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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024.
(in thousands)Balance as of
September 30,
2025		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Description
Other assets and liabilities     
Escrow Receivables$145 $— $— $145 
Accounts Payable and Accrued Liabilities(34)— — (34)
Investments   
Senior Secured Debt$4,027,409 $— $— $4,027,409 
Unsecured Debt68,149 — — 68,149 
Preferred Stock51,822 — — 51,822 
Common Stock(2)
111,460 47,710 — 63,750 
Warrants40,675 — 12,864 27,811 
 $4,299,515 $47,710 $12,864 $4,238,941 
Investment Funds & Vehicles measured at Net Asset Value(3)
6,639    
Total Investments, at fair value$4,306,154    
Derivative Instruments(4)
86    
Total Investments including cash and cash equivalents and derivative instruments$4,306,240    
(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 nine months ended September 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
September 30, 2025
Investments
Senior Secured Debt$3,419,044 $(54,380)$42,790 $1,383,694 $(67,521)$(690,976)$— $(5,242)$4,027,409 
Unsecured Debt75,557 — 547 4,267 — — — (12,222)68,149 
Preferred Stock53,802 — (6,309)4,329 — — — — 51,822 
Common Stock44,593 (645)2,969 975 (1,606)— 22,558 (5,094)63,750 
Warrants21,823 607 1,419 5,372 (1,410)— — — 27,811 
Other Assets and Liabilities             
Escrow Receivables152 73 (30)1,814 (1,864)— — — 145 
Accounts Payable and Accrued Liabilities(1,012)(568)1,534 2,003 (1,991)— — — (34)
Total$3,613,959 $(54,913)$42,920 $1,402,454 $(74,392)$(690,976)$22,558 $(22,558)$4,239,052 
(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
September 30, 2024
Investments              
Senior Secured Debt$2,987,577 $(9,120)$(34,978)$1,099,563 $— $(732,225)$— $(4,093)$3,306,724 
Unsecured Debt69,722 — 828 3,304 — — — — 73,854 
Preferred Stock53,038 (711)(9,013)1,597 — — 2,431 — 47,342 
Common Stock41,790 (1,351)474 4,100 — — 1,662 — 46,675 
Warrants22,088 (464)(2,367)2,948 (2,829)— — — 19,376 
Other Assets and Liabilities             
Escrow and Other Investment Receivables10,888 85 5,869 43 (18,497)— — 1,770 158 
Accounts Payable and Accrued Liabilities— — — — — — (1,770)— (1,770)
Total$3,185,103 $(11,561)$(39,187)$1,111,555 $(21,326)$(732,225)$2,323 $(2,323)$3,492,359 
* 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 nine months ended September 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 nine months ended September 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)Nine Months Ended September 30,
20252024
Debt investments
$17.3 $(32.3)
Preferred stock
(6.3)(9.2)
Common stock
(2.5)(0.3)
Warrant investments
1.6 (0.8)
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 September 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
September 30, 2025
(in thousands)		Valuation
Techniques/ Methodologies
Unobservable Input(1)
Range
Weighted
Average(2)
Pharmaceuticals$599,927 Market Comparable CompaniesHypothetical Market Yield
8.00% - 14.95%
11.92%
  Premium/(Discount)
(2.50%) - 2.00%
0.28%
Technology1,636,736 Market Comparable CompaniesHypothetical Market Yield
10.01% - 21.06%
12.62%
  Premium/(Discount)
(1.50%) - 5.50%
0.34%
 29,770 Convertible Note AnalysisProbability weighting of alternative outcomes
1.00% - 70.00%
51.07%
47,720 
Liquidation(3)
Probability weighting of alternative outcomes
15.00% - 85.00%
78.81%
Sustainable and Renewable Technology20,359 Market Comparable CompaniesHypothetical Market Yield
15.46% - 15.46%
15.46%
  Premium/(Discount)
1.00% - 1.00%
1.00%
Medical Devices74,666 Market Comparable CompaniesHypothetical Market Yield
11.92% - 13.95%
13.10%
Premium/(Discount)
(0.25%) - 0.50%
0.11%
Lower Middle Market669,245 Market Comparable CompaniesHypothetical Market Yield
10.02% - 18.45%
13.96%
  Premium/(Discount)
0.00% - 4.00%
0.85%
Debt Investments for which Cost Approximates Fair Value
 675,190 Debt Investments originated within 6 months  
 71,202 
Imminent Payoffs(4)
  
 232,737 Debt Investments Maturing in Less than One Year
38,006 Debt Investments in Wholly-Owned Subsidiaries
 $4,095,558 Total Level 3 Debt Investments
Escrow Receivables145 Expected Proceeds
Accounts Payable and Accrued Liabilities(34)
Liquidation(3)
Probability weighting of alternative outcomes
10.00% - 50.00%
44.84%
$4,095,669 Total Level 3 Debt Investments and Other Assets (Liabilities)
(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”, “Biotechnology Tools” 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”, “Manufacturing Technology”, “Electronics & Computer Hardware” 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”, “Consumer & Business Products” 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 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 repaid within the next three months, prior to their scheduled maturity date.
Investment Type - Level 3 Equity and Warrant InvestmentsFair Value as of
September 30, 2025
(in thousands)		Valuation Techniques/
Methodologies
Unobservable Input(1)
Range
Weighted Average(5)
Equity Investments$46,346 Market Comparable Companies
Revenue Multiple(2)
0.2x - 16.1x
7.4x
  
Tangible Book Value Multiple(2)
1.6x - 1.6x
1.6x
  
Discount for Lack of Marketability(3)
15.67% - 95.18%
24.82%
 9,934 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(88.34%) - 38.35%
(12.30%)
 53,173 Discounted Cash Flow
Discount Rate(7)
11.29% - 34.19%
29.69%
 6,119 
Other(6)
   
Warrant Investments21,289 Market Comparable Companies
Revenue Multiple(2)
0.6x - 14.5x
4.4x
  
Discount for Lack of Marketability(3)
15.65% - 33.10%
26.43%
 6,059 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(60.22%) - 46.76%
10.84%
463 
Other(6)
Total Level 3 Equity and Warrant Investments$143,383     
(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 September 30, 2025 and December 31, 2024:
(in thousands)September 30, 2025
DescriptionCarrying
Value		Approximate
Fair Value		Identical Assets
(Level 1)		Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)
SBA Debentures$340,717 $331,845 $— $— $331,845 
March 2026 A Notes49,961 49,958 — — 49,958 
March 2026 B Notes49,957 49,970 — — 49,970 
September 2026 Notes324,057 316,646 — — 316,646 
January 2027 Notes348,263 342,948 — — 342,948 
2028 Convertible Notes279,747 286,121 — 286,121 — 
June 2030 Notes342,219 362,985 — — 362,985 
2031 Asset-Backed Notes88,391 86,937 — 86,937 — 
2033 Notes39,124 40,432 — 40,432 — 
MUFG Bank Facility66,000 66,000 — — 66,000 
SMBC Facility222,702 222,866 — — 222,866 
Total$2,151,138 $2,156,708 $— $413,490 $1,743,218 
(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