Investments (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Industry Sector |
|
| Investments in and Advances to Affiliates [Line Items] |
|
| Supplemental disclosure to the investment holdings table that specifically covers control and affiliate investments |
The following table shows the fair value of the Company’s portfolio by industry sector as of September 30, 2022 and December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
September 30, 2022 |
|
|
December 31, 2021 |
|
|
Investments at
Fair Value |
|
|
Percentage of
Total Portfolio |
|
|
Investments at
Fair Value |
|
|
Percentage of
Total Portfolio |
|
Drug Discovery & Development |
$ |
1,091,827 |
|
|
|
38.6 |
% |
|
$ |
967,383 |
|
|
|
39.7 |
% |
Software |
|
680,216 |
|
|
|
24.1 |
% |
|
|
585,622 |
|
|
|
24.1 |
% |
Internet Consumer & Business Services |
|
489,968 |
|
|
|
17.3 |
% |
|
|
395,506 |
|
|
|
16.3 |
% |
Healthcare Services, Other |
|
203,599 |
|
|
|
7.2 |
% |
|
|
121,003 |
|
|
|
5.0 |
% |
Communications & Networking |
|
101,094 |
|
|
|
3.6 |
% |
|
|
105,490 |
|
|
|
4.3 |
% |
Diversified Financial Services |
|
72,061 |
|
|
|
2.5 |
% |
|
|
65,073 |
|
|
|
2.7 |
% |
Information Services |
|
59,735 |
|
|
|
2.1 |
% |
|
|
74,417 |
|
|
|
3.1 |
% |
Manufacturing Technology |
|
43,892 |
|
|
|
1.6 |
% |
|
|
14,995 |
|
|
|
0.6 |
% |
Consumer & Business Products |
|
25,497 |
|
|
|
0.9 |
% |
|
|
28,099 |
|
|
|
1.2 |
% |
Semiconductors |
|
20,621 |
|
|
|
0.7 |
% |
|
|
22,498 |
|
|
|
0.9 |
% |
Medical Devices & Equipment |
|
17,421 |
|
|
|
0.6 |
% |
|
|
12,612 |
|
|
|
0.5 |
% |
Sustainable and Renewable Technology |
|
15,683 |
|
|
|
0.6 |
% |
|
|
39,387 |
|
|
|
1.6 |
% |
Electronics & Computer Hardware |
|
2,498 |
|
|
|
0.1 |
% |
|
|
1,040 |
|
|
|
0.0 |
% |
Surgical Devices |
|
1,536 |
|
|
|
0.1 |
% |
|
|
1,029 |
|
|
|
0.0 |
% |
Drug Delivery |
|
90 |
|
|
|
0.0 |
% |
|
|
368 |
|
|
|
0.0 |
% |
Total |
$ |
2,825,738 |
|
|
|
100.0 |
% |
|
$ |
2,434,522 |
|
|
|
100.0 |
% |
|
| Geographic Location |
|
| Investments in and Advances to Affiliates [Line Items] |
|
| Supplemental disclosure to the investment holdings table that specifically covers control and affiliate investments |
A summary of the Company’s investment portfolio, at value, by geographic location as of September 30, 2022 and December 31, 2021 is shown as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
(in thousands) |
Investments at
Fair Value |
|
|
Percentage of
Total Portfolio |
|
|
Investments at
Fair Value |
|
|
Percentage of
Total Portfolio |
|
United States |
$ |
2,545,973 |
|
|
|
90.1 |
% |
|
$ |
2,138,184 |
|
|
|
87.8 |
% |
United Kingdom |
|
158,491 |
|
|
|
5.6 |
% |
|
|
169,407 |
|
|
|
7.0 |
% |
Netherlands |
|
88,174 |
|
|
|
3.1 |
% |
|
|
82,925 |
|
|
|
3.4 |
% |
Canada |
|
19,373 |
|
|
|
0.7 |
% |
|
|
27,673 |
|
|
|
1.1 |
% |
Israel |
|
9,005 |
|
|
|
0.3 |
% |
|
|
8,980 |
|
|
|
0.4 |
% |
Ireland |
|
3,313 |
|
|
|
0.1 |
% |
|
|
5,459 |
|
|
|
0.2 |
% |
Germany |
|
924 |
|
|
|
0.1 |
% |
|
|
1,894 |
|
|
|
0.1 |
% |
Other |
|
485 |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
0.0 |
% |
Total |
$ |
2,825,738 |
|
|
|
100.0 |
% |
|
$ |
2,434,522 |
|
|
|
100.0 |
% |
|
| Investment by Asset |
|
| Investments in and Advances to Affiliates [Line Items] |
|
| Supplemental disclosure to the investment holdings table that specifically covers control and affiliate investments |
The following table shows the fair value of the Company’s portfolio of investments by asset class as of September 30, 2022 and December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Investments at
Fair Value |
|
|
Percentage of
Total Portfolio |
|
|
Investments at
Fair Value |
|
|
Percentage of
Total Portfolio |
|
Senior Secured Debt |
$ |
2,607,006 |
|
|
|
92.3 |
% |
|
$ |
2,156,709 |
|
|
|
88.6 |
% |
Unsecured Debt |
|
54,393 |
|
|
|
1.9 |
% |
|
|
52,890 |
|
|
|
2.2 |
% |
Preferred Stock |
|
41,038 |
|
|
|
1.4 |
% |
|
|
69,439 |
|
|
|
2.8 |
% |
Common Stock |
|
93,096 |
|
|
|
3.3 |
% |
|
|
115,271 |
|
|
|
4.7 |
% |
Warrants |
|
27,159 |
|
|
|
1.0 |
% |
|
|
38,399 |
|
|
|
1.6 |
% |
Investment Funds & Vehicles |
|
3,046 |
|
|
|
0.1 |
% |
|
|
1,814 |
|
|
|
0.1 |
% |
Total |
$ |
2,825,738 |
|
|
|
100.0 |
% |
|
$ |
2,434,522 |
|
|
|
100.0 |
% |
|
| Investment, Affiliated Issuer [Member] |
|
| Investments in and Advances to Affiliates [Line Items] |
|
| Supplemental disclosure to the investment holdings table that specifically covers control and affiliate investments |
The following table summarizes the Company’s realized gains and losses and changes in unrealized appreciation and depreciation on control and affiliate investments for the three and nine months ended September 30, 2022 and 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
|
|
Nine Months Ended September 30, 2022 |
|
Portfolio Company(1) |
|
Type |
|
Fair Value as of September 30, 2022 |
|
|
Interest Income |
|
|
Fee Income |
|
|
Net Change in Unrealized Appreciation (Depreciation) |
|
|
Realized Gain (Loss) |
|
|
Interest Income |
|
|
Fee Income |
|
|
Net Change in Unrealized Appreciation (Depreciation) |
|
|
Realized Gain (Loss) |
|
Control Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coronado Aesthetics, LLC |
|
Control |
|
$ |
400 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(22 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(165 |
) |
|
$ |
— |
|
Gibraltar Business Capital, LLC |
|
Control |
|
|
37,662 |
|
|
|
853 |
|
|
|
18 |
|
|
|
(1,423 |
) |
|
|
— |
|
|
|
2,531 |
|
|
|
51 |
|
|
|
(6,228 |
) |
|
|
— |
|
Hercules Adviser LLC |
|
Control |
|
|
33,945 |
|
|
|
154 |
|
|
|
— |
|
|
|
(1,236 |
) |
|
|
— |
|
|
|
393 |
|
|
|
— |
|
|
|
9,955 |
|
|
|
— |
|
Tectura Corporation |
|
Control |
|
|
8,318 |
|
|
|
174 |
|
|
|
— |
|
|
|
110 |
|
|
|
— |
|
|
|
516 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
Total Control Investments |
|
$ |
80,325 |
|
|
$ |
1,181 |
|
|
$ |
18 |
|
|
$ |
(2,571 |
) |
|
$ |
— |
|
|
$ |
3,440 |
|
|
$ |
51 |
|
|
$ |
3,611 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Black Crow AI, Inc.(2) |
|
Affiliate |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(120 |
) |
|
$ |
3,772 |
|
Pineapple Energy LLC(2) |
|
Affiliate |
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
|
4,631 |
|
|
|
(2,014 |
) |
|
|
1,204 |
|
|
|
— |
|
|
|
4,209 |
|
|
|
(2,014 |
) |
Total Affiliate Investments |
|
$ |
— |
|
|
$ |
81 |
|
|
$ |
— |
|
|
$ |
4,631 |
|
|
$ |
(2,014 |
) |
|
$ |
1,204 |
|
|
$ |
— |
|
|
$ |
4,089 |
|
|
$ |
1,758 |
|
Total Control & Affiliate Investments |
|
$ |
80,325 |
|
|
$ |
1,262 |
|
|
$ |
18 |
|
|
$ |
2,060 |
|
|
$ |
(2,014 |
) |
|
$ |
4,644 |
|
|
$ |
51 |
|
|
$ |
7,700 |
|
|
$ |
1,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
Three Months Ended September 30, 2021 |
|
|
Nine Months Ended September 30, 2021 |
|
Portfolio Company(1) |
|
Type |
|
Fair Value as of September 30, 2021 |
|
|
Interest Income |
|
|
Fee Income |
|
|
Net Change in Unrealized Appreciation (Depreciation) |
|
|
Realized Gain (Loss) |
|
|
Interest Income |
|
|
Fee Income |
|
|
Net Change in Unrealized Appreciation (Depreciation) |
|
|
Realized Gain (Loss) |
|
Control Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gibraltar Business Capital, LLC |
|
Control |
|
$ |
40,737 |
|
|
$ |
853 |
|
|
$ |
15 |
|
|
$ |
(3,475 |
) |
|
$ |
— |
|
|
$ |
2,325 |
|
|
$ |
38 |
|
|
$ |
(17,690 |
) |
|
$ |
— |
|
Hercules Adviser LLC |
|
Control |
|
|
16,804 |
|
|
|
45 |
|
|
|
— |
|
|
|
(219 |
) |
|
|
— |
|
|
|
59 |
|
|
|
— |
|
|
|
10,669 |
|
|
|
— |
|
Tectura Corporation |
|
Control |
|
|
8,294 |
|
|
|
174 |
|
|
|
5 |
|
|
|
(80 |
) |
|
|
— |
|
|
|
516 |
|
|
|
5 |
|
|
|
(306 |
) |
|
|
— |
|
Total Control Investments |
|
$ |
65,835 |
|
|
$ |
1,072 |
|
|
$ |
20 |
|
|
$ |
(3,774 |
) |
|
$ |
— |
|
|
$ |
2,900 |
|
|
$ |
43 |
|
|
$ |
(7,327 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Black Crow AI, Inc. |
|
Affiliate |
|
$ |
1,243 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(66 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,028 |
|
|
$ |
— |
|
Pineapple Energy LLC |
|
Affiliate |
|
|
8,469 |
|
|
|
1 |
|
|
|
— |
|
|
|
(52 |
) |
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
Solar Spectrum Holdings LLC (p.k.a. Sungevity, Inc.) |
|
Affiliate |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
62,183 |
|
|
|
(62,143 |
) |
Total Affiliate Investments |
|
$ |
9,712 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
(118 |
) |
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
64,220 |
|
|
$ |
(62,143 |
) |
Total Control & Affiliate Investments |
|
$ |
75,547 |
|
|
$ |
1,073 |
|
|
$ |
20 |
|
|
$ |
(3,892 |
) |
|
$ |
— |
|
|
$ |
2,903 |
|
|
$ |
43 |
|
|
$ |
56,893 |
|
|
$ |
(62,143 |
) |
(1)
In accordance with Rules 3-09, 4-08(g), and Rule 10-01(b)(1) of Regulation S-X, (“Rule 3-09”, “Rule 4-08(g)”, and “Rule 10-01(b)(1)”, respectively), the Company must determine if its unconsolidated subsidiaries are considered “significant subsidiaries”. As of September 30, 2022 and September 30, 2021, there were no unconsolidated subsidiaries that are considered “significant subsidiaries”.
(2)As of September 30, 2022, Black Crow AI, Inc. and Pineapple Energy LLC are no longer affiliates as defined under the 1940 Act.
|