0000950170-22-021922 | 10-Q | XBRL Viewer | Runway Growth Finance Corp

Cash and cash equivalents

$ 910,168,945

^[1],[2]

$ 729,516,274

^[3],[4],[5]

5,774,074

4,696,693

Accrued interest receivable

4,402,598

2,368,680

Other accounts receivable

1,823,611

816,065

Prepaid expenses

99,507

949,768

Total assets

922,268,735

738,347,480

Liabilities

Credit facilities, net

170,009,357

59,864,489

Total debt, less unamortized deferred debt costs

336,544,766

79,488,460

Reverse repurchase agreement

44,774,963

Accrued incentive fees

7,188,966

6,010,250

Due to affiliate

261,180

221,243

Interest payable

3,195,407

249,247

Accrued expenses and other liabilities

1,418,045

1,408,826

Total liabilities

348,608,364

132,152,989

Commitments and contingencies (Note 3)

Net assets

Common stock, par value

413,806

Additional paid-in capital

606,063,671

606,047,671

Distributable (losses)

(23,515,173)

(266,986)

Treasury stock

(9,301,933)

Total net assets

$ 573,660,371

$ 606,194,491

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

40,635,858

41,380,614

Net asset value per share

$ 14.12

$ 14.65

2026 Notes

Liabilities

Notes, net

$ 69,130,314

$ 19,623,971

2027 Notes

Liabilities

Notes, net

97,405,095

Non-control / Non-affiliate Investments

Assets

903,521,674

655,384,403

Assets

2,180,230

Assets

$ 4,467,041

29,130,371

Assets

$ 45,001,500

[1]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. See Note 3 for additional detail.
[2]	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, except as otherwise noted, are subject to limitation on resale, 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]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. See Note 3 for additional detail.
[4]	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, except as otherwise noted, are subject to limitation on resale, 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]	Value as a percentage of net assets.

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

Sep. 30, 2022

Dec. 31, 2021

Common stock, shares authorized

$ 936,593,925

^[1]

$ 727,323,991

^[2]

Common stock, par value

$ 0.01

100,000,000

Non-control / Non-affiliate Investments

$ 910,870,337

$ 647,448,895

4,551,235

21,172,353

34,873,846

$ 0

$ 45,001,250

[1]	Control investment, as defined under the 1940 Act, in which the Company owns more than 25% of the investment’s voting securities or has greater than 50% representation on its board.
[2]	Value as a percentage of net assets.

Statements of Operations (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Overhead allocation expense

Total investment income

$ 27,328,704

$ 18,610,066

$ 71,745,693

$ 53,778,440

Operating expenses

Management fees

3,065,581

2,301,656

8,487,820

6,647,207

Incentive fees

3,625,686

2,686,475

8,590,821

6,498,482

Interest expense

3,588,289

812,852

6,070,906

2,302,582

Professional fees

720,115

612,854

1,968,036

1,433,360

258,191

249,141

713,457

655,260

Insurance expense

268,806

23,087

806,042

69,638

Administrative fee

161,245

179,500

497,896

420,360

Debt financing fees

794,124

738,087

2,226,658

1,447,288

Directors' fees

90,727

67,750

261,727

201,750

Tax expense

1,073

Other expenses

258,991

197,540

685,841

539,142

Total operating expenses

12,831,755

7,868,942

30,310,277

20,215,110

Realized and unrealized gain (loss) on investments

14,496,949

10,741,124

41,435,416

33,563,330

Net realized gain (loss) on investments

406,917

718,310

939,377

(4,076,766)

Net change in unrealized appreciation (depreciation) on investments

(3,182,093)

(1,228,382)

(28,617,263)

(3,172,841)

Net increase in net assets resulting from operations

$ 11,721,773

$ 10,231,052

$ 13,757,530

$ 26,313,723

Net investment income per common share, Basic

$ 0.29

$ 0.31

$ 0.33

$ 0.81

Net investment income per common share, Diluted

0.29

0.31

0.33

0.81

Net investment income per common share

^[1],[2]

$ 0.36

$ 0.32

$ 1.01

$ 1.04

Weighted average shares outstanding, Basic

40,774,154

33,160,481

41,119,467

32,360,107

Weighted average shares outstanding, Diluted

40,774,154

33,160,481

41,119,467

32,360,107

From Non-controlled/ Non-affiliated Investments

Payment in-kind interest income

Interest income

$ 25,365,328

$ 16,732,069

$ 61,749,677

$ 47,542,136

1,199,498

434,464

3,248,563

2,424,022

Dividend income

317,674

343,755

1,020,766

1,031,265

Fee income

445,399

982,190

1,519,292

2,663,160

Realized and unrealized gain (loss) on investments

Net realized gain (loss) on investments

406,917

718,310

939,442

(4,076,766)

Net change in unrealized appreciation (depreciation) on investments

(1,956,044)

(6,857,594)

(14,275,206)

(10,979,143)

From affiliated investments

Payment in-kind interest income

Interest income

4,654

96,291

Fee income

8,311

Realized and unrealized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

(171,789)

(3,380,221)

From controlled Investments

Payment in-kind interest income

Interest income

113,554

1,112,421

113,554

3,786

2,984,450

3,786

Other income

805

248

1,268

517

Realized and unrealized gain (loss) on investments

Net realized gain (loss) on investments

(65)

Net change in unrealized appreciation (depreciation) on investments

$ (1,054,260)

$ 5,629,212

$ (10,961,836)

$ 7,806,302

[1]	Financial highlights are based on weighted-average shares outstanding.
[2]	Return from investment operations was 2.55% and 2.19% for the three months ended September 30, 2022 and 2021, respectively. Return from investment operations was 6.89% and 7.01% for the nine months ended September 30, 2022 and 2021, respectively. Return from investment operations represents returns on net investment income (loss) from operations.

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (decrease) in net assets from operations:
Net investment income	$ 14,496,949	$ 10,741,124	$ 41,435,416	$ 33,563,330
Realized gain (loss) on investments, including U.S. Treasury Bills	406,917	718,310	939,377	(4,076,766)
Net change in unrealized appreciation (depreciation) on investments	(3,182,093)	(1,228,382)	(28,617,263)	(3,172,841)
Net increase in net assets resulting from operations	11,721,773	10,231,052	13,757,530	26,313,723
Distributions to stockholders from:
Total distributions to stockholders	(13,450,710)	(11,114,754)	(37,005,717)	(34,597,684)
Capital share transactions
Issuance of common stock, value		18,976,917		19,283,828
Reinvestment of dividends, value		8,401,215		26,994,806
Acquisition of treasury shares, value	4,022,696		9,301,933
Offering costs		(32,542)	16,000	(37,373)
Net increase (decrease) in net assets resulting from capital share transactions	(4,022,696)	27,345,590	(9,285,933)	46,241,261
Total increase (decrease) in net assets	(5,751,633)	26,461,888	(32,534,120)	37,957,300
Net assets at beginning of period	579,412,004	477,739,097	606,194,491	466,243,685
Net assets at end of period	$ 573,660,371	$ 504,200,985	$ 573,660,371	$ 504,200,985
Capital share activity
Issuance of common stock, Shares		1,840,160		3,116,563
Treasury shares acquired	(331,264)		(744,756)
Shares outstanding at beginning of period	40,967,122	32,690,454	41,380,614	31,414,051
Shares outstanding at end of period	40,635,858	34,530,614	40,635,858	34,530,614
Non Control / Non Affiliate Investments Including Treasury Bills
Increase (decrease) in net assets from operations:
Realized gain (loss) on investments, including U.S. Treasury Bills	$ 406,917	$ 718,310	$ 939,442	$ (4,076,766)
Net change in unrealized appreciation (depreciation) on investments	(1,956,044)	(6,857,594)	(14,275,206)	(10,979,143)
Affiliate Investments
Increase (decrease) in net assets from operations:
Net change in unrealized appreciation (depreciation) on investments	(171,789)		(3,380,221)
Control Investments
Increase (decrease) in net assets from operations:
Realized gain (loss) on control investments			(65)
Net change in unrealized appreciation (depreciation) on investments	$ (1,054,260)	$ 5,629,212	$ (10,961,836)	$ 7,806,302

Statements of Cash Flows - USD ($)	9 Months Ended
Statements of Cash Flows - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net increase in net assets resulting from operations	$ 13,757,530	$ 26,313,723
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of U.S. Treasury Bills		(115,000,509)
Payment in-kind interest	6,329,304	2,427,808
Sales or maturities of U.S. Treasury Bills	44,999,747	124,999,118
Realized (gain) loss on investments, including U.S. Treasury Bills	(939,377)	4,076,766
Net change in unrealized appreciation (depreciation) on investments, including U.S. Treasury Bills	28,617,263	3,172,841
Amortization of fixed income premiums or accretion of discounts	(4,575,984)	(5,539,659)
Amortization of deferred debt costs	798,764	349,378
Changes in operating assets and liabilities:
Accrued interest receivable	(2,033,918)	650,685
Other accounts receivable	(1,007,546)	197,082
Prepaid expenses	850,261	(53,246)
Accrued incentive fees	1,178,716	964,069
Due to affiliate	39,937	83,523
Interest payable	2,946,160	343,843
Accrued expenses and other liabilities	9,219	651,336
Net cash provided by (used in) operating activities	(164,113,548)	4,955,802
Cash flows from financing activities
Payment of deferred financing costs	(8,242,458)	(19,126)
Payments of deferred offering costs		(439,929)
Borrowings under credit facilities	282,000,000	100,000,000
Repayments under credit facilities	(168,000,000)	(119,000,000)
Proceeds from reverse repurchase agreements		104,474,375
Repayments of reverse repurchase agreements	(44,774,963)	(114,424,914)
Acquisition of treasury shares	(9,301,933)
Dividends paid to stockholders	(37,005,717)	(7,602,878)
Offering costs	16,000	(37,373)
Net cash received from common stock issued		18,144,300
Net cash provided by (used in) financing activities	165,190,929	(18,905,545)
Net increase (decrease) in cash	1,077,381	(13,949,743)
Cash and cash equivalents at beginning of period	4,696,693	14,886,246
Cash and cash equivalents at end of period	5,774,074	936,503
Supplemental and non-cash financing cash flow information:
Taxes paid	1,073
Interest paid	3,124,746	1,958,739
Non-cash portfolio purchases	3,380,604	2,562,120
Non-cash dividend reinvestments		26,994,806
Subscriptions receivable		$ 1,139,528
2026 Notes
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred debt costs	130,014
Cash flows from financing activities
Proceeds from Notes	50,000,000
2027 Notes
Cash flows from financing activities
Proceeds from Notes	$ 100,500,000

Schedule of Investments (Unaudited) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

$ 936,593,925

^[1]

$ 727,323,991

^[2]

Non-Control/Non-Affiliate Investments

910,168,945

^[3],[4]

729,516,274

^[2],[5],[6]

910,870,337

647,448,895

^[2]

Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

903,521,674

^[3],[4]

655,384,403

^[2],[5],[6]

862,660,840

598,181,753

^[2]

Non-Control/Non-Affiliate Investments | Second Lien Term Loans

858,060,948

^[3],[4]

594,793,670

^[2],[5],[6]

13,450,968

12,872,588

^[2]

Non-Control/Non-Affiliate Investments | Preferred Stocks

13,403,245

^[3],[4]

12,872,588

^[2],[5],[6]

12,381,866

14,537,836

^[2]

Non-Control/Non-Affiliate Investments | Common Stocks

12,712,553

^[3],[4]

16,166,730

^[2]

4,163,722

4,709,744

^[2]

Non-Control/Non-Affiliate Investments | Warrants

1,909,854

^[3],[4]

11,463,865

^[2],[5],[6]

18,212,941

17,146,974

^[2]

17,435,074

^[3],[4]

20,087,550

^[5],[6]

^[7]

4,551,235

Affiliate Investments | Common Stocks

^[3],[4],[7]

2,180,230

^[7]

4,551,235

Affiliate Investments | Warrants

^[3],[4],[7]

1,228,197

^[3],[4],[7]

952,033

21,172,353

^[1]

33,627,679

^[2]

Control Investments | Senior Secured Term Loans

4,467,041

^[1],[3],[4]

29,130,371

^[2],[5],[6]

19,172,353

^[1]

30,827,679

^[2]

Control Investments | Preferred Stocks

4,467,041

^[1],[3],[4]

28,259,976

^[2],[5],[6]

2,000,000

^[1]

2,800,000

^[2]

^[2],[5],[6]

$ 870,395

^[8]

Dec. 30, 2021

^[8]

Jan. 11, 2022

^[8]

45,000,000

^[8]

$ 45,001,250

^[5],[6],[8]

45,001,500

Total U.S.Treasury

^[2]

45,001,250

Application Software | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[5],[6]

45,001,500

179,361,223

163,163,241

^[2]

Application Software | Non-Control/Non-Affiliate Investments | Preferred Stocks

175,576,811

^[3],[4]

158,813,039

^[2],[5],[6]

250,000

Application Software | Non-Control/Non-Affiliate Investments | Common Stocks

^[3],[4]

384,685

438,014

Application Software | Non-Control/Non-Affiliate Investments | Warrants

1,413,356

^[3],[4]

22,278

^[2],[5],[6]

5,928,297

6,238,992

^[2]

Application Software | Affiliate Investments | Common Stocks

4,501,283

^[3],[4]

8,882,389

^[2],[5],[6]

^[7]

4,551,235

Application Software | Affiliate Investments | Warrants

^[3],[4],[7]

1,228,197

Application Software | Affiliate Investments | Warrants | Warrant for Common Stock

^[3],[4],[7]

$ 952,033

^[7],[9]

Mar. 09, 2020

^[7],[9]

Mar. 09, 2030

^[7],[9]

811,770

Application Software | Control Investments

^{[3],[4],[7],[9]}

$ 952,033

Application Software | Control Investments | Preferred Stocks

^[2]

1,246,167

^[2]

800,000

Biotechnology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[5],[6]

870,395

39,353,237

Biotechnology | Non-Control/Non-Affiliate Investments | Warrants

^[3],[4]

39,353,237

540,911

Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments

^[3],[4]

289,973

Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[5],[6]

2,162,000

61,849,671

22,113,378

^[2]

Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments | Warrants

61,849,671

^[3],[4]

22,113,377

^[2],[5],[6]

2,380,773

2,162,000

^[2]

Data Processing & Outsourced Services | Control Investments | Senior Secured Term Loans

^[3],[4]

2,561,089

19,172,353

^[1]

19,172,352

^[2]

Data Processing & Outsourced Services | Control Investments | Preferred Stocks

4,467,041

^[1],[3],[4]

14,649,788

^[2],[5],[6]

Education Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

2,000,000

^[1]

2,000,000

^[2]

25,249,892

20,098,640

^[2]

Education Services | Non-Control/Non-Affiliate Investments | Warrants

25,249,892

^[3],[4]

20,098,640

^[2],[5],[6]

^[2]

583,301

Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[5],[6]

2,000

29,622,511

18,521,523

^[2]

Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments | Warrants

29,622,511

^[3],[4]

18,521,523

^[2],[5],[6]

380,449

235,314

^[2]

Health Care Equipment | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4]

391,794

27,039,918

Health Care Equipment | Non-Control/Non-Affiliate Investments | Warrants

^[3],[4]

27,039,918

301,547

Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4]

222,727

176,815,377

128,796,002

^[2]

Health Care Technology | Non-Control/Non-Affiliate Investments | Preferred Stocks

176,645,276

^[3],[4]

129,013,631

^[2],[5],[6]

12,131,866

14,287,836

^[2]

Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants

12,327,868

^[3],[4]

15,704,705

^[2],[5],[6]

3,024,157

2,908,545

^[2]

Human Resource & Employment Services | Senior Secured Term Loans

2,362,248

^[3],[4]

2,038,103

^[2],[5],[6]

Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[5],[6]

71,711,091

96,769,679

71,711,091

^[2]

Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Warrants

^[3],[4]

96,251,836

720,610

591,251

^[2]

Internet Retail | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

1,462,516

^[3],[4]

1,158,178

^[2],[5],[6]

46,301,723

99,911,919

^[2]

Internet Retail | Non-Control/Non-Affiliate Investments | Common Stocks

46,318,240

^[3],[4]

100,656,410

^[2],[5],[6]

^[2]

984,036

Internet Software and Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[5],[6]

8,903,933

131,340,507

73,865,959

^[2]

Internet Software and Services | Non-Control/Non-Affiliate Investments | Warrants

131,196,454

^[3],[4]

73,865,959

^[2],[5],[6]

950,047

743,135

^[2]

Property and Casualty Insurance | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

3,235,298

^[3],[4]

2,372,917

^[2],[5],[6]

48,957,102

Property and Casualty Insurance | Non-Control/Non-Affiliate Investments | Warrants

^[3],[4]

48,957,102

301,714

System Software | Non-Control/Non-Affiliate Investments | Second Lien Term Loans

^[3],[4]

301,714

13,450,968

12,872,588

^[2]

System Software | Non-Control/Non-Affiliate Investments | Warrants

13,403,245

^[3],[4]

12,872,588

^[2],[5],[6]

538,315

^[2]

Technology Hardware Storage and Peripherals | Non-Control/Non-Affiliate Investments | Common Stocks

190,639

^[3],[4]

574,831

^[2],[5],[6]

3,725,708

^[2]

Technology Hardware Storage and Peripherals | Non-Control/Non-Affiliate Investments | Warrants

496,498

^[3],[4]

2,537,654

^[2],[5],[6]

Advertising | Non-Control/Non-Affiliate Investments | Warrants

^[2]

541,939

Computer and Electronics Retail | Non-Control/Non-Affiliate Investments | Warrants

246,461

^[2]

183,188

^[2]

Specialized Consumer Services | Non-Control/Non-Affiliate Investments | Warrants

147,087

^[3],[4]

185,467

^[2],[5],[6]

2,174,533

^[2]

Circadence Corporation | Application Software | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 983,862

^[3],[4]

$ 2,477,351

^[2],[5],[6]

Dec. 20, 2018

^[10],[11]

Dec. 20, 2018

^[12],[13]

Dec. 15, 2022

^[10],[11]

Dec. 15, 2022

^[12],[13]

$ 19,256,951

^[10],[11]

$ 17,574,000

^[12],[13]

20,484,765

^[10],[11]

18,111,074

^[12],[13]

Circadence Corporation | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series A-6 Preferred Stock

$ 16,700,353

^{[3],[4],[10],[11]}

$ 15,884,482

^{[5],[6],[12],[13]}

Dec. 20, 2018

^[9]

Dec. 20, 2018

^[14]

Dec. 20, 2028

^[9]

Dec. 20, 2028

^[14]

1,538,462

^[9]

1,538,462

^[14]

$ 3,630,000

^[9]

$ 3,630,000

^[14]

Circadence Corporation | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series A-6 Preferred Stock

$ 499,430

^[3],[4],[9]

$ 808,617

^[5],[6],[14]

Oct. 31, 2019

^[9]

Oct. 31, 2019

^[14]

Oct. 31, 2029

^[9]

Oct. 31, 2029

^[14]

384,615

^[9]

384,615

^[14]

$ 845,540

^[9]

$ 845,540

^[14]

Dtex Systems, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 124,857

^[3],[4],[9]

$ 202,154

^[5],[6],[14]

Jun. 01, 2021

^[11]

Jun. 01, 2021

^[13]

Jun. 01, 2025

^[11]

Jun. 01, 2025

^[13]

$ 10,000,000

^[11]

$ 10,000,000

^[13]

10,012,213

^[11]

9,942,422

^[13]

Dtex Systems, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Series C-Prime Preferred Stock Warrant

$ 10,012,213

^[3],[4],[11]

$ 9,942,422

^[5],[6],[13]

Jul. 11, 2019

^[9]

Jul. 11, 2019

^[14]

Jul. 11, 2026

^[9]

Jul. 11, 2026

^[14]

833,333

^[9]

833,333

^[14]

$ 114,719

^[9]

$ 114,719

^[14]

Dtex Systems, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Series C-Prime Preferred Stock Warrant

$ 397,749

^[3],[4],[9]

$ 511,332

^[5],[6],[14]

Jun. 01, 2018

^[9]

Jun. 01, 2018

^[14]

Jun. 01, 2025

^[9]

Jun. 01, 2025

^[14]

500,000

^[9]

500,000

^[14]

$ 59,000

^[9]

$ 59,000

^[14]

FiscalNote, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Common Stocks

$ 238,650

^[3],[4],[9]

$ 306,799

^[5],[6],[14]

^[9],[15]

Oct. 19, 2020

^[9],[15]

230,881

^[9],[15]

$ 438,014

FiscalNote, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Earnout

^{[3],[4],[9],[15]}

$ 1,413,356

^[9],[16]

Jul. 29, 2022

^[9],[16]

Jul. 29, 2027

^[9],[16]

$ 127,319

FiscalNote, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^{[3],[4],[9],[16]}

$ 66,950

^[14]

Oct. 19, 2020

^[14]

Oct. 19, 2030

^[14]

194,673

^[14]

$ 438,014

FiscalNote, Inc. | Application Software | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[5],[6],[14]

$ 2,232,569

Oct. 19, 2020

^[11]

Oct. 19, 2020

^[13]

Jul. 15, 2027

^[11]

Aug. 21, 2023

^[13]

$ 39,052,016

^[11]

$ 45,000,000

^[13]

38,428,011

^[11]

45,490,925

^[13]

FiscalNote, Inc. | Application Software | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 38,428,011

^[3],[4],[11]

$ 45,490,925

^[5],[6],[13]

Sep. 30, 2021

^[11]

Sep. 30, 2021

^[13]

Jul. 15, 2027

^[11]

Aug. 21, 2023

^[13]

$ 8,678,226

^[11]

$ 10,000,000

^[13]

8,616,156

^[11]

9,990,162

^[13]

FiscalNote, Inc. | Application Software | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 8,616,156

^[3],[4],[11]

$ 9,990,162

^[5],[6],[13]

^[11]

Mar. 28, 2022

^[11]

Jul. 15, 2027

^[11]

$ 17,356,451

^[11]

17,045,884

VTX Intermediate Holdings, Inc. (dba VertexOne) | Application Software | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[11]

$ 17,045,884

Dec. 28, 2021

Dec. 28, 2026

$ 75,000,000

74,835,248

74,257,185

VTX Intermediate Holdings, Inc. (dba VertexOne) | Application Software | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 74,835,248

^[3],[4]

74,257,185

^[5],[6]

May 31, 2022

Dec. 28, 2026

$ 10,000,000

9,938,946

Mustang Bio, Inc. | Biotechnology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4]

$ 9,938,946

Mar. 04, 2022

Apr. 15, 2027

$ 30,000,000

29,611,337

Mustang Bio, Inc. | Biotechnology | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^[3],[4]

$ 29,611,337

^[9]

Mar. 04, 2022

^[9]

Mar. 04, 2032

^[9]

748,036

^[9]

$ 315,000

TRACON Pharmaceuticals, Inc. | Biotechnology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[9]

$ 106,258

^[11]

Sep. 02, 2022

^[11]

Sep. 01, 2026

^[11]

$ 10,000,000

^[11]

9,741,900

TRACON Pharmaceuticals, Inc. | Biotechnology | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^[3],[4],[11]

$ 9,741,900

^[9]

Sep. 02, 2022

^[9]

Sep. 02, 2032

^[9]

150,753

^[9]

$ 225,911

Interactions Corporation | Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[9]

$ 183,715

^[11]

Jun. 24, 2022

^[11]

Jun. 15, 2027

^[11]

$ 40,000,000

^[11]

39,394,754

Interactions Corporation | Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^[3],[4],[11]

$ 39,394,754

^[9]

Jun. 24, 2022

^[9]

Jun. 24, 2032

^[9]

189,408

^[9]

$ 218,773

ShareThis, Inc. | Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments | Series D-3 Preferred Stock Warrant

^[3],[4],[9]

$ 227,756

ShareThis, Inc. | Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments | Warrants | Series D-3 Preferred Stock Warrant

^[5],[6],[14]

$ 2,162,000

Dec. 03, 2018

^[9]

Dec. 03, 2018

^[14]

Dec. 03, 2028

^[9]

Dec. 03, 2028

^[14]

647,615

^[9]

647,615

^[14]

$ 2,162,000

^[9]

$ 2,162,000

^[14]

ShareThis, Inc. | Data Processing & Outsourced Services | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[9]

$ 2,333,333

Dec. 03, 2018

^[11]

Dec. 03, 2018

^[13]

Jul. 15, 2023

^[11]

Jul. 15, 2023

^[13]

$ 19,250,000

^[11]

$ 19,250,000

^[13]

19,647,865

^[11]

19,348,875

^[13]

ShareThis, Inc. | Data Processing & Outsourced Services | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 19,647,865

^[3],[4],[11]

$ 19,348,874

^[5],[6],[13]

Jan. 07, 2019

^[11]

Jan. 07, 2019

^[13]

Jul. 15, 2023

^[11]

Jul. 15, 2023

^[13]

$ 750,000

^[11]

$ 750,000

^[13]

764,840

^[11]

751,979

^[13]

ShareThis, Inc. | Data Processing & Outsourced Services | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 764,840

^[3],[4],[11]

$ 751,979

^[5],[6],[13]

Jul. 24, 2019

^[11]

Jul. 24, 2019

^[13]

Jul. 15, 2023

^[11]

Jul. 15, 2023

^[13]

$ 1,000,000

^[11]

$ 1,000,000

^[13]

1,018,316

^[11]

998,484

^[13]

ShareThis, Inc. | Data Processing & Outsourced Services | Tranche IV | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 1,018,316

^[3],[4],[11]

$ 998,484

^[5],[6],[13]

Aug. 18, 2020

^[11]

Aug. 18, 2020

^[13]

Jul. 15, 2023

^[11]

Jul. 15, 2023

^[13]

$ 1,000,000

^[11]

$ 1,000,000

^[13]

1,023,896

^[11]

1,014,040

^[13]

Turning Tech Intermediate, Inc. | Education Services | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 1,023,896

^[3],[4],[11]

$ 1,014,040

^[5],[6],[13]

Jun. 22, 2021

Dec. 14, 2025

Dec. 14, 2024

$ 20,000,000

20,223,593

20,098,640

Turning Tech Intermediate, Inc. | Education Services | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 20,223,593

^[3],[4]

$ 20,098,640

^[5],[6]

Mar. 28, 2022

Dec. 14, 2025

$ 5,000,000

5,026,299

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4]

$ 5,026,299

^[13]

Dec. 17, 2021

^[13]

Dec. 17, 2025

^[13]

$ 19,000,000

^[13]

18,521,523

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments | Warrants

^[5],[6],[13]

18,521,523

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments | Warrants | Success Fee

^[2],[5],[6]

$ 234,314

^[14],[17]

Dec. 17, 2021

^[14],[17]

Dec. 17, 2024

^[14],[17]

$ 235,314

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[5],[6],[14],[17]}

$ 234,314

Dec. 17, 2021

Dec. 17, 2025

$ 19,000,000

18,719,472

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4]

$ 18,719,472

Feb. 28, 2022

Dec. 17, 2025

$ 3,000,000

2,981,209

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4]

$ 2,981,209

Mar. 29, 2022

Dec. 17, 2025

$ 5,000,000

4,955,097

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Tranche IV | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4]

$ 4,955,097

Jul. 19, 2022

Dec. 17, 2025

$ 3,000,000

2,966,733

Moximed, Inc. | Health Care Equipment | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4]

$ 2,966,733

^[11]

Jun. 24, 2022

^[11]

Jul. 01, 2027

^[11]

$ 15,000,000

^[11]

14,718,356

Moximed, Inc. | Health Care Equipment | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series C Preferred Stock

^[3],[4],[11]

$ 14,718,356

^[9]

Jun. 24, 2022

^[9]

Jun. 24, 2032

^[9]

214,285

^[9]

$ 175,233

Revelle Aesthetics, Inc. | Health Care Equipment | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[9]

$ 113,853

^[11]

Mar. 30, 2022

^[11]

Apr. 01, 2027

^[11]

$ 12,500,000

^[11]

12,321,562

Revelle Aesthetics, Inc. | Health Care Equipment | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series A-2 Preferred Stock

^[3],[4],[11]

$ 12,321,562

^[9]

Mar. 30, 2022

^[9]

Mar. 30, 3032

^[9]

115,591

^[9]

$ 126,314

Allurion Technologies, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series C Preferred Stock

^[3],[4],[9]

$ 108,874

Mar. 30, 2021

^[9]

Mar. 30, 2021

^[14]

Mar. 30, 2031

^[9]

Mar. 30, 2031

^[14]

132,979

^[9]

132,978

^[14]

$ 282,462

^[9]

$ 282,462

^[14]

Allurion Technologies, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series D-1 Preferred Stock

$ 690,497

^[3],[4],[9]

$ 638,313

^[5],[6],[14]

^[9]

Jun. 14, 2022

^[9]

Mar. 30, 2031

^[9]

44,220

^[9]

$ 140,821

Allurion Technologies, Inc. | Health Care Technology | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[9]

$ 151,241

Dec. 30, 2021

^[11]

Dec. 30, 2021

Dec. 30, 2026

^[11]

Dec. 30, 2025

$ 5,000,000

^[11]

$ 5,000,000

4,901,805

^[11]

4,847,557

Allurion Technologies, Inc. | Health Care Technology | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 4,901,805

^[3],[4],[11]

$ 4,847,557

^[5],[6]

Dec. 30, 2021

^[11]

Dec. 30, 2021

Dec. 30, 2026

^[11]

Dec. 30, 2025

$ 20,000,000

^[11]

$ 20,000,000

20,114,747

^[11]

20,000,743

Allurion Technologies, Inc. | Health Care Technology | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 20,114,747

^[3],[4],[11]

$ 20,000,743

^[5],[6]

^[11]

Jun. 14, 2022

^[11]

Dec. 30, 2026

^[11]

$ 15,000,000

^[11]

14,807,607

EBR Systems, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[11]

$ 14,807,607

^[11]

Jun. 30, 2022

^[11]

Jun. 15, 2027

^[11]

$ 20,000,000

^[11]

19,569,632

EBR Systems, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Success Fee

^[3],[4],[11]

$ 19,569,632

^[9],[16]

Jun. 30, 2022

^[9],[16]

Jun. 30, 2032

^[9],[16]

$ 292,297

Gynesonics, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Series G Convertible Preferred Stock Warrant

^{[3],[4],[9],[16]}

$ 305,928

Nov. 19, 2021

^[9]

Nov. 19, 2021

^[14]

Nov. 19, 2031

^[9]

Nov. 19, 2031

^[14]

27,978,115

^[9]

16,786,869

^[14]

$ 340,524

^[9]

$ 128,142

^[14]

Gynesonics, Inc. | Health Care Technology | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 530,955

^[3],[4],[9]

$ 128,142

^[5],[6],[14]

Dec. 01, 2020

^[11]

Dec. 01, 2020

Dec. 01, 2025

^[11]

Dec. 01, 2025

$ 30,000,000

^[11]

$ 30,000,000

30,049,362

^[11]

29,799,392

Gynesonics, Inc. | Health Care Technology | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 30,049,362

^[3],[4],[11]

$ 29,799,392

^[5],[6]

^[11]

Aug. 30, 2022

^[11]

Dec. 01, 2025

^[11]

$ 20,000,000

^[11]

19,813,991

Mingle Healthcare Solutions, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[11]

$ 19,813,991

Aug. 15, 2018

^[10],[11]

Aug. 15, 2018

^[12],[13]

Oct. 15, 2022

^[10],[11]

Aug. 15, 2022

^[12],[13]

$ 3,966,022

^[10],[11]

$ 3,958,483

^[12],[13]

4,562,385

^[10],[11]

4,473,959

^[12],[13]

Mingle Healthcare Solutions, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Series AA Preferred Stock Warrant

$ 4,392,284

^{[3],[4],[10],[11]}

$ 4,371,891

^{[5],[6],[12],[13]}

Aug. 15, 2018

^[9]

Aug. 15, 2018

^[14]

Aug. 15, 2028

^[9]

Aug. 15, 2028

^[14]

1,625,000

^[9]

1,625,000

^[14]

Route 92 Medical, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 492,375

^[9]

$ 492,375

^[14]

Aug. 17, 2021

^[11]

Aug. 17, 2021

Jul. 01, 2026

^[11]

Jul. 01, 2026

$ 13,000,000

^[11]

$ 13,000,000

12,800,379

^[11]

12,675,523

Route 92 Medical, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Success Fee

$ 12,800,379

^[3],[4],[11]

$ 12,675,523

^[5],[6]

Aug. 17, 2021

^[9],[16]

Aug. 17, 2021

^[14],[17]

Aug. 17, 2031

^[9],[16]

Aug. 17, 2031

^[14],[17]

$ 248,118

^[9],[16]

$ 248,118

^[14],[17]

SetPoint Medical Corporation | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 292,685

^{[3],[4],[9],[16]}

$ 261,443

^{[5],[6],[14],[17]}

Jun. 29, 2021

^[11]

Jun. 29, 2021

Dec. 01, 2025

^[11]

Dec. 01, 2025

$ 10,000,000

^[11]

$ 10,000,000

10,049,049

^[11]

9,946,271

SetPoint Medical Corporation | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series B Preferred Stock

$ 10,049,049

^[3],[4],[11]

$ 9,946,271

^[5],[6]

Jun. 29, 2021

^[9]

Jun. 29, 2021

^[14]

Jun. 29, 2031

^[9]

Jun. 29, 2031

^[14]

400,000

^[9]

400,000

^[14]

$ 14,060

^[9]

$ 14,060

^[14]

VERO Biotech LLC | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Success Fee

^[5],[6],[14]

$ 20,051

Dec. 29, 2020

^[9],[16]

Dec. 29, 2020

^[14],[17]

Dec. 29, 2025

^[9],[16]

Dec. 29, 2025

^[14],[17]

$ 376,500

^[9],[16]

$ 376,500

^[14],[17]

VERO Biotech LLC | Health Care Technology | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 385,942

^{[3],[4],[9],[16]}

$ 485,311

^{[5],[6],[14],[17]}

Dec. 29, 2020

^[11]

Dec. 29, 2020

^[13]

Dec. 01, 2024

^[11]

Dec. 01, 2024

^[13]

$ 25,000,000

^[11]

$ 25,000,000

^[13]

25,011,885

^[11]

24,681,082

^[13]

VERO Biotech LLC | Health Care Technology | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 25,011,885

^[3],[4],[11]

$ 24,681,082

^[5],[6],[13]

Mar. 30, 2021

^[11]

Mar. 30, 2021

^[13]

Dec. 01, 2024

^[11]

Dec. 01, 2024

^[13]

$ 15,000,000

^[11]

$ 15,000,000

^[13]

15,134,535

^[11]

14,990,171

^[13]

CloudPay, Inc. | Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 15,134,535

^[3],[4],[11]

$ 14,990,171

^[5],[6],[13]

Sep. 26, 2022

^{[11],[18],[19]}

Aug. 17, 2021

^[20],[21]

Aug. 17, 2027

^{[11],[18],[19]}

Aug. 17, 2025

^[20],[21]

$ 60,000,000

^{[11],[18],[19]}

$ 35,000,000

59,595,001

^{[11],[18],[19]}

34,863,473

^[20],[21]

CloudPay, Inc. | Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series B Preferred Stock

$ 59,595,001

^{[3],[4],[11],[18],[19]}

$ 34,863,473

^{[5],[6],[20],[21]}

Jun. 30, 2020

^{[9],[18],[19]}

Jun. 30, 2020

^{[14],[20],[21]}

Jun. 30, 2030

^{[9],[18],[19]}

Jun. 30, 2030

^{[14],[20],[21]}

11,273

^{[9],[18],[19]}

11,273

^{[14],[20],[21]}

$ 217,500

^{[9],[18],[19]}

$ 217,500

^{[14],[20],[21]}

CloudPay, Inc. | Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series D Preferred Stock

$ 937,002

^{[3],[4],[9],[18],[19]}

$ 807,139

^{[5],[6],[14],[20],[21]}

Aug. 17, 2021

^{[9],[18],[19]}

Aug. 17, 2021

^{[14],[20],[21]}

Aug. 17, 2031

^{[9],[18],[19]}

Aug. 17, 2031

^{[14],[20],[21]}

6,129

^{[9],[18],[19]}

1,751

^{[14],[20],[21]}

$ 160,394

^{[9],[18],[19]}

$ 31,035

^{[14],[20],[21]}

Snagajob.com, Inc. | Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 252,060

^{[3],[4],[9],[18],[19]}

$ 16,686

^{[5],[6],[14],[20],[21]}

Sep. 29, 2021

^[11]

Sep. 29, 2021

Sep. 01, 2025

^[11]

Sep. 01, 2025

$ 37,315,385

^[11]

$ 37,315,385

37,174,678

^[11]

36,847,618

Snagajob.com, Inc. | Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Warrants | Series B-1 Preferred Stock Warrant

$ 36,656,835

^[3],[4],[11]

$ 36,847,618

^[5],[6]

Sep. 29, 2021

^[9]

Sep. 29, 2021

^[14]

Sep. 29, 2031

^[9]

Sep. 29, 2031

^[14]

763,269

^[9]

763,269

^[14]

$ 342,716

^[9]

$ 342,716

^[14]

Marley Spoon AG | Internet Retail | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 273,454

^[3],[4],[9]

$ 334,353

^[5],[6],[14]

Jun. 30, 2021

^{[10],[11],[19],[22]}

Jun. 30, 2021

^{[12],[21],[23]}

Jun. 15, 2025

^{[10],[11],[19],[22]}

Jun. 15, 2025

^{[12],[21],[23]}

$ 26,695,503

^{[10],[11],[19],[22]}

$ 26,442,863

^{[12],[21],[23]}

26,441,594

^{[10],[11],[19],[22]}

26,061,371

^{[12],[21],[23]}

Marley Spoon AG | Internet Retail | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 26,458,111

^{[3],[4],[10],[11],[19],[22]}

$ 26,061,370

^{[5],[6],[12],[21],[23]}

Dec. 29, 2021

^{[10],[11],[19],[22]}

Dec. 29, 2021

^{[12],[21],[23]}

Jun. 15, 2025

^{[10],[11],[19],[22]}

Jun. 15, 2025

^{[12],[21],[23]}

$ 8,173,418

^{[10],[11],[19],[22]}

$ 8,100,000

^{[12],[21],[23]}

8,122,307

^{[10],[11],[19],[22]}

8,019,228

^{[12],[21],[23]}

Marley Spoon AG | Internet Retail | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 8,122,307

^{[3],[4],[10],[11],[19],[22]}

$ 8,019,228

^{[5],[6],[12],[21],[23]}

^{[10],[11],[19],[22]}

Jun. 14, 2022

^{[10],[11],[19],[22]}

Jun. 15, 2025

^{[10],[11],[19],[22]}

$ 11,737,822

^{[10],[11],[19],[22]}

11,737,822

Bombora, Inc. | Internet Software and Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[3],[4],[10],[11],[19],[22]}

$ 11,737,822

Mar. 31, 2021

^[10],[11]

Mar. 31, 2021

^[12],[13]

Mar. 31, 2025

^[10],[11]

Mar. 31, 2025

^[12],[13]

$ 21,139,987

^[10],[11]

$ 20,546,075

^[12],[13]

21,080,143

^[10],[11]

20,326,021

^[12],[13]

Bombora, Inc. | Internet Software and Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

$ 21,080,143

^{[3],[4],[10],[11]}

$ 20,326,021

^{[5],[6],[12],[13]}

Mar. 31, 2021

^[9]

Mar. 31, 2021

^[14]

Mar. 31, 2031

^[9]

Mar. 31, 2031

^[14]

121,581

^[9]

121,581

^[14]

$ 174,500

^[9]

$ 174,500

^[14]

Fidelis Cybersecurity, Inc. | Internet Software and Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

$ 257,088

^[3],[4],[9]

$ 292,372

^[5],[6],[14]

Mar. 25, 2022

^[9],[24]

May 13, 2021

^[14],[25]

Mar. 25, 2032

^[9],[24]

May 13, 2031

^[14],[25]

^[9],[24]

$ 79,464

Fidelis Cybersecurity, Inc. | Internet Software and Services | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[3],[4],[9],[24]}

$ 85,568

May 13, 2021

^[13]

May 13, 2024

^[13]

$ 13,641,254

^[13]

13,739,507

13,623,763

^[13]

Fidelis Cybersecurity, Inc. | Internet Software and Services | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 13,656,077

^[3],[4]

$ 13,623,763

^[5],[6],[13]

Mar. 25, 2022

May 13, 2024

$ 10,000,000

9,983,715

Fidelis Cybersecurity, Inc. | Internet Software and Services | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4]

$ 9,923,092

Aug. 16, 2022

Oct. 14, 2022

$ 6,000,000

6,461,893

INRIX, Inc. | Internet Software and Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^[3],[4]

$ 6,461,893

Jul. 26, 2019

^[9]

Jul. 26, 2019

^[14]

Jul. 26, 2029

^[9]

Jul. 26, 2029

^[14]

150,804

^[9]

150,804

^[14]

$ 522,083

^[9]

$ 522,083

^[14]

INRIX, Inc. | Internet Software and Services | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 2,435,755

^[3],[4],[9]

$ 1,721,243

^[5],[6],[14]

Nov. 15, 2021

^[11]

Nov. 15, 2021

^[13]

Nov. 15, 2025

^[11]

Nov. 15, 2025

^[13]

$ 40,000,000

^[11]

$ 40,000,000

^[13]

40,201,015

^[11]

39,916,175

^[13]

INRIX, Inc. | Internet Software and Services | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 40,201,015

^[3],[4],[11]

$ 39,916,175

^[5],[6],[13]

^[11]

May 03, 2022

^[11]

Nov. 15, 2025

^[11]

$ 5,000,000

^[11]

5,021,001

Synack, Inc. | Internet Software and Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[11]

$ 5,021,001

^[11]

Jun. 30, 2022

^[11]

Jun. 30, 2027

^[11]

$ 35,000,000

^[11]

34,853,233

Synack, Inc. | Internet Software and Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^[3],[4],[11]

$ 34,853,233

^[9]

Jun. 30, 2022

^[9]

Jun. 30, 2032

^[9]

100,645

^[9]

$ 127,448

Kin Insurance, Inc. | Property and Casualty Insurance | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[3],[4],[9]

$ 128,205

^[11]

Sep. 26, 2022

^[11]

Sep. 15, 2026

^[11]

$ 50,000,000

^[11]

48,957,102

Kin Insurance, Inc. | Property and Casualty Insurance | Non-Control/Non-Affiliate Investments | Warrants | Series D-3 Preferred Stock Warrant

^[3],[4],[11]

$ 48,957,102

^[9]

Sep. 26, 2022

^[9]

Sep. 26, 2032

^[9]

41,576

^[9]

$ 301,714

Dejero Labs Inc. | System Software | Non-Control/Non-Affiliate Investments | Second Lien Term Loans

^[3],[4],[9]

$ 301,714

Dec. 22, 2021

^{[10],[19],[26]}

Dec. 22, 2021

^{[12],[21],[27]}

Dec. 22, 2025

^{[10],[19],[26]}

Dec. 22, 2025

^{[12],[21],[27]}

$ 13,490,100

^{[10],[19],[26]}

$ 13,000,000

^{[12],[21],[27]}

13,450,968

^{[10],[19],[26]}

12,872,588

^{[12],[21],[27]}

Dejero Labs Inc. | System Software | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

$ 13,403,245

^{[3],[4],[10],[19],[26]}

$ 12,872,588

^{[5],[6],[12],[21],[27]}

May 31, 2019

^{[9],[19],[26]}

May 31, 2019

^{[14],[21],[27]}

May 31, 2029

^{[9],[19],[26]}

May 31, 2029

^{[14],[21],[27]}

333,621

^{[9],[19],[26]}

333,621

^{[14],[21],[27]}

$ 192,499

^{[9],[19],[26]}

$ 192,499

^{[14],[21],[27]}

Aria Systems, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Preferred Stocks | Series G Preferred Stock

$ 190,639

^{[3],[4],[9],[19],[26]}

$ 574,831

^{[5],[6],[14],[21],[27]}

Jul. 10, 2018

^[9]

Jul. 10, 2018

^[14]

289,419

^[9]

289,419

^[14]

$ 250,000

^[9]

$ 250,000

^[14]

Aria Systems, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Series G Preferred Stock

$ 384,685

^[3],[4],[9]

$ 462,025

^{[2],[5],[6],[14]}

Jun. 29, 2018

^[9]

Jun. 29, 2018

^[14]

Jun. 29, 2028

^[9]

Jun. 29, 2028

^[14]

2,387,705

^[9]

2,387,705

^[14]

$ 1,047,581

^[9]

$ 1,047,581

^[14]

CareCloud, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Preferred Stocks | 11% Series A Cumulative Redeemable Perpetual Preferred Stock

$ 3,173,647

^[3],[4],[9]

$ 3,811,702

^[5],[6],[14]

Jan. 08, 2020

^[28],[29]

Jan. 08, 2020

^[25],[30]

462,064

^[28],[29]

544,178

^[25],[30]

$ 12,131,866

^[28],[29]

$ 14,287,836

^[25],[30]

CareCloud, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Common Stock Warrant One

$ 12,327,868

^{[3],[4],[28],[29]}

$ 15,704,705

^{[5],[6],[25],[30]}

^[14]

Jan. 08, 2020

^[14]

Jan. 08, 2023

^[14]

1,000,000

^[14]

$ 837,000

CareCloud, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^[5],[6],[14]

$ 295,000

Jan. 08, 2020

^[9]

Jan. 08, 2020

^[14]

Jan. 08, 2023

^[9]

Jan. 08, 2022

^[14]

1,000,000

^[9]

1,000,000

^[14]

$ 837,000

^[9]

$ 435,000

^[14]

Quantum Corporation | Technology Hardware Storage and Peripherals | Non-Control/Non-Affiliate Investments | Common Stocks

^[3],[4],[9]

$ 5,000

Aug. 13, 2021

^{[9],[19],[28],[29]}

Aug. 13, 2021

^{[14],[21],[25],[30]}

459,720

^{[9],[19],[28],[29]}

459,720

^{[14],[21],[25],[30]}

$ 2,606,612

^{[9],[19],[28],[29]}

$ 2,606,612

^{[14],[21],[25],[30]}

zSpace, Incorporation | Technology Hardware Storage and Peripherals | Non-Control/Non-Affiliate Investments | Common Stocks

$ 496,498

^{[3],[4],[9],[19],[28],[29]}

$ 2,537,654

^{[5],[6],[14],[21],[25],[30]}

Dec. 31, 2020

^[9]

Dec. 31, 2020

^[14]

6,078,499

^[9]

6,078,499

^[14]

STN Video Inc. | Advertising | Non-Control/Non-Affiliate Investments | Warrants | Class B Non Voting Stock Warrant

$ 1,119,096

^[9]

$ 1,119,096

^[14]

Jun. 30, 2017

^[9],[19]

Jun. 30, 2017

^[14],[21]

Jun. 30, 2027

^[9],[19]

Jun. 30, 2027

^[14],[21]

191,500

^[9],[19]

191,500

^[14],[21]

3DNA Corp. (dba NationBuilder) | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series C-1 Preferred Stock

$ 246,461

^[9],[19]

$ 246,461

^[14],[21]

Dec. 28, 2018

^[9]

Dec. 28, 2018

^[14]

Dec. 28, 2028

^[9]

Dec. 28, 2028

^[14]

273,164

^[9]

273,164

^[14]

Porch Group, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Common Stocks

$ 104,138

^[9]

$ 104,138

^[14]

^{[14],[25],[30]}

Dec. 21, 2021

^{[14],[25],[30]}

1,429

Porch Group, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Earnout

^{[5],[6],[14],[25],[30]}

$ 22,278

Dec. 23, 2020

^{[9],[16],[29]}

Dec. 23, 2020

^{[14],[20],[31]}

Massdrop, Inc. | Computer and Electronics Retail | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series B Preferred Stock

Dec. 23, 2023

^{[9],[16],[29]}

Dec. 23, 2023

^{[14],[20],[31]}

Jul. 22, 2019

^[9]

Jul. 22, 2019

^[14]

Jul. 22, 2029

^[9]

Jul. 22, 2029

^[14]

848,093

^[9]

848,093

^[14]

$ 183,188

^[9]

$ 183,188

^[14]

Epic IO Technologies, Inc | Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments | Warrants | Success Fee

$ 147,087

^[3],[4],[9]

$ 185,467

^[5],[6],[14]

^[9],[16]

Dec. 17, 2021

^[9],[16]

Dec. 17, 2024

^[9],[16]

$ 380,449

Longtail Ad Solutions, Inc. | Internet Software and Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^{[3],[4],[9],[16]}

$ 391,794

Dec. 12, 2019

^[9]

Dec. 12, 2019

^[14]

Dec. 12, 2029

^[9]

Dec. 12, 2029

^[14]

387,596

^[9]

387,596

^[14]

$ 46,552

^[9]

$ 46,552

^[14]

AllClear ID, Inc. | Specialized Consumer Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

$ 328,682

^[3],[4],[9]

$ 359,302

^[5],[6],[14]

Sep. 01, 2017

^[9]

Sep. 01, 2017

^[14]

Sep. 01, 2027

^[9]

Sep. 01, 2027

^[14]

870,514

^[9]

870,514

^[14]

$ 1,749,733

^[9]

$ 1,749,733

^[14]

Credit Sesame, Inc. | Specialized Consumer Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^[5],[6],[14]

$ 898,370

Jan. 07, 2020

^[9]

Jan. 07, 2020

^[14]

Jan. 07, 2030

^[9]

Jan. 07, 2030

^[14]

191,601

^[9]

191,601

^[14]

$ 424,800

^[9]

$ 424,800

^[14]

Scale Computing, Inc. | System Software | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

$ 983,862

^[3],[4],[9]

$ 1,578,981

^[5],[6],[14]

Mar. 29, 2019

^[9]

Mar. 29, 2019

^[14]

Mar. 29, 2029

^[9]

Mar. 29, 2029

^[14]

9,665,667

^[9]

9,665,667

^[14]

Real Wear, Inc. | System Software | Non-Control/Non-Affiliate Investments | Warrants

$ 345,816

^[9]

$ 345,816

^[14]

541,939

Real Wear, Inc. | System Software | Non-Control/Non-Affiliate Investments | Warrants | Series A Preferred Stock Warrant One

^[3],[4]

$ 784,844

^[9]

Oct. 05, 2018

^[9]

Oct. 05, 2028

^[9]

112,451

^[9]

$ 135,841

Real Wear, Inc. | System Software | Non-Control/Non-Affiliate Investments | Warrants | Series A Preferred Stock Warrant Two

^[3],[4],[9]

$ 340,975

^[9]

Dec. 28, 2018

^[9]

Dec. 28, 2028

^[9]

22,491

^[9]

$ 25,248

Real Wear, Inc. | System Software | Non-Control/Non-Affiliate Investments | Warrants | Series A Preferred Stock Warrant Three

^[3],[4],[9]

$ 68,197

^[9]

Jun. 27, 2019

^[9]

Jun. 27, 2029

^[9]

123,894

^[9]

$ 380,850

Real Wear, Inc. | Technology Hardware Storage and Peripherals | Non-Control/Non-Affiliate Investments | Warrants | Series A Preferred Stock Warrant One

^[3],[4],[9]

$ 375,672

^[14]

Oct. 05, 2018

^[14]

Oct. 05, 2028

^[14]

112,451

Real Wear, Inc. | Technology Hardware Storage and Peripherals | Non-Control/Non-Affiliate Investments | Warrants | Series A Preferred Stock Warrant Two

^[14]

$ 135,841

^[14]

Dec. 28, 2018

^[14]

Dec. 28, 2028

^[14]

22,491

Real Wear, Inc. | Technology Hardware Storage and Peripherals | Non-Control/Non-Affiliate Investments | Warrants | Series A Preferred Stock Warrant Three

^[14]

$ 25,248

^[14]

Jun. 27, 2019

^[14]

Jun. 27, 2029

^[14]

123,894

Coginiti Corp | Application Software | Affiliate Investments | Common Stocks

^[14]

$ 380,850

^[7],[9]

Mar. 09, 2020

^[7],[9]

1,040,160

^[7],[9]

$ 4,551,235

Pivot3 Holdings, Inc. | Data Processing & Outsourced Services | Control Investments | Senior Secured Term Loans

^{[3],[4],[7],[9]}

$ 1,228,197

May 13, 2019

^[1],[9],[10]

May 13, 2019

^[12],[14]

Nov. 15, 2022

^[1],[9],[10]

Nov. 15, 2022

^[12],[14]

$ 18,598,265

^[9],[10]

$ 18,598,265

^[12],[14]

19,172,353

^[1],[9],[10]

19,172,352

^[12],[14]

Pivot3 Holdings, Inc. | Data Processing & Outsourced Services | Control Investments | Preferred Stocks | Series 1 Preferred Stock

$ 4,467,041

^{[1],[3],[4],[9],[10]}

14,649,788

^{[5],[6],[12],[14]}

^[1],[9]

Jan. 27, 2021

^[1],[9]

2,675,585

Pivot3 Holdings, Inc. | Data Processing And Outsourced Services Two | Control Investments | Preferred Stocks | Series 1 Preferred Stock

$ 2,000,000

^[1],[9]

$ 2,000,000

^[14]

^[14]

Jan. 27, 2021

Brilliant Earth, LLC | Internet Retail | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[14]

2,675,585

^[13]

Sep. 30, 2019

^[13]

Oct. 15, 2023

^[13]

$ 35,000,000

^[13]

35,861,035

Brilliant Earth, LLC | Internet Retail | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[5],[6],[13]

$ 35,848,514

^[13]

Dec. 17, 2020

^[13]

Oct. 15, 2023

^[13]

$ 30,000,000

^[13]

29,970,285

Brilliant Earth Group, Inc. | Internet Retail | Non-Control/Non-Affiliate Investments | Common Stocks | Class P Units

^[5],[6],[13]

$ 30,727,298

^[14],[32]

Sep. 22, 2021

^[14],[32]

526,845

^[14],[32]

$ 984,036

Aspen Group Inc. | Education Services | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^{[5],[6],[14],[32]}

$ 8,903,933

^[14]

Jul. 25, 2017

^[14]

Jul. 25, 2022

^[14]

224,174

^[14]

$ 583,301

Mojix Inc | Control Investments | Warrants | Common Stock Warrant One

^[5],[6],[14]

$ 2,000

Mojix Inc | Control Investments | Warrants | Common Stock Warrant Two

^[14]

Dec. 14, 2020

Mojix Inc | Control Investments | Warrants | Common Stock Warrant Three

^[14]

Dec. 14, 2020

Mojix Inc | Application Software | Control Investments | Senior Secured Term Loans

^[14]

Dec. 14, 2020

^[2],[17]

$ 11,655,327

Mojix Inc | Application Software | Control Investments | Preferred Stocks | Series A-1 Preferred Stock

^{[2],[5],[6],[17]}

$ 13,610,188

^[14]

Dec. 14, 2020

^[14]

67,114,092

^[14]

$ 800,000

Mojix Inc | Application Software | Control Investments | Warrants | Common Stock Warrant One

^[5],[6],[14]

$ 870,395

^[14]

Dec. 13, 2030

^[14]

2,349

Mojix Inc | Application Software | Control Investments | Warrants | Common Stock Warrant Two

^[14]

$ 119,320

^[14]

Dec. 13, 2030

^[14]

5,873

Mojix Inc | Application Software | Control Investments | Warrants | Common Stock Warrant Three

^[14]

$ 298,325

^[14]

Dec. 13, 2030

^[14]

394,733

Mojix Inc | Application Software | Tranche I | Control Investments | Senior Secured Term Loans

^[14]

$ 828,522

^{[12],[13],[14],[17]}

May 16, 2017

^{[12],[13],[14],[17]}

Jan. 15, 2022

^{[12],[13],[14]}

$ 6,519,240

^{[12],[13],[14],[17]}

6,502,036

Mojix Inc | Application Software | Tranche II | Control Investments | Senior Secured Term Loans

^{[5],[6],[12],[13],[14],[17]}

$ 7,567,610

^{[12],[13],[14],[17]}

Aug. 03, 2017

^{[12],[13],[14],[17]}

Jan. 15, 2022

^{[12],[13],[14]}

$ 2,173,080

^{[12],[13],[14],[17]}

2,170,069

Mojix Inc | Application Software | Tranche III | Control Investments | Senior Secured Term Loans

^{[5],[6],[12],[13],[14],[17]}

$ 2,522,537

^{[12],[13],[14],[17]}

Jul. 06, 2018

^{[12],[13],[14],[17]}

Jan. 15, 2022

^{[12],[13],[14]}

$ 542,721

^{[12],[13],[14],[17]}

543,783

Mojix Inc | Application Software | Tranche IV | Control Investments | Senior Secured Term Loans

^{[5],[6],[12],[13],[14],[17]}

$ 629,997

^{[12],[13],[14],[17]}

Sep. 05, 2018

^{[12],[13],[14],[17]}

Jan. 15, 2022

^{[12],[13],[14]}

$ 541,964

^{[12],[13],[14],[17]}

542,215

Mojix Inc | Application Software | Tranche V | Control Investments | Senior Secured Term Loans

^{[5],[6],[12],[13],[14],[17]}

$ 629,118

^{[12],[13],[14],[17]}

Jan. 28, 2019

^{[12],[13],[14],[17]}

Jan. 15, 2022

^{[12],[13],[14]}

$ 1,079,293

^{[12],[13],[14],[17]}

1,073,081

Mojix Inc | Application Software | Tranche VI | Control Investments | Senior Secured Term Loans

^{[5],[6],[12],[13],[14],[17]}

$ 1,252,833

^{[12],[13],[14],[17]}

Dec. 18, 2019

^{[12],[13],[14],[17]}

Jan. 31, 2022

^{[12],[13],[14]}

$ 824,143

^{[12],[13],[14],[17]}

824,143

Aginity Incorporation | Application Software | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Common Stock

^{[5],[6],[12],[13],[14],[17]}

$ 1,008,093

Mar. 09, 2020

Mar. 09, 2030

811,770

Aginity Incorporation | Application Software | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[5],[6]

$ 1,009,216

^[12]

899,054

^[12]

899,054

^[5],[6],[12]

$ 899,054

^[12]

Mar. 24, 2020

Aginity Incorporation | Application Software | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[12]

Dec. 15, 2022

^[12]

$ 4,472,419

^[12]

4,472,419

^[5],[6],[12]

$ 2,348,809

^[12]

Mar. 09, 2020

CrossRoads Extremity Systems, LLC | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[12]

Mar. 09, 2027

^[12]

Jun. 29, 2021

^[12]

Jul. 01, 2025

^[12]

$ 7,552,967

^[12]

7,381,304

CrossRoads Extremity Systems, LLC | Health Care Technology | Non-Control/Non-Affiliate Investments | Warrants | Warrant for Series C Preferred Stock

^[5],[6],[12]

$ 7,701,001

^[14]

Jun. 29, 2021

^[14]

Jun. 29, 2031

^[14]

69,261

^[14]

$ 94,888

^[5],[6],[14]

$ 209,843

[1]	Control investment, as defined under the 1940 Act, in which the Company owns more than 25% of the investment’s voting securities or has greater than 50% representation on its board.
[2]	Value as a percentage of net assets.
[3]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. See Note 3 for additional detail.
[4]	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, except as otherwise noted, are subject to limitation on resale, 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]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. See Note 3 for additional detail.
[6]	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, except as otherwise noted, are subject to limitation on resale, 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.
[7]	Affiliate investment as defined under the 1940 Act in which the Company owns between 5% and 25% (inclusive) of the investment's voting securities and does not have rights to maintain greater than 50% representation on the board.
[8]	Treasury bill with $45,000,000 par value purchased pursuant to a 0.25% reverse repurchase agreement with Goldman Sachs, dated December 31, 2021, due January 6, 2022, with a repurchase price of $44,774,963 collateralized by a 0.033% U.S. Treasury Bill due January 11, 2022 with a par value of $45,000,000 and fair value of $45,001,560.
[9]	Investments are non-income producing.
[10]	Represents a PIK security. PIK interest is accrued and will be paid at maturity.
[11]	The investment is an eligible loan investment in the collateral under the Credit Facility (as defined in Note 10).
[12]	Represents a PIK security. PIK interest is accrued and will be paid at maturity.
[13]	The Credit Facility (as defined in Note 10) is secured by a perfected first priority security interest in each of the Company’s senior secured term loan investments, except for Pivot3 Holdings, Inc., Marley Spoon AG, Mojix, Inc., and The Kairn Corporation senior secured term loans.
[14]	Investments are non-income producing.
[15]	Investment is publicly traded and listed on NYSE.
[16]	Investment is either a cash success fee payable or earnout of shares based on the consummation of certain trigger events.
[17]	Investment is either a cash success fee payable or earnout of shares based on the consummation of certain trigger events.
[18]	Investment is domiciled in the United Kingdom.
[19]	Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Non-qualifying assets at fair value represent 14.66% of total assets as of September 30, 2022. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying assets until such time as it complies with the requirements of Section 55(a) of the 1940 Act.
[20]	Investment is domiciled in the United Kingdom.
[21]	Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Non-qualifying assets at fair value represent 12.35% of total assets as of December 31, 2021. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying assets until such time as it complies with the requirements of Section 55(a) of the 1940 Act.
[22]	Investment is domiciled in Germany.
[23]	Investment is domiciled in Germany.
[24]	The warrant count is based upon a percentage of ownership of Fidelis Cybersecurity, Inc.
[25]	Investment is publicly traded and listed on NASDAQ.
[26]	Investment is domiciled in Canada.
[27]	Investment is domiciled in Canada.
[28]	Investment is not a “restricted security” under the Securities Act.
[29]	Investment is publicly traded and listed on NASDAQ.
[30]	Investment is not a “restricted security” under the Securities Act.
[31]	Control investment, as defined under the 1940 Act, in which the Company owns more than 25% of the investment’s voting securities or has greater than 50% representation on its board.
[32]	As a result of Brilliant Earth Group Inc.'s (the Public Company) IPO through an Up-C structure, the Company received a share of Class B common stock in Brilliant Earth Group, Inc. for every Class P unit it held in Brilliant Earth, LLC. On a one-to-one basis, both the Class B common stock and Class P unit can be surrendered for Class A common stock in the Public Company.

Schedule of Investments (Unaudited) (Parenthetical) - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

158.66%

120.34%

^[1]

Non-Control/Non-Affiliate Investments

$ 910,168,945

^[2],[3]

$ 729,516,274

^[1],[4],[5]

157.50%

108.11%

^[1]

Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 903,521,674

^[2],[3]

$ 655,384,403

^[1],[4],[5]

149.58%

98.12%

^[1]

Non-Control/Non-Affiliate Investments | Second Lien Term Loans

$ 858,060,948

^[2],[3]

$ 594,793,670

^[1],[4],[5]

2.34%

2.12%

^[1]

$ 13,403,245

^[2],[3]

$ 12,872,588

^[1],[4],[5]

0.38%

^[2],[3],[6]

$ 2,180,230

0.78%

4.81%

^[1]

Control Investments | Senior Secured Term Loans

$ 4,467,041

^[2],[3],[7]

$ 29,130,371

^[1],[4],[5]

0.78%

4.66%

^[1]

$ 4,467,041

^[2],[3],[7]

$ 28,259,976

^[1],[4],[5]

^[1]

7.42%

^[8]

Jan. 11, 2022

Investment percentage

^[8],[9],[10]

0.033%

Minimum | Affiliate Investments

^[4],[5],[8]

$ 45,001,500

Investment owned from voting securities

5.00%

Minimum | Control Investments

Investment owned from voting securities

25.00%

Investment on board representation

50.00%

Maximum | Affiliate Investments

Investment owned from voting securities

25.00%

Investment on board representation

50.00%

Maximum | Control Investments

Investment on board representation

50.00%

Non Qualifying Assets at Fair Value

Qualifying Assets | Minimum

14.66%

12.35%

Maximum Qualifying Assets [Member]

70.00%

70.00%

LIBOR

3.76%

0.21%

US Prime Rate

6.25%

3.25%

SOFR

Application Software | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

3.59%

30.61%

26.20%

^[1]

Application Software | Control Investments

$ 175,576,811

^[2],[3]

$ 158,813,039

^[1],[4],[5]

Application Software | Control Investments | Senior Secured Term Loans

^[1]

0.00%

Biotechnology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[1],[11]

2.25%

6.86%

Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments

^[2],[3]

$ 39,353,237

Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[1],[4],[5]

$ 2,162,000

10.78%

3.65%

^[1]

Data Processing & Outsourced Services | Control Investments | Senior Secured Term Loans

$ 61,849,671

^[2],[3]

$ 22,113,377

^[1],[4],[5]

0.78%

2.42%

^[1]

Education Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 4,467,041

^[2],[3],[7]

$ 14,649,788

^[1],[4],[5]

4.40%

3.32%

^[1]

Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 25,249,892

^[2],[3]

$ 20,098,640

^[1],[4],[5]

5.16%

3.06%

^[1]

Health Care Equipment | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 29,622,511

^[2],[3]

$ 18,521,523

^[1],[4],[5]

4.71%

Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3]

$ 27,039,918

30.79%

21.28%

^[1]

Human Resource & Employment Services | Senior Secured Term Loans

$ 176,645,276

^[2],[3]

$ 129,013,631

^[1],[4],[5]

Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[1],[4],[5]

$ 71,711,091

16.78%

11.83%

^[1]

Internet Retail | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3]

$ 96,251,836

8.07%

16.60%

^[1]

Internet Software and Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 46,318,240

^[2],[3]

$ 100,656,410

^[1],[4],[5]

22.87%

12.19%

^[1]

Property and Casualty Insurance | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 131,196,454

^[2],[3]

$ 73,865,959

^[1],[4],[5]

8.53%

System Software | Non-Control/Non-Affiliate Investments | Second Lien Term Loans

^[2],[3]

$ 48,957,102

2.34%

2.12%

^[1]

Allurion Technologies, Inc. | Health Care Technology | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 13,403,245

^[2],[3]

$ 12,872,588

^[1],[4],[5]

Dec. 30, 2026

^[12]

Dec. 30, 2025

Allurion Technologies, Inc. | Health Care Technology | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 4,901,805

^[2],[3],[12]

$ 4,847,557

^[4],[5]

Dec. 30, 2026

^[12]

Dec. 30, 2025

Allurion Technologies, Inc. | Health Care Technology | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 20,114,747

^[2],[3],[12]

$ 20,000,743

^[4],[5]

^[12]

Dec. 30, 2026

^[2],[3],[12]

$ 14,807,607

^[8],[9],[10]

9.00%

^[8],[9],[10]

9.50%

^[8],[9],[10]

3.00%

^[8],[9],[10]

9.00%

^[8],[9],[10]

9.50%

^[8],[9],[10]

3.00%

^{[12],[13],[14],[15]}

6.44%

^{[12],[13],[14],[15]}

9.50%

^{[12],[13],[14],[15]}

3.00%

^{[12],[13],[14],[15]}

6.44%

^{[12],[13],[14],[15]}

9.50%

^{[12],[13],[14],[15]}

3.00%

^{[12],[13],[14],[15]}

6.44%

^{[12],[13],[14],[15]}

9.50%

Bombora, Inc. | Internet Software and Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

3.00%

Mar. 31, 2025

^[12],[16]

Mar. 31, 2025

^[17],[18]

Bombora, Inc. | Internet Software and Services | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 21,080,143

^{[2],[3],[12],[16]}

$ 20,326,021

^{[4],[5],[17],[18]}

5.00%

^{[12],[13],[14],[15],[16]}

5.00%

^{[8],[9],[10],[17],[18]}

5.50%

^{[12],[13],[14],[15],[16]}

5.50%

^{[8],[9],[10],[17],[18]}

Brilliant Earth, LLC | Internet Retail | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

2.00%

^{[12],[13],[14],[15],[16]}

2.00%

^{[8],[9],[10],[17],[18]}

^[18]

Oct. 15, 2023

Brilliant Earth, LLC | Internet Retail | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[4],[5],[18]

$ 35,848,514

^[18]

Oct. 15, 2023

^[4],[5],[18]

$ 30,727,298

^{[8],[9],[10],[18]}

7.75%

^{[8],[9],[10],[18]}

8.25%

^{[8],[9],[10],[18]}

4.50%

^{[8],[9],[10],[18]}

7.75%

^{[8],[9],[10],[18]}

8.25%

Marley Spoon AG | Internet Retail | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[8],[9],[10],[18]}

0.75%

Jun. 15, 2025

^{[12],[16],[19],[20]}

Jun. 15, 2025

^{[17],[21],[22]}

Marley Spoon AG | Internet Retail | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 26,458,111

^{[2],[3],[12],[16],[19],[20]}

$ 26,061,370

^{[4],[5],[17],[21],[22]}

Jun. 15, 2025

^{[12],[16],[19],[20]}

Jun. 15, 2025

^{[17],[21],[22]}

Marley Spoon AG | Internet Retail | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 8,122,307

^{[2],[3],[12],[16],[19],[20]}

$ 8,019,228

^{[4],[5],[17],[21],[22]}

^{[12],[16],[19],[20]}

Jun. 15, 2025

^{[2],[3],[12],[16],[19],[20]}

$ 11,737,822

^{[8],[9],[10],[17],[21],[22]}

8.50%

^{[8],[9],[10],[17],[21],[22]}

9.00%

^{[8],[9],[10],[17],[21],[22]}

8.50%

Circadence Corporation | Application Software | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[8],[9],[10],[17],[21],[22]}

9.00%

Dec. 15, 2022

^[12],[16]

Dec. 15, 2022

^[17],[18]

Circadence Corporation | Application Software | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 16,700,353

^{[2],[3],[12],[16]}

$ 15,884,482

^{[4],[5],[17],[18]}

12.00%

^{[12],[13],[14],[15],[16]}

12.00%

^{[8],[9],[10],[17],[18]}

CloudPay, Inc. | Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

7.50%

^{[12],[13],[14],[15],[16]}

7.50%

^{[8],[9],[10],[17],[18]}

Aug. 17, 2027

^{[12],[20],[23]}

Aug. 17, 2025

^[22],[24]

CloudPay, Inc. | Human Resource & Employment Services | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 59,595,001

^{[2],[3],[12],[20],[23]}

$ 34,863,473

^{[4],[5],[22],[24]}

^{[8],[9],[10],[22],[24]}

8.75%

^{[8],[9],[10],[22],[24]}

9.25%

CloudPay, Inc. | Human Resource & Employment Services | PRIME | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[8],[9],[10],[22],[24]}

2.00%

^{[12],[13],[14],[15],[20],[23]}

6.25%

^{[12],[13],[14],[15],[20],[23]}

10.25%

Dtex Systems, Inc. | Application Software | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15],[20],[23]}

2.00%

Jun. 01, 2025

^[12]

Jun. 01, 2025

^[18]

Dtex Systems, Inc. | Application Software | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 10,012,213

^[2],[3],[12]

$ 9,942,422

^[4],[5],[18]

9.50%

^{[12],[13],[14],[15]}

9.50%

^{[8],[9],[10],[18]}

10.00%

^{[12],[13],[14],[15]}

10.00%

^{[8],[9],[10],[18]}

EBR Systems, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

1.75%

^{[12],[13],[14],[15]}

1.75%

^{[8],[9],[10],[18]}

^[12]

Jun. 15, 2027

EBR Systems, Inc. | Health Care Technology | PRIME | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3],[12]

$ 19,569,632

^{[12],[13],[14],[15]}

4.90%

^{[12],[13],[14],[15]}

8.90%

Fidelis Cybersecurity, Inc. | Internet Software and Services | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

4.50%

May 13, 2024

^[18]

Fidelis Cybersecurity, Inc. | Internet Software and Services | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 13,656,077

^[2],[3]

$ 13,623,763

^[4],[5],[18]

May 13, 2024

Fidelis Cybersecurity, Inc. | Internet Software and Services | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3]

$ 9,923,092

Oct. 14, 2022

^[2],[3]

$ 6,461,893

11.00%

^{[13],[14],[15]}

11.00%

^{[8],[9],[10],[18]}

12.00%

^{[13],[14],[15]}

12.00%

^{[8],[9],[10],[18]}

2.39%

^{[13],[14],[15]}

2.39%

^{[8],[9],[10],[18]}

^{[13],[14],[15]}

11.00%

^{[13],[14],[15]}

12.00%

^{[13],[14],[15]}

2.00%

FiscalNote, Inc. | Application Software | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[13],[14],[15]}

10.00%

Jul. 15, 2027

^[12]

Aug. 21, 2023

^[18]

FiscalNote, Inc. | Application Software | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 38,428,011

^[2],[3],[12]

$ 45,490,925

^[4],[5],[18]

Jul. 15, 2027

^[12]

Aug. 21, 2023

^[18]

FiscalNote, Inc. | Application Software | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 8,616,156

^[2],[3],[12]

$ 9,990,162

^[4],[5],[18]

^[12]

Jul. 15, 2027

^[2],[3],[12]

$ 17,045,884

^{[8],[9],[10],[18]}

9.25%

^{[8],[9],[10],[18]}

9.75%

^{[8],[9],[10],[18]}

5.00%

^{[8],[9],[10],[18]}

9.25%

^{[8],[9],[10],[18]}

9.75%

FiscalNote, Inc. | Application Software | PRIME | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[8],[9],[10],[18]}

5.00%

^{[12],[13],[14],[15]}

5.00%

^{[12],[13],[14],[15]}

9.00%

Gynesonics, Inc. | Health Care Technology | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

4.25%

Dec. 01, 2025

^[12]

Dec. 01, 2025

Gynesonics, Inc. | Health Care Technology | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 30,049,362

^[2],[3],[12]

$ 29,799,392

^[4],[5]

^[12]

Dec. 01, 2025

^[2],[3],[12]

$ 19,813,991

8.75%

^{[12],[13],[14],[15]}

8.75%

^[8],[9],[10]

9.25%

^{[12],[13],[14],[15]}

9.25%

^[8],[9],[10]

3.50%

^{[12],[13],[14],[15]}

3.50%

^[8],[9],[10]

^{[12],[13],[14],[15]}

8.75%

^{[12],[13],[14],[15]}

9.25%

INRIX, Inc. | Internet Software and Services | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

3.50%

Nov. 15, 2025

^[12]

Nov. 15, 2025

^[18]

INRIX, Inc. | Internet Software and Services | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 40,201,015

^[2],[3],[12]

$ 39,916,175

^[4],[5],[18]

^[12]

Nov. 15, 2025

^[2],[3],[12]

$ 5,021,001

9.00%

^{[12],[13],[14],[15]}

9.00%

^{[8],[9],[10],[18]}

9.50%

^{[12],[13],[14],[15]}

9.50%

^{[8],[9],[10],[18]}

2.50%

^{[12],[13],[14],[15]}

2.50%

^{[8],[9],[10],[18]}

^{[12],[13],[14],[15]}

9.00%

^{[12],[13],[14],[15]}

9.50%

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

2.50%

^[18]

Dec. 17, 2025

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[4],[5],[18]

$ 18,521,523

Dec. 17, 2025

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3]

$ 18,719,472

Dec. 17, 2025

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3]

$ 2,981,209

Dec. 17, 2025

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Tranche IV | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3]

$ 4,955,097

Dec. 17, 2025

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3]

$ 2,966,733

^{[8],[9],[10],[18]}

9.75%

^{[8],[9],[10],[18]}

10.25%

^{[8],[9],[10],[18]}

2.00%

^{[13],[14],[15]}

9.75%

^{[13],[14],[15]}

10.25%

^{[13],[14],[15]}

2.00%

^{[13],[14],[15]}

9.75%

^{[13],[14],[15]}

10.25%

^{[13],[14],[15]}

2.00%

^{[13],[14],[15]}

9.75%

^{[13],[14],[15]}

10.25%

^{[13],[14],[15]}

2.00%

^{[13],[14],[15]}

9.75%

^{[13],[14],[15]}

10.25%

Moximed, Inc. | Health Care Equipment | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[13],[14],[15]}

2.00%

^[12]

Jul. 01, 2027

Moximed, Inc. | Health Care Equipment | PRIME | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3],[12]

$ 14,718,356

^{[12],[13],[14],[15]}

5.25%

^{[12],[13],[14],[15]}

8.75%

Interactions Corporation | Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

3.50%

^[12]

Jun. 15, 2027

Interactions Corporation | Data Processing & Outsourced Services | SOFR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3],[12]

$ 39,394,754

^{[12],[13],[14],[15]}

9.26%

^{[12],[13],[14],[15]}

9.76%

^{[12],[13],[14],[15]}

3.4375%

^{[12],[13],[14],[15],[16],[19],[20]}

8.50%

^{[12],[13],[14],[15],[16],[19],[20]}

9.00%

^{[12],[13],[14],[15],[16],[19],[20]}

8.50%

^{[12],[13],[14],[15],[16],[19],[20]}

9.00%

^{[12],[13],[14],[15],[16],[19],[20]}

8.50%

Kin Insurance, Inc. | Property and Casualty Insurance | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15],[16],[19],[20]}

9.00%

^[12]

Sep. 15, 2026

Kin Insurance, Inc. | Property and Casualty Insurance | PRIME | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3],[12]

$ 48,957,102

^{[12],[13],[14],[15]}

6.25%

^{[12],[13],[14],[15]}

12.50%

Mingle Healthcare Solutions, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

3.00%

Oct. 15, 2022

^[12],[16]

Aug. 15, 2022

^[17],[18]

Mingle Healthcare Solutions, Inc. | Health Care Technology | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 4,392,284

^{[2],[3],[12],[16]}

$ 4,371,891

^{[4],[5],[17],[18]}

9.50%

^{[12],[13],[14],[15],[16]}

9.50%

^{[8],[9],[10],[17],[18]}

11.75%

^{[12],[13],[14],[15],[16]}

11.75%

^{[8],[9],[10],[17],[18]}

Mustang Bio, Inc. | Biotechnology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

10.00%

^{[12],[13],[14],[15],[16]}

10.00%

^{[8],[9],[10],[17],[18]}

Apr. 15, 2027

Mustang Bio, Inc. | Biotechnology | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3]

$ 29,611,337

^{[13],[14],[15]}

8.75%

^{[13],[14],[15]}

9.25%

TRACON Pharmaceuticals, Inc. | Biotechnology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[13],[14],[15]}

3.50%

^[12]

Sep. 01, 2026

TRACON Pharmaceuticals, Inc. | Biotechnology | PRIME | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3],[12]

$ 9,741,900

^{[12],[13],[14],[15]}

5.00%

^{[12],[13],[14],[15]}

8.50%

Revelle Aesthetics, Inc. | Health Care Equipment | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

4.25%

^[12]

Apr. 01, 2027

Revelle Aesthetics, Inc. | Health Care Equipment | PRIME | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3],[12]

$ 12,321,562

^{[12],[13],[14],[15]}

5.50%

^{[12],[13],[14],[15]}

8.75%

Route 92 Medical, Inc. | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

4.00%

Route 92 Medical, Inc. | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

3.95%

Jul. 01, 2026

^[12]

Jul. 01, 2026

Route 92 Medical, Inc. | Health Care Technology | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 12,800,379

^[2],[3],[12]

$ 12,675,523

^[4],[5]

8.48%

^{[12],[13],[14],[15]}

8.48%

^[8],[9],[10]

8.98%

^{[12],[13],[14],[15]}

8.98%

^[8],[9],[10]

Synack, Inc. | Internet Software and Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[8],[9],[10]

3.95%

^[12]

Jun. 30, 2027

Synack, Inc. | Internet Software and Services | PRIME | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[2],[3],[12]

$ 34,853,233

^{[12],[13],[14],[15]}

4.25%

SetPoint Medical Corporation | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[12],[13],[14],[15]}

8.25%

Dec. 01, 2025

^[12]

Dec. 01, 2025

SetPoint Medical Corporation | Health Care Technology | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 10,049,049

^[2],[3],[12]

$ 9,946,271

^[4],[5]

8.75%

^{[12],[13],[14],[15]}

8.75%

^[8],[9],[10]

9.25%

^{[12],[13],[14],[15]}

9.25%

^[8],[9],[10]

ShareThis, Inc. | Data Processing & Outsourced Services | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

4.00%

^{[12],[13],[14],[15]}

4.00%

^[8],[9],[10]

Jul. 15, 2023

^[12]

Jul. 15, 2023

^[18]

ShareThis, Inc. | Data Processing & Outsourced Services | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 19,647,865

^[2],[3],[12]

$ 19,348,874

^[4],[5],[18]

Jul. 15, 2023

^[12]

Jul. 15, 2023

^[18]

ShareThis, Inc. | Data Processing & Outsourced Services | Tranche III | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 764,840

^[2],[3],[12]

$ 751,979

^[4],[5],[18]

Jul. 15, 2023

^[12]

Jul. 15, 2023

^[18]

ShareThis, Inc. | Data Processing & Outsourced Services | Tranche IV | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 1,018,316

^[2],[3],[12]

$ 998,484

^[4],[5],[18]

Jul. 15, 2023

^[12]

Jul. 15, 2023

^[18]

$ 1,023,896

^[2],[3],[12]

$ 1,014,040

^[4],[5],[18]

9.25%

^{[12],[13],[14],[15]}

9.25%

^{[8],[9],[10],[18]}

11.60%

^{[12],[13],[14],[15]}

11.60%

^{[8],[9],[10],[18]}

3.00%

^{[12],[13],[14],[15]}

3.00%

^{[8],[9],[10],[18]}

9.25%

^{[12],[13],[14],[15]}

9.25%

^{[8],[9],[10],[18]}

11.60%

^{[12],[13],[14],[15]}

11.60%

^{[8],[9],[10],[18]}

3.00%

^{[12],[13],[14],[15]}

3.00%

^{[8],[9],[10],[18]}

9.25%

^{[12],[13],[14],[15]}

9.25%

^{[8],[9],[10],[18]}

11.60%

^{[12],[13],[14],[15]}

11.60%

^{[8],[9],[10],[18]}

3.00%

^{[12],[13],[14],[15]}

3.00%

^{[8],[9],[10],[18]}

8.25%

^{[12],[13],[14],[15]}

8.25%

^{[8],[9],[10],[18]}

10.60%

^{[12],[13],[14],[15]}

10.60%

^{[8],[9],[10],[18]}

Snagajob.com, Inc. | Human Resource & Employment Services | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

3.00%

^{[12],[13],[14],[15]}

3.00%

^{[8],[9],[10],[18]}

Sep. 01, 2025

^[12]

Sep. 01, 2025

Snagajob.com, Inc. | Human Resource & Employment Services | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 36,656,835

^[2],[3],[12]

$ 36,847,618

^[4],[5]

8.50%

^{[12],[13],[14],[15]}

8.50%

^[8],[9],[10]

9.00%

^{[12],[13],[14],[15]}

9.00%

^[8],[9],[10]

Turning Tech Intermediate, Inc. | Education Services | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

2.75%

^{[12],[13],[14],[15]}

2.75%

^[8],[9],[10]

Dec. 14, 2025

Dec. 14, 2024

Turning Tech Intermediate, Inc. | Education Services | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 20,223,593

^[2],[3]

$ 20,098,640

^[4],[5]

Dec. 14, 2025

^[2],[3]

$ 5,026,299

8.50%

^{[13],[14],[15]}

10.50%

^[8],[9],[10]

9.00%

^{[13],[14],[15]}

11.00%

^[8],[9],[10]

3.00%

^{[13],[14],[15]}

3.00%

^[8],[9],[10]

^{[13],[14],[15]}

8.50%

^{[13],[14],[15]}

9.00%

VERO Biotech LLC | Health Care Technology | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[13],[14],[15]}

3.00%

Dec. 01, 2024

^[12]

Dec. 01, 2024

^[18]

VERO Biotech LLC | Health Care Technology | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 25,011,885

^[2],[3],[12]

$ 24,681,082

^[4],[5],[18]

Dec. 01, 2024

^[12]

Dec. 01, 2024

^[18]

$ 15,134,535

^[2],[3],[12]

$ 14,990,171

^[4],[5],[18]

9.05%

^{[12],[13],[14],[15]}

9.05%

^{[8],[9],[10],[18]}

9.55%

^{[12],[13],[14],[15]}

9.55%

^{[8],[9],[10],[18]}

3.00%

^{[12],[13],[14],[15]}

3.00%

^{[8],[9],[10],[18]}

9.05%

^{[12],[13],[14],[15]}

9.05%

^{[8],[9],[10],[18]}

9.55%

^{[12],[13],[14],[15]}

9.55%

^{[8],[9],[10],[18]}

VTX Intermediate Holdings, Inc. (dba VertexOne) | Application Software | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

3.00%

^{[12],[13],[14],[15]}

3.00%

^{[8],[9],[10],[18]}

Dec. 28, 2026

VTX Intermediate Holdings, Inc. (dba VertexOne) | Application Software | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

$ 74,835,248

^[2],[3]

$ 74,257,185

^[4],[5]

Dec. 28, 2026

^[2],[3]

$ 9,938,946

^{[8],[9],[10],[18]}

9.00%

9.50%

^{[13],[14],[15]}

9.50%

^{[8],[9],[10],[18]}

4.50%

^{[13],[14],[15]}

4.50%

^{[8],[9],[10],[18]}

^{[13],[14],[15]}

9.00%

^{[13],[14],[15]}

9.50%

^{[13],[14],[15]}

4.50%

Dejero Labs Inc. | System Software | Non-Control/Non-Affiliate Investments | Second Lien Term Loans

^{[13],[14],[15]}

9.00%

Dec. 22, 2025

^{[16],[20],[25]}

Dec. 22, 2025

^{[17],[22],[26]}

Dejero Labs Inc. | System Software | LIBOR | Non-Control/Non-Affiliate Investments | Second Lien Term Loans

$ 13,403,245

^{[2],[3],[16],[20],[25]}

$ 12,872,588

^{[4],[5],[17],[22],[26]}

5.00%

^{[16],[20],[25]}

5.00%

^{[8],[9],[10],[17],[22],[26]}

5.50%

^{[16],[20],[25]}

5.50%

^{[8],[9],[10],[17],[22],[26]}

Mojix Inc | Application Software | Control Investments | Senior Secured Term Loans

3.00%

^{[16],[20],[25]}

3.00%

^{[8],[9],[10],[17],[22],[26]}

Mojix Inc | Application Software | Tranche I | Control Investments | Senior Secured Term Loans

^{[1],[4],[5],[11]}

$ 13,610,188

^{[11],[17],[18],[27]}

5.00%

^{[11],[17],[18],[27]}

Jan. 15, 2022

^{[11],[17],[18],[27]}

12.00%

Mojix Inc | Application Software | Tranche II | Control Investments | Senior Secured Term Loans

^{[4],[5],[11],[17],[18],[27]}

$ 7,567,610

^{[11],[17],[18],[27]}

5.00%

^{[11],[17],[18],[27]}

Jan. 15, 2022

^{[11],[17],[18],[27]}

12.00%

Mojix Inc | Application Software | Tranche III | Control Investments | Senior Secured Term Loans

^{[4],[5],[11],[17],[18],[27]}

$ 2,522,537

^{[11],[17],[18],[27]}

5.00%

^{[11],[17],[18],[27]}

Jan. 15, 2022

^{[11],[17],[18],[27]}

12.00%

Mojix Inc | Application Software | Tranche IV | Control Investments | Senior Secured Term Loans

^{[4],[5],[11],[17],[18],[27]}

$ 629,997

^{[11],[17],[18],[27]}

5.00%

^{[11],[17],[18],[27]}

Jan. 15, 2022

^{[11],[17],[18],[27]}

12.00%

Mojix Inc | Application Software | Tranche V | Control Investments | Senior Secured Term Loans

^{[4],[5],[11],[17],[18],[27]}

$ 629,118

^{[11],[17],[18],[27]}

5.00%

^{[11],[17],[18],[27]}

Jan. 15, 2022

^{[11],[17],[18],[27]}

12.00%

Mojix Inc | Application Software | Tranche VI | Control Investments | Senior Secured Term Loans

^{[4],[5],[11],[17],[18],[27]}

$ 1,252,833

^{[11],[17],[18],[27]}

5.00%

^{[11],[17],[18],[27]}

Jan. 31, 2022

^{[11],[17],[18],[27]}

12.00%

^{[4],[5],[11],[17],[18],[27]}

$ 1,008,093

^{[11],[17],[18],[27]}

12.00%

^{[11],[17],[18],[27]}

12.00%

^{[11],[17],[18],[27]}

12.00%

^{[11],[17],[18],[27]}

12.00%

^{[11],[17],[18],[27]}

12.00%

Pivot3 Holdings, Inc. | Data Processing & Outsourced Services | Control Investments | Senior Secured Term Loans

^{[11],[17],[18],[27]}

12.00%

^{[8],[9],[10],[17],[27]}

11.00%

^{[8],[9],[10],[17],[27]}

4.00%

Nov. 15, 2022

^{[7],[16],[28]}

Nov. 15, 2022

^[17],[27]

Pivot3 Holdings, Inc. | Data Processing & Outsourced Services | LIBOR | Control Investments | Senior Secured Term Loans

$ 4,467,041

^{[2],[3],[7],[16],[28]}

$ 14,649,788

^{[4],[5],[17],[27]}

^{[13],[14],[15],[16],[28]}

11.00%

Aginity Incorporation | Application Software | Tranche I | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^{[13],[14],[15],[16],[28]}

4.00%

Aginity Incorporation | Application Software | Tranche II | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[4],[5],[17]

899,054

^[4],[5],[17]

$ 2,348,809

^{[8],[9],[10],[17]}

10.81%

^[17]

Dec. 15, 2022

CrossRoads Extremity Systems, LLC | Health Care Technology | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[17]

Mar. 09, 2027

^[17]

Jul. 01, 2025

CrossRoads Extremity Systems, LLC | Health Care Technology | LIBOR | Non-Control/Non-Affiliate Investments | Senior Secured Term Loans

^[4],[5],[17]

$ 7,701,001

^{[8],[9],[10],[17]}

8.15%

^{[8],[9],[10],[17]}

8.65%

Goldman Sachs | U.S. Treasury Bills

^{[8],[9],[10],[17]}

3.50%

Investment percentage

0.033%

Due date

Jan. 11, 2022

Investment par value

$ 45,000,000

Goldman Sachs | Treasury Bill

$ 45,001,560

Due date

Jan. 06, 2022

Investment par value

$ 45,000,000

Reverse repurchase agreement percentage

0.25%

Repurchased price

$ 44,774,963

Preferred Stocks | Non-Control/Non-Affiliate Investments

2.22%

2.67%

^[1]

Preferred Stocks | Control Investments

$ 12,712,553

^[2],[3]

$ 16,166,730

^[1]

0.00%

0.14%

^[1]

Preferred Stocks | Application Software | Non-Control/Non-Affiliate Investments

^[1],[4],[5]

$ 870,395

0.07%

0.08%

^[1]

Preferred Stocks | Application Software | Control Investments

^[2],[3]

$ 384,685

^[1]

0.14%

Preferred Stocks | Data Processing & Outsourced Services | Control Investments

^[1],[4],[5]

$ 870,395

Preferred Stocks | Health Care Technology | Non-Control/Non-Affiliate Investments

0.00%

^[1]

2.15%

2.59%

^[1]

Common Stocks | Non-Control/Non-Affiliate Investments

$ 12,327,868

^[2],[3]

$ 15,704,705

^[1],[4],[5]

0.33%

1.89%

^[1]

Common Stocks | Affiliate Investments

$ 1,909,854

^[2],[3]

$ 11,463,865

^[1],[4],[5]

0.21%

Common Stocks | Application Software | Non-Control/Non-Affiliate Investments

^[2],[3],[6]

$ 1,228,197

0.24%

0.00%

^[1]

Common Stocks | Application Software | Affiliate Investments

$ 1,413,356

^[2],[3]

$ 22,278

^[1],[4],[5]

0.21%

Common Stocks | Internet Retail | Non-Control/Non-Affiliate Investments

^[2],[3],[6]

$ 1,228,197

^[1]

1.47%

Common Stocks | Technology Hardware Storage and Peripherals | Non-Control/Non-Affiliate Investments

^[1],[4],[5]

$ 8,903,933

0.09%

0.42%

^[1]

Common Stocks | FiscalNote, Inc. | Application Software | Non-Control/Non-Affiliate Investments

$ 496,498

^[2],[3]

$ 2,537,654

^[1],[4],[5]

Warrants | Non-Control/Non-Affiliate Investments

^{[2],[3],[28],[29]}

$ 1,413,356

3.04%

3.31%

^[1]

Warrants | Affiliate Investments

$ 17,435,074

^[2],[3]

$ 20,087,550

^[4],[5]

0.17%

Warrants | Application Software | Non-Control/Non-Affiliate Investments

^[2],[3],[6]

$ 952,033

0.78%

1.47%

^[1]

Warrants | Application Software | Affiliate Investments

$ 4,501,283

^[2],[3]

$ 8,882,389

^[1],[4],[5]

0.17%

Warrants | Biotechnology | Non-Control/Non-Affiliate Investments

^[2],[3],[6]

$ 952,033

0.05%

Warrants | Data Processing & Outsourced Services | Non-Control/Non-Affiliate Investments

^[2],[3]

$ 289,973

0.45%

0.36%

^[1]

Warrants | Education Services | Non-Control/Non-Affiliate Investments

^[2],[3]

$ 2,561,089

^[1]

0.00%

Warrants | Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments

^[1],[4],[5]

$ 2,000

0.07%

0.04%

^[1]

Warrants | Health Care Equipment | Non-Control/Non-Affiliate Investments

^[2],[3]

$ 391,794

0.04%

Warrants | Health Care Technology | Non-Control/Non-Affiliate Investments

^[2],[3]

$ 222,727

0.41%

0.34%

^[1]

Warrants | Human Resource & Employment Services | Non-Control/Non-Affiliate Investments

$ 2,362,248

^[2],[3]

$ 2,038,103

^[1],[4],[5]

0.25%

0.19%

^[1]

Warrants | Internet Software and Services | Non-Control/Non-Affiliate Investments

$ 1,462,516

^[2],[3]

$ 1,158,178

^[1],[4],[5]

0.56%

0.39%

^[1]

Warrants | Property and Casualty Insurance | Non-Control/Non-Affiliate Investments

$ 3,235,298

^[2],[3]

$ 2,372,917

^[1],[4],[5]

0.05%

Warrants | System Software | Non-Control/Non-Affiliate Investments

^[2],[3]

$ 301,714

0.03%

0.09%

^[1]

Warrants | Technology Hardware Storage and Peripherals | Non-Control/Non-Affiliate Investments

$ 190,639

^[2],[3]

$ 574,831

^[1],[4],[5]

Warrants | Advertising | Non-Control/Non-Affiliate Investments

^[1]

0.00%

Warrants | Computer and Electronics Retail | Non-Control/Non-Affiliate Investments

0.00%

^[1]

0.03%

^[1]

Warrants | Specialized Consumer Services | Non-Control/Non-Affiliate Investments

$ 147,087

^[2],[3]

$ 185,467

^[1],[4],[5]

0.17%

0.41%

^[1]

Warrants | Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Electronic Equipment & Instruments | Non-Control/Non-Affiliate Investments

$ 983,862

^[2],[3]

$ 2,477,351

^[1],[4],[5]

Warrants | Real Wear, Inc. | System Software | Non-Control/Non-Affiliate Investments

^[1],[4],[5]

$ 234,314

0.14%

^[2],[3]

$ 784,844

[1]	Value as a percentage of net assets.
[2]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. See Note 3 for additional detail.
[3]	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, except as otherwise noted, are subject to limitation on resale, 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]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. See Note 3 for additional detail.
[5]	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, except as otherwise noted, are subject to limitation on resale, 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.
[6]	Affiliate investment as defined under the 1940 Act in which the Company owns between 5% and 25% (inclusive) of the investment's voting securities and does not have rights to maintain greater than 50% representation on the board.
[7]	Control investment, as defined under the 1940 Act, in which the Company owns more than 25% of the investment’s voting securities or has greater than 50% representation on its board.
[8]	Treasury bill with $45,000,000 par value purchased pursuant to a 0.25% reverse repurchase agreement with Goldman Sachs, dated December 31, 2021, due January 6, 2022, with a repurchase price of $44,774,963 collateralized by a 0.033% U.S. Treasury Bill due January 11, 2022 with a par value of $45,000,000 and fair value of $45,001,560.
[9]	Disclosures of end-of-term-payments (“ETP”) are one-time payments stated as a percentage of original principal amount.
[10]	Disclosures of interest rates on notes include cash interest rates and payment-in-kind (“PIK”) interest rates, as applicable. Unless otherwise indicated, all of the Company’s variable rate debt investments bear interest at a rate that is determined by reference to the 3‑Month London Interbank Offered Rate (“LIBOR”) or the U.S. Prime Rate. At December 31, 2021, the 3‑Month LIBOR was 0.21% and the U.S. Prime Rate was 3.25%.
[11]	Investment is either a cash success fee payable or earnout of shares based on the consummation of certain trigger events.
[12]	The investment is an eligible loan investment in the collateral under the Credit Facility (as defined in Note 10).
[13]	All investments are domiciled in the United States, unless otherwise noted.
[14]	Disclosures of end-of-term-payments (“ETP”) are one-time payments stated as a percentage of original principal amount.
[15]	Disclosures of interest rates on notes include cash interest rates and payment-in-kind (“PIK”) interest rates, as applicable. Unless otherwise indicated, all of the Company’s variable rate debt investments bear interest at a rate that is determined by reference to the 3‑Month London Interbank Offered Rate (“LIBOR”), the U.S. Prime Rate, or the 3-Month Secured Overnight Financing Rate ("SOFR"). At September 30, 2022, the 3‑Month LIBOR was 3.76%, the U.S. Prime Rate was 6.25% and the 3-Month SOFR was 3.59%.
[16]	Represents a PIK security. PIK interest is accrued and will be paid at maturity.
[17]	Represents a PIK security. PIK interest is accrued and will be paid at maturity.
[18]	The Credit Facility (as defined in Note 10) is secured by a perfected first priority security interest in each of the Company’s senior secured term loan investments, except for Pivot3 Holdings, Inc., Marley Spoon AG, Mojix, Inc., and The Kairn Corporation senior secured term loans.
[19]	Investment is domiciled in Germany.
[20]	Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Non-qualifying assets at fair value represent 14.66% of total assets as of September 30, 2022. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying assets until such time as it complies with the requirements of Section 55(a) of the 1940 Act.
[21]	Investment is domiciled in Germany.
[22]	Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Non-qualifying assets at fair value represent 12.35% of total assets as of December 31, 2021. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying assets until such time as it complies with the requirements of Section 55(a) of the 1940 Act.
[23]	Investment is domiciled in the United Kingdom.
[24]	Investment is domiciled in the United Kingdom.
[25]	Investment is domiciled in Canada.
[26]	Investment is domiciled in Canada.
[27]	Investments are non-income producing.
[28]	Investments are non-income producing.
[29]	Investment is publicly traded and listed on NYSE.

Schedule of Investments (Unaudited) - Transactions Related to Company's Affiliate and Control Investments - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

$ 14,496,949

$ 41,435,416

$ 33,563,330

109,256

^[1]

6,490,710

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(930,259)

(3,380,221)

Affiliate Investments | Senior Secured Term Loans

^[3]

2,180,230

109,256

^[1]

930,259

Affiliate Investments | Common Stocks

^[2]

(930,259)

Net Change in Unrealized Appreciation (Depreciation)

^[1]

4,551,235

(3,323,038)

Affiliate Investments | Warrants

^[3]

1,228,197

Net Change in Unrealized Appreciation (Depreciation)

^[1]

1,009,216

(57,183)

Affiliate Investments | Coginiti Corp | Senior Secured Term Loans

^[3]

952,033

109,256

^[1]

930,259

Affiliate Investments | Coginiti Corp | Common Stocks

^[2]

(930,259)

Net Change in Unrealized Appreciation (Depreciation)

^[1]

4,551,235

(3,323,038)

Affiliate Investments | Coginiti Corp | Warrants

^[3]

1,228,197

Net Change in Unrealized Appreciation (Depreciation)

^[1]

1,009,216

(57,183)

^[3]

952,033

4,096,871

^[4]

29,130,371

^[3]

9,845,854

$ 9,845,854

^[1]

3,547,515

14,415,551

^[4]

Net Realized Gains (Losses)

^[2]

(17,248,944)

(8,316,909)

^[4]

(65)

Net Change in Unrealized Appreciation (Depreciation)

(10,961,836)

13,185,875

^[4]

Control Investments | Senior Secured Term Loans

^[3]

4,467,041

29,130,371

^[4]

4,064,517

^[4]

28,259,976

^[3]

8,961,080

^[1]

3,547,515

14,415,551

^[4]

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(15,202,842)

(8,316,909)

^[4]

(12,137,608)

13,200,254

^[4]

Control Investments | Warrants

^[3]

4,467,041

28,259,976

^[4]

Net Realized Gains (Losses)

^[2]

(1,246,102)

(65)

Net Change in Unrealized Appreciation (Depreciation)

1,246,167

Control Investments | Preferred Stocks

32,354

^[4]

870,395

^[5]

884,774

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(800,000)

(70,395)

(14,379)

^[4]

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche I

^[4],[5]

870,395

2,286,577

^[4]

7,567,610

^[3]

4,913,150

^[1]

1,987,300

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(8,489,294)

(1,065,616)

2,654,460

^[4]

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche II

^[3],[4]

7,567,610

743,714

^[4]

2,522,537

^[3]

1,637,717

^[1]

647,467

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(2,817,578)

(352,426)

884,820

^[4]

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche III

^[3],[4]

2,522,537

183,962

^[4]

629,997

^[3]

409,016

^[1]

159,925

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(703,708)

(86,214)

220,981

^[4]

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche IV

^[3],[4]

629,997

184,550

^[4]

629,118

^[3]

408,445

^[1]

160,546

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(702,761)

(86,903)

220,673

^[4]

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche V

^[3],[4]

629,118

374,422

^[4]

1,252,833

^[3]

813,382

^[1]

326,620

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(1,399,701)

(179,752)

439,451

^[4]

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche VI

^[3],[4]

1,252,833

291,292

^[4]

1,008,093

^[3]

779,370

^[1]

265,657

Net Change in Unrealized Appreciation (Depreciation)

(1,089,800)

^[2]

(210,000)

^[4],[6]

(183,950)

438,723

^[4]

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche VII

^[3],[4]

1,008,093

^[4],[7]

500,000

Control Investments | Mojix Inc | Warrants | Common Stock Warrant One

^[2],[4]

(500,000)

Net Realized Gains (Losses)

^[2]

(119,255)

(65)

Net Change in Unrealized Appreciation (Depreciation)

119,320

Control Investments | Mojix Inc | Warrants | Common Stock Warrant Two

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(298,325)

298,325

Control Investments | Mojix Inc | Warrants | Common Stock Warrant Three

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(828,522)

828,522

Control Investments | Mojix Inc | Preferred Stocks | Series A-1 Preferred Stock

32,354

^[4]

870,395

^[5]

$ 884,774

884,774

Net Change in Unrealized Appreciation (Depreciation)

^[2]

(800,000)

(70,395)

(14,379)

^[4]

Control Investments | Pivot3 Holdings, Inc. | Senior Secured Term Loans

^[4],[5]

870,395

Net Change in Unrealized Appreciation (Depreciation)

^[3],[4]

14,649,788

(10,182,747)

Control Investments | Pivot3 Holdings, Inc. | Senior Secured Term Loans | Tranche I

^[3]

$ 4,467,041

14,649,788

^[4]

^[1],[4]

12,015,832

Net Change in Unrealized Appreciation (Depreciation)

^[2],[4]

(3,994,885)

^[4]

6,628,841

Control Investments | Pivot3 Holdings, Inc. | Senior Secured Term Loans | Tranche II

^[1],[4]

569,181

Net Change in Unrealized Appreciation (Depreciation)

^[2],[4]

(1,080,984)

^[4]

511,803

Control Investments | Pivot3 Holdings, Inc. | Senior Secured Term Loans | Tranche III

^[1],[4]

1,330,538

Net Change in Unrealized Appreciation (Depreciation)

^[2],[4]

(2,531,040)

^[4]

$ 1,200,502

[1]	Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.
[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 existing portfolio company out of this category into a different category.
[3]	All investments in the portfolio companies, which as of September 30, 2022 represented 1.16% of the Company’s net assets, are restricted as to resale and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[4]	For the year ended December 31, 2021, the Company earned no investment income from control investments, except for $117,340 from Pivot3 Holdings, Inc.
[5]	All investments in the portfolio company, which as of December 31, 2021 represented 4.81% of the Company’s net assets, are restricted as to resale and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[6]	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 existing portfolio company out of this category into a different category.
[7]	Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of OID, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.

Schedule of Investments (Unaudited) - Transactions Related to Company's Affiliate and Control Investments (Parenthetical) - USD ($)

12 Months Ended

Dec. 31, 2021

Sep. 30, 2022

Percentage of net assets at fair, restricted to resale

1.16%

120.34%

^[1]

158.66%

LIBOR

Investment income from control investments

0.21%

3.76%

Pivot3 Holdings, Inc.

$ 117,340

Affiliate Investments | Warrant

0.38%

Affiliate Investments | Coginiti Corp | Senior Secured Term Loans

0.17%

10.81%

Affiliate Investments | Coginiti Corp | Warrant

Dec. 15, 2022

$ 0.01

Mar. 09, 2030

Control Investments | Board of Director

4.81%

^[1]

0.78%

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche I

4.81%

^[2]

12.00%

12.00%

5.00%

^[2]

5.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche II

Jan. 15, 2022

^[2]

Jan. 15, 2025

^[2]

12.00%

12.00%

5.00%

^[2]

5.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche III

Jan. 15, 2022

^[2]

Jan. 15, 2025

^[2]

12.00%

12.00%

5.00%

^[2]

5.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche IV

Jan. 15, 2022

^[2]

Jan. 15, 2025

^[2]

12.00%

12.00%

5.00%

^[2]

5.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche V

Jan. 15, 2022

^[2]

Jan. 15, 2025

^[2]

12.00%

12.00%

5.00%

^[2]

5.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche VI

Jan. 15, 2022

^[2]

Jan. 15, 2025

^[2]

12.00%

12.00%

5.00%

^[2]

5.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | Tranche VII

Jan. 31, 2022

^[2]

Jan. 15, 2025

^[2]

12.00%

^[2]

5.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | LIBOR | Tranche I

^[2]

Apr. 30, 2021

Control Investments | Mojix Inc | Senior Secured Term Loans | LIBOR | Tranche II

12.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | LIBOR | Tranche III

12.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | LIBOR | Tranche IV

12.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | LIBOR | Tranche V

12.00%

Control Investments | Mojix Inc | Senior Secured Term Loans | LIBOR | Tranche VI

12.00%

Control Investments | Mojix Inc | Warrant | Common Stock Warrant One

12.00%

$ 1.286

^[2]

$ 1.286

Control Investments | Mojix Inc | Warrant | Common Stock Warrant Two

Dec. 13, 2030

^[2]

Dec. 13, 2030

$ 2.1286

^[2]

$ 2.1286

Control Investments | Mojix Inc | Warrant | Common Stock Warrant Three

Dec. 13, 2030

^[2]

Dec. 13, 2030

$ 5.57338

^[2]

$ 5.57338

Control Investments | Pivot3 Holdings, Inc. | Senior Secured Term Loans

Dec. 13, 2030

^[2]

Dec. 13, 2030

11.00%

Control Investments | Pivot3 Holdings, Inc. | Senior Secured Term Loans | Tranche I

Nov. 15, 2022

^[2]

11.00%

^[2]

4.00%

Control Investments | Pivot3 Holdings, Inc. | Senior Secured Term Loans | Tranche II

^[2]

Nov. 15, 2022

^[2]

11.00%

Control Investments | Pivot3 Holdings, Inc. | Senior Secured Term Loans | Tranche III

^[2]

Nov. 15, 2022

^[2]

11.00%

^[2]

4.00%

^[2]

Nov. 15, 2022

[1]	Value as a percentage of net assets.
[2]	For the year ended December 31, 2021, the Company earned no investment income from control investments, except for $117,340 from Pivot3 Holdings, Inc.

Schedule of Investments (Unaudited) - Fair Value of Portfolio of Investments (Excluding any U.S. Treasury Bills Held) by Geographic Region and Industry - USD ($)

Sep. 30, 2022

Dec. 31, 2021

$ 910,168,945

^[1],[2]

$ 729,516,274

^[3],[4],[5]

Portfolio Investments Excluding U.S. Treasury Bill Held

158.66%

120.34%

^[5]

$ 910,168,945

$ 684,514,774

Northeastern United States | Portfolio Investments Excluding U.S. Treasury Bill Held

158.66%

112.92%

$ 276,632,059

$ 170,983,403

Western United States | Portfolio Investments Excluding U.S. Treasury Bill Held

48.22%

28.21%

$ 234,568,515

$ 226,578,920

South Central United States | Portfolio Investments Excluding U.S. Treasury Bill Held

40.89%

37.38%

$ 84,774,194

$ 75,155,555

Midwestern United States | Portfolio Investments Excluding U.S. Treasury Bill Held

14.78%

12.40%

$ 74,508,708

$ 20,098,640

Southeastern United States | Portfolio Investments Excluding U.S. Treasury Bill Held

12.99%

3.31%

$ 70,546,667

$ 66,823,245

United Kingdom | Portfolio Investments Excluding U.S. Treasury Bill Held

12.30%

11.02%

$ 60,784,063

$ 35,687,298

Northwestern United States | Portfolio Investments Excluding U.S. Treasury Bill Held

10.60%

5.89%

$ 48,442,615

$ 41,659,696

Germany | Portfolio Investments Excluding U.S. Treasury Bill Held

8.44%

6.87%

$ 46,318,240

$ 34,080,598

Canada | Portfolio Investments Excluding U.S. Treasury Bill Held

8.07%

5.62%

$ 13,593,884

$ 13,447,419

Health Care Technology | Portfolio Investments Excluding U.S. Treasury Bill Held

2.37%

2.22%

$ 191,335,392

$ 146,756,439

Application Software | Portfolio Investments Excluding U.S. Treasury Bill Held

33.35%

24.21%

$ 184,056,365

$ 182,660,314

Internet Software and Services | Portfolio Investments Excluding U.S. Treasury Bill Held

32.08%

30.13%

$ 134,431,752

$ 76,238,876

Human Resource & Employment Services | Portfolio Investments Excluding U.S. Treasury Bill Held

23.43%

12.58%

$ 97,714,352

$ 72,869,269

Data Processing & Outsourced Services | Portfolio Investments Excluding U.S. Treasury Bill Held

17.03%

12.02%

$ 68,877,801

$ 38,925,165

Property and Casualty Insurance | Portfolio Investments Excluding U.S. Treasury Bill Held

12.01%

6.42%

$ 49,258,816

Internet Retail | Portfolio Investments Excluding U.S. Treasury Bill Held

8.59%

$ 46,318,240

$ 109,560,343

Biotechnology | Portfolio Investments Excluding U.S. Treasury Bill Held

8.07%

18.07%

$ 39,643,210

Electronic Equipment & Instruments | Portfolio Investments Excluding U.S. Treasury Bill Held

6.91%

$ 30,014,305

$ 18,755,837

Health Care Equipment | Portfolio Investments Excluding U.S. Treasury Bill Held

5.23%

3.09%

$ 27,262,645

Education Services | Portfolio Investments Excluding U.S. Treasury Bill Held

4.75%

$ 25,249,892

$ 20,100,640

System Software | Portfolio Investments Excluding U.S. Treasury Bill Held

4.40%

3.32%

$ 13,593,884

$ 13,447,419

Technology Hardware Storage and Peripherals | Portfolio Investments Excluding U.S. Treasury Bill Held

2.37%

2.22%

$ 1,281,342

$ 2,537,654

Specialized Consumer Services | Portfolio Investments Excluding U.S. Treasury Bill Held

0.22%

0.42%

$ 983,862

$ 2,477,351

Computer and Electronics Retail | Portfolio Investments Excluding U.S. Treasury Bill Held

0.17%

0.41%

$ 147,087

$ 185,467

Organization Consolidation And Presentation Of Financial Statements [Abstract]

0.03%

[1]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. See Note 3 for additional detail.
[2]	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, except as otherwise noted, are subject to limitation on resale, 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]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. See Note 3 for additional detail.
[4]	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) and, therefore, except as otherwise noted, are subject to limitation on resale, 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]	Value as a percentage of net assets.

Organization

9 Months Ended

Sep. 30, 2022

Organization

Note 1 – Organization

Runway Growth Finance Corp. (formerly known as Runway Growth Credit Fund Inc.) (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, has qualified, 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, life sciences, healthcare information and services, business services, select consumer services and products in other high-growth industries in the United States. 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 appreciation 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.

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 and Chairman of the Company’s Board of Directors, for an aggregate purchase price of $25,000. The sale of shares of common stock was approved by the unanimous consent of the Company’s sole director at the time. 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 had completed multiple closings under its second private offering (the “Second Private Offering”) and had accepted aggregate capital commitments of $181.7 million. In connection with the Second Private Offering the Company has issued 9,617,379 shares of its common stock for a total purchase price of $144.3 million. Concurrent with the IPO (as defined below), all undrawn commitments under the Second Private Offering were cancelled.

On March 31, 2020 and March 24, 2021, the Company had 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.

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 cash proceeds of $93.0 million. The Company’s common stock began trading on the Nasdaq Global Select Market under the symbol “RWAY” on October 21, 2021.

Since inception, the Company has issued an additional 6,647,847 shares as part of the dividend reinvestment plan. For more information, see “Note 6 – Net Assets.”

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Significant of Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying interim unaudited 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 Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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. In the opinion of management, all adjustments, all of which were of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period have been included. 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, 2022, including the impact of the coronavirus (“COVID-19”) pandemic thereon. The interim unaudited financial statements and notes hereto should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K, as modified by the annual report on Form 10-K/A for the year ended December 31, 2021, filed with the SEC on March 2, 2022 and March 14, 2022, respectively. Certain items in the September 30, 2021 financial statements have been reclassified to conform to the September 30, 2022 presentation with no net effect on the net increase in net assets resulting from operations. Use of Estimates The preparation of 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 financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash represents deposits held at financial institutions, while cash equivalents are highly liquid investments held at financial institutions with an original maturity of three months or less at the date of acquisition. From time to time, the Company’s cash and cash equivalents exceed federally insured limits, subjecting the Company to risks related to the uninsured balance. Cash and cash equivalents are held at large, established, high credit-quality financial institutions, and management believes that risk of loss associated with any uninsured balance is remote. Deferred Debt Costs The Company records costs related to the issuance of debt obligations as deferred debt costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligations. Deferred debt costs associated with the Company's Credit Facility and unsecured notes are netted with the outstanding principal balance on the Company's Statement of Assets and Liabilities, unless there are no outstanding borrowings, in which case the deferred debt costs are presented as an asset. For more information, see “Note 10 –Borrowings.” Reverse Repurchase Agreement The Company has, and may in the future, enter into reverse repurchase agreements, under the terms of a Master Repurchase Agreement (the “Master Repurchase Agreement”), with selected commercial banks and broker-dealers, under which the Company acquires securities as collateral (debt obligation) subject to an obligation of the counterparty to repurchase and the Company to resell the securities (obligation) at an agreed upon time and price. The Company, through the custodian or a sub-custodian, receives delivery of the underlying securities collateralizing reverse repurchase agreements. The Company requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for reverse repurchase agreements. The Company and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. It is the Company’s policy that the market value of the collateral be at least equal to 100 percent of the repurchase price in the case of a reverse repurchase agreement of one-day duration and 102 percent of the repurchase price in the case of all other reverse repurchase agreements. Upon an event of default under the terms of the Master Repurchase Agreement, both parties have the right to set-off. If the seller defaults or enters an insolvency proceeding, realization of the collateral by the Company may be delayed, limited or wholly denied. The Company had no outstanding reverse repurchase agreements at September 30, 2022. Pursuant to a reverse repurchase agreement with Goldman Sachs which expired on January 6, 2022, the Company purchased a U.S. Treasury Bill, due January 11, 2022. The value of the related collateral that the Company received for this agreement was $45.0 million at December 31, 2021. At December 31, 2021, the repurchase liability was $44,774,963, which is reflected as “Reverse repurchase agreement” on the Statement of Assets and Liabilities. Investment Transactions and Related Investment Income 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 amortized cost basis of investments represents the original cost adjusted for the accretion/amortization of discounts and premiums and upfront loan origination fees. The Company reports changes from the prior period in fair value of investments that are measured at fair value as a component of net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. Dividends are recorded on the applicable ex-dividend date. Interest income, if any, adjusted for amortization of market premium and accretion of market discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Original issue discount (“OID”), principally representing the estimated fair value of detachable equity, warrants or contractual success fees obtained in conjunction with the Company’s debt investments, loan origination fees, end of term payments, and market discount or premium are capitalized and accreted or amortized into interest income over the life of the respective security using the effective interest method. Loan origination fees received in connection with the closing of investments are reported as unearned income, which is included as amortized cost of the investment; the unearned income from such fees is accreted into interest income over the contractual life of the loan based on the effective interest method. Upon prepayment of a loan or debt security, any unamortized loan origination fees, end-of-term payments, and unamortized market discounts are recorded as interest income and any prepayment penalties are recorded as fee income. The Company currently holds, and expects to hold in the future, some investments in its portfolio that contain 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, even though the Company has not yet collected the cash. For the three and nine months ended September 30, 2022, approximately 4.4% and 8.8%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest. For the three and nine months ended September 30, 2021, approximately 2.4% and 4.5%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest. Non-Accrual of Investments Debt investments are placed on non-accrual status when principal, interest, and other obligations become materially past due or when there is reasonable doubt that principal, interest, and other obligations will be collected in full. At the point of non-accrual, the Company will generally 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 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 end of term payment fees. 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 end of term payment fees. As of September 30, 2022, and December 31, 2021, the Company has not written off any accrued and uncollected PIK interest. As of September 30, 2022, the Company had one loan to Pivot3 Holdings, Inc., representing an aggregate principal funded of $19,172,353 at a fair value of $4,467,041, on non-accrual status, which represents 0.5% of the Company’s total investment portfolio. The non-accrual loan as of September 30, 2022 had total interest of $3,132,309 that would have been accrued into income. Had the loan not been on non-accrual status, $2,880,626 would be payable, and $251,683 would be OID. As of December 31, 2021, the Company had six loans to Mojix, Inc. and one loan to Pivot3 Holdings, Inc., representing an aggregate principal funded of $30,278,707 at a fair market value of $28,259,976, on non-accrual status, which represents 3.9% of the Company’s total investment portfolio. The non-accrual loans as of December 31, 2021 had total interest of $4,760,387 that would have been accrued into income. Had the loans not been on non-accrual status, $4,064,620 would be payable, and $695,767 would be OID. Valuation of Investments The Company measures the value of its investments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC Topic 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 audit committee of the Company’s Board of Directors (the “Audit Committee”) assists the Board of Directors in valuing 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 Company’s Board of Directors, with the assistance of the Audit Committee, RGC and its senior investment team and independent valuation agents, is responsible for determining, in good faith, the fair value of such investments 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 senior investment team considers relevant. The Company’s 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. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances. 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. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below: • Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2—Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact. 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 senior investment team; • At least once annually, the valuation for each portfolio investment, is reviewed by one or more independent valuation firms. Certain investments, however, may not be evaluated by the applicable 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 then reviews these preliminary valuations from RGC and the applicable independent valuation firm, if any, and makes a recommendation to the Company’s Board of Directors regarding such valuations; and • The Company’s 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 and the Audit Committee. The Company’s investments are primarily loans made to and equity and warrants of high growth-potential companies focused in technology, life sciences, healthcare information and services, business services, select consumer services and products and other high-growth industries. These investments are considered Level 3 assets under ASC Topic 820 because there is no known or accessible market or market indices for these types of debt instruments and, thus, RGC’s senior investment team must estimate the fair value of these investment securities based on models utilizing unobservable inputs. Rule 2a-5 under the 1940 Act was adopted by the SEC in December 2020 and establishes a framework for determining fair value in good faith for purposes of the 1940 Act. The Company complied with the mandatory provisions of Rule 2a-5 by the September 2022 compliance date. Investment Valuation Techniques Valuation methodologies involve a significant degree of judgment. There is no single standard for determining the fair value of investments that do not have an active public market. Valuations of privately held investments are inherently uncertain, as they are based on estimates, and their values may fluctuate over time. The determination of fair value may differ materially from the values that would have been used if an active market for these investments existed. In some cases, the fair value of such investments is best expressed as a range of values derived utilizing different methodologies from which a fair value may then be determined. 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 original issue discount, if any, 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 a comparable range of 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 this range of interest rates to determine a range of fair values for the debt investment. This valuation process includes, among other things, evaluating the underlying investment performance, the portfolio company’s current financial condition and ability to raise additional capital, as well as macro-economic events that may impact valuations. These events include, but are not limited to, current market yields and interest rate spreads of similar securities as of the measurement date. Significant increases or decreases in these unobservable inputs could result in a significantly higher or lower fair value measurement; 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 these unobservable inputs. Under certain circumstances, the Company may use an alternative technique to value the debt investments to be acquired by the Company 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 or estimates of proceeds that would be received in a liquidation scenario. 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 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 • 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 or 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 or 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 or decrease in this unobservable input. Under certain circumstances, the Company may use an alternative technique to value warrants that better reflects the warrants’ fair values, such as an expected settlement of a warrant in the near term, a model that incorporates a put feature associated with the warrant, or the price paid or realized in a recently completed transaction or binding offer received in an arms-length transaction. The fair value may be determined based on the expected proceeds to be received from such settlement or based on the net present value of the expected proceeds from the put option. Equity Investments. The fair value of an equity investment in a privately held company is initially the 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. Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash and accrued liabilities, approximate fair value due to their short-term nature. Fair value of the Company’s Credit Facility is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. As of both September 30, 2022 and December 31, 2021, the Company believes that the carrying value of its Credit Facility approximates fair value. The 2026 Notes are carried at cost and with their longer maturity dates, fair value is estimated by discounting remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the notes. As of September 30, 2022, the Company believes that the carrying value of the 2026 Notes and 2027 Notes approximates fair value. Investment Classification The Company is a non-diversified company within the meaning of the 1940 Act. The Company classifies its investments by level of control. As defined in the 1940 Act, control investments are those where the investor has the ability or power to exercise a controlling influence over the management or policies of a 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 voting securities of a company or maintains greater than 50% of the board representation. Affiliated investments and affiliated companies are defined by a lesser degree of influence and are deemed to exist through the possession outright, or via the right to acquire within 60 days or less, beneficial ownership between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. 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 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, and has qualified and intends to continue to qualify for the tax treatment applicable to RICs. Generally, a RIC 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 obtains and maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes 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 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. 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 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 income tax expense in the Statements of Operations. There were no material uncertain income tax positions at September 30, 2022 or December 31, 2021. Although we file federal and state tax returns, our 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 timely distribute (or is not deemed to have distributed) each calendar year the sum of (1) at least 98% of its net ordinary income (not taking into account any capital gains or losses) for each calendar year, (2) at least 98.2% of the amount by which the Company’s capital gains exceed its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 in that calendar year (unless the Company makes an election to use its taxable year) and (3) any net ordinary income and net capital gain recognized 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 nondeductible 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 to be treated as a RIC but is subsequently unable to qualify for treatment as a RIC, 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 as a RIC. If the Company fails to requalify as a RIC for a period greater than two taxable years, it may be subject to regular corporate-level U.S. federal income tax 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. Per Share Information Basic and diluted earnings 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, 2022 and 2021, basic and diluted earnings 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. Distributions The Company generally intends to distribute, out of assets legally available for distribution, substantially all of its available earnings, on a quarterly basis, subject to the discretion of the Board of Directors. For the three and nine months ended September 30, 2022, the Company declared and paid dividends in the amount of $13,450,710 and $37,005,717, respectively, of which $12,783,588 and $26,708,902, respectively, was distributed in cash and the remainder distributed in shares to stockholders, purchased in the open market pursuant to the Company’s dividend reinvestment plan. For the three and nine months ended September 30, 2021, the Company declared dividends in the amount of $11,114,754 and $34,597,684, respectively, of which $2,713,539 and $7,602,878, respectively, was distributable in cash and the remainder distributable in shares to organization and offering costs stockholders pursuant to the Company’s dividend reinvestment plan. Organization and Offering Costs Organization costs include, among other things, the cost of organizing as a Maryland corporation, including the cost of legal services and other fees pertaining to the Company’s organization, all of which are expensed as incurred. Offering costs include, among other things, legal fees and other costs pertaining to the preparation of the Company’s public and private offering materials as well as travel-related expenses related to the Company’s public and private offerings. Pursuant to the investment advisory agreement in place between the Company and RGC at the time of the Initial Private Offering, the Company and RGC agreed that organization and offering costs incurred in connection with the Initial Private Offering would be borne by the Company up to a maximum amount of $1,000,000, provided that the amount of such costs in excess of $1,000,000 would be paid by RGC. As of December 31, 2016, the Company had already incurred the maximum amount of $1,000,000 in organization and offering costs incurred in connection with the Initial Private Offering. Offering costs related to the Second Private Offering were accumulated and charged to additional paid in capital at the time of closing beginning in 2019. These offering costs related to the Second Private Offering were subject to a cap of $600,000, excluding placement agent fees which had no cap, of which the Company would bear the cost. At the completion of the Second Private Offering, the Company had accumulated and recorded $651,991 of offering costs and $186,198 in placement agent fees related to the Second Private Offering. Under the terms of the Second Private Offering, offering costs in excess of $600,000, excluding placement agent fees, were reimbursed by RGC. Offering costs related to the IPO were accumulated and charged to additional paid in capital at the time of closing in October 2021. We had accumulated and recorded $6,970,599 of offering costs related to the Company’s IPO. The offering costs were fully born by the Company and include underwriting fees, legal fees, and other costs pertaining to the preparation of the Company’s offering materials as well as travel-related expenses. Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2024. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting ASU No. 2020-04 and 2021-01 on the financial statements. The Company did not utilize the optional expedients and exceptions provided in this guidance during the three and nine months ended September 30, 2022 and 2021. In June 2022, the FASB issued Accounting Standards Update No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of the security. The amendments in ASU 2022-03 are effective for public companies for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently assessing the impact of ASU 2022-03 on its consolidated financial statements.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 3 – Commitments and Contingencies

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.

At September 30, 2022, the Company had $329,284,615 in unfunded loan commitments to provide debt financing to its portfolio companies. Unfunded commitments may be subject to portfolio companies achieving certain performance milestones to access unfunded availability. The balance of unfunded commitments to extend financing as of September 30, 2022 was as follows:


Portfolio Company	Investment Type	September 30, 2022
Allurion Technologies, Inc.	Senior Secured Term Loan	$	15,000,000
CloudPay, Inc.	Senior Secured Term Loan		15,000,000
Dtex Systems, Inc.	Senior Secured Term Loan		10,000,000
EBR Systems, Inc.	Senior Secured Term Loan		30,000,000
INRIX, Inc.	Senior Secured Term Loan		5,000,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		10,000,000
Interactions Corporation	Senior Secured Term Loan		10,000,000
Kin Insurance, Inc.	Senior Secured Term Loan		25,000,000
Moximed, Inc.	Senior Secured Term Loan		15,000,000
Mustang Bio, Inc.	Senior Secured Term Loan		45,000,000
Revelle Aesthetics, Inc.	Senior Secured Term Loan		12,500,000
Route 92 Medical, Inc.	Senior Secured Term Loan		42,000,000
SetPoint Medical Corporation	Senior Secured Term Loan		25,000,000
ShareThis, Inc.	Senior Secured Term Loan		3,000,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,784,615
Synack, Inc.	Senior Secured Term Loan		25,000,000
TRACON Pharmaceuticals, Inc.	Senior Secured Term Loan		25,000,000
VERO Biotech LLC	Senior Secured Term Loan		10,000,000
Total unused commitments to extend financing		$	329,284,615

At December 31, 2021, the Company had $186,984,615 in unfunded loan commitments to provide debt financing to its portfolio companies. Unfunded commitments may be subject to portfolio companies achieving certain performance milestones to access unfunded availability. The balance of unfunded commitments to extend financing as of December 31, 2021 was as follows:


Portfolio Company	Investment Type	December 31, 2021
Allurion Technologies, Inc.	Senior Secured Term Loan	$	15,000,000
CloudPay, Inc.	Senior Secured Term Loan		10,000,000
CrossRoads Extremity Systems, LLC	Senior Secured Term Loan		7,500,000
Dtex Systems, Inc.	Senior Secured Term Loan		15,000,000
Gynesonics, Inc.	Senior Secured Term Loan		20,000,000
INRIX, Inc.	Senior Secured Term Loan		10,000,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		11,000,000
Marley Spoon AG	Senior Secured Term Loan		11,700,000
Route 92 Medical, Inc.	Senior Secured Term Loan		42,000,000
SetPoint Medical Corporation	Senior Secured Term Loan		25,000,000
ShareThis, Inc.	Senior Secured Term Loan		3,000,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,784,615
VERO Biotech LLC	Senior Secured Term Loan		10,000,000
Total unused commitments to extend financing		$	186,984,615

The Company’s management believes that its available cash balances and availability under the Credit Facility provides sufficient funds to cover its unfunded commitments as of September 30, 2022. The Company has evaluated the expected net future cash flows related to unfunded commitments and determined the fair value to be zero as of September 30, 2022 and December 31, 2021.

The Company is currently not subject to any material legal proceedings, nor, to its knowledge, is any material proceeding threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of its rights under contracts with its portfolio companies. 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 business, financial condition or results of operations.

Other Commitments and Contingencies

On February 24, 2022, the Board of Directors approved a repurchase program (the “Repurchase Program”) under which the Company may repurchase up to $25 million of its outstanding common stock. Under the Repurchase Program, purchases may be made

at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended by the Board of Directors, the repurchase program will terminate 12 months from the date it was approved. As of September 30, 2022, 744,756 shares of our common stock were repurchased under the Repurchase Program for an aggregate repurchase price of $9,301,933.

Concentration of Credit Risk	9 Months Ended
Concentration of Credit Risk	Sep. 30, 2022
Risks And Uncertainties [Abstract]
Concentration of Credit Risk	Note 4 – Concentration of Credit Risk In the normal course of business, the Company maintains its cash balances in 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’s management monitors the financial condition of those financial institutions and does not currently anticipate any losses from these counterparties

Net Increase in Net Assets Resulting from Operations per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Increase in Net Assets Resulting from Operations per Common Share

Note 5 – Net Increase in Net Assets Resulting from Operations per Common Share

The following information sets forth the computation of basic income per common share for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net increase in net assets resulting from operations	$	11,721,773	$	10,231,052	$	13,757,530	$	26,313,723
Weighted average shares outstanding for the period
Basic		40,774,154		33,160,481		41,119,467		32,360,107
Diluted		40,774,154		33,160,481		41,119,467		32,360,107
Per Share Data(1):
Basic and diluted income (loss) per common share
Basic	$	0.29	$	0.31	$	0.33	$	0.81
Diluted	$	0.29	$	0.31	$	0.33	$	0.81

(1)

Per share data is based on average weighted shares outstanding.

Net Assets

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Net Assets

Note 6 – Net Assets

The Company has the authority to issue 100,000,000 shares of common stock, $0.01 par value per share.

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 approximately $93.0 million. The Company’s common stock began trading on the Nasdaq Global Select Market under the symbol “RWAY” on October 21, 2021.

Prior to October 25, 2021, the Company entered into subscription agreements (the “Subscription Agreements”) with investors providing for the private placement of the Company’s common shares. Under the terms of the Subscription Agreements, investors were required to fund drawdowns to purchase the Company’s common shares up to the amount of their respective capital commitment on an as-needed basis each time the Company delivered a drawdown notice to its investors.

In connection with the Initial Private Offering, the Company issued 18,241,157 shares of our common stock to stockholders for a total purchase price of $275,000,000. Between June 14, 2019 and September 29, 2021, the Company accepted $181,673,500 in capital commitments under its Second Private Offering. The Company had issued 9,617,379 shares of common stock for aggregate proceeds of $144,260,683 under the Second Private Offering. Concurrent with the IPO, all undrawn commitments under the Second Private Offering were cancelled.

On March 31, 2020 and March 24, 2021, the Company had issued in aggregate 22,564 shares as an additional direct investment by Runway Growth Holdings LLC, an affiliate of RGC, at $15.00 per share for total proceeds of $338,453 in a private offering pursuant to an exemption from registration under Regulation D of the Securities Act.

During the three months ended September 30, 2022, the Company repurchased 331,264 shares for an aggregate purchase price of $4,022,696 in connection with its Repurchase Program and no shares were issued in connection with the reinvestment of dividends. The following table summarizes capital activity during the three months ended September 30, 2022:


	Common Stock				Treasury Stock						Additional		Distributable			Total
	Shares		Amount		Shares			Amount			Paid-in Capital		(Losses) Earnings			Net Assets
Balance, beginning of period		41,380,614	$	413,806		(413,492	)	$	(5,279,237	)	$	606,063,671	$	(21,786,236	)	$	579,412,004
Issuance of common stock		—		—		—			—			—		—			—
Reinvestment of dividends		—		—		—			—			—		—			—
Acquisition of treasury shares		—		—		(331,264	)		(4,022,696	)		—		—			(4,022,696	)
Offering costs		—		—		—			—			—		—			—
Net investment income		—		—		—			—			—		14,496,949			14,496,949
Net realized gain (loss) on investments		—		—		—			—			—		406,917			406,917
Net change in unrealized appreciation (depreciation) on investments		—		—		—			—			—		(3,182,093	)		(3,182,093	)
Dividends declared		—		—		—			—			—		(13,450,710	)		(13,450,710	)
Tax reconciliation of stockholders' equity in accordance with US GAAP		—		—		—			—			—		—			—
Balance, end of period		41,380,614	$	413,806		(744,756	)	$	(9,301,933	)	$	606,063,671	$	(23,515,173	)	$	573,660,371

During the nine months ended September 30, 2022, the Company repurchased 744,756 shares for an aggregate purchase price of $9,301,933 in connection with its Repurchase Program and no shares were issued in connection with the reinvestment of dividends. The following table summarizes capital activity during the nine months ended September 30, 2022:


	Common Stock				Treasury Stock						Additional		Distributable			Total
	Shares		Amount		Shares			Amount			Paid-in Capital		(Losses) Earnings			Net Assets
Balance, beginning of period		41,380,614	$	413,806		—		$	—		$	606,047,671	$	(266,986	)	$	606,194,491
Issuance of common stock		—		—		—			—			—		—			—
Reinvestment of dividends		—		—		—			—			—		—			—
Acquisition of treasury shares		—		—		(744,756	)		(9,301,933	)		—		—			(9,301,933	)
Offering costs		—		—		—			—			16,000		—			16,000
Net investment income		—		—		—			—			—		41,435,416			41,435,416
Net realized gain (loss) on investments		—		—		—			—			—		939,377			939,377
Net change in unrealized appreciation (depreciation) on investments		—		—		—			—			—		(28,617,263	)		(28,617,263	)
Dividends declared		—		—		—			—			—		(37,005,717	)		(37,005,717	)
Tax reconciliation of stockholders' equity in accordance with US GAAP		—		—		—			—			—		—			—
Balance, end of period		41,380,614	$	413,806		(744,756	)	$	(9,301,933	)	$	606,063,671	$	(23,515,173	)	$	573,660,371

During the three months ended September 30, 2021, the Company issued 575,032 shares for $8,401,215 in connection with the reinvestment of dividends. The following table summarizes capital activity during the three months ended September 30, 2021:


	Common Stock				Additional			Distributable			Total
	Shares		Amount		Paid-in Capital			(Losses) Earnings			Net Assets
Balance, beginning of period		32,690,454	$	326,904	$	485,755,211		$	(8,343,018	)	$	477,739,097
Issuance of common stock		1,265,128		12,651		18,964,266			—			18,976,917
Reinvestment of dividends		575,032		5,751		8,395,464			—			8,401,215
Offering costs		—		—		(32,542	)		—			(32,542	)
Net investment income		—		—		—			10,741,124			10,741,124
Net realized gain (loss) on investments		—		—		—			718,310			718,310
Net change in unrealized appreciation (depreciation) on investments		—		—		—			(1,228,382	)		(1,228,382	)
Dividends declared		—		—		—			(11,114,754	)		(11,114,754	)
Tax reconciliation of stockholders' equity in accordance with U.S. GAAP		—		—		—			—			—
Balance, end of period		34,530,614	$	345,306	$	513,082,399		$	(9,226,720	)	$	504,200,985

During the nine months ended September 30, 2021, the Company issued 1,830,974 shares for $26,994,806 in connection with the reinvestment of dividends. The following table summarizes capital activity during the nine months ended September 30, 2021:


	Common Stock				Additional			Distributable			Total
	Shares		Amount		Paid-in Capital			(Losses) Earnings			Net Assets
Balance, beginning of period		31,414,051	$	314,140	$	466,872,304		$	(942,759	)	$	466,243,685
Issuance of common stock		1,285,589		12,856		19,270,972			—			19,283,828
Reinvestment of dividends		1,830,974		18,310		26,976,496			—			26,994,806
Offering costs		—		—		(37,373	)		—			(37,373	)
Net investment income		—		—		—			33,563,330			33,563,330
Net realized gain (loss) on investments		—		—		—			(4,076,766	)		(4,076,766	)
Net change in unrealized appreciation (depreciation) on investments		—		—		—			(3,172,841	)		(3,172,841	)
Dividends declared		—		—		—			(34,597,684	)		(34,597,684	)
Tax reconciliation of stockholders' equity in accordance with U.S. GAAP		—		—		—			—			—
Balance, end of period		34,530,614	$	345,306	$	513,082,399		$	(9,226,720	)	$	504,200,985

The shares of common stock issued, the price per share and the proceeds raised, from inception through September 30, 2022, are detailed in the following table:


Issuance Date	Shares Issued			Price per Share			Gross Proceeds
October 8, 2015		1,667	$		15.00	$		25,000
December 22, 2016		333,333			15.00			5,000,000
April 19, 2017		1,000,000			15.00			15,000,000
June 26, 2017		1,666,667			15.00			25,000,000
September 12, 2017		2,666,667			15.00			40,000,000
December 22, 2017		3,000,000			15.00			45,000,000
May 31, 2018(1)		70,563			14.82			1,045,570
August 31, 2018(1)		117,582			14.92			1,754,244
September 27, 2018		1,997,337			15.02			30,000,000
November 15, 2018(1)		202,779			15.07			3,055,498
January 14, 2019		4,344,964			15.19			66,000,000
March 26, 2019(1)		326,431			15.14			4,942,168
May 21, 2019(1)		374,783			15.13			5,670,467
May 24, 2019		3,232,189			15.16			49,000,000
July 16, 2019(1)		464,986			15.13			7,035,236
August 26, 2019(1)		480,121			14.76			7,088,143
October 15, 2019		1,666,667			15.00			25,000,000
November 12, 2019(1)		43,979			14.76			649,123
December 20, 2019		3,333,333			15.00			50,000,000
December 23, 2019(1)		487,166			14.52			7,073,650
March 20, 2020(1)		575,132			14.58			8,385,423
March 31, 2020		21,021			15.00			315,308
May 20, 2020(1)		529,020			14.25			7,538,541
August 6, 2020(1)		550,639			14.41			7,934,712
October 15, 2020		3,333,333			15.00			50,000,000
November 12, 2020(1)		593,692			14.46			8,584,772
March 19, 2021(1)		618,815			14.84			9,183,220
March 24, 2021		20,461			15.00			306,911
May 13, 2021(1)		637,127			14.77			9,410,371
August 12, 2021(1)		575,032			14.61			8,401,215
September 29, 2021		1,265,128			15.00			18,976,917
October 25, 2021		6,850,000			14.60			100,010,000
Total		41,380,614				$		617,386,489

(1) Shares were issued as part of the dividend reinvestment plan.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Related Party Agreements and Transactions

9 Months Ended

Sep. 30, 2022

Note 7 – Related Party Agreements and Transactions

Amended and Restated Advisory Agreement

On November 29, 2016, the Company’s 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 Agreement”). On August 3, 2017, the Board of Directors approved certain amendments to the Prior 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 advisory agreement (the “Advisory Agreement”) at a virtual meeting and recommended that the Company’s stockholders approve the Advisory Agreement. 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 Advisory Agreement at its next in-person meeting which was held in July 2021. The Advisory Agreement became effective on May 27, 2021 upon approval by the stockholders at a special meeting of stockholders of the Company. The Advisory Agreement amended the Prior Agreement to include certain revisions to the management and incentive fee calculation mechanisms and clarify language relating to liquidity events. 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 other such 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.

For purposes of the Advisory Agreement, a “Spin-Off transaction” includes either a transaction whereby (a) the Company offers its stockholders the option to elect to either (i) retain their ownership of shares of the Company’s common stock, or (ii) exchange their shares of the Company’s common stock for shares of common stock in a newly formed entity (the “Public Fund”) that will elect to be regulated as a BDC under the 1940 Act and treated as a RIC under Subchapter M of the Code (the “Public Fund Spin Off”); or (b) the Company completes a listing of the Company’s securities on any securities exchange (an “Exchange Listing”). The base management fee will be an amount equal to 0.40% (1.60% annualized) of the Company’s average daily Gross Assets (defined below) during the most recently completed calendar quarter for so long as the aggregate amount of Gross Assets of the Company as of the end of the most recently completed calendar quarter is equal or greater than $500,000,000 but less than $1,000,000,000. For purposes of the Advisory Agreement, “Gross Assets” is defined as the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage, as well as any PIK interest, as of the end of the most recently completed fiscal 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 $500,000,000 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. If 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 $1,000,000,000, 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.

RGC earned base management fees of $3,065,581 and $8,487,820, respectively, for the three and nine months ended September 30, 2022, and $2,301,656 and $6,647,207, respectively, for the three and nine months ended September 30, 2021.

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. The Income Incentive Fee is calculated and payable quarterly

in arrears based on the Pre-Incentive Fee net investment income for the immediately preceding fiscal quarter. Payments based on Pre-Incentive Fee net investment income will be based on the Pre-Incentive Fee net investment income earned for the quarter. For this purpose, “Pre-Incentive Fee net investment income” 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) that the Company accrues 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 (the “Administration Agreement”), and any dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with pay in kind 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 net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee net investment income, 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 net investment income in each calendar quarter as follows: (1) no Income Incentive Fee in any calendar quarter in which the Company’s Pre-Incentive Fee net investment income does not exceed the hurdle rate of 2.0%; (2) 80% of the Company’s Pre-Incentive Fee net investment income with respect to that portion of such Pre-Incentive Fee net investment income, 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 net investment income 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 net investment income as if a hurdle did not apply if the Company’s Pre-Incentive Fee net investment income exceeds 2.667% in any calendar quarter (10.668% annualized)); and (3) 20.0% of the amount of the Company’s Pre-Incentive Fee net investment income, 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 net investment income thereafter is allocated to RGC).

Prior to the consummation of the IPO, in the event that (a) the sum of the Company’s cumulative net realized losses since the date of the Company’s election to be regulated as a BDC exceeded 2.0% of the total non-control/non-affiliate investments made by the Company since the date of the Company’s election to be regulated as a BDC through the end of the quarter and (b) the Pre-Incentive Fee net investment income adjusted to include any realized capital gains and losses (“Adjusted Pre-Incentive Fee net investment income”), expressed as an annualized rate of return on the value of the Company’s average daily net assets (defined as total assets less liabilities), since the Company’s election to be regulated as a BDC through the end of the quarter was less than 10.0%, no Income Incentive Fee would be payable for such quarter until the first subsequent quarter in which either (x) the sum of the Company’s cumulative net realized losses since the date of the Company’s election to be regulated as a BDC was equal to or less than 2.0% of the total non-control/non-affiliate investments made by the Company since the date of the Company’s election to be regulated as a BDC through the end of such subsequent quarter or (y) the Adjusted Pre-Incentive Fee net investment income, expressed as an annualized rate of return on the value of the Company’s average daily net assets (defined as total assets less liabilities), since the Company’s election to be regulated as a BDC through the of the end of the quarter equals or exceeds 10.0%; provided, however, that in no event would any Income Incentive Fee be payable for any prior quarter after the three-year anniversary of the end of such quarter.

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 depreciation 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 appreciation. If such amount is negative, then no Capital Gains Fee will be payable for such year.

RGC earned incentive fees of $3,625,686 and $$8,590,821, respectively, for the three and nine months ended September 30, 2022; $3,208,431 and $7,293,008, respectively, of the incentive fees for the three and nine months ended September 30, 2022 were earned, payable in cash, and $417,255 and $1,297,812, respectively, of the incentive fees for the three and nine months ended September 30, 2022 were accrued and generated from deferred interest (i.e., PIK interest and certain discount accretion) and are not payable pending receipt of cash by the Company. RGC earned incentive fees for the three and nine months ended September 30, 2021 of $2,686,475 and $6,498,482, respectively; $2,171,245 and $5,140,115, respectively, of the incentive fees for the three and nine months ended September 30, 2021 were earned, payable in cash, and $515,230 and $1,358,367, respectively, of the incentive fees for the three and nine months ended September 30, 2021 were accrued and deferred (i.e., PIK interest and certain discount accretion) and are not

payable pending receipt of cash by the Company. Both currently payable in cash, $2,972,186 and $2,493,508, and deferred incentive fees, $4,216,780 and $3,516,742, are included in accrued incentive fees on the Statements of Assets and Liabilities as of September 30, 2022 and December 31, 2021, respectively.

The capital gains incentive fee consists of fees related to realized gains, realized capital losses and unrealized capital depreciation. With respect to the incentive fee expense accrual related to the capital gains incentive fee, U.S. GAAP requires that the capital gains invective fee accrual consider the cumulative aggregate unrealized appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized appreciation were realized even though such unrealized appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. As of each of September 30, 2022 and December 31, 2021, there was no capital gains incentive fee accrued, earned or payable to RGC under the Advisory Agreement.

Spin-Off Incentive Fee

The Income Incentive Fee is payable in connection with a Public Fund Spin-Off, including the IPO, as follows. The Income Incentive Fee is calculated as of the date of the completion of each Public Fund Spin-Off and will equal the amount of Income Incentive Fee that would be payable to RGC if (1) all of the Company’s investments were liquidated for their current value and any unamortized deferred portfolio investment-related fees would be deemed accelerated, (2) the proceeds from such liquidation were used to pay all of the Company’s outstanding liabilities, and (3) the remainder were distributed to the Company’s stockholders and paid as incentive fee in accordance with the Income Incentive Fee described in clauses (1) and (2) above for determining the amount of the Income Incentive Fee; provided, however, that in no event will the Income Incentive Fee paid in connection with the completion of the Public Fund Spin-Off (x) include the portion of the Income Incentive Fee attributable to deferred interest features of a particular investment that is not transferred pursuant to the Public Fund Spin-Off until such time as the deferred interest is received in cash, or (y) exceed 20.0% of the Company’s Pre-Incentive Fee net investment income accrued by the Company for the fiscal quarter as of the date of the completion of the Public-Fund Spin-Off. The Company will make the payment of the Income Incentive Fee paid in connection with the completion of the Public Fund Spin-Off in cash on or immediately following the date of the completion of the Public-Fund Spin-Off. After the Public Fund Spin-Off, all calculations relating to the incentive fee payable will be made beginning on the day immediately following the completion of the Public Fund Spin-Off without taking into account the exchanged shares of the Company’s common stock (or contributions, distributions or proceeds relating thereto).

The Capital Gains Fee is payable in respect of the exchanged shares of the Company’s common stock in connection with the Public Fund Spin-Off and is calculated as of the date of the completion of the Public Fund Spin-Off as if such date were a calendar year-end for purposes of calculating and paying the Capital Gains Fee.

No Income Incentive Fee or Capital Gains Fee is payable in connection with the Public Fund Spin-Off unless, on the date of the completion of the Public Fund Spin-Off, the sum of the Company’s (i) Pre-Incentive Fee net investment income and (ii) realized capital gains less realized capital losses and unrealized capital depreciation from the date of the Company’s election to be regulated as a BDC through, and including, the date of the completion of the Public Fund Spin-Off, is greater than 8.0% of the cumulative net investments made by the Company since the Company’s election to be regulated as a BDC.

Administration Agreement

The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under 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 certain of its officers, including the Company’s Chief Financial Officer, Chief Compliance Officer and any administrative support staff.

The Company reimbursed the Administrator $258,195 and $820,586, respectively, during the three and nine months ended September 30, 2022. As of September 30, 2022, the Company had accrued a net payable to the Administrator of $261,180. Of the total amount reimbursed and accrued during the three and nine months ended September 30, 2022, $212,533 and $707,609, respectively, was related to overhead allocation expense. The Company reimbursed the Administrator $261,630 and $741,012 during the three and nine months ended September 30, 2021. As of September 30, 2021, the Company accrued a net payable to the Administrator of $227,038. Of the total amount reimbursed and accrued during the three and nine months ended September 30, 2021, $206,167 and $643,606, respectively, was related to overhead allocation expense. As of December 31, 2021, the Company had accrued a net payable to the Administrator of $221,243. Administration fees, which include fees payable by the Administrator to third-party service providers who provide additional administration services for the Company, were $161,245 and $497,896, respectively, for the three and nine months ended September 30, 2022. Administration fees, which include fees payable by the Administrator to third-party service providers who

provide additional administration services for the Company, were $179,500 and $420,360, respectively, for the three and nine months ended September 30, 2021.

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 for 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.

Oaktree Strategic Relationship

In connection with the strategic relationship, OCM purchased an aggregate of 14,571,334 shares of our common stock for an aggregate purchase price of $219.3 million in our Initial Private Offering and our Second Private Offering. As of September 30, 2022, OCM owns 21,129,668 shares of our common stock or approximately 52% of our outstanding shares. OCM has granted a proxy to us pursuant to which the shares held by OCM will be voted in the same proportion as our other stockholders vote their shares.

In connection with OCM’s commitment, the Company entered into a stockholder agreement, dated December 15, 2016, with OCM, pursuant to which OCM has a right to nominate a member of the Company’s Board of Directors for election for so long as OCM holds shares of the Company’s common stock in an amount equal to, in the aggregate, at least one-third (33%) of OCM’s initial $125 million capital commitment. Brian Laibow, Co-Head of North America & Managing Director Opportunities Funds, serves on the Company’s Board of Directors as OCM’s director nominee and is considered an interested director. OCM also holds a minority interest in RGC and has the right to appoint a member of RGC’s board of managers and a member of RGC’s investment committee. Brian Laibow is OCM’s appointee to RGC’s board of managers and investment committee. OCM also purchased additional equity in RGC in connection with its commitment to the Company.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8 – Fair Value Measurements

The Company’s assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy in accordance with ASC Topic 820. See Note 2 for discussion of the Company’s valuation policies.

The following tables present information about the Company’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021, respectively:


	As of September 30, 2022 (Unaudited)
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Common Stock	$	496,498	$	1,413,356	$	1,228,197	$	3,138,051
Senior Secured Term Loans		—		—		862,527,989		862,527,989
Second Lien Term Loans		—		—		13,403,245		13,403,245
Preferred Stock		12,327,868		—		384,685		12,712,553
Warrants		—		66,950		18,320,157		18,387,107
Total Portfolio Investments		12,824,366		1,480,306		895,864,273		910,168,945
Total Investments	$	12,824,366	$	1,480,306	$	895,864,273	$	910,168,945


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Common Stock	$	2,559,932	$	8,903,933	$	—	$	11,463,865
Senior Secured Term Loans		—		—		623,053,646		623,053,646
Second Lien Term Loans		—		—		12,872,588		12,872,588
Preferred Stock		15,704,705		—		1,332,420		17,037,125
Warrants		—		—		20,087,550		20,087,550
Total Portfolio Investments		18,264,637		8,903,933		657,346,204		684,514,774
U.S. Treasury Bill		45,001,500		—		—		45,001,500
Total Investments	$	63,266,137	$	8,903,933	$	657,346,204	$	729,516,274

The Company recognizes transfers into and out of the levels indicated above at the end of each reporting period. During the period ended September 30, 2022, the Company had common stock investments with restrictions lifted, resulting in an asset transfer out

of Level 2 and into Level 1 at the fair value of $5,421,235. During the year ended December 31, 2021, the Company had warrant investments converted to common stock investments, resulting in an asset transfer out of Level 3 and into Level 2 at the fair value of $15,305,039.

The following table presents a rollforward of Level 3 assets measured at fair value as of September 30, 2022:


	Preferred Stock			Common Stock			Senior Secured Term Loans			Second Lien Term Loans			Warrants			Total
Fair value at December 31, 2021	$	1,332,420		$	—		$	623,053,646		$	12,872,588		$	20,087,550		$	657,346,204
Amortization of fixed income premiums or accretion of discounts		—			—			4,488,454			88,280			—			4,576,734
Purchases of investments(1)		—			4,551,235			391,506,142			490,100			2,489,851			399,037,328
Sales or repayments of investments(1)		(800,000	)		—			(143,170,836	)		—			(1,508,601	)		(145,479,437	)
Transfers out of Level 3		—			—			—			—			(2,238,726	)		(2,238,726	)
Realized gain (loss)		—			—			—			—			(850,754	)		(850,754	)
Change in unrealized appreciation (depreciation)		(147,735	)		(3,323,038	)		(13,349,417	)		(47,723	)		340,837			(16,527,076	)
Fair value at September 30, 2022	$	384,685		$	1,228,197		$	862,527,989		$	13,403,245		$	18,320,157		$	895,864,273
Change in unrealized appreciation (depreciation on Level 3 investments still held as of September 30, 2022	$	(77,340	)	$	(3,323,038	)	$	(12,453,978	)	$	(47,723	)	$	(1,812,833	)	$	(17,714,912	)

(1)

Includes PIK interest, 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, 2021:


	Preferred Stock			Senior Secured Term Loans			Second Lien Term Loans		Warrants			Total
Fair value at December 31, 2020	$	1,336,268		$	501,964,657		$	—	$	33,008,672		$	536,309,597
Amortization of fixed income premiums or accretion of discounts		—			5,541,082			—		—			5,541,082
Purchases of investments(1)		2,000,000			233,311,709			—		475,074			235,786,783
Sales or repayments of investments(1)		—			(202,045,467	)		—		(86,834	)		(202,132,301	)
Transfers out of Level 3		—			—			—		(15,305,039	)		(15,305,039	)
Realized gain (loss)		—			—			—		(418,037	)		(418,037	)
Change in unrealized appreciation (depreciation)		(2,258,653	)		(7,166,257	)		—		3,076,220			(6,348,690	)
Fair value at September 30, 2021	$	1,077,615		$	531,605,724		$	—	$	20,750,056		$	553,433,395
Change in unrealized appreciation (depreciation) on Level 3 investments still held as of September 30, 2021	$	(258,653	)	$	(7,090,189	)	$	—	$	(12,249,072	)	$	(19,597,914	)

(1)

Includes PIK interest, net of reorganization and restructuring of investments.

The following table provides quantitative information regarding Level 3 fair value measurements as of September 30, 2022:


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Common Stock	$	1,228,197	Recent private market and merger and acquisition transaction prices	N/A	N/A
Preferred Stock		384,685	Recent private market and merger and acquisition transaction prices	N/A	N/A
Senior Secured Term Loans(1)		841,360,595	Discounted Cash Flow analysis	Discount rate	11.5% - 25.0% (14.4%)
			Market approach	Origination yield	10.4% - 19.3% (12.7%)
		21,167,394	PWERM	Discount rate	35.0% - 40.0% (38.9%)
Second Lien Term Loans		13,403,245	Discounted Cash Flow analysis	Discount rate	15.7% - 15.7% (15.7%)
Warrants(2)		11,436,828	Option pricing model	Risk-free interest rate	2.4% - 4.3% (3.5%)
				Average industry volatility	25.0% - 98.7% (45.0%)
				Estimated time to exit	0.3 - 5.0 (2.1 years)
				Revenue multiples	1.45x - 176.14x (6.16x)
		6,883,329	PWERM	Discount rate	20.0% - 40.0% (32.4%)
				Revenue multiples	2.73x - 204.18x (12.59x)
Total Level 3 Investments	$	895,864,273

The following table provides quantitative information regarding Level 3 fair value measurements as of December 31, 2021:


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Preferred Stock	$	1,332,420	Recent private market and merger and acquisition transaction prices	N/A	N/A
Senior Secured Term Loans(1)		594,793,670	Discounted Cash Flow analysis	Discount rate	6.2% - 71.2% (12.9%)
			Market approach	Origination yield	5.1% - 100.1% (11.8%)
		28,259,976	PWERM	Discount rate	16.3% - 25.0% (20.8%)
Second Lien Term Loans(1)		12,872,588	Discounted Cash Flow analysis	Discount rate	12.2% - 12.2% (12.2%)
Warrants(2)		13,132,780	Option pricing model	Risk-free interest rate	0.1% - 1.2% (0.5%)
				Average industry volatility	20.0% - 75.0% (39.6%)
				Estimated time to exit	0.5 - 5.7 (2.0 yrs)
				Revenue multiples	0.00x - 13.46x (6.16x)
		6,954,770	PWERM	Discount rate	30.0% - 46.0% (36.0%)
				Revenue multiples	2.94x - 123.71x (9.53x)
Total Level 3 Investments	$	657,346,204

(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 (decreases) in the inputs in isolation may 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 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 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, 2022 and the year ended December 31, 2021. 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 or 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.

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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 + Details

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2022

Derivative Financial Instruments

Note 9 – 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

Warrants provide exposure and potential gains upon equity appreciation of 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. For the three and nine months ended September 30, 2022, the Company had a net realized gain/(loss) of $(583,365) and $(850,754), respectively, and a net change in unrealized appreciation/(depreciation) of $181,741 and $340,837, respectively, from its investments in warrants. For the three and nine months ended September 30, 2021, the Company had a net realized gain/(loss) of $72,371 and $(418,037), respectively, and a net change in unrealized depreciation of $2,463,752 and $3,076,220, respectively, from its investments in warrants. Realized gain/(loss) from warrants is included in Realized gain/(loss) on non-control/non-affiliate investments, including U.S. Treasury Bills on the Statement of Operations. Net change in unrealized appreciation/(depreciation) from investments in warrants is included in Net Change in unrealized appreciation (depreciation) on non-control/non-affiliate investments, including U.S. Treasury Bills.

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 Company’s Board of Directors considers the effects of counterparty risk when determining the fair value of its investments in warrants.

Borrowings

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowings

Note 10 – Borrowings

The following table shows the Company's borrowings as of September 30, 2022 and December 31, 2021:


	September 30, 2022									December 31, 2021
	Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value		Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value
Credit Facility	$	425,000,000	$	175,000,000	$	(4,990,643	)	$	170,009,357	$	350,000,000	$	61,000,000	$	(1,135,511	)	$	59,864,489
2026 Notes		70,000,000		70,000,000		(869,686	)		69,130,314		20,000,000		20,000,000		(376,029	)		19,623,971
July 2027 Notes		80,500,000		80,500,000		(2,495,400	)		78,004,600		—		—		—			—
August 2027 Notes		20,000,000		20,000,000		(599,505	)		19,400,495		—		—		—			—
Total	$	595,500,000	$	345,500,000	$	(8,955,234	)	$	336,544,766	$	370,000,000	$	81,000,000	$	(1,511,540	)	$	79,488,460

(1) Net of accumulated amortization.

For the three and nine months ended September 30, 2022, the components of interest expense, amortization of deferred debt costs, and the unused fees on the Credit Facility (as defined below) on the Company's borrowings were as follows:


	Three Months Ended September 30, 2022											Nine Months Ended September 30, 2022
	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest Expense and Fees		Weighted Average Cost of Debt			Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest Expense and Fees		Weighted Average Cost of Debt
Credit Facility	$	1,667,420	$	269,283	$	376,684	$	2,313,387		7.37	%	$	2,901,815	$	570,655	$	1,427,894	$	4,900,364		7.73	%
2026 Notes		743,750		50,062		—		793,812		4.54	%		1,990,417		130,014		—		2,120,431		4.60	%
July 2027 Notes		1,056,563		87,600		—		1,144,163		8.12	%		1,056,563		87,600		—		1,144,163		8.12	%
August 2027 Notes		120,556		10,495		—		131,051		7.61	%		120,556		10,495		—		131,051		7.61	%
Total	$	3,588,289	$	417,440	$	376,684	$	4,382,413				$	6,069,351	$	798,764	$	1,427,894	$	8,296,009

For the three and nine months ended September 30, 2021, the components of interest expense, amortization of deferred debt costs, and the unused fees on the Credit Facility (as defined below) on the Company's borrowings were as follows:


	Three Months Ended September 30, 2021											Nine Months Ended September 30, 2021
	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest Expense and Fees		Weighted Average Cost of Debt			Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest Expense and Fees		Weighted Average Cost of Debt
Credit Facility	$	811,028	$	117,343	$	158,861	$	1,087,232		4.70	%	$	2,295,514	$	349,378	$	487,277	$	3,132,169		4.81	%
2026 Notes		—		—		—		—		—	%		—		—		—		—		—	%
July 2027 Notes		—		—		—		—		—	%		—		—		—		—		—	%
August 2027 Notes		—		—		—		—		—	%		—		—		—		—		—	%
Total	$	811,028	$	117,343	$	158,861	$	1,087,232				$	2,295,514	$	349,378	$	487,277	$	3,132,169

Credit Facility

On May 31, 2019, the Company entered into a Credit Agreement with KeyBank National Association, acting as administrative agent and syndication agent and the other lenders party thereto, which initially provided the Company with a $100.0 million commitment, subject to borrowing base requirements (as amended and restated from time to time, the “Credit Facility”). As of

September 30, 2022, the Company had $425.0 million in total commitments available under the Credit Facility, which includes an accordion feature that allows the Company to increase the total commitments the Credit Facility up to $500.0 million. The availability period under the Credit Facility expires on April 20, 2025 and is followed by a one-year amortization period. The stated maturity date under the Credit Facility is April 20, 2026, unless extended.

Borrowings under the Credit Facility bear interest at a rate equal to the Adjusted Term Secured Overnight Financing Rate (“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 unused commitment fees 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 and 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 the three and nine months ended September 30, 2022, the weighted average outstanding debt balance was $126.0 million and $85.1 million, respectively, and the weighted average effective interest rate was 5.18% and 4.61%, respectively. For the three and nine months ended September 30, 2021, the weighted average outstanding debt balance was $90.7 million and $86.5 million, respectively, and the weighted average effective interest rate was 3.50% and 3.50%, respectively.

2026 Notes

On December 10, 2021, the Company completed a private debt offering of $70 million in aggregate principal amount of 4.25% interest-bearing unsecured Series 2021A Senior Notes due 2026 (the “2026 Notes”) to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act")). The 2026 Notes were issued in two closings, the initial issuance of $20 million 2026 Notes closed on December 10, 2021 and the second and final issuance of $50 million 2026 Notes closed on February 10, 2022.

The 2026 Notes bear an interest rate of 4.25% per year and are 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. Interest on the 2026 Notes will be due semiannually in arrears on June 10 and December 10 of each year, commencing on June 10, 2022. The interest rate is subject to a 1.00% increase in the event that, subject to certain exceptions, the 2026 Notes cease to have an investment grade rating or receive an investment grade rating below the Investment Grade (as defined in the note purchase agreement). The 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.

Aggregate offering costs in connection with the 2026 Notes issuance, including the underwriter’s discount and commissions, were $0.9 million, which were capitalized and deferred. As of September 30, 2022 and December 31, 2021, unamortized deferred financing costs related to the 2026 Notes were $0.9 million and $0.4 million, respectively.

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 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.

The July 2027 Notes bear an interest rate of 7.50% per year and are due on July 28, 2027. Interest on the 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing September 1, 2022. 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 the Company’s direct unsecured obligations and rank pari passu with the Company’s existing and future unsecured, unsubordinated indebtedness.

Aggregate offering costs in connection with the July 2027 Notes issuance, including the underwriter’s discount and commissions, were $2.6 million, which were capitalized and deferred. As of September 30, 2022 and December 31, 2021, unamortized deferred financing costs related to the July 2027 Notes were $2.5 million million and $0.0 million, respectively.

August 2027 Notes

On August 31, 2022, the Company completed a private debt offering of $20 million in aggregate principal amount of 7.00% interest-bearing unsecured Series 2022A Senior Notes due 2027 (the “August 2027 Notes”) to HCM Master Fund Limited.

The August 2027 Notes bear an interest rate of 7.00% per year and are 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. Interest on the August 2027 Notes will be due semiannually in arrears on February 15 and August 15 of each year, commencing on February 15, 2023. The August 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

Aggregate offering costs in connection with the August 2027 Notes issuance, including the underwriter’s discount and commissions, were $0.6 million, which were capitalized and deferred. As of September 30, 2022 and December 31, 2021, unamortized deferred financing costs related to the August 2027 Notes were $0.6 million and $0.0 million, respectively.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Investment Company Financial Highlights [Abstract]

Financial Highlights

9 Months Ended

Sep. 30, 2022

Financial Highlights

Note 11 – Financial Highlights


	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Per Share Data:
Net asset value at beginning of period	$	14.14			$	14.61			$	14.65			$	14.84
Net investment income(1)(3)		0.36				0.32				1.01				1.04
Realized gain (loss)(1)		0.01				0.02				0.02				(0.13	)
Change in unrealized appreciation (depreciation)(1)		(0.08	)			(0.04	)			(0.70	)			(0.10	)
Dividends(1)		(0.33	)			(0.34	)			(0.90	)			(1.07	)
Accretion (dilution)(1)(4)		0.02				0.03				0.04				0.02
Net asset value at end of period	$	14.12			$	14.60			$	14.12			$	14.60
Total return based on net asset value(2)		(0.14	)	%		(0.07	)	%		(3.62	)	%		(1.62	)	%
Weighted average shares outstanding for the period, basic		40,774,154				33,160,481				41,119,467				32,360,107
Ratio/Supplemental Data:
Net assets at end of period	$	573,660,371			$	504,200,985			$	573,660,371			$	504,200,985
Average net assets(5)	$	577,692,553			$	482,599,112			$	594,469,333			$	479,314,523
Ratio of net operating expenses to average net assets(6)(7)		6.95		%		4.82		%		6.33		%		5.18		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(7)		9.91		%		10.06		%		3.58		%		7.80		%
Portfolio turnover rate(8)		6.64		%		18.60		%		19.59		%		35.90		%

Financial highlights are based on weighted-average shares outstanding.

Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period. The total returns are not annualized.

Return from investment operations was 2.55% and 2.19% for the three months ended September 30, 2022 and 2021, respectively. Return from investment operations was 6.89% and 7.01% for the nine months ended September 30, 2022 and 2021, respectively. Return from investment operations represents returns on net investment income (loss) from operations.

Return from accretion was 0.14% and 0.21% for the three months ended September 30, 2022 and 2021, respectively. Return from accretion was 0.27% and 0.13% for the nine months ended September 30, 2022 and 2021, respectively.

The annualized ratio of net investment income to average net assets was 11.82% and 10.48% for the three months ended September 30, 2022 and 2021, respectively. The annualized ratio of net investment income to average net assets was 9.81% and 9.82% for the nine months ended September 30, 2022 and 2021, respectively.

The annualized ratio of net operating expenses excluding incentive fees, to average net assets was 6.32% and 4.26% for the three months ended September 30, 2022 and 2021, respectively. The annualized ratio of net operating expenses excluding incentive fees, to average net assets was 4.88% and 3.83% for the nine months ended September 30, 2022 and 2021, respectively.

Incentive fees are not annualized.

The portfolio turnover rate for the three and nine months ended September 30, 2022 and 2021 equals 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 rate is not annualized.

Tax Information

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Tax Information

Note 12 – Tax Information

Federal income tax regulations differ from accounting principles generally accepted in the United States and 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 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.

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes as of and for the period ended September 30, 2022 and the year ended December 31, 2021:


	September 30, 2022			December 31, 2021
	(Unaudited)
Tax cost on investments	$	937,408,951		$	726,968,588

Unrealized appreciation	$	8,820,050		$	23,598,138
Unrealized depreciation		(36,060,057	)		(21,050,452	)
Net unrealized appreciation/(depreciation) from investments	$	(27,240,007	)	$	2,547,686

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: 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 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Commitments And Contingencies Disclosure [Abstract]

Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 13 - Subsequent Events

The Company evaluated events subsequent to September 30, 2022 through November 3, 2022.

On October 4, 2022, the Company's investment in Fidelis Cybersecurity, Inc was partially repaid resulting in $6,000,000 being repaid and a final payment fee of $600,000 for total proceeds of $6,600.000.

On October 12, 2022, the Company funded an investment of $20,000,000 to Nalu Medical, Inc.

On October 20, 2022, the Company funded an investment of $44,000,000 to Brivo Systems, LLC.

On October 27, 2022, the Company declared a dividend of $0.36 per share payable on November 22, 2022 to shareholders of record as of November 8, 2022.

On October 27, 2022, the Company funded an investment of $5,000,000 to Allurion Technologies, Inc.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited 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 Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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. In the opinion of management, all adjustments, all of which were of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period have been included. 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, 2022, including the impact of the coronavirus (“COVID-19”) pandemic thereon. The interim unaudited financial statements and notes hereto should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K, as modified by the annual report on Form 10-K/A for the year ended December 31, 2021, filed with the SEC on March 2, 2022 and March 14, 2022, respectively. Certain items in the September 30, 2021 financial statements have been reclassified to conform to the September 30, 2022 presentation with no net effect on the net increase in net assets resulting from operations.
Use of Estimates	Use of Estimates The preparation of 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 financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash represents deposits held at financial institutions, while cash equivalents are highly liquid investments held at financial institutions with an original maturity of three months or less at the date of acquisition. From time to time, the Company’s cash and cash equivalents exceed federally insured limits, subjecting the Company to risks related to the uninsured balance. Cash and cash equivalents are held at large, established, high credit-quality financial institutions, and management believes that risk of loss associated with any uninsured balance is remote.
Deferred Debt Costs	Deferred Debt Costs The Company records costs related to the issuance of debt obligations as deferred debt costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligations. Deferred debt costs associated with the Company's Credit Facility and unsecured notes are netted with the outstanding principal balance on the Company's Statement of Assets and Liabilities, unless there are no outstanding borrowings, in which case the deferred debt costs are presented as an asset. For more information, see “Note 10 –Borrowings.”
Reverse Repurchase Agreement	Reverse Repurchase Agreement The Company has, and may in the future, enter into reverse repurchase agreements, under the terms of a Master Repurchase Agreement (the “Master Repurchase Agreement”), with selected commercial banks and broker-dealers, under which the Company acquires securities as collateral (debt obligation) subject to an obligation of the counterparty to repurchase and the Company to resell the securities (obligation) at an agreed upon time and price. The Company, through the custodian or a sub-custodian, receives delivery of the underlying securities collateralizing reverse repurchase agreements. The Company requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for reverse repurchase agreements. The Company and the counterparties are permitted to sell, re-pledge, or use the collateral associated with the transaction. It is the Company’s policy that the market value of the collateral be at least equal to 100 percent of the repurchase price in the case of a reverse repurchase agreement of one-day duration and 102 percent of the repurchase price in the case of all other reverse repurchase agreements. Upon an event of default under the terms of the Master Repurchase Agreement, both parties have the right to set-off. If the seller defaults or enters an insolvency proceeding, realization of the collateral by the Company may be delayed, limited or wholly denied. The Company had no outstanding reverse repurchase agreements at September 30, 2022. Pursuant to a reverse repurchase agreement with Goldman Sachs which expired on January 6, 2022, the Company purchased a U.S. Treasury Bill, due January 11, 2022. The value of the related collateral that the Company received for this agreement was $45.0 million at December 31, 2021. At December 31, 2021, the repurchase liability was $44,774,963, which is reflected as “Reverse repurchase agreement” on the Statement of Assets and Liabilities.
Investment Transactions and Related Investment Income	Investment Transactions and Related Investment Income 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 amortized cost basis of investments represents the original cost adjusted for the accretion/amortization of discounts and premiums and upfront loan origination fees. The Company reports changes from the prior period in fair value of investments that are measured at fair value as a component of net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. Dividends are recorded on the applicable ex-dividend date. Interest income, if any, adjusted for amortization of market premium and accretion of market discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Original issue discount (“OID”), principally representing the estimated fair value of detachable equity, warrants or contractual success fees obtained in conjunction with the Company’s debt investments, loan origination fees, end of term payments, and market discount or premium are capitalized and accreted or amortized into interest income over the life of the respective security using the effective interest method. Loan origination fees received in connection with the closing of investments are reported as unearned income, which is included as amortized cost of the investment; the unearned income from such fees is accreted into interest income over the contractual life of the loan based on the effective interest method. Upon prepayment of a loan or debt security, any unamortized loan origination fees, end-of-term payments, and unamortized market discounts are recorded as interest income and any prepayment penalties are recorded as fee income. The Company currently holds, and expects to hold in the future, some investments in its portfolio that contain 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, even though the Company has not yet collected the cash. For the three and nine months ended September 30, 2022, approximately 4.4% and 8.8%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest. For the three and nine months ended September 30, 2021, approximately 2.4% and 4.5%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest.
Non-Accrual of Investments	Non-Accrual of Investments Debt investments are placed on non-accrual status when principal, interest, and other obligations become materially past due or when there is reasonable doubt that principal, interest, and other obligations will be collected in full. At the point of non-accrual, the Company will generally 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 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 end of term payment fees. 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 end of term payment fees. As of September 30, 2022, and December 31, 2021, the Company has not written off any accrued and uncollected PIK interest. As of September 30, 2022, the Company had one loan to Pivot3 Holdings, Inc., representing an aggregate principal funded of $19,172,353 at a fair value of $4,467,041, on non-accrual status, which represents 0.5% of the Company’s total investment portfolio. The non-accrual loan as of September 30, 2022 had total interest of $3,132,309 that would have been accrued into income. Had the loan not been on non-accrual status, $2,880,626 would be payable, and $251,683 would be OID. As of December 31, 2021, the Company had six loans to Mojix, Inc. and one loan to Pivot3 Holdings, Inc., representing an aggregate principal funded of $30,278,707 at a fair market value of $28,259,976, on non-accrual status, which represents 3.9% of the Company’s total investment portfolio. The non-accrual loans as of December 31, 2021 had total interest of $4,760,387 that would have been accrued into income. Had the loans not been on non-accrual status, $4,064,620 would be payable, and $695,767 would be OID.
Valuation of Investments	Valuation of Investments The Company measures the value of its investments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC Topic 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 audit committee of the Company’s Board of Directors (the “Audit Committee”) assists the Board of Directors in valuing 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 Company’s Board of Directors, with the assistance of the Audit Committee, RGC and its senior investment team and independent valuation agents, is responsible for determining, in good faith, the fair value of such investments 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 senior investment team considers relevant. The Company’s 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. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances. 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. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below: • Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2—Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact. 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 senior investment team; • At least once annually, the valuation for each portfolio investment, is reviewed by one or more independent valuation firms. Certain investments, however, may not be evaluated by the applicable 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 then reviews these preliminary valuations from RGC and the applicable independent valuation firm, if any, and makes a recommendation to the Company’s Board of Directors regarding such valuations; and • The Company’s 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 and the Audit Committee. The Company’s investments are primarily loans made to and equity and warrants of high growth-potential companies focused in technology, life sciences, healthcare information and services, business services, select consumer services and products and other high-growth industries. These investments are considered Level 3 assets under ASC Topic 820 because there is no known or accessible market or market indices for these types of debt instruments and, thus, RGC’s senior investment team must estimate the fair value of these investment securities based on models utilizing unobservable inputs. Rule 2a-5 under the 1940 Act was adopted by the SEC in December 2020 and establishes a framework for determining fair value in good faith for purposes of the 1940 Act. The Company complied with the mandatory provisions of Rule 2a-5 by the September 2022 compliance date.
Investment Valuation Techniques	Investment Valuation Techniques Valuation methodologies involve a significant degree of judgment. There is no single standard for determining the fair value of investments that do not have an active public market. Valuations of privately held investments are inherently uncertain, as they are based on estimates, and their values may fluctuate over time. The determination of fair value may differ materially from the values that would have been used if an active market for these investments existed. In some cases, the fair value of such investments is best expressed as a range of values derived utilizing different methodologies from which a fair value may then be determined. 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 original issue discount, if any, 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 a comparable range of 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 this range of interest rates to determine a range of fair values for the debt investment. This valuation process includes, among other things, evaluating the underlying investment performance, the portfolio company’s current financial condition and ability to raise additional capital, as well as macro-economic events that may impact valuations. These events include, but are not limited to, current market yields and interest rate spreads of similar securities as of the measurement date. Significant increases or decreases in these unobservable inputs could result in a significantly higher or lower fair value measurement; 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 these unobservable inputs. Under certain circumstances, the Company may use an alternative technique to value the debt investments to be acquired by the Company 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 or estimates of proceeds that would be received in a liquidation scenario. 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 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 • 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 or 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 or 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 or decrease in this unobservable input. Under certain circumstances, the Company may use an alternative technique to value warrants that better reflects the warrants’ fair values, such as an expected settlement of a warrant in the near term, a model that incorporates a put feature associated with the warrant, or the price paid or realized in a recently completed transaction or binding offer received in an arms-length transaction. The fair value may be determined based on the expected proceeds to be received from such settlement or based on the net present value of the expected proceeds from the put option. Equity Investments. The fair value of an equity investment in a privately held company is initially the 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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash and accrued liabilities, approximate fair value due to their short-term nature. Fair value of the Company’s Credit Facility is estimated by discounting remaining payments using applicable market rates or market quotes for similar instruments at the measurement date, if applicable. As of both September 30, 2022 and December 31, 2021, the Company believes that the carrying value of its Credit Facility approximates fair value. The 2026 Notes are carried at cost and with their longer maturity dates, fair value is estimated by discounting remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the notes. As of September 30, 2022, the Company believes that the carrying value of the 2026 Notes and 2027 Notes approximates fair value.
Investment Classification	Investment Classification The Company is a non-diversified company within the meaning of the 1940 Act. The Company classifies its investments by level of control. As defined in the 1940 Act, control investments are those where the investor has the ability or power to exercise a controlling influence over the management or policies of a 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 voting securities of a company or maintains greater than 50% of the board representation. Affiliated investments and affiliated companies are defined by a lesser degree of influence and are deemed to exist through the possession outright, or via the right to acquire within 60 days or less, beneficial ownership between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. 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 Statements of Assets and Liabilities.
Income Taxes	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, and has qualified and intends to continue to qualify for the tax treatment applicable to RICs. Generally, a RIC 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 obtains and maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes 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 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. 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 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 income tax expense in the Statements of Operations. There were no material uncertain income tax positions at September 30, 2022 or December 31, 2021. Although we file federal and state tax returns, our 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 timely distribute (or is not deemed to have distributed) each calendar year the sum of (1) at least 98% of its net ordinary income (not taking into account any capital gains or losses) for each calendar year, (2) at least 98.2% of the amount by which the Company’s capital gains exceed its capital losses (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 in that calendar year (unless the Company makes an election to use its taxable year) and (3) any net ordinary income and net capital gain recognized 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 nondeductible 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 to be treated as a RIC but is subsequently unable to qualify for treatment as a RIC, 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 as a RIC. If the Company fails to requalify as a RIC for a period greater than two taxable years, it may be subject to regular corporate-level U.S. federal income tax 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.
Per Share Information	Per Share Information Basic and diluted earnings 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, 2022 and 2021, basic and diluted earnings 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.
Distribution	Distributions The Company generally intends to distribute, out of assets legally available for distribution, substantially all of its available earnings, on a quarterly basis, subject to the discretion of the Board of Directors. For the three and nine months ended September 30, 2022, the Company declared and paid dividends in the amount of $13,450,710 and $37,005,717, respectively, of which $12,783,588 and $26,708,902, respectively, was distributed in cash and the remainder distributed in shares to stockholders, purchased in the open market pursuant to the Company’s dividend reinvestment plan. For the three and nine months ended September 30, 2021, the Company declared dividends in the amount of $11,114,754 and $34,597,684, respectively, of which $2,713,539 and $7,602,878, respectively, was distributable in cash and the remainder distributable in shares to organization and offering costs stockholders pursuant to the Company’s dividend reinvestment plan.
Organization and Offering Costs	Organization and Offering Costs Organization costs include, among other things, the cost of organizing as a Maryland corporation, including the cost of legal services and other fees pertaining to the Company’s organization, all of which are expensed as incurred. Offering costs include, among other things, legal fees and other costs pertaining to the preparation of the Company’s public and private offering materials as well as travel-related expenses related to the Company’s public and private offerings. Pursuant to the investment advisory agreement in place between the Company and RGC at the time of the Initial Private Offering, the Company and RGC agreed that organization and offering costs incurred in connection with the Initial Private Offering would be borne by the Company up to a maximum amount of $1,000,000, provided that the amount of such costs in excess of $1,000,000 would be paid by RGC. As of December 31, 2016, the Company had already incurred the maximum amount of $1,000,000 in organization and offering costs incurred in connection with the Initial Private Offering. Offering costs related to the Second Private Offering were accumulated and charged to additional paid in capital at the time of closing beginning in 2019. These offering costs related to the Second Private Offering were subject to a cap of $600,000, excluding placement agent fees which had no cap, of which the Company would bear the cost. At the completion of the Second Private Offering, the Company had accumulated and recorded $651,991 of offering costs and $186,198 in placement agent fees related to the Second Private Offering. Under the terms of the Second Private Offering, offering costs in excess of $600,000, excluding placement agent fees, were reimbursed by RGC. Offering costs related to the IPO were accumulated and charged to additional paid in capital at the time of closing in October 2021. We had accumulated and recorded $6,970,599 of offering costs related to the Company’s IPO. The offering costs were fully born by the Company and include underwriting fees, legal fees, and other costs pertaining to the preparation of the Company’s offering materials as well as travel-related expenses.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2024. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting ASU No. 2020-04 and 2021-01 on the financial statements. The Company did not utilize the optional expedients and exceptions provided in this guidance during the three and nine months ended September 30, 2022 and 2021. In June 2022, the FASB issued Accounting Standards Update No. 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of the security. The amendments in ASU 2022-03 are effective for public companies for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently assessing the impact of ASU 2022-03 on its consolidated financial statements.

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Unfunded Commitments to Extend Financing

The balance of unfunded commitments to extend financing as of September 30, 2022 was as follows:


Portfolio Company	Investment Type	September 30, 2022
Allurion Technologies, Inc.	Senior Secured Term Loan	$	15,000,000
CloudPay, Inc.	Senior Secured Term Loan		15,000,000
Dtex Systems, Inc.	Senior Secured Term Loan		10,000,000
EBR Systems, Inc.	Senior Secured Term Loan		30,000,000
INRIX, Inc.	Senior Secured Term Loan		5,000,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		10,000,000
Interactions Corporation	Senior Secured Term Loan		10,000,000
Kin Insurance, Inc.	Senior Secured Term Loan		25,000,000
Moximed, Inc.	Senior Secured Term Loan		15,000,000
Mustang Bio, Inc.	Senior Secured Term Loan		45,000,000
Revelle Aesthetics, Inc.	Senior Secured Term Loan		12,500,000
Route 92 Medical, Inc.	Senior Secured Term Loan		42,000,000
SetPoint Medical Corporation	Senior Secured Term Loan		25,000,000
ShareThis, Inc.	Senior Secured Term Loan		3,000,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,784,615
Synack, Inc.	Senior Secured Term Loan		25,000,000
TRACON Pharmaceuticals, Inc.	Senior Secured Term Loan		25,000,000
VERO Biotech LLC	Senior Secured Term Loan		10,000,000
Total unused commitments to extend financing		$	329,284,615

The balance of unfunded commitments to extend financing as of December 31, 2021 was as follows:


Portfolio Company	Investment Type	December 31, 2021
Allurion Technologies, Inc.	Senior Secured Term Loan	$	15,000,000
CloudPay, Inc.	Senior Secured Term Loan		10,000,000
CrossRoads Extremity Systems, LLC	Senior Secured Term Loan		7,500,000
Dtex Systems, Inc.	Senior Secured Term Loan		15,000,000
Gynesonics, Inc.	Senior Secured Term Loan		20,000,000
INRIX, Inc.	Senior Secured Term Loan		10,000,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		11,000,000
Marley Spoon AG	Senior Secured Term Loan		11,700,000
Route 92 Medical, Inc.	Senior Secured Term Loan		42,000,000
SetPoint Medical Corporation	Senior Secured Term Loan		25,000,000
ShareThis, Inc.	Senior Secured Term Loan		3,000,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,784,615
VERO Biotech LLC	Senior Secured Term Loan		10,000,000
Total unused commitments to extend financing		$	186,984,615

Net Increase in Net Assets Resulting from Operations per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic Income Per Common Share

The following information sets forth the computation of basic income per common share for the three and nine months ended September 30, 2022 and 2021:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net increase in net assets resulting from operations	$	11,721,773	$	10,231,052	$	13,757,530	$	26,313,723
Weighted average shares outstanding for the period
Basic		40,774,154		33,160,481		41,119,467		32,360,107
Diluted		40,774,154		33,160,481		41,119,467		32,360,107
Per Share Data(1):
Basic and diluted income (loss) per common share
Basic	$	0.29	$	0.31	$	0.33	$	0.81
Diluted	$	0.29	$	0.31	$	0.33	$	0.81

(1)

Per share data is based on average weighted shares outstanding.

Net Assets (Table)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Summary of Capital Activity

The following table summarizes capital activity during the three months ended September 30, 2022:


	Common Stock				Treasury Stock						Additional		Distributable			Total
	Shares		Amount		Shares			Amount			Paid-in Capital		(Losses) Earnings			Net Assets
Balance, beginning of period		41,380,614	$	413,806		(413,492	)	$	(5,279,237	)	$	606,063,671	$	(21,786,236	)	$	579,412,004
Issuance of common stock		—		—		—			—			—		—			—
Reinvestment of dividends		—		—		—			—			—		—			—
Acquisition of treasury shares		—		—		(331,264	)		(4,022,696	)		—		—			(4,022,696	)
Offering costs		—		—		—			—			—		—			—
Net investment income		—		—		—			—			—		14,496,949			14,496,949
Net realized gain (loss) on investments		—		—		—			—			—		406,917			406,917
Net change in unrealized appreciation (depreciation) on investments		—		—		—			—			—		(3,182,093	)		(3,182,093	)
Dividends declared		—		—		—			—			—		(13,450,710	)		(13,450,710	)
Tax reconciliation of stockholders' equity in accordance with US GAAP		—		—		—			—			—		—			—
Balance, end of period		41,380,614	$	413,806		(744,756	)	$	(9,301,933	)	$	606,063,671	$	(23,515,173	)	$	573,660,371

The following table summarizes capital activity during the nine months ended September 30, 2022:


	Common Stock				Treasury Stock						Additional		Distributable			Total
	Shares		Amount		Shares			Amount			Paid-in Capital		(Losses) Earnings			Net Assets
Balance, beginning of period		41,380,614	$	413,806		—		$	—		$	606,047,671	$	(266,986	)	$	606,194,491
Issuance of common stock		—		—		—			—			—		—			—
Reinvestment of dividends		—		—		—			—			—		—			—
Acquisition of treasury shares		—		—		(744,756	)		(9,301,933	)		—		—			(9,301,933	)
Offering costs		—		—		—			—			16,000		—			16,000
Net investment income		—		—		—			—			—		41,435,416			41,435,416
Net realized gain (loss) on investments		—		—		—			—			—		939,377			939,377
Net change in unrealized appreciation (depreciation) on investments		—		—		—			—			—		(28,617,263	)		(28,617,263	)
Dividends declared		—		—		—			—			—		(37,005,717	)		(37,005,717	)
Tax reconciliation of stockholders' equity in accordance with US GAAP		—		—		—			—			—		—			—
Balance, end of period		41,380,614	$	413,806		(744,756	)	$	(9,301,933	)	$	606,063,671	$	(23,515,173	)	$	573,660,371

The following table summarizes capital activity during the three months ended September 30, 2021:


	Common Stock				Additional			Distributable			Total
	Shares		Amount		Paid-in Capital			(Losses) Earnings			Net Assets
Balance, beginning of period		32,690,454	$	326,904	$	485,755,211		$	(8,343,018	)	$	477,739,097
Issuance of common stock		1,265,128		12,651		18,964,266			—			18,976,917
Reinvestment of dividends		575,032		5,751		8,395,464			—			8,401,215
Offering costs		—		—		(32,542	)		—			(32,542	)
Net investment income		—		—		—			10,741,124			10,741,124
Net realized gain (loss) on investments		—		—		—			718,310			718,310
Net change in unrealized appreciation (depreciation) on investments		—		—		—			(1,228,382	)		(1,228,382	)
Dividends declared		—		—		—			(11,114,754	)		(11,114,754	)
Tax reconciliation of stockholders' equity in accordance with U.S. GAAP		—		—		—			—			—
Balance, end of period		34,530,614	$	345,306	$	513,082,399		$	(9,226,720	)	$	504,200,985

The following table summarizes capital activity during the nine months ended September 30, 2021:


	Common Stock				Additional			Distributable			Total
	Shares		Amount		Paid-in Capital			(Losses) Earnings			Net Assets
Balance, beginning of period		31,414,051	$	314,140	$	466,872,304		$	(942,759	)	$	466,243,685
Issuance of common stock		1,285,589		12,856		19,270,972			—			19,283,828
Reinvestment of dividends		1,830,974		18,310		26,976,496			—			26,994,806
Offering costs		—		—		(37,373	)		—			(37,373	)
Net investment income		—		—		—			33,563,330			33,563,330
Net realized gain (loss) on investments		—		—		—			(4,076,766	)		(4,076,766	)
Net change in unrealized appreciation (depreciation) on investments		—		—		—			(3,172,841	)		(3,172,841	)
Dividends declared		—		—		—			(34,597,684	)		(34,597,684	)
Tax reconciliation of stockholders' equity in accordance with U.S. GAAP		—		—		—			—			—
Balance, end of period		34,530,614	$	345,306	$	513,082,399		$	(9,226,720	)	$	504,200,985

Summary of Common Stock Issued, Price Per Share and Proceeds Raised

The shares of common stock issued, the price per share and the proceeds raised, from inception through September 30, 2022, are detailed in the following table:


Issuance Date	Shares Issued			Price per Share			Gross Proceeds
October 8, 2015		1,667	$		15.00	$		25,000
December 22, 2016		333,333			15.00			5,000,000
April 19, 2017		1,000,000			15.00			15,000,000
June 26, 2017		1,666,667			15.00			25,000,000
September 12, 2017		2,666,667			15.00			40,000,000
December 22, 2017		3,000,000			15.00			45,000,000
May 31, 2018(1)		70,563			14.82			1,045,570
August 31, 2018(1)		117,582			14.92			1,754,244
September 27, 2018		1,997,337			15.02			30,000,000
November 15, 2018(1)		202,779			15.07			3,055,498
January 14, 2019		4,344,964			15.19			66,000,000
March 26, 2019(1)		326,431			15.14			4,942,168
May 21, 2019(1)		374,783			15.13			5,670,467
May 24, 2019		3,232,189			15.16			49,000,000
July 16, 2019(1)		464,986			15.13			7,035,236
August 26, 2019(1)		480,121			14.76			7,088,143
October 15, 2019		1,666,667			15.00			25,000,000
November 12, 2019(1)		43,979			14.76			649,123
December 20, 2019		3,333,333			15.00			50,000,000
December 23, 2019(1)		487,166			14.52			7,073,650
March 20, 2020(1)		575,132			14.58			8,385,423
March 31, 2020		21,021			15.00			315,308
May 20, 2020(1)		529,020			14.25			7,538,541
August 6, 2020(1)		550,639			14.41			7,934,712
October 15, 2020		3,333,333			15.00			50,000,000
November 12, 2020(1)		593,692			14.46			8,584,772
March 19, 2021(1)		618,815			14.84			9,183,220
March 24, 2021		20,461			15.00			306,911
May 13, 2021(1)		637,127			14.77			9,410,371
August 12, 2021(1)		575,032			14.61			8,401,215
September 29, 2021		1,265,128			15.00			18,976,917
October 25, 2021		6,850,000			14.60			100,010,000
Total		41,380,614				$		617,386,489

(1) Shares were issued as part of the dividend reinvestment plan.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following tables present information about the Company’s assets and liabilities measured at fair value as of September 30, 2022 and December 31, 2021, respectively:


	As of September 30, 2022 (Unaudited)
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Common Stock	$	496,498	$	1,413,356	$	1,228,197	$	3,138,051
Senior Secured Term Loans		—		—		862,527,989		862,527,989
Second Lien Term Loans		—		—		13,403,245		13,403,245
Preferred Stock		12,327,868		—		384,685		12,712,553
Warrants		—		66,950		18,320,157		18,387,107
Total Portfolio Investments		12,824,366		1,480,306		895,864,273		910,168,945
Total Investments	$	12,824,366	$	1,480,306	$	895,864,273	$	910,168,945


	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Common Stock	$	2,559,932	$	8,903,933	$	—	$	11,463,865
Senior Secured Term Loans		—		—		623,053,646		623,053,646
Second Lien Term Loans		—		—		12,872,588		12,872,588
Preferred Stock		15,704,705		—		1,332,420		17,037,125
Warrants		—		—		20,087,550		20,087,550
Total Portfolio Investments		18,264,637		8,903,933		657,346,204		684,514,774
U.S. Treasury Bill		45,001,500		—		—		45,001,500
Total Investments	$	63,266,137	$	8,903,933	$	657,346,204	$	729,516,274

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, 2022:


	Preferred Stock			Common Stock			Senior Secured Term Loans			Second Lien Term Loans			Warrants			Total
Fair value at December 31, 2021	$	1,332,420		$	—		$	623,053,646		$	12,872,588		$	20,087,550		$	657,346,204
Amortization of fixed income premiums or accretion of discounts		—			—			4,488,454			88,280			—			4,576,734
Purchases of investments(1)		—			4,551,235			391,506,142			490,100			2,489,851			399,037,328
Sales or repayments of investments(1)		(800,000	)		—			(143,170,836	)		—			(1,508,601	)		(145,479,437	)
Transfers out of Level 3		—			—			—			—			(2,238,726	)		(2,238,726	)
Realized gain (loss)		—			—			—			—			(850,754	)		(850,754	)
Change in unrealized appreciation (depreciation)		(147,735	)		(3,323,038	)		(13,349,417	)		(47,723	)		340,837			(16,527,076	)
Fair value at September 30, 2022	$	384,685		$	1,228,197		$	862,527,989		$	13,403,245		$	18,320,157		$	895,864,273
Change in unrealized appreciation (depreciation on Level 3 investments still held as of September 30, 2022	$	(77,340	)	$	(3,323,038	)	$	(12,453,978	)	$	(47,723	)	$	(1,812,833	)	$	(17,714,912	)

(1)

Includes PIK interest, 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, 2021:


	Preferred Stock			Senior Secured Term Loans			Second Lien Term Loans		Warrants			Total
Fair value at December 31, 2020	$	1,336,268		$	501,964,657		$	—	$	33,008,672		$	536,309,597
Amortization of fixed income premiums or accretion of discounts		—			5,541,082			—		—			5,541,082
Purchases of investments(1)		2,000,000			233,311,709			—		475,074			235,786,783
Sales or repayments of investments(1)		—			(202,045,467	)		—		(86,834	)		(202,132,301	)
Transfers out of Level 3		—			—			—		(15,305,039	)		(15,305,039	)
Realized gain (loss)		—			—			—		(418,037	)		(418,037	)
Change in unrealized appreciation (depreciation)		(2,258,653	)		(7,166,257	)		—		3,076,220			(6,348,690	)
Fair value at September 30, 2021	$	1,077,615		$	531,605,724		$	—	$	20,750,056		$	553,433,395
Change in unrealized appreciation (depreciation) on Level 3 investments still held as of September 30, 2021	$	(258,653	)	$	(7,090,189	)	$	—	$	(12,249,072	)	$	(19,597,914	)

(1)

Includes PIK interest, 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, 2022:


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Common Stock	$	1,228,197	Recent private market and merger and acquisition transaction prices	N/A	N/A
Preferred Stock		384,685	Recent private market and merger and acquisition transaction prices	N/A	N/A
Senior Secured Term Loans(1)		841,360,595	Discounted Cash Flow analysis	Discount rate	11.5% - 25.0% (14.4%)
			Market approach	Origination yield	10.4% - 19.3% (12.7%)
		21,167,394	PWERM	Discount rate	35.0% - 40.0% (38.9%)
Second Lien Term Loans		13,403,245	Discounted Cash Flow analysis	Discount rate	15.7% - 15.7% (15.7%)
Warrants(2)		11,436,828	Option pricing model	Risk-free interest rate	2.4% - 4.3% (3.5%)
				Average industry volatility	25.0% - 98.7% (45.0%)
				Estimated time to exit	0.3 - 5.0 (2.1 years)
				Revenue multiples	1.45x - 176.14x (6.16x)
		6,883,329	PWERM	Discount rate	20.0% - 40.0% (32.4%)
				Revenue multiples	2.73x - 204.18x (12.59x)
Total Level 3 Investments	$	895,864,273

The following table provides quantitative information regarding Level 3 fair value measurements as of December 31, 2021:


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Preferred Stock	$	1,332,420	Recent private market and merger and acquisition transaction prices	N/A	N/A
Senior Secured Term Loans(1)		594,793,670	Discounted Cash Flow analysis	Discount rate	6.2% - 71.2% (12.9%)
			Market approach	Origination yield	5.1% - 100.1% (11.8%)
		28,259,976	PWERM	Discount rate	16.3% - 25.0% (20.8%)
Second Lien Term Loans(1)		12,872,588	Discounted Cash Flow analysis	Discount rate	12.2% - 12.2% (12.2%)
Warrants(2)		13,132,780	Option pricing model	Risk-free interest rate	0.1% - 1.2% (0.5%)
				Average industry volatility	20.0% - 75.0% (39.6%)
				Estimated time to exit	0.5 - 5.7 (2.0 yrs)
				Revenue multiples	0.00x - 13.46x (6.16x)
		6,954,770	PWERM	Discount rate	30.0% - 46.0% (36.0%)
				Revenue multiples	2.94x - 123.71x (9.53x)
Total Level 3 Investments	$	657,346,204

(1)

(2)

Borrowings (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Borrowings

The following table shows the Company's borrowings as of September 30, 2022 and December 31, 2021:


	September 30, 2022									December 31, 2021
	Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value		Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value
Credit Facility	$	425,000,000	$	175,000,000	$	(4,990,643	)	$	170,009,357	$	350,000,000	$	61,000,000	$	(1,135,511	)	$	59,864,489
2026 Notes		70,000,000		70,000,000		(869,686	)		69,130,314		20,000,000		20,000,000		(376,029	)		19,623,971
July 2027 Notes		80,500,000		80,500,000		(2,495,400	)		78,004,600		—		—		—			—
August 2027 Notes		20,000,000		20,000,000		(599,505	)		19,400,495		—		—		—			—
Total	$	595,500,000	$	345,500,000	$	(8,955,234	)	$	336,544,766	$	370,000,000	$	81,000,000	$	(1,511,540	)	$	79,488,460

(1) Net of accumulated amortization.

Schedule of Components of Interest Expense, Amortization of Deferred Debt Costs, and Unused Fees on Credit Facility


	Three Months Ended September 30, 2022											Nine Months Ended September 30, 2022
	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest Expense and Fees		Weighted Average Cost of Debt			Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest Expense and Fees		Weighted Average Cost of Debt
Credit Facility	$	1,667,420	$	269,283	$	376,684	$	2,313,387		7.37	%	$	2,901,815	$	570,655	$	1,427,894	$	4,900,364		7.73	%
2026 Notes		743,750		50,062		—		793,812		4.54	%		1,990,417		130,014		—		2,120,431		4.60	%
July 2027 Notes		1,056,563		87,600		—		1,144,163		8.12	%		1,056,563		87,600		—		1,144,163		8.12	%
August 2027 Notes		120,556		10,495		—		131,051		7.61	%		120,556		10,495		—		131,051		7.61	%
Total	$	3,588,289	$	417,440	$	376,684	$	4,382,413				$	6,069,351	$	798,764	$	1,427,894	$	8,296,009


	Three Months Ended September 30, 2021											Nine Months Ended September 30, 2021
	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest Expense and Fees		Weighted Average Cost of Debt			Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest Expense and Fees		Weighted Average Cost of Debt
Credit Facility	$	811,028	$	117,343	$	158,861	$	1,087,232		4.70	%	$	2,295,514	$	349,378	$	487,277	$	3,132,169		4.81	%
2026 Notes		—		—		—		—		—	%		—		—		—		—		—	%
July 2027 Notes		—		—		—		—		—	%		—		—		—		—		—	%
August 2027 Notes		—		—		—		—		—	%		—		—		—		—		—	%
Total	$	811,028	$	117,343	$	158,861	$	1,087,232				$	2,295,514	$	349,378	$	487,277	$	3,132,169

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.

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Investment Company Financial Highlights [Abstract]

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Financial Highlights


	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
	(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)
Per Share Data:
Net asset value at beginning of period	$	14.14			$	14.61			$	14.65			$	14.84
Net investment income(1)(3)		0.36				0.32				1.01				1.04
Realized gain (loss)(1)		0.01				0.02				0.02				(0.13	)
Change in unrealized appreciation (depreciation)(1)		(0.08	)			(0.04	)			(0.70	)			(0.10	)
Dividends(1)		(0.33	)			(0.34	)			(0.90	)			(1.07	)
Accretion (dilution)(1)(4)		0.02				0.03				0.04				0.02
Net asset value at end of period	$	14.12			$	14.60			$	14.12			$	14.60
Total return based on net asset value(2)		(0.14	)	%		(0.07	)	%		(3.62	)	%		(1.62	)	%
Weighted average shares outstanding for the period, basic		40,774,154				33,160,481				41,119,467				32,360,107
Ratio/Supplemental Data:
Net assets at end of period	$	573,660,371			$	504,200,985			$	573,660,371			$	504,200,985
Average net assets(5)	$	577,692,553			$	482,599,112			$	594,469,333			$	479,314,523
Ratio of net operating expenses to average net assets(6)(7)		6.95		%		4.82		%		6.33		%		5.18		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(7)		9.91		%		10.06		%		3.58		%		7.80		%
Portfolio turnover rate(8)		6.64		%		18.60		%		19.59		%		35.90		%

Financial highlights are based on weighted-average shares outstanding.

Incentive fees are not annualized.

Tax Information (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Tax Cost Basis and Estimated Aggregate Gross Unrealized Appreciation and Depreciation from Investments for Federal Income Tax Purposes


	September 30, 2022			December 31, 2021
	(Unaudited)
Tax cost on investments	$	937,408,951		$	726,968,588

Unrealized appreciation	$	8,820,050		$	23,598,138
Unrealized depreciation		(36,060,057	)		(21,050,452	)
Net unrealized appreciation/(depreciation) from investments	$	(27,240,007	)	$	2,547,686

Organization - Additional Information (Details) - USD ($)					1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended	24 Months Ended	28 Months Ended	85 Months Ended
	Oct. 25, 2021	Mar. 24, 2021	Mar. 31, 2020	Dec. 01, 2017	Oct. 31, 2015	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 24, 2021	Sep. 29, 2021	Sep. 29, 2021	Sep. 30, 2022
Class Of Stock [Line Items]
Common stock, shares issued						41,380,614		41,380,614					41,380,614
Issuance of common stock, Shares							1,840,160		3,116,563
Issuance of common stock, value							$ 18,976,917		$ 19,283,828
Net cash received from common stock issued									$ 18,144,300
Reinvestment of dividends, Shares						0	575,032	0	1,830,974				6,647,847
Runway Growth Holdings LLC
Class Of Stock [Line Items]
Issuance of common stock, Shares		22,564	22,564							22,564
Net cash received from common stock issued										$ 338,453
Offering price		$ 15.00	$ 15.00							$ 15.00
R. David Spreng
Class Of Stock [Line Items]
Issuance of common stock, Shares					1,667
Issuance of common stock, value					$ 25,000
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	9,617,379
Capital commitments											$ 181,700,000	$ 181,673,500
Net cash received from common stock issued											$ 144,300,000	$ 144,260,683
IPO
Class Of Stock [Line Items]
Issuance of common stock, Shares	6,850,000
Net cash received from common stock issued	$ 93,000,000.0
Offering price	$ 14.60

Summary of Significant Accounting Policies - Additional Information (Details)		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2016 USD ($)	Oct. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) Loan shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($) Loan	Dec. 31, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Market value of collateral at least equal to repurchase price in case of reverse repurchase agreement, percentage					100.00%
Market value of collateral at least equal to repurchase price in case of other reverse repurchase agreements percentage					102.00%
Outstanding reverse repurchase agreements			$ 0		$ 0
Collateral							$ 45,000,000.0
Repurchase liability							$ 44,774,963
Percentage of non-cash PIK interest			4.40%	2.40%	8.80%	4.50%
Percentage of minimum beneficial ownership of voting securities for control					25.00%
Percentage of minimum board representation for control					50.00%
Percentage of maximum board representation					50.00%
Percentage of minimum net ordinary income for each calendar for distribution					98.00%
Percentage of minimum capital gains exceed capital losses for distribution for one year period					98.20%
Percentage of minimum distribution amount exceeds distributions for year					4.00%
Potentially dilutive securities outstanding \| shares			0	0	0	0
Dividends common stock			$ 13,450,710	$ 11,114,754	$ 37,005,717	$ 34,597,684
Dividends common stock cash			12,783,588	$ 2,713,539	$ 26,708,902	$ 7,602,878
Initial Private Offering \| Runway Growth Holdings LLC
Summary Of Significant Accounting Policies [Line Items]
Organization and offering costs	$ 1,000,000
Second Private Offering
Summary Of Significant Accounting Policies [Line Items]
Offering cost excluding placement agent fees								$ 600,000
Placement agent fees								186,198
Offering cost								$ 651,991
IPO
Summary Of Significant Accounting Policies [Line Items]
Offering cost		$ 6,970,599
Minimum
Summary Of Significant Accounting Policies [Line Items]
Percentage of beneficial ownership of voting securities					5.00%
Maximum
Summary Of Significant Accounting Policies [Line Items]
Percentage of beneficial ownership of voting securities					25.00%
Maximum \| Initial Private Offering
Summary Of Significant Accounting Policies [Line Items]
Organization and offering costs	$ 1,000,000
Mojix Inc
Summary Of Significant Accounting Policies [Line Items]
Number of loans \| Loan							6
Pivot3 Holdings, Inc.
Summary Of Significant Accounting Policies [Line Items]
Write off accrued and uncollected paid in kind interest					$ 0		$ 0
Number of loans \| Loan					1		1
Aggregate principal funded on non-accrual status			19,172,353		$ 19,172,353
Fair value on non-accrual status			$ 4,467,041		$ 4,467,041
Percentage of net assets on non-accrual status			0.50%		0.50%
Total interest					$ 3,132,309
Loan not been on non-accrual status, payable,			$ 2,880,626		2,880,626
Original issue discount					$ 251,683
Mojix Inc and Pivot3 Holdings, Inc.
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal funded on non-accrual status							$ 30,278,707
Fair value on non-accrual status							$ 28,259,976
Percentage of net assets on non-accrual status							3.90%
Total interest							$ 4,760,387
Loan not been on non-accrual status, payable,							4,064,620
Original issue discount							$ 695,767

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Feb. 24, 2022
Commitments And Contingencies Disclosure [Abstract]
Unfunded loan commitments	$ 329,284,615	$ 329,284,615	$ 186,984,615
Cash flows related to unfunded commitments and determined fair value		$ 0	$ 0
Stock repurchase program, number of shares authorized to be repurchased	331,264	744,756
Stock repurchase program, authorized amount	$ 4,022,696	$ 9,301,933
Maximum cost of shares that may be repurchased				$ 25,000,000

Commitments and Contingencies - Schedule of Unfunded Commitments to Extend Financing (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	$ 329,284,615	$ 186,984,615
Allurion Technologies, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	15,000,000	15,000,000
CloudPay, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	15,000,000	10,000,000
CrossRoads Extremity Systems, LLC \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		7,500,000
Dtex Systems, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000,000	15,000,000
EBR Systems, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	30,000,000
Gynesonics, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		20,000,000
INRIX, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	5,000,000	10,000,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000,000	11,000,000
Interactions Corporation \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000,000
Marley Spoon A G \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		11,700,000
Moximed, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	15,000,000
Mustang Bio, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	45,000,000
Revelle Aesthetics, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	12,500,000
Route 92 Medical, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	42,000,000	42,000,000
SetPoint Medical Corporation \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	25,000,000	25,000,000
ShareThis, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	3,000,000	3,000,000
Snagajob.com, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	6,784,615	6,784,615
Synack, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	25,000,000
VERO Biotech LLC \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000,000	$ 10,000,000
Kin Insurance, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	25,000,000
TRACON Pharmaceuticals, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	$ 25,000,000

Net Increase in Net Assets Resulting from Operations per Common Share - Computation of Basic Income Per Common Share (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net increase in net assets resulting from operations	$ 11,721,773	$ 10,231,052	$ 13,757,530	$ 26,313,723
Weighted-average shares outstanding for the period
Basic	40,774,154	33,160,481	41,119,467	32,360,107
Diluted	40,774,154	33,160,481	41,119,467	32,360,107
Basic and diluted income per common share
Basic	$ 0.29	$ 0.31	$ 0.33	$ 0.81
Diluted	$ 0.29	$ 0.31	$ 0.33	$ 0.81

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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Net Assets - Additional Information (Details) - USD ($)					3 Months Ended		9 Months Ended		12 Months Ended	24 Months Ended	28 Months Ended	85 Months Ended
Net Assets - Additional Information (Details) - USD ($)	Oct. 25, 2021	Mar. 24, 2021	Mar. 31, 2020	Dec. 01, 2017	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 24, 2021	Sep. 29, 2021	Sep. 29, 2021	Sep. 30, 2022	Dec. 31, 2021
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
Issuance of common stock, Shares						1,840,160		3,116,563
Proceeds from common stock issued								$ 18,144,300
Issuance of common stock, value						$ 18,976,917		$ 19,283,828
Stock repurchase program, number of shares authorized to be repurchased					331,264		744,756
Stock repurchased during period, value					$ 4,022,696		$ 9,301,933
Reinvestment of dividends, Shares					0	575,032	0	1,830,974				6,647,847
Stock issued during period, shares, dividend reinvestment plan					0	575,032	0	1,830,974				6,647,847
Stock issued during period, value, dividend reinvestment plan						$ 8,401,215		$ 26,994,806
Runway Growth Holdings LLC
Class Of Stock [Line Items]
Issuance of common stock, Shares		22,564	22,564						22,564
Offering price		$ 15.00	$ 15.00						$ 15.00
Proceeds from common stock issued									$ 338,453
IPO
Class Of Stock [Line Items]
Issuance of common stock, Shares	6,850,000
Offering price	$ 14.60
Proceeds from common stock issued	$ 93,000,000.0
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	9,617,379
Proceeds from common stock issued										$ 144,300,000	$ 144,260,683
Capital commitments										$ 181,700,000	$ 181,673,500

Net Assets - Summary of Capital Activity (Details) - USD ($)	3 Months Ended		9 Months Ended		85 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
Class Of Stock [Line Items]
Balance, beginning of period	$ 579,412,004	$ 477,739,097	$ 606,194,491	$ 466,243,685
Acquisition of treasury shares, value	$ (4,022,696)		$ (9,301,933)
Acquisition of treasury shares	(331,264)		(744,756)
Issuance of common stock, value		$ 18,976,917		$ 19,283,828
Issuance of common stock, Shares		1,840,160		3,116,563
Reinvestment of dividends, value		$ 8,401,215		$ 26,994,806
Reinvestment of dividends, Shares	0	575,032	0	1,830,974	6,647,847
Offering costs		$ (32,542)	$ 16,000	$ (37,373)
Net investment income	$ 14,496,949	10,741,124	41,435,416	33,563,330
Net realized gain (loss) on investments	406,917	718,310	939,377	(4,076,766)
Net change in unrealized appreciation (depreciation) on investments	(3,182,093)	(1,228,382)	(28,617,263)	(3,172,841)
Dividends declared	(13,450,710)	(11,114,754)	(37,005,717)	(34,597,684)
Balance, end of period	$ 573,660,371	$ 504,200,985	$ 573,660,371	$ 504,200,985	$ 573,660,371
Common Stock
Class Of Stock [Line Items]
Balance, beginning of period (in shares)	41,380,614	32,690,454	41,380,614	31,414,051
Balance, beginning of period	$ 413,806	$ 326,904	$ 413,806	$ 314,140
Issuance of common stock, value		$ 12,651		$ 12,856
Issuance of common stock, Shares		1,265,128		1,285,589
Reinvestment of dividends, value		$ 5,751		$ 18,310
Reinvestment of dividends, Shares		575,032		1,830,974
Balance, end of period	41,380,614	34,530,614	41,380,614	34,530,614	41,380,614
Balance, end of period	$ 413,806	$ 345,306	$ 413,806	$ 345,306	$ 413,806
Treasury stock
Class Of Stock [Line Items]
Balance, beginning of period (in shares)	(413,492)
Balance, beginning of period	$ (5,279,237)
Acquisition of treasury shares, value	$ (4,022,696)		$ (9,301,933)
Acquisition of treasury shares	(331,264)		(744,756)
Balance, end of period	(744,756)		(744,756)		(744,756)
Balance, end of period	$ (9,301,933)		$ (9,301,933)		$ (9,301,933)
Additional Paid-in Capital
Class Of Stock [Line Items]
Balance, beginning of period	606,063,671	485,755,211	606,047,671	466,872,304
Issuance of common stock, value		18,964,266		19,270,972
Reinvestment of dividends, value		8,395,464		26,976,496
Offering costs		(32,542)	16,000	(37,373)
Balance, end of period	606,063,671	513,082,399	606,063,671	513,082,399	606,063,671
Distributable (Losses) Earnings
Class Of Stock [Line Items]
Balance, beginning of period	(21,786,236)	(8,343,018)	(266,986)	(942,759)
Net investment income	14,496,949	10,741,124	41,435,416	33,563,330
Net realized gain (loss) on investments	406,917	718,310	939,377	(4,076,766)
Net change in unrealized appreciation (depreciation) on investments	(3,182,093)	(1,228,382)	(28,617,263)	(3,172,841)
Dividends declared	(13,450,710)	(11,114,754)	(37,005,717)	(34,597,684)
Balance, end of period	$ (23,515,173)	$ (9,226,720)	$ (23,515,173)	$ (9,226,720)	$ (23,515,173)

Net Assets - Summary of Common Stock Issued, Price Per Share and Proceeds Raised (Details)

9 Months Ended

Sep. 30, 2022

USD ($)

$ / shares

41,380,614

$ 617,386,489

October 8, 2015

Oct. 08, 2015

1,667

$ 15.00

$ 25,000

December 22, 2016

Dec. 22, 2016

333,333

$ 15.00

$ 5,000,000

April 19, 2017

Apr. 19, 2017

1,000,000

$ 15.00

$ 15,000,000

June 26, 2017

Jun. 26, 2017

1,666,667

$ 15.00

$ 25,000,000

September 12, 2017

Sep. 12, 2017

2,666,667

$ 15.00

$ 40,000,000

December 22, 2017

Dec. 22, 2017

3,000,000

$ 15.00

$ 45,000,000

May 31, 2018

May 31, 2018

70,563

^[1]

$ 14.82

^[1]

$ 1,045,570

^[1]

August 31, 2018

Aug. 31, 2018

117,582

^[1]

$ 14.92

^[1]

$ 1,754,244

^[1]

September 27, 2018

Sep. 27, 2018

1,997,337

$ 15.02

$ 30,000,000

November 15, 2018

Nov. 15, 2018

202,779

^[1]

$ 15.07

^[1]

$ 3,055,498

^[1]

January 14, 2019

Jan. 14, 2019

4,344,964

$ 15.19

$ 66,000,000

March 26, 2019

Mar. 26, 2019

326,431

^[1]

$ 15.14

^[1]

$ 4,942,168

^[1]

May 21, 2019

May 21, 2019

374,783

^[1]

$ 15.13

^[1]

$ 5,670,467

^[1]

May 24, 2019

May 24, 2019

3,232,189

$ 15.16

$ 49,000,000

July 16, 2019

Jul. 16, 2019

464,986

^[1]

$ 15.13

^[1]

$ 7,035,236

^[1]

August 26, 2019

Aug. 26, 2019

480,121

^[1]

$ 14.76

^[1]

$ 7,088,143

^[1]

October 15, 2019

Oct. 15, 2019

1,666,667

$ 15.00

$ 25,000,000

November 12, 2019

Nov. 12, 2019

43,979

^[1]

$ 14.76

^[1]

$ 649,123

^[1]

December 20, 2019

Dec. 20, 2019

3,333,333

$ 15.00

$ 50,000,000

December 23, 2019

Dec. 23, 2019

487,166

^[1]

$ 14.52

^[1]

$ 7,073,650

^[1]

March 20, 2020

Mar. 20, 2020

575,132

^[1]

$ 14.58

^[1]

$ 8,385,423

^[1]

March 31, 2020

Mar. 31, 2020

21,021

$ 15.00

$ 315,308

May 20, 2020

May 20, 2020

529,020

^[1]

$ 14.25

^[1]

$ 7,538,541

^[1]

August 6, 2020

Aug. 06, 2020

550,639

^[1]

$ 14.41

^[1]

$ 7,934,712

^[1]

October 15, 2020

Oct. 15, 2020

3,333,333

$ 15.00

$ 50,000,000

November 12, 2020

Nov. 12, 2020

593,692

^[1]

$ 14.46

^[1]

$ 8,584,772

^[1]

March 19, 2021

Mar. 19, 2021

618,815

^[1]

$ 14.84

^[1]

$ 9,183,220

^[1]

March 24, 2021

Mar. 24, 2021

20,461

$ 15.00

$ 306,911

May 13, 2021

May 13, 2021

637,127

^[1]

$ 14.77

^[1]

$ 9,410,371

^[1]

August 12, 2021

Aug. 12, 2021

575,032

^[1]

$ 14.61

^[1]

$ 8,401,215

^[1]

September 29, 2021

Sep. 29, 2021

1,265,128

$ 15.00

$ 18,976,917

October 25, 2021

Oct. 25, 2021

6,850,000

$ 14.60

Investment Company Financial Highlights [Abstract]

$ 100,010,000

[1]	Shares were issued as part of the dividend reinvestment plan.

Related Party Agreements and Transactions - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2022 USD ($) Component shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Gross assets	$ 922,268,735		$ 922,268,735		$ 738,347,480
Incentive fees	3,625,686	$ 2,686,475	8,590,821	$ 6,498,482
Due to affiliate	261,180		261,180		221,243
Administrative fees	$ 161,245	$ 179,500	$ 497,896	$ 420,360
Issuance of common stock, Shares \| shares		1,840,160		3,116,563
Issuance of common stock, value		$ 18,976,917		$ 19,283,828
Common stock, shares issued \| shares	41,380,614		41,380,614
First Amended and Restated Advisory Agreement
Related Party Transaction [Line Items]
Related party agreements and transactions effective date			Sep. 12, 2017
Advisory Agreement
Related Party Transaction [Line Items]
Related party agreements and transactions effective date			May 27, 2021
Number of fees components \| Component			2
Base management fees	$ 3,065,581	2,301,656	$ 8,487,820	6,647,207
Incentive fee income			$ 0
Percentage of aggregate cumulative realized capital gains			20.00%
Capital gains fee			$ 0
Incentive fees	3,625,686	2,686,475	8,590,821	6,498,482
Incentive fees earned and payable in cash	3,208,431	2,171,245	7,293,008	5,140,115
Incentive fees accrued and generated from deferred interest	417,255	515,230	1,297,812	1,358,367
Accrued incentive fees payable in cash	2,972,186		2,972,186		2,493,508
Deferred incentive fees	4,216,780		4,216,780		3,516,742
Capital gains incentive fee accrued	0		$ 0		0
Percentage of minimum pre-incentive fee net investment income accrued			20.00%
Percentage of minimum cumulative net investments realized capital gain loss			8.00%
Advisory Agreement \| Minimum
Related Party Transaction [Line Items]
Percentage of non-affiliate investments			2.00%
Percentage of adjusted pre-incentive fee net investment income			10.00%
Advisory Agreement \| Maximum
Related Party Transaction [Line Items]
Percentage of non-affiliate investments			2.00%
Percentage of adjusted pre-incentive fee net investment income			10.00%
Advisory Agreement \| Scenario, Plan
Related Party Transaction [Line Items]
Percentage of quarterly base management fee			0.40%
Percentage of annual base management fee			1.60%
Percentage of incentive fee quarterly hurdle rate			2.00%
Percentage of incentive fee annual hurdle rate			8.00%
Advisory Agreement \| Scenario, Plan \| Minimum
Related Party Transaction [Line Items]
Gross assets	500,000,000		$ 500,000,000
Advisory Agreement \| Scenario, Plan \| Maximum
Related Party Transaction [Line Items]
Gross assets	1,000,000,000		$ 1,000,000,000
Advisory Agreement \| Scenario Plan Two
Related Party Transaction [Line Items]
Percentage of quarterly base management fee			0.4375%
Percentage of annual base management fee			1.75%
Advisory Agreement \| Scenario Plan Two \| Maximum
Related Party Transaction [Line Items]
Percentage of incentive fee hurdle rate			2.00%
Gross assets	500,000,000		$ 500,000,000
Advisory Agreement \| Scenario Plan Three
Related Party Transaction [Line Items]
Percentage of quarterly base management fee			0.375%
Percentage of annual base management fee			1.50%
Percentage of pre-incentive fee net investment income			80.00%
Advisory Agreement \| Scenario Plan Three \| Minimum
Related Party Transaction [Line Items]
Gross assets	1,000,000,000		$ 1,000,000,000
Advisory Agreement \| Scenario Plan Three \| Maximum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly hurdle rate			2.667%
Percentage of incentive fee annual hurdle rate			10.668%
Advisory Agreement \| Scenario Plan Four
Related Party Transaction [Line Items]
Percentage of pre-incentive fee net investment income			20.00%
Advisory Agreement \| Scenario Plan Four \| Minimum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly hurdle rate			2.667%
Percentage of incentive fee annual hurdle rate			10.668%
Advisory Agreement \| Scenario Plan Five
Related Party Transaction [Line Items]
Percentage of pre-incentive fee net investment income			20.00%
Advisory Agreement \| Scenario Plan Five \| Minimum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly hurdle rate			2.667%
Percentage of incentive fee annual hurdle rate			10.668%
Administration Agreement
Related Party Transaction [Line Items]
Administrator reimbursement	258,195	261,630	$ 820,586	741,012
Administrator reimbursed and accrued related to overhead allocation expense	212,533	206,167	707,609	643,606
Due to affiliate	261,180	227,038	261,180	227,038	$ 221,243
Administrative fees	$ 161,245	$ 179,500	$ 497,896	$ 420,360
Oaktree Strategic Relationship
Related Party Transaction [Line Items]
Common stock, shares issued \| shares	21,129,668		21,129,668
Percentage of common stock shares issued and outstanding			52.00%
Percentage of common stock initial capital commitment			33.00%
Common stock initial capital commitment			$ 125,000,000
Oaktree Strategic Relationship \| 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

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	$ 910,168,945	$ 729,516,274
U.S. Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments		45,001,500
Portfolio Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	910,168,945	684,514,774
Portfolio Investments \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	3,138,051	11,463,865
Portfolio Investments \| Senior Secured Term Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	862,527,989	623,053,646
Portfolio Investments \| Second Lien Term Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	13,403,245	12,872,588
Portfolio Investments \| Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	12,712,553	17,037,125
Portfolio Investments \| Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	18,387,107	20,087,550
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	12,824,366	63,266,137
Level 1 \| U.S. Treasury Bill
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments		45,001,500
Level 1 \| Portfolio Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	12,824,366	18,264,637
Level 1 \| Portfolio Investments \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	496,498	2,559,932
Level 1 \| Portfolio Investments \| Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	12,327,868	15,704,705
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,480,306	8,903,933
Level 2 \| Portfolio Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,480,306	8,903,933
Level 2 \| Portfolio Investments \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,413,356	8,903,933
Level 2 \| Portfolio Investments \| Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	66,950
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	895,864,273	657,346,204
Level 3 \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,228,197
Level 3 \| Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	384,685	1,332,420
Level 3 \| Portfolio Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	895,864,273	657,346,204
Level 3 \| Portfolio Investments \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,228,197
Level 3 \| Portfolio Investments \| Senior Secured Term Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	862,527,989	623,053,646
Level 3 \| Portfolio Investments \| Second Lien Term Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	13,403,245	12,872,588
Level 3 \| Portfolio Investments \| Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	384,685	1,332,420
Level 3 \| Portfolio Investments \| Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	$ 18,320,157	$ 20,087,550

Fair Value Measurements - Additional Information (Details) - Common Stock - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset transfer out of level 2 into level 1 fair value	$ 5,421,235
Asset transfer out of level 3 into level 2 fair value		$ 15,305,039

Fair Value Measurements - Schedule of Level 3 Assets measured at Fair Value (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, Beginning balance	$ 657,346,204	$ 536,309,597
Amortization of fixed income premiums or accretion of discounts	4,576,734	5,541,082
Purchases of investments	399,037,328	235,786,783
Sales or repayments of investments	(145,479,437)	(202,132,301)
Transfers out of Level 3	(2,238,726)	(15,305,039)
Realized gain (loss)	(850,754)	(418,037)
Change in unrealized appreciation (depreciation)	(16,527,076)	(6,348,690)
Fair value, Ending balance	895,864,273	553,433,395
Change in unrealized appreciation (depreciation) on Level 3 investments	(17,714,912)	(19,597,914)
Preferred Stock
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, Beginning balance	1,332,420	1,336,268
Purchases of investments		2,000,000
Sales or repayments of investments	800,000
Change in unrealized appreciation (depreciation)	(147,735)	(2,258,653)
Fair value, Ending balance	384,685	1,077,615
Change in unrealized appreciation (depreciation) on Level 3 investments	(77,340)	(258,653)
Common Stock
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases of investments	4,551,235
Change in unrealized appreciation (depreciation)	(3,323,038)
Fair value, Ending balance	1,228,197
Change in unrealized appreciation (depreciation) on Level 3 investments	(3,323,038)
Senior Secured Term Loans
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, Beginning balance	623,053,646	501,964,657
Amortization of fixed income premiums or accretion of discounts	4,488,454	5,541,082
Purchases of investments	391,506,142	233,311,709
Sales or repayments of investments	143,170,836	202,045,467
Change in unrealized appreciation (depreciation)	(13,349,417)	(7,166,257)
Fair value, Ending balance	862,527,989	531,605,724
Change in unrealized appreciation (depreciation) on Level 3 investments	(12,453,978)	(7,090,189)
Second Lien Term Loans
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, Beginning balance	12,872,588
Amortization of fixed income premiums or accretion of discounts	88,280
Purchases of investments	490,100
Change in unrealized appreciation (depreciation)	(47,723)
Fair value, Ending balance	13,403,245
Change in unrealized appreciation (depreciation) on Level 3 investments	(47,723)
Warrants
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, Beginning balance	20,087,550	33,008,672
Purchases of investments	2,489,851	475,074
Sales or repayments of investments	1,508,601	86,834
Transfers out of Level 3	2,238,726	15,305,039
Realized gain (loss)	(850,754)	(418,037)
Change in unrealized appreciation (depreciation)	340,837	3,076,220
Fair value, Ending balance	18,320,157	20,750,056
Change in unrealized appreciation (depreciation) on Level 3 investments	$ (1,812,833)	$ (12,249,072)

Fair Value Measurements - Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements (Details)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 910,168,945	$ 729,516,274
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	895,864,273	657,346,204
Level 3 \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	1,228,197
Level 3 \| Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	384,685	1,332,420
Level 3 \| Senior Secured Term Loans \| Discounted Cash Flow Analysis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 841,360,595	$ 594,793,670
Level 3 \| Senior Secured Term Loans \| Discounted Cash Flow Analysis \| Minimum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.115	0.062
Level 3 \| Senior Secured Term Loans \| Discounted Cash Flow Analysis \| Maximum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.250	0.712
Level 3 \| Senior Secured Term Loans \| Discounted Cash Flow Analysis \| Weighted Average \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	(0.144)	(0.129)
Level 3 \| Senior Secured Term Loans \| PWERM
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 21,167,394	$ 28,259,976
Level 3 \| Senior Secured Term Loans \| PWERM \| Minimum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.350	0.163
Level 3 \| Senior Secured Term Loans \| PWERM \| Maximum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.400	0.250
Level 3 \| Senior Secured Term Loans \| PWERM \| Weighted Average \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	(0.389)	(0.208)
Level 3 \| Senior Secured Term Loans \| Market Approach \| Minimum \| Origination Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.104	0.051
Level 3 \| Senior Secured Term Loans \| Market Approach \| Maximum \| Origination Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.193	1.001
Level 3 \| Senior Secured Term Loans \| Market Approach \| Weighted Average \| Origination Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	(0.127)	(0.118)
Level 3 \| Second Lien Term Loans \| Discounted Cash Flow Analysis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 13,403,245	$ 12,872,588
Level 3 \| Second Lien Term Loans \| Discounted Cash Flow Analysis \| Minimum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.157	0.122
Level 3 \| Second Lien Term Loans \| Discounted Cash Flow Analysis \| Maximum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.157	0.122
Level 3 \| Second Lien Term Loans \| Discounted Cash Flow Analysis \| Weighted Average \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	(0.157)	(0.122)
Level 3 \| Warrants \| PWERM
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 6,883,329	$ 6,954,770
Level 3 \| Warrants \| PWERM \| Minimum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.200	0.300
Level 3 \| Warrants \| PWERM \| Minimum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0273	0.0294
Level 3 \| Warrants \| PWERM \| Maximum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.400	0.460
Level 3 \| Warrants \| PWERM \| Maximum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	2.0418	1.2371
Level 3 \| Warrants \| PWERM \| Weighted Average \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.324	(0.360)
Level 3 \| Warrants \| PWERM \| Weighted Average \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	(0.1259)	(0.0953)
Level 3 \| Warrants \| Option Pricing Model
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 11,436,828	$ 13,132,780
Level 3 \| Warrants \| Option Pricing Model \| Minimum \| Risk-free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.024	0.001
Level 3 \| Warrants \| Option Pricing Model \| Minimum \| Average Industry Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.250	0.200
Level 3 \| Warrants \| Option Pricing Model \| Minimum \| Estimated Time to Exit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.003	0.005
Level 3 \| Warrants \| Option Pricing Model \| Minimum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0145	0.0000
Level 3 \| Warrants \| Option Pricing Model \| Maximum \| Risk-free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.043	0.012
Level 3 \| Warrants \| Option Pricing Model \| Maximum \| Average Industry Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.987	0.750
Level 3 \| Warrants \| Option Pricing Model \| Maximum \| Estimated Time to Exit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.050	0.057
Level 3 \| Warrants \| Option Pricing Model \| Maximum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	1.7614	0.1346
Level 3 \| Warrants \| Option Pricing Model \| Weighted Average \| Risk-free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	(0.035)	(0.005)
Level 3 \| Warrants \| Option Pricing Model \| Weighted Average \| Average Industry Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	(0.450)	(0.396)
Level 3 \| Warrants \| Option Pricing Model \| Weighted Average \| Estimated Time to Exit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, term	2 years 1 month 6 days	2 years
Level 3 \| Warrants \| Option Pricing Model \| Weighted Average \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	(0.0616)	(0.0616)

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Net realized gain/(loss)	$ (583,365)	$ 72,371	$ (850,754)	$ (418,037)
Net change in unrealized investment of warrants	$ (181,741)	$ 2,463,752	$ (340,837)	$ 3,076,220

Borrowings - Schedule of Borrowings (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	May 31, 2019
Debt Instrument [Line Items]
Total Commitment	$ 595,500,000	$ 370,000,000
Principal	345,500,000	81,000,000
Deferred Debt Cost	(8,955,234)	(1,511,540)
Carrying Value	170,009,357	59,864,489
Total debt, net of unamortized deferred debt costs	336,544,766	79,488,460
Credit Facility
Debt Instrument [Line Items]
Total Commitment	425,000,000	350,000,000	$ 100,000,000.0
Principal	175,000,000	61,000,000
Deferred Debt Cost	(4,990,643)	(1,135,511)
Carrying Value	170,009,357	59,864,489
2026 Notes
Debt Instrument [Line Items]
Total Commitment	70,000,000	20,000,000
Principal	70,000,000	20,000,000
Deferred Debt Cost	(869,686)	(376,029)
Carrying Value	69,130,314	$ 19,623,971
July 2027 Notes
Debt Instrument [Line Items]
Total Commitment	80,500,000
Principal	80,500,000
Deferred Debt Cost	(2,495,400)
Carrying Value	78,004,600
August 2027 Notes
Debt Instrument [Line Items]
Total Commitment	20,000,000
Principal	20,000,000
Deferred Debt Cost	(599,505)
Carrying Value	$ 19,400,495

Borrowings - Schedule of Interest Expense Amortization of Deferred Debt Costs and Unused Fees on Credit Facility (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Interest Expense	$ 3,588,289	$ 811,028	$ 6,069,351	$ 2,295,514
Amortization of Deferred Debt Costs	417,440	117,343	798,764	349,378
Unused Facility and Other Fees	376,684	158,861	1,427,894	487,277
Unused Facility and Other Fees	794,124	738,087	2,226,658	1,447,288
Total Interest Expense and Fees	4,382,413	1,087,232	8,296,009	3,132,169
Credit Facility
Debt Instrument [Line Items]
Interest Expense	1,667,420	811,028	2,901,815	2,295,514
Amortization of Deferred Debt Costs	269,283	117,343	570,655	349,378
Unused Facility and Other Fees	376,684	158,861	1,427,894	487,277
Total Interest Expense and Fees	$ 2,313,387	$ 1,087,232	$ 4,900,364	$ 3,132,169
Weighted Average Cost of Debt	7.37%	4.70%	7.73%	4.81%
2026 Notes
Debt Instrument [Line Items]
Interest Expense			$ 1,990,417
Amortization of Deferred Debt Costs	$ 50,062		130,014
Unused Facility and Other Fees	743,750
Total Interest Expense and Fees	$ 793,812		$ 2,120,431
Weighted Average Cost of Debt	4.54%		4.60%
July 2027 Notes
Debt Instrument [Line Items]
Interest Expense			$ 1,056,563
Amortization of Deferred Debt Costs	$ 87,600		87,600
Unused Facility and Other Fees	1,056,563
Total Interest Expense and Fees	$ 1,144,163		$ 1,144,163
Weighted Average Cost of Debt	8.12%		8.12%
August 2027 Notes
Debt Instrument [Line Items]
Interest Expense			$ 120,556
Amortization of Deferred Debt Costs	$ 10,495		10,495
Unused Facility and Other Fees	120,556
Total Interest Expense and Fees	$ 131,051		$ 131,051
Weighted Average Cost of Debt	7.61%		7.61%

Borrowings - Additional Information (Details) - USD ($)					3 Months Ended		9 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Aug. 31, 2022	Jul. 28, 2022	Dec. 10, 2021	May 31, 2019	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Feb. 10, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument principal amount					$ 595,500,000		$ 595,500,000			$ 370,000,000
Aggregate offering costs including underwriter's discounts and commissions					8,955,234		8,955,234			1,511,540
Credit Facility
Debt Instrument [Line Items]
Debt instrument principal amount				$ 100,000,000.0	425,000,000		$ 425,000,000			350,000,000
Expiration date							Apr. 20, 2025
Aggregate offering costs including underwriter's discounts and commissions					4,990,643		$ 4,990,643			1,135,511
Line of credit facility, amortization period							1 year
Line of credit facility stated maturity date							Apr. 20, 2026
Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount			$ 70,000,000
Debt instrument, interest rate stated percentage			4.25%
Debt instrument, description							The 2026 Notes were issued in two closings, the initial issuance of $20 million 2026 Notes closed on December 10, 2021 and the second and final issuance of $50 million 2026 Notes closed on February 10, 2022.
Long-Term Debt \| Debt Instrument Initial Issuance Closed on December 10, 2021
Debt Instrument [Line Items]
Debt instrument principal amount			$ 20,000,000
Long-Term Debt \| Debt Instrument Second and Final Issuance Closed on February 10, 2022
Debt Instrument [Line Items]
Debt instrument principal amount									$ 50,000,000
Maximum \| Credit Facility
Debt Instrument [Line Items]
Debt instrument principal amount					$ 500,000,000.0		$ 500,000,000.0
Variable advance rate				65.00%
Unused commitment fees percentage				1.00%
Maximum \| SOFR \| Credit Facility
Debt Instrument [Line Items]
Applicable margin rate				3.35%
Minimum \| Credit Facility
Debt Instrument [Line Items]
Unused commitment fees percentage				0.25%
Minimum \| SOFR \| Credit Facility
Debt Instrument [Line Items]
Applicable margin rate				2.95%
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate					5.18%	3.50%	4.61%	3.50%
Weighted average outstanding debt balance					$ 126,000,000.0	$ 90,700,000	$ 85,100,000	$ 86,500,000
2026 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument, interest rate stated percentage			4.25%
Debt instrument due date			Dec. 10, 2026
Debt instrument, interest rate increase percentage			1.00%
Aggregate offering costs including underwriter's discounts and commissions			$ 900,000
Unamortized deferred financing costs					900,000		$ 900,000			400,000
Line of credit facility, interest rate description							Interest on the 2026 Notes will be due semiannually in arrears on June 10 and December 10 of each year, commencing on June 10, 2022
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%
Debt instrument due date		Jul. 28, 2027
Aggregate offering costs including underwriter's discounts and commissions					2,600,000		$ 2,600,000
Unamortized deferred financing costs					2,500,000		$ 2,500,000			0.0
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, commencing September 1, 2022
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	$ 600,000
Unamortized deferred financing costs					$ 600,000		$ 600,000			$ 0.0
Line of credit facility, interest rate description							Interest on the August 2027 Notes will be due semiannually in arrears on February 15 and August 15 of each year, commencing on February 15, 2023
Debt instrument, frequency of periodic payment							semiannually

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Jun. 30, 2022

Dec. 31, 2021

Jun. 30, 2021

Dec. 31, 2020

Net asset value at beginning of period

$ 14.14

$ 14.61

$ 14.65

$ 14.84

Change in unrealized appreciation (depreciation)

^[1],[2]

0.36

0.32

1.01

1.04

Realized gain (loss)

^[1]

0.01

0.02

(0.13)

^[1]

(0.08)

(0.04)

(0.70)

(0.10)

Dividends

^[1]

(0.33)

(0.34)

(0.90)

(1.07)

Accretion (dilution)

^[1],[3]

0.02

0.03

0.04

0.02

Net asset value at end of period

$ 14.12

$ 14.60

$ 14.12

$ 14.60

Total return based on net asset value

^[1],[4]

(0.14%)

(0.07%)

(3.62%)

(1.62%)

Basic

40,774,154

33,160,481

41,119,467

32,360,107

Ratio/Supplemental Data:

Net assets at end of period

$ 573,660,371

$ 504,200,985

$ 573,660,371

$ 504,200,985

$ 579,412,004

$ 606,194,491

$ 477,739,097

$ 466,243,685

Net assets at end of period

573,660,371

504,200,985

573,660,371

504,200,985

$ 579,412,004

$ 606,194,491

$ 477,739,097

$ 466,243,685

Average net assets

^[5]

$ 577,692,553

$ 482,599,112

$ 594,469,333

$ 479,314,523

Ratio of net operating expenses to average net assets

^[6],[7]

6.95%

4.82%

6.33%

5.18%

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

^[6]

9.91%

10.06%

3.58%

7.80%

[1]	Financial highlights are based on weighted-average shares outstanding.
[2]	Return from investment operations was 2.55% and 2.19% for the three months ended September 30, 2022 and 2021, respectively. Return from investment operations was 6.89% and 7.01% for the nine months ended September 30, 2022 and 2021, respectively. Return from investment operations represents returns on net investment income (loss) from operations.
[3]	Return from accretion was 0.14% and 0.21% for the three months ended September 30, 2022 and 2021, respectively. Return from accretion was 0.27% and 0.13% for the nine months ended September 30, 2022 and 2021, respectively.
[4]	Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period. The total returns are not annualized.
[5]	The annualized ratio of net investment income to average net assets was 11.82% and 10.48% for the three months ended September 30, 2022 and 2021, respectively. The annualized ratio of net investment income to average net assets was 9.81% and 9.82% for the nine months ended September 30, 2022 and 2021, respectively.
[6]	Incentive fees are not annualized.
[7]	The annualized ratio of net operating expenses excluding incentive fees, to average net assets was 6.32% and 4.26% for the three months ended September 30, 2022 and 2021, respectively. The annualized ratio of net operating expenses excluding incentive fees, to average net assets was 4.88% and 3.83% for the nine months ended September 30, 2022 and 2021, respectively.

Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investment Company Financial Highlights [Abstract]
Return from investment operations	2.55%	2.19%	6.89%	7.01%
Return from accretion	0.14%	0.21%	0.27%	0.13%
Annualized ratio of net investment income to average net assets	11.82%	10.48%	9.81%	9.82%
Annualized ratio of net operating expenses excluding incentive fees, to average net assets	6.32%	4.26%	4.88%	3.83%

Tax Information - Tax Cost Basis and Estimated Aggregate Gross Unrealized Appreciation and Depreciation from Investments for Federal Income Tax Purposes (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax cost on investments	$ 937,408,951	$ 726,968,588
Unrealized appreciation	8,820,050	23,598,138
Unrealized depreciation	(36,060,057)	(21,050,452)
Net unrealized appreciation/(depreciation) from investments	$ (27,240,007)	$ 2,547,686

Subsequent Events - Additional Information (Details) - USD ($)

Oct. 27, 2022

Oct. 04, 2022

Oct. 20, 2022

Oct. 12, 2022

Sep. 30, 2022

^[1]

Dec. 31, 2021

^[2]

$ 936,593,925

$ 727,323,991

Subsequent Event

Dividends declared payable per share

Dividend declared date

Oct. 27, 2022

$ 0.36

Dividends payable

Nov. 22, 2022

Dividends payable date of record

Nov. 08, 2022

Fidelis Cybersecurity, Inc. | Subsequent Event

Nalu Medical, Inc | Subsequent Event

Repaid amount

$ 6,000,000

Final payment fee

600,000

Total proceeds

$ 6,600,000

Brivo Systems, LLC | Subsequent Event

$ 20,000,000

Allurion Technologies, Inc. | Subsequent Event

$ 44,000,000