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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Investments Measured at Fair Value on Recurring Basis Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of June 30, 2025 and December 31, 2024.
(in thousands)Balance as of
June 30,
2025		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Description
Cash and cash equivalents
Money Market Fund(1)
$31,000 $31,000 $— $— 
Other assets and liabilities     
Escrow and Other Investment Receivables$211 $— $— $211 
Accounts Payable and Accrued Liabilities(349)— — (349)
Investments   
Senior Secured Debt$3,912,165 $— $— $3,912,165 
Unsecured Debt66,530 — — 66,530 
Preferred Stock54,649 — — 54,649 
Common Stock(2)
101,102 36,926 — 64,176 
Warrants35,547 — 11,068 24,479 
 $4,169,993 $36,926 $11,068 $4,121,999 
Investment Funds & Vehicles measured at Net Asset Value(3)
6,493    
Total Investments, at fair value$4,176,486    
Derivative Instruments(4)
(507)   
Total Investments including cash and cash equivalents and derivative instruments$4,206,979    
(in thousands)Balance as of
December 31,
2024		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Description
Cash and cash equivalents     
Money Market Fund(1)
$21,100 $21,100 $— $— 
Other assets and liabilities
Escrow and Other Investment Receivables$152 $— $— $152 
Accounts Payable and Accrued Liabilities(1,012)$— $— (1,012)
Investments   
Senior Secured Debt$3,419,044 $— $— $3,419,044 
Unsecured Debt75,557 — — 75,557 
Preferred Stock53,802 — — 53,802 
Common Stock(2)
74,855 30,262 — 44,593 
Warrants30,500 — 8,677 21,823 
 $3,653,758 $30,262 $8,677 $3,614,819 
Investment Funds & Vehicles measured at Net Asset Value(3)
6,220    
Total Investments, at fair value$3,659,978    
Derivative Instruments(4)
538 
Total Investments including cash and cash equivalents and derivative instruments$3,681,616 
(1)This investment is included in Cash and cash equivalents in the accompanying Consolidated Statements of Assets and Liabilities.
(2)Common stock includes non-voting security in the form of a promissory note with a lien on shares of issuer's common stock.
(3)In accordance with U.S. GAAP, certain investments are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statements of Assets and Liabilities.
(4)Derivative Instruments are carried at fair value and are a Level 2 security within the Company's fair value hierarchy.
Schedule of Reconciliation Changes for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the six months ended June 30, 2025 and 2024.
(in thousands)Balance as of
January 1, 2025
Net Realized
Gains (Losses)(1)
Net Change in
Unrealized
Appreciation
(Depreciation)(2)
Purchases(5)
Sales
Repayments(6)
Gross
Transfers
into
Level 3(3)*
Gross
Transfers
out of
Level 3(3)*
Balance as of
June 30, 2025
Investments
Senior Secured Debt$3,419,044 $(54,380)$21,867 $999,661 $(47,500)$(421,285)$— $(5,242)$3,912,165 
Unsecured Debt75,557 — 480 2,715 — — — (12,222)66,530 
Preferred Stock53,802 — (1,973)2,820 — — — — 54,649 
Common Stock44,593 (645)2,812 908 (956)— 22,558 (5,094)64,176 
Warrants21,823 (374)552 2,485 (7)— — — 24,479 
Other Assets and Liabilities             
Escrow and Other Investment Receivables152 56 — 1,814 (1,811)— — — 211 
Accounts Payable and Accrued Liabilities(1,012)— 751 1,564 (1,652)— — — (349)
Total$3,613,959 $(55,343)$24,489 $1,011,967 $(51,926)$(421,285)$22,558 $(22,558)$4,121,861 
(in thousands)Balance as of
January 1, 2024
Net Realized
Gains (Losses)(1)
Net Change in
Unrealized
Appreciation
(Depreciation)(2)
Purchases(5)
Sales
Repayments(6)
Gross
Transfers
into
Level 3(4)*
Gross
Transfers
out of
Level 3(4)*
Balance as of
June 30, 2024
Investments              
Senior Secured Debt$2,987,577 $(9,120)$(17,797)$856,973 $— $(493,121)$— $(4,093)$3,320,419 
Unsecured Debt69,722 — 527 1,841 — — — — 72,090 
Preferred Stock53,038 — (10,541)1,597 — — 2,431 — 46,525 
Common Stock41,790 (89)(2,018)4,100 — — 1,662 — 45,445 
Warrants22,088 464 (4,509)2,454 (2,829)— — — 17,668 
Other Assets             
Escrow and Other Investment Receivables10,888 60 9,546 43 (18,649)— — — 1,888 
Total$3,185,103 $(8,685)$(24,792)$867,008 $(21,478)$(493,121)$4,093 $(4,093)$3,504,035 
* The Company recognizes transfers as of the transaction date.
(1)Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations.
(2)Included in net change in unrealized appreciation (depreciation) in the accompanying Consolidated Statements of Operations.
(3)During the three months ended March 31, 2025, 23andMe, Inc. Level 1 common stock was converted into Level 3 common stock due to bankruptcy and delisting. Subsequently, during the three months ended June 30, 2025, 23andMe, Inc. was treated as Level 1 common stock due to resumed trading after reaching a definitive agreement during the bankruptcy proceeding. Transfers out of Level 3 debt investments during the six months ended June 30, 2025 related to the conversion of the Company's Level 3 debt investments in Hercules Adviser LLC, Carbon Health Technologies, Inc., and Khoros, LLC, into common stock Level 3 investments.
(4)Transfers out of Level 3 during the six months ended June 30, 2024 related to the conversion of the Company's Level 3 debt investments in Better Therapeutics, Inc. and Eigen Technologies Ltd. into common stock and preferred stock Level 3 investments in acquiring companies.
(5)Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of Level 3 investments. Amounts are net of purchases assigned to the Adviser Funds.
(6)Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization.
Schedule of Unrealized Gain (Loss) on Investments
The following table presents the net unrealized appreciation (depreciation) recorded for debt, preferred stock, common stock and warrant Level 3 investments relating to assets still held at the reporting date.
(in millions)Six Months Ended June 30,
20252024
Debt investments
$(11.4)$(17.5)
Preferred stock
(2.0)(10.5)
Common stock
(2.0)(1.5)
Warrant investments
0.7 (2.0)
Schedule of Quantitative Information of Fair Value Measurements
The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation guidelines, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company’s investments. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable.
Investment Type - Level 3
Debt Investments		Fair Value as of
June 30, 2025
(in thousands)		Valuation
Techniques/ Methodologies
Unobservable Input(1)
Range
Weighted
Average(2)
Pharmaceuticals$700,903 Market Comparable CompaniesHypothetical Market Yield
8.83% - 16.39%
13.34%
  Premium/(Discount)
(2.50%) - 3.00%
0.57%
Technology1,309,186 Market Comparable CompaniesHypothetical Market Yield
9.68% - 21.55%
13.14%
  Premium/(Discount)
(1.50%) - 5.50%
0.12%
 28,869 Convertible Note AnalysisProbability weighting of alternative outcomes
1.00% - 70.00%
50.95%
43,706 
Liquidation(3)
Probability weighting of alternative outcomes
20.00% - 80.00%
74.73%
Sustainable and Renewable Technology20,182 Market Comparable CompaniesHypothetical Market Yield
15.45% - 15.45%
15.45%
  Premium/(Discount)
0.50% - 0.50%
0.50%
Medical Devices74,663 Market Comparable CompaniesHypothetical Market Yield
11.98% - 13.26%
12.59%
Premium/(Discount)
0.00% - 0.50%
0.21%
Lower Middle Market627,782 Market Comparable CompaniesHypothetical Market Yield
10.12% - 18.15%
14.07%
  Premium/(Discount)
(0.25%) - 3.00%
0.59%
24,603 
Liquidation(3)
Probability weighting of alternative outcomes
40.00% - 60.00%
60.00%
Debt Investments for which Cost Approximates Fair Value
 860,350 Debt Investments originated within 6 months  
 122,740 
Imminent Payoffs(4)
  
 128,323 Debt Investments Maturing in Less than One Year
37,388 Debt Investments in Wholly-Owned Subsidiaries
 $3,978,695 Total Level 3 Debt Investments
Escrow and Other Investment Receivables211 Expected Proceeds
Accounts Payable and Accrued Liabilities(349)
Liquidation(3)
Probability weighting of alternative outcomes
20.00% - 50.00%
43.85%
$3,978,557 Total Level Three Debt Investments and Other Investment Receivables (Payables)
(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such
as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
•Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
•Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info”, “Space Technologies”, “Defense Technologies”, and “Software” industries.
•Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
•Medical Devices, above, is comprised of debt investments in the “Medical Devices & Equipment” industry.
•Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables (payables) is the probability weighting of alternative outcomes.
(4)Imminent Payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
Investment Type - Level 3
Debt Investments
Fair Value as of
December 31, 2024
(in thousands)		Valuation Techniques/ Methodologies
Unobservable Input(1)
Range
Weighted
Average(2)
Pharmaceuticals$947,065 Market Comparable CompaniesHypothetical Market Yield
8.42% - 16.19%
12.03%
  Premium/(Discount)
(2.50%) - 3.00%
0.13%
 55,344 
Liquidation(3)
Probability weighting of alternative outcomes
20.00% - 80.00%
75.53%
Technology1,365,943 Market Comparable CompaniesHypothetical Market Yield
10.21% - 20.58%
13.10%
  Premium/(Discount)
(0.75%) - 4.50%
0.20%
 26,869 Convertible Note AnalysisProbability weighting of alternative outcomes
1.00% - 70.00%
50.66%
 51,004 
Liquidation(3)
Probability weighting of alternative outcomes
22.00% - 78.00%
66.34%
Sustainable and Renewable Technology21,102 Market Comparable CompaniesHypothetical Market Yield
12.41% - 15.44%
15.25%
   Premium/(Discount)
0.25% - 3.50%
0.45%
Medical Devices59,645 Market Comparable CompaniesHypothetical Market Yield
11.79% - 12.75%
12.24%
Premium/(Discount)
0.00% - 0.50%
0.26%
Lower Middle Market636,258 Market Comparable CompaniesHypothetical Market Yield
10.27% - 21.00%
14.12%
   Premium/(Discount)
(0.25%) - 5.00%
1.07%
Debt Investments for which Cost Approximates Fair Value
 242,833 Debt Investments originated within 6 months  
 4,141 
Imminent Payoffs(4)
  
 36,185 Debt Investments Maturing in Less than One Year
48,212 Debt Investments in Wholly-Owned Subsidiaries
 $3,494,601 Total Level 3 Debt Investments
Accounts Payable and Accrued Liabilities(1,012)
Liquidation(3)
Probability weighting of alternative outcomes
20.00% - 50.00%
38.44%
$3,493,589 Total Level Three Debt Investments and Other Investment Receivables (Payables)
(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
•Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
•Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info”, and “Software” industries.
•Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
•Medical Devices, above, is comprised of debt investments in the “Medical Devices & Equipment” industry.
•Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables (payables) is the probability weighting of alternative outcomes.
(4)Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
Investment Type - Level 3 Equity and Warrant InvestmentsFair Value as of
June 30, 2025
(in thousands)		Valuation Techniques/
Methodologies
Unobservable Input(1)
Range
Weighted Average(5)
Equity Investments$51,729 Market Comparable Companies
Revenue Multiple(2)
0.3x - 17.6x
7.9x
  
Tangible Book Value Multiple(2)
1.5x - 1.5x
1.5x
  
Discount for Lack of Marketability(3)
13.13% - 92.28%
29.85%
 9,538 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(89.88%) - 10.22%
(20.16%)
 54,164 Discounted Cash Flow
Discount Rate(7)
11.91% - 34.53%
29.94%
 3,394 
Other(6)
   
Warrant Investments22,159 Market Comparable Companies
Revenue Multiple(2)
0.5x - 15.1x
4.7x
  
Discount for Lack of Marketability(3)
6.72% - 32.84%
24.94%
 2,320 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(63.24%) - (1.56)%
(17.82%)
Total Level 3 Equity and Warrant Investments$143,304     
(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent private market and merger and acquisition transaction prices.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
Investment Type - Level 3 Equity and Warrant InvestmentsFair Value as of
December 31, 2024
(in thousands)		Valuation Techniques/
Methodologies
Unobservable Input(1)
Range
Weighted Average(5)
Equity Investments$45,420 Market Comparable Companies
Revenue Multiple(2)
0.4x - 16.8x
9.1x
  
Tangible Book Value Multiple(2)
1.7x - 1.7x
1.7x
  
Discount for Lack of Marketability(3)
17.64% - 92.80%
36.12%
 12,374 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(96.57%) - 24.76%
(17.57%)
 34,677 Discounted Cash Flow
Discount Rate(7)
12.17% - 33.34%
30.21%
 5,924 
Other(6)
   
Warrant Investments18,302 Market Comparable Companies
Revenue Multiple(2)
0.8x - 14.1x
4.5x
  
Discount for Lack of Marketability(3)
14.72% - 34.35%
26.76%
 3,521 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(56.36%) - 24.76%
1.33%
Total Level 3 Equity and Warrant Investments$120,218     
(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent market transactions.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
Schedule of Fair Value Hierarchy of Outstanding Borrowings The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of June 30, 2025 and December 31, 2024:
(in thousands)June 30, 2025
DescriptionCarrying
Value		Approximate
Fair Value		Identical Assets
(Level 1)		Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)
SBA Debentures$340,422 $325,469 $— $— $325,469 
March 2026 A Notes49,937 50,221 — — 50,221 
March 2026 B Notes49,931 50,245 — — 50,245 
September 2026 Notes323,812 314,629 — — 314,629 
January 2027 Notes347,930 341,529 — — 341,529 
2028 Convertible Notes279,099 278,784 — 278,784 — 
June 2030 Notes341,827 350,166 — — 350,166 
2031 Asset-Backed Notes111,150 108,505 — 108,505 — 
2033 Notes39,097 40,048 — 40,048 — 
MUFG Bank Facility66,000 66,000 — — 66,000 
SMBC Facility114,961 115,135 — — 115,135 
Total$2,064,166 $2,040,731 $— $427,337 $1,613,394 
(in thousands)December 31, 2024
DescriptionCarrying
Value		Approximate
Fair Value		Identical Assets
(Level 1)		Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)
SBA Debentures$271,371 $260,436 $— $— $260,436 
February 2025 Notes49,981 50,698 — — 50,698 
June 2025 Notes69,919 69,308 — — 69,308 
June 2025 3-Year Notes49,926 49,713 — — 49,713 
March 2026 A Notes49,889 49,052 — — 49,052 
March 2026 B Notes49,880 49,087 — — 49,087 
September 2026 Notes323,321 302,244 — — 302,244 
January 2027 Notes347,265 327,928 — — 327,928 
2031 Asset-Backed Notes118,769 115,031 — 115,031 — 
2033 Notes39,043 40,272 — 40,272 — 
MUFG Bank Facility116,000 116,000 — — 116,000 
SMBC Facility283,591 283,591 — — 283,591 
Total$1,768,955 $1,713,360 $— $155,303 $1,558,057