14],[30] | 41,644 | |||||
Investments at Fair Value | [14],[30] | $ 43,183 | |||||
Investment Exit Fee | [10],[14],[30] | 6.95% | 6.95% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Axsome Therapeutics, Inc. Senior Secured, Maturity Date January 2028 Prime + 2.20%, Floor rate 9.95%, Cap rate 10.70%, 5.93% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[16],[18],[19],[23] | 2028-01 | |||||
Investments Maturity Month and Year | [7],[16],[18],[19],[23] | 2028-01 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[16],[18],[19],[23] | 2.20% | |||||
Investment, Interest Rate, Floor | [7],[9],[16],[18],[19],[23] | 9.95% | |||||
Investment, Interest Rate, Cap | [7],[9],[16],[18],[19],[23] | 10.70% | |||||
Principal Amount | [7],[16],[18],[19],[23] | $ 121,600 | |||||
Investment cost | [2],[7],[16],[18],[19],[23] | 121,143 | |||||
Investments at Fair Value | [7],[16],[18],[19],[23] | $ 121,464 | |||||
Investment Exit Fee | [7],[9],[16],[18],[19],[23] | 5.93% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Axsome Therapeutics, Inc. Senior Secured, Maturity Date October 2026, Prime + 5.70%, Floor rate 8.95%, Cap rate 10.70%, 5.31% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[14],[21],[22],[25] | 2026-10 | 2026-10 | ||||
Investments Maturity Month and Year | [8],[14],[21],[22],[25] | 2026-10 | 2026-10 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[14],[21],[22],[25] | 5.70% | 5.70% | ||||
Investment, Interest Rate, Floor | [8],[10],[14],[21],[22],[25] | 8.95% | 8.95% | ||||
Investment, Interest Rate, Cap | [8],[10],[14],[21],[22],[25] | 10.70% | 10.70% | ||||
Principal Amount | [8],[14],[21],[22],[25] | $ 81,725 | |||||
Investment cost | [4],[8],[14],[21],[22],[25] | 81,631 | |||||
Investments at Fair Value | [8],[14],[21],[22],[25] | $ 78,074 | |||||
Investment Exit Fee | [8],[10],[14],[21],[22],[25] | 5.31% | 5.31% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Senior Secured, Maturity Date July 2025, Prime + 4.55%, Floor rate 8.05%, Cap rate 9.05%, 5.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-07 | [16],[18],[23],[24] | 2025-07 | [14],[21],[25],[26] | 2025-07 | [14],[21],[25],[26] | |
Investments Maturity Month and Year | 2025-07 | [16],[18],[23],[24] | 2025-07 | [14],[21],[25],[26] | 2025-07 | [14],[21],[25],[26] | |
Investment, Basis Spread, Variable Rate | 4.55% | [9],[16],[18],[23],[24] | 4.55% | [10],[14],[21],[25],[26] | 4.55% | [10],[14],[21],[25],[26] | |
Investment, Interest Rate, Floor | 8.05% | [9],[16],[18],[23],[24] | 8.05% | [10],[14],[21],[25],[26] | 8.05% | [10],[14],[21],[25],[26] | |
Investment, Interest Rate, Cap | 9.05% | [9],[16],[18],[23],[24] | 9.05% | [10],[14],[21],[25],[26] | 9.05% | [10],[14],[21],[25],[26] | |
Principal Amount | $ 11,500 | [16],[18],[23],[24] | $ 11,500 | [14],[21],[25],[26] | |||
Investment cost | 11,788 | [2],[16],[18],[23],[24] | 11,757 | [4],[14],[21],[25],[26] | |||
Investments at Fair Value | $ 11,519 | [16],[18],[23],[24] | $ 11,435 | [14],[21],[25],[26] | |||
Investment Exit Fee | 5% | [9],[16],[18],[23],[24] | 5% | [10],[14],[21],[25],[26] | 5% | [10],[14],[21],[25],[26] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and BiomX, INC, Senior Secured, Maturity Date September 2025, Prime + 5.70%, Floor rate 8.95%, 6.55% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-09 | [16],[23],[24] | 2025-09 | [14],[25],[26] | 2025-09 | [14],[25],[26] | |
Investments Maturity Month and Year | 2025-09 | [16],[23],[24] | 2025-09 | [14],[25],[26] | 2025-09 | [14],[25],[26] | |
Investment, Basis Spread, Variable Rate | 5.70% | [9],[16],[23],[24] | 5.70% | [10],[14],[25],[26] | 5.70% | [10],[14],[25],[26] | |
Investment, Interest Rate, Floor | 8.95% | [9],[16],[23],[24] | 8.95% | [10],[14],[25],[26] | 8.95% | [10],[14],[25],[26] | |
Principal Amount | $ 8,749 | [16],[23],[24] | $ 9,000 | [14],[25],[26] | |||
Investment cost | 8,971 | [2],[16],[23],[24] | 9,174 | [4],[14],[25],[26] | |||
Investments at Fair Value | $ 8,904 | [16],[23],[24] | $ 9,052 | [14],[25],[26] | |||
Investment Exit Fee | 6.55% | [9],[16],[23],[24] | 6.55% | [10],[14],[25],[26] | 6.55% | [10],[14],[25],[26] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and BridgeBio Pharma, Inc. Senior Secured, Maturity Date November 2026, FIXED 9.00%, 2.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-11 | [5],[6],[18] | 2026-11 | [13],[20],[21] | 2026-11 | [13],[20],[21] | |
Investments Maturity Month and Year | 2026-11 | [5],[6],[18] | 2026-11 | [13],[20],[21] | 2026-11 | [13],[20],[21] | |
Investment, Interest Rate, Paid in Cash | 9% | [5],[6],[9],[18] | 9% | [10],[13],[20],[21] | 9% | [10],[13],[20],[21] | |
Interest rate | [10],[13],[20],[21] | 2% | 2% | ||||
Principal Amount | $ 37,598 | [5],[6],[18] | $ 37,312 | [13],[20],[21] | |||
Investment cost | 37,380 | [2],[5],[6],[18] | 37,039 | [4],[13],[20],[21] | |||
Investments at Fair Value | $ 33,695 | [5],[6],[18] | $ 33,344 | [13],[20],[21] | |||
Investment Exit Fee | [5],[6],[9],[18] | 2% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Cellarity, Inc. Senior Secured, Maturity Date June 2026, Prime + 5.70%, Floor rate 8.95%, 3.75% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-06 | [6],[29] | 2026-06 | [20],[30] | 2026-06 | [20],[30] | |
Investments Maturity Month and Year | 2026-06 | [6],[29] | 2026-06 | [20],[30] | 2026-06 | [20],[30] | |
Investment, Basis Spread, Variable Rate | 5.70% | [6],[9],[29] | 5.70% | [10],[20],[30] | 5.70% | [10],[20],[30] | |
Investment, Interest Rate, Floor | 8.95% | [6],[9],[29] | 8.95% | [10],[20],[30] | 8.95% | [10],[20],[30] | |
Principal Amount | $ 30,000 | [6],[29] | $ 30,000 | [20],[30] | |||
Investment cost | 29,947 | [2],[6],[29] | 29,841 | [4],[20],[30] | |||
Investments at Fair Value | $ 30,380 | [6],[29] | $ 30,097 | [20],[30] | |||
Investment Exit Fee | 3.75% | [6],[9],[29] | 3.75% | [10],[20],[30] | 3.75% | [10],[20],[30] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Century Therapeutics, Inc. Senior Secured, Maturity Date April 2024, Prime + 6.30%, Floor rate 9.55%, 3.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-04 | [16] | 2024-04 | [14] | 2024-04 | [14] | |
Investments Maturity Month and Year | 2024-04 | [16] | 2024-04 | [14] | 2024-04 | [14] | |
Investment, Basis Spread, Variable Rate | 6.30% | [9],[16] | 6.30% | [10],[14] | 6.30% | [10],[14] | |
Investment, Interest Rate, Floor | 9.55% | [9],[16] | 9.55% | [10],[14] | 9.55% | [10],[14] | |
Principal Amount | $ 10,000 | [16] | $ 10,000 | [14] | |||
Investment cost | 10,275 | [2],[16] | 10,235 | [4],[14] | |||
Investments at Fair Value | $ 10,498 | [16] | $ 10,292 | [14] | |||
Investment Exit Fee | 3.95% | [9],[16] | 3.95% | [10],[14] | 3.95% | [10],[14] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Codiak Biosciences, Inc. Senior Secured, Maturity Date October 2025, Prime + 5.00%, Floor rate 8.25%, 5.50% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-10 | [16] | 2025-10 | [14] | 2025-10 | [14] | |
Investments Maturity Month and Year | 2025-10 | [16] | 2025-10 | [14] | 2025-10 | [14] | |
Investment, Basis Spread, Variable Rate | 5% | [9],[16] | 5% | [10],[14] | 5% | [10],[14] | |
Investment, Interest Rate, Floor | 8.25% | [9],[16] | 8.25% | [10],[14] | 8.25% | [10],[14] | |
Principal Amount | $ 17,500 | [16] | $ 25,000 | [14] | |||
Investment cost | 18,337 | [2],[16] | 25,759 | [4],[14] | |||
Investments at Fair Value | $ 16,343 | [16] | $ 25,177 | [14] | |||
Investment Exit Fee | 5.50% | [9],[16] | 5.50% | [10],[14] | 5.50% | [10],[14] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Corium, Inc. Senior Secured, Maturity Date September 2026, Prime + 5.70%, Floor rate 8.95%, 7.75% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-09 | [6],[19] | 2026-09 | [20],[22] | 2026-09 | [20],[22] | |
Investments Maturity Month and Year | 2026-09 | [6],[19] | 2026-09 | [20],[22] | 2026-09 | [20],[22] | |
Investment, Basis Spread, Variable Rate | 5.70% | [6],[9],[19] | 5.70% | [10],[20],[22] | 5.70% | [10],[20],[22] | |
Investment, Interest Rate, Floor | 8.95% | [6],[9],[19] | 8.95% | [10],[20],[22] | 8.95% | [10],[20],[22] | |
Principal Amount | $ 132,675 | [6],[19] | $ 132,675 | [20],[22] | |||
Investment cost | 134,041 | [2],[6],[19] | 133,557 | [4],[20],[22] | |||
Investments at Fair Value | $ 136,593 | [6],[19] | $ 135,619 | [20],[22] | |||
Investment Exit Fee | 7.75% | [6],[9],[19] | 7.75% | [10],[20],[22] | 7.75% | [10],[20],[22] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Eloxx Pharmaceuticals, Inc. Senior Secured, Maturity Date April 2025, Prime + 6.25%, Floor rate 9.50%, 6.55% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-04 | [29] | 2025-04 | [30] | 2025-04 | [30] | |
Investments Maturity Month and Year | 2025-04 | [29] | 2025-04 | [30] | 2025-04 | [30] | |
Investment, Basis Spread, Variable Rate | 6.25% | [9],[29] | 6.25% | [10],[30] | 6.25% | [10],[30] | |
Investment, Interest Rate, Floor | 9.50% | [9],[29] | 9.50% | [10],[30] | 9.50% | [10],[30] | |
Principal Amount | $ 5,000 | [29] | $ 12,500 | [30] | |||
Investment cost | 5,621 | [2],[29] | 12,753 | [4],[30] | |||
Investments at Fair Value | $ 5,542 | [29] | $ 12,535 | [30] | |||
Investment Exit Fee | 6.55% | [9],[29] | 6.55% | [10],[30] | 6.55% | [10],[30] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Finch Therapeutics Group, Inc. Senior Secured, Maturity Date November 2026, Prime + 4.05%, Floor rate 7.55%, Cap rate 8.80%, 5.50% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-11 | 2026-11 | |||||
Investments Maturity Month and Year | 2026-11 | 2026-11 | |||||
Investment, Basis Spread, Variable Rate | [10] | 4.05% | 4.05% | ||||
Investment, Interest Rate, Floor | [10] | 7.55% | 7.55% | ||||
Investment, Interest Rate, Cap | [10] | 8.80% | 8.80% | ||||
Principal Amount | $ 15,000 | ||||||
Investment cost | [4] | 15,012 | |||||
Investments at Fair Value | $ 13,940 | ||||||
Investment Exit Fee | [10] | 5.50% | 5.50% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and G1 Therapeutics, Inc. Senior Secured, Maturity Date November 2026, Prime + 5.90%, Floor rate 9.15%, 9.86% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-11 | [7],[16],[18],[29] | 2026-11 | [8],[14],[21],[30] | 2026-11 | [8],[14],[21],[30] | |
Investments Maturity Month and Year | 2026-11 | [7],[16],[18],[29] | 2026-11 | [8],[14],[21],[30] | 2026-11 | [8],[14],[21],[30] | |
Investment, Basis Spread, Variable Rate | 5.90% | [7],[9],[16],[18],[29] | 5.90% | [8],[10],[14],[21],[30] | 5.90% | [8],[10],[14],[21],[30] | |
Investment, Interest Rate, Floor | 9.15% | [7],[9],[16],[18],[29] | 9.15% | [8],[10],[14],[21],[30] | 9.15% | [8],[10],[14],[21],[30] | |
Principal Amount | $ 58,125 | [7],[16],[18],[29] | $ 58,125 | [8],[14],[21],[30] | |||
Investment cost | 58,872 | [2],[7],[16],[18],[29] | 58,674 | [4],[8],[14],[21],[30] | |||
Investments at Fair Value | $ 58,817 | [7],[16],[18],[29] | $ 58,407 | [8],[14],[21],[30] | |||
Investment Exit Fee | 9.86% | [7],[9],[16],[18],[29] | 9.86% | [8],[10],[14],[21],[30] | 9.86% | [8],[10],[14],[21],[30] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Geron Corporation, Senior Secured, Maturity Date April 2025, Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [6],[18],[23] | 2025-04 | |||||
Investments Maturity Month and Year | [6],[18],[23] | 2025-04 | |||||
Investment, Basis Spread, Variable Rate | [6],[9],[18],[23] | 5.75% | |||||
Investment, Interest Rate, Floor | [6],[9],[18],[23] | 9% | |||||
Principal Amount | [6],[18],[23] | $ 18,500 | |||||
Investment cost | [2],[6],[18],[23] | 19,176 | |||||
Investments at Fair Value | [6],[18],[23] | $ 19,379 | |||||
Investment Exit Fee | [6],[9],[18],[23] | 6.55% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Geron Corporation, Senior Secured, Maturity Date October 2024, Prime + 5.75%, Floor rate 9.00%, 6.55% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [20],[21],[25] | 2024-10 | 2024-10 | ||||
Investments Maturity Month and Year | [20],[21],[25] | 2024-10 | 2024-10 | ||||
Investment, Basis Spread, Variable Rate | [10],[20],[21],[25] | 5.75% | 5.75% | ||||
Investment, Interest Rate, Floor | [10],[20],[21],[25] | 9% | 9% | ||||
Principal Amount | [20],[21],[25] | $ 18,500 | |||||
Investment cost | [4],[20],[21],[25] | 19,109 | |||||
Investments at Fair Value | [20],[21],[25] | $ 19,174 | |||||
Investment Exit Fee | [10],[20],[21],[25] | 6.55% | 6.55% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Gritstone Bio, Inc. Senior Secured, Maturity Date July 2027, Prime + 3.15%, Floor rate 7.15%, Cap rate 8.65%, PIK Interest 2.00%, 5.75% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-07 | [5],[6],[7] | 2027-07 | [8],[13] | 2027-07 | [8],[13] | |
Investments Maturity Month and Year | 2027-07 | [5],[6],[7] | 2027-07 | [8],[13] | 2027-07 | [8],[13] | |
Investment, Basis Spread, Variable Rate | 3.15% | [5],[6],[7],[9] | 3.15% | [8],[10],[13] | 3.15% | [8],[10],[13] | |
Investment, Interest Rate, Floor | 7.15% | [5],[6],[7],[9] | 7.15% | [8],[10],[13] | 7.15% | [8],[10],[13] | |
Investment, Interest Rate, Cap | 8.65% | [5],[6],[7],[9] | 8.65% | [8],[10],[13] | 8.65% | [8],[10],[13] | |
Investment, Interest Rate, Paid in Kind | 2% | [5],[6],[7],[9] | 2% | [8],[10],[13] | 2% | [8],[10],[13] | |
Principal Amount | $ 22,689 | [5],[6],[7] | $ 15,113 | [8],[13] | |||
Investment cost | 22,693 | [2],[5],[6],[7] | 15,109 | [4],[8],[13] | |||
Investments at Fair Value | $ 21,942 | [5],[6],[7] | $ 15,109 | [8],[13] | |||
Investment Exit Fee | 5.75% | [5],[6],[7],[9] | 5.75% | [8],[10],[13] | 5.75% | [8],[10],[13] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Hibercell, Inc. Senior Secured, Maturity Date May 2025, Prime + 5.40%, Floor rate 8.65%, 4.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-05 | [6],[29] | 2025-05 | [20],[30] | 2025-05 | [20],[30] | |
Investments Maturity Month and Year | 2025-05 | [6],[29] | 2025-05 | [20],[30] | 2025-05 | [20],[30] | |
Investment, Basis Spread, Variable Rate | 5.40% | [6],[9],[29] | 5.40% | [10],[20],[30] | 5.40% | [10],[20],[30] | |
Investment, Interest Rate, Floor | 8.65% | [6],[9],[29] | 8.65% | [10],[20],[30] | 8.65% | [10],[20],[30] | |
Principal Amount | $ 17,000 | [6],[29] | $ 17,000 | [20],[30] | |||
Investment cost | 17,381 | [2],[6],[29] | 17,313 | [4],[20],[30] | |||
Investments at Fair Value | $ 17,369 | [6],[29] | $ 17,265 | [20],[30] | |||
Investment Exit Fee | 4.95% | [6],[9],[29] | 4.95% | [10],[20],[30] | 4.95% | [10],[20],[30] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and HilleVax, Inc. Senior Secured, Maturity Date May 2027, Prime + 1.05%, Floor rate 4.55%, Cap rate 6.05%, PIK Interest 2.85%, 7.15% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-05 | [5],[7],[29] | 2027-05 | [8],[13],[30] | 2027-05 | [8],[13],[30] | |
Investments Maturity Month and Year | 2027-05 | [5],[7],[29] | 2027-05 | [8],[13],[30] | 2027-05 | [8],[13],[30] | |
Investment, Basis Spread, Variable Rate | 1.05% | [5],[7],[9],[29] | 1.05% | [8],[10],[13],[30] | 1.05% | [8],[10],[13],[30] | |
Investment, Interest Rate, Floor | 4.55% | [5],[7],[9],[29] | 4.55% | [8],[10],[13],[30] | 4.55% | [8],[10],[13],[30] | |
Investment, Interest Rate, Cap | 6.05% | [5],[7],[9],[29] | 6.05% | [8],[10],[13],[30] | 6.05% | [8],[10],[13],[30] | |
Investment, Interest Rate, Paid in Kind | 2.85% | [5],[7],[9],[29] | 2.85% | [8],[10],[13],[30] | 2.85% | [8],[10],[13],[30] | |
Principal Amount | $ 12,150 | [5],[7],[29] | $ 12,072 | [8],[13],[30] | |||
Investment cost | 12,167 | [2],[5],[7],[29] | 12,043 | [4],[8],[13],[30] | |||
Investments at Fair Value | $ 11,462 | [5],[7],[29] | $ 11,333 | [8],[13],[30] | |||
Investment Exit Fee | 7.15% | [5],[7],[9],[29] | 7.15% | [8],[10],[13],[30] | 7.15% | [8],[10],[13],[30] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Iveric Bio, Inc. Senior Secured, Maturity Date August 2027, Prime + 4.00%, Floor rate 8.75%, Cap rate 10.25%, 4.25% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-08 | [7],[18],[23] | 2027-08 | [21],[25] | 2027-08 | [21],[25] | |
Investments Maturity Month and Year | 2027-08 | [7],[18],[23] | 2027-08 | [21],[25] | 2027-08 | [21],[25] | |
Investment, Basis Spread, Variable Rate | 4% | [7],[9],[18],[23] | 4% | [10],[21],[25] | 4% | [10],[21],[25] | |
Investment, Interest Rate, Floor | 8.75% | [7],[9],[18],[23] | 8.75% | [10],[21],[25] | 8.75% | [10],[21],[25] | |
Investment, Interest Rate, Cap | 10.25% | [7],[9],[18],[23] | 10.25% | [10],[21],[25] | 10.25% | [10],[21],[25] | |
Principal Amount | $ 49,500 | [7],[18],[23] | $ 49,500 | [21],[25] | |||
Investment cost | 49,211 | [2],[7],[18],[23] | 49,090 | [4],[21],[25] | |||
Investments at Fair Value | $ 48,495 | [7],[18],[23] | $ 49,090 | [21],[25] | |||
Investment Exit Fee | 4.25% | [7],[9],[18],[23] | 4.25% | [10],[21],[25] | 4.25% | [10],[21],[25] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Kura Oncology, Inc. Senior Secured, Maturity Date November 2027, Prime + 2.40%, Floor rate 8.65%, 15.13% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-11 | [7],[23],[29] | 2027-11 | [8],[25],[30] | 2027-11 | [8],[25],[30] | |
Investments Maturity Month and Year | 2027-11 | [7],[23],[29] | 2027-11 | [8],[25],[30] | 2027-11 | [8],[25],[30] | |
Investment, Basis Spread, Variable Rate | 2.40% | [7],[9],[23],[29] | 2.40% | [8],[10],[25],[30] | 2.40% | [8],[10],[25],[30] | |
Investment, Interest Rate, Floor | 8.65% | [7],[9],[23],[29] | 8.65% | [8],[10],[25],[30] | 8.65% | [8],[10],[25],[30] | |
Principal Amount | $ 5,500 | [7],[23],[29] | $ 5,500 | [8],[25],[30] | |||
Investment cost | 5,468 | [2],[7],[23],[29] | 5,448 | [4],[8],[25],[30] | |||
Investments at Fair Value | $ 5,468 | [7],[23],[29] | $ 5,448 | [8],[25],[30] | |||
Investment Exit Fee | 15.13% | [7],[9],[23],[29] | 15.13% | [8],[10],[25],[30] | 15.13% | [8],[10],[25],[30] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Locus Biosciences, Inc. Senior Secured, Maturity Date July 2025, Prime + 6.10%, Floor rate 9.35%, 4.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-07 | [29] | 2025-07 | [30] | 2025-07 | [30] | |
Investments Maturity Month and Year | 2025-07 | [29] | 2025-07 | [30] | 2025-07 | [30] | |
Investment, Basis Spread, Variable Rate | 6.10% | [9],[29] | 6.10% | [10],[30] | 6.10% | [10],[30] | |
Investment, Interest Rate, Floor | 9.35% | [9],[29] | 9.35% | [10],[30] | 9.35% | [10],[30] | |
Principal Amount | $ 7,544 | [29] | $ 8,000 | [30] | |||
Investment cost | 7,699 | [2],[29] | 8,120 | [4],[30] | |||
Investments at Fair Value | $ 7,701 | [29] | $ 8,085 | [30] | |||
Investment Exit Fee | 4.95% | [9],[29] | 4.95% | [10],[30] | 4.95% | [10],[30] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc. Senior Secured, Maturity Date May 2026, Prime + 2.45%, Floor rate 8.25%, 5.35% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[23] | 2026-05 | |||||
Investments Maturity Month and Year | [7],[23] | 2026-05 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[23] | 2.45% | |||||
Investment, Interest Rate, Floor | [7],[9],[23] | 8.25% | |||||
Principal Amount | [7],[23] | $ 57,800 | |||||
Investment cost | [2],[7],[23] | 57,574 | |||||
Investments at Fair Value | [7],[23] | $ 57,885 | |||||
Investment Exit Fee | [7],[9],[23] | 5.35% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Madrigal Pharmaceutical, Inc. Senior Secured, Maturity Date May 2026, Prime + 3.95%, Floor rate 7.45%, 5.35% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[25] | 2026-05 | 2026-05 | ||||
Investments Maturity Month and Year | [8],[25] | 2026-05 | 2026-05 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[25] | 3.95% | 3.95% | ||||
Investment, Interest Rate, Floor | [8],[10],[25] | 7.45% | 7.45% | ||||
Principal Amount | [8],[25] | $ 34,000 | |||||
Investment cost | [4],[8],[25] | 33,945 | |||||
Investments at Fair Value | [8],[25] | $ 33,987 | |||||
Investment Exit Fee | [8],[10],[25] | 5.35% | 5.35% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Nabriva Therapeutics, Senior Secured, Maturity Date June 2023, Prime + 4.30%, Floor rate 9.80%, 9.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [20],[25],[26] | 2023-06 | 2023-06 | ||||
Investments Maturity Month and Year | [20],[25],[26] | 2023-06 | 2023-06 | ||||
Investment, Basis Spread, Variable Rate | [10],[20],[25],[26] | 4.30% | 4.30% | ||||
Investment, Interest Rate, Floor | [10],[20],[25],[26] | 9.80% | 9.80% | ||||
Principal Amount | [20],[25],[26] | $ 2,079 | |||||
Investment cost | [4],[20],[25],[26] | 2,734 | |||||
Investments at Fair Value | [20],[25],[26] | $ 2,804 | |||||
Investment Exit Fee | [10],[20],[25],[26] | 9.95% | 9.95% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Phathom Pharmaceuticals, Inc. Senior Secured, Maturity Date October 2026, Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.35%, 7.50% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-10 | [5],[7],[18],[19],[23],[29],[35] | 2026-10 | [8],[13],[21],[22],[25],[30],[36] | 2026-10 | [8],[13],[21],[22],[25],[30],[36] | |
Investments Maturity Month and Year | 2026-10 | [5],[7],[18],[19],[23],[29],[35] | 2026-10 | [8],[13],[21],[22],[25],[30],[36] | 2026-10 | [8],[13],[21],[22],[25],[30],[36] | |
Investment, Basis Spread, Variable Rate | 2.25% | [5],[7],[9],[18],[19],[23],[29],[35] | 2.25% | [8],[10],[13],[21],[22],[25],[30],[36] | 2.25% | [8],[10],[13],[21],[22],[25],[30],[36] | |
Investment, Interest Rate, Floor | 5.50% | [5],[7],[9],[18],[19],[23],[29],[35] | 5.50% | [8],[10],[13],[21],[22],[25],[30],[36] | 5.50% | [8],[10],[13],[21],[22],[25],[30],[36] | |
Investment, Interest Rate, Paid in Kind | 3.35% | [5],[7],[9],[18],[19],[23],[29],[35] | 3.35% | [8],[10],[13],[21],[22],[25],[30],[36] | 3.35% | [8],[10],[13],[21],[22],[25],[30],[36] | |
Principal Amount | $ 95,494 | [5],[7],[18],[19],[23],[29],[35] | $ 94,737 | [8],[13],[21],[22],[25],[30],[36] | |||
Investment cost | 96,111 | [2],[5],[7],[18],[19],[23],[29],[35] | 95,032 | [4],[8],[13],[21],[22],[25],[30],[36] | |||
Investments at Fair Value | $ 95,310 | [5],[7],[18],[19],[23],[29],[35] | $ 93,916 | [8],[13],[21],[22],[25],[30],[36] | |||
Investment Exit Fee | 7.50% | [5],[7],[9],[18],[19],[23],[29],[35] | 7.50% | [8],[10],[13],[21],[22],[25],[30],[36] | 7.50% | [8],[10],[13],[21],[22],[25],[30],[36] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Provention Bio, Inc. Senior Secured, Maturity Date September 2027, Prime + 2.20%, Floor rate 8.20%, 6.60% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-09 | ||||||
Investments Maturity Month and Year | 2027-09 | ||||||
Investment, Basis Spread, Variable Rate | [9] | 2.20% | |||||
Investment, Interest Rate, Floor | [9] | 8.20% | |||||
Principal Amount | $ 65,000 | ||||||
Investment cost | [2] | 64,186 | |||||
Investments at Fair Value | $ 70,594 | ||||||
Investment Exit Fee | [9] | 6.60% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Provention Bio, Inc. Senior Secured, Maturity Date September 2027, Prime + 2.70%, Floor rate 8.20%, 6.60% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8] | 2027-09 | 2027-09 | ||||
Investments Maturity Month and Year | [8] | 2027-09 | 2027-09 | ||||
Investment, Basis Spread, Variable Rate | [8],[10] | 2.70% | 2.70% | ||||
Investment, Interest Rate, Floor | [8],[10] | 8.20% | 8.20% | ||||
Principal Amount | [8] | $ 25,000 | |||||
Investment cost | [4],[8] | 24,670 | |||||
Investments at Fair Value | [8] | $ 24,670 | |||||
Investment Exit Fee | [8],[10] | 6.60% | 6.60% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Redshift Bioanalytics, Inc. Senior Secured, Maturity Date January 2026, Prime + 4.25%, Floor rate 7.50%, 3.80% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-01 | [29] | 2026-01 | [30] | 2026-01 | [30] | |
Investments Maturity Month and Year | 2026-01 | [29] | 2026-01 | [30] | 2026-01 | [30] | |
Investment, Basis Spread, Variable Rate | 4.25% | [9],[29] | 4.25% | [10],[30] | 4.25% | [10],[30] | |
Investment, Interest Rate, Floor | 7.50% | [9],[29] | 7.50% | [10],[30] | 7.50% | [10],[30] | |
Principal Amount | $ 5,000 | [29] | $ 5,000 | [30] | |||
Investment cost | 4,979 | [2],[29] | 4,957 | [4],[30] | |||
Investments at Fair Value | $ 5,001 | [29] | $ 4,946 | [30] | |||
Investment Exit Fee | 3.80% | [9],[29] | 3.80% | [10],[30] | 3.80% | [10],[30] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Replimune Group, Inc. Senior Secured, Maturity Date October 2027, Prime + 1.75%, Floor rate 7.25%, Cap rate 9.00%, PIK Interest 1.50%, 4.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-10 | [5],[7],[23] | 2027-10 | [8],[13],[25] | 2027-10 | [8],[13],[25] | |
Investments Maturity Month and Year | 2027-10 | [5],[7],[23] | 2027-10 | [8],[13],[25] | 2027-10 | [8],[13],[25] | |
Investment, Basis Spread, Variable Rate | 1.75% | [5],[7],[9],[23] | 1.75% | [8],[10],[13],[25] | 1.75% | [8],[10],[13],[25] | |
Investment, Interest Rate, Floor | 7.25% | [5],[7],[9],[23] | 7.25% | [8],[10],[13],[25] | 7.25% | [8],[10],[13],[25] | |
Investment, Interest Rate, Cap | 9% | [5],[7],[9],[23] | 9% | [8],[10],[13],[25] | 9% | [8],[10],[13],[25] | |
Investment, Interest Rate, Paid in Kind | 1.50% | [5],[7],[9],[23] | 1.50% | [8],[10],[13],[25] | 1.50% | [8],[10],[13],[25] | |
Principal Amount | $ 20,832 | [5],[7],[23] | $ 20,754 | [8],[13],[25] | |||
Investment cost | 20,781 | [2],[5],[7],[23] | 20,656 | [4],[8],[13],[25] | |||
Investments at Fair Value | $ 20,781 | [5],[7],[23] | $ 20,656 | [8],[13],[25] | |||
Investment Exit Fee | 4.95% | [5],[7],[9],[23] | 4.95% | [8],[10],[13],[25] | 4.95% | [8],[10],[13],[25] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Scynexis, Inc. Senior Secured, Maturity Date March 2025, Prime + 5.80%, Floor rate 9.05%, 3.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-03 | [6],[18] | 2025-03 | [20],[21] | 2025-03 | [20],[21] | |
Investments Maturity Month and Year | 2025-03 | [6],[18] | 2025-03 | [20],[21] | 2025-03 | [20],[21] | |
Investment, Basis Spread, Variable Rate | 5.80% | [6],[9],[18] | 5.80% | [10],[20],[21] | 5.80% | [10],[20],[21] | |
Investment, Interest Rate, Floor | 9.05% | [6],[9],[18] | 9.05% | [10],[20],[21] | 9.05% | [10],[20],[21] | |
Principal Amount | $ 18,667 | [6],[18] | $ 18,667 | [20],[21] | |||
Investment cost | 18,758 | [2],[6],[18] | 18,675 | [4],[20],[21] | |||
Investments at Fair Value | $ 19,544 | [6],[18] | $ 18,698 | [20],[21] | |||
Investment Exit Fee | 3.95% | [6],[9],[18] | 3.95% | [10],[20],[21] | 3.95% | [10],[20],[21] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Seres Therapeutics, Inc. Senior Secured, Maturity Date October 2024, Prime + 6.40%, Floor rate 9.65%, 4.98% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-10 | [6],[18] | 2024-10 | [20],[21] | 2024-10 | [20],[21] | |
Investments Maturity Month and Year | 2024-10 | [6],[18] | 2024-10 | [20],[21] | 2024-10 | [20],[21] | |
Investment, Basis Spread, Variable Rate | 6.40% | [6],[9],[18] | 6.40% | [10],[20],[21] | 6.40% | [10],[20],[21] | |
Investment, Interest Rate, Floor | 9.65% | [6],[9],[18] | 9.65% | [10],[20],[21] | 9.65% | [10],[20],[21] | |
Principal Amount | $ 37,500 | [6],[18] | $ 37,500 | [20],[21] | |||
Investment cost | 38,768 | [2],[6],[18] | 38,638 | [4],[20],[21] | |||
Investments at Fair Value | $ 38,982 | [6],[18] | $ 38,816 | [20],[21] | |||
Investment Exit Fee | 4.98% | [6],[9],[18] | 4.98% | [10],[20],[21] | 4.98% | [10],[20],[21] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and TG Therapeutics, Inc. Senior Secured, Maturity Date January 2026, Prime + 1.20%, Floor rate 8.95%, PIK Interest 2.25%, 5.69% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [5],[7],[16],[18],[23] | 2026-01 | |||||
Investments Maturity Month and Year | [5],[7],[16],[18],[23] | 2026-01 | |||||
Investment, Basis Spread, Variable Rate | [5],[7],[9],[16],[18],[23] | 1.20% | |||||
Investment, Interest Rate, Floor | [5],[7],[9],[16],[18],[23] | 8.95% | |||||
Investment, Interest Rate, Paid in Kind | [5],[7],[9],[16],[18],[23] | 2.25% | |||||
Principal Amount | [5],[7],[16],[18],[23] | $ 64,648 | |||||
Investment cost | [2],[5],[7],[16],[18],[23] | 64,368 | |||||
Investments at Fair Value | [5],[7],[16],[18],[23] | $ 64,374 | |||||
Investment Exit Fee | [5],[7],[9],[16],[18],[23] | 5.69% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and TG Therapeutics, Inc. Senior Secured, Maturity Date January 2026, Prime + 2.15%, Floor rate 5.40%, PIK Interest 3.45%, 5.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [13],[14],[21],[25] | 2026-01 | 2026-01 | ||||
Investments Maturity Month and Year | [13],[14],[21],[25] | 2026-01 | 2026-01 | ||||
Investment, Basis Spread, Variable Rate | [10],[13],[14],[21],[25] | 2.15% | 2.15% | ||||
Investment, Interest Rate, Floor | [10],[13],[14],[21],[25] | 5.40% | 5.40% | ||||
Investment, Interest Rate, Paid in Kind | [10],[13],[14],[21],[25] | 3.45% | 3.45% | ||||
Principal Amount | [13],[14],[21],[25] | $ 47,983 | |||||
Investment cost | [4],[13],[14],[21],[25] | 47,889 | |||||
Investments at Fair Value | [13],[14],[21],[25] | $ 48,649 | |||||
Investment Exit Fee | [10],[13],[14],[21],[25] | 5.95% | 5.95% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc. Senior Secured, Maturity Date February 2027, Prime + 4.45%, Floor rate 8.45%, Cap rate 11.45%, 4.75% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [6],[7],[23] | 2027-02 | |||||
Investments Maturity Month and Year | [6],[7],[23] | 2027-02 | |||||
Investment, Basis Spread, Variable Rate | [6],[7],[9],[23] | 4.45% | |||||
Investment, Interest Rate, Floor | [6],[7],[9],[23] | 8.45% | |||||
Investment, Interest Rate, Cap | [6],[7],[9],[23] | 11.45% | |||||
Principal Amount | [6],[7],[23] | $ 10,313 | |||||
Investment cost | [2],[6],[7],[23] | 10,346 | |||||
Investments at Fair Value | [6],[7],[23] | $ 10,397 | |||||
Investment Exit Fee | [6],[7],[9],[23] | 4.75% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc. Senior Secured, Maturity Date February 2027, Prime + 5.20%, Floor rate 8.45%, 4.75% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[20],[25] | 2027-02 | 2027-02 | ||||
Investments Maturity Month and Year | [8],[20],[25] | 2027-02 | 2027-02 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[20],[25] | 5.20% | 5.20% | ||||
Investment, Interest Rate, Floor | [8],[10],[20],[25] | 8.45% | 8.45% | ||||
Principal Amount | [8],[20],[25] | $ 8,250 | |||||
Investment cost | [4],[8],[20],[25] | 8,274 | |||||
Investments at Fair Value | [8],[20],[25] | $ 8,423 | |||||
Investment Exit Fee | [8],[10],[20],[25] | 4.75% | 4.75% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Unity Biotechnology, Inc. Senior Secured, Maturity Date August 2024, Prime + 6.10%, Floor rate 9.35%, 6.25% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-08 | [6] | 2024-08 | [20] | 2024-08 | [20] | |
Investments Maturity Month and Year | 2024-08 | [6] | 2024-08 | [20] | 2024-08 | [20] | |
Investment, Basis Spread, Variable Rate | 6.10% | [6],[9] | 6.10% | [10],[20] | 6.10% | [10],[20] | |
Investment, Interest Rate, Floor | 9.35% | [6],[9] | 9.35% | [10],[20] | 9.35% | [10],[20] | |
Principal Amount | $ 20,000 | [6] | $ 20,000 | [20] | |||
Investment cost | 21,165 | [2],[6] | 21,079 | [4],[20] | |||
Investments at Fair Value | $ 21,136 | [6] | $ 20,967 | [20] | |||
Investment Exit Fee | 6.25% | [6],[9] | 6.25% | [10],[20] | 6.25% | [10],[20] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Valo Health, LLC, Senior Secured, Maturity Date May 2024, Prime + 6.45%, Floor rate 9.70%, 3.85% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-05 | [6],[16] | 2024-05 | [14],[20] | 2024-05 | [14],[20] | |
Investments Maturity Month and Year | 2024-05 | [6],[16] | 2024-05 | [14],[20] | 2024-05 | [14],[20] | |
Investment, Basis Spread, Variable Rate | 6.45% | [6],[9],[16] | 6.45% | [10],[14],[20] | 6.45% | [10],[14],[20] | |
Investment, Interest Rate, Floor | 9.70% | [6],[9],[16] | 9.70% | [10],[14],[20] | 9.70% | [10],[14],[20] | |
Principal Amount | $ 6,708 | [6],[16] | $ 8,146 | [14],[20] | |||
Investment cost | 7,021 | [2],[6],[16] | 8,416 | [4],[14],[20] | |||
Investments at Fair Value | $ 7,030 | [6],[16] | $ 8,410 | [14],[20] | |||
Investment Exit Fee | 3.85% | [6],[9],[16] | 3.85% | [10],[14],[20] | 3.85% | [10],[14],[20] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Viridian Therapeutics, Inc. Senior Secured, Maturity Date October 2026, Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 4.76% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[20],[25] | 2026-10 | 2026-10 | ||||
Investments Maturity Month and Year | [8],[20],[25] | 2026-10 | 2026-10 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[20],[25] | 4.20% | 4.20% | ||||
Investment, Interest Rate, Floor | [8],[10],[20],[25] | 7.45% | 7.45% | ||||
Investment, Interest Rate, Cap | [8],[10],[20],[25] | 8.95% | 8.95% | ||||
Principal Amount | [8],[20],[25] | $ 2,000 | |||||
Investment cost | [4],[8],[20],[25] | 2,012 | |||||
Investments at Fair Value | [8],[20],[25] | $ 1,934 | |||||
Investment Exit Fee | [8],[10],[20],[25] | 4.76% | 4.76% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and Viridian Therapeutics, Inc. Senior Secured, Maturity Date October 2026, Prime + 4.20%, Floor rate 7.45%, Cap rate 8.95%, 6.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [6],[7],[23] | 2026-10 | |||||
Investments Maturity Month and Year | [6],[7],[23] | 2026-10 | |||||
Investment, Basis Spread, Variable Rate | [6],[7],[9],[23] | 4.20% | |||||
Investment, Interest Rate, Floor | [6],[7],[9],[23] | 7.45% | |||||
Investment, Interest Rate, Cap | [6],[7],[9],[23] | 8.95% | |||||
Principal Amount | [6],[7],[23] | $ 2,000 | |||||
Investment cost | [2],[6],[7],[23] | 2,019 | |||||
Investments at Fair Value | [6],[7],[23] | $ 1,943 | |||||
Investment Exit Fee | [6],[7],[9],[23] | 6% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc. Senior Secured, Maturity Date April 2026, Prime + 3.15%, Floor rate 10.15%, 6.35% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [6],[16],[18] | 2026-04 | |||||
Investments Maturity Month and Year | [6],[16],[18] | 2026-04 | |||||
Investment, Basis Spread, Variable Rate | [6],[9],[16],[18] | 3.15% | |||||
Investment, Interest Rate, Floor | [6],[9],[16],[18] | 10.15% | |||||
Principal Amount | [6],[16],[18] | $ 32,500 | |||||
Investment cost | [2],[6],[16],[18] | 32,445 | |||||
Investments at Fair Value | [6],[16],[18] | $ 32,445 | |||||
Investment Exit Fee | [6],[9],[16],[18] | 6.35% | |||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc. Senior Secured, Maturity Date July 2024, Prime + 3.75%, Floor rate 8.75%, 8.80% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [14],[20],[21] | 2024-07 | 2024-07 | ||||
Investments Maturity Month and Year | [14],[20],[21] | 2024-07 | 2024-07 | ||||
Investment, Basis Spread, Variable Rate | [10],[14],[20],[21] | 3.75% | 3.75% | ||||
Investment, Interest Rate, Floor | [10],[14],[20],[21] | 8.75% | 8.75% | ||||
Principal Amount | [14],[20],[21] | $ 32,500 | |||||
Investment cost | [4],[14],[20],[21] | 33,705 | |||||
Investments at Fair Value | [14],[20],[21] | $ 33,700 | |||||
Investment Exit Fee | [10],[14],[20],[21] | 8.80% | 8.80% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and enGene, Inc. Senior Secured, Maturity Date July 2025, Prime + 5.00%, Floor rate 8.25%, 6.35% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-07 | [6],[18],[23],[24] | 2025-07 | [20],[21],[25],[26] | 2025-07 | [20],[21],[25],[26] | |
Investments Maturity Month and Year | 2025-07 | [6],[18],[23],[24] | 2025-07 | [20],[21],[25],[26] | 2025-07 | [20],[21],[25],[26] | |
Investment, Basis Spread, Variable Rate | 5% | [6],[9],[18],[23],[24] | 5% | [10],[20],[21],[25],[26] | 5% | [10],[20],[21],[25],[26] | |
Investment, Interest Rate, Floor | 8.25% | [6],[9],[18],[23],[24] | 8.25% | [10],[20],[21],[25],[26] | 8.25% | [10],[20],[21],[25],[26] | |
Principal Amount | $ 11,000 | [6],[18],[23],[24] | $ 11,000 | [20],[21],[25],[26] | |||
Investment cost | 11,150 | [2],[6],[18],[23],[24] | 11,072 | [4],[20],[21],[25],[26] | |||
Investments at Fair Value | $ 11,115 | [6],[18],[23],[24] | $ 11,067 | [20],[21],[25],[26] | |||
Investment Exit Fee | 6.35% | [6],[9],[18],[23],[24] | 6.35% | [10],[20],[21],[25],[26] | 6.35% | [10],[20],[21],[25],[26] | |
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and uniQure B.V. Senior Secured, Maturity Date December 2025, Prime + 4.70%, Floor rate 7.95%, 7.28% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [14],[21],[22],[25],[26] | 2025-12 | 2025-12 | ||||
Investments Maturity Month and Year | [14],[21],[22],[25],[26] | 2025-12 | 2025-12 | ||||
Investment, Basis Spread, Variable Rate | [10],[14],[21],[22],[25],[26] | 4.70% | 4.70% | ||||
Investment, Interest Rate, Floor | [10],[14],[21],[22],[25],[26] | 7.95% | 7.95% | ||||
Principal Amount | [14],[21],[22],[25],[26] | $ 70,000 | |||||
Investment cost | [4],[14],[21],[22],[25],[26] | 72,329 | |||||
Investments at Fair Value | [14],[21],[22],[25],[26] | $ 73,019 | |||||
Investment Exit Fee | [10],[14],[21],[22],[25],[26] | 7.28% | 7.28% | ||||
Investment, Identifier [Axis]: Debt Investments Drug Discovery & Development and uniQure B.V. Senior Secured, Maturity Date December 2025, Prime + 4.70%, Floor rate 7.95%, 8.03% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [16],[18],[23],[24] | 2025-12 | |||||
Investments Maturity Month and Year | [16],[18],[23],[24] | 2025-12 | |||||
Investment, Basis Spread, Variable Rate | [9],[16],[18],[23],[24] | 4.70% | |||||
Investment, Interest Rate, Floor | [9],[16],[18],[23],[24] | 7.95% | |||||
Principal Amount | [16],[18],[23],[24] | $ 70,000 | |||||
Investment cost | [2],[16],[18],[23],[24] | 72,628 | |||||
Investments at Fair Value | [16],[18],[23],[24] | $ 74,010 | |||||
Investment Exit Fee | [9],[16],[18],[23],[24] | 8.03% | |||||
Investment, Identifier [Axis]: Debt Investments Electronics & Computer Hardware (1.27%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 1.27% | |||||
Investment cost | [2] | $ 18,213 | |||||
Investments at Fair Value | $ 19,081 | ||||||
Investment, Identifier [Axis]: Debt Investments Electronics & Computer Hardware (1.34%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 1.34% | 1.34% | ||||
Investment cost | [4] | $ 18,171 | |||||
Investments at Fair Value | $ 18,723 | ||||||
Investment, Identifier [Axis]: Debt Investments Electronics & Computer Hardware and Locus Robotics Corp. Senior Secured, Maturity Date June 2026, Prime + 4.50%, Floor rate 8.00%, 1.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-06 | [7],[11] | 2026-06 | [12] | 2026-06 | [12] | |
Investments Maturity Month and Year | 2026-06 | [7],[11] | 2026-06 | [12] | 2026-06 | [12] | |
Investment, Basis Spread, Variable Rate | 4.50% | [7],[9],[11] | 4.50% | [10],[12] | 4.50% | [10],[12] | |
Investment, Interest Rate, Floor | 8% | [7],[9],[11] | 8% | [10],[12] | 8% | [10],[12] | |
Principal Amount | $ 18,281 | [7],[11] | $ 18,281 | [12] | |||
Investment cost | 18,213 | [2],[7],[11] | 18,171 | [4],[12] | |||
Investments at Fair Value | $ 19,081 | [7],[11] | $ 18,723 | [12] | |||
Investment Exit Fee | 1% | [7],[9],[11] | 1% | [10],[12] | 1% | [10],[12] | |
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other (13.98%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 13.98% | 13.98% | ||||
Investment cost | [4] | $ 196,342 | |||||
Investments at Fair Value | $ 195,855 | ||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other (14.10%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 14.10% | |||||
Investment cost | [2] | $ 208,331 | |||||
Investments at Fair Value | $ 211,331 | ||||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Better Therapeutics, Inc. Senior Secured, Maturity Date August 2025, Prime + 5.70%, Floor rate 8.95%, 5.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-08 | [29] | 2025-08 | [30] | 2025-08 | [30] | |
Investments Maturity Month and Year | 2025-08 | [29] | 2025-08 | [30] | 2025-08 | [30] | |
Investment, Basis Spread, Variable Rate | 5.70% | [9],[29] | 5.70% | [10],[30] | 5.70% | [10],[30] | |
Investment, Interest Rate, Floor | 8.95% | [9],[29] | 8.95% | [10],[30] | 8.95% | [10],[30] | |
Principal Amount | $ 11,652 | [29] | $ 12,000 | [30] | |||
Investment cost | 11,883 | [2],[29] | 12,162 | [4],[30] | |||
Investments at Fair Value | $ 11,615 | [29] | $ 12,053 | [30] | |||
Investment Exit Fee | 5.95% | [9],[29] | 5.95% | [10],[30] | 5.95% | [10],[30] | |
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Blue Sprig Pediatrics, Inc. Senior Secured, Maturity Date November 2026, 1-month LIBOR + 5.00%, Floor rate 6.00%, PIK Interest 4.45% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [13],[14],[20] | 2026-11 | 2026-11 | ||||
Investments Maturity Month and Year | [13],[14],[20] | 2026-11 | 2026-11 | ||||
Investment, Basis Spread, Variable Rate | 5% | [5],[6],[9],[16] | 5% | [10],[13],[14],[20] | 5% | [10],[13],[14],[20] | |
Investment, Interest Rate, Floor | [10],[13],[14],[20] | 6% | 6% | ||||
Investment, Interest Rate, Paid in Kind | 4.45% | [5],[6],[9],[16] | 4.45% | [10],[13],[14],[20] | 4.45% | [10],[13],[14],[20] | |
Principal Amount | $ 52,055 | [5],[6],[16] | $ 51,480 | [13],[14],[20] | |||
Investment cost | 51,415 | [2],[5],[6],[16] | 50,813 | [4],[13],[14],[20] | |||
Investments at Fair Value | $ 50,547 | [5],[6],[16] | $ 49,732 | [13],[14],[20] | |||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Blue Sprig Pediatrics, Inc. Senior Secured, Maturity Date November 2026, 3-month LIBOR + 5.00%, Floor rate 6.00%, PIK Interest 4.45% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [5],[6],[16] | 2026-11 | |||||
Investments Maturity Month and Year | [5],[6],[16] | 2026-11 | |||||
Investment, Interest Rate, Floor | [5],[6],[9],[16] | 6% | |||||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Carbon Health Technologies, Inc. Senior Secured, Maturity Date March 2025, Prime + 5.60%, Floor rate 8.85%, 4.61% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-03 | [6],[11],[16] | 2025-03 | [12],[14],[20] | 2025-03 | [12],[14],[20] | |
Investments Maturity Month and Year | 2025-03 | [6],[11],[16] | 2025-03 | [12],[14],[20] | 2025-03 | [12],[14],[20] | |
Investment, Basis Spread, Variable Rate | 5.60% | [6],[9],[11],[16] | 5.60% | [10],[12],[14],[20] | 5.60% | [10],[12],[14],[20] | |
Investment, Interest Rate, Floor | 8.85% | [6],[9],[11],[16] | 8.85% | [10],[12],[14],[20] | 8.85% | [10],[12],[14],[20] | |
Principal Amount | $ 46,125 | [6],[11],[16] | $ 46,125 | [12],[14],[20] | |||
Investment cost | 46,702 | [2],[6],[11],[16] | 46,552 | [4],[12],[14],[20] | |||
Investments at Fair Value | $ 47,052 | [6],[11],[16] | $ 46,548 | [12],[14],[20] | |||
Investment Exit Fee | 4.61% | [6],[9],[11],[16] | 4.61% | [10],[12],[14],[20] | 4.61% | [10],[12],[14],[20] | |
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Equality Health, LLC, Senior Secured, Maturity Date February 2026, Prime + 6.25%, Floor rate 9.50%, PIK Interest 1.55% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-02 | [5],[16],[18] | 2026-02 | [13],[21] | 2026-02 | [13],[21] | |
Investments Maturity Month and Year | 2026-02 | [5],[16],[18] | 2026-02 | [13],[21] | 2026-02 | [13],[21] | |
Investment, Basis Spread, Variable Rate | 6.25% | [5],[9],[16],[18] | 6.25% | [10],[13],[21] | 6.25% | [10],[13],[21] | |
Investment, Interest Rate, Floor | 9.50% | [5],[9],[16],[18] | 9.50% | [10],[13],[21] | 9.50% | [10],[13],[21] | |
Investment, Interest Rate, Paid in Kind | 1.55% | [5],[9],[16],[18] | 1.55% | [10],[13],[21] | 1.55% | [10],[13],[21] | |
Principal Amount | $ 53,795 | [5],[16],[18] | $ 53,587 | [13],[21] | |||
Investment cost | 53,407 | [2],[5],[16],[18] | 53,164 | [4],[13],[21] | |||
Investments at Fair Value | $ 53,963 | [5],[16],[18] | $ 53,871 | [13],[21] | |||
Investment, Identifier [Axis]: Debt Investments Healthcare Services, Other and Oak Street Health, Inc. Senior Secured, Maturity Date October 2027, Prime + 2.45%, Floor rate 7.95%, Cap rate 9.45%, PIK Interest 1.00%, 4.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-10 | [5],[7],[23] | 2027-10 | [8],[13],[25] | 2027-10 | [8],[13],[25] | |
Investments Maturity Month and Year | 2027-10 | [5],[7],[23] | 2027-10 | [8],[13],[25] | 2027-10 | [8],[13],[25] | |
Investment, Basis Spread, Variable Rate | 2.45% | [5],[7],[9],[23] | 2.45% | [8],[10],[13],[25] | 2.45% | [8],[10],[13],[25] | |
Investment, Interest Rate, Floor | 7.95% | [5],[7],[9],[23] | 7.95% | [8],[10],[13],[25] | 7.95% | [8],[10],[13],[25] | |
Investment, Interest Rate, Cap | 9.45% | [5],[7],[9],[23] | 9.45% | [8],[10],[13],[25] | 9.45% | [8],[10],[13],[25] | |
Investment, Interest Rate, Paid in Kind | 1% | [5],[7],[9],[23] | 1% | [8],[10],[13],[25] | 1% | [8],[10],[13],[25] | |
Principal Amount | $ 45,143 | [5],[7],[23] | $ 33,808 | [8],[13],[25] | |||
Investment cost | 44,924 | [2],[5],[7],[23] | 33,651 | [4],[8],[13],[25] | |||
Investments at Fair Value | $ 48,154 | [5],[7],[23] | $ 33,651 | [8],[13],[25] | |||
Investment Exit Fee | 4.95% | [5],[7],[9],[23] | 4.95% | [8],[10],[13],[25] | 4.95% | [8],[10],[13],[25] | |
Investment, Identifier [Axis]: Debt Investments Information Services (3.71%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 3.71% | |||||
Investment cost | [2] | $ 55,015 | |||||
Investments at Fair Value | $ 55,583 | ||||||
Investment, Identifier [Axis]: Debt Investments Information Services (3.72%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 3.72% | 3.72% | ||||
Investment cost | [4] | $ 52,619 | |||||
Investments at Fair Value | $ 52,075 | ||||||
Investment, Identifier [Axis]: Debt Investments Information Services and Capella Space Corp. Senior Secured, Maturity Date November 2025, Prime + 5.00%, Floor rate 8.25%, PIK Interest 1.10%, 7.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-11 | [5],[11],[29] | 2025-11 | [12],[13],[30] | 2025-11 | [12],[13],[30] | |
Investments Maturity Month and Year | 2025-11 | [5],[11],[29] | 2025-11 | [12],[13],[30] | 2025-11 | [12],[13],[30] | |
Investment, Basis Spread, Variable Rate | 5% | [5],[9],[11],[29] | 5% | [10],[12],[13],[30] | 5% | [10],[12],[13],[30] | |
Investment, Interest Rate, Floor | 8.25% | [5],[9],[11],[29] | 8.25% | [10],[12],[13],[30] | 8.25% | [10],[12],[13],[30] | |
Investment, Interest Rate, Paid in Kind | 1.10% | [5],[9],[11],[29] | 1.10% | [10],[12],[13],[30] | 1.10% | [10],[12],[13],[30] | |
Principal Amount | $ 20,305 | [5],[11],[29] | $ 20,250 | [12],[13],[30] | |||
Investment cost | 20,663 | [2],[5],[11],[29] | 20,506 | [4],[12],[13],[30] | |||
Investments at Fair Value | $ 20,822 | [5],[11],[29] | $ 20,574 | [12],[13],[30] | |||
Investment Exit Fee | 7% | [5],[9],[11],[29] | 7% | [10],[12],[13],[30] | 7% | [10],[12],[13],[30] | |
Investment, Identifier [Axis]: Debt Investments Information Services and Signal Media Limited, Senior Secured, Maturity Date June 2025, Prime + 5.50%, Floor rate 9.00%, Cap rate 12.00%, 3.45% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-06 | [7],[23],[24] | 2025-06 | [8],[25],[26] | 2025-06 | [8],[25],[26] | |
Investments Maturity Month and Year | 2025-06 | [7],[23],[24] | 2025-06 | [8],[25],[26] | 2025-06 | [8],[25],[26] | |
Investment, Basis Spread, Variable Rate | 5.50% | [7],[9],[23],[24] | 5.50% | [8],[10],[25],[26] | 5.50% | [8],[10],[25],[26] | |
Investment, Interest Rate, Floor | 9% | [7],[9],[23],[24] | 9% | [8],[10],[25],[26] | 9% | [8],[10],[25],[26] | |
Investment, Interest Rate, Cap | 12% | [7],[9],[23],[24] | 12% | [8],[10],[25],[26] | 12% | [8],[10],[25],[26] | |
Principal Amount | $ 3,000 | [7],[23],[24] | $ 750 | [8],[25],[26] | |||
Investment cost | 2,956 | [2],[7],[23],[24] | 742 | [4],[8],[25],[26] | |||
Investments at Fair Value | $ 2,956 | [7],[23],[24] | $ 738 | [8],[25],[26] | |||
Investment Exit Fee | 3.45% | [7],[9],[23],[24] | 3.45% | [8],[10],[25],[26] | 3.45% | [8],[10],[25],[26] | |
Investment, Identifier [Axis]: Debt Investments Information Services and Yipit, LLC, Senior Secured, Maturity Date September 2026, 1-month SOFR + 9.08%, Floor rate 10.08% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[15] | 2026-09 | 2026-09 | ||||
Investments Maturity Month and Year | [8],[15] | 2026-09 | 2026-09 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[15] | 9.08% | 9.08% | ||||
Investment, Interest Rate, Floor | [8],[10],[15] | 10.08% | 10.08% | ||||
Principal Amount | [8],[15] | $ 31,875 | |||||
Investment cost | [4],[8],[15] | 31,371 | |||||
Investments at Fair Value | [8],[15] | $ 30,763 | |||||
Investment, Identifier [Axis]: Debt Investments Information Services and Yipit, LLC, Senior Secured, Maturity Date September 2026, 1-month SOFR + 9.14%, Floor rate 10.04% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[17] | 2026-09 | |||||
Investments Maturity Month and Year | [7],[17] | 2026-09 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[17] | 9.14% | |||||
Investment, Interest Rate, Floor | [7],[9],[17] | 10.04% | |||||
Principal Amount | [7],[17] | $ 31,875 | |||||
Investment cost | [2],[7],[17] | 31,396 | |||||
Investments at Fair Value | [7],[17] | $ 31,805 | |||||
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology (2.99%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 2.99% | 2.99% | ||||
Investment cost | [4] | $ 41,568 | |||||
Investments at Fair Value | $ 41,953 | ||||||
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology (3.06%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 3.06% | |||||
Investment cost | [2] | $ 44,797 | |||||
Investments at Fair Value | $ 45,884 | ||||||
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology and Bright Machines, Inc. Senior Secured, Maturity Date April 2025, Prime + 4.00%, Floor rate 9.50%, 5.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-04 | [6] | 2025-04 | [20] | 2025-04 | [20] | |
Investments Maturity Month and Year | 2025-04 | [6] | 2025-04 | [20] | 2025-04 | [20] | |
Investment, Basis Spread, Variable Rate | 4% | [6],[9] | 4% | [10],[20] | 4% | [10],[20] | |
Investment, Interest Rate, Floor | 9.50% | [6],[9] | 9.50% | [10],[20] | 9.50% | [10],[20] | |
Principal Amount | $ 11,050 | [6] | $ 11,050 | [20] | |||
Investment cost | 10,951 | [2],[6] | 10,832 | [4],[20] | |||
Investments at Fair Value | $ 11,045 | [6] | $ 10,832 | [20] | |||
Investment Exit Fee | 5% | [6],[9] | 5% | [10],[20] | 5% | [10],[20] | |
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology and MacroFab, Inc. Senior Secured, Maturity Date March 2026, Prime + 4.35%, Floor rate 7.60%, PIK Interest 1.25%, 4.50% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-03 | [5] | 2026-03 | [8],[13] | 2026-03 | [8],[13] | |
Investments Maturity Month and Year | 2026-03 | [5] | 2026-03 | [8],[13] | 2026-03 | [8],[13] | |
Investment, Basis Spread, Variable Rate | 4.35% | [5],[9] | 4.35% | [8],[10],[13] | 4.35% | [8],[10],[13] | |
Investment, Interest Rate, Floor | 7.60% | [5],[9] | 7.60% | [8],[10],[13] | 7.60% | [8],[10],[13] | |
Investment, Interest Rate, Paid in Kind | 1.25% | [5],[9] | 1.25% | [8],[10],[13] | 1.25% | [8],[10],[13] | |
Principal Amount | $ 20,191 | [5] | $ 17,137 | [8],[13] | |||
Investment cost | 19,808 | [2],[5] | 16,766 | [4],[8],[13] | |||
Investments at Fair Value | $ 20,330 | [5] | $ 16,917 | [8],[13] | |||
Investment Exit Fee | 4.50% | [5],[9] | 4.50% | [8],[10],[13] | 4.50% | [8],[10],[13] | |
Investment, Identifier [Axis]: Debt Investments Manufacturing Technology and Ouster, Inc. Senior Secured, Maturity Date May 2026, Prime + 6.15%, Floor rate 9.40%, 7.45% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-05 | [6],[23] | 2026-05 | [20],[25] | 2026-05 | [20],[25] | |
Investments Maturity Month and Year | 2026-05 | [6],[23] | 2026-05 | [20],[25] | 2026-05 | [20],[25] | |
Investment, Basis Spread, Variable Rate | 6.15% | [6],[9],[23] | 6.15% | [10],[20],[25] | 6.15% | [10],[20],[25] | |
Investment, Interest Rate, Floor | 9.40% | [6],[9],[23] | 9.40% | [10],[20],[25] | 9.40% | [10],[20],[25] | |
Principal Amount | $ 14,000 | [6],[23] | $ 14,000 | [20],[25] | |||
Investment cost | 14,038 | [2],[6],[23] | 13,970 | [4],[20],[25] | |||
Investments at Fair Value | $ 14,509 | [6],[23] | $ 14,204 | [20],[25] | |||
Investment Exit Fee | 7.45% | [6],[9],[23] | 7.45% | [10],[20],[25] | 7.45% | [10],[20],[25] | |
Investment, Identifier [Axis]: Debt Investments Media/Content/Info (0.66%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0.66% | |||||
Investment cost | [2] | $ 9,892 | |||||
Investments at Fair Value | 9,892 | ||||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Fever Labs, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Principal Amount | 10,001 | ||||||
Investment cost | [2] | 9,892 | |||||
Investments at Fair Value | $ 9,892 | ||||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Fever Labs, Inc. Senior Secured, Maturity Date December 2025, Prime + 3.50%, Floor rate 9.00%, 2.98% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [11] | 2025-12 | |||||
Investments Maturity Month and Year | [11] | 2025-12 | |||||
Investment, Basis Spread, Variable Rate | [9],[11] | 3.50% | |||||
Investment, Interest Rate, Floor | [9],[11] | 9% | |||||
Principal Amount | [11] | $ 1,667 | |||||
Investment cost | [2],[11] | 1,646 | |||||
Investments at Fair Value | [11] | $ 1,646 | |||||
Investment Exit Fee | [9],[11] | 2.98% | |||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Fever Labs, Inc. Senior Secured, Maturity Date September 2025, Prime + 3.50%, Floor rate 9.00%, 2.67% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [11] | 2025-09 | |||||
Investments Maturity Month and Year | [11] | 2025-09 | |||||
Investment, Basis Spread, Variable Rate | [9],[11] | 3.50% | |||||
Investment, Interest Rate, Floor | [9],[11] | 9% | |||||
Principal Amount | [11] | $ 1,667 | |||||
Investment cost | [2],[11] | 1,652 | |||||
Investments at Fair Value | [11] | $ 1,652 | |||||
Investment Exit Fee | [9],[11] | 2.67% | |||||
Investment, Identifier [Axis]: Debt Investments Media/Content/Info and Fever Labs, Inc. Senior Secured, Maturity Date September 2026, Prime + 3.50%, Floor rate 9.00%, 3.67% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [11] | 2026-09 | |||||
Investments Maturity Month and Year | [11] | 2026-09 | |||||
Investment, Basis Spread, Variable Rate | [9],[11] | 3.50% | |||||
Investment, Interest Rate, Floor | [9],[11] | 9% | |||||
Principal Amount | [11] | $ 6,667 | |||||
Investment cost | [2],[11] | 6,594 | |||||
Investments at Fair Value | [11] | $ 6,594 | |||||
Investment Exit Fee | [9],[11] | 3.67% | |||||
Investment, Identifier [Axis]: Debt Investments Semiconductors (1.51%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 1.51% | 1.51% | ||||
Investment cost | [4] | $ 19,639 | |||||
Investments at Fair Value | $ 21,192 | ||||||
Investment, Identifier [Axis]: Debt Investments Semiconductors and Fungible, Inc. Senior Secured, Maturity Date December 2024, Prime + 5.00%, Floor rate 8.25%, 4.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [12],[30] | 2024-12 | 2024-12 | ||||
Investments Maturity Month and Year | [12],[30] | 2024-12 | 2024-12 | ||||
Investment, Basis Spread, Variable Rate | [10],[12],[30] | 5% | 5% | ||||
Investment, Interest Rate, Floor | [10],[12],[30] | 8.25% | 8.25% | ||||
Principal Amount | [12],[30] | $ 20,000 | |||||
Investment cost | [4],[12],[30] | 19,639 | |||||
Investments at Fair Value | [12],[30] | $ 21,192 | |||||
Investment Exit Fee | [10],[12],[30] | 4.95% | 4.95% | ||||
Investment, Identifier [Axis]: Debt Investments Software (52.97%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 52.97% | |||||
Investment cost | [2] | $ 793,185 | |||||
Investments at Fair Value | $ 793,978 | ||||||
Investment, Identifier [Axis]: Debt Investments Software (54.28%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 54.28% | 54.28% | ||||
Investment cost | [4] | $ 762,371 | |||||
Investments at Fair Value | 760,679 | ||||||
Investment, Identifier [Axis]: Debt Investments Software and 3GTMS, LLC | |||||||
Investment Holdings [Line Items] | |||||||
Principal Amount | 13,176 | ||||||
Investment cost | [4] | 13,035 | |||||
Investments at Fair Value | $ 12,998 | ||||||
Investment, Identifier [Axis]: Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 6.57%, Floor rate 7.57% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [15] | 2025-02 | 2025-02 | ||||
Investments Maturity Month and Year | [15] | 2025-02 | 2025-02 | ||||
Investment, Basis Spread, Variable Rate | [10],[15] | 6.57% | 6.57% | ||||
Investment, Interest Rate, Floor | [10],[15] | 7.57% | 7.57% | ||||
Principal Amount | [15] | $ 2,750 | |||||
Investment cost | [4],[15] | 2,744 | |||||
Investments at Fair Value | [15] | $ 2,681 | |||||
Investment, Identifier [Axis]: Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.27%, Floor rate 10.27% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[16],[17] | 2025-02 | |||||
Investments Maturity Month and Year | [7],[16],[17] | 2025-02 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[16],[17] | 9.27% | |||||
Investment, Interest Rate, Floor | [7],[9],[16],[17] | 10.27% | |||||
Principal Amount | [7],[16],[17] | $ 13,205 | |||||
Investment cost | [2],[7],[16],[17] | 13,078 | |||||
Investments at Fair Value | [7],[16],[17] | $ 13,140 | |||||
Investment, Identifier [Axis]: Debt Investments Software and 3GTMS, LLC, Senior Secured, Maturity Date February 2025, 3-month LIBOR + 9.28%, Floor rate 10.28% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [14],[15] | 2025-02 | 2025-02 | ||||
Investments Maturity Month and Year | [14],[15] | 2025-02 | 2025-02 | ||||
Investment, Basis Spread, Variable Rate | [10],[14],[15] | 9.28% | 9.28% | ||||
Investment, Interest Rate, Floor | [10],[14],[15] | 10.28% | 10.28% | ||||
Principal Amount | [14],[15] | $ 10,426 | |||||
Investment cost | [4],[14],[15] | 10,291 | |||||
Investments at Fair Value | [14],[15] | $ 10,317 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Agilence, Inc. Senior Secured, Maturity Date October 2026, 1-month BSBY + 9.00%, Floor rate 10.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-10 | [7],[17],[18] | 2026-10 | [8],[15],[21] | 2026-10 | [8],[15],[21] | |
Investments Maturity Month and Year | 2026-10 | [7],[17],[18] | 2026-10 | [8],[15],[21] | 2026-10 | [8],[15],[21] | |
Investment, Basis Spread, Variable Rate | 9% | [7],[9],[17],[18] | 9% | [8],[10],[15],[21] | 9% | [8],[10],[15],[21] | |
Investment, Interest Rate, Floor | 10% | [7],[9],[17],[18] | 10% | [8],[10],[15],[21] | 10% | [8],[10],[15],[21] | |
Principal Amount | $ 9,283 | [7],[17],[18] | $ 9,306 | [8],[15],[21] | |||
Investment cost | 9,075 | [2],[7],[17],[18] | 9,088 | [4],[8],[15],[21] | |||
Investments at Fair Value | $ 8,975 | [7],[17],[18] | $ 8,977 | [8],[15],[21] | |||
Investment, Identifier [Axis]: Debt Investments Software and Alchemer LLC, Senior Secured, Maturity Date May 2028, 1-month SOFR + 7.89%, Floor rate 8.89% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[15] | 2028-05 | 2028-05 | ||||
Investments Maturity Month and Year | [8],[15] | 2028-05 | 2028-05 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[15] | 7.89% | 7.89% | ||||
Investment, Interest Rate, Floor | [8],[10],[15] | 8.89% | 8.89% | ||||
Principal Amount | [8],[15] | $ 20,463 | |||||
Investment cost | [4],[8],[15] | 19,999 | |||||
Investments at Fair Value | [8],[15] | $ 20,123 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Alchemer LLC, Senior Secured, Maturity Date May 2028, 1-month SOFR + 8.14%, Floor rate 9.14% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [6],[7],[17] | 2028-05 | |||||
Investments Maturity Month and Year | [6],[7],[17] | 2028-05 | |||||
Investment, Basis Spread, Variable Rate | [6],[7],[9],[17] | 8.14% | |||||
Investment, Interest Rate, Floor | [6],[7],[9],[17] | 9.14% | |||||
Principal Amount | [6],[7],[17] | $ 20,908 | |||||
Investment cost | [2],[6],[7],[17] | 20,459 | |||||
Investments at Fair Value | [6],[7],[17] | $ 20,975 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Annex Cloud, Senior Secured, Maturity Date February 2027, 1-month BSBY + 8.99%, Floor rate 10.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[20] | 2027-02 | 2027-02 | ||||
Investments Maturity Month and Year | [8],[20] | 2027-02 | 2027-02 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[20] | 8.99% | 8.99% | ||||
Investment, Interest Rate, Floor | [8],[10],[20] | 10% | 10% | ||||
Principal Amount | [8],[20] | $ 8,500 | |||||
Investment cost | [4],[8],[20] | 8,292 | |||||
Investments at Fair Value | [8],[20] | $ 8,176 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Annex Cloud, Senior Secured, Maturity Date February 2027, 1-month BSBY + 8.99%, Floor rate 9.99% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [6],[7] | 2027-02 | |||||
Investments Maturity Month and Year | [6],[7] | 2027-02 | |||||
Investment, Basis Spread, Variable Rate | [6],[7],[9] | 8.99% | |||||
Investment, Interest Rate, Floor | [6],[7],[9] | 9.99% | |||||
Principal Amount | [6],[7] | $ 8,500 | |||||
Investment cost | [2],[6],[7] | 8,302 | |||||
Investments at Fair Value | [6],[7] | $ 8,270 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Automation Anywhere, Inc. Senior Secured, Maturity Date September 2027, Prime + 4.25%, Floor rate 9.00%, 2.50% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-09 | [7],[11],[16] | 2027-09 | [8],[12],[14] | 2027-09 | [8],[12],[14] | |
Investments Maturity Month and Year | 2027-09 | [7],[11],[16] | 2027-09 | [8],[12],[14] | 2027-09 | [8],[12],[14] | |
Investment, Basis Spread, Variable Rate | 4.25% | [7],[9],[11],[16] | 4.25% | [8],[10],[12],[14] | 4.25% | [8],[10],[12],[14] | |
Investment, Interest Rate, Floor | 9% | [7],[9],[11],[16] | 9% | [8],[10],[12],[14] | 9% | [8],[10],[12],[14] | |
Principal Amount | $ 19,600 | [7],[11],[16] | $ 19,600 | [8],[12],[14] | |||
Investment cost | 19,127 | [2],[7],[11],[16] | 19,059 | [4],[8],[12],[14] | |||
Investments at Fair Value | $ 19,653 | [7],[11],[16] | $ 19,059 | [8],[12],[14] | |||
Investment Exit Fee | 2.50% | [7],[9],[11],[16] | 2.50% | [8],[10],[12],[14] | 2.50% | [8],[10],[12],[14] | |
Investment, Identifier [Axis]: Debt Investments Software and Babel Street, Senior Secured, Maturity Date December 2027, 3-month SOFR + 7.89%, Floor rate 8.89% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-12 | [7],[17],[29] | 2027-12 | [8],[15],[30] | 2027-12 | [8],[15],[30] | |
Investments Maturity Month and Year | 2027-12 | [7],[17],[29] | 2027-12 | [8],[15],[30] | 2027-12 | [8],[15],[30] | |
Investment, Basis Spread, Variable Rate | 7.89% | [7],[9],[17],[29] | 7.89% | [8],[10],[15],[30] | 7.89% | [8],[10],[15],[30] | |
Investment, Interest Rate, Floor | 8.89% | [7],[9],[17],[29] | 8.89% | [8],[10],[15],[30] | 8.89% | [8],[10],[15],[30] | |
Principal Amount | $ 45,000 | [7],[17],[29] | $ 45,000 | [8],[15],[30] | |||
Investment cost | 43,844 | [2],[7],[17],[29] | 43,801 | [4],[8],[15],[30] | |||
Investments at Fair Value | $ 43,844 | [7],[17],[29] | $ 43,801 | [8],[15],[30] | |||
Investment, Identifier [Axis]: Debt Investments Software and Brain Corporation, Senior Secured, Maturity Date April 2025, PRIME + 3.70%, Floor rate 6.95%, PIK Interest 1.00%, 3.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-04 | [5],[6],[7],[29] | 2025-04 | [8],[13],[20],[30] | 2025-04 | [8],[13],[20],[30] | |
Investments Maturity Month and Year | 2025-04 | [5],[6],[7],[29] | 2025-04 | [8],[13],[20],[30] | 2025-04 | [8],[13],[20],[30] | |
Investment, Basis Spread, Variable Rate | 3.70% | [5],[6],[7],[9],[29] | 3.70% | [8],[10],[13],[20],[30] | 3.70% | [8],[10],[13],[20],[30] | |
Investment, Interest Rate, Floor | 6.95% | [5],[6],[7],[9],[29] | 6.95% | [8],[10],[13],[20],[30] | 6.95% | [8],[10],[13],[20],[30] | |
Investment, Interest Rate, Paid in Kind | 1% | [5],[6],[7],[9],[29] | 1% | [8],[10],[13],[20],[30] | 1% | [8],[10],[13],[20],[30] | |
Principal Amount | $ 20,217 | [5],[6],[7],[29] | $ 20,166 | [8],[13],[20],[30] | |||
Investment cost | 20,366 | [2],[5],[6],[7],[29] | 20,242 | [4],[8],[13],[20],[30] | |||
Investments at Fair Value | $ 20,399 | [5],[6],[7],[29] | $ 20,138 | [8],[13],[20],[30] | |||
Investment Exit Fee | 3.95% | [5],[6],[7],[9],[29] | 3.95% | [8],[10],[13],[20],[30] | 3.95% | [8],[10],[13],[20],[30] | |
Investment, Identifier [Axis]: Debt Investments Software and Campaign Monitor Limited, Senior Secured, Maturity Date November 2025, 3-month SOFR + 8.90%, Floor rate 9.90% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [6],[11] | 2025-11 | |||||
Investments Maturity Month and Year | [6],[11] | 2025-11 | |||||
Investment, Basis Spread, Variable Rate | [6],[9],[11] | 8.90% | |||||
Investment, Interest Rate, Floor | [6],[9],[11] | 9.90% | |||||
Principal Amount | [6],[11] | $ 33,000 | |||||
Investment cost | [2],[6],[11] | 32,608 | |||||
Investments at Fair Value | [6],[11] | $ 33,000 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Campaign Monitor Limited, Senior Secured, Maturity Date November 2025, 6-month SOFR + 8.90%, Floor rate 9.90% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [12],[20] | 2025-11 | 2025-11 | ||||
Investments Maturity Month and Year | [12],[20] | 2025-11 | 2025-11 | ||||
Investment, Basis Spread, Variable Rate | [10],[12],[20] | 8.90% | 8.90% | ||||
Investment, Interest Rate, Floor | [10],[12],[20] | 9.90% | 9.90% | ||||
Principal Amount | [12],[20] | $ 33,000 | |||||
Investment cost | [4],[12],[20] | 32,578 | |||||
Investments at Fair Value | [12],[20] | $ 33,000 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Catchpoint Systems, Inc., Senior Secured, Maturity Date June 2026, 3-month SOFR + 8.86%, Floor rate 9.76% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-06 | [17] | 2026-06 | [15] | 2026-06 | [15] | |
Investments Maturity Month and Year | 2026-06 | [17] | 2026-06 | [15] | 2026-06 | [15] | |
Investment, Basis Spread, Variable Rate | 8.86% | [9],[17] | 8.86% | [10],[15] | 8.86% | [10],[15] | |
Investment, Interest Rate, Floor | 9.76% | [9],[17] | 9.76% | [10],[15] | 9.76% | [10],[15] | |
Principal Amount | $ 10,149 | [17] | $ 10,175 | [15] | |||
Investment cost | 9,966 | [2],[17] | 9,980 | [4],[15] | |||
Investments at Fair Value | $ 10,028 | [17] | $ 9,996 | [15] | |||
Investment, Identifier [Axis]: Debt Investments Software and Ceros, Inc., Senior Secured, Maturity Date September 2026, 6-month LIBOR + 8.89%, Floor rate 9.89% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[17] | 2026-09 | |||||
Investments Maturity Month and Year | [7],[17] | 2026-09 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[17] | 8.89% | |||||
Investment, Interest Rate, Floor | [7],[9],[17] | 9.89% | |||||
Principal Amount | [7],[17] | $ 23,026 | |||||
Investment cost | [2],[7],[17] | 22,574 | |||||
Investments at Fair Value | [7],[17] | $ 23,176 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Ceros, Inc., Senior Secured, Maturity Date September 2026, 6-month LIBOR + 9.67%, Floor rate 10.67% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[15] | 2026-09 | 2026-09 | ||||
Investments Maturity Month and Year | [8],[15] | 2026-09 | 2026-09 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[15] | 9.67% | 9.67% | ||||
Investment, Interest Rate, Floor | [8],[10],[15] | 10.67% | 10.67% | ||||
Principal Amount | [8],[15] | $ 21,445 | |||||
Investment cost | [4],[8],[15] | 21,003 | |||||
Investments at Fair Value | [8],[15] | $ 21,050 | |||||
Investment, Identifier [Axis]: Debt Investments Software and CloudBolt Software, Inc., Senior Secured, Maturity Date October 2024, Prime + 6.70%, Floor rate 9.95%, 3.45% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [12],[14] | 2024-10 | 2024-10 | ||||
Investments Maturity Month and Year | [12],[14] | 2024-10 | 2024-10 | ||||
Investment, Basis Spread, Variable Rate | [10],[12],[14] | 6.70% | 6.70% | ||||
Investment, Interest Rate, Floor | [10],[12],[14] | 9.95% | 9.95% | ||||
Principal Amount | [12],[14] | $ 10,000 | |||||
Investment cost | [4],[12],[14] | 10,069 | |||||
Investments at Fair Value | [12],[14] | $ 10,498 | |||||
Investment Exit Fee | [10],[12],[14] | 3.45% | 3.45% | ||||
Investment, Identifier [Axis]: Debt Investments Software and Constructor Corporation, Senior Secured, Maturity Date July 2027, 1-month SOFR + 8.44%, Floor rate 9.44% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[17] | 2027-07 | |||||
Investments Maturity Month and Year | [7],[17] | 2027-07 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[17] | 8.44% | |||||
Investment, Interest Rate, Floor | [7],[9],[17] | 9.44% | |||||
Principal Amount | [7],[17] | $ 4,688 | |||||
Investment cost | [2],[7],[17] | 4,578 | |||||
Investments at Fair Value | [7],[17] | $ 4,704 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Constructor.io Corporation, Senior Secured, Maturity Date July 2027, 1-month SOFR + 8.44%, Floor rate 9.44% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[15] | 2027-07 | 2027-07 | ||||
Investments Maturity Month and Year | [8],[15] | 2027-07 | 2027-07 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[15] | 8.44% | 8.44% | ||||
Investment, Interest Rate, Floor | [8],[10],[15] | 9.44% | 9.44% | ||||
Principal Amount | [8],[15] | $ 4,688 | |||||
Investment cost | [4],[8],[15] | 4,573 | |||||
Investments at Fair Value | [8],[15] | $ 4,573 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Convoy, Inc., Senior Secured, Maturity Date March 2026, Prime + 3.20%, Floor rate 6.45%, PIK Interest 1.95%, 4.55% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-03 | [5],[11] | 2026-03 | [12],[13],[22] | 2026-03 | [12],[13],[22] | |
Investments Maturity Month and Year | 2026-03 | [5],[11] | 2026-03 | [12],[13],[22] | 2026-03 | [12],[13],[22] | |
Investment, Basis Spread, Variable Rate | 3.20% | [5],[9],[11] | 3.20% | [10],[12],[13],[22] | 3.20% | [10],[12],[13],[22] | |
Investment, Interest Rate, Floor | 6.45% | [5],[9],[11] | 6.45% | [10],[12],[13],[22] | 6.45% | [10],[12],[13],[22] | |
Investment, Interest Rate, Paid in Kind | 1.95% | [5],[9],[11] | 1.95% | [10],[12],[13],[22] | 1.95% | [10],[12],[13],[22] | |
Principal Amount | $ 74,348 | [5],[11] | $ 73,987 | [12],[13],[22] | |||
Investment cost | 73,672 | [2],[5],[11] | 73,060 | [4],[12],[13],[22] | |||
Investments at Fair Value | $ 74,294 | [5],[11] | $ 73,498 | [12],[13],[22] | |||
Investment Exit Fee | 4.55% | [5],[9],[11] | 4.55% | [10],[12],[13],[22] | 4.55% | [10],[12],[13],[22] | |
Investment, Identifier [Axis]: Debt Investments Software and Copper CRM, Inc, Senior Secured, Maturity Date March 2025, Prime + 4.50%, Floor rate 8.25%, Cap rate 10.25%, PIK Interest 1.95%, 4.50% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-03 | [5],[16] | 2025-03 | [13],[14] | 2025-03 | [13],[14] | |
Investments Maturity Month and Year | 2025-03 | [5],[16] | 2025-03 | [13],[14] | 2025-03 | [13],[14] | |
Investment, Basis Spread, Variable Rate | 4.50% | [5],[9],[16] | 4.50% | [10],[13],[14] | 4.50% | [10],[13],[14] | |
Investment, Interest Rate, Floor | 8.25% | [5],[9],[16] | 8.25% | [10],[13],[14] | 8.25% | [10],[13],[14] | |
Investment, Interest Rate, Cap | 10.25% | [5],[9],[16] | 10.25% | [10],[13],[14] | 10.25% | [10],[13],[14] | |
Investment, Interest Rate, Paid in Kind | 1.95% | [5],[9],[16] | 1.95% | [10],[13],[14] | 1.95% | [10],[13],[14] | |
Principal Amount | $ 9,925 | [5],[16] | $ 10,144 | [13],[14] | |||
Investment cost | 9,971 | [2],[5],[16] | 10,150 | [4],[13],[14] | |||
Investments at Fair Value | $ 9,652 | [5],[16] | $ 9,820 | [13],[14] | |||
Investment Exit Fee | 4.50% | [5],[9],[16] | 4.50% | [10],[13],[14] | 4.50% | [10],[13],[14] | |
Investment, Identifier [Axis]: Debt Investments Software and Cutover, Inc., Senior Secured, Maturity Date October 2025, Prime + 5.20%, Floor rate 9.95%, 4.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-10 | [7],[18],[23],[24] | 2025-10 | [8],[21],[25],[26] | 2025-10 | [8],[21],[25],[26] | |
Investments Maturity Month and Year | 2025-10 | [7],[18],[23],[24] | 2025-10 | [8],[21],[25],[26] | 2025-10 | [8],[21],[25],[26] | |
Investment, Basis Spread, Variable Rate | 5.20% | [7],[9],[18],[23],[24] | 5.20% | [8],[10],[21],[25],[26] | 5.20% | [8],[10],[21],[25],[26] | |
Investment, Interest Rate, Floor | 9.95% | [7],[9],[18],[23],[24] | 9.95% | [8],[10],[21],[25],[26] | 9.95% | [8],[10],[21],[25],[26] | |
Principal Amount | $ 5,500 | [7],[18],[23],[24] | $ 5,000 | [8],[21],[25],[26] | |||
Investment cost | 5,464 | [2],[7],[18],[23],[24] | 4,949 | [4],[8],[21] | |||
Investments at Fair Value | $ 5,597 | [7],[18],[23],[24] | $ 4,949 | [8],[21],[25],[26] | |||
Investment Exit Fee | 4.95% | [7],[9],[18],[23],[24] | 4.95% | [8],[10],[21],[25],[26] | 4.95% | [8],[10],[21],[25],[26] | |
Investment, Identifier [Axis]: Debt Investments Software and Cybermaxx Intermediate Holdings, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Principal Amount | $ 10,528 | ||||||
Investment cost | [2] | 10,310 | |||||
Investments at Fair Value | $ 10,001 | ||||||
Investment, Identifier [Axis]: Debt Investments Software and Cybermaxx Intermediate Holdings, Inc., Senior Secured, Maturity Date August 2026, 6-month SOFR + 12.36%, Floor rate 13.11% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7] | 2026-08 | |||||
Investments Maturity Month and Year | [7] | 2026-08 | |||||
Investment, Basis Spread, Variable Rate | [7],[9] | 12.36% | |||||
Investment, Interest Rate, Floor | [7],[9] | 13.11% | |||||
Principal Amount | [7] | $ 2,553 | |||||
Investment cost | [2],[7] | 2,489 | |||||
Investments at Fair Value | [7] | $ 2,487 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Cybermaxx Intermediate Holdings, Inc., Senior Secured, Maturity Date August 2026, 6-month SOFR + 8.63%, Floor rate 9.38% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [6],[7] | 2026-08 | |||||
Investments Maturity Month and Year | [6],[7] | 2026-08 | |||||
Investment, Basis Spread, Variable Rate | [6],[7],[9] | 8.63% | |||||
Investment, Interest Rate, Floor | [6],[7],[9] | 9.38% | |||||
Principal Amount | [6],[7] | $ 7,975 | |||||
Investment cost | [2],[6],[7] | 7,821 | |||||
Investments at Fair Value | [6],[7] | $ 7,514 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Cybermaxx Intermediate Holdings, Inc., Senior Secured, Maturity Date August 2026, 6-month SOFR + 9.53%, Floor rate 10.28% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[20] | 2026-08 | 2026-08 | ||||
Investments Maturity Month and Year | [8],[20] | 2026-08 | 2026-08 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[20] | 9.53% | 9.53% | ||||
Investment, Interest Rate, Floor | [8],[10],[20] | 10.28% | 10.28% | ||||
Principal Amount | [8],[20] | $ 10,528 | |||||
Investment cost | [4],[8],[20] | 10,298 | |||||
Investments at Fair Value | [8],[20] | $ 10,114 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Dashlane, Inc., Senior Secured, Maturity Date July 2025, Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%, 4.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[12],[13],[14],[20] | 2025-07 | 2025-07 | ||||
Investments Maturity Month and Year | [8],[12],[13],[14],[20] | 2025-07 | 2025-07 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[12],[13],[14],[20] | 3.05% | 3.05% | ||||
Investment, Interest Rate, Floor | [8],[10],[12],[13],[14],[20] | 7.55% | 7.55% | ||||
Investment, Interest Rate, Paid in Kind | [8],[10],[12],[13],[14],[20] | 1.10% | 1.10% | ||||
Principal Amount | [8],[12],[13],[14],[20] | $ 31,930 | |||||
Investment cost | [4],[8],[12],[13],[14],[20] | 32,346 | |||||
Investments at Fair Value | [8],[12],[13],[14],[20] | $ 32,012 | |||||
Investment Exit Fee | [8],[10],[12],[13],[14],[20] | 4.95% | 4.95% | ||||
Investment, Identifier [Axis]: Debt Investments Software and Dashlane, Inc., Senior Secured, Maturity Date July 2025, Prime + 3.05%, Floor rate 7.55%, PIK Interest 1.10%, 6.29% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [5],[6],[7],[11],[16] | 2025-07 | |||||
Investments Maturity Month and Year | [5],[6],[7],[11],[16] | 2025-07 | |||||
Investment, Basis Spread, Variable Rate | [5],[6],[7],[9],[11],[16] | 3.05% | |||||
Investment, Interest Rate, Floor | [5],[6],[7],[9],[11],[16] | 7.55% | |||||
Investment, Interest Rate, Paid in Kind | [5],[6],[7],[9],[11],[16] | 1.10% | |||||
Principal Amount | [5],[6],[7],[11],[16] | $ 34,513 | |||||
Investment cost | [2],[5],[6],[7],[11],[16] | 34,518 | |||||
Investments at Fair Value | [5],[6],[7],[11],[16] | $ 34,413 | |||||
Investment Exit Fee | [5],[6],[7],[9],[11],[16] | 6.29% | |||||
Investment, Identifier [Axis]: Debt Investments Software and Demandbase, Inc., Senior Secured, Maturity Date August 2025, Prime + 2.25%, Floor rate 5.50%, PIK Interest 3.00%, 5.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[12],[13],[20] | 2025-08 | 2025-08 | ||||
Investments Maturity Month and Year | [8],[12],[13],[20] | 2025-08 | 2025-08 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[12],[13],[20] | 2.25% | 2.25% | ||||
Investment, Interest Rate, Floor | [8],[10],[12],[13],[20] | 5.50% | 5.50% | ||||
Investment, Interest Rate, Paid in Kind | [8],[10],[12],[13],[20] | 3% | 3% | ||||
Principal Amount | [8],[12],[13],[20] | $ 28,503 | |||||
Investment cost | [4],[8],[12],[13],[20] | 28,442 | |||||
Investments at Fair Value | [8],[12],[13],[20] | $ 28,664 | |||||
Investment Exit Fee | [8],[10],[12],[13],[20] | 5% | 5% | ||||
Investment, Identifier [Axis]: Debt Investments Software and Dispatch Technologies, Inc., Senior Secured, Maturity Date April 2028, 3-month SOFR + 8.01%, Floor rate 8.76% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2028-04 | [7],[17] | 2028-04 | [8],[15] | 2028-04 | [8],[15] | |
Investments Maturity Month and Year | 2028-04 | [7],[17] | 2028-04 | [8],[15] | 2028-04 | [8],[15] | |
Investment, Basis Spread, Variable Rate | 8.01% | [7],[9],[17] | 8.01% | [8],[10],[15] | 8.01% | [8],[10],[15] | |
Investment, Interest Rate, Floor | 8.76% | [7],[9],[17] | 8.76% | [8],[10],[15] | 8.76% | [8],[10],[15] | |
Principal Amount | $ 7,500 | [7],[17] | $ 7,500 | [8],[15] | |||
Investment cost | 7,302 | [2],[7],[17] | 7,295 | [4],[8],[15] | |||
Investments at Fair Value | $ 7,325 | [7],[17] | $ 7,339 | [8],[15] | |||
Investment, Identifier [Axis]: Debt Investments Software and Eigen Technologies Ltd., Senior Secured, Maturity Date April 2025, Prime + 5.10%, Floor rate 8.35%, 2.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-04 | [23],[24] | 2025-04 | [25],[26] | 2025-04 | [25],[26] | |
Investments Maturity Month and Year | 2025-04 | [23],[24] | 2025-04 | [25],[26] | 2025-04 | [25],[26] | |
Investment, Basis Spread, Variable Rate | 5.10% | [9],[23],[24] | 5.10% | [10],[25],[26] | 5.10% | [10],[25],[26] | |
Investment, Interest Rate, Floor | 8.35% | [9],[23],[24] | 8.35% | [10],[25],[26] | 8.35% | [10],[25],[26] | |
Principal Amount | $ 3,750 | [23],[24] | $ 3,750 | [25],[26] | |||
Investment cost | 3,758 | [2],[23],[24] | 3,744 | [4],[25],[26] | |||
Investments at Fair Value | $ 3,742 | [23],[24] | $ 3,746 | [25],[26] | |||
Investment Exit Fee | 2.95% | [9],[23],[24] | 2.95% | [10],[25],[26] | 2.95% | [10],[25],[26] | |
Investment, Identifier [Axis]: Debt Investments Software and Elation Health, Inc., Senior Secured, Maturity Date March 2026, Prime + 4.25%, Floor rate 9.00%, PIK Interest 1.95%, 3.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-03 | [5],[7],[11] | 2026-03 | [8],[12],[13] | 2026-03 | [8],[12],[13] | |
Investments Maturity Month and Year | 2026-03 | [5],[7],[11] | 2026-03 | [8],[12],[13] | 2026-03 | [8],[12],[13] | |
Investment, Basis Spread, Variable Rate | 4.25% | [5],[7],[9],[11] | 4.25% | [8],[10],[12],[13] | 4.25% | [8],[10],[12],[13] | |
Investment, Interest Rate, Floor | 9% | [5],[7],[9],[11] | 9% | [8],[10],[12],[13] | 9% | [8],[10],[12],[13] | |
Investment, Interest Rate, Paid in Kind | 1.95% | [5],[7],[9],[11] | 1.95% | [8],[10],[12],[13] | 1.95% | [8],[10],[12],[13] | |
Principal Amount | $ 5,046 | [5],[7],[11] | $ 5,021 | [8],[12],[13] | |||
Investment cost | 4,886 | [2],[5],[7],[11] | 4,839 | [4],[8],[12],[13] | |||
Investments at Fair Value | $ 5,009 | [5],[7],[11] | $ 4,839 | [8],[12],[13] | |||
Investment Exit Fee | 3.95% | [5],[7],[9],[11] | 3.95% | [8],[10],[12] | 3.95% | [8],[10],[12] | |
Investment, Identifier [Axis]: Debt Investments Software and Enmark Systems, Inc., Senior Secured, Maturity Date September 2026, 3-month LIBOR + 6.76%, Floor rate 7.76%, PIK Interest 2.15% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [5],[7],[16],[17] | 2026-09 | |||||
Investments Maturity Month and Year | [5],[7],[16],[17] | 2026-09 | |||||
Investment, Basis Spread, Variable Rate | [5],[7],[9],[16],[17] | 6.76% | |||||
Investment, Interest Rate, Floor | [5],[7],[9],[16],[17] | 7.76% | |||||
Investment, Interest Rate, Paid in Kind | [5],[7],[9],[16],[17] | 2.15% | |||||
Principal Amount | [5],[7],[16],[17] | $ 8,268 | |||||
Investment cost | [2],[5],[7],[16],[17] | 8,107 | |||||
Investments at Fair Value | [5],[7],[16],[17] | $ 8,184 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Enmark Systems, Inc., Senior Secured, Maturity Date September 2026, 3-month LIBOR + 6.77%, Floor rate 7.77%, PIK Interest 2.16% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[13],[14],[15] | 2026-09 | 2026-09 | ||||
Investments Maturity Month and Year | [8],[13],[14],[15] | 2026-09 | 2026-09 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[13],[14],[15] | 6.77% | 6.77% | ||||
Investment, Interest Rate, Floor | [8],[10],[13],[14],[15] | 7.77% | 7.77% | ||||
Investment, Interest Rate, Paid in Kind | [8],[10],[13],[14],[15] | 2.16% | 2.16% | ||||
Principal Amount | [8],[13],[14],[15] | $ 8,223 | |||||
Investment cost | [4],[8],[13],[14],[15] | 8,054 | |||||
Investments at Fair Value | [8],[13],[14],[15] | $ 8,043 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Esentire, Inc., Senior Secured, Maturity Date May 2024, 3-month LIBOR + 9.96%, Floor rate 10.96% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [14],[15],[25],[26] | 2024-05 | 2024-05 | ||||
Investments Maturity Month and Year | [14],[15],[25],[26] | 2024-05 | 2024-05 | ||||
Investment, Basis Spread, Variable Rate | [10],[14],[15],[25],[26] | 9.96% | 9.96% | ||||
Investment, Interest Rate, Floor | [10],[14],[15],[25],[26] | 10.96% | 10.96% | ||||
Principal Amount | [14],[15],[25],[26] | $ 8,436 | |||||
Investment cost | [4],[14],[15],[25] | 8,361 | |||||
Investments at Fair Value | [14],[15],[25],[26] | $ 8,376 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Esme Learning Solutions, Inc., Senior Secured, Maturity Date February 2025, Prime + 5.50%, Floor rate 8.75%, PIK Interest 1.50%, 3.00% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-02 | [5],[32] | 2025-02 | [13],[34] | 2025-02 | [13],[34] | |
Investments Maturity Month and Year | 2025-02 | [5],[32] | 2025-02 | [13],[34] | 2025-02 | [13],[34] | |
Investment, Basis Spread, Variable Rate | 5.50% | [5],[9],[32] | 5.50% | [10],[13],[34] | 5.50% | [10],[13],[34] | |
Investment, Interest Rate, Floor | 8.75% | [5],[9],[32] | 8.75% | [10],[13],[34] | 8.75% | [10],[13],[34] | |
Investment, Interest Rate, Paid in Kind | 1.50% | [5],[9],[32] | 1.50% | [10],[13],[34] | 1.50% | [10],[13],[34] | |
Principal Amount | $ 4,783 | [5],[32] | $ 4,892 | [13],[34] | |||
Investment cost | 4,628 | [2],[5],[32] | 4,737 | [4],[13],[34] | |||
Investments at Fair Value | $ 1,193 | [5],[32] | $ 1,671 | [13],[34] | |||
Investment Exit Fee | 3% | [5],[9],[32] | 3% | [10],[13],[34] | 3% | [10],[13],[34] | |
Investment, Identifier [Axis]: Debt Investments Software and Flight Schedule Pro, LLC, Senior Secured, Maturity Date October 2027, 1-month SOFR + 7.79%, Floor rate 8.70% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[15] | 2027-10 | 2027-10 | ||||
Investments Maturity Month and Year | [8],[15] | 2027-10 | 2027-10 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[15] | 7.79% | 7.79% | ||||
Investment, Interest Rate, Floor | [8],[10],[15] | 8.70% | 8.70% | ||||
Principal Amount | [8],[15] | $ 5,948 | |||||
Investment cost | [4],[8],[15] | 5,771 | |||||
Investments at Fair Value | [8],[15] | $ 5,771 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Flight Schedule Pro, LLC, Senior Secured, Maturity Date October 2027, 1-month SOFR + 7.80%, Floor rate 8.70% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[17] | 2027-10 | |||||
Investments Maturity Month and Year | [7],[17] | 2027-10 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[17] | 7.80% | |||||
Investment, Interest Rate, Floor | [7],[9],[17] | 8.70% | |||||
Principal Amount | [7],[17] | $ 5,948 | |||||
Investment cost | [2],[7],[17] | 5,777 | |||||
Investments at Fair Value | [7],[17] | $ 5,778 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Fortified Health Security, Senior Secured, Maturity Date December 2027, 6-month SOFR + 7.79%, Floor rate 8.54% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-12 | [7],[17] | 2027-12 | [8],[15] | 2027-12 | [8],[15] | |
Investments Maturity Month and Year | 2027-12 | [7],[17] | 2027-12 | [8],[15] | 2027-12 | [8],[15] | |
Investment, Basis Spread, Variable Rate | 7.79% | [7],[9],[17] | 7.79% | [8],[10],[15] | 7.79% | [8],[10],[15] | |
Investment, Interest Rate, Floor | 8.54% | [7],[9],[17] | 8.54% | [8],[10],[15] | 8.54% | [8],[10],[15] | |
Principal Amount | $ 7,000 | [7],[17] | $ 7,000 | [8],[15] | |||
Investment cost | 6,830 | [2],[7],[17] | 6,824 | [4],[8],[15] | |||
Investments at Fair Value | $ 6,830 | [7],[17] | $ 6,824 | [8],[15] | |||
Investment, Identifier [Axis]: Debt Investments Software and Ikon Science Limited, Senior Secured, Maturity Date October 2024, 3-month Eurodollar + 9.00%, Floor rate 10.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-10 | [7],[17],[23],[24] | 2024-10 | [8],[15],[25],[26] | 2024-10 | [8],[15],[25],[26] | |
Investments Maturity Month and Year | 2024-10 | [7],[17],[23],[24] | 2024-10 | [8],[15],[25],[26] | 2024-10 | [8],[15],[25],[26] | |
Investment, Basis Spread, Variable Rate | 9% | [7],[9],[17],[23],[24] | 9% | [8],[10],[15],[25],[26] | 9% | [8],[10],[15],[25],[26] | |
Investment, Interest Rate, Floor | 10% | [7],[9],[17],[23],[24] | 10% | [8],[10],[15],[25],[26] | 10% | [8],[10],[15],[25],[26] | |
Principal Amount | $ 6,475 | [7],[17],[23],[24] | $ 6,563 | [8],[15],[25],[26] | |||
Investment cost | 6,353 | [2],[7],[17],[23],[24] | 6,422 | [4],[8],[15],[25],[26] | |||
Investments at Fair Value | $ 6,394 | [7],[17],[23],[24] | $ 6,484 | [8],[15],[25],[26] | |||
Investment, Identifier [Axis]: Debt Investments Software and Imperva, Inc., Senior Secured, Maturity Date January 2027, 3-month LIBOR + 7.75%, Floor rate 8.75% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-01 | [11] | 2027-01 | [12] | 2027-01 | [12] | |
Investments Maturity Month and Year | 2027-01 | [11] | 2027-01 | [12] | 2027-01 | [12] | |
Investment, Basis Spread, Variable Rate | 7.75% | [9],[11] | 7.75% | [10],[12] | 7.75% | [10],[12] | |
Investment, Interest Rate, Floor | 8.75% | [9],[11] | 8.75% | [10],[12] | 8.75% | [10],[12] | |
Principal Amount | $ 20,000 | [11] | $ 20,000 | [12] | |||
Investment cost | 19,881 | [2],[11] | 19,875 | [4],[12] | |||
Investments at Fair Value | $ 20,200 | [11] | $ 20,200 | [12] | |||
Investment, Identifier [Axis]: Debt Investments Software and Kazoo, Inc. (p.k.a. YouEarnedIt, Inc.), Senior Secured, Maturity Date July 2023, 3-month SOFR + 10.14%, Floor rate 11.14% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [15] | 2023-07 | 2023-07 | ||||
Investments Maturity Month and Year | [15] | 2023-07 | 2023-07 | ||||
Investment, Basis Spread, Variable Rate | [10],[15] | 10.14% | 10.14% | ||||
Investment, Interest Rate, Floor | [10],[15] | 11.14% | 11.14% | ||||
Principal Amount | [15] | $ 10,681 | |||||
Investment cost | [4],[15] | 10,593 | |||||
Investments at Fair Value | [15] | $ 10,593 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Khoros (p.k.a Lithium Technologies), Senior Secured, Maturity Date January 2024, 3-month SOFR + 8.00%, Floor rate 9.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-01 | [7] | 2024-01 | [8] | 2024-01 | [8] | |
Investments Maturity Month and Year | 2024-01 | [7] | 2024-01 | [8] | 2024-01 | [8] | |
Investment, Basis Spread, Variable Rate | 8% | [7],[9] | 8% | [8],[10] | 8% | [8],[10] | |
Investment, Interest Rate, Floor | 9% | [7],[9] | 9% | [8],[10] | 9% | [8],[10] | |
Principal Amount | $ 56,208 | [7] | $ 56,208 | [8] | |||
Investment cost | 56,096 | [2],[7] | 56,062 | [4],[8] | |||
Investments at Fair Value | $ 56,096 | [7] | $ 55,520 | [8] | |||
Investment, Identifier [Axis]: Debt Investments Software and Kore.ai, Inc., Senior Secured, Maturity Date April 2027, Prime + 1.50%, Floor rate 9.25%, PIK Interest 2.20%, 2.25% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-04 | ||||||
Investments Maturity Month and Year | 2027-04 | ||||||
Investment, Basis Spread, Variable Rate | [9] | 1.50% | |||||
Investment, Interest Rate, Floor | [9] | 9.25% | |||||
Investment, Interest Rate, Paid in Kind | [9] | 2.20% | |||||
Principal Amount | $ 30,000 | ||||||
Investment cost | [2] | 29,541 | |||||
Investments at Fair Value | $ 29,541 | ||||||
Investment Exit Fee | [9] | 2.25% | |||||
Investment, Identifier [Axis]: Debt Investments Software and Leapwork ApS., Senior Secured, Maturity Date February 2026, Prime + 0.25%, Floor rate 7.25%, PIK Interest 1.95%, 2.70% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [5],[7],[23],[24] | 2026-02 | |||||
Investments Maturity Month and Year | [5],[7],[23],[24] | 2026-02 | |||||
Investment, Basis Spread, Variable Rate | [5],[7],[9],[23],[24] | 0.25% | |||||
Investment, Interest Rate, Floor | [5],[7],[9],[23],[24] | 7.25% | |||||
Investment, Interest Rate, Paid in Kind | [5],[7],[9],[23],[24] | 1.95% | |||||
Principal Amount | [5],[7],[23],[24] | $ 3,757 | |||||
Investment cost | [2],[5],[7],[23],[24] | 3,723 | |||||
Investments at Fair Value | [5],[7],[23],[24] | $ 3,723 | |||||
Investment Exit Fee | [5],[7],[9],[23],[24] | 2.70% | |||||
Investment, Identifier [Axis]: Debt Investments Software and Loftware, Inc., Senior Secured, Maturity Date March 2028, 3-month SOFR + 7.88%, Floor rate 8.88% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[17] | 2028-03 | |||||
Investments Maturity Month and Year | [7],[17] | 2028-03 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[17] | 7.88% | |||||
Investment, Interest Rate, Floor | [7],[9],[17] | 8.88% | |||||
Principal Amount | [7],[17] | $ 25,900 | |||||
Investment cost | [2],[7],[17] | 25,255 | |||||
Investments at Fair Value | [7],[17] | $ 25,255 | |||||
Investment, Identifier [Axis]: Debt Investments Software and LogicSource, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.93%, Floor rate 9.93% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-07 | [7] | 2027-07 | [8] | 2027-07 | [8] | |
Investments Maturity Month and Year | 2027-07 | [7] | 2027-07 | [8] | 2027-07 | [8] | |
Investment, Basis Spread, Variable Rate | 8.93% | [7],[9] | 8.93% | [8],[10] | 8.93% | [8],[10] | |
Investment, Interest Rate, Floor | 9.93% | [7],[9] | 9.93% | [8],[10] | 9.93% | [8],[10] | |
Principal Amount | $ 13,300 | [7] | $ 13,300 | [8] | |||
Investment cost | 13,039 | [2],[7] | 13,028 | [4],[8] | |||
Investments at Fair Value | $ 13,172 | [7] | $ 13,028 | [8] | |||
Investment, Identifier [Axis]: Debt Investments Software and Logicworks, Senior Secured, Maturity Date January 2024, Prime + 7.50%, Floor rate 10.75% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [21] | 2024-01 | 2024-01 | ||||
Investments Maturity Month and Year | [21] | 2024-01 | 2024-01 | ||||
Investment, Basis Spread, Variable Rate | [10],[21] | 7.50% | 7.50% | ||||
Investment, Interest Rate, Floor | [10],[21] | 10.75% | 10.75% | ||||
Principal Amount | [21] | $ 14,500 | |||||
Investment cost | [4],[21] | 14,398 | |||||
Investments at Fair Value | [21] | $ 14,473 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Mobile Solutions Services, Senior Secured, Maturity Date December 2025, 3-month LIBOR + 9.06%, Floor rate 10.06% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-12 | [17] | 2025-12 | [8],[15] | 2025-12 | [8],[15] | |
Investments Maturity Month and Year | 2025-12 | [17] | 2025-12 | [8],[15] | 2025-12 | [8],[15] | |
Investment, Basis Spread, Variable Rate | 9.06% | [9],[17] | 9.06% | [8],[10],[15] | 9.06% | [8],[10],[15] | |
Investment, Interest Rate, Floor | 10.06% | [9],[17] | 10.06% | [8],[10],[15] | 10.06% | [8],[10],[15] | |
Principal Amount | $ 18,366 | [17] | $ 17,915 | [8],[15] | |||
Investment cost | 18,033 | [2],[17] | 17,556 | [4],[8],[15] | |||
Investments at Fair Value | $ 17,754 | [17] | $ 17,474 | [8],[15] | |||
Investment, Identifier [Axis]: Debt Investments Software and Nextroll, Inc., Senior Secured, Maturity Date July 2023, Prime + 3.75%, Floor rate 7.75%, PIK Interest 2.95%, 1.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2023-07 | [5],[18] | 2023-07 | [13],[21] | 2023-07 | [13],[21] | |
Investments Maturity Month and Year | 2023-07 | [5],[18] | 2023-07 | [13],[21] | 2023-07 | [13],[21] | |
Investment, Basis Spread, Variable Rate | 3.75% | [5],[9],[18] | 3.75% | [10],[13],[21] | 3.75% | [10],[13],[21] | |
Investment, Interest Rate, Floor | 7.75% | [5],[9],[18] | 7.75% | [10],[13],[21] | 7.75% | [10],[13],[21] | |
Investment, Interest Rate, Paid in Kind | 2.95% | [5],[9],[18] | 2.95% | [10],[13],[21] | 2.95% | [10],[13],[21] | |
Principal Amount | $ 22,375 | [5],[18] | $ 22,211 | [13],[21] | |||
Investment cost | 22,619 | [2],[5],[18] | 22,284 | [4],[13],[21] | |||
Investments at Fair Value | $ 22,619 | [5],[18] | $ 22,284 | [13],[21] | |||
Investment Exit Fee | 1.95% | [5],[9],[18] | 1.95% | [10],[13],[21] | 1.95% | [10],[13],[21] | |
Investment, Identifier [Axis]: Debt Investments Software and Nuvolo Technologies Corporation, Senior Secured, Maturity Date July 2025, Prime + 5.25%, Floor rate 8.50%, 2.42% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-07 | [6],[7],[11],[18] | 2025-07 | [8],[12],[20],[21] | 2025-07 | [8],[12],[20],[21] | |
Investments Maturity Month and Year | 2025-07 | [6],[7],[11],[18] | 2025-07 | [8],[12],[20],[21] | 2025-07 | [8],[12],[20],[21] | |
Investment, Basis Spread, Variable Rate | 5.25% | [6],[7],[9],[11],[18] | 5.25% | [8],[10],[12],[20],[21] | 5.25% | [8],[10],[12],[20],[21] | |
Investment, Interest Rate, Floor | 8.50% | [6],[7],[9],[11],[18] | 8.50% | [8],[10],[12],[20],[21] | 8.50% | [8],[10],[12],[20],[21] | |
Principal Amount | $ 22,500 | [6],[7],[11],[18] | $ 22,500 | [8],[12],[20],[21] | |||
Investment cost | 22,575 | [2],[6],[7],[11],[18] | 22,508 | [4],[8],[12],[20],[21] | |||
Investments at Fair Value | $ 22,929 | [6],[7],[11],[18] | $ 22,817 | [8],[12],[20],[21] | |||
Investment Exit Fee | 2.42% | [6],[7],[9],[11],[18] | 2.42% | [8],[10],[12],[20],[21] | 2.42% | [8],[10],[12],[20],[21] | |
Investment, Identifier [Axis]: Debt Investments Software and Omeda Holdings, LLC, Senior Secured, Maturity Date July 2027, 3-month SOFR + 8.05%, Floor rate 9.05% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-07 | [7],[17] | 2027-07 | [8],[15] | 2027-07 | [8],[15] | |
Investments Maturity Month and Year | 2027-07 | [7],[17] | 2027-07 | [8],[15] | 2027-07 | [8],[15] | |
Investment, Basis Spread, Variable Rate | 8.05% | [7],[9],[17] | 8.05% | [8],[10],[15] | 8.05% | [8],[10],[15] | |
Investment, Interest Rate, Floor | 9.05% | [7],[9],[17] | 9.05% | [8],[10],[15] | 9.05% | [8],[10],[15] | |
Principal Amount | $ 7,500 | [7],[17] | $ 7,500 | [8],[15] | |||
Investment cost | 7,270 | [2],[7],[17] | 7,261 | [4],[8],[15] | |||
Investments at Fair Value | $ 7,295 | [7],[17] | $ 7,261 | [8],[15] | |||
Investment, Identifier [Axis]: Debt Investments Software and Riviera Partners LLC, Senior Secured, Maturity Date April 2027, 6-month SOFR + 7.53%, Floor rate 8.53% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-04 | [7],[17] | 2027-04 | [8],[15] | 2027-04 | [8],[15] | |
Investments Maturity Month and Year | 2027-04 | [7],[17] | 2027-04 | [8],[15] | 2027-04 | [8],[15] | |
Investment, Basis Spread, Variable Rate | 7.53% | [7],[9],[17] | 7.53% | [8],[10],[15] | 7.53% | [8],[10],[15] | |
Investment, Interest Rate, Floor | 8.53% | [7],[9],[17] | 8.53% | [8],[10],[15] | 8.53% | [8],[10],[15] | |
Principal Amount | $ 26,053 | [7],[17] | $ 26,184 | [8],[15] | |||
Investment cost | 25,516 | [2],[7],[17] | 25,622 | [4],[8],[15] | |||
Investments at Fair Value | $ 25,074 | [7],[17] | $ 25,487 | [8],[15] | |||
Investment, Identifier [Axis]: Debt Investments Software and Salary.com, LLC, Senior Secured, Maturity Date September 2027, 6-month SOFR + 8.00%, Floor rate 9.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [15] | 2027-09 | 2027-09 | ||||
Investments Maturity Month and Year | [15] | 2027-09 | 2027-09 | ||||
Investment, Basis Spread, Variable Rate | [10],[15] | 8% | 8% | ||||
Investment, Interest Rate, Floor | [10],[15] | 9% | 9% | ||||
Principal Amount | [15] | $ 18,000 | |||||
Investment cost | [4],[15] | 17,654 | |||||
Investments at Fair Value | [15] | $ 17,654 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Salary.com, LLC, Senior Secured, Maturity Date September 2027, 6-month SOFR + 8.25%, Floor rate 9.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [17] | 2027-09 | |||||
Investments Maturity Month and Year | [17] | 2027-09 | |||||
Investment, Basis Spread, Variable Rate | [9],[17] | 8.25% | |||||
Investment, Interest Rate, Floor | [9],[17] | 9% | |||||
Principal Amount | [17] | $ 17,955 | |||||
Investment cost | [2],[17] | 17,622 | |||||
Investments at Fair Value | [17] | $ 17,994 | |||||
Investment, Identifier [Axis]: Debt Investments Software and ShadowDragon, LLC, Senior Secured, Maturity Date December 2026, 1-month LIBOR + 8.97%, Floor rate 9.97% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[17] | 2026-12 | |||||
Investments Maturity Month and Year | [7],[17] | 2026-12 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[17] | 8.97% | |||||
Investment, Interest Rate, Floor | [7],[9],[17] | 9.97% | |||||
Principal Amount | [7],[17] | $ 5,985 | |||||
Investment cost | [2],[7],[17] | 5,848 | |||||
Investments at Fair Value | [7],[17] | $ 5,780 | |||||
Investment, Identifier [Axis]: Debt Investments Software and ShadowDragon, LLC, Senior Secured, Maturity Date December 2026, 3-month LIBOR + 9.00%, Floor rate 10.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [8],[15] | 2026-12 | 2026-12 | ||||
Investments Maturity Month and Year | [8],[15] | 2026-12 | 2026-12 | ||||
Investment, Basis Spread, Variable Rate | [8],[10],[15] | 9% | 9% | ||||
Investment, Interest Rate, Floor | [8],[10],[15] | 10% | 10% | ||||
Principal Amount | [8],[15] | $ 5,985 | |||||
Investment cost | [4],[8],[15] | 5,841 | |||||
Investments at Fair Value | [8],[15] | $ 5,830 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Simon Data, Inc., Senior Secured, Maturity Date March 2027, Prime + 1.00%, Floor rate 8.75%, PIK Interest 1.95%, 2.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-03 | ||||||
Investments Maturity Month and Year | 2027-03 | ||||||
Investment, Basis Spread, Variable Rate | [9] | 1% | |||||
Investment, Interest Rate, Floor | [9] | 8.75% | |||||
Investment, Interest Rate, Paid in Kind | [9] | 1.95% | |||||
Principal Amount | $ 15,000 | ||||||
Investment cost | [2] | 14,892 | |||||
Investments at Fair Value | $ 14,892 | ||||||
Investment Exit Fee | [9] | 2.95% | |||||
Investment, Identifier [Axis]: Debt Investments Software and Streamline Healthcare Solutions, Senior Secured, Maturity Date March 2028, 6-month SOFR + 7.25%, Floor rate 8.25% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[17] | 2028-03 | |||||
Investments Maturity Month and Year | [7],[17] | 2028-03 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[17] | 7.25% | |||||
Investment, Interest Rate, Floor | [7],[9],[17] | 8.25% | |||||
Principal Amount | [7],[17] | $ 13,200 | |||||
Investment cost | [2],[7],[17] | 12,921 | |||||
Investments at Fair Value | [7],[17] | $ 12,921 | |||||
Investment, Identifier [Axis]: Debt Investments Software and Tact.ai Technologies, Inc., Senior Secured, Maturity Date February 2024, Prime + 4.00%, Floor rate 8.75%, PIK Interest 2.00%, 5.50% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-02 | [5] | 2024-02 | [13] | 2024-02 | [13] | |
Investments Maturity Month and Year | 2024-02 | [5] | 2024-02 | [13] | 2024-02 | [13] | |
Investment, Basis Spread, Variable Rate | 4% | [5],[9] | 4% | [10],[13] | 4% | [10],[13] | |
Investment, Interest Rate, Floor | 8.75% | [5],[9] | 8.75% | [10],[13] | 8.75% | [10],[13] | |
Investment, Interest Rate, Paid in Kind | 2% | [5],[9] | 2% | [10],[13] | 2% | [10],[13] | |
Principal Amount | $ 3,474 | [5] | $ 4,250 | [13] | |||
Investment cost | 3,448 | [2],[5] | 4,481 | [4],[13] | |||
Investments at Fair Value | $ 3,448 | [5] | $ 4,446 | [13] | |||
Investment Exit Fee | 5.50% | [5],[9] | 5.50% | [10],[13] | 5.50% | [10],[13] | |
Investment, Identifier [Axis]: Debt Investments Software and ThreatConnect, Inc., Senior Secured, Maturity Date May 2026, 6-month LIBOR + 9.00%, Floor rate 10.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2026-05 | [7],[17] | 2026-05 | [8],[15] | 2026-05 | [8],[15] | |
Investments Maturity Month and Year | 2026-05 | [7],[17] | 2026-05 | [8],[15] | 2026-05 | [8],[15] | |
Investment, Basis Spread, Variable Rate | 9% | [7],[9],[17] | 9% | [8],[10],[15] | 9% | [8],[10],[15] | |
Investment, Interest Rate, Floor | 10% | [7],[9],[17] | 10% | [8],[10],[15] | 10% | [8],[10],[15] | |
Principal Amount | $ 11,004 | [7],[17] | $ 11,032 | [8],[15] | |||
Investment cost | 10,765 | [2],[7],[17] | 10,778 | [4],[8],[15] | |||
Investments at Fair Value | $ 10,827 | [7],[17] | $ 10,793 | [8],[15] | |||
Investment, Identifier [Axis]: Debt Investments Software and Tipalti Solutions Ltd., Senior Secured, Maturity Date April 2027, Prime + 0.45%, Floor rate 7.95%, PIK Interest 2.00%, 3.75% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | [7],[23],[24] | 2027-04 | |||||
Investments Maturity Month and Year | [7],[23],[24] | 2027-04 | |||||
Investment, Basis Spread, Variable Rate | [7],[9],[23],[24] | 0.45% | |||||
Investment, Interest Rate, Floor | [7],[9],[23],[24] | 7.95% | |||||
Investment, Interest Rate, Paid in Kind | [7],[9],[23],[24] | 2% | |||||
Principal Amount | [7],[23],[24] | $ 10,500 | |||||
Investment cost | [2],[7],[23],[24] | 10,349 | |||||
Investments at Fair Value | [7],[23],[24] | $ 10,349 | |||||
Investment Exit Fee | [7],[9],[23],[24] | 3.75% | |||||
Investment, Identifier [Axis]: Debt Investments Software and VideoAmp, Inc., Senior Secured, Maturity Date February 2025, Prime + 3.70%, Floor rate 6.95%, PIK Interest 1.25%, 5.25% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-02 | [5],[11],[29] | 2025-02 | [12],[13],[30] | 2025-02 | [12],[13],[30] | |
Investments Maturity Month and Year | 2025-02 | [5],[11],[29] | 2025-02 | [12],[13],[30] | 2025-02 | [12],[13],[30] | |
Investment, Basis Spread, Variable Rate | 3.70% | [5],[9],[11],[29] | 3.70% | [10],[12],[13],[30] | 3.70% | [10],[12],[13],[30] | |
Investment, Interest Rate, Floor | 6.95% | [5],[9],[11],[29] | 6.95% | [10],[12],[13],[30] | 6.95% | [10],[12],[13],[30] | |
Investment, Interest Rate, Paid in Kind | 1.25% | [5],[9],[11],[29] | 1.25% | [10],[12],[13],[30] | 1.25% | [10],[12],[13],[30] | |
Principal Amount | $ 63,384 | [5],[11],[29] | $ 63,187 | [12],[13],[30] | |||
Investment cost | 63,224 | [2],[5],[11],[29] | 62,640 | [4],[12],[30] | |||
Investments at Fair Value | $ 64,281 | [5],[11],[29] | $ 63,429 | [12],[13],[30] | |||
Investment Exit Fee | 5.25% | [5],[9],[11],[29] | 5.25% | [10],[12],[13],[30] | 5.25% | [10],[12],[13],[30] | |
Investment, Identifier [Axis]: Debt Investments Software and Zappi, Inc., Senior Secured, Maturity Date December 2027, 3-month SOFR + 8.03%, Floor rate 9.03% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-12 | [7],[17],[23],[24] | 2027-12 | [8],[15],[25],[26] | 2027-12 | [8],[15],[25],[26] | |
Investments Maturity Month and Year | 2027-12 | [7],[17],[23],[24] | 2027-12 | [8],[15],[25],[26] | 2027-12 | [8],[15],[25],[26] | |
Investment, Basis Spread, Variable Rate | 8.03% | [7],[9],[17],[23],[24] | 8.03% | [8],[10],[15],[25],[26] | 8.03% | [8],[10],[15],[25],[26] | |
Investment, Interest Rate, Floor | 9.03% | [7],[9],[17],[23],[24] | 9.03% | [8],[10],[15],[25],[26] | 9.03% | [8],[10],[15],[25],[26] | |
Principal Amount | $ 9,213 | [7],[17],[23],[24] | $ 9,000 | [8],[15],[25],[26] | |||
Investment cost | 9,001 | [2],[7],[17],[23],[24] | 8,779 | [4],[8],[15],[25],[26] | |||
Investments at Fair Value | $ 9,001 | [7],[17],[23],[24] | $ 8,779 | [8],[15],[25],[26] | |||
Investment, Identifier [Axis]: Debt Investments Software and Zimperium, Inc., Senior Secured, Maturity Date May 2027, 3-month SOFR + 8.31%, Floor rate 9.31% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2027-05 | [7],[17] | 2027-05 | [8],[15] | 2027-05 | [8],[15] | |
Investments Maturity Month and Year | 2027-05 | [7],[17] | 2027-05 | [8],[15] | 2027-05 | [8],[15] | |
Investment, Basis Spread, Variable Rate | 8.31% | [7],[9],[17] | 8.31% | [8],[10],[15] | 8.31% | [8],[10],[15] | |
Investment, Interest Rate, Floor | 9.31% | [7],[9],[17] | 9.31% | [8],[10],[15] | 9.31% | [8],[10],[15] | |
Principal Amount | $ 16,313 | [7],[17] | $ 16,313 | [8],[15] | |||
Investment cost | 16,014 | [2],[7],[17] | 16,000 | [4],[8],[15] | |||
Investments at Fair Value | $ 16,251 | [7],[17] | $ 16,072 | [8],[15] | |||
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology (0.48%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0.48% | |||||
Investment cost | [2] | $ 7,336 | |||||
Investments at Fair Value | $ 7,156 | ||||||
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology (0.50%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.50% | 0.50% | ||||
Investment cost | [4] | $ 7,222 | |||||
Investments at Fair Value | $ 7,014 | ||||||
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology and Ampion, PBC, Senior Secured, Maturity Date May 2025, Prime + 4.70%, Floor rate 7.95%, PIK Interest 1.45%, 3.95% Exit Fee | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2025-05 | [5],[6] | 2025-05 | [13],[20] | 2025-05 | [13],[20] | |
Investments Maturity Month and Year | 2025-05 | [5],[6] | 2025-05 | [13],[20] | 2025-05 | [13],[20] | |
Investment, Basis Spread, Variable Rate | 4.70% | [5],[6],[9] | 4.70% | [10],[13],[20] | 4.70% | [10],[13],[20] | |
Investment, Interest Rate, Floor | 7.95% | [5],[6],[9] | 7.95% | [10],[13],[20] | 7.95% | [10],[13],[20] | |
Investment, Interest Rate, Paid in Kind | 1.45% | [5],[6],[9] | 1.45% | [10],[13],[20] | 1.45% | [10],[13],[20] | |
Principal Amount | $ 4,052 | [5],[6] | $ 4,037 | [13],[20] | |||
Investment cost | 4,018 | [2],[5],[6] | 3,985 | [4],[13],[20] | |||
Investments at Fair Value | $ 4,048 | [5],[6] | $ 4,008 | [13],[20] | |||
Investment Exit Fee | 3.95% | [5],[6],[9] | 3.95% | [10],[13],[20] | 3.95% | [10],[13],[20] | |
Investment, Identifier [Axis]: Debt Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Senior Secured, Maturity Date December 2024, PIK Interest 10.00% | |||||||
Investment Holdings [Line Items] | |||||||
Maturity Date | 2024-12 | [5] | 2024-12 | [13] | 2024-12 | [13] | |
Investments Maturity Month and Year | 2024-12 | [5] | 2024-12 | [13] | 2024-12 | [13] | |
Investment, Interest Rate, Paid in Kind | 10% | [5],[9] | 10% | [10],[13] | 10% | [10],[13] | |
Principal Amount | $ 3,318 | [5] | $ 3,237 | [13] | |||
Investment cost | 3,318 | [2],[5] | 3,237 | [4],[13] | |||
Investments at Fair Value | $ 3,108 | [5] | $ 3,006 | [13] | |||
Investment, Identifier [Axis]: Equity Investments (8.30%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (8.30%) | |||||
Investment cost | [2] | $ 143,818 | |||||
Investments at Fair Value | $ 124,417 | ||||||
Investment, Identifier [Axis]: Equity Investments (9.56%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 9.56% | 9.56% | ||||
Investment cost | [4] | $ 153,173 | |||||
Investments at Fair Value | $ 133,972 | ||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products (0.03%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0.03% | |||||
Investment cost | [2] | $ 663 | |||||
Investments at Fair Value | 473 | ||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products (0.04%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.04% | 0.04% | ||||
Investment cost | [4] | $ 663 | |||||
Investments at Fair Value | 498 | ||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and Grove Collaborative, Inc., Equity, Acquisition Date 4/30/2021, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 433 | [2],[37] | 433 | [4],[38] | |||
Investments at Fair Value | $ 27 | [37] | $ 24 | [38] | |||
Shares | shares | 61,300 | [37] | 61,300 | [38] | 61,300 | [38] | |
Investments Owned Acquisition Date | Apr. 30, 2021 | [37] | Apr. 30, 2021 | [38] | Apr. 30, 2021 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and Savage X Holding, LLC, Equity, Acquisition Date 4/30/2010, Series Class A Units | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 13 | [2] | $ 13 | [4] | |||
Investments at Fair Value | $ 210 | $ 226 | |||||
Shares | shares | 42,137 | 42,137 | 42,137 | ||||
Investments Owned Acquisition Date | Apr. 30, 2010 | [37] | Apr. 30, 2010 | [38] | Apr. 30, 2010 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and TFG Holding, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 89 | [2] | $ 89 | [4] | |||
Investments at Fair Value | $ 101 | $ 116 | |||||
Shares | shares | 42,989 | 42,989 | 42,989 | ||||
Investments Owned Acquisition Date | Apr. 30, 2010 | [37] | Apr. 30, 2010 | [38] | Apr. 30, 2010 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Products and TechStyle, Inc., Equity, Acquisition Date 4/30/2010, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 128 | [2] | $ 128 | [4] | |||
Investments at Fair Value | $ 135 | $ 132 | |||||
Shares | shares | 42,989 | 42,989 | 42,989 | ||||
Investments Owned Acquisition Date | Apr. 30, 2010 | [37] | Apr. 30, 2010 | [38] | Apr. 30, 2010 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services (0.56%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0.56% | |||||
Investment cost | [2] | $ 13,170 | |||||
Investments at Fair Value | 8,385 | ||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services (0.57%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.57% | 0.57% | ||||
Investment cost | [4] | $ 13,488 | |||||
Investments at Fair Value | 7,995 | ||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Carwow LTD, Equity, Acquisition Date 12/15/2021, Series Preferred Series D-4 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 1,151 | [2],[23],[24] | 1,151 | [4],[25],[26] | |||
Investments at Fair Value | $ 354 | [23],[24] | $ 257 | [25],[26] | |||
Shares | shares | 199,742 | [23],[24] | 199,742 | [25],[26] | 199,742 | [25],[26] | |
Investments Owned Acquisition Date | Dec. 15, 2021 | [23],[24],[37] | Dec. 15, 2021 | [25],[26],[38] | Dec. 15, 2021 | [25],[26],[38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and DoorDash, Inc., Equity, Acquisition Date 12/20/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 945 | [2],[37] | $ 945 | [4],[38] | |||
Investments at Fair Value | $ 5,211 | [37] | $ 4,003 | [38] | |||
Shares | shares | 81,996 | [37] | 81,996 | [38] | 81,996 | [38] | |
Investments Owned Acquisition Date | Dec. 20, 2018 | [37] | Dec. 20, 2018 | [38] | Dec. 20, 2018 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Lyft, Inc., Equity, Acquisition Date 12/26/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 5,263 | [2],[37] | $ 5,263 | [4],[38] | |||
Investments at Fair Value | $ 934 | [37] | $ 1,110 | [38] | |||
Shares | shares | 100,738 | [37] | 100,738 | [38] | 100,738 | [38] | |
Investments Owned Acquisition Date | Dec. 26, 2018 | [37] | Dec. 26, 2018 | [38] | Dec. 26, 2018 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Nerdy Inc., Equity, Acquisition Date 9/17/2021, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,000 | [2],[37] | $ 1,000 | [4],[38] | |||
Investments at Fair Value | $ 418 | [37] | $ 225 | [38] | |||
Shares | shares | 100,000 | [37] | 100,000 | [38] | 100,000 | [38] | |
Investments Owned Acquisition Date | Sep. 17, 2021 | [37] | Sep. 17, 2021 | [38] | Sep. 17, 2021 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,663 | [2] | $ 1,663 | [4] | |||
Investments at Fair Value | $ 383 | $ 372 | |||||
Shares | shares | 286,080 | 286,080 | 286,080 | ||||
Investments Owned Acquisition Date | Oct. 25, 2016 | [37] | Oct. 25, 2016 | [38] | Oct. 25, 2016 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and OfferUp, Inc., Equity, Acquisition Date 10/25/2016, Series Preferred Series A-1 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 632 | [2] | $ 632 | [4] | |||
Investments at Fair Value | $ 146 | $ 141 | |||||
Shares | shares | 108,710 | 108,710 | 108,710 | ||||
Investments Owned Acquisition Date | Oct. 25, 2016 | [37] | Oct. 25, 2016 | [38] | Oct. 25, 2016 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Oportun, Equity, Acquisition Date 6/28/2013, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 577 | [2],[37] | $ 577 | [4],[38] | |||
Investments at Fair Value | $ 187 | [37] | $ 266 | [38] | |||
Shares | shares | 48,365 | [37] | 48,365 | [38] | 48,365 | [38] | |
Investments Owned Acquisition Date | Jun. 28, 2013 | [37] | Jun. 28, 2013 | [38] | Jun. 28, 2013 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Reischling Press, Inc., Acquisition Date 7/31/2020, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 39 | [2] | $ 39 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 3,095 | 3,095 | 3,095 | ||||
Investments Owned Acquisition Date | Jul. 31, 2020 | [37] | Jul. 31, 2020 | [38] | Jul. 31, 2020 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Rhino Labs, Inc., Equity, Acquisition Date 1/24/2022, Series Preferred Series B-2 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,000 | [2] | $ 1,000 | [4] | |||
Investments at Fair Value | $ 752 | $ 805 | |||||
Shares | shares | 7,063 | 7,063 | 7,063 | ||||
Investments Owned Acquisition Date | Jan. 24, 2022 | [37] | Jan. 24, 2022 | [38] | Jan. 24, 2022 | [38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Tectura Corporation, Acquisition Date 5/23/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investments at Fair Value | |||||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 5/23/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 900 | [2],[31] | $ 900 | [4],[33] | |||
Investments at Fair Value | [31] | $ 0 | |||||
Shares | shares | 414,994,863 | [31] | 414,994,863 | [33] | 414,994,863 | [33] | |
Investments Owned Acquisition Date | May 23, 2018 | [31],[37] | May 23, 2018 | [33],[38] | May 23, 2018 | [33],[38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Tectura Corporation, Equity, Acquisition Date 6/6/2016, Series Preferred Series BB | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 0 | [2],[31] | $ 0 | [4],[33] | |||
Investments at Fair Value | |||||||
Shares | shares | 1,000,000 | [31] | 1,000,000 | [33] | 1,000,000 | [33] | |
Investments Owned Acquisition Date | Jun. 06, 2016 | [31],[37] | Jun. 06, 2016 | [33],[38] | Jun. 06, 2016 | [33],[38] | |
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Total OfferUp, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,295 | [2] | $ 2,295 | [4] | |||
Investments at Fair Value | $ 529 | $ 513 | |||||
Shares | shares | 394,790 | 394,790 | 394,790 | ||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Total Tectura Corporation | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 900 | [2] | $ 900 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 415,994,863 | 415,994,863 | 415,994,863 | ||||
Investment, Identifier [Axis]: Equity Investments Consumer & Business Services and Uber Technologies, Inc., Acquisition Date 12/1/2020, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[38] | $ 318 | |||||
Investments at Fair Value | [38] | $ 816 | |||||
Shares | shares | [38] | 32,991 | 32,991 | ||||
Investments Owned Acquisition Date | [38] | Dec. 01, 2020 | Dec. 01, 2020 | ||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services (2.49%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 2.49% | 2.49% | ||||
Investment cost | [4] | $ 28,444 | |||||
Investments at Fair Value | 34,869 | ||||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services (2.75%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 2.75% | |||||
Investment cost | [2] | $ 28,444 | |||||
Investments at Fair Value | 41,191 | ||||||
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Equity, Acquisition Date 3/1/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 1,884 | [2],[31] | 1,884 | [4],[33] | |||
Investments at Fair Value | $ 1,170 | [31] | $ 1,107 | [33] | |||
Shares | shares | 830,000 | [31] | 830,000 | [33] | 830,000 | [33] | |
Investments Owned Acquisition Date | Mar. 01, 2018 | [31],[37] | Mar. 01, 2018 | [33],[38] | Mar. 01, 2018 | [33],[38] | |
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services and Gibraltar Business Capital, LLC, Equity, Acquisition Date 3/1/2018, Series Preferred Series A | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 26,122 | [2],[31] | $ 26,122 | [4],[33] | |||
Investments at Fair Value | $ 14,942 | [31] | $ 14,137 | [33] | |||
Shares | shares | 10,602,752 | [31] | 10,602,752 | [33] | 10,602,752 | [33] | |
Investments Owned Acquisition Date | Mar. 01, 2018 | [31],[37] | Mar. 01, 2018 | [33],[38] | Mar. 01, 2018 | [33],[38] | |
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services and Hercules Adviser LLC, Equity, Acquisition Date 3/26/2021, Series Member Units | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 35 | [2],[31] | $ 35 | [4],[33] | |||
Investments at Fair Value | $ 24,595 | [31] | $ 19,153 | [33] | |||
Shares | shares | 1 | [31] | 1 | [33] | 1 | [33] | |
Investments Owned Acquisition Date | Mar. 26, 2021 | [31],[37] | Mar. 26, 2021 | [33],[38] | Mar. 26, 2021 | [33],[38] | |
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services and Newfront Insurance Holdings, Inc., Equity, Acquisition Date 9/30/2021, Series Preferred Series D-2 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 403 | [2] | $ 403 | [4] | |||
Investments at Fair Value | $ 484 | $ 472 | |||||
Shares | shares | 210,282 | 210,282 | 210,282 | ||||
Investments Owned Acquisition Date | Sep. 30, 2021 | [37] | Sep. 30, 2021 | [38] | Sep. 30, 2021 | [38] | |
Investment, Identifier [Axis]: Equity Investments Diversified Financial Services, Gibraltar Business Capital, LLC | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 28,006 | [2] | $ 28,006 | [4] | |||
Investments at Fair Value | $ 16,112 | $ 15,244 | |||||
Shares | shares | 11,432,752 | 11,432,752 | 11,432,752 | ||||
Investment, Identifier [Axis]: Equity Investments Drug Delivery (0.00%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0% | |||||
Investment cost | [2] | $ 3,638 | |||||
Investments at Fair Value | 23 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Delivery (0.01%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.01% | 0.01% | ||||
Investment cost | [4] | $ 3,638 | |||||
Investments at Fair Value | 89 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Delivery and AcelRx Pharmaceuticals, Inc., Equity, Acquisition Date 12/10/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 1,329 | [2],[37] | 1,329 | [4],[38] | |||
Investments at Fair Value | $ 6 | [37] | $ 20 | [38] | |||
Shares | shares | 8,836 | [37] | 8,836 | [38] | 8,836 | [38] | |
Investments Owned Acquisition Date | Dec. 10, 2018 | [37] | Dec. 10, 2018 | [38] | Dec. 10, 2018 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Delivery and Aytu BioScience, Inc., Equity, Acquisition Date 3/28/2014, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,500 | [2],[37] | $ 1,500 | [4],[38] | |||
Investments at Fair Value | $ 2 | [37] | $ 3 | [38] | |||
Shares | shares | 680 | [37] | 13,600 | [38] | 13,600 | [38] | |
Investments Owned Acquisition Date | Mar. 28, 2014 | [37] | Mar. 28, 2014 | [38] | Mar. 28, 2014 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Delivery and BioQ Pharma Incorporated, Equity, Acquisition Date 12/8/2015, Series Preferred Series D | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 500 | [2] | $ 500 | [4] | |||
Investments at Fair Value | $ 33 | ||||||
Shares | shares | 165,000 | 165,000 | 165,000 | ||||
Investments Owned Acquisition Date | Dec. 08, 2015 | [37] | Dec. 08, 2015 | [38] | Dec. 08, 2015 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Delivery and PDS Biotechnology Corporation, Equity, Acquisition Date 4/6/2015, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 309 | [2],[37] | $ 309 | [4],[38] | |||
Investments at Fair Value | $ 15 | [37] | $ 33 | [38] | |||
Shares | shares | 2,498 | [37] | 2,498 | [38] | 2,498 | [38] | |
Investments Owned Acquisition Date | Apr. 06, 2015 | [37] | Apr. 06, 2015 | [38] | Apr. 06, 2015 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development (1.96%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 1.96% | |||||
Investment cost | [2] | $ 38,889 | |||||
Investments at Fair Value | 29,396 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development (2.66%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 2.66% | 2.66% | ||||
Investment cost | [4] | $ 43,971 | |||||
Investments at Fair Value | 37,315 | ||||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Akero Therapeutics, Inc., Equity, Acquisition Date 9/19/2022, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[25],[38] | 1,000 | |||||
Investments at Fair Value | [25],[38] | $ 2,108 | |||||
Shares | shares | [25],[38] | 38,461 | 38,461 | ||||
Investments Owned Acquisition Date | [25],[38] | Sep. 19, 2022 | Sep. 19, 2022 | ||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Albireo Pharma, Inc., Equity, Acquisition Date 9/14/2020, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[25],[38] | $ 1,000 | |||||
Investments at Fair Value | [25],[38] | $ 540 | |||||
Shares | shares | [25],[38] | 25,000 | 25,000 | ||||
Investments Owned Acquisition Date | [25],[38] | Sep. 14, 2020 | Sep. 14, 2020 | ||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Applied Molecular Transport, Equity, Acquisition Date 4/6/2021, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 42 | [2],[23],[37] | $ 42 | [4],[25],[38] | |||
Investments at Fair Value | [25],[38] | $ 0 | |||||
Shares | shares | 1,000 | [23],[37] | 1,000 | [25],[38] | 1,000 | [25],[38] | |
Investments Owned Acquisition Date | Apr. 06, 2021 | [23],[37] | Apr. 06, 2021 | [25],[38] | Apr. 06, 2021 | [25],[38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Avalo Therapeutics, Inc., Equity, Acquisition Date 8/19/2014, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,000 | [2],[37] | $ 1,000 | [4],[38] | |||
Investments at Fair Value | $ 17 | [37] | $ 50 | [38] | |||
Shares | shares | 9,923 | [37] | 9,924 | [38] | 9,924 | [38] | |
Investments Owned Acquisition Date | Aug. 19, 2014 | [37] | Aug. 19, 2014 | [38] | Aug. 19, 2014 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Aveo Pharmaceuticals, Inc., Equity, Acquisition Date 7/31/2011, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[38] | $ 1,715 | |||||
Investments at Fair Value | [38] | $ 2,843 | |||||
Shares | shares | [38] | 190,179 | 190,179 | ||||
Investments Owned Acquisition Date | [38] | Jul. 31, 2011 | Jul. 31, 2011 | ||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Axsome Therapeutics, Inc., Equity, Acquisition Date 5/9/2022, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 4,165 | [2],[19],[23],[37] | $ 4,165 | [4],[22],[25],[38] | |||
Investments at Fair Value | $ 7,835 | [19],[23],[37] | $ 9,797 | [22],[25],[38] | |||
Shares | shares | 127,021 | [19],[23],[37] | 127,021 | [22],[25],[38] | 127,021 | [22],[25],[38] | |
Investments Owned Acquisition Date | May 09, 2022 | [19],[23],[37] | May 09, 2022 | [22],[25],[38] | May 09, 2022 | [22],[25],[38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Bicycle Therapeutics PLC, Equity, Acquisition Date 10/5/2020, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,871 | [2],[23],[24],[37] | $ 1,871 | [4],[25],[26],[38] | |||
Investments at Fair Value | $ 2,087 | [23],[24],[37] | $ 2,904 | [25],[26],[38] | |||
Shares | shares | 98,100 | [23],[24],[37] | 98,100 | [25],[26],[38] | 98,100 | [25],[26],[38] | |
Investments Owned Acquisition Date | Oct. 05, 2020 | [23],[24],[37] | Oct. 05, 2020 | [26],[38] | Oct. 05, 2020 | [26],[38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2],[37] | $ 2,255 | |||||
Investments at Fair Value | [37] | $ 3,836 | |||||
Shares | shares | [37] | 231,329 | |||||
Investments Owned Acquisition Date | [37] | Jun. 21, 2018 | |||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Concert Pharmaceuticals, Inc., Equity, Acquisition Date 2/13/2019, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[25],[38] | $ 1,367 | |||||
Investments at Fair Value | [25],[38] | $ 413 | |||||
Shares | shares | [25],[38] | 70,796 | 70,796 | ||||
Investments Owned Acquisition Date | [25],[38] | Feb. 13, 2019 | Feb. 13, 2019 | ||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[38] | $ 1,000 | |||||
Investments at Fair Value | [38] | $ 11 | |||||
Shares | shares | [38] | 13,550 | 13,550 | ||||
Investments Owned Acquisition Date | [38] | Jan. 08, 2015 | Jan. 08, 2015 | ||||
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Dynavax Technologies, Equity, Acquisition Date 7/22/2015, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 550 | [2],[23],[37] | $ 550 | [4],[25],[38] | |||
Investments at Fair Value | $ 196 | [23],[37] | $ 213 | [25],[38] | |||
Shares | shares | 20,000 | [23],[37] | 20,000 | [25],[38] | 20,000 | [25],[38] | |
Investments Owned Acquisition Date | Jul. 22, 2015 | [23],[37] | Jul. 22, 2015 | [25],[38] | Jul. 22, 2015 | [25],[38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Gritstone Bio, Inc., Equity, Acquisition Date 10/26/2022, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,000 | [2],[37] | $ 1,000 | [4],[38] | |||
Investments at Fair Value | $ 1,230 | [37] | $ 1,527 | [38] | |||
Shares | shares | 442,477 | [37] | 442,477 | [38] | 442,477 | [38] | |
Investments Owned Acquisition Date | Oct. 26, 2022 | [37] | Oct. 26, 2022 | [38] | Oct. 26, 2022 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Hibercell, Inc., Equity, Acquisition Date 5/7/2021, Series Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 4,250 | [2],[29] | $ 4,250 | [4],[30] | |||
Investments at Fair Value | $ 1,979 | [29] | $ 2,233 | [30] | |||
Shares | shares | 3,466,840 | [29] | 3,466,840 | [30] | 3,466,840 | [30] | |
Investments Owned Acquisition Date | May 07, 2021 | [29],[37] | May 07, 2021 | [30],[38] | May 07, 2021 | [30],[38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and HilleVax, Inc, Equity, Acquisition Date 5/3/2022, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 4,000 | [2],[37] | $ 4,000 | [4],[38] | |||
Investments at Fair Value | $ 3,889 | [37] | $ 3,937 | [38] | |||
Shares | shares | 235,295 | [37] | 235,295 | [38] | 235,295 | [38] | |
Investments Owned Acquisition Date | May 03, 2022 | [37] | May 03, 2022 | [38] | May 03, 2022 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Humanigen, Inc., Equity, Acquisition Date 3/31/2021, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 800 | [2],[23],[37] | $ 800 | [4],[25],[38] | |||
Investments at Fair Value | $ 6 | [23],[37] | $ 5 | [25],[38] | |||
Shares | shares | 43,243 | [23],[37] | 43,243 | [25],[38] | 43,243 | [25],[38] | |
Investments Owned Acquisition Date | Mar. 31, 2021 | [23],[37] | Mar. 31, 2021 | [25],[38] | Mar. 31, 2021 | [25],[38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and NorthSea Therapeutics, Equity, Acquisition Date 12/15/2021, Series Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,000 | [2],[23],[24] | $ 2,000 | [4],[25],[26] | |||
Investments at Fair Value | $ 1,476 | [23],[24] | $ 1,476 | [25],[26] | |||
Shares | shares | 983 | [23],[24] | 983 | [25],[26] | 983 | [25],[26] | |
Investments Owned Acquisition Date | Dec. 15, 2021 | [23],[24],[37] | Dec. 15, 2021 | [25],[26],[38] | Dec. 15, 2021 | [25],[26],[38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Paratek Pharmaceuticals, Inc., Equity, Acquisition Date 2/26/2007, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,744 | [2],[37] | $ 2,744 | [4],[38] | |||
Investments at Fair Value | $ 194 | [37] | $ 143 | [38] | |||
Shares | shares | 76,362 | [37] | 76,362 | [38] | 76,362 | [38] | |
Investments Owned Acquisition Date | Feb. 26, 2007 | [37] | Feb. 26, 2007 | [38] | Feb. 26, 2007 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Rocket Pharmaceuticals, Ltd., Equity, Acquisition Date 8/22/2007, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,500 | [2],[37] | $ 1,500 | [4],[38] | |||
Investments at Fair Value | $ 16 | [37] | $ 18 | [38] | |||
Shares | shares | 944 | [37] | 944 | [38] | 944 | [38] | |
Investments Owned Acquisition Date | Aug. 22, 2007 | [37] | Aug. 22, 2007 | [38] | Aug. 22, 2007 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Savara, Inc., Equity, Acquisition Date 8/11/2015, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 203 | [2],[37] | $ 203 | [4],[38] | |||
Investments at Fair Value | $ 22 | [37] | $ 17 | [38] | |||
Shares | shares | 11,119 | [37] | 11,119 | [38] | 11,119 | [38] | |
Investments Owned Acquisition Date | Aug. 11, 2015 | [37] | Aug. 11, 2015 | [38] | Aug. 11, 2015 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Sio Gene Therapies, Inc., Equity, Acquisition Date 2/2/2017, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,269 | [2],[37] | $ 1,269 | [4],[38] | |||
Investments at Fair Value | $ 7 | [37] | $ 7 | [38] | |||
Shares | shares | 16,228 | [37] | 16,228 | [38] | 16,228 | [38] | |
Investments Owned Acquisition Date | Feb. 02, 2017 | [37] | Feb. 02, 2017 | [38] | Feb. 02, 2017 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Tarsus Pharmaceuticals, Inc., Equity, Acquisition Date 5/5/2022, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,100 | [2],[23],[37] | $ 2,100 | [4],[25],[38] | |||
Investments at Fair Value | $ 1,955 | [23],[37] | $ 2,280 | [25],[38] | |||
Shares | shares | 155,555 | [23],[37] | 155,555 | [25],[38] | 155,555 | [25],[38] | |
Investments Owned Acquisition Date | May 05, 2022 | [23],[37] | May 05, 2022 | [25],[38] | May 05, 2022 | [25],[38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Tricida, Inc., Equity, Acquisition Date 2/28/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 863 | [2] | $ 863 | [4],[38] | |||
Investments at Fair Value | [38] | $ 11 | |||||
Shares | shares | 68,816 | 68,816 | [38] | 68,816 | [38] | ||
Investments Owned Acquisition Date | Feb. 28, 2018 | [37] | Feb. 28, 2018 | [38] | Feb. 28, 2018 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 10/31/2022, Series Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,000 | [2] | $ 1,000 | [4] | |||
Investments at Fair Value | $ 985 | $ 1,012 | |||||
Shares | shares | 170,102 | 170,102 | 170,102 | ||||
Investments Owned Acquisition Date | Oct. 31, 2022 | [37] | Oct. 31, 2022 | [38] | Oct. 31, 2022 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and Valo Health, LLC, Equity, Acquisition Date 12/11/2020, Series Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 3,000 | [2] | $ 3,000 | [4] | |||
Investments at Fair Value | $ 1,944 | $ 2,063 | |||||
Shares | shares | 510,308 | 510,308 | 510,308 | ||||
Investments Owned Acquisition Date | Dec. 11, 2020 | [37] | Dec. 11, 2020 | [38] | Dec. 11, 2020 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and X4 Pharmaceuticals, Inc., Equity, Acquisition Date 11/26/2019, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,945 | [2],[37] | $ 2,945 | [4],[38] | |||
Investments at Fair Value | $ 1,362 | [37] | $ 1,555 | [38] | |||
Shares | shares | 1,566,064 | [37] | 1,566,064 | [38] | 1,566,064 | [38] | |
Investments Owned Acquisition Date | Nov. 26, 2019 | [37] | Nov. 26, 2019 | [38] | Nov. 26, 2019 | [38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development and uniQure B.V., Equity, Acquisition Date 1/31/2019, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 332 | [2],[23],[24],[37] | $ 332 | [4],[22],[25],[26],[38] | |||
Investments at Fair Value | $ 346 | [23],[24],[37] | $ 389 | [22],[25],[26],[38] | |||
Shares | shares | 17,175 | [23],[24],[37] | 17,175 | [22],[25],[26],[38] | 17,175 | [22],[25],[26],[38] | |
Investments Owned Acquisition Date | Jan. 31, 2019 | [23],[24],[37] | Jan. 31, 2019 | [22],[25],[26],[38] | Jan. 31, 2019 | [22],[25],[26],[38] | |
Investment, Identifier [Axis]: Equity Investments Drug Discovery & Development, Valo Health LLC | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 4,000 | [2] | $ 4,000 | [4] | |||
Investments at Fair Value | $ 2,929 | $ 3,075 | |||||
Shares | shares | 680,410 | 680,410 | 680,410 | ||||
Investment, Identifier [Axis]: Equity Investments Electronics & Computer Hardware (0.09%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0.09% | |||||
Investment cost | [2] | $ 2,150 | |||||
Investments at Fair Value | 1,347 | ||||||
Investment, Identifier [Axis]: Equity Investments Electronics & Computer Hardware (0.11%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.11% | 0.11% | ||||
Investment cost | [4] | $ 2,150 | |||||
Investments at Fair Value | 1,521 | ||||||
Investment, Identifier [Axis]: Equity Investments Electronics & Computer Hardware and Locus Robotics Corp., Equity, Acquisition Date 11/17/2022, Series Preferred Series F | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 650 | [2] | 650 | [4] | |||
Investments at Fair Value | $ 564 | $ 606 | |||||
Shares | shares | 15,116 | 15,116 | 15,116 | ||||
Investments Owned Acquisition Date | Nov. 17, 2022 | [37] | Nov. 17, 2022 | [38] | Nov. 17, 2022 | [38] | |
Investment, Identifier [Axis]: Equity Investments Electronics & Computer Hardware and Skydio, Inc., Equity, Acquisition Date 3/8/2022, Series Preferred Series E | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,500 | [2] | $ 1,500 | [4] | |||
Investments at Fair Value | $ 783 | $ 915 | |||||
Shares | shares | 248,900 | 248,900 | 248,900 | ||||
Investments Owned Acquisition Date | Mar. 08, 2022 | [37] | Mar. 08, 2022 | [38] | Mar. 08, 2022 | [38] | |
Investment, Identifier [Axis]: Equity Investments Healthcare Services, Other (0.19%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0.19% | |||||
Investment cost | [2] | $ 6,782 | |||||
Investments at Fair Value | 2,868 | ||||||
Investment, Identifier [Axis]: Equity Investments Healthcare Services, Other (0.21%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.21% | 0.21% | ||||
Investment cost | [4] | $ 6,781 | |||||
Investments at Fair Value | 2,894 | ||||||
Investment, Identifier [Axis]: Equity Investments Healthcare Services, Other and 23andMe, Inc., Equity, Acquisition Date 3/11/2019, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 5,094 | [2],[37] | 5,094 | [4],[38] | |||
Investments at Fair Value | $ 1,883 | [37] | $ 1,784 | [38] | |||
Shares | shares | 825,732 | [37] | 825,732 | [38] | 825,732 | [38] | |
Investments Owned Acquisition Date | Mar. 11, 2019 | [37] | Mar. 11, 2019 | [38] | Mar. 11, 2019 | [38] | |
Investment, Identifier [Axis]: Equity Investments Healthcare Services, Other and Carbon Health Technologies, Inc., Equity, Acquisition Date 3/30/2021, Series Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,688 | [2] | $ 1,687 | [4] | |||
Investments at Fair Value | $ 985 | $ 1,110 | |||||
Shares | shares | 217,880 | 217,880 | 217,880 | ||||
Investments Owned Acquisition Date | Mar. 30, 2021 | [37] | Mar. 30, 2021 | [38] | Mar. 30, 2021 | [38] | |
Investment, Identifier [Axis]: Equity Investments Information Services (0.40%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0.40% | |||||
Investment cost | [2] | $ 4,440 | |||||
Investments at Fair Value | 6,012 | ||||||
Investment, Identifier [Axis]: Equity Investments Information Services (0.58%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.58% | 0.58% | ||||
Investment cost | [4] | $ 4,440 | |||||
Investments at Fair Value | 8,175 | ||||||
Investment, Identifier [Axis]: Equity Investments Information Services and Planet Labs, Inc., Equity, Acquisition Date 6/21/2019, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 615 | [2],[37] | 615 | [4],[38] | |||
Investments at Fair Value | $ 2,153 | [37] | $ 2,383 | [38] | |||
Shares | shares | 547,880 | [37] | 547,880 | [38] | 547,880 | [38] | |
Investments Owned Acquisition Date | Jun. 21, 2019 | [37] | Jun. 21, 2019 | [38] | Jun. 21, 2019 | [38] | |
Investment, Identifier [Axis]: Equity Investments Information Services and Yipit, LLC, Equity, Acquisition Date 12/30/2021, Series Preferred Series E | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 3,825 | [2] | $ 3,825 | [4] | |||
Investments at Fair Value | $ 3,859 | $ 3,375 | |||||
Shares | shares | 41,021 | 41,021 | 41,021 | ||||
Investments Owned Acquisition Date | Dec. 30, 2021 | [37] | Dec. 30, 2021 | [38] | Dec. 30, 2021 | [38] | |
Investment, Identifier [Axis]: Equity Investments Information Services and Zeta Global Corp., Equity, Acquisition Date 11/20/2007, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[38] | $ 0 | |||||
Investments at Fair Value | [38] | $ 2,417 | |||||
Shares | shares | [38] | 295,861 | 295,861 | ||||
Investments Owned Acquisition Date | [38] | Nov. 20, 2007 | Nov. 20, 2007 | ||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment (0.04%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0.04% | |||||
Investment cost | [2] | $ 2,953 | |||||
Investments at Fair Value | 625 | ||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment (0.07%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.07% | 0.07% | ||||
Investment cost | [4] | $ 2,953 | |||||
Investments at Fair Value | 915 | ||||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Common Units | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[33] | 0 | |||||
Investments at Fair Value | $ 3 | [31] | $ 6 | [33] | |||
Shares | shares | 180,000 | [31] | 180,000 | [33] | 180,000 | [33] | |
Investments Owned Acquisition Date | Oct. 15, 2021 | [31],[37] | Oct. 15, 2021 | [33],[38] | Oct. 15, 2021 | [33],[38] | |
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-2 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2],[31] | $ 250 | |||||
Investments at Fair Value | [31] | $ 253 | |||||
Shares | shares | [31] | 5,000,000 | |||||
Investments Owned Acquisition Date | [31],[37] | Oct. 15, 2021 | |||||
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and Flowonix Medical Incorporated, Equity, Acquisition Date 11/3/2014, Series Preferred Series AA | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,500 | [2] | $ 1,499 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 221,893 | 221,893 | 221,893 | ||||
Investments Owned Acquisition Date | Nov. 03, 2014 | [37] | Nov. 03, 2014 | [38] | Nov. 03, 2014 | [38] | |
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and Gelesis, Inc., Equity, Acquisition Date 11/30/2009, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 871 | [2],[37] | $ 871 | [4],[38] | |||
Investments at Fair Value | $ 243 | [37] | $ 433 | [38] | |||
Shares | shares | 1,490,700 | [37] | 1,490,700 | [38] | 1,490,700 | [38] | |
Investments Owned Acquisition Date | Nov. 30, 2009 | [37] | Nov. 30, 2009 | [38] | Nov. 30, 2009 | [38] | |
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment and ViewRay, Inc., Equity, Acquisition Date 12/16/2013, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 332 | [2],[37] | $ 333 | [4],[38] | |||
Investments at Fair Value | $ 126 | [37] | $ 163 | [38] | |||
Shares | shares | 36,457 | [37] | 36,457 | [38] | 36,457 | [38] | |
Investments Owned Acquisition Date | Dec. 16, 2013 | [37] | Dec. 16, 2013 | [38] | Dec. 16, 2013 | [38] | |
Investment, Identifier [Axis]: Equity Investments Medical Devices & Equipment, Coronado Aesthetics, LLC | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 250 | [2] | $ 250 | [4] | |||
Investments at Fair Value | $ 256 | $ 319 | |||||
Shares | shares | 5,180,000 | 5,180,000 | 5,180,000 | ||||
Investment, Identifier [Axis]: Equity Investments Semiconductors (0.01%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.01% | 0.01% | ||||
Investment cost | [4] | $ 160 | |||||
Investments at Fair Value | 205 | ||||||
Investment, Identifier [Axis]: Equity Investments Semiconductors (0.02%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | 0.02% | |||||
Investment cost | [2] | $ 160 | |||||
Investments at Fair Value | 296 | ||||||
Investment, Identifier [Axis]: Equity Investments Semiconductors and Achronix Semiconductor Corporation, Equity, Acquisition Date 7/1/2011, Series Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 160 | [2] | 160 | [4] | |||
Investments at Fair Value | $ 296 | $ 205 | |||||
Shares | shares | 277,995 | 277,995 | 277,995 | ||||
Investments Owned Acquisition Date | Jul. 01, 2011 | [37] | Jul. 01, 2011 | [38] | Jul. 01, 2011 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software (1.66%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (1.66%) | |||||
Investment cost | [2] | $ 28,542 | |||||
Investments at Fair Value | 24,838 | ||||||
Investment, Identifier [Axis]: Equity Investments Software (2.07%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 2.07% | 2.07% | ||||
Investment cost | [4] | $ 32,498 | |||||
Investments at Fair Value | 28,966 | ||||||
Investment, Identifier [Axis]: Equity Investments Software and 3GTMS, LLC, Equity, Acquisition Date 8/9/2021, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 1,000 | [2] | 1,000 | [4] | |||
Investments at Fair Value | $ 911 | $ 793 | |||||
Shares | shares | 1,000,000 | 1,000,000 | 1,000,000 | ||||
Investments Owned Acquisition Date | Aug. 09, 2021 | [37] | Aug. 09, 2021 | [38] | Aug. 09, 2021 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and Black Crow AI, Inc. affiliates, Equity, Acquisition Date 3/24/2021, Series Preferred Note | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,792 | [2],[39] | $ 3,000 | [4],[40] | |||
Investments at Fair Value | $ 2,793 | [39] | $ 3,000 | [40] | |||
Shares | shares | 3 | [39] | 3 | [40] | 3 | [40] | |
Investments Owned Acquisition Date | Mar. 24, 2021 | [37],[39] | Mar. 24, 2021 | [38],[40] | Mar. 24, 2021 | [38],[40] | |
Investment, Identifier [Axis]: Equity Investments Software and CapLinked, Inc., Equity, Acquisition Date 10/26/2012, Series Preferred Series A-3 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 51 | [2] | $ 51 | [4] | |||
Investments at Fair Value | $ 0 | $ 6 | |||||
Shares | shares | 53,614 | 53,614 | 53,614 | ||||
Investments Owned Acquisition Date | Oct. 26, 2012 | [37] | Oct. 26, 2012 | [38] | Oct. 26, 2012 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 11/20/2018, Series Preferred Series D | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 500 | [2],[23],[24] | $ 500 | [4],[25],[26] | |||
Investments at Fair Value | $ 660 | [23],[24] | $ 732 | [25],[26] | |||
Shares | shares | 108,500 | [23],[24] | 108,500 | [25],[26] | 108,500 | [25],[26] | |
Investments Owned Acquisition Date | Nov. 20, 2018 | [23],[24],[37] | Nov. 20, 2018 | [25],[26],[38] | Nov. 20, 2018 | [25],[26],[38] | |
Investment, Identifier [Axis]: Equity Investments Software and Contentful Global, Inc., Equity, Acquisition Date 12/22/2020, Series Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 138 | [2],[23],[24] | $ 138 | [4],[25],[26] | |||
Investments at Fair Value | $ 233 | [23],[24] | $ 258 | [25],[26] | |||
Shares | shares | 41,000 | [23],[24] | 41,000 | [25],[26] | 41,000 | [25],[26] | |
Investments Owned Acquisition Date | Dec. 22, 2020 | [23],[24],[37] | Dec. 22, 2020 | [25],[26],[38] | Dec. 22, 2020 | [25],[26],[38] | |
Investment, Identifier [Axis]: Equity Investments Software and Docker, Inc., Equity, Acquisition Date 11/29/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 4,284 | [2] | $ 4,284 | [4] | |||
Investments at Fair Value | $ 545 | $ 503 | |||||
Shares | shares | 20,000 | 20,000 | 20,000 | ||||
Investments Owned Acquisition Date | Nov. 29, 2018 | [37] | Nov. 29, 2018 | [38] | Nov. 29, 2018 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 10/22/2015, Series Preferred Series 2 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,000 | [2] | $ 1,000 | [4] | |||
Investments at Fair Value | $ 1,639 | $ 1,764 | |||||
Shares | shares | 458,841 | 458,841 | 458,841 | ||||
Investments Owned Acquisition Date | Oct. 22, 2015 | [37] | Oct. 22, 2015 | [38] | Oct. 22, 2015 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and Druva Holdings, Inc., Equity, Acquisition Date 8/24/2017, Series Preferred Series 3 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 300 | [2] | $ 300 | [4] | |||
Investments at Fair Value | $ 365 | $ 395 | |||||
Shares | shares | 93,620 | 93,620 | 93,620 | ||||
Investments Owned Acquisition Date | Aug. 24, 2017 | [37] | Aug. 24, 2017 | [38] | Aug. 24, 2017 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and HighRoads, Inc., Equity, Acquisition Date 1/18/2013, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 307 | [2] | $ 307 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 190 | 190 | 190 | ||||
Investments Owned Acquisition Date | Jan. 18, 2013 | [37] | Jan. 18, 2013 | [38] | Jan. 18, 2013 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and Lightbend, Inc., Equity, Acquisition Date 12/4/2020, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 265 | [2] | $ 265 | [4] | |||
Investments at Fair Value | $ 21 | $ 24 | |||||
Shares | shares | 38,461 | 38,461 | 38,461 | ||||
Investments Owned Acquisition Date | Dec. 04, 2020 | [37] | Dec. 04, 2020 | [38] | Dec. 04, 2020 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and Nextdoor.com, Inc., Equity, Acquisition Date 8/1/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 4,854 | [2],[37] | $ 4,854 | [4],[38] | |||
Investments at Fair Value | $ 2,191 | [37] | $ 2,100 | [38] | |||
Shares | shares | 1,019,255 | [37] | 1,019,255 | [38] | 1,019,255 | [38] | |
Investments Owned Acquisition Date | Aug. 01, 2018 | [37] | Aug. 01, 2018 | [38] | Aug. 01, 2018 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and Palantir Technologies, Equity, Acquisition Date 9/23/2020, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 8,670 | [2],[37] | $ 8,670 | [4],[38] | |||
Investments at Fair Value | $ 11,985 | [37] | $ 9,106 | [38] | |||
Shares | shares | 1,418,337 | [37] | 1,418,337 | [38] | 1,418,337 | [38] | |
Investments Owned Acquisition Date | Sep. 23, 2020 | [37] | Sep. 23, 2020 | [38] | Sep. 23, 2020 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 11/25/2020, Series Preferred Series E | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,000 | [2] | $ 2,000 | [4] | |||
Investments at Fair Value | $ 2,039 | $ 1,940 | |||||
Shares | shares | 580,983 | 580,983 | 580,983 | ||||
Investments Owned Acquisition Date | Nov. 25, 2020 | [37] | Nov. 25, 2020 | [38] | Nov. 25, 2020 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and SingleStore, Inc., Equity, Acquisition Date 8/12/2021, Series Preferred Series F | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 280 | [2] | $ 280 | [4] | |||
Investments at Fair Value | $ 225 | $ 221 | |||||
Shares | shares | 52,956 | 52,956 | 52,956 | ||||
Investments Owned Acquisition Date | Aug. 12, 2021 | [37] | Aug. 12, 2021 | [38] | Aug. 12, 2021 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and Sprinklr, Inc., Equity, Acquisition Date 3/22/2017, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[38] | $ 3,748 | |||||
Investments at Fair Value | [38] | $ 5,719 | |||||
Shares | shares | [38] | 700,000 | 700,000 | ||||
Investments Owned Acquisition Date | [38] | Mar. 22, 2017 | Mar. 22, 2017 | ||||
Investment, Identifier [Axis]: Equity Investments Software and Verana Health, Inc., Equity, Acquisition Date 7/8/2021, Series Preferred Series E | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,000 | [2] | $ 2,000 | [4] | |||
Investments at Fair Value | $ 808 | $ 1,023 | |||||
Shares | shares | 952,562 | 952,562 | 952,562 | ||||
Investments Owned Acquisition Date | Jul. 08, 2021 | [37] | Jul. 08, 2021 | [38] | Jul. 08, 2021 | [38] | |
Investment, Identifier [Axis]: Equity Investments Software and ZeroFox, Inc., Equity, Acquisition Date 5/7/2020, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 101 | [2],[37] | $ 101 | [4],[38],[41] | |||
Investments at Fair Value | $ 423 | [37] | $ 1,382 | [38],[41] | |||
Shares | shares | 289,992 | [37] | 289,992 | [38],[41] | 289,992 | [38],[41] | |
Investments Owned Acquisition Date | May 07, 2020 | [37] | May 07, 2020 | [38],[41] | May 07, 2020 | [38],[41] | |
Investment, Identifier [Axis]: Equity Investments Software, Contentful Global, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 638 | [2] | $ 638 | [4] | |||
Investments at Fair Value | $ 893 | $ 990 | |||||
Shares | shares | 149,500 | 149,500 | 149,500 | ||||
Investment, Identifier [Axis]: Equity Investments Software, Druva Holdings, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,300 | [2] | $ 1,300 | [4] | |||
Investments at Fair Value | $ 2,004 | $ 2,159 | |||||
Shares | shares | 552,461 | 552,461 | 552,461 | ||||
Investment, Identifier [Axis]: Equity Investments Software, SingleStore, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,280 | [2] | $ 2,280 | [4] | |||
Investments at Fair Value | $ 2,264 | $ 2,161 | |||||
Shares | shares | 633,939 | 633,939 | 633,939 | ||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices (0.18%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.18% | 0.18% | ||||
Investment cost | [4] | $ 2,479 | |||||
Investments at Fair Value | 2,546 | ||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices (0.24%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.24%) | |||||
Investment cost | [2] | $ 2,479 | |||||
Investments at Fair Value | 3,592 | ||||||
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 1/18/2007, Series Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 250 | [2] | 250 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 219,298 | 219,298 | 219,298 | ||||
Investments Owned Acquisition Date | Jan. 18, 2007 | [37] | Jan. 18, 2007 | [38] | Jan. 18, 2007 | [38] | |
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 12/18/2018, Series Preferred Series F | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 118 | [2] | $ 118 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 1,523,693 | 1,523,693 | 1,523,693 | ||||
Investments Owned Acquisition Date | Dec. 18, 2018 | [37] | Dec. 18, 2018 | [38] | Dec. 18, 2018 | [38] | |
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 12/18/2018, Series Preferred Series F-1 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 150 | [2] | $ 150 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 2,418,125 | 2,418,125 | 2,418,125 | ||||
Investments Owned Acquisition Date | Dec. 18, 2018 | [37] | Dec. 18, 2018 | [38] | Dec. 18, 2018 | [38] | |
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 2/8/2013, Series Preferred Series D | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 712 | [2] | $ 712 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 1,991,157 | 1,991,157 | 1,991,157 | ||||
Investments Owned Acquisition Date | Feb. 08, 2013 | [37] | Feb. 08, 2013 | [38] | Feb. 08, 2013 | [38] | |
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 6/16/2010, Series Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 282 | [2] | $ 282 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 656,538 | 656,538 | 656,538 | ||||
Investments Owned Acquisition Date | Jun. 16, 2010 | [37] | Jun. 16, 2010 | [38] | Jun. 16, 2010 | [38] | |
Investment, Identifier [Axis]: Equity Investments Surgical Devices and Gynesonics, Inc., Equity, Acquisition Date 7/14/2015, Series Preferred Series E | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 429 | [2] | $ 429 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 2,786,367 | 2,786,367 | 2,786,367 | ||||
Investments Owned Acquisition Date | Jul. 14, 2015 | [37] | Jul. 14, 2015 | [38] | Jul. 14, 2015 | [38] | |
Investment, Identifier [Axis]: Equity Investments Surgical Devices and TransMedics Group, Inc., Equity, Acquisition Date 11/7/2012, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 538 | [2],[37],[42] | $ 538 | [4],[38] | |||
Investments at Fair Value | $ 3,592 | [37],[42] | $ 2,546 | [38] | |||
Shares | shares | 50,000 | [37],[42] | 50,000 | [38] | 50,000 | [38] | |
Investments Owned Acquisition Date | Nov. 07, 2012 | [37],[42] | Nov. 07, 2012 | [38] | Nov. 07, 2012 | [38] | |
Investment, Identifier [Axis]: Equity Investments Surgical Devices, Gynesonics, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,941 | [2] | $ 1,941 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 9,595,178 | 9,595,178 | 9,595,178 | ||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology (0.36%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.36%) | |||||
Investment cost | [2] | $ 11,508 | |||||
Investments at Fair Value | 5,371 | ||||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology (0.57%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.57% | 0.57% | ||||
Investment cost | [4] | $ 11,508 | |||||
Investments at Fair Value | 7,984 | ||||||
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Fulcrum Bioenergy, Inc., Equity, Acquisition Date 9/13/2012, Series Preferred Series C-1 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 711 | [2] | 711 | [4] | |||
Investments at Fair Value | $ 985 | $ 995 | |||||
Shares | shares | 187,265 | 187,265 | 187,265 | ||||
Investments Owned Acquisition Date | Sep. 13, 2012 | [37] | Sep. 13, 2012 | [38] | Sep. 13, 2012 | [38] | |
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Impossible Foods, Inc., Equity, Acquisition Date 5/10/2019, Series Preferred Series E-1 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 2,000 | [2] | $ 2,000 | [4] | |||
Investments at Fair Value | $ 865 | $ 2,173 | |||||
Shares | shares | 188,611 | 188,611 | 188,611 | ||||
Investments Owned Acquisition Date | May 10, 2019 | [37] | May 10, 2019 | [38] | May 10, 2019 | [38] | |
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Modumetal, Inc., Equity, Acquisition Date 6/1/2015, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 500 | [2] | $ 500 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 1,035 | 1,035 | 1,035 | ||||
Investments Owned Acquisition Date | Jun. 01, 2015 | [37] | Jun. 01, 2015 | [38] | Jun. 01, 2015 | [38] | |
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and NantEnergy, LLC, Equity, Acquisition Date 8/31/2013, Series Common Units | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 102 | [2] | $ 102 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 59,665 | 59,665 | 59,665 | ||||
Investments Owned Acquisition Date | Aug. 31, 2013 | [37] | Aug. 31, 2013 | [38] | Aug. 31, 2013 | [38] | |
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Pineapple Energy LLC, Equity, Acquisition Date 12/10/2020, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 3,153 | [2],[37] | $ 3,153 | [4],[38],[41] | |||
Investments at Fair Value | $ 484 | [37] | $ 634 | [38],[41] | |||
Shares | shares | 304,487 | [37] | 304,486 | [38],[41] | 304,486 | [38],[41] | |
Investments Owned Acquisition Date | Dec. 10, 2020 | [37] | Dec. 10, 2020 | [38],[41] | Dec. 10, 2020 | [38],[41] | |
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Pivot Bio, Inc., Equity, Acquisition Date 6/28/2021, Series Preferred Series D | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 4,500 | [2] | $ 4,500 | [4] | |||
Investments at Fair Value | $ 2,341 | $ 2,456 | |||||
Shares | shares | 593,080 | 593,080 | 593,080 | ||||
Investments Owned Acquisition Date | Jun. 28, 2021 | [37] | Jun. 28, 2021 | [38] | Jun. 28, 2021 | [38] | |
Investment, Identifier [Axis]: Equity Investments Sustainable and Renewable Technology and Proterra, Inc., Equity, Acquisition Date 5/28/2015, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 542 | [2],[37] | $ 542 | [4],[38] | |||
Investments at Fair Value | $ 696 | [37] | $ 1,726 | [38] | |||
Shares | shares | 457,841 | [37] | 457,841 | [38] | 457,841 | [38] | |
Investments Owned Acquisition Date | May 28, 2015 | [37] | May 28, 2015 | [38] | May 28, 2015 | [38] | |
Investment, Identifier [Axis]: Equity Investments and Drug Discovery & Development and BridgeBio Pharma, Inc., Equity, Acquisition Date 6/21/2018, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[38] | $ 2,255 | |||||
Investments at Fair Value | [38] | $ 1,763 | |||||
Shares | shares | [38] | 231,329 | 231,329 | ||||
Investments Owned Acquisition Date | [38] | Jun. 21, 2018 | Jun. 21, 2018 | ||||
Investment, Identifier [Axis]: Equity Investments and Drug Discovery & Development and Dare Biosciences, Inc., Equity, Acquisition Date 1/8/2015, Series Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2],[37] | $ 1,000 | |||||
Investments at Fair Value | [37] | $ 14 | |||||
Shares | shares | [37] | 13,550 | |||||
Investments Owned Acquisition Date | [37] | Jan. 08, 2015 | |||||
Investment, Identifier [Axis]: Equity Investments and Medical Devices & Equipment and Coronado Aesthetics, LLC, Equity, Acquisition Date 10/15/2021, Series Preferred Series A-2 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[33] | $ 250 | |||||
Investments at Fair Value | [33] | $ 313 | |||||
Shares | shares | [33] | 5,000,000 | 5,000,000 | ||||
Investments Owned Acquisition Date | [33],[38] | Oct. 15, 2021 | Oct. 15, 2021 | ||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments (0.26%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.26%) | |||||
Investment cost | [2] | $ 3,807 | |||||
Investments at Fair Value | $ 3,900 | ||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments (0.28%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.28% | 0.28% | ||||
Investment cost | [4] | $ 3,499 | |||||
Investments at Fair Value | $ 3,893 | ||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Drug Discovery & Development (0.24%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.24%) | |||||
Investment cost | [2] | $ 3,426 | |||||
Investments at Fair Value | 3,550 | ||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Drug Discovery & Development (0.25%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.25% | 0.25% | ||||
Investment cost | [4] | $ 3,118 | |||||
Investments at Fair Value | 3,518 | ||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund I C.V., Investment Funds & Vehicles, Acquisition Date 11/16/2020 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 3,007 | [2],[7],[23],[24] | 2,699 | [4],[8],[25],[26] | |||
Investments at Fair Value | $ 3,103 | [7],[23],[24] | $ 3,080 | [8],[25],[26] | |||
Investments Owned Acquisition Date | Nov. 16, 2020 | [7],[23],[24],[37] | Nov. 16, 2020 | [8],[25],[26],[38] | Nov. 16, 2020 | [8],[25],[26],[38] | |
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Drug Discovery & Development and Forbion Growth Opportunities Fund II C.V., Investment Funds & Vehicles, Acquisition Date 6/23/2022 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 419 | [2],[7],[23],[24] | $ 419 | [4],[8],[25],[26] | |||
Investments at Fair Value | $ 447 | [7],[23],[24] | $ 438 | [8],[25],[26] | |||
Investments Owned Acquisition Date | Jun. 23, 2022 | [7],[23],[24],[37] | Jun. 23, 2022 | [8],[25],[26],[38] | Jun. 23, 2022 | [8],[25],[26],[38] | |
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Software (0.02%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.02%) | |||||
Investment cost | [2] | $ 381 | |||||
Investments at Fair Value | 350 | ||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Software (0.03%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.03% | 0.03% | ||||
Investment cost | [4] | $ 381 | |||||
Investments at Fair Value | $ 375 | ||||||
Investment, Identifier [Axis]: Investment Funds & Vehicles Investments and Software and Liberty Zim Co-Invest L.P., Investment Funds & Vehicles, Acquisition Date 7/21/2022 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2],[23],[24] | 381 | |||||
Investments at Fair Value | [23],[24] | $ 350 | |||||
Investments Owned Acquisition Date | [23],[24],[37] | Jul. 21, 2022 | |||||
Investment, Identifier [Axis]: Investments (208.82%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (208.82%) | |||||
Investment cost | [2] | $ 3,150,846 | |||||
Investments at Fair Value | $ 3,130,178 | ||||||
Investment, Identifier [Axis]: Investments (211.49%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 211.49% | 211.49% | ||||
Investment cost | [4] | $ 3,005,696 | |||||
Investments at Fair Value | $ 2,963,955 | ||||||
Investment, Identifier [Axis]: Investments after Cash and Cash Equivalents (209.82%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (209.82%) | |||||
Investment cost | [2] | $ 3,165,846 | |||||
Investments at Fair Value | $ 3,145,178 | ||||||
Investment, Identifier [Axis]: Investments in Securities (208.56%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (208.56%) | |||||
Investment cost | [2] | $ 3,147,039 | |||||
Investments at Fair Value | $ 3,126,278 | ||||||
Investment, Identifier [Axis]: Investments in Securities (211.21%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 211.21% | 211.21% | ||||
Investment cost | [4] | $ 3,002,197 | |||||
Investments at Fair Value | $ 2,960,062 | ||||||
Investment, Identifier [Axis]: Warrant Investments (2.19%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 2.19% | 2.19% | ||||
Investment cost | [4] | $ 30,964 | |||||
Investments at Fair Value | $ 30,646 | ||||||
Investment, Identifier [Axis]: Warrant Investments (2.22%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (2.22%) | |||||
Investment cost | [2] | $ 31,723 | |||||
Investments at Fair Value | $ 33,210 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Biotechnology Tools (0.03%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | (0.03%) | [1] | 0.03% | [3] | 0.03% | [3] | |
Investment cost | $ 485 | [2] | $ 485 | [4] | |||
Investments at Fair Value | 505 | 486 | |||||
Investment, Identifier [Axis]: Warrant Investments and Biotechnology Tools and Alamar Biosciences, Inc., Warrant, Acquisition Date 6/21/2022, Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 24 | [2] | 24 | [4] | |||
Investments at Fair Value | $ 23 | $ 23 | |||||
Shares | shares | 15,399 | 15,399 | 15,399 | ||||
Investments Owned Acquisition Date | Jun. 21, 2022 | [37] | Jun. 21, 2022 | [38] | Jun. 21, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Biotechnology Tools and PathAI, Inc., Warrant, Acquisition Date 12/23/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 461 | [2] | $ 461 | [4] | |||
Investments at Fair Value | $ 482 | $ 463 | |||||
Shares | shares | 53,418 | 53,418 | 53,418 | ||||
Investments Owned Acquisition Date | Dec. 23, 2022 | [37] | Dec. 23, 2022 | [38] | Dec. 23, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Communications & Networking (0.01%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | (0.01%) | [1] | 0.01% | [3] | 0.01% | [3] | |
Investment cost | $ 541 | [2] | $ 541 | [4] | |||
Investments at Fair Value | 118 | 99 | |||||
Investment, Identifier [Axis]: Warrant Investments and Communications & Networking and Aryaka Networks, Inc., Warrant, Acquisition Date 6/28/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 123 | [2] | 123 | [4] | |||
Investments at Fair Value | $ 118 | $ 99 | |||||
Shares | shares | 229,611 | 229,611 | 229,611 | ||||
Investments Owned Acquisition Date | Jun. 28, 2022 | [37] | Jun. 28, 2022 | [38] | Jun. 28, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Communications & Networking and Spring Mobile Solutions, Inc., Warrant, Acquisition Date 4/19/2013, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 418 | [2] | $ 418 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 2,834,375 | 2,834,375 | 2,834,375 | ||||
Investments Owned Acquisition Date | Apr. 19, 2013 | [37] | Apr. 19, 2013 | [38] | Apr. 19, 2013 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products (0.14%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.14%) | |||||
Investment cost | [2] | $ 1,712 | |||||
Investments at Fair Value | 2,120 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products (0.17%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.17% | 0.17% | ||||
Investment cost | [4] | $ 1,712 | |||||
Investments at Fair Value | 2,323 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and Gadget Guard, LLC, Warrant, Acquisition Date 6/3/2014, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 228 | [2] | 228 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 1,662,441 | 1,662,441 | 1,662,441 | ||||
Investments Owned Acquisition Date | Jun. 03, 2014 | [37] | Jun. 03, 2014 | [38] | Jun. 03, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and Savage X Holding, LLC, Warrant, Acquisition Date 6/27/2014, Class A Units | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4] | $ 0 | |||||
Investments at Fair Value | $ 1,025 | $ 1,103 | |||||
Shares | shares | 206,185 | 206,185 | 206,185 | ||||
Investments Owned Acquisition Date | Jun. 27, 2014 | [37] | Jun. 27, 2014 | [38] | Jun. 27, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and TFG Holding, Inc., Warrant, Acquisition Date 6/27/2014, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4] | $ 0 | |||||
Investments at Fair Value | |||||||
Shares | shares | 206,185 | 206,185 | 206,185 | ||||
Investments Owned Acquisition Date | Jun. 27, 2014 | [37] | Jun. 27, 2014 | [38] | Jun. 27, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and TechStyle, Inc., Warrant, Acquisition Date 7/16/2013, Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,101 | [2] | $ 1,101 | [4] | |||
Investments at Fair Value | $ 720 | $ 745 | |||||
Shares | shares | 206,185 | 206,185 | 206,185 | ||||
Investments Owned Acquisition Date | Jul. 16, 2013 | [37] | Jul. 16, 2013 | [38] | Jul. 16, 2013 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and The Neat Company, Warrant, Acquisition Date 8/13/2014, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 365 | [2] | $ 365 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 54,054 | 54,054 | 54,054 | ||||
Investments Owned Acquisition Date | Aug. 13, 2014 | [37] | Aug. 13, 2014 | [38] | Aug. 13, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Products and Whoop, Inc., Warrant, Acquisition Date 6/27/2018, Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 18 | [2] | $ 18 | [4] | |||
Investments at Fair Value | $ 375 | $ 475 | |||||
Shares | shares | 686,270 | 686,270 | 686,270 | ||||
Investments Owned Acquisition Date | Jun. 27, 2018 | [37] | Jun. 27, 2018 | [38] | Jun. 27, 2018 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services (0.19%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.19% | 0.19% | ||||
Investment cost | [4] | $ 4,248 | |||||
Investments at Fair Value | 2,639 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services (0.23%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.23%) | |||||
Investment cost | [2] | $ 4,581 | |||||
Investments at Fair Value | 3,414 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Carwow LTD, Warrant, Acquisition Date 12/14/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 164 | [2],[23],[24] | 164 | [4],[25],[26] | |||
Investments at Fair Value | $ 40 | [23],[24] | $ 34 | [25],[26] | |||
Shares | shares | 174,163 | [23],[24] | 174,163 | [25],[26] | 174,163 | [25],[26] | |
Investments Owned Acquisition Date | Dec. 14, 2021 | [23],[24],[37] | Dec. 14, 2021 | [25],[26],[38] | Dec. 14, 2021 | [25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Houzz, Inc., Warrant, Acquisition Date 10/29/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 20 | [2] | $ 20 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 529,661 | 529,661 | 529,661 | ||||
Investments Owned Acquisition Date | Oct. 29, 2019 | [37] | Oct. 29, 2019 | [38] | Oct. 29, 2019 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Landing Holdings Inc., Warrant, Acquisition Date 3/12/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 116 | [2],[29] | $ 116 | [4],[30] | |||
Investments at Fair Value | $ 201 | [29] | $ 127 | [30] | |||
Shares | shares | 11,806 | [29] | 11,806 | [30] | 11,806 | [30] | |
Investments Owned Acquisition Date | Mar. 12, 2021 | [29],[37] | Mar. 12, 2021 | [30],[38] | Mar. 12, 2021 | [30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Lendio, Inc., Warrant, Acquisition Date 3/29/2019, Preferred Series D | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 39 | [2] | $ 39 | [4] | |||
Investments at Fair Value | $ 43 | $ 19 | |||||
Shares | shares | 127,032 | 127,032 | 127,032 | ||||
Investments Owned Acquisition Date | Mar. 29, 2019 | [37] | Mar. 29, 2019 | [38] | Mar. 29, 2019 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Modern Life, Inc., Warrant, Acquisition Date 3/30/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2] | $ 214 | |||||
Investments at Fair Value | $ 218 | ||||||
Shares | shares | 49,192 | ||||||
Investments Owned Acquisition Date | [37] | Mar. 30, 2023 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Provi, Warrant, Acquisition Date 12/22/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 166 | [2],[29] | $ 166 | [4],[30] | |||
Investments at Fair Value | $ 138 | [29] | $ 155 | [30] | |||
Shares | shares | 117,042 | [29] | 117,042 | [30] | 117,042 | [30] | |
Investments Owned Acquisition Date | Dec. 22, 2022 | [29],[37] | Dec. 22, 2022 | [30],[38] | Dec. 22, 2022 | [30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Rhino Labs, Inc., Warrant, Acquisition Date 3/12/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 470 | [2],[29] | $ 470 | [4],[30] | |||
Investments at Fair Value | $ 219 | [29] | $ 308 | [30] | |||
Shares | shares | 13,106 | [29] | 13,106 | [30] | 13,106 | [30] | |
Investments Owned Acquisition Date | Mar. 12, 2021 | [29],[37] | Mar. 12, 2021 | [30],[38] | Mar. 12, 2021 | [30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and RumbleON, Inc., Warrant, Acquisition Date 4/30/2018, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 88 | [2],[37] | $ 88 | [4],[38] | |||
Investments at Fair Value | $ 0 | [37] | $ 0 | [38] | |||
Shares | shares | 5,139 | [37] | 5,139 | [38] | 5,139 | [38] | |
Investments Owned Acquisition Date | Apr. 30, 2018 | [37] | Apr. 30, 2018 | [38] | Apr. 30, 2018 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and SeatGeek, Inc., Warrant, Acquisition Date 6/12/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 842 | [2],[18],[19] | $ 842 | [4],[21],[22] | |||
Investments at Fair Value | $ 2,027 | [18],[19] | $ 1,332 | [21],[22] | |||
Shares | shares | 1,379,761 | [18],[19] | 1,379,761 | [21],[22] | 1,379,761 | [21],[22] | |
Investments Owned Acquisition Date | Jun. 12, 2019 | [18],[19],[37] | Jun. 12, 2019 | [21],[22],[38] | Jun. 12, 2019 | [21],[22],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Skyword, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 140 | [2] | $ 140 | [4] | |||
Investments at Fair Value | $ 27 | $ 43 | |||||
Shares | shares | 2,051,587 | 2,051,587 | 2,051,587 | ||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 11/14/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 57 | [2] | $ 57 | [4] | |||
Investments at Fair Value | $ 26 | [18] | $ 43 | ||||
Shares | shares | 1,607,143 | 1,607,143 | 1,607,143 | ||||
Investments Owned Acquisition Date | Nov. 14, 2022 | [37] | Nov. 14, 2022 | [38] | Nov. 14, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Skyword, Inc., Warrant, Acquisition Date 8/23/2019, Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 83 | [2] | $ 83 | [4] | |||
Investments at Fair Value | $ 1 | ||||||
Shares | shares | 444,444 | 444,444 | 444,444 | ||||
Investments Owned Acquisition Date | Aug. 23, 2019 | [37] | Aug. 23, 2019 | [38] | Aug. 23, 2019 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Snagajob.com, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 860 | [2] | $ 860 | [4] | |||
Investments at Fair Value | $ 66 | $ 118 | |||||
Shares | shares | 3,611,537 | 3,611,537 | 3,611,537 | ||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 4/20/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 16 | [2] | $ 16 | [4] | |||
Investments at Fair Value | $ 22 | $ 43 | |||||
Shares | shares | 600,000 | 600,000 | 600,000 | ||||
Investments Owned Acquisition Date | Apr. 20, 2020 | [37] | Apr. 20, 2020 | [38] | Apr. 20, 2020 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 6/30/2016, Preferred Series A | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 782 | [2] | $ 782 | [4] | |||
Investments at Fair Value | $ 29 | $ 50 | |||||
Shares | shares | 1,800,000 | 1,800,000 | 1,800,000 | ||||
Investments Owned Acquisition Date | Jun. 30, 2016 | [37] | Jun. 30, 2016 | [38] | Jun. 30, 2016 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Snagajob.com, Inc., Warrant, Acquisition Date 8/1/2018, Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 62 | [2] | $ 62 | [4] | |||
Investments at Fair Value | $ 15 | $ 25 | |||||
Shares | shares | 1,211,537 | 1,211,537 | 1,211,537 | ||||
Investments Owned Acquisition Date | Aug. 01, 2018 | [37] | Aug. 01, 2018 | [38] | Aug. 01, 2018 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Thumbtack, Inc., Warrant, Acquisition Date 5/1/2018, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 844 | [2],[18] | $ 844 | [4],[21] | |||
Investments at Fair Value | $ 384 | [18] | $ 280 | [21] | |||
Shares | shares | 267,225 | [18] | 267,225 | [21] | 267,225 | [21] | |
Investments Owned Acquisition Date | May 01, 2018 | [18],[37] | May 01, 2018 | [21],[38] | May 01, 2018 | [21],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Udacity, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 218 | [2],[18] | $ 218 | [4],[21] | |||
Investments at Fair Value | [21] | $ 4 | |||||
Shares | shares | 486,359 | [18] | 486,359 | [21] | 486,359 | [21] | |
Investments Owned Acquisition Date | Sep. 25, 2020 | [18],[37] | Sep. 25, 2020 | [21],[38] | Sep. 25, 2020 | [21],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Veem, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 126 | [2] | $ 126 | [4] | |||
Investments at Fair Value | $ 24 | $ 25 | |||||
Shares | shares | 98,428 | 98,428 | 98,428 | ||||
Investments Owned Acquisition Date | Mar. 31, 2022 | [37] | Mar. 31, 2022 | [38] | Mar. 31, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2] | $ 119 | |||||
Investments at Fair Value | $ 14 | ||||||
Shares | shares | 130,355 | ||||||
Investments Owned Acquisition Date | [37] | Mar. 28, 2022 | |||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Worldremit Group Limited | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 155 | [2] | $ 155 | [4] | |||
Investments at Fair Value | $ 13 | $ 194 | |||||
Shares | shares | 79,083 | 79,083 | 79,083 | ||||
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 2/11/2021, Preferred Series D | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 129 | [2],[18],[19],[23],[24] | $ 129 | [4],[21],[22],[25],[26] | |||
Investments at Fair Value | $ 13 | [18],[19],[23],[24] | $ 192 | [21],[22],[25],[26] | |||
Shares | shares | 77,215 | [18],[19],[23],[24] | 77,215 | [21],[22],[25],[26] | 77,215 | [21],[22],[25],[26] | |
Investments Owned Acquisition Date | Feb. 11, 2021 | [18],[19],[23],[24],[37] | Feb. 11, 2021 | [21],[22],[25],[26],[38] | Feb. 11, 2021 | [21],[22],[25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Consumer & Business Services and Worldremit Group Limited, Warrant, Acquisition Date 8/27/2021, Preferred Series E | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 26 | [2],[19],[23],[24] | $ 26 | [4],[22],[25],[26] | |||
Investments at Fair Value | [22],[25],[26] | $ 2 | |||||
Shares | shares | 1,868 | [19],[23],[24] | 1,868 | [22],[25],[26] | 1,868 | [22],[25],[26] | |
Investments Owned Acquisition Date | Aug. 27, 2021 | [19],[23],[24],[37] | Aug. 27, 2021 | [22],[25],[26],[38] | Aug. 27, 2021 | [22],[25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Diversified Financial Services (0.01%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.01%) | |||||
Investment cost | [2] | $ 214 | |||||
Investments at Fair Value | 189 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Diversified Financial Services and Next Insurance, Inc., Warrant, Acquisition Date 2/3/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2] | 214 | |||||
Investments at Fair Value | $ 189 | ||||||
Shares | shares | 522,930 | ||||||
Investments Owned Acquisition Date | [37] | Feb. 03, 2023 | |||||
Investment, Identifier [Axis]: Warrant Investments and Drug Delivery (0.00%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | (0.00%) | [1] | 0% | [3] | 0% | [3] | |
Investment cost | $ 465 | [2] | $ 465 | [4] | |||
Investments at Fair Value | 0 | 1 | |||||
Investment, Identifier [Axis]: Warrant Investments and Drug Delivery and Aerami Therapeutics Holdings, Inc., Warrant, Acquisition Date 9/30/2015, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 74 | [2] | 74 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 110,882 | 110,882 | 110,882 | ||||
Investments Owned Acquisition Date | Sep. 30, 2015 | [37] | Sep. 30, 2015 | [38] | Sep. 30, 2015 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Delivery and BioQ Pharma Incorporated, Warrant, Acquisition Date 10/27/2014, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1 | [2] | $ 1 | [4] | |||
Investments at Fair Value | $ 0 | ||||||
Shares | shares | 459,183 | 459,183 | 459,183 | ||||
Investments Owned Acquisition Date | Oct. 27, 2014 | [37] | Oct. 27, 2014 | [38] | Oct. 27, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Delivery and PDS Biotechnology Corporation, Warrant, Acquisition Date 8/28/2014, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 390 | [2],[37] | $ 390 | [4],[38] | |||
Investments at Fair Value | $ 0 | [37] | $ 1 | [38] | |||
Shares | shares | 3,929 | [37] | 3,929 | [38] | 3,929 | [38] | |
Investments Owned Acquisition Date | Aug. 28, 2014 | [37] | Aug. 28, 2014 | [38] | Aug. 28, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development (0.60%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.60% | 0.60% | ||||
Investment cost | [4] | $ 7,466 | |||||
Investments at Fair Value | 8,444 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development (0.70%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.70%) | |||||
Investment cost | [2] | $ 8,142 | |||||
Investments at Fair Value | 10,484 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and ADMA Biologics, Inc., Warrant, Acquisition Date 2/24/2014, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 166 | [2],[37] | 166 | [4],[38] | |||
Investments at Fair Value | $ 4 | [37] | $ 10 | [38] | |||
Shares | shares | 58,000 | [37] | 58,000 | [38] | 58,000 | [38] | |
Investments Owned Acquisition Date | Feb. 24, 2014 | [37] | Feb. 24, 2014 | [38] | Feb. 24, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Acacia Pharma Inc., Warrant, Acquisition Date 6/29/2018, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 304 | [2],[23],[24] | $ 304 | [4],[25],[26] | |||
Investments at Fair Value | $ 0 | [23],[24] | $ 0 | [25],[26] | |||
Shares | shares | 201,330 | [23],[24] | 201,330 | [25],[26] | 201,330 | [25],[26] | |
Investments Owned Acquisition Date | Jun. 29, 2018 | [23],[24],[37] | Jun. 29, 2018 | [25],[26],[38] | Jun. 29, 2018 | [25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Akero Therapeutics, Inc., Warrant, Acquisition Date 6/15/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 175 | [2],[23],[37] | $ 56 | [4],[25],[38] | |||
Investments at Fair Value | $ 562 | [23],[37] | $ 674 | [25],[38] | |||
Shares | shares | 22,949 | [23],[37] | 18,360 | [25],[38] | 18,360 | [25],[38] | |
Investments Owned Acquisition Date | Jun. 15, 2022 | [23],[37] | Jun. 15, 2022 | [25],[38] | Jun. 15, 2022 | [25],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Albireo Pharma, Inc., Warrant, Acquisition Date 6/8/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[25],[38] | $ 61 | |||||
Investments at Fair Value | [25],[38] | $ 31 | |||||
Shares | shares | [25],[38] | 5,311 | 5,311 | ||||
Investments Owned Acquisition Date | [25],[38] | Jun. 08, 2020 | Jun. 08, 2020 | ||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and AmplifyBio, LLC, Warrant, Acquisition Date 12/27/2022, Class A Units | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 237 | [2],[29] | $ 238 | [4],[30] | |||
Investments at Fair Value | $ 236 | [29] | $ 256 | [30] | |||
Shares | shares | 69,239 | [29] | 69,239 | [30] | 69,239 | [30] | |
Investments Owned Acquisition Date | Dec. 27, 2022 | [29],[37] | Dec. 27, 2022 | [30],[38] | Dec. 27, 2022 | [30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Axsome Therapeutics, Inc., Warrant, Acquisition Date 9/25/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,101 | [2],[18],[19],[23],[37] | $ 880 | [4],[21],[22],[25],[38] | |||
Investments at Fair Value | $ 1,289 | [18],[19],[23],[37] | $ 1,590 | [21],[22],[25],[38] | |||
Shares | shares | 53,971 | [18],[19],[23],[37] | 40,396 | [21],[22],[25],[38] | 40,396 | [21],[22],[25],[38] | |
Investments Owned Acquisition Date | Sep. 25, 2020 | [18],[19],[23],[37] | Sep. 25, 2020 | [21],[22],[25],[38] | Sep. 25, 2020 | [21],[22],[25],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Cellarity, Inc., Warrant, Acquisition Date 12/8/2021, Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 287 | [2],[29] | $ 287 | [4],[30] | |||
Investments at Fair Value | $ 253 | [29] | $ 318 | [30] | |||
Shares | shares | 100,000 | [29] | 100,000 | [30] | 100,000 | [30] | |
Investments Owned Acquisition Date | Dec. 08, 2021 | [29],[37] | Dec. 08, 2021 | [30],[38] | Dec. 08, 2021 | [30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Century Therapeutics, Inc., Warrant, Acquisition Date 9/14/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 37 | [2],[37] | $ 37 | [4],[38] | |||
Investments at Fair Value | $ 0 | [37] | $ 3 | [38] | |||
Shares | shares | 16,112 | [37] | 16,112 | [38] | 16,112 | [38] | |
Investments Owned Acquisition Date | Sep. 14, 2020 | [37] | Sep. 14, 2020 | [38] | Sep. 14, 2020 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Dermavant Sciences Ltd., Warrant, Acquisition Date 5/31/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 101 | [2],[23],[24] | $ 101 | [4],[25],[26] | |||
Investments at Fair Value | $ 129 | [23],[24] | $ 199 | [25],[26] | |||
Shares | shares | 223,642 | [23],[24] | 223,642 | [25],[26] | 223,642 | [25],[26] | |
Investments Owned Acquisition Date | May 31, 2019 | [23],[24],[37] | May 31, 2019 | [25],[26],[38] | May 31, 2019 | [25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Evofem Biosciences, Inc., Warrant, Acquisition Date 6/11/2014, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 266 | [2],[37] | $ 266 | [4],[38] | |||
Investments at Fair Value | $ 0 | [37] | $ 0 | [38] | |||
Shares | shares | 520 | [37] | 520 | [38] | 520 | [38] | |
Investments Owned Acquisition Date | Jun. 11, 2014 | [37] | Jun. 11, 2014 | [38] | Jun. 11, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Fresh Tracks Therapeutics, Inc. (p.k.a. Brickell Biotech, Inc.), Warrant, Acquisition Date 2/18/2016, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 119 | [2],[37] | $ 119 | [4],[38] | |||
Investments at Fair Value | $ 0 | [37] | $ 0 | [38] | |||
Shares | shares | 201 | [37] | 200 | [38] | 200 | [38] | |
Investments Owned Acquisition Date | Feb. 18, 2016 | [37] | Feb. 18, 2016 | [38] | Feb. 18, 2016 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Kineta, Inc., Warrant, Acquisition Date 12/20/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 110 | [2],[37] | $ 110 | [4],[38] | |||
Investments at Fair Value | $ 0 | [37] | $ 0 | [38] | |||
Shares | shares | 2,202 | [37] | 2,202 | [38] | 2,202 | [38] | |
Investments Owned Acquisition Date | Dec. 20, 2019 | [37] | Dec. 20, 2019 | [38] | Dec. 20, 2019 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Kura Oncology, Inc., Warrant, Acquisition Date 11/2/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 88 | [2],[23],[29],[37] | $ 88 | [4],[25],[30],[38] | |||
Investments at Fair Value | $ 52 | [23],[29],[37] | $ 59 | [25],[30],[38] | |||
Shares | shares | 14,342 | [23],[29],[37] | 14,342 | [25],[30],[38] | 14,342 | [25],[30],[38] | |
Investments Owned Acquisition Date | Nov. 02, 2022 | [23],[29],[37] | Nov. 02, 2022 | [25],[30],[38] | Nov. 02, 2022 | [25],[30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Madrigal Pharmaceutical, Inc., Warrant, Acquisition Date 5/9/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 425 | [2],[23],[37] | $ 177 | [4],[25],[38] | |||
Investments at Fair Value | $ 1,829 | [23],[37] | $ 1,977 | [25],[38] | |||
Shares | shares | 11,799 | [23],[37] | 10,131 | [25],[38] | 10,131 | [25],[38] | |
Investments Owned Acquisition Date | May 09, 2022 | [23],[37] | May 09, 2022 | [25],[38] | May 09, 2022 | [25],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Myovant Sciences, Ltd., Warrant, Acquisition Date 10/16/2017, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[25],[26],[38] | $ 460 | |||||
Investments at Fair Value | [25],[26],[38] | $ 958 | |||||
Shares | shares | [25],[26],[38] | 73,710 | 73,710 | ||||
Investments Owned Acquisition Date | [25],[26],[38] | Oct. 16, 2017 | Oct. 16, 2017 | ||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Paratek Pharmaceuticals, Inc., Warrant, Acquisition Date 8/1/2018, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 520 | [2],[37] | $ 520 | [4],[38] | |||
Investments at Fair Value | $ 113 | [37] | $ 34 | [38] | |||
Shares | shares | 426,866 | [37] | 426,866 | [38] | 426,866 | [38] | |
Investments Owned Acquisition Date | Aug. 01, 2018 | [37] | Aug. 01, 2018 | [38] | Aug. 01, 2018 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Phathom Pharmaceuticals, Inc., Warrant, Acquisition Date 9/17/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 848 | [2],[18],[19],[23],[29],[37] | $ 848 | [4],[21],[22],[25],[30],[38] | |||
Investments at Fair Value | $ 60 | [18],[19],[23],[29],[37] | $ 101 | [21],[22],[25],[30],[38] | |||
Shares | shares | 64,687 | [18],[19],[23],[29],[37] | 64,687 | [21],[22],[25],[30],[38] | 64,687 | [21],[22],[25],[30],[38] | |
Investments Owned Acquisition Date | Sep. 17, 2021 | [18],[19],[23],[29],[37] | Sep. 17, 2021 | [21],[22],[25],[30],[38] | Sep. 17, 2021 | [21],[22],[25],[30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Provention Bio, Inc., Warrant, Acquisition Date 9/15/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 640 | [2],[37] | $ 281 | [4],[38] | |||
Investments at Fair Value | $ 3,312 | [37] | $ 677 | [38] | |||
Shares | shares | 205,391 | [37] | 111,934 | [38] | 111,934 | [38] | |
Investments Owned Acquisition Date | Sep. 15, 2022 | [37] | Sep. 15, 2022 | [38] | Sep. 15, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Redshift Bioanalytics, Inc., Warrant, Acquisition Date 3/23/2022, Preferred Series E | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 20 | [2],[29] | $ 20 | [4],[30] | |||
Investments at Fair Value | $ 13 | [29] | $ 21 | [30] | |||
Shares | shares | 475,510 | [29] | 475,510 | [30] | 475,510 | [30] | |
Investments Owned Acquisition Date | Mar. 23, 2022 | [29],[37] | Mar. 23, 2022 | [30],[38] | Mar. 23, 2022 | [30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Scynexis, Inc., Warrant, Acquisition Date 5/14/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 296 | [2],[18],[37] | $ 296 | [4],[21],[38] | |||
Investments at Fair Value | $ 76 | [18],[37] | $ 15 | [21],[38] | |||
Shares | shares | 106,035 | [18],[37] | 106,035 | [21],[38] | 106,035 | [21],[38] | |
Investments Owned Acquisition Date | May 14, 2021 | [18],[37] | May 14, 2021 | [21],[38] | May 14, 2021 | [21],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and TG Therapeutics, Inc., Warrant, Acquisition Date 2/28/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,284 | [2],[18],[23],[37] | $ 1,033 | [4],[21],[25],[38] | |||
Investments at Fair Value | $ 2,236 | [18],[23],[37] | $ 1,084 | [21],[25],[38] | |||
Shares | shares | 264,226 | [18],[23],[37] | 231,613 | [21],[25],[38] | 231,613 | [21],[25],[38] | |
Investments Owned Acquisition Date | Feb. 28, 2019 | [18],[23],[37] | Feb. 28, 2019 | [21],[25],[38] | Feb. 28, 2019 | [21],[25],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Tricida, Inc., Warrant, Acquisition Date 3/27/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 280 | [2] | $ 280 | [4],[38] | |||
Investments at Fair Value | $ 1 | [38] | |||||
Shares | shares | 31,352 | 31,352 | [38] | 31,352 | [38] | ||
Investments Owned Acquisition Date | Mar. 27, 2019 | [37] | Mar. 27, 2019 | [38] | Mar. 27, 2019 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and Valo Health, LLC, Warrant, Acquisition Date 6/15/2020, Common Units | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 256 | [2] | $ 256 | [4] | |||
Investments at Fair Value | $ 91 | $ 127 | |||||
Shares | shares | 102,216 | 102,216 | 102,216 | ||||
Investments Owned Acquisition Date | Jun. 15, 2020 | [37] | Jun. 15, 2020 | [38] | Jun. 15, 2020 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 12/9/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[38] | $ 510 | |||||
Investments at Fair Value | [38] | $ 281 | |||||
Shares | shares | [38] | 1,392,787 | 1,392,787 | ||||
Investments Owned Acquisition Date | [38] | Dec. 09, 2022 | Dec. 09, 2022 | ||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and X4 Pharmaceuticals, Inc., Warrant, Acquisition Date 3/28/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2],[37] | $ 510 | |||||
Investments at Fair Value | [37] | $ 212 | |||||
Shares | shares | [37] | 1,392,787 | |||||
Investments Owned Acquisition Date | [37] | Mar. 18, 2019 | |||||
Investment, Identifier [Axis]: Warrant Investments and Drug Discovery & Development and enGene, Inc., Warrant, Acquisition Date 12/30/2021, Preferred Series 3 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 72 | [2],[18],[23],[24] | $ 72 | [4],[21],[25],[26] | |||
Investments at Fair Value | $ 17 | [18],[23],[24] | $ 28 | [21],[25],[26] | |||
Shares | shares | 133,692 | [18],[23],[24] | 133,692 | [21],[25],[26] | 133,692 | [21],[25],[26] | |
Investments Owned Acquisition Date | Dec. 30, 2021 | [18],[23],[24],[37] | Dec. 30, 2021 | [21],[25],[26],[38] | Dec. 30, 2021 | [21],[25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware (0.07%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.07%) | |||||
Investment cost | [2] | $ 692 | |||||
Investments at Fair Value | 1,048 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware (0.09%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.09% | 0.09% | ||||
Investment cost | [4] | $ 692 | |||||
Investments at Fair Value | 1,273 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware and 908 Devices, Inc., Warrant, Acquisition Date 3/15/2017, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 101 | [2],[37] | 101 | [4],[38] | |||
Investments at Fair Value | $ 101 | [37] | $ 86 | [38] | |||
Shares | shares | 49,078 | [37] | 49,078 | [38] | 49,078 | [38] | |
Investments Owned Acquisition Date | Mar. 15, 2017 | [37] | Mar. 15, 2017 | [38] | Mar. 15, 2017 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware and Locus Robotics Corp., Warrant, Acquisition Date 6/21/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 34 | [2] | $ 34 | [4] | |||
Investments at Fair Value | $ 195 | $ 212 | |||||
Shares | shares | 8,503 | 8,511 | 8,511 | ||||
Investments Owned Acquisition Date | Jun. 21, 2022 | [37] | Jun. 21, 2022 | [38] | Jun. 21, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Electronics & Computer Hardware and Skydio, Inc., Warrant, Acquisition Date 11/08/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 557 | [2] | $ 557 | [4] | |||
Investments at Fair Value | $ 752 | $ 975 | |||||
Shares | shares | 622,255 | 622,255 | 622,255 | ||||
Investments Owned Acquisition Date | Nov. 08, 2021 | [37] | Nov. 08, 2021 | [38] | Nov. 08, 2021 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Healthcare Services, Other (0.00%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0% | 0% | ||||
Investment cost | [4] | $ 114 | |||||
Investments at Fair Value | 14 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Healthcare Services, Other and Vida Health, Inc., Warrant, Acquisition Date 3/28/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4] | 114 | |||||
Investments at Fair Value | $ 14 | ||||||
Shares | shares | 100,618 | 100,618 | |||||
Investments Owned Acquisition Date | [38] | Mar. 28, 2022 | Mar. 28, 2022 | ||||
Investment, Identifier [Axis]: Warrant Investments and Information Services (0.03%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.03%) | |||||
Investment cost | [2] | $ 680 | |||||
Investments at Fair Value | 444 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Information Services (0.04%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.04% | 0.04% | ||||
Investment cost | [4] | $ 680 | |||||
Investments at Fair Value | 509 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Information Services and Capella Space Corp., Warrant, Acquisition Date 10/21/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 207 | [2],[29] | 207 | [4],[30] | |||
Investments at Fair Value | $ 106 | [29] | $ 114 | [30] | |||
Shares | shares | 176,200 | [29] | 176,200 | [30] | 176,200 | [30] | |
Investments Owned Acquisition Date | Oct. 21, 2021 | [29],[37] | Oct. 21, 2021 | [30],[38] | Oct. 21, 2021 | [30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Information Services and INMOBI Inc., Warrant, Acquisition Date 11/19/2014, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 82 | [2],[23],[24] | $ 82 | [4],[25],[26] | |||
Investments at Fair Value | $ 0 | [23],[24] | $ 0 | [25],[26] | |||
Shares | shares | 65,587 | [23],[24] | 65,587 | [25],[26] | 65,587 | [25],[26] | |
Investments Owned Acquisition Date | Nov. 19, 2014 | [23],[24],[37] | Nov. 19, 2014 | [25],[26],[38] | Nov. 19, 2014 | [25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Information Services and NetBase Solutions, Inc., Warrant, Acquisition Date 8/22/2017, Preferred Series 1 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 356 | [2] | $ 356 | [4] | |||
Investments at Fair Value | $ 318 | $ 380 | |||||
Shares | shares | 60,000 | 60,000 | 60,000 | ||||
Investments Owned Acquisition Date | Aug. 22, 2017 | [37] | Aug. 22, 2017 | [38] | Aug. 22, 2017 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Information Services and Signal Media Limited, Warrant, Acquisition Date 6/29/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 35 | [2],[23],[24] | $ 35 | [4],[25],[26] | |||
Investments at Fair Value | $ 20 | [23],[24] | $ 15 | [25],[26] | |||
Shares | shares | 94,857 | [23],[24] | 94,857 | [25],[26] | 94,857 | [25],[26] | |
Investments Owned Acquisition Date | Jun. 29, 2022 | [23],[24],[37] | Jun. 29, 2022 | [25],[26],[38] | Jun. 29, 2022 | [25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology (0.21%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.21%) | |||||
Investment cost | [2] | $ 1,112 | |||||
Investments at Fair Value | 3,109 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology (0.30%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.30% | 0.30% | ||||
Investment cost | [4] | $ 1,112 | |||||
Investments at Fair Value | 4,156 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology and Bright Machines, Inc., Warrant, Acquisition Date 3/31/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 537 | [2] | 537 | [4] | |||
Investments at Fair Value | $ 1,092 | $ 1,154 | |||||
Shares | shares | 392,308 | 392,308 | 392,308 | ||||
Investments Owned Acquisition Date | Mar. 31, 2022 | [37] | Mar. 31, 2022 | [38] | Mar. 31, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology and MacroFab, Inc., Warrant, Acquisition Date 3/23/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 528 | [2] | $ 528 | [4] | |||
Investments at Fair Value | $ 1,352 | $ 1,202 | |||||
Shares | shares | 1,111,111 | 1,111,111 | 1,111,111 | ||||
Investments Owned Acquisition Date | Mar. 23, 2022 | [37] | Mar. 23, 2022 | [38] | Mar. 23, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Manufacturing Technology and Xometry, Inc., Warrant, Acquisition Date 5/9/2018, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 47 | [2],[37] | $ 47 | [4],[38] | |||
Investments at Fair Value | $ 665 | [37] | $ 1,800 | [38] | |||
Shares | shares | 87,784 | [37] | 87,784 | [38] | 87,784 | [38] | |
Investments Owned Acquisition Date | May 09, 2018 | [37] | May 09, 2018 | [38] | May 09, 2018 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Media/Content/Info (0.00%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | (0.00%) | [1] | 0% | [3] | 0% | [3] | |
Investment cost | $ 54 | [2] | $ 35 | [4] | |||
Investments at Fair Value | 64 | 35 | |||||
Investment, Identifier [Axis]: Warrant Investments and Media/Content/Info and Fever Labs, Inc., Warrant, Acquisition Date 12/30/2022, Preferred Series E-1 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 54 | [2] | 35 | [4] | |||
Investments at Fair Value | $ 64 | $ 35 | |||||
Shares | shares | 332,433 | 221,622 | 221,622 | ||||
Investments Owned Acquisition Date | Dec. 30, 2022 | [37] | Dec. 30, 2022 | [38] | Dec. 30, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment (0.04%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.04%) | |||||
Investment cost | [2] | $ 2,034 | |||||
Investments at Fair Value | 530 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment (0.07%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.07% | 0.07% | ||||
Investment cost | [4] | $ 2,034 | |||||
Investments at Fair Value | 919 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Aspire Bariatrics, Inc., Warrant, Acquisition Date 1/28/2015, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 455 | [2] | 455 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 22,572 | 22,572 | 22,572 | ||||
Investments Owned Acquisition Date | Jan. 28, 2015 | [37] | Jan. 28, 2015 | [38] | Jan. 28, 2015 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 713 | [2] | $ 713 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 836,752 | 836,752 | 836,752 | ||||
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated, Warrant, Acquisition Date 11/3/2014, Preferred Series AA | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 362 | [2] | $ 362 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 110,946 | 110,946 | 110,946 | ||||
Investments Owned Acquisition Date | Nov. 03, 2014 | [37] | Nov. 03, 2014 | [38] | Nov. 03, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Flowonix Medical Incorporated, Warrant, Acquisition Date 9/21/2018, Preferred Series BB | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 351 | [2] | $ 351 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 725,806 | 725,806 | 725,806 | ||||
Investments Owned Acquisition Date | Sep. 21, 2018 | [37] | Sep. 21, 2018 | [38] | Sep. 21, 2018 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Intuity Medical, Inc., Warrant, Acquisition Date 12/29/2017, Preferred Series B-1 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 294 | [2] | $ 294 | [4] | |||
Investments at Fair Value | $ 54 | ||||||
Shares | shares | 3,076,323 | 3,076,323 | 3,076,323 | ||||
Investments Owned Acquisition Date | Dec. 29, 2017 | [37] | Dec. 29, 2017 | [38] | Dec. 29, 2017 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Lucira Health, Inc., Warrant, Acquisition Date 2/4/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 110 | [2],[37] | $ 110 | [4],[38] | |||
Investments at Fair Value | $ 4 | [37] | $ 0 | [38] | |||
Shares | shares | 59,642 | [37] | 59,642 | [38] | 59,642 | [38] | |
Investments Owned Acquisition Date | Feb. 04, 2022 | [37] | Feb. 04, 2022 | [38] | Feb. 04, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Outset Medical, Inc., Warrant, Acquisition Date 9/27/2013, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 401 | [2],[37] | $ 401 | [4],[38] | |||
Investments at Fair Value | $ 526 | [37] | $ 864 | [38] | |||
Shares | shares | 62,794 | [37] | 62,794 | [38] | 62,794 | [38] | |
Investments Owned Acquisition Date | Sep. 27, 2013 | [37] | Sep. 27, 2013 | [38] | Sep. 27, 2013 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Medical Devices & Equipment and Tela Bio, Inc., Warrant, Acquisition Date 3/31/2017, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 61 | [2],[37] | $ 61 | [4],[38] | |||
Investments at Fair Value | $ 0 | [37] | $ 1 | [38] | |||
Shares | shares | 15,712 | [37] | 15,712 | [38] | 15,712 | [38] | |
Investments Owned Acquisition Date | Mar. 31, 2017 | [37] | Mar. 31, 2017 | [38] | Mar. 31, 2017 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Semiconductors (0.04%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | (0.04%) | [1] | 0.04% | [3] | 0.04% | [3] | |
Investment cost | $ 99 | [2] | $ 850 | [4] | |||
Investments at Fair Value | 670 | 524 | |||||
Investment, Identifier [Axis]: Warrant Investments and Semiconductors and Achronix Semiconductor Corporation, Warrant, Acquisition Date 6/26/2015, Preferred Series D-2 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 99 | [2] | 99 | [4] | |||
Investments at Fair Value | $ 670 | $ 524 | |||||
Shares | shares | 750,000 | 750,000 | 750,000 | ||||
Investments Owned Acquisition Date | Jun. 26, 2015 | [37] | Jun. 26, 2015 | [38] | Jun. 26, 2015 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Semiconductors and Fungible, Inc., Warrant, Acquisition Date 12/16/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[30] | $ 751 | |||||
Investments at Fair Value | [30] | $ 0 | |||||
Shares | shares | [30] | 800,000 | 800,000 | ||||
Investments Owned Acquisition Date | [30],[38] | Dec. 16, 2021 | Dec. 16, 2021 | ||||
Investment, Identifier [Axis]: Warrant Investments and Software (0.59%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.59% | 0.59% | ||||
Investment cost | [4] | $ 9,761 | |||||
Investments at Fair Value | 8,244 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software (0.64%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.64%) | |||||
Investment cost | [2] | $ 10,150 | |||||
Investments at Fair Value | 9,546 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Software and Aria Systems, Inc., Warrant, Acquisition Date 5/22/2015, Preferred Series G | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 74 | [2] | 74 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 231,535 | 231,535 | 231,535 | ||||
Investments Owned Acquisition Date | May 22, 2015 | [37] | May 22, 2015 | [38] | May 22, 2015 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Automation Anywhere, Inc., Warrant, Acquisition Date 9/23/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 449 | [2] | $ 448 | [4] | |||
Investments at Fair Value | $ 525 | $ 365 | |||||
Shares | shares | 254,778 | 254,778 | 254,778 | ||||
Investments Owned Acquisition Date | Sep. 23, 2022 | [37] | Sep. 23, 2022 | [38] | Sep. 23, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Bitsight Technologies, Inc., Warrant, Acquisition Date 11/18/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 284 | [2] | $ 284 | [4] | |||
Investments at Fair Value | $ 511 | $ 398 | |||||
Shares | shares | 29,691 | 29,691 | 29,691 | ||||
Investments Owned Acquisition Date | Nov. 18, 2020 | [37] | Nov. 18, 2020 | [38] | Nov. 18, 2020 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Brain Corporation, Warrant, Acquisition Date 10/4/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 165 | [2],[29] | $ 165 | [4],[30] | |||
Investments at Fair Value | $ 97 | [29] | $ 61 | [30] | |||
Shares | shares | 194,629 | [29] | 194,629 | [30] | 194,629 | [30] | |
Investments Owned Acquisition Date | Oct. 04, 2021 | [29],[37] | Oct. 04, 2021 | [30],[38] | Oct. 04, 2021 | [30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and CloudBolt Software, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 117 | [2] | $ 117 | [4] | |||
Investments at Fair Value | $ 8 | $ 1 | |||||
Shares | shares | 211,342 | 211,342 | 211,342 | ||||
Investments Owned Acquisition Date | Sep. 30, 2020 | [37] | Sep. 30, 2020 | [38] | Sep. 30, 2020 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Cloudian, Inc., Warrant, Acquisition Date 11/6/2018, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 71 | [2] | $ 71 | [4] | |||
Investments at Fair Value | $ 21 | $ 14 | |||||
Shares | shares | 477,454 | 477,454 | 477,454 | ||||
Investments Owned Acquisition Date | Nov. 06, 2018 | [37] | Nov. 06, 2018 | [38] | Nov. 06, 2018 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Cloudpay, Inc., Warrant, Acquisition Date 4/10/2018, Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 54 | [2],[23],[24] | $ 54 | [4],[25],[26] | |||
Investments at Fair Value | $ 531 | [23],[24] | $ 400 | [25],[26] | |||
Shares | shares | 6,763 | [23],[24] | 6,763 | [25],[26] | 6,763 | [25],[26] | |
Investments Owned Acquisition Date | Apr. 10, 2018 | [23],[24],[37] | Apr. 10, 2018 | [25],[26],[38] | Apr. 10, 2018 | [25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Convoy, Inc., Warrant, Acquisition Date 3/30/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 974 | [2] | $ 974 | [4],[22] | |||
Investments at Fair Value | $ 346 | $ 364 | [22] | ||||
Shares | shares | 165,456 | 165,456 | [22] | 165,456 | [22] | ||
Investments Owned Acquisition Date | Mar. 30, 2022 | [37] | Mar. 30, 2022 | [22],[38] | Mar. 30, 2022 | [22],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Couchbase, Inc., Warrant, Acquisition Date 4/25/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 462 | [2],[37] | $ 462 | [4],[38] | |||
Investments at Fair Value | $ 563 | [37] | $ 488 | [38] | |||
Shares | shares | 105,350 | [37] | 105,350 | [38] | 105,350 | [38] | |
Investments Owned Acquisition Date | Apr. 25, 2019 | [37] | Apr. 25, 2019 | [38] | Apr. 25, 2019 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Cutover, Inc., Warrant, Acquisition Date 9/21/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 26 | [2],[18],[23],[24] | $ 26 | [4],[21],[25],[26] | |||
Investments at Fair Value | $ 24 | [18],[23],[24] | $ 19 | [21],[25],[26] | |||
Shares | shares | 102,898 | [18],[23],[24] | 102,898 | [21],[25],[26] | 102,898 | [21],[25],[26] | |
Investments Owned Acquisition Date | Sep. 21, 2022 | [18],[23],[24],[37] | Sep. 21, 2022 | [21],[25],[26],[38] | Sep. 21, 2022 | [21],[25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and DNAnexus, Inc., Warrant, Acquisition Date 3/21/2014, Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 97 | [2] | $ 97 | [4] | |||
Investments at Fair Value | $ 188 | $ 131 | |||||
Shares | shares | 909,091 | 909,091 | 909,091 | ||||
Investments Owned Acquisition Date | Mar. 21, 2014 | [37] | Mar. 21, 2014 | [38] | Mar. 21, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Dashlane, Inc., Warrant, Acquisition Date 3/11/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 353 | [2] | $ 353 | [4] | |||
Investments at Fair Value | $ 196 | $ 168 | |||||
Shares | shares | 453,641 | 453,641 | 453,641 | ||||
Investments Owned Acquisition Date | Mar. 11, 2019 | [37] | Mar. 11, 2019 | [38] | Mar. 11, 2019 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Delphix Corp., Warrant, Acquisition Date 10/8/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,594 | [2] | $ 1,594 | [4] | |||
Investments at Fair Value | $ 2,292 | $ 2,657 | |||||
Shares | shares | 718,898 | 718,898 | 718,898 | ||||
Investments Owned Acquisition Date | Oct. 08, 2019 | [37] | Oct. 08, 2019 | [38] | Oct. 08, 2019 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Demandbase, Inc., Warrant, Acquisition Date 8/2/2021, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 545 | [2] | $ 545 | [4] | |||
Investments at Fair Value | $ 463 | $ 180 | |||||
Shares | shares | 727,047 | 727,047 | 727,047 | ||||
Investments Owned Acquisition Date | Aug. 02, 2021 | [37] | Aug. 02, 2021 | [38] | Aug. 02, 2021 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and DroneDeploy, Inc., Warrant, Acquisition Date 6/30/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 278 | [2] | $ 278 | [4] | |||
Investments at Fair Value | $ 353 | $ 300 | |||||
Shares | shares | 95,911 | 95,911 | 95,911 | ||||
Investments Owned Acquisition Date | Jun. 30, 2022 | [37] | Jun. 30, 2022 | [38] | Jun. 30, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Eigen Technologies Ltd., Warrant, Acquisition Date 4/13/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 8 | [2],[23],[24] | $ 8 | [4],[25],[26] | |||
Investments at Fair Value | $ 5 | [23],[24] | $ 6 | [25],[26] | |||
Shares | shares | 522 | [23],[24] | 522 | [25],[26] | 522 | [25],[26] | |
Investments Owned Acquisition Date | Apr. 13, 2022 | [23],[24],[37] | Apr. 13, 2022 | [25],[26],[38] | Apr. 13, 2022 | [25],[26],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Elation Health, Inc., Warrant, Acquisition Date 9/12/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 584 | [2] | $ 583 | [4] | |||
Investments at Fair Value | $ 347 | $ 382 | |||||
Shares | shares | 362,837 | 362,837 | 362,837 | ||||
Investments Owned Acquisition Date | Sep. 12, 2022 | [37] | Sep. 12, 2022 | [38] | Sep. 12, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Esme Learning Solutions, Inc., Warrant, Acquisition Date 1/27/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 198 | [2] | $ 198 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 56,765 | 56,765 | 56,765 | ||||
Investments Owned Acquisition Date | Jan. 27, 2022 | [37] | Jan. 27, 2022 | [38] | Jan. 27, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Evernote Corporation, Warrant, Acquisition Date 9/30/2016, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4] | $ 107 | |||||
Investments at Fair Value | $ 6 | ||||||
Shares | shares | 62,500 | 62,500 | |||||
Investments Owned Acquisition Date | [38] | Sep. 30, 2016 | Sep. 30, 2016 | ||||
Investment, Identifier [Axis]: Warrant Investments and Software and First Insight, Inc., Warrant, Acquisition Date 5/10/2018, Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 96 | [2] | $ 96 | [4] | |||
Investments at Fair Value | $ 47 | $ 39 | |||||
Shares | shares | 75,917 | 75,917 | 75,917 | ||||
Investments Owned Acquisition Date | May 10, 2018 | [37] | May 10, 2018 | [38] | May 10, 2018 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Fulfil Solutions, Inc., Warrant, Acquisition Date 7/29/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 325 | [2] | $ 325 | [4] | |||
Investments at Fair Value | $ 396 | $ 314 | |||||
Shares | shares | 84,995 | 84,995 | 84,995 | ||||
Investments Owned Acquisition Date | Jul. 29, 2022 | [37] | Jul. 29, 2022 | [38] | Jul. 29, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Kore.ai, Inc., Warrant, Acquisition Date 3/31/2023, Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2] | $ 208 | |||||
Investments at Fair Value | $ 221 | ||||||
Shares | shares | 64,293 | ||||||
Investments Owned Acquisition Date | [37] | Mar. 31, 2023 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Leapwork ApS, Warrant, Acquisition Date 1/23/2023, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2],[23],[24] | $ 16 | |||||
Investments at Fair Value | [23],[24] | $ 17 | |||||
Shares | shares | [23],[24] | 39,948 | |||||
Investments Owned Acquisition Date | [23],[24],[37] | Jan. 23, 2023 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and Lightbend, Inc., Warrant, Acquisition Date 2/14/2018, Preferred Series D | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 131 | [2] | $ 131 | [4] | |||
Investments at Fair Value | $ 3 | $ 1 | |||||
Shares | shares | 89,685 | 89,685 | 89,685 | ||||
Investments Owned Acquisition Date | Feb. 14, 2018 | [37] | Feb. 14, 2018 | [38] | Feb. 14, 2018 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Mixpanel, Inc., Warrant, Acquisition Date 9/30/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 252 | [2] | $ 252 | [4] | |||
Investments at Fair Value | $ 252 | $ 225 | |||||
Shares | shares | 82,362 | 82,362 | 82,362 | ||||
Investments Owned Acquisition Date | Sep. 30, 2020 | [37] | Sep. 30, 2020 | [38] | Sep. 30, 2020 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Nuvolo Technologies Corporation, Warrant, Acquisition Date 3/29/2019, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 172 | [2],[18] | $ 172 | [4],[21] | |||
Investments at Fair Value | $ 198 | [18] | $ 175 | [21] | |||
Shares | shares | 70,000 | [18] | 70,000 | [21] | 70,000 | [21] | |
Investments Owned Acquisition Date | Mar. 29, 2019 | [18],[37] | Mar. 29, 2019 | [21],[38] | Mar. 29, 2019 | [21],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Poplicus, Inc., Warrant, Acquisition Date 5/28/2014, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 0 | [2] | $ 0 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 132,168 | 132,168 | 132,168 | ||||
Investments Owned Acquisition Date | May 28, 2014 | [37] | May 28, 2014 | [38] | May 28, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Reltio, Inc., Warrant, Acquisition Date 6/30/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 215 | [2] | $ 215 | [4] | |||
Investments at Fair Value | $ 346 | $ 298 | |||||
Shares | shares | 69,120 | 69,120 | 69,120 | ||||
Investments Owned Acquisition Date | Jun. 30, 2020 | [37] | Jun. 30, 2020 | [38] | Jun. 30, 2020 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and SignPost, Inc., Warrant, Acquisition Date 1/13/2016, Series Junior 1 Preferred | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 314 | [2] | $ 314 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 474,019 | 474,019 | 474,019 | ||||
Investments Owned Acquisition Date | Jan. 13, 2016 | [37] | Jan. 13, 2016 | [38] | Jan. 13, 2016 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Simon Data, Inc., Warrant, Acquisition Date 3/22/2023, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2] | $ 96 | |||||
Investments at Fair Value | $ 100 | ||||||
Shares | shares | 77,934 | ||||||
Investments Owned Acquisition Date | [37] | Mar. 22, 2023 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and SingleStore, Inc., Warrant, Acquisition Date 4/28/2020, Preferred Series D | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 103 | [2] | $ 103 | [4] | |||
Investments at Fair Value | $ 533 | $ 426 | |||||
Shares | shares | 312,596 | 312,596 | 312,596 | ||||
Investments Owned Acquisition Date | Apr. 28, 2020 | [37] | Apr. 28, 2020 | [38] | Apr. 28, 2020 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Tact.ai Technologies, Inc., Warrant, Acquisition Date 2/13/2020, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 206 | [2] | $ 206 | [4] | |||
Investments at Fair Value | $ 85 | $ 69 | |||||
Shares | shares | 1,041,667 | 1,041,667 | 1,041,667 | ||||
Investments Owned Acquisition Date | Feb. 13, 2020 | [37] | Feb. 13, 2020 | [38] | Feb. 13, 2020 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and The Faction Group LLC, Warrant, Acquisition Date 11/3/2014, Preferred Series AA | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 234 | [2] | $ 234 | [4] | |||
Investments at Fair Value | $ 337 | $ 436 | |||||
Shares | shares | 8,076 | 8,076 | 8,076 | ||||
Investments Owned Acquisition Date | Nov. 03, 2014 | [37] | Nov. 03, 2014 | [38] | Nov. 03, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Software and Tipalti Solutions Ltd., Warrant, Acquisition Date 3/22/2023, Ordinary Shares | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [2],[23],[24] | $ 174 | |||||
Investments at Fair Value | [23],[24] | $ 179 | |||||
Shares | shares | [23],[24] | 254,877 | |||||
Investments Owned Acquisition Date | [23],[24],[37] | Mar. 22, 2023 | |||||
Investment, Identifier [Axis]: Warrant Investments and Software and VideoAmp, Inc., Warrant, Acquisition Date 1/21/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 1,275 | [2],[29] | $ 1,275 | [4],[30] | |||
Investments at Fair Value | $ 362 | [29] | $ 321 | [30] | |||
Shares | shares | 152,048 | [29] | 152,048 | [30] | 152,048 | [30] | |
Investments Owned Acquisition Date | Jan. 21, 2022 | [29],[37] | Jan. 21, 2022 | [30],[38] | Jan. 21, 2022 | [30],[38] | |
Investment, Identifier [Axis]: Warrant Investments and Surgical Devices (0.04%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | (0.04%) | [1] | 0.04% | [3] | 0.04% | [3] | |
Investment cost | $ 39 | [2] | $ 46 | [4] | |||
Investments at Fair Value | 597 | 492 | |||||
Investment, Identifier [Axis]: Warrant Investments and Surgical Devices and Gynesonics, Inc., Warrant, Acquisition Date 1/16/2013, Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4] | 7 | |||||
Investments at Fair Value | |||||||
Shares | shares | 16,835 | 16,835 | |||||
Investments Owned Acquisition Date | [38] | Jan. 16, 2013 | Jan. 16, 2013 | ||||
Investment, Identifier [Axis]: Warrant Investments and Surgical Devices and TransMedics Group, Inc., Warrant, Acquisition Date 9/11/2015, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 39 | [2],[37],[42] | $ 39 | [4],[38] | |||
Investments at Fair Value | $ 597 | [37],[42] | $ 492 | [38] | |||
Shares | shares | 14,440 | [37],[42] | 14,440 | [38] | 14,440 | [38] | |
Investments Owned Acquisition Date | Sep. 11, 2015 | [37],[42] | Sep. 11, 2015 | [38] | Sep. 11, 2015 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology (0.00%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [1] | (0.00%) | |||||
Investment cost | [2] | $ 723 | |||||
Investments at Fair Value | 372 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology (0.03%) | |||||||
Investment Holdings [Line Items] | |||||||
Investment owned, percent of net assets | [3] | 0.03% | 0.03% | ||||
Investment cost | [4] | $ 723 | |||||
Investments at Fair Value | 488 | ||||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Ampion, PBC, Warrant, Acquisition Date 4/15/2022, Common Stock | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | 52 | [2] | 52 | [4] | |||
Investments at Fair Value | $ 37 | $ 44 | |||||
Shares | shares | 18,472 | 18,472 | 18,472 | ||||
Investments Owned Acquisition Date | Apr. 15, 2022 | [37] | Apr. 15, 2022 | [38] | Apr. 15, 2022 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Fulcrum Bioenergy, Inc., Warrant, Acquisition Date 4/30/2013, Preferred Series C-1 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 64 | [2] | $ 64 | [4] | |||
Investments at Fair Value | $ 272 | $ 275 | |||||
Shares | shares | 93,632 | 93,632 | 93,632 | ||||
Investments Owned Acquisition Date | Apr. 30, 2013 | [37] | Apr. 30, 2013 | [38] | Apr. 30, 2013 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Halio, Inc. | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 218 | [2] | $ 218 | [4] | |||
Investments at Fair Value | $ 63 | $ 169 | |||||
Shares | shares | 456,883 | 456,883 | 456,883 | ||||
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Halio, Inc., Warrant, Acquisition Date 4/22/2014, Preferred Series A | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 155 | [2] | $ 155 | [4] | |||
Investments at Fair Value | $ 48 | $ 126 | |||||
Shares | shares | 325,000 | 325,000 | 325,000 | ||||
Investments Owned Acquisition Date | Apr. 22, 2014 | [37] | Apr. 22, 2014 | [38] | Apr. 22, 2014 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Halio, Inc., Warrant, Acquisition Date 4/7/2015, Preferred Series B | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 63 | [2] | $ 63 | [4] | |||
Investments at Fair Value | $ 15 | $ 43 | |||||
Shares | shares | 131,883 | 131,883 | 131,883 | ||||
Investments Owned Acquisition Date | Apr. 07, 2015 | [37] | Apr. 07, 2015 | [38] | Apr. 07, 2015 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and IngredientWerks Holdings, Inc. (p.k.a Agrivida, Inc.), Warrant, Acquisition Date 6/20/2013, Preferred Series D | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 120 | [2] | $ 120 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 471,327 | 471,327 | 471,327 | ||||
Investments Owned Acquisition Date | Jun. 20, 2013 | [37] | Jun. 20, 2013 | [38] | Jun. 20, 2013 | [38] | |
Investment, Identifier [Axis]: Warrant Investments and Sustainable and Renewable Technology and Polyera Corporation, Warrant, Acquisition Date 3/24/2015, Preferred Series C | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | $ 269 | [2] | $ 269 | [4] | |||
Investments at Fair Value | |||||||
Shares | shares | 150,036 | 150,036 | 150,036 | ||||
Investments Owned Acquisition Date | Mar. 24, 2015 | [37] | Mar. 24, 2015 | [38] | Mar. 24, 2015 | [38] | |
Investment, Identifier [Axis]: nvestment Funds & Vehicles Investments and Software and Liberty Zim Co-Invest L.P., Investment Funds & Vehicles, Acquisition Date 7/21/2022 | |||||||
Investment Holdings [Line Items] | |||||||
Investment cost | [4],[25],[26] | $ 381 | |||||
Investments at Fair Value | [25],[26] | $ 375 | |||||
Investments Owned Acquisition Date | [25],[26],[38] | Jul. 21, 2022 | Jul. 21, 2022 | ||||
[1] Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies. Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $ 87.9 million, $ 106.6 million and $ 18.7 million, respectively. The tax cost of investments is $ 3.1 billion. Value as a percent of net assets. All amounts are stated in U.S. Dollars unless otherwise noted. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies. Gross unrealized appreciation, gross unrealized depreciation, and net unrealized depreciation for federal income tax purposes totaled $ 72.2 million, $ 112.0 39.8 million, respectively. The tax cost of investments is $ 3.0 billion. Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments. Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”). Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of March 31, 2023 (Refer to “Note 11 - Commitments and Contingencies”). Denotes that there is an unfunded contractual commitment available at the request of this portfolio company as of December 31, 2022 (Refer to “Note 11 — Interest rate PRIME represents 8.00 % as of March 31, 2023. 1-month LIBOR, 3-month LIBOR and 6-month LIBOR represent 4.86 % , 5.19 % , and 5.31 % , respectively, as of March 31, 2023 . Interest rate PRIME represents 7.50 % as of December 31, 2022. 1-month LIBOR, 3-month LIBOR, and 6-month LIBOR represent 4.40 %, 4.77 %, and 5.14 %, Denotes second lien senior secured debt. Denotes second lien senior secured debt. Denotes that all or a portion of the debt investment principal includes accumulated PIK interest and is net of repayments. Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”). Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” Denotes that all or a portion of the debt investment is pledged as collateral under the SMBC Facility (as defined in “Note 5 — Debt”). Denotes unitranche debt with first lien “last-out” senior secured position and security interest in all assets of the portfolio company whereby the “last-out” portion will be subordinated to the “first-out” portion in a liquidation, sale or other disposition. Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”). Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of March 31, 2023 . Denotes that all or a portion of the debt investment secures the 2031 Asset-Backed Notes (as defined in “Note 5 — Debt”). Denotes that all or a portion of the investment is pledged as collateral under the MUFG Bank Facility (as defined in “Note 5 — Debt”). Denotes that the fair value of the Company’s total investments in this portfolio company represent greater than 5% of the Company’s total net assets as of Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Non-U.S. company or the company’s principal place of business is outside the United States. Indicates assets that the Company deems not “qualifying assets” under section 55(a) of 1940 Act. Qualifying assets must represent at least 70% of the Non-U.S. company or the company’s principal place of business is outside the United States. Denotes that all or a portion of the debt investment is convertible debt. Denotes that all or a portion of the debt investment is convertible debt. Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business investment company. Denotes that all or a portion of the investment in this portfolio company is held by Hercules Capital IV, L.P., the Company’s wholly owned small business Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% representation on its board. Debt is on non-accrual status as of March 31, 2023, and is therefore considered non-income producing. Note that as of March 31, 2023 , only the PIK, or payment-in-kind, portion is on non-accrual for the Company’s debt investment in Tectura Corporation. Control investment as defined under the 1940 Act in which Hercules owns at least 25% of the company’s voting securities or has greater than 50% Debt is on non-accrual status as of December 31, 2022, and is therefore considered non-income producing. Note that as of December 31, 2022, only the PIK, or Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the royalty contract are $ 4.6 million and $ 3.3 million, respectively. Denotes the security holds rights to royalty fee income associated with certain products of the portfolio company. The approximate cost and fair value of the 4.6 million and $ 3.4 million, respectively. Except for warrants in 24 publicly traded companies and common stock in 35 publicly traded companies, all investments are restricted as of March 31, 2023 and were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s valuation committee (the “Valuation Committee”) and approved by the board of directors (the “Board”). Except for warrants in 27 publicly traded companies and common stock in 43 publicly traded companies, all investments are restricted as of December 31, 2022 Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of Common Stock for Black Crow AI, Inc., subject to release upon repayment of the outstanding balance of the notes. As of March 31, 2023 , the Black Crow AI, Inc. affiliates promissory notes had an outstanding balance of $ 2.8 million. Denotes investment in a non-voting security in the form of a promissory note. The terms of the notes provide the Company with a lien on the issuers' shares of 3.0 million. Denotes all or a portion of the public equity or warrant investment was acquired in a transaction exempt from registration under the Securities Act of 1933 Denotes all or a portion of the public equity or warrant investment was acquired in a transaction exempt from registration under the Securities Act of 1933 (“Securities Act”) and may be deemed to be “restricted securities” under the Securities Act. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) $ in Thousands | Mar. 31, 2023 USD ($) Firm | Dec. 31, 2022 USD ($) Firm |
Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 8% | 7.50% |
Tax basis of investments, gross, unrealized appreciation | $ 87,900 | $ 72,200 |
Tax basis of investments, gross, unrealized depreciation | 106,600 | 112,000 |
Tax basis of investments, unrealized appreciation (depreciation), net | 18,700 | 39,800 |
Tax basis of investments, cost for income tax purposes | 3,100,000 | 3,000,000 |
Investment Owned At Cost | 3,150,846 | 3,005,696 |
Investment Owned At Fair Value | $ 3,130,178 | $ 2,963,955 |
1-month LIBOR | ||
Investment Holdings [Line Items] | ||
Interest rate | 4.86% | 4.40% |
3-month LIBOR | ||
Investment Holdings [Line Items] | ||
Interest rate | 5.19% | 4.77% |
6-month LIBOR | ||
Investment Holdings [Line Items] | ||
Interest rate | 5.31% | 5.14% |
1-month SOFR | ||
Investment Holdings [Line Items] | ||
Interest rate | 4.63% | |
3-month SOFR | ||
Investment Holdings [Line Items] | ||
Interest rate | 4.51% | |
6-month SOFR | ||
Investment Holdings [Line Items] | ||
Interest rate | 4.09% | |
Common Stock | Fair Value Inputs Level1 [Member] | ||
Investment Holdings [Line Items] | ||
Number of publicly traded companies | Firm | 35 | 43 |
Warrant | Fair Value Inputs Level1 [Member] | ||
Investment Holdings [Line Items] | ||
Number of publicly traded companies | Firm | 24 | 27 |
Biotechnology Tools | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | $ 33,032 | $ 32,825 |
Media/Content/Info | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 9,956 | 35 |
Surgical Devices | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 4,189 | 3,038 |
Consumer & Business Products | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 2,593 | 2,821 |
Communications & Networking | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 107,201 | 101,833 |
Drug Delivery | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 23 | 90 |
Drug Discovery & Development | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 1,220,057 | 1,150,707 |
Medical Devices & Equipment | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 1,155 | 1,834 |
Information Services | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 62,039 | 60,759 |
Semiconductors | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 966 | 21,921 |
Healthcare Services Other | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 214,199 | 198,763 |
Manufacturing Technology | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 48,993 | 46,109 |
Diversified Financial Services | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 87,805 | 68,569 |
Sustainable And Renewable Technology | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 12,899 | 15,486 |
Software | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 828,712 | 798,264 |
Consumer And Business Services [Member] | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 474,883 | 439,384 |
Electronics & Computer Hardware | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | 21,476 | 21,517 |
Phathom Pharmaceuticals, Inc. | Royalty Contract | ||
Investment Holdings [Line Items] | ||
Investment Owned At Cost | 4,600 | 4,600 |
Investment Owned At Fair Value | 3,300 | 3,400 |
Black Crow AI, Inc. affiliates | Promissory Notes [Member] | ||
Investment Holdings [Line Items] | ||
Investment Owned Balance Principal Amount | 2,800 | 3,000 |
Senior Secured | ||
Investment Holdings [Line Items] | ||
Investment Owned At Fair Value | $ 2,910,526 | $ 2,741,388 |
N-2
N-2 | 3 Months Ended |
Mar. 31, 2023 | |
Cover [Abstract] | |
Entity Central Index Key | 0001280784 |
Amendment Flag | false |
Securities Act File Number | 814-00702 |
Document Type | 10-Q |
Entity Registrant Name | HERCULES CAPITAL, INC. |
Entity Address, Address Line One | 400 Hamilton Ave |
Entity Address, Address Line Two | Suite 310 |
Entity Address, City or Town | Palo Alto |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94301 |
City Area Code | 650 |
Local Phone Number | 289-3060 |
Entity Emerging Growth Company | false |
General Description of Registrant [Abstract] | |
Risk Factors [Table Text Block] | ITEM 1A. RISK FACTORS In addition to the risks discussed below, important risk factors that could cause results or events to differ from current expectations are described in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 16, 2023 (the “Annual Report”). Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected. Our total investment in companies may be significant individually or in the aggregate. As a result, if a significant investment in one or more companies fails to perform as expected, our financial results could be more negatively affected and the magnitude of the loss could be more significant than if we had made smaller investments in more companies. The following table shows the fair value of the totals of investments held in portfolio companies as of March 31, 2023 that represent greater than 5% of our net assets: (in thousands) March 31, 2023 Fair Value Percentage of Net Assets Corium, Inc. $ 136,593 9.1 % Axsome Therapeutics, Inc. $ 130,587 8.7 % Phathom Pharmaceuticals, Inc. $ 95,370 6.4 % Worldremit Group Limited $ 94,519 6.3 % SeatGeek, Inc. $ 88,983 5.9 % Rocket Lab Global Services, LLC $ 88,450 5.9 % • Corium, Inc. develops, engineers, and manufactures drug delivery products and devices that utilize the skin and mucosa as a primary means of transport. • Axsome Therapeutics, Inc. is a biopharmaceutical company developing novel therapies for the management of central nervous system disorders for which there are limited treatment options. • Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases and disorders. • Worldremit Group Limited is a global online money transfer business. • SeatGeek, Inc. is a mobile-focused ticket platform that enables users to buy and sell tickets for live sports, concerts and • Rocket Lab Global Services, LLC is a commercial space provider of high-frequency, low-cost launches. Our financial results could be materially adversely affected if these portfolio companies or any of our other significant portfolio companies encounter financial difficulty and fail to repay their obligations or to perform as expected. We and our portfolio companies may maintain cash balances at financial institutions that exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits and we may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties. Our cash is held in accounts at FDIC regulated U.S. banking institutions and, when appropriate and operationally feasible, is generally swept into overnight money market accounts. Still, cash held by us and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may at any time exceed the FDIC insurance limits. If such banking institutions were to fail, we or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. Actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our and our portfolio companies’ business, financial condition, results of operations, or prospects. Although we assess our and our portfolio companies’ banking relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us or our portfolio companies, the financial institutions with which we or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally. In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us or our portfolio companies to acquire financing on acceptable terms or at all. |
Significant Portfolio Investment [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Our financial results could be negatively affected if a significant portfolio investment fails to perform as expected. Our total investment in companies may be significant individually or in the aggregate. As a result, if a significant investment in one or more companies fails to perform as expected, our financial results could be more negatively affected and the magnitude of the loss could be more significant than if we had made smaller investments in more companies. The following table shows the fair value of the totals of investments held in portfolio companies as of March 31, 2023 that represent greater than 5% of our net assets: (in thousands) March 31, 2023 Fair Value Percentage of Net Assets Corium, Inc. $ 136,593 9.1 % Axsome Therapeutics, Inc. $ 130,587 8.7 % Phathom Pharmaceuticals, Inc. $ 95,370 6.4 % Worldremit Group Limited $ 94,519 6.3 % SeatGeek, Inc. $ 88,983 5.9 % Rocket Lab Global Services, LLC $ 88,450 5.9 % • Corium, Inc. develops, engineers, and manufactures drug delivery products and devices that utilize the skin and mucosa as a primary means of transport. • Axsome Therapeutics, Inc. is a biopharmaceutical company developing novel therapies for the management of central nervous system disorders for which there are limited treatment options. • Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases and disorders. • Worldremit Group Limited is a global online money transfer business. • SeatGeek, Inc. is a mobile-focused ticket platform that enables users to buy and sell tickets for live sports, concerts and • Rocket Lab Global Services, LLC is a commercial space provider of high-frequency, low-cost launches. Our financial results could be materially adversely affected if these portfolio companies or any of our other significant portfolio companies encounter financial difficulty and fail to repay their obligations or to perform as expected. We and our portfolio companies may maintain cash balances at financial institutions that exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits and we may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties. Our cash is held in accounts at FDIC regulated U.S. banking institutions and, when appropriate and operationally feasible, is generally swept into overnight money market accounts. Still, cash held by us and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may at any time exceed the FDIC insurance limits. If such banking institutions were to fail, we or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. Actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our and our portfolio companies’ business, financial condition, results of operations, or prospects. Although we assess our and our portfolio companies’ banking relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us or our portfolio companies, the financial institutions with which we or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally. In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us or our portfolio companies to acquire financing on acceptable terms or at all. |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Hercules Capital, Inc. (the “Company”) is a specialty finance company focused on providing senior secured loans to high-growth, innovative venture capital-backed and institutional-backed companies in a variety of technology, life sciences, and sustainable and renewable technology industries. The Company sources its investments through its principal office located in Palo Alto, CA, as well as through its additional offices in Boston, MA, New York, NY, Bethesda, MD, San Diego, CA, and London, United Kingdom. The Company was incorporated under the General Corporation Law of the State of Maryland in December 2003. The Company is an internally managed, non-diversified closed-end investment company that has elected to be regulated as a Business Development Company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). From incorporation through December 31, 2005, the Company was subject to tax as a corporation under Subchapter C of the Internal Revenue Code of 1986, as amended (the “Code”). Effective January 1, 2006, the Company elected to be treated for tax purposes as a Regulated Investment Company (“RIC”) under Subchapter M of the Code (see “Note 6 - Income Taxes”). The Company does not currently use Commodity Futures Trading Commission (“CFTC”) derivatives. However, to the extent that it uses CFTC derivatives in the future, it intends to do so below prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such instruments. The Company has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”), pursuant to Rule 4.5 under the CEA. The Company is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA. Hercules Capital IV, L.P. (“HC IV”) is our wholly owned Delaware limited partnership that was formed in December 2010. HC IV received a license to operate as a Small Business Investment Company (“SBIC”) under the authority of the Small Business Administration (“SBA”) on October 27, 2020. SBICs are subject to a variety of regulations concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments. Hercules Technology SBIC Management, LLC (“HTM”), is a wholly owned limited liability company subsidiary of the Company, which was formed in November 2003 and serves as the general partner of HC IV. The Company has also established certain wholly owned subsidiaries, all of which are structured as Delaware corporations or Limited Liability Companies (“LLCs”), to hold portfolio companies organized as LLCs (or other forms of pass-through entities). These subsidiaries are consolidated for financial reporting purposes and in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Certain of the subsidiaries are taxable and not consolidated with Hercules for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments. The Company formed Hercules Adviser LLC (the “Adviser Subsidiary”) in 2020 as a wholly owned Delaware limited liability subsidiary to provide investment advisory and related services to investment vehicles (“Adviser Funds”) owned by one or more unrelated third-party investors (“External Parties”). The Adviser Subsidiary receives fee income for the services provided to the Adviser Funds. The Company was granted no-action relief by the staff of the Securities and Exchange Commission (“SEC”) to allow the Adviser Subsidiary to register as a registered investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated interim financial statements have been prepared in conformity with U.S. GAAP for interim financial information, and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments consisting solely of normal recurring accruals considered necessary for the fair statement of consolidated financial statements for the interim periods have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Therefore, the interim unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. The year-end Consolidated Statements of Assets and Liabilities data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency. As an investment company, the Company follows accounting and reporting guidance as set forth in Topic 946, Financial Services – Investment Companies (“ASC Topic 946”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). As provided under Regulation S-X and ASC Topic 946, the Company will not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Rather, an investment company’s interest in portfolio companies that are not investment companies should be measured at fair value in accordance with ASC Topic 946. The Adviser Subsidiary is not an investment company as defined in ASC Topic 946 and further, the Adviser Subsidiary provides investment advisory services exclusively to the Adviser Funds which are owned by External Parties. As such pursuant to ASC Topic 946, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value and is not consolidated. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, other macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war), and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries, and all Variable Interest Entities (“VIE”) of which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could be significant to the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact its economic performance, the Company considers all the facts and circumstances including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If the Company determines that it is the party with the power to make the most significant decisions affecting the VIE, and the Company has a potentially significant interest in the VIE, then it consolidates the VIE. The Company performs periodic reassessments, usually quarterly, of whether it is the primary beneficiary of a VIE. The reassessment process considers whether the Company has acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances. The Company also reconsiders whether entities previously determined not to be VIEs have become VIEs, based on certain events, and therefore are subject to the VIE consolidation framework. The Company's Consolidated Financial Statements included the accounts of the securitization trust, a VIE, formed in conjunction with the issuance of the 2031 Asset-Backed Notes (as defined in “Note 5 – Debt”). The assets of the Company's securitization VIE are restricted to be used to settle obligations of its consolidated securitization VIE, which are disclosed parenthetically on the Consolidated Statements of Assets and Liabilities. The liabilities are the only obligations of its consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to the Company's general credit. Fair Value Measurements The Company follows guidance in ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a framework for measuring the fair value of assets and liabilities and outlines a three-tier hierarchy which maximizes the use of observable market data input and minimizes the use of unobservable inputs to establish a classification of fair value measurements. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. ASC Topic 820 also requires disclosure for fair value measurements based on the level within the hierarchy of the information used in the valuation. ASC Topic 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. The Company categorizes all investments recorded at fair value in accordance with ASC Topic 820 based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC Topic 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets at the measurement date. The types of assets carried at Level 1 fair value generally are equities listed in active markets. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset in connection with market data at the measurement date and for the extent of the instrument’s anticipated life. Fair valued assets that are generally included in this category are publicly held debt investments and warrants held in a public company. Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset at the measurement date. It includes prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Generally, assets carried at fair value and included in this category are the debt investments and warrants and equities held in a private company. Valuation of Investments The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. As of March 31, 2023, approximately 96.3 % of the Company’s total assets represented investments in portfolio companies whose fair value is determined in good faith by the Company's Valuation Committee and approved by the Board. Fair Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which a market quotation is readily available and (ii) for all other securities and assets, fair value is as determined in good faith by the valuation designee of the Board. The Company’s investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with ASC Topic 820. The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for these investment securities to be traded or exchanged. As such, the Company values substantially all of its investments at fair value as determined in good faith pursuant to a consistent valuation policy established by the Board in accordance with the provisions of ASC Topic 820 and the 1940 Act. Due to the inherent uncertainty in determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments determined in good faith by the Company's Valuation Committee and approved by the Board may differ significantly from the value that would have been used had a readily available market existed for such investments, and the differences could be material. In accordance with procedures established by its Board, the Company values investments on a quarterly basis following a multistep valuation process. Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, the Board has designated the Company’s Valuation Committee as the “valuation designee”. The quarterly Board approved multi-step valuation process is described below: (1) The Company’s quarterly valuation process begins with each portfolio company being initially valued by the investment professionals responsible for the portfolio investment; (2) Preliminary valuation conclusions and business-based assumptions, along with any applicable fair value marks provided by an independent firm, are reviewed with the Company’s investment committee and certain member(s) of credit group as necessary; (3) The Valuation Committee reviews the preliminary valuations recommended by the investment committee and certain member(s) of the credit group of each investment in the portfolio and determines the fair value of each investment in the Company’s portfolio in good faith and recommends the valuation determinations to the Audit Committee of the Board; (4) The Audit Committee of the Board provides oversight of the quarterly valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Valuation Committee, reviews the fair valuation determinations made by the Valuation Committee, and approves such valuations for inclusion in public reporting and disclosures, as appropriate; and (5) The Board, upon the recommendation of the Audit Committee, discusses valuations and approves the fair value of each investment in the Company’s portfolio. Investments purchased within the preceding two calendar quarters before the valuation date and debt investments with remaining maturities within 12 months or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity, unless such valuation, in the judgment of the Company, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. As part of the overall process noted above, the Company engages one or more independent valuation firm(s) to provide management with assistance in determining the fair value of selected portfolio investments each quarter. In selecting which portfolio investments to engage an independent valuation firm, the Company considers a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality, and the time lapse since the last valuation of the portfolio investment by an independent valuation firm. The scope of services rendered by the independent valuation firm is at the discretion of the Valuation Committee and subject to approval of the Board, and the Company may engage an independent valuation firm to value all or some of our portfolio investments. In determining the fair value of a portfolio investment in good faith, the Company recognizes these determinations are made using the best available information that is knowable or reasonably knowable. In addition, changes in the market environment, portfolio company performance and other events that may occur over the duration of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. The change in fair value of each individual investment is recorded as an adjustment to the investment's fair value and the change is reflected in unrealized appreciation or depreciation. Debt Investments The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for debt instruments for these investment securities to be traded or exchanged. The Company may, from time to time, invest in public debt of companies that meet the Company’s investment objectives, and to the extent market quotations or other pricing indicators (i.e. broker quotes) are available, these investments are considered Level 1 or 2 assets in line with ASC Topic 820. In making a good faith determination of the value of the Company’s investments, the Company generally starts with the cost basis of the investment, which includes the value attributed to the original issue discount (“OID”), if any, and payment-in-kind (“PIK”) interest or other receivables which have been accrued as earned. The Company then applies the valuation methods as set forth below. The Company assumes the sale of each debt security in a hypothetical market to a hypothetical market participant where buyers and sellers are willing participants. The hypothetical market does not include scenarios where the underlying security was simply repaid or extinguished, but includes an exit concept. The Company determines the yield at inception for each debt investment. The Company then uses senior secured, leveraged loan yields provided by third party providers to calibrate the change in market yields between inception of the debt investment and the measurement date. Industry specific indices and other relevant market data are used to benchmark and assess market-based movements for reasonableness. As part of determining the fair value, the Company also evaluates the collateral for recoverability of the debt investments. The Company considers each portfolio company’s credit rating, security liens and other characteristics of the investment to adjust the baseline yield to derive a credit adjusted hypothetical yield for each investment as of the measurement date. The anticipated future cash flows from each investment are then discounted at the hypothetical yield to estimate each investment’s fair value as of the measurement date. The Company’s process includes an analysis of, among other things, the underlying investment performance, the current portfolio company’s financial condition and market changing events that impact valuation, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. The Company values debt securities that are traded on a public exchange at the prevailing market price as of the valuation date. For syndicated debt investments, for which sufficient market data is available and liquidity, the Company values debt securities using broker quotes and bond indices amongst other factors. If there is a significant deterioration of the credit quality of a debt investment, the Company may consider other factors to estimate fair value, including the proceeds that would be received in a liquidation analysis. The Company records unrealized depreciation on investments when it believes that an investment has decreased in value, including where collection of a debt investment is doubtful or, if under the in-exchange premise, when the value of a debt investment is less than amortized cost of the investment. Conversely, where appropriate, the Company records unrealized appreciation if it believes that the underlying portfolio company has appreciated in value and, therefore, that its investment has also appreciated in value or, if under the in-exchange premise, the value of a debt investment is greater than amortized cost. When originating a debt instrument, the Company generally receives warrants or other equity securities from the borrower. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Any resulting discount on the debt investments from recordation of the warrant or other equity instruments is accreted into interest income over the life of the debt investment. Equity Securities and Warrants Securities that are traded in the over-the-counter markets or on a stock exchange will be valued at the prevailing bid price at period end. The Company has a limited amount of equity securities in public companies. In accordance with the 1940 Act, unrestricted publicly traded securities for which market quotations are readily available are valued at the closing market quote on the measurement date. At each reporting date, privately held warrant and equity securities are valued based on an analysis of various factors including, but not limited to, the portfolio company’s operating performance and financial condition, general market conditions, price to enterprise value or price to equity ratios, discounted cash flow, valuation comparisons to comparable public companies or other industry benchmarks. When an external event occurs, such as a purchase transaction, public offering, or subsequent equity sale, the pricing indicated by that external event is utilized to corroborate the Company’s valuation of the warrant and equity securities. The Company periodically reviews the valuation of its portfolio companies that have not been involved in a qualifying external event to determine if the enterprise value of the portfolio company may have increased or decreased since the last valuation measurement date. Absent a qualifying external event, the Company estimates the fair value of warrants using a Black Scholes OPM. For certain privately held equity securities, the income approach is used, in which the Company converts future amounts (for example, cash flows or earnings) to a net present value. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account include, as relevant: applicable market yields and multiples, the portfolio company’s capital structure, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, and enterprise value among other factors. Investment Funds & Vehicles The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist solely of funds deposited with financial institutions and short-term liquid investments in money market deposit accounts. Cash and cash equivalents are carried at cost, which approximates fair value. As of March 31, 2023, the Company held $ 1,728 thousa nd (Cost basis $ 1,703 thousand) of foreign cash. As of December 31, 2022, the Company held $ 1,178 thousand (Cost basis $ 1,168 thousand) of foreign cash. Restricted cash includes amounts that are held as collateral securing certain of the Company’s financing transactions, including amounts held in a securitization trust by trustees related to its 2031 Asset-Backed Notes (refer to “Note 5 – Debt”). Other Assets Other assets generally consist of prepaid expenses, debt issuance costs on our Credit Facilities net of accumulated amortization, fixed assets net of accumulated depreciation, deferred revenues and deposits and other assets, including escrow receivables. Escrow Receivables Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year and may accrue interest during the escrow period. Escrow balances are measured for collectability on at least a quarterly basis and fair value is determined based on the amount of the estimated recoverable balances and the contractual maturity date. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and operating lease liability obligations in our Consolidated Statements of Assets and Liabilities. The Company recognizes a ROU asset and an operating lease liability for all leases, with the exception of short-term leases which have a term of 12 months or less. ROU assets represent the right to use an underlying asset for the lease term and operating lease liability obligations represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components and has separated these components when determining the ROU assets and the related lease liabilities. As most of the Company’s leases do not provide an implicit rate, the Company estimated its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. See “Note 11 – Commitments and Contingencies”. Investment Income Recognition The Company’s investment portfolio generates interest, fee, and dividend income. The Company records interest income on an accrual basis, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. The Company’s Structured Debt investments may generate OID. The OID received upfront typically represents the value of detachable equity, warrants, or another asset obtained in conjunction with the acquisition of debt securities. The OID is accreted into interest income over the term of the loan as a yield enhancement following the effective interest method. Additionally, certain debt investments in the Company’s portfolio earn PIK interest. The Company records PIK interest in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. Contractual PIK interest represents contractually deferred interest that is added to the loan balance as principal and is generally due at the end of the loan term. The Company’s loan origination activities generate fee income, which is generally collected in advance and includes loan commitment, facility fees for due diligence and structuring, as well as fees for transaction services and management services rendered by the Company to portfolio companies and other third parties. Loan commitment and facility fees are capitalized and then amortized into income over the contractual life of the loan using the effective interest method. One-off fees for transaction and management services are generally recognized as income in the period when the services are rendered. The Company may also earn loan exit fees, which are contractual fees that are generally received upon the earlier of maturity or prepayment. The Company accretes loan exit fees into interest income following the effective interest method, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. From time to time, additional fees may be earned by the Company relating to specific loan modifications, prepayments, or other one-off events. These non-recurring fees are either amortized into fee income over the remaining term of the loan commencing in the quarter for loan modifications, or recognized currently as one-time fee income for items such as prepayment penalties, fees related to select covenant default waiver fees, and acceleration of previously deferred loan fees and OID related to early loan pay-off or material modification of the specific debt outstanding. Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may determine to continue to accrue interest on a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal. Realized Gains or Losses Realized gains or losses are measured by the difference between the net proceeds from the sale or other realization event and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Secured Borrowings The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participation and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest”, as defined in the guidance, in order for sale accounting treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest, or which are not eligible for sale accounting treatment remain as an investment on the consolidated balance sheet as required under U.S. GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value. Equity Offering Expenses The Company’s offering expenses are charged against the proceeds from equity offerings when received as a reduction of capital upon completion of an offering of registered securities. Debt The debt of the Company is carried at amortized cost which is comprised of the principal amount borrowed net of any unamortized discount and debt issuance costs. Discounts and issuance costs are accreted to interest expense and loan fees, respectively, using the straight-line method, which closely approximates the effective yield method, over the remaining life of the underlying debt obligations (see “Note 5 – Debt”). Accrued but unpaid interest is included within Accounts payable and accrued liabilities on the Consolidated Statements of Assets and Liabilities. In the event that the debt is extinguished, either partially or in full, before maturity, the Company recognizes the gain or loss in the Consolidated Statements of Operations within net realized gains (losses) as a “Loss on extinguishment of debt”. Debt Issuance Costs Debt issuance costs are fees and other direct incremental costs incurred by the Company in obtaining debt financing and are recognized as prepaid expenses and amortized over the life of the related debt instrument using the effective yield method or the straight-line method, which closely approximates the effective yield method. In accordance with ASC Subtopic 835-30, Interest – Imputation of Interest , debt issuance costs are presented as a reduction to the associated liability balance on the Consolidated Statements of Assets and Liabilities, except for debt issuance costs associated with line-of-credit arrangements. Stock-Based Compensation The Company has issued and may, from time to time, issue stock options, restricted stock, and other stock based compensation awards to employees and directors. Management follows the guidance set forth under ASC Topic 718, to account for stock-based compensation awards granted. Under ASC Topic 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropria |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of March 31, 2023 and December 31, 2022. (in thousands) Balance as of Quoted Prices in Significant Significant Description 2023 (Level 1) (Level 2) (Level 3) Cash equivalents Money Market Fund $ 15,000 $ 15,000 $ — $ — Other assets Escrow Receivables $ 803 $ — $ — $ 803 Investments Senior Secured Debt $ 2,910,526 $ — $ — $ 2,910,526 Unsecured Debt 58,125 — — 58,125 Preferred Stock 40,345 — — 40,345 Common Stock 84,072 49,996 3,592 30,484 Warrants 33,210 — 12,200 21,010 $ 3,126,278 $ 49,996 $ 15,792 $ 3,060,490 Investment Funds & Vehicles measured at Net Asset Value (1) 3,900 Total Investments, at fair value $ 3,130,178 Total Investments including Cash equivalents $ 3,145,178 (in thousands) Balance as of Quoted Prices in Significant Significant Description 2022 (Level 1) (Level 2) (Level 3) Other assets Escrow Receivables $ 875 $ — $ — $ 875 Investments Senior Secured Debt $ 2,741,388 $ — $ — $ 2,741,388 Unsecured Debt 54,056 — — 54,056 Preferred Stock 41,488 — — 41,488 Common Stock 92,484 66,027 1,398 25,059 Warrants 30,646 — 11,227 19,419 $ 2,960,062 $ 66,027 $ 12,625 $ 2,881,410 Investment Funds & Vehicles measured at Net Asset Value (1) 3,893 Total Investments, at fair value $ 2,963,955 (1) In accordance with U.S. GAAP, certain investments are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statement of Assets and Liabilities. The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022. (in thousands) Balance as of Net Realized (1) Net Change in (2) Purchases (5) Sales Repayments (6) Gross (3) Gross (3) Balance as of Investments Senior Secured Debt $ 2,741,388 $ — $ 16,023 $ 362,781 $ — $ ( 209,666 ) $ — $ — $ 2,910,526 Unsecured Debt 54,056 — 3,746 323 — — — — 58,125 Preferred Stock 41,488 — ( 1,143 ) — — — — — 40,345 Common Stock 25,059 — 5,632 — ( 207 ) — — — 30,484 Warrants 19,419 ( 858 ) 1,508 948 ( 7 ) — — — 21,010 Other Assets Escrow Receivable 875 26 — — ( 98 ) — — — 803 Total $ 2,882,285 $ ( 832 ) $ 25,766 $ 364,052 $ ( 312 ) $ ( 209,666 ) $ — $ — $ 3,061,293 (in thousands) Balance as of Net Realized (1) Net Change in (2) Purchases (5) Sales Repayments (6) Gross (4) Gross (4) Balance as of Investments Senior Secured Debt $ 2,156,709 $ ( 2,010 ) $ ( 8,696 ) $ 292,683 $ — $ ( 97,672 ) $ — $ ( 3,504 ) $ 2,337,510 Unsecured Debt 52,890 — ( 259 ) 1,201 — — — — 53,832 Preferred Stock 69,439 2,867 ( 6,513 ) 2,903 ( 4,772 ) — — ( 6,422 ) 57,502 Common Stock 21,968 — 2,241 — — — 207 ( 3,942 ) 20,474 Warrants 27,477 19 114 3,824 ( 1,068 ) — — — 30,366 Other Assets Escrow Receivable 561 277 — 167 ( 345 ) — — — 660 Total $ 2,329,044 $ 1,153 $ ( 13,113 ) $ 300,778 $ ( 6,185 ) $ ( 97,672 ) $ 207 $ ( 13,868 ) $ 2,500,344 (1) Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations. (2) Included in net change in unrealized appreciation (depreciation) in the ac companying Consoli dated Statements of Operations. (3) There were no t ransfers into or out of Level 3 during the three months ended March 31, 2023 . (4) Transfers out of Level 3 during the three months ended March 31, 2022, related to the initial public offerings of Gelesis, Inc., Pineapple Energy, LLC, and the conversion of Level 3 debt investments into common stock investments. Transfers into Level 3 during the three months ended March 31, 2022 related to the decline of liquidity of Kaleido Biosciences, Inc. shares. (5) Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of level 3 investments. Amounts are net of purchases assigned to the Adviser Funds. (6) Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization. For the three months ended March 31, 2023, approximately $ 1.1 million in net unrealized depreciation and $ 5.6 million in net unrealized appreciation relating to assets still held at the reporting date were recorded for preferred stock and common stock Level 3 investments, respectively. For the same period, approximately $ 22.6 million and $ 0.6 million in net unrealized depreciation was recorded for debt and warrant Level 3 investments, respectively, relating to assets still held at the reporting date. For the three months ended March 31, 2022, approximately $ 7.3 million in net unrealized depreciation and $ 2.2 million in net unrealized appreciation relating to assets still held at the reporting date were recorded for preferred stock and common stock Level 3 investments, respectively. For the same period, approximately $ 8.0 million and $ 0.3 million in net unrealized depreciation was recorded for debt and warrant Level 3 investments, respectively, relating to assets still held at the reporting date. The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of March 31, 2023 and December 31, 2022. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company’s investments. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable. Investment Type - Level 3 Fair Value as of Valuation Unobservable Input (1) Range Weighted (2) Pharmaceuticals $ 993,806 Market Comparable Companies Hypothetical Market Yield 11.61 % - 19.51 % 14.55 % Premium/(Discount) ( 1.50 )% - 3.00 % 0.00 % 16,343 Liquidation Collateral Recoverability 25.00 % - 40.00 % 32.95 % Technology 911,752 Market Comparable Companies Hypothetical Market Yield 12.25 % - 20.11 % 15.52 % Premium/(Discount) ( 0.75 )% - 3.00 % 0.30 % 21,536 Convertible Note Analysis Probability weighting of alternative outcomes 1.00 % - 50.00 % 35.24 % 1,193 Liquidation (3) Probability weighting of alternative outcomes 10.00 % - 90.00 % 79.54 % Sustainable and Renewable Technology 3,108 Market Comparable Companies Hypothetical Market Yield 14.69 % 14.69 % Premium/(Discount) 0.75 % 0.75 % Lower Middle Market 347,961 Market Comparable Companies Hypothetical Market Yield 13.78 % - 17.14 % 13.87 % Premium/(Discount) ( 2.00 )% - 1.00 % ( 0.44 )% 7,774 Liquidation (3) Probability weighting of alternative outcomes 20.00 % - 80.00 % 80.00 % Debt Investments for which Cost Approximates Fair Value 332,001 Debt Investments originated within 6 months 235,746 Imminent Payoffs (4) 97,431 Debt Investments Maturing in Less than One Year $ 2,968,651 Total Level 3 Debt Investments (1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment. Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows: • Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries. • Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business • Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry. • Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified (2) The weighted averages are calculated based on the fair market value of each investment. (3) The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes. (4) Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date. Investment Type - Level 3 Fair Value as of Valuation Techniques/Methodologies Unobservable Input (1) Range Weighted (2) Pharmaceuticals $ 903,427 Market Comparable Companies Hypothetical Market Yield 11.74 % - 19.04 % 15.17 % Premium/(Discount) ( 0.75 )% - 1.75 % 0.01 % Technology 967,108 Market Comparable Companies Hypothetical Market Yield 12.05 % - 18.53 % 15.21 % Premium/(Discount) ( 1.00 )% - 1.50 % 0.20 % 20,356 Convertible Note Analysis Probability weighting of alternative outcomes 1.00 % - 50.00 % 35.79 % 1,671 Liquidation (3) Probability weighting of alternative outcomes 5.00 % - 80.00 % 48.29 % Sustainable and Renewable Technology 3,006 Market Comparable Companies Hypothetical Market Yield 14.71 % - 14.71 % 14.71 % Premium/(Discount) 0.75 % - 0.75 % 0.75 % Lower Middle Market 328,393 Market Comparable Companies Hypothetical Market Yield 13.68 % - 18.49 % 14.82 % Premium/(Discount) ( 2.00 )% - 0.75 % ( 0.43 )% 8,042 Liquidation (3) Probability weighting of alternative outcomes 20.00 % - 80.00 % 80.00 % Debt Investments for which Cost Approximates Fair Value 392,168 Debt Investments originated within 6 months 77,676 Imminent Payoffs (4) 93,597 Debt Investments Maturing in Less than One Year $ 2,795,444 Total Level 3 Debt Investments (1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment. Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows: • Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries. • Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business • Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry. • Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified (2) The weighted averages are calculated based on the fair market value of each investment. (3) The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes. (4) Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date. Investment Type - Level 3 Equity and Warrant Investments Fair Value as of Valuation Techniques/ Unobservable Input (1) Range Weighted Average (5) Equity Investments $ 30,445 Market Comparable Companies EBITDA Multiple (2) 13.3 x - 13.3 x 13.3 x Revenue Multiple (2) 0.6 x - 20.6 x 8.6 x Tangible Book Value Multiple (2) 1.6 x - 1.6 x 1.6 x Discount for Lack of Marketability (3) 3.32 % - 33.66 % 24.21 % 12,467 Market Adjusted OPM Backsolve Market Equity Adjustment (4) ( 85.77 )% - 12.32 % ( 18.51 )% 24,595 Discounted Cash Flow Discount Rate (7) 19.64 % - 31.15 % 25.66 % — Liquidation Revenue Multiple (2) 2.2 x - 2.2 x 2.2 x Discount for Lack of Marketability (3) 86.00 % - 86.00 % 86.00 % 3,322 Other (6) Warrant Investments 13,711 Market Comparable Companies EBITDA Multiple (2) 13.3 x - 13.3 x 13.3 x Revenue Multiple (2) 0.3 x - 10.3 x 3.7 x Discount for Lack of Marketability (3) 3.32 % - 34.08 % 23.84 % 7,299 Market Adjusted OPM Backsolve Market Equity Adjustment (4) ( 71.90 )% - 44.42 % ( 8.24 )% Total Level 3 Equity and Warrant Investments $ 91,839 (1) The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes. (2) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments. (3) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments. (4) Represents the range of changes in industry valuations since the portfolio company's last external valuation event. (5) Weighted averages are calculated based on the fair market value of each investment. (6) The fair market value of these investments is derived based on recent private market and merger and acquisition transaction prices. (7) The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments. Investment Type - Level 3 Equity and Warrant Investments Fair Value as of Valuation Techniques/ Unobservable Input (1) Range Weighted Average (5) Equity Investments $ 30,086 Market Comparable Companies EBITDA Multiple (2) 12.4 x - 12.4 x 12.4 x Revenue Multiple (2) 0.7 x - 16.1 x 7.4 x Tangible Book Value Multiple (2) 1.6 x - 1.6 x 1.6 x Discount for Lack of Marketability (3) 8.11 % - 28.90 % 19.79 % 13,795 Market Adjusted OPM Backsolve Market Equity Adjustment (4) ( 97.82 )% - 16.34 % ( 16.69 )% 19,153 Discounted Cash Flow Discount Rate (7) 17.72 % - 30.13 % 24.46 % — Liquidation Revenue Multiple (2) 2.1 x - 2.1 x 2.1 x Discount for Lack of Marketability (3) 85.00 % - 85.00 % 85.00 % 3,513 Other (6) Warrant Investments 12,479 Market Comparable Companies EBITDA Multiple (2) 12.4 x - 12.4 x 12.4 x Revenue Multiple (2) 0.6 x - 8.8 x 3.4 x Discount for Lack of Marketability (3) 8.11 % - 32.70 % 18.97 % 6,934 Market Adjusted OPM Backsolve Market Equity Adjustment (4) ( 97.82 )% - 66.43 % ( 8.86 )% — Liquidation Revenue Multiple (2) 6.2 x - 6.2 x 6.2 x Discount for Lack of Marketability (3) 90.00 % - 90.00 % 90.00 % 6 Other (6) Total Level 3 Equity and Warrant Investments $ 85,966 (1) The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes. (2) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments. (3) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments. (4) Represents the range of changes in industry valuations since the portfolio company's last external valuation event. (5) Weighted averages are calculated based on the fair market value of each investment. (6) The fair market value of these investments is derived based on recent market transactions. (7) The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments. The Company believes that the carrying amounts of its financial instruments, other than investments and debt, which consist of cash and cash equivalents, receivables including escrow receivables, accounts payable and accrued liabilities, approximate the fair values of such items due to the short maturity of such instruments. The debt obligations of the Company are recorded at amortized cost and not at fair value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s outstanding debt obligations are based on observable market trading prices or quotations and unobservable market rates as applicable for each instrument. As of March 31, 2023 and December 31, 2022, the 2033 Notes were trading on the New York Stock Exchange (“NYSE”) at $ 23.96 and $ 24.59 per unit at par value. The par value at underwriting for the 2033 Notes was $ 25.00 per unit. Based on market quotations on or around March 31, 2023 and December 31, 2022, the 2031 Asset-Backed Notes were quoted for 0.940 and 0.951 . The fair values of the SBA debentures, July 2024 Notes, February 2025 Notes, June 2025 Notes, June 2025 3-Year Notes, March 2026 A Notes, March 2026 B Notes, September 2026, and January 2027 Notes are calculated based on the net present value of payments over the term of the notes using estimated market rates for similar notes and remaining terms. The fair values of the outstanding debt under the MUFG Bank Facility and the SMBC Facility are equal to their outstanding principal balances as of March 31, 2023 and December 31, 2022. The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 Carrying Approximate Identical Assets Observable Inputs Unobservable Inputs Description Value Fair Value (Level 1) (Level 2) (Level 3) SBA Debentures $ 169,881 $ 144,551 $ — $ — $ 144,551 July 2024 Notes 104,607 101,978 — — 101,978 February 2025 Notes 49,780 47,202 — — 47,202 June 2025 Notes 69,636 65,963 — — 65,963 June 2025 3-Year Notes 49,655 48,838 — — 48,838 March 2026 A Notes 49,724 45,731 — — 45,731 March 2026 B Notes 49,699 45,797 — — 45,797 September 2026 Notes 321,603 273,775 — — 273,775 January 2027 Notes 344,937 300,474 — — 300,474 2031 Asset-Backed Notes 148,104 141,000 — 141,000 — 2033 Notes 38,853 38,336 — 38,336 — MUFG Bank Facility (1) 121,000 121,000 — — 121,000 SMBC Facility 197,000 197,000 — — 197,000 Total $ 1,714,479 $ 1,571,645 $ — $ 179,336 $ 1,392,309 (in thousands) December 31, 2022 Carrying Approximate Identical Assets Observable Inputs Unobservable Inputs Description Value Fair Value (Level 1) (Level 2) (Level 3) SBA Debentures $ 169,738 $ 155,257 $ — $ — $ 155,257 July 2024 Notes 104,533 102,019 — — 102,019 February 2025 Notes 49,751 47,044 — — 47,044 June 2025 Notes 69,595 64,198 — — 64,198 June 2025 3-Year Notes 49,616 47,528 — — 47,528 March 2026 A Notes 49,700 45,512 — — 45,512 March 2026 B Notes 49,673 45,588 — — 45,588 September 2026 Notes 321,358 269,509 — — 269,509 January 2027 Notes 344,604 296,826 — — 296,826 2031 Asset-Backed Notes 147,957 142,620 — 142,620 — 2033 Notes 38,826 39,344 — 39,344 — MUFG Bank Facility (1) 107,000 107,000 — — 107,000 SMBC Facility 72,000 72,000 — — 72,000 Total $ 1,574,351 $ 1,434,445 $ — $ 181,964 $ 1,252,481 (1) In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Schedule Of Investments [Abstract] | |
Investments | 4. Investments Control and Affiliate Investments As required by the 1940 Act, the Company classifies its investments by level of control. “Control investments” are defined in the 1940 Act as investments in those companies that the Company is deemed to “control”. Under the 1940 Act, the Company is generally deemed to “control” a company in which it has invested if it owns 25% or more of the voting securities of such company or has greater than 50% representation on its board. “Affiliate investments” are investments in those companies that are “affiliated companies” of the Company, as defined in the 1940 Act, which are not control investments. The Company is deemed to be an “affiliate” of a company in which it has invested if it owns 5% or more, but generally less than 25%, of the voting securities of such company. “Non-control/non-affiliate investments” are investments that are neither control investments nor affiliate investments. For purposes of determining the classification of its investments, the Company has included consideration of any voting securities or board appointment rights held by the Adviser Funds. The following table summarizes the Company’s realized gains and losses and changes in unrealized appreciation and depreciation on control and affiliate investments for the three months ended March 31, 2023 and 2022. (in thousands) Three Months Ended March 31, 2023 Portfolio Company (1) Type Fair Value as of March 31, 2023 Interest Income Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 256 $ — $ — $ ( 63 ) $ — Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC) Control 40,701 796 19 3,735 — Hercules Adviser LLC Control 36,595 150 — 5,442 — Tectura Corporation Control 7,774 170 — ( 268 ) — Total Control Investments $ 85,326 $ 1,116 $ 19 $ 8,846 $ — (in thousands) Three Months Ended March 31, 2022 Portfolio Company (1) Type Fair Value as of March 31, 2022 Interest Income Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 614 $ — $ — $ 49 $ — Gibraltar Business Capital, LLC Control 42,622 834 16 ( 1,227 ) — Hercules Adviser LLC Control 24,694 111 — 2,554 — Tectura Corporation Control 8,347 170 — 78 — Total Control Investments $ 76,277 $ 1,115 $ 16 $ 1,454 $ — Affiliate Investments Black Crow AI, Inc. (2) Affiliate $ — $ — $ — $ ( 120 ) $ 3,772 Pineapple Energy LLC (2) Affiliate 4,830 1,047 — 873 — Total Affiliate Investments $ 4,830 $ 1,047 $ — $ 753 $ 3,772 Total Control & Affiliate Investments $ 81,107 $ 2,162 $ 16 $ 2,207 $ 3,772 (1) In accordance with Rules 3-09, 4-08(g), and Rule 10-01(b)(1) of Regulation S-X, (“Rule 3-09”, “Rule 4-08(g)”, and “Rule 10-01(b)(1)”, respectively), the Company must determine if its unconsolidated subsidiaries are considered “significant subsidiaries”. As of March 31, 2023 and March 31, 2022 , there were no unconsolidated subsidiaries that are considered “significant subsidiaries”. (2) As of September 30, 2022, Black Crow AI, Inc. and Pineapple Energy LLC were no longer affiliates as defined under the 1940 Act. Portfolio Composition The following table shows the fair value of the Company’s portfolio of investments by asset class as of March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of Senior Secured Debt $ 2,910,526 93.0 % $ 2,741,388 92.5 % Unsecured Debt 58,125 1.9 % 54,056 1.8 % Preferred Stock 40,345 1.3 % 41,488 1.4 % Common Stock 84,072 2.7 % 92,484 3.1 % Warrants 33,210 1.0 % 30,646 1.1 % Investment Funds & Vehicles 3,900 0.1 % 3,893 0.1 % Total $ 3,130,178 100.0 % $ 2,963,955 100.0 % A summary of the Company’s investment portfolio, at value, by geographic location as of March 31, 2023 and December 31, 2022 is shown as follows: (in thousands) March 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of United States $ 2,829,873 90.4 % $ 2,670,520 90.1 % United Kingdom 174,678 5.6 % 171,629 5.8 % Netherlands 89,952 2.9 % 88,915 3.0 % Canada 11,132 0.4 % 19,472 0.7 % Israel 19,432 0.6 % 9,052 0.3 % Denmark 3,739 0.1 % — 0.0 % Germany 893 0.0 % 990 0.0 % Other 479 0.0 % 573 0.0 % Ireland — 0.0 % 2,804 0.1 % Total $ 3,130,178 100.0 % $ 2,963,955 100.0 % The following table shows the fair value of the Company’s portfolio by industry sector as of March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of Drug Discovery & Development $ 1,220,057 39.0 % $ 1,150,707 38.8 % Software 828,712 26.5 % 798,264 26.9 % Consumer & Business Services 474,883 15.2 % 439,384 14.8 % Healthcare Services, Other 214,199 6.8 % 198,763 6.7 % Communications & Networking 107,201 3.4 % 101,833 3.5 % Diversified Financial Services 87,805 2.8 % 68,569 2.3 % Information Services 62,039 2.0 % 60,759 2.1 % Manufacturing Technology 48,993 1.6 % 46,109 1.6 % Biotechnology Tools 33,032 1.1 % 32,825 1.1 % Electronics & Computer Hardware 21,476 0.7 % 21,517 0.7 % Sustainable and Renewable Technology 12,899 0.4 % 15,486 0.5 % Media/Content/Info 9,956 0.3 % 35 0.0 % Surgical Devices 4,189 0.1 % 3,038 0.1 % Consumer & Business Products 2,593 0.1 % 2,821 0.1 % Medical Devices & Equipment 1,155 0.0 % 1,834 0.1 % Semiconductors 966 0.0 % 21,921 0.7 % Drug Delivery 23 0.0 % 90 0.0 % Total $ 3,130,178 100.0 % $ 2,963,955 100.0 % No single portfolio investment represents more than 10% of the fair value of the Company’s total investments as of March 31, 2023 or December 31, 2022. Concentrations of Credit Risk The Company’s customers are primarily privately held companies and public companies which are active in the “Drug Discovery & Development", "Software”, “Consumer & Business Services”, “Healthcare Services, Other”, and “Communications & Networking" sectors. These sectors are characterized by high margins, high growth rates, consolidation and product and market extension opportunities. Value for companies in these sectors is often vested in intangible assets and intellectual property. Industry and sector concentrations vary as new loans are recorded and loans are paid off. Loan revenue, consisting of interest, fees, and recognition of gains on equity and warrant or other equity interests, can fluctuate materially when a loan is paid off or a related warrant or equity interest is sold. Revenue recognition in any given year can be highly concentrated among several portfolio companies. As of March 31, 2023 and December 31, 2022, the Company’s ten largest portfolio companies represented approximately 29.5 % and 29.0 % of the total fair value of the Company’s investments in portfolio companies, respectively. As of March 31, 2023 and December 31, 2022, the Company had six and eight portfolio companies, respectively, that represented 5% or more of the Company’s net assets. As of March 31, 2023, the Company had four equity investments representing approximately 48.6 % of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of the Company’s equity investments. As of December 31, 2022, the Company had four equity investments which represented approximately 39.8 % of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of such investments. Investment Collateral In the majority of cases, the Company collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property. In other cases, the Company may obtain a negative pledge covering a company’s intellectual property. The Company's investments were collateralized as follows as of March 31, 2023 and December 31, 2022: Percentage of debt investments (at fair value), as of March 31, 2023 December 31, 2022 Senior Secured First Lien All assets including intellectual property 44.4 % 42.0 % All assets with negative pledge on intellectual property 25.6 % 26.1 % “Last-out” with security interest in all of the assets 11.5 % 11.6 % Total senior secured first lien position 81.5 % 79.7 % Second lien 16.5 % 18.4 % Unsecured 2.0 % 1.9 % Total debt investments at fair value 100.0 % 100.0 % Investment Income The Company’s investment portfolio generates interest, fee, and dividend income. The composition of the Company’s interest income and fee income is as follows: (in thousands) Three Months Ended March 31, 2023 2022 Contractual interest income $ 82,791 $ 49,544 Exit fee interest income 9,382 6,726 PIK interest income 5,528 4,975 Other interest income (1) 2,196 1,007 Total interest income $ 99,897 $ 62,252 (in thousands) Three Months Ended March 31, 2023 2022 Recurring fee income $ 2,040 $ 1,779 Fee income - expired commitments 243 87 Accelerated fee income - early repayments 2,910 1,039 Total fee income $ 5,193 $ 2,905 (1) Other interest income includes OID interest income and interest recorded on other assets . As of March 31, 2023 and December 31, 2022, unamortized capitalized fee income was recorded as follows: (in millions) March 31, December 31, 2023 2022 Offset against debt investment cost $ 44.6 $ 43.1 Deferred obligation contingent on funding or other milestone 10.9 10.9 Total Unamortized Fee Income $ 55.5 $ 54.0 As of March 31, 2023 and December 31, 2022, loan exit fees receivable were recorded as follows: (in millions) March 31, December 31, 2023 2022 Included within debt investment cost $ 33.0 $ 32.5 Deferred receivable related to expired commitments 3.4 5.0 Total Exit Fees Receivable $ 36.4 $ 37.5 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt As of March 31, 2023 and December 31, 2022, the Company had the following available and outstanding debt: (in thousands) March 31, 2023 December 31, 2022 Total Available Principal Carrying Value (1) Total Available Principal Carrying Value (1) SBA Debentures (2) $ 175,000 $ 175,000 $ 169,881 $ 175,000 $ 175,000 $ 169,738 July 2024 Notes 105,000 105,000 104,607 105,000 105,000 104,533 February 2025 Notes 50,000 50,000 49,780 50,000 50,000 49,751 June 2025 Notes 70,000 70,000 69,636 70,000 70,000 69,595 June 2025 3-Year Notes 50,000 50,000 49,655 50,000 50,000 49,616 March 2026 A Notes 50,000 50,000 49,724 50,000 50,000 49,700 March 2026 B Notes 50,000 50,000 49,699 50,000 50,000 49,673 September 2026 Notes 325,000 325,000 321,603 325,000 325,000 321,358 January 2027 Notes 350,000 350,000 344,937 350,000 350,000 344,604 2031 Asset-Backed Notes 150,000 150,000 148,104 150,000 150,000 147,957 2033 Notes 40,000 40,000 38,853 40,000 40,000 38,826 MUFG Bank Facility (2)(3) 400,000 121,000 121,000 545,000 107,000 107,000 SMBC Facility (2)(4) 400,000 197,000 197,000 225,000 72,000 72,000 Total $ 2,215,000 $ 1,733,000 $ 1,714,479 $ 2,185,000 $ 1,594,000 $ 1,574,351 (1) Except for the SMBC Facility and MUFG Bank Facility (f.k.a. Union Bank Facility), all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date. (2) Availability subject to the Company meeting the borrowing base requirements. (3) In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. (4) Includes $ 175.0 million of available commitment through the letter of credit facility. Debt issuance costs, net of accumulated amortization, were as follows as of March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 December 31, 2022 SBA Debentures $ 5,119 $ 5,262 July 2024 Notes 393 467 February 2025 Notes 220 249 June 2025 Notes 364 405 June 2025 3-Year Notes 345 384 March 2026 A Notes 276 300 March 2026 B Notes 301 327 September 2026 Notes 3,397 3,642 January 2027 Notes 5,063 5,396 2031 Asset-Backed Notes 1,896 2,043 2033 Notes 1,147 1,174 MUFG Bank Facility (1) 4,867 1,292 SMBC Facility (1) 2,315 1,701 Total $ 25,703 $ 22,642 (1) The MUFG Bank Facility (f.k.a. Union Bank Facility) and SMBC Facility, are line-of-credit arrangements, the debt issuance costs associated with these instruments are included within Other assets on the Consolidated Statements of Assets and Liabilities in accordance with ASC Subtopic 835-30. For the three months ended March 31, 2023, the components of interest expense, related fees, losses on debt extinguishment and cash paid for interest expense for debt were as follows: (in thousands) Three Months Ended March 31, 2023 Interest expense (1) Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 1,125 $ 144 $ — $ 1,269 $ 2,262 July 2024 Notes 1,252 74 — 1,326 2,504 February 2025 Notes 535 29 — 564 1,070 June 2025 Notes 754 40 — 794 — June 2025 3-Year Notes 750 39 — 789 — March 2026 A Notes 563 24 — 587 1,125 March 2026 B Notes 569 26 — 595 1,139 September 2026 Notes 2,174 204 — 2,378 4,266 January 2027 Notes 3,079 207 — 3,286 5,906 2031 Asset-Backed Notes 1,903 100 — 2,003 1,856 2033 Notes 625 27 — 652 625 MUFG Bank Facility (2) 1,713 442 617 2,772 1,837 SMBC Facility 1,583 153 203 1,939 1,250 Total $ 16,625 $ 1,509 $ 820 $ 18,954 $ 23,840 (1) Interest expense includes amortization of original issue discounts for the three months ended March 31, 2023 of $ 42 thousand, $ 126 thousand, and $ 47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. (2) The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. For the three months ended March 31, 2022, the components of interest expense and related fees and cash paid for interest expense for debt were as follows: (in thousands) Three Months Ended March 31, 2022 Interest expense (1) Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 550 $ 140 $ — $ 690 $ 749 2022 Notes (2) 1,011 50 — 1,061 2,293 July 2024 Notes 1,252 74 — 1,326 2,504 February 2025 Notes 535 29 — 564 1,070 June 2025 Notes 754 40 — 794 — March 2026 A Notes 563 24 — 587 1,125 March 2026 B Notes 569 26 — 595 1,138 September 2026 Notes 2,174 204 — 2,378 4,266 January 2027 Notes 2,395 161 — 2,556 — 2033 Notes 625 27 — 652 625 2022 Convertible Notes (2) 923 149 — 1,072 5,004 MUFG Bank Facility (3) 114 237 567 918 — SMBC Facility 182 49 65 296 236 Total $ 11,647 $ 1,210 $ 632 $ 13,489 $ 19,010 (1) Interest expense includes amortization of original issue discounts for the three months ended March 31, 2022 of $ 23 thousand, $ 112 thousand, $ 42 thousand, and $ 98 thousand, related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, and January 2027 Notes, respectively. (2) In February 2022, the Company has fully repaid the aggregate outstanding principal balances and retired 2022 Notes and 2022 Convertible Notes. (3) The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. As of March 31, 2023 and December 31, 2022, the Company was in compliance with the terms of all borrowing arrangements. There are no sinking fund requirements for any of the Company’s debt. SBA Debentures The Company held the following SBA debentures outstanding principal balances as of March 31, 2023 and December 31, 2022: (in thousands) Maturity Date Interest Rate (1) March 31, 2023 December 31, 2022 March 26, 2021 September 1, 2031 1.58 % $ 37,500 $ 37,500 June 25, 2021 September 1, 2031 1.58 % 16,200 16,200 July 28, 2021 September 1, 2031 1.58 % 5,400 5,400 August 20, 2021 September 1, 2031 1.58 % 5,400 5,400 October 21, 2021 March 1, 2032 3.21 % 14,000 14,000 November 1, 2021 March 1, 2032 3.21 % 21,000 21,000 November 15, 2021 March 1, 2032 3.21 % 5,200 5,200 November 30, 2021 March 1, 2032 3.21 % 20,800 20,800 December 20, 2021 March 1, 2032 3.21 % 10,000 10,000 December 23, 2021 March 1, 2032 3.21 % 10,000 10,000 December 28, 2021 March 1, 2032 3.21 % 5,000 5,000 January 14, 2022 March 1, 2032 3.21 % 4,500 4,500 January 21, 2022 March 1, 2032 3.21 % 20,000 20,000 Total SBA Debentures $ 175,000 $ 175,000 (1) Interest rates are determined initially at issuance and reset to a fixed rate at the debentures pooling date. The rates are inclusive of annual SBA charges. SBICs are subject to a variety of regulations and oversight by the SBA concerning the size and nature of the companies in which they may invest as well as the structures of those investments. The SBA as part of its oversight periodically examines and audits to determine SBICs compliance with SBA regulations. Our SBIC was in compliance with all SBIC terms, including those pertaining to the SBA Debentures as of March 31, 2023 and December 31, 2022. HC IV received its license to operate as a SBIC on October 27, 2020. The license has a 10-year term. Through the license, HC IV has access to $ 175.0 million of capital through the SBA debenture program, that is in addition to the Company’s regulatory capital commitment of $ 87.5 million to HC IV. As of March 31, 2023 and December 31, 2022, HC IV has issued a total of $ 175.0 million in SBA guaranteed debentures. As of March 31, 2023, the Company held investments in HC IV in 19 companies with a fair value of approximately $ 289.7 million, accounting for approximately 9.3 % of the Company’s total investment portfolio. Further, HC IV held approximately $ 307.7 million in tangible assets which accounted for approximately 9.5 % of the Company’s total assets as of March 31, 2023. As of December 31, 2022, the Company held investments in HC IV in 21 companies with a fair value of approximately $ 343.7 million, accounting for approximately 11.6 % of the Company’s total investment portfolio. Further, HC IV held approximately $ 348.6 million in tangible assets which accounted for approximately 11.5 % of the Company’s total assets as of December 31, 2022. July 2024 Notes On July 16, 2019, the Company issued $ 105.0 million in aggregate principal amount of 4.77 % interest-bearing unsecured notes due on July 16, 2024 (the “July 2024 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering . Interest on the July 2024 Notes is due semiannually . The July 2024 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. February 2025 Notes On February 5, 2020, the Company issued $ 50.0 million in aggregate principal amount of 4.28 % interest-bearing unsecured notes due February 5, 2025 (the “February 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the February 2025 Notes is due semiannually . The February 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. June 2025 Notes On June 3, 2020, the Company issued $ 70.0 million in aggregate principal amount of 4.31 % interest-bearing unsecured notes due June 3, 2025 (the “June 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the June 2025 Notes is due semiannually. The June 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. June 2025 3-Year Notes On June 23, 2022, the Company issued $ 50.0 million in aggregate principal amount of 6.00 % interest-bearing unsecured notes due June 23, 2025 (the “June 2025 3-Year Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. Interest on the June 2025 3-Year Notes is due semiannually. The June 2025 3-Year Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. March 2026 A Notes On November 4, 2020, the Company issued $ 50.0 million in aggregate principal amount of 4.5 % interest-bearing unsecured notes due March 4, 2026 (the “March 2026 A Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering . Interest on the March 2026 A Notes is due semiannually . The March 2026 A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. March 2026 B Notes On March 4, 2021, the Company issued $ 50.0 million in aggregate principal amount of 4.55 % interest-bearing unsecured notes due March 4, 2026 (the “March 2026 B Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement pursuant note offering. The sale of the March 2026 B Notes generated net proceeds of approximately $ 49.5 million. Aggregate offering expenses in connection with the transaction, including fees and commissions, were approximately $ 0.5 million. Interest on the March 2026 B Notes is due semiannually . The March 2026 B Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. September 2026 Notes On September 16, 2021, the Company issued $ 325.0 million in aggregate principal amount of 2.625 % interest-bearing unsecured notes due September 16, 2026 (the “September 2026 Notes”), unless repurchased in accordance with the terms of the Seventh Supplemental Indenture, dated September 16, 2021. The issuance of the September 2026 Notes generated net proceeds of approximately $ 320.1 million. The aggregate offering expenses in connection with the transaction, including the underwriter’s discount and commissions, were approximately $ 4.1 million of costs and $ 0.8 million related to the discount. Interest on the September 2026 Notes is payable semi-annually in arrears on March 16 and September 16 of each year, commencing on March 16, 2022 . The September 2026 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Company may redeem some or all of the September 2026 Notes at any time, or from time to time, at the redemption price set forth under the terms of the September 2026 Notes Indenture. January 2027 Notes On January 20, 2022, the Company issued $ 350.0 million in aggregate principal amount of 3.375 % interest-bearing unsecured notes due January 20, 2027 (the “January 2027 Note s”), unless repurchased in accordance with the terms of the Eight Supplemental Indenture, dated January 20, 2022. The issuance of the January 2027 Notes generated net proceeds of approximately $ 343.4 million. The aggregate offering expenses in connection with the transaction, including the underwriter’s discount and commissions, were approximately $ 4.1 million of costs and $ 2.5 million related to the discount. Interest on the January 2027 Notes is payable semi-annually in arrears on January 20 and July 20 of each year, commencing on July 20, 2022 . The January 2027 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Company may redeem some or all of the January 2027 Notes at any time, or from time to time, at the redemption price set forth under the terms of the January 2027 Notes Indenture. 2031 Asset-Backed Notes On June 22, 2022, the Company completed a term debt securitization in connection with which an affiliate of the Company issued $ 150.0 million in aggregate principal amount of 4.95 % interest-bearing asset-backed notes due on July 20, 2031 (the “2031 Asset-Backed Notes”). The 2031 Asset-Backed Notes were issued by Hercules Capital Funding Trust 2022-1 LLC (the “2022 Securitization Issuer”) pursuant to a note purchase agreement, dated as of June 22, 2022, by and among the Company, Hercules Capital Funding 2022-1 LLC, as trust depositor, the 2022 Securitization Issuer, and U.S. Bank Trust Company, N. A., as trustee, and are backed by a pool of senior loans made to certain portfolio companies of the Company and secured by certain assets of those portfolio companies and are to be serviced by the Company. Interest on the 2031 Asset-Backed Notes will be paid, to the extent of funds available. Under the terms of the 2031 Asset-Backed Notes, the Company is required to maintain a reserve cash balance, funded through proceeds from the sale of the 2031 Asset-Backed Notes and through interest and principal collections from the underlying securitized debt portfolio, which may be used to pay monthly interest and principal payments on the 2031 Asset-Backed Notes. The Company has segregated these funds and classified them as restricted cash. As of March 31, 2023 and December 31, 2022, there was approximately $ 7.8 million and $ 10.1 million, respectively, of funds segregated as restricted cash related to the 2031 Asset-Backed Notes. 2033 Notes On September 24, 2018, the Company issued $ 40.0 million in aggregate principal amount of 6.25 % interest-bearing unsecured notes due October 30, 2033 (the “2033 Notes”), unless repurchased in accordance with the terms of the Sixth Supplemental Indenture to the Base Indenture, dated September 24, 2018. Interest on the 2033 Notes is payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year . The 2033 Notes trade on the NYSE under the symbol “HCXY.” The 2033 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Company may redeem some or all of the 2033 Notes at any time, or from time to time, at the redemption price set forth under the terms of the 2033 Notes indenture after October 30, 2023. Credit Facilities As of March 31, 2023 and December 31, 2022, the Company has two available credit facilities, the MUFG Bank Facility and the SMBC Facility (together, the “Credit Facilities”). For the three months ended March 31, 2023 and year ended December 31, 2022, the weighted average interest rate was 6.96 % and 4.51 % , respectively, and the average debt outstanding under the Credit Facilities was $ 189.5 million and $ 127.7 million, respectively. MUFG Bank Facility On January 13, 2023, the Company entered into a third amended credit facility agreement, which amends the agreement dated as of June 10, 2022. The Company, through a special purpose wholly owned subsidiary, Hercules Funding IV LLC (“Hercules Funding IV”), as borrower, entered into the credit facility (the “MUFG Bank Facility”) with MUFG Bank Ltd. (formerly MUFG Union Bank and known as the “Union Bank Facility”) as the arranger and administrative agent, and the lenders party to the MUFG Bank Facility from time to time. Under the MUFG Bank Facility, the lenders have made commitments of $ 400.0 million, which may be further increased via an accordion feature up to an aggregate $ 600.0 million, funded by existing or additional lenders and with the agreement of MUFG Bank and subject to other customary conditions. There can be no assurances that additional lenders will join the MUFG Bank Facility to increase available borrowings. Debt under the MUFG Bank Facility generally bears interest at a rate per annum equal to SOFR plus 2.75 % for SOFR loans. The MUFG Bank Facility matures on January 13, 2026 , plus a 12-month amortization period, unless sooner terminated in accordance with its terms. The MUFG Bank Facility is secured by all of the assets of Hercules Funding IV. The MUFG Bank Facility requires payment of a non-use fee during the revolving credit availability period. The MUFG Bank Facility also includes financial and other covenants applicable to the Company and the Company’s subsidiaries, in addition to those applicable to Hercules Funding IV, including covenants relating to certain changes of control of Hercules Funding IV. Among other things, these covenants require the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a minimum tangible net worth with respect to Hercules Funding IV. The MUFG Bank Facility provides for customary events of default, including with respect to payment defaults, breach of representations and covenants, servicer defaults, certain key person provisions, cross default provisions to certain other debt, lien and judgment limitations, and bankruptcy. SMBC Facility On June 14, 2022, the Company entered into a second amendment to a revolving credit agreement, which amends the revolving credit agreement, dated as of November 9, 2021, with Sumitomo Mitsui Banking Corporation (the “SMBC Facility”), as administrative agent, and the lenders and issuing banks to the SMBC Facility. As of March 31, 2023 , the SMBC Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies of up to $ 225.0 million, from which the Company may access subject to certain conditions. The SMBC Facility contains an accordion feature, in which the Company can increase the credit line up to an aggregate of $ 500.0 million, funded by existing or additional lenders and with the agreement of SMBC Bank and subject to other customary conditions. Availability under the SMBC Facility will terminate on November 7, 2025 , and the outstanding loans under the SMBC Facility will mature on November 9, 2026 . Borrowings under the SMBC Facility are subject to compliance with a borrowing base and an aggregate portfolio balance. The Company’s obligations under the SMBC Facility may in the future be guaranteed by certain of the Company’s subsidiaries and primarily secured by a first priority security interest (subject to certain exceptions) in only certain specified property and assets of the Company and the subsidiary guarantors thereunder. Additionally in January 2023, the Company entered into a Letter of Credit Facility Agreement (the “SMBC LC Facility”) with Sumitomo Mitsui Banking Corporation that provides for a letter of credit facility with a final maturity date ending on January 13, 2026 and a commitment amount of $ 175.0 million as amended. Further, the SMBC LC Facility includes an accordion provision to increase the commitment up to $ 400 million, subject to certain conditions. The Company’s obligations under the SMBC LC Facility may in the future be guaranteed by certain of the Company’s subsidiaries and is primarily secured by a first priority security interest (subject to certain exceptions) in only certain specified property and assets of the Company and any subsidiary guarantors thereunder. Interest under the SMBC Facility is determined by the nature and denomination of the borrowing. Interest rates are determined by the appropriate benchmark rate (SOFR, EURIBOR, Prime, CDOR, or TIBOR) as applicable for the type of borrowing plus an applicable margin adjustment which can range from 0.875 % to 2.0 % per annum subject to certain conditions. In addition to interest, the SMBC Facility is subject to a non-usage fee of 0.375 % per annum (based on the immediately preceding period’s average usage) on the unused portion of the commitment under the SMBC Facility during the revolving period. The Company is required to pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued under the SMBC Facility. The SMBC Facility contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default and cross-acceleration to other indebtedness and bankruptcy. The SMBC Facility also includes financial and other covenants applicable to the Company and the Company’s subsidiaries, including covenants relating to minimum stockholders' equity, asset coverage ratios, and our status as a RIC. |
Income Taxes
Income Taxes - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | 6. Income Taxes To qualify as a RIC, the Company is required to meet certain income and asset diversification tests in addition to distributing dividends of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for distributions paid, to its stockholders. The amount to be paid out as a distribution is determined by the Board each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent that the Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders. As previously noted, the determination of taxable income pursuant to U.S. federal income tax regulations differs from U.S. GAAP. As a result, permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. During the year ended December 31, 2022, the Company reclassified $ 3.0 million from accumulated net realized gains (losses) to additional paid-in capital for book purposes primarily related to net realized gains from portfolio companies which are held in taxable subsidiaries and are not consolidated with the Company for income tax purposes. Taxable income for the three months ended March 31, 2023, was approximately $ 64.1 million or $ 0.47 per share. Taxable net realized gains for the same period were $ 7.2 million or approximately $ 0.05 per share. Taxable income for the three months ended March 31, 2022, was approximately $ 33.2 million or $ 0.28 per share. Taxable net realized gains for the same period were $ 3.7 million or approximately $ 0.03 per share. The aggregate gross unrealized appreciation of the Company’s investments over cost for U.S. federal income tax purposes was $ 87.9 million and $ 72.2 million, as of March 31, 2023 and December 31, 2022, respectively. The aggregate gross unrealized depreciation of the Company’s investments under cost for U.S. federal income tax purposes was $ 106.6 million and $ 112.0 million, as of March 31, 2023 and December 31, 2022, respectively. The net unrealized depreciation over cost for U.S. federal income tax purposes was $ 18.7 million as of March 31, 2023 and $ 39.8 million as of December 31, 2022. The aggregate cost of securities for U.S. federal income tax purposes was $ 3.1 billion and $ 3.0 billion as of March 31, 2023 and December 31, 2022, respectively. As a RIC, the Company is subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of its ordinary income (taking into account certain deferrals and elections) for each calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the 1-year period ending October 31 of each such calendar year and (3) any ordinary income and capital gain net income realized, but not distributed, in preceding calendar years (the "Excise Tax Avoidance Requirement"). The Company will not be subject to this excise tax on any amount on which the Company incurred U.S. federal income tax (such as the tax imposed on a RIC’s retained net capital gains). Depending on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable year may differ from the Company’s taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year or returns of capital. For the three months ended March 31, 2023, the Company paid approximately $ 4.8 million of income tax, including excise tax, and had $ 1.8 million of accrued, but unpaid tax expense as of March 31, 2023. For the three months ended March 31, 2022, the Company paid approximately $ 7.1 million of income tax, including excise tax, and had $ 0.8 million of accrued, but unpaid tax expense as of March 31, 2022. Additionally, the Company has taxable subsidiaries which hold certain portfolio investments in an effort to limit potential legal liability and/or comply with source-income type requirements contained in the RIC tax provisions of the Code. These taxable subsidiaries are consolidated for U.S. GAAP and the portfolio investments held by the taxable subsidiaries are included in the Company’s consolidated financial statements and are recorded at fair value. These taxable subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities as a result of their ownership of certain portfolio investments. Any income generated by these taxable subsidiaries generally would be subject to tax at normal U.S. federal tax rates based on its taxable income. In accordance with ASC 740, the Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties, if any, related to unrecognized tax benefits as a component of provision for income taxes. Based on an analysis of the Company’s tax position, there are no uncertain tax positions that met the recognition or measurement criteria. The Company is currently not undergoing any tax examinations. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits for the next twelve months. The 2019 - 2021 federal tax years for the Company remain subject to examination by the Internal Revenue Service. The 2018 – 2021 state tax years for the Company remain subject to examination by the state taxing authorities. | |
Tax Basis Of Investments Gross Unrealized Depreciation | $ 106.6 | $ 112 |
Stockholders' Equity and Distri
Stockholders' Equity and Distributions | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity and Distributions | 7. Stockholders’ Equity and Distributions The Company has issued and outstandi ng 138,596,438 and 133,044,602 shares of common stock as of March 31, 2023 and December 31, 2022 , respectively. The Company may from time-to-time issue and sell shares of its common stock through public or At-The-Market ("ATM") offerings. The Company currently sells shares through its equity distribution agreement with JMP Securities LLC (“JMP”) and Jefferies LLC (“Jeffries”) (the “2022 Equity Distribution Agreement”). The 2022 Equity Distribution Agreement provides that the Company may offer and sell up to 17.5 million shares of its common stock from time to time through JMP or Jeffries, as its sales agents. Sales of the Company’s common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The Company issued and sold the following shares of common stock during the three months ended March 31, 2023 and 2022: (in millions, except per share data) Three Months Ended March 31, Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Price/Share 2022 4.9 $ 86.1 $ 0.9 $ 85.2 $ 17.54 2023 4.7 $ 66.2 $ 0.8 $ 65.3 $ 14.03 The Company generally uses net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of March 31, 2023, approximately 3.9 million shares remain available for issuance and sale under the current equity distribution agreement. The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the three months ended March 31, 2023 and year ended December 31, 2022: (in thousands, except per share data) Distribution Type Declared Date Record Date Payment Date Per Share Amount Total Amount Base February 16, 2022 March 9, 2022 March 16, 2022 $ 0.33 $ 39,794 Supplemental February 16, 2022 March 9, 2022 March 16, 2022 $ 0.15 $ 18,088 Base April 27, 2022 May 17, 2022 May 24, 2022 $ 0.33 $ 41,245 Supplemental April 27, 2022 May 17, 2022 May 24, 2022 $ 0.15 $ 18,748 Base July 20, 2022 August 9, 2022 August 16, 2022 $ 0.35 $ 44,765 Supplemental July 20, 2022 August 9, 2022 August 16, 2022 $ 0.15 $ 19,185 Base October 13, 2022 November 10, 2022 November 17, 2022 $ 0.36 $ 47,472 Supplemental October 13, 2022 November 10, 2022 November 17, 2022 $ 0.15 $ 19,780 Total distributions declared during the year ended December 31, 2022 $ 1.97 $ 249,077 Base February 9, 2023 March 2, 2023 March 9, 2023 $ 0.39 $ 53,749 Supplemental February 9, 2023 March 2, 2023 March 9, 2023 $ 0.08 $ 11,025 Total distributions declared during the three months ended March 31, 2023 $ 0.47 $ 64,774 During the three months ended March 31, 2023, for income tax purposes, the distributions paid of $ 0.47 per share were comprised of ordinary income. As of March 31, 2023, the Company estimates that it has generated undistributed taxable earnings “spillover” of $ 0.96 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements. The Company has a distribution reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend record date. During the three months ended March 31, 2023 and 2022, the Company issued 61,383 and 60,326 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan. |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan | 8. Equity Incentive Plans The Company grants equity-based awards to employees and non-employee directors for the purpose of attracting and retaining the services of its executive officers, key employees, and members of the Board. The Company’s equity-based awards are granted under the 2018 Equity Incentive Plan (the “2018 Plan”) for employees and 2018 Non-Employee Director Plan (the “Director Plan”) for non-employee directors. The 2018 Plan and the Director Plan were approved by stockholders on June 28, 2018 and, unless earlier terminated by the Board, terminate on May 12, 2028. Subject to certain adjustments and permitted reversions of shares, the maximum aggregate number of shares that may be authorized for issuance under awards granted under the 2018 Plan and Director Plan is 9,261,229 shares and 300,000 shares, respectively. In connection with the issuance of shares under the 2018 Plan and Director Plan, the Company has registered, in aggregate, 18.7 million and 300,000 shares of common stock, respectively. Outstanding awards issued under plans that precede the 2018 Plan and Director Plan remain outstanding, unchanged and subject to the terms of such plans and their respective award agreements, until the vesting, expiration or lapse of such awards in accordance with their terms. The Company has received exemptive relief from the SEC that permits it to issue restricted stock to non-employee directors under the Director Plan and restricted stock and restricted stock units to certain of its employees, officers, and directors (excluding non-employee directors) under the 2018 Plan. The exemptive order also allows participants in the Director Plan and the 2018 Plan to (i) elect to have the Company withhold shares of its common stock to pay for the exercise price and applicable taxes with respect to an option exercise (“net issuance exercise”) and/or (ii) permit the holders of restricted stock to elect to have the Company withhold shares of its stock to pay the applicable taxes due on restricted stock at the time of vesting. Each individual employee would be able to make a cash payment to satisfy applicable tax withholding at the time of option exercise or vesting on restricted stock. The Company has granted equity-based awards that have service and performance conditions. Certain of the Company’s equity-based awards are classified as liability awards in accordance with ASC Topic 718, Compensation – Stock Compensation. All of the Company’s equity-based awards require future service, and are expensed over the relevant service period. The Company does not estimate forfeitures, and reverses all unvested costs associated with equity-awards in the period they are forfeited. For the three months ended March 31, 2023, and 2022, the Company recognized $ 3.2 million and $ 4.4 million of stock based compensation expense in the Consolidated Statements of Operations, respectively. As of March 31, 2023, and 2022, approximately $ 27.1 million and $ 22.2 million of total unrecognized compensation costs expected to be recognized over the next 2.9 and 2.1 years, respectively. Service-Vesting Awards The Company grants equity-based awards which have service conditions, which generally begin to vest one-third after one year after the date of grant and ratably over the succeeding 2 years in accordance with the individual award terms. Certain awards have service conditions of longer duration and may begin to vest up to seven years after the date of grant. These equity-based awards which vest upon achievement of service conditions are collectively referred to as the “Service Vesting Awards”. The grant date fair value of Service Vesting Awards granted during the three months ended March 31, 2023, and 2022, were approximately $ 17.7 million, and $ 10.4 million, respectively. The Company has granted restricted stock equity awards in the form of restricted stock awards and restricted stock units. The Company determines the grant date fair values of restricted stock equity awards using the grant date stock close price. The activities for the Company's unvested restricted stock equity awards for each of the three months ended March 31, 2023, and 2022, are summarized below: Three Months Ended March 31, 2023 2022 Shares Weighted Average Grant Date Shares Weighted Average Grant Date Unvested Shares Beginning of Period 958,985 $ 16.35 1,037,848 $ 14.51 Granted 1,277,607 $ 13.81 593,745 $ 17.49 Vested (1) ( 300,399 ) $ 16.42 ( 331,049 ) $ 14.41 Forfeited ( 4,427 ) $ 17.00 ( 9,619 ) $ 15.93 Unvested Shares End of Period 1,931,766 $ 14.66 1,290,925 $ 15.90 (1) With respect to certain restricted stock equity awards granted prior to January 1, 2019, receipt of the shares of the Company’s common stock underlying vested restricted stock equity awards will be deferred for four years from grant date unless certain conditions are met. Accordingly, such vested restricted stock equity awards will not be issued as common stock upon vesting until the completion of the deferral period. In addition to the restricted stock equity based awards, the Company has also issued stock options to certain employees. The fair value of options granted during the three months ended March 31, 2023 and 2022, was approximately $ 8,000 and 10,000 , respectively. During the three months ended March 31, 2023 and 2022, approximately $ 23,000 , and $ 15,000 , of share-based cost due to stock option grants was expensed, respectively. Performance-Vesting Awards The Company has granted equity-based awards, which have market and performance conditions in addition to a service condition (“Performance Awards”). The value of these awards may increase dependent on increases to the Company’s total stockholder return (“TSR”). The total compensation will be determined by the Company’s TSR relative to specified BDCs during a specified performance period. Depending on the results achieved during the specified performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the target shares granted. The Performance Awards typically vest after four years, and generally may not be disposed until one year post vesting. The Company determines the fair values of the Performance Awards at the grant date using a Monte-Carlo simulation multiplied by the target payout level and is recognized over the service period. For certain Performance Awards, distribution equivalent units (“Performance DEUs”) will accrue in the form of additional shares, but will not be paid unless the Performance Awards to which such Performance DEUs relate actually vest. During the three months ended March 31, 2023 and 2022 , no Performance Awards were granted or vested. During the three months ended March 31, 2023 , 54,858 sha res DEUs were issued and vested immediately with an aggregate fair value of $ 0.7 million. During the three months ended March 31, 2022 , no Performance DEUs were issued. As of March 31, 2023 and 2022 , there were no unvested Performance Awards. Liability Classified Awards The Company has granted equity-based awards which are subject to both service and performance conditions. These awards are settled either in cash or a fixed dollar value of shares, subject to the terms of each individual award, and therefore classified as liability awards (the “Liability Awards”). The remaining maximum total potential value of the Liability Awards granted is $ 3.1 millio n, which assumes all performance conditions are met for each Liability award. If the performance conditions are not met, the total compensation expense related to the Liability Awards may be less than the maximum granted value of the awards. The awards are recorded as deferred compensation within Accounts Payable and Accrued Liabilities included on the Consolidated Statement of Assets and Liabilities. Certain Liability Awards are structured similar to the Performance Awards, and increase in value with corresponding increases to the Company’s TSR and vest after four years. The Company remeasures the value of these awards each period based on the Company’s TSR achieved to date. Certain other Liability Awards are linked to attainment of investment funding goals. The Company determines the fair value of these Liability Awards based on the expected probability of the performance conditions being met and recognized over the service period. As of March 31, 2023 , the Company determined that the weighted average expected probability of the performance conditions being met within each Liability Award was 100 %. The expected probability is re-evaluated each period, and may be adjusted to reflect changes in this assumption. These other Liability Awards vest over a three year service term. As of March 31, 2023, all Liability Awards are unvested and there was approximately $ 1.6 million of total unrecognized compensation costs expected to be recognized over a weighted average period of 1.1 years. For the three months ended March 31, 2023, there was approximately $ 0.4 million of compensation expense related to the Liability Awards recognized in the Consolidated Statement of Operations and $ 1.5 million accrued within Accounts Payable and Accrued Liabilities in the Consolidated Statements of Assets and Liabilities. During the three months ended March 31, 2023 and 2022 , no Liability Awards vested. As of March 31, 2022, all Liability Awards are unvested and there was approximately $ 3.8 million of total unrecognized compensation costs expected to be recognized over a weighted average period of 2.0 years. For the three months ended March 31, 2022, there was approximately $ 1.3 million of compensation expense related to the Liability Awards recognized in the Consolidated Statement of Operations and $ 7.0 million accrued within Accounts Payable and Accrued Liabilities in the Consolidated Statements of Assets and Liabilities. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share Shares used in the computation of the Company’s basic and diluted earnings per share are as follows: (in thousands, except per share data) Three Months Ended March 31, 2023 2022 Numerator Net increase (decrease) in net assets resulting from operations $ 94,564 $ ( 3,336 ) Less: Total distributions declared ( 64,774 ) ( 57,882 ) Total Earnings, net of total distributions 29,790 ( 61,218 ) Earnings, net of distributions attributable to common shares 29,442 ( 61,218 ) Add: Distributions declared attributable to common shares 64,023 57,261 Numerator for basic and diluted change in net assets per common share 93,465 ( 3,957 ) Denominator Basic weighted average common shares outstanding 135,252 118,296 Common shares issuable 1,804 — Weighted average common shares outstanding assuming dilution 137,056 118,296 Change in net assets per common share: Basic $ 0.69 $ ( 0.03 ) Diluted $ 0.68 $ ( 0.03 ) In the table above, unvested share-based payment awards that have non-forfeitable rights to distributions or distribution equivalents are treated as participating securities for calculating earnings per share. Unvested common stock options and restricted stock units are also considered for the purpose of calculating diluted earnings per share. For the three months ended March 31, 2022, as the Company had a net loss, the effect of unvested stock options, restricted stock units and awards, and Performance Awards were anti-dilutive, and therefore have been excluded from the calculation of diluted loss per share. The calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three months ended March 31, 2023, and 2022, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company’s common stock for the periods, are as follows: Three Months Ended March 31, Anti-dilutive Securities 2023 2022 Unvested common stock options 1,853 31,354 Restricted stock units 7,874 32,697 Unvested restricted stock awards 54,361 — Performance awards* — 547,626 * Included in these amounts are shares related to certain equity-based awards, which are fully-vested but have not been delivered and thus not outstanding for purposes of calculating earnings per share. As of March 31, 2023 and December 31, 2022 , the Company was authorized to issue 200.0 million shares of common stock with a par value of $ 0.001 . Each share of common stock entitles the holder to one vote. |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company Financial Highlights [Abstract] | |
Financial Highlights | 10. Financial Highlights Following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022: (in thousands, except per share data and ratios) Three Months Ended March 31, 2023 2022 Per share data (1) : Net asset value at beginning of period $ 10.53 $ 11.22 Net investment income 0.48 0.30 Net realized gain (loss) 0.06 ( 0.02 ) Net unrealized appreciation (depreciation) 0.16 ( 0.31 ) Total from investment operations 0.70 ( 0.03 ) Net increase (decrease) in net assets from capital share transactions (1) 0.05 0.08 Distributions of net investment income (6) ( 0.48 ) ( 0.48 ) Stock-based compensation expense included in net investment income and other movements (2) 0.02 0.03 Net asset value at end of period $ 10.82 $ 10.82 Ratios and supplemental data: Per share market value at end of period $ 12.89 $ 18.07 Total return (3) 0.80 % 11.97 % Shares outstanding at end of period 138,596 123,194 Weighted average number of common shares outstanding 135,252 118,296 Net assets at end of period $ 1,499,006 $ 1,333,448 Ratio of total expense to average net assets (4) 10.94 % 8.82 % Ratio of net investment income before investment gains and losses to average net assets (4) 18.10 % 10.75 % Portfolio turnover rate (5) 6.90 % 3.81 % Weighted average debt outstanding $ 1,604,533 $ 1,341,941 Weighted average debt per common share $ 11.86 $ 11.34 (1) All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2) Adjusts for the impact of stock-based compensation expense, which is a non-cash expense and has no net impact to net asset value. Pursuant to ASC Topic 718, (3) The total return for the three months ended March 31, 2023, and 2022 equals the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. As such, the total return is not annualized. The total return does not reflect any sales load that must be paid by investors. (4) The ratios are calculated based on weighted average net assets for the relevant period and are annualized. (5) The portfolio turnover rate for the three months ended March 31, 2023, and 2022 equals the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover rate is not annualized. (6) Includes distributions on unvested restricted stock awards. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies The Company’s commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to the Company’s portfolio companies. As of March 31, 2023, a portion of these unfunded contractual commitments are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions which allow the Company relief from funding obligations for previously made unfunded commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the portfolio company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by future or unachieved milestones. As of March 31, 2023, and December 31, 2022, the Company had approximately $ 562.1 million and $ 628.9 million, respectively, of available unfunded commitments, including undrawn revolving facilities, which were available at the request of the portfolio company and unencumbered by future or unachieved milestones. In order to draw a portion of the Company's available unfunded commitments, a portfolio company must submit to the Company a formal funding request that complies with the applicable advance notice and other operational requirements. The amounts disclosed exclude unfunded commitments (i) for which, with respect to a portfolio company's agreement, a milestone was achieved after the last day on which the portfolio company could have requested a drawdown funding to be completed within the reporting period; and (ii) related to the portion of portfolio company investments assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”. The fair value of the Company’s unfunded commitments is considered to be immaterial as the yield determined at the time of underwriting is expected to be materially consistent with the yield upon funding, given that interest rates are generally pegged to market indices and given the existence of milestones, conditions and/or obligations imbedded in the borrowing agreements. As of March 31, 2023, and December 31, 2022, the Company’s unfunded contractual commitments available at the request of the portfolio company, including undrawn revolving facilities, and unencumbered by milestones were as follows: (in thousands) Unfunded Commitments (1) as of Portfolio Company March 31, 2023 December 31, 2022 Debt Investments: Phathom Pharmaceuticals, Inc. $ 66,500 $ 66,500 Thumbtack, Inc. 40,000 40,000 Automation Anywhere, Inc. 29,400 29,400 HilleVax, Inc. 28,000 28,000 Oak Street Health, Inc. 22,500 33,750 Skydio, Inc. 22,500 22,500 Axsome Therapeutics, Inc. 21,750 21,000 Replimune Group, Inc. 20,700 20,700 G1 Therapeutics, Inc. 19,375 19,375 AppDirect, Inc. 15,000 15,000 ATAI Life Sciences N.V. 14,000 — Alladapt Immunotherapeutics Inc. 12,500 15,000 Dronedeploy, Inc. 12,500 12,500 Iveric Bio, Inc. 12,375 — PathAI, Inc. 12,000 12,000 Viridian Therapeutics, Inc. 12,000 12,000 Tipalti Solutions Ltd. 10,500 — Madrigal Pharmaceutical, Inc. 10,200 34,000 Alamar Biosciences, Inc. 10,000 10,000 Aryaka Networks, Inc. 10,000 20,000 Brain Corporation 10,000 20,700 Next Insurance, Inc. 10,000 — Nuvolo Technologies Corporation 9,000 5,970 Locus Robotics Corp. 8,775 — Kura Oncology, Inc. 8,250 8,250 Tarsus Pharmaceuticals, Inc. 8,250 10,313 Vida Health, Inc. 8,178 40,000 Dashlane, Inc. 8,000 10,000 Elation Health, Inc. 7,500 7,500 Gritstone Bio, Inc. 7,500 7,500 TG Therapeutics, Inc. 6,500 — Carwow LTD 6,467 — Akero Therapeutics, Inc. 5,000 5,000 Fulfil Solutions, Inc. 5,000 5,000 Modern Life, Inc. 4,250 — Riviera Partners LLC 3,500 3,500 Leapwork ApS 3,450 — Babel Street 3,375 3,375 (in thousands) Unfunded Commitments (1) as of Portfolio Company March 31, 2023 December 31, 2022 Debt Investments: Signal Media Limited $ 3,000 $ 5,250 Cutover, Inc. 2,382 1,000 Zappi, Inc. 2,358 2,571 Yipit, LLC 2,250 2,250 Streamline Healthcare Solutions 2,200 — Khoros (p.k.a Lithium Technologies) 1,812 1,812 Ceros, Inc. 1,707 1,707 ThreatConnect, Inc. 1,600 1,600 RVShare, LLC 1,500 1,500 Loftware, Inc. 1,423 — Dispatch Technologies, Inc. 1,250 1,250 3GTMS, LLC 1,222 — LogicSource 1,209 1,209 Zimperium, Inc. 1,088 1,088 Ikon Science Limited 1,050 1,050 Omeda Holdings, LLC 938 938 Fortified Health Security 840 840 Agilence, Inc. 800 800 Flight Schedule Pro, LLC 639 639 Constructor.io Corporation 625 625 Enmark Systems, Inc. 457 457 Alchemer LLC 445 890 Cybermaxx Intermediate Holdings, Inc. 390 390 Annex Cloud 386 386 ShadowDragon, LLC 333 333 Cytracom Holdings LLC 72 225 Provention Bio, Inc. — 40,000 Fever Labs, Inc. — 8,333 Demandbase, Inc. — 3,750 MacroFab, Inc. — 3,000 Mobile Solutions Services — 495 Total Unfunded Debt Commitments: 556,771 623,221 Investment Funds & Vehicles: (2) Forbion Growth Opportunities Fund I C.V. 2,534 2,842 Forbion Growth Opportunities Fund II C.V. 2,811 2,811 Total Unfunded Commitments in Investment Funds & Vehicles: 5,345 5,653 Total Unfunded Commitments $ 562,116 $ 628,874 (1) For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $ 178.2 million and $ 173.5 million of unfunded commitments as of March 31, 2023, and December 31, 2022 , respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”. (2) For investment funds and vehicles, the amount represents uncalled capital commitments in private equity funds. The following table provides additional information on the Company’s unencumbered unfunded commitments regarding milestones, expirations and type: (in thousands) March 31, 2023 December 31, 2022 Unfunded Debt Commitments: Expiring during: 2023 $ 358,696 $ 461,296 2024 167,468 134,856 2025 1,294 720 2026 9,037 9,038 2027 14,958 15,171 2028 5,318 2,140 Total Unfunded Debt Commitments 556,771 623,221 Unfunded Commitments in Investment Funds & Vehicles: Expiring during: 2030 2,534 2,842 2032 2,811 2,811 Total Unfunded Commitments in Investment Funds & Vehicles 5,345 5,653 Total Unfunded Commitments $ 562,116 $ 628,874 The following tables provide the Company’s contractual obligations as of March 31, 2023 and December 31, 2022: As of March 31, 2023: Payments due by period (in thousands) Contractual Obligations (1) Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years Debt (2)(3) $ 1,733,000 $ — $ 375,000 $ 993,000 $ 365,000 Lease and License Obligations (4) 8,022 2,142 2,259 2,454 1,167 Total $ 1,741,022 $ 2,142 $ 377,259 $ 995,454 $ 366,167 As of December 31, 2022: Payments due by period (in thousands) Contractual Obligations (1) Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years Debt (5)(3) $ 1,594,000 $ — $ 382,000 $ 847,000 $ 365,000 Lease and License Obligations (4) 8,641 2,723 2,259 2,452 1,207 Total $ 1,602,641 $ 2,723 $ 384,259 $ 849,452 $ 366,207 (1) Excludes commitments to extend credit to the Company’s portfolio companies and uncalled capital commitments in investment funds. (2) Includes $ 175.0 million in principal outstanding under the SBA Debentures, $ 105.0 million of the July 2024 Notes, $ 50.0 million of the February 2025 Notes, $ 70.0 million of the June 2025 Notes, $ 50.0 million of the June 2025 3-Year Notes, $ 50.0 million of the March 2026 A Notes, $ 50.0 million of the March 2026 B Notes, $ 150.0 million of the 2031 Asset-Backed Notes, $ 40.0 million of the 2033 Notes, $ 325.0 million of the September 2026 Notes and $ 350.0 million of the January 2027 Notes as of March 31, 2023. There was also $ 197.0 million outstanding under the SMBC Facility and $ 121.0 million outstanding under the MUFG Bank Facility as of March 31, 2023 . (3) Amounts represent future principal repayments and not the carrying value of each liability. See “Note 5 – Debt”. (4) Facility leases and licenses including short-term leases. (5) Includes $ 175.0 million in principal outstanding under the SBA Debentures, $ 105.0 million of the July 2024 Notes, $ 50.0 million of the February 2025 Notes, $ 70.0 million of the June 2025 Notes, $ 50.0 million of the June 2025 3-Year Notes, $ 50.0 million of the March 2026 A Notes, $ 50.0 million of the March 2026 B Notes, $ 150.0 million of the 2031 Asset-Backed Notes, $ 40.0 million of the 2033 Notes, $ 325.0 million of the September 2026 Notes and $ 350.0 million of the January 2027 Notes as of December 31, 2022. There was also $ 72.0 million outstanding under the SMBC Facility and $ 107.0 million outstanding under the MUFG Bank Facility as of December 31, 2022 . Certain premises are leased or licensed under agreements which expire at various dates through December 2028. For the three months ended March 31, 2023 and 2022, total rent expense, including short-term leases, amounted to approximately $ 0.8 million and $ 0.8 million, respectively. The Company recognizes an operating lease liability and a ROU asset for all leases, with the exception of short-term leases. The lease payments on short-term leases are recognized as rent expense on a straight-line basis. The discount rate applied to measure each ROU asset and lease liability is based on the Company’s incremental weighted average cost of debt. The Company considers the general economic environment and its credit rating and factors in various financing and asset specific adjustments to ensure the discount rate applied is appropriate to the intended use of the underlying lease. While some of the leases contained options to extend and terminate, it is not reasonably certain that either option will be utilized and therefore, only the payments in the initial term of the leases were included in the lease liability and ROU asset. The following table sets forth information related to the measurement of the Company’s operating lease liabilities and supplemental cash flow information related to operating leases as of March 31, 2023, and 2022: (in thousands) Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Total operating lease cost $ 698 $ 703 Cash paid for amounts included in the measurement of lease liabilities $ 609 $ 594 As of March 31, 2023 As of December 31, 2022 Weighted-average remaining lease term (in years) 5.60 5.48 Weighted-average discount rate 5.35 % 5.37 % The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of March 31, 2023: (in thousands) As of March 31, 2023 2023 $ 1,896 2024 1,110 2025 1,149 2026 1,191 Thereafter 2,544 Total lease payments 7,890 Less: imputed interest & other items ( 2,924 ) Total operating lease liability $ 4,966 The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect the Company’s financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions As disclosed in “Note 2 – Summary of Significant Accounting Policies”, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value. Refer to “Note 4 – Investments” for information related to income, gains and losses recognized related to the Company’s investment. In 2021, the Adviser Subsidiary entered into investment management agreements with its privately-offered Adviser Funds, and it receives management fees based on the assets under management of the Adviser Funds and may receive incentive fees based on the performance of the Adviser Funds. Additionally, the Company entered into a shared services agreement (“Sharing Agreement”) with the Adviser Subsidiary, through which the Adviser Subsidiary will utilize human capital resources (including administrative functions) and other resources and infrastructure (including office space and technology) of the Company. Under the terms of the Sharing Agreement, the Company allocates the related expenses of shared services to the Adviser Subsidiary based on direct time spent, investment activity, and proportion of assets under management depending on the nature of the expense. The Company’s total expenses for the three months ended March 31, 2023 and 2022, are net of expenses allocated to the Adviser Subsidiary of $ 2.7 million and $ 1.4 million, respectively. As of March 31, 2023 and December 31, 2022, there was $ 0.3 million and $ 0.1 million receivable from the Adviser Subsidiary, respectively. In addition, the Company may from time-to-time make investments alongside the Adviser Funds or assign a portion of investments to the Adviser Funds in accordance with the Company’s allocation policy. During the three months ended March 31, 2023, $ 174.7 million of all investment commitments of the Company and the Adviser Subsidiary were assigned to or directly committed by the Adviser Funds. During the three months ended March 31, 2023, fundings of $ 120.9 million were assigned to, directly originated, or funded by the Adviser Funds. The Company received $ 5.6 million from the Adviser Funds relating to the assigned investments during the three months ended March 31, 2023. During the three months ended March 31, 2022, $ 108.1 million of all investment commitments of the Company and the Adviser Subsidiary were assigned to or directly committed by the Adviser Funds, respectively. During the three months ended March 31, 2022, fundings of $ 61.1 million were assigned to, directly originated, or funded by the Adviser Funds. The Company received $ 27.0 million from the Adviser Funds relating to the assigned investments during the three months ended March 31, 2022 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Dividend Distribution Declaration On April 27, 2023 , the Board declared a cash distribution of $ 0.39 per share to be paid on May 23, 2023 to stockholders of record as of May 16, 2023 . In addition to the cash distribution, and as part of the supplemental cash distribution of $ 0.32 per share to be paid in four quarterly distributions of $ 0.08 per share, the Board declared a supplemental cash distribution of $ 0.08 per share to be paid on May 23, 2023 to stockholders of record as of May 16, 2023 . Including the $ 0.08 per share supplemental cash distributions paid to stockholders of record as of March 9, 2023, the Board has declared a total of $ 0.16 per share of the $ 0.32 per share supplemental cash distribution declared on February 9, 2023 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated interim financial statements have been prepared in conformity with U.S. GAAP for interim financial information, and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments consisting solely of normal recurring accruals considered necessary for the fair statement of consolidated financial statements for the interim periods have been included. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Therefore, the interim unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. The year-end Consolidated Statements of Assets and Liabilities data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency. As an investment company, the Company follows accounting and reporting guidance as set forth in Topic 946, Financial Services – Investment Companies (“ASC Topic 946”) of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, as amended (“ASC”). As provided under Regulation S-X and ASC Topic 946, the Company will not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Rather, an investment company’s interest in portfolio companies that are not investment companies should be measured at fair value in accordance with ASC Topic 946. The Adviser Subsidiary is not an investment company as defined in ASC Topic 946 and further, the Adviser Subsidiary provides investment advisory services exclusively to the Adviser Funds which are owned by External Parties. As such pursuant to ASC Topic 946, the Adviser Subsidiary is accounted for as a portfolio investment of the Company held at fair value and is not consolidated. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, other macro-economic developments (for example, global pandemics, natural disasters, terrorism, international conflicts and war), and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its consolidated subsidiaries, and all Variable Interest Entities (“VIE”) of which the Company is the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could be significant to the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact its economic performance, the Company considers all the facts and circumstances including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, the Company considers all of its economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If the Company determines that it is the party with the power to make the most significant decisions affecting the VIE, and the Company has a potentially significant interest in the VIE, then it consolidates the VIE. The Company performs periodic reassessments, usually quarterly, of whether it is the primary beneficiary of a VIE. The reassessment process considers whether the Company has acquired or divested the power to direct the activities of the VIE through changes in governing documents or other circumstances. The Company also reconsiders whether entities previously determined not to be VIEs have become VIEs, based on certain events, and therefore are subject to the VIE consolidation framework. The Company's Consolidated Financial Statements included the accounts of the securitization trust, a VIE, formed in conjunction with the issuance of the 2031 Asset-Backed Notes (as defined in “Note 5 – Debt”). The assets of the Company's securitization VIE are restricted to be used to settle obligations of its consolidated securitization VIE, which are disclosed parenthetically on the Consolidated Statements of Assets and Liabilities. The liabilities are the only obligations of its consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to the Company's general credit. |
Fair Value Measurements | Fair Value Measurements The Company follows guidance in ASC Topic 820, Fair Value Measurement (“ASC Topic 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 establishes a framework for measuring the fair value of assets and liabilities and outlines a three-tier hierarchy which maximizes the use of observable market data input and minimizes the use of unobservable inputs to establish a classification of fair value measurements. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. ASC Topic 820 also requires disclosure for fair value measurements based on the level within the hierarchy of the information used in the valuation. ASC Topic 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. The Company categorizes all investments recorded at fair value in accordance with ASC Topic 820 based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined by ASC Topic 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets at the measurement date. The types of assets carried at Level 1 fair value generally are equities listed in active markets. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset in connection with market data at the measurement date and for the extent of the instrument’s anticipated life. Fair valued assets that are generally included in this category are publicly held debt investments and warrants held in a public company. Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset at the measurement date. It includes prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. Generally, assets carried at fair value and included in this category are the debt investments and warrants and equities held in a private company. |
Valuation of Investments | Valuation of Investments The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. As of March 31, 2023, approximately 96.3 % of the Company’s total assets represented investments in portfolio companies whose fair value is determined in good faith by the Company's Valuation Committee and approved by the Board. Fair Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market price for those securities for which a market quotation is readily available and (ii) for all other securities and assets, fair value is as determined in good faith by the valuation designee of the Board. The Company’s investments are carried at fair value in accordance with the 1940 Act and ASC Topic 946 and measured in accordance with ASC Topic 820. The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for these investment securities to be traded or exchanged. As such, the Company values substantially all of its investments at fair value as determined in good faith pursuant to a consistent valuation policy established by the Board in accordance with the provisions of ASC Topic 820 and the 1940 Act. Due to the inherent uncertainty in determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments determined in good faith by the Company's Valuation Committee and approved by the Board may differ significantly from the value that would have been used had a readily available market existed for such investments, and the differences could be material. In accordance with procedures established by its Board, the Company values investments on a quarterly basis following a multistep valuation process. Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, the Board has designated the Company’s Valuation Committee as the “valuation designee”. The quarterly Board approved multi-step valuation process is described below: (1) The Company’s quarterly valuation process begins with each portfolio company being initially valued by the investment professionals responsible for the portfolio investment; (2) Preliminary valuation conclusions and business-based assumptions, along with any applicable fair value marks provided by an independent firm, are reviewed with the Company’s investment committee and certain member(s) of credit group as necessary; (3) The Valuation Committee reviews the preliminary valuations recommended by the investment committee and certain member(s) of the credit group of each investment in the portfolio and determines the fair value of each investment in the Company’s portfolio in good faith and recommends the valuation determinations to the Audit Committee of the Board; (4) The Audit Committee of the Board provides oversight of the quarterly valuation process in accordance with Rule 2a-5, which includes a review of the quarterly reports prepared by the Valuation Committee, reviews the fair valuation determinations made by the Valuation Committee, and approves such valuations for inclusion in public reporting and disclosures, as appropriate; and (5) The Board, upon the recommendation of the Audit Committee, discusses valuations and approves the fair value of each investment in the Company’s portfolio. Investments purchased within the preceding two calendar quarters before the valuation date and debt investments with remaining maturities within 12 months or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity, unless such valuation, in the judgment of the Company, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee and approved by the Board. As part of the overall process noted above, the Company engages one or more independent valuation firm(s) to provide management with assistance in determining the fair value of selected portfolio investments each quarter. In selecting which portfolio investments to engage an independent valuation firm, the Company considers a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality, and the time lapse since the last valuation of the portfolio investment by an independent valuation firm. The scope of services rendered by the independent valuation firm is at the discretion of the Valuation Committee and subject to approval of the Board, and the Company may engage an independent valuation firm to value all or some of our portfolio investments. In determining the fair value of a portfolio investment in good faith, the Company recognizes these determinations are made using the best available information that is knowable or reasonably knowable. In addition, changes in the market environment, portfolio company performance and other events that may occur over the duration of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. The change in fair value of each individual investment is recorded as an adjustment to the investment's fair value and the change is reflected in unrealized appreciation or depreciation. Debt Investments The Company’s debt securities are primarily invested in venture capital-backed and institutional-backed companies in technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology at all stages of development. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for debt instruments for these investment securities to be traded or exchanged. The Company may, from time to time, invest in public debt of companies that meet the Company’s investment objectives, and to the extent market quotations or other pricing indicators (i.e. broker quotes) are available, these investments are considered Level 1 or 2 assets in line with ASC Topic 820. In making a good faith determination of the value of the Company’s investments, the Company generally starts with the cost basis of the investment, which includes the value attributed to the original issue discount (“OID”), if any, and payment-in-kind (“PIK”) interest or other receivables which have been accrued as earned. The Company then applies the valuation methods as set forth below. The Company assumes the sale of each debt security in a hypothetical market to a hypothetical market participant where buyers and sellers are willing participants. The hypothetical market does not include scenarios where the underlying security was simply repaid or extinguished, but includes an exit concept. The Company determines the yield at inception for each debt investment. The Company then uses senior secured, leveraged loan yields provided by third party providers to calibrate the change in market yields between inception of the debt investment and the measurement date. Industry specific indices and other relevant market data are used to benchmark and assess market-based movements for reasonableness. As part of determining the fair value, the Company also evaluates the collateral for recoverability of the debt investments. The Company considers each portfolio company’s credit rating, security liens and other characteristics of the investment to adjust the baseline yield to derive a credit adjusted hypothetical yield for each investment as of the measurement date. The anticipated future cash flows from each investment are then discounted at the hypothetical yield to estimate each investment’s fair value as of the measurement date. The Company’s process includes an analysis of, among other things, the underlying investment performance, the current portfolio company’s financial condition and market changing events that impact valuation, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. The Company values debt securities that are traded on a public exchange at the prevailing market price as of the valuation date. For syndicated debt investments, for which sufficient market data is available and liquidity, the Company values debt securities using broker quotes and bond indices amongst other factors. If there is a significant deterioration of the credit quality of a debt investment, the Company may consider other factors to estimate fair value, including the proceeds that would be received in a liquidation analysis. The Company records unrealized depreciation on investments when it believes that an investment has decreased in value, including where collection of a debt investment is doubtful or, if under the in-exchange premise, when the value of a debt investment is less than amortized cost of the investment. Conversely, where appropriate, the Company records unrealized appreciation if it believes that the underlying portfolio company has appreciated in value and, therefore, that its investment has also appreciated in value or, if under the in-exchange premise, the value of a debt investment is greater than amortized cost. When originating a debt instrument, the Company generally receives warrants or other equity securities from the borrower. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Any resulting discount on the debt investments from recordation of the warrant or other equity instruments is accreted into interest income over the life of the debt investment. Equity Securities and Warrants Securities that are traded in the over-the-counter markets or on a stock exchange will be valued at the prevailing bid price at period end. The Company has a limited amount of equity securities in public companies. In accordance with the 1940 Act, unrestricted publicly traded securities for which market quotations are readily available are valued at the closing market quote on the measurement date. At each reporting date, privately held warrant and equity securities are valued based on an analysis of various factors including, but not limited to, the portfolio company’s operating performance and financial condition, general market conditions, price to enterprise value or price to equity ratios, discounted cash flow, valuation comparisons to comparable public companies or other industry benchmarks. When an external event occurs, such as a purchase transaction, public offering, or subsequent equity sale, the pricing indicated by that external event is utilized to corroborate the Company’s valuation of the warrant and equity securities. The Company periodically reviews the valuation of its portfolio companies that have not been involved in a qualifying external event to determine if the enterprise value of the portfolio company may have increased or decreased since the last valuation measurement date. Absent a qualifying external event, the Company estimates the fair value of warrants using a Black Scholes OPM. For certain privately held equity securities, the income approach is used, in which the Company converts future amounts (for example, cash flows or earnings) to a net present value. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account include, as relevant: applicable market yields and multiples, the portfolio company’s capital structure, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, and enterprise value among other factors. Investment Funds & Vehicles The Company applies the practical expedient provided by the ASC Topic 820 relating to investments in certain entities that calculate net asset value (“NAV”) per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain entities that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist solely of funds deposited with financial institutions and short-term liquid investments in money market deposit accounts. Cash and cash equivalents are carried at cost, which approximates fair value. As of March 31, 2023, the Company held $ 1,728 thousa nd (Cost basis $ 1,703 thousand) of foreign cash. As of December 31, 2022, the Company held $ 1,178 thousand (Cost basis $ 1,168 thousand) of foreign cash. Restricted cash includes amounts that are held as collateral securing certain of the Company’s financing transactions, including amounts held in a securitization trust by trustees related to its 2031 Asset-Backed Notes (refer to “Note 5 – Debt”). |
Other Assets | Other Assets Other assets generally consist of prepaid expenses, debt issuance costs on our Credit Facilities net of accumulated amortization, fixed assets net of accumulated depreciation, deferred revenues and deposits and other assets, including escrow receivables. |
Escrow Receivables | Escrow Receivables Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period greater than one year and may accrue interest during the escrow period. Escrow balances are measured for collectability on at least a quarterly basis and fair value is determined based on the amount of the estimated recoverable balances and the contractual maturity date. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, and operating lease liability obligations in our Consolidated Statements of Assets and Liabilities. The Company recognizes a ROU asset and an operating lease liability for all leases, with the exception of short-term leases which have a term of 12 months or less. ROU assets represent the right to use an underlying asset for the lease term and operating lease liability obligations represent the obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. The Company has lease agreements with lease and non-lease components and has separated these components when determining the ROU assets and the related lease liabilities. As most of the Company’s leases do not provide an implicit rate, the Company estimated its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU asset also includes any lease payments made and excludes lease incentives and lease direct costs. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. See “Note 11 – Commitments and Contingencies”. |
Income Recognition | Income Recognition The Company’s investment portfolio generates interest, fee, and dividend income. The Company records interest income on an accrual basis, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. The Company’s Structured Debt investments may generate OID. The OID received upfront typically represents the value of detachable equity, warrants, or another asset obtained in conjunction with the acquisition of debt securities. The OID is accreted into interest income over the term of the loan as a yield enhancement following the effective interest method. Additionally, certain debt investments in the Company’s portfolio earn PIK interest. The Company records PIK interest in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. Contractual PIK interest represents contractually deferred interest that is added to the loan balance as principal and is generally due at the end of the loan term. The Company’s loan origination activities generate fee income, which is generally collected in advance and includes loan commitment, facility fees for due diligence and structuring, as well as fees for transaction services and management services rendered by the Company to portfolio companies and other third parties. Loan commitment and facility fees are capitalized and then amortized into income over the contractual life of the loan using the effective interest method. One-off fees for transaction and management services are generally recognized as income in the period when the services are rendered. The Company may also earn loan exit fees, which are contractual fees that are generally received upon the earlier of maturity or prepayment. The Company accretes loan exit fees into interest income following the effective interest method, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. From time to time, additional fees may be earned by the Company relating to specific loan modifications, prepayments, or other one-off events. These non-recurring fees are either amortized into fee income over the remaining term of the loan commencing in the quarter for loan modifications, or recognized currently as one-time fee income for items such as prepayment penalties, fees related to select covenant default waiver fees, and acceleration of previously deferred loan fees and OID related to early loan pay-off or material modification of the specific debt outstanding. Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may determine to continue to accrue interest on a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal. |
Realized Gains or Losses | Realized Gains or Losses Realized gains or losses are measured by the difference between the net proceeds from the sale or other realization event and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. |
Secured Borrowings | Secured Borrowings The Company follows the guidance in ASC Topic 860, Transfers and Servicing (“ASC Topic 860”), when accounting for participation and other partial loan sales. Certain loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a “participating interest”, as defined in the guidance, in order for sale accounting treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest, or which are not eligible for sale accounting treatment remain as an investment on the consolidated balance sheet as required under U.S. GAAP and the proceeds are recorded as a secured borrowing. Secured borrowings are carried at fair value. |
Equity Offering Expenses | Equity Offering Expenses The Company’s offering expenses are charged against the proceeds from equity offerings when received as a reduction of capital upon completion of an offering of registered securities. |
Debt | Debt The debt of the Company is carried at amortized cost which is comprised of the principal amount borrowed net of any unamortized discount and debt issuance costs. Discounts and issuance costs are accreted to interest expense and loan fees, respectively, using the straight-line method, which closely approximates the effective yield method, over the remaining life of the underlying debt obligations (see “Note 5 – Debt”). Accrued but unpaid interest is included within Accounts payable and accrued liabilities on the Consolidated Statements of Assets and Liabilities. In the event that the debt is extinguished, either partially or in full, before maturity, the Company recognizes the gain or loss in the Consolidated Statements of Operations within net realized gains (losses) as a “Loss on extinguishment of debt”. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are fees and other direct incremental costs incurred by the Company in obtaining debt financing and are recognized as prepaid expenses and amortized over the life of the related debt instrument using the effective yield method or the straight-line method, which closely approximates the effective yield method. In accordance with ASC Subtopic 835-30, Interest – Imputation of Interest , debt issuance costs are presented as a reduction to the associated liability balance on the Consolidated Statements of Assets and Liabilities, except for debt issuance costs associated with line-of-credit arrangements. |
Stock Based Compensation | Stock-Based Compensation The Company has issued and may, from time to time, issue stock options, restricted stock, and other stock based compensation awards to employees and directors. Management follows the guidance set forth under ASC Topic 718, to account for stock-based compensation awards granted. Under ASC Topic 718, compensation expense associated with stock-based compensation is measured at the grant date based on the fair value of the award and is recognized over the vesting period. Determining the appropriate fair value model and calculating the fair value of stock-based awards at the grant date requires judgment. This includes certain assumptions such as stock price volatility, forfeiture rate, expected outcome probability, and expected option life, as applicable to each award. In accordance with ASC Topic 480, certain stock awards are classified as a liability. The compensation expense associated with these awards is recognized in the same manner as all other stock-based compensation. The award liability is recorded as deferred compensation and included in Accounts payable and accrued liabilities. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with the provisions of ASC Topic 740 Income Taxes, under which income taxes are provided for amounts currently payable and for amounts deferred based upon the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provisions of the enacted tax law. Valuation allowances may be used to reduce deferred tax assets to the amount likely to be realized. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that it may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, it may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The Company has elected to be treated as a RIC under Subchapter M of the Code. As such, the Company generally will not be subject to U.S. federal income tax on the portion of taxable income (including gains) distributed as dividends for U.S. federal income tax purposes to stockholders. Taxable income includes the Company’s taxable interest, dividend and fee income, reduced by certain deductions, as well as taxable net realized securities gains. Because taxable income as determined in accordance with U.S. federal tax regulations differ from U.S. GAAP, taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation, as such gains or losses are not included in taxable income until they are realized. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Permanent differences may also result from the change in the classification of certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gains or losses are recognized at some time in the future for tax or U.S. GAAP purposes. As a RIC, the Company will be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income unless the Company makes distributions treated as dividends for U.S. federal income tax purposes in a timely manner to its stockholders in respect of each calendar year of an amount at least equal to the Excise Tax Avoidance Requirement. The Company will not be subject to this excise tax on any amount on which the Company incurred U.S. federal income tax (such as the tax imposed on a RIC’s retained net capital gains). Depending on the level of taxable income earned in a taxable year, the Company may choose to carry over taxable income in excess of current taxable year distributions treated as dividends for U.S. federal income tax purposes from such taxable income into the next taxable year and incur a 4% excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions treated as dividends for U.S. federal income tax purposes paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent the Company chooses to carry over taxable income into the next taxable year, distributions declared and paid by the Company in a taxable year may differ from the Company’s taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year, or return of capital. |
Earnings Per Share (“EPS”) | Earnings Per Share (“EPS”) Basic EPS is calculated by dividing net earnings applicable to common stockholders by the weighted average number of common shares outstanding. Common shares outstanding includes common stock and restricted stock for which no future service is required as a condition to the delivery of the underlying common stock. Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable pursuant to stock options and to restricted stock for which future service is required as a condition to the delivery of the underlying common stock. In accordance with ASC 260-10-45-60A, the Company uses the two-class method in the computation of basic EPS and diluted EPS, if applicable. |
Comprehensive Income | Comprehensive Income The Company reports all changes in comprehensive income in the Consolidated Statements of Operations. The Company did no t have other comprehensive income for the three months ended March 31, 2023 or 2022 . The Company’s comprehensive income is equal to its net increase in net assets resulting from operations. |
Distributions | Distributions Distributions to common stockholders are approved by the Board on a quarterly basis and the distribution payable is recorded on the ex-dividend date. The Company maintains an “opt out” dividend reinvestment plan that provides for reinvestment of the Company’s distribution on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company declares a distribution, cash distributions will be automatically reinvested in additional shares of its common stock unless the stockholder specifically “opts out” of the dividend reinvestment plan and chooses to receive cash distributions. |
Segments | Segments The Company lends to and invests in portfolio companies in various technology-related industries including technology, drug discovery and development, biotechnology, life sciences, healthcare, and sustainable and renewable technology. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single reportable segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures. |
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Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Investments Measured at Fair Value on Recurring Basis | These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of March 31, 2023 and December 31, 2022. (in thousands) Balance as of Quoted Prices in Significant Significant Description 2023 (Level 1) (Level 2) (Level 3) Cash equivalents Money Market Fund $ 15,000 $ 15,000 $ — $ — Other assets Escrow Receivables $ 803 $ — $ — $ 803 Investments Senior Secured Debt $ 2,910,526 $ — $ — $ 2,910,526 Unsecured Debt 58,125 — — 58,125 Preferred Stock 40,345 — — 40,345 Common Stock 84,072 49,996 3,592 30,484 Warrants 33,210 — 12,200 21,010 $ 3,126,278 $ 49,996 $ 15,792 $ 3,060,490 Investment Funds & Vehicles measured at Net Asset Value (1) 3,900 Total Investments, at fair value $ 3,130,178 Total Investments including Cash equivalents $ 3,145,178 (in thousands) Balance as of Quoted Prices in Significant Significant Description 2022 (Level 1) (Level 2) (Level 3) Other assets Escrow Receivables $ 875 $ — $ — $ 875 Investments Senior Secured Debt $ 2,741,388 $ — $ — $ 2,741,388 Unsecured Debt 54,056 — — 54,056 Preferred Stock 41,488 — — 41,488 Common Stock 92,484 66,027 1,398 25,059 Warrants 30,646 — 11,227 19,419 $ 2,960,062 $ 66,027 $ 12,625 $ 2,881,410 Investment Funds & Vehicles measured at Net Asset Value (1) 3,893 Total Investments, at fair value $ 2,963,955 (1) In accordance with U.S. GAAP, certain investments are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statement of Assets and Liabilities. |
Summary of Reconciliation Changes for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022. (in thousands) Balance as of Net Realized (1) Net Change in (2) Purchases (5) Sales Repayments (6) Gross (3) Gross (3) Balance as of Investments Senior Secured Debt $ 2,741,388 $ — $ 16,023 $ 362,781 $ — $ ( 209,666 ) $ — $ — $ 2,910,526 Unsecured Debt 54,056 — 3,746 323 — — — — 58,125 Preferred Stock 41,488 — ( 1,143 ) — — — — — 40,345 Common Stock 25,059 — 5,632 — ( 207 ) — — — 30,484 Warrants 19,419 ( 858 ) 1,508 948 ( 7 ) — — — 21,010 Other Assets Escrow Receivable 875 26 — — ( 98 ) — — — 803 Total $ 2,882,285 $ ( 832 ) $ 25,766 $ 364,052 $ ( 312 ) $ ( 209,666 ) $ — $ — $ 3,061,293 (in thousands) Balance as of Net Realized (1) Net Change in (2) Purchases (5) Sales Repayments (6) Gross (4) Gross (4) Balance as of Investments Senior Secured Debt $ 2,156,709 $ ( 2,010 ) $ ( 8,696 ) $ 292,683 $ — $ ( 97,672 ) $ — $ ( 3,504 ) $ 2,337,510 Unsecured Debt 52,890 — ( 259 ) 1,201 — — — — 53,832 Preferred Stock 69,439 2,867 ( 6,513 ) 2,903 ( 4,772 ) — — ( 6,422 ) 57,502 Common Stock 21,968 — 2,241 — — — 207 ( 3,942 ) 20,474 Warrants 27,477 19 114 3,824 ( 1,068 ) — — — 30,366 Other Assets Escrow Receivable 561 277 — 167 ( 345 ) — — — 660 Total $ 2,329,044 $ 1,153 $ ( 13,113 ) $ 300,778 $ ( 6,185 ) $ ( 97,672 ) $ 207 $ ( 13,868 ) $ 2,500,344 (1) Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations. (2) Included in net change in unrealized appreciation (depreciation) in the ac companying Consoli dated Statements of Operations. (3) There were no t ransfers into or out of Level 3 during the three months ended March 31, 2023 . (4) Transfers out of Level 3 during the three months ended March 31, 2022, related to the initial public offerings of Gelesis, Inc., Pineapple Energy, LLC, and the conversion of Level 3 debt investments into common stock investments. Transfers into Level 3 during the three months ended March 31, 2022 related to the decline of liquidity of Kaleido Biosciences, Inc. shares. (5) Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of level 3 investments. Amounts are net of purchases assigned to the Adviser Funds. (6) Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization. |
Schedule of Quantitative Information of Fair Value Measurements | The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of March 31, 2023 and December 31, 2022. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company’s investments. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable. Investment Type - Level 3 Fair Value as of Valuation Unobservable Input (1) Range Weighted (2) Pharmaceuticals $ 993,806 Market Comparable Companies Hypothetical Market Yield 11.61 % - 19.51 % 14.55 % Premium/(Discount) ( 1.50 )% - 3.00 % 0.00 % 16,343 Liquidation Collateral Recoverability 25.00 % - 40.00 % 32.95 % Technology 911,752 Market Comparable Companies Hypothetical Market Yield 12.25 % - 20.11 % 15.52 % Premium/(Discount) ( 0.75 )% - 3.00 % 0.30 % 21,536 Convertible Note Analysis Probability weighting of alternative outcomes 1.00 % - 50.00 % 35.24 % 1,193 Liquidation (3) Probability weighting of alternative outcomes 10.00 % - 90.00 % 79.54 % Sustainable and Renewable Technology 3,108 Market Comparable Companies Hypothetical Market Yield 14.69 % 14.69 % Premium/(Discount) 0.75 % 0.75 % Lower Middle Market 347,961 Market Comparable Companies Hypothetical Market Yield 13.78 % - 17.14 % 13.87 % Premium/(Discount) ( 2.00 )% - 1.00 % ( 0.44 )% 7,774 Liquidation (3) Probability weighting of alternative outcomes 20.00 % - 80.00 % 80.00 % Debt Investments for which Cost Approximates Fair Value 332,001 Debt Investments originated within 6 months 235,746 Imminent Payoffs (4) 97,431 Debt Investments Maturing in Less than One Year $ 2,968,651 Total Level 3 Debt Investments (1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment. Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows: • Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries. • Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business • Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry. • Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified (2) The weighted averages are calculated based on the fair market value of each investment. (3) The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes. (4) Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date. Investment Type - Level 3 Fair Value as of Valuation Techniques/Methodologies Unobservable Input (1) Range Weighted (2) Pharmaceuticals $ 903,427 Market Comparable Companies Hypothetical Market Yield 11.74 % - 19.04 % 15.17 % Premium/(Discount) ( 0.75 )% - 1.75 % 0.01 % Technology 967,108 Market Comparable Companies Hypothetical Market Yield 12.05 % - 18.53 % 15.21 % Premium/(Discount) ( 1.00 )% - 1.50 % 0.20 % 20,356 Convertible Note Analysis Probability weighting of alternative outcomes 1.00 % - 50.00 % 35.79 % 1,671 Liquidation (3) Probability weighting of alternative outcomes 5.00 % - 80.00 % 48.29 % Sustainable and Renewable Technology 3,006 Market Comparable Companies Hypothetical Market Yield 14.71 % - 14.71 % 14.71 % Premium/(Discount) 0.75 % - 0.75 % 0.75 % Lower Middle Market 328,393 Market Comparable Companies Hypothetical Market Yield 13.68 % - 18.49 % 14.82 % Premium/(Discount) ( 2.00 )% - 0.75 % ( 0.43 )% 8,042 Liquidation (3) Probability weighting of alternative outcomes 20.00 % - 80.00 % 80.00 % Debt Investments for which Cost Approximates Fair Value 392,168 Debt Investments originated within 6 months 77,676 Imminent Payoffs (4) 93,597 Debt Investments Maturing in Less than One Year $ 2,795,444 Total Level 3 Debt Investments (1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment. Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows: • Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries. • Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business • Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry. • Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified (2) The weighted averages are calculated based on the fair market value of each investment. (3) The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes. (4) Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date. Investment Type - Level 3 Equity and Warrant Investments Fair Value as of Valuation Techniques/ Unobservable Input (1) Range Weighted Average (5) Equity Investments $ 30,445 Market Comparable Companies EBITDA Multiple (2) 13.3 x - 13.3 x 13.3 x Revenue Multiple (2) 0.6 x - 20.6 x 8.6 x Tangible Book Value Multiple (2) 1.6 x - 1.6 x 1.6 x Discount for Lack of Marketability (3) 3.32 % - 33.66 % 24.21 % 12,467 Market Adjusted OPM Backsolve Market Equity Adjustment (4) ( 85.77 )% - 12.32 % ( 18.51 )% 24,595 Discounted Cash Flow Discount Rate (7) 19.64 % - 31.15 % 25.66 % — Liquidation Revenue Multiple (2) 2.2 x - 2.2 x 2.2 x Discount for Lack of Marketability (3) 86.00 % - 86.00 % 86.00 % 3,322 Other (6) Warrant Investments 13,711 Market Comparable Companies EBITDA Multiple (2) 13.3 x - 13.3 x 13.3 x Revenue Multiple (2) 0.3 x - 10.3 x 3.7 x Discount for Lack of Marketability (3) 3.32 % - 34.08 % 23.84 % 7,299 Market Adjusted OPM Backsolve Market Equity Adjustment (4) ( 71.90 )% - 44.42 % ( 8.24 )% Total Level 3 Equity and Warrant Investments $ 91,839 (1) The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes. (2) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments. (3) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments. (4) Represents the range of changes in industry valuations since the portfolio company's last external valuation event. (5) Weighted averages are calculated based on the fair market value of each investment. (6) The fair market value of these investments is derived based on recent private market and merger and acquisition transaction prices. (7) The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments. Investment Type - Level 3 Equity and Warrant Investments Fair Value as of Valuation Techniques/ Unobservable Input (1) Range Weighted Average (5) Equity Investments $ 30,086 Market Comparable Companies EBITDA Multiple (2) 12.4 x - 12.4 x 12.4 x Revenue Multiple (2) 0.7 x - 16.1 x 7.4 x Tangible Book Value Multiple (2) 1.6 x - 1.6 x 1.6 x Discount for Lack of Marketability (3) 8.11 % - 28.90 % 19.79 % 13,795 Market Adjusted OPM Backsolve Market Equity Adjustment (4) ( 97.82 )% - 16.34 % ( 16.69 )% 19,153 Discounted Cash Flow Discount Rate (7) 17.72 % - 30.13 % 24.46 % — Liquidation Revenue Multiple (2) 2.1 x - 2.1 x 2.1 x Discount for Lack of Marketability (3) 85.00 % - 85.00 % 85.00 % 3,513 Other (6) Warrant Investments 12,479 Market Comparable Companies EBITDA Multiple (2) 12.4 x - 12.4 x 12.4 x Revenue Multiple (2) 0.6 x - 8.8 x 3.4 x Discount for Lack of Marketability (3) 8.11 % - 32.70 % 18.97 % 6,934 Market Adjusted OPM Backsolve Market Equity Adjustment (4) ( 97.82 )% - 66.43 % ( 8.86 )% — Liquidation Revenue Multiple (2) 6.2 x - 6.2 x 6.2 x Discount for Lack of Marketability (3) 90.00 % - 90.00 % 90.00 % 6 Other (6) Total Level 3 Equity and Warrant Investments $ 85,966 (1) The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes. (2) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments. (3) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments. (4) Represents the range of changes in industry valuations since the portfolio company's last external valuation event. (5) Weighted averages are calculated based on the fair market value of each investment. (6) The fair market value of these investments is derived based on recent market transactions. (7) The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments. |
Schedule of Fair Value Hierarchy Of Outstanding Borrowings | The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 Carrying Approximate Identical Assets Observable Inputs Unobservable Inputs Description Value Fair Value (Level 1) (Level 2) (Level 3) SBA Debentures $ 169,881 $ 144,551 $ — $ — $ 144,551 July 2024 Notes 104,607 101,978 — — 101,978 February 2025 Notes 49,780 47,202 — — 47,202 June 2025 Notes 69,636 65,963 — — 65,963 June 2025 3-Year Notes 49,655 48,838 — — 48,838 March 2026 A Notes 49,724 45,731 — — 45,731 March 2026 B Notes 49,699 45,797 — — 45,797 September 2026 Notes 321,603 273,775 — — 273,775 January 2027 Notes 344,937 300,474 — — 300,474 2031 Asset-Backed Notes 148,104 141,000 — 141,000 — 2033 Notes 38,853 38,336 — 38,336 — MUFG Bank Facility (1) 121,000 121,000 — — 121,000 SMBC Facility 197,000 197,000 — — 197,000 Total $ 1,714,479 $ 1,571,645 $ — $ 179,336 $ 1,392,309 (in thousands) December 31, 2022 Carrying Approximate Identical Assets Observable Inputs Unobservable Inputs Description Value Fair Value (Level 1) (Level 2) (Level 3) SBA Debentures $ 169,738 $ 155,257 $ — $ — $ 155,257 July 2024 Notes 104,533 102,019 — — 102,019 February 2025 Notes 49,751 47,044 — — 47,044 June 2025 Notes 69,595 64,198 — — 64,198 June 2025 3-Year Notes 49,616 47,528 — — 47,528 March 2026 A Notes 49,700 45,512 — — 45,512 March 2026 B Notes 49,673 45,588 — — 45,588 September 2026 Notes 321,358 269,509 — — 269,509 January 2027 Notes 344,604 296,826 — — 296,826 2031 Asset-Backed Notes 147,957 142,620 — 142,620 — 2033 Notes 38,826 39,344 — 39,344 — MUFG Bank Facility (1) 107,000 107,000 — — 107,000 SMBC Facility 72,000 72,000 — — 72,000 Total $ 1,574,351 $ 1,434,445 $ — $ 181,964 $ 1,252,481 (1) In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule Of Investments [Line Items] | |
Investments in and Advances to Affiliates | The following table summarizes the Company’s realized gains and losses and changes in unrealized appreciation and depreciation on control and affiliate investments for the three months ended March 31, 2023 and 2022. (in thousands) Three Months Ended March 31, 2023 Portfolio Company (1) Type Fair Value as of March 31, 2023 Interest Income Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 256 $ — $ — $ ( 63 ) $ — Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC) Control 40,701 796 19 3,735 — Hercules Adviser LLC Control 36,595 150 — 5,442 — Tectura Corporation Control 7,774 170 — ( 268 ) — Total Control Investments $ 85,326 $ 1,116 $ 19 $ 8,846 $ — (in thousands) Three Months Ended March 31, 2022 Portfolio Company (1) Type Fair Value as of March 31, 2022 Interest Income Fee Income Net Change in Unrealized Appreciation (Depreciation) Realized Gain (Loss) Control Investments Coronado Aesthetics, LLC Control $ 614 $ — $ — $ 49 $ — Gibraltar Business Capital, LLC Control 42,622 834 16 ( 1,227 ) — Hercules Adviser LLC Control 24,694 111 — 2,554 — Tectura Corporation Control 8,347 170 — 78 — Total Control Investments $ 76,277 $ 1,115 $ 16 $ 1,454 $ — Affiliate Investments Black Crow AI, Inc. (2) Affiliate $ — $ — $ — $ ( 120 ) $ 3,772 Pineapple Energy LLC (2) Affiliate 4,830 1,047 — 873 — Total Affiliate Investments $ 4,830 $ 1,047 $ — $ 753 $ 3,772 Total Control & Affiliate Investments $ 81,107 $ 2,162 $ 16 $ 2,207 $ 3,772 In accordance with Rules 3-09, 4-08(g), and Rule 10-01(b)(1) of Regulation S-X, (“Rule 3-09”, “Rule 4-08(g)”, and “Rule 10-01(b)(1)”, respectively), the Company must determine if its unconsolidated subsidiaries are considered “significant subsidiaries”. As of March 31, 2023 and March 31, 2022 , there were no unconsolidated subsidiaries that are considered “significant subsidiaries”. |
Schedule of Investment Collateral | Concentrations of Credit Risk The Company’s customers are primarily privately held companies and public companies which are active in the “Drug Discovery & Development", "Software”, “Consumer & Business Services”, “Healthcare Services, Other”, and “Communications & Networking" sectors. These sectors are characterized by high margins, high growth rates, consolidation and product and market extension opportunities. Value for companies in these sectors is often vested in intangible assets and intellectual property. Industry and sector concentrations vary as new loans are recorded and loans are paid off. Loan revenue, consisting of interest, fees, and recognition of gains on equity and warrant or other equity interests, can fluctuate materially when a loan is paid off or a related warrant or equity interest is sold. Revenue recognition in any given year can be highly concentrated among several portfolio companies. As of March 31, 2023 and December 31, 2022, the Company’s ten largest portfolio companies represented approximately 29.5 % and 29.0 % of the total fair value of the Company’s investments in portfolio companies, respectively. As of March 31, 2023 and December 31, 2022, the Company had six and eight portfolio companies, respectively, that represented 5% or more of the Company’s net assets. As of March 31, 2023, the Company had four equity investments representing approximately 48.6 % of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of the Company’s equity investments. As of December 31, 2022, the Company had four equity investments which represented approximately 39.8 % of the total fair value of the Company’s equity investments, and each represented 5% or more of the total fair value of such investments. Investment Collateral In the majority of cases, the Company collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property. In other cases, the Company may obtain a negative pledge covering a company’s intellectual property. The Company's investments were collateralized as follows as of March 31, 2023 and December 31, 2022: Percentage of debt investments (at fair value), as of March 31, 2023 December 31, 2022 Senior Secured First Lien All assets including intellectual property 44.4 % 42.0 % All assets with negative pledge on intellectual property 25.6 % 26.1 % “Last-out” with security interest in all of the assets 11.5 % 11.6 % Total senior secured first lien position 81.5 % 79.7 % Second lien 16.5 % 18.4 % Unsecured 2.0 % 1.9 % Total debt investments at fair value 100.0 % 100.0 % |
Schedule of Investment Interest Income and Fee Income | The Company’s investment portfolio generates interest, fee, and dividend income. The composition of the Company’s interest income and fee income is as follows: (in thousands) Three Months Ended March 31, 2023 2022 Contractual interest income $ 82,791 $ 49,544 Exit fee interest income 9,382 6,726 PIK interest income 5,528 4,975 Other interest income (1) 2,196 1,007 Total interest income $ 99,897 $ 62,252 (in thousands) Three Months Ended March 31, 2023 2022 Recurring fee income $ 2,040 $ 1,779 Fee income - expired commitments 243 87 Accelerated fee income - early repayments 2,910 1,039 Total fee income $ 5,193 $ 2,905 (1) Other interest income includes OID interest income and interest recorded on other assets . |
Schedule of Unamortized Capitalized Fee Income | As of March 31, 2023 and December 31, 2022, unamortized capitalized fee income was recorded as follows: (in millions) March 31, December 31, 2023 2022 Offset against debt investment cost $ 44.6 $ 43.1 Deferred obligation contingent on funding or other milestone 10.9 10.9 Total Unamortized Fee Income $ 55.5 $ 54.0 |
Schedule of Loan Exit Fees Receivable | As of March 31, 2023 and December 31, 2022, loan exit fees receivable were recorded as follows: (in millions) March 31, December 31, 2023 2022 Included within debt investment cost $ 33.0 $ 32.5 Deferred receivable related to expired commitments 3.4 5.0 Total Exit Fees Receivable $ 36.4 $ 37.5 |
Industry Sector | |
Schedule Of Investments [Line Items] | |
Investment Holdings, Schedule of Investments [Table Text Block] | The following table shows the fair value of the Company’s portfolio by industry sector as of March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of Drug Discovery & Development $ 1,220,057 39.0 % $ 1,150,707 38.8 % Software 828,712 26.5 % 798,264 26.9 % Consumer & Business Services 474,883 15.2 % 439,384 14.8 % Healthcare Services, Other 214,199 6.8 % 198,763 6.7 % Communications & Networking 107,201 3.4 % 101,833 3.5 % Diversified Financial Services 87,805 2.8 % 68,569 2.3 % Information Services 62,039 2.0 % 60,759 2.1 % Manufacturing Technology 48,993 1.6 % 46,109 1.6 % Biotechnology Tools 33,032 1.1 % 32,825 1.1 % Electronics & Computer Hardware 21,476 0.7 % 21,517 0.7 % Sustainable and Renewable Technology 12,899 0.4 % 15,486 0.5 % Media/Content/Info 9,956 0.3 % 35 0.0 % Surgical Devices 4,189 0.1 % 3,038 0.1 % Consumer & Business Products 2,593 0.1 % 2,821 0.1 % Medical Devices & Equipment 1,155 0.0 % 1,834 0.1 % Semiconductors 966 0.0 % 21,921 0.7 % Drug Delivery 23 0.0 % 90 0.0 % Total $ 3,130,178 100.0 % $ 2,963,955 100.0 % |
Geographic Location | |
Schedule Of Investments [Line Items] | |
Investment Holdings, Schedule of Investments [Table Text Block] | A summary of the Company’s investment portfolio, at value, by geographic location as of March 31, 2023 and December 31, 2022 is shown as follows: (in thousands) March 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of United States $ 2,829,873 90.4 % $ 2,670,520 90.1 % United Kingdom 174,678 5.6 % 171,629 5.8 % Netherlands 89,952 2.9 % 88,915 3.0 % Canada 11,132 0.4 % 19,472 0.7 % Israel 19,432 0.6 % 9,052 0.3 % Denmark 3,739 0.1 % — 0.0 % Germany 893 0.0 % 990 0.0 % Other 479 0.0 % 573 0.0 % Ireland — 0.0 % 2,804 0.1 % Total $ 3,130,178 100.0 % $ 2,963,955 100.0 % |
Security Type Member | |
Schedule Of Investments [Line Items] | |
Investment Holdings, Schedule of Investments [Table Text Block] | The following table shows the fair value of the Company’s portfolio of investments by asset class as of March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 December 31, 2022 Investments at Percentage of Investments at Percentage of Senior Secured Debt $ 2,910,526 93.0 % $ 2,741,388 92.5 % Unsecured Debt 58,125 1.9 % 54,056 1.8 % Preferred Stock 40,345 1.3 % 41,488 1.4 % Common Stock 84,072 2.7 % 92,484 3.1 % Warrants 33,210 1.0 % 30,646 1.1 % Investment Funds & Vehicles 3,900 0.1 % 3,893 0.1 % Total $ 3,130,178 100.0 % $ 2,963,955 100.0 % |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Available and Outstanding Debt | As of March 31, 2023 and December 31, 2022, the Company had the following available and outstanding debt: (in thousands) March 31, 2023 December 31, 2022 Total Available Principal Carrying Value (1) Total Available Principal Carrying Value (1) SBA Debentures (2) $ 175,000 $ 175,000 $ 169,881 $ 175,000 $ 175,000 $ 169,738 July 2024 Notes 105,000 105,000 104,607 105,000 105,000 104,533 February 2025 Notes 50,000 50,000 49,780 50,000 50,000 49,751 June 2025 Notes 70,000 70,000 69,636 70,000 70,000 69,595 June 2025 3-Year Notes 50,000 50,000 49,655 50,000 50,000 49,616 March 2026 A Notes 50,000 50,000 49,724 50,000 50,000 49,700 March 2026 B Notes 50,000 50,000 49,699 50,000 50,000 49,673 September 2026 Notes 325,000 325,000 321,603 325,000 325,000 321,358 January 2027 Notes 350,000 350,000 344,937 350,000 350,000 344,604 2031 Asset-Backed Notes 150,000 150,000 148,104 150,000 150,000 147,957 2033 Notes 40,000 40,000 38,853 40,000 40,000 38,826 MUFG Bank Facility (2)(3) 400,000 121,000 121,000 545,000 107,000 107,000 SMBC Facility (2)(4) 400,000 197,000 197,000 225,000 72,000 72,000 Total $ 2,215,000 $ 1,733,000 $ 1,714,479 $ 2,185,000 $ 1,594,000 $ 1,574,351 (1) Except for the SMBC Facility and MUFG Bank Facility (f.k.a. Union Bank Facility), all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date. (2) Availability subject to the Company meeting the borrowing base requirements. (3) In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. (4) Includes $ 175.0 million of available commitment through the letter of credit facility. |
Schedule of Debt Issuance Costs, Net of Accumulated Amortization | Debt issuance costs, net of accumulated amortization, were as follows as of March 31, 2023 and December 31, 2022: (in thousands) March 31, 2023 December 31, 2022 SBA Debentures $ 5,119 $ 5,262 July 2024 Notes 393 467 February 2025 Notes 220 249 June 2025 Notes 364 405 June 2025 3-Year Notes 345 384 March 2026 A Notes 276 300 March 2026 B Notes 301 327 September 2026 Notes 3,397 3,642 January 2027 Notes 5,063 5,396 2031 Asset-Backed Notes 1,896 2,043 2033 Notes 1,147 1,174 MUFG Bank Facility (1) 4,867 1,292 SMBC Facility (1) 2,315 1,701 Total $ 25,703 $ 22,642 (1) The MUFG Bank Facility (f.k.a. Union Bank Facility) and SMBC Facility, are line-of-credit arrangements, the debt issuance costs associated with these instruments are included within Other assets on the Consolidated Statements of Assets and Liabilities in accordance with ASC Subtopic 835-30. |
Components of Interest Expense, Related Fees, Losses on Debt Extinguishment and Cash Paid for Interest Expense for Debt | For the three months ended March 31, 2023, the components of interest expense, related fees, losses on debt extinguishment and cash paid for interest expense for debt were as follows: (in thousands) Three Months Ended March 31, 2023 Interest expense (1) Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 1,125 $ 144 $ — $ 1,269 $ 2,262 July 2024 Notes 1,252 74 — 1,326 2,504 February 2025 Notes 535 29 — 564 1,070 June 2025 Notes 754 40 — 794 — June 2025 3-Year Notes 750 39 — 789 — March 2026 A Notes 563 24 — 587 1,125 March 2026 B Notes 569 26 — 595 1,139 September 2026 Notes 2,174 204 — 2,378 4,266 January 2027 Notes 3,079 207 — 3,286 5,906 2031 Asset-Backed Notes 1,903 100 — 2,003 1,856 2033 Notes 625 27 — 652 625 MUFG Bank Facility (2) 1,713 442 617 2,772 1,837 SMBC Facility 1,583 153 203 1,939 1,250 Total $ 16,625 $ 1,509 $ 820 $ 18,954 $ 23,840 (1) Interest expense includes amortization of original issue discounts for the three months ended March 31, 2023 of $ 42 thousand, $ 126 thousand, and $ 47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. (2) The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. For the three months ended March 31, 2022, the components of interest expense and related fees and cash paid for interest expense for debt were as follows: (in thousands) Three Months Ended March 31, 2022 Interest expense (1) Amortization of debt issuance cost (loan fees) Unused facility and other fees (loan fees) Total interest expense and fees Cash paid for interest expense SBA Debentures $ 550 $ 140 $ — $ 690 $ 749 2022 Notes (2) 1,011 50 — 1,061 2,293 July 2024 Notes 1,252 74 — 1,326 2,504 February 2025 Notes 535 29 — 564 1,070 June 2025 Notes 754 40 — 794 — March 2026 A Notes 563 24 — 587 1,125 March 2026 B Notes 569 26 — 595 1,138 September 2026 Notes 2,174 204 — 2,378 4,266 January 2027 Notes 2,395 161 — 2,556 — 2033 Notes 625 27 — 652 625 2022 Convertible Notes (2) 923 149 — 1,072 5,004 MUFG Bank Facility (3) 114 237 567 918 — SMBC Facility 182 49 65 296 236 Total $ 11,647 $ 1,210 $ 632 $ 13,489 $ 19,010 (1) Interest expense includes amortization of original issue discounts for the three months ended March 31, 2022 of $ 23 thousand, $ 112 thousand, $ 42 thousand, and $ 98 thousand, related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, and January 2027 Notes, respectively. (2) In February 2022, the Company has fully repaid the aggregate outstanding principal balances and retired 2022 Notes and 2022 Convertible Notes. (3) The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. |
SBA Debentures | |
Schedule of Available and Outstanding Debt | The Company held the following SBA debentures outstanding principal balances as of March 31, 2023 and December 31, 2022: (in thousands) Maturity Date Interest Rate (1) March 31, 2023 December 31, 2022 March 26, 2021 September 1, 2031 1.58 % $ 37,500 $ 37,500 June 25, 2021 September 1, 2031 1.58 % 16,200 16,200 July 28, 2021 September 1, 2031 1.58 % 5,400 5,400 August 20, 2021 September 1, 2031 1.58 % 5,400 5,400 October 21, 2021 March 1, 2032 3.21 % 14,000 14,000 November 1, 2021 March 1, 2032 3.21 % 21,000 21,000 November 15, 2021 March 1, 2032 3.21 % 5,200 5,200 November 30, 2021 March 1, 2032 3.21 % 20,800 20,800 December 20, 2021 March 1, 2032 3.21 % 10,000 10,000 December 23, 2021 March 1, 2032 3.21 % 10,000 10,000 December 28, 2021 March 1, 2032 3.21 % 5,000 5,000 January 14, 2022 March 1, 2032 3.21 % 4,500 4,500 January 21, 2022 March 1, 2032 3.21 % 20,000 20,000 Total SBA Debentures $ 175,000 $ 175,000 (1) Interest rates are determined initially at issuance and reset to a fixed rate at the debentures pooling date. The rates are inclusive of annual SBA charges. |
Stockholders' Equity and Dist_2
Stockholders' Equity and Distributions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Common Stock Shares Issued and Sold | The Company issued and sold the following shares of common stock during the three months ended March 31, 2023 and 2022: (in millions, except per share data) Three Months Ended March 31, Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Price/Share 2022 4.9 $ 86.1 $ 0.9 $ 85.2 $ 17.54 2023 4.7 $ 66.2 $ 0.8 $ 65.3 $ 14.03 |
Schedule of Dividends Declared | The following table summarizes the Company’s distributions declared during the three months ended March 31, 2023 and year ended December 31, 2022: (in thousands, except per share data) Distribution Type Declared Date Record Date Payment Date Per Share Amount Total Amount Base February 16, 2022 March 9, 2022 March 16, 2022 $ 0.33 $ 39,794 Supplemental February 16, 2022 March 9, 2022 March 16, 2022 $ 0.15 $ 18,088 Base April 27, 2022 May 17, 2022 May 24, 2022 $ 0.33 $ 41,245 Supplemental April 27, 2022 May 17, 2022 May 24, 2022 $ 0.15 $ 18,748 Base July 20, 2022 August 9, 2022 August 16, 2022 $ 0.35 $ 44,765 Supplemental July 20, 2022 August 9, 2022 August 16, 2022 $ 0.15 $ 19,185 Base October 13, 2022 November 10, 2022 November 17, 2022 $ 0.36 $ 47,472 Supplemental October 13, 2022 November 10, 2022 November 17, 2022 $ 0.15 $ 19,780 Total distributions declared during the year ended December 31, 2022 $ 1.97 $ 249,077 Base February 9, 2023 March 2, 2023 March 9, 2023 $ 0.39 $ 53,749 Supplemental February 9, 2023 March 2, 2023 March 9, 2023 $ 0.08 $ 11,025 Total distributions declared during the three months ended March 31, 2023 $ 0.47 $ 64,774 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of unvested restricted stock equity | The activities for the Company's unvested restricted stock equity awards for each of the three months ended March 31, 2023, and 2022, are summarized below: Three Months Ended March 31, 2023 2022 Shares Weighted Average Grant Date Shares Weighted Average Grant Date Unvested Shares Beginning of Period 958,985 $ 16.35 1,037,848 $ 14.51 Granted 1,277,607 $ 13.81 593,745 $ 17.49 Vested (1) ( 300,399 ) $ 16.42 ( 331,049 ) $ 14.41 Forfeited ( 4,427 ) $ 17.00 ( 9,619 ) $ 15.93 Unvested Shares End of Period 1,931,766 $ 14.66 1,290,925 $ 15.90 (1) With respect to certain restricted stock equity awards granted prior to January 1, 2019, receipt of the shares of the Company’s common stock underlying vested restricted stock equity awards will be deferred for four years from grant date unless certain conditions are met. Accordingly, such vested restricted stock equity awards will not be issued as common stock upon vesting until the completion of the deferral period. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | Shares used in the computation of the Company’s basic and diluted earnings per share are as follows: (in thousands, except per share data) Three Months Ended March 31, 2023 2022 Numerator Net increase (decrease) in net assets resulting from operations $ 94,564 $ ( 3,336 ) Less: Total distributions declared ( 64,774 ) ( 57,882 ) Total Earnings, net of total distributions 29,790 ( 61,218 ) Earnings, net of distributions attributable to common shares 29,442 ( 61,218 ) Add: Distributions declared attributable to common shares 64,023 57,261 Numerator for basic and diluted change in net assets per common share 93,465 ( 3,957 ) Denominator Basic weighted average common shares outstanding 135,252 118,296 Common shares issuable 1,804 — Weighted average common shares outstanding assuming dilution 137,056 118,296 Change in net assets per common share: Basic $ 0.69 $ ( 0.03 ) Diluted $ 0.68 $ ( 0.03 ) |
Schedule of Number of Anti-diluted Shares As Calculated Based on Weighted Average Closing Price of Common Stock | The calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three months ended March 31, 2023, and 2022, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company’s common stock for the periods, are as follows: Three Months Ended March 31, Anti-dilutive Securities 2023 2022 Unvested common stock options 1,853 31,354 Restricted stock units 7,874 32,697 Unvested restricted stock awards 54,361 — Performance awards* — 547,626 * Included in these amounts are shares related to certain equity-based awards, which are fully-vested but have not been delivered and thus not outstanding for purposes of calculating earnings per share. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company Financial Highlights [Abstract] | |
Schedule of Financial Highlights | Following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022: (in thousands, except per share data and ratios) Three Months Ended March 31, 2023 2022 Per share data (1) : Net asset value at beginning of period $ 10.53 $ 11.22 Net investment income 0.48 0.30 Net realized gain (loss) 0.06 ( 0.02 ) Net unrealized appreciation (depreciation) 0.16 ( 0.31 ) Total from investment operations 0.70 ( 0.03 ) Net increase (decrease) in net assets from capital share transactions (1) 0.05 0.08 Distributions of net investment income (6) ( 0.48 ) ( 0.48 ) Stock-based compensation expense included in net investment income and other movements (2) 0.02 0.03 Net asset value at end of period $ 10.82 $ 10.82 Ratios and supplemental data: Per share market value at end of period $ 12.89 $ 18.07 Total return (3) 0.80 % 11.97 % Shares outstanding at end of period 138,596 123,194 Weighted average number of common shares outstanding 135,252 118,296 Net assets at end of period $ 1,499,006 $ 1,333,448 Ratio of total expense to average net assets (4) 10.94 % 8.82 % Ratio of net investment income before investment gains and losses to average net assets (4) 18.10 % 10.75 % Portfolio turnover rate (5) 6.90 % 3.81 % Weighted average debt outstanding $ 1,604,533 $ 1,341,941 Weighted average debt per common share $ 11.86 $ 11.34 (1) All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2) Adjusts for the impact of stock-based compensation expense, which is a non-cash expense and has no net impact to net asset value. Pursuant to ASC Topic 718, (3) The total return for the three months ended March 31, 2023, and 2022 equals the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. As such, the total return is not annualized. The total return does not reflect any sales load that must be paid by investors. (4) The ratios are calculated based on weighted average net assets for the relevant period and are annualized. (5) The portfolio turnover rate for the three months ended March 31, 2023, and 2022 equals the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover rate is not annualized. (6) Includes distributions on unvested restricted stock awards. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Commitments [Line Items] | |
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments | As of March 31, 2023, and December 31, 2022, the Company’s unfunded contractual commitments available at the request of the portfolio company, including undrawn revolving facilities, and unencumbered by milestones were as follows: (in thousands) Unfunded Commitments (1) as of Portfolio Company March 31, 2023 December 31, 2022 Debt Investments: Phathom Pharmaceuticals, Inc. $ 66,500 $ 66,500 Thumbtack, Inc. 40,000 40,000 Automation Anywhere, Inc. 29,400 29,400 HilleVax, Inc. 28,000 28,000 Oak Street Health, Inc. 22,500 33,750 Skydio, Inc. 22,500 22,500 Axsome Therapeutics, Inc. 21,750 21,000 Replimune Group, Inc. 20,700 20,700 G1 Therapeutics, Inc. 19,375 19,375 AppDirect, Inc. 15,000 15,000 ATAI Life Sciences N.V. 14,000 — Alladapt Immunotherapeutics Inc. 12,500 15,000 Dronedeploy, Inc. 12,500 12,500 Iveric Bio, Inc. 12,375 — PathAI, Inc. 12,000 12,000 Viridian Therapeutics, Inc. 12,000 12,000 Tipalti Solutions Ltd. 10,500 — Madrigal Pharmaceutical, Inc. 10,200 34,000 Alamar Biosciences, Inc. 10,000 10,000 Aryaka Networks, Inc. 10,000 20,000 Brain Corporation 10,000 20,700 Next Insurance, Inc. 10,000 — Nuvolo Technologies Corporation 9,000 5,970 Locus Robotics Corp. 8,775 — Kura Oncology, Inc. 8,250 8,250 Tarsus Pharmaceuticals, Inc. 8,250 10,313 Vida Health, Inc. 8,178 40,000 Dashlane, Inc. 8,000 10,000 Elation Health, Inc. 7,500 7,500 Gritstone Bio, Inc. 7,500 7,500 TG Therapeutics, Inc. 6,500 — Carwow LTD 6,467 — Akero Therapeutics, Inc. 5,000 5,000 Fulfil Solutions, Inc. 5,000 5,000 Modern Life, Inc. 4,250 — Riviera Partners LLC 3,500 3,500 Leapwork ApS 3,450 — Babel Street 3,375 3,375 (in thousands) Unfunded Commitments (1) as of Portfolio Company March 31, 2023 December 31, 2022 Debt Investments: Signal Media Limited $ 3,000 $ 5,250 Cutover, Inc. 2,382 1,000 Zappi, Inc. 2,358 2,571 Yipit, LLC 2,250 2,250 Streamline Healthcare Solutions 2,200 — Khoros (p.k.a Lithium Technologies) 1,812 1,812 Ceros, Inc. 1,707 1,707 ThreatConnect, Inc. 1,600 1,600 RVShare, LLC 1,500 1,500 Loftware, Inc. 1,423 — Dispatch Technologies, Inc. 1,250 1,250 3GTMS, LLC 1,222 — LogicSource 1,209 1,209 Zimperium, Inc. 1,088 1,088 Ikon Science Limited 1,050 1,050 Omeda Holdings, LLC 938 938 Fortified Health Security 840 840 Agilence, Inc. 800 800 Flight Schedule Pro, LLC 639 639 Constructor.io Corporation 625 625 Enmark Systems, Inc. 457 457 Alchemer LLC 445 890 Cybermaxx Intermediate Holdings, Inc. 390 390 Annex Cloud 386 386 ShadowDragon, LLC 333 333 Cytracom Holdings LLC 72 225 Provention Bio, Inc. — 40,000 Fever Labs, Inc. — 8,333 Demandbase, Inc. — 3,750 MacroFab, Inc. — 3,000 Mobile Solutions Services — 495 Total Unfunded Debt Commitments: 556,771 623,221 Investment Funds & Vehicles: (2) Forbion Growth Opportunities Fund I C.V. 2,534 2,842 Forbion Growth Opportunities Fund II C.V. 2,811 2,811 Total Unfunded Commitments in Investment Funds & Vehicles: 5,345 5,653 Total Unfunded Commitments $ 562,116 $ 628,874 (1) For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $ 178.2 million and $ 173.5 million of unfunded commitments as of March 31, 2023, and December 31, 2022 , respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”. (2) For investment funds and vehicles, the amount represents uncalled capital commitments in private equity funds. |
Schedule of Contractual Obligations | The following tables provide the Company’s contractual obligations as of March 31, 2023 and December 31, 2022: As of March 31, 2023: Payments due by period (in thousands) Contractual Obligations (1) Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years Debt (2)(3) $ 1,733,000 $ — $ 375,000 $ 993,000 $ 365,000 Lease and License Obligations (4) 8,022 2,142 2,259 2,454 1,167 Total $ 1,741,022 $ 2,142 $ 377,259 $ 995,454 $ 366,167 As of December 31, 2022: Payments due by period (in thousands) Contractual Obligations (1) Total Less than 1 year 1 - 3 years 3 - 5 years After 5 years Debt (5)(3) $ 1,594,000 $ — $ 382,000 $ 847,000 $ 365,000 Lease and License Obligations (4) 8,641 2,723 2,259 2,452 1,207 Total $ 1,602,641 $ 2,723 $ 384,259 $ 849,452 $ 366,207 (1) Excludes commitments to extend credit to the Company’s portfolio companies and uncalled capital commitments in investment funds. (2) Includes $ 175.0 million in principal outstanding under the SBA Debentures, $ 105.0 million of the July 2024 Notes, $ 50.0 million of the February 2025 Notes, $ 70.0 million of the June 2025 Notes, $ 50.0 million of the June 2025 3-Year Notes, $ 50.0 million of the March 2026 A Notes, $ 50.0 million of the March 2026 B Notes, $ 150.0 million of the 2031 Asset-Backed Notes, $ 40.0 million of the 2033 Notes, $ 325.0 million of the September 2026 Notes and $ 350.0 million of the January 2027 Notes as of March 31, 2023. There was also $ 197.0 million outstanding under the SMBC Facility and $ 121.0 million outstanding under the MUFG Bank Facility as of March 31, 2023 . (3) Amounts represent future principal repayments and not the carrying value of each liability. See “Note 5 – Debt”. (4) Facility leases and licenses including short-term leases. (5) Includes $ 175.0 million in principal outstanding under the SBA Debentures, $ 105.0 million of the July 2024 Notes, $ 50.0 million of the February 2025 Notes, $ 70.0 million of the June 2025 Notes, $ 50.0 million of the June 2025 3-Year Notes, $ 50.0 million of the March 2026 A Notes, $ 50.0 million of the March 2026 B Notes, $ 150.0 million of the 2031 Asset-Backed Notes, $ 40.0 million of the 2033 Notes, $ 325.0 million of the September 2026 Notes and $ 350.0 million of the January 2027 Notes as of December 31, 2022. There was also $ 72.0 million outstanding under the SMBC Facility and $ 107.0 million outstanding under the MUFG Bank Facility as of December 31, 2022 . |
Summary of Information Related to Measurement of Operating Lease Liabilities and Supplemental Cash Flow Information Related to Operating Leases | The following table sets forth information related to the measurement of the Company’s operating lease liabilities and supplemental cash flow information related to operating leases as of March 31, 2023, and 2022: (in thousands) Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Total operating lease cost $ 698 $ 703 Cash paid for amounts included in the measurement of lease liabilities $ 609 $ 594 As of March 31, 2023 As of December 31, 2022 Weighted-average remaining lease term (in years) 5.60 5.48 Weighted-average discount rate 5.35 % 5.37 % |
Schedule of Future Minimum Lease Payments under Operating Leases and Reconciliation to Operating Lease Liability | The following table shows future minimum lease payments under the Company’s operating leases and a reconciliation to the operating lease liability as of March 31, 2023: (in thousands) As of March 31, 2023 2023 $ 1,896 2024 1,110 2025 1,149 2026 1,191 Thereafter 2,544 Total lease payments 7,890 Less: imputed interest & other items ( 2,924 ) Total operating lease liability $ 4,966 |
Unfunded Debt Commitments | |
Other Commitments [Line Items] | |
Schedule of Unfunded Contractual Commitments and Unencumbered Unfunded Commitments | The following table provides additional information on the Company’s unencumbered unfunded commitments regarding milestones, expirations and type: (in thousands) March 31, 2023 December 31, 2022 Unfunded Debt Commitments: Expiring during: 2023 $ 358,696 $ 461,296 2024 167,468 134,856 2025 1,294 720 2026 9,037 9,038 2027 14,958 15,171 2028 5,318 2,140 Total Unfunded Debt Commitments 556,771 623,221 Unfunded Commitments in Investment Funds & Vehicles: Expiring during: 2030 2,534 2,842 2032 2,811 2,811 Total Unfunded Commitments in Investment Funds & Vehicles 5,345 5,653 Total Unfunded Commitments $ 562,116 $ 628,874 |
Schedule 12-14s - Summary of sc
Schedule 12-14s - Summary of schedule of investment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments in and Advances to Affiliates [Abstract] | |
Schedule of Investments in and Advances to Affiliates | (in thousands) Investment (1) Amount of Interest and Fees Credited to Income (2) Realized Gain (Loss) Fair Value as of Gross Additions (3) Gross Reductions (4) Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of March 31, 2023 Portfolio Company Control Investments Majority Owned Control Investments Coronado Aesthetics, LLC (8) Preferred Stock $ — $ — $ 313 $ — — $ ( 60 ) $ 253 Common Stock — — 6 — — ( 3 ) 3 Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC) (5) Unsecured Debt 815 — 21,700 22 — 2,867 24,589 Preferred Stock — — 14,137 — — 805 14,942 Common Stock — — 1,107 — — 63 1,170 Hercules Adviser LLC (6) Unsecured Debt 150 — 12,000 — — — 12,000 Member Units — — 19,153 — — 5,442 24,595 Total Majority Owned Control Investments $ 965 $ — $ 68,416 $ 22 $ — $ 9,114 $ 77,552 Other Control Investments Tectura Corporation (7) Senior Debt $ 170 $ — $ 8,042 $ — $ — $ ( 268 ) $ 7,774 Preferred Stock — — — — — — — Common Stock — — — — — — — Total Other Control Investments $ 170 $ — $ 8,042 $ — $ — $ ( 268 ) $ 7,774 Total Control Investments $ 1,135 $ — $ 76,458 $ 22 $ — $ 8,846 $ 85,326 (1) Stock and warrants are generally non-income producing and restricted. (2) Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment. (3) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities. (4) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period. (5) As of March 31, 2018, the Company's investment in Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC) became classified as a control investment as a result of obtaining a controlling financial interest. (6) Hercules Adviser LLC is a wholly owned subsidiary providing investment management and other services to the Adviser Funds and other External Parties. (7) As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018. (8) As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company. Schedule 12 – 14 HERCULES CAPITAL, INC. CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES For the Three Months Ended March 31, 2022 (unaudited) (in thousands) Investment (1) Amount of Interest and Fees Credited to Income (2) Realized Gain (Loss) Fair Value as of Gross Additions (3) Gross Reductions (4) Net Change in Unrealized Appreciation/ (Depreciation) Fair Value as of March 31, 2022 Portfolio Company Control Investments Majority Owned Control Investments Coronado Aesthetics, LLC (10) Preferred Stock $ — $ — $ 500 $ — $ — $ 86 $ 586 Common Stock — — 65 — — ( 37 ) 28 Gibraltar Business Capital, LLC (5) Unsecured Debt 850 — 23,212 19 — ( 274 ) 22,957 Preferred Stock — — 19,393 — — ( 897 ) 18,496 Common Stock — — 1,225 — — ( 56 ) 1,169 Hercules Adviser LLC (6) Unsecured Debt 111 — 8,850 1,300 — — 10,150 Member Units — — 11,990 — — 2,554 14,544 Total Majority Owned Control Investments $ 961 $ — $ 65,235 $ 1,319 $ — $ 1,376 $ 67,930 Other Control Investments Tectura Corporation (7) Senior Debt $ 170 $ — $ 8,269 $ — $ — $ 78 $ 8,347 Preferred Stock — — — — — — — Common Stock — — — — — — — Total Other Control Investments $ 170 $ — $ 8,269 $ — $ — $ 78 $ 8,347 Total Control Investments $ 1,131 $ — $ 73,504 $ 1,319 $ — $ 1,454 $ 76,277 Affiliate Investments Black Crow AI, Inc. (8) Preferred Stock $ — $ 3,772 $ 1,120 $ — $ ( 1,000 ) $ ( 120 ) $ — Pineapple Energy LLC (9) Senior Debt 1,047 — 7,747 — ( 4,781 ) 20 2,986 Common Stock — — 591 400 — 853 1,844 Total Affiliate Investments $ 1,047 $ 3,772 $ 9,458 $ 400 $ ( 5,781 ) $ 753 $ 4,830 Total Control and Affiliate Investments $ 2,178 $ 3,772 $ 82,962 $ 1,719 $ ( 5,781 ) $ 2,207 $ 81,107 (1) Stock and warrants are generally non-income producing and restricted. (2) Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment. (3) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities. (4) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period. (5) As of March 31, 2018, the Company's investment in Gibraltar Business Capital, LLC became classified as a control investment as a result of obtaining a controlling financial interest. (6) Hercules Adviser LLC is a wholly-owned subsidiary providing investment management and other services to External Parties. (7) As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the (8) During the three months ended March 31, 2022, the Company sold its investments in Black Crow AI, Inc., as a result it is no longer an affiliate investment as of March 31, 2022. (9) As of December 11, 2020, the Company's investment in Pineapple Energy LLC became classified as an affiliate investment as a result of obtaining more than 5% but less than 25% of the (10) As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting Schedule 12 – 14 HERCULES CAPITAL, INC. CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES As of March 31, 2023 (unaudited) (in thousands) Industry Type of Investment (1) Maturity Date Interest Rate and Floor Principal or Shares Cost Value (2) Portfolio Company Control Investments Majority Owned Control Investments Coronado Aesthetics, LLC Medical Devices & Equipment Preferred Series A Equity 5,000,000 $ 250 $ 253 Medical Devices & Equipment Common Stock 180,000 — 3 Total Coronado Aesthetics, LLC $ 250 $ 256 Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC) Diversified Financial Services Unsecured Debt September 2026 Interest rate FIXED 11.50 % $ 25,000 24,589 24,589 Diversified Financial Services Preferred Series A Equity 10,602,752 26,122 14,942 Diversified Financial Services Common Stock 830,000 1,884 1,170 Total Gibraltar Acquisition, LLC $ 52,595 $ 40,701 Hercules Adviser LLC Diversified Financial Services Unsecured Debt June 2025 Interest rate FIXED 5.00 % $ 12,000 12,000 12,000 Diversified Financial Services Member Units 1 35 24,595 Total Hercules Adviser LLC $ 12,035 $ 36,595 Total Majority Owned Control Investments ( 5.17 %)* $ 64,880 $ 77,552 Other Control Investments Tectura Corporation Consumer & Business Services Senior Secured Debt July 2024 PIK Interest 5.00 % $ 23,703 $ 13,263 $ — Consumer & Business Services Senior Secured Debt July 2024 Interest rate FIXED 8.25 % $ 8,250 8,250 7,774 Consumer & Business Services Preferred Series BB Equity 1,000,000 — — Consumer & Business Services Common Stock 414,994,863 900 — Total Tectura Corporation $ 22,413 $ 7,774 Total Other Control Investments ( 0.52 %)* $ 22,413 $ 7,774 Total Control Investments ( 5.69 %)* $ 87,293 $ 85,326 * Value as a percent of net assets (1) Stock and warrants are generally non-income producing and restricted. (2) All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. (10) Schedule 12 – 14 HERCULES CAPITAL, INC. CONSOLIDATED SCHEDULE OF INVESTMENTS IN AND ADVANCES TO AFFILIATES As of and for the year ended December 31, 2022 (in thousands) Industry Type of Investment (1) Maturity Date Interest Rate and Floor Principal Cost Value (2) Portfolio Company Control Investments Majority Owned Control Investments Coronado Aesthetics, LLC Medical Devices & Equipment Preferred Series A Equity 5,000,000 $ 250 $ 313 Medical Devices & Equipment Common Stock 180,000 — 6 Total Coronado Aesthetics, LLC $ 250 $ 319 Gibraltar Business Capital, LLC Diversified Financial Services Unsecured Debt September 2026 Interest rate FIXED 14.50 % $ 15,000 14,715 12,802 Diversified Financial Services Unsecured Debt September 2026 Interest rate FIXED 11.50 % $ 10,000 9,852 8,898 Diversified Financial Services Preferred Series A Equity 10,602,752 26,122 14,137 Diversified Financial Services Common Stock 830,000 1,884 1,107 Total Gibraltar Business Capital, LLC $ 52,573 $ 36,944 Hercules Adviser LLC Diversified Financial Services Unsecured Debt June 2025 Interest rate FIXED 5.00 % $ 12,000 12,000 12,000 Diversified Financial Services Member Units 1 35 19,153 Total Hercules Adviser LLC $ 12,035 $ 31,153 Total Majority Owned Control Investments ( 4.88 %)* $ 64,858 $ 68,416 Other Control Investments Tectura Corporation Consumer & Business Services Senior Secured Debt July 2024 PIK Interest 5.00 % $ 10,680 $ 240 $ — Consumer & Business Services Senior Secured Debt July 2024 Interest rate FIXED 8.25 % $ 8,250 8,250 8,042 Consumer & Business Services Senior Secured Debt July 2024 PIK Interest 5.00 % $ 13,023 13,023 — Consumer & Business Services Preferred Series BB Equity 1,000,000 — — Consumer & Business Services Common Stock 414,994,863 900 — Total Tectura Corporation $ 22,413 $ 8,042 Total Other Control Investments ( 0.58 %)* $ 22,413 $ 8,042 Total Control Investments ( 5.46 %)* $ 87,271 $ 76,458 Total Control and Affiliate Investments ( 5.46 %)* $ 87,271 $ 76,458 * Value as a percent of net assets (1) Stock and warrants are generally non-income producing and restricted. (2) All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. |
Description of Business - Addit
Description of Business - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Investment Company, Regulated Status [true false] | true |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Total asset investment, Percentage | 96.30% | ||
Cash, Held in Foreign Currency, Acquisition Cost | $ 1,703 | $ 1,168 | |
Cash, Held in Foreign Currency | 1,728 | 1,178 | |
Fee Income | 5,193 | $ 2,905 | |
Total Exit Fees Receivable | 36,400 | 37,500 | |
Interest Income | $ 99,897 | $ 62,252 | |
Stock issued during period, shares, dividend reinvestment plan | 61,383 | 60,326 | |
Other comprehensive income | $ 0 | $ 0 | |
Investment Company, Accounting and Reporting under Topic 946 [true false] | true | ||
Deferred Fees [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Total Exit Fees Receivable | $ 3,400 | 5,000 | |
Included in Cost [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Total Exit Fees Receivable | $ 33,000 | $ 32,500 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Investments Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | $ 3,126,278 | $ 2,960,062 | |
Money Market Fund | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, fair value disclosure | 15,000 | ||
Escrow Receivables | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other assets | 803 | 875 | |
Senior Secured | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 2,910,526 | 2,741,388 | |
Unsecured Debt | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 58,125 | 54,056 | |
Private Equity Funds, Non-US | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | [1] | 3,900 | 3,893 |
Excluding Cash And Cash Equivalent | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 3,130,178 | ||
Including Cash And Cash Equivalents | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 3,145,178 | 2,963,955 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 49,996 | 66,027 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Fund | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents, fair value disclosure | 15,000 | ||
Significant Other Observable Inputs (Level 2) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 15,792 | 12,625 | |
Level 3 significant unobservable inputs | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 3,060,490 | 2,881,410 | |
Level 3 significant unobservable inputs | Escrow Receivables | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other assets | 803 | 875 | |
Level 3 significant unobservable inputs | Senior Secured | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 2,910,526 | 2,741,388 | |
Level 3 significant unobservable inputs | Unsecured Debt | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 58,125 | 54,056 | |
Preferred Note | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 40,345 | 41,488 | |
Preferred Note | Level 3 significant unobservable inputs | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 40,345 | 41,488 | |
Common Stock | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 84,072 | 92,484 | |
Common Stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 49,996 | 66,027 | |
Common Stock | Significant Other Observable Inputs (Level 2) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 3,592 | 1,398 | |
Common Stock | Level 3 significant unobservable inputs | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 30,484 | 25,059 | |
Warrant | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 33,210 | 30,646 | |
Warrant | Significant Other Observable Inputs (Level 2) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | 12,200 | 11,227 | |
Warrant | Level 3 significant unobservable inputs | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Investments | $ 21,010 | $ 19,419 | |
[1] In accordance with U.S. GAAP, certain investments are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statement of Assets and Liabilities. |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Reconciliation of Changes for All Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - Level 3 significant unobservable inputs - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning Balance | $ 2,882,285 | $ 2,329,044 | |
Net Realized Gains (Losses) | [1] | (832) | 1,153 |
Net Change in Unrealized Appreciation (Depreciation) | [2] | 25,766 | (13,113) |
Purchases | [3] | 364,052 | 300,778 |
Sales | 312 | 6,185 | |
Repayments | [4] | 209,666 | 97,672 |
Gross Transfers into Level 3 | [5] | 207 | |
Gross Transfers out of Level 3 | [5] | 13,868 | |
Ending Balance | 3,061,293 | 2,500,344 | |
Senior Secured | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning Balance | 2,741,388 | 2,156,709 | |
Net Realized Gains (Losses) | [1] | (2,010) | |
Net Change in Unrealized Appreciation (Depreciation) | [2] | 16,023 | (8,696) |
Purchases | [3] | 362,781 | 292,683 |
Repayments | [4] | 209,666 | 97,672 |
Gross Transfers out of Level 3 | [5] | 3,504 | |
Ending Balance | 2,910,526 | 2,337,510 | |
Escrow Receivables | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning Balance | 875 | 561 | |
Net Realized Gains (Losses) | [1] | 26 | 277 |
Net Change in Unrealized Appreciation (Depreciation) | [2] | 0 | |
Purchases | [3] | 167 | |
Sales | 98 | 345 | |
Ending Balance | 803 | 660 | |
Unsecured Debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning Balance | 54,056 | 52,890 | |
Net Change in Unrealized Appreciation (Depreciation) | [2] | 3,746 | (259) |
Purchases | [3] | 323 | 1,201 |
Ending Balance | 58,125 | 53,832 | |
Preferred Note | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning Balance | 41,488 | 69,439 | |
Net Realized Gains (Losses) | [1] | 2,867 | |
Net Change in Unrealized Appreciation (Depreciation) | [2] | (1,143) | (6,513) |
Purchases | [3] | 2,903 | |
Sales | 4,772 | ||
Gross Transfers out of Level 3 | [5] | 6,422 | |
Ending Balance | 40,345 | 57,502 | |
Common Stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning Balance | 25,059 | 21,968 | |
Net Realized Gains (Losses) | [1] | 0 | |
Net Change in Unrealized Appreciation (Depreciation) | [2] | 5,632 | 2,241 |
Purchases | [3] | 0 | |
Sales | 207 | 0 | |
Gross Transfers into Level 3 | [5] | 207 | |
Gross Transfers out of Level 3 | [5] | 3,942 | |
Ending Balance | 30,484 | 20,474 | |
Warrant | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Beginning Balance | 19,419 | 27,477 | |
Net Realized Gains (Losses) | [1] | (858) | 19 |
Net Change in Unrealized Appreciation (Depreciation) | [2] | 1,508 | 114 |
Purchases | [3] | 948 | 3,824 |
Sales | 7 | 1,068 | |
Ending Balance | $ 21,010 | $ 30,366 | |
[1] Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations. Included in net change in unrealized appreciation (depreciation) in the ac companying Consoli dated Statements of Operations. Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of level 3 investments. Amounts are net of purchases assigned to the Adviser Funds. Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization. Transfers out of Level 3 during the three months ended March 31, 2022, related to the initial public offerings of Gelesis, Inc., Pineapple Energy, LLC, and the conversion of Level 3 debt investments into common stock investments. Transfers into Level 3 during the three months ended March 31, 2022 related to the decline of liquidity of Kaleido Biosciences, Inc. shares. |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized Gain (Loss) on Investments | $ 21,105 | $ (36,742) | |
2033 Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Current Price Per Par Value | $ 23.96 | $ 24.59 | |
2031 Asset-Backed Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Current Price Per Par Value | $ 0.940 | $ 0.951 | |
Debt | Unobservable Inputs Level 3 | Depreciation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized Gain (Loss) on Investments | $ (22,600) | ||
Debt | Unobservable Inputs Level 3 | Appreciation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized Gain (Loss) on Investments | 8,000 | ||
Warrant Investment [Member] | Unobservable Inputs Level 3 | Depreciation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized Gain (Loss) on Investments | (600) | ||
Warrant Investment [Member] | Unobservable Inputs Level 3 | Appreciation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized Gain (Loss) on Investments | 300 | ||
Common Stock Investment [Member] | Unobservable Inputs Level 3 | Appreciation | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized Gain (Loss) on Investments | 5,600 | 2,200 | |
Preferred Stock Investment Member | Unobservable Inputs Level 3 | Depreciation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized Gain (Loss) on Investments | $ (1,100) | $ (7,300) | |
Underwriting | 2033 Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Current Price Per Par Value | $ 25 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Quantitative Information of Fair Value Measurements (Details) - Level 3 significant unobservable inputs $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Equity and Warrant Investments | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | $ 91,839 | $ 85,966 | ||
Valuation Market Approach | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | 30,445 | 30,086 | ||
Valuation Market Approach | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | $ 13,711 | $ 12,479 | ||
Valuation Market Approach | Minimum | Discount for Lack of Marketability | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 0.0332 | ||
Valuation Market Approach | Maximum | Discount for Lack of Marketability | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 0.3408 | ||
Market Comparable Companies | Minimum | EBITDA Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 13.3 | 12.4 | |
Market Comparable Companies | Minimum | EBITDA Multiple | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 13.3 | 12.4 | |
Market Comparable Companies | Minimum | Revenue Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 0.6 | 0.7 | |
Market Comparable Companies | Minimum | Revenue Multiple | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 0.3 | 0.6 | |
Market Comparable Companies | Minimum | Tangible Book Value Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 1.6 | 1.6 | |
Market Comparable Companies | Minimum | Discount for Lack of Marketability | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 0.0332 | 0.0811 | |
Market Comparable Companies | Minimum | Discount for Lack of Marketability | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 0.0811 | ||
Market Comparable Companies | Maximum | EBITDA Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 13.3 | 12.4 | |
Market Comparable Companies | Maximum | EBITDA Multiple | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 13.3 | 12.4 | |
Market Comparable Companies | Maximum | Revenue Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 20.6 | 16.1 | |
Market Comparable Companies | Maximum | Revenue Multiple | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 10.3 | 8.8 | |
Market Comparable Companies | Maximum | Tangible Book Value Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 1.6 | 1.6 | |
Market Comparable Companies | Maximum | Discount for Lack of Marketability | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 0.3366 | 0.2890 | |
Market Comparable Companies | Maximum | Discount for Lack of Marketability | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 0.3270 | ||
Market Comparable Companies | Weighted Average | EBITDA Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2],[3] | 13.3 | 12.4 | |
Market Comparable Companies | Weighted Average | EBITDA Multiple | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2],[3] | 13.3 | 12.4 | |
Market Comparable Companies | Weighted Average | Revenue Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2],[3] | 8.6 | 7.4 | |
Market Comparable Companies | Weighted Average | Revenue Multiple | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2],[3] | 3.7 | 3.4 | |
Market Comparable Companies | Weighted Average | Tangible Book Value Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2],[3] | 1.6 | 1.6 | |
Market Comparable Companies | Weighted Average | Discount for Lack of Marketability | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1],[3] | 0.2421 | 0.1979 | |
Market Comparable Companies | Weighted Average | Discount for Lack of Marketability | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1],[3] | 0.2384 | 0.1897 | |
Liquidation | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | $ 0 | $ 0 | ||
Liquidation | Minimum | Revenue Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 2.2 | 2.1 | |
Liquidation | Minimum | Revenue Multiple | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 6.2 | ||
Liquidation | Minimum | Discount for Lack of Marketability | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 0.8600 | 0.8500 | |
Liquidation | Minimum | Discount for Lack of Marketability | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 90 | ||
Liquidation | Maximum | Revenue Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 2.2 | 2.1 | |
Liquidation | Maximum | Revenue Multiple | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2] | 6.2 | ||
Liquidation | Maximum | Discount for Lack of Marketability | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 0.8600 | 0.8500 | |
Liquidation | Maximum | Discount for Lack of Marketability | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1] | 90 | ||
Liquidation | Weighted Average | Revenue Multiple | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2],[3] | 2.2 | 2.1 | |
Liquidation | Weighted Average | Revenue Multiple | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [2],[3] | 6.2 | ||
Liquidation | Weighted Average | Discount for Lack of Marketability | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1],[3] | 0.8600 | 0.8500 | |
Liquidation | Weighted Average | Discount for Lack of Marketability | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [1],[3] | 90 | ||
Market Adjusted OPM Backsolve | Minimum | Market Equity Adjustment | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [4] | (0.9782) | ||
Market Adjusted OPM Backsolve | Maximum | Market Equity Adjustment | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [4] | 0.1634 | ||
Market Adjusted OPM Backsolve | Weighted Average | Market Equity Adjustment | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [3],[4] | (0.0886) | ||
Market Adjusted OPM Backsolve | Weighted Average | Market Equity Adjustment | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [3],[4] | (0.1669) | ||
Market Adjusted OPM Backsolve | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | $ 12,467 | $ 13,795 | ||
Market Adjusted OPM Backsolve | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | $ 7,299 | $ 6,934 | ||
Market Adjusted OPM Backsolve | Minimum | Market Equity Adjustment | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [4] | (0.8577) | (0.9782) | |
Market Adjusted OPM Backsolve | Minimum | Market Equity Adjustment | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [4] | (0.7190) | ||
Market Adjusted OPM Backsolve | Maximum | Market Equity Adjustment | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [4] | 0.1232 | 0.6643 | |
Market Adjusted OPM Backsolve | Maximum | Market Equity Adjustment | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [4] | 0.4442 | ||
Market Adjusted OPM Backsolve | Weighted Average | Market Equity Adjustment | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [3],[4] | (0.1851) | ||
Market Adjusted OPM Backsolve | Weighted Average | Market Equity Adjustment | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [3],[4] | (0.0824) | ||
Discounted Cash Flow | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | $ 24,595 | $ 19,153 | ||
Discounted Cash Flow | Minimum | Measurement Input, Discount Rate | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [5] | 0.1964 | 0.1772 | |
Discounted Cash Flow | Maximum | Measurement Input, Discount Rate | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [5] | 0.3115 | 0.3013 | |
Discounted Cash Flow | Weighted Average | Measurement Input, Discount Rate | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [3],[5] | 0.2566 | 0.2446 | |
Other | Equity Securities | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | [6] | $ 3,322 | $ 3,513 | |
Other | Warrant | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | [6] | 6 | ||
Investments [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | 2,968,651 | 2,795,444 | ||
Investments [Member] | Debt Maturing Within One Year | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | 97,431 | 93,597 | ||
Investments [Member] | Debt Investments - Imminent Payoff | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | [7] | 235,746 | 77,676 | |
Investments [Member] | Valuation Cost Approach | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | 332,001 | 392,168 | ||
Investments [Member] | Valuation Market Approach | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | 993,806 | 903,427 | ||
Investments [Member] | Valuation Market Approach | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | 911,752 | 967,108 | ||
Investments [Member] | Valuation Market Approach | Sustainable And Renewable Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | 3,108 | 3,006 | ||
Investments [Member] | Valuation Market Approach | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | 347,961 | 328,393 | ||
Investments [Member] | Liquidation | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | 16,343 | |||
Investments [Member] | Liquidation | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | [8] | 1,193 | 1,671 | |
Investments [Member] | Liquidation | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | $ 7,774 | [8] | $ 8,042 | |
Investments [Member] | Liquidation | Minimum | Collateral Recoverability | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.2500 | |||
Investments [Member] | Liquidation | Minimum | Probability weighting of alternative outcomes | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [8] | 0.1000 | 0.0500 | |
Investments [Member] | Liquidation | Minimum | Probability weighting of alternative outcomes | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [8] | 0.2000 | 0.2000 | |
Investments [Member] | Liquidation | Maximum | Collateral Recoverability | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.4000 | |||
Investments [Member] | Liquidation | Maximum | Probability weighting of alternative outcomes | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [8] | 0.9000 | 0.8000 | |
Investments [Member] | Liquidation | Maximum | Probability weighting of alternative outcomes | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [8] | 0.8000 | 0.8000 | |
Investments [Member] | Liquidation | Weighted Average | Collateral Recoverability | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | 0.3295 | ||
Investments [Member] | Liquidation | Weighted Average | Probability weighting of alternative outcomes | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [8],[9] | 0.7954 | 0.4829 | |
Investments [Member] | Liquidation | Weighted Average | Probability weighting of alternative outcomes | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [8],[9] | 0.8000 | 0.8000 | |
Investments [Member] | Valuation Income Approach | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Investments | $ 21,536 | $ 20,356 | ||
Investments [Member] | Valuation Income Approach | Minimum | Probability weighting of alternative outcomes | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.0100 | 0.0100 | ||
Investments [Member] | Valuation Income Approach | Maximum | Probability weighting of alternative outcomes | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.5000 | 0.5000 | ||
Investments [Member] | Valuation Income Approach | Weighted Average | Probability weighting of alternative outcomes | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | 0.3524 | 0.3579 | |
Investments [Member] | Market Comparable Companies | Hypothetical Market Yield | Sustainable And Renewable Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.1469 | |||
Investments [Member] | Market Comparable Companies | Premium/(Discount) | Sustainable And Renewable Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.0075 | |||
Investments [Member] | Market Comparable Companies | Minimum | Hypothetical Market Yield | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.1161 | 0.1174 | ||
Investments [Member] | Market Comparable Companies | Minimum | Hypothetical Market Yield | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.1225 | 0.1205 | ||
Investments [Member] | Market Comparable Companies | Minimum | Hypothetical Market Yield | Sustainable And Renewable Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.1471 | |||
Investments [Member] | Market Comparable Companies | Minimum | Hypothetical Market Yield | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.1378 | 0.1368 | ||
Investments [Member] | Market Comparable Companies | Minimum | Premium/(Discount) | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | (0.0150) | (0.0075) | ||
Investments [Member] | Market Comparable Companies | Minimum | Premium/(Discount) | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | (0.0075) | (0.0100) | ||
Investments [Member] | Market Comparable Companies | Minimum | Premium/(Discount) | Sustainable And Renewable Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.0075 | |||
Investments [Member] | Market Comparable Companies | Minimum | Premium/(Discount) | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | (0.0200) | (0.0200) | ||
Investments [Member] | Market Comparable Companies | Maximum | Hypothetical Market Yield | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.1951 | 0.1904 | ||
Investments [Member] | Market Comparable Companies | Maximum | Hypothetical Market Yield | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.2011 | 0.1853 | ||
Investments [Member] | Market Comparable Companies | Maximum | Hypothetical Market Yield | Sustainable And Renewable Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.1471 | |||
Investments [Member] | Market Comparable Companies | Maximum | Hypothetical Market Yield | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.1714 | 0.1849 | ||
Investments [Member] | Market Comparable Companies | Maximum | Premium/(Discount) | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.0300 | 0.0175 | ||
Investments [Member] | Market Comparable Companies | Maximum | Premium/(Discount) | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.0300 | 0.0150 | ||
Investments [Member] | Market Comparable Companies | Maximum | Premium/(Discount) | Sustainable And Renewable Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.0075 | |||
Investments [Member] | Market Comparable Companies | Maximum | Premium/(Discount) | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | 0.0100 | 0.0075 | ||
Investments [Member] | Market Comparable Companies | Weighted Average | Hypothetical Market Yield | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | 0.1455 | 0.1517 | |
Investments [Member] | Market Comparable Companies | Weighted Average | Hypothetical Market Yield | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | 0.1552 | 0.1521 | |
Investments [Member] | Market Comparable Companies | Weighted Average | Hypothetical Market Yield | Sustainable And Renewable Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | 0.1469 | 0.1471 | |
Investments [Member] | Market Comparable Companies | Weighted Average | Hypothetical Market Yield | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | 0.1387 | 0.1482 | |
Investments [Member] | Market Comparable Companies | Weighted Average | Premium/(Discount) | Pharmaceuticals | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | 0 | 0.0001 | |
Investments [Member] | Market Comparable Companies | Weighted Average | Premium/(Discount) | Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | 0.0030 | 0.0020 | |
Investments [Member] | Market Comparable Companies | Weighted Average | Premium/(Discount) | Sustainable And Renewable Technology | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | 0.0075 | 0.0075 | |
Investments [Member] | Market Comparable Companies | Weighted Average | Premium/(Discount) | Lower Middle Market | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||||
Alternative Investment, Measurement Input | [9] | (0.0044) | (0.0043) | |
[1] Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments. Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments. Weighted averages are calculated based on the fair market value of each investment. Represents the range of changes in industry valuations since the portfolio company's last external valuation event. The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments. The fair market value of these investments is derived based on recent private market and merger and acquisition transaction prices. Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date. The significant unobservable input used in the fair value measurement of impaired debt securities is the probability weighting of alternative outcomes. The weighted averages are calculated based on the fair market value of each investment. |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy Of Outstanding Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | $ 1,714,479 | $ 1,574,351 | |
Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 1,714,479 | 1,574,351 | |
Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 1,571,645 | 1,434,445 | |
SBA Debentures | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 169,881 | 169,738 | |
SBA Debentures | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 144,551 | 155,257 | |
July 2024 Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 104,607 | 104,533 | |
July 2024 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 101,978 | 102,019 | |
February 2025 Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 49,780 | 49,751 | |
February 2025 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 47,202 | 47,044 | |
June 2025 Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 69,636 | 69,595 | |
June 2025 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 65,963 | 64,198 | |
June 2025 3-Year Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 49,655 | ||
June 2025 3-Year Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 48,838 | ||
March 2026 A Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 49,724 | 49,700 | |
March 2026 A Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 45,731 | 45,512 | |
March 2026 B Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 49,699 | 49,673 | |
March 2026 B Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 45,797 | 45,588 | |
June 2025 3-Year Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 49,616 | ||
June 2025 3-Year Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 47,528 | ||
January 2027 Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 344,604 | ||
January 2027 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 296,826 | ||
September 2026 Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 321,603 | 321,358 | |
September 2026 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 273,775 | 269,509 | |
January 2027 Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 344,937 | ||
January 2027 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 300,474 | ||
2031 Asset-Backed Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 148,104 | 147,957 | |
2031 Asset-Backed Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 141,000 | 142,620 | |
2033 Notes | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 38,853 | 38,826 | |
2033 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 38,336 | 39,344 | |
MUFG Bank Facility | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | [1] | 121,000 | 107,000 |
MUFG Bank Facility | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | [1] | 121,000 | 107,000 |
SMBC Facility | Carrying Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Other Long-Term Debt | 197,000 | 72,000 | |
SMBC Facility | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 197,000 | 72,000 | |
Observable Inputs Level 2 | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 179,336 | 181,964 | |
Observable Inputs Level 2 | 2031 Asset-Backed Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 141,000 | 142,620 | |
Observable Inputs Level 2 | 2033 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 38,336 | 39,344 | |
Unobservable Inputs Level 3 | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 1,392,309 | 1,252,481 | |
Unobservable Inputs Level 3 | SBA Debentures | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 144,551 | 155,257 | |
Unobservable Inputs Level 3 | July 2024 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 101,978 | 102,019 | |
Unobservable Inputs Level 3 | February 2025 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 47,202 | 47,044 | |
Unobservable Inputs Level 3 | June 2025 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 65,963 | 64,198 | |
Unobservable Inputs Level 3 | June 2025 3-Year Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 48,838 | ||
Unobservable Inputs Level 3 | March 2026 A Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 45,731 | 45,512 | |
Unobservable Inputs Level 3 | March 2026 B Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 45,797 | 45,588 | |
Unobservable Inputs Level 3 | June 2025 3-Year Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 47,528 | ||
Unobservable Inputs Level 3 | January 2027 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 296,826 | ||
Unobservable Inputs Level 3 | September 2026 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 273,775 | 269,509 | |
Unobservable Inputs Level 3 | January 2027 Notes | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | 300,474 | ||
Unobservable Inputs Level 3 | MUFG Bank Facility | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | [1] | 121,000 | 107,000 |
Unobservable Inputs Level 3 | SMBC Facility | Fair Value | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Approximate fair value | $ 197,000 | $ 72,000 | |
[1] June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. |
Investments - Additional Inform
Investments - Additional Information (Details) - Firm | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | ||
Percentage of portfolio investment fair value | 0% | 0% |
Percentage of fair value investment in portfolio companies | 29.50% | 29% |
Count greater five percent fair value equity | 4 | 4 |
Percentage of equity investments held in portfolio companies | 48.60% | 39.80% |
Concentrations of Credit Risk | ||
Schedule Of Investments [Line Items] | ||
Number of portfolio companies | 6 | 8 |
Revenue Benchmark | Collateral Type Concentration Risk | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 100% | 100% |
Investments - Schedule of Reali
Investments - Schedule of Realized Gains and Losses and Changes in Unrealized Appreciation and Depreciation on Control and Affiliate investments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | $ 3,130,178 | $ 2,963,955 | |||||
Interest Income | 99,897 | $ 62,252 | |||||
Fee Income | 5,193 | 2,905 | |||||
Total net change in unrealized appreciation (depreciation) | 21,105 | (36,742) | |||||
Total net realized gain (loss) | 7,960 | (2,381) | |||||
Control & Affiliate Investments | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | [1] | 81,107 | |||||
Investment, Affiliated Issuer [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | 81,107 | $ 82,962 | |||||
Total net change in unrealized appreciation (depreciation) | 2,207 | ||||||
Total net realized gain (loss) | 3,772 | ||||||
Investment, Affiliated Issuer [Member] | Control & Affiliate Investments | |||||||
Schedule Of Investments [Line Items] | |||||||
Interest Income | [1] | 2,162 | |||||
Fee Income | [1] | 16 | |||||
Total net change in unrealized appreciation (depreciation) | [1] | 2,207 | |||||
Total net realized gain (loss) | [1] | 3,772 | |||||
Investment, Affiliated Issuer, Controlled [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | 85,326 | [2] | 76,277 | $ 76,458 | [3] | 73,504 | |
Interest Income | 1,116 | 1,115 | |||||
Fee Income | 19 | 16 | |||||
Total net change in unrealized appreciation (depreciation) | 8,846 | 1,454 | |||||
Total net realized gain (loss) | 0 | 0 | |||||
Investment, Affiliated Issuer, Controlled [Member] | Control Investments | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | [1] | 85,326 | 76,277 | ||||
Interest Income | [1] | 1,116 | 1,115 | ||||
Fee Income | [1] | 19 | 16 | ||||
Total net change in unrealized appreciation (depreciation) | [1] | 8,846 | 1,454 | ||||
Total net realized gain (loss) | [1] | 0 | 0 | ||||
Investment, Affiliated Issuer, Controlled [Member] | Coronado Aesthetics, LLC | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | [1] | 256 | 614 | ||||
Interest Income | [1] | 0 | 0 | ||||
Fee Income | [1] | 0 | 0 | ||||
Total net change in unrealized appreciation (depreciation) | [1] | (63) | 49 | ||||
Total net realized gain (loss) | [1] | 0 | 0 | ||||
Investment, Affiliated Issuer, Controlled [Member] | Gibraltar Business Capital, LLC | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | [1] | 40,701 | 42,622 | ||||
Interest Income | [1] | 796 | 834 | ||||
Fee Income | [1] | 19 | 16 | ||||
Total net change in unrealized appreciation (depreciation) | [1] | 3,735 | (1,227) | ||||
Total net realized gain (loss) | [1] | 0 | 0 | ||||
Investment, Affiliated Issuer, Controlled [Member] | Hercules Adviser LLC | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | [1] | 36,595 | 24,694 | ||||
Interest Income | [1] | 150 | 111 | ||||
Fee Income | [1] | 0 | 0 | ||||
Total net change in unrealized appreciation (depreciation) | [1] | 5,442 | 2,554 | ||||
Total net realized gain (loss) | [1] | 0 | 0 | ||||
Investment, Affiliated Issuer, Controlled [Member] | Tectura Corporation | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | [1] | 7,774 | 8,347 | ||||
Interest Income | [1] | 170 | 170 | ||||
Fee Income | [1] | 0 | 0 | ||||
Total net change in unrealized appreciation (depreciation) | [1] | (268) | 78 | ||||
Total net realized gain (loss) | [1] | 0 | 0 | ||||
Investment, Affiliated Issuer, Noncontrolled [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | 4,830 | $ 9,458 | |||||
Interest Income | 0 | 1,047 | |||||
Total net change in unrealized appreciation (depreciation) | 0 | 753 | |||||
Total net realized gain (loss) | $ 0 | 3,772 | |||||
Investment, Affiliated Issuer, Noncontrolled [Member] | Affiliate Investments | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | [1],[4] | 4,830 | |||||
Interest Income | [1],[4] | 1,047 | |||||
Fee Income | [1],[4] | 0 | |||||
Total net change in unrealized appreciation (depreciation) | [1],[4] | 753 | |||||
Total net realized gain (loss) | [1],[4] | 3,772 | |||||
Investment, Affiliated Issuer, Noncontrolled [Member] | Black Crow AI, Inc. affiliates | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | [1],[4] | 0 | |||||
Interest Income | [1],[4] | 0 | |||||
Fee Income | [1],[4] | 0 | |||||
Total net change in unrealized appreciation (depreciation) | [1],[4] | (120) | |||||
Total net realized gain (loss) | [1],[4] | 3,772 | |||||
Investment, Affiliated Issuer, Noncontrolled [Member] | Pineapple Energy LLC | |||||||
Schedule Of Investments [Line Items] | |||||||
Total investments, at fair value | [1],[4] | 4,830 | |||||
Interest Income | [1],[4] | 1,047 | |||||
Fee Income | [1],[4] | 0 | |||||
Total net change in unrealized appreciation (depreciation) | [1],[4] | 873 | |||||
Total net realized gain (loss) | [1],[4] | $ 0 | |||||
[1] In accordance with Rules 3-09, 4-08(g), and Rule 10-01(b)(1) of Regulation S-X, (“Rule 3-09”, “Rule 4-08(g)”, and “Rule 10-01(b)(1)”, respectively), the Company must determine if its unconsolidated subsidiaries are considered “significant subsidiaries”. As of March 31, 2023 and March 31, 2022 , there were no unconsolidated subsidiaries that are considered “significant subsidiaries”. All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. As of September 30, 2022, Black Crow AI, Inc. and Pineapple Energy LLC were no longer affiliates as defined under the 1940 Act. |
Investments - Schedule of Fair
Investments - Schedule of Fair Value Portfolio of Investments by Asset Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 3,130,178 | $ 2,963,955 |
Senior Secured | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 2,910,526 | 2,741,388 |
Unsecured Debt | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 58,125 | 54,056 |
Investment Funds And Vehicles | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 3,900 | 3,893 |
Preferred Stock | Equity Investments [Member] | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 40,345 | 41,488 |
Common Stock | Equity Investments [Member] | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 84,072 | 92,484 |
Warrant | Warrant Investment [Member] | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 33,210 | $ 30,646 |
Geographic Concentration Risk [Member] | Revenue Benchmark | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 100% | 100% |
Investment Type Concentration Risk | Revenue Benchmark | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 100% | 100% |
Investment Type Concentration Risk | Revenue Benchmark | Senior Secured | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 93% | 92.50% |
Investment Type Concentration Risk | Revenue Benchmark | Unsecured Debt | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 1.90% | 1.80% |
Investment Type Concentration Risk | Revenue Benchmark | Investment Funds And Vehicles | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0.10% | 0.10% |
Investment Type Concentration Risk | Preferred Stock | Revenue Benchmark | Equity Investments [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 1.30% | 1.40% |
Investment Type Concentration Risk | Common Stock | Revenue Benchmark | Equity Investments [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 2.70% | 3.10% |
Investment Type Concentration Risk | Warrant | Revenue Benchmark | Warrant Investment [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 1% | 1.10% |
Investments - Schedule of Fai_2
Investments - Schedule of Fair Value Portfolio of Investments by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 3,130,178 | $ 2,963,955 |
United States | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 2,829,873 | 2,670,520 |
United Kingdom | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 174,678 | 171,629 |
Netherlands | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 89,952 | 88,915 |
Canada | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 11,132 | 19,472 |
Israel | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 19,432 | 9,052 |
Denmark | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 3,739 | 0 |
Ireland | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 0 | 2,804 |
Germany | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 893 | 990 |
Other | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 479 | $ 573 |
Geographic Concentration Risk [Member] | Revenue Benchmark | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 100% | 100% |
Geographic Concentration Risk [Member] | Revenue Benchmark | United States | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 90.40% | 90.10% |
Geographic Concentration Risk [Member] | Revenue Benchmark | United Kingdom | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 5.60% | 5.80% |
Geographic Concentration Risk [Member] | Revenue Benchmark | Netherlands | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 2.90% | 3% |
Geographic Concentration Risk [Member] | Revenue Benchmark | Canada | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0.40% | 0.70% |
Geographic Concentration Risk [Member] | Revenue Benchmark | Israel | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0.60% | 0.30% |
Geographic Concentration Risk [Member] | Revenue Benchmark | Denmark | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0.10% | 0% |
Geographic Concentration Risk [Member] | Revenue Benchmark | Ireland | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0% | 0.10% |
Geographic Concentration Risk [Member] | Revenue Benchmark | Germany | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0% | 0% |
Geographic Concentration Risk [Member] | Revenue Benchmark | Other | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0% | 0% |
Investments - Schedule of Fai_3
Investments - Schedule of Fair Value Portfolio By Industry Sector (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 3,130,178 | $ 2,963,955 |
Drug Discovery & Development | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 1,220,057 | 1,150,707 |
Consumer & Business Products | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 2,593 | 2,821 |
Software | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 828,712 | 798,264 |
Consumer & Business Services | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 474,883 | 439,384 |
Communications & Networking | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 107,201 | 101,833 |
Healthcare Services Other | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 214,199 | 198,763 |
Information Services | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 62,039 | 60,759 |
Diversified Financial Services | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 87,805 | 68,569 |
Manufacturing Technology | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 48,993 | 46,109 |
Biotechnology Tools [Member] | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 33,032 | 32,825 |
Media Content Info [Member] | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 9,956 | 35 |
Drug Delivery | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 23 | 90 |
Medical Devices & Equipment | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 1,155 | 1,834 |
Surgical Devices | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 4,189 | 3,038 |
Electronics & Computer Hardware | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 21,476 | 21,517 |
Semiconductors | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | 966 | 21,921 |
Sustainable And Renewable Technology | ||
Schedule Of Investments [Line Items] | ||
Investments at Fair Value | $ 12,899 | $ 15,486 |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 100% | 100% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Drug Discovery & Development | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 39% | 38.80% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Consumer & Business Products | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0.10% | 0.10% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Software | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 26.50% | 26.90% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Consumer & Business Services | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 15.20% | 14.80% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Communications & Networking | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 3.40% | 3.50% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Healthcare Services Other | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 6.80% | 6.70% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Information Services | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 2% | 2.10% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Diversified Financial Services | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 2.80% | 2.30% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Manufacturing Technology | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 1.60% | 1.60% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Biotechnology Tools [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 1.10% | 1.10% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Media Content Info [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0.30% | 0% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Drug Delivery | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0% | 0% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Medical Devices & Equipment | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0% | 0.10% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Surgical Devices | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0.10% | 0.10% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Electronics & Computer Hardware | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0.70% | 0.70% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Semiconductors | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0% | 0.70% |
Industry Sub Sector Concentration Risk [Member] | Revenue Benchmark | Sustainable And Renewable Technology | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 0.40% | 0.50% |
Investments - Schedule of Inves
Investments - Schedule of Investment Collateral (Details) - Revenue Benchmark - Collateral Type Concentration Risk | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 100% | 100% |
Senior Secured First Lien [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 81.50% | 79.70% |
Second Lien | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 16.50% | 18.40% |
Unsecured [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 2% | 1.90% |
All Assets Including Intellectual Property [Member] | Senior Secured First Lien [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 44.40% | 42% |
All Assets with Negative Pledge on Intellectual Property [Member] | Senior Secured First Lien [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 25.60% | 26.10% |
Last-out with Security Interest in all of the Assets [Member] | Senior Secured First Lien [Member] | ||
Schedule Of Investments [Line Items] | ||
Concentration Risk, Percentage | 11.50% | 11.60% |
Investments - Schedule of Inv_2
Investments - Schedule of Investment Interest Income and Fee Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Schedule Of Investments [Line Items] | |||
Interest Income | $ 99,897 | $ 62,252 | |
Fee Income | 5,193 | 2,905 | |
Contractual Interest Income | |||
Schedule Of Investments [Line Items] | |||
Interest Income | 82,791 | 49,544 | |
Exit fee interest income | |||
Schedule Of Investments [Line Items] | |||
Interest Income | 9,382 | 6,726 | |
PIK interest income | |||
Schedule Of Investments [Line Items] | |||
Interest Income | 5,528 | 4,975 | |
Other Interest Income | |||
Schedule Of Investments [Line Items] | |||
Interest Income | [1] | 2,196 | 1,007 |
Recurring Fee Income | |||
Schedule Of Investments [Line Items] | |||
Fee Income | 2,040 | 1,779 | |
Accelerated Fee Income - Expired Commitments | |||
Schedule Of Investments [Line Items] | |||
Fee Income | 243 | 87 | |
Accelerated Fee Income - Early Repayments | |||
Schedule Of Investments [Line Items] | |||
Fee Income | $ 2,910 | $ 1,039 | |
[1] Other interest income includes OID interest income and interest recorded on other assets . |
Investments - Schedule of Unamo
Investments - Schedule of Unamortized Capitalized Fee Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Unamortized Fee Income | $ 55.5 | $ 54 |
Included in Cost [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Unamortized Fee Income | 44.6 | 43.1 |
Deferred Fees [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Unamortized Fee Income | $ 10.9 | $ 10.9 |
Investments - Schedule of Loan
Investments - Schedule of Loan Exit Fees Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Exit Fees Receivable | $ 36.4 | $ 37.5 |
Included in Cost [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Exit Fees Receivable | 33 | 32.5 |
Deferred Fees [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Exit Fees Receivable | $ 3.4 | $ 5 |
Debt - Schedule of Available an
Debt - Schedule of Available and Outstanding Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Outstanding balance | $ 2,215,000 | $ 2,185,000 | |
Principal | 1,733,000 | 1,594,000 | |
Carrying Value | [1] | 1,714,479 | 1,574,351 |
SBA Debentures | |||
Debt Instrument [Line Items] | |||
Outstanding balance | [2] | 175,000 | 175,000 |
Principal | [2] | 175,000 | 175,000 |
Carrying Value | [1],[2] | 169,881 | 169,738 |
July 2024 Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 105,000 | 105,000 | |
Principal | 105,000 | 105,000 | |
Carrying Value | [1] | 104,607 | 104,533 |
February 2025 Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 50,000 | 50,000 | |
Principal | 50,000 | 50,000 | |
Carrying Value | [1] | 49,780 | 49,751 |
June 2025 Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 70,000 | 70,000 | |
Principal | 70,000 | 70,000 | |
Carrying Value | [1] | 69,636 | 69,595 |
June 2025 3-Year Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 50,000 | 50,000 | |
Principal | 50,000 | 50,000 | |
Carrying Value | [1] | 49,655 | 49,616 |
March 2026 A Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 50,000 | 50,000 | |
Principal | 50,000 | 50,000 | |
Carrying Value | [1] | 49,724 | 49,700 |
March 2026 B Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 50,000 | 50,000 | |
Principal | 50,000 | 50,000 | |
Carrying Value | [1] | 49,699 | 49,673 |
September 2026 Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 325,000 | 325,000 | |
Principal | 325,000 | 325,000 | |
Carrying Value | [1] | 321,603 | 321,358 |
January 2027 Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 350,000 | 350,000 | |
Principal | 350,000 | 350,000 | |
Carrying Value | [1] | 344,937 | 344,604 |
2031 Asset-Backed Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 150,000 | 150,000 | |
Principal | 150,000 | 150,000 | |
Carrying Value | [1] | 148,104 | 147,957 |
2033 Notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 40,000 | 40,000 | |
Principal | 40,000 | 40,000 | |
Carrying Value | [1] | 38,853 | 38,826 |
MUFG Bank Facility | |||
Debt Instrument [Line Items] | |||
Outstanding balance | [2],[3] | 400,000 | 545,000 |
Principal | [2],[3] | 121,000 | 107,000 |
Carrying Value | [1],[2],[3] | 121,000 | 107,000 |
SMBC Facility | |||
Debt Instrument [Line Items] | |||
Outstanding balance | [2],[4] | 400,000 | 225,000 |
Principal | [2],[4] | 197,000 | 72,000 |
Carrying Value | [1],[2],[4] | $ 197,000 | $ 72,000 |
[1] Except for the SMBC Facility and MUFG Bank Facility (f.k.a. Union Bank Facility), all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date. Availability subject to the Company meeting the borrowing base requirements. In June 2022 the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. Includes $ 175.0 million of available commitment through the letter of credit facility. |
Debt - Schedule of Debt Issuanc
Debt - Schedule of Debt Issuance Costs, Net of accumulated Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Net of debt issuance costs | $ 25,703 | $ 22,642 | |
SBA Debentures | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 5,119 | 5,262 | |
July 2024 Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 393 | 467 | |
February 2025 Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 220 | 249 | |
June 2025 Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 364 | 405 | |
June 2025 3-Year Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 345 | 384 | |
March 2026 A Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 276 | 300 | |
March 2026 B Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 301 | 327 | |
September 2026 Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 3,397 | 3,642 | |
January 2027 Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 5,063 | 5,396 | |
2031 Asset-Backed Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 1,896 | 2,043 | |
2033 Notes | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | 1,147 | 1,174 | |
MUFG Bank Facility | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | [1] | 4,867 | 1,292 |
SMBC Facility | |||
Debt Instrument [Line Items] | |||
Net of debt issuance costs | [1] | $ 2,315 | $ 1,701 |
[1] The MUFG Bank Facility (f.k.a. Union Bank Facility) and SMBC Facility, are line-of-credit arrangements, the debt issuance costs associated with these instruments are included within Other assets on the Consolidated Statements of Assets and Liabilities in accordance with ASC Subtopic 835-30. |
Debt - Components of Interest E
Debt - Components of Interest Expense, Related Fees, Losses on Debt Extinguishment and Cash Paid for Interest Expense for Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | ||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | $ 18,954 | $ 13,489 | |||
Amortization of debt issuance costs | 1,509 | 1,210 | |||
Interest Expense Debt | [1] | 16,625 | 11,647 | ||
Cash paid for interest expense | 23,840 | 19,010 | |||
Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 820 | 632 | |||
SBA Debentures | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 1,269 | 690 | |||
Amortization of debt issuance costs | 144 | 140 | |||
Interest Expense Debt | [1] | 1,125 | 550 | ||
Cash paid for interest expense | 2,262 | 749 | |||
SBA Debentures | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | 0 | |||
2022 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | [2] | 1,061 | |||
Amortization of debt issuance costs | [2] | 50 | |||
Interest Expense Debt | [1],[2] | 1,011 | |||
Cash paid for interest expense | [2] | 2,293 | |||
2022 Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | [2] | 0 | |||
July 2024 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 1,326 | 1,326 | |||
Amortization of debt issuance costs | 74 | 74 | |||
Interest Expense Debt | [1] | 1,252 | 1,252 | ||
Cash paid for interest expense | 2,504 | 2,504 | |||
July 2024 Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | 0 | |||
February 2025 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 564 | 564 | |||
Amortization of debt issuance costs | 29 | 29 | |||
Interest Expense Debt | [1] | 535 | 535 | ||
Cash paid for interest expense | 1,070 | 1,070 | |||
February 2025 Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | 0 | |||
June 2025 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 794 | 794 | |||
Amortization of debt issuance costs | 40 | 40 | |||
Interest Expense Debt | [1] | 754 | 754 | ||
Cash paid for interest expense | 0 | 0 | |||
June 2025 Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | 0 | |||
June 2025 3-Year Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 789 | ||||
Amortization of debt issuance costs | 39 | ||||
Interest Expense Debt | [3] | 750 | |||
Cash paid for interest expense | 0 | ||||
June 2025 3-Year Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | ||||
March 2026 A Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 587 | 587 | |||
Amortization of debt issuance costs | 24 | 24 | |||
Interest Expense Debt | [1] | 563 | 563 | ||
Cash paid for interest expense | 1,125 | 1,125 | |||
March 2026 A Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | 0 | |||
March 2026 B Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 595 | 595 | |||
Amortization of debt issuance costs | 26 | 26 | |||
Interest Expense Debt | [1] | 569 | 569 | ||
Cash paid for interest expense | 1,139 | 1,138 | |||
March 2026 B Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | 0 | |||
September 2026 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 2,378 | 2,378 | |||
Amortization of debt issuance costs | 204 | 204 | |||
Interest Expense Debt | [1] | 2,174 | 2,174 | ||
Cash paid for interest expense | 4,266 | 4,266 | |||
September 2026 Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | 0 | |||
January 2027 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 3,286 | 2,556 | |||
Amortization of debt issuance costs | 207 | 161 | |||
Interest Expense Debt | [1] | 3,079 | 2,395 | ||
Cash paid for interest expense | 5,906 | ||||
January 2027 Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | 0 | |||
2031 Asset-Backed Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 2,003 | ||||
Amortization of debt issuance costs | 100 | ||||
Interest Expense Debt | [1] | 1,903 | |||
Cash paid for interest expense | 1,856 | ||||
2031 Asset-Backed Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | ||||
2033 Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 652 | 652 | |||
Amortization of debt issuance costs | 27 | 27 | |||
Interest Expense Debt | [1] | 625 | 625 | ||
Cash paid for interest expense | 625 | 625 | |||
2033 Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 0 | 0 | |||
2022 Convertible Notes | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | [2] | 1,072 | |||
Amortization of debt issuance costs | [2] | 149 | |||
Interest Expense Debt | [1],[2] | 923 | |||
Cash paid for interest expense | [2] | 5,004 | |||
2022 Convertible Notes | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | [2] | 0 | |||
MUFG Bank Facility | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 2,772 | [4] | 918 | [5] | |
Amortization of debt issuance costs | 442 | [4] | 237 | [5] | |
Interest Expense Debt | [1] | 1,713 | [4] | 114 | [5] |
Cash paid for interest expense | 1,837 | [4] | 0 | [5] | |
MUFG Bank Facility | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | 617 | [4] | 567 | [5] | |
SMBC Facility | |||||
Debt Instrument [Line Items] | |||||
Interest Expense, Total | 1,939 | 296 | |||
Amortization of debt issuance costs | 153 | 49 | |||
Unused facility and other fees (loan fees) | 65 | ||||
Interest Expense Debt | [1] | 1,583 | 182 | ||
Cash paid for interest expense | 1,250 | $ 236 | |||
SMBC Facility | Unused Facility Other Fees [Member] | |||||
Debt Instrument [Line Items] | |||||
Unused facility and other fees (loan fees) | $ 203 | ||||
[1] Interest expense includes amortization of original issue discounts for the three months ended March 31, 2022 of $ 23 thousand, $ 112 thousand, $ 42 thousand, and $ 98 thousand, related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, and January 2027 Notes, respectively. In February 2022, the Company has fully repaid the aggregate outstanding principal balances and retired 2022 Notes and 2022 Convertible Notes. Interest expense includes amortization of original issue discounts for the three months ended March 31, 2023 of $ 42 thousand, $ 126 thousand, and $ 47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. The June 2022 amendment of the MUFG Bank Facility replaced the Union Bank Facility via an amendment which changed the lead lender. |
Debt - Components of Interest_2
Debt - Components of Interest Expense, Related Fees, Losses on Debt Extinguishment and Cash Paid for Interest Expense for Debt (Parentheticals) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
September 2026 Notes | ||
Debt Instrument [Line Items] | ||
Amortization of original issue discounts | $ 42 | $ 42 |
January 2027 Notes | ||
Debt Instrument [Line Items] | ||
Amortization of original issue discounts | 126 | 98 |
2031 Asset-Backed Notes | ||
Debt Instrument [Line Items] | ||
Amortization of original issue discounts | $ 47 | |
2022 Notes | ||
Debt Instrument [Line Items] | ||
Amortization of original issue discounts | 23 | |
2022 Convertible Notes | ||
Debt Instrument [Line Items] | ||
Amortization of original issue discounts | $ 112 |
Debt - Schedule of SBA Debentur
Debt - Schedule of SBA Debentures Outstanding Principal Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||
Outstanding Principal Balances | $ 1,733,000 | $ 1,594,000 | |
SBA Debentures Issued on March 26, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Mar. 26, 2021 | ||
Maturity Date | Sep. 01, 2031 | ||
Interest Rate | [1] | 1.58% | |
Outstanding Principal Balances | $ 37,500 | 37,500 | |
SBA Debentures Issued on June 25, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Jun. 25, 2021 | ||
Maturity Date | Sep. 01, 2031 | ||
Interest Rate | [1] | 1.58% | |
Outstanding Principal Balances | $ 16,200 | 16,200 | |
SBA Debentures Issued on July 28, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Jul. 28, 2021 | ||
Maturity Date | Sep. 01, 2031 | ||
Interest Rate | [1] | 1.58% | |
Outstanding Principal Balances | $ 5,400 | 5,400 | |
SBA Debentures Issued on August 20, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Aug. 20, 2021 | ||
Maturity Date | Sep. 01, 2031 | ||
Interest Rate | [1] | 1.58% | |
Outstanding Principal Balances | $ 5,400 | 5,400 | |
SBA Debentures Issued on October 21, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Oct. 21, 2021 | ||
Maturity Date | Mar. 01, 2032 | ||
Interest Rate | [1] | 3.21% | |
Outstanding Principal Balances | $ 14,000 | 14,000 | |
SBA Debentures Issued on November 1, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Nov. 01, 2021 | ||
Maturity Date | Mar. 01, 2032 | ||
Interest Rate | [1] | 3.21% | |
Outstanding Principal Balances | $ 21,000 | 21,000 | |
SBA Debentures Issued on November 15, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Nov. 15, 2021 | ||
Maturity Date | Mar. 01, 2032 | ||
Interest Rate | [1] | 3.21% | |
Outstanding Principal Balances | $ 5,200 | 5,200 | |
SBA Debentures Issued on November 30, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Nov. 30, 2021 | ||
Maturity Date | Mar. 01, 2032 | ||
Interest Rate | [1] | 3.21% | |
Outstanding Principal Balances | $ 20,800 | 20,800 | |
SBA Debentures Issued on December 20, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Dec. 20, 2021 | ||
Maturity Date | Mar. 01, 2032 | ||
Interest Rate | [1] | 3.21% | |
Outstanding Principal Balances | $ 10,000 | 10,000 | |
SBA Debentures Issued on December 23, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Dec. 23, 2021 | ||
Maturity Date | Mar. 01, 2032 | ||
Interest Rate | [1] | 3.21% | |
Outstanding Principal Balances | $ 10,000 | 10,000 | |
SBA Debentures Issued on December 28, 2021 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Dec. 28, 2021 | ||
Maturity Date | Mar. 01, 2032 | ||
Interest Rate | [1] | 3.21% | |
Outstanding Principal Balances | $ 5,000 | 5,000 | |
SBA Debentures Issued on January 14, 2022 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Jan. 14, 2022 | ||
Maturity Date | Mar. 01, 2032 | ||
Interest Rate | [1] | 3.21% | |
Outstanding Principal Balances | $ 4,500 | 4,500 | |
SBA Debentures Issued on January 21, 2022 | |||
Debt Instrument [Line Items] | |||
Issuance/Pooling Date | Jan. 21, 2022 | ||
Maturity Date | Mar. 01, 2032 | ||
Interest Rate | [1] | 3.21% | |
Outstanding Principal Balances | $ 20,000 | 20,000 | |
SBA Debentures | |||
Debt Instrument [Line Items] | |||
Outstanding Principal Balances | [2] | $ 175,000 | $ 175,000 |
[1] Interest rates are determined initially at issuance and reset to a fixed rate at the debentures pooling date. The rates are inclusive of annual SBA charges. Availability subject to the Company meeting the borrowing base requirements. |
Debt - Additional Information (
Debt - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 13, 2023 USD ($) | Jun. 23, 2022 USD ($) | Jan. 20, 2022 USD ($) | Sep. 16, 2021 USD ($) | Mar. 04, 2021 USD ($) | Oct. 27, 2020 USD ($) | Mar. 31, 2023 USD ($) Firm | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Firm | Jun. 22, 2022 USD ($) | Nov. 04, 2020 USD ($) | Jun. 03, 2020 USD ($) | Feb. 05, 2020 USD ($) | Jul. 16, 2019 USD ($) | Sep. 24, 2018 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 2,215,000 | $ 2,185,000 | |||||||||||||
Investment Owned At Fair Value | 3,130,178 | 2,963,955 | |||||||||||||
Gain (loss) on extinguishment of debt | 0 | $ (3,686) | |||||||||||||
Restricted cash | 7,819 | $ 3,127 | 10,079 | ||||||||||||
Variable Interest Entity Primary Beneficiary [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Restricted cash | $ 7,819 | 10,079 | |||||||||||||
MUFG Bank Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of Credit Facility, Covenant Terms | these covenants require the Company to maintain certain financial ratios, including a minimum interest coverage ratio and a minimum tangible net worth with respect to Hercules Funding IV. | ||||||||||||||
Line of credit facility, maturity date | Jan. 13, 2026 | ||||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 400,000 | ||||||||||||||
Maximum borrowing capacity | $ 400,000 | ||||||||||||||
Line of Credit Facility, Description | funded by existing or additional lenders and with the agreement of MUFG Bank and subject to other customary conditions. | ||||||||||||||
MUFG Bank Facility | 1-month SOFR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate plus applicable margin adjustment | 2.75% | ||||||||||||||
Secured Credit Facility with M U F G Bank Ltd. (M U F G) | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 600,000 | ||||||||||||||
Maximum borrowing capacity | $ 600,000 | ||||||||||||||
SMBC Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility, maturity date | Nov. 07, 2025 | ||||||||||||||
SMBC Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility, maturity date | Nov. 09, 2026 | ||||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 225,000 | ||||||||||||||
Maximum borrowing capacity | $ 225,000 | ||||||||||||||
Line of Credit Facility, Description | Availability under the SMBC Facility will terminate on November 7, 2025, and the outstanding loans under the SMBC Facility will mature on November 9, 2026. | ||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.375% | ||||||||||||||
SMBC Facility | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate plus applicable margin adjustment | 0.875% | ||||||||||||||
SMBC Facility | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 500,000 | ||||||||||||||
Maximum borrowing capacity | $ 500,000 | ||||||||||||||
Interest rate plus applicable margin adjustment | 2% | ||||||||||||||
SMBC LC Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line of credit facility, maturity date | Jan. 13, 2026 | ||||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 175,000 | $ 175,000 | |||||||||||||
Maximum borrowing capacity | 175,000 | 175,000 | |||||||||||||
Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt average amount outstanding | $ 189,500 | $ 127,700 | |||||||||||||
Line of credit interest rate | 6.96% | 4.51% | |||||||||||||
Additional Face Amount | SMBC LC Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | 400,000 | ||||||||||||||
Maximum borrowing capacity | $ 400,000 | ||||||||||||||
July 2024 Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 105,000 | ||||||||||||||
Debt instrument, interest rate | 4.77% | ||||||||||||||
Debt Instrument Maturity Date | Jul. 16, 2024 | ||||||||||||||
Debt Instrument, redemption, description | On July 16, 2019, the Company issued $105.0 million in aggregate principal amount of 4.77% interest-bearing unsecured notes due on July 16, 2024 (the “July 2024 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering | ||||||||||||||
Debt instrument, payment terms, description | Interest on the July 2024 Notes is due semiannually | ||||||||||||||
Debt Instrument, Collateral | The July 2024 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | ||||||||||||||
February 2025 Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 50,000 | ||||||||||||||
Debt instrument, interest rate | 4.28% | ||||||||||||||
Debt Instrument Maturity Date | Feb. 05, 2025 | ||||||||||||||
Debt Instrument, redemption, description | On February 5, 2020, the Company issued $50.0 million in aggregate principal amount of 4.28% interest-bearing unsecured notes due February 5, 2025 (the “February 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. | ||||||||||||||
Debt instrument, payment terms, description | Interest on the February 2025 Notes is due semiannually | ||||||||||||||
Debt Instrument, Collateral | The February 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | ||||||||||||||
June 2025 Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 70,000 | ||||||||||||||
Debt instrument, interest rate | 4.31% | ||||||||||||||
Debt Instrument Maturity Date | Jun. 03, 2025 | ||||||||||||||
Debt Instrument, redemption, description | On June 3, 2020, the Company issued $70.0 million in aggregate principal amount of 4.31% interest-bearing unsecured notes due June 3, 2025 (the “June 2025 Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. | ||||||||||||||
Debt instrument, payment terms, description | Interest on the June 2025 Notes is due semiannually. | ||||||||||||||
Debt Instrument, Collateral | The June 2025 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | ||||||||||||||
June 2025 3-Year Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 50,000 | ||||||||||||||
Debt instrument, interest rate | 6% | ||||||||||||||
Debt Instrument Maturity Date | Jun. 23, 2025 | ||||||||||||||
Debt Instrument, redemption, description | On June 23, 2022, the Company issued $50.0 million in aggregate principal amount of 6.00% interest-bearing unsecured notes due June 23, 2025 (the “June 2025 3-Year Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering. | ||||||||||||||
Debt instrument, payment terms, description | Interest on the June 2025 3-Year Notes is due semiannually. | ||||||||||||||
Debt Instrument, Collateral | The June 2025 3-Year Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | ||||||||||||||
March 2026 A Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 50,000 | ||||||||||||||
Debt instrument, interest rate | 4.50% | ||||||||||||||
Debt Instrument Maturity Date | Mar. 04, 2026 | ||||||||||||||
Debt Instrument, redemption, description | On November 4, 2020, the Company issued $50.0 million in aggregate principal amount of 4.5% interest-bearing unsecured notes due March 4, 2026 (the “March 2026 A Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement notes offering | ||||||||||||||
Debt instrument, payment terms, description | Interest on the March 2026 A Notes is due semiannually | ||||||||||||||
Debt Instrument, Collateral | The March 2026 A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | ||||||||||||||
March 2026 B Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 50,000 | ||||||||||||||
Debt instrument, interest rate | 4.55% | ||||||||||||||
Debt Instrument Maturity Date | Mar. 04, 2026 | ||||||||||||||
Debt Instrument, redemption, description | On March 4, 2021, the Company issued $50.0 million in aggregate principal amount of 4.55% interest-bearing unsecured notes due March 4, 2026 (the “March 2026 B Notes”), unless repurchased in accordance with their terms, to qualified institutional investors in a private placement pursuant note offering. | ||||||||||||||
Debt instrument, payment terms, description | Interest on the March 2026 B Notes is due semiannually | ||||||||||||||
Net proceeds from sale of Notes | 49,500 | ||||||||||||||
Aggregate Debt Issuance Cost | $ 500 | ||||||||||||||
Debt Instrument, Collateral | The March 2026 B Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | ||||||||||||||
September 2026 Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 325,000 | ||||||||||||||
Debt instrument, interest rate | 2.625% | ||||||||||||||
Debt Instrument Maturity Date | Sep. 16, 2026 | ||||||||||||||
Debt Instrument, redemption, description | The Company may redeem some or all of the September 2026 Notes at any time, or from time to time, at the redemption price set forth under the terms of the September 2026 Notes Indenture. | ||||||||||||||
Debt instrument, payment terms, description | Interest on the September 2026 Notes is payable semi-annually in arrears on March 16 and September 16 of each year, commencing on March 16, 2022 | ||||||||||||||
Net proceeds from sale of Notes | 320,100 | ||||||||||||||
Aggregate Debt Issuance Cost | 4,100 | ||||||||||||||
Aggregate Discount On Issuance | $ 800 | ||||||||||||||
Debt Instrument, Collateral | The September 2026 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | ||||||||||||||
January 2027 Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 350,000 | ||||||||||||||
Debt instrument, interest rate | 3.375% | ||||||||||||||
Debt Instrument Maturity Date | Jan. 20, 2027 | ||||||||||||||
Debt Instrument, redemption, description | The Company may redeem some or all of the January 2027 Notes at any time, or from time to time, at the redemption price set forth under the terms of the January 2027 Notes Indenture. | ||||||||||||||
Debt instrument, payment terms, description | Interest on the January 2027 Notes is payable semi-annually in arrears on January 20 and July 20 of each year, commencing on July 20, 2022 | ||||||||||||||
Net proceeds from sale of Notes | 343,400 | ||||||||||||||
Aggregate Debt Issuance Cost | 4,100 | ||||||||||||||
Aggregate Discount On Issuance | $ 2,500 | ||||||||||||||
Debt Instrument, Collateral | The January 2027 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | ||||||||||||||
2031 Asset-Backed Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 150,000 | ||||||||||||||
Debt instrument, interest rate | 4.95% | ||||||||||||||
Debt Instrument Maturity Date | Jul. 20, 2031 | ||||||||||||||
Debt instrument, payment terms, description | Interest on the 2031 Asset-Backed Notes will be paid, to the extent of funds available. | ||||||||||||||
2031 Asset-Backed Notes | Variable Interest Entity Primary Beneficiary [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Restricted cash | $ 7,800 | $ 10,100 | |||||||||||||
2033 Notes | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument Face Amount | $ 40,000 | ||||||||||||||
Debt instrument, interest rate | 6.25% | ||||||||||||||
Debt Instrument Maturity Date | Oct. 30, 2033 | ||||||||||||||
Debt Instrument, redemption, description | The Company may redeem some or all of the 2033 Notes at any time, or from time to time, at the redemption price set forth under the terms of the 2033 Notes indenture after October 30, 2023. | ||||||||||||||
Debt instrument, payment terms, description | Interest on the 2033 Notes is payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year | ||||||||||||||
Debt Instrument, Collateral | The 2033 Notes trade on the NYSE under the symbol “HCXY.” The 2033 Notes are general unsecured obligations and rank pari passu, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. | ||||||||||||||
HC IV | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
License term | 10 years | ||||||||||||||
Debt Instrument, license description | HC IV received its license to operate as a SBIC on October 27, 2020. The license has a 10-year term. | ||||||||||||||
Regulatory capital commitment amount | $ 87,500 | ||||||||||||||
Debt Instrument Face Amount | $ 175,000 | ||||||||||||||
Investments held by number of companies | Firm | 19 | 21 | |||||||||||||
Investment Owned At Fair Value | $ 289,700 | $ 343,700 | |||||||||||||
Percentage of total investment portfolio | 9.30% | 11.60% | |||||||||||||
Tangible Assets | $ 307,700 | $ 348,600 | |||||||||||||
Percentage of total assets held | 9.50% | 11.50% | |||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | 175,000 | ||||||||||||||
Maximum borrowing capacity | $ 175,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Contingency [Line Items] | |||
Taxable income | $ 64,100 | $ (33,200) | |
Taxable income per share | $ 0.47 | $ 0.28 | |
Taxable net realized gains | $ 7,200 | $ (3,700) | |
Taxable net realized gains per share | $ 0.05 | $ 0.03 | |
Income tax, including excise tax, paid | $ 4,763 | $ 7,119 | |
Taxes payable | 1,800 | $ 800 | |
Tax Basis Of Investments Gross Unrealized Appreciation | 87,900 | 72,200 | |
Tax Basis Of Investments Gross Unrealized Depreciation | 106,600 | 112,000 | |
Tax basis of investments, unrealized appreciation (depreciation), net | 18,700 | 39,800 | |
Tax basis of investments, cost for income tax purposes | $ 3,100,000 | 3,000,000 | |
Taxable Subsidiary [Member] | |||
Income Tax Contingency [Line Items] | |||
Adjustments to Additional Paid in Capital, Other | $ 3,000 |
Stockholders' Equity and Dist_3
Stockholders' Equity and Distributions - Schedule of Common Stock Shares Issued and Sold (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Class Of Stock [Line Items] | ||
Number of Shares Issued | 4.7 | 4.9 |
Stock Issued During Period, Value, New Issues | $ 65,342 | $ 85,249 |
Average Price/Share | $ 14.03 | $ 17.54 |
Common - Gross Proceeds | ||
Class Of Stock [Line Items] | ||
Stock Issued During Period, Value, New Issues | $ 66,200 | $ 86,100 |
Common - Offering Expenses | ||
Class Of Stock [Line Items] | ||
Stock Issued During Period, Value, New Issues | $ 800 | $ 900 |
Stockholders' Equity and Dist_4
Stockholders' Equity and Distributions - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Mar. 09, 2023 | Nov. 17, 2022 | Aug. 16, 2022 | May 24, 2022 | Mar. 16, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Dividends Payable [Line Items] | ||||||||
Investment Company, Distribution to Shareholders, Per Share | $ 0.47 | $ 1.97 | ||||||
Investment Company, Dividend Distribution | $ 64,774 | $ 57,882 | $ 249,077 | |||||
Dividend Declared One [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Distribution Type | Base | Base | ||||||
Declared Date | Feb. 09, 2023 | Feb. 16, 2022 | ||||||
Record Date | Mar. 02, 2023 | Mar. 09, 2022 | ||||||
Payment Date | Mar. 09, 2023 | Mar. 16, 2022 | ||||||
Investment Company, Distribution to Shareholders, Per Share | $ 0.39 | $ 0.33 | ||||||
Investment Company, Dividend Distribution | $ 53,749 | $ 39,794 | ||||||
Dividend Declared Two [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Distribution Type | Supplemental | Supplemental | ||||||
Declared Date | Feb. 09, 2023 | Feb. 16, 2022 | ||||||
Record Date | Mar. 02, 2023 | Mar. 09, 2022 | ||||||
Payment Date | Mar. 09, 2023 | Mar. 16, 2022 | ||||||
Investment Company, Distribution to Shareholders, Per Share | $ 0.08 | $ 0.15 | ||||||
Investment Company, Dividend Distribution | $ 11,025 | $ 18,088 | ||||||
Dividend Declared Three [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Distribution Type | Base | |||||||
Declared Date | Apr. 27, 2022 | |||||||
Record Date | May 17, 2022 | |||||||
Payment Date | May 24, 2022 | |||||||
Investment Company, Distribution to Shareholders, Per Share | $ 0.33 | |||||||
Investment Company, Dividend Distribution | $ 41,245 | |||||||
Dividend Declared Four [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Distribution Type | Supplemental | |||||||
Declared Date | Apr. 27, 2022 | |||||||
Record Date | May 17, 2022 | |||||||
Payment Date | May 24, 2022 | |||||||
Investment Company, Distribution to Shareholders, Per Share | $ 0.15 | |||||||
Investment Company, Dividend Distribution | $ 18,748 | |||||||
Dividend Declared Five [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Distribution Type | Base | |||||||
Declared Date | Jul. 20, 2022 | |||||||
Record Date | Aug. 09, 2022 | |||||||
Payment Date | Aug. 16, 2022 | |||||||
Investment Company, Distribution to Shareholders, Per Share | $ 0.35 | |||||||
Investment Company, Dividend Distribution | $ 44,765 | |||||||
Dividend Declared Six [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Distribution Type | Supplemental | |||||||
Declared Date | Jul. 20, 2022 | |||||||
Record Date | Aug. 09, 2022 | |||||||
Payment Date | Aug. 16, 2022 | |||||||
Investment Company, Distribution to Shareholders, Per Share | $ 0.15 | |||||||
Investment Company, Dividend Distribution | $ 19,185 | |||||||
Dividend Declared Seven [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Distribution Type | Base | |||||||
Declared Date | Oct. 13, 2022 | |||||||
Record Date | Nov. 10, 2022 | |||||||
Payment Date | Nov. 17, 2022 | |||||||
Investment Company, Distribution to Shareholders, Per Share | $ 0.36 | |||||||
Investment Company, Dividend Distribution | $ 47,472 | |||||||
Dividend Declared Eight [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Distribution Type | Supplemental | |||||||
Declared Date | Oct. 13, 2022 | |||||||
Record Date | Nov. 10, 2022 | |||||||
Payment Date | Nov. 17, 2022 | |||||||
Investment Company, Distribution to Shareholders, Per Share | $ 0.15 | |||||||
Investment Company, Dividend Distribution | $ 19,780 |
Stockholders' Equity and Dist_5
Stockholders' Equity and Distributions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | May 09, 2022 | ||
Class Of Stock [Line Items] | |||||
Common stock, shares outstanding | 138,596,000 | 133,045,000 | |||
Distributions of net investment income | $ 0.47 | $ 1.97 | |||
Stock issued during period, shares, dividend reinvestment plan | 61,383 | 60,326 | |||
Number of Shares Issued | 4,700,000 | 4,900,000 | |||
Offering expenses on issuance of shares | $ 830 | $ 935 | |||
Common Stock | |||||
Class Of Stock [Line Items] | |||||
Common stock, shares issued | 138,596,438 | 133,044,602 | |||
Distributions of net investment income | $ 0.47 | $ 0.48 | |||
Stock issued during period, shares, dividend reinvestment plan | 61,000 | 60,000 | |||
Number of Shares Issued | 4,659,000 | 4,860,000 | |||
Equity distribution agreement remaining available shares 2022 | 3,900,000 | ||||
2022 Equity Distribution Agreement [Member] | Common Stock | |||||
Class Of Stock [Line Items] | |||||
Equity distribution agreement available shares | 17,500,000 | ||||
Spillover amount per share [Member] | |||||
Class Of Stock [Line Items] | |||||
Undistributed taxable earnings | $ 0.96 | ||||
Ordinary Income | |||||
Class Of Stock [Line Items] | |||||
Distributions of net investment income | [1],[2] | $ 0.48 | $ 0.48 | ||
[1] All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. Includes distributions on unvested restricted stock awards. |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional information (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 28, 2018 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation | $ 3,200,000 | $ 4,400,000 | ||||
Unrecognized compensation costs | $ 27,100,000 | $ 22,200,000 | ||||
Total unrecognized compensation costs expected to be recognized, Period | 2 years 10 months 24 days | 2 years 1 month 6 days | ||||
Performance Award shares vested | [1] | 300,399 | 331,049 | |||
Distribution equivalent units | 1,277,607 | 593,745 | ||||
Unvested Performance Awards | 1,931,766 | 1,290,925 | 958,985 | 1,037,848 | ||
Employee Stock option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation | $ 23,000 | $ 15,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Granted | 8,000 | 10,000 | ||||
Service vesting awards granted | $ 8,000 | 10,000 | ||||
Service-Vesting Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Service vesting awards | 2 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Granted | $ 17,700,000 | 10,400,000 | ||||
Service vesting awards granted | $ 17,700,000 | $ 10,400,000 | ||||
Performance Vesting Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Service vesting awards | The total compensation will be determined by the Company’s TSR relative to specified BDCs during a specified performance period. Depending on the results achieved during the specified performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the target shares granted. | |||||
Performance Award shares vested | 0 | 0 | ||||
Unvested Performance Awards | 0 | 0 | ||||
Performance Deu [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Performance Award shares vested | 54,858 | 0 | ||||
Distribution equivalent units (“DEUs”) were issued with a grant date fair value | $ 700,000 | |||||
Liability Classified Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation | 400,000 | $ 1,300,000 | ||||
Unrecognized compensation costs | $ 1,600,000 | $ 3,800,000 | ||||
Total unrecognized compensation costs expected to be recognized, Period | 1 year 1 month 6 days | 2 years | ||||
Remaining max award value | $ 3,100,000 | |||||
Weighted average performance conditions in liability | 100% | |||||
Accounts payable and accrued liabilities | $ 1,500,000 | $ 7,000,000 | ||||
Liability award vested | $ 0 | $ 0 | ||||
Two Thousand Eighteen Plan And Director Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares authorized | 18,700,000 | |||||
Two Thousand Eighteen Plan And Director Plan | Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares authorized | 300,000 | |||||
2018 Plan | Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares authorized | 9,261,229 | |||||
Director Plan | Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares authorized | 300,000 | |||||
[1] With respect to certain restricted stock equity awards granted prior to January 1, 2019, receipt of the shares of the Company’s common stock underlying vested restricted stock equity awards will be deferred for four years from grant date unless certain conditions are met. Accordingly, such vested restricted stock equity awards will not be issued as common stock upon vesting until the completion of the deferral period. |
Equity Incentive Plans - Unvest
Equity Incentive Plans - Unvested Restricted Stock Equity Awards (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Unvested Shares Beginning of Period | 958,985 | 1,037,848 | |
Granted | 1,277,607 | 593,745 | |
Vested (1) | [1] | (300,399) | (331,049) |
Forfeited | (4,427) | (9,619) | |
Unvested Shares End of Period | 1,931,766 | 1,290,925 | |
Unvested Shares Beginning of Period | $ 16.35 | $ 14.51 | |
Granted | 13.81 | 17.49 | |
Vested (1) | [1] | 16.42 | 14.41 |
Forfeited | 17 | 15.93 | |
Unvested Shares End of Period | $ 14.66 | $ 15.90 | |
[1] With respect to certain restricted stock equity awards granted prior to January 1, 2019, receipt of the shares of the Company’s common stock underlying vested restricted stock equity awards will be deferred for four years from grant date unless certain conditions are met. Accordingly, such vested restricted stock equity awards will not be issued as common stock upon vesting until the completion of the deferral period. |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Numerator | |||
Net increase in net assets resulting from operations | $ 94,564 | $ (3,336) | |
Less: Distributions declared-common and restricted shares | (64,774) | (57,882) | $ (249,077) |
Total Earnings, net of total distributions | (29,790) | 61,218 | |
Numerator for basic and diluted change in net assets per common share | $ 93,465 | $ (3,957) | |
Denominator | |||
Basic | 135,252 | 118,296 | |
Common shares issuable | 1,804 | 0 | |
Weighted average common shares outstanding assuming dilution | 137,056 | 118,296 | |
Change in net assets per common share | |||
Basic | $ 0.69 | $ (0.03) | |
Diluted | $ 0.68 | $ (0.03) | |
Common Stock [Member] | |||
Numerator | |||
Less: Distributions declared-common and restricted shares | $ 64,023 | $ 57,261 | |
Numerator for basic and diluted change in net assets per common share | $ 29,442 | $ (61,218) |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Number of Anti-diluted Shares As Calculated Based on Weighted Average Closing Price of Common Stock (Details) - shares | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Unvested Common Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 1,853 | 31,354 | |
Restricted Stock Units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 7,874 | 32,697 | |
Unvested Restricted Stock Awards | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 54,361 | 0 | |
Performance Awards | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | [1] | 0 | 547,626 |
[1] Included in these amounts are shares related to certain equity-based awards, which are fully-vested but have not been delivered and thus not outstanding for purposes of calculating earnings per share. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, voting rights | Each share of common stock entitles the holder to one vote. |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights of the Company (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Net investment income before investment gains and losses per common share: | ||||
Net asset value at beginning of period | $ 10.53 | $ 11.22 | $ 11.22 | |
Net investment income before investment gains and losses per common share: Basic | [1] | 0.48 | 0.30 | |
Total from investment operations | [1] | 0.70 | (0.03) | |
Investment Company, Issuance of Shares, Per Share | [1] | 0.05 | 0.08 | |
Distributions of net investment income | (0.47) | (1.97) | ||
Stock-based compensation expense included in net investment income and other movements | [1],[2] | 0.02 | 0.03 | |
Net asset value at end of period | 10.82 | 10.82 | $ 10.53 | |
Ratios and supplemental data (in thousands, except per share data): | ||||
Per share market value at end of period | $ 12.89 | $ 18.07 | ||
Total return | [3] | 0.80% | 11.97% | |
Shares outstanding at end of period | 138,596 | 123,194 | ||
Basic | 135,252 | 118,296 | ||
Diluted | 137,056 | 118,296 | ||
Net assets at end of period | $ 1,499,006 | $ 1,333,448 | $ 1,401,459 | |
Ratio of total expense to average net assets | [4] | 10.94% | 8.82% | |
Ratio of net investment income before investment gains and losses to average net assets | [4] | 18.10% | 10.75% | |
Investment Company, Portfolio Turnover | [5] | 6.90% | 3.81% | |
Weighted average debt outstanding | $ 1,604,533 | $ 1,341,941 | ||
Weighted average debt per common share | $ 11.86 | $ 11.34 | ||
Realized | ||||
Net investment income before investment gains and losses per common share: | ||||
Net gain (loss) | [1] | (0.06) | (0.02) | |
Unrealized | ||||
Net investment income before investment gains and losses per common share: | ||||
Net gain (loss) | [1] | (0.16) | (0.31) | |
Ordinary Income | ||||
Net investment income before investment gains and losses per common share: | ||||
Distributions of net investment income | [1],[6] | $ (0.48) | $ (0.48) | |
[1] All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. Adjusts for the impact of stock-based compensation expense, which is a non-cash expense and has no net impact to net asset value. Pursuant to ASC Topic 718, The total return for the three months ended March 31, 2023, and 2022 equals the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. As such, the total return is not annualized. The total return does not reflect any sales load that must be paid by investors. The ratios are calculated based on weighted average net assets for the relevant period and are annualized. The portfolio turnover rate for the three months ended March 31, 2023, and 2022 equals the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover rate is not annualized. Includes distributions on unvested restricted stock awards. |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Commitments And Contingencies Disclosure [Abstract] | ||||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | $ 562,116 | $ 628,874 | |
Total rent expense | $ 800 | $ 800 | ||
[1] For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $ 178.2 million and $ 173.5 million of unfunded commitments as of March 31, 2023, and December 31, 2022 , respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”. |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Unfunded Contractual Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | $ 562,116 | $ 628,874 |
Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 556,771 | 623,221 |
Investment Funds And Vehicles | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1],[2] | 5,345 | 5,653 |
Phathom Pharmaceuticals, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 66,500 | 66,500 |
Vida Health | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 8,178 | 40,000 |
Skydio, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 22,500 | 22,500 |
Oak Street Health, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 22,500 | 33,750 |
HilleVax, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 28,000 | 28,000 |
Axsome Therapeutics, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 21,750 | 21,000 |
Automation Anywhere, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 29,400 | 29,400 |
Iveric Bio Gene Therapy LLC | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 12,375 | 0 |
Aryaka Networks, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 10,000 | 20,000 |
G1 Therapeutics, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 19,375 | 19,375 |
Alladapt Immunotherapeutics Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 12,500 | 15,000 |
ATAI Life Sciences N.V. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 14,000 | 0 |
Dronedeploy Incorporation | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 12,500 | 12,500 |
Locus Robotics Corporation | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 8,775 | 0 |
R V Share Limited Liability Company | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 1,500 | 1,500 |
App Direct Incorporation | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 15,000 | 15,000 |
Nuvolo Technologies Corporation | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 9,000 | 5,970 |
Elation Health, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 7,500 | 7,500 |
Gritstone Bio, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 7,500 | 7,500 |
Viridian Therapeutics Inc | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 12,000 | 12,000 |
Tarsus Pharmaceuticals, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 8,250 | 10,313 |
Dashlane, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 8,000 | 10,000 |
Akero Therapeutics, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 5,000 | 5,000 |
Alamar Biosciences, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 10,000 | 10,000 |
Fulfil Solutions Inc [Member] | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 5,000 | 5,000 |
Brain Corporation | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 10,000 | 20,700 |
Ceros, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 1,707 | 1,707 |
Signal Media Limited | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 3,000 | 5,250 |
Demandbase, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 0 | 3,750 |
Riviera Partners LLC | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 3,500 | 3,500 |
Yipit, LLC | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 2,250 | 2,250 |
Khoros (p.k.a Lithium Technologies) | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 1,812 | 1,812 |
ThreatConnect, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 1,600 | 1,600 |
Dispatch Technologies, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 1,250 | 1,250 |
Logic Source | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 1,209 | 1,209 |
Ikon Science Limited | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 1,050 | 1,050 |
Omeda Holdings, LLC | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 938 | 938 |
Alchemer LLC | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 445 | 890 |
3GTMS, LLC | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 1,222 | 0 |
Agilence, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 800 | 800 |
Constructor.io Corporation [Member] | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 625 | 625 |
Mobile Solutions Services | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 0 | 495 |
Enmark Systems, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 457 | 457 |
Zimperium, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 1,088 | 1,088 |
Cybermaxx Intermediate Holdings, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 390 | 390 |
ShadowDragon, LLC | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 333 | 333 |
Cytracom Holdings LLC | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 72 | 225 |
Annex Cloud | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 386 | 386 |
Thumbtack, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 40,000 | 40,000 |
TG Therapeutics, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 6,500 | 0 |
Carwow LTD | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 6,467 | 0 |
Forbion Growth Opportunities Fund I C V | Investment Funds And Vehicles | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1],[2] | 2,534 | 2,842 |
Streamline Healthcare Solutions | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 2,200 | 0 |
Forbion Growth Opportunities Fund I I C V | Investment Funds And Vehicles | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1],[2] | 2,811 | 2,811 |
Tipalti Solutions Ltd. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 10,500 | 0 |
Next Insurance, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 10,000 | 0 |
FeverLabsInc | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 0 | 8,333 |
Kura Oncology, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 8,250 | 8,250 |
MacroFab, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 0 | 3,000 |
Zappi, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 2,358 | 2,571 |
Cutover, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 2,382 | 1,000 |
Fortified Health Security | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 840 | 840 |
Flight Schedule Pro, LLC | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 639 | 639 |
Madrigal Pharmaceutical, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 10,200 | 34,000 |
ReplimuneGroupInc | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 20,700 | 20,700 |
Pathai Inc | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 12,000 | 12,000 |
Leapwork ApS | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 3,450 | 0 |
Provention Bio, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 0 | 40,000 |
BabelStreet | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 3,375 | 3,375 |
Modern Life, Inc. | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | 4,250 | 0 |
Loftware, Inc | Debt Investments | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | $ 1,423 | $ 0 |
[1] For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $ 178.2 million and $ 173.5 million of unfunded commitments as of March 31, 2023, and December 31, 2022 , respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”. For investment funds and vehicles, the amount represents uncalled capital commitments in private equity funds. |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Unfunded Contractual Commitments (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | [1] | $ 562,116 | $ 628,874 |
Adviser Funds | |||
Loss Contingencies [Line Items] | |||
Investment Company, Financial Commitment to Investee, Future Amount | $ 178,200 | $ 173,500 | |
[1] For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $ 178.2 million and $ 173.5 million of unfunded commitments as of March 31, 2023, and December 31, 2022 , respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”. |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Additional Information on Unecumbered Unfunded Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Commitments And Contingencies [Line Items] | |||
Total Unfunded Debt Commitments | [1] | $ 562,116 | $ 628,874 |
Debt Investments | |||
Commitments And Contingencies [Line Items] | |||
2022 | 358,696 | 461,296 | |
2024 | 167,468 | 134,856 | |
2025 | 1,294 | 720 | |
2026 | 9,037 | 9,038 | |
2027 | 14,958 | 15,171 | |
2028 | 5,318 | 2,140 | |
Total Unfunded Debt Commitments | [1] | 556,771 | 623,221 |
Investment Funds And Vehicles | |||
Commitments And Contingencies [Line Items] | |||
2030 | 2,534 | 2,842 | |
2032 | 2,811 | 2,811 | |
Total Unfunded Debt Commitments | $ 5,345 | $ 5,653 | |
[1] For debt investments, amounts represent unfunded commitments, including undrawn revolving facilities, which are available at the request of the portfolio company. Amount excludes unfunded commitments which are unavailable due to the borrower having not met certain milestones. These amounts also exclude $ 178.2 million and $ 173.5 million of unfunded commitments as of March 31, 2023, and December 31, 2022 , respectively, to portfolio companies related to loans assigned to or directly committed by the Adviser Funds as described in “Note -12 Related Party Transactions”. |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Contractual Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |||
Commitments And Contingencies [Line Items] | ||||||
Long-Term Debt, Total | [1] | $ 1,714,479 | $ 1,574,351 | |||
Lessee, Operating Lease, Liability, to be Paid, Year One | 1,191 | |||||
Total lease payments | 7,890 | |||||
Contractual Obligation, to be Paid, Year One | [2] | 2,723 | $ 2,142 | |||
Contractual Obligation, to be Paid, Year Two and Three | [2] | 377,259 | 384,259 | |||
Contractual Obligation, to be Paid, Year Four and Five | [2] | 995,454 | 849,452 | |||
Contractual Obligation Due After Fifth Year | [2] | 366,167 | 366,207 | |||
Contractual Obligations, Total | [2] | 1,741,022 | 1,602,641 | |||
Debt Investments [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Long-Term Debt, Maturity, Year One | [2],[3] | 0 | [4] | 0 | [5] | |
Long-Term Debt, Maturity, Year Two and Three | [2],[3] | 375,000 | [4] | 382,000 | [5] | |
Long-Term Debt, Maturity, Year Four and Five | [2],[3] | 993,000 | [4] | 847,000 | [5] | |
Long-Term Debt, Maturity, after Year Five | [2],[3] | 365,000 | [4] | 365,000 | [5] | |
Long-Term Debt, Total | [3] | 1,733,000 | [4] | 1,594,000 | [5] | |
Lease and License Obligations | ||||||
Commitments And Contingencies [Line Items] | ||||||
Lessee, Operating Lease, Liability, to be Paid, Year One | [2],[6] | 2,142 | 2,723 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two and Three | [2],[6] | 2,259 | 2,259 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Four and Five | [2],[6] | 2,454 | 2,452 | |||
Lessee, Operating Lease, Liability, to be Paid, after Year Five | [2],[6] | 1,167 | 1,207 | |||
Total lease payments | [2],[6] | $ 8,022 | $ 8,641 | |||
[1] Except for the SMBC Facility and MUFG Bank Facility (f.k.a. Union Bank Facility), all carrying values represent the principal amount outstanding less the remaining unamortized debt issuance costs and unaccreted premium or discount, if any, associated with the debt as of the balance sheet date. Excludes commitments to extend credit to the Company’s portfolio companies and uncalled capital commitments in investment funds. Amounts represent future principal repayments and not the carrying value of each liability. See “Note 5 – Debt”. Includes $ 175.0 million in principal outstanding under the SBA Debentures, $ 105.0 million of the July 2024 Notes, $ 50.0 million of the February 2025 Notes, $ 70.0 million of the June 2025 Notes, $ 50.0 million of the June 2025 3-Year Notes, $ 50.0 million of the March 2026 A Notes, $ 50.0 million of the March 2026 B Notes, $ 150.0 million of the 2031 Asset-Backed Notes, $ 40.0 million of the 2033 Notes, $ 325.0 million of the September 2026 Notes and $ 350.0 million of the January 2027 Notes as of March 31, 2023. There was also $ 197.0 million outstanding under the SMBC Facility and $ 121.0 million outstanding under the MUFG Bank Facility as of March 31, 2023 . Includes $ 175.0 million in principal outstanding under the SBA Debentures, $ 105.0 million of the July 2024 Notes, $ 50.0 million of the February 2025 Notes, $ 70.0 million of the June 2025 Notes, $ 50.0 million of the June 2025 3-Year Notes, $ 50.0 million of the March 2026 A Notes, $ 50.0 million of the March 2026 B Notes, $ 150.0 million of the 2031 Asset-Backed Notes, $ 40.0 million of the 2033 Notes, $ 325.0 million of the September 2026 Notes and $ 350.0 million of the January 2027 Notes as of December 31, 2022. There was also $ 72.0 million outstanding under the SMBC Facility and $ 107.0 million outstanding under the MUFG Bank Facility as of December 31, 2022 . Facility leases and licenses including short-term leases. |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Contractual Obligations (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Commitments And Contingencies [Line Items] | |||
Principal | $ 1,733,000 | $ 1,594,000 | |
SMBC Facility | |||
Commitments And Contingencies [Line Items] | |||
Principal | 197,000 | 72,000 | |
MUFG Bank Facility | |||
Commitments And Contingencies [Line Items] | |||
Principal | 121,000 | 107,000 | |
SBA Debentures | |||
Commitments And Contingencies [Line Items] | |||
Principal | [1] | 175,000 | 175,000 |
July 2024 Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | 105,000 | 105,000 | |
February 2025 Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | 50,000 | 50,000 | |
June 2025 Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | 70,000 | 70,000 | |
June 2025 3-Year Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | 50,000 | 50,000 | |
March 2026 A Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | 50,000 | 50,000 | |
March 2026 B Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | 50,000 | 50,000 | |
2031 Asset-Backed Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | 150,000 | 150,000 | |
2033 Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | 40,000 | 40,000 | |
September 2026 Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | 325,000 | 325,000 | |
January 2027 Notes | |||
Commitments And Contingencies [Line Items] | |||
Principal | $ 350,000 | $ 350,000 | |
[1] Availability subject to the Company meeting the borrowing base requirements. |
Commitments and Contingencies_6
Commitments and Contingencies - Summary of Information Related to Measurement of Operating Lease Liabilities and Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Total operating lease cost | $ 698 | $ 703 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 609 | $ 594 | |
Weighted-average remaining lease term (in years) | 5 years 7 months 6 days | 5 years 5 months 23 days | |
Weighted-average discount rate | 5.35% | 5.37% |
Commitments and Contingencies_7
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Operating Leases and Reconciliation to Operating Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments And Contingencies Disclosure [Abstract] | ||
2023 | $ 1,896 | |
2024 | 1,191 | |
2025 | 1,110 | |
2026 | 1,149 | |
Thereafter | 2,544 | |
Total lease payments | 7,890 | |
Less: imputed interest | (2,924) | |
Operating lease liability | $ 4,966 | $ 5,506 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Adviser Subsidiary | ||
Related Party Transaction [Line Items] | ||
Related party transactions amount receivable or owed | $ 0.3 | $ 0.1 |
Related party transactions amount | 2.7 | 1.4 |
Adviser Funds | ||
Related Party Transaction [Line Items] | ||
Adviser subsidiary investment commitments | 174.7 | 108.1 |
Adviser subsidiary investment funding | 120.9 | 61.1 |
Related party transactions amount | $ 5.6 | $ 27 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - $ / shares | 14 Months Ended | |||||||
May 23, 2023 | May 16, 2023 | Apr. 27, 2023 | Feb. 09, 2023 | Apr. 27, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 09, 2022 | |
Subsequent Event [Line Items] | ||||||||
Cash distribution, per share | $ 0.08 | |||||||
Quarterly distribution, per share | $ 0.08 | |||||||
Share price | $ 12.89 | $ 18.07 | ||||||
Supplemental Dividend | ||||||||
Subsequent Event [Line Items] | ||||||||
Supplemental Dividends Declared to Date | $ 0.32 | |||||||
Subsequent Event [Member] | Base Dividend | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends payable, date to be paid | May 23, 2023 | |||||||
Cash distribution, per share | $ 0.39 | |||||||
Quarterly distribution, per share | $ 0.39 | |||||||
Dividends payable, date of record | May 16, 2023 | |||||||
Subsequent Event [Member] | Supplemental Dividend | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends payable, date declared | Feb. 09, 2023 | |||||||
Dividends payable, date to be paid | May 23, 2023 | |||||||
Cash distribution, per share | $ 0.08 | |||||||
Quarterly distribution, per share | $ 0.08 | |||||||
Dividends payable, date of record | May 16, 2023 | |||||||
Total Supplemental Dividends Amount to be Paid | $ 0.32 | |||||||
Supplemental Dividends Declared to Date | $ 0.16 | |||||||
Supplemental Dividends Amount to be Paid Each Quarter | $ 0.08 | |||||||
Subsequent Event [Member] | Base and Supplemental Dividend | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends payable, date declared | Apr. 27, 2023 |
Schedule 12-14s - Summary of _2
Schedule 12-14s - Summary of schedule of investment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | $ 105,090,000 | $ 65,157,000 | |||||||
Realized Gain (Loss) | 7,960,000 | (2,381,000) | |||||||
Investment cost | 3,150,846,000 | $ 3,005,696,000 | |||||||
Investment Owned At Fair Value | 3,130,178,000 | 2,963,955,000 | |||||||
Net Change in Unrealized Appreciation (Depreciation) | 21,105,000 | (36,742,000) | |||||||
Medical Devices And Equipment [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment Owned At Fair Value | 1,155,000 | 1,834,000 | |||||||
Diversified Financial Services [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment Owned At Fair Value | 87,805,000 | 68,569,000 | |||||||
Consumer And Business Services [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment Owned At Fair Value | 474,883,000 | 439,384,000 | |||||||
Sustainable And Renewable Technology [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment Owned At Fair Value | 12,899,000 | 15,486,000 | |||||||
Senior Secured Debt [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment Owned At Fair Value | 2,910,526,000 | 2,741,388,000 | |||||||
Unsecured Debt [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment Owned At Fair Value | 58,125,000 | 54,056,000 | |||||||
Investment, Affiliated Issuer [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | [1] | 2,178,000 | |||||||
Realized Gain (Loss) | 3,772,000 | ||||||||
Investment Owned At Fair Value | 81,107,000 | $ 82,962,000 | |||||||
Gross Additions | [2] | 1,719,000 | |||||||
Gross reductions | [3] | 5,781,000 | |||||||
Net Change in Unrealized Appreciation (Depreciation) | 2,207,000 | ||||||||
Investment, Affiliated Issuer, Controlled [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 1,135,000 | [4] | 1,131,000 | [1] | |||||
Realized Gain (Loss) | 0 | 0 | |||||||
Investment cost | 87,293,000 | 87,271,000 | |||||||
Investment Owned At Fair Value | 85,326,000 | [5] | 76,277,000 | 76,458,000 | [6] | 73,504,000 | |||
Gross Additions | 22,000 | [7] | 1,319,000 | [2] | |||||
Gross reductions | 0 | [8] | 0 | [3] | |||||
Net Change in Unrealized Appreciation (Depreciation) | 8,846,000 | 1,454,000 | |||||||
Investment, Affiliated Issuer, Controlled [Member] | Hercules Adviser L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Realized Gain (Loss) | [9] | 0 | 0 | ||||||
Investment Owned At Fair Value | [9] | 36,595,000 | 24,694,000 | ||||||
Net Change in Unrealized Appreciation (Depreciation) | [9] | 5,442,000 | 2,554,000 | ||||||
Investment, Affiliated Issuer, Controlled [Member] | Coronado Aesthetics L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Realized Gain (Loss) | [9] | 0 | 0 | ||||||
Investment Owned At Fair Value | [9] | 256,000 | 614,000 | ||||||
Net Change in Unrealized Appreciation (Depreciation) | [9] | (63,000) | 49,000 | ||||||
Investment, Affiliated Issuer, Controlled [Member] | Tectura Corporation [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Realized Gain (Loss) | [9] | 0 | 0 | ||||||
Investment Owned At Fair Value | [9] | 7,774,000 | 8,347,000 | ||||||
Net Change in Unrealized Appreciation (Depreciation) | [9] | (268,000) | 78,000 | ||||||
Investment, Affiliated Issuer, Controlled [Member] | Gibraltar Business Capital L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Realized Gain (Loss) | [9] | 0 | 0 | ||||||
Investment Owned At Fair Value | [9] | 40,701,000 | 42,622,000 | ||||||
Net Change in Unrealized Appreciation (Depreciation) | [9] | 3,735,000 | (1,227,000) | ||||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 965,000 | [4] | 961,000 | [1] | |||||
Realized Gain (Loss) | 0 | 0 | |||||||
Investment cost | 64,880,000 | 64,858,000 | |||||||
Investment Owned At Fair Value | 77,552,000 | [5] | 67,930,000 | 68,416,000 | [6] | 65,235,000 | |||
Gross Additions | 22,000 | [7] | 1,319,000 | [2] | |||||
Gross reductions | 0 | [8] | 0 | [3] | |||||
Net Change in Unrealized Appreciation (Depreciation) | 9,114,000 | 1,376,000 | |||||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Hercules Adviser L L C [Member] | Member Units [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 0 | [4],[10] | 0 | [1],[11] | |||||
Realized Gain (Loss) | 0 | [10] | 0 | [11] | |||||
Investment Owned At Fair Value | 24,595,000 | [10] | 14,544,000 | [11] | 19,153,000 | [10] | 11,990,000 | [11] | |
Gross Additions | 0 | [7],[10] | 0 | [2],[11] | |||||
Gross reductions | 0 | [8],[10] | 0 | [3],[11] | |||||
Net Change in Unrealized Appreciation (Depreciation) | 5,442,000 | [10] | 2,554,000 | [11] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Coronado Aesthetics L L C [Member] | Common Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 0 | [4],[12] | 0 | [1],[13] | |||||
Realized Gain (Loss) | 0 | [12] | 0 | [13] | |||||
Investment Owned At Fair Value | 3,000 | [12] | 28,000 | [13] | 6,000 | [12] | 65,000 | [13] | |
Gross Additions | 0 | [7],[12] | 0 | [2],[13] | |||||
Gross reductions | 0 | [8],[12] | 0 | [3],[13] | |||||
Net Change in Unrealized Appreciation (Depreciation) | (3,000) | [12] | (37,000) | [13] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Coronado Aesthetics L L C [Member] | Preferred Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 0 | [4],[12] | 0 | [1],[13] | |||||
Realized Gain (Loss) | 0 | [12] | 0 | [13] | |||||
Investment Owned At Fair Value | 253,000 | [12] | 586,000 | [13] | 313,000 | [12] | 500,000 | [13] | |
Gross Additions | 0 | [7],[12] | 0 | [2],[13] | |||||
Gross reductions | 0 | [8],[12] | 0 | [3],[13] | |||||
Net Change in Unrealized Appreciation (Depreciation) | (60,000) | [12] | 86,000 | [13] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Gibraltar Business Capital L L C [Member] | Common Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 0 | [4],[14] | 0 | [1],[15] | |||||
Realized Gain (Loss) | 0 | [14] | 0 | [15] | |||||
Investment Owned At Fair Value | 1,170,000 | [14] | 1,169,000 | [15] | 1,107,000 | [14] | 1,225,000 | [15] | |
Gross Additions | 0 | [7],[14] | 0 | [2],[15] | |||||
Gross reductions | 0 | [8],[14] | 0 | [3],[15] | |||||
Net Change in Unrealized Appreciation (Depreciation) | 63,000 | [14] | (56,000) | [15] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Gibraltar Business Capital L L C [Member] | Preferred Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 0 | [4],[14] | 0 | [1],[15] | |||||
Realized Gain (Loss) | 0 | [14] | 0 | [15] | |||||
Investment Owned At Fair Value | 14,942,000 | [14] | 18,496,000 | [15] | 14,137,000 | [14] | 19,393,000 | [15] | |
Gross Additions | 0 | [7],[14] | 0 | [2],[15] | |||||
Gross reductions | 0 | [8],[14] | 0 | [3],[15] | |||||
Net Change in Unrealized Appreciation (Depreciation) | 805,000 | [14] | (897,000) | [15] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Medical Devices And Equipment [Member] | Coronado Aesthetics L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | 250,000 | 250,000 | |||||||
Investment Owned At Fair Value | 256,000 | [5] | 319,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Medical Devices And Equipment [Member] | Coronado Aesthetics L L C [Member] | Preferred Series A | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | $ 250,000 | $ 250,000 | |||||||
Shares | 5,000,000 | 5,000,000 | |||||||
Investment Owned At Fair Value | $ 253,000 | [5] | $ 313,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Medical Devices And Equipment [Member] | Coronado Aesthetics L L C [Member] | Common Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | $ 0 | $ 0 | |||||||
Shares | 180,000 | 180,000 | |||||||
Investment Owned At Fair Value | $ 3,000 | [5] | $ 6,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Diversified Financial Services [Member] | Hercules Adviser L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | 12,035,000 | 12,035,000 | |||||||
Investment Owned At Fair Value | 36,595,000 | [5] | 31,153,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Diversified Financial Services [Member] | Hercules Adviser L L C [Member] | Member Units [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | $ 35,000 | $ 35,000 | |||||||
Shares | 1 | 1,000 | |||||||
Investment Owned At Fair Value | $ 24,595,000 | [5] | $ 19,153,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Diversified Financial Services [Member] | Gibraltar Business Capital L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | 52,595,000 | 52,573,000 | |||||||
Investment Owned At Fair Value | 40,701,000 | [5] | 36,944,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Diversified Financial Services [Member] | Gibraltar Business Capital L L C [Member] | Preferred Series A | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | $ 26,122,000 | $ 26,122,000 | |||||||
Shares | 10,602,752 | 10,602,752 | |||||||
Investment Owned At Fair Value | $ 14,942,000 | [5] | $ 14,137,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Diversified Financial Services [Member] | Gibraltar Business Capital L L C [Member] | Common Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | $ 1,884,000 | $ 1,884,000 | |||||||
Shares | 830,000 | 830,000 | |||||||
Investment Owned At Fair Value | $ 1,170,000 | [5] | $ 1,107,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Unsecured Debt [Member] | Hercules Adviser L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 150,000 | [4],[10] | 111,000 | [1],[11] | |||||
Realized Gain (Loss) | 0 | [10] | 0 | [11] | |||||
Investment Owned At Fair Value | 12,000,000 | [10] | 10,150,000 | [11] | 12,000,000 | [10] | 8,850,000 | [11] | |
Gross Additions | 0 | [7],[10] | 1,300,000 | [2],[11] | |||||
Gross reductions | 0 | [8],[10] | 0 | [3],[11] | |||||
Net Change in Unrealized Appreciation (Depreciation) | 0 | [10] | 0 | [11] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Unsecured Debt [Member] | Gibraltar Business Capital L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 815,000 | [4],[14] | 850,000 | [1],[15] | |||||
Realized Gain (Loss) | [15] | 0 | |||||||
Investment Owned At Fair Value | 24,589,000 | [14] | 22,957,000 | [15] | $ 21,700,000 | [14] | 23,212,000 | [15] | |
Gross Additions | 22,000 | [7],[14] | 19,000 | [2],[15] | |||||
Gross reductions | 0 | [8],[14] | 0 | [3],[15] | |||||
Net Change in Unrealized Appreciation (Depreciation) | $ 2,867,000 | [14] | (274,000) | [15] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Unsecured Debt [Member] | Diversified Financial Services [Member] | Hercules Adviser L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment, Interest Rate, Paid in Cash | 5% | 5% | |||||||
Investment cost | $ 12,000,000 | $ 12,000,000 | |||||||
Principal Amount | $ 12,000,000 | $ 12,000,000 | |||||||
Maturity Date | 2025-06 | 2023-05 | |||||||
Investment Owned At Fair Value | $ 12,000,000 | [5] | $ 12,000,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Unsecured Debt [Member] | Diversified Financial Services [Member] | Gibraltar Business Capital L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment, Interest Rate, Paid in Cash | 11.50% | 14.50% | |||||||
Investment cost | $ 24,589,000 | $ 14,715,000 | |||||||
Principal Amount | 25,000,000 | $ 15,000,000 | |||||||
Maturity Date | 2026-09 | ||||||||
Investment Owned At Fair Value | $ 24,589,000 | [5] | $ 12,802,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Unsecured Debt One [Member] | Diversified Financial Services [Member] | Gibraltar Business Capital L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | 9,852,000 | ||||||||
Principal Amount | $ 10,000,000 | ||||||||
Maturity Date | 2026-09 | 2026-09 | |||||||
Investment Owned At Fair Value | [6] | $ 8,898,000 | |||||||
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments | Senior Secured Debt One [Member] | Diversified Financial Services [Member] | Gibraltar Business Capital L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment, Interest Rate, Paid in Cash | 11.50% | ||||||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | $ 170,000 | [4] | 170,000 | [1] | |||||
Realized Gain (Loss) | 0 | 0 | |||||||
Investment cost | 22,413,000 | $ 22,413,000 | |||||||
Investment Owned At Fair Value | 7,774,000 | [5] | 8,347,000 | 8,042,000 | [6] | 8,269,000 | |||
Gross Additions | 0 | [7] | 0 | [2] | |||||
Gross reductions | 0 | [8] | 0 | [3] | |||||
Net Change in Unrealized Appreciation (Depreciation) | (268,000) | 78,000 | |||||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Tectura Corporation [Member] | Common Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 0 | [4],[16] | 0 | [1],[17] | |||||
Realized Gain (Loss) | 0 | [16] | 0 | [17] | |||||
Investment Owned At Fair Value | 0 | [16] | 0 | [17] | 0 | [16] | 0 | [17] | |
Gross Additions | 0 | [7],[16] | 0 | [2],[17] | |||||
Gross reductions | 0 | [8],[16] | 0 | [3],[17] | |||||
Net Change in Unrealized Appreciation (Depreciation) | 0 | [16] | 0 | [17] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Tectura Corporation [Member] | Preferred Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 0 | [4],[16] | 0 | [1],[17] | |||||
Realized Gain (Loss) | 0 | [16] | 0 | [17] | |||||
Investment Owned At Fair Value | 0 | [16] | 0 | [17] | 0 | [16] | 0 | [17] | |
Gross Additions | 0 | [7],[16] | 0 | [2],[17] | |||||
Gross reductions | 0 | [8],[16] | 0 | [3],[17] | |||||
Net Change in Unrealized Appreciation (Depreciation) | 0 | [16] | 0 | [17] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Consumer And Business Services [Member] | Tectura Corporation [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | 22,413,000 | 22,413,000 | |||||||
Investment Owned At Fair Value | 7,774,000 | [5] | 8,042,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Consumer And Business Services [Member] | Tectura Corporation [Member] | Preferred Series BB | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | $ 0 | $ 0 | |||||||
Shares | 1,000,000 | 1,000,000 | |||||||
Investment Owned At Fair Value | $ 0 | [5] | $ 0 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Consumer And Business Services [Member] | Tectura Corporation [Member] | Common Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | $ 900,000 | $ 900,000 | |||||||
Shares | 414,994,863 | 414,994,863 | |||||||
Investment Owned At Fair Value | $ 0 | [5] | $ 0 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Senior Secured Debt [Member] | Tectura Corporation [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | 170,000 | [4],[16] | 170,000 | [1],[17] | |||||
Realized Gain (Loss) | 0 | [16] | 0 | [17] | |||||
Investment Owned At Fair Value | 7,774,000 | [16] | 8,347,000 | [17] | $ 8,042,000 | [16] | 8,269,000 | [17] | |
Gross Additions | 0 | [7],[16] | 0 | [2],[17] | |||||
Gross reductions | 0 | [8],[16] | 0 | [3],[17] | |||||
Net Change in Unrealized Appreciation (Depreciation) | $ (268,000) | [16] | 78,000 | [17] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Senior Secured Debt [Member] | Consumer And Business Services [Member] | Tectura Corporation [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment, Interest Rate, Paid in Kind | 5% | 5% | |||||||
Investment cost | $ 13,263,000 | $ 240,000 | |||||||
Principal Amount | $ 23,703,000 | $ 10,680,000 | |||||||
Maturity Date | 2024-07 | 2024-07 | |||||||
Investment Owned At Fair Value | $ 0 | [5] | $ 0 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Unsecured Debt [Member] | Gibraltar Business Capital L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Realized Gain (Loss) | [14] | $ 0 | |||||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Senior Secured Debt One [Member] | Consumer And Business Services [Member] | Tectura Corporation [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment, Interest Rate, Paid in Cash | 8.25% | 8.25% | |||||||
Investment cost | $ 8,250,000 | $ 8,250,000 | |||||||
Principal Amount | $ 8,250,000 | $ 8,250,000 | |||||||
Maturity Date | 2024-07 | 2024-07 | |||||||
Investment Owned At Fair Value | $ 7,774,000 | [5] | $ 8,042,000 | [6] | |||||
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | Senior Secured Debt Two [Member] | Consumer And Business Services [Member] | Tectura Corporation [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment, Interest Rate, Paid in Kind | 5% | ||||||||
Investment cost | $ 13,023,000 | ||||||||
Principal Amount | $ 13,023,000 | ||||||||
Maturity Date | 2024-07 | ||||||||
Investment Owned At Fair Value | [6] | $ 0 | |||||||
Investment, Affiliated Issuer, Noncontrolled [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | [1] | 1,047,000 | |||||||
Realized Gain (Loss) | 0 | 3,772,000 | |||||||
Investment Owned At Fair Value | 4,830,000 | 9,458,000 | |||||||
Gross Additions | [2] | 400,000 | |||||||
Gross reductions | [3] | 5,781,000 | |||||||
Net Change in Unrealized Appreciation (Depreciation) | $ 0 | 753,000 | |||||||
Investment, Affiliated Issuer, Noncontrolled [Member] | Pineapple Energy L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Realized Gain (Loss) | [9],[18] | 0 | |||||||
Investment Owned At Fair Value | [9],[18] | 4,830,000 | |||||||
Net Change in Unrealized Appreciation (Depreciation) | [9],[18] | 873,000 | |||||||
Investment, Affiliated Issuer, Noncontrolled [Member] | Pineapple Energy L L C [Member] | Common Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | [1],[19] | 0 | |||||||
Realized Gain (Loss) | [19] | 0 | |||||||
Investment Owned At Fair Value | [19] | 1,844,000 | 591,000 | ||||||
Gross Additions | [2],[19] | 400,000 | |||||||
Gross reductions | [3],[19] | 0 | |||||||
Net Change in Unrealized Appreciation (Depreciation) | [19] | 853,000 | |||||||
Investment, Affiliated Issuer, Noncontrolled [Member] | Black Crow A I Inc [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Realized Gain (Loss) | [9],[18] | 3,772,000 | |||||||
Investment Owned At Fair Value | [9],[18] | 0 | |||||||
Net Change in Unrealized Appreciation (Depreciation) | [9],[18] | (120,000) | |||||||
Investment, Affiliated Issuer, Noncontrolled [Member] | Black Crow A I Inc [Member] | Preferred Stock [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | [1],[20] | 0 | |||||||
Realized Gain (Loss) | [20] | 3,772,000 | |||||||
Investment Owned At Fair Value | [20] | 0 | 1,120,000 | ||||||
Gross Additions | [2],[20] | 0 | |||||||
Gross reductions | [3],[20] | (1,000,000) | |||||||
Net Change in Unrealized Appreciation (Depreciation) | [20] | (120,000) | |||||||
Investment, Affiliated Issuer, Noncontrolled [Member] | Senior Secured Debt [Member] | Pineapple Energy L L C [Member] | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Gross Investment Income, Operating | [1],[19] | 1,047,000 | |||||||
Realized Gain (Loss) | [19] | 0 | |||||||
Investment Owned At Fair Value | [19] | 2,986,000 | $ 7,747,000 | ||||||
Gross Additions | [2],[19] | 0 | |||||||
Gross reductions | [3],[19] | (4,781,000) | |||||||
Net Change in Unrealized Appreciation (Depreciation) | [19] | $ 20,000 | |||||||
Control & Affiliate Investments | |||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||
Investment cost | 87,271,000 | ||||||||
Investment Owned At Fair Value | [6] | $ 76,458,000 | |||||||
[1] Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment. Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities. Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period. Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment. All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. All of the Company’s control and affiliate investments are Level 3 investments valued using significant unobservable inputs. Gross additions include increases in the cost basis of investments resulting from new portfolio investments, paid-in-kind interest or dividends, the amortization of discounts and closing fees and the exchange of one or more existing securities for one or more new securities. Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include previously recognized depreciation on investments that become control or affiliate investments during the period. In accordance with Rules 3-09, 4-08(g), and Rule 10-01(b)(1) of Regulation S-X, (“Rule 3-09”, “Rule 4-08(g)”, and “Rule 10-01(b)(1)”, respectively), the Company must determine if its unconsolidated subsidiaries are considered “significant subsidiaries”. As of March 31, 2023 and March 31, 2022 , there were no unconsolidated subsidiaries that are considered “significant subsidiaries”. Hercules Adviser LLC is a wholly owned subsidiary providing investment management and other services to the Adviser Funds and other External Parties. Hercules Adviser LLC is a wholly-owned subsidiary providing investment management and other services to External Parties. As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting securities of the portfolio company. As of December 31, 2021, the Company's investment in Coronado Aesthetics, LLC became classified as a control investment as a result of obtaining more than 25% of the voting As of March 31, 2018, the Company's investment in Gibraltar Acquisition LLC (p.k.a. Gibraltar Business Capital, LLC) became classified as a control investment as a result of obtaining a controlling financial interest. As of March 31, 2018, the Company's investment in Gibraltar Business Capital, LLC became classified as a control investment as a result of obtaining a controlling financial interest. As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the portfolio company's board. In May 2018, the Company purchased common shares, thereby obtaining greater than 25% of voting securities of Tectura as of June 30, 2018. As of March 31, 2017, the Company's investment in Tectura Corporation became classified as a control investment as of result of obtaining more than 50% representation on the As of September 30, 2022, Black Crow AI, Inc. and Pineapple Energy LLC were no longer affiliates as defined under the 1940 Act. As of December 11, 2020, the Company's investment in Pineapple Energy LLC became classified as an affiliate investment as a result of obtaining more than 5% but less than 25% of the During the three months ended March 31, 2022, the Company sold its investments in Black Crow AI, Inc., as a result it is no longer an affiliate investment as of March 31, 2022. |
Schedule 12-14s - Summary of _3
Schedule 12-14s - Summary of schedule of investment (Parenthetical) (Details) | Mar. 31, 2023 | Dec. 31, 2022 | |
Investment, Affiliated Issuer, Controlled [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment owned, percent of net assets | [1] | 5.69% | 5.46% |
Investment, Affiliated Issuer, Controlled [Member] | Other Control Investments | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment owned, percent of net assets | [1] | 0.52% | 0.58% |
Investment, Affiliated Issuer, Controlled [Member] | Majority Owned Control Investments [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment owned, percent of net assets | [1] | 5.17% | 4.88% |
Investment, Affiliated Issuer [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Investment owned, percent of net assets | [1] | 5.46% | |
[1] * Value as a percent of net assets |