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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Investment at cost $ 3,433,069 $ 3,117,330
Restricted cash 4,422 7,932
Foreign currencies, cost $ 24,144 $ 23,188
Common stock par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 499,950,000 499,950,000
Common stock, shares issued (in shares) 104,987,948 95,007,965
Common stock, shares outstanding (in shares) 104,987,948 95,007,965
Short-term investments    
Investment at cost $ 10,201 $ 10,201
Non-Control / Non-Affiliate investments    
Investment at cost 3,139,630 2,837,742
Affiliate investments    
Investment at cost 257,328 [1] 261,736 [2]
Control investments    
Investment at cost $ 25,910 [3] $ 7,651 [4]
[1] As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the three months ended March 31, 2025 were as follows:
December 31, 2024
Value
Gross Additions
(a)
Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)March 31, 2025
Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Coastal Marina Holdings, LLC (d)
Subordinated Term Loan (8.0% Cash)
$7,885 $12 $— $— $$7,900 $176 
Subordinated Term Loan (8.0% Cash)
3,635 — — 3,642 80 
LLC Units (1,759,051 units)
8,426 — — — 1,566 9,992 — 
19,946 17 — — 1,571 21,534 256 
CPCF BPCC LLC
9.1% Member Interest
8,889 — (6,312)— (182)2,395 236 
8,889 — (6,312)— (182)2,395 236 
Eclipse Business Capital, LLC (d)
Revolver (SOFR + 6.5%, 10.9% Cash)
7,123 1,223 (385)— (4)7,957 203 
Second Lien Senior Secured Term Loan (7.5% Cash)
3,209 — — (1)3,209 62 
LLC units (63,139,338 units)
96,603 16 — — (16)96,603 2,815 
106,935 1,240 (385)— (21)107,769 3,080 
Rocade Holdings LLC (d)
Preferred LP Units (108,000 units) (SOFR + 6.0% PIK, 10.4% PIK)
124,083 3,160 — — (19)127,224 3,160 
Common LP Units (30.8 units)
315 — — — 320 635 — 
124,398 3,160 — — 301 127,859 3,160 
Thompson Rivers LLC
6.3% Member Interest
2,860 — (380)— 2,489 — 
2,860 — (380)— 2,489 — 
Waccamaw River LLC
20% Member Interest
10,730 — (1,749)— (353)8,628 302 
10,730 — (1,749)— (353)8,628 302 
Total Affiliate Investments$273,758 $4,417 $(8,826)$ $1,325 $270,674 $7,034 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
[2] As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2024 were as follows:
December 31, 2023
Value
Gross Additions
(a)
Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2024
Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Coastal Marina Holdings, LLC (d)
Subordinated Term Loan (8.0% Cash)
$7,824 $48 $— $— $13 $7,885 $714 
Subordinated Term Loan (8.0% Cash)
3,434 201 — — — 3,635 356 
LLC Units (1,759,051 units)
6,080 2,776 — — (430)8,426 — 
17,338 3,025 — — (417)19,946 1,070 
CPCF BPCC LLC
9.1% Member Interest
7,763 1,519 (212)— (181)8,889 1,236 
7,763 1,519 (212)— (181)8,889 1,236 
Eclipse Business Capital, LLC (d)
Revolver (SOFR + 7.25%, 11.9% Cash)
3,915 19,522 (16,300)— (14)7,123 465 
Second Lien Senior Secured Term Loan (7.5% Cash)
3,209 — — (4)3,209 341 
LLC units (63,139,338 units)
102,917 47 — — (6,361)96,603 10,513 
110,041 19,573 (16,300)— (6,379)106,935 11,319 
Rocade Holdings LLC (d)
Preferred LP Units (108,000 units) (SOFR + 6.0% PIK, 10.3% PIK)
114,113 13,289 (3,337)— 18 124,083 13,289 
Common LP Units (30.8 units)
1,092 — — — (777)315 — 
115,205 13,289 (3,337)— (759)124,398 13,289 
Thompson Rivers LLC
6.3% Member Interest
5,304 — (2,378)— (66)2,860 — 
5,304 — (2,378)— (66)2,860 — 
Waccamaw River LLC
20% Member Interest
15,470 — (2,087)— (2,653)10,730 3,534 
15,470 — (2,087)— (2,653)10,730 3,534 
Total Affiliate Investments$271,121 $37,406 $(24,314)$ $(10,455)$273,758 $30,448 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
[3] As defined in in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management of policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2024
Value
Gross Additions
(a)
Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)March 31, 2025
Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Skyvault Holdings LLC (d)
First Lien Senior Secured Term Loan
(12.0% PIK)
$5,738 $13,684 $— $— $— $19,422 $231 
LLC Units
(6,474,123 units)
1,913 4,575 — — (14)6,474 — 
Total Control Investments$7,651 $18,259 $ $ $(14)$25,896 $231 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
[4] As defined in in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management of policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2024 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2023
Value
Gross Additions
(a)
Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2024
Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Skyvault Holdings LLC (d)
First Lien Senior Secured Term Loan
(12.0% PIK)
$— $5,738 $— $— $— $5,738 $57 
LLC Units
(1,912,719.3 units)
— 1,913 — — — 1,913 — 
Total Control Investments$ $7,651 $ $ $ $7,651 $57 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.