On November 29, 2016, the Board of Directors approved an investment advisory agreement between RGC and the Company, under which RGC, subject to the overall supervision of the Board of Directors, manages the day-to-day operations of and provides investment advisory services to the Company (together with a subsequent amendment thereto, the "Prior Advisory Agreement"). On August 3, 2017, the Board of Directors approved certain amendments to the Prior Advisory Agreement (the "First Amended and Restated Advisory Agreement") and recommended that the Company’s stockholders approve the First Amended and Restated Advisory Agreement. The First Amended and Restated Advisory Agreement became effective on September 12, 2017 upon approval by the stockholders at a special meeting of stockholders of the Company. On April 7, 2021, the Board of Directors approved certain additional amendments to the First Amended and Restated Advisory Agreement (the "Second Amended and Restated Advisory Agreement") at a virtual meeting and recommended that the Company’s stockholders approve the Second Amended and Restated Advisory Agreement. The amendments included certain revisions to the management and incentive fee calculation mechanisms and clarified language relating to liquidity events. In reliance upon certain exemptive relief granted by the SEC in connection with the global COVID-19 pandemic, the Board of Directors undertook to ratify the Second Amended and Restated Advisory Agreement at its next in-person meeting which was held in July 2021. The Second Amended and Restated Advisory Agreement became effective on May 27, 2021 upon approval by the stockholders at a special meeting of stockholders of the Company. On April 30, 2024, the Board of Directors renewed the Second Amended and Restated Advisory Agreement for a period of twelve months commencing May 27, 2024.

On October 29, 2024, the Board of Directors, including the independent directors, approved the Third Amended and Restated Advisory Agreement (the "Advisory Agreement") and recommended that the Company's stockholders approve the Advisory Agreement. On January 23, 2025, the Company's stockholders approved the Advisory Agreement at a special meeting of stockholders of the Company, and the Advisory Agreement became effective on January 30, 2025 upon the closing of the BCP Transaction. Although the ownership of RGC changed in connection with the completion of the BCP Transaction, the management of RGC did not change, nor did the terms of the Advisory Agreement compared to the Second Amended and Restated Advisory Agreement.

Under the terms of the Advisory Agreement, RGC:

•

determines the composition of the Company’s portfolio, the nature and timing of the changes to the portfolio and the manner of implementing such changes;

•

identifies, evaluates and negotiates the structure of the investments the Company makes;

•

executes, closes and monitors the investments the Company makes;

•

determines the securities and other assets that the Company will purchase, retain or sell;

•

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.

Pursuant to the Advisory Agreement, the Company pays RGC a fee for its investment advisory and management services consisting of two components – a base management fee and an incentive fee. The cost of both the base management fee and incentive fee are ultimately borne by the Company’s stockholders.

Base Management Fee

The base management fee is payable on the first day of each calendar quarter and is calculated on the Company's gross assets, which, for purposes of the Advisory Agreement, is defined as the Company’s average daily gross assets, including assets purchased with borrowed funds or other forms of leverage, as of the end of the most recently completed fiscal quarter. The base management fee will be an amount equal to 0.375% (1.50% annualized) of the Company’s average daily gross assets during the most recently completed calendar quarter, so long as the aggregate amount of the Company’s gross assets as of the end of the most recently completed calendar quarter is equal to or greater than $1.0 billion. If the aggregate amount of the Company’s gross assets as of the end of the most recently completed calendar quarter is less than $1.0 billion but equal to or greater than $500.0 million, the base management fee will be an amount equal to 0.40% (1.60% annualized) of the Company’s average daily gross assets during the most recently completed calendar quarter. If the aggregate amount of the Company’s gross assets as of the end of the most recently completed calendar quarter is less than $500.0 million, the base management fee will be an amount equal to 0.4375% (1.75% annualized) of the Company’s average daily gross assets during the most recently completed calendar quarter.

For the three and nine months ended September 30, 2025, RGC earned base management fees at a rate of 1.50% per annum, amounting to $4.0 million and $11.9 million, respectively. For the three and nine months ended September 30, 2024, RGC earned base management fees at a rate of 1.50% per annum, amounting to $3.9 million and $11.8 million, respectively. As the Company pays management fees at the beginning of each quarter, there were no management fees payable as of September 30, 2025 and December 31, 2024.

Incentive Fee

The incentive fee, which provides RGC with a share of the income that RGC generates for the Company, consists of an investment-income component and a capital-gains component, which are largely independent of each other, with the result that one component may be payable even if the other is not.

Under the investment-income component (the "Income Incentive Fee"), the Company pays RGC each quarter an incentive fee with respect to the Company’s pre-incentive fee net investment income ("Pre-Incentive Fee NII"). The Income Incentive Fee is calculated and payable quarterly in arrears based on the Pre-Incentive Fee NII for the immediately preceding fiscal quarter. Payments based on Pre-Incentive Fee NII will be based on the Pre-Incentive Fee NII earned for the quarter. For this purpose, Pre-Incentive Fee NII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees that the Company receives from portfolio companies) accrued by the Company during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under the amended and restated administration agreement with the Administrator, and any dividends paid on any issued and outstanding preferred stock/units, but excluding the incentive fee). Pre-Incentive Fee NII includes, in the case of investments with a deferred interest feature (such as OID and ETP accretion, debt instruments with PIK interest and zero coupon securities), accrued income the Company has not yet received in cash; provided, however, that the portion of the Income Incentive Fee attributable to deferred interest features will be paid, only if and to the extent received in cash, and any accrual thereof will be reversed if and to the extent such interest is reversed in connection with any write off or similar treatment of the investment giving rise to any deferred interest accrual, applied in each case in the order such interest was accrued. Such subsequent payments in respect of previously accrued income will not reduce the amounts payable for any quarter pursuant to the calculation of the Income Incentive Fee described above. Pre-Incentive Fee NII does not include any realized or unrealized capital gains (losses).

Pre-Incentive Fee NII, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, will be compared to a "hurdle rate" of 2.0% per quarter (8.0% annualized). The Company pays RGC an Income Incentive Fee with respect to the Company’s Pre-Incentive Fee NII in each calendar quarter as follows: (1) no Income Incentive Fee in any calendar quarter in which the Company’s Pre-Incentive Fee NII does not exceed the hurdle rate of 2.0%; (2) 80% of the Company’s Pre-Incentive Fee NII with respect to that portion of such Pre-Incentive Fee NII, if any, that exceeds the hurdle rate but is less than 2.667% in any calendar quarter (10.668% annualized) (the portion of the Company’s Pre-Incentive Fee NII that exceeds the hurdle but is less than 2.667% is referred to as the "catch-up"; the "catch-up" is meant to provide RGC with 20.0% of the Company’s Pre-Incentive Fee NII as if a hurdle did not apply if the Company’s Pre-Incentive Fee NII exceeds 2.667% in any calendar quarter (10.668% annualized)); and (3) 20.0% of the amount of the Company’s Pre-Incentive Fee NII, if any, that exceeds 2.667% in any calendar quarter (10.668% annualized) payable to RGC (once the hurdle is reached and the catch-up is achieved, 20.0% of all Pre-Incentive Fee NII thereafter is allocated to RGC).

Under the capital gains component of the incentive fee (the "Capital Gains Fee"), the Company will pay RGC, as of the end of each calendar year, 20.0% of the Company’s aggregate cumulative realized capital gains, if any, from the date of the Company’s election to be regulated as a BDC through the end of that calendar year, computed net of the Company’s aggregate cumulative realized capital losses and aggregate cumulative unrealized capital losses through the end of such year, less the aggregate amount of any previously paid Capital Gains Fee. For the foregoing purpose, the Company’s "aggregate cumulative realized capital gains" will not include any unrealized gains. If such amount is negative, then no Capital Gains Fee will be payable for such year.

For the three and nine months ended September 30, 2025, RGC earned incentive fees of $4.1 million and $11.5 million, respectively; of which $4.8 million and $10.1 million were payable in cash, respectively, and ($0.7) million and $1.4 million was accrued and generated from deferred interest, respectively. For the three and nine months ended September 30, 2024, RGC earned incentive fees of $4.0 million and $12.3 million, respectively, of which $3.1 million and $9.6 million was payable in cash, respectively, and $0.9 million and $2.6 million was accrued and generated from deferred interest, respectively. All incentive fees accrued and generated from deferred interest (i.e., PIK and certain ETP accretion) are not payable until receipt of associated cash by the Company, at which time the incentive fees are recategorized from deferred incentive fees payable to cash incentive fees payable. All figures presented for the three and nine months ended September 30, 2025 and 2024 are net of such recategorizations during the respective period.

As of September 30, 2025, $4.8 million were payable in cash, and $11.5 million were deferred incentive fees payable, both of which are included in "Incentive fees payable" on the Statements of Assets and Liabilities. As of December 31, 2024, $4.0 million of incentive fees payable were payable in cash, and $10.1 million were deferred incentive fees payable, both of which are included in "Incentive fees payable" on the Consolidated Statements of Assets and Liabilities.

The capital gains incentive fee consists of fees related to realized gains and losses and unrealized capital losses. As of each of September 30, 2025 and December 31, 2024, there were no capital gains incentive fees accrued, earned or payable to RGC under the Advisory Agreement.

Administration Agreement

The Company reimburses the Administrator for the allocable portion of overhead expenses incurred by the Administrator in performing its obligations under the amended and restated administration agreement with the Administrator (the "Administration Agreement,") including furnishing the Company with office facilities, equipment and clerical, bookkeeping and recordkeeping services at such facilities, as well as providing other administrative services. In addition, the Company reimburses the Administrator for the fees and expenses associated with performing compliance functions, and the Company’s allocable portion of the compensation of the Company’s Chief Financial Officer, Chief Compliance Officer and their respective support staff, as well as any expenses paid by the Administrator on the Company's behalf.

For the three months ended September 30, 2025, the Company incurred $0.7 million of Administration Agreement expenses, of which $0.2 million was a third-party administrator expense and $0.5 million was overhead allocation expense. For the three months ended September 30, 2024, the Company incurred $0.4 million of Administration Agreement expenses, of which $0.1 million was a third-party administrator expense and $0.3 million was overhead allocation expense. All Administration Agreement expenses are recorded as "Administration Agreement expenses" on the Consolidated Statements of Operations for the three months ended September 30, 2025 and 2024.

For the nine months ended September 30, 2025, the Company incurred $2.0 million of Administration Agreement expenses, of which $0.5 million was a third-party administrator expense and $1.5 million was overhead allocation expense. For the nine months ended September 30, 2024, the Company incurred $1.5 million of Administration Agreement expenses, of which $0.5 million was a third-party administrator expense and $1.0 million was overhead allocation expense. All Administration Agreement expenses are recorded as "Administration Agreement expenses" on the Consolidated Statements of Operations for the nine months ended September 30, 2025 and 2024.

As of September 30, 2025, the Company had accrued a net payable to the Administrator of $0.9 million and a payable to the third-party administrator of $0.4 million As of December 31, 2024, the Company had accrued a net payable to the Administrator of $0.3 million and a payable to the third-party administrator of $0.2 million. All payables related to the Administration Agreement are recorded within "Accrued expenses and other liabilities" on the Consolidated Statements of Assets and Liabilities.

License Agreement

The Company has entered into a license agreement with RGC (the "License Agreement") pursuant to which RGC has granted the Company a personal, non-exclusive, royalty-free right and license to use the name "Runway Growth Finance." Under the License Agreement, the Company has the right to use the "Runway Growth Finance" name, so long as RGC or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the "Runway Growth Finance" name.

Runway-Cadma I LLC

In March 2024, the Company entered into a joint venture agreement with Cadma to create and co-manage Runway-Cadma I LLC, also referred to as the JV. The JV entered into a senior secured revolving credit facility with Apollo Capital Management, L.P ("Apollo Credit Facility"), which provided the JV with a $40.0 million commitment, subject to borrowing base requirements. The Apollo Credit Facility is non-recourse to the Company and bears interest at a per annum rate equal to the three-month SOFR plus an applicable margin rate of 4.15%. As of September 30, 2025, the JV has not drawn on the available commitment in the Apollo Credit Facility.

During the three and nine months ended September 30, 2025, the Company contributed $6.7 million of equity capital to the JV. During the three and nine months ended September 30, 2024, the Company contributed $5.0 million and $5.6 million of equity capital to the JV, respectively. The Company had $6.4 thousand in receivables from the JV related to shared expenses as of September 30, 2025. The Company no receivables or payables between the Company and the JV as of December 31, 2024.

As of September 30, 2025 and December 31, 2024, the fair value of the Company's equity interest in the JV was $12.9 million and $5.7 million, respectively. As of September 30, 2025 and December 31, 2024, the JV had the following contributed capital and unfunded commitments from its members (in thousands):


	As of September 30, 2025		As of December 31, 2024
Total contributed capital by Runway Growth Finance Corp.	$	12,283	$	5,600
Total contributed capital by all members		24,565		11,200
Total unfunded commitments by Runway Growth Finance Corp.		22,718		29,400
Total unfunded commitments by all members		45,435		58,800

On August 14, 2024, the Company assigned: (i) $10.0 million of its debt investment in Airship Group, Inc. and (ii) 107,296 warrants for shares of Series F Preferred Stock of Airship Group, Inc., to the JV, for an aggregate purchase price of $9.9 million, net of upfront fees. In accordance with ACS 860, this transaction met the criteria for a sale. On August 29, 2025, the JV and the Company completed a co-investment in the portfolio company Madison Reed, Inc., where the JV's share of the debt investment and success fee amounted to a purchase price of $13.4 million, net of upfront fees. As of September 30, 2025, the JV had two debt investments with an aggregate fair value of $23.7 million and two warrant investments with an aggregate fair value of $0.2 million. As of December 31, 2024, the JV had one debt investment with a fair value of $10.2 million and one equity investment with a fair value of $0.1 million.

Relationship with Oaktree Capital Management and OCM Growth Holdings

In December 2016, the Company and RGC entered into a strategic relationship with Oaktree Capital Management, L.P ("Oaktree"). In connection with the relationship, OCM Growth Holdings ("OCM Growth"), an affiliate of Oaktree, purchased an aggregate of 14,571,334 shares of the Company's common stock for an aggregate purchase price of $219.3 million in the Company's initial private offering and second private offering. As of September 30, 2025, OCM Growth owned 8,279,668 shares of the Company's common stock, or 22.9% of the Company's outstanding shares.

In connection with OCM Growth’s commitment, the Company entered into a stockholder agreement, dated December 15, 2016, with OCM Growth, pursuant to which OCM Growth has a right to nominate a member of the Board of Directors for election for so long as OCM Growth holds shares of the Company’s common stock in an amount equal to, in the aggregate, at least one-third (33%) of OCM Growth’s initial $125.0 million capital commitment, or 2,763,810 shares. Catherine Frey serves on the Company's Board of Directors as OCM Growth’s director nominee and is considered an independent director. Further, to the extent OCM Growth’s share ownership falls below one-third of its initial $125.0 million capital commitment under any circumstances, OCM Growth will no longer have the right to appoint a director nominee and will use reasonable efforts to cause such nominee to resign immediately (subject to his or her existing fiduciary duties).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($)

Sep. 30, 2025

Dec. 31, 2024

Assets

Total investments at fair value

$ 945,964,000

$ 1,076,840,000

Cash and cash equivalents

7,917,000

5,751,000

Interest and fees receivable

8,038,000

8,141,000

Other assets

1,427,000

623,000

Total assets

963,346,000

1,091,355,000

Liabilities

Credit facility

186,000,000

311,000,000

Unamortized deferred financing costs

(6,744,000)

(5,918,000)

Total debt, less unamortized deferred financing costs

443,506,000

552,332,000

Incentive fees payable

16,295,000

14,106,000

Interest payable

9,990,000

7,743,000

Foreign currency forward contracts

640,000

^[1]

Accrued expenses and other liabilities

3,389,000

2,305,000

Total liabilities

473,820,000

576,486,000

Commitments and contingencies (Note 8)

Net assets

Common stock, par value

361,000

373,000

Additional paid-in capital

545,504,000

557,992,000

Accumulated undistributed (overdistributed) earnings

(56,339,000)

(43,496,000)

Total net assets

$ 489,526,000

$ 514,869,000

Shares of common stock outstanding ($0.01 par value, 100,000,000 shares authorized)

36,134,037

37,347,428

Net asset value per share

$ 13.55

$ 13.79

^[2]

2026 Notes

Liabilities

Notes

$ 25,000,000

$ 95,000,000

2027 Notes

Liabilities

Notes

132,250,000

152,250,000

2028 Notes

Liabilities

Notes

107,000,000

Non-control/non-affiliate investments

Assets

Total investments at fair value

931,915,000

1,005,328,000

Affiliate investments

Assets

Total investments at fair value

64,572,000

Control Investments

Assets

Total investments at fair value

$ 14,049,000

^[3]

$ 6,940,000

^[4]

[1]	Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
[2]	All per share activity, excluding dividends, is calculated based on the weighted-average shares outstanding for the relevant period.
[3]	All affiliate and control investments, which as of September 30, 2025, represented 2.87% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[4]	All affiliate and control investments, which as of December 31, 2024, represented 13.90% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Preferred Stock/Units \| Level 3 \| Portfolio Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers into Level 3	$ 9,200
Warrant \| Level 2 \| Portfolio Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers out of Level 3		$ 50
July 2027 Notes \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Market Price Per Share	$ 25.19		$ 24.88
December 2027 Notes \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Market Price Per Share	$ 25.31		$ 25.1

Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Investment cost	$ 994,183	$ 1,103,883
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Non-control/non-affiliate investments
Investment cost	$ 976,399	$ 1,038,135
Affiliate investments
Investment cost	4,551	59,198
Investment Affiliated Issuer Controlled
Investment cost	$ 13,233	$ 6,550

- Definition

Cost of the investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments, Contingencies, and Off-balance Sheet Arrangements - Schedule of Unfunded Commitments to Extend Financing (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	$ 143,660	$ 176,715
Autobooks, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	11,400
Blueshift Labs, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	750
Bombora, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	1,000	2,000
CarNow, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	8,000	12,000
Digicert, Inc. \| Revolving Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	673
Elevate Services, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		14,000
Interactions Corporation \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		10,000
Linxup, LLC \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		7,500
Marley Spoon SE \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	637
Onward Medical, N.V. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	38,982	38,982
Route 92 Medical, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	20,000	10,000
Runway-Cadma I LLC \| Joint Venture
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	22,718	29,400
SetPoint Medical Corporation \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		20,000
Shepherd Intermediate, LLC (dba FHAS) \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	2,083
Shepherd Intermediate, LLC (dba FHAS) \| Revolving Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	417
Swing Education, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	2,000
Swing Education, Inc. \| Revolving Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000
Snap! Mobile, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	5,000	5,000
Synack, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	$ 20,000	22,500
Zinnia Corporate Holdings, LLC \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		$ 5,333

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Cost, Fair Value and Types of Income Not Recorded in "Interest Income" Related to Senior Secured Term Loans on Non-accrual Status

The following table summarizes the cost, fair value, and types of income not recorded in "Interest income" on the Consolidated Statements of Operations related to senior secured term loans on non-accrual status as of September 30, 2025 and December 31, 2024 (in thousands):


	Date of Non-Accrual	Forgone Interest Income		Forgone Accretion of OID and ETP		Total Forgone Income		Cost Basis		Fair Value		Fair Value as a % of Total Portfolio
As of September 30, 2025
Investment
Mingle Healthcare Solutions, Inc.	1/1/2024	$	1,162	$	-	$	1,162	$	4,757	$	2,363		0.25	%
Total		$	1,162	$	-	$	1,162	$	4,757	$	2,363		0.25	%

As of December 31, 2024
Investment
JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	3/31/2024	$	4,243	$	283	$	4,526	$	3,774	$	3,431		0.32	%
Mingle Healthcare Solutions, Inc.	1/1/2024		687		-		687		4,952		2,148		0.20
Total		$	4,930	$	283	$	5,213	$	8,726	$	5,579		0.52	%

Net Assets - Additional Information (Details) - USD ($)				1 Months Ended	3 Months Ended		5 Months Ended	9 Months Ended		12 Months Ended	24 Months Ended
Net Assets - Additional Information (Details) - USD ($)	May 07, 2025	Oct. 25, 2021	Dec. 01, 2017	Oct. 31, 2015	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Mar. 24, 2021	Sep. 29, 2021	Dec. 31, 2024	Jul. 30, 2024	Nov. 02, 2023	Feb. 24, 2022	Mar. 31, 2020
Class Of Stock [Line Items]
Common stock, shares authorized					100,000,000		100,000,000	100,000,000				100,000,000
Common stock, par value					$ 0.01		$ 0.01	$ 0.01				$ 0.01
Stock repurchased during period, value					$ 4,359,000			$ 12,500,000
Reinvestment of dividends, Shares					20,887	26,565		81,603	71,162
First Repurchase Program
Class Of Stock [Line Items]
Stock repurchased during period, shares								871,345
Stock repurchased during period, value								$ 10,800,000
Stock repurchase program, expiration date								Feb. 24, 2023
Maximum cost of shares that may be repurchased															$ 25,000,000
Second Repurchase Program
Class Of Stock [Line Items]
Stock repurchased during period, shares								1,961,938
Stock repurchased during period, value								$ 23,500,000
Stock repurchase program, expiration date								Nov. 02, 2024
Maximum cost of shares that may be repurchased														$ 25,000,000
Third Repurchase Program
Class Of Stock [Line Items]
Stock repurchased during period, shares								1,199,867
Stock repurchased during period, value								$ 12,500,000
Maximum cost of shares that may be repurchased													$ 15,000,000
Fourth Repurchase Program
Class Of Stock [Line Items]
Stock repurchased during period, shares							1,213,391
Stock repurchased during period, value							$ 12,500,000
Stock repurchase program, expiration date	May 07, 2026
Maximum cost of shares that may be repurchased	$ 25,000,000				$ 25,000,000		$ 25,000,000	25,000,000
O 2025 Q3 Declared Dividends
Class Of Stock [Line Items]
Dividends common stock					12,800,000
O 2025 H2 Declared Dividends
Class Of Stock [Line Items]
Dividends common stock								39,500,000
O 2025 Q3 Paid in Cash Dividends
Class Of Stock [Line Items]
Dividends common stock					$ 13,000,000
O 2025 H2 Paid In Cash Dividends
Class Of Stock [Line Items]
Dividends common stock								$ 38,700,000
O 2024 H2 Declared Dividends
Class Of Stock [Line Items]
Dividends common stock									$ 54,900,000
O 2024 H2 Paid in Cash Dividends
Class Of Stock [Line Items]
Dividends common stock									$ 54,100,000
O 2024 Q3 Dividends Declared
Class Of Stock [Line Items]
Dividends common stock						$ 17,300,000
O 2024 Q3 Dividends Paid in Cash
Class Of Stock [Line Items]
Dividends common stock						$ 17,100,000
R. David Spreng
Class Of Stock [Line Items]
Issuance of common stock, Shares				1,667
Issuance of common stock, value				$ 25,000
Runway Growth Holdings LLC
Class Of Stock [Line Items]
Issuance of common stock, Shares										22,564
Offering price										$ 15						$ 15
Issuance of common stock, value										$ 300,000
IPO
Class Of Stock [Line Items]
Issuance of common stock, Shares		6,850,000
Offering price		$ 14.6
Proceeds from common stock issued		$ 93,000,000
Initial Private Offering
Class Of Stock [Line Items]
Issuance of common stock, Shares			18,241,157
Issuance of common stock, value			$ 275,000,000
Second Private Offering
Class Of Stock [Line Items]
Issuance of common stock, Shares											9,617,379
Issuance of common stock, value											$ 144,300,000
Capital commitments											$ 181,700,000

Segment Reporting - Additional Information (Details)	9 Months Ended
Segment Reporting - Additional Information (Details)	Sep. 30, 2025 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reporting segment	1
Segment Reporting, Expense Information Used by CODM, Description	The CODM uses the Company's "Net investment income" and "Net increase (decrease) in net assets resulting from operations" as reported in the Consolidated Statements of Operations to assess the Company’s performance and when allocating resources. "Net investment income" is comprised of consolidated total investment income (segment revenues) and consolidated total operating expenses (significant segment expenses), which are considered the key segment measures of profit or loss reviewed by the CODM.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2025

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following table sets forth the financial highlights for the nine months ended September 30, 2025 and 2024 (in thousands, except for per share data and ratios):


	Nine Months Ended September 30,
	2025				2024
Per Share Data(1):
Net asset value at beginning of period	$	13.79			$		13.50
Net investment income		1.23					1.25
Net realized gain (loss)		0.09					-
Net change in unrealized gain (loss)		(0.60	)				(0.10	)
Total from investment operations		0.72					1.15

Distributions		(1.07	)				(1.39	)
Accretion (dilution), net (2)		0.11					0.13
Net asset value at end of period	$	13.55			$		13.39

Ratio/Supplemental Data:
Total return based on net asset value(3)		6.02		%			9.48		%
Total return based on market value(4)		2.46		%			(7.45	)	%
Ratio of net investment income to average net assets(5)(6)		11.92		%			12.55		%
Ratio of total operating expenses to average net assets(5)(6)		16.32		%			15.77		%
Ratio of total operating expenses, excluding incentive fees, to average net assets(5)		13.29		%			12.63		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(5)(6)		7.02		%			11.59		%
Portfolio turnover rate(7)		10.64		%			14.20		%

Per share market value at beginning of period	$	10.96			$		12.62
Per share market value at end of period	$	10.16			$		10.29
Net assets at beginning of period	$	514,869			$		547,071
Net assets at end of period	$	489,526			$		507,358
Weighted average net assets	$	507,904			$		522,925
Weighted average shares outstanding for the period, basic	36,887,968					39,317,890

(1)

All per share activity, excluding dividends, is calculated based on the weighted-average shares outstanding for the relevant period.

(2)

Net accretion (dilution) represents the effect of issuance and repurchase of common stock.

(3)

Total return based on net asset value is calculated as the change in net asset value per share during the period, plus dividends per share, divided by the beginning net asset value per share. The total returns are not annualized.

(4)

Total return based on market value is calculated as the change in market value per share during the period, plus dividends per share, divided by the beginning market value per share. The total returns are not annualized.

(5)

The ratios are calculated based on weighted average net assets for the relevant period and are annualized.

(6)

The ratio includes annualized incentive fees and as incentive fees are performance driven, the amount expensed in future periods may vary significantly and is dependent on overall investment performance, early terminations, scheduled prepayments and other liquidity events.

(7)

The portfolio turnover rate for the period is calculated by taking the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover is not annualized.

Borrowings - Schedule of Components of Interest Expense Amortization of Deferred Financing Costs, Unused Fees on Credit Facility and Other Costs (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Disclosure [Abstract]
Supplemental fees	$ 0.0	$ 0.2	$ 0.0	$ 0.2

Investments - Transactions Related to Company's Affiliate and Control Investments (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 15,736

$ 15,875

$ 45,283

$ 49,130

Fair Value, Beginning Balance

1,076,840

Net realized gain (loss) on investments

(1,318)

3,238

Net change in unrealized gain (loss) on investments

(7,106)

9,174

(21,176)

(3,743)

Fair Value, Ending Balance

$ 945,964

945,964

$ 1,076,840

Investment, Identifier [Axis]: Affiliate Investments Debt Investments Healthcare Technology Gynesonics, Inc. Investment Type Senior Secured SOFR+8.75%, 8.00% ceiling, 5.00% ETP Initial Acquisition Date 3/1/2023 Maturity Date 11/30/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Ceiling Rate

8.00%

Investment Interest ETP

5.00%

Maturity Date

Nov. 30, 2026

Fair Value, Beginning Balance

$ 27,217

Fair Value, Ending Balance

$ 27,217

Investment, Identifier [Axis]: Affiliate Investments Debt Investments Senior Secured Gynesonics, Inc.

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Ceiling Rate

8.00%

Investment Interest ETP

5.00%

Maturity Date

Nov. 30, 2026

Net investment income

$ 902

$ 2,419

Fair Value, Beginning Balance

27,217

^[1]

23,586

Gross Additions

^[2]

337

Gross Reductions

^[3]

(26,235)

Net change in unrealized gain (loss) on investments

(982)

3,294

Fair Value, Ending Balance

^[1]

27,217

Investment, Identifier [Axis]: Affiliate Investments Equity Investments Coginiti Corp Common Stock

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

856

Net change in unrealized gain (loss) on investments

(856)

Investment, Identifier [Axis]: Affiliate Investments Equity Investments Gynesonics, Inc. Series A-1 Preferred Stock

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

12,355

^[1]

4,577

Gross Reductions

^[3]

(12,355)

Net realized gain (loss) on investments

9,255

Net change in unrealized gain (loss) on investments

(9,255)

7,778

Fair Value, Ending Balance

^[1]

12,355

Investment, Identifier [Axis]: Affiliate Investments Equity Investments Gynesonics, Inc. Series A-2 Preferred Stock

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

25,000

^[1]

21,461

Gross Reductions

^[3]

(25,000)

Net change in unrealized gain (loss) on investments

3,539

Fair Value, Ending Balance

^[1]

25,000

Investment, Identifier [Axis]: Affiliate Investments Equity investments Healthcare Technology Gynesonics, Inc. Investment Type Equity Series A-1 Preferred Stock Initial Acquisition Date 10/24/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

12,355

Fair Value, Ending Balance

12,355

Investment, Identifier [Axis]: Affiliate Investments Equity investments Healthcare Technology Gynesonics, Inc. Investment Type Equity Series A-2 Preferred Stock Initial Acquisition Date 3/1/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 25,000

Fair Value, Ending Balance

$ 25,000

Investment, Identifier [Axis]: Affiliate Investments Warrants Application Software Coginiti Corp Investment Type Warrants Common Stock Initial Acquisition Date 3/9/2020 Maturity Date 3/9/2030

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 09, 2030

Investment, Identifier [Axis]: Affiliate Investments Warrants Coginiti Corp

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

663

$ 663

Net change in unrealized gain (loss) on investments

(663)

Investment, Identifier [Axis]: Affiliate Investments Warrants Gynesonics, Inc.

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

313

Net realized gain (loss) on investments

$ (312)

Net change in unrealized gain (loss) on investments

312

$ (313)

Investment, Identifier [Axis]: Affiliate Investments Warrants Healthcare Technology Gynesonics, Inc. Investment Type Warrants Success Fee Initial Acquisition Date 3/1/2023 Maturity Date 3/1/2030

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 01, 2030

Investment, Identifier [Axis]: Control Investments Equity Investments Commercial & Professional Services Pivot3, Inc. Investment Type Equity 100% Equity Interest Initial Acquisition Date 12/31/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 1,194

1,194

Investment, Identifier [Axis]: Control Investments Equity Investments Data Processing & Outsourced Services Pivot3, Inc. Investment Type Equity 100% Equity Interest Initial Acquisition Date 12/31/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,198

Fair Value, Ending Balance

$ 1,198

Investment, Identifier [Axis]: Control Investments Equity Investments Multi-Sector Holdings Runway-Cadma I LLC Investment Type Equity 50% Equity Interest Initial Acquisition Date 3/6/2024

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

5,742

Fair Value, Ending Balance

$ 12,855

$ 5,742

Investment, Identifier [Axis]: Control Investments Equity Investments Pivot3, Inc.

Investments in and Advances to Affiliates [Line Items]

Percentage of equity investment

100.00%

Fair Value, Beginning Balance

$ 1,198

^[1]

950

$ 950

Net change in unrealized gain (loss) on investments

(4)

248

Fair Value, Ending Balance

$ 1,194

^[4]

$ 1,194

^[4]

$ 1,198

^[1]

Investment, Identifier [Axis]: Control Investments Equity Investments Runway-Cadma I LLC

Investments in and Advances to Affiliates [Line Items]

Percentage of equity investment

50.00%

Fair Value, Beginning Balance

^[1]

$ 5,742

Gross Additions

6,683

^[5]

$ 5,600

^[2]

Net change in unrealized gain (loss) on investments

430

142

Fair Value, Ending Balance

$ 12,855

^[4]

12,855

^[4]

$ 5,742

^[1]

Investment, Identifier [Axis]: Non- Control/ Non- Affiliate Investments Debt Investments Data Processing & Outsourced Services Interactions Corporation Investment Type Senior Secured Interest Rate S O F R+9.26%, 9.76% floor, 3.9375% E T P Initial Acquisition Date 6/24/2022 Maturity Date 6/15/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

9.26%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.9375%

Maturity Date

Jun. 15, 2027

Fair Value, Beginning Balance

$ 40,238

Fair Value, Ending Balance

$ 40,238

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Application Software CarNow, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/22/2024 Maturity Date 3/22/2034

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 22, 2034

Fair Value, Ending Balance

$ 3,026

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Application Software INRIX, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 7/26/2019 Maturity Date 7/26/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 26, 2029

Fair Value, Ending Balance

$ 326

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Application Software JWP Holdco LLC (fka Longtail Ad Solutions, Inc.) Investment Type Warrants Common Units Initial Acquisition Date 12/12/2019 Maturity Date 12/12/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 12, 2029

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Airship Group, Inc. Investment Type Senior Secured Interest Rate SOFR+3.75%, 9.08% floor, 3.00% PIK, 3.25% ETP Initial Acquisition Date 6/28/2024 Maturity Date 6/15/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

3.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.25%

Maturity Date

Jun. 15, 2028

Fair Value, Beginning Balance

$ 49,442

Fair Value, Ending Balance

$ 50,632

50,632

$ 49,442

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Bridge Loan Initial Acquisition Date 12/12/2024 Maturity Date 12/15/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 15, 2028

Fair Value, Beginning Balance

455

Fair Value, Ending Balance

$ 455

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+6.25%, 11.25% floor, 2.00% PIK, 1.50% ETP Initial Acquisition Date 12/19/2023 Maturity Date 12/15/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

6.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.50%

Maturity Date

Dec. 15, 2028

Fair Value, Beginning Balance

$ 23,664

Fair Value, Ending Balance

$ 23,664

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+8.25% PIK, 11.25% floor Initial Acquisition Date 9/25/2025 Maturity Date 12/15/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Dec. 15, 2028

Fair Value, Ending Balance

$ 998

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Circadence Corporation Investment Type Senior Secured Interest Rate SOFR+9.50%, 12.26% floor, 7.50% ETP Initial Acquisition Date 12/20/2018 Maturity Date 12/15/2025

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

9.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

7.50%

Maturity Date

Dec. 15, 2025

Fair Value, Beginning Balance

20,492

Fair Value, Ending Balance

$ 20,492

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software FiscalNote, Inc. Investment Type Senior Secured Interest Rate PRIME+5.00%, 9.00% floor, 1.00% PIK, 5.75% ETP Initial Acquisition Date 10/19/2020 Maturity Date 7/15/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

5.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

5.75%

Maturity Date

Jul. 15, 2027

Fair Value, Beginning Balance

36,252

Fair Value, Ending Balance

$ 36,252

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Piano Software, Inc. Investment Type Senior Secured Interest Rate SOFR+7.25%, 11.25% floor, 1.50% ETP Initial Acquisition Date 12/31/2024 Maturity Date 12/31/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.50%

Maturity Date

Dec. 31, 2029

Fair Value, Beginning Balance

42,008

Fair Value, Ending Balance

$ 42,008

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Snap! Mobile, Inc. Investment Type Senior Secured Interest Rate SOFR+7.50%, 12.10% floor, 3.83% ETP Initial Acquisition Date 9/30/2024 Maturity Date 9/30/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.83%

Maturity Date

Sep. 30, 2028

Fair Value, Beginning Balance

17,511

Fair Value, Ending Balance

$ 17,511

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Second Lien Interest Rate FIXED 12.50%, PIK 31.05% Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Investments in and Advances to Affiliates [Line Items]

Investment Interest ETP

31.05%

Maturity Date

Sep. 24, 2029

Fair Value, Beginning Balance

5,749

Fair Value, Ending Balance

$ 5,749

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Senior Secured Interest Rate SOFR+7.00%, 8.00% floor, 1.00% PIK, 3.00% ETP Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.00%

Maturity Date

Sep. 24, 2029

Fair Value, Beginning Balance

$ 34,244

Fair Value, Ending Balance

$ 34,244

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Zinnia Corporate Holdings, LLC Investment Type Senior Secured Interest Rate SOFR+5.50%, 7.50% floor Initial Acquisition Date 9/23/2024 Maturity Date 9/21/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

5.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Sep. 21, 2029

Fair Value, Ending Balance

$ 40,020

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Commercial & Professional Services Bombora, Inc. Investment Type Senior Secured Interest Rate SOFR+4.75%, 6.75% floor, 3.25% PIK, 1.10% ETP Initial Acquisition Date 12/26/2023 Maturity Date 1/15/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

4.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.10%

Maturity Date

Jan. 15, 2028

Fair Value, Ending Balance

$ 30,802

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Commercial & Professional Services Elevate Services, Inc. Investment Type Senior Secured Interest Rate SOFR+7.50%, 12.78% floor, 0.50% ETP Initial Acquisition Date 7/10/2023 Maturity Date 7/10/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

0.50%

Maturity Date

Jul. 10, 2027

Fair Value, Ending Balance

$ 39,195

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Commercial & Professional Services Shepherd Intermediate, LLC (dba FHAS) (Revolver) Investment Type Senior Secured Interest Rate SOFR+7.25%, 8.25% floor, Initial Acquisition Date 7/10/2025 Maturity Date 7/10/2030

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Jul. 10, 2030

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Commercial & Professional Services Shepherd Intermediate, LLC (dba FHAS) Investment Type Senior Secured Interest Rate SOFR+7.25%, 8.25% floor, Initial Acquisition Date 7/10/2025 Maturity Date 7/10/2030

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Jul. 10, 2030

Fair Value, Ending Balance

$ 7,391

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Consumer Staples Distribution & Retail Marley Spoon SE Investment Type Senior Secured Interest Rate SOFR+ 8.75% PIK, 9.51% floor Initial Acquisition Date 5/20/2025 Maturity Date 11/15/2025

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Nov. 15, 2025

Fair Value, Ending Balance

$ 3,124

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Data Processing & Outsourced Services Elevate Services, Inc. Investment Type Senior Secured Interest Rate SOFR+7.50%, 12.78% floor Initial Acquisition Date 7/10/2023 Maturity Date 7/10/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Jul. 10, 2027

Fair Value, Beginning Balance

26,274

Fair Value, Ending Balance

$ 26,274

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Data Processing & Outsourced Services Hurricane Cleanco Limited Investment Type Senior Secured Interest Rate FIXED 6.25%, 6.25% PIK Initial Acquisition Date 12/31/2024 Maturity Date 11/22/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Nov. 22, 2029

Fair Value, Beginning Balance

26,643

Fair Value, Ending Balance

$ 26,643

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Data Processing & Outsourced Services Vesta Payment Solutions, Inc. Investment Type Senior Secured Interest Rate SOFR+7.00%, 9.00% floor, 5.00% ETP Initial Acquisition Date 11/29/2022 Maturity Date 11/15/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

5.00%

Maturity Date

Nov. 15, 2026

Fair Value, Beginning Balance

21,747

Fair Value, Ending Balance

$ 21,747

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Electronic Equipment & Instruments Brivo, Inc. Investment Type Senior Secured Interest Rate SOFR+7.25%, 11.29% floor, 2.53% ETP Initial Acquisition Date 12/27/2024 Maturity Date 12/15/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

2.53%

Maturity Date

Dec. 15, 2029

Fair Value, Beginning Balance

$ 39,708

Fair Value, Ending Balance

$ 39,708

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Financial Services Vesta Payment Solutions, Inc. Investment Type Senior Secured Interest Rate SOFR+7.00%, 9.00% floor, 6.00% ETP Initial Acquisition Date 11/29/2022 Maturity Date 11/15/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

6.00%

Maturity Date

Nov. 15, 2026

Fair Value, Ending Balance

$ 22,146

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Health Care Equipment & Services EBR Systems, Inc. Investment Type Senior Secured Interest Rate PRIME+4.90%, 8.90% floor, 4.50% ETP Initial Acquisition Date 6/30/2022 Maturity Date 6/15/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

4.90%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

4.50%

Maturity Date

Jun. 15, 2027

Fair Value, Ending Balance

$ 41,011

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Health Care Equipment & Services Mingle Healthcare Solutions, Inc. Investment Type Senior Secured Interest Rate SOFR+9.75%, 12.26% floor, 10.50% ETP Initial Acquisition Date 8/15/2018 Maturity Date 12/15/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

9.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

10.50%

Maturity Date

Dec. 15, 2026

Fair Value, Ending Balance

$ 2,363

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Health Care Equipment & Services Moximed, Inc. Investment Type Senior Secured Interest Rate PRIME+5.25%, 8.75% floor, 3.50% ETP Initial Acquisition Date 6/24/2022 Maturity Date 7/1/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

5.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

3.50%

Maturity Date

Jul. 01, 2027

Fair Value, Ending Balance

$ 15,427

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Health Care Equipment & Services Onward Medical, N.V. Investment Type Senior Secured Interest Rate SOFR+6.50%, 10.75% floor, 2.50% ETP Initial Acquisition Date 6/28/2024 Maturity Date 6/15/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

6.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

2.50%

Maturity Date

Jun. 15, 2028

Fair Value, Ending Balance

$ 17,080

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Health Care Equipment & Services Route 92 Medical, Inc. Investment Type Senior Secured Interest Rate SOFR+7.00%, 9.00% floor, 3.95% ETP Initial Acquisition Date 3/31/2025 Maturity Date 3/31/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.95%

Maturity Date

Mar. 31, 2029

Fair Value, Ending Balance

$ 34,746

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Health Care Technology Onward Medical, N.V. Investment Type Senior Secured Interest Rate SOFR+6.50%, 10.75% floor, 2.50% ETP Initial Acquisition Date 6/28/2024 Maturity Date 6/15/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

6.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

2.50%

Maturity Date

Jun. 15, 2028

Fair Value, Beginning Balance

16,786

Fair Value, Ending Balance

$ 16,786

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Healthcare Equipment Moximed, Inc. Investment Type Senior Secured Interest Rate PRIME+5.25%, 8.75% floor, 3.50% ETP Initial Acquisition Date 6/24/2022 Maturity Date 7/1/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

5.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

3.50%

Maturity Date

Jul. 01, 2027

Fair Value, Beginning Balance

15,358

Fair Value, Ending Balance

$ 15,358

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Healthcare Technology EBR Systems, Inc. Investment Type Senior Secured Interest Rate PRIME+4.90%, 8.90% floor, 4.50% ETP Initial Acquisition Date 6/30/2022 Maturity Date 6/15/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

4.90%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

4.50%

Maturity Date

Jun. 15, 2027

Fair Value, Beginning Balance

40,511

Fair Value, Ending Balance

$ 40,511

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Healthcare Technology Mingle Healthcare Solutions, Inc. Investment Type Senior Secured Interest Rate SOFR+9.75%, 12.26% floor, 10.50% ETP Initial Acquisition Date 8/15/2018 Maturity Date 12/15/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

9.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

10.50%

Maturity Date

Dec. 15, 2026

Fair Value, Beginning Balance

2,148

Fair Value, Ending Balance

$ 2,148

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Healthcare Technology Nalu Medical, Inc. Investment Type Senior Secured Interest Rate PRIME+2.70%, 6.70% floor, 2.00% PIK, 4.50% ETP Initial Acquisition Date 10/12/2022 Maturity Date 10/12/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

2.70%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

4.50%

Maturity Date

Oct. 12, 2027

Fair Value, Beginning Balance

21,431

Fair Value, Ending Balance

$ 21,431

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Healthcare Technology Route 92 Medical, Inc. Investment Type Senior Secured Interest Rate SOFR+8.48%, 8.98% floor, 3.95% ETP Initial Acquisition Date 8/17/2021 Maturity Date 7/1/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.48%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.95%

Maturity Date

Jul. 01, 2026

Fair Value, Beginning Balance

35,682

Fair Value, Ending Balance

$ 35,682

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Healthcare Technology SetPoint Medical Corporation Investment Type Senior Secured Interest Rate SOFR+5.75%, 9.00% floor, 4.00% ETP Initial Acquisition Date 12/29/2022 Maturity Date 12/1/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

5.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

4.00%

Maturity Date

Dec. 01, 2027

Fair Value, Beginning Balance

$ 25,817

Fair Value, Ending Balance

$ 25,817

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Household & Personal Products Madison Reed, Inc. Investment Type Senior Secured Interest Rate PRIME+5.00%, 12.50% floor, 3.00% ETP Initial Acquisition Date 8/29/2025 Maturity Date 8/29/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

5.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

3.00%

Maturity Date

Aug. 29, 2029

Fair Value, Ending Balance

$ 39,234

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Human Resource & Employment Services JobGet Holdings, Inc. (fka Snagajob.com, Inc.) Investment Type Senior Secured Interest Rate SOFR+8.50% PIK, 9.00% floor Initial Acquisition Date 9/29/2021 Maturity Date 11/15/2025

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Nov. 15, 2025

Fair Value, Beginning Balance

$ 3,431

Fair Value, Ending Balance

$ 3,431

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Insurance Kin Insurance, Inc. Investment Type Senior Secured Interest Rate PRIME+5.00%, 12.00% floor, 2.00% ETP Initial Acquisition Date 8/13/2025 Maturity Date 8/13/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

5.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

2.00%

Maturity Date

Aug. 13, 2029

Fair Value, Ending Balance

$ 43,786

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet & Direct Marketing Retail Madison Reed, Inc. Investment Type Senior Secured Interest Rate PRIME+4.75%, 11.00% floor, 11.00% cash cap, 3.00% ETP Initial Acquisition Date 12/16/2022 Maturity Date 12/16/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

4.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

3.00%

Maturity Date

Dec. 16, 2026

Fair Value, Beginning Balance

16,383

Fair Value, Ending Balance

$ 16,383

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet & Direct Marketing Retail Marley Spoon SE Investment Type Senior Secured Interest Rate SOFR+8.50% PIK, 9.26% floor, 1.00% ETP Initial Acquisition Date 6/30/2021 Maturity Date 6/15/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.00%

Maturity Date

Jun. 15, 2027

Fair Value, Beginning Balance

34,120

Fair Value, Ending Balance

$ 34,120

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet Software and Services Bombora, Inc. Investment Type Senior Secured Interest Rate SOFR+4.75%, 6.75% floor, 3.25% PIK, 0.96% ETP Initial Acquisition Date 12/26/2023 Maturity Date 1/15/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

4.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

0.96%

Maturity Date

Jan. 15, 2028

Fair Value, Beginning Balance

29,058

Fair Value, Ending Balance

$ 29,058

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet Software and Services CarNow, Inc. Investment Type Senior Secured Interest Rate SOFR+ 7.25%, 11.75% floor, 1.60% ETP Initial Acquisition Date 3/22/2024 Maturity Date 3/22/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.60%

Maturity Date

Mar. 22, 2029

Fair Value, Beginning Balance

17,658

Fair Value, Ending Balance

$ 17,658

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet Software and Services Skillshare, Inc. Investment Type Senior Secured Interest Rate SOFR+6.50%, 10.72% floor, 3.00% ETP Initial Acquisition Date 11/8/2022 Maturity Date 11/8/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

6.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.00%

Maturity Date

Nov. 08, 2026

Fair Value, Beginning Balance

27,555

Fair Value, Ending Balance

$ 27,555

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet Software and Services Synack, Inc. Investment Type Senior Secured Interest Rate SOFR+7.00%, 11.07% floor, 1.00% ETP Initial Acquisition Date 12/29/2023 Maturity Date 12/29/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.00%

Maturity Date

Dec. 29, 2028

Fair Value, Beginning Balance

42,520

Fair Value, Ending Balance

$ 42,520

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet Software and Services Zinnia Corporate Holdings, LLC Investment Type Senior Secured Interest Rate SOFR+8.00%, 10.00% floor Initial Acquisition Date 9/23/2024 Maturity Date 9/21/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Sep. 21, 2029

Fair Value, Beginning Balance

$ 39,244

Fair Value, Ending Balance

$ 39,244

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Media & Entertainment Skillshare, Inc. Investment Type Senior Secured Interest Rate SOFR+6.75%, 10.96% floor, 2.00% ETP Initial Acquisition Date 8/15/2025 Maturity Date 2/8/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

6.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

2.00%

Maturity Date

Feb. 08, 2029

Fair Value, Ending Balance

$ 12,462

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Media & Entertainment Synack, Inc. Investment Type Senior Secured Interest Rate SOFR+7.00%, 11.07% floor, 1.00% ETP Initial Acquisition Date 12/29/2023 Maturity Date 12/29/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.83%

Maturity Date

Sep. 30, 2028

Fair Value, Ending Balance

$ 17,724

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Property & Casualty Insurance Kin Insurance, Inc. Investment Type Senior Secured Interest Rate PRIME+6.25%, 12.50% floor, 3.30% ETP Initial Acquisition Date 9/26/2022 Maturity Date 9/15/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

6.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

3.30%

Maturity Date

Sep. 15, 2026

Fair Value, Beginning Balance

76,626

Fair Value, Ending Balance

$ 76,626

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments System Software 3PL Central LLC (dba Extensiv) Investment Type Senior Secured Interest Rate SOFR+4.50%, 6.50 floor, 2.50% PIK, 2.34% ETP Initial Acquisition Date 11/9/2022 Maturity Date 11/9/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

4.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

2.34%

Maturity Date

Nov. 09, 2027

Fair Value, Beginning Balance

69,262

Fair Value, Ending Balance

$ 69,262

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments System Software Dejero Labs Inc. Investment Type Second Lien Interest Rate SOFR+8.00%, 8.50% floor, 2.00% PIK, 3.00% ETP Initial Acquisition Date 12/22/2021 Maturity Date 12/22/2025

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.00%

Maturity Date

Dec. 22, 2025

Fair Value, Beginning Balance

14,403

Fair Value, Ending Balance

$ 14,403

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments System Software Linxup, LLC Investment Type Senior Secured Interest Rate PRIME+3.25%, 11.75% floor, 2.25% ETP Initial Acquisition Date 11/03/2023 Maturity Date 11/15/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

3.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

2.25%

Maturity Date

Nov. 15, 2027

Fair Value, Beginning Balance

$ 30,607

Fair Value, Ending Balance

$ 30,607

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Systems Software 3PL Central LLC (dba Extensiv) Investment Type Senior Secured Interest Rate SOFR+7.00%, 9.00% floor, 5.00% ETP Initial Acquisition Date 11/9/2022 Maturity Date 5/31/2026

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

5.00%

Maturity Date

Mar. 31, 2026

Fair Value, Ending Balance

$ 70,266

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Systems Software Digicert, Inc. (Revolver) Investment Type Senior Secured Interest Rate SOFR+5.75%, 6.50% floor Initial Acquisition Date 7/30/2025 Maturity Date 7/30/2030

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

5.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Jul. 30, 2030

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Systems Software Digicert, Inc. Investment Type Senior Secured Interest Rate SOFR+5.75%, 6.50% floor Initial Acquisition Date 7/30/2025 Maturity Date 7/30/2030

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

5.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Jul. 30, 2030

Fair Value, Ending Balance

$ 9,362

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Systems Software Synack, Inc. Investment Type Senior Secured Interest Rate SOFR+7.00%, 11.07% floor, 1.00% ETP Initial Acquisition Date 12/29/2023 Maturity Date 12/29/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.00%

Maturity Date

Dec. 29, 2028

Fair Value, Ending Balance

$ 45,074

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Advertising Minute Media Inc. Investment Type Equity Common Stock Initial Acquisition Date 12/13/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Advertising Minute Media Inc. Investment Type Equity Preferred Stock Initial Acquisition Date 12/13/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

136

Fair Value, Ending Balance

136

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Application Software Aria Systems, Inc. Investment Type Equity Series G Preferred Stock Initial Acquisition Date 7/10/2018

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

263

Fair Value, Ending Balance

323

263

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Application Software FiscalNote, Inc. Investment Type Equity Common Stock Initial Acquisition Date 10/19/2020

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

247

Fair Value, Ending Balance

247

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Application Software VTX Holdings, LLC Investment Type Equity Series C Preferred Units Initial Acquisition Date 12/12/2024

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

143

Fair Value, Ending Balance

143

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Commercial & Professional Services FiscalNote, Inc. Investment Type Equity Common Stock Initial Acquisition Date 10/19/2020

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Commercial & Professional Services JobGet Holdings, Inc. (fka Snagajob.com, Inc.) Investment Type Equity Series C-1 Preferred Stock Initial Acquisition Date 11/15/2024

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

27,200

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Consumer Staples Distribution & Retail Marley Spoon SE Investment Type Equity Common Stock Initial Acquisition Date 7/7/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Health Care Equipment & Services CareCloud, Inc. Investment Type Equity 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock Initial Acquisition Date 1/8/2020

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

9,669

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Healthcare Technology CareCloud, Inc. Investment Type Equity 11% Series A Cumulative Redeemable Perpetual Preferred Stock Initial Acquisition Date 1/8/2020

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

9,181

Fair Value, Ending Balance

9,181

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Human Resource & Employment Services JobGet Holdings, Inc. (fka Snagajob.com, Inc.) Investment Type Equity Series C-1 Preferred Stock Initial Acquisition Date 11/15/2024

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

35,563

Fair Value, Ending Balance

35,563

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Internet & Direct Marketing Retail Marley Spoon SE Investment Type Equity Common Stock Initial Acquisition Date 7/7/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Media & Entertainment Minute Media Inc. Investment Type Equity Common Stock Initial Acquisition Date 12/13/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Media & Entertainment Minute Media Inc. Investment Type Equity Preferred Stock Initial Acquisition Date 12/13/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 171

171

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Technology Hardware, Storage & Peripherals Quantum Corporation Investment Type Equity Common Stock Initial Acquisition Date 8/13/2021

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,239

Fair Value, Ending Balance

1,239

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Technology Hardware, Storage & Peripherals zSpace, Inc. Investment Type Equity Common Stock Initial Acquisition Date 12/31/2020

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,288

Fair Value, Ending Balance

$ 1,288

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software 3DNA Corp. (dba NationBuilder) Investment Type Warrants Series C-1 Preferred Stock Initial Acquisition Date 12/28/2018 Maturity Date 12/28/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 28, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Airship Group, Inc. Investment Type Warrants Series F Preferred Stock Initial Acquisition Date 6/28/2024 Maturity Date 6/28/2034

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 28, 2034

Fair Value, Beginning Balance

$ 499

Fair Value, Ending Balance

$ 442

$ 499

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Aria Systems, Inc. Investment Type Warrants Series G Preferred Stock Initial Acquisition Date 6/29/2018 Maturity Date 6/29/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 29, 2028

Fair Value, Beginning Balance

$ 1,159

Fair Value, Ending Balance

$ 1,329

1,329

$ 1,159

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Blueshift Labs, Inc. Investment Type Warrants Success fee Initial Acquisition Date 12/19/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

188

Fair Value, Ending Balance

$ 166

166

$ 188

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Circadence Corporation Investment Type Warrants Series A-6 Preferred Stock Initial Acquisition Date 10/31/2019 Maturity Date 10/31/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 31, 2029

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 54

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 20, 2028

Fair Value, Beginning Balance

298

Fair Value, Ending Balance

$ 298

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Circadence Corporation Investment Type Warrants Success fee Initial Acquisition Date 12/21/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 13

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software FiscalNote, Inc. Investment Type Warrants Earnout Initial Acquisition Date 7/29/2022 Maturity Date 7/29/2027

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 29, 2027

Fair Value, Beginning Balance

$ 8

Fair Value, Ending Balance

$ 8

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Piano Software, Inc. Investment Type Warrants Series D Preferred Stock Initial Acquisition Date 12/31/2024 Maturity Date 12/31/2034

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 31, 2034

Fair Value, Beginning Balance

$ 348

Fair Value, Ending Balance

$ 491

$ 348

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Predactiv, Inc. (fka Sharethis, Inc.) Investment Type Warrants Series D-3 Preferred Stock Initial Acquisition Date 12/3/2018 Maturity Date 12/31/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 03, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Snap! Mobile, Inc. Investment Type Warrants Series B Preferred Stock Initial Acquisition Date 9/30/2024 Maturity Date 9/30/2034

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 30, 2034

Fair Value, Beginning Balance

$ 394

Fair Value, Ending Balance

$ 394

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Asset Management & Custody Banks Betterment Holdings, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 10/6/2023 Maturity Date 10/6/2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 06, 2033

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 64

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 06, 2033

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 74

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Biotechnology Mustang Bio, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/4/2022 Maturity Date 3/4/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 04, 2032

Fair Value, Beginning Balance

$ 4

Fair Value, Ending Balance

$ 4

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Biotechnology TRACON Pharmaceuticals, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 9/2/2022 Maturity Date 9/2/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 02, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Commercial & Professional Services AllClear ID, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 8/31/2017 Maturity Date 8/31/2027

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 31, 2027

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Commercial & Professional Services Bombora, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 12/26/2023 Maturity Date 12/26/2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 26, 2033

Fair Value, Ending Balance

$ 51

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 31, 2031

Fair Value, Ending Balance

$ 113

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Commercial & Professional Services CloudPay, Inc. Investment Type Warrants Series B Preferred Stock Initial Acquisition Date 6/30/2020 Maturity Date 6/30/2030

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 30, 2030

Fair Value, Ending Balance

$ 1,311

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Commercial & Professional Services CloudPay, Inc. Investment Type Warrants Series D Preferred Stock Initial Acquisition Date 8/17/2021 Maturity Date 8/17/2031

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 17, 2031

Fair Value, Ending Balance

$ 86

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 26, 2032

Fair Value, Ending Balance

$ 130

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Commercial & Professional Services Elevate Services, Inc. Investment Type Warrants Series C Preferred Stock Initial Acquisition Date 7/10/2023 Maturity Date 7/10/2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 10, 2033

Fair Value, Ending Balance

$ 416

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 17, 2034

Fair Value, Ending Balance

$ 536

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Commercial & Professional Services FiscalNote, Inc. Investment Type Warrants Earnout Initial Acquisition Date 7/29/2022 Maturity Date 7/29/2027

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 29, 2027

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Commercial & Professional Services JobGet Holdings, Inc. (fka Snagajob.com, Inc.) Investment Type Warrants Series B-1 Preferred Stock Initial Acquisition Date 9/29/2021 Maturity Date 9/29/2031

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 29, 2031

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Commercial & Professional Services Swing Education, Inc. Investment Type Warrants Series C Preferred Stock Initial Acquisition Date 6/27/2025 Maturity Date 6/27/2035

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 27, 2035

Fair Value, Ending Balance

$ 23

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Computer & Electronics Retail Massdrop, Inc. Investment Type Warrants Series B Preferred Stock Initial Acquisition Date 7/22/2019 Maturity Date 7/22/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 22, 2029

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Data Processing & Outsourced Services Elevate Services, Inc. Investment Type Warrants Series C Preferred Stock Initial Acquisition Date 7/10/2023 Maturity Date 7/10/2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 10, 2033

Fair Value, Beginning Balance

398

Fair Value, Ending Balance

$ 398

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 17, 2034

Fair Value, Beginning Balance

119

Fair Value, Ending Balance

$ 119

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Data Processing & Outsourced Services Interactions Corporation Investment Type Warrants Common Stock Initial Acquisition Date 6/24/2022 Maturity Date 6/24/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 24, 2032

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 13

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Data Processing & Outsourced Services Predactiv, Inc. (fka Sharethis, Inc.) Investment Type Warrants Series D-3 Preferred Stock Initial Acquisition Date 12/3/2018 Maturity Date 12/3/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 03, 2028

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 90

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Electronic Equipment & Instruments Brivo, Inc. Investment Type Warrants Series A-2 Preferred Stock Initial Acquisition Date 10/20/2022 Maturity Date 10/20/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 20, 2032

Fair Value, Beginning Balance

269

Fair Value, Ending Balance

$ 269

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 27, 2034

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 43

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Electronic Equipment & Instruments Epic IO Technologies, Inc. Investment Type Warrants Success fee Initial Acquisition Date 12/17/2021 Maturity Date 12/17/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 17, 2028

Fair Value, Beginning Balance

334

Fair Value, Ending Balance

$ 334

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Financial Services Autobooks, Inc. Investment Type Warrants Success Fee Initial Acquisition Date 5/5/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 508

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Financial Services Betterment Holdings, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 10/6/2023 Maturity Date 10/6/2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 06, 2033

Fair Value, Ending Balance

$ 60

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 06, 2033

Fair Value, Ending Balance

$ 68

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Financial Services Credit Sesame, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 1/7/2020 Maturity Date 1/7/2030

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jan. 07, 2030

Fair Value, Ending Balance

$ 529

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services Allurion Technologies, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/30/2021 Maturity Date 3/30/2031

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 30, 2031

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 30, 2031

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 15, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services Allurion Technologies, Inc. Investment Type Warrants Earnout Initial Acquisition Date 8/2/2023 Maturity Date 8/1/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 01, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services EBR Systems, Inc. Investment Type Warrants Success fee Initial Acquisition Date 6/30/2022 Maturity Date 6/30/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 30, 2032

Fair Value, Ending Balance

$ 602

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services Mingle Healthcare Solutions, Inc. Investment Type Warrants Series CC Preferred Stock Initial Acquisition Date 8/15/2018 Maturity Date 8/15/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 15, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services Moximed, Inc. Investment Type Warrants Series C Preferred Stock Initial Acquisition Date 6/24/2022 Maturity Date 6/24/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 24, 2032

Fair Value, Ending Balance

$ 28

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services Nalu Medical, Inc. Investment Type Warrants Series D-2 Preferred Stock Initial Acquisition Date 10/12/2022 Maturity Date 10/12/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 12, 2032

Fair Value, Ending Balance

$ 30

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services Onward Medical, N.V. Investment Type Warrants Common Stock Initial Acquisition Date 6/28/2024 Maturity Date 9/26/2034

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 26, 2034

Fair Value, Ending Balance

$ 459

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services Route 92 Medical, Inc. Investment Type Warrants Success fee Initial Acquisition Date 3/31/2025 Maturity Date 3/31/2035

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 31, 2035

Fair Value, Ending Balance

$ 649

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services SetPoint Medical Corporation Investment Type Warrants Series B Preferred Stock Initial Acquisition Date 12/29/2022 Maturity Date 12/29/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 29, 2032

Fair Value, Ending Balance

$ 213

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 29, 2031

Fair Value, Ending Balance

$ 142

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment & Services VERO Biotech LLC Investment Type Warrants Success fee Initial Acquisition Date 12/29/2020 Maturity Date 12/29/2025

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 29, 2025

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Equipment Moximed, Inc. Investment Type Warrants Series C Preferred Stock Initial Acquisition Date 6/24/2022 Maturity Date 6/24/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 24, 2032

Fair Value, Beginning Balance

$ 24

Fair Value, Ending Balance

$ 24

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Technology Allurion Technologies, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 09/15/2022 Maturity Date 9/15/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 15, 2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 30, 2031

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 1

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 30, 2031

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Technology Allurion Technologies, Inc. Investment Type Warrants Earnout Initial Acquisition Date 8/2/2023 Maturity Date 8/1/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 01, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Technology EBR Systems, Inc. Investment Type Warrants Success fee Initial Acquisition Date 6/30/2022 Maturity Date 6/30/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 30, 2032

Fair Value, Beginning Balance

617

Fair Value, Ending Balance

$ 617

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Technology Mingle Healthcare Solutions, Inc. Investment Type Warrants Series CC Preferred Stock Initial Acquisition Date 8/15/2018 Maturity Date 8/15/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 15, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Technology Nalu Medical, Inc. Investment Type Warrants Series D-2 Preferred Stock Initial Acquisition Date 10/12/2022 Maturity Date 10/12/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 12, 2032

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 70

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Technology Onward Medical, N.V. Investment Type Warrants Common Stock Initial Acquisition Date 6/28/2024 Maturity Date 9/26/2034

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 26, 2034

Fair Value, Beginning Balance

417

Fair Value, Ending Balance

$ 417

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Technology Route 92 Medical, Inc. Investment Type Warrants Success Fee Initial Acquisition Date 8/17/2021 Maturity Date 8/17/2031

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 17, 2031

Fair Value, Beginning Balance

784

Fair Value, Ending Balance

$ 784

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Technology SetPoint Medical Corporation Investment Type Warrants Series B Preferred Stock Initial Acquisition Date 12/29/2022 Maturity Date 12/29/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 29, 2032

Fair Value, Beginning Balance

334

Fair Value, Ending Balance

$ 334

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 29, 2031

Fair Value, Beginning Balance

223

Fair Value, Ending Balance

$ 223

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Healthcare Technology VERO Biotech LLC Investment Type Warrants Success Fee Initial Acquisition Date 12/29/2020 Maturity Date 12/29/2025

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 29, 2025

Fair Value, Beginning Balance

114

Fair Value, Ending Balance

$ 114

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Household & Personal Products Madison Reed, Inc. Investment Type Warrants Success fee Initial Acquisition Date 12/16/2022

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 414

414

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Human Resource & Employment Services CloudPay, Inc. Investment Type Warrants Series B Preferred Stock Initial Acquisition Date 6/30/2020 Maturity Date 6/30/2030

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 30, 2030

Fair Value, Beginning Balance

1,343

Fair Value, Ending Balance

$ 1,343

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Human Resource & Employment Services CloudPay, Inc. Investment Type Warrants Series D Preferred Stock Initial Acquisition Date 8/17/2021 Maturity Date 8/17/2031

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 17, 2031

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 89

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 26, 2032

Fair Value, Beginning Balance

$ 134

Fair Value, Ending Balance

$ 134

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Human Resource & Employment Services JobGet Holdings, Inc. (fka Snagajob.com, Inc. Investment Type Warrants Series B-1 Preferred Stock Initial Acquisition Date 9/29/2021 Maturity Date 9/29/2031

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 29, 2031

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Insurance Kin Insurance, Inc. Investment Type Warrants Series D-3 Preferred Stock Initial Acquisition Date 9/26/2022 Maturity Date 9/26/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 26, 2032

Fair Value, Ending Balance

$ 374

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Insurance Kin Insurance, Inc. Investment Type Warrants Series E Preferred Stock Initial Acquisition Date 8/13/2025 Maturity Date 8/13/2035

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 13, 2035

Fair Value, Ending Balance

$ 819

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet & Direct Marketing Retail Madison Reed, Inc. Investment Type Warrants Success fee Initial Acquisition Date 12/16/2022

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

183

Fair Value, Ending Balance

$ 183

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Bombora, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 12/26/2023 Maturity Date 12/26/2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 26, 2033

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 54

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 31, 2031

Fair Value, Beginning Balance

135

Fair Value, Ending Balance

$ 135

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services CarNow, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/22/2024 Maturity Date 3/22/2034

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 22, 2034

Fair Value, Beginning Balance

2,825

Fair Value, Ending Balance

$ 2,825

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Fidelis Cybersecurity, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/25/2022 Maturity Date 3/25/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 25, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services INRIX, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 7/26/2019 Maturity Date 7/26/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 26, 2029

Fair Value, Beginning Balance

344

Fair Value, Ending Balance

$ 344

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services JWP Holdco LLC (fka Longtail Ad Solutions, Inc.) Investment Type Warrants Common Units Initial Acquisition Date 12/12/2019 Maturity Date 12/12/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 12, 2029

Fair Value, Beginning Balance

158

Fair Value, Ending Balance

$ 158

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Skillshare, Inc. Investment Type Warrants Success Fee Initial Acquisition Date 11/8/2022

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

367

Fair Value, Ending Balance

$ 367

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Synack, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 12/29/2023 Maturity Date 6/30/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 30, 2032

Fair Value, Beginning Balance

186

Fair Value, Ending Balance

$ 186

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Media & Entertainment Skillshare, Inc. Investment Type Warrants Success fee Initial Acquisition Date 8/15/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 309

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Media & Entertainment Snap! Mobile, Inc. Investment Type Warrants Series B Preferred Stock Initial Acquisition Date 9/30/2024 Maturity Date 9/30/2034

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 30, 2034

Fair Value, Ending Balance

$ 293

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Pharmaceuticals, Biotechnology & Life Sciences Mustang Bio, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/4/2022 Maturity Date 3/4/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 04, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Property & Casualty Insurance Kin Insurance, Inc. Investment Type Warrants Series D-3 Preferred Stock Initial Acquisition Date 9/26/2022 Maturity Date 9/26/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 26, 2032

Fair Value, Beginning Balance

$ 285

Fair Value, Ending Balance

$ 285

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Specialized Consumer Services AllClear ID, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 10/17/2018 Maturity Date 8/31/2027

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 31, 2027

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 31, 2027

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Specialized Consumer Services Credit Sesame, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 1/7/2020 Maturity Date 1/7/2030

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jan. 07, 2030

Fair Value, Beginning Balance

365

Fair Value, Ending Balance

$ 365

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants System Software Dejero Labs Inc. Investment Type Warrants Common Stock Initial Acquisition Date 5/31/2019 Maturity Date 5/31/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

May 31, 2029

Fair Value, Beginning Balance

177

Fair Value, Ending Balance

$ 177

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants System Software Linxup, LLC Investment Type Warrants Success Fee Initial Acquisition Date 11/3/2023 Maturity Date 11/3/2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Nov. 03, 2033

Fair Value, Beginning Balance

$ 201

Fair Value, Ending Balance

$ 201

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants System Software Scale Computing, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/29/2019 Maturity Date 3/29/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 29, 2029

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Systems Software Circadence Corporation Investment Type Warrants Series A-6 Preferred Stock Initial Acquisition Date 10/31/2019 Maturity Date 10/31/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 31, 2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 20, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Systems Software Circadence Corporation Investment Type Warrants Success fee Initial Acquisition Date 12/21/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 433

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Systems Software Scale Computing, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/29/2019 Maturity Date 3/29/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 29, 2029

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Systems Software Synack, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 12/29/2023 Maturity Date 6/30/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 30, 2032

Fair Value, Ending Balance

$ 191

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Technology Hardware & Equipment Brivo, Inc.Investment Type Warrants Series A-2 Preferred Stock Initial Acquisition Date 10/20/2022 Maturity Date 10/20/2032

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 20, 2032

Fair Value, Ending Balance

$ 371

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 27, 2034

Fair Value, Ending Balance

$ 59

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Technology Hardware & Equipment Dejero Labs Inc.Investment Type Warrants Common Stock Initial Acquisition Date 5/31/2019 Maturity Date 5/31/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

May 31, 2029

Fair Value, Ending Balance

$ 125

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Technology Hardware & Equipment Linxup, LLCInvestment Type Warrants Success fee Initial Acquisition Date 11/3/2023 Maturity Date 11/3/2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Nov. 03, 2033

Fair Value, Ending Balance

$ 241

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Technology Hardware & Equipment RealWear, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 10/5/2018 Maturity Date 10/5/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 05, 2028

Fair Value, Ending Balance

$ 1

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 28, 2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 27, 2029

Fair Value, Ending Balance

$ 1

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Technology Hardware & Equipment RealWear, Inc. Investment Type Warrants Series A-1 Preferred Stock Initial Acquisition Date 10/5/2018 Maturity Date 10/5/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 05, 2028

Fair Value, Ending Balance

$ 134

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 28, 2028

Fair Value, Ending Balance

$ 27

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 27, 2029

Fair Value, Ending Balance

$ 61

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Technology Hardware, Storage & Peripherals RealWear, Inc. Investment Type Warrants Series A Preferred Stock Initial Acquisition Date 10/5/2018 Maturity Date 10/5/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 05, 2028

Fair Value, Beginning Balance

206

Fair Value, Ending Balance

$ 206

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 28, 2028

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 41

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 27, 2029

Fair Value, Beginning Balance

$ 136

Fair Value, Ending Balance

$ 136

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+8.25% PIK, 11.25% floor Initial Acquisition Date 12/12/2024 Maturity Date 12/15/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Dec. 15, 2028

Fair Value, Ending Balance

$ 941

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+8.25% PIK, 11.25% floor, 1.50% ETP Initial Acquisition Date 12/19/2023 Maturity Date 12/15/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.50%

Maturity Date

Dec. 15, 2028

Fair Value, Ending Balance

$ 23,272

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software CarNow, Inc. Investment Type Senior Secured Interest Rate SOFR+7.25%, 11.75% floor, 1.60% ETP Initial Acquisition Date 3/22/2024 Maturity Date 3/22/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.60%

Maturity Date

Mar. 22, 2029

Fair Value, Ending Balance

$ 18,804

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.50%

Maturity Date

Dec. 31, 2029

Fair Value, Ending Balance

$ 42,864

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Second Lien Interest Rate FIXED 12.50% PIK, 31.05% ETP Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Investments in and Advances to Affiliates [Line Items]

Investment Interest ETP

31.05%

Maturity Date

Sep. 24, 2029

Fair Value, Ending Balance

$ 6,210

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Senior Secured Interest Rate SOFR+7.00%, 8.00% floor, 1.00% PIK, 3.00% ETP Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.00%

Maturity Date

Sep. 24, 2029

Fair Value, Ending Balance

$ 34,895

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Commercial & Professional Services Swing Education, Inc. (Revolver) Investment Type Senior Secured Interest Rate SOFR+6.65%, 10.45% floor Initial Acquisition Date 6/27/2025 Maturity Date 6/1/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

6.65%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Jun. 01, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Commercial & Professional Services Swing Education, Inc. Investment Type Senior Secured Interest Rate SOFR+7.00%, 10.80% floor, 3.50% ETP Initial Acquisition Date 6/27/2025 Maturity Date 6/15/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.50%

Maturity Date

Jun. 15, 2029

Fair Value, Ending Balance

$ 7,887

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Maturity Date

Jun. 15, 2027

Fair Value, Ending Balance

$ 2,273

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Consumer Staples Distribution & Retail Marley Spoon SE Investment Type Senior Secured Interest Rate SOFR+ 8.75% PIK, 9.51% floor, 1.00% ETP Initial Acquisition Date 6/30/2021 Maturity Date 6/15/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

1.00%

Maturity Date

Jun. 15, 2027

Fair Value, Ending Balance

$ 34,469

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Financial Services Autobooks, Inc. Investment Type Senior Secured Interest Rate SOFR+7.50%, 11.77% floor, 2.75% ETP Initial Acquisition Date 5/5/2025 Maturity Date 2/5/2028

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

2.75%

Maturity Date

Feb. 05, 2028

Fair Value, Ending Balance

$ 28,020

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Financial Services Hurricane Cleanco Limited Investment Type Senior Secured Interest Rate FIXED 6.25%, 6.25% PIK Initial Acquisition Date 12/31/2024 Maturity Date 11/22/2029

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Nov. 22, 2029

Fair Value, Ending Balance

$ 30,352

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Systems Software Circadence Corporation Investment Type Senior Secured Interest Rate SOFR+9.50%, 12.26% floor, 7.50% ETP Initial Acquisition Date 12/20/2018 Maturity Date 12/15/2025

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

9.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

7.50%

Maturity Date

Dec. 15, 2025

Fair Value, Ending Balance

$ 19,358

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Technology Hardware & Equipment Brivo, Inc. Investment Type Senior Secured Interest Rate SOFR+7.25%, 11.29% floor, 2.53% ETP Initial Acquisition Date 12/27/2024 Maturity Date 12/15/2029

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

2.53%

Maturity Date

Dec. 15, 2029

Fair Value, Ending Balance

$ 41,003

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Technology Hardware & Equipment Dejero Labs Inc. Investment Type Second Lien Interest Rate SOFR+8.00%, 8.50% floor, 2.00% PIK, 3.00% ETP Initial Acquisition Date 12/22/2021 Maturity Date 12/22/2025

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

8.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Interest ETP

3.00%

Maturity Date

Dec. 22, 2025

Fair Value, Ending Balance

$ 14,967

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Technology Hardware & Equipment Linxup, LLC Investment Type Senior Secured Interest Rate PRIME+3.25%, 11.75% floor, 2.25% ETP Initial Acquisition Date 11/3/2023 Maturity Date 11/15/2027

Investments in and Advances to Affiliates [Line Items]

Investment, Spread

3.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Interest ETP

2.25%

Maturity Date

Nov. 15, 2027

Fair Value, Ending Balance

$ 30,655

Affiliate Investments

Investments in and Advances to Affiliates [Line Items]

Net investment income

902

2,419

Fair Value, Beginning Balance

64,572

^[1]

51,456

Gross Additions

^[2]

337

Gross Reductions

^[3]

(63,590)

Net realized gain (loss) on investments

8,943

Net change in unrealized gain (loss) on investments

8,510

(9,925)

7,263

12,779

Fair Value, Ending Balance

^[1]

64,572

Affiliate Investments | Debt Investments

Investments in and Advances to Affiliates [Line Items]

Net investment income

902

2,419

Fair Value, Beginning Balance

27,217

^[1]

23,586

Gross Additions

^[2]

337

Gross Reductions

^[3]

(26,235)

Net change in unrealized gain (loss) on investments

(982)

3,294

Fair Value, Ending Balance

^[1]

27,217

Affiliate Investments | Equity Investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

37,355

^[1]

26,894

Gross Reductions

^[3]

(37,355)

Net realized gain (loss) on investments

9,255

Net change in unrealized gain (loss) on investments

(9,255)

10,461

Fair Value, Ending Balance

^[1]

37,355

Affiliate Investments | Warrant

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

976

Net realized gain (loss) on investments

(312)

Net change in unrealized gain (loss) on investments

312

(976)

Control Investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

6,940

^[1]

950

Gross Additions

^[2]

5,600

Net change in unrealized gain (loss) on investments

367

$ 297

426

176

390

Fair Value, Ending Balance

14,049

^[4]

14,049

^[4]

6,940

^[1]

Control Investments | Equity Investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

6,940

^[1]

$ 950

950

Gross Additions

6,683

^[5]

5,600

^[2]

Net change in unrealized gain (loss) on investments

426

390

Fair Value, Ending Balance

$ 14,049

^[4]

$ 14,049

^[4]

$ 6,940

^[1]

[1]	All affiliate and control investments, which as of December 31, 2024, represented 13.90% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[2]	Gross additions include increases in the cost basis of investments resulting from fundings, PIK interest, accretion of OID and ETP, the exchange of one or more existing investments for one or more new investments and the movement of an investment between categories.
[3]	Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing investments for one or more new investments and the movement of an investment between categories.
[4]	All affiliate and control investments, which as of September 30, 2025, represented 2.87% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[5]	Gross additions include increases in the cost basis of investments resulting from fundings, PIK interest, accretion of OID and ETP, the exchange of one or more existing investments for one or more new investments and the movement of an investment between categories.

Schedule of Investments (Parenthetical) (Unaudited)	9 Months Ended	12 Months Ended
Schedule of Investments (Parenthetical) (Unaudited)	Sep. 30, 2025	Dec. 31, 2024
Percentage of Net Assets	193.24%	209.17%
United Kingdom
Percentage of Net Assets	6.55%	5.51%
Germany
Percentage of Net Assets	8.15%	6.64%
Canada
Percentage of Net Assets	3.08%	2.83%
Netherlands
Percentage of Net Assets	3.58%	3.34%
Investment Affiliated Issuer Noncontrolled
Percentage of Net Assets	0.00%	12.55%
Control Investments
Percentage of Net Assets	2.87%	1.35%
Minimum \| Investment Affiliated Issuer Noncontrolled
Investment owned from voting securities	5.00%	5.00%
Minimum \| Control Investments
Investment owned from voting securities	25.00%	25.00%
Investment owned from voting securities	50.00%	50.00%
Maximum \| Investment Affiliated Issuer Noncontrolled
Investment owned from voting securities	25.00%	25.00%
Investment owned from voting securities	50.00%	50.00%
Non Qualifying Assets at Fair Value
Percentage of assets represent of total assets	12.19%	9.28%
Qualifying Assets \| Minimum
Percentage of assets represent of total assets	70.00%	70.00%
US Prime Rate
Investment reference rate	7.25%	7.50%
1-Month SOFR
Investment reference rate	4.13%	4.33%
3-Month SOFR
Investment reference rate	3.98%	4.31%
Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Data Processing & Outsourced Services Hurricane Cleanco Limited Investment Type Senior Secured Interest Rate FIXED 6.25%, 6.25% PIK Initial Acquisition Date 12/31/2024 Maturity Date 11/22/2029
Investment Interest Rate		6.25%
Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Financial Services Hurricane Cleanco Limited Investment Type Senior Secured Interest Rate FIXED 6.25%, 6.25% PIK Initial Acquisition Date 12/31/2024 Maturity Date 11/22/2029
Investment Interest Rate	6.25%

Commitments, Contingencies, and Off-balance Sheet Arrangements (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of Payments Due by Period

The following table provides the Company’s contractual obligations as of September 30, 2025 and December 31, 2024 (in thousands):


	Payments Due by Period (1)
	Less than 1 Year				1-3 years			3-5 years		More than 5 Years		Total
As of September 30, 2025
Borrowings (2)
Credit Facility	$	-		$		-	$		186,000	$	-	$	186,000
2026 Notes		25,000				-			-		-		25,000
2027 Notes		-				132,250			-		-		132,250
2028 Notes		-				107,000			-		-		107,000
Total Borrowings		25,000				239,250			186,000		-		450,250
Deferred Incentive Fees		4,059				4,400			2,976		84		11,519
Foreign Currency Forward Contracts		(640	)			-			-		-		(640	)
Total	$	28,419		$		243,650	$		188,976	$	84	$	461,129

As of December 31, 2024
Borrowings (2)
Credit Facility	$	-		$		311,000	$		-	$	-	$	311,000
2026 Notes		-				95,000			-		-		95,000
2027 Notes		-				152,250			-		-		152,250
Total Borrowings		-				558,250			-		-		558,250
Deferred Incentive Fees		2,584				4,886			2,562		84		10,116
Total	$	2,584		$		563,136	$		2,562	$	84	$	568,366

(1)

Excludes interest payable on borrowings, accrued expenses, and commitments to extend credit to the Company’s portfolio companies.

(2)

Amounts represent future principal repayments and not the carrying value of each liability (refer to "Note 7 – Borrowings").

Schedule of Unfunded Commitments to Extend Financing

The Company's unfunded commitments to provide debt and equity financing to its portfolio companies and Runway-Cadma I LLC amounted to $143.7 million and $176.7 million as of September 30, 2025 and December 31, 2024, respectively, shown in the table below (in thousands):


Portfolio Company	Investment Type	September 30, 2025		December 31, 2024
Autobooks, Inc.	Senior Secured Term Loan	$	11,400	$	-
Blueshift Labs, Inc.	Senior Secured Term Loan		750		-
Bombora, Inc.	Senior Secured Term Loan		1,000		2,000
CarNow, Inc.	Senior Secured Term Loan		8,000		12,000
Digicert, Inc.	Senior Secured Revolver		673		-
Elevate Services, Inc.	Senior Secured Term Loan		-		14,000
Interactions Corporation	Senior Secured Term Loan		-		10,000
Linxup, LLC	Senior Secured Term Loan		-		7,500
Marley Spoon SE	Senior Secured Term Loan		637		-
Onward Medical, N.V.	Senior Secured Term Loan		38,982		38,982
Route 92 Medical, Inc.	Senior Secured Term Loan		20,000		10,000
Runway-Cadma I LLC	Joint Venture		22,718		29,400
SetPoint Medical Corporation	Senior Secured Term Loan		-		20,000
Shepherd Intermediate, LLC (dba FHAS)	Senior Secured Term Loan		2,083		-
Shepherd Intermediate, LLC (dba FHAS)	Senior Secured Revolver		417
Snap! Mobile, Inc.	Senior Secured Term Loan		5,000		5,000
Swing Education, Inc.	Senior Secured Term Loan		2,000		-
Swing Education, Inc.	Senior Secured Revolver		10,000		-
Synack, Inc.	Senior Secured Term Loan		20,000		22,500
Zinnia Corporate Holdings, LLC	Senior Secured Term Loan		-		5,333
Total unused commitments to extend financing		$	143,660	$	176,715

Concentration of Credit Risk

9 Months Ended

Sep. 30, 2025

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Note 6 – Concentration of Credit Risk

In the normal course of business, the Company maintains its cash balances at large, high credit-quality financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent that any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of those financial institutions and believes that risk of loss associated with any uninsured balance is remote.

In the event that a portfolio company completely fails to perform according to the terms of their loan agreement, the amount of loss due to credit risk from the Company's investments would equal the sum of the Company’s recorded investments in the portfolio company and the portion of unfunded commitments currently eligible to be drawn. Refer to "Note 8 – Commitments and Contingencies" for a summary of the aggregate balance of unfunded commitments as of September 30, 2025. The Company predominantly collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property.

As of September 30, 2025 and December 31, 2024, the Company’s five largest debt investments in portfolio companies represented 28.7% and 28.8%, respectively, of the total fair value of the Company’s debt investments in portfolio companies. As of September 30, 2025 and December 31, 2024, the Company had debt investments in 18 and 20 portfolio companies, respectively, that represented 5% or more of the Company’s net assets.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Investments

9 Months Ended

Sep. 30, 2025

Investments, All Other Investments [Abstract]

Investments

Note 4 – Investments

Control and Affiliate Investments

The Company classifies its investment portfolio by level of affiliation and control in accordance with the requirements of the 1940 Act. As defined in the 1940 Act, investee companies are deemed as affiliated investments when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of 5.0% or more of the outstanding voting securities of an investee company. Control investments are those where the investor has the ability or power to exercise a controlling influence over the management or policies of an investee company. Control is generally deemed to exist when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of more than 25.0% of the outstanding voting securities of an investee company, or maintains greater than 50.0% representation on the investee company's board of directors.

The Company’s affiliate and control investments as of September 30, 2025, along with the transactions during the nine months ended September 30, 2025, are as follows (in thousands):


			For the Nine Months Ended September 30, 2025
Portfolio Company		Investment Description	Investment Income Earned 2025		Fair Value as of December 31, 2024		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Fair Value as of September 30, 2025(3)
Affiliate Investments
	Debt Investments
	Gynesonics, Inc. - Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026	$	902	$	27,217	$	-	$	(26,235	)	$	-		$	(982	)	$	-
	Total Debt Investments			902		27,217		-		(26,235	)		-			(982	)		-

	Equity Investments
	Coginiti Corp	Common Stock		-		-		-		-			-			-			-
	Gynesonics, Inc.	Series A-2 Preferred Stock		-		25,000		-		(25,000	)		-			-			-
		Series A-1 Preferred Stock		-		12,355		-		(12,355	)		9,255			(9,255	)		-
	Total Equity Investments			-		37,355		-		(37,355	)		9,255			(9,255	)		-

	Warrants
	Coginiti Corp	Common Stock		-		-		-		-			-			-			-
	Gynesonics, Inc.	Success fee		-		-		-		-			(312	)		312			-
	Total Warrants			-		-		-		-			(312	)		312			-
Total Affiliate Investments			$	902	$	64,572	$	-	$	(63,590	)	$	8,943		$	(9,925	)	$	-

Control Investments
	Equity Investments
	Pivot3, Inc.	100% Equity Interest		-		1,198		-		-			-			(4	)		1,194
	Runway-Cadma I LLC	50% Equity Interest		-		5,742		6,683		-			-			430			12,855
	Total Equity Investments			-		6,940		6,683		-			-			426			14,049
Total Control Investments			$	-	$	6,940	$	6,683	$	-		$	-		$	426		$	14,049

(1)

Gross additions include increases in the cost basis of investments resulting from fundings, PIK interest, accretion of OID and ETP, the exchange of one or more existing investments for one or more new investments and the movement of an investment between categories.

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing investments for one or more new investments and the movement of an investment between categories.

(3)

All affiliate and control investments, which as of September 30, 2025, represented 2.87% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

The Company’s affiliate and control investments as of December 31, 2024, along with the transactions during the year ended December 31, 2024, are as follows (in thousands):


			For the Year Ended December 31, 2024
Portfolio Company		Investment Description	Investment Income Earned 2024		Fair Value as of December 31, 2023		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Fair Value as of December 31, 2024(3)
Affiliate Investments
	Debt Investments
	Gynesonics, Inc. - Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026	$	2,419	$	23,586	$	337	$	-	$	-	$	3,294		$	27,217
	Total Debt Investments			2,419		23,586		337		-		-		3,294			27,217

	Equity Investments
	Coginiti Corp	Common Stock		-		856		-		-		-		(856	)		-
	Gynesonics, Inc.	Series A-2 Preferred Stock		-		21,461		-		-		-		3,539			25,000
		Series A-1 Preferred Stock		-		4,577		-		-		-		7,778			12,355
	Total Equity Investments			-		26,894		-		-		-		10,461			37,355

	Warrants
	Coginiti Corp	Common Stock		-		663		-		-		-		(663	)		-
	Gynesonics, Inc.	Success fee		-		313		-		-		-		(313	)		-
	Total Warrants			-		976		-		-		-		(976	)		-
Total Affiliate Investments			$	2,419	$	51,456	$	337	$	-	$	-	$	12,779		$	64,572

Control Investments
	Equity Investments
	Pivot3, Inc.	100% Equity Interest		-		950		-		-		-		248			1,198
	Runway-Cadma I LLC	50% Equity Interest		-		-		5,600		-		-		142			5,742
	Total Equity Investments			-		950		5,600		-		-		390			6,940
Total Control Investments			$	-	$	950	$	5,600	$	-	$	-	$	390		$	6,940

(1)

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing Investments for one or more new investments and the movement of investment between categories.

(3)

All affiliate and control investments, which as of December 31, 2024, represented 13.90% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

Portfolio Composition

The following table shows the fair value of the Company's portfolio of investments by geographic region as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025					December 31, 2024
Geographic Region	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
United States
Western United States	$	374,369		76.48	%	$	431,567		83.83	%
Northeastern United States		173,002		35.34			264,780		51.43
Midwestern United States		144,423		29.50			146,963		28.54
Northwestern United States		73,771		15.07			72,414		14.06
South Central United States		41,128		8.40			40,136		7.80
Southeastern United States		21,830		4.46			20,932		4.07
Runway-Cadma I LLC(1)		12,855		2.63			5,742		1.12
Total United States		841,378		171.88			982,534		190.85

Germany		39,885		8.15			34,163		6.64
United Kingdom		32,071		6.55			28,360		5.51
Netherlands		17,539		3.58			17,203		3.34
Canada		15,091		3.08			14,580		2.83
Total	$	945,964		193.24	%	$	1,076,840		209.17	%

(1)

Runway-Cadma I LLC is a joint venture between the Company and Cadma. This entity invests in secured loans to growth-stage companies that have been originated by the Company. See "Note 2 – Summary of Significant Accounting Policies" for further discussion.

Effective June 30, 2025, the Company transitioned from an internal industry classification system to the Global Industry Classification Standard ("GICS"). The following table shows the fair value of the Company's portfolio of investments by GICS industry as of September 30, 2025 (in thousands):


	September 30, 2025
Industry	Investments at Fair Value		Percentage of Net Assets
Application Software	$	224,762		45.91	%
Systems Software		144,684		29.56
Health Care Equipment & Services		122,419		25.01
Commercial & Professional Services		116,424		23.77
Technology Hardware & Equipment		87,645		17.91
Financial Services		81,683		16.69
Insurance		44,979		9.20
Consumer Staples Distribution & Retail		39,885		8.14
Household & Personal Products		39,648		8.09
Media & Entertainment		30,980		6.33
Multi-Sector Holdings(1)		12,855		2.63
Total	$	945,964		193.24	%

(1)

Multi-Sector Holdings consists of the Company's investment in Runway-Cadma I LLC, a joint venture between the Company and Cadma. This entity invests in secured loans to growth-stage companies that have been originated by the Company. See "Note 2 – Summary of Significant Accounting Policies" for further discussion.

The following table shows the fair value of the Company's portfolio of investments by industry as of December 31, 2024 (in thousands):


	December 31, 2024
Industry	Investments at Fair Value		Percentage of Net Assets
Application Software	$	233,431		45.35	%
Healthcare Technology		218,688		42.48
Internet Software and Services		160,104		31.10
Data Processing & Outsourced Services		116,720		22.67
System Software		114,650		22.26
Property & Casualty Insurance		76,911		14.94
Internet & Direct Marketing Retail		50,729		9.86
Human Resource & Employment Services		40,560		7.88
Electronic Equipment & Instruments		40,354		7.84
Healthcare Equipment		15,382		2.98
Multi-Sector Holdings(1)		5,742		1.12
Technology Hardware, Storage & Peripherals		2,910		0.56
Specialized Consumer Services		365		0.07
Advertising		152		0.03
Asset Management & Custody Banks		138		0.03
Biotechnology		4		-
Total	$	1,076,840		209.17	%

(1)

Derivative Financial Instruments

In the normal course of business, the Company may utilize derivative contracts in connection with its investment activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The derivative activities and exposure to derivative contracts primarily involve equity price risks. In addition to the primary underlying risk, additional counterparty risk exists due to the potential inability of counterparties to meet the terms of their contracts.

Warrants provide exposure and potential gains upon increases in the portfolio company’s equity value. A warrant has a limited life and expires on a certain date. As a warrant’s expiration date approaches, the time value of the warrant will decline. In addition, if the stock underlying the warrant declines in price, the intrinsic value of an "in the money" warrant will decline. Further, if the price of the stock underlying the warrant does not exceed the strike price of the warrant on the expiration date, the warrant will expire worthless. As a result, there is the potential for the entire value of an investment in a warrant to be lost. The Company’s volume of warrant investment activity is closely correlated to its primary senior secured loans to portfolio companies. Counterparty risk exists from the potential failure of an issuer of warrants to settle its exercised warrants. The maximum risk of loss from counterparty risk is the fair value of the contracts and the purchase price of the warrants. The Board of Directors considers the effects of counterparty risk when determining the fair value of its investments in warrants.

For the three and nine months ended September 30, 2025, the Company had a net realized loss of $0.4 million and $1.7 million, respectively, and a net change in unrealized gains of $0.2 million and $1.1 million, respectively, from its investments in warrants. For the three and nine months ended September 30, 2024, the Company had no realized gains or losses and a net change in unrealized gains of $0.9 million and $0.1 million, respectively, from its investments in warrants. Realized gains and losses from warrants are included in the respective control, affiliate, or non-control/non-affiliate "Net realized gain (loss)" on the Consolidated Statements of Operations. Unrealized gains and losses from investments in warrants are included in the respective control, affiliate, or non-control/non-affiliate "Net change in unrealized gain (loss)" on the Consolidated Statements of Operations.

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies and related interest income. Derivative contracts entered into by the Company are not designated as hedging instruments. Unrealized gain (loss) from the Company's foreign currency forward contracts are recorded within "Net change in unrealized gain (loss) on forward contracts and foreign currency transactions" on the Consolidated Statements of Operations. Realized gain (loss) from the Company's foreign currency forward contracts are recorded within "Net realized gain (loss) on forward contracts and foreign currency transactions" on the Consolidated Statements of Operations.

The following table shows the Company's outstanding foreign currency forward contracts as of September 30, 2025 (in thousands):


Foreign Currency	Counterparty	Maturity Date	Notional Amount to be Sold (£)		Notional Amount to be Purchased ($)			Unrealized Gain (Loss) ($)
Great British Pound (GBP)	Canadian Imperial Bank of Commerce	12/8/2025		384		505			(10	)
Great British Pound (GBP)	Canadian Imperial Bank of Commerce	5/14/2026		21,964		28,873			(630	)
Total							$		(640	)

There were no foreign currency forward contracts as of December 31, 2024.

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by either party. The Company’s unrealized loss on derivative instruments is reported as "Foreign currency forward contracts" on the Consolidated Statements of Assets and Liabilities. The following table presents the Company’s liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of September 30, 2025:


Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities (1)
Canadian Imperial Bank of Commerce	$	(640	)	$	-	$	-	$	-	$	(640	)
Total	$	(640	)	$	-	$	-	$	-	$	(640	)

(1)

Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

There were no liabilities related to derivatives available for offset as of December 31, 2024.

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Unamortized DFC	$ (6,744)	$ (5,918)
Total debt, less unamortized deferred financing costs	443,506	552,332
Borrowings
Debt Instrument [Line Items]
Total Commitment	814,250	797,250
Face Value	450,250	558,250
Unamortized DFC	(6,744)	(5,918)
Total debt, less unamortized deferred financing costs	443,506	552,332
Borrowings \| Credit Facility
Debt Instrument [Line Items]
Total Commitment	550,000	550,000
Face Value	186,000	311,000
Unamortized DFC	(4,525)	(2,551)
Total debt, less unamortized deferred financing costs	181,475	308,449
Borrowings \| April 2026 Notes
Debt Instrument [Line Items]
Total Commitment	25,000	25,000
Face Value	25,000	25,000
Unamortized DFC	(72)	(161)
Total debt, less unamortized deferred financing costs	24,928	24,839
Borrowings \| December 2026 Notes
Debt Instrument [Line Items]
Total Commitment		70,000
Face Value		70,000
Unamortized DFC		(370)
Total debt, less unamortized deferred financing costs		69,630
Borrowings \| July 2027 Notes
Debt Instrument [Line Items]
Total Commitment	80,500	80,500
Face Value	80,500	80,500
Unamortized DFC	(991)	(1,384)
Total debt, less unamortized deferred financing costs	79,509	79,116
Borrowings \| August 2027 Notes
Debt Instrument [Line Items]
Total Commitment		20,000
Face Value		20,000
Unamortized DFC		(372)
Total debt, less unamortized deferred financing costs		19,628
Borrowings \| December 2027 Notes
Debt Instrument [Line Items]
Total Commitment	51,750	51,750
Face Value	51,750	51,750
Unamortized DFC	(818)	(1,080)
Total debt, less unamortized deferred financing costs	50,932	$ 50,670
Borrowings \| April 2028 Notes
Debt Instrument [Line Items]
Total Commitment	107,000
Face Value	107,000
Unamortized DFC	(338)
Total debt, less unamortized deferred financing costs	$ 106,662

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($) Investment shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2025 USD ($) Investment shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2024 USD ($)	Mar. 06, 2024 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Unfunded loan commitments	$ 143,660,000		$ 143,660,000		$ 176,715,000
PIK Income as a % of net investment income	11.50%	7.50%	11.10%	8.40%
Number of investments held denominated in British pound sterling \| Investment	2		2
Number of investments held denominated in euro \| Investment	1		1
Percentage of beneficial ownership of voting securities for affiliation			5.00%
Percentage of minimum beneficial ownership of voting securities for control			25.00%
Percentage of minimum board representation for control			50.00%
Payment of excise tax percentage			4.00%
Potentially dilutive securities outstanding \| shares	0	0	0	0
Other comprehensive income	$ 0	$ 0	$ 0	$ 0
Cash Equivalents
Summary Of Significant Accounting Policies [Line Items]
Investments in money market funds	$ 7,700,000		$ 7,700,000		$ 4,000,000
Joint Venture
Summary Of Significant Accounting Policies [Line Items]
Unfunded loan commitments						$ 70,000,000
Joint Venture \| Runway-Cadma I LLC
Summary Of Significant Accounting Policies [Line Items]
Unfunded loan commitments						35,000,000
Joint Venture \| Runway-Cadma I LLC \| Cadma Capital Partners LLC
Summary Of Significant Accounting Policies [Line Items]
Unfunded loan commitments						$ 35,000,000

Investments - Transactions Related to Company's Affiliate and Control Investments (Parenthetical) (Details)	Sep. 30, 2025	Dec. 31, 2024
Investments, All Other Investments [Abstract]
Percentage of net assets at fair, restricted to resale	2.87%	13.90%

Organization - Additional Information (Details) - IPO $ / shares in Units, $ in Millions	Oct. 25, 2021 USD ($) $ / shares shares
Class Of Stock [Line Items]
Issuance of common stock, Shares \| shares	6,850,000
Offering price \| $ / shares	$ 14.6
Proceeds from Issuance of Common Stock \| $	$ 93.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-Topic 272
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-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

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-Topic 272
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-Topic 235
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of September 30, 2025 and December 31, 2024 (in thousands):


	Level 1		Level 2			Level 3		Measured at Net Asset Value(1)		Total
As of September 30, 2025
Portfolio Investments
Senior Secured Loans	$	9,362	$	-		$	848,274	$	-	$	857,636
Second Lien Loans		-		-			21,177		-		21,177
Preferred Stock/Units		-		-			37,386		-		37,386
Common Stock/Units		108		-			21		-		129
Equity Interest		-		-			1,194		12,855		14,049
Warrants		-		459			15,128		-		15,587
Total Portfolio Investments		9,470		459			923,180		12,855		945,964
Cash equivalents		7,656		-			-		-		7,656
Foreign Currency Forward Contract		-		(640	)		-		-		(640	)
Total	$	17,126	$	(181	)	$	923,180	$	12,855	$	952,980

As of December 31, 2024
Portfolio Investments
Senior Secured Loans	$	-	$	-		$	950,092	$	-	$	950,092
Second Lien Loans		-		-			20,152		-		20,152
Preferred Stock/Units		9,181		-			73,460		-		82,641
Common Stock/Units		2,817		-			16		-		2,833
Equity Interest		-		-			1,198		5,742		6,940
Warrants		-		430			13,752		-		14,182
Total Portfolio Investments		11,998		430			1,058,670		5,742		1,076,840
Cash equivalents		4,026		-			-		-		4,026
Total	$	16,024	$	430		$	1,058,670	$	5,742	$	1,080,866

(1)

In accordance with ASC 820, the Company's equity investment in Runway-Cadma I LLC is measured using the net asset value as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.

Schedule of Level 3 Assets measured at Fair Value

The following table presents a rollforward of Level 3 assets measured at fair value as of September 30, 2025 (in thousands):


		Senior Secured Loans				Second Lien Loans			Convertible Notes				Preferred Stock/Units				Common Stock/Units			Equity Interest				Warrants			Total
Fair value at December 31, 2024	$		950,092		$		20,152	$		-		$		73,460		$		16	$		1,198		$		13,752		$	1,058,670
Transfers in (out) of Level 3			-				-			-				9,181				-			-				-			9,181
Purchases of investments(1)			86,073				-			1,000				2,773				-			-				2,041			91,887
PIK interest			10,801				648			-				-				-			-				-			11,449
Sales or prepayments of investments(1)			(186,751	)			-			(1,000	)			(37,355	)			-			-				-			(225,106	)
Scheduled principal repayments of investments			(9,431	)			-			-				-				-			-				-			(9,431	)
Amortization of fixed income premiums or accretion of discounts and ETP			3,216				128			-				-				-			-				-			3,344
Net realized gain (loss)			(1,501	)			-			-				9,255				-			-				(1,511	)		6,243
Net change in unrealized gain (loss)			(4,225	)			249			-				(19,928	)			5			(4	)			846			(23,057	)
Fair value at September 30, 2025	$		848,274		$		21,177	$		-		$		37,386		$		21	$		1,194		$		15,128		$	923,180
Net change in unrealized gain (loss) on Level 3 investments still held as of September 30, 2025	$		(2,650	)	$		248	$		-		$		(10,673	)	$		5	$		(4	)	$		(264	)	$	(13,338	)

(1)

Net of reorganization and restructuring of investments.

The following table presents a rollforward of Level 3 assets measured at fair value as of September 30, 2024 (in thousands):


		Senior Secured Loans				Second Lien Loans				Convertible Notes				Preferred Stock/Units			Common Stock/Units				Equity Interest			Warrants			Total
Fair value at December 31, 2023	$		964,099		$		14,399		$		1,357		$		26,285	$		872		$		950	$		12,838		$	1,020,800
Transfers in (out) of Level 3			-				-				-				-			-				-			(51	)		(51	)
Purchases of investments(1)			164,321				-				339				-			-				-			3,429			168,089
PIK interest			9,364				218				-				-			-				-			-			9,582
Sales or prepayments of investments			(144,575	)			-				-				-			-				-			(86	)		(144,661	)
Scheduled repayments of investments			(2,380	)			-				-				-			-				-			-			(2,380	)
Amortization of fixed income premiums or accretion of discounts and ETP			8,184				94				-				-			-				-			-			8,278
Net realized gain (loss)			-				-				-				-			-				-			-			-
Net change in unrealized gain (loss)			(9,628	)			(210	)			(1,696	)			6,387			(753	)			248			204			(5,448	)
Fair Value at September 30, 2024	$		989,385		$		14,501		$		-		$		32,672	$		119		$		1,198	$		16,334		$	1,054,209
Net change in unrealized gain (loss) on Level 3 investments still held as of September 30, 2024	$		(9,007	)	$		(210	)	$		(1,696	)	$		6,387	$		(753	)	$		248	$		203		$	(4,828	)

(1)

Net of reorganization and restructuring of investments.

Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements

The following table provides quantitative information regarding Level 3 fair value measurements as of September 30, 2025 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Senior Secured Loans(1)	$	786,687	Discounted Cash Flow Analysis	Discount rate	9.2% - 30.2% (15.3%)
				Origination yield	10.5% - 19.1% (13.6%)
				Revenue multiples	0.90x - 149.72x (6.73x)
		61,587	PWERM	Discount rate	17.1% - 41.6% (25.6%)
				Origination yield	12.4% - 29.9% (18.2%)
				Revenue multiples	0.26x - 1.45x (0.66x)
Second Lien Loans(1)		21,177	Discounted Cash Flow Analysis	Discount rate	20.1% - 20.2% (20.2%)
				Origination yield	13.0% - 18.4% (14.6%)
				Revenue Multiples	2.59x - 2.90x (2.68x)
Preferred Stock/Units		36,868	Current Value Method (5)	Risk-free interest rate	3.6% - 3.6% (3.6%)
				Average industry volatility	50.0% - 80.0% (57.9%)
				Estimated time to exit	2.0 - 3.0 (2.7 years)
		518	Option Pricing Model	Risk-free interest rate	3.6% - 3.7% (3.6%)
				Average industry volatility	30.0% - 52.5% (48.4%)
				Estimated time to exit	2.7 - 4.0 (2.9 years)
				Revenue multiples	2.90x - 2.97x (2.96x)
Common Stock/Units		21	Option Pricing Model	Risk-free interest rate	3.6% - 3.6% (3.6%)
				Average industry volatility	52.5% - 52.5% (52.5%)
				Estimated time to exit	3.0 - 3.0 (3.0 years)
Equity Interest		1,194	PWERM (4)	N/A	N/A
Warrants(2)		11,806	Option Pricing Model	Risk-free interest rate	3.6% - 3.9% (3.6%)
				Average industry volatility	25.0% - 95.0% (51.2%)
				Estimated time to exit	1.0 - 4.0 (2.9 years)
				Revenue multiples	1.45x - 149.72x (3.97x)
		3,322	PWERM (3)	N/A	N/A

Total Level 3 Investments	$	923,180

(1)

The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are origination yields and discount rates. The origination yield is defined as the initial market price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The discount rate is related to company-specific characteristics such as underlying investment performance, projected cash flows, and other characteristics of the investment. Significant increases or decreases in the inputs in isolation may result in a significantly higher or lower fair value measurement, depending on the materiality of the investment. However, a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase or decrease in the unobservable inputs.

(2)

The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity-related securities are inputs used in the Option Pricing Model (“OPM”), which include industry volatility, risk free interest rate and estimated time to exit. The Equity Allocation model and the Black Scholes model were the main OPMs used during the period ended September 30, 2025. Probability Weighted Expected Return Models ("PWERM") and other techniques were used as determined appropriate. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. However, a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in the unobservable inputs. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date.

(3)

Warrant investments using a PWERM valuation technique contain success fees, in which case the inputs are not applicable because the nature of a success fee is a fixed payout dependent on certain liquidation events.

(4)

Investment valued using a PWERM valuation technique and includes inputs that are based on scenario analysis specific to the asset recovery of such investment.

(5)

Investments valued using the Current Value Method, which may include a Waterfall valuation technique or be based on the redemption value of preferred shares. In the case of the JobGet Holdings, Inc. valuation, the inputs applied are based on an option pricing model that was utilized to value the shares that JobGet Holdings, Inc. owns in JobGet, Inc. In the case of a redemption value technique, inputs may be utilized in order to calculate a DLOM.

The following table provides quantitative information regarding Level 3 fair value measurements as of December 31, 2024 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Senior Secured Loans(1)	$	944,513	Discounted Cash Flow Analysis (6)	Discount rate	10.2% - 45.7% (15.6%)
				Origination yield	11.1% - 29.9% (13.9%)
				Revenue multiples	0.28x - 15.25x (4.22x)
		2,148	PWERM	Discount rate	40.0% - 40.0% (40.0%)
				Origination yield	18.6% - 18.6% (18.6%)
				Revenue multiples	1.25x - 1.25x (1.25x)
		3,431	Waterfall Approach (5)	Risk-free interest rate	4.1% - 4.1% (4.1%)
				Average industry volatility	52.5% - 52.5% (52.5%)
				Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	3.75x - 3.75x (3.75x)
Second Lien Loans(1)		20,152	Discounted Cash Flow Analysis	Discount rate	18.6% - 19.2% (19.1%)
				Origination yield	13.0% - 18.4% (14.5%)
				Revenue Multiples	1.90x - 2.85x (2.17x)
Preferred Stock/Units		35,563	Waterfall Approach (5)	Risk-free interest rate	4.1% - 4.1% (4.1%)
				Average industry volatility	52.5% - 52.5% (52.5%)
				Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	3.75x - 3.75x (3.75x)
		37,897	Option Pricing Model (6)	Risk-free interest rate	4.1% - 4.1% (4.1%)
				Average industry volatility	45.0% - 62.5% (45.1%)
				Estimated time to exit	3.0 - 4.7 (3.0 years)
				Revenue multiples	2.82x - 12.87x (12.76x)
Common Stock/Units		16	Option Pricing Model	Risk-free interest rate	4.1% - 4.1% (4.1%)
				Average industry volatility	62.5% - 62.5% (62.5%)
				Estimated time to exit	3.0 - 3.0 (3.0 years)
Equity Interest		1,198	PWERM (4)	N/A	N/A
Warrants(2)		10,860	Option Pricing Model	Risk-free interest rate	4.1% - 4.3% (4.1%)
				Average industry volatility	22.5% - 110.0% (47.7%)
				Estimated time to exit	1.0 - 3.8 (2.9 years)
				Revenue multiples	1.27x - 8.89x (3.41x)
		2,802	PWERM (3)	N/A	N/A
		90	Waterfall Approach	Revenue multiples	1.93x - 1.93x (1.93x)

Total Level 3 Investments	$	1,058,670

(1)

(2)

The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity-related securities are inputs used in the OPM, which include industry volatility, risk free interest rate and estimated time to exit. The Equity Allocation model and the Black Scholes model were the main OPMs used during the year ended December 31, 2024. Probability Weighted Expected Return Models ("PWERM") and other techniques were used as determined appropriate. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. However, a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in the unobservable inputs. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date.

(3)

(4)

Investment valued using a PWERM valuation technique and includes inputs that are based on scenario analysis specific to the asset recovery of such investment.

(5)

Investment valued using a Waterfall valuation technique. The inputs utilized in the valuation are based on an option pricing model that was utilized to value the shares that JobGet Holdings, Inc. owns in JobGet, Inc.

(6)

Includes Gynesonics, Inc., which was sold on January 2, 2025. As of December 31, 2024, the Company valued its investments in Gynesonics, Inc. at the expected sales proceeds from the acquisition.

Schedule of Fair Value of Financial Instruments Reported at Cost

The following table provides additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of September 30, 2025 and December 31, 2024 (in thousands):


			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total
As of September 30, 2025
Credit Facility	$	181,475	$	-	$	-	$	192,745	$	192,745
April 2026 Notes		24,928		-		-		26,115		26,115
July 2027 Notes		79,509		81,112		-		-		81,112
December 2027 Notes		50,932		52,392		-		-		52,392
April 2028 Notes		106,662		-		-		92,015		92,015
Total	$	443,506	$	133,504	$	-	$	310,875	$	444,379

As of December 31, 2024
Credit Facility	$	308,449	$	-	$	-	$	321,785	$	321,785
April 2026 Notes		24,839		-		-		25,616		25,616
December 2026 Notes		69,630		-		-		65,512		65,512
July 2027 Notes		79,116		80,114		-		-		80,114
August 2027 Notes		19,628		-		-		20,054		20,054
December 2027 Notes		50,670		51,957		-		-		51,957
Total	$	552,332	$	132,071	$	-	$	432,967	$	565,038

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments Reported at Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	$ 443,506	$ 552,332
Borrowings
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	443,506	552,332
Borrowings \| Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	181,475	308,449
Borrowings \| April 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	24,928	24,839
Borrowings \| December 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value		69,630
Borrowings \| July 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	79,509	79,116
Borrowings \| August 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value		19,628
Borrowings \| December 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	50,932	50,670
Borrowings \| April 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value	106,662
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	444,379	565,038
Fair Value \| Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	192,745	321,785
Fair Value \| April 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	26,115	25,616
Fair Value \| December 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value		65,512
Fair Value \| July 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	81,112	80,114
Fair Value \| August 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value		20,054
Fair Value \| December 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	52,392	51,957
Fair Value \| April 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	92,015
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	133,504	132,071
Level 1 \| Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	0	0
Level 1 \| April 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	0	0
Level 1 \| December 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value		0
Level 1 \| July 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	81,112	80,114
Level 1 \| August 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value		0
Level 1 \| December 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	52,392	51,957
Level 1 \| April 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	0	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	310,875	432,967
Level 3 \| Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	192,745	321,785
Level 3 \| April 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	26,115	25,616
Level 3 \| December 2026 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value		65,512
Level 3 \| July 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	0	0
Level 3 \| August 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value		20,054
Level 3 \| December 2027 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	0	$ 0
Level 3 \| April 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value	$ 92,015

Consolidated Statements of Changes in Net Assets (Unaudited) (Parenthetical) - shares	Sep. 30, 2025	Sep. 30, 2024
Common Stocks
Share repurchases	5,246,541	3,478,046

Schedule of Investments (Unaudited) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2025

Dec. 31, 2024

Dec. 31, 2023

Investment cost

$ 994,183

$ 1,103,883

Investment Owned, at Fair Value

$ 945,964

$ 1,076,840

Percentage of Net Assets

193.24%

209.17%

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Ceiling Rate

8.00%

Investment Interest ETP

5.00%

Initial Acquisition Date

Mar. 01, 2023

Maturity Date

Nov. 30, 2026

Principal/ Shares

$ 25,595

Investment cost

26,234

Investment Owned, at Fair Value

$ 27,217

Investment, Identifier [Axis]: Affiliate Investments Debt Investments Senior Secured Gynesonics, Inc.

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Ceiling Rate

8.00%

Investment Interest ETP

5.00%

Maturity Date

Nov. 30, 2026

Investment Owned, at Fair Value

$ 27,217

^[1]

$ 23,586

Investment, Identifier [Axis]: Affiliate Investments Equity Investments Coginiti Corp Common Stock

Investment Owned, at Fair Value

856

Investment, Identifier [Axis]: Affiliate Investments Equity Investments Gynesonics, Inc. Series A-1 Preferred Stock

Investment Owned, at Fair Value

12,355

^[1]

4,577

Investment, Identifier [Axis]: Affiliate Investments Equity Investments Gynesonics, Inc. Series A-2 Preferred Stock

Investment Owned, at Fair Value

$ 25,000

^[1]

21,461

Investment, Identifier [Axis]: Affiliate Investments Equity investments Application Software Coginiti Corp, Investment Type Equity Common Stock Initial Acquisition Date 3/9/2020

Initial Acquisition Date

Mar. 09, 2020

Principal/ Shares

1,040,160

Investment cost

$ 4,551

Investment, Identifier [Axis]: Affiliate Investments Equity investments Healthcare Technology Gynesonics, Inc. Investment Type Equity Series A-1 Preferred Stock Initial Acquisition Date 10/24/2023

Initial Acquisition Date

Oct. 24, 2023

Principal/ Shares

3,100,000

Investment cost

$ 3,100

Investment Owned, at Fair Value

$ 12,355

Investment, Identifier [Axis]: Affiliate Investments Equity investments Healthcare Technology Gynesonics, Inc. Investment Type Equity Series A-2 Preferred Stock Initial Acquisition Date 3/1/2023

Initial Acquisition Date

Mar. 01, 2023

Principal/ Shares

3,266,668

Investment cost

$ 25,000

Investment Owned, at Fair Value

$ 25,000

Investment, Identifier [Axis]: Affiliate Investments Warrants Application Software Coginiti Corp Investment Type Warrants Common Stock Initial Acquisition Date 3/9/2020 Maturity Date 3/9/2030

Initial Acquisition Date

Mar. 09, 2020

Maturity Date

Mar. 09, 2030

Principal/ Shares

811,770

Investment, Identifier [Axis]: Affiliate Investments Warrants Coginiti Corp

Investment Owned, at Fair Value

663

Investment, Identifier [Axis]: Affiliate Investments Warrants Gynesonics, Inc.

Investment Owned, at Fair Value

313

Investment, Identifier [Axis]: Affiliate Investments Warrants Healthcare Technology Gynesonics, Inc. Investment Type Warrants Success Fee Initial Acquisition Date 3/1/2023 Maturity Date 3/1/2030

Initial Acquisition Date

Mar. 01, 2023

Maturity Date

Mar. 01, 2030

Investment cost

$ 313

Investment, Identifier [Axis]: Control Investments Equity Investments Commercial & Professional Services Pivot3, Inc. Investment Type Equity 100% Equity Interest Initial Acquisition Date 12/31/2023

Initial Acquisition Date

Dec. 31, 2023

Investment cost

$ 950

Investment Owned, at Fair Value

$ 1,194

Investment interest percentage

100.00%

Initial Acquisition Date

Dec. 31, 2023

Investment cost

$ 950

Investment Owned, at Fair Value

$ 1,198

Investment interest percentage

100.00%

Investment, Identifier [Axis]: Control Investments Equity Investments Multi-Sector Holdings Runway-Cadma I LLC Investment Type Equity 50% Equity Interest Initial Acquisition Date 3/6/2024

Initial Acquisition Date

Mar. 06, 2024

Investment cost

$ 12,283

$ 5,600

Investment Owned, at Fair Value

$ 12,855

$ 5,742

Investment interest percentage

50.00%

Investment, Identifier [Axis]: Control Investments Equity Investments Pivot3, Inc.

Investment Owned, at Fair Value

$ 1,194

^[2]

$ 1,198

^[1]

950

Investment, Identifier [Axis]: Control Investments Equity Investments Runway-Cadma I LLC

Investment Owned, at Fair Value

$ 12,855

^[2]

$ 5,742

^[1]

Investment, Spread

9.26%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.76%

Investment Interest ETP

3.9375%

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 40,000

Investment cost

40,347

Investment Owned, at Fair Value

$ 40,238

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Application Software CarNow, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/22/2024 Maturity Date 3/22/2034

Initial Acquisition Date

Mar. 22, 2024

Maturity Date

Mar. 22, 2034

Principal/ Shares

200,000

Investment cost

$ 2,400

Investment Owned, at Fair Value

$ 3,026

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Application Software INRIX, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 7/26/2019 Maturity Date 7/26/2029

Initial Acquisition Date

Jul. 26, 2019

Maturity Date

Jul. 26, 2029

Principal/ Shares

150,804

Investment cost

$ 522

Investment Owned, at Fair Value

$ 326

Initial Acquisition Date

Dec. 12, 2019

Maturity Date

Dec. 12, 2029

Principal/ Shares

167,827

Investment cost

$ 47

Investment Interest PIK

3.00%

Investment, Spread

3.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.08%

Investment Interest ETP

3.25%

Initial Acquisition Date

Jun. 28, 2024

Maturity Date

Jun. 15, 2028

Principal/ Shares

$ 50,263

$ 49,129

Investment cost

50,049

48,508

Investment Owned, at Fair Value

$ 50,632

$ 49,442

Initial Acquisition Date

Dec. 12, 2024

Maturity Date

Dec. 15, 2028

Principal/ Shares

$ 500

Investment cost

500

Investment Owned, at Fair Value

$ 455

Investment Interest PIK

2.00%

Investment, Spread

6.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.25%

Investment Interest ETP

1.50%

Initial Acquisition Date

Dec. 19, 2023

Maturity Date

Dec. 15, 2028

Principal/ Shares

$ 26,018

Investment cost

25,743

Investment Owned, at Fair Value

$ 23,664

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+8.25% PIK, 11.25% floor Initial Acquisition Date 9/25/2025 Maturity Date 12/15/2028

Investment, Spread

8.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.25%

Initial Acquisition Date

Sep. 25, 2025

Maturity Date

Dec. 15, 2028

Principal/ Shares

$ 750

Investment cost

743

Investment Owned, at Fair Value

$ 998

Investment, Spread

9.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

12.26%

Investment Interest ETP

7.50%

Initial Acquisition Date

Dec. 20, 2018

Maturity Date

Dec. 15, 2025

Principal/ Shares

$ 23,752

Investment cost

25,102

Investment Owned, at Fair Value

$ 20,492

Investment Interest PIK

1.00%

Investment, Spread

5.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

9.00%

Investment Interest ETP

5.75%

Initial Acquisition Date

Oct. 19, 2020

Maturity Date

Jul. 15, 2027

Principal/ Shares

$ 36,908

Investment cost

37,411

Investment Owned, at Fair Value

$ 36,252

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.25%

Investment Interest ETP

1.50%

Initial Acquisition Date

Dec. 31, 2024

Maturity Date

Dec. 31, 2029

Principal/ Shares

$ 43,000

Investment cost

42,008

Investment Owned, at Fair Value

$ 42,008

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

12.10%

Investment Interest ETP

3.83%

Initial Acquisition Date

Sep. 30, 2024

Maturity Date

Sep. 30, 2028

Principal/ Shares

$ 18,000

Investment cost

17,511

Investment Owned, at Fair Value

$ 17,511

Investment Interest PIK

12.50%

Investment Interest ETP

31.05%

Initial Acquisition Date

Dec. 12, 2024

Maturity Date

Sep. 24, 2029

Principal/ Shares

$ 6,000

Investment cost

5,749

Investment Owned, at Fair Value

$ 5,749

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Senior Secured Interest Rate SOFR+7.00%, 8.00% floor, 1.00% PIK, 3.00% ETP Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Investment Interest PIK

1.00%

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

8.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 12, 2024

Maturity Date

Sep. 24, 2029

Principal/ Shares

$ 35,000

Investment cost

34,664

Investment Owned, at Fair Value

$ 34,244

Investment, Spread

5.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

7.50%

Initial Acquisition Date

Sep. 23, 2024

Maturity Date

Sep. 21, 2029

Principal/ Shares

$ 40,000

Investment cost

39,326

Investment Owned, at Fair Value

$ 40,020

Investment Interest PIK

3.25%

Investment, Spread

4.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

6.75%

Investment Interest ETP

1.10%

Initial Acquisition Date

Dec. 26, 2023

Maturity Date

Jan. 15, 2028

Principal/ Shares

$ 30,634

Investment cost

30,652

Investment Owned, at Fair Value

$ 30,802

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

12.78%

Investment Interest ETP

0.50%

Initial Acquisition Date

Jul. 10, 2023

Maturity Date

Jul. 10, 2027

Principal/ Shares

$ 39,000

Investment cost

38,231

Investment Owned, at Fair Value

$ 39,195

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

8.25%

Initial Acquisition Date

Jul. 10, 2025

Maturity Date

Jul. 10, 2030

Investment cost

$ (6)

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

8.25%

Initial Acquisition Date

Jul. 10, 2025

Maturity Date

Jul. 10, 2030

Principal/ Shares

$ 7,500

Investment cost

7,376

Investment Owned, at Fair Value

$ 7,391

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.51%

Initial Acquisition Date

May 20, 2025

Maturity Date

Nov. 15, 2025

Principal/ Shares

$ 3,975

Investment cost

3,975

Investment Owned, at Fair Value

$ 3,124

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

12.78%

Initial Acquisition Date

Jul. 10, 2023

Maturity Date

Jul. 10, 2027

Principal/ Shares

$ 26,000

Investment cost

25,316

Investment Owned, at Fair Value

$ 26,274

Investment Interest PIK

6.25%

Investment, Fixed

6.25%

Initial Acquisition Date

Dec. 31, 2024

Maturity Date

Nov. 22, 2029

Principal/ Shares

$ 26,643

Investment cost

26,692

Investment Owned, at Fair Value

$ 26,643

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.00%

Investment Interest ETP

5.00%

Initial Acquisition Date

Nov. 29, 2022

Maturity Date

Nov. 15, 2026

Principal/ Shares

$ 25,000

Investment cost

25,465

Investment Owned, at Fair Value

$ 21,747

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.29%

Investment Interest ETP

2.53%

Initial Acquisition Date

Dec. 27, 2024

Maturity Date

Dec. 15, 2029

Principal/ Shares

$ 40,000

Investment cost

39,708

Investment Owned, at Fair Value

$ 39,708

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.00%

Investment Interest ETP

6.00%

Initial Acquisition Date

Nov. 29, 2022

Maturity Date

Nov. 15, 2026

Principal/ Shares

$ 25,000

Investment cost

25,848

Investment Owned, at Fair Value

$ 22,146

Investment, Spread

4.90%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

8.90%

Investment Interest ETP

4.50%

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 40,000

Investment cost

40,509

Investment Owned, at Fair Value

$ 41,011

Investment, Spread

9.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

12.26%

Investment Interest ETP

10.50%

Initial Acquisition Date

Aug. 15, 2018

Maturity Date

Dec. 15, 2026

Principal/ Shares

$ 4,127

Investment cost

4,757

Investment Owned, at Fair Value

$ 2,363

Investment, Spread

5.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

8.75%

Investment Interest ETP

3.50%

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jul. 01, 2027

Principal/ Shares

$ 15,000

Investment cost

15,198

Investment Owned, at Fair Value

$ 15,427

Investment, Spread

6.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

10.75%

Investment Interest ETP

2.50%

Initial Acquisition Date

Jun. 28, 2024

Maturity Date

Jun. 15, 2028

Principal/ Shares

$ 17,088

Investment cost

16,833

Investment Owned, at Fair Value

$ 17,080

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.00%

Investment Interest ETP

3.95%

Initial Acquisition Date

Mar. 31, 2025

Maturity Date

Mar. 31, 2029

Principal/ Shares

$ 35,000

Investment cost

34,317

Investment Owned, at Fair Value

$ 34,746

Investment, Spread

6.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

10.75%

Investment Interest ETP

2.50%

Initial Acquisition Date

Jun. 28, 2024

Maturity Date

Jun. 15, 2028

Principal/ Shares

$ 17,088

Investment cost

16,682

Investment Owned, at Fair Value

$ 16,786

Investment, Spread

5.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

8.75%

Investment Interest ETP

3.50%

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jul. 01, 2027

Principal/ Shares

$ 15,000

Investment cost

15,078

Investment Owned, at Fair Value

$ 15,358

Investment, Spread

4.90%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

8.90%

Investment Interest ETP

4.50%

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 40,000

Investment cost

40,037

Investment Owned, at Fair Value

$ 40,511

Investment, Spread

9.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

12.26%

Investment Interest ETP

10.50%

Initial Acquisition Date

Aug. 15, 2018

Maturity Date

Dec. 15, 2026

Principal/ Shares

$ 4,322

Investment cost

4,952

Investment Owned, at Fair Value

$ 2,148

Investment Interest PIK

2.00%

Investment, Spread

2.70%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

6.70%

Investment Interest ETP

4.50%

Initial Acquisition Date

Oct. 12, 2022

Maturity Date

Oct. 12, 2027

Principal/ Shares

$ 20,902

Investment cost

21,047

Investment Owned, at Fair Value

$ 21,431

Investment, Spread

8.48%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

8.98%

Investment Interest ETP

3.95%

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Jul. 01, 2026

Principal/ Shares

$ 35,000

Investment cost

34,983

Investment Owned, at Fair Value

$ 35,682

Investment, Spread

5.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.00%

Investment Interest ETP

4.00%

Initial Acquisition Date

Dec. 29, 2022

Maturity Date

Dec. 01, 2027

Principal/ Shares

$ 25,000

Investment cost

25,236

Investment Owned, at Fair Value

$ 25,817

Investment, Spread

5.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

12.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Aug. 29, 2025

Maturity Date

Aug. 29, 2029

Principal/ Shares

$ 40,000

Investment cost

39,230

Investment Owned, at Fair Value

$ 39,234

Investment, Spread

8.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.00%

Initial Acquisition Date

Sep. 29, 2021

Maturity Date

Nov. 15, 2025

Principal/ Shares

$ 3,732

Investment cost

3,774

Investment Owned, at Fair Value

$ 3,431

Investment, Spread

5.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

12.00%

Investment Interest ETP

2.00%

Initial Acquisition Date

Aug. 13, 2025

Maturity Date

Aug. 13, 2029

Principal/ Shares

$ 45,000

Investment cost

43,782

Investment Owned, at Fair Value

$ 43,786

Investment, Spread

4.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

11.00%

Investment Interest Cash Cap

11.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 16, 2022

Maturity Date

Dec. 16, 2026

Principal/ Shares

$ 16,234

Investment cost

16,235

Investment Owned, at Fair Value

$ 16,383

Investment, Spread

8.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.26%

Investment Interest ETP

1.00%

Initial Acquisition Date

Jun. 30, 2021

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 38,809

Investment cost

38,807

Investment Owned, at Fair Value

$ 34,120

Investment Interest PIK

3.25%

Investment, Spread

4.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

6.75%

Investment Interest ETP

0.96%

Initial Acquisition Date

Dec. 26, 2023

Maturity Date

Jan. 15, 2028

Principal/ Shares

$ 28,911

Investment cost

28,876

Investment Owned, at Fair Value

$ 29,058

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.75%

Investment Interest ETP

1.60%

Initial Acquisition Date

Mar. 22, 2024

Maturity Date

Mar. 22, 2029

Principal/ Shares

$ 20,000

Investment cost

17,791

Investment Owned, at Fair Value

$ 17,658

Investment, Spread

6.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

10.72%

Investment Interest ETP

3.00%

Initial Acquisition Date

Nov. 08, 2022

Maturity Date

Nov. 08, 2026

Principal/ Shares

$ 27,600

Investment cost

27,875

Investment Owned, at Fair Value

$ 27,555

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.07%

Investment Interest ETP

1.00%

Initial Acquisition Date

Dec. 29, 2023

Maturity Date

Dec. 29, 2028

Principal/ Shares

$ 42,500

Investment cost

42,331

Investment Owned, at Fair Value

$ 42,520

Investment, Spread

8.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

10.00%

Initial Acquisition Date

Sep. 23, 2024

Maturity Date

Sep. 21, 2029

Principal/ Shares

$ 40,000

Investment cost

39,244

Investment Owned, at Fair Value

$ 39,244

Investment, Spread

6.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

10.96%

Investment Interest ETP

2.00%

Initial Acquisition Date

Aug. 15, 2025

Maturity Date

Feb. 08, 2029

Principal/ Shares

$ 12,614

Investment cost

12,458

Investment Owned, at Fair Value

$ 12,462

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

12.10%

Investment Interest ETP

3.83%

Initial Acquisition Date

Sep. 30, 2024

Maturity Date

Sep. 30, 2028

Principal/ Shares

$ 18,000

Investment cost

17,699

Investment Owned, at Fair Value

$ 17,724

Investment, Spread

6.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

12.50%

Investment Interest ETP

3.30%

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 15, 2026

Principal/ Shares

$ 75,000

Investment cost

75,912

Investment Owned, at Fair Value

$ 76,626

Investment Interest PIK

2.50%

Investment, Spread

4.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

6.50%

Investment Interest ETP

2.34%

Initial Acquisition Date

Nov. 09, 2022

Maturity Date

Nov. 09, 2027

Principal/ Shares

$ 72,205

Investment cost

72,307

Investment Owned, at Fair Value

$ 69,262

Investment Interest PIK

2.00%

Investment, Spread

8.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

8.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 22, 2021

Maturity Date

Dec. 22, 2025

Principal/ Shares

$ 14,463

Investment cost

14,696

Investment Owned, at Fair Value

$ 14,403

Investment, Spread

3.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

11.75%

Investment Interest ETP

2.25%

Initial Acquisition Date

Nov. 03, 2023

Maturity Date

Nov. 15, 2027

Principal/ Shares

$ 30,000

Investment cost

29,779

Investment Owned, at Fair Value

$ 30,607

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.00%

Investment Interest ETP

5.00%

Initial Acquisition Date

Nov. 09, 2022

Maturity Date

Mar. 31, 2026

Principal/ Shares

$ 72,290

Investment cost

75,421

Investment Owned, at Fair Value

$ 70,266

Investment, Spread

5.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

6.50%

Initial Acquisition Date

Jul. 30, 2025

Maturity Date

Jul. 30, 2030

Investment cost

$ (9)

Investment, Spread

5.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

6.50%

Initial Acquisition Date

Jul. 30, 2025

Maturity Date

Jul. 30, 2030

Principal/ Shares

$ 9,327

Investment cost

9,191

Investment Owned, at Fair Value

$ 9,362

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.07%

Investment Interest ETP

1.00%

Initial Acquisition Date

Dec. 29, 2023

Maturity Date

Dec. 29, 2028

Principal/ Shares

$ 45,000

Investment cost

44,887

Investment Owned, at Fair Value

$ 45,074

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Advertising Minute Media Inc. Investment Type Equity Common Stock Initial Acquisition Date 12/13/2023

Initial Acquisition Date

Dec. 13, 2023

Principal/ Shares

136

Investment cost

$ 16

Investment Owned, at Fair Value

$ 16

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Advertising Minute Media Inc. Investment Type Equity Preferred Stock Initial Acquisition Date 12/13/2023

Initial Acquisition Date

Dec. 13, 2023

Principal/ Shares

1,039

Investment cost

$ 120

Investment Owned, at Fair Value

$ 136

Initial Acquisition Date

Jul. 10, 2018

Principal/ Shares

289,419

Investment cost

$ 250

Investment Owned, at Fair Value

$ 323

$ 263

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Application Software FiscalNote, Inc. Investment Type Equity Common Stock Initial Acquisition Date 10/19/2020

Initial Acquisition Date

Oct. 19, 2020

Principal/ Shares

230,881

Investment cost

$ 438

Investment Owned, at Fair Value

$ 247

Initial Acquisition Date

Dec. 12, 2024

Principal/ Shares

3,015,219

Investment cost

$ 143

Investment Owned, at Fair Value

$ 23

$ 143

Initial Acquisition Date

Oct. 19, 2020

Principal/ Shares

19,240

Investment cost

$ 438

Investment Owned, at Fair Value

$ 89

Initial Acquisition Date

Nov. 15, 2024

Principal/ Shares

476,564

Investment cost

$ 39,275

Investment Owned, at Fair Value

$ 27,200

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Commercial & Professional Services JobGet Holdings, Inc. (fka Snagajob.com, Inc.) Investment Type Equity Series C-2 Preferred Stock Initial Acquisition Date 11/15/2024

Initial Acquisition Date

Nov. 15, 2024

Principal/ Shares

16,963

Initial Acquisition Date

Jul. 07, 2023

Principal/ Shares

46,004

Investment cost

$ 410

Investment Owned, at Fair Value

$ 19

Temporary equity, dividend rate percentage

8.75%

Initial Acquisition Date

Jan. 08, 2020

Principal/ Shares

462,064

Investment cost

$ 12,132

Investment Owned, at Fair Value

$ 9,669

Temporary equity, dividend rate percentage

11.00%

Initial Acquisition Date

Jan. 08, 2020

Principal/ Shares

462,064

Investment cost

$ 12,132

Investment Owned, at Fair Value

$ 9,181

Initial Acquisition Date

Nov. 15, 2024

Principal/ Shares

389,048

Investment cost

$ 36,502

Investment Owned, at Fair Value

$ 35,563

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Human Resource & Employment Services JobGet Holdings, Inc. (fka Snagajob.com, Inc.) Investment Type Equity Series C-2 Preferred Stock Initial Acquisition Date 11/15/2024

Initial Acquisition Date

Nov. 15, 2024

Principal/ Shares

16,963

Initial Acquisition Date

Jul. 07, 2023

Principal/ Shares

46,004

Investment cost

$ 410

Investment Owned, at Fair Value

$ 43

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Media & Entertainment Minute Media Inc. Investment Type Equity Common Stock Initial Acquisition Date 12/13/2023

Initial Acquisition Date

Dec. 13, 2023

Principal/ Shares

136

Investment cost

$ 16

Investment Owned, at Fair Value

$ 21

Initial Acquisition Date

Dec. 13, 2023

Principal/ Shares

1,039

Investment cost

$ 120

Investment Owned, at Fair Value

$ 171

Initial Acquisition Date

Aug. 13, 2021

Principal/ Shares

22,986

Investment cost

$ 2,607

Investment Owned, at Fair Value

$ 1,239

Initial Acquisition Date

Dec. 31, 2020

Principal/ Shares

81,046

Investment cost

$ 1,119

Investment Owned, at Fair Value

$ 1,288

Initial Acquisition Date

Dec. 28, 2018

Maturity Date

Dec. 28, 2028

Principal/ Shares

273,164

Investment cost

$ 104

Initial Acquisition Date

Jun. 28, 2024

Maturity Date

Jun. 28, 2034

Principal/ Shares

519,313

Investment cost

$ 414

Investment Owned, at Fair Value

$ 442

$ 499

Initial Acquisition Date

Jun. 29, 2018

Maturity Date

Jun. 29, 2028

Principal/ Shares

2,387,705

Investment cost

$ 1,048

Investment Owned, at Fair Value

$ 1,329

$ 1,159

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Blueshift Labs, Inc. Investment Type Warrants Success fee Initial Acquisition Date 12/19/2023

Initial Acquisition Date

Dec. 19, 2023

Investment cost

$ 167

Investment Owned, at Fair Value

$ 166

$ 188

Initial Acquisition Date

Oct. 31, 2019

Maturity Date

Oct. 31, 2029

Principal/ Shares

384,615

Investment cost

$ 846

Investment Owned, at Fair Value

$ 54

Initial Acquisition Date

Dec. 20, 2018

Maturity Date

Dec. 20, 2028

Principal/ Shares

1,538,462

Investment cost

$ 3,630

Investment Owned, at Fair Value

$ 298

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Circadence Corporation Investment Type Warrants Success fee Initial Acquisition Date 12/21/2023

Initial Acquisition Date

Dec. 21, 2023

Investment cost

$ 304

Investment Owned, at Fair Value

$ 13

Initial Acquisition Date

Jul. 29, 2022

Maturity Date

Jul. 29, 2027

Investment cost

$ 127

Investment Owned, at Fair Value

$ 8

Initial Acquisition Date

Dec. 31, 2024

Maturity Date

Dec. 31, 2034

Principal/ Shares

119,978

Investment cost

$ 348

Investment Owned, at Fair Value

$ 491

$ 348

Initial Acquisition Date

Dec. 03, 2018

Maturity Date

Dec. 03, 2028

Principal/ Shares

647,615

Investment cost

$ 2,162

Initial Acquisition Date

Sep. 30, 2024

Maturity Date

Sep. 30, 2034

Principal/ Shares

19,140

Investment cost

$ 345

Investment Owned, at Fair Value

$ 394

Initial Acquisition Date

Oct. 06, 2023

Maturity Date

Oct. 06, 2033

Principal/ Shares

7,680

Investment cost

$ 35

Investment Owned, at Fair Value

$ 64

Initial Acquisition Date

Oct. 06, 2023

Maturity Date

Oct. 06, 2033

Principal/ Shares

9,818

Investment cost

$ 40

Investment Owned, at Fair Value

$ 74

Initial Acquisition Date

Mar. 04, 2022

Maturity Date

Mar. 04, 2032

Principal/ Shares

49,869

Investment cost

$ 315

Investment Owned, at Fair Value

$ 4

Initial Acquisition Date

Sep. 02, 2022

Maturity Date

Sep. 02, 2032

Principal/ Shares

7,538

Investment cost

$ 226

Initial Acquisition Date

Aug. 31, 2017

Maturity Date

Aug. 31, 2027

Principal/ Shares

870,514

Investment cost

$ 1,750

Initial Acquisition Date

Dec. 26, 2023

Maturity Date

Dec. 26, 2033

Principal/ Shares

54,711

Investment cost

$ 48

Investment Owned, at Fair Value

$ 51

Initial Acquisition Date

Mar. 31, 2021

Maturity Date

Mar. 31, 2031

Principal/ Shares

121,581

Investment cost

$ 174

Investment Owned, at Fair Value

$ 113

Initial Acquisition Date

Jun. 30, 2020

Maturity Date

Jun. 30, 2030

Principal/ Shares

11,273

Investment cost

$ 218

Investment Owned, at Fair Value

$ 1,311

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Aug. 17, 2031

Principal/ Shares

3,502

Investment cost

$ 52

Investment Owned, at Fair Value

$ 86

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 26, 2032

Principal/ Shares

5,252

Investment cost

$ 176

Investment Owned, at Fair Value

$ 130

Initial Acquisition Date

Jul. 10, 2023

Maturity Date

Jul. 10, 2033

Principal/ Shares

248,997

Investment cost

$ 447

Investment Owned, at Fair Value

$ 416

Initial Acquisition Date

Jul. 17, 2024

Maturity Date

Jul. 17, 2034

Principal/ Shares

236,549

Investment cost

$ 377

Investment Owned, at Fair Value

$ 536

Initial Acquisition Date

Jul. 29, 2022

Maturity Date

Jul. 29, 2027

Investment cost

$ 127

Initial Acquisition Date

Sep. 29, 2021

Maturity Date

Sep. 29, 2031

Principal/ Shares

763,269

Investment cost

$ 343

Initial Acquisition Date

Jun. 27, 2025

Maturity Date

Jun. 27, 2035

Principal/ Shares

196,160

Investment cost

$ 19

Investment Owned, at Fair Value

$ 23

Initial Acquisition Date

Jul. 22, 2019

Maturity Date

Jul. 22, 2029

Principal/ Shares

848,093

Investment cost

$ 183

Initial Acquisition Date

Jul. 10, 2023

Maturity Date

Jul. 10, 2033

Principal/ Shares

248,997

Investment cost

$ 447

Investment Owned, at Fair Value

$ 398

Initial Acquisition Date

Jul. 17, 2024

Maturity Date

Jul. 17, 2034

Principal/ Shares

74,700

Investment cost

$ 118

Investment Owned, at Fair Value

$ 119

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 24, 2032

Principal/ Shares

189,408

Investment cost

$ 219

Investment Owned, at Fair Value

$ 13

Initial Acquisition Date

Dec. 03, 2018

Maturity Date

Dec. 03, 2028

Principal/ Shares

647,615

Investment cost

$ 2,162

Investment Owned, at Fair Value

$ 90

Initial Acquisition Date

Oct. 20, 2022

Maturity Date

Oct. 20, 2032

Principal/ Shares

201,000

Investment cost

$ 98

Investment Owned, at Fair Value

$ 269

Initial Acquisition Date

Dec. 27, 2024

Maturity Date

Dec. 27, 2034

Principal/ Shares

32,109

Investment cost

$ 43

Investment Owned, at Fair Value

$ 43

Initial Acquisition Date

Dec. 17, 2021

Maturity Date

Dec. 17, 2028

Investment cost

$ 505

Investment Owned, at Fair Value

$ 334

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Financial Services Autobooks, Inc. Investment Type Warrants Success Fee Initial Acquisition Date 5/5/2025

Initial Acquisition Date

May 05, 2025

Investment cost

$ 489

Investment Owned, at Fair Value

$ 508

Initial Acquisition Date

Oct. 06, 2023

Maturity Date

Oct. 06, 2033

Principal/ Shares

7,680

Investment cost

$ 35

Investment Owned, at Fair Value

$ 60

Initial Acquisition Date

Oct. 06, 2023

Maturity Date

Oct. 06, 2033

Principal/ Shares

9,818

Investment cost

$ 40

Investment Owned, at Fair Value

$ 68

Initial Acquisition Date

Jan. 07, 2020

Maturity Date

Jan. 07, 2030

Principal/ Shares

191,601

Investment cost

$ 425

Investment Owned, at Fair Value

$ 529

Initial Acquisition Date

Mar. 30, 2021

Maturity Date

Mar. 30, 2031

Principal/ Shares

5,320

Investment cost

$ 282

Initial Acquisition Date

Jun. 14, 2022

Maturity Date

Mar. 30, 2031

Principal/ Shares

1,851

Investment cost

$ 141

Initial Acquisition Date

Sep. 15, 2022

Maturity Date

Sep. 15, 2032

Principal/ Shares

1,850

Investment cost

$ 144

Initial Acquisition Date

Aug. 02, 2023

Maturity Date

Aug. 01, 2028

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 30, 2032

Investment cost

$ 605

Investment Owned, at Fair Value

$ 602

Initial Acquisition Date

Aug. 15, 2018

Maturity Date

Aug. 15, 2028

Principal/ Shares

1,770,973

Investment cost

$ 492

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 24, 2032

Principal/ Shares

214,285

Investment cost

$ 175

Investment Owned, at Fair Value

$ 28

Initial Acquisition Date

Oct. 12, 2022

Maturity Date

Oct. 12, 2032

Principal/ Shares

91,717

Investment cost

$ 173

Investment Owned, at Fair Value

$ 30

Initial Acquisition Date

Jun. 28, 2024

Maturity Date

Sep. 26, 2034

Principal/ Shares

165,338

Investment cost

$ 340

Investment Owned, at Fair Value

$ 459

Initial Acquisition Date

Mar. 31, 2025

Maturity Date

Mar. 31, 2035

Investment cost

$ 833

Investment Owned, at Fair Value

$ 649

Initial Acquisition Date

Dec. 29, 2022

Maturity Date

Dec. 29, 2032

Principal/ Shares

600,000

Investment cost

$ 74

Investment Owned, at Fair Value

$ 213

Initial Acquisition Date

Jun. 29, 2021

Maturity Date

Jun. 29, 2031

Principal/ Shares

400,000

Investment cost

$ 14

Investment Owned, at Fair Value

$ 142

Initial Acquisition Date

Dec. 29, 2020

Maturity Date

Dec. 29, 2025

Investment cost

$ 377

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 24, 2032

Principal/ Shares

214,285

Investment cost

$ 175

Investment Owned, at Fair Value

$ 24

Initial Acquisition Date

Sep. 15, 2022

Maturity Date

Sep. 15, 2032

Principal/ Shares

46,256

Investment cost

$ 144

Initial Acquisition Date

Mar. 30, 2021

Maturity Date

Mar. 30, 2031

Principal/ Shares

132,979

Investment cost

$ 282

Investment Owned, at Fair Value

$ 1

Initial Acquisition Date

Jun. 14, 2022

Maturity Date

Mar. 30, 2031

Principal/ Shares

46,256

Investment cost

$ 141

Initial Acquisition Date

Aug. 02, 2023

Maturity Date

Aug. 01, 2028

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 30, 2032

Investment cost

$ 605

Investment Owned, at Fair Value

$ 617

Initial Acquisition Date

Aug. 15, 2018

Maturity Date

Aug. 15, 2028

Principal/ Shares

1,770,973

Investment cost

$ 492

Initial Acquisition Date

Oct. 12, 2022

Maturity Date

Oct. 12, 2032

Principal/ Shares

91,717

Investment cost

$ 173

Investment Owned, at Fair Value

$ 70

Initial Acquisition Date

Jun. 28, 2024

Maturity Date

Sep. 26, 2034

Principal/ Shares

165,338

Investment cost

$ 340

Investment Owned, at Fair Value

$ 417

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Aug. 17, 2031

Investment cost

$ 835

Investment Owned, at Fair Value

$ 784

Initial Acquisition Date

Dec. 29, 2022

Maturity Date

Dec. 29, 2032

Principal/ Shares

600,000

Investment cost

$ 74

Investment Owned, at Fair Value

$ 334

Initial Acquisition Date

Jun. 29, 2021

Maturity Date

Jun. 29, 2031

Principal/ Shares

400,000

Investment cost

$ 14

Investment Owned, at Fair Value

$ 223

Initial Acquisition Date

Dec. 29, 2020

Maturity Date

Dec. 29, 2025

Investment cost

$ 377

Investment Owned, at Fair Value

$ 114

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Household & Personal Products Madison Reed, Inc. Investment Type Warrants Success fee Initial Acquisition Date 12/16/2022

Initial Acquisition Date

Aug. 29, 2025

Investment cost

$ 404

Investment Owned, at Fair Value

$ 414

Initial Acquisition Date

Jun. 30, 2020

Maturity Date

Jun. 30, 2030

Principal/ Shares

11,273

Investment cost

$ 218

Investment Owned, at Fair Value

$ 1,343

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Aug. 17, 2031

Principal/ Shares

3,502

Investment cost

$ 52

Investment Owned, at Fair Value

$ 89

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 26, 2032

Principal/ Shares

5,252

Investment cost

$ 176

Investment Owned, at Fair Value

$ 134

Initial Acquisition Date

Sep. 29, 2021

Maturity Date

Sep. 29, 2031

Principal/ Shares

763,269

Investment cost

$ 343

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 26, 2032

Principal/ Shares

62,364

Investment cost

$ 426

Investment Owned, at Fair Value

$ 374

Initial Acquisition Date

Aug. 13, 2025

Maturity Date

Aug. 13, 2035

Principal/ Shares

15,928

Investment cost

$ 818

Investment Owned, at Fair Value

$ 819

Initial Acquisition Date

Dec. 16, 2022

Investment cost

$ 209

Investment Owned, at Fair Value

$ 183

Initial Acquisition Date

Dec. 26, 2023

Maturity Date

Dec. 26, 2033

Principal/ Shares

48,632

Investment cost

$ 43

Investment Owned, at Fair Value

$ 54

Initial Acquisition Date

Mar. 31, 2021

Maturity Date

Mar. 31, 2031

Principal/ Shares

121,581

Investment cost

$ 174

Investment Owned, at Fair Value

$ 135

Initial Acquisition Date

Mar. 22, 2024

Maturity Date

Mar. 22, 2034

Principal/ Shares

200,000

Investment cost

$ 2,400

Investment Owned, at Fair Value

$ 2,825

Initial Acquisition Date

Mar. 25, 2022

Maturity Date

Mar. 25, 2032

Investment cost

$ 79

Initial Acquisition Date

Jul. 26, 2019

Maturity Date

Jul. 26, 2029

Principal/ Shares

150,804

Investment cost

$ 522

Investment Owned, at Fair Value

$ 344

Initial Acquisition Date

Dec. 12, 2019

Maturity Date

Dec. 12, 2029

Principal/ Shares

167,827

Investment cost

$ 47

Investment Owned, at Fair Value

$ 158

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Skillshare, Inc. Investment Type Warrants Success Fee Initial Acquisition Date 11/8/2022

Initial Acquisition Date

Nov. 08, 2022

Investment cost

$ 301

Investment Owned, at Fair Value

$ 367

Initial Acquisition Date

Dec. 29, 2023

Maturity Date

Jun. 30, 2032

Principal/ Shares

124,215

Investment cost

$ 158

Investment Owned, at Fair Value

$ 186

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Media & Entertainment Skillshare, Inc. Investment Type Warrants Success fee Initial Acquisition Date 8/15/2025

Initial Acquisition Date

Aug. 15, 2025

Investment cost

$ 337

Investment Owned, at Fair Value

$ 309

Initial Acquisition Date

Sep. 30, 2024

Maturity Date

Sep. 30, 2034

Principal/ Shares

19,140

Investment cost

$ 345

Investment Owned, at Fair Value

$ 293

Initial Acquisition Date

Mar. 04, 2022

Maturity Date

Mar. 04, 2032

Principal/ Shares

997

Investment cost

$ 315

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 26, 2032

Principal/ Shares

62,364

Investment cost

$ 426

Investment Owned, at Fair Value

$ 285

Initial Acquisition Date

Oct. 17, 2018

Maturity Date

Aug. 31, 2027

Principal/ Shares

346,621

Investment cost

$ 697

Initial Acquisition Date

Aug. 31, 2017

Maturity Date

Aug. 31, 2027

Principal/ Shares

523,893

Investment cost

$ 1,053

Initial Acquisition Date

Jan. 07, 2020

Maturity Date

Jan. 07, 2030

Principal/ Shares

191,601

Investment cost

$ 425

Investment Owned, at Fair Value

$ 365

Initial Acquisition Date

May 31, 2019

Maturity Date

May 31, 2029

Principal/ Shares

333,621

Investment cost

$ 192

Investment Owned, at Fair Value

$ 177

Initial Acquisition Date

Nov. 03, 2023

Maturity Date

Nov. 03, 2033

Investment cost

$ 253

Investment Owned, at Fair Value

$ 201

Initial Acquisition Date

Mar. 29, 2019

Maturity Date

Mar. 29, 2029

Principal/ Shares

9,665,667

Investment cost

$ 346

Initial Acquisition Date

Oct. 31, 2019

Maturity Date

Oct. 31, 2029

Principal/ Shares

384,615

Investment cost

$ 846

Initial Acquisition Date

Dec. 20, 2018

Maturity Date

Dec. 20, 2028

Principal/ Shares

1,538,462

Investment cost

$ 3,630

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Systems Software Circadence Corporation Investment Type Warrants Success fee Initial Acquisition Date 12/21/2023

Initial Acquisition Date

Dec. 21, 2023

Investment cost

$ 304

Investment Owned, at Fair Value

$ 433

Initial Acquisition Date

Mar. 29, 2019

Maturity Date

Mar. 29, 2029

Principal/ Shares

9,665,667

Investment cost

$ 346

Initial Acquisition Date

Dec. 29, 2023

Maturity Date

Jun. 30, 2032

Principal/ Shares

131,521

Investment cost

$ 168

Investment Owned, at Fair Value

$ 191

Initial Acquisition Date

Oct. 20, 2022

Maturity Date

Oct. 20, 2032

Principal/ Shares

201,000

Investment cost

$ 98

Investment Owned, at Fair Value

$ 371

Initial Acquisition Date

Dec. 27, 2024

Maturity Date

Dec. 27, 2034

Principal/ Shares

32,109

Investment cost

$ 43

Investment Owned, at Fair Value

$ 59

Initial Acquisition Date

May 31, 2019

Maturity Date

May 31, 2029

Principal/ Shares

333,621

Investment cost

$ 192

Investment Owned, at Fair Value

$ 125

Initial Acquisition Date

Nov. 03, 2023

Maturity Date

Nov. 03, 2033

Investment cost

$ 253

Investment Owned, at Fair Value

$ 241

Initial Acquisition Date

Oct. 05, 2018

Maturity Date

Oct. 05, 2028

Principal/ Shares

38,705

Investment cost

$ 47

Investment Owned, at Fair Value

$ 1

Initial Acquisition Date

Dec. 28, 2018

Maturity Date

Dec. 28, 2028

Principal/ Shares

7,742

Investment cost

$ 9

Initial Acquisition Date

Jun. 27, 2019

Maturity Date

Jun. 27, 2029

Principal/ Shares

42,643

Investment cost

$ 131

Investment Owned, at Fair Value

$ 1

Initial Acquisition Date

Oct. 05, 2018

Maturity Date

Oct. 05, 2028

Principal/ Shares

73,746

Investment cost

$ 89

Investment Owned, at Fair Value

$ 134

Initial Acquisition Date

Dec. 28, 2018

Maturity Date

Dec. 28, 2028

Principal/ Shares

14,749

Investment cost

$ 16

Investment Owned, at Fair Value

$ 27

Initial Acquisition Date

Jun. 27, 2019

Maturity Date

Jun. 27, 2029

Principal/ Shares

81,251

Investment cost

$ 250

Investment Owned, at Fair Value

$ 61

Initial Acquisition Date

Oct. 05, 2018

Maturity Date

Oct. 05, 2028

Principal/ Shares

112,451

Investment cost

$ 136

Investment Owned, at Fair Value

$ 206

Initial Acquisition Date

Dec. 28, 2018

Maturity Date

Dec. 28, 2028

Principal/ Shares

22,491

Investment cost

$ 25

Investment Owned, at Fair Value

$ 41

Initial Acquisition Date

Jun. 27, 2019

Maturity Date

Jun. 27, 2029

Principal/ Shares

123,894

Investment cost

$ 381

Investment Owned, at Fair Value

136

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+8.25% PIK, 11.25% floor Initial Acquisition Date 12/12/2024 Maturity Date 12/15/2028

Investment, Spread

8.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.25%

Initial Acquisition Date

Dec. 12, 2024

Maturity Date

Dec. 15, 2028

Principal/ Shares

$ 532

Investment cost

532

Investment Owned, at Fair Value

$ 941

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+8.25% PIK, 11.25% floor, 1.50% ETP Initial Acquisition Date 12/19/2023 Maturity Date 12/15/2028

Investment, Spread

8.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.25%

Investment Interest ETP

1.50%

Initial Acquisition Date

Dec. 19, 2023

Maturity Date

Dec. 15, 2028

Principal/ Shares

$ 27,702

Investment cost

27,529

Investment Owned, at Fair Value

$ 23,272

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.75%

Investment Interest ETP

1.60%

Initial Acquisition Date

Mar. 22, 2024

Maturity Date

Mar. 22, 2029

Principal/ Shares

$ 20,000

Investment cost

18,135

Investment Owned, at Fair Value

$ 18,804

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.25%

Investment Interest ETP

1.50%

Initial Acquisition Date

Dec. 31, 2024

Maturity Date

Dec. 31, 2029

Principal/ Shares

$ 43,000

Investment cost

42,126

Investment Owned, at Fair Value

$ 42,864

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Second Lien Interest Rate FIXED 12.50% PIK, 31.05% ETP Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Investment Interest PIK

12.50%

Investment Interest ETP

31.05%

Initial Acquisition Date

Dec. 12, 2024

Maturity Date

Sep. 24, 2029

Principal/ Shares

$ 6,426

Investment cost

6,185

Investment Owned, at Fair Value

$ 6,210

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Senior Secured Interest Rate SOFR+7.00%, 8.00% floor, 1.00% PIK, 3.00% ETP Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Investment Interest PIK

1.00%

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

8.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 12, 2024

Maturity Date

Sep. 24, 2029

Principal/ Shares

$ 35,270

Investment cost

35,093

Investment Owned, at Fair Value

$ 34,895

Investment, Spread

6.65%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

10.45%

Initial Acquisition Date

Jun. 27, 2025

Maturity Date

Jun. 01, 2028

Investment cost

$ (183)

Investment, Spread

7.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

10.80%

Investment Interest ETP

3.50%

Initial Acquisition Date

Jun. 27, 2025

Maturity Date

Jun. 15, 2029

Principal/ Shares

$ 8,000

Investment cost

7,886

Investment Owned, at Fair Value

$ 7,887

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.51%

Initial Acquisition Date

Feb. 28, 2025

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 2,892

Investment cost

2,892

Investment Owned, at Fair Value

$ 2,273

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Consumer Staples Distribution & Retail Marley Spoon SE Investment Type Senior Secured Interest Rate SOFR+ 8.75% PIK, 9.51% floor, 1.00% ETP Initial Acquisition Date 6/30/2021 Maturity Date 6/15/2027

Investment, Spread

8.75%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

9.51%

Investment Interest ETP

1.00%

Initial Acquisition Date

Jun. 30, 2021

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 43,863

Investment cost

44,014

Investment Owned, at Fair Value

$ 34,469

Investment, Spread

7.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.77%

Investment Interest ETP

2.75%

Initial Acquisition Date

May 05, 2025

Maturity Date

Feb. 05, 2028

Principal/ Shares

$ 28,600

Investment cost

28,011

Investment Owned, at Fair Value

$ 28,020

Investment Interest PIK

6.25%

Investment, Fixed

6.25%

Initial Acquisition Date

Dec. 31, 2024

Maturity Date

Nov. 22, 2029

Principal/ Shares

$ 30,006

Investment cost

28,052

Investment Owned, at Fair Value

$ 30,352

Investment, Spread

9.50%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

12.26%

Investment Interest ETP

7.50%

Initial Acquisition Date

Dec. 20, 2018

Maturity Date

Dec. 15, 2025

Principal/ Shares

$ 22,002

Investment cost

23,352

Investment Owned, at Fair Value

$ 19,358

Investment, Spread

7.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

11.29%

Investment Interest ETP

2.53%

Initial Acquisition Date

Dec. 27, 2024

Maturity Date

Dec. 15, 2029

Principal/ Shares

$ 40,000

Investment cost

39,856

Investment Owned, at Fair Value

$ 41,003

Investment Interest PIK

2.00%

Investment, Spread

8.00%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

Secured Overnight Financing Rate (SOFR) [Member]

Investment Floor Rate

8.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 22, 2021

Maturity Date

Dec. 22, 2025

Principal/ Shares

$ 14,685

Investment cost

15,036

Investment Owned, at Fair Value

$ 14,967

Investment, Spread

3.25%

Investment, Variable Interest Rate, Type [Extensible Enumeration]

us-gaap:PrimeRateMember

Investment Floor Rate

11.75%

Investment Interest ETP

2.25%

Initial Acquisition Date

Nov. 03, 2023

Maturity Date

Nov. 15, 2027

Principal/ Shares

$ 30,000

Investment cost

29,983

Investment Owned, at Fair Value

30,655

Multi-Sector Holdings

Investment Owned, at Fair Value

$ 12,855

^[3]

$ 5,742

^[4]

Percentage of Net Assets

2.63%

^[3]

1.12%

^[4]

Non-control/non-affiliate investments

Investment cost

$ 976,399

$ 1,038,135

Investment Owned, at Fair Value

$ 931,915

$ 1,005,328

Percentage of Net Assets

190.37%

195.27%

Non-control/non-affiliate investments | Debt Investments

Investment cost

$ 898,966

$ 960,366

Investment Owned, at Fair Value

$ 878,813

$ 943,027

Percentage of Net Assets

179.53%

183.16%

Non-control/non-affiliate investments | Debt Investments | Application Software

Investment cost

$ 219,718

$ 237,196

Investment Owned, at Fair Value

$ 218,636

$ 229,817

Percentage of Net Assets

44.66%

44.64%

Non-control/non-affiliate investments | Debt Investments | Commercial & Professional Services

Investment cost

$ 83,956

Investment Owned, at Fair Value

$ 85,275

Percentage of Net Assets

17.42%

Non-control/non-affiliate investments | Debt Investments | Consumer Staples Distribution & Retail

Investment cost

$ 50,881

Investment Owned, at Fair Value

$ 39,866

Percentage of Net Assets

8.14%

Non-control/non-affiliate investments | Debt Investments | Financial Services

Investment cost

$ 81,911

Investment Owned, at Fair Value

$ 80,518

Percentage of Net Assets

16.45%

Non-control/non-affiliate investments | Debt Investments | Health Care Equipment & Services

Investment cost

$ 111,614

Investment Owned, at Fair Value

$ 110,627

Percentage of Net Assets

22.60%

Non-control/non-affiliate investments | Debt Investments | Household & Personal Products

Investment cost

$ 39,230

Investment Owned, at Fair Value

$ 39,234

Percentage of Net Assets

8.01%

Non-control/non-affiliate investments | Debt Investments | Insurance

Investment cost

$ 43,782

Investment Owned, at Fair Value

$ 43,786

Percentage of Net Assets

8.95%

Non-control/non-affiliate investments | Debt Investments | Media & Entertainment

Investment cost

$ 30,157

Investment Owned, at Fair Value

$ 30,186

Percentage of Net Assets

6.17%

Non-control/non-affiliate investments | Debt Investments | Technology Hardware & Equipment

Investment cost

$ 84,875

Investment Owned, at Fair Value

$ 86,625

Percentage of Net Assets

17.70%

Non-control/non-affiliate investments | Debt Investments | System Software

Investment cost

$ 152,842

$ 116,782

Investment Owned, at Fair Value

$ 144,060

$ 114,272

Percentage of Net Assets

29.43%

22.19%

Non-control/non-affiliate investments | Debt Investments | Data Processing & Outsourced Services

Investment cost

$ 117,820

Investment Owned, at Fair Value

$ 114,902

Percentage of Net Assets

22.32%

Non-control/non-affiliate investments | Debt Investments | Electronic Equipment & Instruments

Investment cost

$ 39,708

Investment Owned, at Fair Value

$ 39,708

Percentage of Net Assets

7.71%

Non-control/non-affiliate investments | Debt Investments | Healthcare Equipment

Investment cost

$ 15,078

Investment Owned, at Fair Value

$ 15,358

Percentage of Net Assets

2.98%

Non-control/non-affiliate investments | Debt Investments | Healthcare Technology

Investment cost

$ 142,937

Investment Owned, at Fair Value

$ 142,375

Percentage of Net Assets

27.65%

Non-control/non-affiliate investments | Debt Investments | Human Resource & Employment Services

Investment cost

$ 3,774

Investment Owned, at Fair Value

$ 3,431

Percentage of Net Assets

0.67%

Non-control/non-affiliate investments | Debt Investments | Internet & Direct Marketing Retail

Investment cost

$ 55,042

Investment Owned, at Fair Value

$ 50,503

Percentage of Net Assets

9.81%

Non-control/non-affiliate investments | Debt Investments | Internet Software and Services

Investment cost

$ 156,117

Investment Owned, at Fair Value

$ 156,035

Percentage of Net Assets

30.31%

Non-control/non-affiliate investments | Debt Investments | Property & Casualty Insurance

Investment cost

$ 75,912

Investment Owned, at Fair Value

$ 76,626

Percentage of Net Assets

14.88%

Non-control/non-affiliate investments | Equity Investments

Investment cost

$ 52,784

$ 53,737

Investment Owned, at Fair Value

$ 37,515

$ 48,119

Percentage of Net Assets

7.66%

9.35%

Non-control/non-affiliate investments | Equity Investments | Application Software

Investment cost

$ 393

$ 831

Investment Owned, at Fair Value

$ 346

$ 653

Percentage of Net Assets

0.07%

0.13%

Non-control/non-affiliate investments | Equity Investments | Commercial & Professional Services

Investment cost

$ 39,713

Investment Owned, at Fair Value

$ 27,289

Percentage of Net Assets

5.57%

Non-control/non-affiliate investments | Equity Investments | Consumer Staples Distribution & Retail

Investment cost

$ 410

Investment Owned, at Fair Value

$ 19

Percentage of Net Assets

0.00%

Non-control/non-affiliate investments | Equity Investments | Health Care Equipment & Services

Investment cost

$ 12,132

Investment Owned, at Fair Value

$ 9,669

Percentage of Net Assets

1.98%

Non-control/non-affiliate investments | Equity Investments | Media & Entertainment

Investment cost

$ 136

Investment Owned, at Fair Value

$ 192

Percentage of Net Assets

0.04%

Non-control/non-affiliate investments | Equity Investments | Technology Hardware, Storage & Peripherals

Investment cost

$ 3,726

Investment Owned, at Fair Value

$ 2,527

Percentage of Net Assets

0.49%

Non-control/non-affiliate investments | Equity Investments | Healthcare Technology

Investment cost

$ 12,132

Investment Owned, at Fair Value

$ 9,181

Percentage of Net Assets

1.78%

Non-control/non-affiliate investments | Equity Investments | Human Resource & Employment Services

Investment cost

$ 36,502

Investment Owned, at Fair Value

$ 35,563

Percentage of Net Assets

6.91%

Non-control/non-affiliate investments | Equity Investments | Internet & Direct Marketing Retail

Investment cost

$ 410

Investment Owned, at Fair Value

$ 43

Percentage of Net Assets

0.01%

Non-control/non-affiliate investments | Equity Investments | Advertising

Investment cost

$ 136

Investment Owned, at Fair Value

$ 152

Percentage of Net Assets

0.03%

Non-control/non-affiliate investments | Warrants

Investment cost

$ 24,649

$ 24,032

Investment Owned, at Fair Value

$ 15,587

$ 14,182

Percentage of Net Assets

3.18%

2.76%

Non-control/non-affiliate investments | Warrants | Application Software

Investment cost

$ 7,212

$ 7,333

Investment Owned, at Fair Value

$ 5,780

$ 2,961

Percentage of Net Assets

1.18%

0.58%

Non-control/non-affiliate investments | Warrants | Commercial & Professional Services

Investment cost

$ 3,731

Investment Owned, at Fair Value

$ 2,666

Percentage of Net Assets

0.54%

Non-control/non-affiliate investments | Warrants | Financial Services

Investment cost

$ 989

Investment Owned, at Fair Value

$ 1,165

Percentage of Net Assets

0.24%

Non-control/non-affiliate investments | Warrants | Health Care Equipment & Services

Investment cost

$ 3,650

Investment Owned, at Fair Value

$ 2,123

Percentage of Net Assets

0.43%

Non-control/non-affiliate investments | Warrants | Household & Personal Products

Investment cost

$ 404

Investment Owned, at Fair Value

$ 414

Percentage of Net Assets

0.08%

Non-control/non-affiliate investments | Warrants | Insurance

Investment cost

$ 1,244

Investment Owned, at Fair Value

$ 1,193

Percentage of Net Assets

0.25%

Non-control/non-affiliate investments | Warrants | Media & Entertainment

Investment cost

$ 682

Investment Owned, at Fair Value

$ 602

Percentage of Net Assets

0.12%

Non-control/non-affiliate investments | Warrants | Pharmaceuticals, Biotechnology & Life Sciences

Investment cost

$ 315

Percentage of Net Assets

0.00%

Non-control/non-affiliate investments | Warrants | Technology Hardware & Equipment

Investment cost

$ 1,128

Investment Owned, at Fair Value

$ 1,020

Percentage of Net Assets

0.21%

Non-control/non-affiliate investments | Warrants | System Software

Investment cost

$ 5,294

$ 791

Investment Owned, at Fair Value

$ 624

$ 378

Percentage of Net Assets

0.13%

0.07%

Non-control/non-affiliate investments | Warrants | Technology Hardware, Storage & Peripherals

Investment cost

$ 542

Investment Owned, at Fair Value

$ 383

Percentage of Net Assets

0.07%

Non-control/non-affiliate investments | Warrants | Data Processing & Outsourced Services

Investment cost

$ 2,946

Investment Owned, at Fair Value

$ 620

Percentage of Net Assets

0.12%

Non-control/non-affiliate investments | Warrants | Electronic Equipment & Instruments

Investment cost

$ 646

Investment Owned, at Fair Value

$ 646

Percentage of Net Assets

0.13%

Non-control/non-affiliate investments | Warrants | Healthcare Equipment

Investment cost

$ 175

Investment Owned, at Fair Value

$ 24

Percentage of Net Assets

0.00%

Non-control/non-affiliate investments | Warrants | Healthcare Technology

Investment cost

$ 3,477

Investment Owned, at Fair Value

$ 2,560

Percentage of Net Assets

0.50%

Non-control/non-affiliate investments | Warrants | Human Resource & Employment Services

Investment cost

$ 789

Investment Owned, at Fair Value

$ 1,566

Percentage of Net Assets

0.30%

Non-control/non-affiliate investments | Warrants | Internet & Direct Marketing Retail

Investment cost

$ 209

Investment Owned, at Fair Value

$ 183

Percentage of Net Assets

0.04%

Non-control/non-affiliate investments | Warrants | Internet Software and Services

Investment cost

$ 3,724

Investment Owned, at Fair Value

$ 4,069

Percentage of Net Assets

0.79%

Non-control/non-affiliate investments | Warrants | Property & Casualty Insurance

Investment cost

$ 426

Investment Owned, at Fair Value

$ 285

Percentage of Net Assets

0.06%

Non-control/non-affiliate investments | Warrants | Asset Management & Custody Banks

Investment cost

$ 75

Investment Owned, at Fair Value

$ 138

Percentage of Net Assets

0.03%

Non-control/non-affiliate investments | Warrants | Biotechnology

Investment cost

$ 541

Investment Owned, at Fair Value

$ 4

Percentage of Net Assets

0.00%

Non-control/non-affiliate investments | Warrants | Computer And Electronics Retail

Investment cost

$ 183

Percentage of Net Assets

0.00%

Non-control/non-affiliate investments | Warrants | Specialized Consumer Services

Investment cost

$ 2,175

Investment Owned, at Fair Value

$ 365

Percentage of Net Assets

0.07%

Affiliate investments

Investment cost

$ 4,551

$ 59,198

Investment Owned, at Fair Value

$ 64,572

Percentage of Net Assets

0.00%

12.55%

Affiliate investments | Debt Investments

Investment cost

$ 26,234

Investment Owned, at Fair Value

$ 27,217

Percentage of Net Assets

5.29%

Affiliate investments | Debt Investments | Healthcare Technology

Investment cost

$ 26,234

Investment Owned, at Fair Value

$ 27,217

Percentage of Net Assets

5.29%

Affiliate investments | Equity Investments

Investment cost

$ 4,551

$ 32,651

Investment Owned, at Fair Value

$ 37,355

Percentage of Net Assets

0.00%

7.26%

Affiliate investments | Equity Investments | Application Software

Investment cost

$ 4,551

Percentage of Net Assets

0.00%

Affiliate investments | Equity Investments | Healthcare Technology

Investment cost

$ 28,100

Investment Owned, at Fair Value

$ 37,355

Percentage of Net Assets

7.26%

Affiliate investments | Warrants

Investment cost

$ 313

Percentage of Net Assets

0.00%

Affiliate investments | Warrants | Application Software

Percentage of Net Assets

0.00%

Affiliate investments | Warrants | Healthcare Technology

Investment cost

$ 313

Percentage of Net Assets

0.00%

Control Investments

Investment cost

$ 13,233

$ 6,550

Investment Owned, at Fair Value

$ 14,049

^[2]

$ 6,940

^[1]

950

Percentage of Net Assets

2.87%

1.35%

Control Investments | Equity Investments

Investment cost

$ 13,233

$ 6,550

Investment Owned, at Fair Value

$ 14,049

^[2]

$ 6,940

^[1]

$ 950

Percentage of Net Assets

2.87%

1.35%

Control Investments | Equity Investments | Commercial & Professional Services

Investment cost

$ 950

Investment Owned, at Fair Value

$ 1,194

Percentage of Net Assets

0.24%

Control Investments | Equity Investments | Multi-Sector Holdings

Investment cost

$ 12,283

$ 5,600

Investment Owned, at Fair Value

$ 12,855

$ 5,742

Percentage of Net Assets

2.63%

1.12%

Control Investments | Equity Investments | Data Processing & Outsourced Services

Investment cost

$ 950

Investment Owned, at Fair Value

$ 1,198

Percentage of Net Assets

0.23%

[1]	All affiliate and control investments, which as of December 31, 2024, represented 13.90% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[2]	All affiliate and control investments, which as of September 30, 2025, represented 2.87% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[3]	Multi-Sector Holdings consists of the Company's investment in Runway-Cadma I LLC, a joint venture between the Company and Cadma. This entity invests in secured loans to growth-stage companies that have been originated by the Company. See "Note 2 – Summary of Significant Accounting Policies" for further discussion.
[4]	Multi-Sector Holdings consists of the Company's investment in Runway-Cadma I LLC, a joint venture between the Company and Cadma. This entity invests in secured loans to growth-stage companies that have been originated by the Company. See "Note 2 – Summary of Significant Accounting Policies" for further discussion.

Related Party Agreements and Transactions (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Capital Contributions and Unfunded Commitments

As of September 30, 2025 and December 31, 2024, the JV had the following contributed capital and unfunded commitments from its members (in thousands):


	As of September 30, 2025		As of December 31, 2024
Total contributed capital by Runway Growth Finance Corp.	$	12,283	$	5,600
Total contributed capital by all members		24,565		11,200
Total unfunded commitments by Runway Growth Finance Corp.		22,718		29,400
Total unfunded commitments by all members		45,435		58,800

Net Assets (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Summary of Distributions Declared and Paid

The following table summarizes the distributions declared and paid since inception through September 30, 2025:


Declaration Date	Type	Record Date	Payment Date	Amount per Share
May 3, 2018	Quarterly	May 15, 2018	May 31, 2018	$	0.15
July 26, 2018	Quarterly	August 15, 2018	August 31, 2018		0.25
November 1, 2018	Quarterly	October 31, 2018	November 15, 2018		0.35
March 22, 2019	Quarterly	March 22, 2019	March 26, 2019		0.40
May 2, 2019	Quarterly	May 7, 2019	May 21, 2019		0.45
May 2, 2019	Supplemental	May 31, 2019	July 16, 2019		0.46
July 30, 2019	Quarterly	August 5, 2019	August 26, 2019		0.45
September 27, 2019	Supplemental	September 30, 2019	November 12, 2019		0.04
December 9, 2019	Quarterly	December 10, 2019	December 23, 2019		0.40
March 5, 2020	Quarterly	March 6, 2020	March 20, 2020		0.40
May 7, 2020	Quarterly	May 8, 2020	May 21, 2020		0.35
August 5, 2020	Quarterly	August 6, 2020	August 20, 2020		0.36
October 1, 2020	Quarterly	October 1, 2020	November 12, 2020		0.38
March 4, 2021	Quarterly	March 5, 2021	March 19, 2021		0.37
April 29, 2021	Quarterly	April 30, 2021	May 13, 2021		0.37
July 19, 2021	Quarterly	July 20, 2021	August 12, 2021		0.34
October 28, 2021	Quarterly	November 8, 2021	November 22, 2021		0.25
February 24, 2022	Quarterly	March 8, 2022	March 22, 2022		0.27
April 28, 2022	Quarterly	May 10, 2022	May 24, 2022		0.30
July 28, 2022	Quarterly	August 9, 2022	August 23, 2022		0.33
October 27, 2022	Quarterly	November 8, 2022	November 22, 2022		0.36
February 23, 2023	Quarterly	March 7, 2023	March 21, 2023		0.40
February 23, 2023	Supplemental	March 7, 2023	March 21, 2023		0.05
May 2, 2023	Quarterly	May 15, 2023	May 31, 2023		0.40
May 2, 2023	Supplemental	May 15, 2023	May 31, 2023		0.05
August 1, 2023	Quarterly	August 15, 2023	August 31, 2023		0.40
August 1, 2023	Supplemental	August 15, 2023	August 31, 2023		0.05
November 1, 2023	Quarterly	November 13, 2023	November 28, 2023		0.40
November 1, 2023	Supplemental	November 13, 2023	November 28, 2023		0.06
February 1, 2024	Quarterly	February 12, 2024	February 28, 2024		0.40
February 1, 2024	Supplemental	February 12, 2024	February 28, 2024		0.07
April 30, 2024	Quarterly	May 10, 2024	May 24, 2024		0.40
April 30, 2024	Supplemental	May 10, 2024	May 24, 2024		0.07
July 30, 2024	Quarterly	August 12, 2024	August 26, 2024		0.40
July 30, 2024	Supplemental	August 12, 2024	August 26, 2024		0.05
November 5, 2024	Quarterly	November 18, 2024	December 2, 2024		0.40
March 20, 2025	Quarterly	March 31, 2025	April 14, 2025		0.33
March 20, 2025	Supplemental	March 31, 2025	April 14, 2025		0.03
May 7, 2025	Quarterly	May 19, 2025	June 3, 2025		0.33
May 7, 2025	Supplemental	May 19, 2025	June 3, 2025		0.02
August 6, 2025	Quarterly	August 18, 2025	September 2, 2025		0.33
August 6, 2025	Supplemental	August 18, 2025	September 2, 2025		0.03
			Total	$	11.70

Commitments, Contingencies, and Off-balance Sheet Arrangements

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies, and Off-balance Sheet Arrangements

Note 8 – Commitments, Contingencies, and Off-balance Sheet Arrangements

Commitments

The following table provides the Company’s contractual obligations as of September 30, 2025 and December 31, 2024 (in thousands):


	Payments Due by Period (1)
	Less than 1 Year				1-3 years			3-5 years		More than 5 Years		Total
As of September 30, 2025
Borrowings (2)
Credit Facility	$	-		$		-	$		186,000	$	-	$	186,000
2026 Notes		25,000				-			-		-		25,000
2027 Notes		-				132,250			-		-		132,250
2028 Notes		-				107,000			-		-		107,000
Total Borrowings		25,000				239,250			186,000		-		450,250
Deferred Incentive Fees		4,059				4,400			2,976		84		11,519
Foreign Currency Forward Contracts		(640	)			-			-		-		(640	)
Total	$	28,419		$		243,650	$		188,976	$	84	$	461,129

As of December 31, 2024
Borrowings (2)
Credit Facility	$	-		$		311,000	$		-	$	-	$	311,000
2026 Notes		-				95,000			-		-		95,000
2027 Notes		-				152,250			-		-		152,250
Total Borrowings		-				558,250			-		-		558,250
Deferred Incentive Fees		2,584				4,886			2,562		84		10,116
Total	$	2,584		$		563,136	$		2,562	$	84	$	568,366

(1)

Excludes interest payable on borrowings, accrued expenses, and commitments to extend credit to the Company’s portfolio companies.

(2)

Amounts represent future principal repayments and not the carrying value of each liability (refer to "Note 7 – Borrowings").

Contingencies

The Company and RGC are not currently subject to any material legal proceedings, nor, to the Company's knowledge, is any material legal proceeding threatened against the Company or RGC. From time to time, the Company or RGC may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of their rights under contracts with its portfolio companies. The Company's business is also subject to extensive regulation, which may result in regulatory proceedings against it. While the outcome of any such legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

Off-balance Sheet Arrangements

In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. These unfunded contractual commitments to provide funds to portfolio companies are not reflected on the Consolidated Statements of Assets and Liabilities. With the exception of the JV, the availability of such unfunded commitments is subject to the specific terms and conditions of each contract, which may include, among other things, portfolio company performance requirements and time-based cancellation provisions. As a result, only a portion of unfunded commitments is currently eligible to be drawn.


Portfolio Company	Investment Type	September 30, 2025		December 31, 2024
Autobooks, Inc.	Senior Secured Term Loan	$	11,400	$	-
Blueshift Labs, Inc.	Senior Secured Term Loan		750		-
Bombora, Inc.	Senior Secured Term Loan		1,000		2,000
CarNow, Inc.	Senior Secured Term Loan		8,000		12,000
Digicert, Inc.	Senior Secured Revolver		673		-
Elevate Services, Inc.	Senior Secured Term Loan		-		14,000
Interactions Corporation	Senior Secured Term Loan		-		10,000
Linxup, LLC	Senior Secured Term Loan		-		7,500
Marley Spoon SE	Senior Secured Term Loan		637		-
Onward Medical, N.V.	Senior Secured Term Loan		38,982		38,982
Route 92 Medical, Inc.	Senior Secured Term Loan		20,000		10,000
Runway-Cadma I LLC	Joint Venture		22,718		29,400
SetPoint Medical Corporation	Senior Secured Term Loan		-		20,000
Shepherd Intermediate, LLC (dba FHAS)	Senior Secured Term Loan		2,083		-
Shepherd Intermediate, LLC (dba FHAS)	Senior Secured Revolver		417
Snap! Mobile, Inc.	Senior Secured Term Loan		5,000		5,000
Swing Education, Inc.	Senior Secured Term Loan		2,000		-
Swing Education, Inc.	Senior Secured Revolver		10,000		-
Synack, Inc.	Senior Secured Term Loan		20,000		22,500
Zinnia Corporate Holdings, LLC	Senior Secured Term Loan		-		5,333
Total unused commitments to extend financing		$	143,660	$	176,715

The Company may also enter into foreign currency forward contracts to mitigate its exposure to foreign currency fluctuations associated with certain investments denominated in foreign currencies. While these contracts are recognized on the Consolidated Statements of Assets and Liabilities at fair value in accordance with ASC 815, they are also considered off-balance sheet arrangements because they may result in future cash payments or receipts that are not fully reflected in the financial statements as of September 30, 2025. As of September 30, 2025, the Company had outstanding forward currency contracts with a total notional amount of $29.4 million to purchase foreign currencies. For more information on the contracts and related maturities, refer to "Note 4 - Investments." There were no foreign currency forward contracts as of December 31, 2024.

Commitments, Contingencies, and Off-balance Sheet Arrangements - Summary of Payments Due by Period (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Commitments And Contingencies [LineItems]
Borrowings, Less than 1 Year	$ 25,000
Borrowings, 1-3 years	239,250	$ 558,250
Borrowings, 3-5 years	186,000
Deferred Incentive Fees	16,295	14,106
Deferred Incentive Fees, Less than 1 Year	4,059	2,584
Deferred Incentive Fees, 1-3 years	4,400	4,886
Deferred Incentive Fees, 3-5 years	2,976	2,562
Foreign Currency Forward Contracts	(640)
Deferred Incentive Fees, More than 5 Years	84	84
Foreign Currency Forward Contracts, Less than 1 Year	(640)
Commitments	461,129	568,366
Commitments, Less than 1 Year	28,419	2,584
Commitments, 1-3 years	243,650	563,136
Commitments, 3-5 years	188,976	2,562
Commitments, More than 5 Years	84	84
Unsecured Debt \| 2026 Notes
Commitments And Contingencies [LineItems]
Borrowings	25,000	95,000
Borrowings, Less than 1 Year	25,000
Borrowings, 1-3 years		95,000
Unsecured Debt \| 2027 Notes
Commitments And Contingencies [LineItems]
Borrowings	132,250	152,250
Borrowings, 1-3 years	132,250	152,250
Unsecured Debt \| 2028 Notes
Commitments And Contingencies [LineItems]
Borrowings	107,000
Borrowings, 1-3 years	107,000
Credit Facility
Commitments And Contingencies [LineItems]
Borrowings	186,000	311,000
Borrowings, 1-3 years		311,000
Borrowings, 3-5 years	186,000
Deferred Payments \| Advisory Agreement
Commitments And Contingencies [LineItems]
Deferred Incentive Fees	11,519	10,116
Borrowings
Commitments And Contingencies [LineItems]
Borrowings	$ 450,250	$ 558,250

Income Taxes - Additional Information (Details)	9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Payment of excise tax percentage	4.00%
Percentage of minimum net ordinary income and net short-term capital gains in excess of net long-term capital losses for distribution	90.00%
Percentage of minimum distribution amount exceeds distributions for year	4.00%
Percentage of minimum capital gains exceed capital losses for distribution for one year period	98.20%
Percentage of minimum net ordinary income for each calendar for distribution	98.00%

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Significant of Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

The accompanying interim unaudited consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the requirements for reporting on Form 10‑Q and in compliance with Regulation S-X under the Securities Exchange Act of 1934, as amended. The Company is an investment company following the specialized accounting and reporting guidance specified in the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services - Investment Companies ("ASC 946").

In management’s opinion, all adjustments necessary for the fair presentation of the interim financial statements have been included. These adjustments are of a normal recurring nature. The results of operations for the current interim period are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the year ending December 31, 2025. The interim unaudited consolidated financial statements and notes hereto should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K, as modified by the Company's annual report on Form 10-K/A, for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on March 20, 2025 and March 27, 2025, respectively.

Runway-Cadma I LLC

The Company entered into a joint venture agreement, effective as of March 6, 2024, with Cadma Capital Partners LLC ("Cadma") to create and co-manage Runway-Cadma I LLC (the "JV"). The JV may invest in secured loans to growth-stage companies that have been originated by the Company. The Company and Cadma have equal ownership of the JV and each committed to provide $35.0 million of the total $70.0 million in equity capital. All portfolio decisions and generally all other actions with respect to the JV must be approved by the board of managers of the JV, consisting of an equal number of representatives of the Company and Cadma. Capital contributions are called from the Company and Cadma on a pro-rata basis based on their total capital commitments. For more information, refer to "Note 3 – Related Parties."

Principles of Consolidation

Under ASC 946, the Company is precluded from consolidating portfolio company investments, including those in which it has a controlling interest, unless the portfolio company is another investment company that is substantially wholly owned by it. An exception to this general principle occurs if the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Consolidated Statements of Assets and Liabilities at fair value, as discussed further in "Note 4 - Investments," with any adjustments to fair value recognized as "Net change in unrealized gain (loss) on investments" on the Consolidated Statements of Operations.

The Company’s consolidated operations include the activities of its wholly owned subsidiary, P3 Holdco LLC ("P3 Holdco"). P3 Holdco serves to facilitate the Company’s investment in Pivot3, Inc. ("Pivot3"). As a result, the Company consolidates the financial results of P3 Holdco in its consolidated financial statements in accordance with ASC 946 and treats its indirect investment in Pivot3 as a portfolio investment held at fair value. All intercompany balances and transactions have been eliminated.

The Company has determined that the JV is an investment company under ASC Topic 946. However, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in the JV as it is not a substantially wholly owned investment company subsidiary of the Company. In addition, the JV is not an operating company and the Company does not control the JV due to the allocation of voting rights among the JV members. As a result, the JV is accounted for as a portfolio investment of the Company held at fair value and not included as a consolidated subsidiary in the Company's financial statements. Refer to the Consolidated Schedule of Investments for the Company’s equity interest in Pivot3 and the JV as of September 30, 2025 and December 31, 2024.

Transfers of Financial Assets

The Company follows the guidance in ASC Topic 860, Transfers and Servicing ("ASC 860"), when accounting for transferred financial assets such as debt and equity assignments. Such guidance requires an assignment to meet the definition of a "participating interest", as defined in the guidance, and the following conditions to be met in order for sale treatment to be allowed:

•

assigned investments have been isolated from the Company and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;

•

each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and

•

the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return the specific assets, other than through a cleanup call.

Assignments and other partial debt or equity sales that do not meet the definition of a participating interest or the above conditions, should remain on the Company's Consolidated Statements of Assets and Liabilities and the proceeds recorded as a secured borrowing until the definition is met.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Changes in the economic and regulatory environment, financial markets, the credit worthiness of the Company's portfolio companies, and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions.

Cash and Cash Equivalents

Cash consists solely of funds deposited with financial institutions, while cash equivalents consist of short-term liquid investments in money market funds. Cash and cash equivalents are carried at cost, which approximates fair value. As of September 30, 2025 and December 31, 2024, $7.7 million and $4.0 million was invested in money market funds, respectively. Dividends earned from money market funds are recorded in "Other income" on the Consolidated Statements of Operations. The Company may hold foreign cash from time to time as a result of transactions related to investments denominated in foreign currencies. Foreign cash includes the value of foreign currencies held and translated to U.S. dollars using the prevailing foreign exchange rates as of September 30, 2025. Temporary fluctuations in any foreign currency held on the balance sheet date are recorded in "Net change in unrealized gain (loss) on forward contracts and foreign currency transactions" on the Consolidated Statements of Operations. Any realized gains or losses recognized upon foreign currency translated into local currency are recorded in "Net realized gain (loss) on forward contracts and foreign currency transactions" on the Consolidated Statements of Operations.

Investments Denominated in Foreign Currency

At each balance sheet date, portfolio company investments denominated in foreign currencies and any related receivables are translated into U.S. dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into U.S. dollars using the rates of exchange prevailing on the respective dates of such transactions. As of September 30, 2025 and December 31, 2024, the Company held two investments denominated in British pound sterling, and one investment denominated in Euros. Refer to the Consolidated Schedule of Investments and respective footnotes to the Consolidated Schedule of Investments for more details on the portfolio company investments held in foreign currencies as of September 30, 2025 and December 31, 2024.

Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into U.S. dollars using the applicable foreign exchange rates described above, the Company does not distinguish the portion of the change in fair value resulting from foreign currency exchange rate fluctuations from the change in fair value of the underlying investment. All fluctuations in fair value are included in "Net change in unrealized gain (loss) on non-control/non-affiliate investments" on the Consolidated Statements of Operations. Any realized gains or losses upon settlement of investments and related receivables denominated in foreign currency are recorded in "Net realized gain (loss) on forward contracts and foreign currency transactions" on the Consolidated Statements of Operations.

The Company may also enter into foreign currency forward contracts to mitigate its exposure to foreign currency fluctuations associated with certain investments denominated in foreign currencies. These contracts are recognized as derivative instruments and measured at fair value in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"), and are recorded as "Foreign currency forward contracts" on the Consolidated Statements of Assets and Liabilities. Changes in fair value are recorded in "Net change in unrealized gain (loss) on forward contracts and foreign currency transactions" on the Consolidated Statements of Operations. The payments and proceeds from derivative contracts are included in "Payments for derivative contracts" and "Proceeds from derivative contracts", respectively, on the Consolidated Statements of Cash Flows. The net cash flows realized on settlement of derivatives are included in "Net realized (gain) loss on forward contracts and foreign currency transactions" on the Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Refer to "Note 4 – Investments" for more information regarding the foreign currency forward contracts.

Investment Transactions and Related Investment Income

The Company’s investment portfolio generates interest, fee, and dividend income. The Company records interest income on an accrual basis, recognizing income as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. The cost of each debt investment is adjusted for any discounts, premiums, upfront fees, and carve-outs representing the value of detachable equity, warrants, or another asset obtained in conjunction with the acquisition of debt investments (collectively "OID"), as well as any contractual end-of-term payments ("ETP"). The OID and ETP are capitalized into the adjusted cost basis and recorded as interest income over the term of the loan as a yield enhancement following the effective interest method. Upon prepayment of a debt investment, any unamortized OID and ETP is recorded as interest income and any prepayment penalties are recorded as fee income. Upon amending terms of an existing investment, any amendment fees charged are recorded as fee income. Fee income may also include income from bridge loans.

The Company currently holds, and expects to hold in the future, some investments in its portfolio with payment-in-kind ("PIK") interest provisions. PIK interest is computed at the contractual rate specified in each loan agreement and is added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income, is included in the Company’s taxable income and therefore affects the amount of income the Company is required to distribute to stockholders to maintain its qualification as a RIC for U.S. federal income tax purposes. For the three and nine months ended September 30, 2025, 11.5% and 11.1%, respectively, of the Company’s total

investment income was attributable to non-cash PIK interest. For the three and nine months ended September 30, 2024, 7.5% and 8.4%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest.

Dividend income is recorded on an accrual basis to the extent that such amounts are payable and expected to be collected. Dividend income is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest income, if any, adjusted for amortization of market premium and accretion of OID and ETP, is recorded on an accrual basis to the extent that the Company expects to collect such amounts.

Security transactions, if any, are recorded on a trade-date basis. Realized gains or losses from the repayment or sale of investments are measured using the specific identification method. The Company reports changes in fair value of investments from the prior period as a component of "Net change in unrealized gain (loss) on investments" on the Consolidated Statements of Operations.

Debt and Deferred Financing Costs

The debt of the Company is carried at amortized cost on the Consolidated Statements of Assets and Liabilities, which is comprised of the principal amount borrowed, net of unamortized debt financing costs. Debt financing costs ("DFC") are fees and other direct incremental costs incurred by the Company in relation to debt financing and are amortized over the life of the related debt instrument or the life of such cost's respective service, if shorter, using the straight-line method, which closely approximates the effective yield method. Amortization of such debt financing costs and interest expense on the outstanding principal balance are recorded in "Interest and other debt financing expenses" on the Consolidated Statements of Operations. Debt financing costs that have not yet been amortized are recorded as "Unamortized deferred financing costs" on the Consolidated Statements of Assets and Liabilities. To the extent there are no outstanding borrowings, the deferred financing costs are presented as an asset on the Consolidated Statements of Assets and Liabilities. Accrued but unpaid interest is included within "Interest payable" on the Consolidated Statements of Assets and Liabilities. For more information, refer to "Note 7 – Borrowings."

Non-Accrual Investments

Debt investments are placed on non-accrual status when principal, interest, and other obligations become materially past due or when it is probable that principal, interest, or other obligations will not be collected in full. At the point of non-accrual, the Company will cease recognizing interest income on the debt investment until all principal and interest due have been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Additionally, any OID and ETP associated with the debt investment is no longer accreted to interest income as of the date the loan is placed on non-accrual status. Any payments received on non-accrual loans are first applied to principal prior to recovery of any foregone interest or ETP. Non-accrual loans are restored to accrual status when past due principal or interest are paid, and, in management’s judgment are likely to remain current. The Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection such that the Company will be made whole on the investment, inclusive of interest and ETP.


	Date of Non-Accrual	Forgone Interest Income		Forgone Accretion of OID and ETP		Total Forgone Income		Cost Basis		Fair Value		Fair Value as a % of Total Portfolio
As of September 30, 2025
Investment
Mingle Healthcare Solutions, Inc.	1/1/2024	$	1,162	$	-	$	1,162	$	4,757	$	2,363		0.25	%
Total		$	1,162	$	-	$	1,162	$	4,757	$	2,363		0.25	%

As of December 31, 2024
Investment
JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	3/31/2024	$	4,243	$	283	$	4,526	$	3,774	$	3,431		0.32	%
Mingle Healthcare Solutions, Inc.	1/1/2024		687		-		687		4,952		2,148		0.20
Total		$	4,930	$	283	$	5,213	$	8,726	$	5,579		0.52	%

Fair Value Measurements

The Company measures the value of its financial instruments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosure ("ASC 820"), issued by the FASB. Fair value is 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 Company's investment portfolio is reported at fair value on the Consolidated Statements of Assets and Liabilities. All assets and liabilities approximate fair value on the Consolidated Statements of Assets and Liabilities, with the exception of the Company’s borrowings, which are reported at amortized cost. For more information on financial instruments reported at cost, refer to "Note 5 – Fair Value of Financial Instruments."

ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 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 within the hierarchy of information used in the valuation. In accordance with ASC 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 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, a financial instrument’s level within the fair value hierarchy is based on the lowest level of observable or unobservable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the instrument.

Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset or liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset or liability is the market with the greatest volume and level of activity for such asset or liability in which the reporting entity would or could sell or transfer the asset or liability. In determining the principal market for an asset or liability under ASC 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.

Rule 2a-5 under the 1940 Act established additional requirements for determining the fair value of a BDC's investments in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, in compliance with certain conditions, to designate certain parties to perform fair value determinations, subject to board oversight. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act established additional recordkeeping requirements related to fair value determinations. Although the Company adopted certain revisions to its valuation policies and procedures to comply with Rule 2a-5 and Rule 31a-4, the Company's board of directors (the "Board of Directors") has not elected to designate a valuation designee.

Investment Valuation Techniques

With respect to investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below:

•

The quarterly valuation process begins with each portfolio company investment being initially valued by RGC’s investment professionals that are responsible for the portfolio investment;

•

Preliminary valuation conclusions are then documented and discussed with RGC’s valuation committee;

•

At least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm. Certain investments, however, may not be evaluated annually by an independent valuation firm if the net asset value and other aspects of such investments in the aggregate do not exceed certain thresholds;

•

The Audit Committee of the Board of Directors (the "Audit Committee") then reviews these preliminary valuations from RGC and the independent valuation firm, if any, and makes a recommendation to the Board of Directors regarding such valuations; and

•

The Board of Directors reviews the recommended preliminary valuations and determines the fair value of each investment in the Company’s portfolio, in good faith, based on the input of RGC, the independent valuation firm(s) and the Audit Committee.

The Company’s investments are primarily loans made to and equity and warrants of small companies with potential for fast growth focused in technology, healthcare, business services, and other high-growth industries. These investments are generally considered Level 3 assets under ASC 820 because there is typically no known or accessible market or market indices for these types of debt and equity instruments and, thus, the Board of Directors must determine the fair value of these investment securities based on models utilizing unobservable inputs.

The Audit Committee assists the Board of Directors in reviewing the fair value of investments that are not publicly traded or for which current market values are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to portfolio investments for which market quotations are not readily available, the Board of Directors, with the assistance of the Audit Committee, RGC and its valuation committee and independent valuation agents, is responsible for determining, in good faith, the fair value in accordance with the valuation policy approved by the Board of Directors. 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 Company considers a range of fair values based upon the valuation techniques utilized and selects the value within that range that was most representative of fair value based on current market conditions as well as other factors RGC’s valuation committee considers relevant.

The Board of Directors makes this fair value determination on a quarterly basis and any other time when a decision regarding the fair value of the portfolio investments is required. There is no single standard for determining the fair value of investments that do not have an active public market. A determination of fair value of investments, particularly those of privately held companies, involves subjective judgments and estimates and depends on the facts and circumstances. In some cases, the fair value of such investments is best expressed as a range of values derived utilizing different methodologies from which a fair value may then be determined. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market value, the fair value of the 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.

Debt Investments

To determine the fair value of the Company’s debt investments, the Company compares the cost basis of the debt investment, which includes OID and ETP, 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 that are similar in nature to the Company’s investments, in order to determine reasonable effective market interest rates for its investments. 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 the calculated interest rate to determine a fair value for the debt investment.

This valuation process includes, among other things, evaluating the underlying investment performance, the portfolio company’s financial condition, enterprise value and existing capital structure, as well as the ability to raise additional capital, and 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. Significant increases (decreases) in these unobservable inputs could result in significantly higher (lower) fair value measurements.

Under certain circumstances, the Company may use an alternative technique to value the debt investments that better reflects 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 arms-length transaction, the use of multiple probability-weighted cash flow models when the expected future cash flows contain elements of variability, estimates of proceeds that would be received in a liquidation scenario, or active market quotes for institutionally traded debt.

Warrants

Fair value of warrants is 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, the following:

•

Underlying enterprise value of the issuer is estimated based on information available, including any information regarding the most recent rounds of issuer funding. Valuation techniques to determine enterprise value include market multiple approaches, income approaches or approaches that utilize recent rounds of financing and the portfolio company’s capital structure to determine enterprise value. Valuation techniques are also utilized to allocate the enterprise fair value of a portfolio company to the specific class of common or preferred stock/units 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, or "OPM," including back-solve techniques, Probability Weighted Expected Return Models, or "PWERM," and other techniques as determined to be appropriate.

•

Volatility, or the amount of uncertainty or risk about the size of the changes in the warrant price, is based on comparable publicly traded companies within indices similar in nature to the underlying company issuing the warrant. Significant increases (decreases) in this unobservable input could result in a significantly lower (higher) fair value, but a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase or decrease in this unobservable input.

•

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. Significant increases (decreases) in this unobservable input could result in a significantly higher (lower) fair value, but a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in this unobservable input.

•

Other adjustments, including a marketability discount on private company warrants, are estimated based on judgment about the general industry environment. Significant increases (decreases) in this unobservable input could result in a significantly lower (higher) fair value, but a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in this unobservable input.

•

Historical portfolio experience on cancellations and exercises of warrants are utilized as the basis for determining the estimated life of the warrants in each financial reporting period. Warrants 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 warrants. Significant increases (decreases) in this unobservable input could result in a significantly higher (lower) fair value, but a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in this unobservable input.

Success fees are valued utilizing a scenario analysis. Fair value is determined based on the potential success fee proceeds under varied timing of liquidity events during the life of the success fee agreement. At each potential exit scenario, a probability is ascribed based on the current expectations of an exit event for the portfolio company. The probability weighted value at each respective exit date is discounted to a present value and summed together to arrive at the fair value.

Earnouts are considered contingent considerations. If a contingent consideration will result in cash proceeds, a scenario-based method is utilized. The value of the contingent consideration is determined based on the probability weighted value of the contingent consideration being achieved. If the contingent consideration is shares in a public company and based on the public stock price, the contingent consideration is valued using the barrier option pricing methodology, which utilizes the public company stock price and applicable discounts being considered in the valuation.

In certain cases, the Company may apply alternative valuation methods to more accurately estimate the fair value of warrants. These may include the Current Value Method or other approaches deemed appropriate under the circumstances. Such methods may be used when a warrant is expected to settle in the near term, includes a put feature, or when there is a recent arm’s-length transaction or binding offer that provides relevant pricing information. Other approaches, such as a waterfall analysis or a model based on a warrant’s redemption value, may also be considered. The Current Value Method determines the warrant’s value based on its current redemption or liquidation value, considering the enterprise value and the rights and preferences of all debt and equity securities in the company’s capital structure.

Foreign Currency Forward Contracts

In accordance with ASC 820, the Company measures these derivatives at fair value on a recurring basis using a market approach. The valuation technique relies on observable market inputs, including spot and forward exchange rates. The fair values are obtained through model-based pricing using inputs that are corroborated by market data and are classified as Level 2 within the fair value hierarchy.

Equity Investments

The fair value of an equity investment in a privately held company is initially the face value of 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 the Company’s investment. The Company may make adjustments to fair value, 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 in connection with its determination of fair value. 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. Money market funds are valued based on the published net asset value per share on the day of valuation and are included in "Cash and cash equivalents" on the Consolidated Statements of Assets and Liabilities.

Under certain circumstances, the Company may use an alternative technique to value equity investments that better reflect the security’s fair value, such as the Current Value Method and other techniques as determined to be appropriate. This may include an expected settlement of a security in the near term, a model that incorporates a put feature associated with the security, the price paid or realized in a recently completed transaction or binding offer received in an arms-length transaction, a waterfall approach, or a model based on the redemption value of a security. The Current Value Method concludes the value of the security based on the current redemption value or the current liquidation value, taking into account the concluded enterprise value and the rights and preferences of all the debt and equity securities that make up a company’s capitalization.

Investment Classification

The Company classifies its investments by level of affiliation and control. As defined in the 1940 Act, investee companies are deemed as affiliated investments when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of 5.0% or more of the outstanding voting securities of an investee company. Control investments are those where the investor has the ability or power to exercise a controlling influence over the management or policies of an investee company. Control is generally deemed to exist when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of more than 25.0% of the outstanding voting securities of an investee company, or maintains greater than 50% representation on the investee company's board of directors.

Investments are recognized when the Company assumes an obligation to acquire a financial instrument and assumes the risks for gains or losses related to that instrument. Investments are derecognized when the Company assumes an obligation to sell a financial instrument and foregoes the risks for gains or losses related to that instrument. Specifically, the Company records all security transactions on a trade date basis. Investments in other, non-security financial instruments, such as limited partnerships or private companies, are recorded on the basis of subscription date or redemption date, as applicable. Amounts for investments recognized or derecognized but not yet settled will be reported as receivables for investments sold and payables for investments acquired, respectively, on the Consolidated Statements of Assets and Liabilities.

Income Taxes

The Company elected to be treated as a RIC under Subchapter M of the Code beginning with its taxable year ended December 31, 2016, currently qualifies as a RIC, and intends to qualify annually for the tax treatment applicable to RICs. A RIC generally is not subject to U.S. federal income taxes on distributed income and gains so long as it meets certain source-of-income and asset diversification requirements and it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. So long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. The Company intends to make sufficient distributions to maintain its RIC status each year and it does not anticipate paying any material U.S. federal income taxes in the future.

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. If the Company determines that the estimated current year taxable income will exceed the estimated dividend distributions for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. Differences between taxable income and net increase in net assets resulting from operations either can be temporary, meaning they will reverse in the future, or permanent. In accordance with ASC 946, permanent tax differences are reclassified from accumulated undistributed earnings to paid-in-capital at the end of each year and have no impact on total net assets. For more information, refer to "Note 10 – Income Taxes."

Per Share Information

Basic and diluted earnings (loss) per common share is calculated using the weighted-average number of common shares outstanding for the period presented. For the three and nine months ended September 30, 2025 and 2024, basic and diluted earnings (loss) per share of common stock were the same because there were no potentially dilutive securities outstanding. Per share data is based on the weighted-average shares outstanding.

Comprehensive Income

The Company reports all changes in comprehensive income in the Consolidated Statements of Operations. The Company did not have any other comprehensive income during the three and nine months ended September 30, 2025 and 2024. The Company’s comprehensive income is equal to its "Net increase (decrease) in net assets resulting from operations" on the Consolidated Statements of Operations.

Distributions

Distributions to common stockholders are recorded on the applicable record date. The amount, if any, to be distributed to common stockholders is determined by the Board of Directors each quarter and is generally based upon the Company's earnings estimated by management. Net realized capital gains, if any, are generally distributed at least annually. For more information, refer to "Note 9 – Net Assets."

Repurchases of Common Stock

Prior to December 31, 2024, the Company reported repurchases of common stock as a separate financial statement line item labeled as "Treasury stock" within "Total net assets" on the Consolidated Statements of Assets and Liabilities and Consolidated Statements of Changes in Net Assets, and labeled any related activity as "Acquisition of treasury stock" on the Consolidated Statements of Changes in Net Assets and Consolidated Statements of Cash Flows. As of and for the year ended December 31, 2024, as required under Maryland law, any shares repurchased by the Company are to be returned to unissued common shares and amounts repurchased are presented as a deduction from "Common stock, par value" and "Additional paid-in capital". The prior period activity has been reclassified during the year ended December 31, 2024 as a "Reclassification of share repurchases" within the Statement of Changes in Net Assets.

Recently Issued Accounting Pronouncements

On November 26, 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20)- Induced Conversions of Convertible Debt Instruments ("ASU 2024-04"), related to induced conversions of convertible debt instruments. The amendments in this update clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company plans to adopt the pronouncement for our fiscal year beginning January 1, 2026 and is currently evaluating the potential effect that the standard will have on our financial statement disclosures.

Financial Highlights

9 Months Ended

Sep. 30, 2025

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 12 – Financial Highlights

The following table sets forth the financial highlights for the nine months ended September 30, 2025 and 2024 (in thousands, except for per share data and ratios):


	Nine Months Ended September 30,
	2025				2024
Per Share Data(1):
Net asset value at beginning of period	$	13.79			$		13.50
Net investment income		1.23					1.25
Net realized gain (loss)		0.09					-
Net change in unrealized gain (loss)		(0.60	)				(0.10	)
Total from investment operations		0.72					1.15

Distributions		(1.07	)				(1.39	)
Accretion (dilution), net (2)		0.11					0.13
Net asset value at end of period	$	13.55			$		13.39

Ratio/Supplemental Data:
Total return based on net asset value(3)		6.02		%			9.48		%
Total return based on market value(4)		2.46		%			(7.45	)	%
Ratio of net investment income to average net assets(5)(6)		11.92		%			12.55		%
Ratio of total operating expenses to average net assets(5)(6)		16.32		%			15.77		%
Ratio of total operating expenses, excluding incentive fees, to average net assets(5)		13.29		%			12.63		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(5)(6)		7.02		%			11.59		%
Portfolio turnover rate(7)		10.64		%			14.20		%

Per share market value at beginning of period	$	10.96			$		12.62
Per share market value at end of period	$	10.16			$		10.29
Net assets at beginning of period	$	514,869			$		547,071
Net assets at end of period	$	489,526			$		507,358
Weighted average net assets	$	507,904			$		522,925
Weighted average shares outstanding for the period, basic	36,887,968					39,317,890

(1)

All per share activity, excluding dividends, is calculated based on the weighted-average shares outstanding for the relevant period.

(2)

Net accretion (dilution) represents the effect of issuance and repurchase of common stock.

(3)

(4)

(5)

The ratios are calculated based on weighted average net assets for the relevant period and are annualized.

(6)

(7)

Investments - Additional Information (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Open Futures Contract [Line Items]

Percentage of beneficial ownership of voting securities for affiliation

5.00%

Percentage of minimum beneficial ownership of voting securities for control

25.00%

Percentage of minimum board representation for control

50.00%

$ 640,000

^[1]

$ 640,000

^[1]

$ 0

Warrant Contract [Member]

Open Futures Contract [Line Items]

Net realized gains (losses)

(400,000)

$ 0

(1,700,000)

$ 0

Net unrealized gain (loss)

$ 200,000

$ 900,000

$ 1,100,000

$ 100,000

[1]	Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Subparagraph (SX 210.12-13A(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 5A
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column A)(Footnote 4))
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-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 13 - Subsequent Events

The Company evaluated events subsequent to September 30, 2025 through November 6, 2025. There have been no subsequent events that occurred during such period that would require recognition or disclosure, except as disclosed below.

Distributions

On November 5, 2025, the Board of Directors declared a distribution of $0.33 per share for stockholders of record as of November 17, 2025, payable on or before December 3, 2025.

Recent Portfolio Activity

From October 1, 2025 through November 6, 2025, the Company completed $12.0 million of additional debt commitments. In addition, the Company funded $1.2 million in unfunded commitments on existing investments. The Company also received $0.9 million in debt prepayments.

SWK Agreement and Plan of Merger

On October 9, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with RWAY Portfolio Holding Corp., a Delaware corporation and our direct wholly-owned subsidiary (“Intermediary Sub”), RWAY Portfolio Corp., a Delaware corporation and a direct wholly-owned subsidiary of Intermediary Sub (“Acquisition Sub”), RGC, a Delaware limited liability company and SWK Holdings Corporation, a Delaware corporation (“SWK”). The Merger Agreement provides that, subject to the conditions set forth in the Merger Agreement, Acquisition Sub will merge with and into SWK, with SWK continuing as the surviving company and as a wholly-owned subsidiary of Intermediary Sub, or, in the alternative, SWK will merge with and into Acquisition Sub, with Acquisition Sub continuing as the surviving company and as a wholly-owned subsidiary of Intermediary Sub (in either case, the “First Merger”). Immediately after the effectiveness of the First Merger, SWK or Acquisition Sub, as applicable, will merge with and into Intermediary Sub (the “Second Merger”), with Intermediary Sub continuing as the surviving company and as our wholly-owned subsidiary. Immediately after the effectiveness of the Second Merger, Intermediary Sub will merge with and into us (the “Third Merger” and together with the First Merger and the Second Merger, the “Mergers”), and we will continue as the surviving corporation. The Board of Directors and the board of directors of SWK have approved, among other things, the Merger Agreement and the transactions contemplated thereby (the “Transactions”).

Subject to the terms and conditions of the Merger Agreement, at the time a certificate of merger with respect to the First Merger is executed and filed with the Secretary of State of the State of Delaware as provided under the Delaware General Corporation Law (the “Effective Time”), each share of common stock, par value $0.001 per share, of SWK (“SWK Common Stock”) issued and outstanding immediately prior to the Effective Time (other than shares of SWK Common Stock held by a subsidiary of SWK or held, directly or indirectly, by the Company or any of its consolidated subsidiaries, including Intermediary Sub and Acquisition Sub and all treasury shares (the “Cancelled Shares”)) will be converted, at the election of the respective SWK stockholder, into the right to receive newly issued shares of common stock of the Company ("Common Stock"), par value $0.01 per share, equal to the Exchange Ratio (as defined below) (the “Per Share Stock Consideration”) or an amount of cash equal to the SWK Per Share NAV (as defined below) (the “Per Share Cash Consideration” and, together with the Per Share Stock Consideration, the “Total Per Share Merger Consideration”) and, in either case, an amount of cash, to be provided by RGC, equal to the quotient of (i) $9.0 million divided by (ii) the number of shares of SWK Common Stock issued and outstanding as of the Determination Date (as defined below) (excluding any Cancelled Shares).

Two (2) days (excluding Sundays and holidays) prior to the Effective Time (such date, the “Determination Date”), the Company and SWK will deliver to the other a calculation of its net asset value as of such date (such calculation with respect to SWK, the “Closing SWK NAV” and such calculation with respect to us, the “Closing RWAY NAV”), in each case calculated in good faith and determined in accordance with the accounting and reporting guidance set forth in ASC 946, as modified pursuant to the terms of the Merger Agreement. Based on such calculations, the parties will calculate: (1) the “SWK Per Share NAV,” which will be equal to (i) the Closing SWK NAV divided by (ii) the number of shares of SWK Common Stock issued and outstanding as of the Determination Date (excluding the Cancelled Shares) and (2) the “RWAY Per Share NAV,” which will be equal to (i) the Closing RWAY NAV divided by (ii) the number of shares of the Company's Common Stock issued and outstanding as of the Determination Date. The “Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the SWK Per Share NAV divided by (ii) the RWAY Per Share NAV.

The Company and SWK will update and redeliver the Closing RWAY NAV or the Closing SWK NAV, as applicable, in the event that the closing of the Mergers is subsequently materially delayed or there is a material change to either such calculation between the Determination Date and the closing of the Mergers and as needed to ensure that the calculation is determined within two (2) days

(excluding Sundays and holidays) prior to the Effective Time.

The Merger Agreement contains customary pre-closing covenants, including covenants requiring the Company and/or SWK, as applicable, to (i) use reasonable best efforts to cause the consummation of the Transactions, (ii) conduct business in the ordinary course, (iii) cooperate with the other party in the preparation and filing of a registration statement on Form N-14 (the “Registration Statement”), (iv) duly call, give notice of, convene and hold a special meeting of stockholders of SWK, (v) obtain certain regulatory and third party consents and (vi) refrain from taking, or causing their respective subsidiaries to take, certain actions prior to the consummation of the Mergers without, with respect to the Company, SWK’s consent and, with respect to SWK, the Company's consent (which consent in each case is not to be unreasonably withheld, delayed or conditioned).

The consummation of the Mergers is subject to the satisfaction or (to the extent permitted by law) waiver of certain customary closing conditions, including effectiveness of the Registration Statement, approval by SWK’s stockholders, absence of a material adverse effect and certain other closing conditions set forth in the Merger Agreement. The obligation of each party to consummate the Mergers is also conditioned upon the other party’s representations and warranties being true and correct (subject to certain materiality exceptions) and the other party having performed in all material respects its obligations under the Merger Agreement. Further, the Merger Agreement provides that SWK will not be obligated to consummate the Mergers should the amount by which a third-party valuation firm values the portfolio assets of SWK as of the Determination Date (as adjusted pursuant to the terms of the Merger Agreement) be more than $5.0 million less than SWK’s good faith determination of the carrying value of the underlying portfolio assets of SWK as of 5:00 p.m. New York City time on the Determination Date (as reflected in the books and records of SWK, determined in accordance with GAAP and in a manner consistent with SWK’s historical calculation of the carrying value of such assets).

Key Stockholder Agreement

Concurrently with the Company entering into the Merger Agreement, it also entered into a key stockholder agreement (the “Key Stockholder Agreement”) with Double Black Diamond Offshore Ltd., a Cayman Islands exempted company (the “Key Stockholder”), and, solely for the purposes of Section 4 thereof, Black Diamond Offshore Ltd., a Cayman Islands exempted company. The Key Stockholder owns 8,493,088 shares of SWK Common Stock, representing in the aggregate approximately 69.9% of the outstanding shares of SWK Common Stock as of October 9, 2025. Pursuant to the Key Stockholder Agreement, the Key Stockholder has agreed to vote such shares of SWK Common Stock in favor of the approval and adoption of the Merger Agreement. Additionally, pursuant to the Key Stockholder Agreement, the Key Stockholder has agreed to refrain from, directly or indirectly, absent our prior written consent: (A)(i) engaging in or becoming a participant in any “solicitation” (as such term is used in the proxy rules of the SEC, but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv) of the Exchange Act), with respect to the Company, its Common Stock or any of its other voting securities, of proxies or consents; or conducting any non-binding referendum with respect to any matter or proposal to be voted on by holders of the Company's Common Stock or other voting securities, or (ii) making any public statement in support of any third-party solicitation or referendum with respect to the Company, its Common Stock or any of its other voting securities; (B) seeking or proposing, alone or in concert with others, to have RGC terminated or replaced, to prevent the adoption of the Advisory Agreement, or to have the Advisory Agreement terminated, amended, modified or otherwise replaced or canceled; (C)(i) seeking or proposing, alone or in concert with others, election or appointment to, or representation on, the Board of Directors; or nominating or proposing the nomination of, or recommending the nomination of, any candidate to the Board of Directors, or (ii) seeking or proposing, alone or in concert with others, the removal of any member of the Board of Directors; (D)(i) seeking or proposing, alone or in concert with others, to call a meeting of our stockholders, or (ii) making or being the proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act or otherwise) for consideration by the Company's stockholders; or (E) publicly disclosing any intention, plan or arrangement to take any action inconsistent with the provisions of sections (A) through (D) above.

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

Investment Company, Financial Highlights [Line Items]

Net Asset Value Per Share, Beginning Balance

^[1]

$ 13.79

$ 13.5

Net investment income

$ 0.43

$ 0.41

1.23

^[1]

1.25

^[1]

Net realized gain (loss)

^[1]

0.09

Net change in unrealized gain (loss)

^[1]

(0.6)

(0.1)

Total from investment operations

^[1]

0.72

1.15

Distributions

(1.07)

(1.39)

Accretion (dilution), net

0.11

0.13

^[2]

Net Asset Value Per Share, Ending Balance

13.55

13.39

13.55

13.39

13.79

^[1]

Per share market value at beginning of period

10.96

12.62

Per share market value at end of period

$ 10.16

$ 10.29

$ 10.16

$ 10.29

$ 10.96

Net assets at beginning of period

$ 514,869

$ 547,071

Net assets at end of period

$ 489,526

$ 507,358

489,526

507,358

$ 514,869

Weighted average net assets

$ 507,904

$ 522,925

Weighted average shares outstanding, Basic

36,225,742

38,390,854

36,887,968

39,317,890

Ratio/Supplemental Data:

Total return based on net asset value

^[3]

6.02%

9.48%

Total return based on market value

^[4]

2.46%

(7.45%)

Ratio of net investment income to average net assets

^[5],[6]

11.92%

12.55%

Ratio of total operating expenses to average net assets

^[5],[6]

16.32%

15.77%

Ratio of total operating expenses excluding incentive fees to average net assets

^[6]

13.29%

12.63%

Ratio of net increase (decrease) in net assets resulting from operations to average net assets

^[5],[6]

7.02%

11.59%

Portfolio turnover rate

^[7]

10.64%

14.20%

[1]	All per share activity, excluding dividends, is calculated based on the weighted-average shares outstanding for the relevant period.
[2]	Net accretion (dilution) represents the effect of issuance and repurchase of common stock.
[3]	Total return based on net asset value is calculated as the change in net asset value per share during the period, plus dividends per share, divided by the beginning net asset value per share. The total returns are not annualized.
[4]	Total return based on market value is calculated as the change in market value per share during the period, plus dividends per share, divided by the beginning market value per share. The total returns are not annualized.
[5]	The ratio includes annualized incentive fees and as incentive fees are performance driven, the amount expensed in future periods may vary significantly and is dependent on overall investment performance, early terminations, scheduled prepayments and other liquidity events.
[6]	The ratios are calculated based on weighted average net assets for the relevant period and are annualized.
[7]	The portfolio turnover rate for the period is calculated by taking the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover is not annualized.

Investments - Schedule of Offsetting of Derivative Instruments under Master Netting Arrangement (Details) - USD ($)

Sep. 30, 2025

Dec. 31, 2024

Offsetting Liabilities [Line Items]

Derivative Liabilities Subject to Master Netting Agreement

$ (640,000)

Net Amount of Derivative Liabilities

(640,000)

^[1]

$ 0

Open Forward Foreign Currency Contract, Identifier [Axis]: Counterparty Canadian Imperial Bank of Commerce

Offsetting Liabilities [Line Items]

Derivative Liabilities Subject to Master Netting Agreement

(640,000)

Net Amount of Derivative Liabilities

^[1]

$ (640,000)

[1]	Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

- Definition

Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.

+ References + Details

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-7A

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-12

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
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-Name Accounting Standards Codification
-Section 55
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments, All Other Investments [Abstract]

Schedule of Transactions Related to Company's Affiliate and Control Investments

The Company’s affiliate and control investments as of September 30, 2025, along with the transactions during the nine months ended September 30, 2025, are as follows (in thousands):


			For the Nine Months Ended September 30, 2025
Portfolio Company		Investment Description	Investment Income Earned 2025		Fair Value as of December 31, 2024		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Fair Value as of September 30, 2025(3)
Affiliate Investments
	Debt Investments
	Gynesonics, Inc. - Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026	$	902	$	27,217	$	-	$	(26,235	)	$	-		$	(982	)	$	-
	Total Debt Investments			902		27,217		-		(26,235	)		-			(982	)		-

	Equity Investments
	Coginiti Corp	Common Stock		-		-		-		-			-			-			-
	Gynesonics, Inc.	Series A-2 Preferred Stock		-		25,000		-		(25,000	)		-			-			-
		Series A-1 Preferred Stock		-		12,355		-		(12,355	)		9,255			(9,255	)		-
	Total Equity Investments			-		37,355		-		(37,355	)		9,255			(9,255	)		-

	Warrants
	Coginiti Corp	Common Stock		-		-		-		-			-			-			-
	Gynesonics, Inc.	Success fee		-		-		-		-			(312	)		312			-
	Total Warrants			-		-		-		-			(312	)		312			-
Total Affiliate Investments			$	902	$	64,572	$	-	$	(63,590	)	$	8,943		$	(9,925	)	$	-

Control Investments
	Equity Investments
	Pivot3, Inc.	100% Equity Interest		-		1,198		-		-			-			(4	)		1,194
	Runway-Cadma I LLC	50% Equity Interest		-		5,742		6,683		-			-			430			12,855
	Total Equity Investments			-		6,940		6,683		-			-			426			14,049
Total Control Investments			$	-	$	6,940	$	6,683	$	-		$	-		$	426		$	14,049

(1)

(2)

(3)

The Company’s affiliate and control investments as of December 31, 2024, along with the transactions during the year ended December 31, 2024, are as follows (in thousands):


			For the Year Ended December 31, 2024
Portfolio Company		Investment Description	Investment Income Earned 2024		Fair Value as of December 31, 2023		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Fair Value as of December 31, 2024(3)
Affiliate Investments
	Debt Investments
	Gynesonics, Inc. - Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026	$	2,419	$	23,586	$	337	$	-	$	-	$	3,294		$	27,217
	Total Debt Investments			2,419		23,586		337		-		-		3,294			27,217

	Equity Investments
	Coginiti Corp	Common Stock		-		856		-		-		-		(856	)		-
	Gynesonics, Inc.	Series A-2 Preferred Stock		-		21,461		-		-		-		3,539			25,000
		Series A-1 Preferred Stock		-		4,577		-		-		-		7,778			12,355
	Total Equity Investments			-		26,894		-		-		-		10,461			37,355

	Warrants
	Coginiti Corp	Common Stock		-		663		-		-		-		(663	)		-
	Gynesonics, Inc.	Success fee		-		313		-		-		-		(313	)		-
	Total Warrants			-		976		-		-		-		(976	)		-
Total Affiliate Investments			$	2,419	$	51,456	$	337	$	-	$	-	$	12,779		$	64,572

Control Investments
	Equity Investments
	Pivot3, Inc.	100% Equity Interest		-		950		-		-		-		248			1,198
	Runway-Cadma I LLC	50% Equity Interest		-		-		5,600		-		-		142			5,742
	Total Equity Investments			-		950		5,600		-		-		390			6,940
Total Control Investments			$	-	$	950	$	5,600	$	-	$	-	$	390		$	6,940

(1)

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing Investments for one or more new investments and the movement of investment between categories.

(3)

Schedule of Fair Value of Portfolio of Investments by Geographic Region and Industry

The following table shows the fair value of the Company's portfolio of investments by geographic region as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025					December 31, 2024
Geographic Region	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
United States
Western United States	$	374,369		76.48	%	$	431,567		83.83	%
Northeastern United States		173,002		35.34			264,780		51.43
Midwestern United States		144,423		29.50			146,963		28.54
Northwestern United States		73,771		15.07			72,414		14.06
South Central United States		41,128		8.40			40,136		7.80
Southeastern United States		21,830		4.46			20,932		4.07
Runway-Cadma I LLC(1)		12,855		2.63			5,742		1.12
Total United States		841,378		171.88			982,534		190.85

Germany		39,885		8.15			34,163		6.64
United Kingdom		32,071		6.55			28,360		5.51
Netherlands		17,539		3.58			17,203		3.34
Canada		15,091		3.08			14,580		2.83
Total	$	945,964		193.24	%	$	1,076,840		209.17	%

(1)


	September 30, 2025
Industry	Investments at Fair Value		Percentage of Net Assets
Application Software	$	224,762		45.91	%
Systems Software		144,684		29.56
Health Care Equipment & Services		122,419		25.01
Commercial & Professional Services		116,424		23.77
Technology Hardware & Equipment		87,645		17.91
Financial Services		81,683		16.69
Insurance		44,979		9.20
Consumer Staples Distribution & Retail		39,885		8.14
Household & Personal Products		39,648		8.09
Media & Entertainment		30,980		6.33
Multi-Sector Holdings(1)		12,855		2.63
Total	$	945,964		193.24	%

(1)

The following table shows the fair value of the Company's portfolio of investments by industry as of December 31, 2024 (in thousands):


	December 31, 2024
Industry	Investments at Fair Value		Percentage of Net Assets
Application Software	$	233,431		45.35	%
Healthcare Technology		218,688		42.48
Internet Software and Services		160,104		31.10
Data Processing & Outsourced Services		116,720		22.67
System Software		114,650		22.26
Property & Casualty Insurance		76,911		14.94
Internet & Direct Marketing Retail		50,729		9.86
Human Resource & Employment Services		40,560		7.88
Electronic Equipment & Instruments		40,354		7.84
Healthcare Equipment		15,382		2.98
Multi-Sector Holdings(1)		5,742		1.12
Technology Hardware, Storage & Peripherals		2,910		0.56
Specialized Consumer Services		365		0.07
Advertising		152		0.03
Asset Management & Custody Banks		138		0.03
Biotechnology		4		-
Total	$	1,076,840		209.17	%

(1)

Schedule of Outstanding Foreign Currency Forward Contracts

The following table shows the Company's outstanding foreign currency forward contracts as of September 30, 2025 (in thousands):


Foreign Currency	Counterparty	Maturity Date	Notional Amount to be Sold (£)		Notional Amount to be Purchased ($)			Unrealized Gain (Loss) ($)
Great British Pound (GBP)	Canadian Imperial Bank of Commerce	12/8/2025		384		505			(10	)
Great British Pound (GBP)	Canadian Imperial Bank of Commerce	5/14/2026		21,964		28,873			(630	)
Total							$		(640	)

Schedule of Offsetting of Derivative Instruments under Master Netting Arrangement

Offsetting of Derivative Instruments


Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities (1)
Canadian Imperial Bank of Commerce	$	(640	)	$	-	$	-	$	-	$	(640	)
Total	$	(640	)	$	-	$	-	$	-	$	(640	)

(1)

Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Net Assets

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Net Assets

Note 9 – Net Assets

The Company has the authority to issue 100,000,000 shares of common stock, par value $0.01 per share. In October 2015, in connection with the Company's formation, the Company issued and sold 1,667 shares of common stock to R. David Spreng, the President and Chief Executive Officer of the Company, for an aggregate purchase price of $25 thousand.

Private Common Stock Offerings

On December 1, 2017, the Company completed its initial private offering ("Initial Private Offering"), in which the Company issued 18,241,157 shares of its common stock to stockholders for a total purchase price of $275.0 million in reliance on exemptions from the registration requirements of the Securities Act, and other applicable securities laws.

Beginning October 15, 2019 and ending September 29, 2021, the Company completed multiple closings under its second private offering (the "Second Private Offering") and accepted aggregate capital commitments of $181.7 million. In connection with the Second Private Offering the Company issued 9,617,379 shares of its common stock for a total purchase price of $144.3 million. Concurrent with the IPO, all undrawn commitments under the Second Private Offering were cancelled.

On March 31, 2020 and March 24, 2021, the Company issued in aggregate 22,564 shares as an additional direct investment by Runway Growth Holdings LLC, an affiliate of RGC, at a per share price of $15.00 for total proceeds of $0.3 million in a private offering pursuant to an exemption from registration under Regulation D of the Securities Act.

Initial Public Offering

On October 25, 2021, the Company closed its IPO, issuing 6,850,000 shares of its common stock at a public offering price of $14.60 per share. Net of underwriting fees and offering costs, the Company received net cash proceeds of $93.0 million. The Company’s common stock began trading on NASDAQ on October 21, 2021 under the symbol "RWAY".

Repurchase Program

On February 24, 2022, the Board of Directors approved a share repurchase program (the "First Repurchase Program") under which the Company was authorized to repurchase up to $25.0 million of its outstanding common stock, at management’s discretion from time to time in open-market transactions and in accordance with all applicable securities laws and regulations. The Company repurchased 871,345 shares in connection with the First Repurchase Program for an aggregate purchase price of $10.8 million. The First Repurchase Program expired on February 24, 2023.

On November 2, 2023, the Board of Directors approved a share repurchase program (the "Second Repurchase Program"), under which the Company was authorized to repurchase up to $25.0 million of its outstanding shares of common stock, at management’s discretion from time to time in open-market transactions and in accordance with all applicable securities laws and regulations. The Company repurchased 1,961,938 shares in connection with the Second Repurchase Program for an aggregate purchase price of $23.5 million. The Second Repurchase Program expired on November 2, 2024.

On July 30, 2024, the Board of Directors approved a share repurchase program (the "Third Repurchase Program"), under which the Company was authorized to repurchase up to $15.0 million of its outstanding shares of common stock, at management's discretion from time to time in open-market transactions and in accordance with all applicable securities laws and regulations. The Company repurchased 1,199,867 shares in connection with the Third Repurchase Program for an aggregate purchase price of $12.5 million, exhausting the full approved amount of repurchases under the program.

On May 7, 2025, the Board of Directors approved a share repurchase program (the "Fourth Repurchase Program"), under which the Company may repurchase up to $25.0 million of its outstanding shares of common stock, at management's discretion from time to time in open-market transactions and in accordance with all applicable securities laws and regulations. If not renewed, the Fourth Repurchase Program will terminate upon the earlier of (i) May 7, 2026 or (ii) the repurchase of $25.0 million of the Company's shares of common stock. From the inception of the Fourth Repurchase Program through September 30, 2025, the Company repurchased 1,213,391 shares for an aggregate purchase price of $12.5 million.

Distributions and Dividend Reinvestment Plan

The Company intends to pay quarterly distributions to its stockholders out of assets legally available for distribution. All distributions will be paid at the discretion of the Board of Directors and will depend on the Company's earnings, financial condition, maintenance of RIC status for income tax purposes, compliance with applicable BDC regulations and such other factors as the Board of Directors may deem relevant from time to time.

The Company maintains a dividend reinvestment plan for common stockholders (the "Dividend Reinvestment Plan"). The Dividend Reinvestment Plan is administered by its transfer agent on behalf of the Company's record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Dividend Reinvestment Plan but may provide a similar distribution reinvestment plan for their clients. The share requirements of the Dividend Reinvestment Plan may be satisfied through the issuance of new common shares or through open market purchases of common shares by the Company.

For the three and nine months ended September 30, 2025, the Company declared and paid dividends in the amount of $13.0 million and $39.5 million, respectively, of which $12.8 million and $38.7 million, respectively, were distributed in cash, with the remainder distributed in the form of 20,887 and 81,603 shares, respectively, of the Company's common stock purchased by the Company in the open market and distributed to stockholders pursuant to the Dividend Reinvestment Plan. For the three and nine months ended September 30, 2024, the Company declared and paid dividends in the amount of $17.3 million and $54.9 million, respectively, of which $17.1 million and $54.1 million, respectively, were distributed in cash, with the remainder distributed in the form of 26,565 and 71,162 shares, respectively, of the Company's common stock purchased by the Company in the open market and distributed to stockholders pursuant to the Dividend Reinvestment Plan.

The following table summarizes the distributions declared and paid since inception through September 30, 2025:


Declaration Date	Type	Record Date	Payment Date	Amount per Share
May 3, 2018	Quarterly	May 15, 2018	May 31, 2018	$	0.15
July 26, 2018	Quarterly	August 15, 2018	August 31, 2018		0.25
November 1, 2018	Quarterly	October 31, 2018	November 15, 2018		0.35
March 22, 2019	Quarterly	March 22, 2019	March 26, 2019		0.40
May 2, 2019	Quarterly	May 7, 2019	May 21, 2019		0.45
May 2, 2019	Supplemental	May 31, 2019	July 16, 2019		0.46
July 30, 2019	Quarterly	August 5, 2019	August 26, 2019		0.45
September 27, 2019	Supplemental	September 30, 2019	November 12, 2019		0.04
December 9, 2019	Quarterly	December 10, 2019	December 23, 2019		0.40
March 5, 2020	Quarterly	March 6, 2020	March 20, 2020		0.40
May 7, 2020	Quarterly	May 8, 2020	May 21, 2020		0.35
August 5, 2020	Quarterly	August 6, 2020	August 20, 2020		0.36
October 1, 2020	Quarterly	October 1, 2020	November 12, 2020		0.38
March 4, 2021	Quarterly	March 5, 2021	March 19, 2021		0.37
April 29, 2021	Quarterly	April 30, 2021	May 13, 2021		0.37
July 19, 2021	Quarterly	July 20, 2021	August 12, 2021		0.34
October 28, 2021	Quarterly	November 8, 2021	November 22, 2021		0.25
February 24, 2022	Quarterly	March 8, 2022	March 22, 2022		0.27
April 28, 2022	Quarterly	May 10, 2022	May 24, 2022		0.30
July 28, 2022	Quarterly	August 9, 2022	August 23, 2022		0.33
October 27, 2022	Quarterly	November 8, 2022	November 22, 2022		0.36
February 23, 2023	Quarterly	March 7, 2023	March 21, 2023		0.40
February 23, 2023	Supplemental	March 7, 2023	March 21, 2023		0.05
May 2, 2023	Quarterly	May 15, 2023	May 31, 2023		0.40
May 2, 2023	Supplemental	May 15, 2023	May 31, 2023		0.05
August 1, 2023	Quarterly	August 15, 2023	August 31, 2023		0.40
August 1, 2023	Supplemental	August 15, 2023	August 31, 2023		0.05
November 1, 2023	Quarterly	November 13, 2023	November 28, 2023		0.40
November 1, 2023	Supplemental	November 13, 2023	November 28, 2023		0.06
February 1, 2024	Quarterly	February 12, 2024	February 28, 2024		0.40
February 1, 2024	Supplemental	February 12, 2024	February 28, 2024		0.07
April 30, 2024	Quarterly	May 10, 2024	May 24, 2024		0.40
April 30, 2024	Supplemental	May 10, 2024	May 24, 2024		0.07
July 30, 2024	Quarterly	August 12, 2024	August 26, 2024		0.40
July 30, 2024	Supplemental	August 12, 2024	August 26, 2024		0.05
November 5, 2024	Quarterly	November 18, 2024	December 2, 2024		0.40
March 20, 2025	Quarterly	March 31, 2025	April 14, 2025		0.33
March 20, 2025	Supplemental	March 31, 2025	April 14, 2025		0.03
May 7, 2025	Quarterly	May 19, 2025	June 3, 2025		0.33
May 7, 2025	Supplemental	May 19, 2025	June 3, 2025		0.02
August 6, 2025	Quarterly	August 18, 2025	September 2, 2025		0.33
August 6, 2025	Supplemental	August 18, 2025	September 2, 2025		0.03
			Total	$	11.70

- Definition

The entire disclosure for equity.

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+ Details

Concentration of Credit Risk - Additional Information (Details) - Credit Concentration Risk - PortfolioCompanies	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Total Fair value of Investments
Concentration Risk [Line Items]
Number of largest portfolio investment companies	5	5
Total Fair value of Investments \| Investment in Portfolio Companies
Concentration Risk [Line Items]
Concentration of credit risk, percentage	28.70%	28.80%
Net Assets
Concentration Risk [Line Items]
Number of largest portfolio investment companies	18	20
Net Assets \| Minimum
Concentration Risk [Line Items]
Concentration of credit risk, percentage	5.00%	5.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,019	$ 25,049	$ 26,682	$ 45,387

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Borrowings - Additional Information (Details) - USD ($)						3 Months Ended		9 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Apr. 07, 2025	Apr. 13, 2023	Aug. 31, 2022	Apr. 20, 2022	Dec. 10, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 07, 2022	Jul. 28, 2022
Debt Instrument [Line Items]
Unamortized deferred financing costs						$ 6,744,000		$ 6,744,000		$ 5,918,000
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate						7.49%	8.55%	7.50%	8.54%
Weighted average outstanding principal Credit Facility balance						$ 225,600,000	$ 273,000,000	$ 249,400,000	$ 248,100,000
Credit Facility
Debt Instrument [Line Items]
Debt instrument principal amount				$ 225,000,000		550,000,000		$ 550,000,000
Expiration date								Mar. 18, 2029
Line of credit facility stated maturity date								Mar. 18, 2028
Line of credit facility, amortization period								1 year
Credit Facility \| Maximum
Debt Instrument [Line Items]
Total Commitment						600,000,000		$ 600,000,000
Applicable margin rate								3.35%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]								Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Variable advance rate				65.00%
Unused commitment fees percentage				1.00%
Credit Facility \| Minimum
Debt Instrument [Line Items]
Applicable margin rate								2.95%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]								Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Unused commitment fees percentage				0.25%
2026 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount		$ 25,000,000			$ 70,000,000
Debt instrument, interest rate stated percentage		8.54%			4.25%
Debt instrument, interest rate increase percentage					1.00%
December 2026 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument, interest rate stated percentage					4.25%
Debt instrument due date					Dec. 10, 2026
Aggregate offering costs including underwriter's discounts and commissions					$ 1,000,000
Unamortized deferred financing costs						300,000		$ 300,000		400,000
Line of credit facility, interest rate description								Interest on the December 2026 Notes was due semiannually in arrears on June 10 and December 10 of each year.
Debt instrument, frequency of periodic payment								semiannually in arrears on June 10 and December 10 of each year
April 2026 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument, interest rate stated percentage		8.54%
Debt instrument due date		Apr. 13, 2026
Aggregate offering costs including underwriter's discounts and commissions		$ 400,000
Unamortized deferred financing costs						100,000		$ 100,000		200,000
Line of credit facility, interest rate description								Interest on the April 2026 Notes is due semiannually in arrears on April 13 and October 13 of each year.
Debt instrument, frequency of periodic payment								semiannually
July 2027 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount												$ 80,500,000
Debt instrument, interest rate stated percentage												7.50%
Aggregate offering costs including underwriter's discounts and commissions												$ 2,800,000
Unamortized deferred financing costs						1,000,000		$ 1,000,000		1,400,000
Line of credit facility, interest rate description								Interest on the 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1 and December 1 of each year.
Debt instrument, frequency of periodic payment								quarterly
Debt instrument redemption description								The July 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 28, 2024, at a redemption price of $25 per July 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption
Debt instrument, redemption price per share												$ 25
August 2027 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount			$ 20,000,000
Debt instrument, interest rate stated percentage			7.00%
Debt instrument due date			Aug. 31, 2027
Aggregate offering costs including underwriter's discounts and commissions			$ 700,000
Unamortized deferred financing costs										400,000
Line of credit facility, interest rate description								Interest on the August 2027 Notes was due semiannually in arrears on February 15 and August 15 of each year.
Debt instrument, frequency of periodic payment								semiannually
December 2027 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount											$ 51,750,000
Debt instrument, interest rate stated percentage											8.00%
Aggregate offering costs including underwriter's discounts and commissions											$ 1,900,000
Unamortized deferred financing costs						800,000		$ 800,000		$ 1,100,000
Line of credit facility, interest rate description								Interest on the December 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1, and December 1 of each year.
Debt instrument, frequency of periodic payment								quarterly
Debt instrument redemption description								The December 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 31, 2024, at a redemption price of $25 per December 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.
Debt instrument, redemption price per share											$ 25
April 2028 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount	$ 107,000,000
Debt instrument, interest rate stated percentage	7.51%
Debt instrument due date	Apr. 07, 2028
Aggregate offering costs including underwriter's discounts and commissions	$ 400,000	$ 100,000
Unamortized deferred financing costs						$ 300,000		$ 300,000
Line of credit facility, interest rate description								Interest on the April 2028 Notes will be due semiannually in arrears on April 7 and October 7 of each year.
Debt instrument, frequency of periodic payment								semiannually

Net Assets - Summary of Distributions Declared and Paid (Details) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Amount per Share	$ 1.07	$ 1.39
Dividends declared payable per share	$ 11.7
May 3, 2018
Dividends Payable [Line Items]
Declaration Date									May 03, 2018
Type	Quarterly
Record Date									May 15, 2018
Payment Date									May 31, 2018
Amount per Share									$ 0.15
July 26, 2018
Dividends Payable [Line Items]
Declaration Date									Jul. 26, 2018
Type	Quarterly
Record Date									Aug. 15, 2018
Payment Date									Aug. 31, 2018
Amount per Share									$ 0.25
November 1, 2018
Dividends Payable [Line Items]
Declaration Date									Nov. 01, 2018
Type	Quarterly
Record Date									Oct. 31, 2018
Payment Date									Nov. 15, 2018
Amount per Share									$ 0.35
March 22, 2019
Dividends Payable [Line Items]
Declaration Date								Mar. 22, 2019
Type	Quarterly
Record Date								Mar. 22, 2019
Payment Date								Mar. 26, 2019
Amount per Share								$ 0.4
May 2, 2019
Dividends Payable [Line Items]
Declaration Date								May 02, 2019
Type	Quarterly
Record Date								May 07, 2019
Payment Date								May 21, 2019
Amount per Share								$ 0.45
May 2, 2019
Dividends Payable [Line Items]
Declaration Date								May 02, 2019
Type								Supplemental
Record Date								May 31, 2019
Payment Date								Jul. 16, 2019
Amount per Share								$ 0.46
July 30, 2019
Dividends Payable [Line Items]
Declaration Date								Jul. 30, 2019
Type	Quarterly
Record Date								Aug. 05, 2019
Payment Date								Aug. 26, 2019
Amount per Share								$ 0.45
September 27, 2019
Dividends Payable [Line Items]
Declaration Date								Sep. 27, 2019
Type								Supplemental
Record Date								Sep. 30, 2019
Payment Date								Nov. 12, 2019
Amount per Share								$ 0.04
December 9, 2019
Dividends Payable [Line Items]
Declaration Date								Dec. 09, 2019
Type	Quarterly
Record Date								Dec. 10, 2019
Payment Date								Dec. 23, 2019
Amount per Share								$ 0.4
March 5, 2020
Dividends Payable [Line Items]
Declaration Date							Mar. 05, 2020
Type	Quarterly
Record Date							Mar. 06, 2020
Payment Date							Mar. 20, 2020
Amount per Share							$ 0.4
May 7, 2020
Dividends Payable [Line Items]
Declaration Date							May 07, 2020
Type	Quarterly
Record Date							May 08, 2020
Payment Date							May 21, 2020
Amount per Share							$ 0.35
August 5, 2020
Dividends Payable [Line Items]
Declaration Date							Aug. 05, 2020
Type	Quarterly
Record Date							Aug. 06, 2020
Payment Date							Aug. 20, 2020
Amount per Share							$ 0.36
October 1, 2020
Dividends Payable [Line Items]
Declaration Date							Oct. 01, 2020
Type	Quarterly
Record Date							Oct. 01, 2020
Payment Date							Nov. 12, 2020
Amount per Share							$ 0.38
March 4, 2021
Dividends Payable [Line Items]
Declaration Date						Mar. 04, 2021
Type	Quarterly
Record Date						Mar. 05, 2021
Payment Date						Mar. 19, 2021
Amount per Share						$ 0.37
April 29, 2021
Dividends Payable [Line Items]
Declaration Date						Apr. 29, 2021
Type	Quarterly
Record Date						Apr. 30, 2021
Payment Date						May 13, 2021
Amount per Share						$ 0.37
July 19, 2021
Dividends Payable [Line Items]
Declaration Date						Jul. 19, 2021
Type	Quarterly
Record Date						Jul. 20, 2021
Payment Date						Aug. 12, 2021
Amount per Share						$ 0.34
October 28, 2021
Dividends Payable [Line Items]
Declaration Date						Oct. 28, 2021
Type	Quarterly
Record Date						Nov. 08, 2021
Payment Date						Nov. 22, 2021
Amount per Share						$ 0.25
February 24, 2022
Dividends Payable [Line Items]
Declaration Date					Feb. 24, 2022
Type	Quarterly
Record Date					Mar. 08, 2022
Payment Date					Mar. 22, 2022
Amount per Share					$ 0.27
April 28, 2022
Dividends Payable [Line Items]
Declaration Date					Apr. 28, 2022
Type	Quarterly
Record Date					May 10, 2022
Payment Date					May 24, 2022
Amount per Share					$ 0.3
July 28, 2022
Dividends Payable [Line Items]
Declaration Date					Jul. 28, 2022
Type	Quarterly
Record Date					Aug. 09, 2022
Payment Date					Aug. 23, 2022
Amount per Share					$ 0.33
October 27, 2022
Dividends Payable [Line Items]
Declaration Date					Oct. 27, 2022
Type	Quarterly
Record Date					Nov. 08, 2022
Payment Date					Nov. 22, 2022
Amount per Share					$ 0.36
February 23, 2023
Dividends Payable [Line Items]
Declaration Date				Feb. 23, 2023
Type	Quarterly
Record Date				Mar. 07, 2023
Payment Date				Mar. 21, 2023
Amount per Share				$ 0.4
February 23, 2023
Dividends Payable [Line Items]
Declaration Date				Feb. 23, 2023
Type	Supplemental
Record Date				Mar. 07, 2023
Payment Date				Mar. 21, 2023
Amount per Share				$ 0.05
May 2, 2023
Dividends Payable [Line Items]
Declaration Date				May 02, 2023
Type	Quarterly
Record Date				May 15, 2023
Payment Date				May 31, 2023
Amount per Share				$ 0.4
May 2, 2023
Dividends Payable [Line Items]
Declaration Date				May 02, 2023
Type	Supplemental
Record Date				May 15, 2023
Payment Date				May 31, 2023
Amount per Share				$ 0.05
August 1, 2023
Dividends Payable [Line Items]
Declaration Date				Aug. 01, 2023
Type	Quarterly
Record Date				Aug. 15, 2023
Payment Date				Aug. 31, 2023
Amount per Share				$ 0.4
August 1, 2023
Dividends Payable [Line Items]
Declaration Date				Aug. 01, 2023
Type	Supplemental
Record Date				Aug. 15, 2023
Payment Date				Aug. 31, 2023
Amount per Share				$ 0.05
November 1, 2023
Dividends Payable [Line Items]
Declaration Date				Nov. 01, 2023
Type	Quarterly
Record Date				Nov. 13, 2023
Payment Date				Nov. 28, 2023
Amount per Share				$ 0.4
November 1, 2023
Dividends Payable [Line Items]
Declaration Date				Nov. 01, 2023
Type	Supplemental
Record Date				Nov. 13, 2023
Payment Date				Nov. 28, 2023
Amount per Share				$ 0.06
February 1, 2024
Dividends Payable [Line Items]
Declaration Date			Feb. 01, 2024
Type	Quarterly
Record Date			Feb. 12, 2024
Payment Date			Feb. 28, 2024
Amount per Share			$ 0.4
February 1, 2024
Dividends Payable [Line Items]
Declaration Date			Feb. 01, 2024
Type	Supplemental
Record Date			Feb. 12, 2024
Payment Date			Feb. 28, 2024
Amount per Share			$ 0.07
April 30, 2024
Dividends Payable [Line Items]
Declaration Date			Apr. 30, 2024
Type	Quarterly
Record Date			May 10, 2024
Payment Date			May 24, 2024
Amount per Share			$ 0.4
April 30, 2024
Dividends Payable [Line Items]
Declaration Date			Apr. 30, 2024
Type	Supplemental
Record Date			May 10, 2024
Payment Date			May 24, 2024
Amount per Share			$ 0.07
July 30, 2024
Dividends Payable [Line Items]
Declaration Date			Jul. 30, 2024
Type			Quarterly
Record Date			Aug. 12, 2024
Payment Date			Aug. 26, 2024
Amount per Share			$ 0.4
July 30, 2024
Dividends Payable [Line Items]
Declaration Date			Jul. 30, 2024
Type			Supplemental
Record Date			Aug. 12, 2024
Payment Date			Aug. 26, 2024
Amount per Share			$ 0.05
November 5, 2024
Dividends Payable [Line Items]
Declaration Date			Nov. 05, 2024
Type	Quarterly
Record Date			Nov. 18, 2024
Payment Date			Dec. 02, 2024
Amount per Share			$ 0.4
March 20, 2025
Dividends Payable [Line Items]
Declaration Date	Mar. 20, 2025
Type	Quarterly
Record Date	Mar. 31, 2025
Payment Date	Apr. 14, 2025
Amount per Share	$ 0.33
March 20, 2025
Dividends Payable [Line Items]
Declaration Date	Mar. 20, 2025
Type	Supplemental
Record Date	Mar. 31, 2025
Payment Date	Apr. 14, 2025
Amount per Share	$ 0.03
May 7, 2025
Dividends Payable [Line Items]
Declaration Date	May 07, 2025
Type	Quarterly
Record Date	May 19, 2025
Payment Date	Jun. 03, 2025
Amount per Share	$ 0.33
May 7, 2025
Dividends Payable [Line Items]
Declaration Date	May 07, 2025
Type	Supplemental
Record Date	May 19, 2025
Payment Date	Jun. 03, 2025
Amount per Share	$ 0.02
August 6, 2025
Dividends Payable [Line Items]
Declaration Date	Aug. 06, 2025
Type	Quarterly
Record Date	Aug. 18, 2025
Payment Date	Sep. 02, 2025
Amount per Share	$ 0.33
August 6, 2025
Dividends Payable [Line Items]
Declaration Date	Aug. 06, 2025
Type	Supplemental
Record Date	Aug. 18, 2025
Payment Date	Sep. 02, 2025
Amount per Share	$ 0.03

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 11 – Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate returns to stockholders primarily through current income on loans, and secondarily through capital gains on warrants and other equity positions. The Company's Chief Executive Officer is the Company’s Chief Operating Decision Maker ("CODM"). While the Company lends to and separately evaluates the performance of each of its portfolio companies across various industries, including technology, healthcare, business services, financial services, select consumer services and products, the CODM evaluates and monitors performance of the Company's business on an aggregated basis. Further, each investment is evaluated and managed using similar processes and shared operational support functions, such as deal origination, underwriting, monitoring, and compliance, in addition to administrative functions, such as human resources, legal, finance and information technology.

The CODM uses the Company's "Net investment income" and "Net increase (decrease) in net assets resulting from operations" as reported in the Consolidated Statements of Operations to assess the Company’s performance and when allocating resources. "Net investment income" is comprised of consolidated total investment income (segment revenues) and consolidated total operating expenses (significant segment expenses), which are considered the key segment measures of profit or loss reviewed by the CODM. The information and operating expense categories included in the Company’s Consolidated Statements of Operations are fully reflective of the significant expense categories and amounts that are regularly provided to the CODM. All applicable segment disclosures are included in or can be derived from the Company’s consolidated financial statements.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Related Party Agreements and Transactions - Schedule of Capital Contributions and Unfunded Commitments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Mar. 06, 2024
Related Party Transaction [Line Items]
Unfunded loan commitments	$ 143,660	$ 176,715
Joint Venture
Related Party Transaction [Line Items]
Unfunded loan commitments			$ 70,000
Joint Venture \| Runway Growth Finance Corp
Related Party Transaction [Line Items]
Capital contributed	12,283	5,600
Unfunded loan commitments	22,718	29,400
Joint Venture \| All Members
Related Party Transaction [Line Items]
Capital contributed	24,565	11,200
Unfunded loan commitments	$ 45,435	$ 58,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

N-2 - $ / shares

9 Months Ended

Sep. 30, 2025

Dec. 31, 2024

^[1]

Sep. 30, 2024

Dec. 31, 2023

^[1]

Cover [Abstract]

Entity Central Index Key

0001653384

Amendment Flag

false

Securities Act File Number

814-01180

Document Type

10-Q

Entity Registrant Name

Runway Growth Finance Corp.

Entity Address, Address Line One

205 N. Michigan Ave.

Entity Address, Address Line Two

Suite 4200

Entity Address, City or Town

Chicago

Entity Address, State or Province

Entity Address, Postal Zip Code

60601

City Area Code

312

Local Phone Number

698-6902

Entity Emerging Growth Company

true

Entity Ex Transition Period

false

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Our investment objective is to maximize total return to our stockholders primarily through current income on our loan portfolio, and secondarily through capital gain on our warrants and other equity positions. We intend to achieve our investment objective by investing in high growth-potential, private companies. We typically invest in senior secured loans that generally fall into two strategies: Sponsored Growth Lending and Non-Sponsored Growth Lending. We generally receive warrants and/or other equity from our investments. We expect our global loan originations will generally range from between $30-$150 million, with our allocation being in the range of $20-$45 million.

We generate revenue in the form of interest on the debt securities that we hold and distributions and capital gains on other interests that we acquire in our portfolio companies. We expect that the debt we invest in will generally have stated terms of 36 to 60 months. Interest on debt securities is generally payable monthly, primarily based on a floating rate index, and subject to certain floors determined by market rates at the time the investment is made. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest will become due at the maturity date. Any original issue discount ("OID") or market discount or premium will be capitalized, and we will accrete or amortize such amounts as interest income. We record prepayment fees on debt investments as fee income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Risk Factors [Table Text Block]

Item 1A. Risk Factors.

You should carefully consider the risks contained in this quarterly report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto, before making a decision to purchase our securities.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in "Risk Factors" in Part I, Item 1A of our annual report on Form 10-K, as modified by the Company's annual report on Form 10-K/A, for the fiscal year ended December 31, 2024, filed with the SEC on March 20, 2025 and March 27, 2025, respectively.

The risks and uncertainties described in this report and our annual report on Form 10-K are not the only ones we may face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the risks listed in this report and our annual report on Form 10-K actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, you may lose all or part of your investment.

Risks Relating to the Mergers

Sales of shares of our common stock after the completion of the Mergers may cause the market price of our common stock to decline.

At the effective time of the Mergers, each share of SWK common stock issued and outstanding immediately prior to such time (other than shares owned by us or any of our consolidated subsidiaries), will be converted into the right to receive a number of shares of our common stock equal to the Exchange Ratio, plus any cash (without interest) in lieu of fractional shares.

Former SWK stockholders may decide not to hold the shares of our common stock that they will receive pursuant to the Merger Agreement. In addition, our stockholders may decide not to hold their shares of our common stock after completion of the Mergers. In each case, such sales of our common stock could have the effect of depressing the market price for our common stock and may take place soon after the completion of the Mergers.

Our stockholders will experience a reduction in percentage ownership and voting power in the combined company as a result of the Mergers.

Our stockholders will experience a reduction in their respective percentage ownership interests and effective voting power in respect of the combined company relative to their respective percentage ownership interests in us prior to the Mergers. Consequently, our stockholders should generally expect to exercise less influence over the management and policies of the combined company following the Mergers than they currently exercise over our management and policies.

Prior to completion of the Mergers, subject to certain restrictions in the Merger Agreement, and certain restrictions under the 1940 Act for issuances at prices below the then current NAV per share of our common stock and SWK’s common stock, we and SWK may issue additional shares of our common stock and SWK common stock, respectively, which would further reduce the percentage ownership of the combined company to be held by our current stockholders or to be held by SWK stockholders, as applicable.

We may be unable to realize the benefits anticipated by the Mergers, including estimated cost savings, or it may take longer than anticipated to achieve such benefits.

The realization of certain benefits anticipated as a result of the Mergers will depend in part on the integration of SWK’s investment portfolio with our investment portfolio and the integration of SWK’s business with our business. There can be no assurance that SWK’s

investment portfolio or business can be operated profitably or integrated successfully into our operations in a timely fashion or at all. The dedication of management resources to such integration may detract attention from the day-to-day business of the combined company and there can be no assurance that there will not be substantial costs associated with the transition process or that there will not be other material adverse effects as a result of these integration efforts. Such effects, including incurring unexpected costs or delays in connection with such integration and failure of SWK’s investment portfolio to perform as expected, could have a material adverse effect on the financial results of the combined company.

We also expect to achieve certain cost savings from the Mergers when the two companies have fully integrated their portfolios. It is possible that the estimates of the potential cost savings could ultimately be incorrect. The cost savings estimates also assume we will be able to combine our operations and SWK’s operations in a manner that permits those cost savings to be fully realized. If the estimates turn out to be incorrect or if we are not able to combine SWK’s investment portfolio or business with our operations, the anticipated cost savings may not be fully realized or realized at all or may take longer to realize than expected.

The Mergers may trigger certain “change of control” provisions and other restrictions in our or SWK’s contracts or contracts of our respective affiliates, and the failure to obtain any required consents or waivers could adversely impact the combined company.

Certain of our or SWK’s agreements or contracts of our respective affiliates, which may include agreements governing our indebtedness or the indebtedness of SWK, may require the consent or waiver of one or more counterparties in connection with the Mergers. The failure to obtain any such consent or waiver may permit such counterparties to terminate, or otherwise increase their rights or our and SWK’s obligations under, any such agreement because the Mergers or other transactions contemplated by the Merger Agreement may violate an anti-assignment, change of control or other similar provision relating to any of such transactions. If this occurs, we may have to seek to replace that agreement with a new agreement or seek an amendment to such agreement. We cannot assure you that we will be able to replace or amend any such agreement on comparable terms or at all.

If any such agreement is material, the failure to obtain consents, amendments or waivers under, or to replace on similar terms or at all, any of these agreements could adversely affect the financial performance or results of operations of the combined company following the Mergers, including preventing us from operating a material part of SWK’s business.

In addition, the consummation of the Mergers may violate, conflict with, result in a breach of provisions of, or the loss of any benefit under, constitute a default (or an event that, with or without notice or lapse of time or both, would constitute a default) under, or result in the termination, cancellation, acceleration or other change of any right or obligation (including any payment obligation) under, certain agreements of us and SWK. Any such violation, conflict, breach, loss, default or other effect could, either individually or in the aggregate, have a material adverse effect on the financial condition, results of operations, assets or business of the combined company following completion of the Mergers.

The announcement and pendency of the Mergers could adversely affect both our and SWK’s business, financial results and operations.

The announcement and pendency of the Mergers could cause disruptions in and create uncertainty surrounding both our and SWK’s business, including affecting relationships with existing and future borrowers, which could have a significant negative impact on future revenues and results of operations, regardless of whether the Mergers are completed. In addition, we and SWK have diverted, and will continue to divert, management resources towards the completion of the Mergers, which could have a negative impact on each of our and SWK’s future revenues and results of operations.

We and SWK are also subject to restrictions on the conduct of each of our and SWK’s businesses prior to the completion of the Mergers as provided in the Merger Agreement, generally requiring SWK and us to conduct business only in the ordinary course and subject to specific limitations, including, among other things, certain restrictions on each of our and SWK’s respective ability to make certain investments and acquisitions, sell, transfer or dispose of our and SWK’s respective assets, amend each of our and SWK’s respective organizational documents and enter into or modify certain material contracts. These restrictions could prevent SWK or us from pursuing otherwise attractive business opportunities, industry developments and future opportunities and may otherwise have a significant negative impact on the respective future investment income and results of operations of each of us and/or the combined company following the Mergers.

If the Mergers do not close, we will not benefit from the expenses incurred in pursuit of the Mergers.

The Mergers may not be completed. If the Mergers are not completed, we will have incurred substantial expenses for which no ultimate benefit will have been received. We have incurred out-of-pocket expenses in connection with the Mergers for investment banking, legal and accounting fees and financial printing and other related charges, much of which will be incurred even if the Mergers are not completed.

The termination of the Merger Agreement could negatively impact us.

If the Merger Agreement is terminated, there may be various consequences, including:

•

our business may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Mergers, without realizing any of the anticipated benefits of completing the Mergers;

•

the market price of our common stock might decline to the extent that the market price prior to termination reflects a market assumption that the Mergers will be completed; and

•

the payment of any termination fee, if required under the circumstances, could adversely affect our financial condition and liquidity.

The Merger Agreement limits our ability to pursue alternatives to the Mergers.

The Merger Agreement contains provisions that limit our ability to discuss, facilitate or commit to competing third party proposals to acquire all or a significant part of us. These provisions, which are typical for transactions of this type, include a termination fee of $8.225 million payable by third parties to SWK under certain circumstances. Such provisions might discourage a potential competing acquirer that might have an interest in acquiring all or a significant part of us from considering or proposing that acquisition even if it were prepared to pay consideration with a higher per share market price than that proposed in the Mergers or might result in a potential competing acquirer proposing to pay a lower per share price to acquire us than it might otherwise have proposed to pay.

The Mergers are subject to closing conditions, including stockholder approvals, that, if not satisfied or (to the extent legally allowed) waived, will result in the Mergers not being completed, which may result in material adverse consequences to our business and operations.

The Mergers are subject to closing conditions, including certain approvals of our and SWK’s respective stockholders that, if not satisfied, will prevent the Mergers from being completed. The closing condition that SWK’s stockholders adopt the Merger Agreement and approve the Mergers may not be waived under applicable law and must be satisfied for the Mergers to be completed. If SWK stockholders do not adopt the Merger Agreement and approve the Mergers and the Mergers are not completed, the resulting failure of the Mergers could have a material adverse impact on our business and operations. In addition, the closing condition that our stockholders approve the issuance of shares of our common stock pursuant to the Merger Agreement may not be waived and must be satisfied for the Mergers to be completed. If our stockholders do not approve the issuance of shares of our common stock pursuant to the Merger Agreement and the Mergers are not completed, the resulting failure of the Mergers could have a material adverse impact on our business and operations. In addition to the required approvals of our and SWK’s stockholders, the Mergers are subject to a number of other conditions beyond our control that may prevent, delay or otherwise materially adversely affect completion of the Mergers. We cannot predict whether and when these other conditions will be satisfied.

We will be subject to operational uncertainties and contractual restrictions while the Mergers are pending.

Uncertainty about the effect of the Mergers may have an adverse effect on us and, consequently, on the combined company following completion of the Mergers.

These uncertainties may cause those that deal with us to seek to change their existing business relationships with us. In addition, the Merger Agreement restricts us from taking actions that we might otherwise consider to be in our best interests. These restrictions may prevent us from pursuing certain business opportunities that may arise prior to the completion of the Mergers.

Litigation filed against us and SWK in connection with the Mergers could result in substantial costs and could delay or prevent the Mergers from being completed.

From time to time, we and SWK may be subject to legal actions, including securities class action lawsuits and derivative lawsuits, as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas in connection with the Mergers. These or any similar securities class action lawsuits and derivative lawsuits, regardless of their merits, may result in substantial costs and divert management time and resources. An adverse judgment in such cases could have a negative impact on the liquidity and financial condition of us and/or the combined company following the Mergers or could prevent the Mergers from being completed.

We and SWK may, to the extent legally allowed, waive one or more conditions to the Mergers without resoliciting stockholder approval.

Certain conditions to our and SWK’s obligations to complete the Mergers may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement of us and SWK. In the event that any such waiver does not require resolicitation of stockholders, the parties to the Merger Agreement will have the discretion to complete the Mergers without seeking further stockholder approval. The conditions in the Merger Agreement requiring the approval of our stockholders and SWK stockholders, however, cannot be waived.

The market price of our common stock after the Mergers may be affected by factors different from those affecting our common stock currently.

Our business and SWK’s business differ in some respects and, accordingly, the results of operations of the combined company and the market price of our common stock after the Mergers may be affected by factors different from those currently affecting the independent results of operations of each of us and SWK and the market prices of our common stock. These factors include a larger stockholder base and a different capital structure. Accordingly, our historical trading prices and financial results may not be indicative of these matters for the combined company following the Mergers.

NAV Per Share

$ 13.55

$ 13.79

$ 13.39

$ 13.5

Risks Relating To Mergers Member [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Risks Relating to the Mergers

Sales of shares of our common stock after the completion of the Mergers may cause the market price of our common stock to decline.

Our stockholders will experience a reduction in percentage ownership and voting power in the combined company as a result of the Mergers.

We may be unable to realize the benefits anticipated by the Mergers, including estimated cost savings, or it may take longer than anticipated to achieve such benefits.

The announcement and pendency of the Mergers could adversely affect both our and SWK’s business, financial results and operations.

If the Mergers do not close, we will not benefit from the expenses incurred in pursuit of the Mergers.

The termination of the Merger Agreement could negatively impact us.

If the Merger Agreement is terminated, there may be various consequences, including:

•

the market price of our common stock might decline to the extent that the market price prior to termination reflects a market assumption that the Mergers will be completed; and

•

the payment of any termination fee, if required under the circumstances, could adversely affect our financial condition and liquidity.

The Merger Agreement limits our ability to pursue alternatives to the Mergers.

We will be subject to operational uncertainties and contractual restrictions while the Mergers are pending.

Uncertainty about the effect of the Mergers may have an adverse effect on us and, consequently, on the combined company following completion of the Mergers.

Litigation filed against us and SWK in connection with the Mergers could result in substantial costs and could delay or prevent the Mergers from being completed.

We and SWK may, to the extent legally allowed, waive one or more conditions to the Mergers without resoliciting stockholder approval.

The market price of our common stock after the Mergers may be affected by factors different from those affecting our common stock currently.

[1]	All per share activity, excluding dividends, is calculated based on the weighted-average shares outstanding for the relevant period.

Related Party Agreements and Transactions - Additional Information (Details)		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 14, 2024 USD ($) shares	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) Component shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) shares	Aug. 29, 2025 USD ($)	Mar. 06, 2024 USD ($)
Related Party Transaction [Line Items]
Gross assets		$ 963,346,000		$ 963,346,000		$ 1,091,355,000
Management fees		3,963,000	$ 3,865,000	11,916,000	$ 11,763,000
Incentive fees		4,075,000	3,970,000	11,527,000	12,287,000
Incentive fees payable		16,295,000		16,295,000		$ 14,106,000
Administration agreement expenses		$ 705,000	472,000	$ 1,993,000	1,508,000
Common stock, shares outstanding \| shares		36,134,037		36,134,037		37,347,428
Unfunded loan commitments		$ 143,660,000		$ 143,660,000		$ 176,715,000
Amount drawn from credit facility		186,000,000		186,000,000		311,000,000
Investment owned, fair value		945,964,000		945,964,000		1,076,840,000
Scenario, Pre-incentive fee net income less than 2.0%
Related Party Transaction [Line Items]
Incentive fees				0
Joint Venture
Related Party Transaction [Line Items]
Unfunded loan commitments								$ 70,000,000
Runway-Cadma I LLC \| Joint Venture
Related Party Transaction [Line Items]
Unfunded loan commitments								$ 35,000,000
Capital investment committed to contribute		6,700,000	$ 5,000,000	6,700,000	$ 5,600,000
Receivables or payables		6,400,000		6,400,000		0
Fair value of equity interest		12,900,000		12,900,000		5,700,000
Runway-Cadma I LLC \| Joint Venture \| Debt Investments
Related Party Transaction [Line Items]
Investment owned, fair value		23,700,000		23,700,000		10,200,000
Runway-Cadma I LLC \| Joint Venture \| Equity Investments
Related Party Transaction [Line Items]
Investment owned, fair value						100,000
Runway-Cadma I LLC \| Joint Venture \| Equity Investments \| Warrant
Related Party Transaction [Line Items]
Investment owned, fair value		200,000		200,000
Runway-Cadma I LLC \| Joint Venture \| Senior secured revolving credit facility
Related Party Transaction [Line Items]
Unfunded loan commitments		40,000,000		40,000,000
Amount drawn from credit facility		0		$ 0
Runway-Cadma I LLC \| Joint Venture \| SOFR \| Senior secured revolving credit facility
Related Party Transaction [Line Items]
Variable interest rate				4.15%
All Members \| Joint Venture
Related Party Transaction [Line Items]
Unfunded loan commitments		$ 45,435,000		$ 45,435,000		58,800,000
Capital investment committed to contribute				$ 24,565,000		11,200,000
Advisory Agreement
Related Party Transaction [Line Items]
Percentage of base management fee		1.50%	1.50%	1.50%	1.50%
Number of fees components \| Component				2
Management fees		$ 4,000,000	$ 3,900,000	$ 11,900,000	$ 11,800,000
Management fees payable		0		$ 0		0
Percentage of incentive fee quarterly catch-up hurdle rate				2.667%
Percentage of incentive fee annual catch-up hurdle rate				10.668%
Percentage of pre-incentive fee net investment income				20.00%
Percentage of aggregate cumulative realized capital gains				20.00%
Capital gains fee				$ 0
Incentive fees		4,100,000	4,000,000	11,500,000	12,300,000
Capital gains incentive fee accrued		0		$ 0		0
Advisory Agreement \| Scenario, more than $500M but less than $1B
Related Party Transaction [Line Items]
Percentage of base management fee				1.60%
Advisory Agreement \| Scenario, more than $500M but less than $1B \| Minimum
Related Party Transaction [Line Items]
Gross assets		500,000,000		$ 500,000,000
Advisory Agreement \| Scenario, more than $500M but less than $1B \| Maximum
Related Party Transaction [Line Items]
Gross assets		1,000,000,000		$ 1,000,000,000
Advisory Agreement \| Scenario, up to $500M
Related Party Transaction [Line Items]
Percentage of base management fee				1.75%
Advisory Agreement \| Scenario, up to $500M \| Maximum
Related Party Transaction [Line Items]
Gross assets		500,000,000		$ 500,000,000
Advisory Agreement \| Scenario, more than $1B
Related Party Transaction [Line Items]
Percentage of base management fee				1.50%
Advisory Agreement \| Scenario, more than $1B \| Minimum
Related Party Transaction [Line Items]
Gross assets		1,000,000,000		$ 1,000,000,000
Advisory Agreement \| Scenario, Minimum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly hurdle rate				2.00%
Percentage of incentive fee annual hurdle rate				8.00%
Advisory Agreement \| Scenario, Pre-incentive fee net income less than 2.0%
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly hurdle rate				2.00%
Advisory Agreement \| Scenario, 80% of the portion of pre-incentive fee net income that is between 2.0% and 2.667%
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly catch-up hurdle rate				2.667%
Percentage of pre-incentive fee net investment income				80.00%
Advisory Agreement \| Scenario, 80% of the portion of pre-incentive fee net income that is between 2.0% and 2.667% \| Maximum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly catch-up hurdle rate				2.667%
Percentage of incentive fee annual catch-up hurdle rate				10.668%
Advisory Agreement \| Scenario, 20% of portion of pre-incentive fee net income that is over 2.667%
Related Party Transaction [Line Items]
Percentage of pre-incentive fee net investment income				20.00%
Advisory Agreement \| Scenario, 20% of portion of pre-incentive fee net income that is over 2.667% \| Minimum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly catch-up hurdle rate				2.667%
Percentage of incentive fee annual catch-up hurdle rate				10.668%
Advisory Agreement \| Payable in Cash
Related Party Transaction [Line Items]
Incentive fees		4,800,000	3,100,000	$ 10,100,000	9,600,000
Incentive fees payable		4,800,000		4,800,000		4,000,000
Advisory Agreement \| Deferred Payments
Related Party Transaction [Line Items]
Incentive fees			900,000	1,400,000	2,600,000
Incentive fees reversal		(700,000)
Incentive fees payable		11,519,000		$ 11,519,000		10,116,000
Advisory Agreement \| Quarterly Base Rate \| Scenario, more than $500M but less than $1B
Related Party Transaction [Line Items]
Percentage of base management fee				0.40%
Advisory Agreement \| Quarterly Base Rate \| Scenario, up to $500M
Related Party Transaction [Line Items]
Percentage of base management fee				0.4375%
Advisory Agreement \| Quarterly Base Rate \| Scenario, more than $1B
Related Party Transaction [Line Items]
Percentage of base management fee				0.375%
Administration Agreement
Related Party Transaction [Line Items]
Administration agreement expenses		700,000	400,000	$ 2,000,000	1,500,000
Administration Agreement \| Overhead Allocation Expense
Related Party Transaction [Line Items]
Administration agreement expenses		500,000	300,000	1,500,000	1,000,000
Administration Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Accrued expenses		900,000		900,000		300,000
Administration Agreement \| Third-party Administrator
Related Party Transaction [Line Items]
Accrued expenses		400,000		400,000		$ 200,000
Administration agreement expenses		$ 200,000	$ 100,000	$ 500,000	$ 500,000
Oaktree Capital Management, L.P
Related Party Transaction [Line Items]
Percentage of common stock shares issued and outstanding				22.90%
Percentage of common stock initial capital commitment				33.00%
Common stock initial capital commitment				$ 125,000,000
Common stock initial capital commitment shares \| shares				2,763,810
Oaktree Capital Management, L.P \| Initial and Second Private Offering
Related Party Transaction [Line Items]
Issuance of common stock, Shares \| shares				14,571,334
Issuance of common stock, value				$ 219,300,000
OCM Growth Holding, LLC
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares		8,279,668		8,279,668
Airship Group Inc., \| Runway-Cadma I LLC
Related Party Transaction [Line Items]
Debt investment	$ 10,000,000
Shares of warrant \| shares	107,296
Aggregate purchase price of debt investment and warrant	$ 9,900,000
Madison Reed, Inc. \| Runway-Cadma I LLC
Related Party Transaction [Line Items]
Aggregate purchase price of debt investment and success fee net							$ 13,400,000

Fair Value of Financial Instruments - Schedule of Level 3 Assets measured at Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 1,058,670	$ 1,020,800
Transfers in (out) of Level 3	9,181	(51)
Purchases of investments	91,887	168,089
PIK interest	11,449	9,582
Sales or prepayments of investments	(225,106)	(144,661)
Scheduled principal repayments of investments	(9,431)	(2,380)
Amortization of Fixed Income Premiums or Accretion of Discounts and ETP	3,344	8,278
Net realized gain (loss)	$ 6,243	$ 0
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Debt and Equity Securities, Realized Gain (Loss)	Debt and Equity Securities, Realized Gain (Loss)
Net change in unrealized gain (loss)	$ (23,057)	$ (5,448)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Debt and Equity Securities, Unrealized Gain (Loss)	Debt and Equity Securities, Unrealized Gain (Loss)
Ending Balance	$ 923,180	$ 1,054,209
Net change in unrealized gain (loss) on Level 3 investments still held	$ (13,338)	$ (4,828)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Debt and Equity Securities, Unrealized Gain (Loss)	Debt and Equity Securities, Unrealized Gain (Loss)
Senior Secured Loans
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 950,092	$ 964,099
Transfers in (out) of Level 3	0	0
Purchases of investments	86,073	164,321
PIK interest	10,801	9,364
Sales or prepayments of investments	(186,751)	(144,575)
Scheduled principal repayments of investments	(9,431)	(2,380)
Amortization of Fixed Income Premiums or Accretion of Discounts and ETP	3,216	8,184
Net realized gain (loss)	(1,501)	0
Net change in unrealized gain (loss)	(4,225)	(9,628)
Ending Balance	848,274	989,385
Net change in unrealized gain (loss) on Level 3 investments still held	(2,650)	(9,007)
Second Lien Loans
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	20,152	14,399
Transfers in (out) of Level 3	0	0
Purchases of investments	0	0
PIK interest	648	218
Sales or prepayments of investments	0	0
Scheduled principal repayments of investments	0	0
Amortization of Fixed Income Premiums or Accretion of Discounts and ETP	128	94
Net realized gain (loss)	0	0
Net change in unrealized gain (loss)	249	(210)
Ending Balance	21,177	14,501
Net change in unrealized gain (loss) on Level 3 investments still held	248	(210)
Convertible Note
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	0	1,357
Transfers in (out) of Level 3	0	0
Purchases of investments	1,000	339
PIK interest	0	0
Sales or prepayments of investments	(1,000)	0
Scheduled principal repayments of investments	0	0
Amortization of Fixed Income Premiums or Accretion of Discounts and ETP	0	0
Net realized gain (loss)	0	0
Net change in unrealized gain (loss)	0	(1,696)
Ending Balance	0	0
Net change in unrealized gain (loss) on Level 3 investments still held	0	(1,696)
Preferred Stock/Units
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	73,460	26,285
Transfers in (out) of Level 3	9,181	0
Purchases of investments	2,773	0
PIK interest	0	0
Sales or prepayments of investments	(37,355)	0
Scheduled principal repayments of investments	0	0
Amortization of Fixed Income Premiums or Accretion of Discounts and ETP	0	0
Net realized gain (loss)	9,255	0
Net change in unrealized gain (loss)	(19,928)	6,387
Ending Balance	37,386	32,672
Net change in unrealized gain (loss) on Level 3 investments still held	(10,673)	6,387
Common Stock/Units
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	16	872
Transfers in (out) of Level 3	0	0
Purchases of investments	0	0
PIK interest	0	0
Sales or prepayments of investments	0	0
Scheduled principal repayments of investments	0	0
Amortization of Fixed Income Premiums or Accretion of Discounts and ETP	0	0
Net realized gain (loss)	0	0
Net change in unrealized gain (loss)	5	(753)
Ending Balance	21	119
Net change in unrealized gain (loss) on Level 3 investments still held	5	(753)
Equity Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	1,198	950
Transfers in (out) of Level 3	0	0
Purchases of investments	0	0
PIK interest	0	0
Sales or prepayments of investments	0	0
Scheduled principal repayments of investments	0	0
Amortization of Fixed Income Premiums or Accretion of Discounts and ETP	0	0
Net realized gain (loss)	0	0
Net change in unrealized gain (loss)	(4)	248
Ending Balance	1,194	1,198
Net change in unrealized gain (loss) on Level 3 investments still held	(4)	248
Warrants
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	13,752	12,838
Transfers in (out) of Level 3	0	(51)
Purchases of investments	2,041	3,429
PIK interest	0	0
Sales or prepayments of investments	0	(86)
Scheduled principal repayments of investments	0	0
Amortization of Fixed Income Premiums or Accretion of Discounts and ETP	0	0
Net realized gain (loss)	(1,511)	0
Net change in unrealized gain (loss)	846	204
Ending Balance	15,128	16,334
Net change in unrealized gain (loss) on Level 3 investments still held	$ (264)	$ (203)

Summary of Significant Accounting Policies - Summary of Cost, Fair Value and Types of Income Not Recorded in "Interest Income" Related to Senior Secured Term Loans on Non-accrual Status (Details) - Senior Secured Term Loan - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Forgone Income	$ 1,162	$ 5,213
Cost Basis	4,757	8,726
Fair Value	$ 2,363	$ 5,579
Fair Value as a % of Total Portfolio	0.25%	0.52%
Forgone Interest Income
Summary Of Significant Accounting Policies [Line Items]
Forgone Income	$ 1,162	$ 4,930
Forgone Accretion of OID and ETP
Summary Of Significant Accounting Policies [Line Items]
Forgone Income	$ 0	$ 283
JobGet Holdings, Inc. (fka Snagajob.com, Inc.)
Summary Of Significant Accounting Policies [Line Items]
Date of Non-Accrual		Mar. 31, 2024
Forgone Income		$ 4,526
Cost Basis		3,774
Fair Value		$ 3,431
Fair Value as a % of Total Portfolio		0.32%
JobGet Holdings, Inc. (fka Snagajob.com, Inc.) \| Forgone Interest Income
Summary Of Significant Accounting Policies [Line Items]
Forgone Income		$ 4,243
JobGet Holdings, Inc. (fka Snagajob.com, Inc.) \| Forgone Accretion of OID and ETP
Summary Of Significant Accounting Policies [Line Items]
Forgone Income		$ 283
Mingle Healthcare Solutions Inc
Summary Of Significant Accounting Policies [Line Items]
Date of Non-Accrual	Jan. 01, 2024	Jan. 01, 2024
Forgone Income	$ 1,162	$ 687
Cost Basis	4,757	4,952
Fair Value	$ 2,363	$ 2,148
Fair Value as a % of Total Portfolio	0.25%	0.20%
Mingle Healthcare Solutions Inc \| Forgone Interest Income
Summary Of Significant Accounting Policies [Line Items]
Forgone Income	$ 1,162	$ 687

Investments - Fair Value of Portfolio of Investments by Geographic Region and Industry (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Dec. 31, 2024

Dec. 31, 2023

Schedule of Investments [Line Items]

Total investments at fair value

$ 945,964

$ 1,076,840

Percentage of Net Assets

193.24%

209.17%

Schedule of Investments [Line Items]

Total investments at fair value

$ 27,217

Investment, Identifier [Axis]: Affiliate Investments Debt Investments Senior Secured Gynesonics, Inc.

Schedule of Investments [Line Items]

Total investments at fair value

27,217

^[1]

$ 23,586

Investment, Identifier [Axis]: Affiliate Investments Equity Investments Coginiti Corp Common Stock

Schedule of Investments [Line Items]

Total investments at fair value

856

Investment, Identifier [Axis]: Affiliate Investments Equity Investments Gynesonics, Inc. Series A-1 Preferred Stock

Schedule of Investments [Line Items]

Total investments at fair value

12,355

^[1]

4,577

Investment, Identifier [Axis]: Affiliate Investments Equity Investments Gynesonics, Inc. Series A-2 Preferred Stock

Schedule of Investments [Line Items]

Total investments at fair value

25,000

^[1]

21,461

Investment, Identifier [Axis]: Affiliate Investments Equity investments Healthcare Technology Gynesonics, Inc. Investment Type Equity Series A-1 Preferred Stock Initial Acquisition Date 10/24/2023

Schedule of Investments [Line Items]

Total investments at fair value

12,355

Investment, Identifier [Axis]: Affiliate Investments Equity investments Healthcare Technology Gynesonics, Inc. Investment Type Equity Series A-2 Preferred Stock Initial Acquisition Date 3/1/2023

Schedule of Investments [Line Items]

Total investments at fair value

25,000

Investment, Identifier [Axis]: Affiliate Investments Warrants Coginiti Corp

Schedule of Investments [Line Items]

Total investments at fair value

663

Investment, Identifier [Axis]: Affiliate Investments Warrants Gynesonics, Inc.

Schedule of Investments [Line Items]

Total investments at fair value

313

Investment, Identifier [Axis]: Control Investments Equity Investments Commercial & Professional Services Pivot3, Inc. Investment Type Equity 100% Equity Interest Initial Acquisition Date 12/31/2023

Schedule of Investments [Line Items]

Total investments at fair value

$ 1,194

Schedule of Investments [Line Items]

Total investments at fair value

1,198

Investment, Identifier [Axis]: Control Investments Equity Investments Multi-Sector Holdings Runway-Cadma I LLC Investment Type Equity 50% Equity Interest Initial Acquisition Date 3/6/2024

Schedule of Investments [Line Items]

Total investments at fair value

12,855

5,742

Investment, Identifier [Axis]: Control Investments Equity Investments Pivot3, Inc.

Schedule of Investments [Line Items]

Total investments at fair value

1,194

^[2]

1,198

^[1]

$ 950

Investment, Identifier [Axis]: Control Investments Equity Investments Runway-Cadma I LLC

Schedule of Investments [Line Items]

Total investments at fair value

12,855

^[2]

5,742

^[1]

Schedule of Investments [Line Items]

Total investments at fair value

40,238

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Application Software CarNow, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/22/2024 Maturity Date 3/22/2034

Schedule of Investments [Line Items]

Total investments at fair value

3,026

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Application Software INRIX, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 7/26/2019 Maturity Date 7/26/2029

Schedule of Investments [Line Items]

Total investments at fair value

326

Schedule of Investments [Line Items]

Total investments at fair value

50,632

49,442

Schedule of Investments [Line Items]

Total investments at fair value

455

Schedule of Investments [Line Items]

Total investments at fair value

23,664

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+8.25% PIK, 11.25% floor Initial Acquisition Date 9/25/2025 Maturity Date 12/15/2028

Schedule of Investments [Line Items]

Total investments at fair value

998

Schedule of Investments [Line Items]

Total investments at fair value

20,492

Schedule of Investments [Line Items]

Total investments at fair value

36,252

Schedule of Investments [Line Items]

Total investments at fair value

42,008

Schedule of Investments [Line Items]

Total investments at fair value

17,511

Schedule of Investments [Line Items]

Total investments at fair value

5,749

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Senior Secured Interest Rate SOFR+7.00%, 8.00% floor, 1.00% PIK, 3.00% ETP Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Schedule of Investments [Line Items]

Total investments at fair value

34,244

Schedule of Investments [Line Items]

Total investments at fair value

40,020

Schedule of Investments [Line Items]

Total investments at fair value

30,802

Schedule of Investments [Line Items]

Total investments at fair value

39,195

Schedule of Investments [Line Items]

Total investments at fair value

7,391

Schedule of Investments [Line Items]

Total investments at fair value

3,124

Schedule of Investments [Line Items]

Total investments at fair value

26,274

Schedule of Investments [Line Items]

Total investments at fair value

26,643

Schedule of Investments [Line Items]

Total investments at fair value

21,747

Schedule of Investments [Line Items]

Total investments at fair value

39,708

Schedule of Investments [Line Items]

Total investments at fair value

22,146

Schedule of Investments [Line Items]

Total investments at fair value

41,011

Schedule of Investments [Line Items]

Total investments at fair value

2,363

Schedule of Investments [Line Items]

Total investments at fair value

15,427

Schedule of Investments [Line Items]

Total investments at fair value

17,080

Schedule of Investments [Line Items]

Total investments at fair value

34,746

Schedule of Investments [Line Items]

Total investments at fair value

16,786

Schedule of Investments [Line Items]

Total investments at fair value

15,358

Schedule of Investments [Line Items]

Total investments at fair value

40,511

Schedule of Investments [Line Items]

Total investments at fair value

2,148

Schedule of Investments [Line Items]

Total investments at fair value

21,431

Schedule of Investments [Line Items]

Total investments at fair value

35,682

Schedule of Investments [Line Items]

Total investments at fair value

25,817

Schedule of Investments [Line Items]

Total investments at fair value

39,234

Schedule of Investments [Line Items]

Total investments at fair value

3,431

Schedule of Investments [Line Items]

Total investments at fair value

43,786

Schedule of Investments [Line Items]

Total investments at fair value

16,383

Schedule of Investments [Line Items]

Total investments at fair value

34,120

Schedule of Investments [Line Items]

Total investments at fair value

29,058

Schedule of Investments [Line Items]

Total investments at fair value

17,658

Schedule of Investments [Line Items]

Total investments at fair value

27,555

Schedule of Investments [Line Items]

Total investments at fair value

42,520

Schedule of Investments [Line Items]

Total investments at fair value

39,244

Schedule of Investments [Line Items]

Total investments at fair value

12,462

Schedule of Investments [Line Items]

Total investments at fair value

17,724

Schedule of Investments [Line Items]

Total investments at fair value

76,626

Schedule of Investments [Line Items]

Total investments at fair value

69,262

Schedule of Investments [Line Items]

Total investments at fair value

14,403

Schedule of Investments [Line Items]

Total investments at fair value

30,607

Schedule of Investments [Line Items]

Total investments at fair value

70,266

Schedule of Investments [Line Items]

Total investments at fair value

9,362

Schedule of Investments [Line Items]

Total investments at fair value

45,074

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Advertising Minute Media Inc. Investment Type Equity Common Stock Initial Acquisition Date 12/13/2023

Schedule of Investments [Line Items]

Total investments at fair value

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Advertising Minute Media Inc. Investment Type Equity Preferred Stock Initial Acquisition Date 12/13/2023

Schedule of Investments [Line Items]

Total investments at fair value

136

Schedule of Investments [Line Items]

Total investments at fair value

323

263

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Application Software FiscalNote, Inc. Investment Type Equity Common Stock Initial Acquisition Date 10/19/2020

Schedule of Investments [Line Items]

Total investments at fair value

247

Schedule of Investments [Line Items]

Total investments at fair value

143

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

27,200

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

9,669

Schedule of Investments [Line Items]

Total investments at fair value

9,181

Schedule of Investments [Line Items]

Total investments at fair value

35,563

Schedule of Investments [Line Items]

Total investments at fair value

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Media & Entertainment Minute Media Inc. Investment Type Equity Common Stock Initial Acquisition Date 12/13/2023

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

171

Schedule of Investments [Line Items]

Total investments at fair value

1,239

Schedule of Investments [Line Items]

Total investments at fair value

1,288

Schedule of Investments [Line Items]

Total investments at fair value

442

499

Schedule of Investments [Line Items]

Total investments at fair value

1,329

1,159

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Blueshift Labs, Inc. Investment Type Warrants Success fee Initial Acquisition Date 12/19/2023

Schedule of Investments [Line Items]

Total investments at fair value

166

188

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

298

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Circadence Corporation Investment Type Warrants Success fee Initial Acquisition Date 12/21/2023

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

491

348

Schedule of Investments [Line Items]

Total investments at fair value

394

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

113

Schedule of Investments [Line Items]

Total investments at fair value

1,311

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

130

Schedule of Investments [Line Items]

Total investments at fair value

416

Schedule of Investments [Line Items]

Total investments at fair value

536

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

398

Schedule of Investments [Line Items]

Total investments at fair value

119

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

269

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

334

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Financial Services Autobooks, Inc. Investment Type Warrants Success Fee Initial Acquisition Date 5/5/2025

Schedule of Investments [Line Items]

Total investments at fair value

508

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

529

Schedule of Investments [Line Items]

Total investments at fair value

602

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

459

Schedule of Investments [Line Items]

Total investments at fair value

649

Schedule of Investments [Line Items]

Total investments at fair value

213

Schedule of Investments [Line Items]

Total investments at fair value

142

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

617

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

417

Schedule of Investments [Line Items]

Total investments at fair value

784

Schedule of Investments [Line Items]

Total investments at fair value

334

Schedule of Investments [Line Items]

Total investments at fair value

223

Schedule of Investments [Line Items]

Total investments at fair value

114

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Household & Personal Products Madison Reed, Inc. Investment Type Warrants Success fee Initial Acquisition Date 12/16/2022

Schedule of Investments [Line Items]

Total investments at fair value

414

Schedule of Investments [Line Items]

Total investments at fair value

1,343

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

134

Schedule of Investments [Line Items]

Total investments at fair value

374

Schedule of Investments [Line Items]

Total investments at fair value

819

Schedule of Investments [Line Items]

Total investments at fair value

183

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

135

Schedule of Investments [Line Items]

Total investments at fair value

2,825

Schedule of Investments [Line Items]

Total investments at fair value

344

Schedule of Investments [Line Items]

Total investments at fair value

158

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Skillshare, Inc. Investment Type Warrants Success Fee Initial Acquisition Date 11/8/2022

Schedule of Investments [Line Items]

Total investments at fair value

367

Schedule of Investments [Line Items]

Total investments at fair value

186

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Media & Entertainment Skillshare, Inc. Investment Type Warrants Success fee Initial Acquisition Date 8/15/2025

Schedule of Investments [Line Items]

Total investments at fair value

309

Schedule of Investments [Line Items]

Total investments at fair value

293

Schedule of Investments [Line Items]

Total investments at fair value

285

Schedule of Investments [Line Items]

Total investments at fair value

365

Schedule of Investments [Line Items]

Total investments at fair value

177

Schedule of Investments [Line Items]

Total investments at fair value

201

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Systems Software Circadence Corporation Investment Type Warrants Success fee Initial Acquisition Date 12/21/2023

Schedule of Investments [Line Items]

Total investments at fair value

433

Schedule of Investments [Line Items]

Total investments at fair value

191

Schedule of Investments [Line Items]

Total investments at fair value

371

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

125

Schedule of Investments [Line Items]

Total investments at fair value

241

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

134

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

206

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

136

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+8.25% PIK, 11.25% floor Initial Acquisition Date 12/12/2024 Maturity Date 12/15/2028

Schedule of Investments [Line Items]

Total investments at fair value

941

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Blueshift Labs, Inc. Investment Type Senior Secured Interest Rate SOFR+8.25% PIK, 11.25% floor, 1.50% ETP Initial Acquisition Date 12/19/2023 Maturity Date 12/15/2028

Schedule of Investments [Line Items]

Total investments at fair value

23,272

Schedule of Investments [Line Items]

Total investments at fair value

18,804

Schedule of Investments [Line Items]

Total investments at fair value

42,864

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Second Lien Interest Rate FIXED 12.50% PIK, 31.05% ETP Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Schedule of Investments [Line Items]

Total investments at fair value

6,210

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Investment Type Senior Secured Interest Rate SOFR+7.00%, 8.00% floor, 1.00% PIK, 3.00% ETP Initial Acquisition Date 12/12/2024 Maturity Date 9/24/2029

Schedule of Investments [Line Items]

Total investments at fair value

34,895

Schedule of Investments [Line Items]

Total investments at fair value

7,887

Schedule of Investments [Line Items]

Total investments at fair value

2,273

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Consumer Staples Distribution & Retail Marley Spoon SE Investment Type Senior Secured Interest Rate SOFR+ 8.75% PIK, 9.51% floor, 1.00% ETP Initial Acquisition Date 6/30/2021 Maturity Date 6/15/2027

Schedule of Investments [Line Items]

Total investments at fair value

34,469

Schedule of Investments [Line Items]

Total investments at fair value

28,020

Schedule of Investments [Line Items]

Total investments at fair value

30,352

Schedule of Investments [Line Items]

Total investments at fair value

19,358

Schedule of Investments [Line Items]

Total investments at fair value

41,003

Schedule of Investments [Line Items]

Total investments at fair value

14,967

Schedule of Investments [Line Items]

Total investments at fair value

30,655

Western United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 374,369

$ 431,567

Percentage of Net Assets

76.48%

83.83%

Northeastern United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 173,002

$ 264,780

Percentage of Net Assets

35.34%

51.43%

Midwestern United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 144,423

$ 146,963

Percentage of Net Assets

29.50%

28.54%

Northwestern United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 73,771

$ 72,414

Percentage of Net Assets

15.07%

14.06%

South Central United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 41,128

$ 40,136

Percentage of Net Assets

8.40%

7.80%

Southeastern United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 21,830

$ 20,932

Percentage of Net Assets

4.46%

4.07%

Runway-Cadma I LLC | Joint Venture

Schedule of Investments [Line Items]

Total investments at fair value

^[3]

$ 12,855

$ 5,742

Percentage of Net Assets

^[3]

2.63%

1.12%

United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 841,378

$ 982,534

Percentage of Net Assets

171.88%

190.85%

United Kingdom

Schedule of Investments [Line Items]

Total investments at fair value

$ 32,071

$ 28,360

Percentage of Net Assets

6.55%

5.51%

Germany

Schedule of Investments [Line Items]

Total investments at fair value

$ 39,885

$ 34,163

Percentage of Net Assets

8.15%

6.64%

Netherlands

Schedule of Investments [Line Items]

Total investments at fair value

$ 17,539

$ 17,203

Percentage of Net Assets

3.58%

3.34%

Canada

Schedule of Investments [Line Items]

Total investments at fair value

$ 15,091

$ 14,580

Percentage of Net Assets

3.08%

2.83%

Multi-Sector Holdings

Schedule of Investments [Line Items]

Total investments at fair value

$ 12,855

^[4]

$ 5,742

^[5]

Percentage of Net Assets

2.63%

^[4]

1.12%

^[5]

Global Industry Classification Standard | Application Software

Schedule of Investments [Line Items]

Total investments at fair value

$ 224,762

$ 233,431

Percentage of Net Assets

45.91%

45.35%

Global Industry Classification Standard | Commercial & Professional Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 116,424

Percentage of Net Assets

23.77%

Global Industry Classification Standard | Health Care Equipment & Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 122,419

Percentage of Net Assets

25.01%

Global Industry Classification Standard | Technology Hardware & Equipment

Schedule of Investments [Line Items]

Total investments at fair value

$ 87,645

Percentage of Net Assets

17.91%

Global Industry Classification Standard | Financial Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 81,683

Percentage of Net Assets

16.69%

Global Industry Classification Standard | Insurance

Schedule of Investments [Line Items]

Total investments at fair value

$ 44,979

Percentage of Net Assets

9.20%

Global Industry Classification Standard | Media & Entertainment

Schedule of Investments [Line Items]

Total investments at fair value

$ 30,980

Percentage of Net Assets

6.33%

Global Industry Classification Standard | Consumer Staples Distribution & Retail

Schedule of Investments [Line Items]

Total investments at fair value

$ 39,885

Percentage of Net Assets

8.14%

Global Industry Classification Standard | Household & Personal Products

Schedule of Investments [Line Items]

Total investments at fair value

$ 39,648

Percentage of Net Assets

8.09%

Global Industry Classification Standard | Internet Software and Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 160,104

Percentage of Net Assets

31.10%

Global Industry Classification Standard | Healthcare Technology

Schedule of Investments [Line Items]

Total investments at fair value

$ 218,688

Percentage of Net Assets

42.48%

Global Industry Classification Standard | Data Processing & Outsourced Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 116,720

Percentage of Net Assets

22.67%

Global Industry Classification Standard | System Software

Schedule of Investments [Line Items]

Total investments at fair value

$ 144,684

$ 114,650

Percentage of Net Assets

29.56%

22.26%

Global Industry Classification Standard | Property & Casualty Insurance

Schedule of Investments [Line Items]

Total investments at fair value

$ 76,911

Percentage of Net Assets

14.94%

Global Industry Classification Standard | Internet & Direct Marketing Retail

Schedule of Investments [Line Items]

Total investments at fair value

$ 50,729

Percentage of Net Assets

9.86%

Global Industry Classification Standard | Electronic Equipment & Instruments

Schedule of Investments [Line Items]

Total investments at fair value

$ 40,354

Percentage of Net Assets

7.84%

Global Industry Classification Standard | Human Resource & Employment Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 40,560

Percentage of Net Assets

7.88%

Global Industry Classification Standard | Healthcare Equipment

Schedule of Investments [Line Items]

Total investments at fair value

$ 15,382

Percentage of Net Assets

2.98%

Global Industry Classification Standard | Technology Hardware, Storage & Peripherals

Schedule of Investments [Line Items]

Total investments at fair value

$ 2,910

Percentage of Net Assets

0.56%

Global Industry Classification Standard | Specialized Consumer Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 365

Percentage of Net Assets

0.07%

Global Industry Classification Standard | Advertising

Schedule of Investments [Line Items]

Total investments at fair value

$ 152

Percentage of Net Assets

0.03%

Global Industry Classification Standard | Asset Management & Custody Banks

Schedule of Investments [Line Items]

Total investments at fair value

$ 138

Percentage of Net Assets

0.03%

Global Industry Classification Standard | Biotechnology

Schedule of Investments [Line Items]

Total investments at fair value

$ 4

[1]	All affiliate and control investments, which as of December 31, 2024, represented 13.90% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[2]	All affiliate and control investments, which as of September 30, 2025, represented 2.87% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[3]	Runway-Cadma I LLC is a joint venture between the Company and Cadma. This entity invests in secured loans to growth-stage companies that have been originated by the Company. See "Note 2 – Summary of Significant Accounting Policies" for further discussion.
[4]	Multi-Sector Holdings consists of the Company's investment in Runway-Cadma I LLC, a joint venture between the Company and Cadma. This entity invests in secured loans to growth-stage companies that have been originated by the Company. See "Note 2 – Summary of Significant Accounting Policies" for further discussion.
[5]	Multi-Sector Holdings consists of the Company's investment in Runway-Cadma I LLC, a joint venture between the Company and Cadma. This entity invests in secured loans to growth-stage companies that have been originated by the Company. See "Note 2 – Summary of Significant Accounting Policies" for further discussion.

Borrowings - Schedule of Components of Interest Expense Amortization of Deferred Financing Costs, Unused Fees on Credit Facility and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Instrument [Line Items]
Interest Expense	$ 9,348	$ 10,053	$ 28,290	$ 28,413
Amortization of DFC	649	857	2,665	2,555
Unused Facility and Other Fees	633	469	1,726	2,138
Total Interest and Other Debt Financing Expenses	$ 10,630	$ 11,379	$ 32,681	$ 33,106
Weighted Average Cost of Debt	8.68%	8.68%	8.58%	8.91%
Credit Facility
Debt Instrument [Line Items]
Interest Expense	$ 4,261	$ 5,883	$ 13,992	$ 15,898
Amortization of DFC	334	496	1,116	1,457
Unused Facility and Other Fees	633	469	1,726	2,138
Total Interest and Other Debt Financing Expenses	$ 5,228	$ 6,848	$ 16,834	$ 19,493
Weighted Average Cost of Debt	9.27%	10.03%	9.00%	10.48%
April 2026 Notes
Debt Instrument [Line Items]
Interest Expense	$ 534	$ 533	$ 1,602	$ 1,601
Amortization of DFC	34	37	103	101
Total Interest and Other Debt Financing Expenses	$ 568	$ 570	$ 1,705	$ 1,702
Weighted Average Cost of Debt	9.08%	9.14%	9.09%	9.08%
December 2026 Notes
Debt Instrument [Line Items]
Interest Expense		$ 743	$ 802	$ 2,231
Amortization of DFC		53	273	164
Total Interest and Other Debt Financing Expenses		$ 796	$ 1,075	$ 2,395
Weighted Average Cost of Debt		4.55%	5.76%	4.56%
July 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 1,509	$ 1,509	$ 4,528	$ 4,528
Amortization of DFC	144	140	438	434
Total Interest and Other Debt Financing Expenses	$ 1,653	$ 1,649	$ 4,966	$ 4,962
Weighted Average Cost of Debt	8.21%	8.19%	8.23%	8.22%
August 2027 Notes
Debt Instrument [Line Items]
Interest Expense		$ 350	$ 377	$ 1,050
Amortization of DFC		35	372	105
Total Interest and Other Debt Financing Expenses		$ 385	$ 749	$ 1,155
Weighted Average Cost of Debt		7.70%	14.05%	7.70%
December 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 1,035	$ 1,035	$ 3,105	$ 3,105
Amortization of DFC	98	96	298	294
Total Interest and Other Debt Financing Expenses	$ 1,133	$ 1,131	$ 3,403	$ 3,399
Weighted Average Cost of Debt	8.76%	8.74%	8.77%	8.76%
April 2028 Notes
Debt Instrument [Line Items]
Interest Expense	$ 2,009		$ 3,884
Amortization of DFC	39		65
Total Interest and Other Debt Financing Expenses	$ 2,048		$ 3,949
Weighted Average Cost of Debt	7.65%		7.59%

Income Taxes - Tax Cost Basis and Estimated Aggregate Gross Unrealized Gain (Loss) on Investments for Federal Income Tax Purposes (Details) - U.S. Federal Income Tax - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Income Taxes Disclosure [Line Items]
Tax cost on investments	$ 993,132	$ 1,100,345
Change in unrealized gain on a tax basis	30,681	23,787
Change in unrealized loss on a tax basis	(77,850)	(47,292)
Net unrealized gain (loss) on a tax basis	$ (47,169)	$ (23,505)

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)

Sep. 30, 2025

Dec. 31, 2024

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Net Amount of Derivative Liabilities

$ (640,000)

^[1]

$ 0

Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

945,964,000

1,076,840,000

Cash equivalents

7,656,000

4,026,000

Net Amount of Derivative Liabilities

(640,000)

Total

952,980,000

1,080,866,000

Senior Secured Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

857,636,000

950,092,000

Second Lien Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

21,177,000

20,152,000

Preferred Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

37,386,000

82,641,000

Common Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

129,000

2,833,000

Equity Interest | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

14,049,000

6,940,000

Warrants | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

15,587,000

14,182,000

Level 1 | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

9,470,000

11,998,000

Cash equivalents

7,656,000

4,026,000

Net Amount of Derivative Liabilities

Total

17,126,000

16,024,000

Level 1 | Senior Secured Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

9,362,000

Level 1 | Second Lien Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

Level 1 | Preferred Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

9,181,000

Level 1 | Common Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

108,000

2,817,000

Level 1 | Equity Interest | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

Level 1 | Warrants | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

Level 2 | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

459,000

430,000

Cash equivalents

Net Amount of Derivative Liabilities

(640,000)

Total

(181,000)

430,000

Level 2 | Senior Secured Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

Level 2 | Second Lien Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

Level 2 | Preferred Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

Level 2 | Common Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

Level 2 | Equity Interest | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

Level 2 | Warrants | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

459,000

430,000

Level 3

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

923,180,000

1,058,670,000

Level 3 | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

923,180,000

1,058,670,000

Cash equivalents

Net Amount of Derivative Liabilities

Total

923,180,000

1,058,670,000

Level 3 | Senior Secured Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

848,274,000

950,092,000

Level 3 | Second Lien Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

21,177,000

20,152,000

Level 3 | Preferred Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

37,386,000

73,460,000

Level 3 | Common Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

21,000

16,000

Level 3 | Equity Interest | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

1,194,000

1,198,000

Level 3 | Warrants | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

15,128,000

13,752,000

Measured at Net Asset Value | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

^[2]

12,855,000

5,742,000

Cash equivalents

^[2]

Net Amount of Derivative Liabilities

^[2]

Total

^[2]

12,855,000

5,742,000

Measured at Net Asset Value | Senior Secured Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

^[2]

Measured at Net Asset Value | Second Lien Loans | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

^[2]

Measured at Net Asset Value | Preferred Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

^[2]

Measured at Net Asset Value | Common Stock/Units | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

^[2]

Measured at Net Asset Value | Equity Interest | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

^[2]

12,855,000

5,742,000

Measured at Net Asset Value | Warrants | Fair Value, Recurring [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]

Investments

^[2]

$ 0

[1]	Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
[2]	In accordance with ASC 820, the Company's equity investment in Runway-Cadma I LLC is measured using the net asset value as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.

Borrowings

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Borrowings

Note 7 – Borrowings

The following table shows the Company's borrowings as of September 30, 2025 and December 31, 2024 (in thousands):


	Total Commitment		Face Value		Unamortized DFC			Carrying Value
As of September 30, 2025
Credit Facility	$	550,000	$	186,000	$	(4,525	)	$	181,475
April 2026 Notes		25,000		25,000		(72	)		24,928
July 2027 Notes		80,500		80,500		(991	)		79,509
December 2027 Notes		51,750		51,750		(818	)		50,932
April 2028 Notes		107,000		107,000		(338	)		106,662
Total	$	814,250	$	450,250	$	(6,744	)	$	443,506

As of December 31, 2024
Credit Facility	$	550,000	$	311,000	$	(2,551	)	$	308,449
April 2026 Notes		25,000		25,000		(161	)		24,839
December 2026 Notes		70,000		70,000		(370	)		69,630
July 2027 Notes		80,500		80,500		(1,384	)		79,116
August 2027 Notes		20,000		20,000		(372	)		19,628
December 2027 Notes		51,750		51,750		(1,080	)		50,670
Total	$	797,250	$	558,250	$	(5,918	)	$	552,332

For the three months ended September 30, 2025 and 2024, the components of interest expense, amortization of deferred financing costs, unused fees on the Credit Facility (as defined below), and any other costs associated with the Company's borrowings were as follows (in thousands):


	Interest Expense		Amortization of DFC		Unused Facility and Other Fees (1)		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt
Three Months Ended September 30, 2025
Credit Facility	$	4,261	$	334	$	633	$	5,228		9.27	%
April 2026 Notes		534		34		-		568		9.08
December 2026 Notes		-		-		-		-		-
July 2027 Notes		1,509		144		-		1,653		8.21
August 2027 Notes		-		-		-		-		-
December 2027 Notes		1,035		98		-		1,133		8.76
April 2028 Notes		2,009		39		-		2,048		7.65
Total	$	9,348	$	649	$	633	$	10,630		8.68	%

Three Months Ended September 30, 2024
Credit Facility	$	5,883	$	496	$	469	$	6,848		10.03	%
April 2026 Notes		533		37		-		570		9.14
December 2026 Notes		743		53		-		796		4.55
July 2027 Notes		1,509		140		-		1,649		8.19
August 2027 Notes		350		35		-		385		7.70
December 2027 Notes		1,035		96		-		1,131		8.74
Total	$	10,053	$	857	$	469	$	11,379		8.68	%

(1)

Unused facility and other fees for the three months ended September 30, 2024 include supplemental fees of $0.2 million, which were nonrecurring in nature. There were no supplemental fees for the three months ended September 30, 2025.

For the nine months ended September 30, 2025 and 2024, the components of interest expense, amortization of deferred financing costs, unused fees on the Credit Facility (as defined below), and any other costs associated with the Company's borrowings were as follows (in thousands):


	Interest Expense		Amortization of DFC		Unused Facility and Other Fees (1)		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt
Nine Months Ended September 30, 2025
Credit Facility	$	13,992	$	1,116	$	1,726	$	16,834		9.00	%
April 2026 Notes		1,602		103		-		1,705		9.09
December 2026 Notes		802		273		-		1,075		5.76
July 2027 Notes		4,528		438		-		4,966		8.23
August 2027 Notes		377		372		-		749		14.05
December 2027 Notes		3,105		298		-		3,403		8.77
April 2028 Notes		3,884		65		-		3,949		7.59
Total	$	28,290	$	2,665	$	1,726	$	32,681		8.58	%

Nine Months Ended September 30, 2024
Credit Facility	$	15,898	$	1,457	$	2,138	$	19,493		10.48	%
April 2026 Notes		1,601		101		-		1,702		9.08
December 2026 Notes		2,231		164		-		2,395		4.56
July 2027 Notes		4,528		434		-		4,962		8.22
August 2027 Notes		1,050		105		-		1,155		7.70
December 2027 Notes		3,105		294		-		3,399		8.76

Total	$	28,413	$	2,555	$	2,138	$	33,106		8.91	%

(1)

Unused facility and other fees for the nine months ended September 30, 2024 include supplemental fees of $0.2 million, which were nonrecurring in nature. There were no supplemental fees for the nine months ended September 30, 2025.

Credit Facility

On April 20, 2022, the Company entered into an amended and restated credit agreement with KeyBank National Association, acting as administrative agent, CIBC Bank USA and MUFG Union Bank, N.A. as co-documentation agents, the guarantors party thereto and syndication agent and the other lenders party thereto, which initially provided the Company with a $225.0 million commitment, subject to borrowing base requirements (as amended, supplemented or otherwise modified from time to time, the "Credit Facility"). On March 18, 2025, the Company entered into a Sixth Amendment to the Credit Facility, which, among other things, (i) extended the maturity date and revolving period; (ii) permits future financing subsidiaries, and (iii) amended certain other terms of the Credit Facility, including without limitation loan eligibility criteria, the borrowing base calculation, and excess concentration measures.

As of September 30, 2025, the Company had $550.0 million in total commitments available under the Credit Facility, subject to an accordion feature that allows the Company to increase the total commitments under the Credit Facility up to $600.0 million. The availability period under the Credit Facility expires on March 18, 2028 and is followed by a one-year amortization period. The stated maturity date under the Credit Facility is March 18, 2029, unless extended.

Borrowings under the Credit Facility bear interest on a per annum rate equal to Adjusted Term SOFR plus an applicable margin rate that ranges from 2.95% to 3.35% per annum depending on the Company’s leverage ratio and number of eligible loans in the collateral pool. The Credit Facility provides for a variable advance rate of up to 65% on eligible term loans. The Company also pays an unused commitment fee that ranges from 0.25% to 1.00% per annum based on the total unused lender commitments under the Credit Facility.

The Credit Facility is collateralized by all eligible investment assets held by the Company. The Credit Facility contains representations, warranties, and affirmative and negative covenants customary for secured financings of this type, including certain financial covenants such as a consolidated tangible net worth requirement and a required asset coverage ratio. For all periods presented, the Company was in compliance with all such covenants.

For the three and nine months ended September 30, 2025, the weighted average outstanding principal balance was $225.6 million and $249.4 million, respectively, and the weighted average effective interest rate was 7.49% and 7.50%, respectively. For the three and nine months ended September 30, 2024, the weighted average outstanding principal balance was $273.0 million and $248.1 million, respectively, the weighted average effective interest rate was 8.55% and 8.54%, respectively.

2026 Notes

On December 10, 2021, the Company entered into a master note purchase agreement, completing a private debt offering of $70.0 million in aggregate principal amount of 4.25% interest-bearing unsecured Series 2021A Senior Notes due 2026 (the "December 2026 Notes") to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act")). The December 2026 Notes were repaid in full by the Company on April 7, 2025 and are no longer outstanding. On April 13, 2023, the Company completed the first supplement to the master note purchase agreement, resulting in an additional private debt offering of $25.0 million in aggregate principal amount of 8.54% interest-bearing unsecured Series 2023A Senior Notes due 2026 (the "April 2026 Notes") to institutional accredited investors (as defined in the Securities Act). The April 2026 Notes are subject to a 1.00% increase in the interest rate in the event that, subject to certain exceptions, the April 2026 Notes cease to have an investment grade rating or receive an investment grade rating below the Investment Grade (as defined in the master note purchase agreement). The April 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

December 2026 Notes

The December 2026 Notes bore an interest rate of 4.25% per year and were due on December 10, 2026, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The December 2026 Notes were repaid in full by the Company on April 7, 2025 and are no longer outstanding. Interest on the December 2026 Notes was due semiannually in arrears on June 10 and December 10 of each year.

Aggregate costs in connection with the December 2026 Notes issuance were $1.0 million, and were capitalized and deferred. As of December 31, 2024, unamortized deferred financing costs related to the December 2026 Notes were $0.4 million, of which $0.3 million were expensed during the nine months ended September 30, 2025 and $0.1 million were transferred to deferred financing costs of the April 2028 Notes, as defined below.

April 2026 Notes

The April 2026 Notes bear an interest rate of 8.54% per year and are due on April 13, 2026, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the April 2026 Notes is due semiannually in arrears on April 13 and October 13 of each year.

Aggregate costs in connection with the April 2026 Notes issuance were $0.4 million, and were capitalized and deferred. As of September 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the April 2026 Notes were $0.1 million and $0.2 million, respectively.

2027 Notes

July 2027 Notes

On July 28, 2022, the Company issued and sold $80.5 million in aggregate principal amount of 7.50% interest-bearing unsecured Notes due July 28, 2027 (the "July 2027 Notes") under its shelf Registration Statement on Form N-2. The July 2027 Notes were issued pursuant to the Base Indenture dated July 28, 2022 (the "Base Indenture") and First Supplemental Indenture, dated July 28, 2022 (together with the Base Indenture, the "Indenture"), between the Company and the Trustee, U.S. Bank Trust Company, National Association.

Interest on the 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1 and December 1 of each year. The July 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 28, 2024, at a redemption price of $25 per July 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. The July 2027 Notes are general unsecured obligations of the Company that rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness.

Aggregate costs in connection with the July 2027 Notes issuance, including the underwriter’s discount and commissions, were $2.8 million, and were capitalized and deferred. As of September 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the July 2027 Notes were $1.0 million and $1.4 million, respectively.

August 2027 Notes

On August 31, 2022, the Company completed a private debt offering of $20.0 million in aggregate principal amount of 7.00% interest-bearing unsecured Series 2022A Senior Notes due 2027 (the "August 2027 Notes") to an institutional accredited investor (as defined in Regulation D under the Securities Act). The August 2027 Notes were due on August 31, 2027, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The August 2027 Notes were repaid in full by the Company on April 7, 2025 and are no longer outstanding.

Interest on the August 2027 Notes was due semiannually in arrears on February 15 and August 15 of each year. The August 2027 Notes were general unsecured obligations of the Company that ranked pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

Aggregate costs in connection with the August 2027 Notes issuance were $0.7 million, and were capitalized and deferred. As of December 31, 2024, unamortized deferred financing costs related to the August 2027 Notes were $0.4 million, which were fully expensed upon repayment of the notes.

December 2027 Notes

On December 7, 2022, the Company issued and sold $51.75 million in aggregate principal amount of 8.00% interest-bearing unsecured Notes due December 28, 2027 (the "December 2027 Notes") under its shelf Registration Statement on Form N-2. The December 2027 Notes were issued pursuant to the Base Indenture and Second Supplemental Indenture, dated December 7, 2022, between the Company and the Trustee, U.S. Bank Trust Company, National Association.

Interest on the December 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1, and December 1 of each year. The December 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 31, 2024, at a redemption price of $25 per December 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. The December 2027 Notes are general unsecured obligations of the Company that rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness.

Aggregate costs in connection with the December 2027 Notes issuance, including the underwriter's discount and commissions, were $1.9 million, and were capitalized and deferred. As of September 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the December 2027 Notes were $0.8 million and $1.1 million, respectively.

2028 Notes

April 2028 Notes

On April 7, 2025, the Company completed a private debt offering of $107.0 million in aggregate principal amount of 7.51% interest-bearing unsecured Series 2025A Senior Notes due 2028 (the "April 2028 Notes") to institutional accredited investors (as defined in Regulation D under the Securities Act). The April 2028 Notes are due on April 7, 2028, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms.

Interest on the April 2028 Notes will be due semiannually in arrears on April 7 and October 7 of each year. The April 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.

Aggregate costs in connection with the April 2028 Notes issuance were $0.4 million, and were capitalized and deferred. As of September 30, 2025, unamortized deferred financing costs related to the April 2028 Notes were $0.3 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Beginning balance	$ 498,874	$ 506,383	$ 514,869	$ 547,071
Beginning balance, Outstanding Shares			37,347,428
Net investment income	15,736	15,875	$ 45,283	49,130
Net realized gain (loss)	(1,330)	0	3,215	0
Net change in unrealized gain (loss)	(6,387)	9,174	(21,816)	(3,743)
Acquisition of treasury stock, value		(6,728)		(30,178)
Repurchase of common stock, value	(4,359)		(12,500)
Dividends paid to stockholders	(13,008)	(17,346)	(39,525)	(54,921)
Shares retired				(1)
Ending balance	$ 489,526	507,358	$ 489,526	507,358
Ending balance, Outstanding Shares	36,134,037		36,134,037
Common Stocks
Beginning balance	$ 365	$ 414	$ 373	$ 414
Beginning balance, Outstanding Shares	36,532,020	38,547,295	37,347,428	40,509,269
Acquisition of treasury stock		(644,763)		(2,606,701)
Repurchase of common stock, value	$ (4)		$ (12)
Repurchase of common stock, shares	(397,983)		(1,213,391)
Shares retired				(36)
Ending balance	$ 361	$ 414	$ 361	$ 414
Ending balance, Outstanding Shares	36,134,037	37,902,532	36,134,037	37,902,532
Treasury Stock
Beginning balance		$ (34,266)		$ (10,816)
Acquisition of treasury stock, value		(6,728)		(30,178)
Ending balance		(40,994)		(40,994)
Additional Paid-in Capital
Beginning balance	$ 549,859	605,107	$ 557,992	605,110
Repurchase of common stock, value	(4,355)		(12,488)
Shares retired				(1)
Tax reclassification				(2)
Ending balance	545,504	605,107	545,504	605,107
Accumulated Undistributed (Overdistributed) earnings
Beginning balance	(51,350)	(64,872)	(43,496)	(47,637)
Net investment income	15,736	15,875	45,283	49,130
Net realized gain (loss)	(1,330)		3,215
Net change in unrealized gain (loss)	(6,387)	9,174	(21,816)	(3,743)
Dividends paid to stockholders	(13,008)	(17,346)	(39,525)	(54,921)
Tax reclassification				2
Ending balance	$ (56,339)	$ (57,169)	$ (56,339)	$ (57,169)

Borrowings (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Borrowings

The following table shows the Company's borrowings as of September 30, 2025 and December 31, 2024 (in thousands):


	Total Commitment		Face Value		Unamortized DFC			Carrying Value
As of September 30, 2025
Credit Facility	$	550,000	$	186,000	$	(4,525	)	$	181,475
April 2026 Notes		25,000		25,000		(72	)		24,928
July 2027 Notes		80,500		80,500		(991	)		79,509
December 2027 Notes		51,750		51,750		(818	)		50,932
April 2028 Notes		107,000		107,000		(338	)		106,662
Total	$	814,250	$	450,250	$	(6,744	)	$	443,506

As of December 31, 2024
Credit Facility	$	550,000	$	311,000	$	(2,551	)	$	308,449
April 2026 Notes		25,000		25,000		(161	)		24,839
December 2026 Notes		70,000		70,000		(370	)		69,630
July 2027 Notes		80,500		80,500		(1,384	)		79,116
August 2027 Notes		20,000		20,000		(372	)		19,628
December 2027 Notes		51,750		51,750		(1,080	)		50,670
Total	$	797,250	$	558,250	$	(5,918	)	$	552,332

Schedule of Components of Interest Expense Amortization of Deferred Financing Costs, Unused Fees on Credit Facility and Other Costs


	Interest Expense		Amortization of DFC		Unused Facility and Other Fees (1)		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt
Three Months Ended September 30, 2025
Credit Facility	$	4,261	$	334	$	633	$	5,228		9.27	%
April 2026 Notes		534		34		-		568		9.08
December 2026 Notes		-		-		-		-		-
July 2027 Notes		1,509		144		-		1,653		8.21
August 2027 Notes		-		-		-		-		-
December 2027 Notes		1,035		98		-		1,133		8.76
April 2028 Notes		2,009		39		-		2,048		7.65
Total	$	9,348	$	649	$	633	$	10,630		8.68	%

Three Months Ended September 30, 2024
Credit Facility	$	5,883	$	496	$	469	$	6,848		10.03	%
April 2026 Notes		533		37		-		570		9.14
December 2026 Notes		743		53		-		796		4.55
July 2027 Notes		1,509		140		-		1,649		8.19
August 2027 Notes		350		35		-		385		7.70
December 2027 Notes		1,035		96		-		1,131		8.74
Total	$	10,053	$	857	$	469	$	11,379		8.68	%

(1)


	Interest Expense		Amortization of DFC		Unused Facility and Other Fees (1)		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt
Nine Months Ended September 30, 2025
Credit Facility	$	13,992	$	1,116	$	1,726	$	16,834		9.00	%
April 2026 Notes		1,602		103		-		1,705		9.09
December 2026 Notes		802		273		-		1,075		5.76
July 2027 Notes		4,528		438		-		4,966		8.23
August 2027 Notes		377		372		-		749		14.05
December 2027 Notes		3,105		298		-		3,403		8.77
April 2028 Notes		3,884		65		-		3,949		7.59
Total	$	28,290	$	2,665	$	1,726	$	32,681		8.58	%

Nine Months Ended September 30, 2024
Credit Facility	$	15,898	$	1,457	$	2,138	$	19,493		10.48	%
April 2026 Notes		1,601		101		-		1,702		9.08
December 2026 Notes		2,231		164		-		2,395		4.56
July 2027 Notes		4,528		434		-		4,962		8.22
August 2027 Notes		1,050		105		-		1,155		7.70
December 2027 Notes		3,105		294		-		3,399		8.76

Total	$	28,413	$	2,555	$	2,138	$	33,106		8.91	%

(1)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net increase in net assets resulting from operations	$ 26,682	$ 45,387
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Payment-in-kind interest	(11,449)	(9,582)
Sales or repayments of investments	235,483	147,041
Payments for derivative contracts	(930)
Proceeds for derivative contracts	905
Net realized (gain) loss on investments	(3,238)
Net realized (gain) loss on forward contracts and foreign currency transactions	23	0
Net change in unrealized (gain) loss on investments	21,176	3,743
Net change in unrealized (gain) loss on forward contracts and foreign currency transactions	640	0
Amortization of fixed income premiums or accretion of discounts and end-of-term payments	(3,349)	(8,293)
Amortization of deferred financing costs	2,665	2,555
Changes in operating assets and liabilities:
(Increase) decrease in interest and fees receivable	103	2,616
(Increase) decrease in other assets	(804)	697
Increase (decrease) in incentive fees payable	2,189	2,430
Increase (decrease) in interest payable	2,247	2,046
Increase (decrease) in accrued expenses and other liabilities	1,084	(772)
Net cash provided by (used in) operating activities	165,680	55,868
Cash flows from financing activities
Payments of deferred financing costs	(3,491)	(121)
Borrowings under credit facility	160,000	182,000
Repayments under credit facility	(285,000)	(152,000)
Repurchase of common stock	(12,500)	(30,178)
Retirement of shares		(1)
Dividends paid to stockholders	(39,525)	(54,921)
Net cash (used in) provided by financing activities	(163,516)	(55,221)
Effect of foreign currency exchange rates	2
Net increase (decrease) in cash and cash equivalents	2,166	647
Cash and cash equivalents at beginning of period	5,751	2,970
Cash and cash equivalents at end of period	7,917	3,617
Supplemental and non-cash financing cash flow information:
Taxes paid	390	616
Interest paid	26,043	26,367
2028 Notes
Cash flows from financing activities
Proceeds from 2028 Notes	107,000
2026 Notes
Cash flows from financing activities
Repayments from Notes	(70,000)
2027 Notes
Cash flows from financing activities
Repayments from Notes	(20,000)
U.S. Treasury Bill
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Sales or maturities of U.S. Treasury Bills	0	42,029
Purchases of Investments
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	$ (107,747)	$ (174,029)

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 5 – Fair Value of Financial Instruments

The Company’s assets recorded at fair value have been categorized based upon a fair value hierarchy in accordance with ASC 820. Refer to "Note 2 – Summary of Significant Accounting Policies" for a discussion of the Company’s policies.


	Level 1		Level 2			Level 3		Measured at Net Asset Value(1)		Total
As of September 30, 2025
Portfolio Investments
Senior Secured Loans	$	9,362	$	-		$	848,274	$	-	$	857,636
Second Lien Loans		-		-			21,177		-		21,177
Preferred Stock/Units		-		-			37,386		-		37,386
Common Stock/Units		108		-			21		-		129
Equity Interest		-		-			1,194		12,855		14,049
Warrants		-		459			15,128		-		15,587
Total Portfolio Investments		9,470		459			923,180		12,855		945,964
Cash equivalents		7,656		-			-		-		7,656
Foreign Currency Forward Contract		-		(640	)		-		-		(640	)
Total	$	17,126	$	(181	)	$	923,180	$	12,855	$	952,980

As of December 31, 2024
Portfolio Investments
Senior Secured Loans	$	-	$	-		$	950,092	$	-	$	950,092
Second Lien Loans		-		-			20,152		-		20,152
Preferred Stock/Units		9,181		-			73,460		-		82,641
Common Stock/Units		2,817		-			16		-		2,833
Equity Interest		-		-			1,198		5,742		6,940
Warrants		-		430			13,752		-		14,182
Total Portfolio Investments		11,998		430			1,058,670		5,742		1,076,840
Cash equivalents		4,026		-			-		-		4,026
Total	$	16,024	$	430		$	1,058,670	$	5,742	$	1,080,866

(1)

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. During the nine months ended September 30, 2025, the Company's preferred stock investment in CareCloud, Inc., valued at $9.2 million at the beginning of the reporting period, was reclassified from Level 2 to Level 3 due to delisting from the NASDAQ stock exchange. During the nine months ended September 30, 2024, the Company had warrant investments in portfolio companies that went public, resulting in asset transfers out of Level 3 and into Level 2 at the fair value of approximately $50 thousand.

The following table presents a rollforward of Level 3 assets measured at fair value as of September 30, 2025 (in thousands):


		Senior Secured Loans				Second Lien Loans			Convertible Notes				Preferred Stock/Units				Common Stock/Units			Equity Interest				Warrants			Total
Fair value at December 31, 2024	$		950,092		$		20,152	$		-		$		73,460		$		16	$		1,198		$		13,752		$	1,058,670
Transfers in (out) of Level 3			-				-			-				9,181				-			-				-			9,181
Purchases of investments(1)			86,073				-			1,000				2,773				-			-				2,041			91,887
PIK interest			10,801				648			-				-				-			-				-			11,449
Sales or prepayments of investments(1)			(186,751	)			-			(1,000	)			(37,355	)			-			-				-			(225,106	)
Scheduled principal repayments of investments			(9,431	)			-			-				-				-			-				-			(9,431	)
Amortization of fixed income premiums or accretion of discounts and ETP			3,216				128			-				-				-			-				-			3,344
Net realized gain (loss)			(1,501	)			-			-				9,255				-			-				(1,511	)		6,243
Net change in unrealized gain (loss)			(4,225	)			249			-				(19,928	)			5			(4	)			846			(23,057	)
Fair value at September 30, 2025	$		848,274		$		21,177	$		-		$		37,386		$		21	$		1,194		$		15,128		$	923,180
Net change in unrealized gain (loss) on Level 3 investments still held as of September 30, 2025	$		(2,650	)	$		248	$		-		$		(10,673	)	$		5	$		(4	)	$		(264	)	$	(13,338	)

(1)

Net of reorganization and restructuring of investments.

The following table presents a rollforward of Level 3 assets measured at fair value as of September 30, 2024 (in thousands):


		Senior Secured Loans				Second Lien Loans				Convertible Notes				Preferred Stock/Units			Common Stock/Units				Equity Interest			Warrants			Total
Fair value at December 31, 2023	$		964,099		$		14,399		$		1,357		$		26,285	$		872		$		950	$		12,838		$	1,020,800
Transfers in (out) of Level 3			-				-				-				-			-				-			(51	)		(51	)
Purchases of investments(1)			164,321				-				339				-			-				-			3,429			168,089
PIK interest			9,364				218				-				-			-				-			-			9,582
Sales or prepayments of investments			(144,575	)			-				-				-			-				-			(86	)		(144,661	)
Scheduled repayments of investments			(2,380	)			-				-				-			-				-			-			(2,380	)
Amortization of fixed income premiums or accretion of discounts and ETP			8,184				94				-				-			-				-			-			8,278
Net realized gain (loss)			-				-				-				-			-				-			-			-
Net change in unrealized gain (loss)			(9,628	)			(210	)			(1,696	)			6,387			(753	)			248			204			(5,448	)
Fair Value at September 30, 2024	$		989,385		$		14,501		$		-		$		32,672	$		119		$		1,198	$		16,334		$	1,054,209
Net change in unrealized gain (loss) on Level 3 investments still held as of September 30, 2024	$		(9,007	)	$		(210	)	$		(1,696	)	$		6,387	$		(753	)	$		248	$		203		$	(4,828	)

(1)

Net of reorganization and restructuring of investments.

The following table provides quantitative information regarding Level 3 fair value measurements as of September 30, 2025 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Senior Secured Loans(1)	$	786,687	Discounted Cash Flow Analysis	Discount rate	9.2% - 30.2% (15.3%)
				Origination yield	10.5% - 19.1% (13.6%)
				Revenue multiples	0.90x - 149.72x (6.73x)
		61,587	PWERM	Discount rate	17.1% - 41.6% (25.6%)
				Origination yield	12.4% - 29.9% (18.2%)
				Revenue multiples	0.26x - 1.45x (0.66x)
Second Lien Loans(1)		21,177	Discounted Cash Flow Analysis	Discount rate	20.1% - 20.2% (20.2%)
				Origination yield	13.0% - 18.4% (14.6%)
				Revenue Multiples	2.59x - 2.90x (2.68x)
Preferred Stock/Units		36,868	Current Value Method (5)	Risk-free interest rate	3.6% - 3.6% (3.6%)
				Average industry volatility	50.0% - 80.0% (57.9%)
				Estimated time to exit	2.0 - 3.0 (2.7 years)
		518	Option Pricing Model	Risk-free interest rate	3.6% - 3.7% (3.6%)
				Average industry volatility	30.0% - 52.5% (48.4%)
				Estimated time to exit	2.7 - 4.0 (2.9 years)
				Revenue multiples	2.90x - 2.97x (2.96x)
Common Stock/Units		21	Option Pricing Model	Risk-free interest rate	3.6% - 3.6% (3.6%)
				Average industry volatility	52.5% - 52.5% (52.5%)
				Estimated time to exit	3.0 - 3.0 (3.0 years)
Equity Interest		1,194	PWERM (4)	N/A	N/A
Warrants(2)		11,806	Option Pricing Model	Risk-free interest rate	3.6% - 3.9% (3.6%)
				Average industry volatility	25.0% - 95.0% (51.2%)
				Estimated time to exit	1.0 - 4.0 (2.9 years)
				Revenue multiples	1.45x - 149.72x (3.97x)
		3,322	PWERM (3)	N/A	N/A

Total Level 3 Investments	$	923,180

(1)

(2)

(3)

(4)

Investment valued using a PWERM valuation technique and includes inputs that are based on scenario analysis specific to the asset recovery of such investment.

(5)

The following table provides quantitative information regarding Level 3 fair value measurements as of December 31, 2024 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Senior Secured Loans(1)	$	944,513	Discounted Cash Flow Analysis (6)	Discount rate	10.2% - 45.7% (15.6%)
				Origination yield	11.1% - 29.9% (13.9%)
				Revenue multiples	0.28x - 15.25x (4.22x)
		2,148	PWERM	Discount rate	40.0% - 40.0% (40.0%)
				Origination yield	18.6% - 18.6% (18.6%)
				Revenue multiples	1.25x - 1.25x (1.25x)
		3,431	Waterfall Approach (5)	Risk-free interest rate	4.1% - 4.1% (4.1%)
				Average industry volatility	52.5% - 52.5% (52.5%)
				Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	3.75x - 3.75x (3.75x)
Second Lien Loans(1)		20,152	Discounted Cash Flow Analysis	Discount rate	18.6% - 19.2% (19.1%)
				Origination yield	13.0% - 18.4% (14.5%)
				Revenue Multiples	1.90x - 2.85x (2.17x)
Preferred Stock/Units		35,563	Waterfall Approach (5)	Risk-free interest rate	4.1% - 4.1% (4.1%)
				Average industry volatility	52.5% - 52.5% (52.5%)
				Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	3.75x - 3.75x (3.75x)
		37,897	Option Pricing Model (6)	Risk-free interest rate	4.1% - 4.1% (4.1%)
				Average industry volatility	45.0% - 62.5% (45.1%)
				Estimated time to exit	3.0 - 4.7 (3.0 years)
				Revenue multiples	2.82x - 12.87x (12.76x)
Common Stock/Units		16	Option Pricing Model	Risk-free interest rate	4.1% - 4.1% (4.1%)
				Average industry volatility	62.5% - 62.5% (62.5%)
				Estimated time to exit	3.0 - 3.0 (3.0 years)
Equity Interest		1,198	PWERM (4)	N/A	N/A
Warrants(2)		10,860	Option Pricing Model	Risk-free interest rate	4.1% - 4.3% (4.1%)
				Average industry volatility	22.5% - 110.0% (47.7%)
				Estimated time to exit	1.0 - 3.8 (2.9 years)
				Revenue multiples	1.27x - 8.89x (3.41x)
		2,802	PWERM (3)	N/A	N/A
		90	Waterfall Approach	Revenue multiples	1.93x - 1.93x (1.93x)

Total Level 3 Investments	$	1,058,670

(1)

(2)

(3)

(4)

Investment valued using a PWERM valuation technique and includes inputs that are based on scenario analysis specific to the asset recovery of such investment.

(5)

(6)

Includes Gynesonics, Inc., which was sold on January 2, 2025. As of December 31, 2024, the Company valued its investments in Gynesonics, Inc. at the expected sales proceeds from the acquisition.

Fair Value of Financial Instruments Reported at Cost

The Company records its debt at amortized cost on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s Credit Facility, April 2026 Notes, December 2026 Notes, August 2027 Notes, and April 2028 Notes (each defined in "Note 7 – Borrowings") are estimated using Level 3 inputs, which involves discounting the remaining payments based on comparable market rates for similar instruments as of the measurement date. The July 2027 Notes and December 2027 Notes are publicly traded on NASDAQ and are valued using Level 1 inputs, reflecting the most recent market prices of $25.19 and $25.31 per share as of September 30, 2025, respectively. As of December 31, 2024, the market prices were $24.88 and $25.10 per share, respectively.


			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total
As of September 30, 2025
Credit Facility	$	181,475	$	-	$	-	$	192,745	$	192,745
April 2026 Notes		24,928		-		-		26,115		26,115
July 2027 Notes		79,509		81,112		-		-		81,112
December 2027 Notes		50,932		52,392		-		-		52,392
April 2028 Notes		106,662		-		-		92,015		92,015
Total	$	443,506	$	133,504	$	-	$	310,875	$	444,379

As of December 31, 2024
Credit Facility	$	308,449	$	-	$	-	$	321,785	$	321,785
April 2026 Notes		24,839		-		-		25,616		25,616
December 2026 Notes		69,630		-		-		65,512		65,512
July 2027 Notes		79,116		80,114		-		-		80,114
August 2027 Notes		19,628		-		-		20,054		20,054
December 2027 Notes		50,670		51,957		-		-		51,957
Total	$	552,332	$	132,071	$	-	$	432,967	$	565,038

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments, Contingencies, and Off-balance Sheet Arrangements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Unfunded loan commitments	$ 143,660	$ 176,715
Outstanding forward currency contracts notional amount	$ 29,400

Schedule of Investments - Interest Rate Swaps
£ in Thousands

9 Months Ended

Sep. 30, 2025

GBP (£)

Sep. 30, 2025

USD ($)

Notional Amount to be Purchased

$ 29,400,000

Unrealized gain (loss)

^[1]

(640,000)

Open Forward Foreign Currency Contract, Identifier [Axis]: Counterparty Canadian Imperial Bank of Commerce

Unrealized gain (loss)

^[1]

(640,000)

Open Forward Foreign Currency Contract, Identifier [Axis]: Counterparty Canadian Imperial Bank of Commerce Maturity Date 12/8/2025

Maturity Date

Dec. 08, 2025

Notional Amount to be Sold | £

£ 384

Notional Amount to be Purchased

505,000

Unrealized Gain (Loss)

(10,000)

Open Forward Foreign Currency Contract, Identifier [Axis]: Counterparty Canadian Imperial Bank of Commerce Maturity Date 5/14/2026

Maturity Date

May 14, 2026

Notional Amount to be Sold | £

£ 21,964

Notional Amount to be Purchased

28,873,000

Unrealized Gain (Loss)

(630,000)

Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Great British Pound Canadian Imperial Bank of Commerce Maturity Date 12/8/2025

Maturity Date

Dec. 08, 2025

Notional Amount to be Sold | £

£ 384

Notional Amount to be Purchased

505,000

Unrealized Gain (Loss)

(10,000)

Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Great British Pound Canadian Imperial Bank of Commerce Maturity Date 5/14/2026

Maturity Date

May 14, 2026

Notional Amount to be Sold | £

£ 21,964

Notional Amount to be Purchased

28,873,000

Unrealized Gain (Loss)

$ (630,000)

[1]	Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Nov. 05, 2025	Nov. 06, 2025	Oct. 09, 2025	Sep. 30, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Ordinary distribution				$ 11.7
Investment fund				$ 994,183	$ 1,103,883
Common stock, par value				$ 0.01	$ 0.01
Common stock, shares outstanding				36,134,037	37,347,428
Subsequent Event
Subsequent Event [Line Items]
Investment fund		$ 12,000
Debt prepayments received		900
Subsequent Event \| Loan Commitment [Member]
Subsequent Event [Line Items]
Investment fund		$ 1,200
Subsequent Event \| Merger Agreement
Subsequent Event [Line Items]
Per share cash consideration quotient value			$ 9,000
Merger agreement common stock shares outstandingp percentage.			69.90%
Subsequent Event \| Minimum \| Merger Agreement
Subsequent Event [Line Items]
Merger amount by third party valuation firm values portfolio assets amount			$ 5,000
Subsequent Event \| SWK Common Stock
Subsequent Event [Line Items]
Common stock, par value			$ 0.001
Subsequent Event \| SWK Common Stock \| Merger Agreement
Subsequent Event [Line Items]
Common stock, par value			$ 0.01
Common stock, shares outstanding			8,493,088
Subsequent Event \| O2025 Q4 Dividends
Subsequent Event [Line Items]
Dividend declared date	Nov. 05, 2025
Ordinary distribution	$ 0.33
Dividend record date	Nov. 17, 2025
Dividends payable date	Dec. 03, 2025

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Tax Cost Basis and Estimated Aggregate Gross Unrealized Gain (Loss) on Investments for Federal Income Tax Purposes

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized gain (loss) on investments for federal income tax purposes as of and for the period ended September 30, 2025 and the year ended December 31, 2024 (in thousands):


	September 30, 2025			December 31, 2024
Tax cost on investments	$	993,132		$	1,100,345
Change in unrealized gain on a tax basis	$	30,681		$	23,787
Change in unrealized loss on a tax basis		(77,850	)		(47,292	)
Net unrealized gain (loss) on a tax basis	$	(47,169	)	$	(23,505	)

Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Investment income

Other income

$ 158

$ 150

$ 515

$ 419

Total investment income

36,747

36,651

107,292

110,853

Operating expenses

Management fees

3,963

3,865

11,916

11,763

Incentive fees

4,075

3,970

11,527

12,287

Interest and other debt financing expenses

10,630

11,379

32,681

33,106

Professional fees

556

528

1,687

1,443

Administration agreement expenses

705

472

1,993

1,508

Insurance expense

163

211

479

628

Tax expense

560

810

Other expenses

359

351

916

986

Total operating expenses

21,011

20,776

62,009

61,723

Net investment income

15,736

15,875

45,283

49,130

Net realized and net change in unrealized gain (loss)

Net realized gain (loss) on investments

(1,318)

3,238

Net realized gain (loss) on forward contracts and foreign currency transactions

(12)

(23)

Net realized gain (loss)

(1,330)

3,215

Net change in unrealized gain (loss) on investments

(7,106)

9,174

(21,176)

(3,743)

Net change in unrealized gain (loss) on forward contracts and foreign currency transactions

719

(640)

Net change in unrealized gain (loss)

(6,387)

9,174

(21,816)

(3,743)

Net realized and unrealized gain (loss)

(7,717)

9,174

(18,601)

(3,743)

Net increase (decrease) in net assets resulting from operations

$ 8,019

$ 25,049

$ 26,682

$ 45,387

Net investment income per common share (basic and diluted)

$ 0.43

$ 0.41

$ 1.23

^[1]

$ 1.25

^[1]

Net increase (decrease) in net assets resulting from operations per common share, Basic

0.22

0.65

0.72

1.15

Net increase (decrease) in net assets resulting from operations per common share, Diluted

$ 0.22

$ 0.65

$ 0.72

$ 1.15

Weighted average shares outstanding, Basic

36,225,742

38,390,854

36,887,968

39,317,890

Weighted average shares outstanding, Diluted

36,225,742

38,390,854

36,887,968

39,317,890

From Non-controlled/ Non-affiliated Investments

Investment income

Interest income

$ 30,715

$ 32,253

$ 91,314

$ 97,643

Payment in-kind interest income

4,219

2,757

11,857

9,294

Dividend income

252

758

Fee income

1,403

882

1,946

1,689

Net realized and net change in unrealized gain (loss)

Net realized gain (loss) on investments

(1,318)

(5,705)

Net change in unrealized gain (loss) on investments

(7,473)

367

(11,677)

(11,182)

Investment Affiliated Issuer Noncontrolled

Investment income

Interest income

609

646

1,808

Fee income

256

Affiliate Investments

Operating expenses

Net investment income

902

Net realized and net change in unrealized gain (loss)

Net realized gain (loss) on investments

8,943

Net change in unrealized gain (loss) on investments

8,510

(9,925)

7,263

Control Investments

Net realized and net change in unrealized gain (loss)

Net change in unrealized gain (loss) on investments

$ 367

$ 297

$ 426

$ 176

[1]	All per share activity, excluding dividends, is calculated based on the weighted-average shares outstanding for the relevant period.

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 10 – Income Taxes

The Company elected to be treated as a RIC under Subchapter M of the Code starting with its taxable year ended December 31, 2016. The Company currently qualifies and intends to qualify annually for the tax treatment applicable to RICs. A RIC generally is not subject to U.S. federal income taxes on distributed income and gains so long as it meets certain source-of-income and asset diversification requirements and it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. So long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. The Company intends to make sufficient distributions to maintain its RIC status each year and it does not anticipate paying any material United States federal income taxes in the future.

Federal income tax regulations differ from U.S. GAAP, therefore distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.


	September 30, 2025			December 31, 2024
Tax cost on investments	$	993,132		$	1,100,345
Change in unrealized gain on a tax basis	$	30,681		$	23,787
Change in unrealized loss on a tax basis		(77,850	)		(47,292	)
Net unrealized gain (loss) on a tax basis	$	(47,169	)	$	(23,505	)

The Company accounts for income taxes in conformity with ASC Topic 740, Income Taxes ("ASC 740"). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet a "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as "Tax expense" on the Consolidated Statements of Operations. There were no material uncertain income tax positions at September 30, 2025 or December 31, 2024. Although the Company files federal and state tax returns, the Company's major tax jurisdiction is federal. The previous three tax year-ends and the interim tax period since then remain subject to examination by the Internal Revenue Service.

If the Company does not distribute (or is not deemed to have distributed) each calendar year the sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years on which the Company paid no U.S. federal income tax (the "Minimum Distribution Amount"), the Company will generally be required to pay a U.S. federal excise tax equal to 4% of the amount by which the Minimum Distribution Amount exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective U.S. federal excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income.

If the Company does not qualify to be treated as a RIC for any taxable year, the Company will be taxed as a regular corporation (a "C corporation") under subchapter C of the Code for such taxable year. If the Company has previously qualified as a RIC but is subsequently unable to qualify, and certain amelioration provisions are not applicable, the Company would be subject to U.S. federal income tax on all of its taxable income (including its net capital gains) at regular corporate rates. The Company would not be able to deduct distributions to stockholders, nor would it be required to make distributions. In order to requalify as a RIC, in addition to the other requirements discussed above, the Company would be required to distribute all of its previously undistributed earnings attributable to the period it failed to qualify as a RIC by the end of the first year that it intends to requalify. If the Company fails to requalify for a period greater than two taxable years, it may be subject to U.S. federal income tax at corporate tax rates on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Company had been liquidated) that it elects to recognize on requalification or when recognized over the next five years.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12C
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Nov. 04, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity File Number	814-01180
Entity Central Index Key	0001653384
Entity Registrant Name	Runway Growth Finance Corp.
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		36,134,037
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Tax Identification Number	47-5049745
Entity Address, Address Line One	205 N. Michigan Ave.
Entity Address, Address Line Two	Suite 4200
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	698-6902
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	RWAY
Security Exchange Name	NASDAQ
7.50% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	7.50% Notes due 2027
Trading Symbol	RWAYL
Security Exchange Name	NASDAQ
8.00% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	8.00% Notes due 2027
Trading Symbol	RWAYZ
Security Exchange Name	NASDAQ

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.
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

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

Runway-Cadma I LLC

Principles of Consolidation

Transfers of Financial Assets

•

assigned investments have been isolated from the Company and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;

•

Use of Estimates

Cash and Cash Equivalents

Investment Transactions and Related Investment Income

Debt and Deferred Financing Costs

Non-Accrual Investments


	Date of Non-Accrual	Forgone Interest Income		Forgone Accretion of OID and ETP		Total Forgone Income		Cost Basis		Fair Value		Fair Value as a % of Total Portfolio
As of September 30, 2025
Investment
Mingle Healthcare Solutions, Inc.	1/1/2024	$	1,162	$	-	$	1,162	$	4,757	$	2,363		0.25	%
Total		$	1,162	$	-	$	1,162	$	4,757	$	2,363		0.25	%

As of December 31, 2024
Investment
JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	3/31/2024	$	4,243	$	283	$	4,526	$	3,774	$	3,431		0.32	%
Mingle Healthcare Solutions, Inc.	1/1/2024		687		-		687		4,952		2,148		0.20
Total		$	4,930	$	283	$	5,213	$	8,726	$	5,579		0.52	%

Fair Value Measurements

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Level 1-Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

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Investment Valuation Techniques

With respect to investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below:

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The quarterly valuation process begins with each portfolio company investment being initially valued by RGC’s investment professionals that are responsible for the portfolio investment;

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Preliminary valuation conclusions are then documented and discussed with RGC’s valuation committee;

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Debt Investments

Warrants

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Foreign Currency Forward Contracts

Equity Investments

Investments Denominated in Foreign Currency

The Company may also enter into foreign currency forward contracts to mitigate its exposure to foreign currency fluctuations associated with certain investments denominated in foreign currencies. These contracts are recognized as derivative instruments and measured at fair value in accordance with ASC Topic 815, Derivatives and Hedging ("ASC 815"), and are recorded as "Foreign currency forward contracts" on the Consolidated Statements of Assets and Liabilities. Changes in fair value are recorded in "Net change in unrealized gain (loss) on forward contracts and foreign currency transactions" on the Consolidated Statements of Operations. The payments and proceeds from derivative contracts are included in "Payments for derivative contracts" and "Proceeds from derivative contracts", respectively, on the Consolidated Statements of Cash Flows. The net cash flows realized on settlement of derivatives are included in "Net realized (gain) loss on forward contracts and foreign currency transactions" on the Consolidated Statements of Operations and Consolidated Statements of Cash Flows. Refer to "Note 4 – Investments" for more information regarding the foreign currency forward contracts.

Investment Classification

Income Taxes

Per Share Information

Comprehensive Income

Distributions

Repurchases of Common Stock

Recently Issued Accounting Pronouncements

Organization

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1 – Organization

Runway Growth Finance Corp. (the "Company"), is a Maryland corporation that was formed on August 31, 2015. On August 18, 2021, the Company changed its name to “Runway Growth Finance Corp." from "Runway Growth Credit Fund Inc." The Company is an externally managed, non-diversified, closed-end investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company has elected to be treated, currently qualifies, and intends to continue 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 primarily to lend to, and selectively invest in, high growth-potential companies in technology, healthcare, business services, financial services, and select consumer services and products in other high growth industries. The Company’s investment objective is to maximize its total return to its stockholders primarily through current income on its loan portfolio, and secondarily through capital gain on its warrants and other equity positions. The Company’s investment activities are managed by its external investment adviser, Runway Growth Capital LLC ("RGC"). The Company’s administrator, Runway Administrator Services LLC (the "Administrator"), is a wholly owned subsidiary of RGC and provides administrative services necessary for the Company to operate. On January 30, 2025, a private investment fund advised by BC Partners Advisors L.P. ("BC Partners") acquired the majority equity interest of RGC, and Mount Logan Capital Inc., an affiliate of BC Partners, acquired the remaining minority equity interest, together acquiring the entirety of the outstanding equity interest of RGC (the "BCP Transaction").

On October 25, 2021, the Company closed its initial public offering ("IPO"), issuing 6,850,000 shares of its common stock at a public offering price of $14.60 per share. Net of underwriting fees and offering costs, the Company received net proceeds of $93.0 million. The Company's common stock began trading on the Nasdaq Global Select Market LLC ("NASDAQ") on October 21, 2021, under the symbol "RWAY".