CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parentheticals) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
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| Amortized cost | $ 825,117 | [1],[2],[3],[4] | $ 820,363 | [5],[6],[7],[8] | ||||||||||||||||
| Preferred stock, par or stated value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||||||||||||
| Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 | ||||||||||||||||||
| Preferred stock, issued (in shares) | 0 | 0 | ||||||||||||||||||
| Preferred stock, outstanding (in shares) | 0 | 0 | ||||||||||||||||||
| Common stock, par or stated value (in dollars per share) | $ 0.01 | $ 0.01 | ||||||||||||||||||
| Common stock, authorized (in shares) | 450,000,000 | 450,000,000 | ||||||||||||||||||
| 2026 Notes | ||||||||||||||||||||
| Net of unamortized debt issuance costs | $ 0 | $ 75 | ||||||||||||||||||
| 2027 Notes | ||||||||||||||||||||
| Net of unamortized debt issuance costs | 259 | 329 | ||||||||||||||||||
| 8.11% 2028 Notes | ||||||||||||||||||||
| Net of unamortized debt issuance costs | $ 455 | 516 | ||||||||||||||||||
| 8.11% 2028 Notes | Unsecured Debt | ||||||||||||||||||||
| Stated interest rate | 8.11% | |||||||||||||||||||
| 7.50% 2028 Notes | ||||||||||||||||||||
| Net of unamortized debt issuance costs | $ 106 | 0 | ||||||||||||||||||
| 7.50% 2028 Notes | Unsecured Debt | ||||||||||||||||||||
| Stated interest rate | 7.50% | |||||||||||||||||||
| Investment, Unaffiliated Issuer | ||||||||||||||||||||
| Amortized cost | $ 808,844 | 804,090 | ||||||||||||||||||
| Investment, Affiliated Issuer, Noncontrolled | ||||||||||||||||||||
| Amortized cost | $ 16,273 | $ 16,273 | ||||||||||||||||||
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CONSOLIDATED SCHEDULE OF INVESTMENTS (Parentheticals) 1 $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||||||
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Mar. 31, 2026
USD ($)
investment
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Dec. 31, 2025
USD ($)
investment
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| Percent of net assets | 223.84% | [1],[2] | 221.58% | [3],[4] | ||||||||||||||||
| Investment, tax basis, unrealized gain | $ 74,800 | $ 68,000 | ||||||||||||||||||
| Investment, tax basis, unrealized loss | 96,200 | 86,700 | ||||||||||||||||||
| Investment, tax basis, unrealized loss | 21,400 | 18,700 | ||||||||||||||||||
| Tax basis of investments, cost for income tax purposes | 807,000 | 802,300 | ||||||||||||||||||
| Investment company debt security, nonaccrual | 38,600 | 39,700 | ||||||||||||||||||
| Investment company debt security, nonaccrual, fair value | 16,100 | 17,100 | ||||||||||||||||||
| Total portfolio company investments | $ 785,635 | [1],[5],[6] | $ 783,544 | [3],[7],[8] | ||||||||||||||||
| Basis spread on variable rate | 3.67% | 3.82% | ||||||||||||||||||
| Net change in unrealized gains (losses) on investments | $ (2,663) | |||||||||||||||||||
| Net realized gains (losses) on investments | $ (299) | |||||||||||||||||||
| Interest rate | 13.50% | |||||||||||||||||||
| Non-Qualifying Assets | ||||||||||||||||||||
| Percent of net assets | 29.80% | 28.40% | ||||||||||||||||||
| Investments Not Valued At Fair Value | ||||||||||||||||||||
| Number of investments | investment | 5 | 4 | ||||||||||||||||||
| Investments Restricted On Sales | ||||||||||||||||||||
| Percent of net assets | 223.60% | 221.40% | ||||||||||||||||||
| Total portfolio company investments | $ 784,800 | $ 782,900 | ||||||||||||||||||
| Affiliate Investment | ||||||||||||||||||||
| Net change in unrealized gains (losses) on investments | $ 300 | 1,700 | ||||||||||||||||||
| Net realized gains (losses) on investments | $ 5,800 | |||||||||||||||||||
| Hybrid Equity Investment | ||||||||||||||||||||
| Interest rate | 16.00% | 16.00% | ||||||||||||||||||
| Debt Investments | ||||||||||||||||||||
| Basis spread on variable rate | 6.75% | |||||||||||||||||||
| Interest rate | 3.25% | |||||||||||||||||||
| Investment, variable interest rate, type flag | Prime Rate [Member] | |||||||||||||||||||
| Debt Investments Floating Interest Rate | ||||||||||||||||||||
| Percent of net assets | 63.80% | 63.00% | ||||||||||||||||||
| Interest rate | 3.25% | |||||||||||||||||||
| Outstanding principal | $ 433,500 | $ 426,300 | ||||||||||||||||||
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) - Unsecured Debt |
Mar. 31, 2026 |
Feb. 27, 2026 |
Sep. 30, 2025 |
Feb. 12, 2025 |
|---|---|---|---|---|
| 7.50% 2028 Notes | ||||
| Stated interest rate | 7.50% | 7.50% | ||
| 8.11% 2028 Notes | ||||
| Stated interest rate | 8.11% | 9.11% | 8.11% |
Organization |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization | Organization TriplePoint Venture Growth BDC Corp. (the “Company”), a Maryland corporation, was formed on June 28, 2013 and commenced investment operations on March 5, 2014. The Company is structured as an externally-managed, closed-end investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC’s (“TPC”) investment platform. TPC is widely recognized as a leading global financing provider devoted to serving venture capital-backed companies with creative, flexible and customized debt financing, equity capital and complementary services throughout their lifespans. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending, typically with warrants, primarily to venture growth stage companies focused in technology and other high growth industries backed by TPC’s select group of leading venture capital investors. The Company is externally managed by TriplePoint Advisers LLC (the “Adviser”), which is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and is a wholly owned subsidiary of TPC. The Adviser is responsible for sourcing, reviewing and structuring investment opportunities, underwriting and performing due diligence on investments and monitoring the investment portfolio on an ongoing basis. The Adviser was organized in August 2013 and, pursuant to an investment advisory agreement entered into between the Company and the Adviser, the Company pays the Adviser a base management fee and an incentive fee for its investment management services. The Company has also entered into an administration agreement (the “Administration Agreement”) with TriplePoint Administrator LLC (the “Administrator”), a wholly owned subsidiary of the Adviser, pursuant to which the Administrator provides or arranges for the provision of all administrative services necessary for the Company to operate. The Company has two wholly owned subsidiaries: TPVG Variable Funding Company LLC (the “Financing Subsidiary”), a bankruptcy remote special purpose entity established for utilizing the Company’s revolving credit facility, whose creditors have a claim on its assets prior to those assets becoming available to the Financing Subsidiary’s equity holder, and TPVG Investment LLC, an entity established for holding certain of the Company’s investments without negatively impacting the Company’s RIC tax status. These subsidiaries are consolidated in the financial statements of the Company.
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Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2026 | |
| Accounting Policies [Abstract] | |
| Significant Accounting Policies | Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures required by GAAP for the annual reporting of consolidated financial statements are omitted. The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated. Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 4, 2026, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein.
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Related Party Agreements and Transactions |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Agreements and Transactions | Related Party Agreements and Transactions Investment Advisory Agreement In accordance with the Board approved investment advisory agreement (the “Advisory Agreement”), subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser manages the day-to-day operations and provides investment advisory services to the Company. Under the terms of the Advisory Agreement, the Adviser: •determines the composition of the Company’s portfolio, the nature and timing of changes to the Company’s portfolio and the manner of implementing such changes; •identifies, evaluates and negotiates the structure of investments; •executes, closes, services and monitors investments; •determines the securities and other assets purchased, retained or sold; •performs due diligence on prospective investments; and •provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. As consideration for the investment advisory and management services provided, and pursuant to the Advisory Agreement, the Company has agreed to pay the Adviser a fee consisting of two components—a base management fee and an incentive fee. The cost of both the base management fee and incentive fee is ultimately borne by the Company’s stockholders. Base Management Fee The base management fee is calculated at an annual rate of 1.75% of the Company’s average adjusted gross assets, including assets purchased with borrowed funds. For services rendered under the Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets at the end of its two most recently completed calendar quarters. Such amount is appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. Base management fees for any partial month or quarter are appropriately pro-rated. Incentive Fee The incentive fee, which provides the Adviser with a share of the income it generates for the Company, consists of two components—net investment income and net capital gains—which are largely independent of each other, and may result in one component being payable in a given period even if the other is not payable. Under the investment income component, the Company pays the Adviser each quarter 20.0% of the amount by which the Company’s pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (8.0% annualized) of the Company’s net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which the Adviser receives all of such income in excess of 2.0% but less than 2.5%, subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, the Adviser receives 20.0% of the Company’s pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of the Company’s pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC exceeds the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. In other words, any investment income incentive fee that is payable in a calendar quarter is limited to the lesser of (i) 20.0% of the amount by which the Company’s pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since the effective date of the Company’s election to be regulated as a BDC minus (y) the cumulative incentive fees accrued and/or paid since the effective date of the Company’s election to be regulated as a BDC. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of the Company’s pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since the effective date of the Company’s election to be regulated as a BDC. The Company elected to be regulated as a BDC under the 1940 Act on March 5, 2014. Commencing with the quarter ended March 31, 2025, until and including the quarter ended December 31, 2025, the Adviser agreed to waive the portion of the income incentive fee payable for a quarter under the Advisory Agreement if and to the extent that, after payment of such income incentive fee, the Company’s net investment income per share for such quarter is below the Company’s quarterly distribution per share for such quarter. On August 6, 2025, the Adviser amended its income incentive fee waiver to waive, in full, its quarterly income incentive fee for the remainder of fiscal year 2025. On November 5, 2025, the Adviser further amended its existing income incentive fee waiver to waive, in full, its quarterly income incentive fee, commencing with the quarter ended March 31, 2025 through the end of fiscal year 2026. No portion of the investment income component of the incentive fee waived by the Adviser shall be subject to recoupment by the Adviser. Under the capital gains component of the incentive fee, the Company pays the Adviser at the end of each calendar year (or upon termination of the Advisory Agreement) 20.0% of the Company’s aggregate cumulative realized capital gains from inception through the end of that year (or upon termination of the Advisory Agreement), computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized losses through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, the Company’s “aggregate cumulative realized capital gains” does not include any unrealized gains. It should be noted that the Company accrues an incentive fee for accounting purposes taking into account any unrealized gains in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. If such amount is negative, then no capital gains incentive fee is payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying the capital gains incentive fee. The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of March 31, 2026 and 2025, and, as a result, no capital gains incentive fees were recorded for the three months ended March 31, 2026 and 2025. The Adviser has waived the full $1.8 million in income incentive fees accrued for the three months ended March 31, 2026. There were no income incentive fees earned or waived for the three months ended March 31, 2025.
Administration Agreement The Board-approved Administration Agreement provides that the Administrator is responsible for furnishing the Company with office facilities and equipment and providing the Company with clerical, bookkeeping, recordkeeping services and other administrative services at such facilities. Under the Administration Agreement, the Administrator performs, or oversees, or arranges for, the performance of the Company’s required administrative services, which includes being responsible for the financial and other records which the Company is required to maintain and preparing reports to the Company’s stockholders and reports and other materials filed with the SEC and any other regulatory authority. In addition, the Administrator assists the Company in determining and publishing net asset value (“NAV”), overseeing the preparation and filing of the Company’s tax returns and printing and disseminating reports and other materials to the Company’s stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides significant managerial assistance on the Company’s behalf to those companies that have accepted the Company’s offer to provide such assistance. In consideration of the provision of the services of the Administrator, the Company reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under the Administration Agreement. Payments under the Administration Agreement are equal to the Company’s allocable portion (subject to the review of the Board) of the Administrator’s overhead resulting from its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the chief compliance officer and chief financial officer and their respective staffs. In addition, if requested to provide significant managerial assistance to the Company’s portfolio companies, the Administrator is paid an additional amount based on the services provided, which shall not exceed the amount the Company receives from such companies for providing this assistance. For the three months ended March 31, 2026 and 2025, expenses paid or payable by the Company to the Administrator under the Administration Agreement were $0.7 million and $0.6 million, respectively.
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Investments |
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| Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Investments The Company measures the fair value of its investments in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Valuation Committee of the Board is responsible for assisting the Board in valuing investments for which current market quotations are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from pricing services, broker-dealers or market makers. The Company values its investments for which market quotations are not readily available at fair value as determined in good faith by the Board, with the assistance of the Adviser and independent valuation agents, in accordance with Rule 2a-5 of the 1940 Act and GAAP, and in accordance with the Company’s valuation methodologies. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Adviser considers a range of fair values based upon the valuation techniques utilized and selects a value within that range that most accurately represents fair value based on current market conditions as well as other factors the Adviser’s valuation committee considers relevant. The Board determines fair value of the Company’s investments on at least a quarterly basis or at such other times when the Board feels it would be appropriate to do so given the circumstances. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of portfolio investments that do not have a readily available market value, fair value of investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below. •Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. •Level 2—Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly, and model-based valuation techniques for which all significant inputs are observable. •Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, excluding transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact. For purposes of Section 2(a)(41) and Rule 2a-5 under the 1940 Act, a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Any portfolio investment that is not priced using a Level 1 input shall be subject to the fair value determination requirements under Rule 2a-5 and subject to the Company’s valuation procedures. With respect to investments for which market quotations are not readily available, the Board undertakes a multi-step valuation process each quarter, as described below: •The quarterly valuation process begins with each portfolio company or investment receiving a proposed valuation by the Adviser. The Adviser’s internal valuation committee (the “Adviser Valuation Committee”) is responsible for the valuation process, including making preliminary valuation conclusions and recommendations to the Valuation Committee and Board. The Adviser Valuation Committee does not include any voting members who are portfolio managers or investment professionals. •The Adviser’s Portfolio Valuation, Monitoring and Analytics (“VMA”) group is responsible for aiding and supporting the Adviser Valuation Committee in the Adviser Valuation Committee’s role of overseeing the valuation process, including for calculating and overseeing the valuation process and valuation conclusions, and including making recommendations with respect to discount rates, liquidity adjustments and other key inputs into the valuation process. •Proposed valuations are then documented and discussed with the Adviser Valuation Committee and other members of the Adviser’s senior management, including members of the VMA and the Adviser’s Finance, Operations, Legal and Compliance groups. •At least 25% of the total dollar value of the Company’s investment portfolio will receive valuation recommendations from an independent third-party valuation firm each quarter, as selected in accordance with the Company’s valuation policy. Each new portfolio investment will be reviewed by an independent third-party valuation firm within 12 months of the date of investment, and thereafter will be reviewed by an independent third-party valuation firm no later than the fourth quarter following its most recent inclusion in such review process. However, a valuation review by an independent third-party valuation firm is not required for an investment whose total dollar value is less than 1% of the total dollar value of the Company’s aggregate investment portfolio (up to an aggregate of 10% of the total dollar value of the Company’s aggregate investment portfolio) or for those assets that the Board and/or Valuation Committee has agreed to waive from such requirement. •The Adviser and the independent third-party valuation firms, if applicable, then present their proposed valuations to the Valuation Committee and Board, and the Board makes a fair valuation determination for each portfolio investment that is to be fair valued. Debt Investments The debt investments identified on the consolidated schedules of investments are loans made to venture capital-backed companies focused in technology and other high growth industries which are backed by a select group of leading venture capital investors. These investments are considered Level 3 assets under ASC Topic 820 as there is no known or accessible market or market indices for these types of debt instruments and thus the Company must estimate the fair value of these investment securities based on models utilizing unobservable inputs. To estimate the fair value of debt investments, the Company compares the cost basis of each debt investment, including any OID, to the resulting fair value determined using a discounted cash flow model, unless another model is more appropriate based on the circumstances at the measurement date. The discounted cash flow approach entails analyzing the interest rate spreads for recently completed financing transactions which are similar in nature to these debt investments, in order to determine a comparable range of effective market interest rates. The range of interest rate spreads utilized is based on borrowers with similar credit profiles. All remaining expected cash flows of the investment are discounted using this range of interest rates to determine a range of fair values for the debt investment. The valuation process includes, among other things, evaluating the underlying investment performance of the portfolio company’s current financial condition and ability to raise additional capital, as well as macro-economic events that may impact valuations. These events include, but are not limited to, current market yields and interest rate spreads of similar securities as of the measurement date. Changes in these unobservable inputs could result in significantly different fair value measurements. Under certain circumstances, an alternative technique may be used to value certain debt investments that better reflect the fair value of the investment, such as the price paid or realized in a recently completed transaction or a binding offer received in an arm’s length transaction, the use of multiple probability weighted cash flow models when the expected future cash flows contain elements of variability or estimates of proceeds that would be received in a liquidation scenario. Warrant Investments Warrant fair values are primarily determined using a Black Scholes option pricing model. Privately held warrants and equity-related securities are valued based on an analysis of various factors, including, but not limited to, those listed below. Increases or decreases in any of the unobservable inputs described below could result in a material change in fair value: •Underlying enterprise value of the issuer based on available information, including any information regarding the most recent financing round of borrower. Valuation techniques to determine enterprise value include market multiple approaches, income approaches or the use of recent rounds of financing and the portfolio company’s capital structure. Valuation techniques are also utilized to allocate the enterprise fair value of a portfolio company to the specific class of common or preferred stock exercisable in the warrant. Such techniques take into account the rights and preferences of the portfolio company’s securities, expected exit scenarios, and volatility associated with such outcomes to allocate the fair value to the specific class of stock held in the portfolio. Such techniques include option pricing models, including back solve techniques, probability weighted expected return models and other techniques determined to be appropriate. •Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant investment price, is based on comparable publicly traded companies within indices similar in nature to the underlying company issuing the warrant. •The risk-free interest rates are derived from the U.S. Treasury yield curve. The risk-free interest rates are calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant investment. •Other adjustments, including a marketability discount on private company warrant investments, are estimated based on the Adviser’s judgment about the general industry environment. •Historical portfolio experience on cancellations and exercises of warrant investments are utilized as the basis for determining the estimated life of the warrant investment in each financial reporting period. Warrant investments may be exercised in the event of acquisitions, mergers or initial public offerings, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrant investment. Under certain circumstances alternative techniques may be used to value certain warrants that more accurately reflect the warrants' fair values, such as an expected settlement of a warrant in the near term, a model that incorporates a put feature associated with the warrant, or the price paid or realized in a recently completed transaction or binding offer received in an arm’s-length transaction. The fair value may be determined based on the expected proceeds to be received from such settlement or based on the net present value of the expected proceeds from the put option. Equity Investments The fair value of an equity investment in a privately held company is initially the amount invested. The Company adjusts the fair value of equity investments in private companies upon the completion of a new third party round of equity financing subsequent to its investment. The Company may adjust the fair value of an equity investment absent a new equity financing event based upon positive or negative changes in a portfolio company’s financial or operational performance. The Company may also reference comparable transactions and/or secondary market transactions of comparable companies to estimate fair value. These valuation methodologies involve a significant degree of judgment. The fair value of an equity investment in a publicly traded company is based upon the closing public share price on the date of measurement. These assets are recorded at fair value on a recurring basis. Investment Valuation The above-described valuation methodologies involve a significant degree of judgment. There is no single standard for determining the estimated fair value of investments that do not have an active observable market. Valuations of privately held investments are inherently uncertain, as they are based on estimates, and their values may fluctuate over time. The determination of fair value may differ materially from the values that would have been used if an active market for these investments existed. In some cases, the fair value of such investments is best expressed as a range of values derived utilizing different methodologies from which a single estimate may then be determined. Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of March 31, 2026 and December 31, 2025. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.
The following tables show information about Level 3 portfolio company investments measured at fair value for the three months ended March 31, 2026 and 2025. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.
(1)Transfers out of Level 3 are measured as of the date of the transfer. There was one transfer out of level 3 during the period, due to a portfolio company being acquired for publicly traded common stock subject to customary lock-up restrictions.
_______________ (1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the three months ended March 31, 2025. Realized gains and losses are included in “net realized gains (losses) on investments” in the consolidated statements of operations. During the three months ended March 31, 2026, the Company recognized net realized losses on investments of $0.3 million. During the three months ended March 31, 2025, the Company recognized net realized gains on investments of $2.3 million. Unrealized gains and losses are included in “net change in unrealized gains (losses) on investments” in the consolidated statements of operations. Net change in unrealized losses on investments during the three months ended March 31, 2026 was $2.7 million. Net change in unrealized losses on investments during the three months ended March 31, 2025 was $0.3 million. The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of March 31, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.
Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets.
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Mar. 31, 2026 | |
| Credit Loss [Abstract] | |
| Credit Risk | Credit Risk Debt investments may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic, economic and political developments, may significantly affect the value of these investments. In addition, the value of these investments may fluctuate as the general level of interest rates fluctuates. In many instances, the portfolio company’s ability to repay the debt investments is dependent on additional funding by its venture capital investors, a future sale or an initial public offering. The value of these investments may be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan.
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | Borrowings The following table shows the Company’s outstanding debt as of March 31, 2026 and December 31, 2025:
Interest expense on these borrowings includes the interest cost charged on borrowings, the unused fee on the Credit Facility (as defined below), paying and administrative agent fees, and the amortization of deferred Credit Facility fees and expenses and costs and fees relating to the Company’s unsecured notes outstanding. These expenses are shown in the table below:
Credit Facility In February 2014, the Company, along with its Financing Subsidiary as borrower, entered into a credit agreement with Deutsche Bank AG, New York Branch acting as administrative agent and the other lenders party thereto, which provided the Company with a $150.0 million commitment, subject to borrowing base requirements (as amended and restated from time to time, the “Credit Facility”). On July 22, 2022, the Credit Facility was amended to, among other things, extend the revolving period from November 30, 2022 to May 31, 2024 and the scheduled maturity date from May 31, 2024 to November 30, 2025 (unless otherwise terminated earlier pursuant to its terms), as well as change the floating rate from LIBOR to SOFR. On April 29, 2024, the Company and the Financing Subsidiary amended the Credit Facility to, among other things, extend the revolving period to August 31, 2024. On August 6, 2024, the Company and the Financing Subsidiary amended the Credit Facility to, among other things, (i) further extend the revolving period from August 31, 2024 to November 30, 2025, (ii) extend the scheduled maturity date from November 30, 2025 to May 30, 2027, (iii) adjust the advance rates based on the underlying asset type, (iv) revise certain events of default provisions and affirmative and negative covenants; and (v) reduce the total commitments to $300 million from $350 million. On November 25, 2025, the Company and the Financing Subsidiary further amended the Credit Facility to, among other things, (i) extend the revolving period to November 30, 2027 and the scheduled maturity date to May 30, 2029, (ii) reduce the interest rate on borrowings such that borrowings bear interest at the sum of (a) a floating rate based on certain indices, including and commercial paper rates (subject to a floor of 0.50%), plus, (b) a margin of 2.75% if facility utilization is greater than or equal to 75%, 2.85% if utilization is greater than or equal to 50% but less than 75%, 3.00% if utilization is less than 50%, and 4.50% on or after the end of the revolving period; (iii) increase the advance rates; and, (iv) revise certain events of default provisions and affirmative and negative covenants. As of March 31, 2026, the Company had $300 million in total commitments available under the Credit Facility, which includes an accordion feature that allows the Company to increase the size of the Credit Facility to up to $400 million under certain circumstances. As of March 31, 2026, borrowings under the Credit Facility bore interest at the sum of (i) a floating rate based on certain indices, including and commercial paper rates (subject to a floor of 0.50%), plus (ii) a margin of 2.75% if facility utilization is greater than or equal to 75%, 2.85% if utilization is greater than or equal to 50% but less than 75%, 3.00% if utilization is less than 50% and 4.5% during the amortization period. Borrowings under the Credit Facility are secured only by the assets of the Financing Subsidiary. The Company agreed to pay Deutsche Bank AG a syndication fee and to pay to Deutsche Bank AG a fee to act as administrative agent under the Credit Facility as well as to pay each lender (i) a commitment fee based on each lender’s commitment and (ii) a fee of 0.50% per annum for any unused borrowings under the Credit Facility on a monthly basis. The Credit Facility contains affirmative and restrictive covenants including, but not limited to, an advance rate of up to 55.0% of the applicable balance of net assets held by the Financing Subsidiary, maintenance of minimum net worth, a ratio of total assets to total indebtedness of not less than the greater of 3:2 and the amount so required under the 1940 Act, a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava, and eligibility requirements, including but not limited to geographic and industry concentration limitations and certain loan grade classifications. Furthermore, events of default under the Credit Facility include, among other things, (i) a payment default; (ii) a change of control; (iii) bankruptcy; (iv) a covenant default; and (v) failure by the Company to maintain its qualification as a BDC under the 1940 Act. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants under the Credit Facility. As of March 31, 2026 and December 31, 2025, the Company had outstanding borrowings under the Credit Facility of $197.0 million and $95.0 million, respectively, excluding deferred credit facility costs of $4.3 million and $4.6 million, respectively, which is included in the Company’s consolidated statements of assets and liabilities. The book value of the Credit Facility approximates fair value due to the relatively short maturity, cash repayments and market interest rates of the instrument. The fair value of the Credit Facility would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date. During the three months ended March 31, 2026 and 2025, the Company had average outstanding borrowings under the Credit Facility of $131.7 million and $5.0 million, respectively, at a weighted average interest rate, inclusive of unused fees, of 7.11% and 8.31%, respectively. As of March 31, 2026 and December 31, 2025, $417.2 million and $427.2 million, respectively, of the Company’s assets, including restricted cash, were pledged for borrowings under the Credit Facility, leaving $389.9 million and $412.5 million of assets unencumbered, respectively. 2025 Notes On March 19, 2020, the Company completed a private debt offering of $70.0 million in aggregate principal amount of its 4.50% unsecured notes due March 19, 2025 (the “2025 Notes”) in reliance on Section 4(a)(2) of the Securities Act. In March 2025, the Company repaid the full $70.0 million in aggregate principal amount of the issued and outstanding 2025 Notes at maturity at par value plus the accrued and unpaid interest. The interest on the 2025 Notes was payable semiannually on March 19 and September 19 each year. The Master Note Purchase Agreement (the “Note Purchase Agreement”) under which the 2025 Notes were issued contains customary terms and conditions for unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum asset coverage ratio of 1.50 to 1.00, a minimum interest coverage ratio of 1.25 to 1.00, and minimum stockholders’ equity of $216.1 million, as adjusted upward by an amount equal to 65% of the net proceeds from the issuance of shares of the Company’s common stock subsequent to December 31, 2019. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause relating to the Company’s Chief Executive Officer, James P. Labe, and the Company’s President and Chief Investment Officer, Sajal K. Srivastava. 2026 Notes On March 1, 2021, the Company completed a private debt offering of $200.0 million in aggregate principal amount of its 4.50% unsecured notes due March 1, 2026 (the “2026 Notes”) in reliance on Section 4(a)(2) of the Securities Act. In March 2026, the Company repaid the full $200.0 million in aggregate principal amount of the issued and outstanding 2026 Notes at maturity at par value plus the accrued and unpaid interest. The interest on the 2026 Notes was payable semiannually on March 19 and September 19 each year. The 2026 Notes were governed by the terms of the First Supplement, dated as of March 1, 2021 (the “First Supplement”), to the Note Purchase Agreement. The terms and conditions applicable to the 2026 Notes under the Note Purchase Agreement, as modified by the First Supplement, such as events of default and affirmative and negative covenants, were substantially similar to the terms and conditions that were applicable to the 2025 Notes. The 2026 Notes were recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.0 million of deferred issuance cost as of March 31, 2026, which is amortized and expensed over the five-year term of the 2026 Notes based on an effective yield method. As of March 31, 2026 and December 31, 2025, the fair value of the 2026 Notes was $0.0 million and $202.1 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date. 2027 Notes On February 28, 2022, the Company completed a private debt offering of $125.0 million in aggregate principal amount of its 5.00% unsecured notes due February 28, 2027 (the “2027 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 2027 Notes is payable semiannually on February 28 and August 28 each year. The 2027 Notes are governed by the terms of the Second Supplement, dated as of February 28, 2022 (the “Second Supplement”), to the Note Purchase Agreement. The 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 2027 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided, however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 2027 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the 2027 Notes will bear interest at a fixed rate of 6.00% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. The other terms and conditions applicable to the 2027 Notes under the Note Purchase Agreement, as modified by the Second Supplement, including events of default and affirmative and negative covenants, are substantially similar to the terms and conditions that were applicable to the 2025 Notes and the 2026 Notes. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants under the 2027 Notes. The 2027 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.3 million of deferred issuance cost as of March 31, 2026, which is amortized and expensed over the five-year term of the 2027 Notes based on an effective yield method. As of March 31, 2026 and December 31, 2025, the fair value of the 2027 Notes was $123.0 million and $124.2 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date. 8.11% 2028 Notes On February 12, 2025, the Company completed a private debt offering of $50.0 million in aggregate principal amount of its 8.11% unsecured notes due February 12, 2028 (the “8.11% 2028 Notes”) in reliance on Section 4(a)(2) of the Securities Act. The interest on the 8.11% 2028 Notes is payable semiannually on February 12 and August 12 each year. The 8.11% 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 8.11% 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 8.11% 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company; provided however, in the event that the Company creates, incurs, assumes or permits to exist liens on or with respect to any of its property or assets in connection with future secured indebtedness of more than an aggregate principal amount of $25 million, the 8.11% 2028 Notes will generally become secured concurrently therewith, equally and ratably with such indebtedness. The Note Purchase Agreement (the “2025 Note Purchase Agreement”) under which the 8.11% 2028 Notes were issued contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens and restricted payments. In addition, the 2025 Note Purchase Agreement contains the following financial covenants: (1) a minimum asset coverage ratio of 1.50 to 1.00; (2) a minimum interest coverage ratio of 1.25 to 1.00; and (3) maintenance of minimum stockholders’ equity to not be less than (a) the higher of (i) $236,776,000 and (ii) an amount equal to 65% of the Company’s stockholders’ equity as of December 31, 2024, plus (b) 65% of the net proceeds from the sale of the Company’s equity interests after the relevant date. In addition, the stated interest rate on the 8.11% 2028 Notes is subject to a step up of 1.00% per year, to the extent that (1) the 8.11% 2028 Notes do not satisfy certain investment grade rating conditions and/or (2) the ratio of the Company’s payment-in-kind income to net investment income during a six-month period exceeds specified thresholds, measured as of each fiscal quarter end. Subsequent to the quarter ended September 30, 2025, the Company determined that the ratio of the Company’s payment-in-kind income (“PIK Income”) to net investment income during the immediately preceding six-month period exceeded the specified threshold under the 2025 Note Purchase Agreement measured at September 30, 2025, increasing the stated interest rate on the 8.11% 2028 Notes to 9.11% from 8.11% per annum. The increased interest rate will remain in effect until the ratio of the Company’s (a) PIK Income for the immediately preceding six months to (b) net investment income for the immediately preceding six months no longer exceeds 35%. The 2025 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, if any, certain judgments and orders, certain events of bankruptcy, and breach of a key man clause with respect to James P. Labe and Sajal K. Srivastava. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants under the 8.11% 2028 Notes. The 8.11% 2028 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.5 million of deferred issuance cost as of March 31, 2026, which is amortized and expensed over the three-year term of the 8.11% 2028 Notes based on an effective yield method. As of March 31, 2026, and December 31, 2025 the fair value of the 8.11% 2028 Notes was $51.1 million and $52.5 million, respectively, and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date. 7.50% 2028 Notes On February 27, 2026, the Company completed a private debt offering of $75.0 million in aggregate principal amount of its 7.50% unsecured notes due February 27, 2028 (the “7.50% 2028 Notes”) to a qualified institutional investor in reliance on Section 4(a)(2) of the Securities Act. The interest on the 7.50% 2028 Notes is due quarterly on February 27, May 27, August 27 and November 27 of each year, beginning on May 27, 2026. On March 2, 2026, the Company used the net proceeds from the offering of the 7.50% 2028 Notes, together with borrowings under the Credit Facility and cash on hand, to repay in full, at maturity, the $200.0 million in then- outstanding aggregate principal amount of the 2026 Notes, along with accrued and unpaid interest on the 2026 Notes. The 7.50% 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the 7.50% 2028 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The 7.50% 2028 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Master Note Purchase Agreement (the “2026 Note Purchase Agreement”) under which the 7.50% 2028 Notes were issued contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens and restricted payments. In addition, the 2026 Master Note Purchase Agreement contains the following financial covenants: (1) a minimum asset coverage ratio of 1.50 to 1.00; and (2) maintenance of minimum stockholders’ equity to not be less than the greater of (a) $230,800,000 and (b) $230,800,000, plus 25% of the net cash proceeds of the sale of Equity Interests (as defined in the 2026 Master Note Purchase Agreement) on or after February 27, 2026 (other than proceeds of (x) sales of Equity Interests by and among the Company and its subsidiaries or (y) any distribution or dividend reinvestment plan) minus 25% of the aggregate amount paid or distributed to purchase common stock or Equity Interests in connection with a tender offer or otherwise and equity interests redeemed, bought back or purchased by the Company on or after the February 27, 2026. In addition, in the event that a Below Investment Grade Event (as defined in the 2026 Master Note Purchase Agreement) occurs, the 7.50% 2028 Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the 7.50% 2028 Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the 2026 Master Note Purchase Agreement) occurs, the 7.50% 2028 Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the 7.50% 2028 Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Secured Debt Ratio Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the 7.50% 2028 Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the 7.50% 2028 Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing. The 2026 Master Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. As of March 31, 2026, the Company was in compliance with all covenants under the 7.50% 2028 Notes. The 7.50% 2028 Notes are recorded at amortized cost in the consolidated statements of assets and liabilities. Amortized cost includes $0.1 million of deferred issuance cost as of March 31, 2026, which is amortized and expensed over the three-year term of the 7.50% 2028 Notes based on an effective yield method. As of March 31, 2026, the fair value of the 7.50% 2028 Notes was $75.4 million and would be categorized as Level 3 of the fair value hierarchy if determined as of the reporting date. The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of March 31, 2026 and December 31, 2025:
_______________ (1)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.0 million and $0.1 million, respectively. (2)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.3 million and $0.3 million, respectively. (3)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.5 million and $0.5 million, respectively. (4)Net of debt issuance costs as of March 31, 2026 of $0.1 million.
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Commitments As of March 31, 2026 and December 31, 2025, the Company’s unfunded commitments totaled $206.8 million to 24 portfolio companies and $260.4 million to 25 portfolio companies, respectively, of which $51.0 million and $50.7 million, respectively, was dependent upon the portfolio companies reaching certain milestones before the debt commitment becomes available to them. The Company’s credit agreements contain customary lending provisions that allow it relief from funding obligations for previously made commitments in instances where the underlying company experiences material adverse events that affect the financial condition or business outlook for the company. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. The following table shows the Company’s unfunded commitments by portfolio company as of March 31, 2026 and December 31, 2025:
_______________ (1)Does not include a $0.3 million of backlog of potential future commitments as of December 31, 2025. The Company did not have any backlog of future commitments as of March 31, 2026. Refer to the “Backlog of Potential Future Commitments” below. The table above also shows the fair value of the Company’s unfunded commitment liability totaling $1.1 million and $1.8 million as of March 31, 2026 and December 31, 2025, respectively. The fair value at the inception of the delay draw credit agreements is equal to the fees and warrants received to enter into these agreements, taking into account the remaining terms of the agreements and the relevant counterparty’s credit profile. The unfunded commitment liability reflects the fair value of these future funding commitments and is included in “Other accrued expenses and liabilities” in the Company’s consolidated statements of assets and liabilities. These liabilities are considered Level 3 liabilities under ASC Topic 820 as there is no known or accessible market or market indices for these types of financial instruments. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. The following table shows additional details regarding the Company's unfunded commitment activity during the three months ended March 31, 2026 and 2025:
_______________ (1)Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below. The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of March 31, 2026 and December 31, 2025:
_______________ (1)Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below. Backlog of Potential Future Commitments The Company may enter into commitments with certain portfolio companies that permit an increase in the commitment amount in the future in the event that certain conditions to make such increases are met. If such conditions to increase are met, these amounts may become unfunded commitments, if not drawn prior to expiration. As of March 31, 2026 the Company did not have any backlog of potential future commitments. As of December 31, 2025, the Company had a $0.3 million backlog of potential future commitments.
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Financial Highlights |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Highlights | Financial Highlights The following table shows the financial highlights for the three months ended March 31, 2026 and 2025:
(1)All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2)Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning NAV per share. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized. (3)Total return based on stock price is the change in the ending stock price of the Company’s common stock plus distributions paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning stock price of the Company’s common stock. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized. (4)Percentage is presented on an annualized basis. (5)For the three months ended March 31, 2026, excluding the income incentive fee waiver, the ratios of net investment income, net increase in net assets, ratio of expenses, operating expenses excluding incentive fees, (presented on an annualized basis), and income incentive fees to average net asset value were 8.3%, 5.0%, 17.7%, 15.6% and 0.5%, respectively. The following table shows the weighted average annualized portfolio yield on debt investments for the three months ended March 31, 2026 and 2025:
(1)Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. Including non-income producing debt investments, the weighted average yield for the three months ended March 31, 2026 and 2025 was 12.8% and 13.6%, respectively. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. (2)The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to our stockholders.
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Net Increase (Decrease) in Net Assets per Share |
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets per Share | Net Increase (Decrease) in Net Assets per Share The following table shows the computation of basic and diluted net increase/(decrease) in net assets per share for the three months ended March 31, 2026 and 2025:
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Equity |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | Equity Since inception through March 31, 2026, the Company issued 34,999,352 shares of common stock through an initial public offering and a concurrent private placement offering in 2014, a registered follow-on offering in 2015, a private placement offering in 2017, a registered follow-on offering and concurrent private placement offering in 2018, a registered follow-on offering in 2020 and a registered follow-on offering in 2022. The Company received net proceeds from these offerings of $488.1 million, net of the portion of the underwriting sales load and offering costs paid by the Company. Included in the $488.1 million of net proceeds from these offerings is $55.3 million in net proceeds from the Company’s issuance in August 2022 of an aggregate of 4,161,807 shares of common stock in a registered follow-on offering pursuant to an underwriting agreement by and among the Company, the Adviser and the Administrator, on the one hand, and Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC, as representatives of the several underwriters named in the underwriting agreement. 411,807 of the shares issued in August 2022 were issued pursuant to the underwriters’ option to purchase additional shares. On September 30, 2022, the Company entered into a sales agreement (the “2022 Sales Agreement”) with the Adviser, the Administrator and UBS Securities LLC (the “Sales Agent”), providing for the issuance and sale from time to time of up to an aggregate of $50.0 million in shares of the Company’s common stock by means of at-the-market offerings (the “Prior ATM Program”). Subject to the terms of the 2022 Sales Agreement, the Sales Agent was not required to sell any specific number or dollar amount of securities but acted as the Company’s sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent. On May 2, 2024, the Company entered into a new sales agreement (the “2024 Sales Agreement”) with the Adviser, the Administrator and the Sales Agent, providing for the issuance and sale from time to time of up to an aggregate of $75.0 million in shares of the Company’s common stock by means of at-the-market offerings (the “Current ATM Program” and, together with the Prior ATM Program, the “ATM Programs”). Concurrently upon entry into the 2024 Sales Agreement, the Company, the Adviser, the Administrator and the Sales Agent agreed to the termination of the 2022 Sales Agreement. Subject to the terms of the 2024 Sales Agreement, the Sales Agent is not required to sell any specific number or dollar amount of securities but will act as the Company’s sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent. During the three months ended March 31, 2026, the Company did not sell shares of common stock under the 2024 Sales Agreement. During the three months ended March 31, 2025, the Company did not sell shares of common stock under the 2024 Sales Agreement. As of March 31, 2026, $56.5 million in shares remained available for sale under the Current ATM Program. The Company has adopted a dividend reinvestment plan for its stockholders, which is an “opt out” dividend reinvestment plan. Under this plan, if the Company declares a cash distribution to stockholders, the amount of such distribution is automatically reinvested (net of applicable withholding tax) in additional shares of common stock unless a stockholder specifically “opts out” of the dividend reinvestment plan. If a stockholder opts out, that stockholder receives cash distributions. The following tables show information on the proceeds raised along with any related underwriting sales load and associated offering expenses, and the price at which common stock was issued by the Company, during the three months ended March 31, 2026 and during the year ended December 31, 2025:
The Company had 40,598,981 and 40,491,145 shares of common stock outstanding as of March 31, 2026 and December 31, 2025, respectively.
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Distributions |
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| Distributions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions | Distributions The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under the Code. In order to maintain its ability to be subject to tax as a RIC, among other things, the Company is required to distribute at least 90% of its net ordinary income and net realized short-term capital gains in excess of its net realized long-term capital losses, if any, to its stockholders. Additionally, to avoid a nondeductible 4% U.S. federal excise tax on certain of the Company’s undistributed income, the Company must distribute during each calendar year an amount at least equal to the sum of: (a) 98% of the Company’s ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which the Company’s capital gains exceed the Company’s capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by the Company to use its taxable year); and (c) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. For the tax years ended December 31, 2025 and 2024, the Company was subject to a 4% U.S. federal excise tax and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $1.5 million, and $1.6 million for the tax years ended December 31, 2025 and 2024, respectively. The following table shows the Company's cash distributions per share that have been authorized by the Board since the Company's initial public offering to March 31, 2026. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2025, 2024, 2023, 2022, 2018 and 2017, distributions represent ordinary income as the Company's earnings equaled or exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains.
_______________ (1)The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of the Company’s initial public offering on March 5, 2014 (commencement of operations) through March 31, 2014. (2)Represents a special distribution. (3)Represents a supplementary distribution. It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year. However, the Company may choose not to distribute all of its taxable income for a number of reasons, including retaining excess taxable income for investment purposes and/or to defer the payment of distributions associated with the excess taxable income for future calendar years. During the three months ended March 31, 2026 and 2025, the Company recorded $0.4 million and $0.4 million, respectively, for an excise tax accrual. For the three months ended March 31, 2026 and 2025, total distributions of $0.23 per share and $0.30 per share were declared and paid, respectively, and represented distributions from ordinary income. No provision for income tax was recorded in the Company’s consolidated statements of operations for the three months ended March 31, 2026 and 2025. As of March 31, 2026, the Company estimated it had undistributed taxable earnings from net investment income of $42.6 million, or $1.05 per share. Since March 5, 2014 (commencement of operations) to March 31, 2026, total distributions of $17.36 per share have been paid.
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Operating Segments |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Segment Reporting [Abstract] | |
| Operating Segments | Operating Segments The Chief Executive Officer and Chief Financial Officer, collectively, act as the Company’s Chief Operating Decision Maker (“CODM”) and are responsible for assessing performance and allocating resources with respect to the Company. The CODM has concluded that the Company operates as a single operating segment based on the fact that the Company has a single investment objective to maximize the Company’s total return to stockholders primarily in the form of current income from secured loans, and secondarily through capital gains from equity “kickers” in the form of warrants and direct equity investments to venture capital-backed companies, against which the CODM assesses the performance. The financial information provided to and reviewed by the CODM include consolidated net investment income and consolidated net increase (decrease) in net assets resulting from operations. As the Company operates as a single segment, the measure of segment profit and segment assets, is presented within the Company’s consolidated financial statements.
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Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company's management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Quarterly Report on Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2026, except as discussed below. Distribution On April 29, 2026, the Board declared a $0.23 per share regular quarterly distribution payable on June 30, 2026 to stockholders of record at the close of business on June 16, 2026. Recent Portfolio Activity From April 1, 2026 through May 5, 2026, the Company closed $21.3 million of additional debt commitments, funded $25.9 million in new investments and received $20.6 million of principal prepayments. TPC’s direct originations platform entered into $102.5 million of additional non-binding signed term sheets with venture growth stage companies. These investment opportunities for the Company are subject to due diligence, definitive documentation and investment committee approval, as well as compliance with the Adviser’s allocation policy. Share Repurchase Program On May 5, 2026, the Board authorized a 12-month stock repurchase program (the “Company Stock Repurchase Program”) for the purpose of repurchasing up to an aggregate of $12.5 million of its common stock in the open market at certain thresholds below its then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The timing, manner, price and amount of any share repurchases will be determined by the Company based upon an evaluation of economic and market conditions, stock price, applicable legal, contractual and regulatory requirements and other factors. The Company Stock Repurchase Program is scheduled to expire on May 6, 2027.
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
N-2 - USD ($) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 |
Dec. 31, 2025 |
Mar. 31, 2025 |
Dec. 31, 2024 |
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| Cover [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Central Index Key | 0001580345 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amendment Flag | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities Act File Number | 814-01044 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Document Type | 10-Q | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Registrant Name | TriplePoint Venture Growth BDC Corp. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Address, Address Line One | 2755 Sand Hill Road | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Address, Address Line Two | Suite 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Address, City or Town | Menlo Park | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Address, State or Province | CA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Address, Postal Zip Code | 94025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| City Area Code | 650 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Local Phone Number | 854-2090 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Entity Emerging Growth Company | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fee Table [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholder Transaction Expenses [Table Text Block] |
__________ (1)The amounts set forth in this table do not reflect the impact of any sales load, sales commission or other offering expenses borne by us and our stockholders. The maximum agent commission with respect to the shares of our common stock sold by us in the Current ATM Program is 2.0% of gross proceeds, with the exact amount of such compensation to be mutually agreed upon by us and the Sales Agent from time to time. In the event that securities are sold to or through underwriters or agents, a corresponding prospectus or prospectus supplement will disclose the applicable sales load or commission. (2)The prospectus supplement corresponding to each offering will disclose the applicable estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price. (3)The expenses associated with the administration of the dividend reinvestment plan are included in “Other expenses.” The plan administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the plan. However, your own broker may impose brokerage charges in connection with your participation in the plan. (4)Our base management fee, payable quarterly in arrears, is calculated at an annual rate of 1.75% of our average adjusted gross assets, including assets purchased with borrowed amounts and other forms of leverage. See “Item 1. Business-Management Agreements-Investment Advisory Agreement” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for more information. (5)Assumes that annual incentive fees earned by our Adviser remain consistent with the incentive fees that would have been earned by our Adviser (if not for the cumulative “catch-up” provision explained below) for the three months ended March 31, 2026 adjusted for any equity issuances. The incentive fee figures set forth in this table do not take into account any waiver of the quarterly income incentive fee, which waiver is in effect through the end of the fiscal year 2026. The incentive fee consists of two components, investment income and capital gains, which are largely independent of each other, with the result that one component may be payable even if the other is not payable. Under the investment income component, we pay our Adviser each quarter 20.0% of the amount by which our pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of our net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which our Adviser receives all of such income in excess of the 2.0% level but less than 2.5% and subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, our Adviser receives 20.0% of our pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of our pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 exceeds the cumulative incentive fees accrued and/or paid since March 5, 2014. In other words, any investment income incentive fee that is payable in a calendar quarter will be limited to the lesser of (i) 20.0% of the amount by which our pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle rate, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 minus (y) the cumulative incentive fees accrued and/or paid since March 5, 2014. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of our pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since March 5, 2014. Under the capital gains component of the incentive fee, we pay our Adviser at the end of each calendar year 20.0% of our aggregate cumulative realized capital gains from inception through the end of that year, computed net of our aggregate cumulative realized capital losses and our aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, our “aggregate cumulative realized capital gains” does not include any unrealized appreciation. It should be noted that we accrue an incentive fee for accounting purposes taking into account any unrealized appreciation in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. (6)“Interest payments on borrowed funds” represent our estimated annual interest payment, fees and credit facility expenses and are based on results of operations for the three months ended March 31, 2026, including with respect to the Credit Facility, the 2026 Notes, the 2027 Notes, the 8.11% 2028 Notes, and the 7.50% 2028 Notes. The costs associated with any outstanding indebtedness are indirectly borne by our common stockholders. The amount of leverage we employ at any particular time will depend on, among other things, the Board’s and our Adviser’s assessment of the market and other factors at the time at any proposed borrowing. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act. (7)“Other expenses” represent our estimated amounts for the current fiscal year, which are based upon the results of our operations for the three months ended March 31, 2026, including payments under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by our Administrator.
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| Sales Load [Percent] | 0.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Transaction Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Transaction Expense 1 [Percent] | 0.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Transaction Expense 2 [Percent] | 0.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual Expenses [Table Text Block] |
__________ (1)The amounts set forth in this table do not reflect the impact of any sales load, sales commission or other offering expenses borne by us and our stockholders. The maximum agent commission with respect to the shares of our common stock sold by us in the Current ATM Program is 2.0% of gross proceeds, with the exact amount of such compensation to be mutually agreed upon by us and the Sales Agent from time to time. In the event that securities are sold to or through underwriters or agents, a corresponding prospectus or prospectus supplement will disclose the applicable sales load or commission. (2)The prospectus supplement corresponding to each offering will disclose the applicable estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price. (3)The expenses associated with the administration of the dividend reinvestment plan are included in “Other expenses.” The plan administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the plan. However, your own broker may impose brokerage charges in connection with your participation in the plan. (4)Our base management fee, payable quarterly in arrears, is calculated at an annual rate of 1.75% of our average adjusted gross assets, including assets purchased with borrowed amounts and other forms of leverage. See “Item 1. Business-Management Agreements-Investment Advisory Agreement” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for more information. (5)Assumes that annual incentive fees earned by our Adviser remain consistent with the incentive fees that would have been earned by our Adviser (if not for the cumulative “catch-up” provision explained below) for the three months ended March 31, 2026 adjusted for any equity issuances. The incentive fee figures set forth in this table do not take into account any waiver of the quarterly income incentive fee, which waiver is in effect through the end of the fiscal year 2026. The incentive fee consists of two components, investment income and capital gains, which are largely independent of each other, with the result that one component may be payable even if the other is not payable. Under the investment income component, we pay our Adviser each quarter 20.0% of the amount by which our pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of our net assets at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision pursuant to which our Adviser receives all of such income in excess of the 2.0% level but less than 2.5% and subject to a total return requirement. The effect of the “catch-up” provision is that, subject to the total return provision discussed below, if pre-incentive fee net investment income exceeds 2.5% in any calendar quarter, our Adviser receives 20.0% of our pre-incentive fee net investment income as if the 2.0% hurdle rate did not apply. The foregoing incentive fee is subject to a total return requirement, which provides that no incentive fee in respect of our pre-incentive fee net investment income is payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 exceeds the cumulative incentive fees accrued and/or paid since March 5, 2014. In other words, any investment income incentive fee that is payable in a calendar quarter will be limited to the lesser of (i) 20.0% of the amount by which our pre-incentive fee net investment income for such calendar quarter exceeds the 2.0% hurdle rate, subject to the “catch-up” provision and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations since March 5, 2014 minus (y) the cumulative incentive fees accrued and/or paid since March 5, 2014. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum of our pre-incentive fee net investment income, realized gains and losses and unrealized appreciation and depreciation since March 5, 2014. Under the capital gains component of the incentive fee, we pay our Adviser at the end of each calendar year 20.0% of our aggregate cumulative realized capital gains from inception through the end of that year, computed net of our aggregate cumulative realized capital losses and our aggregate cumulative unrealized depreciation through the end of such year, less the aggregate amount of any previously paid capital gain incentive fees. For the foregoing purpose, our “aggregate cumulative realized capital gains” does not include any unrealized appreciation. It should be noted that we accrue an incentive fee for accounting purposes taking into account any unrealized appreciation in accordance with GAAP. The capital gains component of the incentive fee is not subject to any minimum return to stockholders. (6)“Interest payments on borrowed funds” represent our estimated annual interest payment, fees and credit facility expenses and are based on results of operations for the three months ended March 31, 2026, including with respect to the Credit Facility, the 2026 Notes, the 2027 Notes, the 8.11% 2028 Notes, and the 7.50% 2028 Notes. The costs associated with any outstanding indebtedness are indirectly borne by our common stockholders. The amount of leverage we employ at any particular time will depend on, among other things, the Board’s and our Adviser’s assessment of the market and other factors at the time at any proposed borrowing. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act. (7)“Other expenses” represent our estimated amounts for the current fiscal year, which are based upon the results of our operations for the three months ended March 31, 2026, including payments under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by our Administrator.
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| Management Fees [Percent] | 4.18% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expenses on Borrowings [Percent] | 9.08% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Incentive Fees [Percent] | 2.11% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Annual Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Annual Expense 1 [Percent] | 2.52% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Annual Expenses [Percent] | 17.89% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expense Example [Table Text Block] | The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above.
__________________ (1) Assumes no return from net realized capital gains or net unrealized capital appreciation.
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| Expense Example, Year 01 | $ 158 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expense Example, Years 1 to 3 | 424 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expense Example, Years 1 to 5 | 636 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expense Example, Years 1 to 10 | $ 996 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Transaction Fees, Note [Text Block] | The prospectus supplement corresponding to each offering will disclose the applicable estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price.The expenses associated with the administration of the dividend reinvestment plan are included in “Other expenses.” The plan administrator’s fees will be paid by us. We will not charge any brokerage charges or other charges to stockholders who participate in the plan. However, your own broker may impose brokerage charges in connection with your participation in the plan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Expenses, Note [Text Block] | “Other expenses” represent our estimated amounts for the current fiscal year, which are based upon the results of our operations for the three months ended March 31, 2026, including payments under the Administration Agreement based on our allocable portion of overhead and other expenses incurred by our Administrator. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Management Fee not based on Net Assets, Note [Text Block] | Our base management fee, payable quarterly in arrears, is calculated at an annual rate of 1.75% of our average adjusted gross assets, including assets purchased with borrowed amounts and other forms of leverage. See “Item 1. Business-Management Agreements-Investment Advisory Agreement” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for more information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Description of Registrant [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Price | $ 4.99 | $ 6.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NAV Per Share | $ 8.65 | $ 8.73 | $ 8.62 | $ 8.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies (Policies) |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures required by GAAP for the annual reporting of consolidated financial statements are omitted. The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All adjustments and reclassifications that are necessary for the fair representation of financial results as of and for the periods presented have been included and all intercompany account balances and transactions have been eliminated. Certain items in the prior period’s consolidated financial statements have been conformed to the current period’s presentation. These presentation changes, if any, did not impact any prior amounts of reported total assets, total liabilities, net assets or results of operations. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 4, 2026, including the significant accounting policies described in “Note 2. Significant Accounting Policies” in the Company’s consolidated financial statements included therein.
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Related Party Agreements and Transactions (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Management and Incentive Fees | The base management fee, income incentive fee and capital gains incentive fee earned by the Adviser are included in the Company’s consolidated financial statements and summarized in the table below. Base management and incentive fees are paid in the quarter following that in which they are earned. The Company had cumulative realized and unrealized losses as of March 31, 2026 and 2025, and, as a result, no capital gains incentive fees were recorded for the three months ended March 31, 2026 and 2025. The Adviser has waived the full $1.8 million in income incentive fees accrued for the three months ended March 31, 2026. There were no income incentive fees earned or waived for the three months ended March 31, 2025.
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investments Measured at Fair Value on a Recurring Basis | Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of March 31, 2026 and December 31, 2025. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.
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| Schedule of Rollforward of Level 3 Investments Measured at Fair Value | The following tables show information about Level 3 portfolio company investments measured at fair value for the three months ended March 31, 2026 and 2025. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.
(1)Transfers out of Level 3 are measured as of the date of the transfer. There was one transfer out of level 3 during the period, due to a portfolio company being acquired for publicly traded common stock subject to customary lock-up restrictions.
_______________ (1)Transfers out of Level 3 are measured as of the date of the transfer. There were no transfers out of Level 3 during the three months ended March 31, 2025.
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| Schedule of Quantitative Information About the Level 3 Fair Value Measurements | The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of March 31, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.
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Borrowings (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | The following table shows the Company’s outstanding debt as of March 31, 2026 and December 31, 2025:
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| Schedule of Interest Expense and Amortization of Fees | Interest expense on these borrowings includes the interest cost charged on borrowings, the unused fee on the Credit Facility (as defined below), paying and administrative agent fees, and the amortization of deferred Credit Facility fees and expenses and costs and fees relating to the Company’s unsecured notes outstanding. These expenses are shown in the table below:
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis | The following table shows additional information about the level in the fair value hierarchy of the Company’s liabilities as of March 31, 2026 and December 31, 2025:
_______________ (1)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.0 million and $0.1 million, respectively. (2)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.3 million and $0.3 million, respectively. (3)Net of debt issuance costs as of March 31, 2026 and December 31, 2025 of $0.5 million and $0.5 million, respectively. (4)Net of debt issuance costs as of March 31, 2026 of $0.1 million.
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Unfunded Commitments | The following table shows the Company’s unfunded commitments by portfolio company as of March 31, 2026 and December 31, 2025:
_______________ (1)Does not include a $0.3 million of backlog of potential future commitments as of December 31, 2025. The Company did not have any backlog of future commitments as of March 31, 2026. Refer to the “Backlog of Potential Future Commitments” below.
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| Schedule of Level 3 Commitment Liabilities | The following table shows additional details regarding the Company's unfunded commitment activity during the three months ended March 31, 2026 and 2025:
_______________ (1)Includes backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
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| Schedule of Contractual Obligation, Fiscal Year Maturity | The following table shows additional information on the Company’s unfunded commitments regarding milestones and expirations as of March 31, 2026 and December 31, 2025:
_______________ (1)Does not include backlog of potential future commitments. Refer to the “Backlog of Potential Future Commitments” below.
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Financial Highlights (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Highlights | The following table shows the financial highlights for the three months ended March 31, 2026 and 2025:
(1)All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2)Total return based on NAV is the change in ending NAV per share plus distributions per share paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning NAV per share. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized. (3)Total return based on stock price is the change in the ending stock price of the Company’s common stock plus distributions paid during the period assuming participation in the Company’s dividend reinvestment plan divided by the beginning stock price of the Company’s common stock. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period shown and is not annualized. (4)Percentage is presented on an annualized basis. (5)For the three months ended March 31, 2026, excluding the income incentive fee waiver, the ratios of net investment income, net increase in net assets, ratio of expenses, operating expenses excluding incentive fees, (presented on an annualized basis), and income incentive fees to average net asset value were 8.3%, 5.0%, 17.7%, 15.6% and 0.5%, respectively. The following table shows the weighted average annualized portfolio yield on debt investments for the three months ended March 31, 2026 and 2025:
(1)Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. Including non-income producing debt investments, the weighted average yield for the three months ended March 31, 2026 and 2025 was 12.8% and 13.6%, respectively. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities. (2)The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to our stockholders.
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Net Increase (Decrease) in Net Assets per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table shows the computation of basic and diluted net increase/(decrease) in net assets per share for the three months ended March 31, 2026 and 2025:
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Equity (Tables) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Common Stock Offerings | The following tables show information on the proceeds raised along with any related underwriting sales load and associated offering expenses, and the price at which common stock was issued by the Company, during the three months ended March 31, 2026 and during the year ended December 31, 2025:
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Distributions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Distributions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Distribution of Assets, Liabilities and Stockholders' Equity | The following table shows the Company's cash distributions per share that have been authorized by the Board since the Company's initial public offering to March 31, 2026. From March 5, 2014 (commencement of operations) to December 31, 2015, and during the years ended December 31, 2025, 2024, 2023, 2022, 2018 and 2017, distributions represent ordinary income as the Company's earnings equaled or exceeded distributions. Approximately $0.24 per share of the distributions during the year ended December 31, 2016 represented a return of capital. During the years ended December 31, 2021, 2020 and 2019, distributions represent ordinary income and long term capital gains.
_______________ (1)The amount of this initial distribution reflected a quarterly distribution rate of $0.30 per share, prorated for the 27 days for the period from the pricing of the Company’s initial public offering on March 5, 2014 (commencement of operations) through March 31, 2014. (2)Represents a special distribution. (3)Represents a supplementary distribution.
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Organization (Details) |
Mar. 31, 2026
company
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of subsidiaries | 2 |
Related Party Agreements and Transactions - Narrative (Details) |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2026
USD ($)
component
|
Mar. 31, 2025
USD ($)
|
|
| Related Party Transaction [Line Items] | ||
| Incentive fee percentage | 20.00% | |
| Capital gains incentive fee | $ 0 | $ 0 |
| Income incentive fee | 1,824,000 | 0 |
| Administration Agreement expenses | $ 719,000 | $ 602,000 |
| Investment Management Agreement | Affiliated Entity | ||
| Related Party Transaction [Line Items] | ||
| Number of components | component | 2 | |
| Advisory Agreement | Affiliated Entity | ||
| Related Party Transaction [Line Items] | ||
| Base management fee percentage | 1.75% | |
| Investment Management Agreement - Incentive Rate, Quarterly Hurdle Rate | Affiliated Entity | ||
| Related Party Transaction [Line Items] | ||
| Incentive fee percentage | 2.00% | |
| Investment company, investment income (loss) ratio, before incentive allocation percentage | 2.00% | |
| Investment Management Agreement - Incentive Rate, Annualized Hurdle Rate | Affiliated Entity | ||
| Related Party Transaction [Line Items] | ||
| Investment company, investment income (loss) ratio, before incentive allocation percentage | 8.00% | |
| Investment Management Agreement - Incentive Rate, Quarterly Catch-Up Threshold | Affiliated Entity | ||
| Related Party Transaction [Line Items] | ||
| Incentive fee percentage | 2.50% | |
| Investment Management Agreement - Incentive Rate, Realized Capital Gains, Net | Affiliated Entity | ||
| Related Party Transaction [Line Items] | ||
| Incentive fee percentage | 20.00% | |
Related Party Agreements and Transactions - Schedule of Management and Incentive Fees (Details) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Related Party Transactions [Abstract] | ||
| Base management fee | $ 3,614,000 | $ 3,326,000 |
| Income incentive fee | 1,824,000 | 0 |
| Income incentive fee waiver | $ (1,824,000) | $ 0 |
Investments - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Schedule of Investments [Abstract] | ||
| Percent of the investment portfolio that will receive valuation recommendations from a third party valuation firm each quarter | 25.00% | |
| Period from date of investment when each new portfolio investment will be reviewed by a third party valuation firm | 12 months | |
| Investment holdings percent of gross assets where third party valuation is not required (less than) | 1.00% | |
| Aggregated investment holdings percent of gross assets where third party valuation is not required | 10.00% | |
| Net realized (losses) gains on investments | $ (299) | $ 2,254 |
| Net change in unrealized losses on investments | $ 2,663 | $ 303 |
Investments - Schedule of Investments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | $ 785,635 | [1],[2],[3] | $ 783,544 | [4],[5],[6] | ||||||||||||
| Debt investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 641,286 | 645,366 | ||||||||||||||
| Warrant investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 52,086 | 49,194 | ||||||||||||||
| Equity investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 92,263 | 88,984 | ||||||||||||||
| Level 1 | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 877 | 656 | ||||||||||||||
| Level 1 | Debt investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 0 | 0 | ||||||||||||||
| Level 1 | Warrant investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 0 | 0 | ||||||||||||||
| Level 1 | Equity investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 877 | 656 | ||||||||||||||
| Level 2 | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 155 | 0 | ||||||||||||||
| Level 2 | Debt investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 0 | 0 | ||||||||||||||
| Level 2 | Warrant investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 0 | 0 | ||||||||||||||
| Level 2 | Equity investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 155 | 0 | ||||||||||||||
| Level 3 | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 784,603 | 782,888 | ||||||||||||||
| Level 3 | Debt investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 641,286 | 645,366 | ||||||||||||||
| Level 3 | Warrant investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | 52,086 | 49,194 | ||||||||||||||
| Level 3 | Equity investments | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total portfolio company investments | $ 91,231 | $ 88,328 | ||||||||||||||
| ||||||||||||||||
Investments - Schedule of Rollforward of Level 3 Investments Measured at Fair Value (Details) $ in Thousands |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2026
USD ($)
transfer
|
Mar. 31, 2025
USD ($)
transfer
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value, beginning balance | $ 782,888 | $ 675,633 |
| Funding and purchases of investments, at cost | 26,786 | 28,537 |
| Principal payments and sale proceeds received from investments | (27,483) | (29,971) |
| Transfers between investment types | 0 | 0 |
| Gross transfers out of Level 3 | (271) | 0 |
| Fair value, ending balance | 784,603 | 681,482 |
| Net change in unrealized gains (losses) on Level 3 investments held | $ (3,173) | $ (217) |
| Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income Flag | Net change in unrealized gains (losses) on investments | Net change in unrealized gains (losses) on investments |
| Net amortization and accretion of premiums and discounts and end-of-term payments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | $ 2,253 | $ 1,467 |
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income Flag | Interest expense and amortization of fees | Interest expense and amortization of fees |
| Net realized gains (losses) on investments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | $ (296) | $ 2,278 |
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income Flag | Net realized gains (losses) on investments | Net realized gains (losses) on investments |
| Net change in unrealized gains (losses) included in earnings | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | $ (2,769) | $ (217) |
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income Flag | Net change in unrealized gains (losses) on investments | Net change in unrealized gains (losses) on investments |
| Payment-in-kind coupon | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | $ 3,495 | $ 3,755 |
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income Flag | Payment-in-kind interest income | Payment-in-kind interest income |
| Debt Investments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value, beginning balance | $ 645,366 | $ 560,105 |
| Funding and purchases of investments, at cost | 25,910 | 27,327 |
| Principal payments and sale proceeds received from investments | (27,182) | (27,663) |
| Transfers between investment types | 0 | 0 |
| Gross transfers out of Level 3 | 0 | 0 |
| Fair value, ending balance | 641,286 | 565,413 |
| Net change in unrealized gains (losses) on Level 3 investments held | (8,556) | 422 |
| Debt Investments | Net amortization and accretion of premiums and discounts and end-of-term payments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | 2,253 | 1,467 |
| Debt Investments | Net realized gains (losses) on investments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | 0 | 0 |
| Debt Investments | Net change in unrealized gains (losses) included in earnings | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | (8,556) | 422 |
| Debt Investments | Payment-in-kind coupon | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | 3,495 | 3,755 |
| Warrant Investments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value, beginning balance | 49,194 | 39,963 |
| Funding and purchases of investments, at cost | 573 | 762 |
| Principal payments and sale proceeds received from investments | (301) | 0 |
| Transfers between investment types | (281) | 0 |
| Gross transfers out of Level 3 | 0 | 0 |
| Fair value, ending balance | 52,086 | 41,997 |
| Net change in unrealized gains (losses) on Level 3 investments held | 2,794 | 1,272 |
| Warrant Investments | Net amortization and accretion of premiums and discounts and end-of-term payments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | 0 | 0 |
| Warrant Investments | Net realized gains (losses) on investments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | (296) | 0 |
| Warrant Investments | Net change in unrealized gains (losses) included in earnings | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | 3,197 | 1,272 |
| Warrant Investments | Payment-in-kind coupon | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | 0 | 0 |
| Equity Investments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value, beginning balance | 88,328 | 75,565 |
| Funding and purchases of investments, at cost | 303 | 448 |
| Principal payments and sale proceeds received from investments | 0 | (2,308) |
| Transfers between investment types | 281 | 0 |
| Gross transfers out of Level 3 | (271) | 0 |
| Fair value, ending balance | 91,231 | 74,072 |
| Net change in unrealized gains (losses) on Level 3 investments held | 2,589 | (1,911) |
| Equity Investments | Net amortization and accretion of premiums and discounts and end-of-term payments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | 0 | 0 |
| Equity Investments | Net realized gains (losses) on investments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | 0 | 2,278 |
| Equity Investments | Net change in unrealized gains (losses) included in earnings | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | 2,590 | (1,911) |
| Equity Investments | Payment-in-kind coupon | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Gain (loss) included in earnings | $ 0 | $ 0 |
| Investments | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Number of transfers out of Level 3 | transfer | 1 | 0 |
Investments - Schedule of Quantitative Information About the Level 3 Fair Value Measurements (Details) $ in Thousands |
Mar. 31, 2026
USD ($)
|
Dec. 31, 2025
USD ($)
|
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | $ 785,635 | [1],[2],[3] | $ 783,544 | [4],[5],[6] | ||||||||||||
| Debt investments | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | 641,286 | 645,366 | ||||||||||||||
| Warrant investments | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | 52,086 | 49,194 | ||||||||||||||
| Equity investments | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | 92,263 | 88,984 | ||||||||||||||
| Level 3 | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | 784,603 | 782,888 | ||||||||||||||
| Level 3 | Debt investments | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | 641,286 | 645,366 | ||||||||||||||
| Level 3 | Debt investments | Discounted Cash Flows | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | $ 603,656 | $ 575,845 | ||||||||||||||
| Level 3 | Debt investments | Discounted Cash Flows | Discount Rate | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.0644 | 0.0661 | ||||||||||||||
| Level 3 | Debt investments | Discounted Cash Flows | Discount Rate | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.3807 | 0.3552 | ||||||||||||||
| Level 3 | Debt investments | Discounted Cash Flows | Discount Rate | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.1744 | 0.1700 | ||||||||||||||
| Level 3 | Debt investments | Probability-Weighted Expected Return Method | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | $ 37,630 | $ 69,521 | ||||||||||||||
| Level 3 | Debt investments | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.2000 | 0.2000 | ||||||||||||||
| Level 3 | Debt investments | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 1.0000 | 1.0000 | ||||||||||||||
| Level 3 | Debt investments | Probability-Weighted Expected Return Method | Probability Weighting of Alternative Outcomes | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.7232 | 0.8375 | ||||||||||||||
| Level 3 | Warrant investments | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | $ 52,086 | $ 49,194 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | $ 49,952 | $ 46,987 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Revenue Multiples | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.15 | 0.15 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Revenue Multiples | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 11.24 | 11.24 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Revenue Multiples | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 4.70 | 4.60 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Volatility | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.3500 | 0.3500 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Volatility | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.9000 | 0.9000 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Volatility | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.6204 | 0.6237 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Term | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.20 | 0.20 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Term | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 5.00 | 5.00 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Term | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 2.80 | 2.82 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.2000 | 0.2000 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.2500 | 0.2500 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Discount for Lack of Marketability | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.2323 | 0.2325 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Risk Free Rate | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.0009 | 0.0009 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Risk Free Rate | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.0486 | 0.0486 | ||||||||||||||
| Level 3 | Warrant investments | Black Scholes Option Pricing Model | Risk Free Rate | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.0371 | 0.0368 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | $ 2,134 | $ 2,207 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | Discount Rate | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.2000 | 0.2000 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | Discount Rate | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.3000 | 0.3000 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | Discount Rate | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.2741 | 0.2741 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | Term | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 1.00 | 1.00 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | Term | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 4.00 | 4.00 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | Term | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 2.57 | 2.58 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | Expected Recovery Rate | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.1875 | 0.1875 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | Expected Recovery Rate | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 1.0000 | 1.0000 | ||||||||||||||
| Level 3 | Warrant investments | Discounted Expected Return | Expected Recovery Rate | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.9047 | 0.9078 | ||||||||||||||
| Level 3 | Equity investments | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | $ 91,231 | $ 88,328 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | $ 90,165 | $ 87,262 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Revenue Multiples | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.15 | 0.15 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Revenue Multiples | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 11.00 | 11.00 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Revenue Multiples | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 2.44 | 2.41 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Volatility | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.3500 | 0.3500 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Volatility | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.9000 | 0.9000 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Volatility | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.5826 | 0.5849 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Term | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 1.50 | 1.50 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Term | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 4.50 | 4.50 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Term | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 2.35 | 2.33 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Risk Free Rate | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.0013 | 0.0013 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Risk Free Rate | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.0503 | 0.0503 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | Risk Free Rate | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.0356 | 0.0353 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | EBITDA Multiples | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 10.5 | 10.50 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | EBITDA Multiples | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 11.5 | 11.50 | ||||||||||||||
| Level 3 | Equity investments | Black Scholes Option Pricing Model | EBITDA Multiples | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 11 | 0.11 | ||||||||||||||
| Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Total Level 3 portfolio company investments | $ 1,066 | $ 1,066 | ||||||||||||||
| Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Discount Rate | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.1420 | 0.1420 | ||||||||||||||
| Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Discount Rate | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.1420 | 0.1420 | ||||||||||||||
| Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Discount Rate | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 0.1420 | 0.1420 | ||||||||||||||
| Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Minimum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 2.00 | 2.00 | ||||||||||||||
| Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Maximum | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 3.00 | 3.00 | ||||||||||||||
| Level 3 | Equity investments | Option-Pricing Method and Probability-Weighted Expected Return Method | Term | Weighted Average | ||||||||||||||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||||||||||||
| Unobservable Inputs | 2.50 | 2.50 | ||||||||||||||
| ||||||||||||||||
Borrowings - Schedule of Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Feb. 27, 2026 |
Dec. 31, 2025 |
Sep. 30, 2025 |
Feb. 12, 2025 |
Aug. 06, 2024 |
Aug. 05, 2024 |
Feb. 28, 2022 |
Mar. 01, 2021 |
Feb. 28, 2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||||||||
| Total Commitment | $ 550,000 | $ 675,000 | ||||||||
| Balance Outstanding | 447,000 | 470,000 | ||||||||
| Unused Commitment | 103,000 | 205,000 | ||||||||
| Unamortized deferred financing and issuance costs | (5,124) | (5,563) | ||||||||
| Total borrowings outstanding, net of deferred financing and issuance costs | 441,876 | 464,437 | ||||||||
| Unsecured Debt | 2026 Notes | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Total Commitment | 0 | 200,000 | ||||||||
| Balance Outstanding | 0 | 200,000 | ||||||||
| Unused Commitment | 0 | 0 | ||||||||
| Stated interest rate | 4.50% | |||||||||
| Unsecured Debt | 2027 Notes | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Total Commitment | 125,000 | 125,000 | ||||||||
| Balance Outstanding | 125,000 | 125,000 | ||||||||
| Unused Commitment | 0 | 0 | ||||||||
| Stated interest rate | 5.00% | |||||||||
| Unsecured Debt | 8.11% 2028 Notes | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Total Commitment | 50,000 | 50,000 | ||||||||
| Balance Outstanding | 50,000 | 50,000 | ||||||||
| Unused Commitment | $ 0 | 0 | ||||||||
| Stated interest rate | 8.11% | 9.11% | 8.11% | |||||||
| Unsecured Debt | 7.50% 2028 Notes | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Total Commitment | $ 75,000 | 0 | ||||||||
| Balance Outstanding | 75,000 | 0 | ||||||||
| Unused Commitment | $ 0 | 0 | ||||||||
| Stated interest rate | 7.50% | 7.50% | ||||||||
| Revolving Credit Facility | Line of Credit | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Total Commitment | $ 300,000 | 300,000 | $ 300,000 | $ 350,000 | $ 150,000 | |||||
| Balance Outstanding | 197,000 | 95,000 | ||||||||
| Unused Commitment | $ 103,000 | $ 205,000 |
Borrowings - Schedule of Interest Expense and Amortization of Fees (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Feb. 27, 2026 |
Sep. 30, 2025 |
Feb. 12, 2025 |
Feb. 28, 2022 |
Mar. 01, 2021 |
Mar. 19, 2020 |
|
| Debt Instrument [Line Items] | ||||||||
| Amortization of costs and other fees | $ 551 | $ 666 | ||||||
| Total interest expense and amortization of fees | 7,861 | 6,372 | ||||||
| Unsecured Debt | 2025 Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest cost | 0 | 674 | ||||||
| Amortization of costs and other fees | 0 | 52 | ||||||
| Total interest expense and amortization of fees | 0 | 726 | ||||||
| Stated interest rate | 4.50% | |||||||
| Unsecured Debt | 2026 Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest cost | 1,500 | 2,250 | ||||||
| Amortization of costs and other fees | 75 | 111 | ||||||
| Total interest expense and amortization of fees | 1,575 | 2,361 | ||||||
| Stated interest rate | 4.50% | |||||||
| Unsecured Debt | 2027 Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest cost | 1,562 | 1,562 | ||||||
| Amortization of costs and other fees | 72 | 70 | ||||||
| Total interest expense and amortization of fees | 1,634 | 1,632 | ||||||
| Stated interest rate | 5.00% | |||||||
| Unsecured Debt | 8.11% 2028 Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest cost | 1,139 | 529 | ||||||
| Amortization of costs and other fees | 61 | 29 | ||||||
| Total interest expense and amortization of fees | $ 1,200 | 558 | ||||||
| Stated interest rate | 8.11% | 9.11% | 8.11% | |||||
| Unsecured Debt | 7.50% 2028 Notes | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest cost | $ 500 | 0 | ||||||
| Amortization of costs and other fees | 5 | 0 | ||||||
| Total interest expense and amortization of fees | $ 505 | 0 | ||||||
| Stated interest rate | 7.50% | 7.50% | ||||||
| Revolving Credit Facility | Line of Credit | ||||||||
| Debt Instrument [Line Items] | ||||||||
| Interest cost | $ 2,167 | 98 | ||||||
| Unused fee | 210 | 369 | ||||||
| Amortization of costs and other fees | 570 | 628 | ||||||
| Total interest expense and amortization of fees | $ 2,947 | $ 1,095 | ||||||
Borrowings - Narrative (Details) |
1 Months Ended | 3 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 02, 2026
USD ($)
|
Feb. 27, 2026
USD ($)
|
Nov. 25, 2025 |
Feb. 12, 2025
USD ($)
|
Feb. 28, 2022
USD ($)
|
Mar. 01, 2021
USD ($)
|
Mar. 31, 2026
USD ($)
|
Mar. 31, 2025
USD ($)
|
Mar. 31, 2026
USD ($)
|
Mar. 31, 2025
USD ($)
|
Dec. 31, 2025
USD ($)
|
Sep. 30, 2025 |
Aug. 06, 2024
USD ($)
|
Aug. 05, 2024
USD ($)
|
Mar. 19, 2020
USD ($)
|
Feb. 28, 2014
USD ($)
|
|
| Debt Instrument [Line Items] | ||||||||||||||||
| Total Commitment | $ 550,000,000 | $ 550,000,000 | $ 675,000,000 | |||||||||||||
| Outstanding borrowings under credit facility | 197,000,000 | 197,000,000 | 95,000,000 | |||||||||||||
| Deferred credit facility costs | 4,304,000 | 4,304,000 | 4,643,000 | |||||||||||||
| Credit facility, average outstanding borrowings | $ 131,700,000 | $ 5,000,000.0 | ||||||||||||||
| Credit facility, average interest rate (in percentage) | 7.11% | 8.31% | ||||||||||||||
| Assets | 807,089,000 | $ 807,089,000 | 839,649,000 | |||||||||||||
| Debt fair value | 445,633,000 | 445,633,000 | 472,813,000 | |||||||||||||
| Asset Pledged as Collateral | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Assets | 417,200,000 | 417,200,000 | 427,200,000 | |||||||||||||
| Asset Not Pledged as Collateral | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Assets | 389,900,000 | $ 389,900,000 | 412,500,000 | |||||||||||||
| Unsecured Debt | 2025 Notes | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Face amount | $ 70,000,000.0 | |||||||||||||||
| Stated interest rate | 4.50% | |||||||||||||||
| Repayments of debt | $ 70,000,000.0 | |||||||||||||||
| Asset coverage ratio, minimum | 1.50 | |||||||||||||||
| Interest coverage ratio, minimum | 1.25 | |||||||||||||||
| Minimum stockholders' equity balance | 216,100,000 | $ 216,100,000 | ||||||||||||||
| Upward adjustment, issuance proceeds (in percentage) | 65.00% | |||||||||||||||
| Unsecured Debt | 2026 Notes | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total Commitment | 0 | $ 0 | 200,000,000 | |||||||||||||
| Face amount | $ 200,000,000.0 | |||||||||||||||
| Stated interest rate | 4.50% | |||||||||||||||
| Repayments of debt | 200,000,000.0 | |||||||||||||||
| Debt term | 5 years | |||||||||||||||
| Debt fair value | 0.0 | 0.0 | 202,100,000 | |||||||||||||
| Unsecured Debt | 2027 Notes | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total Commitment | 125,000,000 | 125,000,000 | 125,000,000 | |||||||||||||
| Face amount | $ 125,000,000.0 | |||||||||||||||
| Stated interest rate | 5.00% | |||||||||||||||
| Debt term | 5 years | |||||||||||||||
| Debt fair value | 123,000,000.0 | 123,000,000.0 | 124,200,000 | |||||||||||||
| Aggregate principal balance, secured status threshold | $ 25,000,000 | |||||||||||||||
| Interest rate, below investment grade event | 6.00% | |||||||||||||||
| Unsecured Debt | 8.11% 2028 Notes | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total Commitment | $ 50,000,000 | $ 50,000,000 | 50,000,000 | |||||||||||||
| Face amount | $ 50,000,000.0 | |||||||||||||||
| Stated interest rate | 8.11% | 8.11% | 8.11% | 9.11% | ||||||||||||
| Asset coverage ratio, minimum | 1.50 | |||||||||||||||
| Interest coverage ratio, minimum | 1.25 | |||||||||||||||
| Minimum stockholders' equity balance | $ 236,776,000 | |||||||||||||||
| Upward adjustment, issuance proceeds (in percentage) | 65.00% | |||||||||||||||
| Debt term | 3 years | |||||||||||||||
| Debt fair value | $ 51,100,000 | $ 51,100,000 | 52,500,000 | |||||||||||||
| Aggregate principal balance, secured status threshold | $ 25,000,000 | |||||||||||||||
| Interest rate, below investment grade event | 1.00% | |||||||||||||||
| Ratio calculation period | 6 months | |||||||||||||||
| Unsecured Debt | 7.50% 2028 Notes | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total Commitment | 75,000,000 | 75,000,000 | 0 | |||||||||||||
| Deferred credit facility costs | $ 100,000 | $ 100,000 | ||||||||||||||
| Face amount | $ 75,000,000.0 | |||||||||||||||
| Stated interest rate | 7.50% | 7.50% | 7.50% | |||||||||||||
| Repayments of debt | $ 200,000,000.0 | |||||||||||||||
| Asset coverage ratio, minimum | 1.50 | |||||||||||||||
| Minimum stockholders' equity balance | $ 230,800,000 | |||||||||||||||
| Upward adjustment, issuance proceeds (in percentage) | 25.00% | |||||||||||||||
| Debt term | 3 years | |||||||||||||||
| Debt fair value | $ 75,400,000 | $ 75,400,000 | ||||||||||||||
| Interest rate, below investment grade event | 1.00% | |||||||||||||||
| Downward adjustment, issuance proceeds (in percentage) | 25.00% | |||||||||||||||
| Interest rate, secured debt ratio event | 1.50% | |||||||||||||||
| Interest rate, below investment grade and secured debt ratio event | 2.00% | |||||||||||||||
| Payment in Kind (PIK) Note | 8.11% 2028 Notes | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Ratio calculation period | 6 months | |||||||||||||||
| Paid in kind interest to total interest | 35.00% | |||||||||||||||
| Revolving Credit Facility | Line of Credit | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Total Commitment | 300,000,000 | $ 300,000,000 | 300,000,000 | $ 300,000,000 | $ 350,000,000 | $ 150,000,000.0 | ||||||||||
| Debt instrument, variable interest rate, type flag | Secured Overnight Financing Rate (SOFR) [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||
| Floor interest rate | 0.50% | 0.50% | ||||||||||||||
| Current borrowing capacity | 300,000,000 | $ 300,000,000 | ||||||||||||||
| Accordion feature, higher borrowing capacity option | 400,000,000 | $ 400,000,000 | ||||||||||||||
| Unused commitment fee (in percentage) | 0.50% | |||||||||||||||
| Outstanding borrowings under credit facility | 197,000,000.0 | $ 197,000,000.0 | 95,000,000.0 | |||||||||||||
| Deferred credit facility costs | 4,300,000 | 4,300,000 | 4,600,000 | |||||||||||||
| Debt fair value | $ 197,000,000 | $ 197,000,000 | $ 95,000,000 | |||||||||||||
| Revolving Credit Facility | Line of Credit | Maximum | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Advance rate | 55.00% | |||||||||||||||
| Revolving Credit Facility | Line of Credit | Greater than or equal to 75% | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Basis spread on variable rate | 2.75% | 2.75% | ||||||||||||||
| Facility utilization (in percentage) | 75.00% | 75.00% | ||||||||||||||
| Revolving Credit Facility | Line of Credit | Greater than or equal to 50% | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Basis spread on variable rate | 2.85% | 2.85% | ||||||||||||||
| Revolving Credit Facility | Line of Credit | Greater than or equal to 50% | Minimum | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Facility utilization (in percentage) | 50.00% | 50.00% | ||||||||||||||
| Revolving Credit Facility | Line of Credit | Greater than or equal to 50% | Maximum | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Facility utilization (in percentage) | 75.00% | 75.00% | ||||||||||||||
| Revolving Credit Facility | Line of Credit | Less than 50% | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Basis spread on variable rate | 3.00% | 3.00% | ||||||||||||||
| Facility utilization (in percentage) | 50.00% | 50.00% | ||||||||||||||
| Revolving Credit Facility | Line of Credit | During amortization period | ||||||||||||||||
| Debt Instrument [Line Items] | ||||||||||||||||
| Basis spread on variable rate | 4.50% | 4.50% | ||||||||||||||
Borrowings - Schedule of Debt Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Debt fair value | $ 445,633 | $ 472,813 |
| Deferred credit facility costs | 4,304 | 4,643 |
| Unsecured Debt | 2026 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 202,017 |
| Deferred credit facility costs | 0 | 100 |
| Unsecured Debt | 2027 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 122,716 | 123,832 |
| Deferred credit facility costs | 300 | 300 |
| Unsecured Debt | 8.11% 2028 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | $ 50,626 | 51,964 |
| Stated interest rate | 8.11% | |
| Deferred credit facility costs | $ 500 | 500 |
| Unsecured Debt | 7.50% 2028 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | $ 75,291 | 0 |
| Stated interest rate | 7.50% | |
| Deferred credit facility costs | $ 100 | |
| Level 1 | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 1 | Unsecured Debt | 2026 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 1 | Unsecured Debt | 2027 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 1 | Unsecured Debt | 8.11% 2028 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 1 | Unsecured Debt | 7.50% 2028 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 2 | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 2 | Unsecured Debt | 2026 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 2 | Unsecured Debt | 2027 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 2 | Unsecured Debt | 8.11% 2028 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 2 | Unsecured Debt | 7.50% 2028 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Level 3 | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 445,633 | 472,813 |
| Level 3 | Unsecured Debt | 2026 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 202,017 |
| Level 3 | Unsecured Debt | 2027 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 122,716 | 123,832 |
| Level 3 | Unsecured Debt | 8.11% 2028 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 50,626 | 51,964 |
| Level 3 | Unsecured Debt | 7.50% 2028 Notes, net | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 75,291 | 0 |
| Revolving Credit Facility | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 197,000 | 95,000 |
| Deferred credit facility costs | 4,300 | 4,600 |
| Revolving Credit Facility | Level 1 | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Revolving Credit Facility | Level 2 | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | 0 | 0 |
| Revolving Credit Facility | Level 3 | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Debt fair value | $ 197,000 | $ 95,000 |
Commitments and Contingencies - Narrative (Details) $ in Thousands |
Mar. 31, 2026
USD ($)
company
|
Dec. 31, 2025
USD ($)
company
|
|---|---|---|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Number of portfolio companies | company | 24 | 25 |
| Unavailable commitments due to milestone restrictions | $ 51,000 | $ 50,700 |
| Fair value of unfunded commitments | 1,134 | 1,810 |
| Investment company, financial support to investee contractually required, not provided, backlog amount | 0 | 300 |
| Unfunded Commitments | ||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Contractual obligation | $ 206,837 | $ 260,449 |
Commitments and Contingencies - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | $ 206,837 | $ 260,449 |
| Fair Value of Unfunded Commitment Liability | 1,134 | 1,810 |
| Backlog amount | 0 | 300 |
| Investment, Identifier [Axis]: All Inspire Health, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 1,333 | 1,000 |
| Fair Value of Unfunded Commitment Liability | 28 | 27 |
| Investment, Identifier [Axis]: Ao1 Holdings Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 0 | 3,633 |
| Fair Value of Unfunded Commitment Liability | 0 | 55 |
| Investment, Identifier [Axis]: Bidgely Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 20,000 | 20,000 |
| Fair Value of Unfunded Commitment Liability | 72 | 72 |
| Investment, Identifier [Axis]: Bitonic Technology Labs, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 8,000 | 11,750 |
| Fair Value of Unfunded Commitment Liability | 22 | 43 |
| Investment, Identifier [Axis]: Branch Messenger, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 17,426 | 16,933 |
| Fair Value of Unfunded Commitment Liability | 0 | 0 |
| Investment, Identifier [Axis]: Eightfold AI Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 25,000 | 25,000 |
| Fair Value of Unfunded Commitment Liability | 63 | 63 |
| Investment, Identifier [Axis]: Encharge AI, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 1,000 | 1,000 |
| Fair Value of Unfunded Commitment Liability | 28 | 28 |
| Investment, Identifier [Axis]: Equafin Corp. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 877 | 877 |
| Fair Value of Unfunded Commitment Liability | 5 | 4 |
| Investment, Identifier [Axis]: Etched.AI, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 25,500 | 25,500 |
| Fair Value of Unfunded Commitment Liability | 0 | 0 |
| Investment, Identifier [Axis]: FlashParking, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 500 | 500 |
| Fair Value of Unfunded Commitment Liability | 2 | 2 |
| Investment, Identifier [Axis]: Freed Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 500 | 0 |
| Fair Value of Unfunded Commitment Liability | 1 | 0 |
| Investment, Identifier [Axis]: Hover Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 2,400 | 6,000 |
| Fair Value of Unfunded Commitment Liability | 24 | 60 |
| Investment, Identifier [Axis]: Hydrow, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 1,514 | 1,410 |
| Fair Value of Unfunded Commitment Liability | 0 | 0 |
| Investment, Identifier [Axis]: Incode Technologies, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 13,500 | 25,000 |
| Fair Value of Unfunded Commitment Liability | 386 | 433 |
| Investment, Identifier [Axis]: Lively, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 3,250 | 3,250 |
| Fair Value of Unfunded Commitment Liability | 63 | 63 |
| Investment, Identifier [Axis]: Minted Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 14,286 | 14,286 |
| Fair Value of Unfunded Commitment Liability | 0 | 0 |
| Investment, Identifier [Axis]: Muon Space, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 893 | 4,264 |
| Fair Value of Unfunded Commitment Liability | 19 | 93 |
| Investment, Identifier [Axis]: Pair Team, PBC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 10,400 | 14,400 |
| Fair Value of Unfunded Commitment Liability | 12 | 33 |
| Investment, Identifier [Axis]: Panorama Education, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 600 | 600 |
| Fair Value of Unfunded Commitment Liability | 0 | 0 |
| Investment, Identifier [Axis]: Parry Labs, LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 267 | 267 |
| Fair Value of Unfunded Commitment Liability | 0 | 0 |
| Investment, Identifier [Axis]: Planhub Holdings, LLC | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 1,125 | 1,313 |
| Fair Value of Unfunded Commitment Liability | 0 | 0 |
| Investment, Identifier [Axis]: Project Affinity, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 25,000 | 25,000 |
| Fair Value of Unfunded Commitment Liability | 108 | 108 |
| Investment, Identifier [Axis]: Rudderstack, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 20,000 | 20,000 |
| Fair Value of Unfunded Commitment Liability | 98 | 98 |
| Investment, Identifier [Axis]: Signal Advisors USA, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 966 | 966 |
| Fair Value of Unfunded Commitment Liability | 0 | 0 |
| Investment, Identifier [Axis]: Simpplr Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 12,500 | 12,500 |
| Fair Value of Unfunded Commitment Liability | 203 | 203 |
| Investment, Identifier [Axis]: ThoughtSpot, Inc. | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Unfunded Commitments | 0 | 25,000 |
| Fair Value of Unfunded Commitment Liability | $ 0 | $ 425 |
Commitments and Contingencies - Schedule of Level 3 Changes of Unfunded Commitments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Commitments Activity (in thousands) | |||
| Unfunded commitments at end of period | $ 206,837 | $ 260,449 | |
| Unfunded Commitments | |||
| Commitments Activity (in thousands) | |||
| Unfunded commitments at beginning of period | 260,782 | $ 104,540 | |
| New commitments | 1,000 | 76,500 | |
| Fundings | (26,542) | (27,676) | |
| Expirations / Terminations | (28,403) | (36,522) | |
| Unfunded commitments and backlog of potential future commitments at end of period | 206,837 | 116,842 | |
| Backlog of potential future commitments | 0 | 0 | |
| Unfunded commitments at end of period | $ 206,837 | $ 116,842 | |
Commitments and Contingencies - Schedule of Expiring Unfunded Commitments (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Dependent on milestones | $ 51,033 | $ 50,700 |
| Unfunded Commitments | ||
| Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
| Contractual Obligation, to be Paid, Year One | 96,433 | 150,851 |
| Contractual Obligation, to be Paid, Year Two | 83,437 | 83,131 |
| Contractual Obligation, to be Paid, Year Three | 26,967 | 26,467 |
| Unfunded commitments | $ 206,837 | $ 260,449 |
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 140 Months Ended | 145 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Sep. 30, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
Dec. 27, 2024 |
Sep. 30, 2024 |
Jun. 28, 2024 |
Mar. 29, 2024 |
Dec. 29, 2023 |
Sep. 29, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 15, 2021 |
Sep. 15, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jan. 13, 2021 |
Dec. 14, 2020 |
Sep. 15, 2020 |
Jun. 30, 2020 |
Mar. 30, 2020 |
Dec. 16, 2019 |
Sep. 16, 2019 |
Jun. 14, 2019 |
Mar. 29, 2019 |
Dec. 28, 2018 |
Dec. 14, 2018 |
Sep. 14, 2018 |
Jun. 15, 2018 |
Apr. 06, 2018 |
Dec. 01, 2017 |
Sep. 15, 2017 |
Jun. 16, 2017 |
Apr. 17, 2017 |
Dec. 16, 2016 |
Sep. 16, 2016 |
Jun. 16, 2016 |
Apr. 15, 2016 |
Dec. 16, 2015 |
Sep. 16, 2015 |
Jun. 16, 2015 |
Apr. 16, 2015 |
Dec. 31, 2014 |
Dec. 16, 2014 |
Sep. 16, 2014 |
Jun. 17, 2014 |
Apr. 30, 2014 |
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 30, 2025 |
Mar. 31, 2026 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Investment Company, Financial Highlights [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value at beginning of period (in dollars per share) | $ 8.73 | $ 8.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in net asset value due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income (in dollars per share) | 0.23 | 0.27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized gains (losses) on investments (in dollars per share) | (0.01) | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gains (losses) on investments (in dollars per share) | (0.07) | (0.02) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions from net investment income (in dollars per share) | $ (0.23) | $ (0.23) | $ (0.30) | $ (0.30) | $ (0.30) | $ (0.30) | $ (0.40) | $ (0.40) | $ (0.40) | $ (0.40) | $ (0.40) | $ (0.40) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.10) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.10) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.36) | $ (0.15) | $ (0.36) | $ (0.32) | $ (0.30) | $ (0.09) | (0.23) | (0.30) | $ (17.36) | $ (17.36) | ||
| Net asset value at end of period (in dollars per share) | $ 8.65 | $ 8.62 | 8.65 | 8.62 | $ 8.65 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations per share (in dollars per share) | $ 0.15 | $ 0.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average shares of common stock outstanding for period, basic (in shares) | 40,492,000 | 40,138,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted average shares of common stock outstanding for period, diluted (in shares) | 40,492,000 | 40,138,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares of common stock outstanding at end of period (in shares) | 40,598,981 | 40,233,000 | 40,598,981 | 40,233,000 | 40,598,981 | 40,491,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Ratios / Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net asset value | $ 350,979 | $ 346,968 | $ 350,979 | $ 346,968 | $ 350,979 | $ 353,621 | $ 345,687 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average net asset value | $ 355,220 | $ 347,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock price at end of period (in dollars per share) | $ 4.99 | $ 6.98 | $ 4.99 | $ 6.98 | $ 4.99 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Total return based on net asset value per share | 3.80% | 4.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total return based on stock price | (20.00%) | (1.10%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portfolio Turnover Ratio | 13.90% | 16.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income to average net asset value | 10.40% | 12.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in net assets to average net asset value | 7.00% | 14.80% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ratio of expenses to average net asset value | 15.60% | 13.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating expenses excluding incentive fees to average net asset value | 15.60% | 13.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income incentive fees to average net asset value | 0.00% | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital gains incentive fees to average net asset value | 0.00% | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment company, investment income ratio, excluding income incentive fee waiver | 8.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net assets increase, excluding income incentive fee waiver | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expense ratio, excluding income incentive fee waiver | 17.70% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating expenses, excluding income incentive fee waiver | 15.60% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income incentive fees to average net asset value, excluding income incentive fee waiver | 0.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Highlights - Schedule of Weighted-Average Yield (Details) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Investment Company [Abstract] | ||
| Weighted average portfolio yield on debt investments | 13.50% | 14.40% |
| Coupon income | 10.60% | 11.60% |
| Accretion of discount | 1.00% | 1.20% |
| Accretion of end-of-term payments | 1.00% | 1.30% |
| Impact of prepayments during the period | 0.90% | 0.30% |
| Non-income weighted average portfolio yield on debt investments | 12.80% | 13.60% |
Net Increase (Decrease) in Net Assets per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Earnings Per Share [Abstract] | ||
| Net investment income | $ 9,122 | $ 10,738 |
| Net increase (decrease) in net assets resulting from operations | $ 6,160 | $ 12,689 |
| Weighted average shares of common stock outstanding, Basic (in shares) | 40,492 | 40,138 |
| Weighted average shares of common stock outstanding, Diluted (in shares) | 40,492 | 40,138 |
| Net investment income per share of common stock, Basic (in dollars per share) | $ 0.23 | $ 0.27 |
| Net investment income per share of common stock, Diluted (in dollars per share) | 0.23 | 0.27 |
| Net increase (decrease) in net assets resulting from operations per share of common stock (in dollars per share) | $ 0.15 | $ 0.32 |
Equity - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | 145 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Dec. 30, 2025 |
Sep. 30, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
Aug. 31, 2022 |
Mar. 31, 2026 |
Dec. 31, 2025 |
Mar. 31, 2026 |
May 02, 2024 |
Sep. 30, 2022 |
|
| Class of Stock [Line Items] | |||||||||||
| Common stock issued (in shares) | 108,000 | 92,000 | 76,000 | 91,000 | 95,000 | 4,161,807 | 34,999,352 | ||||
| Gross proceeds raised | $ 511 | $ 558 | $ 417 | $ 605 | $ 633 | $ 55,300 | $ 488,100 | ||||
| Shares of common stock outstanding at end of period (in shares) | 40,598,981 | 40,233,000 | 40,598,981 | 40,491,145 | 40,598,981 | ||||||
| Common Stock, Shares Issued, Not Disclosed | shares of common stock outstanding | shares of common stock outstanding | |||||||||
| Over-Allotment Option | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Common stock issued (in shares) | 411,807 | ||||||||||
| At the Market Offerings | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Sale of stock available for issuance amount | $ 56,500 | $ 56,500 | $ 56,500 | $ 50,000 | |||||||
| Sales Agreement | |||||||||||
| Class of Stock [Line Items] | |||||||||||
| Common stock issued (in shares) | 0 | ||||||||||
| Sale of stock available for issuance amount | $ 75,000 |
Equity - Schedule of Common Stock Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | 145 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Dec. 30, 2025 |
Sep. 30, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
Aug. 31, 2022 |
Mar. 31, 2026 |
Dec. 31, 2025 |
Mar. 31, 2026 |
|
| Equity [Abstract] | |||||||||
| Number of Shares of Common Stock Issued (in shares) | 108,000 | 92,000 | 76,000 | 91,000 | 95,000 | 4,161,807 | 34,999,352 | ||
| Number of Shares of Common Stock Issued (in shares) | 108,000 | 354,000 | |||||||
| Gross Proceeds Raised | $ 511 | $ 558 | $ 417 | $ 605 | $ 633 | $ 55,300 | $ 488,100 | ||
| Gross Proceeds Raised | $ 511 | $ 2,213 | |||||||
| Underwriting Sales Load | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Offering Expenses | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
| Gross Offering Price per Share (in dollars per share) | $ 4.74 | $ 6.10 | $ 5.48 | $ 6.66 | $ 6.63 | $ 4.74 | $ 4.74 |
Distributions (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | 140 Months Ended | 145 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Dec. 30, 2025 |
Sep. 30, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
Dec. 27, 2024 |
Sep. 30, 2024 |
Jun. 28, 2024 |
Mar. 29, 2024 |
Dec. 29, 2023 |
Sep. 29, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 30, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 15, 2021 |
Sep. 15, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jan. 13, 2021 |
Dec. 14, 2020 |
Sep. 15, 2020 |
Jun. 30, 2020 |
Mar. 30, 2020 |
Dec. 16, 2019 |
Sep. 16, 2019 |
Jun. 14, 2019 |
Mar. 29, 2019 |
Dec. 28, 2018 |
Dec. 14, 2018 |
Sep. 14, 2018 |
Jun. 15, 2018 |
Apr. 06, 2018 |
Dec. 01, 2017 |
Sep. 15, 2017 |
Jun. 16, 2017 |
Apr. 17, 2017 |
Dec. 16, 2016 |
Sep. 16, 2016 |
Jun. 16, 2016 |
Apr. 15, 2016 |
Dec. 16, 2015 |
Sep. 16, 2015 |
Jun. 16, 2015 |
Apr. 16, 2015 |
Dec. 31, 2014 |
Dec. 16, 2014 |
Sep. 16, 2014 |
Jun. 17, 2014 |
Apr. 30, 2014 |
Mar. 31, 2014 |
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2016 |
Dec. 30, 2025 |
Mar. 31, 2026 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Excise tax payable | $ 1.5 | $ 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions from return of capital (in dollars per share) | $ 0.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment company, distribution to shareholders (in dollars per share) | $ 0.23 | $ 0.23 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.10 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.10 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.15 | $ 0.36 | $ 0.32 | $ 0.30 | $ 0.09 | $ 0.23 | $ 0.30 | $ 17.36 | $ 17.36 | ||||||
| Total distributions declared per share, basic (in dollars per share) | $ 0.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales and excise tax payable, net | $ 0.4 | $ 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Undistributed earnings | $ 42.6 | $ 42.6 | $ 42.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Undistributed earnings (in dollars per share) | $ 1.05 | $ 1.05 | $ 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions Declared October 28, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment company, distribution to shareholders (in dollars per share) | $ 0.37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions Declared December 9, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment company, distribution to shareholders (in dollars per share) | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions Declared October 14, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment company, distribution to shareholders (in dollars per share) | $ 0.23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions Declared October 14, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Distribution of Assets, Liabilities and Stockholders' Equity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment company, distribution to shareholders (in dollars per share) | $ 0.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segments (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segment | 1 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | |||
|---|---|---|---|---|
Apr. 29, 2026 |
May 05, 2026 |
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Subsequent Event [Line Items] | ||||
| Unfunded commitments at end of period | $ 206,837 | $ 260,449 | ||
| Subsequent Event | ||||
| Subsequent Event [Line Items] | ||||
| Unfunded commitments at end of period | $ 21,300 | |||
| New investments | 25,900 | |||
| Repayments | 20,600 | |||
| Share repurchase program, authorized amount | 12,500 | |||
| Subsequent Event | Non-binding | ||||
| Subsequent Event [Line Items] | ||||
| Contractual obligation | $ 102,500 | |||
| Subsequent Event | O 2026 M4 Aggregate Dividends | ||||
| Subsequent Event [Line Items] | ||||
| Dividends declared (in dollars per share) | $ 0.23 |