Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Securities Act File Number | 814-01044 | |
Entity Registrant Name | TriplePoint Venture Growth BDC Corp. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 46-3082016 | |
Entity Address, Address Line One | 2755 Sand Hill Road | |
Entity Address, Address Line Two | Suite 150 | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 650 | |
Local Phone Number | 854-2090 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | TPVG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,952,690 | |
Amendment Flag | false | |
Entity Central Index Key | 0001580345 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Investments at fair value (amortized cost of $745,644 and $850,142, respectively) | $ 713,770 | $ 802,145 |
Cash and cash equivalents | 50,434 | 153,328 |
Restricted cash | 241 | 18,254 |
Deferred credit facility costs | 2,507 | 2,714 |
Prepaid expenses and other assets | 4,316 | 2,384 |
Total assets | 771,268 | 978,825 |
Liabilities | ||
Revolving Credit Facility | 10,000 | 215,000 |
Base management fee payable | 3,832 | 4,490 |
Income incentive fee payable | 0 | 0 |
Other accrued expenses and liabilities | 11,097 | 20,133 |
Total liabilities | 418,291 | 632,519 |
Commitments and Contingencies (Note 7) | ||
Net assets | ||
Preferred stock, par value $0.01 per share (50,000 shares authorized; no shares issued and outstanding, respectively) | 0 | 0 |
Common stock, par value $0.01 per share | 399 | 376 |
Paid-in capital in excess of par value | 514,023 | 492,934 |
Total distributable earnings (loss) | (161,445) | (147,004) |
Total net assets | 352,977 | 346,306 |
Total liabilities and net assets | $ 771,268 | $ 978,825 |
Shares of common stock outstanding (par value $0.01 per share and 450,000 authorized) | 39,952,690 | 37,620,109 |
Net asset value per share | $ 8.83 | $ 9.21 |
2025 Notes, net | ||
Liabilities | ||
Notes, net | $ 69,843 | $ 69,738 |
2026 Notes | ||
Liabilities | ||
Notes, net | 199,262 | 199,041 |
2027 Notes | ||
Liabilities | ||
Notes, net | $ 124,257 | $ 124,117 |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | ||
Statement of Financial Position [Abstract] | ||||
Amortized cost | $ 745,644 | [1],[2],[3],[4] | $ 850,142 | [5],[6],[7] |
Preferred stock, par or stated value ( in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 | ||
Preferred stock, issued (in shares) | 0 | 0 | ||
Preferred stock, outstanding (in shares) | 0 | 0 | ||
Common stock, par or stated value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, authorized (in shares) | 450,000,000 | 450,000,000 | ||
[1] Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $40.3 million, $55.3 million and $15.0 million, respectively, for the June 30, 2024 investment portfolio. The tax cost of investments is $728.7 million. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $713.2 million at fair value and represented 202.1% of the Company’s net assets. In addition, unless otherwise indicated, as of June 30, 2024, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in five public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”). Non-income producing investments. Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $21.9 million, $53.1 million and $31.2 million, respectively, for the December 31, 2023 investment portfolio. The tax cost of investments is $833.4 million. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $800.8 million at fair value and represented 231.2% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2023, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in six public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investment income | ||||
Interest income from investments | $ 22,769 | $ 31,904 | $ 47,510 | $ 62,072 |
Payment-in-kind interest income | 3,821 | 2,597 | 7,608 | 4,682 |
Other income | ||||
Expirations/terminations of unfunded commitments | 0 | 100 | 294 | 1,072 |
Other fees | 517 | 550 | 969 | 953 |
Total investment and other income | 27,107 | 35,151 | 56,381 | 68,779 |
Operating expenses | ||||
Base management fee | 3,832 | 4,496 | 8,134 | 8,807 |
Income incentive fee | 0 | 0 | 0 | 0 |
Interest expense and amortization of fees | 8,702 | 9,944 | 15,713 | 19,189 |
Administration Agreement expenses | 648 | 567 | 1,259 | 1,140 |
General and administrative expenses | 1,321 | 1,307 | 3,148 | 2,227 |
Total operating expenses | 14,503 | 16,314 | 28,254 | 31,363 |
Net investment income | 12,604 | 18,837 | 28,127 | 37,416 |
Net realized and unrealized gains/(losses) | ||||
Net realized gains (losses) on investments | (18,846) | 1,859 | (27,653) | 1,826 |
Net change in unrealized gains (losses) on investments | 14,859 | (41,551) | 16,122 | (52,418) |
Net realized and unrealized gains/(losses) | (3,987) | (39,692) | (11,531) | (50,592) |
Net increase (decrease) in net assets resulting from operations | $ 8,617 | $ (20,855) | $ 16,596 | $ (13,176) |
Per share information (basic and diluted) | ||||
Net investment income per share, Basic (in dollars per share) | $ 0.33 | $ 0.53 | $ 0.74 | $ 1.06 |
Net investment income per share, Diluted (in dollars per share) | 0.33 | 0.53 | 0.74 | 1.06 |
Net increase (decrease) in net assets per share (in dollars per share) | $ 0.22 | $ (0.59) | $ 0.43 | $ (0.37) |
Weighted average shares of common stock outstanding, Basic (in shares) | 38,729 | 35,398 | 38,189 | 35,373 |
Weighted average shares of common stock outstanding, Diluted(in shares) | 38,729 | 35,398 | 38,189 | 35,373 |
Total distributions declared per share, Basic (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.80 | $ 0.80 |
Total distributions declared per share, Diluted (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.80 | $ 0.80 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 37,620,109 | |||
Beginning balance | $ 341,267 | $ 413,954 | $ 346,306 | $ 419,940 |
Net increase (decrease) in net assets resulting from operations | 8,617 | (20,855) | 16,596 | (13,176) |
Issuance of common stock, net | 18,170 | 19,425 | ||
Distributions reinvested in common stock | 859 | 553 | 1,687 | 1,119 |
Distributions from distributable earnings | $ (15,936) | (14,159) | $ (31,037) | (28,299) |
Offering Costs | $ (59) | $ (150) | ||
Ending balance (in shares) | 39,952,690 | 35,447,000 | 39,952,690 | 35,447,000 |
Ending balance | $ 352,977 | $ 379,434 | $ 352,977 | $ 379,434 |
Common stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 37,846,000 | 35,397,000 | 37,620,000 | 35,348,000 |
Beginning balance | $ 378 | $ 354 | $ 376 | $ 353 |
Issuance of common stock (in shares) | 1,994,000 | 2,127,000 | ||
Issuance of common stock, net | $ 20 | $ 21 | ||
Distributions reinvested in common stock (in shares) | 113,000 | 50,000 | 206,000 | 99,000 |
Distributions reinvested in common stock | $ 1 | $ 2 | $ 1 | |
Ending balance (in shares) | 39,953,000 | 35,447,000 | 39,953,000 | 35,447,000 |
Ending balance | $ 399 | $ 354 | $ 399 | $ 354 |
Paid-in capital in excess of par value | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 495,015 | 471,046 | 492,934 | 470,572 |
Issuance of common stock, net | 18,150 | 19,404 | ||
Distributions reinvested in common stock | 858 | 553 | 1,685 | 1,118 |
Offering Costs | (59) | (150) | ||
Ending balance | 514,023 | 471,540 | 514,023 | 471,540 |
Total distributable earnings (loss) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (154,126) | (57,446) | (147,004) | (50,985) |
Net increase (decrease) in net assets resulting from operations | 8,617 | (20,855) | 16,596 | (13,176) |
Distributions from distributable earnings | (15,936) | (14,159) | (31,037) | (28,299) |
Ending balance | $ (161,445) | $ (92,460) | $ (161,445) | $ (92,460) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Cash Flows from Operating Activities: | ||||
Net increase (decrease) in net assets resulting from operations | $ 8,617 | $ (20,855) | $ 16,596 | $ (13,176) |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||
Fundings and purchases of investments | (52,118) | (87,642) | ||
Principal payments and proceeds from investments | 138,918 | 58,580 | ||
Payment-in-kind interest on investments | (3,821) | (2,597) | (7,608) | (4,682) |
Net change in unrealized (gains) losses on investments | (14,859) | 41,551 | (16,122) | 52,418 |
Net realized (gains) losses on investments | 27,653 | (1,826) | ||
Amortization and (accretion) of premiums and discounts, net | (1,996) | (3,226) | ||
(Accretion) reduction of end-of-term payments, net of prepayments | (352) | (6,301) | ||
Amortization of debt fees and issuance costs | 1,231 | 1,171 | ||
Change in operating assets and liabilities: | ||||
Prepaid expenses and other assets | (1,932) | (661) | ||
Base management fee payable | (658) | 293 | ||
Other accrued expenses and liabilities | (9,036) | (2,442) | ||
Net cash (used in) provided by operating activities | 94,576 | (7,494) | ||
Cash Flows from Financing Activities: | ||||
Borrowings under revolving credit facility | 55,000 | 125,000 | ||
Repayments under revolving credit facility | (260,000) | (60,000) | ||
Distributions paid | (29,350) | (27,180) | ||
Deferred credit facility costs | (558) | 0 | ||
Debt issuance costs | 0 | (6) | ||
Offering costs | 0 | (150) | ||
Proceeds from the issuance of common stock, net | 19,425 | 0 | ||
Net cash provided by (used in) financing activities | (215,483) | 37,664 | ||
Net change in cash, cash equivalents and restricted cash | (120,907) | 30,170 | ||
Cash, cash equivalents and restricted cash at beginning of period | 171,582 | 59,260 | ||
Cash, cash equivalents and restricted cash at end of period | 50,675 | 89,430 | 50,675 | 89,430 |
Cash and cash equivalents | 50,434 | 78,410 | 50,434 | 78,410 |
Restricted cash | 241 | 11,020 | 241 | 11,020 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 50,675 | $ 89,430 | 50,675 | 89,430 |
Supplemental Disclosures of Cash Flow Information: | ||||
Cash paid for interest | 12,566 | 17,432 | ||
Distributions reinvested | 1,687 | 1,118 | ||
Excise tax paid | $ 1,470 | $ 726 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | |||
Percent of net assets | 202.21% | [1],[2],[3] | 231.63% | [4] | |
Cost | $ 745,644 | [1],[2],[5],[6] | $ 850,142 | [7],[8],[9] | |
Fair Value | $ 713,770 | [1],[2],[6] | $ 802,145 | [8],[9] | |
Interest rate | 15.60% | ||||
Debt Investments | |||||
Percent of net assets | 174.42% | [3] | 210.88% | [4] | |
Outstanding Principal | $ 669,486 | $ 776,930 | |||
Cost | 668,295 | [5] | 780,172 | [7] | |
Fair Value | $ 615,656 | $ 730,295 | |||
Warrant investments | |||||
Percent of net assets | 10.36% | [3] | 8.68% | [4] | |
Cost | $ 26,301 | [5],[6] | $ 27,561 | [7] | |
Fair Value | $ 36,561 | [6] | $ 30,055 | ||
Equity Investments | |||||
Percent of net assets | 17.44% | [3] | 12.07% | [4] | |
Cost | $ 51,048 | [5],[6] | $ 42,409 | [7] | |
Fair Value | $ 61,553 | [6] | $ 41,795 | ||
Cash Equivalents | |||||
Percent of net assets | 13.27% | [3] | 43.87% | [4] | |
Cost | $ 46,835 | [6] | $ 151,910 | ||
Fair Value | 46,835 | [6] | 151,910 | ||
Cash Equivalents | Federated Government Obligations Fund | Cash Equivalents | Money Market Fund | |||||
Cost | 46,835 | [6] | 151,910 | ||
Fair Value | $ 46,835 | [6] | $ 151,910 | ||
Application Software | Debt Investments | |||||
Percent of net assets | 7.07% | [3] | 7.16% | [4] | |
Application Software | Debt Investments | Flo Health UK Limited | |||||
Outstanding Principal | $ 25,000 | $ 25,000 | [10] | ||
Cost | 24,865 | [5] | 24,798 | [7],[10] | |
Fair Value | $ 24,954 | $ 24,798 | [10] | ||
Application Software | Debt Investments | Flo Health UK Limited | Growth Capital Loan | |||||
Interest rate EOT | 3% | [11],[12] | 3% | [10],[13] | |
Basis spread on variable rate | 5.75% | [11],[12] | 5.75% | [10],[13] | |
Interest rate floor | 9% | [11],[12] | 9% | [10],[13] | |
Outstanding Principal | $ 8,333 | [11],[12] | $ 8,333 | [10],[13] | |
Cost | 8,148 | [5],[11],[12] | 8,292 | [7],[10],[13] | |
Fair Value | $ 8,174 | [11],[12] | $ 8,292 | [10],[13] | |
Application Software | Debt Investments | Flo Health UK Limited | Growth Capital Loan 2 | |||||
Interest rate EOT | 3% | [11],[12] | 3% | [10],[13] | |
Basis spread on variable rate | 5.75% | [11],[12] | 5.75% | [10],[13] | |
Interest rate floor | 9% | [11],[12] | 9% | [10],[13] | |
Outstanding Principal | $ 8,750 | [11],[12] | $ 8,750 | [10],[13] | |
Cost | 8,779 | [5],[11],[12] | 8,666 | [7],[10],[13] | |
Fair Value | $ 8,812 | [11],[12] | $ 8,666 | [10],[13] | |
Application Software | Debt Investments | Flo Health UK Limited | Growth Capital Loan 3 | |||||
Interest rate EOT | 3% | [11],[12] | 3% | [10],[13] | |
Basis spread on variable rate | 5.75% | [11],[12] | 5.75% | [10],[13] | |
Interest rate floor | 9% | [11],[12] | 9% | [10],[13] | |
Outstanding Principal | $ 5,750 | [11],[12] | $ 5,750 | [10],[13] | |
Cost | 5,743 | [5],[11],[12] | 5,670 | [7],[10],[13] | |
Fair Value | $ 5,768 | [11],[12] | $ 5,670 | [10],[13] | |
Application Software | Debt Investments | Flo Health UK Limited | Growth Capital Loan 4 | |||||
Interest rate EOT | 3% | [11],[12] | 3% | [10],[13] | |
Basis spread on variable rate | 5.75% | [11],[12] | 5.75% | [10],[13] | |
Interest rate floor | 9% | [11],[12] | 9% | [10],[13] | |
Outstanding Principal | $ 2,167 | [11],[12] | $ 2,167 | [10],[13] | |
Cost | 2,195 | [5],[11],[12] | 2,170 | [7],[10],[13] | |
Fair Value | $ 2,200 | [11],[12] | $ 2,170 | [10],[13] | |
Application Software | Warrant investments | |||||
Percent of net assets | 0.07% | [3] | 0.05% | [4] | |
Cost | $ 123 | [5],[6] | $ 123 | [7] | |
Fair Value | 251 | [6] | 172 | ||
Application Software | Warrant investments | Flo Health, Inc. | Preferred Stock 1 | |||||
Cost | 123 | [5],[6],[11],[12] | 123 | [7],[10],[13] | |
Fair Value | $ 251 | [6],[11],[12] | $ 172 | [10],[13] | |
Shares | 14,536 | [6],[11],[12] | 14,536 | [10],[13] | |
Aerospace and Defense | Debt Investments | |||||
Percent of net assets | 2.78% | [3] | 2.80% | [4] | |
Aerospace and Defense | Debt Investments | Loft Orbital Solutions Inc. | |||||
Outstanding Principal | $ 10,000 | $ 10,000 | |||
Cost | 9,820 | [5] | 9,712 | [7] | |
Fair Value | $ 9,820 | $ 9,712 | |||
Aerospace and Defense | Debt Investments | Loft Orbital Solutions Inc. | Growth Capital Loan | |||||
Interest rate EOT | 5% | [14] | 5% | [15] | |
Basis spread on variable rate | 6.75% | [14] | 6.75% | [15] | |
Interest rate floor | 10% | [14] | 10% | [15] | |
Outstanding Principal | $ 1,000 | $ 1,000 | |||
Cost | 984 | [5] | 973 | [7] | |
Fair Value | $ 984 | $ 973 | |||
Aerospace and Defense | Debt Investments | Loft Orbital Solutions Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 5% | [14] | 5% | [15] | |
Basis spread on variable rate | 6.75% | [14] | 6.75% | [15] | |
Interest rate floor | 10% | [14] | 10% | [15] | |
Outstanding Principal | $ 4,000 | $ 4,000 | |||
Cost | 3,927 | [5] | 3,884 | [7] | |
Fair Value | $ 3,927 | $ 3,884 | |||
Aerospace and Defense | Debt Investments | Loft Orbital Solutions Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 5% | [14] | 5% | [15] | |
Basis spread on variable rate | 6.75% | [14] | 6.75% | [15] | |
Interest rate floor | 10% | [14] | 10% | [15] | |
Outstanding Principal | $ 5,000 | $ 5,000 | |||
Cost | 4,909 | [5] | 4,855 | [7] | |
Fair Value | $ 4,909 | $ 4,855 | |||
Aerospace and Defense | Warrant investments | |||||
Percent of net assets | 0.02% | [3] | 0.02% | [4] | |
Cost | $ 192 | [5],[6] | $ 192 | [7] | |
Fair Value | 81 | [6] | 67 | ||
Aerospace and Defense | Warrant investments | Loft Orbital Solutions Inc. | Common Stock 1 | |||||
Cost | 192 | [5],[6] | 192 | [7] | |
Fair Value | $ 81 | [6] | $ 67 | ||
Shares | 22,488 | [6] | 22,488 | ||
Business Applications Software | Debt Investments | |||||
Percent of net assets | 9.09% | [3] | 14.99% | [4] | |
Outstanding Principal | $ 32,423 | $ 50,422 | |||
Cost | 31,852 | [5] | 52,277 | [7] | |
Fair Value | 32,070 | 51,926 | |||
Business Applications Software | Debt Investments | Arcadia Power, Inc. | |||||
Outstanding Principal | 9,902 | 21,654 | |||
Cost | 9,703 | [5] | 22,083 | [7] | |
Fair Value | $ 9,703 | $ 21,704 | |||
Business Applications Software | Debt Investments | Arcadia Power, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 3.25% | ||||
Outstanding Principal | $ 3,654 | ||||
Cost | [7] | 3,821 | |||
Fair Value | $ 3,793 | ||||
Interest rate | 8.75% | ||||
Business Applications Software | Debt Investments | Arcadia Power, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 7.75% | 7% | |||
Outstanding Principal | $ 2,902 | $ 11,000 | |||
Cost | 2,586 | [5] | 11,216 | [7] | |
Fair Value | $ 2,586 | $ 10,987 | |||
Interest rate | 11.75% | 9.75% | |||
Business Applications Software | Debt Investments | Arcadia Power, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 7.75% | 7% | |||
Outstanding Principal | $ 7,000 | $ 7,000 | |||
Cost | 7,117 | [5] | 7,046 | [7] | |
Fair Value | $ 7,117 | $ 6,924 | |||
Interest rate | 11.75% | 11% | |||
Business Applications Software | Debt Investments | FlashParking, Inc. | |||||
Outstanding Principal | $ 21,556 | ||||
Cost | [7] | 22,514 | |||
Fair Value | $ 22,560 | ||||
Business Applications Software | Debt Investments | FlashParking, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 7% | ||||
Basis spread on variable rate | 1.75% | [14] | 7% | ||
Interest rate floor | 12.75% | [14] | 10.25% | ||
Outstanding Principal | $ 20,007 | $ 20,000 | |||
Cost | 19,671 | [5] | 20,944 | [7] | |
Fair Value | $ 19,889 | $ 20,986 | |||
PIK interest | [14] | 2.50% | |||
Business Applications Software | Debt Investments | FlashParking, Inc. | Growth Capital Loan 4 | |||||
Interest rate EOT | 4.50% | ||||
Basis spread on variable rate | 5% | ||||
Interest rate floor | 8.25% | ||||
Outstanding Principal | $ 347 | ||||
Cost | [7] | 360 | |||
Fair Value | $ 361 | ||||
Business Applications Software | Debt Investments | FlashParking, Inc. | Growth Capital Loan 5 | |||||
Interest rate EOT | [15] | 4.50% | |||
Basis spread on variable rate | [15] | 5% | |||
Interest rate floor | [15] | 8.25% | |||
Outstanding Principal | $ 1,209 | ||||
Cost | [7] | 1,210 | |||
Fair Value | 1,213 | ||||
Business Applications Software | Debt Investments | Farmer's Business Network, Inc. | Growth Capital Loan | |||||
Outstanding Principal | $ 14 | 14 | |||
Cost | 14 | [5] | 14 | [7] | |
Fair Value | $ 14 | $ 14 | |||
Interest rate | 15% | [14] | 15% | [15] | |
Business Applications Software | Debt Investments | NewStore Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | [14] | 6.25% | |||
Basis spread on variable rate | [14] | 4% | |||
Interest rate floor | [14] | 11.50% | |||
Outstanding Principal | $ 2,500 | ||||
Cost | [5] | 2,464 | |||
Fair Value | $ 2,464 | ||||
Business Applications Software | Debt Investments | Uniphore Technologies Inc. | |||||
Outstanding Principal | $ 7,198 | ||||
Cost | [7] | 7,666 | |||
Fair Value | $ 7,648 | ||||
Business Applications Software | Debt Investments | Uniphore Technologies Inc. | Growth Capital Loan | |||||
Interest rate EOT | 4% | ||||
Outstanding Principal | $ 3,599 | ||||
Cost | [7] | 3,833 | |||
Fair Value | $ 3,824 | ||||
Interest rate | 11% | ||||
Business Applications Software | Debt Investments | Uniphore Technologies Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 4% | ||||
Outstanding Principal | $ 3,599 | ||||
Cost | [7] | 3,833 | |||
Fair Value | $ 3,824 | ||||
Interest rate | 11% | ||||
Business Applications Software | Warrant investments | |||||
Percent of net assets | 1.07% | [3] | 0.94% | [4] | |
Cost | $ 2,224 | [5],[6] | $ 2,198 | [7] | |
Fair Value | 3,786 | [6] | 3,248 | ||
Business Applications Software | Warrant investments | Arcadia Power, Inc. | |||||
Cost | 302 | [5],[6] | 302 | [7] | |
Fair Value | 184 | [6] | 312 | ||
Business Applications Software | Warrant investments | Arcadia Power, Inc. | Preferred Stock 1 | |||||
Cost | 138 | [5],[6] | 138 | [7] | |
Fair Value | $ 143 | [6] | $ 240 | ||
Shares | 55,458 | [6] | 55,458 | ||
Business Applications Software | Warrant investments | Arcadia Power, Inc. | Preferred Stock 2 | |||||
Cost | $ 164 | [5],[6] | $ 164 | [7] | |
Fair Value | $ 41 | [6] | $ 72 | ||
Shares | 27,714 | [6] | 27,714 | ||
Business Applications Software | Warrant investments | FlashParking, Inc. | |||||
Cost | [5],[6] | $ 950 | |||
Fair Value | [6] | 1,454 | |||
Business Applications Software | Warrant investments | FlashParking, Inc. | Preferred Stock 1 | |||||
Cost | 810 | [5],[6] | $ 810 | [7] | |
Fair Value | $ 1,314 | [6] | $ 1,295 | ||
Shares | 210,977 | [6] | 210,977 | ||
Business Applications Software | Warrant investments | FlashParking, Inc. | Preferred Stock 2 | |||||
Cost | [5],[6] | $ 140 | |||
Fair Value | [6] | $ 140 | |||
Shares | [6] | 51,677 | |||
Business Applications Software | Warrant investments | Farmer's Business Network, Inc. | Preferred Stock 1 | |||||
Cost | $ 33 | [5],[6] | $ 33 | [7] | |
Fair Value | $ 24 | [6] | $ 24 | ||
Shares | 37,666 | [6] | 37,666 | ||
Business Applications Software | Warrant investments | NewStore Inc. | Preferred Stock 1 | |||||
Cost | $ 36 | [5],[6] | $ 18 | [7] | |
Fair Value | $ 29 | [6] | $ 12 | ||
Shares | 122,353 | [6] | 48,941 | ||
Business Applications Software | Warrant investments | Cresta Intelligence, Inc. | Common Stock 1 | |||||
Cost | [5],[6] | $ 8 | |||
Fair Value | [6] | $ 8 | |||
Shares | [6] | 9,935 | |||
Business Applications Software | Warrant investments | DialPad, Inc. | Preferred Stock 1 | |||||
Cost | $ 102 | [5],[6] | $ 102 | [7] | |
Fair Value | $ 23 | [6] | $ 23 | ||
Shares | 28,980 | [6] | 28,980 | ||
Business Applications Software | Warrant investments | Envoy, Inc. | Preferred Stock 1 | |||||
Cost | $ 82 | [5],[6] | $ 82 | [7] | |
Fair Value | $ 208 | [6] | $ 208 | ||
Shares | 358,930 | [6] | 358,930 | ||
Business Applications Software | Warrant investments | Filevine, Inc. | Preferred Stock 1 | |||||
Cost | $ 38 | [5],[6] | $ 38 | [7] | |
Fair Value | $ 882 | [6] | $ 253 | ||
Shares | 186,160 | [6] | 186,160 | ||
Business Applications Software | Warrant investments | Narvar, Inc. | Preferred Stock 1 | |||||
Cost | $ 102 | [5],[6] | $ 102 | [7] | |
Fair Value | $ 102 | [6] | $ 102 | ||
Shares | 87,160 | [6] | 87,160 | ||
Business Applications Software | Warrant investments | Passport Labs, Inc. | Preferred Stock 1 | |||||
Cost | $ 303 | [5],[6] | $ 303 | [7] | |
Fair Value | $ 590 | [6] | $ 590 | ||
Shares | 21,929 | [6] | 21,929 | ||
Business Applications Software | Warrant investments | Project Affinity, Inc. | Preferred Stock 1 | |||||
Cost | [5],[6] | $ 21 | |||
Fair Value | [6] | $ 21 | |||
Shares | [6] | 88,370 | |||
Business Applications Software | Warrant investments | Quantcast Corporation | Cash Exit Fee | |||||
Cost | $ 213 | [5],[6] | $ 213 | [7] | |
Fair Value | $ 161 | [6] | 161 | ||
Shares | [6] | ||||
Business Applications Software | Warrant investments | Uniphore Technologies Inc. | Common Stock 1 | |||||
Cost | $ 34 | [5],[6] | 34 | [7] | |
Fair Value | $ 100 | [6] | $ 100 | ||
Shares | 35,000 | [6] | 35,000 | ||
Business Applications Software | Warrant investments | OneSource Virtual, Inc. | Preferred Stock 1 | |||||
Cost | [7] | $ 161 | |||
Fair Value | $ 168 | ||||
Shares | 70,773 | ||||
Business Applications Software | Equity Investments | |||||
Percent of net assets | 0.60% | [3] | 0.57% | [4],[16] | |
Cost | $ 2,382 | [5],[6] | $ 2,382 | [7],[16] | |
Fair Value | 2,105 | [6] | 1,960 | [16] | |
Business Applications Software | Equity Investments | Arcadia Power, Inc. | Preferred Stock 1 | |||||
Cost | 167 | [5],[6] | 167 | [7],[16] | |
Fair Value | $ 105 | [6] | $ 174 | [16] | |
Shares | 16,438 | [6] | 16,438 | [16] | |
Business Applications Software | Equity Investments | FlashParking, Inc. | Preferred Stock 1 | |||||
Cost | $ 455 | [5],[6] | $ 455 | [7],[16] | |
Fair Value | $ 451 | [6] | $ 446 | [16] | |
Shares | 33,116 | [6] | 33,116 | [16] | |
Business Applications Software | Equity Investments | Farmer's Business Network, Inc. | |||||
Cost | $ 166 | [5],[6] | $ 166 | [7],[16] | |
Fair Value | 25 | [6] | 25 | [16] | |
Business Applications Software | Equity Investments | Farmer's Business Network, Inc. | Preferred Stock 1 | |||||
Cost | 28 | [5],[6] | 28 | [7],[16] | |
Fair Value | $ 13 | [6] | $ 13 | [16] | |
Shares | 860 | [6] | 860 | [16] | |
Business Applications Software | Equity Investments | Farmer's Business Network, Inc. | Preferred Stock 2 | |||||
Cost | $ 138 | [5],[6] | $ 138 | [7],[16] | |
Fair Value | $ 12 | [6] | $ 12 | [16] | |
Shares | 4,181 | [6] | 4,181 | [16] | |
Business Applications Software | Equity Investments | DialPad, Inc. | Preferred Stock 1 | |||||
Cost | $ 120 | [5],[6] | $ 120 | [7],[16] | |
Fair Value | $ 107 | [6] | $ 107 | [16] | |
Shares | 15,456 | [6] | 15,456 | [16] | |
Business Applications Software | Equity Investments | Envoy, Inc. | Preferred Stock 1 | |||||
Cost | $ 667 | [5],[6] | $ 667 | [7],[16] | |
Fair Value | $ 541 | [6] | $ 541 | [16] | |
Shares | 212,160 | [6] | 212,160 | [16] | |
Business Applications Software | Equity Investments | Filevine, Inc. | Preferred Stock 1 | |||||
Cost | $ 357 | [5],[6] | $ 357 | [7],[16] | |
Fair Value | $ 486 | [6] | $ 277 | [16] | |
Shares | 56,353 | [6] | 56,353 | [16] | |
Business Applications Software | Equity Investments | Passport Labs, Inc. | Preferred Stock 1 | |||||
Cost | $ 100 | [5],[6] | $ 100 | [7],[16] | |
Fair Value | $ 103 | [6] | $ 103 | [16] | |
Shares | 1,302 | [6] | 1,302 | [16] | |
Business Applications Software | Equity Investments | Uniphore Technologies Inc. | Preferred Stock 1 | |||||
Cost | $ 350 | [5],[6] | $ 350 | [7],[16] | |
Fair Value | $ 287 | [6] | $ 287 | [16] | |
Shares | 28,233 | [6] | 28,233 | [16] | |
Business Products and Services | Debt Investments | |||||
Percent of net assets | 2.70% | [3] | 6.54% | [4] | |
Outstanding Principal | $ 12,017 | $ 23,174 | |||
Cost | 9,798 | [5] | 23,425 | [7] | |
Fair Value | $ 9,514 | 22,664 | |||
Business Products and Services | Debt Investments | Quick Commerce Ltd. | |||||
Outstanding Principal | 23,000 | ||||
Cost | [7] | 23,340 | |||
Fair Value | $ 22,304 | ||||
Business Products and Services | Debt Investments | Quick Commerce Ltd. | Growth Capital Loan | |||||
Interest rate EOT | 7.29% | [11],[12] | 7.50% | [10],[13] | |
Basis spread on variable rate | [10],[13] | 7.50% | |||
Interest rate floor | 9.25% | [11],[12] | 10.75% | [10],[13] | |
Outstanding Principal | $ 10,972 | [11],[12] | $ 21,000 | [10],[13] | |
Cost | 8,946 | [5],[11],[12] | 21,396 | [7],[10],[13] | |
Fair Value | $ 8,687 | [11],[12] | $ 20,443 | [10],[13] | |
PIK interest | [11],[12] | 6% | |||
Business Products and Services | Debt Investments | Quick Commerce Ltd. | Growth Capital Loan 2 | |||||
Interest rate EOT | 7.29% | [11],[12],[14] | 7.50% | [10],[13],[15] | |
Basis spread on variable rate | [10],[13],[15] | 7.50% | |||
Interest rate floor | 9.25% | [11],[12],[14] | 10.75% | [10],[13],[15] | |
Outstanding Principal | $ 1,045 | [11],[12] | $ 2,000 | [10],[13] | |
Cost | 852 | [5],[11],[12] | 1,944 | [7],[10],[13] | |
Fair Value | $ 827 | [11],[12] | $ 1,861 | [10],[13] | |
PIK interest | [11],[12],[14] | 6% | |||
Business Products and Services | Debt Investments | RenoRun US Inc. | Growth Capital Loan | |||||
Interest rate EOT | [10],[13],[15],[17] | 8.25% | |||
Basis spread on variable rate | [10],[13],[15],[17] | 10.50% | |||
Interest rate floor | [10],[13],[15],[17] | 13.75% | |||
Outstanding Principal | [10],[13],[17] | $ 174 | |||
Cost | [7],[10],[13],[17] | 85 | |||
Fair Value | [10],[13],[17] | $ 360 | |||
Business Products and Services | Warrant investments | |||||
Percent of net assets | 0.26% | [3] | 0.30% | [4] | |
Cost | $ 705 | [5],[6] | $ 1,016 | [7] | |
Fair Value | 924 | [6] | 1,035 | ||
Business Products and Services | Warrant investments | Quick Commerce Ltd. | Preferred Stock 1 | |||||
Cost | [7],[10],[13] | 311 | |||
Fair Value | [10],[13] | $ 111 | |||
Shares | [10],[13] | 1,390,448 | |||
Business Products and Services | Warrant investments | Cart.com, Inc. | |||||
Cost | 502 | [5],[6] | $ 502 | [7] | |
Fair Value | 691 | [6] | 691 | ||
Business Products and Services | Warrant investments | Cart.com, Inc. | Common Stock 1 | |||||
Cost | 477 | [5],[6] | 477 | [7] | |
Fair Value | $ 640 | [6] | $ 640 | ||
Shares | 32,731 | [6] | 32,731 | ||
Business Products and Services | Warrant investments | Cart.com, Inc. | Preferred Stock 1 | |||||
Cost | [5],[6] | $ 25 | |||
Fair Value | [6] | $ 51 | |||
Shares | [6] | 4,532 | |||
Business Products and Services | Warrant investments | Cart.com, Inc. | Common Stock 2 | |||||
Cost | [7] | $ 25 | |||
Fair Value | $ 51 | ||||
Shares | 4,532 | ||||
Business Products and Services | Warrant investments | LeoLabs, Inc. | Preferred Stock 1 | |||||
Cost | $ 197 | [5],[6] | $ 197 | [7] | |
Fair Value | $ 227 | [6] | $ 227 | ||
Shares | 218,512 | [6] | 218,512 | ||
Business Products and Services | Warrant investments | Substack Inc. | Preferred Stock 1 | |||||
Cost | $ 6 | [5],[6] | $ 6 | [7] | |
Fair Value | $ 6 | [6] | $ 6 | ||
Shares | 1,141 | [6] | 1,141 | ||
Business Products and Services | Equity Investments | |||||
Percent of net assets | [3] | 2.70% | |||
Cost | [5],[6] | $ 8,339 | |||
Fair Value | [6] | 9,522 | |||
Business Products and Services | Equity Investments | Quick Commerce Ltd. | Ordinary Shares | |||||
Cost | [5],[6],[11],[12] | 311 | |||
Fair Value | [6],[11],[12] | $ 1,660 | |||
Shares | [6],[11],[12] | 1,448,664,129 | |||
Business Products and Services | Equity Investments | Quick Commerce Ltd. | Preferred Stock 1 | |||||
Cost | [5],[6],[11],[12] | $ 8,028 | |||
Fair Value | [6],[11],[12] | $ 7,862 | |||
Shares | [6],[11],[12] | 418,182 | |||
Business/Productivity Software | Debt Investments | |||||
Percent of net assets | 9.04% | [3] | 17.32% | [4] | |
Outstanding Principal | $ 32,163 | $ 60,204 | |||
Cost | 32,709 | [5] | 60,772 | [7] | |
Fair Value | $ 31,917 | 59,982 | |||
Business/Productivity Software | Debt Investments | Forum Brands, LLC | |||||
Outstanding Principal | 31,920 | ||||
Cost | [7] | 32,126 | |||
Fair Value | $ 31,123 | ||||
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan | |||||
Interest rate EOT | 6% | 6% | |||
Outstanding Principal | $ 2,781 | $ 2,781 | |||
Cost | 2,838 | [5] | 2,793 | [7] | |
Fair Value | $ 2,814 | $ 2,759 | |||
Interest rate | 12% | 12% | |||
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 2 | |||||
Interest rate EOT | 6% | 6% | |||
Outstanding Principal | $ 438 | $ 438 | |||
Cost | 456 | [5] | 453 | [7] | |
Fair Value | $ 452 | $ 447 | |||
Interest rate | 12% | 12% | |||
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 3 | |||||
Interest rate EOT | 6% | 6% | |||
Outstanding Principal | $ 525 | $ 525 | |||
Cost | 546 | [5] | 542 | [7] | |
Fair Value | $ 541 | $ 535 | |||
Interest rate | 12% | 12% | |||
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 4 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 2,430 | $ 2,430 | |||
Cost | 2,520 | [5] | 2,501 | [7] | |
Fair Value | $ 2,493 | $ 2,465 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 5 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 1,578 | $ 1,578 | |||
Cost | 1,631 | [5] | 1,618 | [7] | |
Fair Value | $ 1,613 | $ 1,594 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 6 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 4,233 | $ 4,233 | |||
Cost | 4,375 | [5] | 4,341 | [7] | |
Fair Value | $ 4,326 | $ 4,277 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 7 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 1,414 | $ 1,414 | |||
Cost | 1,463 | [5] | 1,447 | [7] | |
Fair Value | $ 1,451 | $ 1,430 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 8 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 540 | $ 540 | |||
Cost | 559 | [5] | 553 | [7] | |
Fair Value | $ 554 | $ 546 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 9 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 95 | $ 95 | |||
Cost | 98 | [5] | 97 | [7] | |
Fair Value | $ 97 | $ 96 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 10 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 3,060 | $ 3,060 | |||
Cost | 3,156 | [5] | 3,120 | [7] | |
Fair Value | $ 3,129 | $ 3,082 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 11 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 1,166 | $ 1,166 | |||
Cost | 1,192 | [5] | 1,178 | [7] | |
Fair Value | $ 1,179 | $ 1,161 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 12 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 439 | $ 439 | |||
Cost | 449 | [5] | 443 | [7] | |
Fair Value | $ 444 | $ 437 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 13 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 2,850 | $ 2,850 | |||
Cost | 2,869 | [5] | 2,832 | [7] | |
Fair Value | $ 2,830 | $ 2,785 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 14 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 5,130 | $ 5,130 | |||
Cost | 5,146 | [5] | 5,079 | [7] | |
Fair Value | $ 5,074 | $ 4,992 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 15 | |||||
Interest rate EOT | 6% | [14] | 6% | [15] | |
Outstanding Principal | $ 306 | $ 306 | |||
Cost | 306 | [5] | 302 | [7] | |
Fair Value | $ 301 | $ 296 | |||
Interest rate | 12% | [14] | 12% | [15] | |
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 16 | |||||
Interest rate EOT | 5% | [14] | 5% | [15] | |
Basis spread on variable rate | 5.25% | [14] | 5.25% | [15] | |
Interest rate floor | 11.50% | [14] | 11.50% | [15] | |
Outstanding Principal | $ 300 | $ 300 | |||
Cost | 294 | [5] | 289 | [7] | |
Fair Value | $ 294 | $ 289 | |||
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 17 | |||||
Interest rate EOT | 5% | [14] | 5% | [15] | |
Basis spread on variable rate | 5.25% | [14] | 5.25% | [15] | |
Interest rate floor | 11.50% | [14] | 11.50% | [15] | |
Outstanding Principal | $ 2,282 | $ 2,282 | |||
Cost | 2,229 | [5] | 2,192 | [7] | |
Fair Value | $ 2,229 | $ 2,192 | |||
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 18 | |||||
Interest rate EOT | 5% | [14] | 5% | [15] | |
Basis spread on variable rate | 5.25% | [14] | 5.25% | [15] | |
Interest rate floor | 11.50% | [14] | 11.50% | [15] | |
Outstanding Principal | $ 174 | $ 174 | |||
Cost | 169 | [5] | 167 | [7] | |
Fair Value | 169 | 167 | |||
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 19 | |||||
Outstanding Principal | 2,178 | 2,179 | |||
Cost | 2,179 | [5] | 2,179 | [7] | |
Fair Value | $ 1,693 | $ 1,573 | |||
Business/Productivity Software | Debt Investments | Forum Brands, LLC | Growth Capital Loan 20 | |||||
Interest rate EOT | [14] | 5% | |||
Basis spread on variable rate | [14] | 5.25% | |||
Interest rate floor | [14] | 11.50% | |||
Outstanding Principal | $ 244 | ||||
Cost | [5] | 234 | |||
Fair Value | $ 234 | ||||
Business/Productivity Software | Debt Investments | Metropolis Technologies, Inc. | Growth Capital Loan | |||||
Interest rate EOT | [15] | 7% | |||
Basis spread on variable rate | [15] | 4.34% | |||
Interest rate floor | [15] | 11.75% | |||
Outstanding Principal | $ 28,284 | ||||
Cost | [7] | 28,646 | |||
Fair Value | $ 28,859 | ||||
PIK interest | [15] | 4.16% | |||
Business/Productivity Software | Warrant investments | |||||
Percent of net assets | 0.50% | [3] | 0.36% | [4] | |
Cost | $ 713 | [5],[6] | $ 713 | [7] | |
Fair Value | 1,777 | [6] | 1,261 | ||
Business/Productivity Software | Warrant investments | Forum Brands Holdings, Inc. | Preferred Stock 1 | |||||
Cost | 626 | [5],[6] | 626 | [7] | |
Fair Value | $ 738 | [6] | $ 738 | ||
Shares | 49,892 | [6] | 49,892 | ||
Business/Productivity Software | Warrant investments | Metropolis Technologies, Inc. | Common Stock 1 | |||||
Cost | $ 87 | [5],[6] | $ 87 | [7] | |
Fair Value | $ 1,039 | [6] | $ 523 | ||
Shares | 87,385 | [6] | 87,385 | ||
Business/Productivity Software | Equity Investments | |||||
Percent of net assets | 0.01% | [3] | 0.01% | [4],[16] | |
Cost | $ 150 | [5],[6] | $ 150 | [7],[16] | |
Fair Value | 51 | [6] | 51 | [16] | |
Business/Productivity Software | Equity Investments | Forum Brands Holdings, Inc. | Preferred Stock 1 | |||||
Cost | 150 | [5],[6] | 150 | [7],[16] | |
Fair Value | $ 51 | [6] | $ 51 | [16] | |
Shares | 822 | [6] | 822 | [16] | |
Consumer Non-Durables | Debt Investments | |||||
Percent of net assets | 0.51% | [3] | 0.84% | [4] | |
Outstanding Principal | $ 1,696 | $ 7,927 | |||
Cost | 1,805 | [5] | 7,932 | [7] | |
Fair Value | $ 1,806 | 2,905 | |||
Consumer Non-Durables | Debt Investments | Don't Run Out, Inc. | |||||
Outstanding Principal | 1,927 | ||||
Cost | [7] | 1,998 | |||
Fair Value | $ 1,998 | ||||
Consumer Non-Durables | Debt Investments | Don't Run Out, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 10% | ||||
Basis spread on variable rate | 7.75% | ||||
Interest rate floor | 11% | ||||
Outstanding Principal | $ 1,000 | ||||
Cost | [5] | 1,056 | |||
Fair Value | $ 1,057 | ||||
Consumer Non-Durables | Debt Investments | Don't Run Out, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 9% | 10% | |||
Basis spread on variable rate | 5% | 7.75% | |||
Interest rate floor | 10.50% | 11% | |||
Outstanding Principal | $ 696 | $ 1,000 | |||
Cost | 749 | [5] | 1,038 | [7] | |
Fair Value | $ 749 | $ 1,038 | |||
Consumer Non-Durables | Debt Investments | Don't Run Out, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 9% | ||||
Basis spread on variable rate | 5% | ||||
Interest rate floor | 10.50% | ||||
Outstanding Principal | $ 927 | ||||
Cost | [7] | 960 | |||
Fair Value | 960 | ||||
Consumer Non-Durables | Debt Investments | Underground Enterprises, Inc. | |||||
Outstanding Principal | 6,000 | ||||
Cost | [7] | 5,934 | |||
Fair Value | $ 907 | ||||
Consumer Non-Durables | Debt Investments | Underground Enterprises, Inc. | Growth Capital Loan | |||||
Interest rate EOT | [17] | 1% | |||
Basis spread on variable rate | [17] | 3% | |||
Interest rate floor | [17] | 6.50% | |||
Outstanding Principal | [17] | $ 2,250 | |||
Cost | [7],[17] | 2,211 | |||
Fair Value | [17] | $ 340 | |||
Consumer Non-Durables | Debt Investments | Underground Enterprises, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | [17] | 5.50% | |||
Basis spread on variable rate | [17] | 3.75% | |||
Interest rate floor | [17] | 7.25% | |||
Outstanding Principal | [17] | $ 1,500 | |||
Cost | [7],[17] | 1,493 | |||
Fair Value | [17] | $ 227 | |||
Consumer Non-Durables | Debt Investments | Underground Enterprises, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | [17] | 5.50% | |||
Basis spread on variable rate | [17] | 3.75% | |||
Interest rate floor | [17] | 7.25% | |||
Outstanding Principal | [17] | $ 2,250 | |||
Cost | [7],[17] | 2,230 | |||
Fair Value | [17] | $ 340 | |||
Consumer Non-Durables | Warrant investments | |||||
Percent of net assets | 0.03% | [3] | 0.15% | [4] | |
Cost | $ 115 | [5],[6] | $ 188 | [7] | |
Fair Value | 97 | [6] | 504 | ||
Consumer Non-Durables | Warrant investments | Don't Run Out, Inc. | Preferred Stock 1 | |||||
Cost | 30 | [5],[6] | 30 | [7] | |
Fair Value | $ 13 | [6] | $ 13 | ||
Shares | 42,929 | [6] | 42,929 | ||
Consumer Non-Durables | Warrant investments | Athletic Greens International, Inc. | Ordinary Shares | |||||
Cost | $ 85 | [5],[6],[14] | $ 85 | [7] | |
Fair Value | $ 84 | [6],[14] | $ 84 | ||
Shares | 2,262 | [6],[14] | 2,262 | ||
Consumer Non-Durables | Warrant investments | Hims & Hers Health, Inc. (f/k/a Hims, Inc.) | Preferred Stock 1 | |||||
Cost | [7] | $ 73 | |||
Fair Value | $ 407 | ||||
Shares | 98,723 | ||||
Consumer Non-Durables | Equity Investments | |||||
Percent of net assets | 0.15% | [3] | 0.36% | [4],[16] | |
Cost | $ 500 | [5],[6] | $ 1,000 | [7],[16] | |
Fair Value | 538 | [6] | 1,240 | [16] | |
Consumer Non-Durables | Equity Investments | Imperfect Foods, Inc. | |||||
Cost | [7],[16] | 500 | |||
Fair Value | [16] | 537 | |||
Consumer Non-Durables | Equity Investments | Imperfect Foods, Inc. | Preferred Stock 1 | |||||
Cost | 142 | [5],[6] | 142 | [7],[16] | |
Fair Value | $ 153 | [6] | $ 152 | [16] | |
Shares | 1,615 | [6] | 1,615 | [16] | |
Consumer Non-Durables | Equity Investments | Imperfect Foods, Inc. | Preferred Stock 2 | |||||
Cost | $ 358 | [5],[6] | $ 358 | [7],[16] | |
Fair Value | $ 385 | [6] | $ 385 | [16] | |
Shares | 7,196 | [6] | 7,196 | [16] | |
Consumer Non-Durables | Equity Investments | Hims & Hers Health, Inc. (f/k/a Hims, Inc.) | Common Stock 1 | |||||
Cost | [7],[16] | $ 500 | |||
Fair Value | [16] | $ 703 | |||
Shares | [16] | 78,935 | |||
Consumer Products and Services | Debt Investments | |||||
Percent of net assets | 34.06% | [3] | 35% | [4] | |
Outstanding Principal | $ 139,296 | [11],[12] | $ 136,930 | ||
Cost | 137,574 | [5],[11],[12] | 134,250 | [7] | |
Fair Value | 120,214 | [11],[12] | 121,202 | ||
Consumer Products and Services | Debt Investments | AvantStay, Inc. | |||||
Outstanding Principal | 5,028 | 5,028 | |||
Cost | 5,028 | [5] | 4,956 | [7] | |
Fair Value | $ 5,029 | $ 4,956 | |||
Consumer Products and Services | Debt Investments | AvantStay, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 5.50% | 5.50% | |||
Basis spread on variable rate | 5.50% | 5.50% | |||
Interest rate floor | 11% | 11% | |||
Outstanding Principal | $ 1,920 | $ 1,920 | |||
Cost | 1,942 | [5] | 1,913 | [7] | |
Fair Value | $ 1,943 | $ 1,913 | |||
Consumer Products and Services | Debt Investments | AvantStay, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 7% | 7% | |||
Basis spread on variable rate | 6.50% | 6.50% | |||
Interest rate floor | 12% | 12% | |||
Outstanding Principal | $ 648 | $ 648 | |||
Cost | 651 | [5] | 642 | [7] | |
Fair Value | $ 651 | $ 642 | |||
Consumer Products and Services | Debt Investments | AvantStay, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 7% | [14] | 7% | [15] | |
Basis spread on variable rate | 6.50% | [14] | 6.50% | [15] | |
Interest rate floor | 12% | [14] | 12% | [15] | |
Outstanding Principal | $ 412 | $ 412 | |||
Cost | 412 | [5] | 407 | [7] | |
Fair Value | $ 412 | $ 407 | |||
Consumer Products and Services | Debt Investments | AvantStay, Inc. | Growth Capital Loan 4 | |||||
Interest rate EOT | 7% | [14] | 7% | [15] | |
Basis spread on variable rate | 6.50% | [14] | 6.50% | [15] | |
Interest rate floor | 12% | [14] | 12% | [15] | |
Outstanding Principal | $ 954 | $ 954 | |||
Cost | 950 | [5] | 938 | [7] | |
Fair Value | $ 950 | $ 938 | |||
Consumer Products and Services | Debt Investments | AvantStay, Inc. | Growth Capital Loan 5 | |||||
Interest rate EOT | 7% | [14] | 7% | [15] | |
Basis spread on variable rate | 6.50% | [14] | 6.50% | [15] | |
Interest rate floor | 12% | [14] | 12% | [15] | |
Outstanding Principal | $ 668 | $ 668 | |||
Cost | 665 | [5] | 656 | [7] | |
Fair Value | $ 665 | $ 656 | |||
Consumer Products and Services | Debt Investments | AvantStay, Inc. | Growth Capital Loan 6 | |||||
Interest rate EOT | 7% | [14] | 7% | [15] | |
Basis spread on variable rate | 6.50% | [14] | 6.50% | [15] | |
Interest rate floor | 12% | [14] | 12% | [15] | |
Outstanding Principal | $ 426 | $ 426 | |||
Cost | 408 | [5] | 400 | [7] | |
Fair Value | 408 | 400 | |||
Consumer Products and Services | Debt Investments | Baby Generation, Inc. | |||||
Outstanding Principal | 4,688 | 4,687 | |||
Cost | 4,906 | [5] | 4,809 | [7] | |
Fair Value | $ 4,906 | $ 4,830 | |||
Consumer Products and Services | Debt Investments | Baby Generation, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 8% | [14] | 8% | [15] | |
Basis spread on variable rate | 7.50% | [14] | 7.50% | [15] | |
Interest rate floor | 10.75% | [14] | 10.75% | [15] | |
Outstanding Principal | $ 1,875 | $ 1,875 | |||
Cost | 1,984 | [5] | 1,953 | [7] | |
Fair Value | $ 1,984 | $ 1,961 | |||
Consumer Products and Services | Debt Investments | Baby Generation, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 7.50% | [14] | 7.50% | [15] | |
Basis spread on variable rate | 5.25% | [14] | 5.25% | [15] | |
Interest rate floor | 8.50% | [14] | 8.50% | [15] | |
Outstanding Principal | $ 625 | $ 625 | |||
Cost | 656 | [5] | 641 | [7] | |
Fair Value | $ 656 | $ 644 | |||
Consumer Products and Services | Debt Investments | Baby Generation, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 7.50% | [14] | 7.50% | [15] | |
Basis spread on variable rate | [14] | 5.25% | |||
Interest rate floor | [14] | 8.50% | |||
Outstanding Principal | $ 2,188 | $ 2,187 | |||
Cost | 2,266 | [5] | 2,215 | [7] | |
Fair Value | 2,266 | 2,225 | |||
Consumer Products and Services | Debt Investments | Fiton Inc. | |||||
Outstanding Principal | 11,000 | ||||
Cost | [5] | 10,762 | |||
Fair Value | $ 10,762 | ||||
Consumer Products and Services | Debt Investments | Fiton Inc. | Growth Capital Loan | |||||
Interest rate EOT | [14] | 2% | |||
Basis spread on variable rate | [14] | 4% | |||
Interest rate floor | [14] | 11.25% | |||
Outstanding Principal | $ 8,889 | ||||
Cost | [5] | 8,700 | |||
Fair Value | $ 8,700 | ||||
Consumer Products and Services | Debt Investments | Fiton Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | [14] | 2% | |||
Basis spread on variable rate | [14] | 4% | |||
Interest rate floor | [14] | 11.25% | |||
Outstanding Principal | $ 1,111 | ||||
Cost | [5] | 1,087 | |||
Fair Value | $ 1,087 | ||||
Consumer Products and Services | Debt Investments | Fiton Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | [14] | 2% | |||
Basis spread on variable rate | [14] | 4% | |||
Interest rate floor | [14] | 11.25% | |||
Outstanding Principal | $ 1,000 | ||||
Cost | [5] | 975 | |||
Fair Value | 975 | ||||
Consumer Products and Services | Debt Investments | Flink SE | |||||
Outstanding Principal | 25,000 | [11],[12] | 25,000 | ||
Cost | 25,800 | [5],[11],[12] | 25,317 | [7] | |
Fair Value | $ 18,084 | [11],[12] | $ 20,108 | ||
Consumer Products and Services | Debt Investments | Flink SE | Growth Capital Loan | |||||
Interest rate EOT | 6.75% | [11],[12] | 6.75% | [10],[13] | |
Outstanding Principal | $ 12,500 | [11],[12] | $ 12,500 | [10],[13] | |
Cost | 12,947 | [5],[11],[12] | 12,693 | [7],[10],[13] | |
Fair Value | $ 9,042 | [11],[12] | $ 10,337 | [10],[13] | |
Interest rate | 9.75% | [11],[12] | 9.75% | [10],[13] | |
Consumer Products and Services | Debt Investments | Flink SE | Growth Capital Loan 2 | |||||
Interest rate EOT | 6.75% | [11],[12] | 6.75% | [10],[13] | |
Outstanding Principal | $ 12,500 | [11],[12] | $ 12,500 | [10],[13] | |
Cost | 12,853 | [5],[11],[12] | 12,624 | [7],[10],[13] | |
Fair Value | $ 9,042 | [11],[12] | $ 9,771 | [10],[13] | |
Interest rate | 9.75% | [11],[12] | 9.75% | [10],[13] | |
Consumer Products and Services | Debt Investments | Frubana Inc. | |||||
Outstanding Principal | $ 15,186 | [11],[12] | $ 16,210 | ||
Cost | 15,314 | [5],[11],[12] | 16,093 | [7] | |
Fair Value | $ 14,923 | [11],[12] | $ 16,093 | ||
Consumer Products and Services | Debt Investments | Frubana Inc. | Growth Capital Loan | |||||
Interest rate EOT | 5% | [11],[12],[14] | 5% | [10],[13],[15] | |
Basis spread on variable rate | 6.25% | [11],[12],[14] | 6.25% | [10],[13],[15] | |
Interest rate floor | 9.75% | [11],[12],[14] | 9.75% | [10],[13],[15] | |
Outstanding Principal | $ 186 | [11],[12] | $ 210 | [10],[13] | |
Cost | 188 | [5],[11],[12] | 209 | [7],[10],[13] | |
Fair Value | $ 186 | [11],[12] | $ 209 | [10],[13] | |
Consumer Products and Services | Debt Investments | Frubana Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 6.86% | [11],[12],[14] | 6% | [10],[13],[15] | |
Basis spread on variable rate | 8% | [11],[12],[14] | 6.50% | [10],[13],[15] | |
Interest rate floor | 11.50% | [11],[12],[14] | 10% | [10],[13],[15] | |
Outstanding Principal | $ 7,000 | [11],[12] | $ 8,000 | [10],[13] | |
Cost | 7,163 | [5],[11],[12] | 8,024 | [7],[10],[13] | |
Fair Value | $ 6,960 | [11],[12] | $ 8,024 | [10],[13] | |
Consumer Products and Services | Debt Investments | Frubana Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 7.50% | [11],[14] | 7.50% | [10],[13],[15] | |
Basis spread on variable rate | 8% | [11],[14] | 8% | [10],[13],[15] | |
Interest rate floor | 11.50% | [11],[14] | 11.50% | [10],[13],[15] | |
Outstanding Principal | $ 8,000 | [11],[12] | $ 8,000 | [10],[13] | |
Cost | 7,963 | [5],[11],[12] | 7,860 | [7],[10],[13] | |
Fair Value | 7,777 | [11],[12] | 7,860 | [10],[13] | |
Consumer Products and Services | Debt Investments | Foodology Inc. | |||||
Outstanding Principal | 6,648 | [11],[12] | 7,830 | ||
Cost | 6,885 | [5],[11],[12] | 7,932 | [7] | |
Fair Value | $ 6,885 | [11],[12] | $ 7,932 | ||
Consumer Products and Services | Debt Investments | Foodology Inc. | Growth Capital Loan | |||||
Interest rate EOT | 5.50% | [11],[12],[14] | 5.50% | [10],[13],[15] | |
Basis spread on variable rate | 5.75% | [11],[12],[14] | 5.75% | [10],[13],[15] | |
Interest rate floor | 9% | [11],[12],[14] | 9% | [10],[13],[15] | |
Outstanding Principal | $ 112 | [11],[12] | $ 174 | [10],[13] | |
Cost | 123 | [5],[11],[12] | 181 | [7],[10],[13] | |
Fair Value | $ 123 | [11],[12] | $ 181 | [10],[13] | |
Consumer Products and Services | Debt Investments | Foodology Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 5.50% | [11],[12],[14] | 5.50% | [10],[13],[15] | |
Basis spread on variable rate | 5.75% | [11],[12],[14] | 5.75% | [10],[13],[15] | |
Interest rate floor | 9% | [11],[12],[14] | 9% | [10],[13],[15] | |
Outstanding Principal | $ 299 | [11],[12] | $ 446 | [10],[13] | |
Cost | 323 | [5],[11],[12] | 462 | [7],[10],[13] | |
Fair Value | $ 323 | [11],[12] | $ 462 | [10],[13] | |
Consumer Products and Services | Debt Investments | Foodology Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 6% | [11],[12],[14] | 6% | [10],[13],[15] | |
Basis spread on variable rate | 6.25% | [11],[12],[14] | 6.25% | [10],[13],[15] | |
Interest rate floor | 9.50% | [11],[12],[14] | 9.50% | [10],[13],[15] | |
Outstanding Principal | $ 1,981 | [11],[12] | $ 2,954 | [10],[13] | |
Cost | 2,151 | [5],[11],[12] | 3,068 | [7],[10],[13] | |
Fair Value | $ 2,151 | [11],[12] | $ 3,068 | [10],[13] | |
Consumer Products and Services | Debt Investments | Foodology Inc. | Growth Capital Loan 4 | |||||
Interest rate EOT | 6.50% | [11],[12],[14] | 6.50% | [10],[13],[15] | |
Basis spread on variable rate | 6.75% | [11],[12],[14] | 6.75% | [10],[13],[15] | |
Interest rate floor | 10% | [11],[12],[14] | 10% | [10],[13],[15] | |
Outstanding Principal | $ 2,976 | [11],[12] | $ 2,976 | [10],[13] | |
Cost | 2,999 | [5],[11],[12] | 2,952 | [7],[10],[13] | |
Fair Value | $ 2,999 | [11],[12] | $ 2,952 | [10],[13] | |
Consumer Products and Services | Debt Investments | Foodology Inc. | Growth Capital Loan 5 | |||||
Interest rate EOT | 6.50% | [11],[12],[14] | 6.50% | [10],[13],[15] | |
Basis spread on variable rate | 6.75% | [11],[12],[14] | 6.75% | [10],[13],[15] | |
Interest rate floor | 10% | [11],[12],[14] | 10% | [10],[13],[15] | |
Outstanding Principal | $ 1,280 | [11],[12] | $ 1,280 | [10],[13] | |
Cost | 1,289 | [5],[11],[12] | 1,269 | [7],[10],[13] | |
Fair Value | 1,289 | [11],[12] | 1,269 | [10],[13] | |
Consumer Products and Services | Debt Investments | Good Eggs, Inc. | |||||
Outstanding Principal | 12,298 | 12,298 | |||
Cost | 12,472 | [5] | 12,645 | [7] | |
Fair Value | $ 6,318 | $ 12,374 | |||
Consumer Products and Services | Debt Investments | Good Eggs, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 7.75% | [18] | 7.75% | ||
Basis spread on variable rate | 0.50% | [18] | 0.50% | ||
Interest rate floor | 8% | [18] | 8% | ||
Outstanding Principal | $ 5,298 | [18] | $ 5,298 | ||
Cost | 5,461 | [5],[18] | 5,542 | [7] | |
Fair Value | $ 2,916 | [18] | $ 5,413 | ||
Consumer Products and Services | Debt Investments | Good Eggs, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 6% | [18] | 6% | ||
Basis spread on variable rate | 0.50% | [18] | 0.50% | ||
Interest rate floor | 8% | [18] | 8% | ||
Outstanding Principal | $ 7,000 | [18] | $ 7,000 | ||
Cost | 7,011 | [5],[18] | 7,103 | [7] | |
Fair Value | 3,402 | [18] | 6,961 | ||
Consumer Products and Services | Debt Investments | Hydrow, Inc. | |||||
Outstanding Principal | 25,000 | 25,000 | |||
Cost | 26,893 | [5] | 26,436 | [7] | |
Fair Value | $ 26,392 | $ 25,578 | |||
Consumer Products and Services | Debt Investments | Hydrow, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 10% | 10% | |||
Basis spread on variable rate | 7.75% | 7.75% | |||
Interest rate floor | 11% | 11% | |||
Outstanding Principal | $ 3,350 | $ 3,350 | |||
Cost | 3,625 | [5] | 3,570 | [7] | |
Fair Value | $ 3,567 | $ 3,464 | |||
Consumer Products and Services | Debt Investments | Hydrow, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 10% | 10% | |||
Basis spread on variable rate | 7.75% | 7.75% | |||
Interest rate floor | 11% | 11% | |||
Outstanding Principal | $ 6,700 | $ 6,700 | |||
Cost | 7,224 | [5] | 7,092 | [7] | |
Fair Value | $ 7,111 | $ 6,882 | |||
Consumer Products and Services | Debt Investments | Hydrow, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 10% | 10% | |||
Basis spread on variable rate | 7% | 7% | |||
Interest rate floor | 10.25% | 10.25% | |||
Outstanding Principal | $ 7,475 | $ 7,475 | |||
Cost | 8,023 | [5] | 7,889 | [7] | |
Fair Value | $ 7,858 | $ 7,618 | |||
Consumer Products and Services | Debt Investments | Hydrow, Inc. | Growth Capital Loan 4 | |||||
Interest rate EOT | 10% | 10% | |||
Basis spread on variable rate | 7% | 7% | |||
Interest rate floor | 10.25% | 10.25% | |||
Outstanding Principal | $ 7,475 | $ 7,475 | |||
Cost | 8,021 | [5] | 7,885 | [7] | |
Fair Value | 7,856 | 7,614 | |||
Consumer Products and Services | Debt Investments | JOKR S.à r.l. | |||||
Outstanding Principal | 4,237 | [11],[12] | 4,391 | ||
Cost | 4,264 | [5],[11],[12] | 4,412 | [7] | |
Fair Value | $ 4,163 | [11],[12] | $ 4,338 | ||
Consumer Products and Services | Debt Investments | JOKR S.à r.l. | Growth Capital Loan | |||||
Interest rate EOT | 7.78% | [11],[12],[14] | 6% | [10],[13] | |
Basis spread on variable rate | 7.40% | [11],[12],[14] | 7.75% | [10],[13] | |
Interest rate floor | [10],[13] | 11% | |||
Outstanding Principal | $ 2,713 | [11],[12] | $ 2,890 | [10],[13] | |
Cost | 2,699 | [5],[11],[12] | 2,901 | [7],[10],[13] | |
Fair Value | $ 2,672 | [11],[12] | $ 2,847 | [10],[13] | |
PIK interest | [11],[12],[14] | 7.11% | |||
Consumer Products and Services | Debt Investments | JOKR S.à r.l. | Growth Capital Loan 2 | |||||
Interest rate EOT | 8% | [11],[12],[14] | 6% | [10],[13] | |
Basis spread on variable rate | 9.31% | [11],[12],[14] | 7.75% | [10],[13] | |
Interest rate floor | [10],[13] | 11% | |||
Outstanding Principal | $ 1,023 | [11],[12] | $ 1,000 | [10],[13] | |
Cost | 1,013 | [5],[11],[12] | 1,006 | [7],[10],[13] | |
Fair Value | $ 1,013 | [11],[12] | $ 991 | [10],[13] | |
PIK interest | [11],[12],[14] | 8.94% | |||
Consumer Products and Services | Debt Investments | JOKR S.à r.l. | Revolver | |||||
Interest rate EOT | 3% | [11],[12],[14] | 3% | [10],[13],[15] | |
Basis spread on variable rate | 5.75% | [11],[12],[14] | 5.75% | [10],[13],[15] | |
Interest rate floor | 9% | [11],[12],[14] | 9% | [10],[13],[15] | |
Outstanding Principal | $ 501 | [11],[12] | $ 501 | [10],[13] | |
Cost | 552 | [5],[11],[12] | 505 | [7],[10],[13] | |
Fair Value | $ 478 | [11],[12] | $ 500 | [10],[13] | |
Consumer Products and Services | Debt Investments | Lower Holding Company | Growth Capital Loan | |||||
Interest rate EOT | 5% | 5% | |||
Basis spread on variable rate | 3.75% | 3.75% | |||
Interest rate floor | 11.25% | 11.25% | |||
Outstanding Principal | $ 6,959 | $ 8,000 | |||
Cost | 7,127 | [5] | 8,047 | [7] | |
Fair Value | 7,021 | 7,872 | |||
Consumer Products and Services | Debt Investments | Nakdcom One World AB | |||||
Outstanding Principal | 9,504 | [11],[12] | 8,738 | ||
Cost | 8,667 | [5],[11],[12] | 7,637 | [7] | |
Fair Value | $ 8,289 | [11],[12] | $ 7,367 | ||
Consumer Products and Services | Debt Investments | Nakdcom One World AB | Growth Capital Loan | |||||
Interest rate EOT | 10% | [11],[12],[14] | 10% | [10],[13],[15] | |
Basis spread on variable rate | 8.25% | [11],[12],[14] | 8.25% | [10],[13],[15] | |
Interest rate floor | 11.50% | [11],[12],[14] | 11.50% | [10],[13],[15] | |
Outstanding Principal | $ 6,089 | [11],[12] | $ 5,598 | [10],[13] | |
Cost | 5,565 | [5],[11],[12] | 4,904 | [7],[10],[13] | |
Fair Value | $ 5,198 | [11],[12] | $ 4,620 | [10],[13] | |
Consumer Products and Services | Debt Investments | Nakdcom One World AB | Growth Capital Loan 2 | |||||
Interest rate EOT | 10% | [11],[12],[14] | 10% | [10],[13],[15] | |
Basis spread on variable rate | 8.25% | [11],[12],[14] | 8.25% | [10],[13],[15] | |
Interest rate floor | 11.50% | [11],[12],[14] | 11.50% | [10],[13],[15] | |
Outstanding Principal | $ 3,415 | [11],[12] | $ 3,140 | [10],[13] | |
Cost | 3,102 | [5],[11],[12] | 2,733 | [7],[10],[13] | |
Fair Value | 3,091 | [11],[12] | 2,747 | [10],[13] | |
Consumer Products and Services | Debt Investments | Project 1920, Inc. | |||||
Outstanding Principal | 4,027 | 4,027 | |||
Cost | 4,115 | [5] | 4,115 | [7] | |
Fair Value | $ 2,257 | $ 2,257 | |||
Consumer Products and Services | Debt Investments | Project 1920, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 6.50% | [14],[18] | 6.50% | [15],[17] | |
Basis spread on variable rate | 6.25% | [14],[18] | 6.25% | [15],[17] | |
Interest rate floor | 9.50% | [14],[18] | 9.50% | [15],[17] | |
Outstanding Principal | $ 1,927 | [18] | $ 1,927 | [17] | |
Cost | 1,973 | [5],[18] | 1,973 | [7],[17] | |
Fair Value | $ 1,080 | [18] | $ 1,080 | [17] | |
Consumer Products and Services | Debt Investments | Project 1920, Inc. | Revolver | |||||
Interest rate EOT | 2% | [14],[18] | 2% | [15],[17] | |
Basis spread on variable rate | 5.75% | [14],[18] | 5.75% | [15],[17] | |
Interest rate floor | 9% | [14],[18] | 9% | [15],[17] | |
Outstanding Principal | $ 2,100 | [18] | $ 2,100 | [17] | |
Cost | 2,142 | [5],[18] | 2,142 | [7],[17] | |
Fair Value | 1,177 | [18] | 1,177 | [17] | |
Consumer Products and Services | Debt Investments | MA Micro Limited | |||||
Outstanding Principal | 9,721 | [11],[12] | 9,721 | ||
Cost | 5,341 | [5],[11],[12] | 5,341 | [7] | |
Fair Value | 5,185 | [11],[12] | 5,341 | ||
Consumer Products and Services | Debt Investments | MA Micro Limited | Growth Capital Loan | |||||
Outstanding Principal | 4,166 | [11],[12] | 4,166 | [10],[13] | |
Cost | 1,442 | [5],[11],[12] | 2,713 | [7],[10],[13] | |
Fair Value | 1,400 | [11],[12] | 2,713 | [10],[13] | |
Consumer Products and Services | Debt Investments | MA Micro Limited | Growth Capital Loan 2 | |||||
Outstanding Principal | 1,389 | [11],[12] | 4,166 | [10],[13] | |
Cost | 1,186 | [5],[11],[12] | 1,442 | [7],[10],[13] | |
Fair Value | 1,151 | [11],[12] | 1,442 | [10],[13] | |
Consumer Products and Services | Debt Investments | MA Micro Limited | Growth Capital Loan 3 | |||||
Outstanding Principal | [10],[13] | 1,389 | |||
Cost | [7],[10],[13] | 1,186 | |||
Fair Value | [10],[13] | 1,186 | |||
Consumer Products and Services | Debt Investments | MA Micro Limited | Convertible Note | |||||
Outstanding Principal | [11],[12] | 4,166 | |||
Cost | [5],[11],[12] | 2,713 | |||
Fair Value | [11],[12] | $ 2,634 | |||
Consumer Products and Services | Debt Investments | Outdoor Voices, Inc. | |||||
Outstanding Principal | 6,000 | ||||
Cost | [7] | 6,510 | |||
Fair Value | $ 2,156 | ||||
Consumer Products and Services | Debt Investments | Outdoor Voices, Inc. | Growth Capital Loan | |||||
Interest rate EOT | [17] | 11.25% | |||
Basis spread on variable rate | [17] | 5.50% | |||
Outstanding Principal | [17] | $ 4,000 | |||
Cost | [7],[17] | 4,347 | |||
Fair Value | [17] | $ 1,437 | |||
Consumer Products and Services | Debt Investments | Outdoor Voices, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | [17] | 11.25% | |||
Basis spread on variable rate | [17] | 5.50% | |||
Outstanding Principal | [17] | $ 2,000 | |||
Cost | [7],[17] | 2,163 | |||
Fair Value | [17] | $ 719 | |||
Consumer Products and Services | Warrant investments | |||||
Percent of net assets | 0.94% | [3] | 0.95% | [4] | |
Cost | $ 4,286 | [5],[6] | $ 4,429 | [7] | |
Fair Value | 3,310 | [6] | 3,281 | ||
Consumer Products and Services | Warrant investments | AvantStay, Inc. | Common Stock 1 | |||||
Cost | 151 | [5],[6] | 151 | [7] | |
Fair Value | $ 199 | [6] | $ 199 | ||
Shares | 24,495 | [6] | 24,495 | ||
Consumer Products and Services | Warrant investments | Baby Generation, Inc. | Common Stock 1 | |||||
Cost | $ 25 | [5],[6],[14] | $ 25 | [7] | |
Fair Value | $ 25 | [6],[14] | $ 25 | ||
Shares | 33,964 | [6],[14] | 33,964 | ||
Consumer Products and Services | Warrant investments | Fiton Inc. | Common Stock 1 | |||||
Cost | [5],[6],[14] | $ 162 | |||
Fair Value | [6],[14] | $ 162 | |||
Shares | [6],[14] | 73,807 | |||
Consumer Products and Services | Warrant investments | Flink SE | Preferred Stock 1 | |||||
Cost | $ 339 | [5],[6],[11],[12] | $ 339 | [7],[10],[13] | |
Fair Value | $ 0 | [6],[11],[12] | $ 0 | [10],[13] | |
Shares | 178 | [6],[11],[12] | 178 | [10],[13] | |
Consumer Products and Services | Warrant investments | Frubana Inc. | Preferred Stock 1 | |||||
Cost | $ 334 | [5],[6],[11],[12],[14] | $ 334 | [7],[10],[13] | |
Fair Value | $ 13 | [6],[11],[12],[14] | $ 239 | [10],[13] | |
Shares | 15,987 | [6],[11],[12],[14] | 15,987 | [10],[13] | |
Consumer Products and Services | Warrant investments | Foodology Inc. | Preferred Stock 1 | |||||
Cost | $ 116 | [5],[6],[11],[12],[14] | $ 116 | [7],[10],[13] | |
Fair Value | $ 86 | [6],[11],[12],[14] | $ 86 | [10],[13] | |
Shares | 26,619 | [6],[11],[12],[14] | 26,619 | [10],[13] | |
Consumer Products and Services | Warrant investments | Good Eggs, Inc. | Preferred Stock 1 | |||||
Cost | $ 401 | [5],[6] | $ 401 | [7] | |
Fair Value | $ 0 | [6] | $ 22 | ||
Shares | 154,633 | [6] | 154,633 | ||
Consumer Products and Services | Warrant investments | Hydrow, Inc. | |||||
Cost | $ 232 | [5],[6] | $ 232 | [7] | |
Fair Value | 0 | [6] | 0 | ||
Consumer Products and Services | Warrant investments | Hydrow, Inc. | Common Stock 1 | |||||
Cost | 143 | [5],[6] | 143 | [7] | |
Fair Value | $ 0 | [6] | $ 0 | ||
Shares | 103,267 | [6] | 150,561 | ||
Consumer Products and Services | Warrant investments | Hydrow, Inc. | Preferred Stock 1 | |||||
Cost | $ 89 | [5],[6] | $ 89 | [7] | |
Fair Value | $ 0 | [6] | $ 0 | ||
Shares | 53,903 | [6] | 53,903 | ||
Consumer Products and Services | Warrant investments | JOKR S.à r.l. | Preferred Stock 1 | |||||
Cost | $ 339 | [5],[6],[11],[12] | $ 275 | [7],[10],[13] | |
Fair Value | $ 196 | [6],[11],[12] | $ 44 | [10],[13] | |
Shares | 12,056 | [6],[11],[12] | 8,120 | [10],[13] | |
Consumer Products and Services | Warrant investments | Lower Holding Company | Preferred Stock 1 | |||||
Cost | $ 189 | [5],[6] | $ 189 | [7] | |
Fair Value | $ 29 | [6] | $ 26 | ||
Shares | 146,431 | [6] | 146,431 | ||
Consumer Products and Services | Warrant investments | Nakdcom One World AB | Preferred Stock 1 | |||||
Cost | $ 1,258 | [5],[6],[11],[12],[14] | $ 1,258 | [7],[10],[13] | |
Fair Value | $ 1,075 | [6],[11],[12],[14] | $ 1,107 | [10],[13] | |
Shares | 894,182 | [6],[11],[12],[14] | 894,182 | [10],[13] | |
Consumer Products and Services | Warrant investments | Project 1920, Inc. | Preferred Stock 1 | |||||
Cost | $ 23 | [5],[6],[14] | $ 23 | [7] | |
Fair Value | $ 0 | [6],[14] | $ 0 | ||
Shares | 41,140 | [6],[14] | 41,140 | ||
Consumer Products and Services | Warrant investments | everdrop GmbH | Preferred Stock 1 | |||||
Cost | $ 25 | [5],[6],[11],[12],[14] | $ 25 | [7],[10],[13] | |
Fair Value | $ 24 | [6],[11],[12],[14] | $ 25 | [10],[13] | |
Shares | 14 | [6],[11],[12],[14] | 14 | [10],[13] | |
Consumer Products and Services | Warrant investments | Pair Eyewear, Inc. | Common Stock 1 | |||||
Cost | $ 5 | [5],[6],[14] | $ 5 | [7] | |
Fair Value | $ 7 | [6],[14] | $ 7 | ||
Shares | 2,288 | [6],[14] | 2,288 | ||
Consumer Products and Services | Warrant investments | Quip NYC, Inc. | Preferred Stock 1 | |||||
Cost | $ 455 | [5],[6],[14] | $ 455 | [7] | |
Fair Value | $ 1,020 | [6],[14] | $ 1,020 | ||
Shares | 41,272 | [6],[14] | 41,272 | ||
Consumer Products and Services | Warrant investments | Tempo Interactive Inc. | Preferred Stock 1 | |||||
Cost | $ 93 | [5],[6],[14] | $ 93 | [7] | |
Fair Value | $ 14 | [6],[14] | $ 14 | ||
Shares | 14,709 | [6],[14] | 14,709 | ||
Consumer Products and Services | Warrant investments | The Black Tux, Inc. | Preferred Stock 1 | |||||
Cost | $ 139 | [5],[6],[14] | $ 139 | [7] | |
Fair Value | $ 460 | [6],[14] | $ 460 | ||
Shares | 142,939 | [6],[14] | 142,939 | ||
Consumer Products and Services | Warrant investments | Outdoor Voices, Inc. | Common Stock 1 | |||||
Cost | [7] | $ 369 | |||
Fair Value | $ 7 | ||||
Shares | 732,387 | ||||
Consumer Products and Services | Equity Investments | |||||
Percent of net assets | 0.15% | [3] | 0.27% | [4],[16] | |
Cost | $ 1,712 | [5],[6] | $ 1,713 | [7],[16] | |
Fair Value | 535 | [6] | 939 | [16] | |
Consumer Products and Services | Equity Investments | Frubana Inc. | Preferred Stock 1 | |||||
Cost | 500 | [5],[6],[11],[12] | 500 | [7],[10],[13],[16] | |
Fair Value | $ 19 | [6],[11],[12] | $ 363 | [10],[13],[16] | |
Shares | 7,993 | [6],[11],[12] | 7,993 | [10],[13],[16] | |
Consumer Products and Services | Equity Investments | Hydrow, Inc. | |||||
Cost | $ 668 | [5],[6] | $ 668 | [7],[16] | |
Fair Value | 22 | [6] | 22 | [16] | |
Consumer Products and Services | Equity Investments | Hydrow, Inc. | Preferred Stock 1 | |||||
Cost | 333 | [5],[6] | 333 | [7],[16] | |
Fair Value | $ 11 | [6] | $ 11 | [16] | |
Shares | 85,542 | [6] | 85,542 | [16] | |
Consumer Products and Services | Equity Investments | Hydrow, Inc. | Preferred Stock 2 | |||||
Cost | $ 335 | [5],[6] | $ 335 | [7],[16] | |
Fair Value | $ 11 | [6] | $ 11 | [16] | |
Shares | 46,456 | [6] | 46,456 | [16] | |
Consumer Products and Services | Equity Investments | JOKR S.à r.l. | |||||
Cost | $ 224 | [5],[6],[11],[12] | $ 225 | [7],[16] | |
Fair Value | 161 | [6],[11],[12] | 211 | [16] | |
Consumer Products and Services | Equity Investments | JOKR S.à r.l. | Preferred Stock 1 | |||||
Cost | 187 | [5],[6],[11],[12] | 188 | [7],[10],[13],[16] | |
Fair Value | $ 126 | [6],[11],[12] | $ 164 | [10],[13],[16] | |
Shares | 2,843 | [6],[11],[12] | 2,843 | [10],[13],[16] | |
Consumer Products and Services | Equity Investments | JOKR S.à r.l. | Preferred Stock 2 | |||||
Cost | $ 37 | [5],[6],[11],[12] | $ 37 | [7],[16] | |
Fair Value | $ 35 | [6],[11],[12] | $ 47 | [16] | |
Shares | 787 | [6],[11],[12] | 787 | [16] | |
Consumer Products and Services | Equity Investments | everdrop GmbH | Preferred Stock 1 | |||||
Cost | $ 310 | [5],[6],[11],[12] | $ 310 | [7],[10],[13],[16] | |
Fair Value | $ 323 | [6],[11],[12] | $ 333 | [10],[13],[16] | |
Shares | 78 | [6],[11],[12] | 78 | [10],[13],[16] | |
Consumer Products and Services | Equity Investments | Pair Eyewear, Inc. | Preferred Stock 1 | |||||
Cost | $ 10 | [5],[6] | $ 10 | [7],[16] | |
Fair Value | $ 10 | [6] | $ 10 | [16] | |
Shares | 1,880 | [6] | 1,880 | [16] | |
Consumer Retail | Debt Investments | |||||
Percent of net assets | [3] | 3.39% | |||
Outstanding Principal | $ 12,500 | ||||
Cost | [5] | 11,973 | |||
Fair Value | $ 11,973 | ||||
Consumer Retail | Debt Investments | Savage X, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 7.50% | ||||
Basis spread on variable rate | 7.25% | ||||
Interest rate floor | 12% | ||||
Outstanding Principal | $ 1,000 | ||||
Cost | [5] | 1,002 | |||
Fair Value | $ 1,002 | ||||
Consumer Retail | Debt Investments | Savage X, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 7.50% | ||||
Basis spread on variable rate | 7.25% | ||||
Interest rate floor | 12% | ||||
Outstanding Principal | $ 4,000 | ||||
Cost | [5] | 3,816 | |||
Fair Value | $ 3,816 | ||||
Consumer Retail | Debt Investments | Savage X, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 7.50% | ||||
Basis spread on variable rate | 7.25% | ||||
Interest rate floor | 12% | ||||
Outstanding Principal | $ 7,500 | ||||
Cost | [5] | 7,155 | |||
Fair Value | $ 7,155 | ||||
Consumer Retail | Warrant investments | |||||
Percent of net assets | 0.20% | [3] | 0.22% | [4] | |
Cost | $ 639 | [5],[6] | $ 639 | [7] | |
Fair Value | 708 | [6] | 745 | ||
Consumer Retail | Warrant investments | Savage X, Inc. | Preferred Stock 1 | |||||
Cost | 471 | [5],[6] | 471 | [7] | |
Fair Value | $ 580 | [6] | $ 617 | ||
Shares | 28,977 | [6] | 28,977 | ||
Consumer Retail | Warrant investments | LovePop, Inc. | Preferred Stock 1 | |||||
Cost | $ 168 | [5],[6] | $ 168 | [7] | |
Fair Value | $ 128 | [6] | $ 128 | ||
Shares | 163,463 | [6] | 163,463 | ||
Consumer Retail | Equity Investments | |||||
Percent of net assets | 0.29% | [3] | 0.30% | [4],[16] | |
Cost | $ 1,000 | [5],[6] | $ 1,000 | [7],[16] | |
Fair Value | 1,011 | [6] | 1,054 | [16] | |
Consumer Retail | Equity Investments | Savage X, Inc. | Preferred Stock 1 | |||||
Cost | 500 | [5],[6] | 500 | [7],[16] | |
Fair Value | $ 558 | [6] | $ 587 | [16] | |
Shares | 17,249 | [6] | 17,249 | [16] | |
Consumer Retail | Equity Investments | Savage X, Inc. | Preferred Stock 2 | |||||
Cost | $ 500 | [5],[6] | $ 500 | [7],[16] | |
Fair Value | $ 453 | [6] | $ 467 | [16] | |
Shares | 10,393 | [6] | 10,393 | [16] | |
E-Commerce - Clothing and Accessories | Debt Investments | |||||
Percent of net assets | 29.30% | [3] | 35.39% | [4] | |
Outstanding Principal | $ 100,905 | $ 121,844 | |||
Cost | 106,966 | [5] | 126,576 | [7] | |
Fair Value | $ 103,406 | $ 122,545 | |||
E-Commerce - Clothing and Accessories | Debt Investments | FabFitFun, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 6.75% | 6.75% | |||
Basis spread on variable rate | 7% | 7% | |||
Interest rate floor | 12% | 12% | |||
Outstanding Principal | $ 16,917 | $ 16,917 | |||
Cost | 16,737 | [5] | 16,562 | [7] | |
Fair Value | $ 16,737 | 16,562 | |||
E-Commerce - Clothing and Accessories | Debt Investments | Fabletics, Inc. | Growth Capital Loan | |||||
Interest rate EOT | [14] | 2.50% | |||
Outstanding Principal | $ 3,594 | ||||
Cost | [5] | 3,195 | |||
Fair Value | $ 3,126 | ||||
PIK interest | [14] | 9% | |||
E-Commerce - Clothing and Accessories | Debt Investments | Minted, Inc. | |||||
Outstanding Principal | $ 21,430 | 16,500 | |||
Cost | 21,792 | [5] | 16,771 | [7] | |
Fair Value | $ 21,792 | $ 16,771 | |||
E-Commerce - Clothing and Accessories | Debt Investments | Minted, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 6% | 6% | |||
Basis spread on variable rate | 8% | 8% | |||
Interest rate floor | 11.50% | 11.50% | |||
Outstanding Principal | $ 16,500 | $ 16,500 | |||
Cost | 16,862 | [5] | 16,771 | [7] | |
Fair Value | $ 16,862 | $ 16,771 | |||
E-Commerce - Clothing and Accessories | Debt Investments | Minted, Inc. | Revolver | |||||
Basis spread on variable rate | 6.50% | [14] | 6.50% | [15] | |
Interest rate floor | 10% | [14] | 10% | [15] | |
Outstanding Principal | $ 4,930 | $ 0 | |||
Cost | 4,930 | [5] | 0 | [7] | |
Fair Value | 4,930 | 0 | |||
E-Commerce - Clothing and Accessories | Debt Investments | Outfittery GMBH | |||||
Outstanding Principal | 30,964 | [11],[12] | 30,927 | ||
Cost | 35,618 | [5],[11],[12] | 33,833 | [7] | |
Fair Value | $ 32,238 | [11],[12] | $ 31,622 | ||
E-Commerce - Clothing and Accessories | Debt Investments | Outfittery GMBH | Growth Capital Loan | |||||
Interest rate EOT | 14.73% | [11],[12],[14] | 14.73% | [10],[13],[15] | |
Outstanding Principal | $ 24,493 | [11],[12] | $ 24,493 | [10],[13] | |
Cost | 28,797 | [5],[11],[12] | 27,137 | [7],[10],[13] | |
Fair Value | $ 25,759 | [11],[12] | $ 25,059 | [10],[13] | |
PIK interest | 11% | [11],[12],[14] | 11% | [10],[13],[15] | |
E-Commerce - Clothing and Accessories | Debt Investments | Outfittery GMBH | Revolver | |||||
Interest rate EOT | 7.53% | [11],[12],[14] | 7.53% | [10],[13],[15] | |
Outstanding Principal | $ 4,133 | [11],[12] | $ 4,106 | [10],[13] | |
Cost | 4,365 | [5],[11],[12] | 4,290 | [7],[10],[13] | |
Fair Value | $ 4,099 | [11],[12] | $ 4,157 | [10],[13] | |
Interest rate | [11],[14] | 4.50% | |||
PIK interest | 4.50% | [11],[12],[14] | 9% | [10],[13],[15] | |
E-Commerce - Clothing and Accessories | Debt Investments | Outfittery GMBH | Revolver 2 | |||||
Interest rate EOT | 4.50% | [11],[12],[14] | 9% | [10],[13],[15] | |
Outstanding Principal | $ 2,338 | [11],[12] | $ 2,328 | [10],[13] | |
Cost | 2,456 | [5],[11],[12] | 2,406 | [7],[10],[13] | |
Fair Value | $ 2,380 | [11],[12] | $ 2,406 | [10],[13] | |
Interest rate | [14] | 4.50% | |||
PIK interest | 9% | [11],[12],[14] | 9% | [10],[13],[15] | |
E-Commerce - Clothing and Accessories | Debt Investments | Trendly, Inc. | |||||
Outstanding Principal | $ 28,000 | $ 28,000 | |||
Cost | 29,624 | [5] | 29,156 | [7] | |
Fair Value | $ 29,513 | $ 29,156 | |||
E-Commerce - Clothing and Accessories | Debt Investments | Trendly, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 8.50% | 8.50% | |||
Basis spread on variable rate | 7.75% | 7.75% | |||
Interest rate floor | 11% | 11% | |||
Outstanding Principal | $ 19,500 | $ 19,500 | |||
Cost | 20,835 | [5] | 20,484 | [7] | |
Fair Value | $ 20,724 | $ 20,484 | |||
E-Commerce - Clothing and Accessories | Debt Investments | Trendly, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 8.50% | 8.50% | |||
Basis spread on variable rate | 7.75% | 7.75% | |||
Interest rate floor | 11% | 11% | |||
Outstanding Principal | $ 3,000 | $ 3,000 | |||
Cost | 3,081 | [5] | 3,034 | [7] | |
Fair Value | $ 3,081 | $ 3,034 | |||
E-Commerce - Clothing and Accessories | Debt Investments | Trendly, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 8.50% | 8.50% | |||
Basis spread on variable rate | 7.75% | 7.75% | |||
Interest rate floor | 11% | 11% | |||
Outstanding Principal | $ 5,500 | $ 5,500 | |||
Cost | 5,708 | [5] | 5,638 | [7] | |
Fair Value | $ 5,708 | $ 5,638 | |||
E-Commerce - Clothing and Accessories | Debt Investments | Dia Styling Co. | Growth Capital Loan | |||||
Interest rate EOT | 8.25% | ||||
Basis spread on variable rate | 4.75% | ||||
Interest rate floor | 13.25% | ||||
Outstanding Principal | $ 5,000 | ||||
Cost | [7] | 5,230 | |||
Fair Value | 5,164 | ||||
E-Commerce - Clothing and Accessories | Debt Investments | TFG Holding, Inc. | |||||
Outstanding Principal | 24,500 | ||||
Cost | [7] | 25,024 | |||
Fair Value | $ 23,270 | ||||
E-Commerce - Clothing and Accessories | Debt Investments | TFG Holding, Inc. | Growth Capital Loan | |||||
Interest rate EOT | [17] | 7.50% | |||
Basis spread on variable rate | [17] | 8.75% | |||
Interest rate floor | [17] | 12% | |||
Outstanding Principal | [17] | $ 10,500 | |||
Cost | [7],[17] | 11,004 | |||
Fair Value | [17] | $ 10,034 | |||
E-Commerce - Clothing and Accessories | Debt Investments | TFG Holding, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | [17] | 7.50% | |||
Basis spread on variable rate | [17] | 8.75% | |||
Interest rate floor | [17] | 12% | |||
Outstanding Principal | [17] | $ 7,000 | |||
Cost | [7],[17] | 7,018 | |||
Fair Value | [17] | $ 6,728 | |||
E-Commerce - Clothing and Accessories | Debt Investments | TFG Holding, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | [15],[17] | 7% | |||
Basis spread on variable rate | [15],[17] | 7.25% | |||
Interest rate floor | [15],[17] | 10.50% | |||
Outstanding Principal | [17] | $ 7,000 | |||
Cost | [7],[17] | 7,002 | |||
Fair Value | [17] | $ 6,508 | |||
E-Commerce - Clothing and Accessories | Warrant investments | |||||
Percent of net assets | 0.77% | [3] | 0.95% | [4] | |
Cost | $ 5,480 | [5],[6] | $ 6,242 | [7] | |
Fair Value | 2,714 | [6] | 3,306 | ||
E-Commerce - Clothing and Accessories | Warrant investments | FabFitFun, Inc. | |||||
Cost | 1,315 | [5],[6] | 1,315 | [7] | |
Fair Value | 624 | [6] | 838 | ||
E-Commerce - Clothing and Accessories | Warrant investments | FabFitFun, Inc. | Common Stock 1 | |||||
Cost | 375 | [5],[6] | 375 | [7] | |
Fair Value | $ 310 | [6] | $ 375 | ||
Shares | 117,338 | [6] | 117,338 | ||
E-Commerce - Clothing and Accessories | Warrant investments | FabFitFun, Inc. | Preferred Stock 1 | |||||
Cost | $ 940 | [5],[6] | $ 940 | [7] | |
Fair Value | $ 314 | [6] | $ 463 | ||
Shares | 331,048 | [6] | 331,048 | ||
E-Commerce - Clothing and Accessories | Warrant investments | Minted, Inc. | Preferred Stock 1 | |||||
Cost | $ 516 | [5],[6] | $ 516 | [7] | |
Fair Value | $ 249 | [6] | $ 249 | ||
Shares | 51,979 | [6] | 51,979 | ||
E-Commerce - Clothing and Accessories | Warrant investments | Outfittery GMBH | Cash Exit Fee | |||||
Cost | $ 1,850 | [5],[6],[11],[12] | $ 1,850 | [7],[10],[13] | |
Fair Value | 1,076 | [6],[11],[12] | 1,109 | [10],[13] | |
E-Commerce - Clothing and Accessories | Warrant investments | Trendly, Inc. | |||||
Cost | 425 | [5],[6] | 425 | [7] | |
Fair Value | 637 | [6] | 983 | ||
E-Commerce - Clothing and Accessories | Warrant investments | Trendly, Inc. | Preferred Stock 1 | |||||
Cost | 381 | [5],[6] | 381 | [7] | |
Fair Value | $ 598 | [6] | $ 914 | ||
Shares | 574,742 | [6] | 574,742 | ||
E-Commerce - Clothing and Accessories | Warrant investments | Trendly, Inc. | Preferred Stock 2 | |||||
Cost | $ 44 | [5],[6] | $ 44 | [7] | |
Fair Value | $ 39 | [6] | $ 69 | ||
Shares | 57,924 | [6] | 57,924 | ||
E-Commerce - Clothing and Accessories | Warrant investments | Rent the Runway, Inc. | |||||
Cost | $ 1,294 | [5],[6] | $ 1,294 | [7] | |
Fair Value | 1 | [6] | 0 | ||
E-Commerce - Clothing and Accessories | Warrant investments | Rent the Runway, Inc. | Common Stock 1 | |||||
Cost | 1,081 | [5],[6] | 1,081 | [7] | |
Fair Value | $ 1 | [6] | $ 0 | ||
Shares | 7,460 | [6] | 149,203 | ||
E-Commerce - Clothing and Accessories | Warrant investments | Rent the Runway, Inc. | Preferred Stock 1 | |||||
Cost | $ 213 | [5],[6] | $ 213 | [7] | |
Fair Value | $ 0 | [6] | $ 0 | ||
Shares | 4,402 | [6] | 88,037 | ||
E-Commerce - Clothing and Accessories | Warrant investments | Stance, Inc | Preferred Stock 1 | |||||
Cost | $ 41 | [5],[6] | $ 41 | [7] | |
Fair Value | $ 70 | [6] | $ 70 | ||
Shares | 75,000 | [6] | 75,000 | ||
E-Commerce - Clothing and Accessories | Warrant investments | Untuckit LLC | Cash Exit Fee | |||||
Cost | $ 39 | [5],[6] | $ 39 | [7] | |
Fair Value | $ 57 | [6] | 57 | ||
E-Commerce - Clothing and Accessories | Warrant investments | TFG Holding, Inc. | Common Stock 1 | |||||
Cost | [7] | 762 | |||
Fair Value | $ 0 | ||||
Shares | 229,330 | ||||
E-Commerce - Clothing and Accessories | Equity Investments | |||||
Percent of net assets | 0.13% | [3] | 0.14% | [4] | |
Cost | $ 500 | [5],[6] | $ 500 | [7] | |
Fair Value | 466 | [6] | 499 | ||
E-Commerce - Clothing and Accessories | Equity Investments | FabFitFun, Inc. | Preferred Stock 1 | |||||
Cost | 500 | [5],[6] | 500 | [7] | |
Fair Value | $ 466 | [6] | $ 499 | ||
Shares | 67,934 | [6] | 67,934 | ||
Entertainment | Debt Investments | |||||
Percent of net assets | 7.43% | [3] | 8.68% | [4] | |
Outstanding Principal | $ 60,219 | $ 58,812 | |||
Cost | 53,543 | [5] | 52,850 | [7] | |
Fair Value | 26,243 | 30,062 | |||
Entertainment | Debt Investments | Luminary Roli Limited | Growth Capital Loan | |||||
Outstanding Principal | 35,492 | [6],[11],[12] | 35,492 | [10],[13] | |
Cost | 29,530 | [5],[6],[11],[12] | 29,530 | [7],[10],[13] | |
Fair Value | 10,160 | [6],[11],[12] | 10,229 | [10],[13] | |
Entertainment | Debt Investments | Mind Candy Limited | |||||
Outstanding Principal | 24,727 | [11],[12],[18] | 23,320 | ||
Cost | 24,013 | [5],[11],[12],[18] | 23,320 | [7] | |
Fair Value | 16,083 | [11],[12],[18] | 19,833 | ||
Entertainment | Debt Investments | Mind Candy Limited | Growth Capital Loan | |||||
Outstanding Principal | 21,872 | [11],[12],[18] | 20,591 | [10],[13] | |
Cost | 21,222 | [5],[11],[12],[18] | 20,591 | [7],[10],[13] | |
Fair Value | $ 14,226 | [11],[12],[18] | $ 17,326 | [10],[13] | |
PIK interest | 12% | [11],[12],[14],[18] | 12% | [10],[13],[15] | |
Entertainment | Debt Investments | Mind Candy Limited | Growth Capital Loan 2 | |||||
Outstanding Principal | $ 1,477 | [11],[12],[18] | $ 1,412 | [10],[13] | |
Cost | 1,444 | [5],[11],[12],[18] | 1,412 | [7],[10],[13] | |
Fair Value | $ 961 | [11],[12],[18] | $ 1,297 | [10],[13] | |
PIK interest | 9% | [11],[12],[14],[18] | 9% | [10],[13],[15] | |
Entertainment | Debt Investments | Mind Candy Limited | Growth Capital Loan 3 | |||||
Outstanding Principal | $ 1,378 | [11],[12],[18] | $ 1,317 | [10],[13] | |
Cost | 1,347 | [5],[11],[12],[18] | 1,317 | [7],[10],[13] | |
Fair Value | $ 896 | [11],[12],[18] | $ 1,210 | [10],[13] | |
PIK interest | 9% | [11],[12],[14],[18] | 9% | [10],[13],[15] | |
Entertainment | Warrant investments | |||||
Percent of net assets | 0% | [3] | 0% | [4] | |
Cost | $ 922 | [5],[6] | $ 922 | [7] | |
Fair Value | 0 | [6] | 0 | ||
Entertainment | Warrant investments | Mind Candy, Inc. | Preferred Stock 1 | |||||
Cost | 922 | [5],[6],[11],[12] | 922 | [7],[10],[13] | |
Fair Value | $ 0 | [6],[11],[12] | $ 0 | [10],[13] | |
Shares | 278,209 | [6],[11],[12] | 278,209 | [10],[13] | |
Entertainment | Equity Investments | |||||
Percent of net assets | 0% | [3] | 0.09% | [4] | |
Cost | $ 3,525 | [5],[6] | $ 3,525 | [7] | |
Fair Value | 0 | [6] | 315 | ||
Entertainment | Equity Investments | Luminary Roli Limited | Ordinary Shares | |||||
Cost | 2,525 | [5],[6],[11],[12] | 2,525 | [7],[10],[13] | |
Fair Value | $ 0 | [6],[11],[12] | $ 315 | [10],[13] | |
Shares | 434,782 | [6],[11],[12] | 434,782 | [10],[13] | |
Entertainment | Equity Investments | Mind Candy, Inc. | Preferred Stock 1 | |||||
Cost | $ 1,000 | [5],[6],[11],[12] | $ 1,000 | [7],[10],[13] | |
Fair Value | $ 0 | [6],[11],[12] | $ 0 | [10],[13] | |
Shares | 511,665 | [6],[11],[12] | 511,665 | [10],[13] | |
Financial Institution and Services | Debt Investments | |||||
Percent of net assets | 10.10% | [3] | 9.73% | [4] | |
Outstanding Principal | $ 35,265 | [11],[12] | $ 34,166 | ||
Cost | 35,009 | [5],[11],[12] | 33,843 | [7] | |
Fair Value | $ 35,659 | [11],[12] | $ 33,709 | ||
Financial Institution and Services | Debt Investments | Prodigy Investments Limited | Growth Capital Loan | |||||
Basis spread on variable rate | [10],[13],[15] | 8% | |||
Interest rate floor | 14.28% | [11],[12],[14] | 14.28% | [10],[13],[15] | |
Outstanding Principal | $ 35,265 | [11],[12] | $ 34,166 | [10],[13] | |
Cost | 35,009 | [5],[11],[12] | 33,843 | [7],[10],[13] | |
Fair Value | $ 35,659 | [11],[12] | $ 33,709 | [10],[13] | |
Interest rate | [11],[12],[14] | 8% | |||
PIK interest | 6.28% | [11],[12],[14] | 6.28% | [10],[13],[15] | |
Financial Institution and Services | Warrant investments | |||||
Percent of net assets | 3.40% | [3] | 1.74% | [4] | |
Cost | $ 2,112 | [5],[6] | $ 2,112 | [7] | |
Fair Value | 12,018 | [6] | 6,035 | ||
Financial Institution and Services | Warrant investments | Prodigy Investments Limited | Ordinary Shares | |||||
Cost | 869 | [5],[6],[11],[12] | 869 | [7],[10],[13] | |
Fair Value | $ 948 | [6],[11],[12] | $ 609 | [10],[13] | |
Shares | 56,241 | [6],[11],[12] | 56,241 | [10],[13] | |
Financial Institution and Services | Warrant investments | BlueVine Capital, Inc. | Preferred Stock 1 | |||||
Cost | $ 361 | [5],[6] | $ 361 | [7] | |
Fair Value | $ 909 | [6] | $ 909 | ||
Shares | 271,293 | [6] | 271,293 | ||
Financial Institution and Services | Warrant investments | Revolut Ltd | |||||
Cost | $ 364 | [5],[6] | $ 364 | [7] | |
Fair Value | 8,796 | [6] | 3,143 | ||
Financial Institution and Services | Warrant investments | Revolut Ltd | Ordinary Shares 2 | |||||
Cost | 40 | [5],[6],[11],[12] | 40 | [7],[10],[13] | |
Fair Value | $ 4,043 | [6],[11],[12] | $ 1,504 | [10],[13] | |
Shares | 6,253 | [6],[11],[12] | 6,253 | [10],[13] | |
Financial Institution and Services | Warrant investments | Revolut Ltd | Ordinary Shares 3 | |||||
Cost | $ 324 | [5],[6],[11],[12] | $ 324 | [7] | |
Fair Value | $ 4,753 | [6],[11],[12] | $ 1,639 | ||
Shares | 7,945 | [6],[11],[12] | 7,945 | ||
Financial Institution and Services | Warrant investments | WorldRemit Group Limited | |||||
Cost | $ 518 | [5],[6] | $ 518 | [7] | |
Fair Value | 1,365 | [6] | 1,374 | ||
Financial Institution and Services | Warrant investments | WorldRemit Group Limited | Preferred Stock 1 | |||||
Cost | 382 | [5],[6],[11],[12] | 382 | [7],[10],[13] | |
Fair Value | $ 1,043 | [6],[11],[12] | $ 1,050 | [10],[13] | |
Shares | 128,290 | [6],[11],[12] | 128,290 | [10],[13] | |
Financial Institution and Services | Warrant investments | WorldRemit Group Limited | Preferred Stock 2 | |||||
Cost | $ 136 | [5],[6],[11],[12] | $ 136 | [7] | |
Fair Value | $ 322 | [6],[11],[12] | $ 324 | ||
Shares | 46,548 | [6],[11],[12] | 46,548 | ||
Financial Institution and Services | Equity Investments | |||||
Percent of net assets | 10.41% | [3] | 7.16% | [4] | |
Cost | $ 20,806 | [5],[6] | $ 20,006 | [7] | |
Fair Value | 36,746 | [6] | 24,793 | ||
Financial Institution and Services | Equity Investments | Prodigy Investments Limited | Preference Shares | |||||
Cost | 20,514 | [5],[6],[11],[12] | 19,714 | [7],[10],[13] | |
Fair Value | $ 18,973 | [6],[11],[12] | $ 17,773 | [10],[13] | |
Shares | 1,552 | [6],[11],[12] | 1,552 | [10],[13] | |
Financial Institution and Services | Equity Investments | Revolut Ltd | Preferred Stock 1 | |||||
Cost | $ 292 | [5],[6],[11],[12] | $ 292 | [7],[10],[13] | |
Fair Value | $ 17,773 | [6],[11],[12] | $ 7,020 | [10],[13] | |
Shares | 25,920 | [6],[11],[12] | 25,920 | [10],[13] | |
Financial Software | Debt Investments | |||||
Percent of net assets | 0.02% | [3] | 0.23% | [4] | |
Outstanding Principal | $ 732 | [18] | $ 811 | ||
Cost | 727 | [5],[18] | 821 | [7] | |
Fair Value | $ 56 | [18] | $ 811 | ||
Financial Software | Debt Investments | Synapse Financial Technologies, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 4% | [18] | 4% | ||
Basis spread on variable rate | 5.75% | [18] | 5.75% | ||
Interest rate floor | 9.75% | [18] | 9.75% | ||
Outstanding Principal | $ 732 | [18] | $ 811 | ||
Cost | 727 | [5],[18] | 821 | [7] | |
Fair Value | $ 56 | [18] | $ 811 | ||
Financial Software | Warrant investments | |||||
Percent of net assets | 0% | [3] | 0% | [4] | |
Cost | $ 23 | [5],[6] | $ 23 | [7] | |
Fair Value | 0 | [6] | 0 | ||
Financial Software | Warrant investments | Synapse Financial Technologies, Inc. | Nonvoting Stock | |||||
Cost | 23 | [5],[6] | 23 | [7] | |
Fair Value | $ 0 | [6] | $ 0 | ||
Shares | 3,913 | [6] | 3,913 | ||
Food & Drug | Debt Investments | |||||
Percent of net assets | 4.65% | [3] | 4.60% | [4] | |
Outstanding Principal | $ 15,000 | $ 15,000 | |||
Cost | 16,545 | [5] | 16,185 | [7] | |
Fair Value | $ 16,416 | $ 15,941 | |||
Food & Drug | Debt Investments | Capsule Corporation | Growth Capital Loan | |||||
Interest rate EOT | 13% | 13% | |||
Basis spread on variable rate | 7.75% | 7.75% | |||
Interest rate floor | 13% | 13% | |||
Outstanding Principal | $ 15,000 | $ 15,000 | |||
Cost | 16,545 | [5] | 16,185 | [7] | |
Fair Value | $ 16,416 | $ 15,941 | |||
Food & Drug | Warrant investments | |||||
Percent of net assets | 0.04% | [3] | 0.05% | [4] | |
Cost | $ 566 | [5],[6] | $ 566 | [7] | |
Fair Value | 157 | [6] | 157 | ||
Food & Drug | Warrant investments | Capsule Corporation | Preferred Stock 1 | |||||
Cost | 437 | [5],[6] | 437 | [7] | |
Fair Value | $ 34 | [6] | $ 34 | ||
Shares | 202,533 | [6] | 202,533 | ||
Food & Drug | Warrant investments | Capsule Corporation | Cash Exit Fee | |||||
Cost | $ 129 | [5],[6] | $ 129 | [7] | |
Fair Value | $ 123 | [6] | $ 123 | ||
Food & Drug | Equity Investments | |||||
Percent of net assets | 0.10% | [3] | 0.11% | [4] | |
Cost | $ 716 | [5],[6] | $ 716 | [7] | |
Fair Value | 369 | [6] | 369 | ||
Food & Drug | Equity Investments | Capsule Corporation | Preferred Stock 1 | |||||
Cost | 716 | [5],[6] | 716 | [7] | |
Fair Value | $ 369 | [6] | $ 369 | ||
Shares | 128,423 | [6] | 128,423 | ||
Healthcare Technology Systems | Debt Investments | |||||
Percent of net assets | 17.80% | [3] | 17.72% | [4] | |
Outstanding Principal | $ 62,751 | $ 61,155 | |||
Cost | 63,645 | [5] | 61,364 | [7] | |
Fair Value | 62,817 | 61,364 | |||
Healthcare Technology Systems | Debt Investments | Kalderos, Inc. | |||||
Outstanding Principal | 13,000 | 13,000 | |||
Cost | 13,159 | [5] | 12,971 | [7] | |
Fair Value | $ 13,159 | $ 12,971 | |||
Healthcare Technology Systems | Debt Investments | Kalderos, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 3% | 3% | |||
Basis spread on variable rate | 2.50% | 2.50% | |||
Interest rate floor | 8.75% | 8.75% | |||
Outstanding Principal | $ 1,200 | $ 1,200 | |||
Cost | 1,195 | [5] | 1,179 | [7] | |
Fair Value | $ 1,195 | $ 1,179 | |||
Healthcare Technology Systems | Debt Investments | Kalderos, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 3% | 3% | |||
Basis spread on variable rate | 2.50% | 2.50% | |||
Interest rate floor | 8.75% | 8.75% | |||
Outstanding Principal | $ 1,800 | $ 1,800 | |||
Cost | 1,792 | [5] | 1,768 | [7] | |
Fair Value | $ 1,792 | $ 1,768 | |||
Healthcare Technology Systems | Debt Investments | Kalderos, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 7.25% | 7.25% | |||
Basis spread on variable rate | 4.50% | 4.50% | |||
Interest rate floor | 10.75% | 10.75% | |||
Outstanding Principal | $ 10,000 | $ 10,000 | |||
Cost | 10,172 | [5] | 10,024 | [7] | |
Fair Value | $ 10,172 | $ 10,024 | |||
Healthcare Technology Systems | Debt Investments | K Health, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 4.75% | [14] | 4.75% | [15] | |
Basis spread on variable rate | 2.25% | [14] | 2.25% | [15] | |
Interest rate floor | 10% | [14] | 10% | [15] | |
Outstanding Principal | $ 5,000 | $ 5,000 | |||
Cost | 4,950 | [5] | 4,847 | [7] | |
Fair Value | 4,950 | 4,847 | |||
Healthcare Technology Systems | Debt Investments | Thirty Madison, Inc. | |||||
Outstanding Principal | 44,751 | ||||
Cost | [5] | 45,536 | |||
Fair Value | $ 44,708 | ||||
Healthcare Technology Systems | Debt Investments | Thirty Madison, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 6% | ||||
Basis spread on variable rate | 4.75% | ||||
Interest rate floor | 11% | ||||
Outstanding Principal | $ 20,000 | ||||
Cost | [5] | 20,454 | |||
Fair Value | $ 20,454 | ||||
Healthcare Technology Systems | Debt Investments | Thirty Madison, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 6% | ||||
Basis spread on variable rate | 4.75% | ||||
Interest rate floor | 11% | ||||
Outstanding Principal | $ 23,019 | ||||
Cost | [5] | 23,365 | |||
Fair Value | $ 22,592 | ||||
Healthcare Technology Systems | Debt Investments | Thirty Madison, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | [14] | 6% | |||
Basis spread on variable rate | [14] | 4.75% | |||
Interest rate floor | [14] | 11% | |||
Outstanding Principal | $ 1,732 | ||||
Cost | [5] | 1,717 | |||
Fair Value | $ 1,662 | ||||
Healthcare Technology Systems | Debt Investments | Thirty Madison, Inc. (f/k/a Nurx Inc.) | |||||
Outstanding Principal | 43,155 | ||||
Cost | [7] | 43,546 | |||
Fair Value | $ 43,546 | ||||
Healthcare Technology Systems | Debt Investments | Thirty Madison, Inc. (f/k/a Nurx Inc.) | Growth Capital Loan | |||||
Interest rate EOT | 6% | ||||
Basis spread on variable rate | 4.75% | ||||
Interest rate floor | 11% | ||||
Outstanding Principal | $ 20,000 | ||||
Cost | [7] | 20,176 | |||
Fair Value | $ 20,176 | ||||
Healthcare Technology Systems | Debt Investments | Thirty Madison, Inc. (f/k/a Nurx Inc.) | Growth Capital Loan 2 | |||||
Interest rate EOT | 6% | ||||
Basis spread on variable rate | 4.75% | ||||
Interest rate floor | 11% | ||||
Outstanding Principal | $ 21,535 | ||||
Cost | [7] | 21,777 | |||
Fair Value | $ 21,777 | ||||
Healthcare Technology Systems | Debt Investments | Thirty Madison, Inc. (f/k/a Nurx Inc.) | Growth Capital Loan 3 | |||||
Interest rate EOT | [15] | 6% | |||
Basis spread on variable rate | [15] | 4.75% | |||
Interest rate floor | [15] | 11% | |||
Outstanding Principal | $ 1,620 | ||||
Cost | [7] | 1,593 | |||
Fair Value | $ 1,593 | ||||
Healthcare Technology Systems | Warrant investments | |||||
Percent of net assets | 0.21% | [3] | 0.22% | [4] | |
Cost | $ 857 | [5],[6] | $ 857 | [7] | |
Fair Value | 758 | [6] | 754 | ||
Healthcare Technology Systems | Warrant investments | Kalderos, Inc. | Preferred Stock 1 | |||||
Cost | 167 | [5],[6] | 167 | [7] | |
Fair Value | $ 93 | [6] | $ 92 | ||
Shares | 73,606 | [6] | 73,606 | ||
Healthcare Technology Systems | Warrant investments | K Health, Inc. | Common Stock 1 | |||||
Cost | $ 187 | [5],[6] | $ 187 | [7] | |
Fair Value | $ 187 | [6] | $ 187 | ||
Shares | 61,224 | [6] | 61,224 | ||
Healthcare Technology Systems | Warrant investments | Curology, Inc. | Preferred Stock 1 | |||||
Cost | $ 58 | [5],[6] | $ 58 | [7] | |
Fair Value | $ 21 | [6] | $ 24 | ||
Shares | 36,020 | [6] | 36,020 | ||
Healthcare Technology Systems | Warrant investments | Thirty Madison, Inc. (f/k/a Nurx Inc.) | Preferred Stock 1 | |||||
Cost | $ 445 | [5],[6] | $ 445 | [7] | |
Fair Value | $ 457 | [6] | $ 451 | ||
Shares | 167,494 | [6] | 167,494 | ||
Healthcare Technology Systems | Equity Investments | |||||
Percent of net assets | 0.45% | [3] | 0.49% | [4] | |
Cost | $ 2,303 | [5],[6] | $ 2,303 | [7] | |
Fair Value | 1,584 | [6] | 1,681 | ||
Healthcare Technology Systems | Equity Investments | Kalderos, Inc. | Preferred Stock 1 | |||||
Cost | 325 | [5],[6] | 325 | [7] | |
Fair Value | $ 303 | [6] | $ 303 | ||
Shares | 45,403 | [6] | 45,403 | ||
Healthcare Technology Systems | Equity Investments | Curology, Inc. | |||||
Cost | $ 600 | [5],[6] | $ 600 | [7] | |
Fair Value | 218 | [6] | 248 | ||
Healthcare Technology Systems | Equity Investments | Curology, Inc. | Common Stock 1 | |||||
Cost | 404 | [5],[6] | 404 | [7] | |
Fair Value | $ 73 | [6] | $ 93 | ||
Shares | 142,855 | [6] | 142,855 | ||
Healthcare Technology Systems | Equity Investments | Curology, Inc. | Preferred Stock 1 | |||||
Cost | $ 196 | [5],[6] | $ 196 | [7] | |
Fair Value | $ 145 | [6] | $ 155 | ||
Shares | 66,000 | [6] | 66,000 | ||
Healthcare Technology Systems | Equity Investments | Thirty Madison, Inc. (f/k/a Nurx Inc.) | Preferred Stock 1 | |||||
Cost | $ 1,000 | [5],[6] | $ 1,000 | [7] | |
Fair Value | $ 725 | [6] | $ 757 | ||
Shares | 81,708 | [6] | 81,708 | ||
Healthcare Technology Systems | Equity Investments | Talkspace, LLC (f/k/a Groop Internet Platform, Inc.) | Common Stock 1 | |||||
Cost | $ 378 | [5],[6] | $ 378 | [7] | |
Fair Value | $ 338 | [6] | $ 373 | ||
Shares | 146,752 | [6] | 146,752 | ||
Information Services (B2C) | Debt Investments | |||||
Percent of net assets | 0.57% | [3] | 0.58% | [4] | |
Outstanding Principal | $ 2,000 | $ 2,000 | |||
Cost | 2,017 | [5] | 1,999 | [7] | |
Fair Value | $ 2,018 | $ 1,999 | |||
Information Services (B2C) | Debt Investments | Tempus Ex Machina, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 5.25% | 5.25% | |||
Basis spread on variable rate | 5% | 5% | |||
Interest rate floor | 10.50% | 10.50% | |||
Outstanding Principal | $ 1,000 | $ 1,000 | |||
Cost | 1,011 | [5] | 1,002 | [7] | |
Fair Value | $ 1,011 | $ 1,002 | |||
Information Services (B2C) | Debt Investments | Tempus Ex Machina, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 5.50% | 5.50% | |||
Basis spread on variable rate | 5.25% | 5.25% | |||
Interest rate floor | 11.25% | 11.25% | |||
Outstanding Principal | $ 1,000 | $ 1,000 | |||
Cost | 1,006 | [5] | 997 | [7] | |
Fair Value | $ 1,007 | $ 997 | |||
Information Services (B2C) | Warrant investments | |||||
Percent of net assets | 0% | [3] | 0% | [4] | |
Cost | $ 9 | [5],[6] | $ 9 | [7] | |
Fair Value | 5 | [6] | 9 | ||
Information Services (B2C) | Warrant investments | Tempus Ex Machina, Inc. | Preferred Stock 1 | |||||
Cost | 9 | [5],[6] | 9 | [7] | |
Fair Value | $ 5 | [6] | $ 9 | ||
Shares | 11,974 | [6] | 11,974 | ||
Multimedia and Design Software | Debt Investments | |||||
Percent of net assets | 5.71% | [3] | 5.77% | [4] | |
Outstanding Principal | $ 20,000 | $ 20,000 | |||
Cost | 20,170 | [5] | 19,968 | [7] | |
Fair Value | $ 20,170 | $ 19,968 | |||
Multimedia and Design Software | Debt Investments | Hover Inc. | Growth Capital Loan | |||||
Interest rate EOT | 5.50% | 5.50% | |||
Basis spread on variable rate | 4.75% | 4.75% | |||
Interest rate floor | 9.50% | 9.50% | |||
Outstanding Principal | $ 20,000 | $ 20,000 | |||
Cost | 20,170 | [5] | 19,968 | [7] | |
Fair Value | $ 20,170 | $ 19,968 | |||
Multimedia and Design Software | Warrant investments | |||||
Percent of net assets | 0.10% | [3] | 0.11% | [4] | |
Cost | $ 316 | [5],[6] | $ 316 | [7] | |
Fair Value | 364 | [6] | 364 | ||
Multimedia and Design Software | Warrant investments | Hover Inc. | Preferred Stock 1 | |||||
Cost | 309 | [5],[6] | 309 | [7] | |
Fair Value | $ 360 | [6] | $ 360 | ||
Shares | 183,642 | [6] | 183,642 | ||
Multimedia and Design Software | Warrant investments | Open Space Labs, Inc. | Preferred Stock 1 | |||||
Cost | $ 7 | [5],[6] | $ 7 | [7] | |
Fair Value | $ 4 | [6] | $ 4 | ||
Shares | 2,954 | [6] | 2,954 | ||
Multimedia and Design Software | Equity Investments | |||||
Percent of net assets | 0.07% | [3] | 0.08% | [4] | |
Cost | $ 231 | [5],[6] | $ 231 | [7] | |
Fair Value | 263 | [6] | 263 | ||
Multimedia and Design Software | Equity Investments | Hover Inc. | Preferred Stock 1 | |||||
Cost | 231 | [5],[6] | 231 | [7] | |
Fair Value | $ 263 | [6] | $ 263 | ||
Shares | 42,378 | [6] | 42,378 | ||
Other Financial Services | Debt Investments | |||||
Percent of net assets | 7.54% | [3] | 7.54% | [4] | |
Outstanding Principal | $ 27,035 | $ 27,035 | |||
Cost | 27,475 | [5] | 27,160 | [7] | |
Fair Value | 26,618 | 26,112 | |||
Other Financial Services | Debt Investments | Jerry Services, Inc. | |||||
Outstanding Principal | 20,000 | 20,000 | |||
Cost | 20,536 | [5] | 20,245 | [7] | |
Fair Value | $ 20,338 | $ 19,987 | |||
Other Financial Services | Debt Investments | Jerry Services, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 8.25% | 8.25% | |||
Outstanding Principal | $ 10,000 | $ 10,000 | |||
Cost | 10,401 | [5] | 10,250 | [7] | |
Fair Value | $ 10,241 | $ 10,036 | |||
Interest rate | 10% | 10% | |||
Other Financial Services | Debt Investments | Jerry Services, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 8.25% | 8.25% | |||
Outstanding Principal | $ 10,000 | $ 10,000 | |||
Cost | 10,135 | [5] | 9,995 | [7] | |
Fair Value | $ 10,097 | $ 9,951 | |||
Interest rate | 13.75% | 13.75% | |||
Other Financial Services | Debt Investments | Monzo Bank Limited | Growth Capital Loan 2 | |||||
Outstanding Principal | $ 7,035 | [11],[12] | $ 7,035 | [10],[13] | |
Cost | 6,939 | [5],[11],[12] | 6,915 | [7],[10],[13] | |
Fair Value | $ 6,280 | [11],[12] | $ 6,125 | [10],[13] | |
Interest rate | 12% | [11],[12],[14] | 12% | [10],[13],[15] | |
Other Financial Services | Warrant investments | |||||
Percent of net assets | 0.38% | [3] | 0.40% | [4] | |
Cost | $ 877 | [5],[6] | $ 877 | [7] | |
Fair Value | 1,352 | [6] | 1,369 | ||
Other Financial Services | Warrant investments | Jerry Services, Inc. | Preferred Stock 1 | |||||
Cost | 169 | [5],[6] | 169 | [7] | |
Fair Value | $ 100 | [6] | $ 100 | ||
Shares | 41,936 | [6] | 41,936 | ||
Other Financial Services | Warrant investments | Monzo Bank Limited | Ordinary Shares | |||||
Cost | $ 161 | [5],[6],[11],[12] | $ 161 | [7],[10],[13] | |
Fair Value | $ 429 | [6],[11],[12] | $ 446 | [10],[13] | |
Shares | 64,813 | [6],[11],[12] | 64,813 | [10],[13] | |
Other Financial Services | Warrant investments | N26 GmbH | Preferred Stock 1 | |||||
Cost | $ 324 | [5],[6],[11],[12] | $ 324 | [7],[10],[13] | |
Fair Value | $ 228 | [6],[11],[12] | $ 235 | [10],[13] | |
Shares | 11 | [6],[11],[12] | 11 | [10],[13] | |
Other Financial Services | Warrant investments | Upgrade, Inc. | Preferred Stock 1 | |||||
Cost | $ 223 | [5],[6] | $ 223 | [7] | |
Fair Value | $ 595 | [6] | $ 588 | ||
Shares | 1,488,450 | [6] | 1,488,450 | ||
Other Financial Services | Equity Investments | |||||
Percent of net assets | 0.98% | [3] | 1.04% | [4] | |
Cost | $ 2,984 | [5],[6] | $ 2,984 | [7] | |
Fair Value | 3,454 | [6] | 3,611 | ||
Other Financial Services | Equity Investments | Jerry Services, Inc. | Preferred Stock 1 | |||||
Cost | 104 | [5],[6] | 104 | [7] | |
Fair Value | $ 74 | [6] | $ 74 | ||
Shares | 8,231 | [6] | 8,231 | ||
Other Financial Services | Equity Investments | Monzo Bank Limited | |||||
Cost | $ 1,516 | [5],[6],[11],[12] | $ 1,516 | [7] | |
Fair Value | 1,826 | [6],[11],[12] | 1,940 | ||
Other Financial Services | Equity Investments | Monzo Bank Limited | Ordinary Shares | |||||
Cost | 1,000 | [5],[6],[11],[12] | 1,000 | [7],[10],[13] | |
Fair Value | $ 1,347 | [6],[11],[12] | $ 1,430 | [10],[13] | |
Shares | 92,901 | [6],[11],[12] | 92,901 | [10],[13] | |
Other Financial Services | Equity Investments | Monzo Bank Limited | Ordinary Shares 2 | |||||
Cost | $ 516 | [5],[6],[11],[12] | $ 516 | [7] | |
Fair Value | $ 479 | [6],[11],[12] | $ 510 | ||
Shares | 26,281 | [6],[11],[12] | 26,281 | ||
Other Financial Services | Equity Investments | N26 GmbH | Preferred Stock 1 | |||||
Cost | $ 1,264 | [5],[6],[11],[12] | $ 1,264 | [7] | |
Fair Value | $ 1,454 | [6],[11],[12] | $ 1,497 | ||
Shares | 22 | [6],[11],[12] | 22 | ||
Other Financial Services | Equity Investments | Redesign Health Inc. | Preferred Stock 1 | |||||
Cost | $ 100 | [5],[6] | $ 100 | [7] | |
Fair Value | $ 100 | [6] | $ 100 | ||
Shares | 5,919 | [6] | 5,919 | ||
Real Estate Services | Debt Investments | |||||
Percent of net assets | 6.62% | [3] | 13.06% | [4] | |
Outstanding Principal | $ 22,984 | $ 44,976 | |||
Cost | 23,924 | [5] | 45,785 | [7] | |
Fair Value | 23,369 | 45,232 | |||
Real Estate Services | Debt Investments | Homeward, Inc. | |||||
Outstanding Principal | 13,006 | 15,000 | |||
Cost | 13,614 | [5] | 15,453 | [7] | |
Fair Value | $ 13,021 | $ 15,038 | |||
Real Estate Services | Debt Investments | Homeward, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 9.75% | 9.75% | |||
Basis spread on variable rate | 6.50% | 6.50% | |||
Interest rate floor | 9.75% | 9.75% | |||
Outstanding Principal | $ 10,000 | $ 10,000 | |||
Cost | 10,522 | [5] | 10,418 | [7] | |
Fair Value | $ 9,954 | $ 10,049 | |||
Real Estate Services | Debt Investments | Homeward, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 2.25% | 2.25% | |||
Basis spread on variable rate | 6.25% | 6.25% | |||
Interest rate floor | 9.50% | 9.50% | |||
Outstanding Principal | $ 3,006 | $ 5,000 | |||
Cost | 3,092 | [5] | 5,035 | [7] | |
Fair Value | 3,067 | 4,989 | |||
Real Estate Services | Debt Investments | True Footage Inc. | |||||
Outstanding Principal | 9,978 | 9,976 | |||
Cost | 10,310 | [5] | 10,145 | [7] | |
Fair Value | $ 10,348 | $ 10,007 | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 250 | $ 250 | |||
Cost | 262 | [5] | 258 | [7] | |
Fair Value | $ 263 | $ 256 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 6% | 6% | |||
Outstanding Principal | $ 800 | $ 800 | |||
Cost | 834 | [5] | 822 | [7] | |
Fair Value | $ 836 | $ 813 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 220 | $ 220 | |||
Cost | 231 | [5] | 227 | [7] | |
Fair Value | $ 232 | $ 225 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 4 | |||||
Interest rate EOT | 8% | 8% | |||
Outstanding Principal | $ 105 | $ 105 | |||
Cost | 111 | [5] | 109 | [7] | |
Fair Value | $ 111 | $ 108 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 5 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 440 | $ 440 | |||
Cost | 462 | [5] | 455 | [7] | |
Fair Value | $ 463 | $ 450 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 6 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 208 | $ 208 | |||
Cost | 219 | [5] | 215 | [7] | |
Fair Value | $ 219 | $ 213 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 7 | |||||
Interest rate EOT | 8% | 8% | |||
Outstanding Principal | $ 150 | $ 150 | |||
Cost | 159 | [5] | 156 | [7] | |
Fair Value | $ 159 | $ 154 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 8 | |||||
Interest rate EOT | 6% | 6% | |||
Outstanding Principal | $ 1,372 | $ 1,372 | |||
Cost | 1,431 | [5] | 1,409 | [7] | |
Fair Value | $ 1,434 | $ 1,395 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 9 | |||||
Interest rate EOT | 6% | 6% | |||
Outstanding Principal | $ 760 | $ 760 | |||
Cost | 793 | [5] | 780 | [7] | |
Fair Value | $ 794 | $ 772 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 10 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 170 | $ 170 | |||
Cost | 178 | [5] | 175 | [7] | |
Fair Value | $ 179 | $ 173 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 11 | |||||
Interest rate EOT | 8% | 8% | |||
Outstanding Principal | $ 116 | $ 115 | |||
Cost | 122 | [5] | 119 | [7] | |
Fair Value | $ 122 | $ 118 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 12 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 300 | $ 300 | |||
Cost | 313 | [5] | 307 | [7] | |
Fair Value | $ 314 | $ 304 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 13 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 1,110 | $ 1,109 | |||
Cost | 1,153 | [5] | 1,135 | [7] | |
Fair Value | $ 1,157 | $ 1,119 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 14 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 991 | $ 991 | |||
Cost | 1,027 | [5] | 1,010 | [7] | |
Fair Value | $ 1,031 | $ 996 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 15 | |||||
Interest rate EOT | 8% | 8% | |||
Outstanding Principal | $ 216 | $ 216 | |||
Cost | 225 | [5] | 221 | [7] | |
Fair Value | $ 226 | $ 217 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 16 | |||||
Interest rate EOT | 6% | 6% | |||
Outstanding Principal | $ 200 | $ 200 | |||
Cost | 204 | [5] | 201 | [7] | |
Fair Value | $ 205 | $ 198 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 17 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 100 | $ 100 | |||
Cost | 103 | [5] | 101 | [7] | |
Fair Value | $ 103 | $ 100 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 18 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 150 | $ 150 | |||
Cost | 152 | [5] | 150 | [7] | |
Fair Value | $ 153 | $ 147 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 19 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 361 | $ 361 | |||
Cost | 366 | [5] | 360 | [7] | |
Fair Value | $ 368 | $ 354 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 20 | |||||
Interest rate EOT | 6% | 6% | |||
Outstanding Principal | $ 565 | $ 565 | |||
Cost | 571 | [5] | 562 | [7] | |
Fair Value | $ 574 | $ 552 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 21 | |||||
Interest rate EOT | 6% | 6% | |||
Outstanding Principal | $ 240 | $ 240 | |||
Cost | 239 | [5] | 236 | [7] | |
Fair Value | $ 241 | $ 231 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 22 | |||||
Interest rate EOT | 7% | 7% | |||
Outstanding Principal | $ 434 | $ 434 | |||
Cost | 433 | [5] | 427 | [7] | |
Fair Value | $ 437 | $ 418 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | True Footage Inc. | Growth Capital Loan 23 | |||||
Interest rate EOT | 8% | 8% | |||
Outstanding Principal | $ 720 | $ 720 | |||
Cost | 722 | [5] | 710 | [7] | |
Fair Value | $ 727 | $ 694 | |||
Interest rate | 11% | 11% | |||
Real Estate Services | Debt Investments | Mynd Management, Inc. | |||||
Outstanding Principal | $ 20,000 | ||||
Cost | [7] | 20,187 | |||
Fair Value | $ 20,187 | ||||
Real Estate Services | Debt Investments | Mynd Management, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 6% | ||||
Basis spread on variable rate | 6% | ||||
Interest rate floor | 9.50% | ||||
Outstanding Principal | $ 6,000 | ||||
Cost | [7] | 6,188 | |||
Fair Value | $ 6,188 | ||||
Real Estate Services | Debt Investments | Mynd Management, Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 6% | ||||
Basis spread on variable rate | 6% | ||||
Interest rate floor | 9.50% | ||||
Outstanding Principal | $ 4,000 | ||||
Cost | [7] | 4,027 | |||
Fair Value | $ 4,027 | ||||
Real Estate Services | Debt Investments | Mynd Management, Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | [15] | 4% | |||
Basis spread on variable rate | [15] | 5.25% | |||
Interest rate floor | [15] | 13.50% | |||
Outstanding Principal | $ 10,000 | ||||
Cost | [7] | 9,972 | |||
Fair Value | $ 9,972 | ||||
Real Estate Services | Warrant investments | |||||
Percent of net assets | 0.16% | [3] | 0.18% | [4] | |
Cost | $ 1,072 | [5],[6] | $ 1,072 | [7] | |
Fair Value | 576 | [6] | 614 | ||
Real Estate Services | Warrant investments | Homeward, Inc. | Preferred Stock 1 | |||||
Cost | 211 | [5],[6] | 211 | [7] | |
Fair Value | $ 6 | [6] | $ 33 | ||
Shares | 71,816 | [6] | 71,816 | ||
Real Estate Services | Warrant investments | True Footage Inc. | Preferred Stock 1 | |||||
Cost | $ 147 | [5],[6] | $ 147 | [7] | |
Fair Value | $ 282 | [6] | $ 282 | ||
Shares | 88,762 | [6] | 88,762 | ||
Real Estate Services | Warrant investments | Belong Home, Inc. | Preferred Stock 1 | |||||
Cost | $ 6 | [5],[6] | $ 6 | [7] | |
Fair Value | $ 16 | [6] | $ 15 | ||
Shares | 7,730 | [6] | 7,730 | ||
Real Estate Services | Warrant investments | HomeLight, Inc. | |||||
Cost | $ 120 | [5],[6] | $ 120 | [7] | |
Fair Value | 150 | [6] | 150 | ||
Real Estate Services | Warrant investments | HomeLight, Inc. | Preferred Stock 1 | |||||
Cost | 44 | [5],[6] | 44 | [7] | |
Fair Value | $ 89 | [6] | $ 89 | ||
Shares | 54,004 | [6] | 54,004 | ||
Real Estate Services | Warrant investments | HomeLight, Inc. | Preferred Stock 2 | |||||
Cost | $ 76 | [5],[6] | $ 76 | [7] | |
Fair Value | $ 61 | [6] | $ 61 | ||
Shares | 55,326 | [6] | 55,326 | ||
Real Estate Services | Warrant investments | McN Investments Ltd. | Preferred Stock 1 | |||||
Cost | $ 295 | [5],[6],[11],[12] | $ 295 | [7],[10],[13] | |
Fair Value | $ 117 | [6],[11],[12] | $ 116 | [10],[13] | |
Shares | 37,485 | [6],[11],[12] | 37,485 | [10],[13] | |
Real Estate Services | Warrant investments | Mynd Management, Inc. | Preferred Stock 1 | |||||
Cost | $ 19 | [5],[6] | $ 19 | [7] | |
Fair Value | $ 5 | [6] | $ 18 | ||
Shares | 26,765 | [6] | 26,765 | ||
Real Estate Services | Warrant investments | Sonder Holdings Inc. | |||||
Cost | $ 274 | [5],[6] | $ 274 | [7] | |
Fair Value | 0 | [6] | 0 | ||
Real Estate Services | Warrant investments | Sonder Holdings Inc. | Common Stock 1 | |||||
Cost | 232 | [5],[6] | 232 | [7] | |
Fair Value | $ 0 | [6] | $ 0 | ||
Shares | 10,024 | [6] | 10,024 | ||
Real Estate Services | Warrant investments | Sonder Holdings Inc. | Common Stock 2 | |||||
Cost | $ 42 | [5],[6] | $ 42 | [7] | |
Fair Value | $ 0 | [6] | $ 0 | ||
Shares | 1,049 | [6] | 1,049 | ||
Real Estate Services | Equity Investments | |||||
Percent of net assets | 0.10% | [3] | 0.11% | [4] | |
Cost | $ 741 | [5],[6] | $ 741 | [7] | |
Fair Value | 370 | [6] | 367 | ||
Real Estate Services | Equity Investments | True Footage Inc. | Preferred Stock 1 | |||||
Cost | 100 | [5],[6] | 100 | [7] | |
Fair Value | $ 122 | [6] | $ 122 | ||
Shares | 18,366 | [6] | 18,366 | ||
Real Estate Services | Equity Investments | Belong Home, Inc. | Preferred Stock 1 | |||||
Cost | $ 29 | [5],[6] | $ 29 | [7] | |
Fair Value | $ 29 | [6] | $ 29 | ||
Shares | 6,033 | [6] | 6,033 | ||
Real Estate Services | Equity Investments | McN Investments Ltd. | Preferred Stock 1 | |||||
Cost | $ 300 | [5],[6],[11],[12] | $ 300 | [7],[10],[13] | |
Fair Value | $ 209 | [6],[11],[12] | $ 209 | [10],[13] | |
Shares | 11,246 | [6],[11],[12] | 11,246 | [10],[13] | |
Real Estate Services | Equity Investments | Sonder Holdings Inc. | Common Stock 1 | |||||
Cost | $ 312 | [5],[6] | $ 312 | [7] | |
Fair Value | $ 10 | [6] | $ 7 | ||
Shares | 2,186 | [6] | 2,186 | ||
Shopping Facilitators | Debt Investments | |||||
Percent of net assets | 7.28% | [3] | 8.37% | [4] | |
Outstanding Principal | $ 27,500 | $ 27,500 | |||
Cost | 26,579 | [5] | 28,977 | [7] | |
Fair Value | $ 25,685 | $ 28,977 | |||
Shopping Facilitators | Debt Investments | Moda Operandi, Inc. | Growth Capital Loan | |||||
Interest rate EOT | 7% | [18] | 7% | ||
Basis spread on variable rate | 8.75% | [18] | 8.75% | ||
Interest rate floor | 12% | [18] | 12% | ||
Outstanding Principal | $ 27,500 | [18] | $ 27,500 | ||
Cost | 26,579 | [5],[18] | 28,977 | [7] | |
Fair Value | $ 25,685 | [18] | $ 28,977 | ||
Shopping Facilitators | Warrant investments | |||||
Percent of net assets | 0.04% | [3] | 0.06% | [4] | |
Cost | $ 211 | [5],[6] | $ 211 | [7] | |
Fair Value | 138 | [6] | 219 | ||
Shopping Facilitators | Warrant investments | Moda Operandi, Inc. | Preferred Units | |||||
Cost | 169 | [5],[6] | 169 | [7] | |
Fair Value | $ 0 | [6] | $ 80 | ||
Shares | 36,450 | [6] | 36,450 | ||
Shopping Facilitators | Warrant investments | OfferUp Inc | Preferred Stock 1 | |||||
Cost | $ 42 | [5],[6] | $ 42 | [7] | |
Fair Value | $ 138 | [6] | $ 139 | ||
Shares | 131,006 | [6] | 131,006 | ||
Travel & Leisure | Debt Investments | |||||
Percent of net assets | 8.76% | [3] | 8.69% | [4] | |
Outstanding Principal | $ 30,000 | $ 30,000 | |||
Cost | 31,299 | [5] | 30,972 | [7] | |
Fair Value | $ 30,931 | $ 30,104 | |||
Travel & Leisure | Debt Investments | Omio Corp. fka.GoEuro Corp. | Growth Capital Loan | |||||
Interest rate EOT | [11],[12] | 10.50% | |||
Outstanding Principal | [11],[12] | $ 20,000 | |||
Cost | [5],[11],[12] | 20,887 | |||
Fair Value | [11],[12] | $ 20,641 | |||
Interest rate | [11],[12] | 12% | |||
Travel & Leisure | Debt Investments | Omio Corp. fka.GoEuro Corp. | Growth Capital Loan 2 | |||||
Interest rate EOT | [11],[12] | 10.50% | |||
Outstanding Principal | [11],[12] | $ 10,000 | |||
Cost | [5],[11],[12] | 10,412 | |||
Fair Value | [11],[12] | $ 10,290 | |||
Interest rate | [11],[12] | 12% | |||
Travel & Leisure | Debt Investments | GoEuro Corp. | Growth Capital Loan | |||||
Interest rate EOT | [10],[13] | 10.50% | |||
Outstanding Principal | [10],[13] | $ 20,000 | |||
Cost | [7],[10],[13] | 20,673 | |||
Fair Value | [10],[13] | $ 20,093 | |||
Interest rate | [10],[13] | 12% | |||
Travel & Leisure | Debt Investments | GoEuro Corp. | Growth Capital Loan 2 | |||||
Interest rate EOT | [10],[13] | 10.50% | |||
Outstanding Principal | [10],[13] | $ 10,000 | |||
Cost | [7],[10],[13] | 10,299 | |||
Fair Value | [10],[13] | $ 10,011 | |||
Interest rate | [10],[13] | 12% | |||
Travel & Leisure | Warrant investments | |||||
Percent of net assets | 0.62% | [3] | 0.41% | [4] | |
Cost | $ 1,357 | [5],[6] | $ 1,358 | [7] | |
Fair Value | 2,182 | [6] | 1,437 | ||
Travel & Leisure | Warrant investments | GoEuro Corp. | Preferred Stock 1 | |||||
Cost | 361 | [5],[6],[11],[12] | 996 | [7] | |
Fair Value | $ 405 | [6],[11],[12] | $ 1,032 | ||
Shares | 12,027 | [6],[11],[12] | 24,066 | ||
Travel & Leisure | Warrant investments | GoEuro Corp. | Preferred Stock 2 | |||||
Cost | [6],[11],[12] | $ 611 | |||
Fair Value | [6],[11],[12] | $ 697 | |||
Shares | [6],[11],[12] | 16,261 | |||
Travel & Leisure | Warrant investments | GoEuro Corp. | Preferred Units | |||||
Cost | [7],[10],[13] | $ 362 | |||
Fair Value | [10],[13] | $ 405 | |||
Shares | [10],[13] | 12,027 | |||
Travel & Leisure | Warrant investments | GoEuro Corp. | Preferred Stock 3 | |||||
Cost | [5],[6],[11],[12] | $ 385 | |||
Fair Value | [6],[11],[12] | $ 1,080 | |||
Shares | [6],[11],[12] | 17,904 | |||
Travel & Leisure | Equity Investments | |||||
Percent of net assets | 0.35% | [3] | 0.36% | [4] | |
Cost | $ 1,211 | [5],[6] | $ 1,210 | [7] | |
Fair Value | 1,234 | [6] | 1,235 | ||
Travel & Leisure | Equity Investments | GoEuro Corp. | |||||
Cost | 923 | [5],[6],[11],[12] | 923 | [7] | |
Fair Value | 1,213 | [6],[11],[12] | 1,213 | ||
Travel & Leisure | Equity Investments | GoEuro Corp. | Preferred Stock 1 | |||||
Cost | 300 | [5],[6],[11],[12] | 300 | [7],[10],[13] | |
Fair Value | $ 295 | [6],[11],[12] | $ 295 | [10],[13] | |
Shares | 2,362 | [6],[11],[12] | 2,362 | [10],[13] | |
Travel & Leisure | Equity Investments | GoEuro Corp. | Preferred Stock 2 | |||||
Cost | $ 623 | [5],[6],[11],[12] | $ 623 | [7],[10],[13] | |
Fair Value | $ 918 | [6],[11],[12] | $ 918 | [10],[13] | |
Shares | 9,169 | [6],[11],[12] | 9,169 | [10],[13] | |
Travel & Leisure | Equity Investments | Inspirato LLC | Common Stock 1 | |||||
Cost | $ 288 | [5],[6] | $ 287 | [7] | |
Fair Value | $ 21 | [6] | $ 22 | ||
Shares | 6,081 | [6] | 6,081 | ||
Advertising / Marketing | Warrant investments | |||||
Percent of net assets | 0% | [3] | 0% | [4] | |
Cost | $ 35 | [5],[6] | $ 35 | [7] | |
Fair Value | 13 | [6] | 13 | ||
Advertising / Marketing | Warrant investments | InMobi Pte Ltd. | Ordinary Shares | |||||
Cost | 35 | [5],[6],[11],[12] | 35 | [7],[10],[13] | |
Fair Value | $ 13 | [6],[11],[12] | $ 13 | [10],[13] | |
Shares | 48,500 | [6],[11],[12] | 48,500 | [10],[13] | |
Business to Business Marketplace | Warrant investments | |||||
Percent of net assets | 0.05% | [3] | 0.05% | [4] | |
Cost | $ 120 | [5],[6] | $ 120 | [7] | |
Fair Value | 178 | [6] | 178 | ||
Business to Business Marketplace | Warrant investments | Optoro, Inc. | Preferred Stock 1 | |||||
Cost | 40 | [5],[6] | 40 | [7] | |
Fair Value | $ 67 | [6] | $ 67 | ||
Shares | 10,346 | [6] | 10,346 | ||
Business to Business Marketplace | Warrant investments | RetailNext, Inc. | Preferred Stock 1 | |||||
Cost | $ 80 | [5],[6] | $ 80 | [7] | |
Fair Value | $ 111 | [6] | $ 111 | ||
Shares | 123,420 | [6] | 123,420 | ||
Commercial Services | Warrant investments | |||||
Percent of net assets | 0.05% | [3] | 0.05% | [4] | |
Cost | $ 188 | [5],[6] | $ 188 | [7] | |
Fair Value | 188 | [6] | 188 | ||
Commercial Services | Warrant investments | Transfix, Inc. | Preferred Stock 1 | |||||
Cost | 188 | [5],[6] | 188 | [7] | |
Fair Value | $ 188 | [6] | $ 188 | ||
Shares | 133,502 | [6] | 133,502 | ||
Commercial Services | Equity Investments | |||||
Percent of net assets | 0.07% | [3] | 0.07% | [4],[16] | |
Cost | $ 1,240 | [5],[6] | $ 1,240 | [7],[16] | |
Fair Value | 242 | [6] | 247 | [16] | |
Commercial Services | Equity Investments | MXP Prime GmbH | |||||
Cost | 1,190 | [5],[6],[11],[12] | 1,190 | [7],[16] | |
Fair Value | 192 | [6],[11],[12] | 197 | [16] | |
Commercial Services | Equity Investments | MXP Prime GmbH | Common Stock 1 | |||||
Cost | 1,140 | [5],[6],[11],[12] | 1,140 | [7],[10],[13],[16] | |
Fair Value | $ 12 | [6],[11],[12] | $ 12 | [10],[13],[16] | |
Shares | 165 | [6],[11],[12] | 165 | [10],[13],[16] | |
Commercial Services | Equity Investments | MXP Prime GmbH | Preferred Stock 1 | |||||
Cost | [5],[6],[11],[12] | $ 0 | |||
Fair Value | [6],[11],[12] | $ 131 | |||
Shares | [6],[11],[12] | 23 | |||
Commercial Services | Equity Investments | MXP Prime GmbH | Preferred Stock 2 | |||||
Cost | [5],[6],[11],[12] | $ 50 | |||
Fair Value | [6],[11],[12] | $ 49 | |||
Shares | [6],[11],[12] | 46 | |||
Commercial Services | Equity Investments | MXP Prime GmbH | Preferred Stock 3 | |||||
Cost | [7],[16] | $ 0 | |||
Fair Value | [16] | $ 134 | |||
Shares | [16] | 23 | |||
Commercial Services | Equity Investments | MXP Prime GmbH | Preferred Stock 4 | |||||
Cost | [7],[16] | $ 50 | |||
Fair Value | [16] | $ 51 | |||
Shares | [16] | 46 | |||
Commercial Services | Equity Investments | Printify, Inc. | Preferred Stock 1 | |||||
Cost | $ 50 | [5],[6] | $ 50 | [7],[16] | |
Fair Value | $ 50 | [6] | $ 50 | [16] | |
Shares | 13,850 | [6] | 13,850 | [16] | |
Computer Hardware | Warrant investments | |||||
Percent of net assets | 0.03% | [3] | 0.03% | [4] | |
Cost | $ 183 | [5],[6] | $ 183 | [7] | |
Fair Value | 121 | [6] | 121 | ||
Computer Hardware | Warrant investments | Grey Orange International Inc. | Preferred Stock 1 | |||||
Cost | 183 | [5],[6] | 183 | [7] | |
Fair Value | $ 121 | [6] | $ 121 | ||
Shares | 52,773 | [6] | 52,773 | ||
Consumer Finance | Debt Investments | |||||
Percent of net assets | [4] | 0% | |||
Outstanding Principal | $ 0 | ||||
Cost | [7] | 0 | |||
Fair Value | $ 0 | ||||
Consumer Finance | Debt Investments | Activehours, Inc. (d/b/a Earnin) | Revolver | |||||
Basis spread on variable rate | [15] | 4.25% | |||
Interest rate floor | [15] | 11.75% | |||
Outstanding Principal | $ 0 | ||||
Cost | [7] | 0 | |||
Fair Value | $ 0 | ||||
Consumer Finance | Warrant investments | |||||
Percent of net assets | 0.21% | [3] | 0.26% | [4] | |
Cost | $ 370 | [5],[6] | $ 365 | [7] | |
Fair Value | 726 | [6] | 896 | ||
Consumer Finance | Warrant investments | Activehours, Inc. (d/b/a Earnin) | Preferred Stock 1 | |||||
Cost | 370 | [5],[6],[14] | 346 | [7] | |
Fair Value | $ 726 | [6],[14] | $ 703 | ||
Shares | 114,327 | [6],[14] | 108,468 | ||
Consumer Finance | Warrant investments | The Aligned Company (f/k/a Thingy Thing Inc.) | |||||
Cost | [7] | $ 19 | |||
Fair Value | 193 | ||||
Consumer Finance | Warrant investments | The Aligned Company (f/k/a Thingy Thing Inc.) | Preferred Stock 1 | |||||
Cost | [7] | 17 | |||
Fair Value | $ 191 | ||||
Shares | 5,855 | ||||
Consumer Finance | Warrant investments | The Aligned Company (f/k/a Thingy Thing Inc.) | Preferred Stock 2 | |||||
Cost | [7] | $ 2 | |||
Fair Value | $ 2 | ||||
Shares | 163 | ||||
Consumer Finance | Equity Investments | |||||
Percent of net assets | 0.06% | [3] | 0.07% | [4],[16] | |
Cost | $ 150 | [5],[6] | $ 150 | [7],[16] | |
Fair Value | 227 | [6] | 227 | [16] | |
Consumer Finance | Equity Investments | Activehours, Inc. (d/b/a Earnin) | Preferred Stock 1 | |||||
Cost | 150 | [5],[6] | 150 | [7],[16] | |
Fair Value | $ 227 | [6] | $ 227 | [16] | |
Shares | 14,788 | [6] | 14,788 | [16] | |
Database Software | Warrant investments | |||||
Percent of net assets | 0.13% | [3] | 0.13% | [4] | |
Cost | $ 190 | [5],[6] | $ 190 | [7] | |
Fair Value | 465 | [6] | 465 | ||
Database Software | Warrant investments | Sisense, Inc. | Cash Exit Fee | |||||
Cost | 190 | [5],[6] | 190 | [7] | |
Fair Value | $ 465 | [6] | $ 465 | ||
E-Commerce - Personal Goods | Debt Investments | |||||
Percent of net assets | [4] | 5.86% | |||
Outstanding Principal | $ 19,974 | ||||
Cost | [7] | 20,506 | |||
Fair Value | $ 20,282 | ||||
E-Commerce - Personal Goods | Debt Investments | Merama Inc. | Growth Capital Loan | |||||
Interest rate EOT | 7.50% | ||||
Outstanding Principal | $ 4,168 | ||||
Cost | [7] | 4,396 | |||
Fair Value | $ 4,373 | ||||
Interest rate | 10% | ||||
E-Commerce - Personal Goods | Debt Investments | Merama Inc. | Growth Capital Loan 2 | |||||
Interest rate EOT | 7.50% | ||||
Outstanding Principal | $ 1,951 | ||||
Cost | [7] | 2,056 | |||
Fair Value | $ 2,045 | ||||
Interest rate | 10% | ||||
E-Commerce - Personal Goods | Debt Investments | Merama Inc. | Growth Capital Loan 3 | |||||
Interest rate EOT | 7.50% | ||||
Outstanding Principal | $ 4,163 | ||||
Cost | [7] | 4,361 | |||
Fair Value | $ 4,331 | ||||
Interest rate | 10% | ||||
E-Commerce - Personal Goods | Debt Investments | Merama Inc. | Growth Capital Loan 4 | |||||
Interest rate EOT | 7.50% | ||||
Outstanding Principal | $ 9,692 | ||||
Cost | [7] | 9,693 | |||
Fair Value | $ 9,533 | ||||
Interest rate | 10% | ||||
E-Commerce - Personal Goods | Warrant investments | |||||
Percent of net assets | 0.43% | [3] | 0.43% | [4] | |
Cost | $ 853 | [5],[6] | $ 853 | [7] | |
Fair Value | 1,504 | [6] | 1,506 | ||
E-Commerce - Personal Goods | Warrant investments | Grove Collaborative, Inc. | |||||
Cost | 447 | [5],[6] | 447 | [7] | |
Fair Value | 2 | [6] | 4 | ||
E-Commerce - Personal Goods | Warrant investments | Grove Collaborative, Inc. | Common Stock 1 | |||||
Cost | 219 | [5],[6] | 219 | [7] | |
Fair Value | $ 2 | [6] | $ 4 | ||
Shares | 62,128 | [6] | 62,128 | ||
E-Commerce - Personal Goods | Warrant investments | Grove Collaborative, Inc. | Common Stock 2 | |||||
Cost | $ 228 | [5],[6] | $ 228 | [7] | |
Fair Value | $ 0 | [6] | $ 0 | ||
Shares | 25,664 | [6] | 25,664 | ||
E-Commerce - Personal Goods | Warrant investments | Merama Inc. | Preferred Stock 1 | |||||
Cost | $ 406 | [5],[6] | $ 406 | [7] | |
Fair Value | $ 1,502 | [6] | $ 1,502 | ||
Shares | 191,274 | [6] | 191,274 | ||
E-Commerce - Personal Goods | Equity Investments | |||||
Percent of net assets | 0.16% | [3] | 0.17% | [4] | |
Cost | $ 783 | [5],[6] | $ 783 | [7] | |
Fair Value | 578 | [6] | 578 | ||
E-Commerce - Personal Goods | Equity Investments | Grove Collaborative, Inc. | Common Stock 1 | |||||
Cost | 500 | [5],[6] | 500 | [7] | |
Fair Value | $ 56 | [6] | $ 56 | ||
Shares | 31,576 | [6] | 31,576 | ||
E-Commerce - Personal Goods | Equity Investments | Merama Inc. | |||||
Cost | $ 283 | [5],[6] | $ 283 | [7] | |
Fair Value | 522 | [6] | 522 | ||
E-Commerce - Personal Goods | Equity Investments | Merama Inc. | Preferred Stock 1 | |||||
Cost | 33 | [5],[6] | 33 | [7] | |
Fair Value | $ 194 | [6] | $ 194 | ||
Shares | 18,518 | [6] | 18,518 | ||
E-Commerce - Personal Goods | Equity Investments | Merama Inc. | Preferred Stock 2 | |||||
Cost | $ 83 | [5],[6] | $ 83 | [7] | |
Fair Value | $ 168 | [6] | $ 168 | ||
Shares | 14,490 | [6] | 14,490 | ||
E-Commerce - Personal Goods | Equity Investments | Merama Inc. | Preferred Stock 3 | |||||
Cost | $ 167 | [5],[6] | $ 167 | [7] | |
Fair Value | $ 160 | [6] | $ 160 | ||
Shares | 10,298 | [6] | 10,298 | ||
Medical Software and Information Services | Warrant investments | |||||
Percent of net assets | 0% | [3] | 0% | [4] | |
Cost | $ 112 | [5],[6] | $ 112 | [7] | |
Fair Value | 0 | [6] | 0 | ||
Medical Software and Information Services | Warrant investments | AirStrip Technologies, Inc. | Preferred Stock 1 | |||||
Cost | 112 | [5],[6] | 112 | [7] | |
Fair Value | $ 0 | [6] | $ 0 | ||
Shares | 8,036 | [6] | 8,036 | ||
General Media and Content | Warrant investments | |||||
Percent of net assets | 0.33% | [3] | 0.34% | [4] | |
Cost | $ 694 | [5],[6] | $ 695 | [7] | |
Fair Value | 1,162 | [6] | 1,162 | ||
General Media and Content | Warrant investments | Overtime Sports, Inc. | Preferred Stock 1 | |||||
Cost | 70 | [5],[6] | 70 | [7] | |
Fair Value | $ 70 | [6] | $ 70 | ||
Shares | 33,510 | [6] | 33,510 | ||
General Media and Content | Warrant investments | Thrillist Media Group, Inc. | Common Stock 1 | |||||
Cost | $ 624 | [5],[6] | $ 625 | [7] | |
Fair Value | $ 1,092 | [6] | $ 1,092 | ||
Shares | 774,352 | [6] | 774,352 | ||
General Media and Content | Equity Investments | |||||
Percent of net assets | 0.28% | [3] | 0.29% | [4] | |
Cost | $ 1,000 | [5],[6] | $ 1,000 | [7] | |
Fair Value | 1,000 | [6] | 1,000 | ||
General Media and Content | Equity Investments | Overtime Sports, Inc. | Preferred Stock 1 | |||||
Cost | 1,000 | [5],[6] | 1,000 | [7] | |
Fair Value | $ 1,000 | [6] | $ 1,000 | ||
Shares | 127,656 | [6] | 127,656 | ||
Healthcare Services | Warrant investments | |||||
Percent of net assets | 0.01% | [3] | 0.01% | [4] | |
Cost | $ 55 | [5],[6] | $ 55 | [7] | |
Fair Value | 49 | [6] | 49 | ||
Healthcare Services | Warrant investments | Found Health, Inc. | Preferred Stock 1 | |||||
Cost | 22 | [5],[6] | 22 | [7] | |
Fair Value | $ 16 | [6] | $ 16 | ||
Shares | 49,304 | [6] | 49,304 | ||
Healthcare Services | Warrant investments | Vial Health Technology, Inc. | Preferred Stock 1 | |||||
Cost | $ 33 | [5],[6] | $ 33 | [7] | |
Fair Value | $ 33 | [6] | $ 33 | ||
Shares | 48,889 | [6] | 48,889 | ||
Network Systems Management Software | Warrant investments | |||||
Percent of net assets | 0.23% | [3] | 0.22% | [4] | |
Cost | $ 421 | [5],[6] | $ 421 | [7] | |
Fair Value | 806 | [6] | 749 | ||
Network Systems Management Software | Warrant investments | Cohesity, Inc. | Preferred Stock 1 | |||||
Cost | 54 | [5],[6] | 54 | [7] | |
Fair Value | $ 107 | [6] | $ 106 | ||
Shares | 18,945 | [6] | 18,945 | ||
Network Systems Management Software | Warrant investments | Signifyd, Inc. | Preferred Stock 1 | |||||
Cost | $ 132 | [5],[6] | $ 132 | [7] | |
Fair Value | $ 441 | [6] | $ 441 | ||
Shares | 33,445 | [6] | 33,445 | ||
Network Systems Management Software | Warrant investments | Corelight, Inc. | Common Stock 1 | |||||
Cost | $ 235 | [5],[6] | $ 235 | [7] | |
Fair Value | $ 258 | [6] | $ 202 | ||
Shares | 45,977 | [6] | 45,977 | ||
Network Systems Management Software | Equity Investments | |||||
Percent of net assets | 0.33% | [3] | 0.33% | [4] | |
Cost | $ 525 | [5],[6] | $ 525 | [7] | |
Fair Value | 1,156 | [6] | 1,157 | ||
Network Systems Management Software | Equity Investments | Cohesity, Inc. | Preferred Stock 1 | |||||
Cost | 400 | [5],[6] | 400 | [7] | |
Fair Value | $ 1,003 | [6] | $ 1,004 | ||
Shares | 60,342 | [6] | 60,342 | ||
Network Systems Management Software | Equity Investments | Cohesity, Inc. | Preferred Stock 2 | |||||
Cost | $ 125 | [5],[6] | $ 125 | [7] | |
Fair Value | $ 153 | [6] | $ 153 | ||
Shares | 9,022 | [6] | 9,022 | ||
Social/Platform Software | Warrant investments | |||||
Percent of net assets | 0.04% | [3] | 0.04% | [4] | |
Cost | $ 281 | [5],[6] | $ 281 | [7] | |
Fair Value | 151 | [6] | 151 | ||
Social/Platform Software | Warrant investments | ClassPass Inc. | Preferred Stock 1 | |||||
Cost | 281 | [5],[6] | 281 | [7] | |
Fair Value | $ 151 | [6] | $ 151 | ||
Shares | 84,507 | [6] | 84,507 | ||
Educational/Training Software | Equity Investments | |||||
Percent of net assets | 0.03% | [3] | 0.06% | [4] | |
Cost | $ 250 | [5],[6] | $ 250 | [7] | |
Fair Value | 102 | [6] | 209 | ||
Educational/Training Software | Equity Investments | Nerdy Inc. (f/k/a Varsity Tutors LLC) | Common Stock 1 | |||||
Cost | 250 | [5],[6] | 250 | [7] | |
Fair Value | $ 102 | [6] | $ 209 | ||
Shares | 60,926 | [6] | 60,926 | ||
[1] The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $713.2 million at fair value and represented 202.1% of the Company’s net assets. In addition, unless otherwise indicated, as of June 30, 2024, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in five public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”). Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $40.3 million, $55.3 million and $15.0 million, respectively, for the June 30, 2024 investment portfolio. The tax cost of investments is $728.7 million. Non-income producing investments. Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $21.9 million, $53.1 million and $31.2 million, respectively, for the December 31, 2023 investment portfolio. The tax cost of investments is $833.4 million. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $800.8 million at fair value and represented 231.2% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2023, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in six public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board. Entity is not domiciled in the United States and does not have its principal place of business in the United States. Entity is not domiciled in the United States and does not have its principal place of business in the United States. Investment is a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). As of June 30, 2024, non-qualifying assets represented 37.8% of the Company’s total assets, at fair value. Investment is a non-qualifying asset under Section 55(a) of the 1940 Act. As of December 31, 2023, non-qualifying assets represented 28.7% of the Company’s total assets, at fair value. As of June 30, 2024, this investment was not pledged as collateral as part of the Company’s revolving credit facility. As of December 31, 2023 this investment was not pledged as collateral as part of the Company’s revolving credit facility. Non-income producing investments. Debt is on non-accrual status as of December 31, 2023 and is therefore considered non-income producing. Non-accrual investments as of December 31, 2023 had a total cost and fair value of $41.7 million and $29.0 million, respectively. Debt is on non-accrual status as of June 30, 2024 and is therefore considered non-income producing. Non-accrual investments as of June 30, 2024 had a total cost and fair value of $67.9 million and $50.4 million, respectively. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parentheticals) $ in Thousands | Jun. 30, 2024 USD ($) investment | Dec. 31, 2023 USD ($) investment | ||
Percent of net assets | 202.21% | [1],[2],[3] | 231.63% | [4] |
Investment, tax basis, unrealized gain | $ 40,300 | $ 21,900 | ||
Investment, tax basis, unrealized loss | 55,300 | 53,100 | ||
Investment, tax basis, unrealized loss | 15,000 | 31,200 | ||
Tax basis of investments, cost for income tax purposes | 728,700 | 833,400 | ||
Amortized cost | 745,644 | [1],[2],[5],[6] | 850,142 | [7],[8],[9] |
Total portfolio company investments | $ 713,770 | [1],[2],[6] | $ 802,145 | [8],[9] |
Interest rate | 15.60% | |||
Non-Qualifying Assets | ||||
Percent of net assets | 37.80% | 28.70% | ||
Non-Accrual Investment | ||||
Amortized cost | $ 67,900 | $ 41,700 | ||
Total portfolio company investments | $ 50,400 | $ 29,000 | ||
Investments Not Valued At Fair Value | ||||
Number of investments | investment | 5 | 5 | ||
Investments Restricted On Sales | ||||
Percent of net assets | 202.10% | 231.20% | ||
Total portfolio company investments | $ 713,200 | $ 800,800 | ||
Debt Investments | ||||
Percent of net assets | 63.50% | |||
Outstanding Principal | $ 394,900 | |||
Interest rate | 3.25% | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | |||
[1] The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $713.2 million at fair value and represented 202.1% of the Company’s net assets. In addition, unless otherwise indicated, as of June 30, 2024, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in five public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”). Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $40.3 million, $55.3 million and $15.0 million, respectively, for the June 30, 2024 investment portfolio. The tax cost of investments is $728.7 million. Non-income producing investments. Gross unrealized gains, gross unrealized losses, and net unrealized losses for federal income tax purposes totaled $21.9 million, $53.1 million and $31.2 million, respectively, for the December 31, 2023 investment portfolio. The tax cost of investments is $833.4 million. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $800.8 million at fair value and represented 231.2% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2023, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in six public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board. |
Organization
Organization | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization TriplePoint Venture Growth BDC Corp. (the “Company”), a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC’s (“TPC”) investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending primarily with warrants to venture growth stage companies focused in technology and other high growth industries backed by TPC’s select group of leading venture capital investors. The Company is externally managed by TriplePoint Advisers LLC (the “Adviser”), which is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of TPC. The Adviser is responsible for sourcing, reviewing and structuring investment opportunities, underwriting and performing due diligence on investments and monitoring the investment portfolio on an ongoing basis. The Adviser was organized in August 2013 and, pursuant to an investment advisory agreement entered into between the Company and the Adviser, the Company pays the Adviser a base management fee and an incentive fee for its investment management services. The Company has also entered into an administration agreement (the “Administration Agreement”) with TriplePoint Administrator LLC (the “Administrator”), a wholly owned subsidiary of the Adviser, pursuant to which the Administrator provides or arranges for the provision of all administrative services necessary for the Company to operate. The Company has two wholly owned subsidiaries: TPVG Variable Funding Company LLC (the “Financing Subsidiary”), a bankruptcy remote special purpose entity established for utilizing the Company’s revolving credit facility, whose creditors have a claim on its assets prior to those assets becoming available to the Financing Subsidiary’s equity holder, and TPVG Investment LLC, an entity established for holding certain of the Company’s investments without negatively impacting the Company’s RIC tax status. These subsidiaries are consolidated in the financial statements of the Company. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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 required by GAAP for the annual reporting of consolidated financial statements are omitted. The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated. Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2024, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein. |
Related Party Agreements and Tr
Related Party Agreements and Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Agreements and Transactions | Related Party Agreements and Transactions Investment Advisory Agreement In accordance with the Board approved investment advisory agreement (the “Advisory Agreement”), subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser manages the day-to-day operations and provides investment advisory services to the Company. Under the terms of the Advisory Agreement, the Adviser: • determines the composition of the Company’s portfolio, the nature and timing of changes to the Company’s portfolio and the manner of implementing such changes; • identifies, evaluates and negotiates the structure of investments; • executes, closes, services and monitors investments; • determines the securities and other assets purchased, retained or sold; • performs due diligence on prospective investments; and • provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. As consideration for the investment advisory and management services provided, and pursuant to the Advisory Agreement, the Company has agreed to pay the Adviser a fee consisting of two components—a base management fee and an incentive fee. The cost of both the base management fee and incentive fee is ultimately borne by the Company’s stockholders. Base Management Fee The base management fee is calculated at an annual rate of 1.75% of the Company’s average adjusted gross assets, including assets purchased with borrowed funds. For services rendered under the Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets at the end of its two most recently completed calendar quarters. Such amount is appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. Base management fees for any partial month or quarter are appropriately pro-rated. Incentive Fee The incentive fee, which provides the Adviser with a share of the income it generates for the Company, consists of two components—net investment income and net capital gains—which are largely independent of each other, and may result in one component being payable in a given period even if the other is not payable. Under the investment income component, the Company pays the Adviser each quarter 20.0% of the amount by which the Company’s pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (8.0% annualized) of the Company’s net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which the Adviser receives all of such income in excess of 2.0% but less than 2.5%, subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, the Adviser receives 20.0% of the Company’s pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of the Company’s pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC exceeds the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. In other words, any investment income incentive fee that is payable in a calendar quarter is limited to the lesser of (i) 20.0% of the amount by which the Company’s pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC minus (y) the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of the Company’s pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since the effective date of the Company’s election to be regulated as a BDC. The Company elected to be regulated as a BDC under the 1940 Act on March 5, 2014. Under the capital gains component of the incentive fee, the Company pays the Adviser at the end of each calendar year (or upon termination of the Advisory Agreement) 20.0% of the Company’s aggregate cumulative realized capital gains from inception through the end of that year (or upon termination of the Advisory Agreement), computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized losses through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, the Company’s “aggregate cumulative realized capital gains” does not include any unrealized gains. It should be noted that the Company accrues an incentive fee for accounting purposes taking into account any unrealized gains in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive fee is payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee. The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of June 30, 2024 and 2023, and, as a result, no capital gains incentive fees were recorded for the three and six months ended June 30, 2024 and 2023. Management and Incentive Fees For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Base management fee $ 3,832 $ 4,496 $ 8,134 $ 8,807 Income incentive fee $ — $ — $ — $ — Capital gains incentive fee $ — $ — $ — $ — Administration Agreement The Board-approved Administration Agreement provides that the Administrator is responsible for furnishing the Company with office facilities and equipment and providing the Company with clerical, bookkeeping, recordkeeping services and other administrative services at such facilities. Under the Administration Agreement, the Administrator performs, or oversees, or arranges for, the performance of the Company’s required administrative services, which includes being responsible for the financial and other records which the Company is required to maintain and preparing reports to the Company’s stockholders and reports and other materials filed with the SEC and any other regulatory authority. In addition, the Administrator assists the Company in determining and publishing net asset value (“NAV”), overseeing the preparation and filing of the Company’s tax returns and printing and disseminating reports and other materials to the Company’s stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides significant managerial assistance on the Company’s behalf to those companies that have accepted the Company’s offer to provide such assistance. In consideration of the provision of the services of the Administrator, the Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. Payments under the Administration Agreement are equal to the Company’s allocable portion (subject to the review of the Board) of the Administrator’s overhead resulting from its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the chief compliance officer and chief financial officer and their respective staffs. In addition, if requested to provide significant managerial assistance to the Company’s portfolio companies, the Administrator is paid an additional amount based on the services provided, which shall not exceed the amount the Company receives from such companies for providing this assistance. For the three months ended June 30, 2024 and 2023, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.6 million and $0.6 million, respectively. For the six months ended June 30, 2024 and 2023, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $1.3 million and $1.1 million, respectively. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Investments [Abstract] | |
Investments | Investments The Company measures the fair value of its investments in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure , or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value 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. The Valuation Committee of the Board is responsible for assisting the Board in valuing investments for which current market quotations are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from pricing services, broker-dealers or market makers. The Company values its investments for which market quotations are not readily available at fair value as determined in good faith by the Board, with the assistance of the Adviser and independent valuation agents, in accordance with Rule 2a-5 of the 1940 Act and GAAP, and in accordance with the Company’s valuation methodologies. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Adviser considers a range of fair values based upon the valuation techniques utilized and selects a value within that range that most accurately represents fair value based on current market conditions as well as other factors the Adviser’s valuation committee considers relevant. The Board determines fair value of its investments on at least a quarterly basis or at such other times when the Board feels it would be appropriate to do so given the circumstances. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of portfolio investments that do not have a readily available market value, fair value of investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below. • Level 1 —Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2 —Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly, and model-based valuation techniques for which all significant inputs are observable. • Level 3 —Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, excluding transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact. For purposes of Section 2(a)(41) and Rule 2a-5 under the 1940 Act, a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Any portfolio investment that is not priced using a Level 1 input shall be subject to the fair value determination requirements under Rule 2a-5 and subject to the Company’s valuation procedures. With respect to investments for which market quotations are not readily available, the Board undertakes a multi-step valuation process each quarter, as described below: • The quarterly valuation process begins with each portfolio company or investment receiving a proposed valuation by the Adviser. The Adviser’s internal valuation committee (the “Adviser Valuation Committee”) is responsible for the valuation process, including making preliminary valuation conclusions and recommendations to the Valuation Committee and Board. The Adviser Valuation Committee does not include any voting members who are portfolio managers or investment professionals. • The Adviser’s Portfolio Valuation, Monitoring and Analytics (“VMA”) group is responsible for aiding and supporting the Adviser Valuation Committee in the Adviser Valuation Committee’s role of overseeing the valuation process, including for calculating and overseeing the valuation process and valuation conclusions, and including making recommendations with respect to discount rates, liquidity adjustments and other key inputs into the valuation process. • Proposed valuations are then documented and discussed with the Adviser Valuation Committee and other members of the Adviser’s senior management, including members of the VMA and the Adviser’s Finance, Operations, Legal and Compliance groups. • At least 25% of the total dollar value of the Company’s investment portfolio will receive valuation recommendations from an independent third-party valuation firm each quarter, as selected in accordance with the Company’s valuation policy. Each new portfolio investment will be reviewed by an independent third-party valuation firm within 12 months of the date of investment, and thereafter will be reviewed by an independent third-party valuation firm no later than the fourth quarter following its most recent inclusion in such review process. However, a valuation review by an independent third-party valuation firm is not required for an investment whose total dollar value is less than 1% of the total dollar value of the Company’s aggregate investment portfolio (up to an aggregate of 10% of the total dollar value of the Company’s aggregate investment portfolio) or for those assets that the Board and/or Valuation Committee has agreed to waive from such requirement. • The Adviser and the independent third-party valuation firms, if applicable, then present their proposed valuations to the Valuation Committee and Board, and the Board makes a fair valuation determination for each portfolio investment that is to be fair valued. Debt Investments The debt investments identified on the consolidated schedules of investments are loans made to venture growth stage companies focused in technology and other high growth industries which are backed by a select group of leading venture capital investors. These investments are considered Level 3 assets under ASC Topic 820 as there is no known or accessible market or market indices for these types of debt instruments and thus the Company must estimate the fair value of these investment securities based on models utilizing unobservable inputs. To estimate the fair value of debt investments, the Company compares the cost basis of each debt investment, including any OID, to the resulting fair value determined using a discounted cash flow model, unless another model is more appropriate based on the circumstances at the measurement date. The discounted cash flow approach entails analyzing the interest rate spreads for recently completed financing transactions which are similar in nature to these debt investments, in order to determine a comparable range of effective market interest rates. The range of interest rate spreads utilized is based on borrowers with similar credit profiles. All remaining expected cash flows of the investment are discounted using this range of interest rates to determine a range of fair values for the debt investment. The valuation process includes, among other things, evaluating the underlying investment performance of the portfolio company’s current financial condition and ability to raise additional capital, as well as macro-economic events that may impact valuations. These events include, but are not limited to, current market yields and interest rate spreads of similar securities as of the measurement date. Changes in these unobservable inputs could result in significantly different fair value measurements. Under certain circumstances, an alternative technique may be used to value certain debt investments that better reflect the fair value of the investment, such as the price paid or realized in a recently completed transaction or a binding offer received in an arm’s length transaction, the use of multiple probability weighted cash flow models when the expected future cash flows contain elements of variability or estimates of proceeds that would be received in a liquidation scenario. Warrant Investments Warrant fair values are primarily determined using a Black Scholes option pricing model. Privately held warrants and equity-related securities are valued based on an analysis of various factors, including, but not limited to, those listed below. Increases or decreases in any of the unobservable inputs described below could result in a material change in fair value: • Underlying enterprise value of the issuer based on available information, including any information regarding the most recent financing round of borrower. Valuation techniques to determine enterprise value include market multiple approaches, income approaches or the use of recent rounds of financing and the portfolio company’s capital structure. Valuation techniques are also utilized to allocate the enterprise fair value of a portfolio company to the specific class of common or preferred stock exercisable in the warrant. Such techniques take into account the rights and preferences of the portfolio company’s securities, expected exit scenarios, and volatility associated with such outcomes to allocate the fair value to the specific class of stock held in the portfolio. Such techniques include option pricing models, including back solve techniques, probability weighted expected return models and other techniques determined to be appropriate. • Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant investment price, is based on comparable publicly traded companies within indices similar in nature to the underlying company issuing the warrant. • The risk-free interest rates are derived from the U.S. Treasury yield curve. The risk-free interest rates are calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant investment. • Other adjustments, including a marketability discount on private company warrant investments, are estimated based on the Adviser’s judgment about the general industry environment. • Historical portfolio experience on cancellations and exercises of warrant investments are utilized as the basis for determining the estimated life of the warrant investment in each financial reporting period. Warrant investments may be exercised in the event of acquisitions, mergers or initial public offerings, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrant investment. Under certain circumstances alternative techniques may be used to value certain warrants that more accurately reflect the warrants' fair values, such as an expected settlement of a warrant in the near term, a model that incorporates a put feature associated with the warrant, or the price paid or realized in a recently completed transaction or binding offer received in an arm’s-length transaction. The fair value may be determined based on the expected proceeds to be received from such settlement or based on the net present value of the expected proceeds from the put option. Equity Investments The fair value of an equity investment in a privately held company is initially the amount invested. The Company adjusts the fair value of equity investments in private companies upon the completion of a new third party round of equity financing subsequent to its investment. The Company may adjust the fair value of an equity investment absent a new equity financing event based upon positive or negative changes in a portfolio company’s financial or operational performance. The Company may also reference comparable transactions and/or secondary market transactions of comparable companies to estimate fair value. These valuation methodologies involve a significant degree of judgment. The fair value of an equity investment in a publicly traded company is based upon the closing public share price on the date of measurement. These assets are recorded at fair value on a recurring basis. Investment Valuation The above-described valuation methodologies involve a significant degree of judgment. There is no single standard for determining the estimated fair value of investments that do not have an active observable market. Valuations of privately held investments are inherently uncertain, as they are based on estimates, and their values may fluctuate over time. The determination of fair value may differ materially from the values that would have been used if an active market for these investments existed. In some cases, the fair value of such investments is best expressed as a range of values derived utilizing different methodologies from which a single estimate may then be determined. Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of June 30, 2024 and December 31, 2023. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. Investment Type June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt investments $ — $ — $ 615,656 $ 615,656 $ — $ — $ 730,295 $ 730,295 Warrant investments — — 36,561 36,561 — — 30,055 30,055 Equity investments 527 — 61,026 61,553 1,370 — 40,425 41,795 Total portfolio company investments $ 527 $ — $ 713,243 $ 713,770 $ 1,370 $ — $ 800,775 $ 802,145 The following tables show information about Level 3 portfolio company investments measured at fair value for the six months ended June 30, 2024 and 2023. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs. Level 3 For the Six Months Ended June 30, 2024 Debt Investments Warrant Investments Equity Investments Total Portfolio Company Investments Fair value as of December 31, 2023 $ 730,295 $ 30,055 $ 40,425 $ 800,775 Funding and purchases of investments, at cost 50,882 436 800 52,118 Principal payments and sale proceeds received from investments (135,700) (889) — (136,589) Net amortization and accretion of premiums and discounts and end-of-term payments 2,589 — — 2,589 Net realized gains (losses) on investments (29,228) (423) — (29,651) Net change in unrealized gains (losses) included in earnings (2,763) 7,766 11,462 16,465 Payment-in-kind coupon 7,609 — — 7,609 Transfers between investment types (8,028) (384) 8,412 — Gross transfers out of Level 3 (1) — — (73) (73) Fair value as of June 30, 2024 $ 615,656 $ 36,561 $ 61,026 $ 713,243 Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2024 $ (13,700) $ 6,726 $ 11,462 $ 4,488 __________ (1) Transfers out of Level 3 are measured as of the date of the transfer. During the six months ended June 30, 2024, transfers relate to equity investments in publicly traded companies. Level 3 For the Six Months Ended June 30, 2023 Debt Investments Warrant Investments Equity Investments Total Portfolio Company Investments Fair value as of December 31, 2022 $ 852,951 $ 48,414 $ 44,599 $ 945,964 Funding and purchases of investments, at cost 86,538 168 936 87,642 Principal payments and sale proceeds received from investments (55,407) (274) — (55,681) Net amortization and accretion of premiums and discounts and end-of-term payments 9,490 — — 9,490 Net realized gains (losses) on investments (625) (384) — (1,009) Net change in unrealized gains (losses) included in earnings (44,432) (3,613) (2,474) (50,519) Payment-in-kind coupon 4,682 — — 4,682 Gross transfers out of Level 3 (1) — — — — Fair value as of June 30, 2023 $ 853,197 $ 44,311 $ 43,061 $ 940,569 Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2023 $ (44,432) $ (3,650) $ (2,610) $ (50,692) _______________ (1) Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the six months ended June 30, 2023 . Realized gains and losses are included in “net realized gains (losses) on investments” in the consolidated statements of operations. During the three months ended June 30, 2024, the Company recognized net realized losses on investments of $18.8 million. During the three months ended June 30, 2023, the Company recognized net realized gains on investments of $1.9 million. During the six months ended June 30, 2024, the Company recognized net realized losses on investments of $27.7 million. During the six months ended June 30, 2023, the Company recognized net realized gains on investments of $1.8 million. Unrealized gains and losses are included in “net change in unrealized gains (losses) on investments” in the consolidated statements of operations. Net change in unrealized gains during the three months ended June 30, 2024 was $14.9 million. Net change in unrealized losses during the three months ended June 30, 2023 was $41.6 million. Net change in unrealized gains during the six months ended June 30, 2024 was $16.1 million. Net change in unrealized losses during the six months ended June 30, 2023 was $52.4 million. The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of June 30, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements. Level 3 Investments June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Range Weighted Average Debt investments $ 522,313 Discounted Cash Flows Discount Rate 13.41% - 35.94% 19.42% 93,343 Probability-Weighted Expected Return Method Probability Weighting of Alternative Outcomes 5.00% - 100.00% 72.45% Warrant investments 34,676 Black Scholes Option Pricing Model Revenue Multiples 0.15x - 20.00x 9.22x Volatility 30.00% - 90.00% 53.25% Term 0.20 - 4.50 Years 2.55 Discount for Lack of Marketability 17.50% - 20.00% 18.05% Risk Free Rate 0.09% - 5.03% 3.94% 3 Option-Pricing Method and Probability-Weighted Expected Return Method Term 2.00 - 2.50 Years 2.14 1,882 Discounted Expected Return Discount Rate 20.00% - 30.00% 27.41% Term 1.00 - 4.00 Years 2.51 Expected Recovery Rate 18.75% - 100.00% 89.19% Equity investments 59,869 Black Scholes Option Pricing Model Revenue Multiples 0.35x - 20.00x 7.18x Volatility 30.00% - 90.00% 56.20% Term 1.00 - 4.00 Years 1.65 Discount for Lack of Marketability 17.50% - 17.50% 17.50% Risk Free Rate 0.13% - 5.03% 3.76% 1,157 Option-Pricing Method and Probability-Weighted Expected Return Method Discount Rate 20.00% - 20.00% 20.00% Term 0.50 - 1.50 Years 1.00 Total portfolio company investments $ 713,243 Level 3 Investments December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Range Weighted Average Debt investments $ 688,937 Discounted Cash Flows Discount Rate 14.62% - 42.03% 19.79% 41,358 Probability-Weighted Expected Return Method Probability Weighting of Alternative Outcomes 5.00% - 100.00% 61.36% Warrant investments 27,730 Black Scholes Option Pricing Model Revenue Multiples 0.18x - 14.00x 4.79x Volatility 35.00% - 90.00% 60.99% Term 0.20 - 4.50 Years 3.04 Discount for Lack of Marketability 17.50% - 20.00% 18.60% Risk Free Rate 0.09% - 5.03% 3.37% 411 Option-Pricing Method and Probability-Weighted Expected Return Method Term 3.00 - 4.00 Years 3.01 1,914 Discounted Expected Return Discount Rate 20.00% - 30.00% 27.41% Term 1.00 - 4.00 Years 2.52 Expected Recovery Rate 18.75% - 100.00% 89.37% Equity investments 39,268 Black Scholes Option Pricing Model Revenue Multiples 0.70x - 14.00x 5.60x Volatility 35.00% - 90.00% 66.01% Term 1.50 - 4.00 Years 2.82 Discount for Lack of Marketability 17.50% - 17.50% 17.50% Risk Free Rate 0.13% - 5.03% 3.82% 1,157 Option-Pricing Method and Probability-Weighted Expected Return Method Discount Rate 20.00% - 20.00% 20.00% Term 0.50 - 1.50 Years 1.00 Total portfolio company investments $ 800,775 Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. |
Credit Risk
Credit Risk | 6 Months Ended |
Jun. 30, 2024 | |
Credit Loss [Abstract] | |
Credit Risk | Credit Risk Debt investments may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic, economic and political developments, may significantly affect the value of these investments. In addition, the value of these investments may fluctuate as the general level of interest rates fluctuates. In many instances, the portfolio company’s ability to repay the debt investments is dependent on additional funding by its venture capital investors, a future sale or an initial public offering. The value of these investments may be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following table shows the Company’s outstanding debt as of June 30, 2024 and December 31, 2023: Liability June 30, 2024 December 31, 2023 Total Commitment Balance Outstanding Unused Commitment Total Commitment Balance Outstanding Unused Commitment Revolving Credit Facility $ 350,000 $ 10,000 $ 340,000 $ 350,000 $ 215,000 $ 135,000 2025 Notes 70,000 70,000 — 70,000 70,000 — 2026 Notes 200,000 200,000 — 200,000 200,000 — 2027 Notes 125,000 125,000 — 125,000 125,000 — Total before deferred financing and issuance costs 745,000 405,000 340,000 745,000 610,000 135,000 Unamortized deferred financing and issuance costs — (4,145) — — (4,818) — Total borrowings outstanding, net of deferred financing and issuance costs $ 745,000 $ 400,855 $ 340,000 $ 745,000 $ 605,182 $ 135,000 Interest expense on these borrowings includes the interest cost charged on borrowings, the unused fee on the Credit Facility (as defined below), paying and administrative agent fees, and the amortization of deferred Credit Facility fees and expenses and costs and fees relating to the Company’s unsecured notes outstanding. These expenses are shown in the table below: Interest Expense and Amortization of Fees For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Revolving Credit Facility Interest cost $ 3,056 $ 4,458 $ 4,384 $ 8,193 Unused fee 264 170 630 369 Amortization of costs and other fees 541 485 1,027 964 Revolving Credit Facility Total $ 3,861 $ 5,113 $ 6,041 $ 9,526 2025 Notes Interest cost $ 788 $ 787 $ 1,575 $ 1,575 Amortization of costs and other fees 60 52 112 103 2025 Notes Total $ 848 $ 839 $ 1,687 $ 1,678 2026 Notes Interest cost $ 2,250 $ 2,250 $ 4,500 $ 4,500 Amortization of costs and other fees 111 110 221 221 2026 Notes Total $ 2,361 $ 2,360 $ 4,721 $ 4,721 2027 Notes Interest cost $ 1,562 $ 1,563 $ 3,125 $ 3,125 Amortization of costs and other fees 70 69 139 139 2027 Notes Total $ 1,632 $ 1,632 $ 3,264 $ 3,264 Total interest expense and amortization of fees $ 8,702 $ 9,944 $ 15,713 $ 19,189 Credit Facility In February 2014, the Company, along with its Financing Subsidiary as borrower, entered into a credit agreement with Deutsche Bank AG, New York Branch acting as administrative agent and the other lenders party thereto, which provided the Company with a $150.0 million commitment, subject to borrowing base requirements (as amended and restated from time to time, the “Credit Facility”). As of June 30, 2024, the Company had $350 million in total commitments available under the Credit Facility, which includes an accordion feature that allows the Company to increase the size of the Credit Facility to up to $400 million under certain circumstances. On July 22, 2022, the Credit Facility was amended to, among other things, extend the revolving period from November 30, 2022 to May 31, 2024 and the scheduled maturity date from May 31, 2024 to November 30, 2025 (unless otherwise terminated earlier pursuant to its terms), as well as change the floating rate from LIBOR to SOFR. On April 29, 2024, the Company and the Financing Subsidiary amended the Credit Facility to, among other things, extend the revolving period to August 31, 2024. Subsequent to June 30, 2024, the Company and the Financing Subsidiary amended the Credit Facility to further extend the revolving period and scheduled maturity date and effectuate other changes. See “Note 12. Subsequent Events” for more information. As of June 30, 2024 borrowings under the Credit Facility bore interest at the sum of (i) a floating rate based on certain indices, including SOFR As of June 30, 2024 and December 31, 2023, the Company had outstanding borrowings under the Credit Facility of $10.0 million and $215.0 million, respectively, excluding deferred credit facility costs of $2.5 million and $2.7 million, respectively, which is included in the Company’s consolidated statements of assets and liabilities. The book value of the Credit Facility approximates fair value due to the relatively short maturity, cash repayments and market interest rates of the instrument. The fair value of the Credit Facility would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date. During the three months ended June 30, 2024 and 2023, the Company had average outstanding borrowings under the Credit Facility of $53.9 million and $215.8 million, respectively, at a weighted average interest rate, inclusive of unused fees, of 9.02% and 8.79%, respectively During the six months ended June 30, 2024 and 2023, the Company had average outstanding borrowings under the Credit Facility of $57.8 million and $203.3 million, respectively, at a weighted average interest rate, inclusive of unused fees, of 9.02% and 8.63%, respectively. As of June 30, 2024 and December 31, 2023, $391.9 million and $518.3 million, respectively, of the Company’s assets, including restricted cash, were pledged for borrowings under the Credit Facility, leaving $379.4 million and $460.5 million of assets unencumbered, respectively. 2025 Notes On March 19, 2020, the Company completed a private debt offering of $70.0 million in aggregate principal amount of its 4.50% unsecured notes due March 19, 2025 (the “2025 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2025 Notes is payable semiannually on March 19 and September 19 each year. The 2025 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2025 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 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; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2025 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. The Master Note Purchase Agreement (the “Note Purchase Agreement”) under which the 2025 Notes were issued contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum asset coverage ratio of 1.50 to 1.00, a minimum interest coverage ratio of 1.25 to 1.00, and minimum stockholders’ equity of $216.1 million, as adjusted upward by an amount equal to 65% of the net proceeds from the issuance of shares of the Company’s common stock subsequent to December 31, 2019. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2025 Notes will bear interest at a fixed rate of 5.50% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the 2025 Notes. The 2025 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.2 million of deferred issuance cost as of June 30, 2024, which is amortized and expensed over the five-year term of the 2025 Notes based on an effective yield method. As of June 30, 2024 and December 31, 2023, the fair value of the 2025 Notes was $68.6 million and $67.5 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date. 2026 Notes On March 1, 2021, the Company completed a private debt offering of $200.0 million in aggregate principal amount of its 4.50% unsecured notes due March 1, 2026 (the “2026 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2026 Notes is payable semiannually on March 19 and September 19 each year. The 2026 Notes are governed by the terms of the First Supplement, dated as of March 1, 2021 (the “First Supplement”), to the Note Purchase Agreement. The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2026 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2026 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2026 Notes will bear interest at a fixed rate of 5.50% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The other terms and conditions applicable to the 2026 Notes under the Note Purchase Agreement, as modified by the First Supplement, including events of default and affirmative and negative covenants, are substantially similar to the terms and conditions applicable to the 2025 Notes. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the 2026 Notes. The 2026 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.7 million of deferred issuance cost as of June 30, 2024, which is amortized and expensed over the five-year term of the 2026 Notes based on an effective yield method. As of June 30, 2024 and December 31, 2023, the fair value of the 2026 Notes was $189.6 million and $188.2 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date. 2027 Notes On February 28, 2022, the Company completed a private debt offering of $125.0 million in aggregate principal amount of its 5.00% unsecured notes due February 28, 2027 (the “2027 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2027 Notes is payable semiannually on February 28 and August 28 each year. The 2027 Notes are governed by the terms of the Second Supplement, dated as of February 28, 2022 (the “Second Supplement”), to the Note Purchase Agreement. The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2027 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2027 Notes will bear interest at a fixed rate of 6.00% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The other terms and conditions applicable to the 2027 Notes under the Note Purchase Agreement, as modified by the Second Supplement, including events of default and affirmative and negative covenants, are substantially similar to the terms and conditions applicable to the 2025 Notes and the 2026 Notes. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all covenants under the 2027 Notes. The 2027 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.7 million of deferred issuance cost as of June 30, 2024, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of June 30, 2024 and December 31, 2023, the fair value of the 2027 Notes was $116.4 million and $116.5 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date. The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of June 30, 2024 and December 31, 2023: Liability June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Revolving Credit Facility $ — $ — $ 10,000 $ 10,000 $ — $ — $ 215,000 $ 215,000 2025 Notes, net (1) — — 68,488 68,488 — — 67,275 67,275 2026 Notes, net (2) — — 188,829 188,829 — — 187,255 187,255 2027 Notes, net (3) — — 115,685 115,685 — — 115,632 115,632 Total $ — $ — $ 383,002 $ 383,002 $ — $ — $ 585,162 $ 585,162 _______________ (1) Net of debt issuance costs as of June 30, 2024 and December 31, 2023 of $0.2 million and $0.3 million, respectively. (2) Net of debt issuance costs as of June 30, 2024 and December 31, 2023 of $0.7 million and $1.0 million, respectively. (3) Net of debt issuance costs as of June 30, 2024 and December 31, 2023 of $0.7 million and $0.9 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments As of June 30, 2024 and December 31, 2023, the Company’s unfunded commitments totaled $71.4 million to 10 portfolio companies and $118.1 million to 14 portfolio companies, respectively, of which $5.0 million and $29.2 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them. The Company’s credit agreements contain customary lending provisions that allow it relief from funding obligations for previously made commitments in instances where the underlying company experiences material adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. The following table shows the Company’s unfunded commitments by portfolio company as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Unfunded Commitments (1) (in thousands) Unfunded Commitments Fair Value of Unfunded Commitment Liability Unfunded Commitments Fair Value of Unfunded Commitment Liability Overtime Sports Inc. $ 22,858 $ 122 $ 22,858 $ 122 ActiveHours Inc. 15,000 62 15,000 — Cresta Intelligence Inc. 10,000 33 — — Corelight, Inc. 9,000 301 20,000 415 Minted Inc. 3,570 — 8,500 — Project Affinity, Inc. 5,500 61 — — NewStore Inc. 2,500 34 5,000 68 Jokr S.a.r.l. 1,499 95 1,499 95 Substack Inc. 1,000 13 1,000 13 FlashParking, Inc. 500 7 — — Forum Brands Inc. — — 244 8 Foodology, Inc. — — 3,720 — Frubana Inc. — — 8,790 205 Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.) — — 3,000 — McN Investments Ltd. — — 15,000 78 Pair EyeWear, Inc. — — 1,000 10 Savage X, Inc. — — 12,500 575 Total $ 71,427 $ 728 $ 118,111 $ 1,589 _______________ (1) The Company did not have any backlog of potential future commitments as of June 30, 2024 and December 31, 2023. Refer to the “Backlog of Potential Future Commitments” below. The table above also shows the fair value of the Company’s unfunded commitment liability totaling $0.7 million and $1.6 million as of June 30, 2024 and December 31, 2023, respectively. The fair value at the inception of the delay draw credit agreements is equal to the fees and warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in “Other accrued expenses and liabilities” in the Company’s consolidated statements of assets and liabilities. These liabilities are considered Level 3 liabilities under ASC Topic 820 as there is no known or accessible market or market indices for these types of financial instruments. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. The following table shows additional details regarding the Company's unfunded commitment activity during the three and six months ended June 30, 2024 and 2023: Commitments Activity For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Unfunded commitments at beginning of period (1) $ 73,101 $ 254,498 $ 118,111 $ 324,010 New commitments (1) 52,000 18,005 62,000 21,742 Fundings (38,674) (30,595) (52,174) (88,157) Expirations / Terminations (15,000) (36,590) (56,510) (52,277) Unfunded commitments and backlog of potential future commitments at end of period $ 71,427 $ 205,318 $ 71,427 $ 205,318 Backlog of potential future commitments — — — — Unfunded commitments at end of period $ 71,427 $ 205,318 $ 71,427 $ 205,318 _______________ (1) Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below. The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of June 30, 2024 and December 31, 2023: Unfunded Commitments (1) (in thousands) June 30, 2024 December 31, 2023 Dependent on milestones $ 5,000 $ 29,220 Expiring during: 2024 $ 5,000 $ 86,754 2025 65,927 31,357 2026 500 — Unfunded commitments $ 71,427 $ 118,111 _______________ (1) Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below. Backlog of Potential Future Commitments The Company may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of June 30, 2024 and December 31, 2023, the Company did not have any backlog of potential future commitments. |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2024 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The following table shows the financial highlights for the six months ended June 30, 2024, and 2023: Financial Highlights For the Six Months Ended June 30, 2024 2023 Per Share Data (1) Net asset value at beginning of period $ 9.21 $ 11.88 Changes in net asset value due to: Net investment income 0.74 1.06 Net realized gains (losses) on investments (0.72) 0.05 Net change in unrealized gains (losses) on investments 0.39 (1.49) Net increase (decrease) from capital share transactions (1) 0.01 — Distributions from net investment income (0.80) (0.80) Net asset value at end of period $ 8.83 $ 10.70 Net investment income per share $ 0.74 $ 1.06 Net increase (decrease) in net assets resulting from operations per share $ 0.43 $ (0.37) Weighted average shares of common stock outstanding for period 38,189 35,373 Shares of common stock outstanding at end of period 39,953 35,447 Ratios / Supplemental Data Net asset value at beginning of period $ 346,306 $ 419,940 Net asset value at end of period $ 352,977 $ 379,434 Average net asset value $ 348,353 $ 417,763 Stock price at end of period $ 8.03 $ 11.78 Total return based on net asset value per share (2) 5.6 % (3.4) % Total return based on stock price (3) (18.7) % 21.1 % Net investment income to average net asset value (4) 16.2 % 18.1 % Net increase (decrease) in net assets to average net asset value (4) 9.6 % (6.4) % Ratio of expenses to average net asset value (4) 16.3 % 15.1 % Operating expenses excluding incentive fees to average net asset value (4) 16.3 % 15.1 % Income incentive fees to average net asset value (4) — % — % Capital gains incentive fees to average net asset value (4) — % — % _____________ (1) All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2) Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning NAV per share. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized. (3) Total return based on stock price is the change in the ending stock price of the Company’s common stock plus distributions paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning stock price of the Company’s common stock. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized. (4) Percentage is presented on an annualized basis. The following table shows the weighted average annualized portfolio yield on debt investments for the six months ended June 30, 2024 and 2023: Ratios (Percentages, on an annualized basis) (1) For the Six Months Ended June 30, 2024 2023 Weighted average portfolio yield on debt investments (2) 15.6 % 14.7 % Coupon income 11.9 % 11.8 % Accretion of discount 0.9 % 0.9 % Accretion of end-of-term payments 1.5 % 1.7 % Impact of prepayments during the period 1.3 % 0.3 % _____________ (1) Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. (2) The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to our stockholders. |
Net Increase (Decrease) in Net
Net Increase (Decrease) in Net Assets per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Increase (Decrease) in Net Assets per Share | Net Increase (Decrease) in Net Assets per Share The following table shows the computation of basic and diluted net increase/(decrease) in net assets per share for the three and six months ended June 30, 2024 and 2023: Basic and Diluted Share Information For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net investment income $ 12,604 $ 18,837 $ 28,127 $ 37,416 Net increase (decrease) in net assets resulting from operations $ 8,617 $ (20,855) $ 16,596 $ (13,176) Weighted average shares of common stock outstanding 38,729 35,398 38,189 35,373 Net investment income per share of common stock $ 0.33 $ 0.53 $ 0.74 $ 1.06 Net increase (decrease) in net assets resulting from operations per share of common stock $ 0.22 $ (0.59) $ 0.43 $ (0.37) |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity | Equity Since inception through June 30, 2024, the Company issued 34,999,352 shares of common stock through an initial public offering and a concurrent private placement offering in 2014, a registered follow-on offering in 2015, a private placement offering in 2017, a registered follow-on offering and concurrent private placement offering in 2018, a registered follow-on offering in 2020 and a registered follow-on offering in 2022. The Company received net proceeds from these offerings of $488.1 million, net of the portion of the underwriting sales load and offering costs paid by the Company. Included in the $488.1 million of net proceeds from these offerings is $55.3 million in net proceeds from the Company’s issuance in August 2022 of an aggregate of 4,161,807 shares of common stock in a registered follow-on offering pursuant to an underwriting agreement by and among the Company, the Adviser and the Administrator, on the one hand, and Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC, as representatives of the several underwriters named in the underwriting agreement. 411,807 of the shares issued in August 2022 were issued pursuant to the underwriters’ option to purchase additional shares. On September 30, 2022, the Company entered into a sales agreement (the “2022 Sales Agreement”) with the Adviser, the Administrator and UBS Securities LLC (the “Sales Agent”), providing for the issuance and sale from time to time of up to an aggregate of $50.0 million in shares of the Company’s common stock by means of at-the-market offerings (the “Prior ATM Program”). Subject to the terms of the 2022 Sales Agreement, the Sales Agent was not required to sell any specific number or dollar amount of securities but acted as the Company’s sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent. On May 2, 2024, the Company entered into a new sales agreement (the “2024 Sales Agreement”) with the Adviser, the Administrator and the Sales Agent, providing for the issuance and sale from time to time of up to an aggregate of $75.0 million in shares of the Company’s common stock by means of at-the-market offerings (the “Current ATM Program” and, together with the Prior ATM Program, the “ATM Programs”) . Concurrently upon entry into the 2024 Sales Agreement, the Company, the Adviser, the Administrator and the Sales Agent agreed to the termination of the 2022 Sales Agreement. Subject to the terms of the 2024 Sales Agreement, the Sales Agent is not required to sell any specific number or dollar amount of securities but will act as the Company’s sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent. During the six months ended June 30, 2024, the Company sold 2,126,711 shares of common stock under the 2022 Sales Agreement and the 2024 Sales Agreement. For the same period, the Company received total net proceeds of $19.4 million . As of June 30, 2024, $56.5 million in shares remained available for sale under the Current ATM Program. The Company has adopted a dividend reinvestment plan for its stockholders, which is an “opt out” dividend reinvestment plan. Under this plan, if the Company declares a cash distribution to stockholders, the amount of such distribution is automatically reinvested in additional shares of common stock unless a stockholder specifically “opts out” of the dividend reinvestment plan. If a stockholder opts out, that stockholder receives cash distributions. The following tables show information on the proceeds raised along with any related underwriting sales load and associated offering expenses, and the price at which common stock was issued by the Company, during the six months ended June 30, 2024 and for the year ended December 31, 2023: Issuance of Common Stock for the Six Months Ended June 30, 2024 Date Number of Shares of Gross Proceeds Raised Underwriting Sales Load Offering Expenses Gross Offering Price per Share First quarter 2024 distribution reinvestment 3/29/2024 93 $ 828 $ — $ — $ 8.87 First quarter 2024 ATM offering (1) 3/12/2024 133 1,308 20 33 $ 9.88 Second quarter 2024 distribution reinvestment 6/28/2024 113 859 — — $ 7.63 Second quarter 2024 ATM offering (2) 1,994 18,511 278 63 $ 9.28 Total issuance 2,333 $ 21,506 $ 298 $ 96 _______________ (1) Gross offering price per share represents the weighted average price per share issued on March 12, 2024 under the 2022 Sales Agreement. (2) Gross offering price per share represents the weighted average price per share issued during the period from May 7, 2024 to June 10, 2024 under the 2024 Sales Agreement. Issuance of Common Stock for the Year Ended December 31, 2023 Date Number of Shares of Gross Proceeds Raised Underwriting Sales Load Offering Expenses Gross Offering Price per Share First quarter 2023 distribution reinvestment 3/31/2023 49 $ 566 $ — $ — $ 11.48 Second quarter 2023 distribution reinvestment 6/30/2023 49 553 — — $ 11.19 Third quarter 2023 distribution reinvestment 9/29/2023 76 751 — — $ 9.94 Third quarter 2023 ATM offering (1) (1) 564 6,286 95 30 $ 11.15 Fourth quarter 2023 distribution reinvestment 12/29/2023 80 821 — — $ 10.32 Fourth quarter 2023 ATM offering (2) (2) 1,454 15,445 232 118 $ 10.61 Total issuance 2,272 $ 24,422 $ 327 $ 148 _______________ (1) Gross offering price per share represents the weighted average price per share issued during the period from August 14, 2023 to September 18, 2023 under the 2022 Sales Agreement. (2) Gross offering price per share represents the weighted average price per share issued during the period from November 16, 2023 to December 28, 2023 under the 2022 Sales Agreement. The Company had 39,952,690 and 37,620,109 shares of common stock outstanding as of June 30, 2024 and December 31, 2023, respectively. |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2024 | |
Distributions [Abstract] | |
Distributions | Distributions The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under the Code. In order to maintain its ability to be subject to tax as a RIC, among other things, the Company is required to distribute at least 90% of its net ordinary income and net realized short-term capital gains in excess of its net realized long-term capital losses, if any, to its stockholders. Additionally, to avoid a nondeductible 4% U.S. federal excise tax on certain of the Company’s undistributed income, the Company must distribute during each calendar year an amount at least equal to the sum of: (a) 98% of the Company’s ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which the Company’s capital gains exceed the Company’s capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by the Company to use its taxable year); and (c) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. For the tax years ended December 31, 2023 and December 31, 2022, the Company was subject to a 4% U.S. federal excise tax and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $1.4 million and $726,000 for the tax years ended December 31, 2023 and December 31, 2022, respectively. The following table shows the Company's cash distributions per share that have been authorized by the Board since the Company's initial public offering to June 30, 2024. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2023, 2022, 2018 and 2017, distributions represent ordinary income as the Company's earnings exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains. Period Ended Date Declared Record Date Payment Date Per Share Amount March 31, 2014 April 3, 2014 April 15, 2014 April 30, 2014 $ 0.09 (1) June 30, 2014 May 13, 2014 May 30, 2014 June 17, 2014 0.30 September 30, 2014 August 11, 2014 August 29, 2014 September 16, 2014 0.32 December 31, 2014 October 27, 2014 November 28, 2014 December 16, 2014 0.36 December 31, 2014 December 3, 2014 December 22, 2014 December 31, 2014 0.15 (2) March 31, 2015 March 16, 2015 March 26, 2015 April 16, 2015 0.36 June 30, 2015 May 6, 2015 May 29, 2015 June 16, 2015 0.36 September 30, 2015 August 11, 2015 August 31, 2015 September 16, 2015 0.36 December 31, 2015 November 10, 2015 November 30, 2015 December 16, 2015 0.36 March 31, 2016 March 14, 2016 March 31, 2016 April 15, 2016 0.36 June 30, 2016 May 9, 2016 May 31, 2016 June 16, 2016 0.36 September 30, 2016 August 8, 2016 August 31, 2016 September 16, 2016 0.36 December 31, 2016 November 7, 2016 November 30, 2016 December 16, 2016 0.36 March 31, 2017 March 13, 2017 March 31, 2017 April 17, 2017 0.36 June 30, 2017 May 9, 2017 May 31, 2017 June 16, 2017 0.36 September 30, 2017 August 8, 2017 August 31, 2017 September 15, 2017 0.36 December 31, 2017 November 6, 2017 November 17, 2017 December 1, 2017 0.36 March 31, 2018 March 12, 2018 March 23, 2018 April 6, 2018 0.36 June 30, 2018 May 2, 2018 May 31, 2018 June 15, 2018 0.36 September 30, 2018 August 1, 2018 August 31, 2018 September 14, 2018 0.36 December 31, 2018 October 31, 2018 November 30, 2018 December 14, 2018 0.36 December 31, 2018 December 6, 2018 December 20, 2018 December 28, 2018 0.10 (2) March 31, 2019 March 1, 2019 March 20, 2019 March 29, 2019 0.36 June 30, 2019 May 1, 2019 May 31, 2019 June 14, 2019 0.36 September 30, 2019 July 31, 2019 August 30, 2019 September 16, 2019 0.36 December 31, 2019 October 30, 2019 November 29, 2019 December 16, 2019 0.36 March 31, 2020 February 28, 2020 March 16, 2020 March 30, 2020 0.36 June 30, 2020 April 30, 2020 June 16, 2020 June 30, 2020 0.36 September 30, 2020 July 30, 2020 August 31, 2020 September 15, 2020 0.36 December 31, 2020 October 29, 2020 November 27, 2020 December 14, 2020 0.36 December 31, 2020 December 21, 2020 December 31, 2020 January 13, 2021 0.10 (2) March 31, 2021 February 24, 2021 March 15, 2021 March 31, 2021 0.36 June 30, 2021 April 29, 2021 June 16, 2021 June 30, 2021 0.36 September 30, 2021 July 28, 2021 August 31, 2021 September 15, 2021 0.36 December 31, 2021 October 29, 2021 November 30, 2021 December 15, 2021 0.36 March 31, 2022 February 22, 2022 March 15, 2022 March 31, 2022 0.36 June 30, 2022 April 28, 2022 June 16, 2022 June 30, 2022 0.36 September 30, 2022 July 27, 2022 September 15, 2022 September 30, 2022 0.36 December 31, 2022 October 28, 2022 December 15, 2022 December 30, 2022 0.37 December 31, 2022 December 9, 2022 December 22, 2022 December 30, 2022 0.10 (2) March 31, 2023 February 21, 2023 March 15, 2023 March 31, 2023 0.40 June 30, 2023 April 26, 2023 June 15, 2023 June 30, 2023 0.40 September 30, 2023 July 26, 2023 September 15, 2023 September 29, 2023 0.40 December 31, 2023 October 26, 2023 December 15, 2023 December 29, 2023 0.40 March 31, 2024 February 27, 2024 March 14, 2024 March 29, 2024 0.40 June 30, 2024 April 24, 2024 June 14, 2024 June 28, 2024 0.40 Total cash distributions $ 15.45 _______________ (1) The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of the Company’s initial public offering on March 5, 2014 (commencement of operations) through March 31, 2014. (2) Represents a special distribution. It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year. However, the Company may choose not to distribute all of its taxable income for a number of reasons, including retaining excess taxable income for investment purposes and/or to defer the payment of distributions associated with the excess taxable income for future calendar years. During the three months ended June 30, 2024 and 2023, the Company recorded $0.3 million and $0.2 million, respectively, for an excise tax accrual. During the six months ended June 30, 2024 and 2023, the Company recorded $0.7 million and $0.5 million, respectively, for an excise tax accrual. For the three months ended June 30, 2024 and 2023, total distributions of $0.40 per share and $0.40 per share were declared and paid, respectively, and represented distributions from ordinary income. For the six months ended June 30, 2024 and 2023, total distributions of $0.80 per share and $0.80 per share were declared and paid, respectively, and represented distributions from ordinary income. No provision for income tax was recorded in the Company’s consolidated statements of operations for the three and six months ended June 30, 2024 and 2023. As of June 30, 2024, the Company estimated it had undistributed taxable earnings from net investment income of $39.3 million, or $0.98 per share. Since March 5, 2014 (commencement of operations) to June 30, 2024, total distributions of $15.45 per share have been paid. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company's management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Quarterly Report on Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and six months ended June 30, 2024, except as discussed below. Distribution On July 31, 2024, the Board declared a $0.30 per share regular quarterly distribution payable on September 30, 2024 to stockholders of record on September 16, 2024. Recent Portfolio Activity From July 1, 2024 through August 6, 2024, the Company closed $11.0 million of additional debt commitments and funded $6.3 million in new investments. TPC’s direct originations platform entered into $56.0 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for the Company are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with the Adviser’s allocation policy. Amendment to Credit Facility On August 6, 2024, the Company and the Financing Subsidiary amended the Credit Facility by executing a letter agreement, dated August 6, 2024 (the “Amendment”), by and among the Company, individually and as collateral manager of the borrower, the Financing Subsidiary, as borrower, Vervent, Inc., as backup collateral manager, Deutsche Bank Trust Company Americas, as paying agent and as collection account bank, Computershare Trust Company, N.A., as custodian, the lenders from time to time party thereto, and Deutsche Bank AG, New York Branch, as facility agent. The Amendment amended the Credit Facility to, among other things: (i) extend the revolving period to November 30, 2025 and the scheduled maturity date to May 30, 2027; (ii) revise the interest rate on borrowings such that borrowings bear interest at the sum of (a) a floating rate based on certain indices, including SOFR and commercial paper rates (subject to a floor of 0.50%), plus (b) a margin of 3.20% if facility utilization is greater than or equal to 75%, 3.35% if utilization is greater than or equal to 50% but less than 75%, 3.50% if utilization is less than 50% and 4.50% during the amortization period; (iii) adjust the advance rates based on the underlying asset type; (iv) revise certain events of default provisions and affirmative and negative covenants; and (v) change the capacity of the Credit Facility to $300 million. The Credit Facility, as amended by the Amendment, includes customary representations and warranties and requires the Company to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the Credit Facility are subject to the leverage restrictions contained in the 1940 Act, provided that the Company’s asset coverage ratio under the Credit Facility shall not be less than 150%. The foregoing description is only a summary of certain of the provisions of the Amendment and the Credit Facility and is qualified in its entirety by reference to a copy of the Credit Facility, as amended and conformed through the Amendment, which the Company filed as Exhibit 10.1 to its Current Report on Form 8-K filed with the SEC on August 7, 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net increase (decrease) in net assets resulting from operations | $ 8,617 | $ (20,855) | $ 16,596 | $ (13,176) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
N-2
N-2 - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Dec. 31, 2023 | Aug. 06, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2024 | ||
Cover [Abstract] | ||||||||||||||
Entity Central Index Key | 0001580345 | |||||||||||||
Amendment Flag | false | |||||||||||||
Securities Act File Number | 814-01044 | |||||||||||||
Document Type | 10-Q | |||||||||||||
Entity Registrant Name | TriplePoint Venture Growth BDC Corp. | |||||||||||||
Entity Address, Address Line One | 2755 Sand Hill Road | |||||||||||||
Entity Address, Address Line Two | Suite 150 | |||||||||||||
Entity Address, City or Town | Menlo Park | |||||||||||||
Entity Address, State or Province | CA | |||||||||||||
Entity Address, Postal Zip Code | 94025 | |||||||||||||
City Area Code | 650 | |||||||||||||
Local Phone Number | 854-2090 | |||||||||||||
Entity Emerging Growth Company | false | |||||||||||||
Fee Table [Abstract] | ||||||||||||||
Shareholder Transaction Expenses [Table Text Block] | Stockholder Transaction Expenses: Sales load or other commission payable by us (as a percentage of offering price) — % (1) Offering expenses (as a percentage of offering price) — % (2) Dividend reinvestment plan expenses — % (3) Total Stockholder Transaction Expenses (as a percentage of offering price) — % Annual Expenses (as a percentage of net assets attributable to common stock): Base management fee payable under the Advisory Agreement 4.63 % (4) Incentive fee payable under the Advisory Agreement (20% of net investment income and realized capital gains) 3.20 % (5) Interest payments on borrowed funds 8.95 % (6) Other expenses 2.51 % (7) Total annual expenses 19.29 % __________ (1) The amounts set forth in this table do not reflect the impact of any sales load, sales commission or other offering expenses borne by us and our stockholders. The maximum agent commission with respect to the shares of our common stock sold by us in the Current ATM Program is 2.0% of gross proceeds, with the exact amount of such compensation to be mutually agreed upon by us and the Sales Agent from time to time. In the event that securities are sold to or through underwriters or agents, a corresponding prospectus or prospectus supplement will disclose the applicable sales load or commission. (2) The prospectus supplement corresponding to each offering will disclose the applicable estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price. (3) The expenses associated with the administration of the dividend reinvestment plan are included in “Other expenses.” The plan administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the plan. However, your own broker may impose brokerage charges in connection with your participation in the plan. (4) Our base management fee, payable quarterly in arrears, is calculated at an annual rate of 1.75% of our average adjusted gross assets, including assets purchased with borrowed amounts and other forms of leverage. See “Item 1. Business-Management Agreements-Investment Advisory Agreement” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for more information. (5) Assumes that annual incentive fees earned by our Adviser remain consistent with the incentive fees that would have been earned by our Adviser (if not for the cumulative “catch-up” provision explained below) for the six months ended June 30, 2024 adjusted for any equity issuances. The incentive fee consists of two components, investment income and capital gains, which are largely independent of each other, with the result that one component may be payable even if the other is not payable. Under the investment income component, we pay our Adviser each quarter 20.0% of the amount by which our pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of our net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which our Adviser receives all of such income in excess of the 2.0% level but less than 2.5% and subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, our Adviser receives 20.0% of our pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of our pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 exceeds the cumulative incentive fees accrued and/or paid since March 5, 2014. In other words, any investment income incentive fee that is payable in a calendar quarter will be limited to the lesser of (i) 20.0% of the amount by which our pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle rate, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 minus (y) the cumulative incentive fees accrued and/or paid since March 5, 2014. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of our pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since March 5, 2014. Under the capital gains component of the incentive fee, we pay our Adviser at the end of each calendar year 20.0% of our aggregate cumulative realized capital gains from inception through the end of that year, computed net of our aggregate cumulative realized capital losses and our aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, our “aggregate cumulative realized capital gains” does not include any unrealized appreciation. It should be noted that we accrue an incentive fee for accounting purposes taking into account any unrealized appreciation in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. (6) “Interest payments on borrowed funds” represent our estimated annual interest payment, fees and credit facility expenses and are based on results of operations for the six months ended June 30, 2024 (annualized), including with respect to the Credit Facility, the 2025 Notes, the 2026 Notes and the 2027 Notes. The costs associated with any outstanding indebtedness are indirectly borne by our common stockholders. The amount of leverage we employ at any particular time will depend on, among other things, the Board’s and our Adviser’s assessment of the market and other factors at the time at any proposed borrowing. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act. (7) “Other expenses” represent our estimated amounts for the current fiscal year, which are based upon the results of our operations for the six months ended June 30, 2024, including payments under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by our Administrator. | |||||||||||||
Sales Load [Percent] | 0% | |||||||||||||
Other Transaction Expenses [Abstract] | ||||||||||||||
Other Transaction Expense 1 [Percent] | 0% | |||||||||||||
Other Transaction Expense 2 [Percent] | 0% | |||||||||||||
Annual Expenses [Table Text Block] | Stockholder Transaction Expenses: Sales load or other commission payable by us (as a percentage of offering price) — % (1) Offering expenses (as a percentage of offering price) — % (2) Dividend reinvestment plan expenses — % (3) Total Stockholder Transaction Expenses (as a percentage of offering price) — % Annual Expenses (as a percentage of net assets attributable to common stock): Base management fee payable under the Advisory Agreement 4.63 % (4) Incentive fee payable under the Advisory Agreement (20% of net investment income and realized capital gains) 3.20 % (5) Interest payments on borrowed funds 8.95 % (6) Other expenses 2.51 % (7) Total annual expenses 19.29 % __________ (1) The amounts set forth in this table do not reflect the impact of any sales load, sales commission or other offering expenses borne by us and our stockholders. The maximum agent commission with respect to the shares of our common stock sold by us in the Current ATM Program is 2.0% of gross proceeds, with the exact amount of such compensation to be mutually agreed upon by us and the Sales Agent from time to time. In the event that securities are sold to or through underwriters or agents, a corresponding prospectus or prospectus supplement will disclose the applicable sales load or commission. (2) The prospectus supplement corresponding to each offering will disclose the applicable estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price. (3) The expenses associated with the administration of the dividend reinvestment plan are included in “Other expenses.” The plan administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the plan. However, your own broker may impose brokerage charges in connection with your participation in the plan. (4) Our base management fee, payable quarterly in arrears, is calculated at an annual rate of 1.75% of our average adjusted gross assets, including assets purchased with borrowed amounts and other forms of leverage. See “Item 1. Business-Management Agreements-Investment Advisory Agreement” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for more information. (5) Assumes that annual incentive fees earned by our Adviser remain consistent with the incentive fees that would have been earned by our Adviser (if not for the cumulative “catch-up” provision explained below) for the six months ended June 30, 2024 adjusted for any equity issuances. The incentive fee consists of two components, investment income and capital gains, which are largely independent of each other, with the result that one component may be payable even if the other is not payable. Under the investment income component, we pay our Adviser each quarter 20.0% of the amount by which our pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of our net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which our Adviser receives all of such income in excess of the 2.0% level but less than 2.5% and subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, our Adviser receives 20.0% of our pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of our pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 exceeds the cumulative incentive fees accrued and/or paid since March 5, 2014. In other words, any investment income incentive fee that is payable in a calendar quarter will be limited to the lesser of (i) 20.0% of the amount by which our pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle rate, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 minus (y) the cumulative incentive fees accrued and/or paid since March 5, 2014. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of our pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since March 5, 2014. Under the capital gains component of the incentive fee, we pay our Adviser at the end of each calendar year 20.0% of our aggregate cumulative realized capital gains from inception through the end of that year, computed net of our aggregate cumulative realized capital losses and our aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, our “aggregate cumulative realized capital gains” does not include any unrealized appreciation. It should be noted that we accrue an incentive fee for accounting purposes taking into account any unrealized appreciation in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. (6) “Interest payments on borrowed funds” represent our estimated annual interest payment, fees and credit facility expenses and are based on results of operations for the six months ended June 30, 2024 (annualized), including with respect to the Credit Facility, the 2025 Notes, the 2026 Notes and the 2027 Notes. The costs associated with any outstanding indebtedness are indirectly borne by our common stockholders. The amount of leverage we employ at any particular time will depend on, among other things, the Board’s and our Adviser’s assessment of the market and other factors at the time at any proposed borrowing. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act. (7) “Other expenses” represent our estimated amounts for the current fiscal year, which are based upon the results of our operations for the six months ended June 30, 2024, including payments under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by our Administrator. | |||||||||||||
Management Fees [Percent] | 4.63% | |||||||||||||
Interest Expenses on Borrowings [Percent] | 8.95% | |||||||||||||
Incentive Fees [Percent] | 3.20% | |||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||
Other Annual Expense 1 [Percent] | 2.51% | |||||||||||||
Total Annual Expenses [Percent] | 19.29% | |||||||||||||
Expense Example [Table Text Block] | The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above. 1 Year 3 Years 5 Years 10 Years You would pay the following expenses on a $1,000 investment, assuming a 5% annual return (1) $ 161 $ 431 $ 645 $ 1,003 You would pay the following expenses on a $1,000 investment, assuming a 5% $ 171 $ 453 $ 671 $ 1,024 __________________ (1) Assumes no return from net realized capital gains or net unrealized capital appreciation. | |||||||||||||
Expense Example, Year 01 | [1] | $ 161 | ||||||||||||
Expense Example, Years 1 to 3 | [1] | 431 | ||||||||||||
Expense Example, Years 1 to 5 | [1] | 645 | ||||||||||||
Expense Example, Years 1 to 10 | [1] | $ 1,003 | ||||||||||||
Other Transaction Fees, Note [Text Block] | The prospectus supplement corresponding to each offering will disclose the applicable estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price. | |||||||||||||
Other Expenses, Note [Text Block] | “Other expenses” represent our estimated amounts for the current fiscal year, which are based upon the results of our operations for the six months ended June 30, 2024, including payments under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by our Administrator. | |||||||||||||
Management Fee not based on Net Assets, Note [Text Block] | Our base management fee, payable quarterly in arrears, is calculated at an annual rate of 1.75% of our average adjusted gross assets, including assets purchased with borrowed amounts and other forms of leverage. See “Item 1. Business-Management Agreements-Investment Advisory Agreement” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for more information. | |||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||
Risk Factors [Table Text Block] | Risk Factors You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities. There have been no material changes during the three and six months ended June 30, 2024 to the risk factors previously disclosed in our Annual Report on Form 10‑K for the year ended December 31, 2023 (filed with the SEC on March 6, 2024) which could materially affect our business, financial condition or operating results. | |||||||||||||
Share Price [Table Text Block] | Our common stock is traded on the NYSE under the symbol “TPVG.” The following table shows, for each fiscal quarter during the last two full fiscal years and the current fiscal year to date, the net asset value (“NAV”) per share of our common stock, the high and low closing sales prices for our common stock, such sales prices as a percentage of NAV per share and quarterly distributions per share. Closing Sales Price (2) Premium/(Discount) of High Sales Price to NAV (3) Premium/(Discount) of Low Sales Price to NAV (3) Declared Distributions Period NAV (1) High Low Third Quarter of 2024 (through August 6, 2024) * $ 8.99 $ 8.03 * * $ 0.30 Second Quarter of 2024 $ 8.83 $ 9.63 $ 7.97 9.1 % (9.7) % $ 0.40 First Quarter of 2024 $ 9.02 $ 11.48 $ 9.01 27.3 % (0.1) % $ 0.40 Fourth Quarter of 2023 $ 9.21 $ 10.99 $ 9.20 19.3 % (0.1) % $ 0.40 Third Quarter of 2023 $ 10.37 $ 12.62 $ 10.12 21.7 % (2.4) % $ 0.40 Second Quarter of 2023 $ 10.70 $ 12.27 $ 9.81 14.7 % (8.3) % $ 0.40 First Quarter of 2023 $ 11.69 $ 12.72 $ 10.75 8.8 % (8.0) % $ 0.40 Fourth Quarter of 2022 $ 11.88 $ 13.31 $ 10.43 12.0 % (12.2) % $ 0.47 (4) Third Quarter of 2022 $ 12.69 $ 14.47 $ 10.46 14.0 % (17.6) % $ 0.36 Second Quarter of 2022 $ 13.01 $ 17.88 $ 12.17 37.4 % (6.5) % $ 0.36 First Quarter of 2022 $ 13.84 $ 18.07 $ 15.80 30.6 % 14.2 % $ 0.36 _______________ (1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period. (2) Closing sales price as provided by the NYSE. (3) Calculated as of the respective high or low closing sales price divided by the quarter-end NAV and subtracting 1. (4) Includes a $0.10 per share special distribution. * Not determinable at the time of filing. On August 6, 2024, the reported closing sales price of our common stock was $8.15 per share. As of August 6, 2024, we had 7 stockholders of record, which did not include stockholders for whom shares are held in “nominee” or “street name”. Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that shares of our common stock will trade at a discount from NAV or at premiums that are unsustainable over the long term are separate and distinct from the risk that our NAV will decrease. It is not possible to predict whether the shares offered hereby will trade at, above or below NAV. | |||||||||||||
Lowest Price or Bid | $ 8.03 | $ 7.97 | $ 9.01 | $ 9.20 | $ 10.12 | $ 9.81 | $ 10.75 | $ 10.43 | $ 10.46 | $ 12.17 | $ 15.80 | |||
Highest Price or Bid | 8.99 | $ 9.63 | $ 11.48 | $ 10.99 | $ 12.62 | $ 12.27 | $ 12.72 | $ 13.31 | $ 14.47 | $ 17.88 | $ 18.07 | |||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 9.10% | 27.30% | 19.30% | 21.70% | 14.70% | 8.80% | 12% | 14% | 37.40% | 30.60% | ||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | (9.70%) | (0.10%) | (0.10%) | (2.40%) | (8.30%) | (8.00%) | (12.20%) | (17.60%) | (6.50%) | 14.20% | ||||
Share Price | $ 8.15 | $ 8.03 | $ 11.78 | $ 8.03 | ||||||||||
NAV Per Share | $ 9.21 | $ 8.83 | $ 9.02 | $ 9.21 | $ 10.37 | $ 10.70 | $ 11.69 | $ 11.88 | $ 12.69 | $ 13.01 | $ 13.84 | $ 8.83 | ||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||
Long Term Debt [Table Text Block] | Credit Facility As of June 30, 2024, we had $350 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows us to increase the size of the Credit Facility to up to $400 million under certain circumstances. As of June 30, 2024 the revolving period under the Credit Facility was set to expire on August 31, 2024, and the scheduled maturity date of the Credit Facility was November 30, 2025 (unless otherwise terminated earlier pursuant to its terms). As of June 30, 2024 borrowings under the Credit Facility bore interest at the sum of (i) a floating rate based on certain indices, including SOFR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 2.80% if facility utilization is greater than or equal to 75%, 2.90% if utilization is greater than or equal to 50%, 3.00% if utilization is less than 50% and 4.5% during the amortization period. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the terms of the Credit Facility. Subsequent to June 30, 2024, the Company and the Financing Subsidiary amended the Credit Facility to further extend the revolving period and scheduled maturity date and effectuate other changes. See “Recent Developments” below for more information. As of June 30, 2024 and December 31, 2023, we had outstanding borrowings under the Credit Facility of $10.0 million and $215.0 million, respectively, excluding deferred credit facility costs of $2.5 million and $2.7 million, respectively, which is included in the consolidated statements of assets and liabilities. We had $340.0 million and $135.0 million of remaining capacity on our Credit Facility as of June 30, 2024 and December 31, 2023, respectively. 2025 Notes On March 19, 2020, we completed a private offering of $70.0 million in aggregate principal amount of the 2025 Notes and received net proceeds of $69.1 million, after the payment of fees and offering costs. The interest on the 2025 Notes, which accrues at an annual rate of 4.50%, is payable semiannually on March 19 and September 19 each year. The maturity date of the 2025 Notes is scheduled for March 19, 2025. As of June 30, 2024 and December 31, 2023, we have recorded in the consolidated statements of assets and liabilities our liability for the 2025 Notes, net of deferred issuance costs, of $69.8 million and $69.7 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2025 Notes. 2026 Notes On March 1, 2021, we completed a private offering of $200.0 million in aggregate principal amount of the 2026 Notes and received net proceeds of $197.9 million, after the payment of fees and offering costs. The interest on the 2026 Notes, which accrues at an annual rate of 4.50%, is payable semiannually on March 19 and September 19 each year. The maturity date of the 2026 Notes is scheduled for March 1, 2026. As of June 30, 2024 and December 31, 2023, we have recorded in the consolidated statements of assets and liabilities our liability for the 2026 Notes, net of deferred issuance costs, of $199.3 million and $199.0 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2026 Notes. 2027 Notes On February 28, 2022, we completed a private offering of $125.0 million in aggregate principal amount of the 2027 Notes and received net proceeds of $123.7 million, after the payment of fees and offering costs. The interest on the 2027 Notes, which accrues at an annual rate of 5.00%, is payable semiannually on February 28 and August 28 each year. The maturity date of the 2027 Notes is scheduled for February 28, 2027. As of June 30, 2024 and December 31, 2023, we have recorded in the consolidated statements of assets and liabilities our liability for the 2027 Notes, net of deferred issuance costs, of $124.3 million and $124.1 million, respectively. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the 2027 Notes. | |||||||||||||
2026 Notes [Member] | ||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||
Long Term Debt, Title [Text Block] | 2026 Notes | |||||||||||||
Long Term Debt, Principal | $ 200,000,000 | |||||||||||||
Long Term Debt, Structuring [Text Block] | On March 1, 2021, we completed a private offering of $200.0 million in aggregate principal amount of the 2026 Notes and received net proceeds of $197.9 million, after the payment of fees and offering costs. The interest on the 2026 Notes, which accrues at an annual rate of 4.50%, is payable semiannually on March 19 and September 19 each year. The maturity date of the 2026 Notes is scheduled for March 1, 2026. | |||||||||||||
2027 Notes [Member] | ||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||
Long Term Debt, Title [Text Block] | 2027 Notes | |||||||||||||
Long Term Debt, Principal | 125,000,000 | |||||||||||||
Long Term Debt, Structuring [Text Block] | On February 28, 2022, we completed a private offering of $125.0 million in aggregate principal amount of the 2027 Notes and received net proceeds of $123.7 million, after the payment of fees and offering costs. The interest on the 2027 Notes, which accrues at an annual rate of 5.00%, is payable semiannually on February 28 and August 28 each year. The maturity date of the 2027 Notes is scheduled for February 28, 2027. | |||||||||||||
2025 Notes [Member] | ||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||
Long Term Debt, Title [Text Block] | 2025 Notes | |||||||||||||
Long Term Debt, Principal | $ 70,000,000 | |||||||||||||
Long Term Debt, Structuring [Text Block] | On March 19, 2020, we completed a private offering of $70.0 million in aggregate principal amount of the 2025 Notes and received net proceeds of $69.1 million, after the payment of fees and offering costs. The interest on the 2025 Notes, which accrues at an annual rate of 4.50%, is payable semiannually on March 19 and September 19 each year. The maturity date of the 2025 Notes is scheduled for March 19, 2025. | |||||||||||||
Credit Facility 1 [Member] | ||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||
Long Term Debt, Title [Text Block] | Credit Facility | |||||||||||||
Long Term Debt, Principal | $ 350,000,000 | |||||||||||||
Line of Credit [Member] | ||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||
Long Term Debt, Structuring [Text Block] | As of June 30, 2024, we had $350 million in total commitments available under the Credit Facility, subject to various covenants and borrowing base requirements. The Credit Facility also includes an accordion feature, which allows us to increase the size of the Credit Facility to up to $400 million under certain circumstances. As of June 30, 2024 the revolving period under the Credit Facility was set to expire on August 31, 2024, and the scheduled maturity date of the Credit Facility was November 30, 2025 (unless otherwise terminated earlier pursuant to its terms). As of June 30, 2024 borrowings under the Credit Facility bore interest at the sum of (i) a floating rate based on certain indices, including SOFR and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 2.80% if facility utilization is greater than or equal to 75%, 2.90% if utilization is greater than or equal to 50%, 3.00% if utilization is less than 50% and 4.5% during the amortization period. See “Note 6. Borrowings” in the notes to the consolidated financial statements for more information regarding the terms of the Credit Facility. Subsequent to June 30, 2024, the Company and the Financing Subsidiary amended the Credit Facility to further extend the revolving period and scheduled maturity date and effectuate other changes. See “Recent Developments” below for more information. | |||||||||||||
[1]Assumes no return from net realized capital gains or net unrealized capital appreciation |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“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 required by GAAP for the annual reporting of consolidated financial statements are omitted. The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated. Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2024, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein. |
Related Party Agreements and _2
Related Party Agreements and Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Management and Incentive Fees | The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of June 30, 2024 and 2023, and, as a result, no capital gains incentive fees were recorded for the three and six months ended June 30, 2024 and 2023. Management and Incentive Fees For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Base management fee $ 3,832 $ 4,496 $ 8,134 $ 8,807 Income incentive fee $ — $ — $ — $ — Capital gains incentive fee $ — $ — $ — $ — |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Investments [Abstract] | |
Schedule of Investments Measured at Fair Value on a Recurring Basis | Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of June 30, 2024 and December 31, 2023. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. Investment Type June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Debt investments $ — $ — $ 615,656 $ 615,656 $ — $ — $ 730,295 $ 730,295 Warrant investments — — 36,561 36,561 — — 30,055 30,055 Equity investments 527 — 61,026 61,553 1,370 — 40,425 41,795 Total portfolio company investments $ 527 $ — $ 713,243 $ 713,770 $ 1,370 $ — $ 800,775 $ 802,145 |
Schedule of Rollforward of Level 3 Investments Measured at Fair Value | The following tables show information about Level 3 portfolio company investments measured at fair value for the six months ended June 30, 2024 and 2023. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs. Level 3 For the Six Months Ended June 30, 2024 Debt Investments Warrant Investments Equity Investments Total Portfolio Company Investments Fair value as of December 31, 2023 $ 730,295 $ 30,055 $ 40,425 $ 800,775 Funding and purchases of investments, at cost 50,882 436 800 52,118 Principal payments and sale proceeds received from investments (135,700) (889) — (136,589) Net amortization and accretion of premiums and discounts and end-of-term payments 2,589 — — 2,589 Net realized gains (losses) on investments (29,228) (423) — (29,651) Net change in unrealized gains (losses) included in earnings (2,763) 7,766 11,462 16,465 Payment-in-kind coupon 7,609 — — 7,609 Transfers between investment types (8,028) (384) 8,412 — Gross transfers out of Level 3 (1) — — (73) (73) Fair value as of June 30, 2024 $ 615,656 $ 36,561 $ 61,026 $ 713,243 Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2024 $ (13,700) $ 6,726 $ 11,462 $ 4,488 __________ (1) Transfers out of Level 3 are measured as of the date of the transfer. During the six months ended June 30, 2024, transfers relate to equity investments in publicly traded companies. Level 3 For the Six Months Ended June 30, 2023 Debt Investments Warrant Investments Equity Investments Total Portfolio Company Investments Fair value as of December 31, 2022 $ 852,951 $ 48,414 $ 44,599 $ 945,964 Funding and purchases of investments, at cost 86,538 168 936 87,642 Principal payments and sale proceeds received from investments (55,407) (274) — (55,681) Net amortization and accretion of premiums and discounts and end-of-term payments 9,490 — — 9,490 Net realized gains (losses) on investments (625) (384) — (1,009) Net change in unrealized gains (losses) included in earnings (44,432) (3,613) (2,474) (50,519) Payment-in-kind coupon 4,682 — — 4,682 Gross transfers out of Level 3 (1) — — — — Fair value as of June 30, 2023 $ 853,197 $ 44,311 $ 43,061 $ 940,569 Net change in unrealized gains (losses) on Level 3 investments held as of June 30, 2023 $ (44,432) $ (3,650) $ (2,610) $ (50,692) _______________ (1) Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the six months ended June 30, 2023 . |
Schedule of Quantitative Information About the Level 3 Fair Value Measurements | The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of June 30, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements. Level 3 Investments June 30, 2024 Fair Value Valuation Technique Unobservable Inputs Range Weighted Average Debt investments $ 522,313 Discounted Cash Flows Discount Rate 13.41% - 35.94% 19.42% 93,343 Probability-Weighted Expected Return Method Probability Weighting of Alternative Outcomes 5.00% - 100.00% 72.45% Warrant investments 34,676 Black Scholes Option Pricing Model Revenue Multiples 0.15x - 20.00x 9.22x Volatility 30.00% - 90.00% 53.25% Term 0.20 - 4.50 Years 2.55 Discount for Lack of Marketability 17.50% - 20.00% 18.05% Risk Free Rate 0.09% - 5.03% 3.94% 3 Option-Pricing Method and Probability-Weighted Expected Return Method Term 2.00 - 2.50 Years 2.14 1,882 Discounted Expected Return Discount Rate 20.00% - 30.00% 27.41% Term 1.00 - 4.00 Years 2.51 Expected Recovery Rate 18.75% - 100.00% 89.19% Equity investments 59,869 Black Scholes Option Pricing Model Revenue Multiples 0.35x - 20.00x 7.18x Volatility 30.00% - 90.00% 56.20% Term 1.00 - 4.00 Years 1.65 Discount for Lack of Marketability 17.50% - 17.50% 17.50% Risk Free Rate 0.13% - 5.03% 3.76% 1,157 Option-Pricing Method and Probability-Weighted Expected Return Method Discount Rate 20.00% - 20.00% 20.00% Term 0.50 - 1.50 Years 1.00 Total portfolio company investments $ 713,243 Level 3 Investments December 31, 2023 Fair Value Valuation Technique Unobservable Inputs Range Weighted Average Debt investments $ 688,937 Discounted Cash Flows Discount Rate 14.62% - 42.03% 19.79% 41,358 Probability-Weighted Expected Return Method Probability Weighting of Alternative Outcomes 5.00% - 100.00% 61.36% Warrant investments 27,730 Black Scholes Option Pricing Model Revenue Multiples 0.18x - 14.00x 4.79x Volatility 35.00% - 90.00% 60.99% Term 0.20 - 4.50 Years 3.04 Discount for Lack of Marketability 17.50% - 20.00% 18.60% Risk Free Rate 0.09% - 5.03% 3.37% 411 Option-Pricing Method and Probability-Weighted Expected Return Method Term 3.00 - 4.00 Years 3.01 1,914 Discounted Expected Return Discount Rate 20.00% - 30.00% 27.41% Term 1.00 - 4.00 Years 2.52 Expected Recovery Rate 18.75% - 100.00% 89.37% Equity investments 39,268 Black Scholes Option Pricing Model Revenue Multiples 0.70x - 14.00x 5.60x Volatility 35.00% - 90.00% 66.01% Term 1.50 - 4.00 Years 2.82 Discount for Lack of Marketability 17.50% - 17.50% 17.50% Risk Free Rate 0.13% - 5.03% 3.82% 1,157 Option-Pricing Method and Probability-Weighted Expected Return Method Discount Rate 20.00% - 20.00% 20.00% Term 0.50 - 1.50 Years 1.00 Total portfolio company investments $ 800,775 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table shows the Company’s outstanding debt as of June 30, 2024 and December 31, 2023: Liability June 30, 2024 December 31, 2023 Total Commitment Balance Outstanding Unused Commitment Total Commitment Balance Outstanding Unused Commitment Revolving Credit Facility $ 350,000 $ 10,000 $ 340,000 $ 350,000 $ 215,000 $ 135,000 2025 Notes 70,000 70,000 — 70,000 70,000 — 2026 Notes 200,000 200,000 — 200,000 200,000 — 2027 Notes 125,000 125,000 — 125,000 125,000 — Total before deferred financing and issuance costs 745,000 405,000 340,000 745,000 610,000 135,000 Unamortized deferred financing and issuance costs — (4,145) — — (4,818) — Total borrowings outstanding, net of deferred financing and issuance costs $ 745,000 $ 400,855 $ 340,000 $ 745,000 $ 605,182 $ 135,000 |
Schedule of Interest Expense and Amortization of Fees | Interest expense on these borrowings includes the interest cost charged on borrowings, the unused fee on the Credit Facility (as defined below), paying and administrative agent fees, and the amortization of deferred Credit Facility fees and expenses and costs and fees relating to the Company’s unsecured notes outstanding. These expenses are shown in the table below: Interest Expense and Amortization of Fees For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Revolving Credit Facility Interest cost $ 3,056 $ 4,458 $ 4,384 $ 8,193 Unused fee 264 170 630 369 Amortization of costs and other fees 541 485 1,027 964 Revolving Credit Facility Total $ 3,861 $ 5,113 $ 6,041 $ 9,526 2025 Notes Interest cost $ 788 $ 787 $ 1,575 $ 1,575 Amortization of costs and other fees 60 52 112 103 2025 Notes Total $ 848 $ 839 $ 1,687 $ 1,678 2026 Notes Interest cost $ 2,250 $ 2,250 $ 4,500 $ 4,500 Amortization of costs and other fees 111 110 221 221 2026 Notes Total $ 2,361 $ 2,360 $ 4,721 $ 4,721 2027 Notes Interest cost $ 1,562 $ 1,563 $ 3,125 $ 3,125 Amortization of costs and other fees 70 69 139 139 2027 Notes Total $ 1,632 $ 1,632 $ 3,264 $ 3,264 Total interest expense and amortization of fees $ 8,702 $ 9,944 $ 15,713 $ 19,189 |
Schedule of Fair Value, Liabilities Measured on Recurring Basis | The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of June 30, 2024 and December 31, 2023: Liability June 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Revolving Credit Facility $ — $ — $ 10,000 $ 10,000 $ — $ — $ 215,000 $ 215,000 2025 Notes, net (1) — — 68,488 68,488 — — 67,275 67,275 2026 Notes, net (2) — — 188,829 188,829 — — 187,255 187,255 2027 Notes, net (3) — — 115,685 115,685 — — 115,632 115,632 Total $ — $ — $ 383,002 $ 383,002 $ — $ — $ 585,162 $ 585,162 _______________ (1) Net of debt issuance costs as of June 30, 2024 and December 31, 2023 of $0.2 million and $0.3 million, respectively. (2) Net of debt issuance costs as of June 30, 2024 and December 31, 2023 of $0.7 million and $1.0 million, respectively. (3) Net of debt issuance costs as of June 30, 2024 and December 31, 2023 of $0.7 million and $0.9 million, respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unfunded Commitments | The following table shows the Company’s unfunded commitments by portfolio company as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 Unfunded Commitments (1) (in thousands) Unfunded Commitments Fair Value of Unfunded Commitment Liability Unfunded Commitments Fair Value of Unfunded Commitment Liability Overtime Sports Inc. $ 22,858 $ 122 $ 22,858 $ 122 ActiveHours Inc. 15,000 62 15,000 — Cresta Intelligence Inc. 10,000 33 — — Corelight, Inc. 9,000 301 20,000 415 Minted Inc. 3,570 — 8,500 — Project Affinity, Inc. 5,500 61 — — NewStore Inc. 2,500 34 5,000 68 Jokr S.a.r.l. 1,499 95 1,499 95 Substack Inc. 1,000 13 1,000 13 FlashParking, Inc. 500 7 — — Forum Brands Inc. — — 244 8 Foodology, Inc. — — 3,720 — Frubana Inc. — — 8,790 205 Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.) — — 3,000 — McN Investments Ltd. — — 15,000 78 Pair EyeWear, Inc. — — 1,000 10 Savage X, Inc. — — 12,500 575 Total $ 71,427 $ 728 $ 118,111 $ 1,589 _______________ (1) The Company did not have any backlog of potential future commitments as of June 30, 2024 and December 31, 2023. Refer to the “Backlog of Potential Future Commitments” below. |
Schedule of Level 3 Commitment Liabilities | These liabilities are considered Level 3 liabilities under ASC Topic 820 as there is no known or accessible market or market indices for these types of financial instruments. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. The following table shows additional details regarding the Company's unfunded commitment activity during the three and six months ended June 30, 2024 and 2023: Commitments Activity For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Unfunded commitments at beginning of period (1) $ 73,101 $ 254,498 $ 118,111 $ 324,010 New commitments (1) 52,000 18,005 62,000 21,742 Fundings (38,674) (30,595) (52,174) (88,157) Expirations / Terminations (15,000) (36,590) (56,510) (52,277) Unfunded commitments and backlog of potential future commitments at end of period $ 71,427 $ 205,318 $ 71,427 $ 205,318 Backlog of potential future commitments — — — — Unfunded commitments at end of period $ 71,427 $ 205,318 $ 71,427 $ 205,318 _______________ (1) Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below. |
Schedule of Contractual Obligation, Fiscal Year Maturity | The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of June 30, 2024 and December 31, 2023: Unfunded Commitments (1) (in thousands) June 30, 2024 December 31, 2023 Dependent on milestones $ 5,000 $ 29,220 Expiring during: 2024 $ 5,000 $ 86,754 2025 65,927 31,357 2026 500 — Unfunded commitments $ 71,427 $ 118,111 _______________ (1) Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | The following table shows the financial highlights for the six months ended June 30, 2024, and 2023: Financial Highlights For the Six Months Ended June 30, 2024 2023 Per Share Data (1) Net asset value at beginning of period $ 9.21 $ 11.88 Changes in net asset value due to: Net investment income 0.74 1.06 Net realized gains (losses) on investments (0.72) 0.05 Net change in unrealized gains (losses) on investments 0.39 (1.49) Net increase (decrease) from capital share transactions (1) 0.01 — Distributions from net investment income (0.80) (0.80) Net asset value at end of period $ 8.83 $ 10.70 Net investment income per share $ 0.74 $ 1.06 Net increase (decrease) in net assets resulting from operations per share $ 0.43 $ (0.37) Weighted average shares of common stock outstanding for period 38,189 35,373 Shares of common stock outstanding at end of period 39,953 35,447 Ratios / Supplemental Data Net asset value at beginning of period $ 346,306 $ 419,940 Net asset value at end of period $ 352,977 $ 379,434 Average net asset value $ 348,353 $ 417,763 Stock price at end of period $ 8.03 $ 11.78 Total return based on net asset value per share (2) 5.6 % (3.4) % Total return based on stock price (3) (18.7) % 21.1 % Net investment income to average net asset value (4) 16.2 % 18.1 % Net increase (decrease) in net assets to average net asset value (4) 9.6 % (6.4) % Ratio of expenses to average net asset value (4) 16.3 % 15.1 % Operating expenses excluding incentive fees to average net asset value (4) 16.3 % 15.1 % Income incentive fees to average net asset value (4) — % — % Capital gains incentive fees to average net asset value (4) — % — % _____________ (1) All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2) Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning NAV per share. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized. (3) Total return based on stock price is the change in the ending stock price of the Company’s common stock plus distributions paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning stock price of the Company’s common stock. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized. (4) Percentage is presented on an annualized basis. The following table shows the weighted average annualized portfolio yield on debt investments for the six months ended June 30, 2024 and 2023: Ratios (Percentages, on an annualized basis) (1) For the Six Months Ended June 30, 2024 2023 Weighted average portfolio yield on debt investments (2) 15.6 % 14.7 % Coupon income 11.9 % 11.8 % Accretion of discount 0.9 % 0.9 % Accretion of end-of-term payments 1.5 % 1.7 % Impact of prepayments during the period 1.3 % 0.3 % _____________ (1) Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. (2) The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to our stockholders. |
Net Increase (Decrease) in Ne_2
Net Increase (Decrease) in Net Assets per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table shows the computation of basic and diluted net increase/(decrease) in net assets per share for the three and six months ended June 30, 2024 and 2023: Basic and Diluted Share Information For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net investment income $ 12,604 $ 18,837 $ 28,127 $ 37,416 Net increase (decrease) in net assets resulting from operations $ 8,617 $ (20,855) $ 16,596 $ (13,176) Weighted average shares of common stock outstanding 38,729 35,398 38,189 35,373 Net investment income per share of common stock $ 0.33 $ 0.53 $ 0.74 $ 1.06 Net increase (decrease) in net assets resulting from operations per share of common stock $ 0.22 $ (0.59) $ 0.43 $ (0.37) |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Common Stock Offerings | The following tables show information on the proceeds raised along with any related underwriting sales load and associated offering expenses, and the price at which common stock was issued by the Company, during the six months ended June 30, 2024 and for the year ended December 31, 2023: Issuance of Common Stock for the Six Months Ended June 30, 2024 Date Number of Shares of Gross Proceeds Raised Underwriting Sales Load Offering Expenses Gross Offering Price per Share First quarter 2024 distribution reinvestment 3/29/2024 93 $ 828 $ — $ — $ 8.87 First quarter 2024 ATM offering (1) 3/12/2024 133 1,308 20 33 $ 9.88 Second quarter 2024 distribution reinvestment 6/28/2024 113 859 — — $ 7.63 Second quarter 2024 ATM offering (2) 1,994 18,511 278 63 $ 9.28 Total issuance 2,333 $ 21,506 $ 298 $ 96 _______________ (1) Gross offering price per share represents the weighted average price per share issued on March 12, 2024 under the 2022 Sales Agreement. (2) Gross offering price per share represents the weighted average price per share issued during the period from May 7, 2024 to June 10, 2024 under the 2024 Sales Agreement. Issuance of Common Stock for the Year Ended December 31, 2023 Date Number of Shares of Gross Proceeds Raised Underwriting Sales Load Offering Expenses Gross Offering Price per Share First quarter 2023 distribution reinvestment 3/31/2023 49 $ 566 $ — $ — $ 11.48 Second quarter 2023 distribution reinvestment 6/30/2023 49 553 — — $ 11.19 Third quarter 2023 distribution reinvestment 9/29/2023 76 751 — — $ 9.94 Third quarter 2023 ATM offering (1) (1) 564 6,286 95 30 $ 11.15 Fourth quarter 2023 distribution reinvestment 12/29/2023 80 821 — — $ 10.32 Fourth quarter 2023 ATM offering (2) (2) 1,454 15,445 232 118 $ 10.61 Total issuance 2,272 $ 24,422 $ 327 $ 148 _______________ (1) Gross offering price per share represents the weighted average price per share issued during the period from August 14, 2023 to September 18, 2023 under the 2022 Sales Agreement. (2) Gross offering price per share represents the weighted average price per share issued during the period from November 16, 2023 to December 28, 2023 under the 2022 Sales Agreement. |
Distributions (Tables)
Distributions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Distributions [Abstract] | |
Schedule of Distribution of Assets, Liabilities and Stockholders' Equity | The following table shows the Company's cash distributions per share that have been authorized by the Board since the Company's initial public offering to June 30, 2024. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2023, 2022, 2018 and 2017, distributions represent ordinary income as the Company's earnings exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains. Period Ended Date Declared Record Date Payment Date Per Share Amount March 31, 2014 April 3, 2014 April 15, 2014 April 30, 2014 $ 0.09 (1) June 30, 2014 May 13, 2014 May 30, 2014 June 17, 2014 0.30 September 30, 2014 August 11, 2014 August 29, 2014 September 16, 2014 0.32 December 31, 2014 October 27, 2014 November 28, 2014 December 16, 2014 0.36 December 31, 2014 December 3, 2014 December 22, 2014 December 31, 2014 0.15 (2) March 31, 2015 March 16, 2015 March 26, 2015 April 16, 2015 0.36 June 30, 2015 May 6, 2015 May 29, 2015 June 16, 2015 0.36 September 30, 2015 August 11, 2015 August 31, 2015 September 16, 2015 0.36 December 31, 2015 November 10, 2015 November 30, 2015 December 16, 2015 0.36 March 31, 2016 March 14, 2016 March 31, 2016 April 15, 2016 0.36 June 30, 2016 May 9, 2016 May 31, 2016 June 16, 2016 0.36 September 30, 2016 August 8, 2016 August 31, 2016 September 16, 2016 0.36 December 31, 2016 November 7, 2016 November 30, 2016 December 16, 2016 0.36 March 31, 2017 March 13, 2017 March 31, 2017 April 17, 2017 0.36 June 30, 2017 May 9, 2017 May 31, 2017 June 16, 2017 0.36 September 30, 2017 August 8, 2017 August 31, 2017 September 15, 2017 0.36 December 31, 2017 November 6, 2017 November 17, 2017 December 1, 2017 0.36 March 31, 2018 March 12, 2018 March 23, 2018 April 6, 2018 0.36 June 30, 2018 May 2, 2018 May 31, 2018 June 15, 2018 0.36 September 30, 2018 August 1, 2018 August 31, 2018 September 14, 2018 0.36 December 31, 2018 October 31, 2018 November 30, 2018 December 14, 2018 0.36 December 31, 2018 December 6, 2018 December 20, 2018 December 28, 2018 0.10 (2) March 31, 2019 March 1, 2019 March 20, 2019 March 29, 2019 0.36 June 30, 2019 May 1, 2019 May 31, 2019 June 14, 2019 0.36 September 30, 2019 July 31, 2019 August 30, 2019 September 16, 2019 0.36 December 31, 2019 October 30, 2019 November 29, 2019 December 16, 2019 0.36 March 31, 2020 February 28, 2020 March 16, 2020 March 30, 2020 0.36 June 30, 2020 April 30, 2020 June 16, 2020 June 30, 2020 0.36 September 30, 2020 July 30, 2020 August 31, 2020 September 15, 2020 0.36 December 31, 2020 October 29, 2020 November 27, 2020 December 14, 2020 0.36 December 31, 2020 December 21, 2020 December 31, 2020 January 13, 2021 0.10 (2) March 31, 2021 February 24, 2021 March 15, 2021 March 31, 2021 0.36 June 30, 2021 April 29, 2021 June 16, 2021 June 30, 2021 0.36 September 30, 2021 July 28, 2021 August 31, 2021 September 15, 2021 0.36 December 31, 2021 October 29, 2021 November 30, 2021 December 15, 2021 0.36 March 31, 2022 February 22, 2022 March 15, 2022 March 31, 2022 0.36 June 30, 2022 April 28, 2022 June 16, 2022 June 30, 2022 0.36 September 30, 2022 July 27, 2022 September 15, 2022 September 30, 2022 0.36 December 31, 2022 October 28, 2022 December 15, 2022 December 30, 2022 0.37 December 31, 2022 December 9, 2022 December 22, 2022 December 30, 2022 0.10 (2) March 31, 2023 February 21, 2023 March 15, 2023 March 31, 2023 0.40 June 30, 2023 April 26, 2023 June 15, 2023 June 30, 2023 0.40 September 30, 2023 July 26, 2023 September 15, 2023 September 29, 2023 0.40 December 31, 2023 October 26, 2023 December 15, 2023 December 29, 2023 0.40 March 31, 2024 February 27, 2024 March 14, 2024 March 29, 2024 0.40 June 30, 2024 April 24, 2024 June 14, 2024 June 28, 2024 0.40 Total cash distributions $ 15.45 _______________ (1) The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of the Company’s initial public offering on March 5, 2014 (commencement of operations) through March 31, 2014. (2) Represents a special distribution. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Details) | Jun. 30, 2024 company |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of subsidiaries | 2 |
Related Party Agreements and _3
Related Party Agreements and Transactions - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) component | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) component | Jun. 30, 2023 USD ($) | |
Related Party Transaction [Line Items] | ||||
Incentive fee percentage | 20% | |||
Administration Agreement expenses | $ | $ 648 | $ 567 | $ 1,259 | $ 1,140 |
Investment Management Agreement | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Number of components | component | 2 | 2 | ||
Advisory Agreement | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Base management fee percentage | 1.75% | |||
Investment Management Agreement - Incentive Rate, Quarterly Hurdle Rate | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Incentive fee percentage | 2% | |||
Investment company, investment income (Loss) ratio, before incentive allocation | 2% | |||
Investment Management Agreement - Incentive Rate, Annualized Hurdle Rate | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Investment company, investment income (Loss) ratio, before incentive allocation | 8% | |||
Investment Management Agreement - Incentive Rate, Quarterly Catch-Up Threshold | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Incentive fee percentage | 2.50% | |||
Investment Management Agreement - Incentive Rate, Realized Capital Gains, Net | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Incentive fee percentage | 20% |
Related Party Agreements and _4
Related Party Agreements and Transactions - Schedule of Management and Incentive Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transactions [Abstract] | ||||
Base management fee | $ 3,832 | $ 4,496 | $ 8,134 | $ 8,807 |
Income incentive fee | 0 | 0 | 0 | 0 |
Capital gains incentive fee | $ 0 | $ 0 | $ 0 | $ 0 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Investments [Abstract] | ||||
Percent of the investment portfolio that will receive valuation recommendations from a third party valuation firm each quarter | 25% | |||
Period from date of investment when each new portfolio investment will be reviewed by a third party valuation firm | 12 months | |||
Investment holdings percent of gross assets where third party valuation is not required (less than) | 1% | |||
Aggregated investment holdings percent of gross assets where third party valuation is not required | 10% | |||
Net change in unrealized (loss) gains on investments | $ (18,846) | $ 1,859 | $ (27,653) | $ 1,826 |
Net change in unrealized gains (loss) on investments | $ 14,859 | $ (41,551) | $ 16,122 | $ (52,418) |
Investments - Investments Measu
Investments - Investments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | $ 713,770 | [1],[2],[3] | $ 802,145 | [4],[5] |
Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 615,656 | 730,295 | ||
Warrant investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 36,561 | [3] | 30,055 | |
Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 61,553 | 41,795 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 527 | 1,370 | ||
Level 1 | Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 0 | 0 | ||
Level 1 | Warrant investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 0 | 0 | ||
Level 1 | Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 527 | 1,370 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 0 | 0 | ||
Level 2 | Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 0 | 0 | ||
Level 2 | Warrant investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 0 | 0 | ||
Level 2 | Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 713,243 | 800,775 | ||
Level 3 | Debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 615,656 | 730,295 | ||
Level 3 | Warrant investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | 36,561 | 30,055 | ||
Level 3 | Equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total portfolio company investments | $ 61,026 | $ 40,425 | ||
[1] The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $713.2 million at fair value and represented 202.1% of the Company’s net assets. In addition, unless otherwise indicated, as of June 30, 2024, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in five public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”). Non-income producing investments. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $800.8 million at fair value and represented 231.2% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2023, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in six public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board. |
Investments - Rollforward of Le
Investments - Rollforward of Level 3 Investments Measured at Fair Value (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | $ 800,775 | $ 945,964 |
Funding and purchases of investments, at cost | 52,118 | 87,642 |
Principal payments and sale proceeds received from investments | (136,589) | (55,681) |
Transfers between investment types | 0 | |
Gross transfers out of Level 3 | (73) | 0 |
Fair value, ending balance | $ 713,243 | $ 940,569 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net change in unrealized gains (losses) on investments | Net change in unrealized gains (losses) on investments |
Net change in unrealized gains (losses) on Level 3 investments held | $ 4,488 | $ (50,692) |
Net amortization and accretion of premiums and discounts and end-of-term payments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | $ 2,589 | $ 9,490 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense and amortization of fees | Interest expense and amortization of fees |
Net realized gains (losses) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | $ (29,651) | $ (1,009) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net realized gains (losses) on investments | Net realized gains (losses) on investments |
Net change in unrealized gains (losses) included in earnings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | $ 16,465 | $ (50,519) |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net change in unrealized gains (losses) on investments | Net change in unrealized gains (losses) on investments |
Payment-in-kind coupon | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | $ 7,609 | $ 4,682 |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Payment-in-kind interest income | Payment-in-kind interest income |
Debt investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | $ 730,295 | $ 852,951 |
Funding and purchases of investments, at cost | 50,882 | 86,538 |
Principal payments and sale proceeds received from investments | (135,700) | (55,407) |
Transfers between investment types | (8,028) | |
Gross transfers out of Level 3 | 0 | 0 |
Fair value, ending balance | 615,656 | 853,197 |
Net change in unrealized gains (losses) on Level 3 investments held | (13,700) | (44,432) |
Debt investments | Net amortization and accretion of premiums and discounts and end-of-term payments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | 2,589 | 9,490 |
Debt investments | Net realized gains (losses) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | (29,228) | (625) |
Debt investments | Net change in unrealized gains (losses) included in earnings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | (2,763) | (44,432) |
Debt investments | Payment-in-kind coupon | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | 7,609 | 4,682 |
Warrant investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 30,055 | 48,414 |
Funding and purchases of investments, at cost | 436 | 168 |
Principal payments and sale proceeds received from investments | (889) | (274) |
Transfers between investment types | (384) | |
Gross transfers out of Level 3 | 0 | 0 |
Fair value, ending balance | 36,561 | 44,311 |
Net change in unrealized gains (losses) on Level 3 investments held | 6,726 | (3,650) |
Warrant investments | Net amortization and accretion of premiums and discounts and end-of-term payments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | 0 | 0 |
Warrant investments | Net realized gains (losses) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | (423) | (384) |
Warrant investments | Net change in unrealized gains (losses) included in earnings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | 7,766 | (3,613) |
Warrant investments | Payment-in-kind coupon | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | 0 | 0 |
Equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 40,425 | 44,599 |
Funding and purchases of investments, at cost | 800 | 936 |
Principal payments and sale proceeds received from investments | 0 | 0 |
Transfers between investment types | 8,412 | |
Gross transfers out of Level 3 | (73) | 0 |
Fair value, ending balance | 61,026 | 43,061 |
Net change in unrealized gains (losses) on Level 3 investments held | 11,462 | (2,610) |
Equity investments | Net amortization and accretion of premiums and discounts and end-of-term payments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | 0 | 0 |
Equity investments | Net realized gains (losses) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | 0 | 0 |
Equity investments | Net change in unrealized gains (losses) included in earnings | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | 11,462 | (2,474) |
Equity investments | Payment-in-kind coupon | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain (loss) included in earnings | $ 0 | $ 0 |
Investments - Quantitative Info
Investments - Quantitative Information About the Level 3 Fair Value Measurements (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 713,770 | [1],[2],[3] | $ 802,145 | [4],[5] |
Debt investments | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | 615,656 | 730,295 | ||
Warrant investments | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | 36,561 | [3] | 30,055 | |
Equity investments | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | 61,553 | 41,795 | ||
Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | 713,243 | 800,775 | ||
Level 3 | Debt investments | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | 615,656 | 730,295 | ||
Level 3 | Debt investments | Discounted Cash Flows | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 522,313 | $ 688,937 | ||
Level 3 | Debt investments | Discounted Cash Flows | Discount Rate | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.1341 | 0.1462 | ||
Level 3 | Debt investments | Discounted Cash Flows | Discount Rate | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.3594 | 0.4203 | ||
Level 3 | Debt investments | Discounted Cash Flows | Discount Rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.1942 | 0.1979 | ||
Level 3 | Debt investments | Probability-Weighted Expected Return Method | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 93,343 | $ 41,358 | ||
Level 3 | Debt investments | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.0500 | 0.0500 | ||
Level 3 | Debt investments | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 1 | 1 | ||
Level 3 | Debt investments | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.7245 | 0.6136 | ||
Level 3 | Warrant investments | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 36,561 | $ 30,055 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 34,676 | $ 27,730 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Revenue Multiples | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.15 | 0.18 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Revenue Multiples | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 20 | 14 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Revenue Multiples | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 9.22 | 4.79 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Volatility | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.3000 | 0.3500 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Volatility | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.9000 | 0.9000 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Volatility | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.5325 | 0.6099 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Term | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.20 | 0.20 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Term | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 4.50 | 4.50 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Term | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 2.55 | 3.04 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.1750 | 0.1750 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.2000 | 0.2000 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.1805 | 0.1860 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Risk Free Rate | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.0009 | 0.0009 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Risk Free Rate | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.0503 | 0.0503 | ||
Level 3 | Warrant investments | Black Scholes Option Pricing Model | Risk Free Rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.0394 | 0.0337 | ||
Level 3 | Warrant investments | Option-Pricing Method and Probability-Weighted Expected Return Method | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 3 | $ 411 | ||
Level 3 | Warrant investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 2 | 3 | ||
Level 3 | Warrant investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 2.50 | 4 | ||
Level 3 | Warrant investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 2.14 | 3.01 | ||
Level 3 | Warrant investments | Discounted Expected Return | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 1,882 | $ 1,914 | ||
Level 3 | Warrant investments | Discounted Expected Return | Discount Rate | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.2000 | 0.2000 | ||
Level 3 | Warrant investments | Discounted Expected Return | Discount Rate | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.3000 | 0.3000 | ||
Level 3 | Warrant investments | Discounted Expected Return | Discount Rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.2741 | 0.2741 | ||
Level 3 | Warrant investments | Discounted Expected Return | Term | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 1 | 1 | ||
Level 3 | Warrant investments | Discounted Expected Return | Term | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 4 | 4 | ||
Level 3 | Warrant investments | Discounted Expected Return | Term | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 2.51 | 2.52 | ||
Level 3 | Warrant investments | Discounted Expected Return | Expected Recovery Rate | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.1875 | 0.1875 | ||
Level 3 | Warrant investments | Discounted Expected Return | Expected Recovery Rate | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 1 | 1 | ||
Level 3 | Warrant investments | Discounted Expected Return | Expected Recovery Rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.8919 | 0.8937 | ||
Level 3 | Equity investments | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 61,026 | $ 40,425 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 59,869 | $ 39,268 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Revenue Multiples | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.35 | 0.70 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Revenue Multiples | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 20 | 14 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Revenue Multiples | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 7.18 | 5.60 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Volatility | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.3000 | 0.3500 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Volatility | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.9000 | 0.9000 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Volatility | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.5620 | 0.6601 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Term | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 1 | 1.50 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Term | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 4 | 4 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Term | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 1.65 | 2.82 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.1750 | 0.1750 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.1750 | 0.1750 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.1750 | 0.1750 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Risk Free Rate | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.0013 | 0.0013 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Risk Free Rate | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.0503 | 0.0503 | ||
Level 3 | Equity investments | Black Scholes Option Pricing Model | Risk Free Rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.0376 | 0.0382 | ||
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total portfolio company investments | $ 1,157 | $ 1,157 | ||
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Discount Rate | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.2000 | 0.2000 | ||
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Discount Rate | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.2000 | 0.2000 | ||
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Discount Rate | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.2000 | 0.2000 | ||
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 0.50 | 0.50 | ||
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 1.50 | 1.50 | ||
Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Inputs | 1 | 1 | ||
[1] The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $713.2 million at fair value and represented 202.1% of the Company’s net assets. In addition, unless otherwise indicated, as of June 30, 2024, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in five public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors (the “Board”). Non-income producing investments. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of December 31, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $800.8 million at fair value and represented 231.2% of the Company’s net assets. In addition, unless otherwise indicated, as of December 31, 2023, all investments are pledged as collateral as part of the Company’s revolving credit facility. Except for equity in six public companies, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Board. |
Borrowings - Schedule of Debt (
Borrowings - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Feb. 28, 2014 |
Debt Instrument [Line Items] | |||
Total Commitment | $ 745,000 | $ 745,000 | |
Balance Outstanding | 405,000 | 610,000 | |
Unused Commitment | 340,000 | 135,000 | |
Unamortized deferred financing and issuance costs | (4,145) | (4,818) | |
Total borrowings outstanding, net of deferred financing and issuance costs | 400,855 | 605,182 | |
Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Total Commitment | 350,000 | 350,000 | $ 150,000 |
Balance Outstanding | 10,000 | 215,000 | |
Unused Commitment | 340,000 | 135,000 | |
Unsecured Debt | 2025 Notes | |||
Debt Instrument [Line Items] | |||
Total Commitment | 70,000 | 70,000 | |
Balance Outstanding | 70,000 | 70,000 | |
Unused Commitment | 0 | 0 | |
Unsecured Debt | 2026 Notes | |||
Debt Instrument [Line Items] | |||
Total Commitment | 200,000 | 200,000 | |
Balance Outstanding | 200,000 | 200,000 | |
Unused Commitment | 0 | 0 | |
Unsecured Debt | 2027 Notes | |||
Debt Instrument [Line Items] | |||
Total Commitment | 125,000 | 125,000 | |
Balance Outstanding | 125,000 | 125,000 | |
Unused Commitment | $ 0 | $ 0 |
Borrowings - Schedule of Intere
Borrowings - Schedule of Interest Expense and Amortization Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Instrument [Line Items] | ||||
Amortization of costs and other fees | $ 1,231 | $ 1,171 | ||
Total interest expense and amortization of fees | $ 8,702 | $ 9,944 | 15,713 | 19,189 |
Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Interest cost | 3,056 | 4,458 | 4,384 | 8,193 |
Unused fee | 264 | 170 | 630 | 369 |
Amortization of costs and other fees | 541 | 485 | 1,027 | 964 |
Total interest expense and amortization of fees | 3,861 | 5,113 | 6,041 | 9,526 |
Unsecured Debt | 2025 Notes, net | ||||
Debt Instrument [Line Items] | ||||
Interest cost | 788 | 787 | 1,575 | 1,575 |
Amortization of costs and other fees | 60 | 52 | 112 | 103 |
Total interest expense and amortization of fees | 848 | 839 | 1,687 | 1,678 |
Unsecured Debt | 2026 Notes | ||||
Debt Instrument [Line Items] | ||||
Interest cost | 2,250 | 2,250 | 4,500 | 4,500 |
Amortization of costs and other fees | 111 | 110 | 221 | 221 |
Total interest expense and amortization of fees | 2,361 | 2,360 | 4,721 | 4,721 |
Unsecured Debt | 2027 Notes | ||||
Debt Instrument [Line Items] | ||||
Interest cost | 1,562 | 1,563 | 3,125 | 3,125 |
Amortization of costs and other fees | 70 | 69 | 139 | 139 |
Total interest expense and amortization of fees | $ 1,632 | $ 1,632 | $ 3,264 | $ 3,264 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||||||
Feb. 28, 2022 USD ($) | Mar. 19, 2020 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Mar. 01, 2021 USD ($) | Feb. 28, 2014 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Maximum borrowing amount | $ 745,000,000 | $ 745,000,000 | $ 745,000,000 | ||||||
Long-term line of credit | 10,000,000 | 10,000,000 | 215,000,000 | ||||||
Deferred credit facility costs | 2,507,000 | 2,507,000 | 2,714,000 | ||||||
Credit facility, average outstanding borrowings | $ 53,900,000 | $ 215,800,000 | $ 57,800,000 | $ 203,300,000 | |||||
Credit facility, average interest rate | 9.02% | 8.79% | 9.02% | 8.63% | |||||
Assets | $ 771,268,000 | $ 771,268,000 | 978,825,000 | ||||||
Debt fair value | 383,002,000 | 383,002,000 | 585,162,000 | ||||||
Asset Pledged as Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Assets | 391,900,000 | 391,900,000 | 518,300,000 | ||||||
Asset Not Pledged as Collateral | |||||||||
Debt Instrument [Line Items] | |||||||||
Assets | 379,400,000 | 379,400,000 | 460,500,000 | ||||||
Unsecured Debt | 2025 Notes, net | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing amount | 70,000,000 | 70,000,000 | 70,000,000 | ||||||
Face amount | $ 70,000,000 | ||||||||
Interest rate | 4.50% | ||||||||
Aggregate principal balance, secured status threshold | $ 25,000,000 | ||||||||
Asset coverage ratio, minimum | 1.50 | ||||||||
Interest coverage ratio, minimum | 1.25 | ||||||||
Minimum stockholders' equity balance | $ 216,100,000 | ||||||||
Upward adjustment, percent of issuance proceeds | 65% | ||||||||
Interest rate, below investment grade event | 5.50% | ||||||||
Debt term | 5 years | ||||||||
Debt fair value | 68,488,000 | 68,488,000 | 67,275,000 | ||||||
Unsecured Debt | 2025 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Deferred credit facility costs | 200,000 | 200,000 | 300,000 | ||||||
Debt fair value | 68,600,000 | 68,600,000 | 67,500,000 | ||||||
Unsecured Debt | 2026 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing amount | 200,000,000 | 200,000,000 | 200,000,000 | ||||||
Deferred credit facility costs | 700,000 | 700,000 | 1,000,000 | ||||||
Face amount | $ 200,000,000 | ||||||||
Interest rate | 4.50% | ||||||||
Aggregate principal balance, secured status threshold | $ 25,000,000 | ||||||||
Interest rate, below investment grade event | 5.50% | ||||||||
Debt term | 5 years | ||||||||
Debt fair value | 189,600,000 | 189,600,000 | 188,200,000 | ||||||
Unsecured Debt | 2027 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing amount | 125,000,000 | 125,000,000 | 125,000,000 | ||||||
Deferred credit facility costs | 700,000 | 700,000 | 900,000 | ||||||
Face amount | $ 125,000,000 | ||||||||
Interest rate | 5% | ||||||||
Aggregate principal balance, secured status threshold | $ 25,000,000 | ||||||||
Interest rate, below investment grade event | 6% | ||||||||
Debt term | 5 years | ||||||||
Debt fair value | 116,400,000 | 116,400,000 | 116,500,000 | ||||||
Revolving Credit Facility | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing amount | 350,000,000 | 350,000,000 | 350,000,000 | $ 150,000,000 | |||||
Current borrowing capacity | 350,000,000 | 350,000,000 | |||||||
Accordion feature, higher borrowing capacity option | 400,000,000 | $ 400,000,000 | |||||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||
Floor interest rate | 0.50% | ||||||||
Unused commitment fee percentage | 0.50% | ||||||||
Advance rate | 50% | ||||||||
Long-term line of credit | 215,000,000 | ||||||||
Deferred credit facility costs | 2,500,000 | $ 2,500,000 | 2,700,000 | ||||||
Debt fair value | $ 10,000,000 | $ 10,000,000 | $ 215,000,000 | ||||||
Revolving Credit Facility | Line of Credit | Greater than or equal to 75% | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.80% | ||||||||
Facility utilization percentage | 75% | ||||||||
Revolving Credit Facility | Line of Credit | Greater than or equal to 50% | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.90% | ||||||||
Facility utilization percentage | 50% | ||||||||
Revolving Credit Facility | Line of Credit | Less than 50% | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 3% | ||||||||
Facility utilization percentage | 50% | ||||||||
Revolving Credit Facility | Line of Credit | During amortization period | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 4.50% |
Borrowings - Schedule of Debt F
Borrowings - Schedule of Debt Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Debt fair value | $ 383,002 | $ 585,162 |
Deferred credit facility costs | 2,507 | 2,714 |
Unsecured Debt | 2025 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 68,488 | 67,275 |
Unsecured Debt | 2026 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 188,829 | 187,255 |
Unsecured Debt | 2027 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 115,685 | 115,632 |
Unsecured Debt | 2025 Notes | ||
Debt Instrument [Line Items] | ||
Debt fair value | 68,600 | 67,500 |
Deferred credit facility costs | 200 | 300 |
Unsecured Debt | 2026 Notes | ||
Debt Instrument [Line Items] | ||
Debt fair value | 189,600 | 188,200 |
Deferred credit facility costs | 700 | 1,000 |
Unsecured Debt | 2027 Notes | ||
Debt Instrument [Line Items] | ||
Debt fair value | 116,400 | 116,500 |
Deferred credit facility costs | 700 | 900 |
Level 1 | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Level 1 | Unsecured Debt | 2025 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Level 1 | Unsecured Debt | 2026 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Level 1 | Unsecured Debt | 2027 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Level 2 | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Level 2 | Unsecured Debt | 2025 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Level 2 | Unsecured Debt | 2026 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Level 2 | Unsecured Debt | 2027 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Level 3 | ||
Debt Instrument [Line Items] | ||
Debt fair value | 383,002 | 585,162 |
Level 3 | Unsecured Debt | 2025 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 68,488 | 67,275 |
Level 3 | Unsecured Debt | 2026 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 188,829 | 187,255 |
Level 3 | Unsecured Debt | 2027 Notes, net | ||
Debt Instrument [Line Items] | ||
Debt fair value | 115,685 | 115,632 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Debt fair value | 10,000 | 215,000 |
Deferred credit facility costs | 2,500 | 2,700 |
Revolving Credit Facility | Level 1 | Line of Credit | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Revolving Credit Facility | Level 2 | Line of Credit | ||
Debt Instrument [Line Items] | ||
Debt fair value | 0 | 0 |
Revolving Credit Facility | Level 3 | Line of Credit | ||
Debt Instrument [Line Items] | ||
Debt fair value | $ 10,000 | $ 215,000 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | Jun. 30, 2024 USD ($) company | Dec. 31, 2023 USD ($) company |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of portfolio companies | company | 10 | 14 |
Unavailable commitments due to milestone restrictions | $ 5,000 | $ 29,220 |
Fair value of unfunded commitments | 728 | 1,589 |
Investment company, financial support to investee contractually required, not provided, backlog amount | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | $ 71,427 | $ 118,111 | $ 205,318 |
Fair Value of Unfunded Commitment Liability | 728 | 1,589 | |
Investment, Identifier [Axis]: ActiveHours Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 15,000 | 15,000 | |
Fair Value of Unfunded Commitment Liability | 62 | 0 | |
Investment, Identifier [Axis]: Corelight, Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 9,000 | 20,000 | |
Fair Value of Unfunded Commitment Liability | 301 | 415 | |
Investment, Identifier [Axis]: Cresta Intelligence Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 10,000 | 0 | |
Fair Value of Unfunded Commitment Liability | 33 | 0 | |
Investment, Identifier [Axis]: FlashParking, Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 500 | 0 | |
Fair Value of Unfunded Commitment Liability | 7 | 0 | |
Investment, Identifier [Axis]: Foodology, Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 0 | 3,720 | |
Fair Value of Unfunded Commitment Liability | 0 | 0 | |
Investment, Identifier [Axis]: Forum Brands Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 0 | 244 | |
Fair Value of Unfunded Commitment Liability | 0 | 8 | |
Investment, Identifier [Axis]: Frubana Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 0 | 8,790 | |
Fair Value of Unfunded Commitment Liability | 0 | 205 | |
Investment, Identifier [Axis]: Infinite Athlete, Inc. (f/k/a Tempus Ex Machina, Inc.) | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 0 | 3,000 | |
Fair Value of Unfunded Commitment Liability | 0 | 0 | |
Investment, Identifier [Axis]: Jokr S.a.r.l. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 1,499 | 1,499 | |
Fair Value of Unfunded Commitment Liability | 95 | 95 | |
Investment, Identifier [Axis]: McN Investments Ltd. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 0 | 15,000 | |
Fair Value of Unfunded Commitment Liability | 0 | 78 | |
Investment, Identifier [Axis]: Minted, Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 3,570 | 8,500 | |
Fair Value of Unfunded Commitment Liability | 0 | 0 | |
Investment, Identifier [Axis]: NewStore Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 2,500 | 5,000 | |
Fair Value of Unfunded Commitment Liability | 34 | 68 | |
Investment, Identifier [Axis]: Overtime Sports Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 22,858 | 22,858 | |
Fair Value of Unfunded Commitment Liability | 122 | 122 | |
Investment, Identifier [Axis]: Pair EyeWear, Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 0 | 1,000 | |
Fair Value of Unfunded Commitment Liability | 0 | 10 | |
Investment, Identifier [Axis]: Project Affinity, Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 5,500 | 0 | |
Fair Value of Unfunded Commitment Liability | 61 | 0 | |
Investment, Identifier [Axis]: Savage X, Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 0 | 12,500 | |
Fair Value of Unfunded Commitment Liability | 0 | 575 | |
Investment, Identifier [Axis]: Substack Inc. | |||
Financial Support for Nonconsolidated Legal Entity [Line Items] | |||
Unfunded Commitments | 1,000 | 1,000 | |
Fair Value of Unfunded Commitment Liability | $ 13 | $ 13 |
Commitments and Contingencies_3
Commitments and Contingencies - Level 3 Changes of Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Commitments Activity (in thousands) | |||||
Backlog of potential future commitments | $ 0 | $ 0 | $ 0 | $ 0 | |
Unfunded commitments | 71,427 | 205,318 | 71,427 | 205,318 | $ 118,111 |
Unfunded Commitments | |||||
Commitments Activity (in thousands) | |||||
Unfunded commitments at beginning of period | 73,101 | 254,498 | 118,111 | 324,010 | |
New commitments | 52,000 | 18,005 | 62,000 | 21,742 | |
Fundings | (38,674) | (30,595) | (52,174) | (88,157) | |
Expirations / Terminations | (15,000) | (36,590) | (56,510) | (52,277) | |
Unfunded commitments and backlog of potential future commitments at end of period | $ 71,427 | $ 205,318 | $ 71,427 | $ 205,318 |
Commitments and Contingencies_4
Commitments and Contingencies - Expiring Unfunded Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Dependent on milestones | $ 5,000 | $ 29,220 |
Unfunded Commitments | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
2024 | 5,000 | 86,754 |
2025 | 65,927 | 31,357 |
2026 | 500 | 0 |
Unfunded commitments | $ 71,427 | $ 118,111 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 121 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 28, 2024 | Mar. 29, 2024 | Dec. 29, 2023 | Sep. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 15, 2021 | Sep. 15, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 13, 2021 | Dec. 14, 2020 | Sep. 15, 2020 | Jun. 30, 2020 | Mar. 30, 2020 | Dec. 16, 2019 | Sep. 16, 2019 | Jun. 14, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Dec. 14, 2018 | Sep. 14, 2018 | Jun. 15, 2018 | Apr. 06, 2018 | Dec. 01, 2017 | Sep. 15, 2017 | Jun. 16, 2017 | Apr. 17, 2017 | Dec. 16, 2016 | Sep. 16, 2016 | Jun. 16, 2016 | Apr. 15, 2016 | Dec. 16, 2015 | Sep. 16, 2015 | Jun. 16, 2015 | Apr. 16, 2015 | Dec. 31, 2014 | Dec. 16, 2014 | Sep. 16, 2014 | Jun. 17, 2014 | Apr. 30, 2014 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Aug. 06, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Investment Company, Financial Highlights [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period (in dollars per share) | $ 9.02 | $ 11.69 | $ 9.21 | $ 11.88 | ||||||||||||||||||||||||||||||||||||||||||||||||
Changes in net asset value due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (in dollars per share) | 0.74 | 1.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized gains (losses) on investments (in dollars per share) | (0.72) | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on investments (in dollars per share) | 0.39 | (1.49) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) from capital share transactions (in dollars per share) | 0.01 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income (in dollars per share) | $ (0.40) | $ (0.40) | $ (0.40) | $ (0.40) | $ (0.40) | $ (0.40) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.10) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.10) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.15) | $ (0.36) | $ (0.32) | $ (0.30) | $ (0.09) | (0.40) | (0.40) | (0.80) | (0.80) | $ (15.45) | |||
Net asset value, end of period (in dollars per share) | $ 10.70 | $ 11.69 | $ 12.69 | $ 13.01 | $ 13.84 | 8.83 | 10.70 | 8.83 | 10.70 | $ 9.02 | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations per share (in dollars per share) | $ 0.22 | $ (0.59) | $ 0.43 | $ (0.37) | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average shares of common stock outstanding for period, basic (in shares) | 38,729,000 | 35,398,000 | 38,189,000 | 35,373,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average shares of common stock outstanding for period, diluted (in shares) | 38,729,000 | 35,398,000 | 38,189,000 | 35,373,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares of common stock outstanding at end of period (in shares) | 35,447,000 | 39,952,690 | 35,447,000 | 39,952,690 | 35,447,000 | 37,620,109 | ||||||||||||||||||||||||||||||||||||||||||||||
Net asset value | $ 379,434 | $ 413,954 | $ 352,977 | $ 379,434 | $ 352,977 | $ 379,434 | $ 341,267 | $ 346,306 | $ 419,940 | |||||||||||||||||||||||||||||||||||||||||||
Average net asset value | $ 348,353 | $ 417,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock price at end of period (in dollars per share) | $ 11.78 | $ 8.03 | $ 11.78 | $ 8.03 | $ 11.78 | $ 8.15 | ||||||||||||||||||||||||||||||||||||||||||||||
Total return based on net asset value per share | 5.60% | (3.40%) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total return based on stock price | (18.70%) | 21.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income to average net asset value | 16.20% | 18.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets to average net asset value | 9.60% | (6.40%) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net asset value | 16.30% | 15.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses excluding incentive fees to average net asset value | 16.30% | 15.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income incentive fees to average net asset value | 0% | 0% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital gains incentive fees to average net asset value | 0% | 0% |
Financial Highlights - Weighted
Financial Highlights - Weighted-Average Yield (Details) | Jun. 30, 2024 | Jun. 30, 2023 |
Investment Company [Abstract] | ||
Weighted average portfolio yield on debt investments | 15.60% | 14.70% |
Coupon income | 11.90% | 11.80% |
Accretion of discount | 0.90% | 0.90% |
Accretion of end-of-term payments | 1.50% | 1.70% |
Impact of prepayments during the period | 1.30% | 0.30% |
Net Increase (Decrease) in Ne_3
Net Increase (Decrease) in Net Assets per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net investment income | $ 12,604 | $ 18,837 | $ 28,127 | $ 37,416 |
Net increase (decrease) in net assets resulting from operations | $ 8,617 | $ (20,855) | $ 16,596 | $ (13,176) |
Weighted average shares of common stock outstanding, Basic (in shares) | 38,729 | 35,398 | 38,189 | 35,373 |
Weighted average shares of common stock outstanding, Diluted (in shares) | 38,729 | 35,398 | 38,189 | 35,373 |
Net investment income per share of common stock, Basic (in dollars per share) | $ 0.33 | $ 0.53 | $ 0.74 | $ 1.06 |
Net investment income per share of common stock, Diluted (in dollars per share) | 0.33 | 0.53 | 0.74 | 1.06 |
Net increase (decrease) in net assets resulting from operations per share of common stock (in dollars per share) | $ 0.22 | $ (0.59) | $ 0.43 | $ (0.37) |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 126 Months Ended | |||||||||||||
Jun. 28, 2024 | Mar. 29, 2024 | Mar. 12, 2024 | Dec. 29, 2023 | Sep. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 10, 2024 | Dec. 28, 2023 | Sep. 18, 2023 | Aug. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2024 | May 02, 2024 | Dec. 31, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||||||||||||||||
Common stock issued (in shares) | 113,000 | 93,000 | 133,000 | 80,000 | 76,000 | 49,000 | 49,000 | 1,994,000 | 1,454,000 | 564,000 | 4,161,807 | 34,999,352 | ||||
Gross proceeds raised | $ 859 | $ 828 | $ 1,308 | $ 821 | $ 751 | $ 553 | $ 566 | $ 18,511 | $ 15,445 | $ 6,286 | $ 55,300 | $ 488,100 | ||||
Shares of common stock outstanding at end of period (in shares) | 35,447,000 | 39,952,690 | 39,952,690 | 37,620,109 | ||||||||||||
Over-Allotment Option | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock issued (in shares) | 411,807 | |||||||||||||||
At the Market Offerings | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Sale of stock available for issuance amount | $ 56,500 | $ 56,500 | $ 50,000 | |||||||||||||
Sales Agreement | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock issued (in shares) | 2,126,711 | |||||||||||||||
Gross proceeds raised | $ 19,400 | |||||||||||||||
Sale of stock available for issuance amount | $ 75,000 |
Equity - Common Stock Offerings
Equity - Common Stock Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | 126 Months Ended | ||||||||||
Jun. 28, 2024 | Mar. 29, 2024 | Mar. 12, 2024 | Dec. 29, 2023 | Sep. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 10, 2024 | Dec. 28, 2023 | Sep. 18, 2023 | Aug. 31, 2022 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2024 | |
Equity [Abstract] | ||||||||||||||
Number of Shares of Common Stock Issued | 113,000 | 93,000 | 133,000 | 80,000 | 76,000 | 49,000 | 49,000 | 1,994,000 | 1,454,000 | 564,000 | 4,161,807 | 34,999,352 | ||
Number of Shares of Common Stock Issued | 2,333,000 | 2,272,000 | ||||||||||||
Gross Proceeds Raised | $ 859 | $ 828 | $ 1,308 | $ 821 | $ 751 | $ 553 | $ 566 | $ 18,511 | $ 15,445 | $ 6,286 | $ 55,300 | $ 488,100 | ||
Gross Proceeds Raised | $ 21,506 | $ 24,422 | ||||||||||||
Underwriting Sales Load | 0 | 0 | 20 | 0 | 0 | 0 | 0 | 278 | 232 | 95 | 298 | 327 | ||
Offering Expenses | $ 0 | $ 0 | $ 33 | $ 0 | $ 0 | $ 0 | $ 0 | $ 63 | $ 118 | $ 30 | $ 96 | $ 148 | ||
Gross Offering Price (in dollars per share) | $ 7.63 | $ 8.87 | $ 9.88 | $ 10.32 | $ 9.94 | $ 11.19 | $ 11.48 | $ 9.28 | $ 10.61 | $ 11.15 |
Distributions (Details)
Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 121 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 28, 2024 | Mar. 29, 2024 | Dec. 29, 2023 | Sep. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 30, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 15, 2021 | Sep. 15, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 13, 2021 | Dec. 14, 2020 | Sep. 15, 2020 | Jun. 30, 2020 | Mar. 30, 2020 | Dec. 16, 2019 | Sep. 16, 2019 | Jun. 14, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Dec. 14, 2018 | Sep. 14, 2018 | Jun. 15, 2018 | Apr. 06, 2018 | Dec. 01, 2017 | Sep. 15, 2017 | Jun. 16, 2017 | Apr. 17, 2017 | Dec. 16, 2016 | Sep. 16, 2016 | Jun. 16, 2016 | Apr. 15, 2016 | Dec. 16, 2015 | Sep. 16, 2015 | Jun. 16, 2015 | Apr. 16, 2015 | Dec. 31, 2014 | Dec. 16, 2014 | Sep. 16, 2014 | Jun. 17, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2016 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excise tax payable | $ 1,400 | $ 726 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment company, tax return of capital distribution (dollars per share) | $ 0.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings distributed (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.10 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.10 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.15 | $ 0.36 | $ 0.32 | $ 0.30 | $ 0.09 | $ 0.40 | $ 0.40 | $ 0.80 | $ 0.80 | $ 15.45 | |||||
Total distributions declared per share, Basic (in dollars per share) | $ 0.30 | $ 0.40 | $ 0.40 | $ 0.80 | $ 0.80 | |||||||||||||||||||||||||||||||||||||||||||||||||
Excise and sales taxes | $ 300 | $ 200 | $ 700 | $ 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed earnings | $ 39,300 | $ 39,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed earnings (in dollars per share) | $ 0.98 | $ 0.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions Declared October 28, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings distributed (in dollars per share) | $ 0.37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends Declared December 9, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings distributed (in dollars per share) | $ 0.10 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
Sep. 30, 2024 | Aug. 06, 2024 | Jul. 31, 2024 | Aug. 06, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2024 | Feb. 28, 2014 | |
Subsequent Event [Line Items] | ||||||||||||||||
Dividends declared (in dollars per share) | $ 300 | $ 400 | $ 400 | $ 400 | $ 400 | $ 400 | $ 400 | $ 470 | $ 360 | $ 360 | $ 360 | |||||
Unfunded commitments | $ 71,427,000 | $ 118,111,000 | $ 205,318,000 | $ 71,427,000 | ||||||||||||
Maximum borrowing amount | 745,000,000 | 745,000,000 | $ 745,000,000 | |||||||||||||
Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Floor interest rate | 0.50% | |||||||||||||||
Maximum borrowing amount | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | $ 150,000,000 | ||||||||||||
Greater than or equal to 75% | Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.80% | |||||||||||||||
Greater than or equal to 50% | Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Basis spread on variable rate | 2.90% | |||||||||||||||
Less than 50% | Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Basis spread on variable rate | 3% | |||||||||||||||
During amortization period | Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Basis spread on variable rate | 4.50% | |||||||||||||||
Forecast | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Cash distribution paid (in dollars per share) | $ 0.30 | |||||||||||||||
Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends declared (in dollars per share) | $ 0.30 | |||||||||||||||
Unfunded commitments | $ 11,000,000 | $ 11,000,000 | ||||||||||||||
Investments in and advances to affiliates, at fair value, gross additions | 6,300,000 | |||||||||||||||
Subsequent Event | Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Floor interest rate | 0.50% | |||||||||||||||
Maximum borrowing amount | $ 300,000,000 | 300,000,000 | ||||||||||||||
Subsequent Event | Greater than or equal to 75% | Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Basis spread on variable rate | 3.20% | |||||||||||||||
Subsequent Event | Greater than or equal to 50% | Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Basis spread on variable rate | 3.35% | |||||||||||||||
Subsequent Event | Less than 50% | Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Basis spread on variable rate | 3.50% | |||||||||||||||
Subsequent Event | During amortization period | Revolving Credit Facility | Line of Credit | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Basis spread on variable rate | 4.50% | |||||||||||||||
Subsequent Event | Non-binding | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Contractual obligation | $ 56,000,000 | $ 56,000,000 |