0000950170-23-019606 | 10-Q | XBRL Viewer | Runway Growth Finance Corp

Long Term Debt

$ 583,923

$ 548,957

Investment fund

$ 34,978

$ 19,172

^[1]

11.00%

^{[2],[3],[4],[5],[6]}

11.00%

^{[7],[8],[9],[10],[11]}

Subsequent Event

Dividends declared payable per share | $ / shares

Dividend declared date

May 02, 2023

$ 0.40

Supplemental distribution | $ / shares

$ 0.05

Dividends payable

May 31, 2023

Dividends payable date of record

May 15, 2023

April 2026 Notes | Subsequent Event

Long Term Debt

$ 25,000

Marley Spoon AG Loan and Security Agreement | Subsequent Event

8.54%

Debt instrument maturity date

Jun. 15, 2026

Deferral fee due | €

€ 592,093

Date of amortization

Jan. 15, 2025

Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) | Subsequent Event

Kin Insurance, Inc. | Subsequent Event

Investment fund

$ 2,000

Summary of Distributions Declared and Paid

Investment fund

$ 13,900

[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]	All investments are domiciled in the United States, unless otherwise noted.
[3]	Disclosures of end-of-term-payments (“ETP”) are one-time payments stated as a percentage of original principal amount.
[4]	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 March 31, 2023, the 3‑Month LIBOR was 5.19%, the U.S. Prime Rate was 8.00% and the 3-Month SOFR was 4.91%.
[5]	Investment is not a “restricted security” under the Securities Act.
[6]	Investment is publicly traded and listed on NASDAQ.
[7]	All investments are domiciled in the United States, unless otherwise noted.
[8]	Disclosures of end-of-term-payments (“ETP”) are one-time payments stated as a percentage of original principal amount.
[9]	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 December 31, 2022, the 3‑Month LIBOR was 4.77%, the U.S. Prime Rate was 7.50%, and the 3-Month SOFR was 4.79%.
[10]	Investment is not a “restricted security” under the Securities Act.
[11]	Investment is publicly traded and listed on NASDAQ.

Net Assets (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

The following table summarized the distributions declared and paid since inception through March 31, 2023:


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

Income Taxes - Tax Cost Basis and Estimated Aggregate Gross Unrealized Appreciation and Depreciation on Investments for Federal Income Tax Purposes (Details) - U.S. Federal Income Tax - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Tax cost on investments	$ 1,186,455	$ 1,149,902
Change in unrealized appreciation on a tax basis	11,271	9,207
Change in unrealized depreciation on a tax basis	(37,410)	(32,800)
Net unrealized appreciation (depreciation) on a tax basis	$ (26,139)	$ (23,593)

Net Assets - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended		12 Months Ended		24 Months Ended
Net Assets - Additional Information (Details) - USD ($)	Oct. 25, 2021	Dec. 01, 2017	Oct. 31, 2015	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 24, 2021	Sep. 29, 2021	Feb. 24, 2022	Mar. 31, 2020
Class Of Stock [Line Items]
Common stock, shares authorized				100,000,000		100,000,000
Common stock, par value				$ 0.01		$ 0.01
Stock repurchase program, number of shares authorized to be repurchased				871,345		871,345
Stock repurchased during period, value				$ 10,800,000		$ 10,800,000
Stock repurchase program, expiration date				Feb. 24, 2023
Stock issued during period, shares, dividend reinvestment plan				0	31,782
Stock issued during period, value, dividend reinvestment plan				$ 0	$ 400,000
Maximum cost of shares that may be repurchased									$ 25,000,000.0
R. David Spreng
Class Of Stock [Line Items]
Issuance of common stock, Shares			1,667
Issuance of common stock, value			$ 25,000
Runway Growth Holdings LLC
Class Of Stock [Line Items]
Issuance of common stock, Shares							22,564
Offering price							$ 15.00			$ 15.00
Issuance of common stock, value							$ 300,000
IPO
Class Of Stock [Line Items]
Issuance of common stock, Shares	6,850,000
Offering price	$ 14.60
Issuance of common stock, value	$ 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		$ 275,000,000.0
Second Private Offering
Class Of Stock [Line Items]
Issuance of common stock, Shares								9,617,379
Issuance of common stock, value								$ 144,300,000
Capital commitments								$ 181,700,000

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

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.

As of March 31, 2023, the Company had $302.7 million in unfunded loan commitments to provide debt financing to its portfolio companies. The availability of such unfunded loan commitments is subject to the specific terms and conditions of each contract, which may include, among other things, portfolio company performance requirements and time-based cancellation provisions. As a result, only a portion of unfunded commitments is currently eligible to be drawn. The aggregate balance of unfunded commitments to extend financing as of March 31, 2023 was as follows (in thousands):


Portfolio Company	Investment Type	March 31, 2023
3PL Central LLC (dba Extensiv)	Senior Secured Term Loan	$	12,000
Brivo, Inc.	Senior Secured Term Loan		12,000
CloudPay, Inc.	Senior Secured Term Loan		15,000
Dtex Systems, Inc.	Senior Secured Term Loan		15,000
EBR Systems, Inc.	Senior Secured Term Loan		30,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		2,000
Interactions Corporation	Senior Secured Term Loan		10,000
Kin Insurance, Inc.	Senior Secured Term Loan		25,000
Madison Reed, Inc.	Senior Secured Term Loan		2,400
Moximed, Inc.	Senior Secured Term Loan		15,000
Nalu Medical, Inc.	Senior Secured Term Loan		25,000
Revelle Aesthetics, Inc.	Senior Secured Term Loan		12,500
Route 92 Medical, Inc.	Senior Secured Term Loan		41,564
SetPoint Medical Corporation	Senior Secured Term Loan		40,000
Skillshare, Inc.	Senior Secured Term Loan		15,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,785
Synack, Inc.	Senior Secured Term Loan		23,480
Total unused commitments to extend financing		$	302,729

As of December 31, 2022, the Company had $315.7 million in unfunded loan commitments to provide debt financing to its portfolio companies. The availability of such unfunded loan commitments is subject to the specific terms and conditions of each contract, which may include, among other things, portfolio company performance requirements and time-based cancellation provisions. As a result, only a portion of unfunded commitments is currently eligible to be drawn. The aggregate balance of unfunded commitments to extend financing as of December 31, 2022 was as follows (in thousands):


Portfolio Company	Investment Type	December 31, 2022
3PL Central LLC	Senior Secured Term Loan	$	15,000
Brivo, Inc.	Senior Secured Term Loan		16,000
CloudPay, Inc.	Senior Secured Term Loan		15,000
Dtex Systems, Inc.	Senior Secured Term Loan		15,000
EBR Systems, Inc.	Senior Secured Term Loan		30,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		6,000
Interactions Corporation	Senior Secured Term Loan		10,000
Kin Insurance, Inc.	Senior Secured Term Loan		25,000
Madison Reed, Inc.	Senior Secured Term Loan		2,400
Moximed, Inc.	Senior Secured Term Loan		15,000
Nalu Medical, Inc.	Senior Secured Term Loan		25,000
Revelle Aesthetics, Inc.	Senior Secured Term Loan		12,500
Route 92 Medical, Inc.	Senior Secured Term Loan		42,000
SetPoint Medical Corporation	Senior Secured Term Loan		40,000
Skillshare, Inc.	Senior Secured Term Loan		15,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,785
Synack, Inc.	Senior Secured Term Loan		25,000
Total unused commitments to extend financing		$	315,685

The Company has evaluated the expected net future cash flows related to unfunded commitments and determined the fair value to be zero as of March 31, 2023 and December 31, 2022.

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 these 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 could have repurchased up to $25.0 million of its outstanding common stock. Under the Repurchase Program, the Company could have repurchased shares at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. As of March 31, 2023 and December 31, 2022, the Company had repurchased 871,345 shares of the Company's common stock under the Repurchase Program for an aggregate purchase price of $10.8 million. The Board of Directors did not renew the Repurchase Program, and it expired on February 24, 2023.

Financial Highlights

3 Months Ended

Mar. 31, 2023

Investment Company Financial Highlights [Abstract]

Financial Highlights

Note 12 – Financial Highlights


	Three Months Ended March 31,
	(In thousands, except share and per share data)
	2023			2022
	(Unaudited)			(Unaudited)
Per Share Data(1):
Net asset value at beginning of period	$	14.22		$	14.65
Net investment income(3)		0.45			0.30
Realized gain (loss)		(0.03)			(0.01)
Change in unrealized appreciation (depreciation)		(0.12)			(0.22)
Dividends		(0.45)			(0.27)
Offering costs		—			—
Accretion (dilution)(4)		—			—
Net asset value at end of period	$	14.07		$	14.45

Total return based on net asset value(2)		(1.05)	%		(1.37)	%
Weighted average shares outstanding for the period, basic		40,509,269			41,375,187
Ratio/Supplemental Data:
Net assets at end of period	$	569,807		$	597,466
Average net assets(5)	$	583,731		$	611,815
Ratio of net operating expenses to average net assets(6)(7)		12.25	%		3.84	%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(7)		10.71	%		2.56	%
Portfolio turnover rate(8)		1.15	%		1.46	%

(1)

Financial highlights are based on weighted-average shares outstanding.

(2)

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.

(3)

Return from investment operations was 3.16% and 2.05% for the three months ended March 31, 2023 and 2022, respectively. Return from investment operations represents returns on net investment income from operations.

(4)

Return from accretion was 0.00% and 0.00% for the three months ended March 31, 2023 and 2022, respectively.

(5)

The annualized ratio of net investment income to average net assets was 15.07% and 8.93% for the three months ended March 31, 2023 and 2022, respectively.

(6)

The annualized ratio of net operating expenses excluding incentive fees, to average net assets was 11.46% and 3.62% for the three months ended March 31, 2023 and 2022, respectively.

(7)

Incentive fees are not annualized.

(8)

The portfolio turnover rate for the three months ended March 31, 2023 and 2022 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.

Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Borrowings

Note 11 – Borrowings

The following table shows the Company's borrowings as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023									December 31, 2022
	Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value		Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value
Credit Facility	$	500,000	$	372,000	$	(4,968	)	$	367,032	$	425,000	$	337,000	$	(4,640	)	$	332,360
December 2026 Notes		70,000		70,000		(766	)		69,234		70,000		70,000		(818	)		69,182
July 2027 Notes		80,500		80,500		(2,251	)		78,249		80,500		80,500		(2,380	)		78,120
August 2027 Notes		20,000		20,000		(618	)		19,382		20,000		20,000		(653	)		19,347
December 2027 Notes		51,750		51,750		(1,724	)		50,026		51,750		51,750		(1,802	)		49,948
Total	$	722,250	$	594,250	$	(10,327	)	$	583,923	$	647,250	$	559,250	$	(10,293	)	$	548,957

(1) Net of accumulated amortization.

For the three months ended March 31, 2023 and 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 (dollars in thousands):


	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees (1)		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt

Three Months Ended March 31, 2023
Credit Facility	$	6,409	$	394	$	172	$	6,975		8.37	%
December 2026 Notes		744		52		—		796		4.55	%
July 2027 Notes		1,509		129		—		1,638		8.14	%
August 2027 Notes		350		35		—		385		7.70	%
December 2027 Notes		1,035		91		—		1,126		8.71	%
Total, 2023	$	10,047	$	701	$	172	$	10,920

Three Months Ended March 31, 2022
Credit Facility	$	364	$	118	$	555	$	1,037		9.96	%
December 2026 Notes		508		34		—		542		4.54	%
Total, 2022	$	872	$	152	$	555	$	1,579

(1)

Unused facility and other fees for the three months ended March 31, 2022 include supplemental fees of $0.2 million, which were incurred through the first half of 2022 and were nonrecurring in nature.

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 March 31, 2023, the Company had $500.0 million in total commitments available under the Credit Facility. 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 on a per annum 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 an unused commitment fee that ranges from 0.25% to 1.00% per annum based on the total unused lender commitments under the Credit Facility.

The Credit Facility is collateralized by all eligible investment assets held by the Company. The Credit Facility contains representations 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 months ended March 31, 2023, the weighted average outstanding principal balance was $333.2 million and the weighted average effective interest rate was 7.80%. For the three months ended March 31, 2022, the weighted average outstanding principal balance was $89.4 million and the weighted average effective interest rate was 3.91%.

December 2026 Notes

On December 10, 2021, the Company completed a private debt offering of $70.0 million in aggregate principal amount of 4.25% interest-bearing unsecured Series 2021A Senior Notes due 2026 (the “December 2026 Notes”) to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act"). The December 2026 Notes were issued in two closings, the initial issuance of $20.0 million December 2026 Notes closed on December 10, 2021 and the second and final issuance of $50.0 million closed on February 10, 2022.

The December 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 December 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 December 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 December 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 December 2026 Notes issuance, including the underwriter’s discount and commissions, were $1.0 million, which were capitalized and deferred. As of March 31, 2023 and December 31, 2022, unamortized deferred debt costs related to the December 2026 Notes were $0.8 million and $0.8 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 general unsecured obligations of the Company that 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 March 31, 2023 and December 31, 2022, unamortized deferred debt costs related to the July 2027 Notes were $2.3 million and $2.4 million, respectively.

August 2027 Notes

On August 31, 2022, the Company issued and sold a private debt offering of $20.0 million in aggregate principal amount of 7.00% interest-bearing unsecured Series 2022A Senior Notes due 2027 (the “August 2027 Notes”) to 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 $0.7 million, which were capitalized and deferred. As of March 31, 2023 and December 31, 2022, unamortized deferred debt costs related to the August 2027 Notes were $0.6 million and $0.7 million, respectively.

December 2027 Notes

On December 7, 2022, the Company issued and sold $51.75 million in aggregate principal amount of 8.00% interest-bearing unsecured Notes due December 2027 (the "December 2027 Notes") under its shelf Registration Statement on Form N-2. The December 2027 Notes were issued pursuant to the Base Indenture dated July 28, 2022 (the "Base Indenture") and Second Supplemental Indenture, dated December 7, 2022 (together with the Base Indenture, the "Indenture"), between the Company and the Trustee, U.S. Bank Trust Company, National Association.

The December 2027 Notes bear an interest rate of 8.0% per year and are due on December 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 March 1, 2023. The December 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 31, 2024, at a redemption price of $25 per December 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. The December 2027 Notes are general unsecured obligations of the Company that rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness.

Aggregate offering costs in connection with the December 2027 Notes issuance, including the underwriter's discount and commissions, were $1.8 million, which were capitalized and deferred. As of March 31, 2023 and December 31, 2022, unamortized deferred debt costs related to the December 2027 Notes were $1.7 million and $1.8 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.

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-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Net Increase in Net Assets Resulting from Operations per Common Share

Related Party Agreements and Transactions - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) Component shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Gross assets	$ 1,173,453,000		$ 1,141,766,000
Management fees	3,959,000	$ 2,560,000
Incentive fees	4,563,000	1,344,000
Administrative fees	162,000	169,000
Scenario, Pre-incentive fee net income less than 2.0%
Related Party Transaction [Line Items]
Incentive fees	$ 0
Advisory Agreement
Related Party Transaction [Line Items]
Number of fees components \| Component	2
Management fees	$ 4,000,000.0	2,600,000
Percentage of incentive fee quarterly catch-up hurdle rate	2.667%
Percentage of incentive fee annual catch-up hurdle rate	10.668%
Incentive fee rate	20.00%
Incentive fee income	$ 0
Percentage of aggregate cumulative realized capital gains	20.00%
Capital gains fee	$ 0
Incentive fees	4,600,000	1,300,000
Incentive fees earned and payable in cash	3,500,000	1,100,000
Incentive fees accrued and generated from deferred interest	1,100,000	300,000
Accrued incentive fees payable in cash	3,700,000		3,800,000
Deferred incentive fees	5,900,000		5,000,000.0
Capital gains incentive fee accrued	$ 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, more than $500M but less than $1B
Related Party Transaction [Line Items]
Percentage of quarterly base management fee	0.40%
Advisory Agreement \| Scenario, more than $500M but less than $1B \| Minimum
Related Party Transaction [Line Items]
Gross assets	$ 500,000,000
Advisory Agreement \| Scenario, more than $500M but less than $1B \| Maximum
Related Party Transaction [Line Items]
Gross assets	$ 1,000,000,000.0
Advisory Agreement \| Scenario, up to $500M
Related Party Transaction [Line Items]
Percentage of quarterly base management fee	0.4375%
Advisory Agreement \| Scenario, up to $500M \| Maximum
Related Party Transaction [Line Items]
Gross assets	$ 500,000,000
Advisory Agreement \| Scenario, more than $1B
Related Party Transaction [Line Items]
Percentage of quarterly base management fee	0.375%
Advisory Agreement \| Scenario, more than $1B \| Minimum
Related Party Transaction [Line Items]
Gross assets	$ 1,000,000,000.0
Advisory Agreement \| Scenario, Minimum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly hurdle rate	2.00%
Percentage of incentive fee annual hurdle rate	8.00%
Advisory Agreement \| Scenario, Pre-incentive fee net income less than 2.0%
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly hurdle rate	2.00%
Advisory Agreement \| Scenario, 80% of the portion of pre-incentive fee net income that is between 2.0% and 2.667%
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly catch-up hurdle rate	2.667%
Percentage of pre-incentive fee net investment income	80.00%
Advisory Agreement \| Scenario, 80% of the portion of pre-incentive fee net income that is between 2.0% and 2.667% \| Maximum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly catch-up hurdle rate	2.667%
Percentage of incentive fee annual catch-up hurdle rate	10.668%
Advisory Agreement \| Scenario, 20% of portion of pre-incentive fee net income that is over 2.667%
Related Party Transaction [Line Items]
Percentage of pre-incentive fee net investment income	20.00%
Advisory Agreement \| Scenario, 20% of portion of pre-incentive fee net income that is over 2.667% \| Minimum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly catch-up hurdle rate	2.667%
Percentage of incentive fee annual catch-up hurdle rate	10.668%
Administration Agreement
Related Party Transaction [Line Items]
Administrator reimbursement	$ 400,000	300,000
Administrator reimbursed and accrued related to overhead allocation expense	400,000	300,000
Due to affiliate	$ 700,000	$ 200,000	$ 400,000
Oaktree Capital Management, L.P
Related Party Transaction [Line Items]
Common stock, shares issued \| shares	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	$ 125,000,000.0
Oaktree Capital Management, L.P \| Initial and Second Private Offering
Related Party Transaction [Line Items]
Issuance of common stock, Shares \| shares	14,571,334
Issuance of common stock, value	$ 219,300,000

Net Increase in Net Assets Resulting from Operations per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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 months ended March 31, 2023 and 2022 (in thousands, except for share and per share data):


	Three Months Ended March 31,
	2023		2022
Net increase in net assets resulting from operations	$	11,984	$	2,853
Weighted average shares outstanding for the period
Basic		40,509,269		41,375,187
Diluted		40,509,269		41,375,187
Per Share Data(1):
Basic and diluted income (loss) per common share
Basic	$	0.30	$	0.07
Diluted	$	0.30	$	0.07

(1)

Per share data is based on average weighted shares outstanding.

Concentration of Credit Risk	3 Months Ended
Concentration of Credit Risk	Mar. 31, 2023
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 monitors the financial condition of those financial institutions and does not currently anticipate any losses from these counterparties

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

Mar. 31, 2023

Dec. 31, 2022

Investment Ceiling Rate

8.00%

Investment Interest Cash Cap

9.00%

^{[1],[2],[3],[4],[5]}

12.00%

Investment Interest ETP

4.00%

5.00%

Investment Owned, at Fair Value

11.00%

^{[1],[2],[3],[6],[7]}

11.00%

^{[8],[9],[10],[11],[12]}

Investment percentage

4.515%

Maturity Date

Apr. 15, 2023

Nov. 15, 2022

Principal/ Shares

811,770

^[13],[14]

811,770

^[15],[16]

Principal Amount

$ 35,000,000

$ 18,598,000

^{[16],[17],[18]}

Investment cost

34,978

19,172

^[17]

$ 34,974

^[19],[20]

$ 9,290

^[17]

Tax Cost Basis and Estimated Aggregate Gross Unrealized Appreciation and Depreciation on Investments for Federal Income Tax Purposes

203.63%

195.52%

[1]	All investments are domiciled in the United States, unless otherwise noted.
[2]	Disclosures of end-of-term-payments (“ETP”) are one-time payments stated as a percentage of original principal amount.
[3]	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 March 31, 2023, the 3‑Month LIBOR was 5.19%, the U.S. Prime Rate was 8.00% and the 3-Month SOFR was 4.91%.
[4]	Represents a PIK security. PIK interest is accrued and will be paid at maturity.
[5]	The investment is an eligible loan investment in the collateral under the Credit Facility (as defined in Note 11).
[6]	Investment is not a “restricted security” under the Securities Act.
[7]	Investment is publicly traded and listed on NASDAQ.
[8]	All investments are domiciled in the United States, unless otherwise noted.
[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”), the U.S. Prime Rate, or the 3-Month Secured Overnight Financing Rate ("SOFR"). At December 31, 2022, the 3‑Month LIBOR was 4.77%, the U.S. Prime Rate was 7.50%, and the 3-Month SOFR was 4.79%.
[11]	Investment is not a “restricted security” under the Securities Act.
[12]	Investment is publicly traded and listed on NASDAQ.
[13]	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.
[14]	Investments are non-income producing.
[15]	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.
[16]	Investments are non-income producing.
[17]	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.
[18]	Represents a PIK security. PIK interest is accrued and will be paid at maturity.
[19]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. Refer to Note 3 for additional detail.
[20]	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.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation on investments for federal income tax purposes as of and for the period ended March 31, 2023 and the year ended December 31, 2022 (in thousands):


	March 31, 2023			December 31, 2022
	(Unaudited)
Tax cost on investments	$	1,186,455		$	1,149,902
Change in unrealized appreciation on a tax basis	$	11,271		$	9,207
Change in unrealized depreciation on a tax basis		(37,410	)		(32,800	)
Net unrealized appreciation (depreciation) on a tax basis	$	(26,139	)	$	(23,593	)

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2023

Investment Company Financial Highlights [Abstract]

Schedule of Financial Highlights


	Three Months Ended March 31,
	(In thousands, except share and per share data)
	2023			2022
	(Unaudited)			(Unaudited)
Per Share Data(1):
Net asset value at beginning of period	$	14.22		$	14.65
Net investment income(3)		0.45			0.30
Realized gain (loss)		(0.03)			(0.01)
Change in unrealized appreciation (depreciation)		(0.12)			(0.22)
Dividends		(0.45)			(0.27)
Offering costs		—			—
Accretion (dilution)(4)		—			—
Net asset value at end of period	$	14.07		$	14.45

Total return based on net asset value(2)		(1.05)	%		(1.37)	%
Weighted average shares outstanding for the period, basic		40,509,269			41,375,187
Ratio/Supplemental Data:
Net assets at end of period	$	569,807		$	597,466
Average net assets(5)	$	583,731		$	611,815
Ratio of net operating expenses to average net assets(6)(7)		12.25	%		3.84	%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(7)		10.71	%		2.56	%
Portfolio turnover rate(8)		1.15	%		1.46	%

(1)

Financial highlights are based on weighted-average shares outstanding.

(2)

(3)

(4)

Return from accretion was 0.00% and 0.00% for the three months ended March 31, 2023 and 2022, respectively.

(5)

The annualized ratio of net investment income to average net assets was 15.07% and 8.93% for the three months ended March 31, 2023 and 2022, respectively.

(6)

The annualized ratio of net operating expenses excluding incentive fees, to average net assets was 11.46% and 3.62% for the three months ended March 31, 2023 and 2022, respectively.

(7)

Incentive fees are not annualized.

(8)

Summary of Significant Accounting Policies - Additional Information (Details)		1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2016 USD ($)	Oct. 31, 2021 USD ($)	Mar. 31, 2023 USD ($) Loan shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 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
Percentage of non-cash PIK interest			9.70%	7.40%
Payment of excise tax percentage			4.00%
Percentage of minimum beneficial ownership of voting securities for control			25.00%		25.00%
Percentage of minimum board representation for control			50.00%		50.00%
Percentage of beneficial ownership of voting securities			5.00%		5.00%
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
Dividends common stock			$ 18,229,000	$ 11,173,000
Dividend Paid
Summary Of Significant Accounting Policies [Line Items]
Dividends common stock			18,200,000	11,200,000
Dividends Paid In Cash
Summary Of Significant Accounting Policies [Line Items]
Dividends common stock			17,500,000	$ 3,800,000
Borrowings
Summary Of Significant Accounting Policies [Line Items]
Unamortized deferred debt costs			10,327,000		$ 10,293,000
2026 Notes \| Borrowings
Summary Of Significant Accounting Policies [Line Items]
Unamortized deferred debt costs			800,000		800,000
Long-Term Debt \| 2026 Notes
Summary Of Significant Accounting Policies [Line Items]
Debt instrument, fair value			55,100,000		57,000,000.0
Carrying Value			69,200,000		69,200,000
Second Private Offering
Summary Of Significant Accounting Policies [Line Items]
Offering cost excluding placement agent fees						$ 600,000
Placement agent fees						200,000
Offering cost						700,000
IPO
Summary Of Significant Accounting Policies [Line Items]
Offering cost		$ 7,000,000.0
Maximum \| Second Private Offering \| Runway Growth Holdings LLC
Summary Of Significant Accounting Policies [Line Items]
Adjustment to additional paid in capital stock issued issuance costs						$ 600,000
Maximum \| Initial Private Offering
Summary Of Significant Accounting Policies [Line Items]
Adjustment to additional paid in capital stock issued issuance costs	$ 1,000,000.0
Maximum \| Initial Private Offering \| Runway Growth Holdings LLC
Summary Of Significant Accounting Policies [Line Items]
Adjustment to additional paid in capital stock issued issuance costs	$ 1,000,000.0
Pivot3, 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			$ 19,200,000		$ 19,200,000
Fair value on non-accrual status			$ 11,600,000		$ 9,300,000
Percentage of net assets on non-accrual status			1.00%		0.80%
Total interest			$ 4,600,000		$ 3,900,000
Loan not been on non-accrual status, payable,					3,600,000
Loan not been on non-accrual status, receivable			4,300,000
Original issue discount			$ 300,000		$ 300,000

Schedule of Investments (Unaudited) - Transactions Related to Company's Affiliate and Control Investments (Parenthetical)	3 Months Ended
	Mar. 31, 2023
Statement Of Financial Position [Abstract]
Percentage of net assets at fair, restricted to resale	10.30%
Percentage of minimum beneficial ownership of voting securities for control	25.00%
Percentage of beneficial ownership of voting securities	5.00%
Percentage of minimum board representation for control	50.00%

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

3 Months Ended

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Investment Company, Financial Highlights [Line Items]

Net asset value at beginning of period

^[1]

$ 14.22

$ 14.65

Net investment income

^[1],[2]

0.45

0.30

Dividends

^[1]

(0.45)

(0.27)

Net asset value at end of period

^[1]

$ 14.07

$ 14.45

$ 14.22

Total return based on net asset value

^[1],[3]

(1.05%)

(1.37%)

Basic

40,509,269

41,375,187

Ratio/Supplemental Data:

Net assets at end of period

$ 569,807

$ 597,466

Average net assets

^[4]

$ 583,731

$ 611,815

Ratio of net operating expenses to average net assets

^[5],[6]

12.25%

3.84%

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

^[5]

10.71%

2.56%

Portfolio turnover rate

^[7]

1.15%

1.46%

Realized Gain (Loss)

Investment Company, Financial Highlights [Line Items]

Realized gain (loss) and Change in unrealized appreciation (depreciation)

^[1]

$ (0.03)

$ (0.01)

Change in Unrealized Appreciation (Depreciation)

Investment Company, Financial Highlights [Line Items]

Realized gain (loss) and Change in unrealized appreciation (depreciation)

^[1]

$ (0.12)

$ (0.22)

[1]	Financial highlights are based on weighted-average shares outstanding.
[2]	Return from investment operations was 3.16% and 2.05% for the three months ended March 31, 2023 and 2022, respectively. Return from investment operations represents returns on net investment income from operations.
[3]	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.
[4]	The annualized ratio of net investment income to average net assets was 15.07% and 8.93% for the three months ended March 31, 2023 and 2022, respectively.
[5]	Incentive fees are not annualized.
[6]	The annualized ratio of net operating expenses excluding incentive fees, to average net assets was 11.46% and 3.62% for the three months ended March 31, 2023 and 2022, respectively.
[7]	The portfolio turnover rate for the three months ended March 31, 2023 and 2022 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.

Borrowings - Schedule of Components of Interest Expense Amortization of Deferred Debt Costs and Unused Fees on Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Interest Expense	$ 10,047	$ 872
Amortization of Deferred Debt Costs	701	152
Unused Facility and Other Fees	172	555
Total Interest and Other Debt Financing Expenses	10,920	1,579
Credit Facility
Debt Instrument [Line Items]
Interest Expense	6,409	364
Amortization of Deferred Debt Costs	394	118
Unused Facility and Other Fees	172	555
Total Interest and Other Debt Financing Expenses	$ 6,975	$ 1,037
Weighted Average Cost of Debt	8.37%	9.96%
December 2026 Notes
Debt Instrument [Line Items]
Interest Expense	$ 744	$ 508
Amortization of Deferred Debt Costs	52	34
Total Interest and Other Debt Financing Expenses	$ 796	$ 542
Weighted Average Cost of Debt	4.55%	4.54%
July 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 1,509
Amortization of Deferred Debt Costs	129
Total Interest and Other Debt Financing Expenses	$ 1,638
Weighted Average Cost of Debt	8.14%
August 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 350
Amortization of Deferred Debt Costs	35
Total Interest and Other Debt Financing Expenses	$ 385
Weighted Average Cost of Debt	7.70%
December 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 1,035
Amortization of Deferred Debt Costs	91
Total Interest and Other Debt Financing Expenses	$ 1,126
Weighted Average Cost of Debt	8.71%

Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Beginning balance	$ 576,052	$ 606,195
Beginning balance, Shares	40,509,269
Net increase in net assets resulting from operations	$ 11,984	2,853
Reinvestment of dividends, value	$ 0	$ 400
Reinvestment of dividends, Shares	0	31,782
Acquisition of treasury shares, value		$ (409)
Dividends paid to stockholders	$ (18,229)	(11,173)
Ending balance	$ 569,807	597,466
Ending balance, Shares	40,509,269
Common Stock
Beginning balance	$ 414	$ 414
Beginning balance, Shares	40,509,269	41,380,614
Acquisition of treasury shares		(31,782)
Ending balance	$ 414	$ 414
Ending balance, Shares	40,509,269	41,348,832
Treasury Stock
Beginning balance	$ (10,816)
Acquisition of treasury shares, value		$ (409)
Ending balance	(10,816)	(409)
Paid-in Capital in Excess of Par Value
Beginning balance	605,774	606,048
Ending balance	605,774	606,048
Accumulated Undistributed Earnings (Losses)
Beginning balance	(19,320)	(267)
Net increase in net assets resulting from operations	11,984	2,853
Dividends paid to stockholders	(18,229)	(11,173)
Ending balance	$ (25,565)	$ (8,587)

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 9 – Fair Value Measurements

The Company’s assets recorded at fair value have been categorized based upon a fair value hierarchy in accordance with ASC Topic 820. Refer to "Note 2 — Summary of Significant Accounting Policies" for a discussion of the Company’s policies.

Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of March 31, 2023 and December 31, 2022 (in thousands):


	As of March 31, 2023
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Preferred Stock	$	12,785	$	—	$	22,099	$	34,884
Common Stock		1,044		—		921		1,965
Senior Secured Term Loans		—		—		1,060,495		1,060,495
Second Lien Term Loans		—		—		13,707		13,707
Warrants		—		79		14,212		14,291
Total Portfolio Investments		13,829		79		1,111,434		1,125,342
U.S. Treasury Bill		34,974		—		—		34,974
Total Investments	$	48,803	$	79	$	1,111,434	$	1,160,316


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Preferred Stock	$	12,335	$	—	$	347	$	12,682
Common Stock		501		1,422		1,174		3,097
Senior Secured Term Loans		—		—		1,080,121		1,080,121
Second Lien Term Loans		—		—		13,654		13,654
Warrants		—		105		16,650		16,755
Total Portfolio Investments		12,836		1,527		1,111,946		1,126,309
U.S. Treasury Bill		—		—		—		—
Total Investments	$	12,836	$	1,527	$	1,111,946	$	1,126,309

The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.

The following table presents a rollforward of Level 3 assets measured at fair value as of March 31, 2023 (in thousands):


	Preferred Stock			Common Stock			Senior Secured Term Loans			Second Lien Term Loans			Warrants			Total
Fair value at December 31, 2022	$	347		$	1,174		$	1,080,121		$	13,654		$	16,650		$	1,111,946
Transfers out of Level 3		—			—			—			—			—			—
Purchases of investments(1)		25,000			—			(12,505	)		—			376			12,871
PIK interest		—			—			3,584			171			—			3,755
Sales or repayments of investments(1)		—			—			(14,199	)		—			—			(14,199	)
Realized gain (loss)		—			—			—			—			(1,178	)		(1,178	)
Change in unrealized appreciation (depreciation)		(3,248	)		(253	)		658			(146	)		(1,636	)		(4,625	)
Amortization of fixed income premiums or accretion of discounts		—			—			2,836			28			—			2,864
Fair value at March 31, 2023	$	22,099		$	921		$	1,060,495		$	13,707		$	14,212		$	1,111,434
Change in unrealized appreciation (depreciation) on Level 3 investments still held as of March 31, 2023	$	(3,248	)	$	(253	)	$	865		$	(146	)	$	(2,930	)	$	(5,712	)

(1)

Net of reorganization and restructuring of investments.

The following table presents a rollforward of Level 3 assets measured at fair value as of March 31, 2022 (in thousands):


	Preferred Stock		Common Stock			Senior Secured Term Loans			Second Lien Term Loans		Warrants			Total
Fair value at December 31, 2021	$	1,332	$	—		$	623,054		$	12,873	$	20,087		$	657,346
Transfers out of Level 3		—		—			—			—		—			—
Purchases of investments(1)		—		4,551			80,371			—		598			85,520
PIK interest		—		—			1,187			150		—			1,337
Sales or repayments of investments(1)		—		—			(7,987	)		—		(262	)		(8,249	)
Realized gain (loss)		—		—			—			—		(267	)		(267	)
Change in unrealized appreciation (depreciation)		109		(3,202	)		(848	)		—		1,179			(2,762	)
Amortization of fixed income premiums or accretion of discounts		—		—			2,799			26		—			2,825
Fair Value at March 31, 2022	$	1,441	$	1,349		$	698,576		$	13,049	$	21,335		$	735,750
Change in unrealized appreciation (depreciation) on Level 3 investments still held as of March 31, 2022	$	109	$	(3,202	)	$	(2,651	)	$	—	$	858		$	(4,886	)

(1)

Net of reorganization and restructuring of investments.

The following table provides quantitative information regarding Level 3 fair value measurements as of March 31, 2023 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Preferred Stock	$	278	Recent private market and merger and acquisition transaction prices	N/A	N/A
		21,821	PWERM	Discount rate	28.0% - 28.0% (28.0%)
Common Stock		921	Recent private market and merger and acquisition transaction prices	N/A	N/A
Senior Secured Term Loans(1)		1,031,181	Discounted Cash Flow analysis	Discount rate	11.5% - 24.9% (15.5%)
			Market approach	Origination yield	10.5% - 16.6% (13.1%)
		29,314	PWERM	Discount rate	30.0% - 39.7% (35.9%)
Second Lien Term Loans (1)		13,707	Discounted Cash Flow analysis	Discount rate	16.8% - 16.8% (16.8%)
			Market approach	Origination yield	14.8% - 14.8% (14.8%)
Warrants(2)		9,859	Option pricing model	Risk-free interest rate	3.7% - 5.2% (4.6%)
				Average industry volatility	30.0% - 97.2% (51.8%)
				Estimated time to exit	0.5 - 5.0 (2.6 years)
				Revenue multiples	1.14x - 45.10x (3.77x)
		4,353	PWERM	Discount rate	20.0% - 40.0% (33.7%)
				Revenue multiples	2.32x - 198.68x (17.65x)
Total Level 3 Investments	$	1,111,434

The following table provides quantitative information regarding Level 3 fair value measurements as of December 31, 2022 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Preferred Stock	$	347	Recent private market and merger and acquisition transaction prices	N/A	N/A
Common Stock		1,174	Recent private market and merger and acquisition transaction prices	N/A	N/A
Senior Secured Term Loans(1)		1,053,748	Discounted Cash Flow analysis	Discount rate	11.1% - 28.0% (15.2%)
			Market approach	Origination yield	10.5% - 19.3% (12.9%)
		26,373	PWERM	Discount rate	27.4% - 37.4% (30.9%)
Second Lien Term Loans (1)		13,654	Discounted Cash Flow analysis	Discount rate	16.1% - 16.1% (16.1%)
			Market approach	Origination yield	12.2% - 12.2% (12.2%)
Warrants(2)		10,246	Option pricing model	Risk-free interest rate	2.7% - 4.9% (4.3%)
				Average industry volatility	25.0% - 98.4% (49.0%)
				Estimated time to exit	0.5 - 5.0 (2.2 years)
				Revenue multiples	1.16x - 88.63x (5.47x)
		6,404	PWERM	Discount rate	20.0% - 40.0% (34.6%)
				Revenue multiples	2.35x - 199.38x (13.10x)
Total Level 3 Investments	$	1,111,946

(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 (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 March 31, 2023 and the year ended December 31, 2022. Probability Weighted Expected Return Models (“PWERM”) and other techniques were used as determined appropriate. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. However, a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in the unobservable inputs. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date.

Organization Consolidation And Presentation Of Financial Statements [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

Organization

3 Months Ended

Mar. 31, 2023

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, currently qualifies, and intends to continue to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company was formed primarily to lend to, and selectively invest in, high growth-potential companies in technology, 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.

On October 25, 2021, the Company closed its initial public offering ("IPO"), issuing 6,850,000 shares of its common stock on the Nasdaq Global Select Market LLC under the symbol “RWAY”.

Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 13 - Subsequent Events

The Company evaluated events subsequent to March 31, 2023 through May 9, 2023.

On April 11, 2023, Mustang Bio, Inc. prepaid its outstanding principal balance of $30.0 million on the senior secured loan.

On April 13, 2023, the Company issued the First Supplement to the Series 2021A Senior Notes governing the issuance of $25.00 million in aggregate principal amount of its 8.54% Series 2023A Notes due April 13, 2026 ("The April 2026 Notes"). The April 2026 Notes bear an interest rate of 8.54% per year and are due on April 13, 2026, unless redeemed, purchased, or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the April 2026 Notes will be due semiannually, beginning October 13, 2023.

On April 25, 2023, the Marley Spoon AG Loan and Security Agreement was amended to: (a) extend the amortization date to January 15, 2025, (b) extend the maturity date to June 15, 2026, (c) PIK all interest through September 15, 2023, (d) add a deferral fee of €592,093 due at the maturity date; and (e) allow for a reduction in the applicable margin based on principal repayment milestones.

On April 28, 2023, the Company funded an investment of $2.0 million to Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc).

On May 2, 2023, the Board of Directors declared an ordinary distribution of $0.40 per share and a supplemental distribution of $0.05 per share for stockholders of record on May 15, 2023 payable on or before May 31, 2023.

On May 5, 2023, the Company funded an investment of $13.9 million to Kin Insurance, Inc.

On May 8, 2023, the investment to TRACON Pharmaceuticals, Inc. was terminated and all obligations under the contract were fully satisfied.

Borrowings - Schedule of Components of Interest Expense Amortization of Deferred Debt Costs and Unused Fees on Credit Facility (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Supplemental fees	$ 0.2

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net increase in net assets resulting from operations	$ 11,984	$ 2,853
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Payment in-kind interest	(3,755)	(1,337)
Net realized (gain) loss on investments, including U.S. Treasury Bills	1,178	371
Net change in unrealized (appreciation) depreciation on investments, including U.S. Treasury Bills	5,084	9,235
Amortization of fixed income premiums or accretion of discounts	(2,868)	(2,825)
Amortization of deferred debt costs	701	152
Changes in operating assets and liabilities:
(Increase) decrease in interest and fees receivable	(446)	(636)
(Increase) decrease in other assets	276	472
Increase (decrease) in deferred revenue		3,185
Increase (decrease) in interest payable	2,120	675
Increase (decrease) in accrued expenses and other liabilities	82	(88)
Net cash used in operating activities	(18,526)	(19,311)
Cash flows from financing activities
Payments of deferred debt costs	(735)	(519)
Borrowings under credit facility	55,000	86,000
Repayments under credit facility	(20,000)	(61,000)
Repayments of reverse repurchase agreements		(44,775)
Acquisition of treasury shares		(409)
Dividends paid to stockholders	(18,229)	(11,173)
Net cash provided by financing activities	16,036	18,124
Net increase (decrease) in cash	(2,490)	(1,187)
Cash and cash equivalents at beginning of period	5,761	4,697
Cash and cash equivalents at end of period	3,271	3,510
Supplemental and non-cash financing cash flow information:
Interest paid	7,927	199
Non-cash portfolio purchases	$ 0	725
2026 Notes
Cash flows from financing activities
Proceeds from Notes		$ 50,000

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

3 Months Ended

Aug. 31, 2022

Jul. 28, 2022

Dec. 10, 2021

May 31, 2019

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Dec. 07, 2022

Feb. 10, 2022

11.00%

^{[1],[2],[3],[4],[5]}

11.00%

^{[6],[7],[8],[9],[10]}

$ 10,327,000

$ 10,293,000

Weighted Average

Weighted average effective interest rate

7.80%

3.91%

Weighted average outstanding principal Credit Facility balance

$ 333,200,000

$ 89,400,000

Credit Facility

Line of credit facility, amortization period

Commitment fee amount

$ 100,000,000.0

$ 500,000,000.0

Expiration date

Apr. 20, 2025

1 year

Line of credit facility stated maturity date

Apr. 20, 2026

Credit Facility | Maximum

Unused commitment fees percentage

Variable advance rate

65.00%

1.00%

Credit Facility | Maximum | SOFR

Credit Facility | Minimum

Applicable margin rate

3.35%

Unused commitment fees percentage

0.25%

Credit Facility | Minimum | SOFR

December 2026 Notes | Long-Term Debt

Applicable margin rate

2.95%

$ 70,000,000.0

Debt instrument, description

4.25%

The December 2026 Notes were issued in two closings, the initial issuance of $20.0 million December 2026 Notes closed on December 10, 2021 and the second and final issuance of $50.0 million closed on February 10, 2022.

Debt instrument due date

Dec. 10, 2026

Debt instrument, interest rate increase percentage

1.00%

Aggregate offering costs including underwriter's discounts and commissions

$ 1,000,000.0

Line of credit facility, interest rate description

$ 800,000

800,000

Interest on the December 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

December 2026 Notes | Long-Term Debt | Debt Instrument Initial Issuance Closed on December 10, 2021

December 2026 Notes | Long-Term Debt | Debt Instrument Second and Final Issuance Closed on February 10, 2022

$ 20,000,000.0

July 2027 Notes | Long-Term Debt

$ 50,000,000.0

$ 80,500,000

Aggregate offering costs including underwriter's discounts and commissions

7.50%

Debt instrument due date

Jul. 28, 2027

$ 2,600,000

Line of credit facility, interest rate description

$ 2,300,000

2,400,000

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

$ 20,000,000.0

Aggregate offering costs including underwriter's discounts and commissions

7.00%

Debt instrument due date

Aug. 31, 2027

$ 700,000

Line of credit facility, interest rate description

$ 600,000

700,000

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

December 2027 Notes | Long-Term Debt

$ 51,750,000

Aggregate offering costs including underwriter's discounts and commissions

8.00%

$ 1,800,000

Debt instrument redemption description

$ 1,700,000

$ 1,800,000

The December 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 31, 2024, at a redemption price of $25 per December 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.

Debt instrument, redemption price per share

$ 25

Debt instrument, payment terms

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 March 1, 2023.

[1]	All investments are domiciled in the United States, unless otherwise noted.
[2]	Disclosures of end-of-term-payments (“ETP”) are one-time payments stated as a percentage of original principal amount.
[3]	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 March 31, 2023, the 3‑Month LIBOR was 5.19%, the U.S. Prime Rate was 8.00% and the 3-Month SOFR was 4.91%.
[4]	Investment is not a “restricted security” under the Securities Act.
[5]	Investment is publicly traded and listed on NASDAQ.
[6]	All investments are domiciled in the United States, unless otherwise noted.
[7]	Disclosures of end-of-term-payments (“ETP”) are one-time payments stated as a percentage of original principal amount.
[8]	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 December 31, 2022, the 3‑Month LIBOR was 4.77%, the U.S. Prime Rate was 7.50%, and the 3-Month SOFR was 4.79%.
[9]	Investment is not a “restricted security” under the Securities Act.
[10]	Investment is publicly traded and listed on NASDAQ.

Schedule of Investments (Parenthetical) (Unaudited)	3 Months Ended	12 Months Ended
Schedule of Investments (Parenthetical) (Unaudited)	Mar. 31, 2023	Dec. 31, 2022
Percentage of Net Assets	203.63%	195.52%
Minimum
Investment owned from voting securities	5.00%	5.00%
Investment owned from voting securities	50.00%	50.00%
Maximum
Investment owned from voting securities	25.00%	25.00%
Investment owned from voting securities	50.00%	50.00%
Non Qualifying Assets at Fair Value
Percentage of Net Assets	10.38%	10.65%
Qualifying Assets \| Minimum
Percentage of Net Assets	70.00%	70.00%
LIBOR
Investment Interest Rate	5.19%	4.77%
US Prime Rate
Investment Interest Rate	8.00%	7.50%
SOFR
Investment Interest Rate	4.91%	4.79%

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

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, 2023. 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 for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the "SEC") on March 2, 2023.

Certain items in the March 31, 2022 and December 31, 2022 financial statements have been reclassified to conform to the March 31, 2023 presentation with no effect on the net assets on the Statements of Assets and Liabilities, and no net effect on the net increase in net assets resulting from operations on the Statements of 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. At times, 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, refer to “Note 11 – 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, 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% of the repurchase price in the case of a reverse repurchase agreement of one-day duration and 102% 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 March 31, 2023 or December 31, 2022.

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 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 debt investment, 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. Upon amending terms of an existing investment, any amendment fees charged 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 months ended March 31, 2023, approximately 9.7% of the Company’s total investment income was attributable to non-cash PIK interest. For the three months ended March 31, 2022, approximately 7.4% 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, or other obligations will be collected in full. At the point of non-accrual, the Company will cease recognizing interest income on the debt investment until all principal and interest due have been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Additionally, any OID 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 March 31, 2023, and December 31, 2022, the Company has not written off any accrued and uncollected PIK interest. As of March 31, 2023, the Company had one loan to Pivot3, Inc. on non-accrual status. The loan, with a cost basis of $19.2 million and a fair value of $11.6 million, represents 1.00% of the Company’s total investment portfolio. From being placed on non-accrual status through March 31, 2023, cumulative interest of $4.3 million would be receivable and $0.3 million OID would be accreted into the cost basis, for a total of $4.6 million not recorded in interest income from control investments on the Statement of Operations. As of December 31, 2022, the Company had one loan to Pivot3, Inc. on non-accrual status. The loan, with a cost basis of $19.2 million and a fair market value of $9.3 million, represents 0.8% of the Company’s total investment portfolio. From being placed on non-accrual status through December 31, 2022, cumulative interest of $3.6 million would be payable and $0.3 million OID would be accreted into the cost basis, for a total of $3.9 million not recorded in interest income from control investments on the Statement of Operations.

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 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 an independent valuation firm. Certain investments, however, may not be evaluated by an independent valuation firm if the net asset value and other aspects of such investments in the aggregate do not exceed certain thresholds;

•

The Audit Committee then reviews these preliminary valuations from RGC and the 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 small, fast-growing companies focused in technology, life sciences, health care information and services, business services, 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 and equity 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 requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act ("Rule 31a-4"), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and

the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While the board of directors has not elected to designate RGC as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

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 OID, to the resulting fair value determined using a discounted cash flow model, unless another model is more appropriate based on the circumstances at the measurement date. The discounted cash flow approach entails analyzing the interest rate spreads for recently completed financing transactions 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 (decreases) in these unobservable inputs could result in a significantly higher (lower) fair value measurements.

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 fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase or decrease in this unobservable input.

•

The risk-free interest rates are derived from the U.S. Treasury yield curve. The risk-free interest rates are calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant. Significant increases (decreases) in this unobservable input could result in a significantly higher (lower) fair value, but a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in this unobservable input.

•

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

•

Historical portfolio experience on cancellations and exercises of warrants are utilized as the basis for determining the estimated life of the warrants in each financial reporting period. Warrants may be exercised in the event of acquisitions, mergers or initial public offerings, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrants. Significant increases (decreases) in this unobservable input could result in a significantly higher (lower) fair value, but a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in this unobservable input.

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

In accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”), the Company evaluates fair value of its financial instruments. With the exception of the Company’s borrowings, which are reported at cost, all assets and liabilities approximate fair value on the Statements of Assets and Liabilities due to their short maturity.

The fair value of the Company’s Credit Facility, December 2026 Notes, July 2027 Notes, August 2027 Notes, and December 2027 Notes (as defined in "Note 11 - Borrowings") is estimated using the relative market yield approach. The fair value of the Company's Credit Facility, December 2026 Notes and August 2027 Notes are estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. The fair value of the Company's July 2027 Notes and December 2027 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input, and reflects the market close price of the notes traded on the Nasdaq Global Select Market LLC under the symbol "RWAYL" and "RWAYZ", respectively.

As of both March 31, 2023, and December 31, 2022, the carrying value of the Credit Facility, July 2027 Notes, August 2027 Notes, and December 2027 Notes approximates fair value. As of March 31, 2023, the fair value of the December 2026 Notes was approximately $55.1 million and the carrying value was approximately $69.2 million, net of unamortized deferred debt costs of $0.8 million. As of December 31, 2022, the fair value of the December 2026 Notes was approximately $57.0 million and the carrying value was approximately $69.2 million, net of unamortized deferred debt costs of $0.8 million.

Investment Classification

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

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

Income Taxes

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

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. If the Company determines that the estimated current year taxable income will exceed the estimated dividend distributions for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. Differences between taxable income and net increase in net assets resulting from operations either can be temporary, meaning they will reverse in the future, or permanent. In accordance with Section 946-205-45-3 of the ASC, permanent tax differences are reclassified from accumulated undistributed earnings to paid-in-capital at the end of each year and have no impact on total net assets. For more information, refer to "Note 7 – Income Taxes."

Per Share Information

Basic and diluted earnings (loss) per common share is calculated using the weighted-average number of common shares outstanding for the period presented. For the three months ended March 31, 2023 and 2022, 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

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

For the three months ended March 31, 2023, the Company declared and paid dividends in the amount of $18.2 million, of which $17.5 million was distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan. For the three months ended March 31, 2022, the Company declared dividends in the amount of $11.2 million, of which $3.8 million was distributed in cash and the remainder distributed in shares to 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 Advisory Agreement (as defined below), 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 $1.0 million, provided that the amount of such costs in excess of $1.0 million would be paid by RGC. As of December 31, 2016, the Company had already incurred the maximum amount of $1.0 million 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 $0.6 million, excluding placement agent fees which had no cap, of which the Company will bear the cost. At the completion of the Second Private Offering, the Company had accumulated and recorded $0.7 million in offering costs and $0.2 million in placement agent fees related to the Second Private Offering. Under the terms of the Second Private Offering, offering costs in excess of $0.6 million, 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. The Company had accumulated and recorded $7.0 million of offering costs related to the Company’s IPO. The offering costs were fully born by the Company and included 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 June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions", which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.

Net Assets

3 Months Ended

Mar. 31, 2023

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. 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 thousand.

Private Common Stock Offerings

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

Beginning October 15, 2019 and ending September 29, 2021, the Company 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.

Initial Public Offering

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 LLC on October 21, 2021 under the symbol “RWAY”.

Distribution Reinvestment Plan

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

During the three months ended March 31, 2023, the Company did not purchase any shares of common stock in the open market under the Dividend Reinvestment Plan. During the three months ended March 31, 2022, the Company purchased 31,782 shares of common stock in the open market for a total of $0.4 million under the Dividend Reinvestment Plan.

Repurchase Program

The following table summarized the distributions declared and paid since inception through March 31, 2023:

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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Common stock, shares authorized

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

Mar. 31, 2023

Dec. 31, 2022

Investment cost

$ 34,978

$ 19,172

^[1]

Common stock, par value

$ 0.01

100,000,000

U.S.Treasury Bills

Investment cost

$ 34,978

$ 0

[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.

Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Borrowings

The following table shows the Company's borrowings as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023									December 31, 2022
	Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value		Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value
Credit Facility	$	500,000	$	372,000	$	(4,968	)	$	367,032	$	425,000	$	337,000	$	(4,640	)	$	332,360
December 2026 Notes		70,000		70,000		(766	)		69,234		70,000		70,000		(818	)		69,182
July 2027 Notes		80,500		80,500		(2,251	)		78,249		80,500		80,500		(2,380	)		78,120
August 2027 Notes		20,000		20,000		(618	)		19,382		20,000		20,000		(653	)		19,347
December 2027 Notes		51,750		51,750		(1,724	)		50,026		51,750		51,750		(1,802	)		49,948
Total	$	722,250	$	594,250	$	(10,327	)	$	583,923	$	647,250	$	559,250	$	(10,293	)	$	548,957

(1) Net of accumulated amortization.

Schedule of Components of Interest Expense, Amortization of Deferred Debt Costs, and Unused Fees on Credit Facility


	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees (1)		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt

Three Months Ended March 31, 2023
Credit Facility	$	6,409	$	394	$	172	$	6,975		8.37	%
December 2026 Notes		744		52		—		796		4.55	%
July 2027 Notes		1,509		129		—		1,638		8.14	%
August 2027 Notes		350		35		—		385		7.70	%
December 2027 Notes		1,035		91		—		1,126		8.71	%
Total, 2023	$	10,047	$	701	$	172	$	10,920

Three Months Ended March 31, 2022
Credit Facility	$	364	$	118	$	555	$	1,037		9.96	%
December 2026 Notes		508		34		—		542		4.54	%
Total, 2022	$	872	$	152	$	555	$	1,579

(1)

Unused facility and other fees for the three months ended March 31, 2022 include supplemental fees of $0.2 million, which were incurred through the first half of 2022 and were nonrecurring in nature.

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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Net Assets - Summary of Distributions Declared and Paid (Details) - $ / shares

3 Months Ended

12 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Amount per Share

^[1]

$ 0.45

$ 0.27

May 3, 2018

May 03, 2018

May 15, 2018

May 31, 2018

$ 0.15

Jul. 26, 2018

Aug. 15, 2018

Aug. 31, 2018

$ 0.25

Nov. 01, 2018

Oct. 31, 2018

Nov. 15, 2018

$ 0.35

Mar. 22, 2019

Mar. 22, 2019

Mar. 26, 2019

$ 0.40

May 02, 2019

May 07, 2019

May 21, 2019

$ 0.45

May 02, 2019

May 31, 2019

Jul. 16, 2019

$ 0.46

Jul. 30, 2019

Aug. 05, 2019

Aug. 26, 2019

$ 0.45

Sep. 27, 2019

Sep. 30, 2019

Nov. 12, 2019

$ 0.04

Dec. 09, 2019

Dec. 10, 2019

Dec. 23, 2019

$ 0.40

Mar. 05, 2020

Mar. 06, 2020

Mar. 20, 2020

$ 0.40

May 07, 2020

May 08, 2020

May 21, 2020

$ 0.35

Aug. 05, 2020

Aug. 06, 2020

Aug. 20, 2020

$ 0.36

Oct. 01, 2020

Oct. 01, 2020

Nov. 12, 2020

$ 0.38

Mar. 04, 2021

Mar. 05, 2021

Mar. 19, 2021

$ 0.37

Apr. 29, 2021

Apr. 30, 2021

May 13, 2021

$ 0.37

Jul. 19, 2021

Jul. 20, 2021

Aug. 12, 2021

$ 0.34

Oct. 28, 2021

Nov. 08, 2021

Nov. 22, 2021

$ 0.25

Feb. 24, 2022

Mar. 08, 2022

Mar. 22, 2022

$ 0.27

Apr. 28, 2022

May 10, 2022

May 24, 2022

$ 0.30

Jul. 28, 2022

Aug. 09, 2022

Aug. 23, 2022

$ 0.33

Oct. 27, 2022

Nov. 08, 2022

Nov. 22, 2022

$ 0.36

Feb. 23, 2023

Mar. 07, 2023

Mar. 21, 2023

$ 0.45

[1]	Financial highlights are based on weighted-average shares outstanding.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
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, 2023. 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 for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the "SEC") on March 2, 2023. Certain items in the March 31, 2022 and December 31, 2022 financial statements have been reclassified to conform to the March 31, 2023 presentation with no effect on the net assets on the Statements of Assets and Liabilities, and no net effect on the net increase in net assets resulting from operations on the Statements of 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. At times, 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, refer to “Note 11 – 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, 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% of the repurchase price in the case of a reverse repurchase agreement of one-day duration and 102% 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 March 31, 2023 or December 31, 2022.
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 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 debt investment, 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. Upon amending terms of an existing investment, any amendment fees charged 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 months ended March 31, 2023, approximately 9.7% of the Company’s total investment income was attributable to non-cash PIK interest. For the three months ended March 31, 2022, approximately 7.4% 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, or other obligations will be collected in full. At the point of non-accrual, the Company will cease recognizing interest income on the debt investment until all principal and interest due have been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Additionally, any OID 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 March 31, 2023, and December 31, 2022, the Company has not written off any accrued and uncollected PIK interest. As of March 31, 2023, the Company had one loan to Pivot3, Inc. on non-accrual status. The loan, with a cost basis of $19.2 million and a fair value of $11.6 million, represents 1.00% of the Company’s total investment portfolio. From being placed on non-accrual status through March 31, 2023, cumulative interest of $4.3 million would be receivable and $0.3 million OID would be accreted into the cost basis, for a total of $4.6 million not recorded in interest income from control investments on the Statement of Operations. As of December 31, 2022, the Company had one loan to Pivot3, Inc. on non-accrual status. The loan, with a cost basis of $19.2 million and a fair market value of $9.3 million, represents 0.8% of the Company’s total investment portfolio. From being placed on non-accrual status through December 31, 2022, cumulative interest of $3.6 million would be payable and $0.3 million OID would be accreted into the cost basis, for a total of $3.9 million not recorded in interest income from control investments on the Statement of Operations.
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 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 an independent valuation firm. Certain investments, however, may not be evaluated by an independent valuation firm if the net asset value and other aspects of such investments in the aggregate do not exceed certain thresholds; • The Audit Committee then reviews these preliminary valuations from RGC and the 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 small, fast-growing companies focused in technology, life sciences, health care information and services, business services, 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 and equity 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 requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act ("Rule 31a-4"), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While the board of directors has not elected to designate RGC as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.
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 OID, to the resulting fair value determined using a discounted cash flow model, unless another model is more appropriate based on the circumstances at the measurement date. The discounted cash flow approach entails analyzing the interest rate spreads for recently completed financing transactions 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 (decreases) in these unobservable inputs could result in a significantly higher (lower) fair value measurements. 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 fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase or decrease in this unobservable input. • The risk-free interest rates are derived from the U.S. Treasury yield curve. The risk-free interest rates are calculated based on a weighted average of the risk-free interest rates that correspond closest to the expected remaining life of the warrant. Significant increases (decreases) in this unobservable input could result in a significantly higher (lower) fair value, but a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in this unobservable input. • Other adjustments, including a marketability discount on private company warrants, are estimated based on judgment about the general industry environment. Significant increases (decreases) in this unobservable input could result in a significantly lower (higher) fair value, but a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in this unobservable input. • Historical portfolio experience on cancellations and exercises of warrants are utilized as the basis for determining the estimated life of the warrants in each financial reporting period. Warrants may be exercised in the event of acquisitions, mergers or initial public offerings, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrants. Significant increases (decreases) in this unobservable input could result in a significantly higher (lower) fair value, but a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase (decrease) in this unobservable input. 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 In accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”), the Company evaluates fair value of its financial instruments. With the exception of the Company’s borrowings, which are reported at cost, all assets and liabilities approximate fair value on the Statements of Assets and Liabilities due to their short maturity. The fair value of the Company’s Credit Facility, December 2026 Notes, July 2027 Notes, August 2027 Notes, and December 2027 Notes (as defined in "Note 11 - Borrowings") is estimated using the relative market yield approach. The fair value of the Company's Credit Facility, December 2026 Notes and August 2027 Notes are estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. The fair value of the Company's July 2027 Notes and December 2027 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input, and reflects the market close price of the notes traded on the Nasdaq Global Select Market LLC under the symbol "RWAYL" and "RWAYZ", respectively. As of both March 31, 2023, and December 31, 2022, the carrying value of the Credit Facility, July 2027 Notes, August 2027 Notes, and December 2027 Notes approximates fair value. As of March 31, 2023, the fair value of the December 2026 Notes was approximately $55.1 million and the carrying value was approximately $69.2 million, net of unamortized deferred debt costs of $0.8 million. As of December 31, 2022, the fair value of the December 2026 Notes was approximately $57.0 million and the carrying value was approximately $69.2 million, net of unamortized deferred debt costs of $0.8 million.
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 affiliation and control. As defined in the 1940 Act, investee companies are deemed as affiliated investments when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of 5.0% or more of the outstanding voting securities of an investee company. Control investments are those where the investor has the ability or power to exercise a controlling influence over the management or policies of an investee company. Control is generally deemed to exist when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of more than 25.0% of the outstanding voting securities of an investee company, or maintains greater than 50% representation on the investee company's board of directors. Investments are recognized when the Company assumes an obligation to acquire a financial instrument and assumes the risks for gains or losses related to that instrument. Investments are derecognized when the Company assumes an obligation to sell a financial instrument and foregoes the risks for gains or losses related to that instrument. Specifically, the Company records all security transactions on a trade date basis. Investments in other, non-security financial instruments, such as limited partnerships or private companies, are recorded on the basis of subscription date or redemption date, as applicable. Amounts for investments recognized or derecognized but not yet settled will be reported as receivables for investments sold and payables for investments acquired, respectively, on the 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, currently qualifies as a RIC, and intends to qualify annually for the tax treatment applicable to RICs. A RIC generally is not subject to U.S. federal income taxes on distributed income and gains so long as it meets certain source-of-income and asset diversification requirements and it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. So long as the Company obtains and maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the Company represents obligations of the Company’s investors and will not be reflected in the financial statements of the Company. The Company intends to make sufficient distributions to maintain its RIC status each year and it does not anticipate paying any material U.S. federal income taxes in the future. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. If the Company determines that the estimated current year taxable income will exceed the estimated dividend distributions for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. Differences between taxable income and net increase in net assets resulting from operations either can be temporary, meaning they will reverse in the future, or permanent. In accordance with Section 946-205-45-3 of the ASC, permanent tax differences are reclassified from accumulated undistributed earnings to paid-in-capital at the end of each year and have no impact on total net assets. For more information, refer to "Note 7 – Income Taxes."
Per Share Information	Per Share Information Basic and diluted earnings (loss) per common share is calculated using the weighted-average number of common shares outstanding for the period presented. For the three months ended March 31, 2023 and 2022, 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 Distributions to common stockholders are recorded on the applicable record date. The amount, if any, to be distributed to common stockholders is determined by the Board of Directors each quarter and is generally based upon the Company's earnings estimated by management. Net realized capital gains, if any, are generally distributed at least annually. For the three months ended March 31, 2023, the Company declared and paid dividends in the amount of $18.2 million, of which $17.5 million was distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan. For the three months ended March 31, 2022, the Company declared dividends in the amount of $11.2 million, of which $3.8 million was distributed in cash and the remainder distributed in shares to 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 Advisory Agreement (as defined below), 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 $1.0 million, provided that the amount of such costs in excess of $1.0 million would be paid by RGC. As of December 31, 2016, the Company had already incurred the maximum amount of $1.0 million 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 $0.6 million, excluding placement agent fees which had no cap, of which the Company will bear the cost. At the completion of the Second Private Offering, the Company had accumulated and recorded $0.7 million in offering costs and $0.2 million in placement agent fees related to the Second Private Offering. Under the terms of the Second Private Offering, offering costs in excess of $0.6 million, 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. The Company had accumulated and recorded $7.0 million of offering costs related to the Company’s IPO. The offering costs were fully born by the Company and included 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 June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions", which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 – Income Taxes

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

Federal income tax regulations differ from U.S. GAAP, therefore distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the 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.


	March 31, 2023			December 31, 2022
	(Unaudited)
Tax cost on investments	$	1,186,455		$	1,149,902
Change in unrealized appreciation on a tax basis	$	11,271		$	9,207
Change in unrealized depreciation on a tax basis		(37,410	)		(32,800	)
Net unrealized appreciation (depreciation) on a tax basis	$	(26,139	)	$	(23,593	)

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 Consolidated Financial Statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet a "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. There were no material uncertain income tax positions at March 31, 2023 or December 31, 2022. Although the Company files federal and state tax returns, the Company's major tax jurisdiction is federal. The previous three tax year-ends and the interim tax period since then remain subject to examination by the Internal Revenue Service.

If the Company does not distribute (or is not deemed to have distributed) each calendar year the sum of (1) 98% of its net ordinary income for each calendar year, (2) 98.2% of its capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years (the “Minimum Distribution Amount”), the Company will generally be required to pay a U.S. federal excise tax equal to 4% of the amount by which the Minimum Distribution Amount exceeds the distributions for the year. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes, if any, on estimated excess taxable income as taxable income is earned using an annual effective excise tax rate. The annual effective U.S. federal excise tax rate is determined by dividing the estimated annual excise tax by the estimated annual taxable income.

If the Company does not qualify to be treated as a RIC for any taxable year, the Company will be taxed as a regular corporation (a “C corporation”) under subchapter C of the Code for such taxable year. If the Company has previously qualified as a RIC but is subsequently unable to qualify, and certain amelioration provisions are not applicable, the Company would be subject to U.S. federal income tax on all of its taxable income (including its net capital gains) at regular corporate rates. The Company would not be able to deduct distributions to stockholders, nor would it be required to make distributions. In order to requalify as a RIC, in addition to the other requirements discussed above, the Company would be required to distribute all of its previously undistributed earnings attributable to the period it failed to qualify by the end of the first year that it intends to requalify. If the Company fails to requalify for a period greater than two taxable years, it may be subject to U.S. federal income tax at corporate tax rates on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Company had been liquidated) that it elects to recognize on requalification or when recognized over the next five years.

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: 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(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Schedule of Investments (Unaudited) - Fair Value of Portfolio of Investments (Excluding any U.S. Treasury Bills Held) by Geographic Region and Industry - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

$ 34,974

^[1],[2]

$ 9,290

^[3]

Portfolio Investments Excluding U.S. Treasury Bill Held

203.63%

195.52%

$ 1,125,342

$ 1,126,309

Northeastern United States | Portfolio Investments Excluding U.S. Treasury Bill Held

197.49%

195.52%

$ 354,925

$ 351,654

Western United States | Portfolio Investments Excluding U.S. Treasury Bill Held

62.28%

61.04%

$ 338,300

$ 346,372

South Central United States | Portfolio Investments Excluding U.S. Treasury Bill Held

59.37%

60.13%

$ 84,526

$ 85,000

Midwestern United States | Portfolio Investments Excluding U.S. Treasury Bill Held

14.83%

14.76%

$ 75,005

$ 74,745

Southeastern United States | Portfolio Investments Excluding U.S. Treasury Bill Held

13.16%

12.98%

$ 78,857

$ 74,797

United Kingdom | Portfolio Investments Excluding U.S. Treasury Bill Held

13.84%

12.98%

$ 60,831

$ 60,783

Northwestern United States | Portfolio Investments Excluding U.S. Treasury Bill Held

10.68%

10.55%

$ 72,474

$ 72,615

Germany | Portfolio Investments Excluding U.S. Treasury Bill Held

12.72%

12.61%

$ 46,490

$ 46,499

Canada | Portfolio Investments Excluding U.S. Treasury Bill Held

8.16%

8.07%

$ 13,934

$ 13,844

Health Care Technology | Portfolio Investments Excluding U.S. Treasury Bill Held

2.45%

2.40%

$ 238,813

$ 240,844

Application Software | Portfolio Investments Excluding U.S. Treasury Bill Held

41.91%

41.81%

$ 182,645

$ 184,084

Internet Software and Services | Portfolio Investments Excluding U.S. Treasury Bill Held

32.04%

31.96%

$ 147,192

$ 149,780

Data Processing & Outsourced Services | Portfolio Investments Excluding U.S. Treasury Bill Held

25.84%

26.00%

$ 99,263

$ 97,404

Human Resource & Employment Services | Portfolio Investments Excluding U.S. Treasury Bill Held

17.42%

16.91%

$ 97,957

$ 97,788

Property and Casualty Insurance | Portfolio Investments Excluding U.S. Treasury Bill Held

17.20%

16.98%

$ 49,608

$ 49,440

Internet And Direct Marketing Retail | Portfolio Investments Excluding U.S. Treasury Bill Held

8.70%

8.58%

$ 56,005

$ 55,986

Biotechnology | Portfolio Investments Excluding U.S. Treasury Bill Held

9.82%

9.72%

$ 30,062

$ 39,925

Electronic Equipment & Instruments | Portfolio Investments Excluding U.S. Treasury Bill Held

5.28%

6.93%

$ 86,844

$ 78,114

Health Care Equipment | Portfolio Investments Excluding U.S. Treasury Bill Held

15.24%

13.56%

$ 27,506

$ 27,433

Education Services | Portfolio Investments Excluding U.S. Treasury Bill Held

4.83%

4.76%

$ 25,398

$ 25,305

System Software | Portfolio Investments Excluding U.S. Treasury Bill Held

4.46%

4.39%

$ 81,875

$ 78,274

Technology Hardware Storage and Peripherals | Portfolio Investments Excluding U.S. Treasury Bill Held

14.37%

13.58%

$ 1,808

$ 1,068

Specialized Consumer Services | Portfolio Investments Excluding U.S. Treasury Bill Held

0.32%

0.19%

$ 366

$ 796

Computer and Electronics Retail | Portfolio Investments Excluding U.S. Treasury Bill Held

0.06%

0.14%

$ 68

Derivative Instruments And Hedging Activities Disclosure [Abstract]

0.01%

[1]	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. Refer to 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]	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.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2023

Derivative Financial Instruments

Note 10 – 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 months ended March 31, 2023, the Company had realized losses of $1.2 million, and a net unrealized depreciation of $1.7 million from its investments in warrants. For the three months ended March 31, 2022, the Company had realized losses of $0.3 million and a net unrealized appreciation of $1.2 million from its investments in warrants. Realized gains(losses) from warrants are included in the respective control, affiliate, or non-control/non-affiliate Realized gain/(loss) on investments on the Statement of Operations. Net change in unrealized appreciation/(depreciation) from investments in warrants is included in the respective control, affiliate, or non-control/non-affiliate Net change in unrealized appreciation (depreciation) on investments on the Statement of Operations.

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.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value


	As of March 31, 2023
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Preferred Stock	$	12,785	$	—	$	22,099	$	34,884
Common Stock		1,044		—		921		1,965
Senior Secured Term Loans		—		—		1,060,495		1,060,495
Second Lien Term Loans		—		—		13,707		13,707
Warrants		—		79		14,212		14,291
Total Portfolio Investments		13,829		79		1,111,434		1,125,342
U.S. Treasury Bill		34,974		—		—		34,974
Total Investments	$	48,803	$	79	$	1,111,434	$	1,160,316


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Preferred Stock	$	12,335	$	—	$	347	$	12,682
Common Stock		501		1,422		1,174		3,097
Senior Secured Term Loans		—		—		1,080,121		1,080,121
Second Lien Term Loans		—		—		13,654		13,654
Warrants		—		105		16,650		16,755
Total Portfolio Investments		12,836		1,527		1,111,946		1,126,309
U.S. Treasury Bill		—		—		—		—
Total Investments	$	12,836	$	1,527	$	1,111,946	$	1,126,309

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 March 31, 2023 (in thousands):


	Preferred Stock			Common Stock			Senior Secured Term Loans			Second Lien Term Loans			Warrants			Total
Fair value at December 31, 2022	$	347		$	1,174		$	1,080,121		$	13,654		$	16,650		$	1,111,946
Transfers out of Level 3		—			—			—			—			—			—
Purchases of investments(1)		25,000			—			(12,505	)		—			376			12,871
PIK interest		—			—			3,584			171			—			3,755
Sales or repayments of investments(1)		—			—			(14,199	)		—			—			(14,199	)
Realized gain (loss)		—			—			—			—			(1,178	)		(1,178	)
Change in unrealized appreciation (depreciation)		(3,248	)		(253	)		658			(146	)		(1,636	)		(4,625	)
Amortization of fixed income premiums or accretion of discounts		—			—			2,836			28			—			2,864
Fair value at March 31, 2023	$	22,099		$	921		$	1,060,495		$	13,707		$	14,212		$	1,111,434
Change in unrealized appreciation (depreciation) on Level 3 investments still held as of March 31, 2023	$	(3,248	)	$	(253	)	$	865		$	(146	)	$	(2,930	)	$	(5,712	)

(1)

Net of reorganization and restructuring of investments.

The following table presents a rollforward of Level 3 assets measured at fair value as of March 31, 2022 (in thousands):


	Preferred Stock		Common Stock			Senior Secured Term Loans			Second Lien Term Loans		Warrants			Total
Fair value at December 31, 2021	$	1,332	$	—		$	623,054		$	12,873	$	20,087		$	657,346
Transfers out of Level 3		—		—			—			—		—			—
Purchases of investments(1)		—		4,551			80,371			—		598			85,520
PIK interest		—		—			1,187			150		—			1,337
Sales or repayments of investments(1)		—		—			(7,987	)		—		(262	)		(8,249	)
Realized gain (loss)		—		—			—			—		(267	)		(267	)
Change in unrealized appreciation (depreciation)		109		(3,202	)		(848	)		—		1,179			(2,762	)
Amortization of fixed income premiums or accretion of discounts		—		—			2,799			26		—			2,825
Fair Value at March 31, 2022	$	1,441	$	1,349		$	698,576		$	13,049	$	21,335		$	735,750
Change in unrealized appreciation (depreciation) on Level 3 investments still held as of March 31, 2022	$	109	$	(3,202	)	$	(2,651	)	$	—	$	858		$	(4,886	)

(1)

Net of reorganization and restructuring of investments.

Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements

The following table provides quantitative information regarding Level 3 fair value measurements as of March 31, 2023 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Preferred Stock	$	278	Recent private market and merger and acquisition transaction prices	N/A	N/A
		21,821	PWERM	Discount rate	28.0% - 28.0% (28.0%)
Common Stock		921	Recent private market and merger and acquisition transaction prices	N/A	N/A
Senior Secured Term Loans(1)		1,031,181	Discounted Cash Flow analysis	Discount rate	11.5% - 24.9% (15.5%)
			Market approach	Origination yield	10.5% - 16.6% (13.1%)
		29,314	PWERM	Discount rate	30.0% - 39.7% (35.9%)
Second Lien Term Loans (1)		13,707	Discounted Cash Flow analysis	Discount rate	16.8% - 16.8% (16.8%)
			Market approach	Origination yield	14.8% - 14.8% (14.8%)
Warrants(2)		9,859	Option pricing model	Risk-free interest rate	3.7% - 5.2% (4.6%)
				Average industry volatility	30.0% - 97.2% (51.8%)
				Estimated time to exit	0.5 - 5.0 (2.6 years)
				Revenue multiples	1.14x - 45.10x (3.77x)
		4,353	PWERM	Discount rate	20.0% - 40.0% (33.7%)
				Revenue multiples	2.32x - 198.68x (17.65x)
Total Level 3 Investments	$	1,111,434

The following table provides quantitative information regarding Level 3 fair value measurements as of December 31, 2022 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Preferred Stock	$	347	Recent private market and merger and acquisition transaction prices	N/A	N/A
Common Stock		1,174	Recent private market and merger and acquisition transaction prices	N/A	N/A
Senior Secured Term Loans(1)		1,053,748	Discounted Cash Flow analysis	Discount rate	11.1% - 28.0% (15.2%)
			Market approach	Origination yield	10.5% - 19.3% (12.9%)
		26,373	PWERM	Discount rate	27.4% - 37.4% (30.9%)
Second Lien Term Loans (1)		13,654	Discounted Cash Flow analysis	Discount rate	16.1% - 16.1% (16.1%)
			Market approach	Origination yield	12.2% - 12.2% (12.2%)
Warrants(2)		10,246	Option pricing model	Risk-free interest rate	2.7% - 4.9% (4.3%)
				Average industry volatility	25.0% - 98.4% (49.0%)
				Estimated time to exit	0.5 - 5.0 (2.2 years)
				Revenue multiples	1.16x - 88.63x (5.47x)
		6,404	PWERM	Discount rate	20.0% - 40.0% (34.6%)
				Revenue multiples	2.35x - 199.38x (13.10x)
Total Level 3 Investments	$	1,111,946

(1)

(2)

Organization - Additional Information (Details)	Oct. 25, 2021 shares
IPO
Class Of Stock [Line Items]
Issuance of common stock, Shares	6,850,000

Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment Company Financial Highlights [Abstract]
Return from investment operations	3.16%	2.05%
Return from accretion	0.00%	0.00%
Annualized ratio of net investment income to average net assets	15.07%	8.93%
Annualized ratio of net operating expenses excluding incentive fees, to average net assets	11.46%	3.62%

Commitments and Contingencies - Schedule of Unfunded Commitments to Extend Financing (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	$ 302,729	$ 315,685
3PL Central LLC (dba Extensiv) \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	12,000	15,000
Brivo, Inc \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	12,000	16,000
CloudPay, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	15,000	15,000
Dtex Systems, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	15,000	15,000
EBR Systems, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	30,000	30,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	2,000	6,000
Interactions Corporation \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000	10,000
Moximed, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	15,000	15,000
Nalu Medical, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	25,000	25,000
Revelle Aesthetics, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	12,500	12,500
Route 92 Medical, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	41,564	42,000
SetPoint Medical Corporation \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	40,000	40,000
Skillshare, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	15,000	15,000
Snagajob.com, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	6,785	6,785
Synack, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	23,480	25,000
Kin Insurance, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	25,000	25,000
Madison Reed, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	$ 2,400	$ 2,400

N-2	3 Months Ended
N-2	Mar. 31, 2023
Cover [Abstract]
Entity Central Index Key	0001653384
Amendment Flag	false
Securities Act File Number	814-01180
Document Type	10-Q
Entity Registrant Name	Runway Growth Finance Corp.
Entity Address, Address Line One	205 N. Michigan Ave.
Entity Address, Address Line Two	Suite 4200
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	281‑6270
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	Our investment objective is to maximize total return to our stockholders primarily through current income on our loan portfolio, and secondarily through capital appreciation on our warrants and other equity positions. We intend to achieve our investment objective by investing in high growth-potential, private companies. We typically invest in senior secured and second lien secured loans that generally fall into two strategies: Sponsored Growth Lending and Non-Sponsored Growth Lending. Our Sponsored Growth Lending strategy also typically includes the receipt of warrants and/or other equity from venture-backed companies. We expect our investments in loans will generally range from between $10.0 million to $100.0 million, and the upper end of this range may increase as we raise additional capital. We generate revenue in the form of interest on the debt securities that we hold and distributions and capital gains on other interests that we acquire in our portfolio companies. We expect that the debt we invest in will generally have stated terms of 36 to 60 months. Interest on debt securities is generally payable quarterly or semiannually, primarily based on a floating rate index, and subject to certain floors determined by market rates at the time the investment is made. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Any original issue discount ("OID") or market discount or premium will be capitalized, and we will accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.
Risk Factors [Table Text Block]	Item 1A. Risk Factors. You should carefully consider the risks described below and all other information contained in this quarterly report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties described below are not the only ones we may face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the following risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, you may lose all or part of your investment. Other than as set forth below, there have been no material changes known to us during the period ended March 31, 2023 to the risk factors discussed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 2, 2023. Our business and our portfolio companies may be susceptible to economic slowdowns or recessions and to risks related to bank impairments or failures Many of the portfolio companies in which we have invested or expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm business, financial condition, operating results and prospects. In March 2023, the Federal Deposit Insurance Corporation (“FDIC”) took control of Silicon Valley Bank and Signature Bank and subsequently in May 2023 of First Republic Bank due to liquidity concerns and concerns that have arisen regarding the stability of other banks and financial institutions. Also, the impairment or failure of one or more banks with whom the Company, its portfolio companies, and/or the Adviser transact may inhibit the ability of the Company or its portfolio companies to access depository accounts. In such cases, we may be forced to delay or forgo investments, resulting in lower performance. In the event of such a failure of a banking institution where we or one or more of our portfolio companies holds depository accounts, access to such accounts could be restricted and FDIC protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, we and our affected portfolio companies would not recover such excess, uninsured amounts. To the extent that we or the portfolio companies are impacted, the ability to access existing cash, cash equivalents and investments, or to access existing or enter into new banking arrangements or facilities to service our portfolio companies, may be threatened. We had no depository relationships with Silicon Valley Bank, Signature Bank, or First Republic Bank, nor did we participate in any credit facilities that were agented by or included these banks as lenders. A number of our portfolio companies had operating relationships with these banks and may have experienced operational disruptions, all of which have since been resolved.
Our Business and Our Portfolio Companies may be Susceptible to Economic Slowdowns or Recessions and to Risks Related to Bank Impairments or Failures
General Description of Registrant [Abstract]
Risk [Text Block]	Our business and our portfolio companies may be susceptible to economic slowdowns or recessions and to risks related to bank impairments or failures Many of the portfolio companies in which we have invested or expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm business, financial condition, operating results and prospects. In March 2023, the Federal Deposit Insurance Corporation (“FDIC”) took control of Silicon Valley Bank and Signature Bank and subsequently in May 2023 of First Republic Bank due to liquidity concerns and concerns that have arisen regarding the stability of other banks and financial institutions. Also, the impairment or failure of one or more banks with whom the Company, its portfolio companies, and/or the Adviser transact may inhibit the ability of the Company or its portfolio companies to access depository accounts. In such cases, we may be forced to delay or forgo investments, resulting in lower performance. In the event of such a failure of a banking institution where we or one or more of our portfolio companies holds depository accounts, access to such accounts could be restricted and FDIC protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, we and our affected portfolio companies would not recover such excess, uninsured amounts. To the extent that we or the portfolio companies are impacted, the ability to access existing cash, cash equivalents and investments, or to access existing or enter into new banking arrangements or facilities to service our portfolio companies, may be threatened. We had no depository relationships with Silicon Valley Bank, Signature Bank, or First Republic Bank, nor did we participate in any credit facilities that were agented by or included these banks as lenders. A number of our portfolio companies had operating relationships with these banks and may have experienced operational disruptions, all of which have since been resolved.

Net Increase in Net Assets Resulting from Operations per Common Share - Computation of Basic Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net increase in net assets resulting from operations	$ 11,984	$ 2,853
Weighted-average shares outstanding for the period
Basic	40,509,269	41,375,187
Diluted	40,509,269	41,375,187
Basic and diluted income per common share
Basic	$ 0.30	$ 0.07
Diluted	$ 0.30	$ 0.07

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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