Quarterly report [Sections 13 or 15(d)]

Fair Value of Financial Instruments

v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company values financial instruments in accordance with ASC 820, using the techniques and approaches outlined in the Company's valuation guidelines, which are approved by the Board. During the periods ended June 30, 2025 and December 31, 2024, there were no changes to the Company’s valuation techniques or approaches as described herein.
Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of 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 Debt 66,530  —  —  66,530 
Preferred Stock 54,649  —  —  54,649 
Common Stock(2)
101,102  36,926  —  64,176 
Warrants 35,547  —  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 Debt 75,557  —  —  75,557 
Preferred Stock 53,802  —  —  53,802 
Common Stock(2)
74,855  30,262  —  44,593 
Warrants 30,500  —  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.

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 Debt 75,557  —  480  2,715  —  —  —  (12,222) 66,530 
Preferred Stock 53,802  —  (1,973) 2,820  —  —  —  —  54,649 
Common Stock 44,593  (645) 2,812  908  (956) —  22,558  (5,094) 64,176 
Warrants 21,823  (374) 552  2,485  (7) —  —  —  24,479 
Other Assets and Liabilities                     
Escrow and Other Investment Receivables 152  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 Debt 69,722  —  527  1,841  —  —  —  —  72,090 
Preferred Stock 53,038  —  (10,541) 1,597  —  —  2,431  —  46,525 
Common Stock 41,790  (89) (2,018) 4,100  —  —  1,662  —  45,445 
Warrants 22,088  464  (4,509) 2,454  (2,829) —  —  —  17,668 
Other Assets                     
Escrow and Other Investment Receivables 10,888  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.
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,
2025 2024
Debt investments
 $ (11.4) $ (17.5)
Preferred stock
 (2.0) (10.5)
Common stock
 (2.0) (1.5)
Warrant investments
 0.7  (2.0)
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 Companies Hypothetical Market Yield
8.83% - 16.39%
 13.34%
    Premium/(Discount)
(2.50%) - 3.00%
 0.57%
Technology 1,309,186  Market Comparable Companies Hypothetical Market Yield
9.68% - 21.55%
 13.14%
    Premium/(Discount)
(1.50%) - 5.50%
 0.12%
  28,869  Convertible Note Analysis Probability 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 Technology 20,182  Market Comparable Companies Hypothetical Market Yield
15.45% - 15.45%
 15.45%
    Premium/(Discount)
0.50% - 0.50%
 0.50%
Medical Devices 74,663  Market Comparable Companies Hypothetical Market Yield
11.98% - 13.26%
 12.59%
Premium/(Discount)
0.00% - 0.50%
 0.21%
Lower Middle Market 627,782  Market Comparable Companies Hypothetical 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 Receivables 211  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 Companies Hypothetical 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%
Technology 1,365,943  Market Comparable Companies Hypothetical Market Yield
10.21% - 20.58%
 13.10%
    Premium/(Discount)
(0.75%) - 4.50%
 0.20%
  26,869  Convertible Note Analysis Probability 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 Technology 21,102  Market Comparable Companies Hypothetical Market Yield
12.41% - 15.44%
 15.25%
      Premium/(Discount)
0.25% - 3.50%
 0.45%
Medical Devices 59,645  Market Comparable Companies Hypothetical Market Yield
11.79% - 12.75%
 12.24%
Premium/(Discount)
0.00% - 0.50%
 0.26%
Lower Middle Market 636,258  Market Comparable Companies Hypothetical 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 Investments Fair 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 Investments 22,159  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 Investments Fair 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 Investments 18,302  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.
The Company believes that the carrying amounts of its financial instruments, other than investments and debt, which consist of cash and cash equivalents, receivables including escrow receivables, accounts payable and accrued liabilities, approximate the fair values of such items due to the short maturity of such instruments. The debt obligations of the Company are recorded at amortized cost and not at fair value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s outstanding debt obligations are based on observable market trading prices or quotations and unobservable market rates as applicable for each instrument.
As of June 30, 2025 and December 31, 2024, the 2033 Notes (as defined in “Note 5 - Debt”) were trading on the New York Stock Exchange (“NYSE”) at $25.03 and $25.17 per unit at par value. The par value at underwriting for the 2033 Notes was $25.00 per unit. Based on market quotations on or around June 30, 2025 and December 31, 2024, the 2031 Asset-Backed Notes (as defined in “Note 5 - Debt”) were quoted for 0.972 and 0.963. Based on market quotations on or around June 30, 2025, the 2028 Convertible Notes (as defined in “Note 5 - Debt”) were quoted for 0.970 per dollar at par value. The fair values of the SBA debentures, March 2026 A Notes, March 2026 B Notes, September 2026, January 2027 Notes, and June 2030 Notes (each as defined in “Note 5 - Debt”) are calculated based on the net present value of payments over the term of the notes using estimated market rates for similar notes and remaining terms. The fair values of the outstanding debt under the MUFG Bank Facility and the SMBC Facility (each as defined in “Note 5 - Debt”) are equal to their outstanding principal balances as of June 30, 2025 and December 31, 2024.
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
Description Carrying
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 Notes 49,937  50,221  —  —  50,221 
March 2026 B Notes 49,931  50,245  —  —  50,245 
September 2026 Notes 323,812  314,629  —  —  314,629 
January 2027 Notes 347,930  341,529  —  —  341,529 
2028 Convertible Notes 279,099  278,784  —  278,784  — 
June 2030 Notes 341,827  350,166  —  —  350,166 
2031 Asset-Backed Notes 111,150  108,505  —  108,505  — 
2033 Notes 39,097  40,048  —  40,048  — 
MUFG Bank Facility 66,000  66,000  —  —  66,000 
SMBC Facility 114,961  115,135  —  —  115,135 
Total $ 2,064,166  $ 2,040,731  $ —  $ 427,337  $ 1,613,394 
(in thousands) December 31, 2024
Description Carrying
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 Notes 49,981  50,698  —  —  50,698 
June 2025 Notes 69,919  69,308  —  —  69,308 
June 2025 3-Year Notes 49,926  49,713  —  —  49,713 
March 2026 A Notes 49,889  49,052  —  —  49,052 
March 2026 B Notes 49,880  49,087  —  —  49,087 
September 2026 Notes 323,321  302,244  —  —  302,244 
January 2027 Notes 347,265  327,928  —  —  327,928 
2031 Asset-Backed Notes 118,769  115,031  —  115,031  — 
2033 Notes 39,043  40,272  —  40,272  — 
MUFG Bank Facility 116,000  116,000  —  —  116,000 
SMBC Facility 283,591  283,591  —  —  283,591 
Total $ 1,768,955  $ 1,713,360  $ —  $ 155,303  $ 1,558,057