0000950170-23-060207 | 10-Q | XBRL Viewer | Runway Growth Finance Corp

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 14,822	$ 11,722	$ 49,126	$ 13,758

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Investment Company, Financial Highlights [Line Items]

Net Asset Value Per Share, Beginning Balance

^[1]

$ 14.22

$ 14.65

Net investment income

$ 0.54

$ 0.36

1.48

^[1]

1.01

^[1]

Total from investment operations

^[1]

1.21

0.33

Distributions

^[1]

(1.35)

(0.9)

Accretion (dilution)

^[1]

0.04

Net Asset Value Per Share, Ending Balance

^[1]

$ 14.08

$ 14.12

$ 14.08

$ 14.12

$ 14.22

Net assets at beginning of period

$ 576,052

$ 606,195

Net assets at end of period

$ 570,491

$ 573,661

570,491

573,661

$ 576,052

Weighted average net assets

$ 577,673

$ 594,469

Weighted average shares outstanding (basic)

40,509,269

40,774,154

40,509,269

41,119,467

Ratio/Supplemental Data:

Total return based on net asset value

^[2]

(0.98%)

(3.62%)

Total return based on market value

^[3]

0.2226

(0.0429)

Ratio of net investment income to average net assets

^[4],[5]

13.88%

9.32%

Ratio of total operating expenses to average net assets

^[4],[5]

15.05%

6.72%

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

^[5]

11.58%

4.78%

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

^[5]

11.37%

3.09%

Portfolio turnover rate

^[6]

9.63%

19.59%

Realized Gain (Loss)

Investment Company, Financial Highlights [Line Items]

Net realized gain (loss) and Change in unrealized (loss)

^[1]

$ (0.03)

$ 0.02

Net unrealized gain (loss)

Investment Company, Financial Highlights [Line Items]

Net realized gain (loss) and Change in unrealized (loss)

^[1]

$ (0.24)

$ (0.7)

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

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying Value	$ 440,985	$ 548,957
Credit Facility
Debt Instrument [Line Items]
Principal	203,000	337,000
Borrowings
Debt Instrument [Line Items]
Total Commitment	747,250,000	647,250,000
Principal	450,250	559,250
Deferred Debt Cost	(9,265,000)	(10,293,000)
Carrying Value	440,985,000	548,957,000
Borrowings \| Credit Facility
Debt Instrument [Line Items]
Total Commitment	500,000	425,000
Principal	203,000	337,000
Deferred Debt Cost	(4,170)	(4,640)
Carrying Value	198,830	332,360
Borrowings \| April 2026 Notes
Debt Instrument [Line Items]
Total Commitment	25,000
Principal	25,000
Deferred Debt Cost	(307)
Carrying Value	24,693
Borrowings \| December 2026 Notes
Debt Instrument [Line Items]
Total Commitment	70,000	70,000
Principal	70,000	70,000
Deferred Debt Cost	(628)	(818)
Carrying Value	69,372	69,182
Borrowings \| July 2027 Notes
Debt Instrument [Line Items]
Total Commitment	80,500	80,500
Principal	80,500	80,500
Deferred Debt Cost	(2,068)	(2,380)
Carrying Value	78,432	78,120
Borrowings \| August 2027 Notes
Debt Instrument [Line Items]
Total Commitment	20,000	20,000
Principal	20,000	20,000
Deferred Debt Cost	(546)	(653)
Carrying Value	19,454	19,347
Borrowings \| December 2027 Notes
Debt Instrument [Line Items]
Total Commitment	51,750	51,750
Principal	51,750	51,750
Deferred Debt Cost	(1,546)	(1,802)
Carrying Value	$ 50,204	$ 49,948

Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, All Other Investments [Abstract]
Percentage of beneficial ownership of voting securities for affiliation			5.00%
Percentage of minimum board representation for control			50.00%
Percentage of minimum beneficial ownership of voting securities for control			25.00%
Net realized gains (losses)	$ 0.0	$ (0.6)	$ (1.2)	$ (0.9)
Net unrealized gain (loss)	$ (0.5)	$ (0.1)	$ (3.1)	$ 0.3

Insider Trading Policies and Procedures	9 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2023
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Tax Cost Basis and Estimated Aggregate Gross Unrealized Gain (Loss) on Investments for Federal Income Tax Purposes (Details) - U.S. Federal Income Tax - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Tax cost on investments	$ 1,042,501	$ 1,149,902
Change in unrealized gain on a tax basis	9,533	9,207
Change in unrealized loss on a tax basis	(41,107)	(32,800)
Net unrealized gain (loss) on a tax basis	$ (31,574)	$ (23,593)

Schedule of Investments (Parenthetical) (Unaudited)	9 Months Ended	12 Months Ended
Schedule of Investments (Parenthetical) (Unaudited)	Sep. 30, 2023	Dec. 31, 2022
Percentage of Net Assets	177.20%	195.52%
Minimum \| Affiliate Investments
Investment owned from voting securities	5.00%	5.00%
Minimum \| Control Investments
Investment owned from voting securities	25.00%	25.00%
Investment owned from voting securities	50.00%	50.00%
Maximum \| Affiliate Investments
Investment owned from voting securities	25.00%	25.00%
Investment owned from voting securities	50.00%	50.00%
Non Qualifying Assets at Fair Value
Percentage of assets represent of total assets	13.13%	10.65%
Qualifying Assets \| Minimum
Percentage of assets represent of total assets	70.00%	70.00%
LIBOR
Investment Interest Rate	5.66%	4.77%
US Prime Rate
Investment Interest Rate	8.50%	7.50%
SOFR
Investment Interest Rate	5.40%	4.79%

Investments - Transactions Related to Company's Affiliate and Control Investments (Parenthetical) (Details)	Sep. 30, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Percentage of net assets at fair, restricted to resale	10.36%	1.97%

Statements of Changes in Net Assets (Unaudited) (Parenthetical) - shares	Sep. 30, 2023	Sep. 30, 2022
Common Stock
Treasury stock repurchases	871,345	744,756

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

9 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dividends Payable [Line Items]

Amount per Share

^[1]

$ 1.35

$ 0.9

May 3, 2018

Dividends Payable [Line Items]

May 03, 2018

Quarterly

May 15, 2018

May 31, 2018

$ 0.15

Dividends Payable [Line Items]

Jul. 26, 2018

Quarterly

Aug. 15, 2018

Aug. 31, 2018

$ 0.25

Dividends Payable [Line Items]

Nov. 01, 2018

Quarterly

Oct. 31, 2018

Nov. 15, 2018

$ 0.35

Dividends Payable [Line Items]

Mar. 22, 2019

Quarterly

Mar. 22, 2019

Mar. 26, 2019

$ 0.4

Dividends Payable [Line Items]

May 02, 2019

Quarterly

May 07, 2019

May 21, 2019

$ 0.45

Dividends Payable [Line Items]

May 02, 2019

Quarterly

May 31, 2019

Jul. 16, 2019

$ 0.46

Dividends Payable [Line Items]

Jul. 30, 2019

Quarterly

Aug. 05, 2019

Aug. 26, 2019

$ 0.45

Dividends Payable [Line Items]

Sep. 27, 2019

Quarterly

Sep. 30, 2019

Nov. 12, 2019

$ 0.04

Dividends Payable [Line Items]

Dec. 09, 2019

Quarterly

Dec. 10, 2019

Dec. 23, 2019

$ 0.4

Dividends Payable [Line Items]

Mar. 05, 2020

Quarterly

Mar. 06, 2020

Mar. 20, 2020

$ 0.4

Dividends Payable [Line Items]

May 07, 2020

Quarterly

May 08, 2020

May 21, 2020

$ 0.35

Dividends Payable [Line Items]

Aug. 05, 2020

Quarterly

Aug. 06, 2020

Aug. 20, 2020

$ 0.36

Dividends Payable [Line Items]

Oct. 01, 2020

Quarterly

Oct. 01, 2020

Nov. 12, 2020

$ 0.38

Dividends Payable [Line Items]

Mar. 04, 2021

Quarterly

Mar. 05, 2021

Mar. 19, 2021

$ 0.37

Dividends Payable [Line Items]

Apr. 29, 2021

Quarterly

Apr. 30, 2021

May 13, 2021

$ 0.37

Dividends Payable [Line Items]

Jul. 19, 2021

Quarterly

Jul. 20, 2021

Aug. 12, 2021

$ 0.34

Dividends Payable [Line Items]

Oct. 28, 2021

Quarterly

Nov. 08, 2021

Nov. 22, 2021

$ 0.25

Dividends Payable [Line Items]

Feb. 24, 2022

Quarterly

Mar. 08, 2022

Mar. 22, 2022

$ 0.27

Dividends Payable [Line Items]

Apr. 28, 2022

Quarterly

May 10, 2022

May 24, 2022

$ 0.3

Dividends Payable [Line Items]

Jul. 28, 2022

Quarterly

Aug. 09, 2022

Aug. 23, 2022

$ 0.33

Dividends Payable [Line Items]

Oct. 27, 2022

Quarterly

Nov. 08, 2022

Nov. 22, 2022

$ 0.36

Dividends Payable [Line Items]

Feb. 23, 2023

Quarterly

Mar. 07, 2023

Mar. 21, 2023

$ 0.4

Dividends Payable [Line Items]

Feb. 23, 2023

Supplemental

Mar. 07, 2023

Mar. 21, 2023

$ 0.05

Dividends Payable [Line Items]

May 02, 2023

Quarterly

May 15, 2023

May 31, 2023

$ 0.4

Dividends Payable [Line Items]

May 02, 2023

Supplemental

May 15, 2023

May 31, 2023

$ 0.05

Dividends Payable [Line Items]

Aug. 01, 2023

Quarterly

Aug. 15, 2023

Aug. 31, 2023

$ 0.4

Dividends Payable [Line Items]

Aug. 01, 2023

Supplemental

Aug. 15, 2023

Aug. 31, 2023

$ 0.05

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

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false

Organization

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 at a public offering price of $14.60 per share. Net of underwriting fees and offering costs, the Company received net proceeds of $93.0 million. The Company's common stock began trading on the Nasdaq Global Select Market LLC on October 21, 2021 under the symbol “RWAY”.

Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment cost	$ 1,044,874	$ 1,150,602
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Non-control/non-affiliate investments
Investment cost	$ 971,230	$ 1,126,879
Affiliate investments
Investment cost	55,681	4,551
Control investments
Investment cost	$ 17,963	$ 19,172

- Definition

Cost of the investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Payments Due by Period

Commitments

The following table provides the Company’s contractual obligations as of September 30, 2023 (in thousands):


			Payments Due by Period
Contractual Obligations (1)	Total		Less than 1 Year			1-3 years			3-5 years		More than 5 Years
Borrowings (2)
Credit Facility	$	203,000	$	—	$		203,000	$		—	$	—
2026 Notes		95,000		—			25,000			70,000		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		450,250		—			228,000			222,250		—
Deferred Incentive Fees		8,447		2,637			3,131			2,548		131
Total	$	458,697	$	2,637	$		231,131	$		224,798	$	131

(1)

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

(2)

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

The following table provides the Company’s contractual obligations as of December 31, 2022 (in thousands):


			Payments Due by Period
Contractual Obligations (1)	Total		Less than 1 Year			1-3 years			3-5 years		More than 5 Years
Borrowings (2)
Credit Facility	$	337,000	$	—	$		—	$		337,000	$	—
2026 Notes		70,000		—			—			70,000		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		559,250		—			—			559,250		—
Deferred Incentive Fees		5,009		674			1,760			1,023		1,552
Total	$	564,259	$	674	$		1,760	$		560,273	$	1,552

(1)

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

(2)

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

Schedule of Unfunded Commitments to Extend Financing

The Company's unfunded loan commitments to provide debt financing to its portfolio companies amounted to $203.5 million and $315.7 million as of September 30, 2023 and December 31, 2022, respectively, shown in the table below (in thousands):


Portfolio Company	Investment Type	September 30, 2023		December 31, 2022
3PL Central LLC (dba Extensiv)	Senior Secured Term Loan	$	11,500		$	15,000
Brivo, Inc.	Senior Secured Term Loan		12,000			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		10,000			30,000
Interactions Corporation	Senior Secured Term Loan		10,000			10,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		—			6,000
Kin Insurance, Inc.	Senior Secured Term Loan		—			25,000
Madison Reed, Inc.	Senior Secured Term Loan		1,200			2,400
Moximed, Inc.	Senior Secured Term Loan		15,000			15,000
Nalu Medical, Inc.	Senior Secured Term Loan		25,000			25,000
Revelle Aesthetics, Inc.	Senior Secured Term Loan		—			12,500
Route 92 Medical, Inc.	Senior Secured Term Loan		38,564			42,000
SetPoint Medical Corporation	Senior Secured Term Loan		40,000			40,000
Skillshare, Inc.	Senior Secured Term Loan		10,000			15,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,785			6,785
Synack, Inc.	Senior Secured Term Loan		23,480			25,000
Total unused commitments to extend financing		$	203,529		$	315,685

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2023

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following table sets forth the financial highlights for the nine months ended September 30, 2023 and 2022 (in thousands, except for per share data and ratios):


	Nine Months Ended September 30,
	2023				2022
Per Share Data(1):
Net asset value at beginning of period	$	14.22			$	14.65
Net investment income		1.48				1.01
Net realized gain (loss)		(0.03	)			0.02
Net change in unrealized gain (loss)		(0.24	)			(0.70	)
Total from investment operations		1.21				0.33
Distributions		(1.35	)			(0.90	)
Accretion (dilution)		-				0.04
Net asset value at end of period	$	14.08			$	14.12

Ratio/Supplemental Data:
Total return based on net asset value(2)		(0.98	)	%		(3.62	)	%
Total return based on market value(3)		22.26		%		(4.29	)	%
Ratio of net investment income to average net assets(4)(5)		13.88		%		9.32		%
Ratio of total operating expenses to average net assets(4)(5)		15.05		%		6.72		%
Ratio of total operating expenses, excluding incentive fees, to average net assets(4)		11.58		%		4.78		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(4)		11.37		%		3.09		%
Portfolio turnover rate(6)		9.63		%		19.59		%

Net assets at beginning of period	$	576,052			$	606,195
Net assets at end of period	$	570,491			$	573,661
Weighted average net assets	$	577,673			$	594,469
Weighted average shares outstanding for the period, basic		40,509,269				41,119,467

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net increase in net assets resulting from operations	$ 49,126	$ 13,758
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Payment in-kind interest	(15,334)	(6,345)
Sales or repayments of investments	232,717	150,410
Net realized (gain) loss on investments	1,178	(939)
Net change in unrealized (gain) loss on investments	9,654	28,617
Amortization of fixed income premiums or accretion of discounts	(7,332)	(4,576)
Amortization of deferred debt costs	2,237	798
Changes in operating assets and liabilities:
(Increase) decrease in interest and fees receivable	614	(3,242)
(Increase) decrease in other assets	763	1,050
Increase (decrease) in incentive fees payable	3,971	1,179
Increase (decrease) in interest payable	1,804	2,946
Increase (decrease) in accrued expenses and other liabilities	183	50
Net cash provided by (used in) operating activities	174,080	(164,114)
Cash flows from financing activities
Payments of deferred debt costs	(1,209)	(8,242)
Borrowings under credit facility	121,000	282,000
Repayments under credit facility	(255,000)	(168,000)
Repayments of reverse repurchase agreements		(44,775)
Acquisition of treasury shares		(9,302)
Dividends paid to stockholders	(54,687)	(37,006)
Refunds (payments) of offering costs		16
Net cash (used in) provided by financing activities	(164,896)	165,191
Net increase (decrease) in cash	9,184	1,077
Cash and cash equivalents at beginning of period	5,761	4,697
Cash and cash equivalents at end of period	14,945	5,774
Supplemental and non-cash financing cash flow information:
Taxes paid	340	1
Interest paid	27,902	3,124
Non-cash portfolio purchases	534	3,381
U.S. Treasury Bill
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(34,974)
Sales or maturities of U.S. Treasury Bills	35,000	45,000
Purchases of Investments
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(105,527)	(392,820)
2026 Notes
Cash flows from financing activities
Proceeds from Notes	$ 25,000	50,000
2027 Notes
Cash flows from financing activities
Proceeds from Notes		$ 100,500

Related Party Agreements and Transactions

9 Months Ended

Sep. 30, 2023

Note 3 – Related Party Agreements and Transactions

Second Amended and Restated Advisory Agreement

On November 29, 2016, the Company’s Board of Directors approved an investment advisory agreement between RGC and the Company, under which RGC, subject to the overall supervision of the Board of Directors, manages the day-to-day operations of and provides investment advisory services to the Company (together with a subsequent amendment thereto, the “Prior Advisory Agreement”). On August 3, 2017, the Board of Directors approved certain amendments to the Prior Advisory Agreement (the “First Amended and Restated Advisory Agreement”) and recommended that the Company’s stockholders approve the First Amended and Restated Advisory Agreement. The First Amended and Restated Advisory Agreement became effective on September 12, 2017 upon approval by the stockholders at a special meeting of stockholders of the Company. On April 7, 2021, the Board of Directors approved certain additional amendments to the advisory agreement (the “Advisory Agreement”) at a virtual meeting and recommended that the Company’s stockholders approve the Advisory Agreement. In reliance upon certain exemptive relief granted by the SEC in connection with the global COVID-19 pandemic, the Board of Directors undertook to ratify the Advisory Agreement at its next in-person meeting which was held in July 2021. The Advisory Agreement became effective on May 27, 2021 upon approval by the stockholders at a special meeting of stockholders of the Company. The Advisory Agreement amended the Prior Advisory Agreement to include certain revisions to the management and incentive fee calculation mechanisms and clarify language relating to liquidity events. On May 2, 2023, the Company's Board of Directors renewed the Advisory agreement for a period of twelve months commencing May 27, 2023. Under the terms of the Advisory Agreement, RGC:

•

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

•

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

•

executes, closes and monitors the investments the Company makes;

•

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

•

performs due diligence on prospective investments; and

•

provides the Company with other such investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.

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

Base Management Fee

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

For the three and nine months ended September 30, 2023, RGC earned base management fees at a rate of 1.50% per annum, amounting to $4.3 million and $12.6 million, respectively. For the three and nine months ended September 30, 2022, RGC earned base management fees at a rate of 1.60% per annum, amounting to $3.1 million and $8.5 million for the three and nine months ended September 30, 2022.

Incentive Fee

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

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

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

Until the consummation of a Spin-Off transaction (defined below), in the event that (a) the sum of the Company’s cumulative net realized losses since the date of the Company’s election to be regulated as a BDC exceeded 2.0% of the total non-control/non-affiliate investments made by the Company since the date of the Company’s election to be regulated as a BDC through the end of the quarter and (b) the pre-incentive fee net investment income adjusted to include any realized capital gains and losses (“Adjusted pre-incentive fee net investment income”), expressed as an annualized rate of return on the value of the Company’s average daily net assets (defined as total assets less liabilities), since the Company’s election to be regulated as a BDC through the end of the quarter was less than 10.0%, no Income Incentive Fee would be payable for such quarter until the first subsequent quarter in which either (x) the sum of the Company’s cumulative net realized losses since the date of the Company’s election to be regulated as a BDC was equal to or less than 2.0% of the total non-control/non-affiliate investments made by the Company since the date of the Company’s election to be regulated as a BDC through the end of such subsequent quarter or (y) the Adjusted pre-incentive fee net investment income, expressed as an annualized rate of return on the value of the Company’s average daily net assets (defined as total assets less liabilities), since the Company’s election to be regulated as a BDC through the of the end of the quarter equals or exceeds 10.0%; provided, however, that in no event would any Income Incentive Fee be payable for any prior quarter after the three-year anniversary of the end of such quarter. For purposes of the Advisory Agreement, a “Spin-Off transaction” includes either a transaction whereby (a) the Company offers its stockholders the option to elect to either (i) retain their ownership of shares of the Company’s common stock, or (ii) exchange their shares of the Company’s common stock for shares of common stock in a newly formed entity (the “Public Fund”) that will elect to be regulated as a BDC under the 1940 Act and treated as a RIC under Subchapter M of the Code (the “Public Fund Spin Off”); or (b) the Company completes a listing of the Company’s securities on any securities exchange (an “Exchange Listing”).

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

For the three and nine months ended September 30, 2023, RGC earned incentive fees of $5.5 million and $15.0 million, respectively; $4.0 million and $10.9 million of which were payable in cash, respectively, and $1.5 million and $4.1 million were accrued and generated from deferred interest, respectively. For the three and nine months ended September 30, 2022, RGC earned incentive fees of $3.6 million and $8.6 million, respectively; of which $3.2 million and $7.3 million were payable in cash, respectively, and $0.4 million and $1.3 million were accrued and generated from deferred interest, respectively. All incentive fees accrued and generated from deferred interest (i.e., PIK and certain discount accretion) are not payable until receipt of respective cash by the Company. As of September 30, 2023, $4.3 million were payable in cash, and $8.4 million were deferred incentive fees payable, both of which are included in incentive fees payable on the Statements of Assets and Liabilities. As of December 31, 2022, $3.8 million were payable in cash, and $5.0 million were deferred incentive fees payable, both of which are included in incentive fees payable on the Statements of Assets and Liabilities.

The capital gains incentive fee consists of fees related to realized gains and losses and unrealized capital losses. With respect to the incentive fee expense accrual related to the capital gains incentive fee, U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized gains in the calculation, as a capital gains incentive fee would be payable if such unrealized gains were realized even though such unrealized gains are not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. As of each of September 30, 2023 and December 31, 2022, there was no capital gains incentive fee accrued, earned or payable to RGC under the Advisory Agreement.

Spin-Off Incentive Fee

The Income Incentive Fee will be payable in connection with a Public Fund Spin-Off as follows. The Income Incentive Fee will be calculated as of the date of the completion of each Public Fund Spin-Off and will equal the amount of Income Incentive Fee that would be payable to RGC if (1) all of the Company’s investments were liquidated for their current value and any unamortized deferred portfolio investment-related fees would be deemed accelerated, (2) the proceeds from such liquidation were used to pay all of the Company’s outstanding liabilities, and (3) the remainder were distributed to the Company’s stockholders and paid as incentive fee in accordance with the Income Incentive Fee described in clauses (1) and (2) above for determining the amount of the Income Incentive Fee; provided, however, that in no event will the Income Incentive Fee paid in connection with the completion of the Public Fund Spin-Off (x) include the portion of the Income Incentive Fee attributable to deferred interest features of a particular investment that is not transferred pursuant to the Public Fund Spin-Off until such time as the deferred interest is received in cash, or (y) exceed 20.0% of the Company’s pre-incentive fee net investment income accrued by the Company for the fiscal quarter as of the date of the completion of the Public-Fund Spin-Off. The Company will make the payment of the Income Incentive Fee paid in connection with the completion of the Public Fund Spin-Off in cash on or immediately following the date of the completion of the Public-Fund Spin-Off. After the Public Fund Spin-Off, all calculations relating to the incentive fee payable will be made beginning on the day immediately following the completion of the Public Fund Spin-Off without taking into account the exchanged shares of the Company’s common stock (or contributions, distributions or proceeds relating thereto).

The Capital Gains Fee will be payable in respect of the exchanged shares of the Company’s common stock in connection with the Public Fund Spin-Off and will be calculated as of the date of the completion of the Public Fund Spin-Off as if such date were a calendar year-end for purposes of calculating and paying the Capital Gains Fee.

No Income Incentive Fee or Capital Gains Fee will be payable in connection with the Public Fund Spin-Off unless, on the date of the completion of the Public Fund Spin-Off, the sum of the Company’s (i) pre-incentive fee net investment income and (ii) realized capital gains less realized capital losses and unrealized capital losses from the date of the Company’s election to be regulated as a BDC through, and including, the date of the completion of the Public Fund Spin-Off, is greater than 8.0% of the cumulative net investments made by the Company since the Company’s election to be regulated as a BDC.

Administration Agreement

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

For the three months ended September 30, 2023, the Company incurred $0.4 million of Administration agreement expenses, of which $0.1 million was payable to a third-party service provider and $0.3 million was overhead allocation expense. For the nine months ended September 30, 2023, the Company incurred $1.6 million of Administration agreement expenses, of which $0.7 million was payable to a third-party service provider and $0.9 million was overhead allocation expense. As of September 30, 2023, the Company had accrued a net payable to the Administrator of $0.4 million and a payable to the third-party service provider of $0.3 million, which are included in Accrued expenses and other liabilities on the Statements of Assets and Liabilities. For the three months ended September 30, 2022, the Company incurred $0.5 million of Administration agreement expenses, of which $0.2 million was payable to a third-party service provider and $0.3 million was overhead allocation expense. For the nine months ended September 30, 2022, the Company incurred $1.3 million of Administration agreement expenses, of which $0.6 million was payable to a third-party service provider and $0.7 million was overhead allocation expense. As of September 30, 2022, the Company had accrued a net payable to the Administrator of $0.3 million and a payable to the third-party service provider of $0.2 million, which are included in Accrued expenses and other liabilities on the Statements of Assets and Liabilities.

License Agreement

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

Strategic Relationship

In December 2016, the Company and RGC entered into a strategic relationship with Oaktree Capital Management, L.P (“Oaktree”). In connection with the strategic relationship, OCM Growth Holdings ("OCM Growth") purchased an aggregate of 14,571,334 shares of the Company's common stock for an aggregate purchase price of $219.3 million in the Company's Initial Private Offering and Second Private Offering. As of September 30, 2023, OCM Growth and Oaktree Opportunities Fund Xb Holdings
(Delaware), L.P. (together with OCM Growth, the “OCM Holders”), each an affiliate of Oaktree, own 21,030,568 shares and 24,100 shares of our common stock, respectively, or approximately 52% of the Company's outstanding shares. Pursuant to an irrevocable proxy, certain shares held by OCM Growth must be voted in the same proportion that the Company's other stockholders vote their shares. Of the 21,054,668 shares of Company’s common stock owned by the OCM Holders, 19,896,113 shares, or approximately 49% of the Company’s outstanding shares, are subject to this proxy voting arrangement.

In connection with OCM Growth’s commitment, the Company entered into a stockholder agreement, dated December 15, 2016, with OCM Growth, pursuant to which OCM Growth has a right to nominate a member of the Company’s Board of Directors for election for so long as OCM Growth holds shares of the Company’s common stock in an amount equal to, in the aggregate, at least one-third (33%) of OCM Growth’s initial $125.0 million capital commitment. Gregory M. Share, Managing Director of Oaktree's Global Opportunities Group in Los Angeles, serves on the Company’s Board of Directors as OCM Growth’s director nominee and is considered an interested director. OCM Growth also holds a minority interest in RGC and has the right to appoint a member of RGC’s board of managers and a member of RGC’s investment committee. Mr. Share is OCM Growth’s appointee to RGC’s board of managers and investment committee.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Net Assets (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary of Distributions Declared and Paid

The following table summarizes the distributions declared and paid since inception through September 30, 2023:


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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

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

+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity File Number	814-01180
Entity Central Index Key	0001653384
Entity Registrant Name	Runway Growth Finance Corp.
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		40,509,269
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Tax Identification Number	47-5049745
Entity Address, Address Line One	205 N. Michigan Ave.
Entity Address, Address Line Two	Suite 4200
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	281‑6270
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	RWAY
Security Exchange Name	NASDAQ
7.50% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	7.50% Notes due 2027
Trading Symbol	RWAYL
Security Exchange Name	NASDAQ
8.00% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	8.00% Notes due 2027
Trading Symbol	RWAYZ
Security Exchange Name	NASDAQ

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Note 10 – Income Taxes

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

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized gain (loss) on investments for federal income tax purposes as of and for the period ended September 30, 2023 and the year ended December 31, 2022 (in thousands):


	September 30, 2023			December 31, 2022
Tax cost on investments	$	1,042,501		$	1,149,902
Change in unrealized gain on a tax basis	$	9,533		$	9,207
Change in unrealized loss on a tax basis		(41,107	)		(32,800	)
Net unrealized gain (loss) on a tax basis	$	(31,574	)	$	(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 financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet a "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. There were no material uncertain income tax positions at September 30, 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 22,036

$ 14,498

$ 59,958

$ 41,436

Fair Value, Beginning Balance

1,126,309

Fair Value, Ending Balance

1,010,927

$ 1,126,309

Investment, Identifier [Axis]: Affiliate Investments

Investments in and Advances to Affiliates [Line Items]

Net investment income

1,501

109

Fair Value, Beginning Balance

^[1]

2,084

Gross Additions

51,130

^[2]

6,490

^[3]

Gross Reductions

^[4]

(930)

Net Change in Unrealized Gain (Loss)

(5,679)

(3,476)

Fair Value, Ending Balance

47,535

^[5]

47,535

^[5]

2,084

^[1]

Investment, Identifier [Axis]: Affiliate Investments Common Stocks

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

^[1]

1,174

Gross Additions

^[3]

4,551

Net Change in Unrealized Gain (Loss)

(287)

(3,377)

Fair Value, Ending Balance

887

^[5]

887

^[5]

1,174

^[1]

Investment, Identifier [Axis]: Affiliate Investments Common Stocks Application Software

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,174

Fair Value, Ending Balance

887

1,174

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

887

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,174

Fair Value, Ending Balance

1,174

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

^[1]

1,174

Gross Additions

^[3]

4,551

Net Change in Unrealized Gain (Loss)

(287)

(3,377)

Fair Value, Ending Balance

887

^[5]

887

^[5]

1,174

^[1]

Investment, Identifier [Axis]: Affiliate Investments Preferred Stocks

Investments in and Advances to Affiliates [Line Items]

Gross Additions

^[2]

25,000

Net Change in Unrealized Gain (Loss)

(3,192)

Fair Value, Ending Balance

^[5]

21,808

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

Investments in and Advances to Affiliates [Line Items]

Gross Additions

^[2]

25,000

Net Change in Unrealized Gain (Loss)

(3,192)

Fair Value, Ending Balance

^[5]

21,808

Investment, Identifier [Axis]: Affiliate Investments Preferred Stocks Health Care Technology

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

21,808

Investment, Identifier [Axis]: Affiliate Investments Preferred Stocks Health Care Technology Gynesonics, Inc. Series A-2 Preferred Stock Initial Acquisition Date 3/1/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

21,808

Investment, Identifier [Axis]: Affiliate Investments Senior Secured Term Loans

Investments in and Advances to Affiliates [Line Items]

Net investment income

1,501

109

Gross Additions

25,817

^[2]

930

^[3]

Gross Reductions

^[4]

(930)

Net Change in Unrealized Gain (Loss)

(2,176)

Fair Value, Ending Balance

^[5]

23,641

Investment, Identifier [Axis]: Affiliate Investments Senior Secured Term Loans Coginiti Corp

Investments in and Advances to Affiliates [Line Items]

Net investment income

109

Gross Additions

^[3]

930

Gross Reductions

^[4]

$ (930)

Investment Interest PIK

9.50%

Investment Floor Rate

10.81%

Maturity Date

Dec. 15, 2022

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

Investments in and Advances to Affiliates [Line Items]

Net investment income

1,501

Gross Additions

^[2]

25,817

Net Change in Unrealized Gain (Loss)

(2,176)

Fair Value, Ending Balance

^[5]

$ 23,641

Investment, Spread

8.75%

Investment Ceiling Rate

8.00%

Maturity Date

Nov. 30, 2026

Investment Interest End of Term Payments Rate

5.00%

Investment, Identifier [Axis]: Affiliate Investments Senior Secured Term Loans Health Care Technology

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 23,641

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 23,641

Investment, Spread

8.75%

Investment Ceiling Rate

8.00%

Maturity Date

Nov. 30, 2026

Investment Interest End of Term Payments Rate

5.00%

Investment, Identifier [Axis]: Affiliate Investments Warrants

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

^[1]

$ 910

Gross Additions

313

^[2]

$ 1,009

^[3]

Net Change in Unrealized Gain (Loss)

$ (24)

(24)

(99)

Fair Value, Ending Balance

1,199

^[5]

1,199

^[5]

910

^[1]

Investment, Identifier [Axis]: Affiliate Investments Warrants Application Software

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

910

Fair Value, Ending Balance

859

910

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

910

Fair Value, Ending Balance

$ 859

$ 910

Maturity Date

Mar. 09, 2030

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

^[1]

$ 910

Gross Additions

^[3]

$ 1,009

Net Change in Unrealized Gain (Loss)

(99)

Fair Value, Ending Balance

^[1]

$ 910

Warrant, exercise price

$ 0.01

Warrant, expiration date

Mar. 09, 2030

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

^[5]

$ 859

859

Investment, Identifier [Axis]: Affiliate Investments Warrants Coginiti Corp Warrants for warrant for common stock

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

910

Net Change in Unrealized Gain (Loss)

(51)

Fair Value, Ending Balance

$ 910

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

Investments in and Advances to Affiliates [Line Items]

Gross Additions

^[2]

313

Net Change in Unrealized Gain (Loss)

Fair Value, Ending Balance

^[5]

340

Investment, Identifier [Axis]: Affiliate Investments Warrants Health Care Technology

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

340

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 340

Maturity Date

Mar. 01, 2030

Investment, Identifier [Axis]: Control Investments

Investments in and Advances to Affiliates [Line Items]

Net investment income

4,097

Fair Value, Beginning Balance

$ 9,290

^[1]

29,131

Gross Additions

^[3]

3,548

Gross Reductions

(1,209)

^[6]

(17,250)

^[4]

Net Realized Gain (Loss)

(2,000)

Net Change in Unrealized Gain (Loss)

$ 3,532

3,532

(4,139)

Fair Value, Ending Balance

11,613

^[5]

11,613

^[5]

9,290

^[1]

Investment, Identifier [Axis]: Control Investments Preferred Stocks

Investments in and Advances to Affiliates [Line Items]

Net investment income

Fair Value, Beginning Balance

870

Gross Reductions

^[4]

(800)

Net Realized Gain (Loss)

(2,000)

Net Change in Unrealized Gain (Loss)

1,930

Investment, Identifier [Axis]: Control Investments Preferred Stocks Mojix, Inc. Series A-1 Preferred Stock

Investments in and Advances to Affiliates [Line Items]

Net investment income

Fair Value, Beginning Balance

870

Gross Reductions

^[4]

(800)

Net Change in Unrealized Gain (Loss)

(70)

Investment, Identifier [Axis]: Control Investments Preferred Stocks Pivot3 Holdings, Inc Series 1 Preferred Stock

Investments in and Advances to Affiliates [Line Items]

Net Realized Gain (Loss)

(2,000)

Net Change in Unrealized Gain (Loss)

2,000

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans

Investments in and Advances to Affiliates [Line Items]

Net investment income

4,065

Fair Value, Beginning Balance

9,290

^[1]

28,261

Gross Additions

^[3]

3,548

Gross Reductions

(1,209)

^[6]

(15,204)

^[4]

Net Change in Unrealized Gain (Loss)

3,532

(7,315)

Fair Value, Ending Balance

11,613

^[5]

11,613

^[5]

9,290

^[1]

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Data Processing & Outsourced Services

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

9,290

Fair Value, Ending Balance

11,613

9,290

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Data Processing & Outsourced Services Pivot3, Inc. LIBOR+8.50% PIK, 11.00% floor, 4.00% ETP Initial Acquisition Date 5/13/2019 Maturity Date 1/15/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

9,290

Fair Value, Ending Balance

$ 9,290

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Maturity Date

Jan. 15, 2023

Investment Interest End of Term Payments Rate

4.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 11,613

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Maturity Date

Oct. 15, 2023

Investment Interest End of Term Payments Rate

4.00%

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Five

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 374

Fair Value, Beginning Balance

1,253

Gross Additions

^[3]

327

Gross Reductions

^[4]

(1,400)

Net Change in Unrealized Gain (Loss)

$ (180)

Investment, Spread

12.00%

Maturity Date

Jan. 15, 2025

Investment Interest Cash Cap

12.00%

Investment Interest End of Term Payments Rate

5.00%

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Four

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 185

Fair Value, Beginning Balance

629

Gross Additions

^[3]

161

Gross Reductions

^[4]

(703)

Net Change in Unrealized Gain (Loss)

$ (87)

Investment, Spread

12.00%

Maturity Date

Jan. 15, 2025

Investment Interest Cash Cap

12.00%

Investment Interest End of Term Payments Rate

5.00%

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc One

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 2,287

Fair Value, Beginning Balance

7,568

Gross Additions

^[3]

1,987

Gross Reductions

^[4]

(8,489)

Net Change in Unrealized Gain (Loss)

$ (1,066)

Investment, Spread

12.00%

Maturity Date

Jan. 15, 2025

Investment Interest Cash Cap

12.00%

Investment Interest End of Term Payments Rate

5.00%

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Six

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 291

Fair Value, Beginning Balance

1,008

Gross Additions

^[3]

266

Gross Reductions

^[4]

(1,090)

Net Change in Unrealized Gain (Loss)

$ (184)

Investment, Spread

12.00%

Maturity Date

Jan. 15, 2025

Investment Interest Cash Cap

12.00%

Investment Interest End of Term Payments Rate

5.00%

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Three

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 184

Fair Value, Beginning Balance

630

Gross Additions

^[3]

160

Gross Reductions

^[4]

(704)

Net Change in Unrealized Gain (Loss)

$ (86)

Investment, Spread

12.00%

Maturity Date

Jan. 15, 2025

Investment Interest Cash Cap

12.00%

Investment Interest End of Term Payments Rate

5.00%

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Two

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 744

Fair Value, Beginning Balance

2,523

Gross Additions

^[3]

647

Gross Reductions

^[4]

(2,818)

Net Change in Unrealized Gain (Loss)

$ (352)

Investment, Spread

12.00%

Maturity Date

Jan. 15, 2025

Investment Interest Cash Cap

12.00%

Investment Interest End of Term Payments Rate

5.00%

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Pivot3, Inc

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 9,290

^[1]

$ 14,650

Net Change in Unrealized Gain (Loss)

(5,360)

Fair Value, Ending Balance

^[1]

$ 9,290

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Maturity Date

Nov. 15, 2022

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Pivot3, Inc.

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

9,290

Gross Reductions

^[6]

(1,209)

Net Change in Unrealized Gain (Loss)

$ 3,532

3,532

Fair Value, Ending Balance

$ 11,613

^[5]

$ 11,613

^[5]

$ 9,290

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Maturity Date

Oct. 15, 2023

Investment Interest End of Term Payments Rate

4.00%

Investment, Identifier [Axis]: Control Investments Warrants Mojix, Inc One

Investments in and Advances to Affiliates [Line Items]

Gross Reductions

^[4]

(119)

Net Change in Unrealized Gain (Loss)

$ 119

Warrant, exercise price

$ 1.286

Warrant, expiration date

Dec. 13, 2030

Investment, Identifier [Axis]: Control Investments Warrants Mojix, Inc Three

Investments in and Advances to Affiliates [Line Items]

Gross Reductions

^[4]

$ (829)

Net Change in Unrealized Gain (Loss)

$ 829

Warrant, exercise price

$ 5.57338

Warrant, expiration date

Dec. 13, 2030

Investment, Identifier [Axis]: Control Investments Warrants Mojix, Inc Two

Investments in and Advances to Affiliates [Line Items]

Gross Reductions

^[4]

$ (298)

Net Change in Unrealized Gain (Loss)

$ 298

Warrant, exercise price

$ 2.1286

Warrant, expiration date

Dec. 13, 2030

Investment, Identifier [Axis]: Control Investments, Warrants

Investments in and Advances to Affiliates [Line Items]

Gross Reductions

^[4]

$ (1,246)

Net Change in Unrealized Gain (Loss)

1,246

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,114,935

Fair Value, Ending Balance

$ 951,779

951,779

1,114,935

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Common Stocks

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,923

Fair Value, Ending Balance

1,076

1,923

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Common Stocks Application Software

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,422

Fair Value, Ending Balance

480

1,422

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

480

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,422

Fair Value, Ending Balance

1,422

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Common Stocks Internet & Direct Marketing Retail

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

316

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

316

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Common Stocks Technology Hardware, Storage & Peripherals

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

501

Fair Value, Ending Balance

280

501

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

280

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

501

Fair Value, Ending Balance

501

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Preferred Stocks

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

12,682

Fair Value, Ending Balance

11,450

12,682

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Preferred Stocks Application Software

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

347

Fair Value, Ending Balance

231

347

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

347

Fair Value, Ending Balance

231

347

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Preferred Stocks Health Care Technology

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

12,335

Fair Value, Ending Balance

11,219

12,335

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

12,335

Fair Value, Ending Balance

12,335

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

11,219

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Second Lien Term Loans

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

13,654

Fair Value, Ending Balance

14,178

13,654

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Second Lien Term Loans System Software

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

13,654

Fair Value, Ending Balance

14,178

13,654

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Second Lien Term Loans System Software Dejero Labs Inc. Interest Rate SOFR+5.00%, 5.50 floor, 5.00% PIK, 3.00% ETP Initial Acquisition Date 12/22/2021 Maturity Date 12/22/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

13,654

Fair Value, Ending Balance

$ 14,178

$ 13,654

Investment Interest PIK

5.00%

Investment Floor Rate

5.50%

Investment, Spread

5.00%

Maturity Date

Dec. 22, 2025

Investment Interest End of Term Payments Rate

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,070,831

Fair Value, Ending Balance

$ 912,261

912,261

$ 1,070,831

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Application Software

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

176,582

Fair Value, Ending Balance

170,180

176,582

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Application Software Circadence Corporation Interest Rate SOFR+9.50% PIK, 12.26% floor, 7.50% ETP Initial Acquisition Date 12/20/2018 Maturity Date 12/15/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

17,083

Fair Value, Ending Balance

$ 19,081

$ 17,083

Investment Interest PIK

9.50%

Investment Floor Rate

12.26%

Maturity Date

Dec. 15, 2023

Investment Interest End of Term Payments Rate

7.50%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Application Software Dtex Systems, Inc. Interest Rate SOFR+9.25%, 9.75% floor, 1.75% ETP Initial Acquisition Date 6/1/2021 Maturity Date 6/1/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 10,033

Fair Value, Ending Balance

$ 10,033

Investment Floor Rate

9.75%

Investment, Spread

9.25%

Maturity Date

Jun. 01, 2025

Investment Interest End of Term Payments Rate

1.75%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Application Software FiscalNote, Inc. Interest Rate PRIME+5.00%, 9.00% floor, 1.00% PIK, 4.25% ETP Initial Acquisition Date 10/19/2020 Maturity Date 7/15/2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

64,466

Fair Value, Ending Balance

$ 64,466

Investment Interest PIK

1.00%

Investment Floor Rate

9.00%

Investment, Spread

5.00%

Maturity Date

Jul. 15, 2027

Investment Interest End of Term Payments Rate

4.25%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 64,398

Investment Interest PIK

1.00%

Investment Floor Rate

9.00%

Investment, Spread

5.00%

Maturity Date

Jul. 15, 2027

Investment Interest End of Term Payments Rate

5.75%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Interest Rate SOFR+9.00%, 9.50% floor, 10.00% cash cap, 4.50% ETP Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 86,701

Investment Floor Rate

9.50%

Investment, Spread

9.00%

Maturity Date

Dec. 28, 2026

Investment Interest Cash Cap

10.00%

Investment Interest End of Term Payments Rate

4.50%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Interest Rate SOFR+9.00%, 9.50% floor, 4.50% ETP Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 85,000

Fair Value, Ending Balance

$ 85,000

Investment Floor Rate

9.50%

Investment, Spread

9.00%

Maturity Date

Dec. 28, 2026

Investment Interest End of Term Payments Rate

4.50%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Biotechnology

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

39,709

Fair Value, Ending Balance

$ 39,709

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Biotechnology Mustang Bio, Inc. Interest Rate SOFR+8.75%, 9.25% floor, 3.50% ETP Initial Acquisition Date 3/4/2022 Maturity Date 4/15/2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

29,709

Fair Value, Ending Balance

$ 29,709

Investment Floor Rate

9.25%

Investment, Spread

8.75%

Maturity Date

Apr. 15, 2027

Investment Interest End of Term Payments Rate

3.50%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Biotechnology TRACON Pharmaceuticals, Inc. Interest Rate PRIME+5.00%, 8.50% floor, 4.25% ETP Initial Acquisition Date 9/2/2022 Maturity Date 9/1/2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

10,000

Fair Value, Ending Balance

$ 10,000

Investment Floor Rate

8.50%

Investment, Spread

5.00%

Maturity Date

Sep. 01, 2026

Investment Interest End of Term Payments Rate

4.25%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Data Processing & Outsourced Services

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

86,182

Fair Value, Ending Balance

$ 105,013

105,013

$ 86,182

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 19,387

Investment Floor Rate

12.78%

Investment, Spread

7.50%

Maturity Date

Jul. 10, 2027

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Data Processing & Outsourced Services Interactions Corporation Interest Rate SOFR+9.26%, 9.76% floor, 3.4375% ETP Initial Acquisition Date 6/24/2022 Maturity Date 6/15/2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 39,504

Fair Value, Ending Balance

$ 39,804

$ 39,504

Investment Floor Rate

9.76%

Investment, Spread

9.26%

Maturity Date

Jun. 15, 2027

Investment Interest End of Term Payments Rate

3.4375%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Data Processing & Outsourced Services ShareThis, Inc. Interest Rate SOFR+8.25%, 10.86% floor, 3.00% ETP Initial Acquisition Date 8/18/2020 Maturity Date 7/15/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,007

Fair Value, Ending Balance

$ 960

$ 1,007

Investment Floor Rate

10.86%

Investment, Spread

8.25%

Maturity Date

Jul. 15, 2025

Investment Interest End of Term Payments Rate

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Data Processing & Outsourced Services ShareThis, Inc. Interest Rate SOFR+9.25%, 11.86% floor, 3.00% ETP Initial Acquisition Date 12/3/2018 Maturity Date 7/15/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 21,150

Fair Value, Ending Balance

$ 20,161

$ 21,150

Investment Floor Rate

11.86%

Investment, Spread

9.25%

Maturity Date

Jul. 15, 2025

Investment Interest End of Term Payments Rate

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Data Processing & Outsourced Services Vesta Payment Solutions, Inc. Interest Rate SOFR+7.00%, 9.00% floor, 3.00% ETP Initial Acquisition Date 11/29/2022 Maturity Date 11/15/2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 24,521

Fair Value, Ending Balance

$ 24,701

$ 24,521

Investment Floor Rate

9.00%

Investment, Spread

7.00%

Maturity Date

Nov. 15, 2026

Investment Interest End of Term Payments Rate

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Education Services

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 25,305

Fair Value, Ending Balance

$ 25,592

25,592

$ 25,305

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Education Services Turning Tech Intermediate, Inc. (dba Echo 360, Inc.) Interest Rate SOFR+8.50%, 9.00% floor, 13.00% cash cap, 3.00% ETP Initial Acquisition Date 6/22/2021 Maturity Date 12/14/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

25,305

Fair Value, Ending Balance

$ 25,592

$ 25,305

Investment Floor Rate

9.00%

Investment, Spread

8.50%

Maturity Date

Dec. 14, 2025

Investment Interest Cash Cap

13.00%

Investment Interest End of Term Payments Rate

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Electronic Equipment & Instruments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 77,551

Fair Value, Ending Balance

$ 51,284

51,284

$ 77,551

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Electronic Equipment & Instruments Brivo,Inc. Interest Rate SOFR+6.85%, 10.89% floor, 25% of interest PIK, 3.00% ETP Initial Acquisition Date 10/20/2022 Maturity Date 10/20/2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 51,284

Investment Interest PIK

3.00%

Investment Floor Rate

10.89%

Investment, Spread

6.85%

Maturity Date

Oct. 20, 2027

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Electronic Equipment & Instruments Brivo,Inc. Interest Rate SOFR+6.85%, 10.89% floor, 50% of interest PIK, 3.00% ETP Initial Acquisition Date 10/20/2022 Maturity Date 10/20/2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 43,912

Fair Value, Ending Balance

$ 43,912

Investment Interest PIK

50.00%

Investment Floor Rate

10.89%

Investment, Spread

6.85%

Maturity Date

Oct. 20, 2027

Investment Interest End of Term Payments Rate

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Electronic Equipment & Instruments Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.) Interest Rate SOFR+9.75%, 10.25% floor, 2.00% ETP Initial Acquisition Date 12/17/2021 Maturity Date 12/17/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

33,639

Fair Value, Ending Balance

$ 33,639

Investment Floor Rate

10.25%

Investment, Spread

9.75%

Maturity Date

Dec. 17, 2025

Investment Interest End of Term Payments Rate

2.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Health Care Equipment

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

27,149

Fair Value, Ending Balance

$ 14,882

14,882

$ 27,149

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

14,772

Fair Value, Ending Balance

$ 14,882

$ 14,772

Investment Floor Rate

8.75%

Investment, Spread

5.25%

Maturity Date

Jul. 01, 2027

Investment Interest End of Term Payments Rate

3.50%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Health Care Equipment Revelle Aesthetics, Inc. Interest Rate PRIME+5.50%, 8.75% floor, 4.00% ETP Initial Acquisition Date 3/30/2022 Maturity Date 4/1/2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 12,377

Fair Value, Ending Balance

$ 12,377

Investment Floor Rate

8.75%

Investment, Spread

5.50%

Maturity Date

Apr. 01, 2027

Investment Interest End of Term Payments Rate

4.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Health Care Technology

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

225,915

Fair Value, Ending Balance

$ 145,549

145,549

$ 225,915

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Health Care Technology Allurion Technologies, Inc. Interest Rate PRIME+6.44%, 9.50% floor, 3.00% ETP Initial Acquisition Date 12/30/2021 Maturity Date 12/30/2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

54,715

Fair Value, Ending Balance

$ 54,715

Investment Floor Rate

9.50%

Investment, Spread

6.44%

Maturity Date

Dec. 30, 2026

Investment Interest End of Term Payments Rate

3.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

19,648

Fair Value, Ending Balance

$ 39,370

$ 19,648

Investment Floor Rate

8.90%

Investment, Spread

4.90%

Maturity Date

Jun. 15, 2027

Investment Interest End of Term Payments Rate

4.50%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Health Care Technology Gynesonics, Inc. Interest Rate SOFR+8.75%, 9.25% floor, 3.50% ETP Initial Acquisition Date 12/1/2020 Maturity Date 12/1/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 50,022

Fair Value, Ending Balance

$ 50,022

Investment Floor Rate

9.25%

Investment, Spread

8.75%

Maturity Date

Dec. 01, 2025

Investment Interest End of Term Payments Rate

3.50%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Health Care Technology Mingle Healthcare Solutions, Inc. Interest Rate SOFR+9.50%, 12.01% floor, .25% PIK, 10.50% ETP Initial Acquisition Date 8/15/2018 Maturity Date 12/15/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

3,821

Fair Value, Ending Balance

$ 4,064

$ 3,821

Investment Interest PIK

0.25%

Investment Floor Rate

12.01%

Investment, Spread

9.50%

Maturity Date

Dec. 15, 2023

Investment Interest End of Term Payments Rate

10.50%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 19,756

Fair Value, Ending Balance

$ 20,239

$ 19,756

Investment Interest PIK

2.00%

Investment Floor Rate

6.70%

Investment, Spread

2.70%

Maturity Date

Oct. 12, 2027

Investment Interest End of Term Payments Rate

4.50%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 12,843

Fair Value, Ending Balance

$ 16,273

$ 12,843

Investment Floor Rate

8.98%

Investment, Spread

8.48%

Maturity Date

Jul. 01, 2026

Investment Interest End of Term Payments Rate

3.95%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 24,802

Fair Value, Ending Balance

$ 24,961

$ 24,802

Investment Floor Rate

9.00%

Investment, Spread

5.75%

Maturity Date

Dec. 01, 2027

Investment Interest End of Term Payments Rate

4.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Health Care Technology VERO Biotech LLC Interest Rate SOFR+9.05%, 9.55% floor, 3.00% ETP Initial Acquisition Date 12/29/2020 Maturity Date 12/1/2024

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 40,308

Fair Value, Ending Balance

$ 40,642

$ 40,308

Investment Floor Rate

9.55%

Investment, Spread

9.05%

Maturity Date

Dec. 01, 2024

Investment Interest End of Term Payments Rate

4.00%

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Human Resource & Employment Services

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 96,478

Fair Value, Ending Balance

$ 112,013

112,013

$ 96,478

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Human Resource & Employment Services CloudPay, Inc. Interest Rate PRIME+6.25%, 10.25% floor, 2.00% ETP Initial Acquisition Date 9/26/2022 Maturity Date 8/17/2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

59,693

Fair Value, Ending Balance

$ 74,854

$ 59,693

Investment Floor Rate

10.25%

Investment, Spread

6.25%

Maturity Date

Aug. 17, 2027

Investment Interest End of Term Payments Rate

2.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Human Resource & Employment Services Snagajob.com, Inc. Interest Rate SOFR+8.50%, 9.00% floor, 50% of interest PIK, 2.75% ETP Initial Acquisition Date 9/29/2021 Maturity Date 9/1/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 37,159

Investment Interest PIK

50.00%

Investment Floor Rate

9.00%

Investment, Spread

8.50%

Maturity Date

Sep. 01, 2025

Investment Interest End of Term Payments Rate

2.75%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Human Resource & Employment Services Snagajob.com, Inc. Interest Rate SOFR+8.50%, 9.00% floor, 9.00% cash cap, 2.75% ETP Initial Acquisition Date 9/29/2021 Maturity Date 9/1/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 36,785

Fair Value, Ending Balance

$ 36,785

Investment Floor Rate

9.00%

Investment, Spread

8.50%

Maturity Date

Sep. 01, 2025

Investment Interest Cash Cap

9.00%

Investment Interest End of Term Payments Rate

2.75%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet & Direct Marketing Retail

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

55,853

Fair Value, Ending Balance

$ 55,409

55,409

$ 55,853

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 10,687

Investment Floor Rate

11.00%

Investment, Spread

4.75%

Maturity Date

Dec. 16, 2026

Investment Interest Cash Cap

11.00%

Investment Interest End of Term Payments Rate

3.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 9,353

Fair Value, Ending Balance

$ 9,353

Investment Floor Rate

11.00%

Investment, Spread

4.75%

Maturity Date

Dec. 16, 2026

Investment Interest End of Term Payments Rate

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet & Direct Marketing Retail Marley Spoon AG Interest Rate SOFR+8.50%, 1.25% PIK, 9.26% floor Initial Acquisition Date 6/30/2021 Maturity Date 6/15/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

46,500

Fair Value, Ending Balance

$ 46,500

Investment Interest PIK

1.25%

Investment Floor Rate

9.26%

Investment, Spread

8.50%

Maturity Date

Jun. 15, 2025

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet & Direct Marketing Retail Marley Spoon SE Interest Rate SOFR+7.50%, 8.26% floor,PIK, 9.26% floor Initial Acquisition Date 6/30/2021 Maturity Date 6/15/2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 44,722

Investment Interest PIK

1.25%

Investment Floor Rate

8.26%

Investment, Spread

7.50%

Maturity Date

Jun. 15, 2026

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet Software and Services

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 146,535

Fair Value, Ending Balance

$ 88,202

88,202

$ 146,535

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet Software and Services Bombora, Inc. Interest Rate SOFR+5.00%, 5.76% floor, 3.75% PIK, 2.00% ETP Initial Acquisition Date 3/31/2021 Maturity Date 3/31/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

21,337

Fair Value, Ending Balance

$ 22,105

$ 21,337

Investment Interest PIK

3.75%

Investment Floor Rate

5.76%

Investment, Spread

5.00%

Maturity Date

Mar. 31, 2025

Investment Interest End of Term Payments Rate

2.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet Software and Services Fidelis Cybersecurity, Inc. Interest Rate SOFR+11.00%, 12.00% floor, 2.39% ETP Initial Acquisition Date 3/25/2022 Maturity Date 5/13/2024

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 8,692

Fair Value, Ending Balance

$ 8,692

Investment Floor Rate

12.00%

Investment, Spread

11.00%

Maturity Date

May 13, 2024

Investment Interest End of Term Payments Rate

2.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

11,857

Fair Value, Ending Balance

$ 11,857

Investment Floor Rate

12.00%

Investment, Spread

11.00%

Maturity Date

May 13, 2024

Investment Interest End of Term Payments Rate

2.39%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet Software and Services INRIX, Inc. Interest Rate SOFR+9.00%, 9.76% floor, 2.50% ETP Initial Acquisition Date 11/15/2021 Maturity Date 11/15/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

45,329

Fair Value, Ending Balance

$ 45,329

Investment Floor Rate

9.76%

Investment, Spread

9.00%

Maturity Date

Nov. 15, 2025

Investment Interest End of Term Payments Rate

2.50%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

24,414

Fair Value, Ending Balance

$ 29,644

$ 24,414

Investment Floor Rate

10.72%

Investment, Spread

6.50%

Maturity Date

Nov. 08, 2026

Investment Interest End of Term Payments Rate

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet Software and Services Synack, Inc. Interest Rate PRIME+4.25%, 8.25% floor Initial Acquisition Date 6/30/2022 Maturity Date 6/30/2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 34,906

Fair Value, Ending Balance

$ 36,453

$ 34,906

Investment Floor Rate

8.25%

Investment, Spread

4.25%

Maturity Date

Jun. 30, 2027

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Property & Casualty Insurance

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 49,143

Fair Value, Ending Balance

$ 74,618

74,618

$ 49,143

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Property & Casualty Insurance Kin Insurance, Inc. Interest Rate PRIME+6.25%, 12.50% floor, 3.00% ETP Initial Acquisition Date 9/26/2022 Maturity Date 9/15/2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

49,143

Fair Value, Ending Balance

$ 74,618

$ 49,143

Investment Floor Rate

12.50%

Investment, Spread

6.25%

Maturity Date

Sep. 15, 2026

Investment Interest End of Term Payments Rate

3.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans System Software

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 64,429

Fair Value, Ending Balance

$ 69,519

69,519

$ 64,429

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans System Software 3PL Central LLC Interest Rate SOFR+4.50%, 6.50 floor, 2.50% PIK, 2.00% ETP Initial Acquisition Date 11/9/2022 Maturity Date 11/9/2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

64,429

Fair Value, Ending Balance

$ 69,519

$ 64,429

Investment Interest PIK

2.50%

Investment Floor Rate

6.50%

Investment, Spread

4.50%

Maturity Date

Nov. 09, 2027

Investment Interest End of Term Payments Rate

2.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 15,845

Fair Value, Ending Balance

$ 12,814

$ 15,845

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Advertising STN Video Inc. Class B Non-Voting Stock Initial Acquisition Date 6/30/2017 Maturity Date 6/30/2027

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jun. 30, 2027

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 3,649

Fair Value, Ending Balance

$ 2,668

$ 3,649

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 28, 2028

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 2,865

Fair Value, Ending Balance

$ 1,909

$ 2,865

Maturity Date

Jun. 29, 2028

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 22

Fair Value, Ending Balance

$ 17

$ 22

Maturity Date

Oct. 31, 2029

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 87

Fair Value, Ending Balance

$ 70

$ 87

Maturity Date

Dec. 20, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Dtex Systems, Inc. Series C-Prime Preferred Stock Initial Acquisition Date 6/1/2018 Maturity Date 6/1/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 214

Fair Value, Ending Balance

$ 235

$ 214

Maturity Date

Jun. 01, 2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 356

Fair Value, Ending Balance

$ 392

$ 356

Maturity Date

Jul. 11, 2026

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 105

Fair Value, Ending Balance

$ 45

$ 105

Maturity Date

Jul. 29, 2027

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Porch Group, Inc. Earnout Initial Acquisition Date 12/23/2020 Maturity Date 12/23/2023

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 23, 2023

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Biotechnology

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 216

Fair Value, Ending Balance

$ 78

$ 216

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 66

$ 59

Maturity Date

Mar. 04, 2032

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 157

Fair Value, Ending Balance

$ 12

$ 157

Maturity Date

Sep. 02, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Computer & Electronics Retail

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 68

Fair Value, Ending Balance

$ 68

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 68

Fair Value, Ending Balance

$ 68

Maturity Date

Jul. 22, 2029

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Data Processing & Outsourced Services

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,932

Fair Value, Ending Balance

$ 1,621

1,621

$ 1,932

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 423

Maturity Date

Jul. 10, 2033

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 204

Fair Value, Ending Balance

$ 113

$ 204

Maturity Date

Jun. 24, 2032

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,728

Fair Value, Ending Balance

$ 1,085

$ 1,728

Maturity Date

Dec. 03, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Electronic Equipment & Instruments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 563

Fair Value, Ending Balance

$ 843

843

$ 563

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

107

Fair Value, Ending Balance

$ 354

$ 107

Maturity Date

Oct. 20, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Electronic Equipment & Instruments Epic IO Technologies, Inc. Success fee Initial Acquisition Date 12/17/2021 Maturity Date 12/17/2024

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 456

Fair Value, Ending Balance

$ 489

$ 456

Maturity Date

Dec. 17, 2024

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 284

Fair Value, Ending Balance

$ 259

259

$ 284

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

163

Fair Value, Ending Balance

$ 157

$ 163

Maturity Date

Jun. 24, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment Revelle Aesthetics, Inc. Series A-2 Preferred Stock Initial Acquisition Date 3/30/2022 Maturity Date 3/30/3032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 121

Fair Value, Ending Balance

$ 102

$ 121

Maturity Date

Mar. 30, 2032

Mar. 30, 3032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 2,594

Fair Value, Ending Balance

$ 2,203

2,203

$ 2,594

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology Allurion Technologies, Inc. Common Stock Initial Acquisition Date 09/15/2022 Maturity Date 1/22/2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 2

Maturity Date

Jan. 22, 2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 36

Maturity Date

Jan. 22, 2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 2

Maturity Date

Jan. 22, 2025

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 112

Maturity Date

Aug. 01, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology Allurion Technologies, Inc. Series C Preferred Stock Initial Acquisition Date 3/30/2021 Maturity Date 3/30/2031

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 632

Fair Value, Ending Balance

$ 632

Maturity Date

Mar. 30, 2031

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology Allurion Technologies, Inc. Series D-1 Preferred Stock Initial Acquisition Date 6/14/2022 Maturity Date 3/30/2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

259

Fair Value, Ending Balance

$ 259

Maturity Date

Mar. 30, 2031

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology CareCloud, Inc. Common Stock Initial Acquisition Date 1/8/2022 Maturity Date 1/8/2023

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jan. 08, 2023

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

305

Fair Value, Ending Balance

$ 616

$ 305

Maturity Date

Jun. 30, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology Gynesonics, Inc. Series G Convertible Preferred Stock Initial Acquisition Date 11/19/2021 Maturity Date 11/19/2031

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 446

Fair Value, Ending Balance

$ 446

Maturity Date

Nov. 19, 2031

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 15, 2028

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 137

Fair Value, Ending Balance

$ 81

$ 137

Maturity Date

Oct. 12, 2032

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 297

Fair Value, Ending Balance

$ 467

$ 297

Maturity Date

Aug. 17, 2031

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 74

Fair Value, Ending Balance

$ 238

$ 74

Maturity Date

Dec. 29, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 50

Fair Value, Ending Balance

$ 158

$ 50

Maturity Date

Jun. 29, 2031

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 394

Fair Value, Ending Balance

$ 491

$ 394

Maturity Date

Dec. 29, 2025

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Human Resource & Employment Services

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,310

Fair Value, Ending Balance

$ 1,248

1,248

$ 1,310

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

920

Fair Value, Ending Balance

$ 1,006

$ 920

Maturity Date

Jun. 30, 2030

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Human Resource & Employment Services CloudPay, Inc. Series D Preferred Stock Initial Acquisition Date 6/30/2023 Maturity Date 6/30/2023

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 73

Maturity Date

Jun. 30, 2033

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 170

Fair Value, Ending Balance

$ 169

$ 170

Maturity Date

Aug. 17, 2031

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Human Resource & Employment Services Snagajob.com, Inc. Series B-1 Preferred Stock Initial Acquisition Date 9/29/2021 Maturity Date 9/29/203

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 220

Fair Value, Ending Balance

$ 220

Maturity Date

Sep. 29, 2031

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 29, 2031

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet & Direct Marketing Retail

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 133

Fair Value, Ending Balance

$ 153

153

$ 133

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

133

Fair Value, Ending Balance

153

133

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

3,245

Fair Value, Ending Balance

2,048

3,245

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Bombora, Inc. Common Stock Initial Acquisition Date 3/31/2021 Maturity Date 3/31/2031

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

248

Fair Value, Ending Balance

$ 108

$ 248

Maturity Date

Mar. 31, 2031

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 100

Fair Value, Ending Balance

$ 100

Maturity Date

Mar. 25, 2032

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 2,198

Fair Value, Ending Balance

$ 1,126

$ 2,198

Maturity Date

Jul. 26, 2029

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Longtail Ad Solutions, Inc. (dba JW Player) Common Stock Initial Acquisition Date 12/12/2019 Maturity Date 12/12/2029

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 345

Fair Value, Ending Balance

$ 350

$ 345

Maturity Date

Dec. 12, 2029

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Skillshare, Inc. Success Fee Initial Acquisition Date 11/8/2022 Maturity Date 11/8/2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 225

Fair Value, Ending Balance

$ 343

$ 225

Maturity Date

Nov. 08, 2026

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Synack, Inc. Common Stock Initial Acquisition Date 6/30/2022 Maturity Date 6/30/2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 129

Fair Value, Ending Balance

$ 121

$ 129

Maturity Date

Jun. 30, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Property & Casualty Insurance

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 297

Fair Value, Ending Balance

$ 432

$ 297

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Property & Casualty Insurance Kin Insurance, Inc. Series D-3 Preferred Stock Initial Acquisition Date 5/5/2023 Maturity Date 5/5/2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

May 05, 2033

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 25, 2033

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 297

Fair Value, Ending Balance

$ 432

$ 297

Maturity Date

Sep. 26, 2032

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Specialized Consumer Services

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 796

Fair Value, Ending Balance

$ 389

$ 796

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Specialized Consumer Services AllClear ID, Inc. Common Stock Initial Acquisition Date 10/17/2018 Maturity Date 10/17/2028

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Oct. 17, 2028

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Specialized Consumer Services AllClear ID, Inc. Common Stock Initial Acquisition Date 9/1/2017 Maturity Date 9/1/2027

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 01, 2027

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 796

Fair Value, Ending Balance

$ 389

$ 796

Maturity Date

Jan. 07, 2030

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants System Software

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 191

Fair Value, Ending Balance

$ 230

230

$ 191

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

191

Fair Value, Ending Balance

$ 230

$ 191

Maturity Date

May 31, 2029

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 29, 2029

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Technology Hardware, Storage & Peripherals

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 567

Fair Value, Ending Balance

$ 642

642

$ 567

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

246

Fair Value, Ending Balance

$ 279

$ 246

Maturity Date

Oct. 05, 2028

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 49

Fair Value, Ending Balance

$ 56

$ 49

Maturity Date

Dec. 28, 2028

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 272

Fair Value, Ending Balance

$ 307

$ 272

Maturity Date

Jun. 27, 2029

[1]	All investments in the portfolio company, which as of December 31, 2022 represented 1.97% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[2]	Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.
[3]	Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.
[4]	Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing Investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category.
[5]	All investments in the portfolio companies, which as of September 30, 2023 represented 10.36% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[6]	Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category.

Investments

9 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

Investments

Note 4 – Investments

Control and Affiliate Investments

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

The Company’s affiliate and control investments as of September 30, 2023 along with the transactions during the nine months ended September 30, 2023 are as follows:


			For the Nine Months Ended September 30, 2023
			Amount of Investment Income Earned 2023		Fair Value as of December 31, 2022		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Fair Value as of September 30, 2023(3)
Portfolio Company		Investment Description
Affiliate Investments
	Senior Secured Term Loans
	Gynesonics, Inc.	SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026	$	1,501	$	—	$	25,817	$	—		$	—	$	(2,176	)	$	23,641
	Total Senior Secured Term Loans			1,501		—		25,817		—			—		(2,176	)		23,641

	Preferred Stocks
	Gynesonics, Inc.	Series A-2 Preferred Stock		—		—		25,000		—			—		(3,192	)		21,808
	Total Preferred Stocks			—		—		25,000		—			—		(3,192	)		21,808
	Common Stocks
	Coginiti Corp	Common Stock		—		1,174		—		—			—		(287	)		887
	Total Common Stocks			—		1,174		—		—			—		(287	)		887
	Warrants
	Coginiti Corp	Warrant for common stock, expires 3/09/2030		—		910		—		—			—		(51	)		859
	Gynesonics, Inc.	Success fee		—		—		313		—			—		27			340
	Total Warrants			—		910		313		—			—		(24	)		1,199
Total Affiliate Investments			$	1,501	$	2,084	$	51,130	$	—		$	—	$	(5,679	)	$	47,535
Control Investments
	Senior Secured Term Loans
	Pivot3, Inc.	LIBOR+8.50% PIK, 11.00% floor, 4.00% ETP, due 10/15/2023		—		9,290		—		(1,209	)		—		3,532			11,613
	Total Senior Secured Term Loans			—		9,290		—		(1,209	)		—		3,532			11,613
Total Control Investments			$	—	$	9,290	$	—	$	(1,209	)	$	—	$	3,532		$	11,613

(1)

Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category.

(3)

All investments in the portfolio companies, which as of September 30, 2023 represented 10.36% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

The Company’s affiliate and control investments as of December 31, 2022, along with the transactions during the year ended December 31, 2022 are as follows:


					For the Year Ended December 31, 2022
			Amount of Investment Income Earned 2022		Fair Value as of December 31, 2021		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Fair Value as of December 31, 2022(3)
Portfolio Company		Investment Description
Affiliate Investments
	Senior Secured Term Loans
	Coginiti Corp	LIBOR+9.50% PIK, 10.81% floor, due 12/15/2022	$	109	$	—	$	930	$	(930	)	$	—		$	—		$	—
	Total Senior Secured Term Loans			109		—		930		(930	)		—			—			—
	Common Stocks
	Coginiti Corp	Common Stock		—		—		4,551		—			—			(3,377	)		1,174
	Total Common Stocks			—		—		4,551		—			—			(3,377	)		1,174
	Warrants
	Coginiti Corp	Warrant for Common Stock, exercise price $0.01/share, expires 3/9/2030		—		—		1,009		—			—			(99	)		910
	Total Warrants			—		—		1,009		—			—			(99	)		910
	Total Affiliate Investments		$	109	$	—	$	6,490	$	(930	)	$	—		$	(3,476	)	$	2,084
Control Investments
	Senior Secured Term Loans
	Mojix, Inc.	LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025	$	2,287	$	7,568	$	1,987	$	(8,489	)	$	—		$	(1,066	)	$	—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		744		2,523		647		(2,818	)		—			(352	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		184		630		160		(704	)		—			(86	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		185		629		161		(703	)		—			(87	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		374		1,253		327		(1,400	)		—			(180	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		291		1,008		266		(1,090	)		—			(184	)		—
	Pivot3, Inc.	LIBOR+8.50% PIK, 11.00% floor, due 11/15/2022		—		14,650		—		—			—			(5,360	)		9,290
	Total Senior Secured Term Loans			4,065		28,261		3,548		(15,204	)		—			(7,315	)		9,290
	Preferred Stocks
	Mojix, Inc.	Series A-1 Preferred Stock		32		870		—		(800	)		—			(70	)		—
	Pivot3 Holdings, Inc.	Series 1 Preferred Stock		—		—		—		—			(2,000	)		2,000			—
	Total Preferred Stocks			32		870		—		(800	)		(2,000	)		1,930			—
	Warrants
	Mojix, Inc.	Warrant for Common Stock, exercise price $1.286/share, expires 12/13/2030		—		—		—		(119	)		—			119			—
		Warrant for Common Stock, exercise price $2.1286/share, expires 12/13/2030		—		—		—		(298	)		—			298			—
		Warrant for Common Stock, exercise price $5.57338/share, expires 12/13/2030		—		—		—		(829	)		—			829			—
	Total Warrants			—		—		—		(1,246	)		—			1,246			—
Total Control Investments			$	4,097	$	29,131	$	3,548	$	(17,250	)	$	(2,000	)	$	(4,139	)	$	9,290

(1)

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing Investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category.

(3)

All investments in the portfolio company, which as of December 31, 2022 represented 1.97% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

Portfolio Composition

The following tables show the fair value of the Company's portfolio of investments by geographic region and industry as of September 30, 2023 and December 31, 2022:


	September 30, 2023					December 31, 2022
Geographic Region	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
Western United States	$	362,323		63.50	%	$	346,372		60.13	%
Northeastern United States		257,623		45.16			351,654		61.04
Midwestern United States		100,641		17.64			74,745		12.98
South Central United States		86,702		15.20			85,000		14.76
United Kingdom		76,101		13.34			60,783		10.55
Germany		45,039		7.89			46,499		8.07
Southeastern United States		41,622		7.30			74,797		12.98
Northwestern United States		26,468		4.64			72,615		12.61
Canada		14,408		2.53			13,844		2.40
Total	$	1,010,927		177.20	%	$	1,126,309		195.52	%


	September 30, 2023					December 31, 2022
Industry	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
Health Care Technology	$	204,760		35.89	%		240,844		41.81	%
Application Software		175,305		30.72			184,084		31.96
Data Processing & Outsourced Services		118,247		20.72			97,404		16.91
Human Resource & Employment Services		113,261		19.85			97,788		16.98
Internet Software and Services		90,250		15.82			149,780		26.00
System Software		83,927		14.71			78,274		13.58
Property & Casualty Insurance		75,050		13.16			49,440		8.58
Internet & Direct Marketing Retail		55,878		9.80			55,986		9.72
Electronic Equipment & Instruments		52,127		9.14			78,114		13.56
Education Services		25,592		4.49			25,305		4.39
Health Care Equipment		15,141		2.66			27,433		4.76
Technology Hardware, Storage & Peripherals		922		0.16			1,068		0.19
Specialized Consumer Services		389		0.07			796		0.14
Biotechnology		78		0.01			39,925		6.93
Computer & Electronics Retail		-		-			68		0.01
Total	$	1,010,927		177.20	%	$	1,126,309		195.52	%

Derivative Financial Instruments

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

Warrants provide exposure and potential gains upon equity gains of the portfolio company’s equity value. A warrant has a limited life and expires on a certain date. As a warrant’s expiration date approaches, the time value of the warrant will decline. In addition, if the stock underlying the warrant declines in price, the intrinsic value of an “in the money” warrant will decline. Further, if the price of the stock underlying the warrant does not exceed the strike price of the warrant on the expiration date, the warrant will expire worthless. As a result, there is the potential for the entire value of an investment in a warrant to be lost. The Company’s volume of warrant investment activity is closely correlated to its primary senior secured loans to portfolio companies. For the three and nine months ended September 30, 2023, the Company had net realized gains (losses) of $0.0 million and $(1.2) million, respectively, and a net unrealized gain (loss) of $(0.5) million and $(3.1) million, respectively, from its investments in warrants. For the three and nine months ended September 30, 2022, the Company had net realized gains (losses) of $(0.6) million and $(0.9) million, respectively, and a net unrealized gain (loss) of $0.1 million and $0.3 million, respectively, from its investments in warrants. Realized gains (losses) from warrants are included in the respective control, affiliate, or non-control/non-affiliate Net realized gain (loss) on investments on the Statements of Operations. Net change in unrealized gain (loss) from investments in warrants is included in the respective control, affiliate, or non-control/non-affiliate Net change in unrealized gain (loss) on investments on the Statements 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.

Concentration of Credit Risk	9 Months Ended
Concentration of Credit Risk	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Note 6 – Concentration of Credit Risk In the normal course of business, the Company maintains its cash balances at large, high credit-quality financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent that any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of those financial institutions and believes that risk of loss associated with any uninsured balance is remote. In the event that a portfolio company completely fails to perform according to the terms of their loan agreement, the amount of loss due to credit risk from the Company's investments would equal the sum of the Company’s recorded investments in the portfolio company and the portion of unfunded commitments currently eligible to be drawn. Refer to "Note 8 – Commitments and Contingencies" for a summary of the aggregate balance of unfunded commitments as of September 30, 2023. The Company collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property. As of September 30, 2023 and December 31, 2022, the Company’s five largest debt investments in portfolio companies represented approximately 38.5% and 30.0%, respectively, of the total fair value of the Company’s debt investments in portfolio companies. As of September 30, 2023 and December 31, 2022, the Company had debt investments in 13 and 16 portfolio companies, respectively, that represented 5% or more of the Company’s net assets.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Tax Cost Basis and Estimated Aggregate Gross Unrealized Gain (Loss) on Investments for Federal Income Tax Purposes


	September 30, 2023			December 31, 2022
Tax cost on investments	$	1,042,501		$	1,149,902
Change in unrealized gain on a tax basis	$	9,533		$	9,207
Change in unrealized loss on a tax basis		(41,107	)		(32,800	)
Net unrealized gain (loss) on a tax basis	$	(31,574	)	$	(23,593	)

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 12 - Subsequent Events

The Company evaluated events subsequent to September 30, 2023 through November 7, 2023.

On October 6, 2023, the Company funded an investment of $8.0 million to Betterment Holdings, Inc.

On October 6, 2023, the Company received a partial prepayment of $24.5 million from Brivo, Inc. on its senior secured loan.

On October 19, 2023, the Company funded an investment of $3.1 million to Gynesonics, Inc.

On October 26, 2023, the Company funded an investment of $1.4 million to Snagajob.com, Inc.

On November 2, 2023, the Board of Directors declared an ordinary distribution of $0.40 per share and a supplemental distribution of $0.06 per share for stockholders of record on November 13, 2023 payable on or before November 28, 2023.

On November 2, 2023, the Board of Directors approved a repurchase program (the “Share Repurchase Program”) under which the Company may repurchase up to $25.0 million of our outstanding common stock. Under the Share Repurchase Program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations.

On November 3, 2023 the Company funded an investment of $30.0 million to Linxup, LLC.

On November 6, 2023 the Company funded an investment of $5.0 million to Route 92 Medical, Inc.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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 September 30, 2022 and December 31, 2022 financial statements have been reclassified to conform to the September 30, 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 consists solely of funds deposited with financial institutions, while cash equivalents consists of short-term liquid investments in money market funds. Cash and cash equivalents are carried at cost, which approximates fair value. As of September 30, 2023 and December 31, 2022, $7.5 million and $5.6 million were invested in money market funds, respectively. Interest earned in money market funds are recorded in Other income on the Statements of Operations.
Debt	Debt and Deferred Debt Costs The debt of the Company is carried at amortized cost, which is comprised of the principal amount borrowed, net of unamortized debt issuance costs on the Statements of Assets and Liabilities. Debt issuance costs are fees and other direct incremental costs incurred by the Company in relation to debt financing and are recognized as Unamortized deferred debt costs on the Statements of Assets and Liabilities and amortized over the life of the related debt instrument, or the life of the cost respective service if shorter, using the straight-line method, which closely approximates the effective yield method. To the extent there are no outstanding borrowings, the deferred debt costs are presented as an asset on the Statements of Assets and Liabilities. Amortization of deferred debt costs and interest expense on the outstanding principal balance are recorded in Interest and other deferred financing expenses on the Statements of Operations. Accrued but unpaid interest is included within Interest payable on the Statements of Assets and Liabilities. For more information, refer to “Note 7 – Borrowings.”
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 gain (loss) 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 and nine months ended September 30, 2023, approximately 11.9% and 12.3%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest. For the three and nine months ended September 30, 2022, approximately 4.4% and 8.9%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest.
Investments Denominated in Foreign Currency	Investments Denominated in Foreign Currency At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into U.S. dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into U.S. dollars using the rates of exchange prevailing on the respective dates of such transactions. As of September 30, 2023, the Company held one investment denominated in a foreign currency. As of December 31, 2022, the Company did not hold any investments denominated in a foreign currency. Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into U.S. dollars using the applicable foreign exchange rates described above, the Company does not isolate the portion of the change in fair value resulting from foreign currency exchange rates fluctuations from the change in fair value of the underlying investment. All fluctuations in fair value are included in Net change in unrealized gain (loss) on investments on the Company’s Statements of Operations.
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 September 30, 2023, and December 31, 2022, the Company has not written off any accrued and uncollected PIK interest. As of September 30, 2023, the Company had one loan to Pivot3, Inc. on non-accrual status with a cost basis of $18.0 million and a fair value of $11.6 million, representing 1.1% of the Company’s total investment portfolio. From being placed on non-accrual status through September 30, 2023, cumulative interest of $6.0 million would be receivable and $0.3 million OID would be accreted into the cost basis, for a total of $6.3 million not recorded in Interest income from control investments on the Statements of Operations. As of December 31, 2022, the Company had one loan to Pivot3, Inc. on non-accrual status with a cost basis of $19.2 million and a fair value of $9.3 million, representing 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 Statements of Operations.
Fair Value Measurements	Fair Value Measurements The Company measures the value of its financial instruments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 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. With the exception of the Company’s borrowings, which are reported at amortized cost, all assets and liabilities approximate fair value on the Statements of Assets and Liabilities. 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, a financial instrument’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 instrument. 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 or liability is the market with the greatest volume and level of activity for such asset or liability in which the reporting entity would or could sell or transfer the asset or liability. In determining the principal market for an asset or liability under ASC 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. Rule 2a-5 under the 1940 Act established requirements for determining fair value of a BDC's investments in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, in compliance with certain conditions, to designate certain parties to perform fair value determinations, subject to board oversight. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. 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. The Company's Board of Directors has not designated a valuation designee.
Investment Valuation Techniques	Investment Valuation Techniques With respect to investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below: • The quarterly valuation process begins with each portfolio company investment being initially valued by RGC’s investment professionals that are responsible for the portfolio investment; • Preliminary valuation conclusions are then documented and discussed with RGC’s 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. The Audit Committee of the Company’s Board of Directors 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. 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.
Investment Classification	Investment Classification The Company classifies its investments by level of affiliation and control. As defined in the 1940 Act, investee companies are deemed as affiliated investments when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of 5.0% or more of the outstanding voting securities of an investee company. Control investments are those where the investor has the ability or power to exercise a controlling influence over the management or policies of an investee company. Control is generally deemed to exist when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of more than 25.0% of the outstanding voting securities of an investee company, or maintains greater than 50% representation on the investee company's board of directors. Investments are recognized when the Company assumes an obligation to acquire a financial instrument and assumes the risks for gains or losses related to that instrument. Investments are derecognized when the Company assumes an obligation to sell a financial instrument and foregoes the risks for gains or losses related to that instrument. Specifically, the Company records all security transactions on a trade date basis. Investments in other, non-security financial instruments, such as limited partnerships or private companies, are recorded on the basis of subscription date or redemption date, as applicable. Amounts for investments recognized or derecognized but not yet settled will be reported as receivables for investments sold and payables for investments acquired, respectively, on the 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 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 10 – 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 and nine months ended September 30, 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 more information, refer to "Note 9 – Net Assets."
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 in Note 3 – Related Party Agreements and Transactions), the Company and RGC agreed that organization and offering costs incurred in connection with the Initial Private Offering (as defined in Note 9 – Net Assets) 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 (as defined in Note 9 – Net Assets) 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 financial statements and related disclosures. In July 2023, the SEC released final rules requiring disclosure by public companies of material cybersecurity incidents and policies and procedures related to cybersecurity risk management, strategy and governance ("Cybersecurity Rules"). The Cybersecurity Rules require public companies to (1) disclose cybersecurity incidents that detail the nature, scope, timing, and impact of such incidents and (2) disclose registrant's risk management, strategy, and governance regarding cybersecurity risks, including the board of directors’ oversight of cybersecurity risks and the impact of any such risks on its business strategy, results of operations and financial condition. The Cybersecurity Rules are incorporated under Regulation S-K as new Item 106. The Company intends to comply with the new disclosure requirements under the Cybersecurity Rules in its annual report on Form 10-K effective for the fiscal year ending December 15, 2023 or later.
Concentration of Credit Risk	Concentration of Credit Risk In the normal course of business, the Company maintains its cash balances at large, high credit-quality financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent that any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of those financial institutions and believes that risk of loss associated with any uninsured balance is remote. In the event that a portfolio company completely fails to perform according to the terms of their loan agreement, the amount of loss due to credit risk from the Company's investments would equal the sum of the Company’s recorded investments in the portfolio company and the portion of unfunded commitments currently eligible to be drawn. Refer to "Note 8 – Commitments and Contingencies" for a summary of the aggregate balance of unfunded commitments as of September 30, 2023. The Company collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property. As of September 30, 2023 and December 31, 2022, the Company’s five largest debt investments in portfolio companies represented approximately 38.5% and 30.0%, respectively, of the total fair value of the Company’s debt investments in portfolio companies. As of September 30, 2023 and December 31, 2022, the Company had debt investments in 13 and 16 portfolio companies, respectively, that represented 5% or more of the Company’s net assets.

N-2 - USD ($)

9 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Sep. 30, 2022

Dec. 31, 2021

Cover [Abstract]

Entity Central Index Key

0001653384

Amendment Flag

false

Securities Act File Number

814-01180

Document Type

10-Q

Entity Registrant Name

Runway Growth Finance Corp.

Entity Address, Address Line One

205 N. Michigan Ave.

Entity Address, Address Line Two

Suite 4200

Entity Address, City or Town

Chicago

Entity Address, State or Province

Entity Address, Postal Zip Code

60601

City Area Code

312

Local Phone Number

281‑6270

Entity Emerging Growth Company

true

Entity Ex Transition Period

false

Fee Table [Abstract]

Shareholder Transaction Expenses [Table Text Block]


Stockholder transaction expenses:
Sales load (as a percentage of offering price)	—	%	(1)
Offering expenses (as a percentage of offering price)	—	%	(2)
Dividend reinvestment plan expenses	—	%	(3)
Total stockholder transaction expenses (as a percentage of offering price)	—	%
Annual expenses (as a percentage of net assets attributable to common stock):
Management Fee payable under the Advisory Agreement	2.90	%	(4)
Incentive Fee payable under the Advisory Agreement	3.33	%	(5) (8)
Interest payments on borrowed funds	7.45	%	(6) (8)
Other expenses	1.17	%	(7) (8)
Total annual expenses	14.85	%	(8)

Sales Load [Percent]

0.00%

Dividend Reinvestment and Cash Purchase Fees

$ 0

Other Transaction Expenses [Abstract]

Other Transaction Expense 1 [Percent]

0.00%

Other Transaction Expenses [Percent]

0.00%

Annual Expenses [Table Text Block]

Fees and Expenses

The following table is being provided to update as of September 30, 2023, certain information in our registration statement on Form N-2 (File No. 333-274351). The information is intended to assist you in understanding the costs and expenses that an investor in our common stock will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Quarterly Report on Form 10-Q contains a reference to fees or expenses paid by “you,” “us,” or “the Company,” or that “we” will pay for expenses, stockholders will indirectly bear such fees or expenses as investors in us.


Stockholder transaction expenses:
Sales load (as a percentage of offering price)	—	%	(1)
Offering expenses (as a percentage of offering price)	—	%	(2)
Dividend reinvestment plan expenses	—	%	(3)
Total stockholder transaction expenses (as a percentage of offering price)	—	%
Annual expenses (as a percentage of net assets attributable to common stock):
Management Fee payable under the Advisory Agreement	2.90	%	(4)
Incentive Fee payable under the Advisory Agreement	3.33	%	(5) (8)
Interest payments on borrowed funds	7.45	%	(6) (8)
Other expenses	1.17	%	(7) (8)
Total annual expenses	14.85	%	(8)

(1)

The sales load (underwriting discount and commission) with respect to the shares of our common stock sold by the selling stockholders, which is a fee paid to the underwriters by the selling stockholders, shall be disclosed in a related prospectus supplement.

(2)

A related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated amount of offering expenses borne by the selling stockholders as a percentage of the offering price.

(3)

The expenses of the dividend reinvestment plan are included in “Other expenses” in the table above. For more information, refer to "Note 9 – Net Assets" to our financial statements in Part I, Item 1 of this Form 10-Q.

(4)

Assumes the base management fee will be an amount equal to 0.375% (1.50% annualized) of our average daily Gross Assets during the most recently completed calendar quarter. For more information, refer to "Note 3 – Related Party Agreements and Transactions" to our financial statements in Part I, Item 1 of this Form 10-Q.

(5)

The incentive fee, which provides RGC with a share of the income that RGC generates for us, consists of an Investment Income Fee and a Capital Gains Fee. For more information, refer to "Note 3 – Related Party Agreements and Transactions" to our financial statements in Part I, Item 1 of this Form 10-Q.

(6)

Interest payments and fees paid on borrowed funds represents an estimate of our annualized interest expense and fees based on borrowings under the Credit Facility, the 2027 Notes and the 2026 Notes. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue additional debt securities or preferred stock, subject to our compliance with applicable requirements under the 1940 Act. For more information, refer to "Note 7 – Borrowings" to our financial statements in Part I, Item 1 of this Form 10-Q.

(7)

Includes our overhead and other expenses, such as payments under the Advisory Agreement for certain expenses incurred by the Administration Agreement for certain expenses incurred by the Administrator. For more information, refer to "Note 3 – Related Party Agreements and Transactions" to our financial statements in Part I, Item 1 of this Form 10-Q. We based these expenses on estimated amounts for the current fiscal year.

Estimated.

Management Fees [Percent]

2.90%

Interest Expenses on Borrowings [Percent]

7.45%

Incentive Fees [Percent]

3.33%

Other Annual Expenses [Abstract]

Other Annual Expenses [Percent]

1.17%

Total Annual Expenses [Percent]

14.85%

Expense Example [Table Text Block]

Example

The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are included in the following example.


		1 year			3 years			5 years			10 years

You would pay the following expenses on a $1,000 investment, assuming a 5% annual return from realized capital gains	$		149	$		403	$		610	$		973

Expense Example, Year 01

$ 149

Expense Example, Years 1 to 3

403

Expense Example, Years 1 to 5

610

Expense Example, Years 1 to 10

$ 973

Purpose of Fee Table , Note [Text Block]

The foregoing table is to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. Because the Income Incentive Fee under the Advisory Agreement is unlikely to be significant assuming a 5% annual return, the example assumes that the 5% annual return will be generated entirely through the realization of capital gains on our assets and, as a result, will trigger the payment of the Capital Gains Fee under the Advisory Agreement. The Income Incentive Fee under the Advisory Agreement, which, assuming a 5% annual return, would either not be payable or have an immaterial impact on the expense amounts shown above, is not included in the example. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an Income Incentive Fee of a material amount, our expenses, and returns to our investors, would be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, if our Board authorizes and we declare a cash dividend, participants in our dividend reinvestment plan who have not otherwise elected to receive cash will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the dividend. For more information regarding our dividend reinvestment plan, refer to "Note 9 – Net Assets" to our financial statements in Part I, Item 1 of this Form 10-Q.

Basis of Transaction Fees, Note [Text Block]


Stockholder transaction expenses:
Sales load (as a percentage of offering price)	—	%	(1)
Offering expenses (as a percentage of offering price)	—	%	(2)
Dividend reinvestment plan expenses	—	%	(3)
Total stockholder transaction expenses (as a percentage of offering price)	—	%
Annual expenses (as a percentage of net assets attributable to common stock):
Management Fee payable under the Advisory Agreement	2.90	%	(4)
Incentive Fee payable under the Advisory Agreement	3.33	%	(5) (8)
Interest payments on borrowed funds	7.45	%	(6) (8)
Other expenses	1.17	%	(7) (8)
Total annual expenses	14.85	%	(8)

Management Fee not based on Net Assets, Note [Text Block]

(4)

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Our investment objective is to maximize total return to our stockholders primarily through current income on our loan portfolio, and secondarily through capital gain on our warrants and other equity positions. We intend to achieve our investment objective by investing in high growth-potential, private companies. We typically invest in senior secured loans that generally fall into two strategies: Sponsored Growth Lending and Non-Sponsored Growth Lending. We generally receive warrants and/or other equity from our investments. We expect our 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 monthly, primarily based on a floating rate index, and subject to certain floors determined by market rates at the time the investment is made. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest will become due at the maturity date. Any original issue discount ("OID") or market discount or premium will be capitalized, and we will accrete or amortize such amounts as interest income. We record prepayment fees on debt investments as fee income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Risk Factors [Table Text Block]

Item 1A. Risk Factors.

You should carefully consider the risks 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 September 30, 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.

We may borrow money, which would magnify the potential for gain or loss on amounts invested and may increase the risk for investing in us.

The use of leverage magnifies the potential for gain or loss on amounts invested and, therefore, increases the risks associated with investing in our securities. We may borrow from and issue senior debt securities to banks, insurance companies and other lenders in the future. Holders of these senior securities will have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could also negatively affect our ability to make dividend payments on our common stock, scheduled debt payments or other payments related to our securities.

Leverage is generally considered a speculative investment technique. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. In addition, our common stockholders will bear the burden of any increase in our expenses, including our interest expense, as a result of leverage.

As a BDC, we are generally required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our gross assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. If this ratio declines below 150%, we may not be able to incur additional debt and could be required by law to sell a portion of our investments to repay some debt when it is disadvantageous to do so, which could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ will depend on RGC’s and our Board of Director's assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us. In addition, any debt facility into which we may enter would likely impose financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to qualify as a RIC.

The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio as of December 31, 2022, net of expenses. Leverage generally magnifies the return of stockholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below.


	Assumed Return on Our Portfolio
	(Net of Expenses)
	-10%	-5%	0%	5%	10%
Corresponding return to common stockholder(1)	-24.7%	-14.8%	-4.9%	5.0%	14.9%

(1)

Assumes (i) $1.1 billion in total assets, (ii) $559.3 million in outstanding indebtedness, (iii) $576.1 million in net assets and (iv) weighted average interest rate, excluding fees (such as fees on undrawn amounts and amortization of financing costs) of 5.02%.

Effects of Leverage [Table Text Block]


	Assumed Return on Our Portfolio
	(Net of Expenses)
	-10%	-5%	0%	5%	10%
Corresponding return to common stockholder(1)	-24.7%	-14.8%	-4.9%	5.0%	14.9%

(1)

Return at Minus Ten [Percent]

(24.70%)

Return at Minus Five [Percent]

(14.80%)

Return at Zero [Percent]

(4.90%)

Return at Plus Five [Percent]

5.00%

Return at Plus Ten [Percent]

14.90%

NAV Per Share

^[1]

$ 14.08

$ 14.22

$ 14.12

$ 14.65

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

We May Borrow Money, Which Would Magnify the Potential for Gain or Loss on Amounts Invested and May Increase the Risk for Investing in Us

General Description of Registrant [Abstract]

Risk [Text Block]

We may borrow money, which would magnify the potential for gain or loss on amounts invested and may increase the risk for investing in us.


	Assumed Return on Our Portfolio
	(Net of Expenses)
	-10%	-5%	0%	5%	10%
Corresponding return to common stockholder(1)	-24.7%	-14.8%	-4.9%	5.0%	14.9%

(1)

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

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

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Dec. 31, 2021

Investment cost

$ 1,044,874

$ 1,150,602

Investment Owned, at Fair Value

$ 1,010,927

$ 1,126,309

Percentage of Net Assets

177.20%

195.52%

Investment, Identifier [Axis]: Affiliate Investments

Investment cost

$ 55,681

$ 4,551

Investment Owned, at Fair Value

$ 47,535

^[1]

$ 2,084

^[2]

Percentage of Net Assets

8.33%

0.36%

Investment, Identifier [Axis]: Affiliate Investments Common Stocks

Investment cost

$ 4,551

Investment Owned, at Fair Value

$ 887

^[1]

$ 1,174

^[2]

Percentage of Net Assets

0.16%

0.20%

Investment, Identifier [Axis]: Affiliate Investments Common Stocks Application Software

Investment cost

$ 4,551

Investment Owned, at Fair Value

$ 887

$ 1,174

Percentage of Net Assets

0.16%

0.20%

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

Initial Acquisition Date

Mar. 09, 2020

Principal/ Shares

1,040,160

Investment cost

$ 4,551

Investment Owned, at Fair Value

887

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

Initial Acquisition Date

Mar. 09, 2020

Principal/ Shares

1,040,160

Investment cost

$ 4,551

Investment Owned, at Fair Value

1,174

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

Investment Owned, at Fair Value

887

^[1]

$ 1,174

^[2]

Investment, Identifier [Axis]: Affiliate Investments Preferred Stocks

Investment cost

25,000

Investment Owned, at Fair Value

^[1]

$ 21,808

Percentage of Net Assets

3.82%

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

Investment Owned, at Fair Value

^[1]

$ 21,808

Investment, Identifier [Axis]: Affiliate Investments Preferred Stocks Health Care Technology

Investment cost

25,000

Investment Owned, at Fair Value

$ 21,808

Percentage of Net Assets

3.82%

Investment, Identifier [Axis]: Affiliate Investments Preferred Stocks Health Care Technology Gynesonics, Inc. Series A-2 Preferred Stock Initial Acquisition Date 3/1/2023

Initial Acquisition Date

Mar. 01, 2023

Principal/ Shares

3,266,668

Investment cost

$ 25,000

Investment Owned, at Fair Value

21,808

Investment, Identifier [Axis]: Affiliate Investments Senior Secured Term Loans

Investment cost

25,817

Investment Owned, at Fair Value

^[1]

$ 23,641

Percentage of Net Assets

4.14%

Investment, Identifier [Axis]: Affiliate Investments Senior Secured Term Loans Coginiti Corp

Investment Interest PIK

9.50%

Investment Floor Rate

10.81%

Maturity Date

Dec. 15, 2022

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

Investment, Spread

8.75%

Investment Ceiling Rate

8.00%

Investment Interest ETP

5.00%

Maturity Date

Nov. 30, 2026

Investment Owned, at Fair Value

^[1]

$ 23,641

Investment, Identifier [Axis]: Affiliate Investments Senior Secured Term Loans Health Care Technology

Investment cost

25,817

Investment Owned, at Fair Value

$ 23,641

Percentage of Net Assets

4.14%

Investment, Spread

8.75%

Investment Ceiling Rate

8.00%

Investment Interest ETP

5.00%

Initial Acquisition Date

Mar. 01, 2023

Maturity Date

Nov. 30, 2026

Principal Amount

$ 25,595

Investment cost

25,817

Investment Owned, at Fair Value

23,641

Investment, Identifier [Axis]: Affiliate Investments Warrants

Investment cost

313

Investment Owned, at Fair Value

$ 1,199

^[1]

$ 910

^[2]

Percentage of Net Assets

0.21%

0.16%

Investment, Identifier [Axis]: Affiliate Investments Warrants Application Software

Investment Owned, at Fair Value

$ 859

$ 910

Percentage of Net Assets

0.15%

0.16%

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

Initial Acquisition Date

Mar. 09, 2020

Maturity Date

Mar. 09, 2030

Principal/ Shares

811,770

Investment Owned, at Fair Value

$ 859

$ 910

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

Investment Owned, at Fair Value

^[2]

910

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

Investment Owned, at Fair Value

^[1]

859

Investment, Identifier [Axis]: Affiliate Investments Warrants Coginiti Corp Warrants for warrant for common stock

Investment Owned, at Fair Value

910

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

Investment Owned, at Fair Value

^[1]

340

Investment, Identifier [Axis]: Affiliate Investments Warrants Health Care Technology

Investment cost

313

Investment Owned, at Fair Value

$ 340

Percentage of Net Assets

0.06%

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

Initial Acquisition Date

Mar. 01, 2023

Maturity Date

Mar. 01, 2030

Investment cost

$ 313

Investment Owned, at Fair Value

340

Investment, Identifier [Axis]: Control Investments

Investment cost

17,963

19,172

Investment Owned, at Fair Value

$ 11,613

^[1]

$ 9,290

^[2]

$ 29,131

Percentage of Net Assets

2.03%

1.61%

Investment, Identifier [Axis]: Control Investments Preferred Stocks

Investment Owned, at Fair Value

870

Investment, Identifier [Axis]: Control Investments Preferred Stocks Mojix, Inc. Series A-1 Preferred Stock

Investment Owned, at Fair Value

870

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans

Investment cost

$ 17,963

$ 19,172

Investment Owned, at Fair Value

$ 11,613

^[1]

$ 9,290

^[2]

28,261

Percentage of Net Assets

2.03%

1.61%

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Data Processing & Outsourced Services

Investment cost

$ 17,963

$ 19,172

Investment Owned, at Fair Value

$ 11,613

$ 9,290

Percentage of Net Assets

2.03%

1.61%

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Investment Interest ETP

4.00%

Initial Acquisition Date

May 13, 2019

Maturity Date

Jan. 15, 2023

Principal/ Shares

18,598

Investment cost

$ 19,172

Investment Owned, at Fair Value

$ 9,290

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Investment Interest ETP

4.00%

Initial Acquisition Date

May 13, 2019

Maturity Date

Oct. 15, 2023

Principal Amount

$ 17,389

Investment cost

17,963

Investment Owned, at Fair Value

$ 11,613

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Five

Investment, Spread

12.00%

Investment Interest Cash Cap

12.00%

Investment Interest ETP

5.00%

Maturity Date

Jan. 15, 2025

Investment Owned, at Fair Value

1,253

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Four

Investment, Spread

12.00%

Investment Interest Cash Cap

12.00%

Investment Interest ETP

5.00%

Maturity Date

Jan. 15, 2025

Investment Owned, at Fair Value

629

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc One

Investment, Spread

12.00%

Investment Interest Cash Cap

12.00%

Investment Interest ETP

5.00%

Maturity Date

Jan. 15, 2025

Investment Owned, at Fair Value

7,568

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Six

Investment, Spread

12.00%

Investment Interest Cash Cap

12.00%

Investment Interest ETP

5.00%

Maturity Date

Jan. 15, 2025

Investment Owned, at Fair Value

1,008

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Three

Investment, Spread

12.00%

Investment Interest Cash Cap

12.00%

Investment Interest ETP

5.00%

Maturity Date

Jan. 15, 2025

Investment Owned, at Fair Value

630

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Mojix, Inc Two

Investment, Spread

12.00%

Investment Interest Cash Cap

12.00%

Investment Interest ETP

5.00%

Maturity Date

Jan. 15, 2025

Investment Owned, at Fair Value

2,523

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Pivot3, Inc

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Maturity Date

Nov. 15, 2022

Investment Owned, at Fair Value

$ 9,290

^[2]

$ 14,650

Investment, Identifier [Axis]: Control Investments Senior Secured Term Loans Pivot3, Inc.

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Investment Interest ETP

4.00%

Maturity Date

Oct. 15, 2023

Investment Owned, at Fair Value

$ 11,613

^[1]

9,290

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments

Investment cost

971,230

1,126,879

Investment Owned, at Fair Value

$ 951,779

$ 1,114,935

Percentage of Net Assets

166.84%

193.55%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Common Stocks

Investment cost

$ 4,574

$ 4,164

Investment Owned, at Fair Value

$ 1,076

$ 1,923

Percentage of Net Assets

0.19%

0.34%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Common Stocks Application Software

Investment cost

$ 438

Investment Owned, at Fair Value

$ 480

$ 1,422

Percentage of Net Assets

0.08%

0.25%

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

Initial Acquisition Date

Oct. 19, 2020

Principal/ Shares

230,881

Investment cost

$ 438

Investment Owned, at Fair Value

480

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

Initial Acquisition Date

Oct. 19, 2020

Principal/ Shares

230,881

Investment cost

$ 438

Investment Owned, at Fair Value

1,422

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Common Stocks Internet & Direct Marketing Retail

Investment cost

410

Investment Owned, at Fair Value

$ 316

Percentage of Net Assets

0.06%

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

Initial Acquisition Date

Jul. 07, 2023

Principal/ Shares

46,004

Investment cost

$ 410

Investment Owned, at Fair Value

316

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Common Stocks Technology Hardware, Storage & Peripherals

Investment cost

3,726

Investment Owned, at Fair Value

$ 280

$ 501

Percentage of Net Assets

0.05%

0.09%

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

Initial Acquisition Date

Aug. 13, 2021

Principal/ Shares

459,720

Investment cost

$ 2,607

Investment Owned, at Fair Value

$ 280

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

Initial Acquisition Date

Aug. 13, 2021

Principal/ Shares

459,720

Investment cost

$ 2,607

Investment Owned, at Fair Value

$ 501

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

Initial Acquisition Date

Dec. 31, 2020

Principal/ Shares

6,078,499

Investment cost

$ 1,119

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

Initial Acquisition Date

Dec. 31, 2020

Principal/ Shares

6,078,499

Investment cost

$ 1,119

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Preferred Stocks

Investment cost

12,382

Investment Owned, at Fair Value

$ 11,450

$ 12,682

Percentage of Net Assets

2.01%

2.20%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Preferred Stocks Application Software

Investment cost

$ 250

Investment Owned, at Fair Value

$ 231

$ 347

Percentage of Net Assets

0.04%

0.06%

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

Initial Acquisition Date

Jul. 10, 2018

Principal/ Shares

289,419

Investment cost

$ 250

Investment Owned, at Fair Value

231

347

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Preferred Stocks Health Care Technology

Investment cost

12,132

Investment Owned, at Fair Value

$ 11,219

$ 12,335

Percentage of Net Assets

1.97%

2.14%

Temporary equity, dividend rate percentage

11.00%

Initial Acquisition Date

Jan. 08, 2020

Principal/ Shares

462,064

Investment cost

$ 12,132

Investment Owned, at Fair Value

12,335

Temporary equity, dividend rate percentage

11.00%

Initial Acquisition Date

Jan. 08, 2020

Principal/ Shares

462,064,000

Investment cost

$ 12,132

Investment Owned, at Fair Value

11,219

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Second Lien Term Loans

Investment cost

14,178

13,654

Investment Owned, at Fair Value

$ 14,178

$ 13,654

Percentage of Net Assets

2.48%

2.37%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Second Lien Term Loans System Software

Investment cost

$ 14,178

$ 13,654

Investment Owned, at Fair Value

$ 14,178

$ 13,654

Percentage of Net Assets

2.48%

2.37%

Investment Interest PIK

5.00%

Investment, Spread

5.00%

Investment Floor Rate

5.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 22, 2021

Maturity Date

Dec. 22, 2025

Principal Amount

$ 14,101

$ 13,661

Investment cost

14,178

13,654

Investment Owned, at Fair Value

14,178

13,654

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans

Investment cost

920,954

1,077,552

Investment Owned, at Fair Value

$ 912,261

$ 1,070,831

Percentage of Net Assets

159.91%

185.89%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Application Software

Investment cost

$ 176,640

$ 180,759

Investment Owned, at Fair Value

$ 170,180

$ 176,582

Percentage of Net Assets

29.83%

30.66%

Investment Interest PIK

9.50%

Investment Floor Rate

12.26%

Investment Interest ETP

7.50%

Initial Acquisition Date

Dec. 20, 2018

Maturity Date

Dec. 15, 2023

Principal Amount

$ 22,282

$ 19,928

Investment cost

23,632

21,260

Investment Owned, at Fair Value

$ 19,081

$ 17,083

Investment, Spread

9.25%

Investment Floor Rate

9.75%

Investment Interest ETP

1.75%

Initial Acquisition Date

Jun. 01, 2021

Maturity Date

Jun. 01, 2025

Principal Amount

$ 10,000

Investment cost

10,033

Investment Owned, at Fair Value

$ 10,033

Investment Interest PIK

1.00%

Investment, Spread

5.00%

Investment Floor Rate

9.00%

Investment Interest ETP

4.25%

Initial Acquisition Date

Oct. 19, 2020

Maturity Date

Jul. 15, 2027

Principal Amount

$ 65,251

Investment cost

64,466

Investment Owned, at Fair Value

$ 64,466

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

Investment Interest PIK

1.00%

Investment, Spread

5.00%

Investment Floor Rate

9.00%

Investment Interest ETP

5.75%

Initial Acquisition Date

Oct. 19, 2020

Maturity Date

Jul. 15, 2027

Principal Amount

$ 65,750

Investment cost

65,485

Investment Owned, at Fair Value

$ 64,398

Investment, Spread

9.00%

Investment Floor Rate

9.50%

Investment Interest Cash Cap

10.00%

Investment Interest ETP

4.50%

Initial Acquisition Date

Dec. 28, 2021

Maturity Date

Dec. 28, 2026

Principal Amount

$ 86,944

Investment cost

87,523

Investment Owned, at Fair Value

86,701

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Application Software VTX Intermediate Holdings, Inc. (dba VertexOne) Interest Rate SOFR+9.00%, 9.50% floor, 4.50% ETP Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026

Investment, Spread

9.00%

Investment Floor Rate

9.50%

Investment Interest ETP

4.50%

Initial Acquisition Date

Dec. 28, 2021

Maturity Date

Dec. 28, 2026

Principal Amount

$ 85,000

Investment cost

85,000

Investment Owned, at Fair Value

85,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Biotechnology

Investment cost

39,504

Investment Owned, at Fair Value

$ 39,709

Percentage of Net Assets

6.89%

Investment, Spread

8.75%

Investment Floor Rate

9.25%

Investment Interest ETP

3.50%

Initial Acquisition Date

Mar. 04, 2022

Maturity Date

Apr. 15, 2027

Principal Amount

$ 30,000

Investment cost

29,709

Investment Owned, at Fair Value

$ 29,709

Investment, Spread

5.00%

Investment Floor Rate

8.50%

Investment Interest ETP

4.25%

Initial Acquisition Date

Sep. 02, 2022

Maturity Date

Sep. 01, 2026

Principal Amount

$ 10,000

Investment cost

9,795

Investment Owned, at Fair Value

10,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Data Processing & Outsourced Services

Investment cost

105,632

86,551

Investment Owned, at Fair Value

$ 105,013

$ 86,182

Percentage of Net Assets

18.41%

14.96%

Investment, Spread

7.50%

Investment Floor Rate

12.78%

Initial Acquisition Date

Jul. 10, 2023

Maturity Date

Jul. 10, 2027

Principal Amount

$ 20,000

Investment cost

19,387

Investment Owned, at Fair Value

$ 19,387

Investment, Spread

9.26%

Investment Floor Rate

9.76%

Investment Interest ETP

3.4375%

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 15, 2027

Principal Amount

$ 40,000

Investment cost

39,804

39,504

Investment Owned, at Fair Value

$ 39,804

$ 39,504

Investment, Spread

8.25%

Investment Floor Rate

10.86%

Investment Interest ETP

3.00%

Initial Acquisition Date

Aug. 18, 2020

Maturity Date

Jul. 15, 2025

Principal Amount

$ 963

$ 1,000

Investment cost

990

1,026

Investment Owned, at Fair Value

$ 960

$ 1,007

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Data Processing & Outsourced Services ShareThis, Inc. Interest Rate SOFR+9.25%, 11.86% floor, 3.00% ETP Initial Acquisition Date 12/3/2018 Maturity Date 7/15/2025

Investment, Spread

9.25%

Investment Floor Rate

11.86%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 03, 2018

Maturity Date

Jul. 15, 2025

Principal Amount

$ 20,213

$ 21,000

Investment cost

20,750

21,500

Investment Owned, at Fair Value

$ 20,161

$ 21,150

Investment, Spread

7.00%

Investment Floor Rate

9.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Nov. 29, 2022

Maturity Date

Nov. 15, 2026

Principal Amount

$ 25,000

Investment cost

24,701

24,521

Investment Owned, at Fair Value

24,701

24,521

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Education Services

Investment cost

25,592

25,305

Investment Owned, at Fair Value

$ 25,592

$ 25,305

Percentage of Net Assets

4.49%

4.39%

Investment, Spread

8.50%

Investment Floor Rate

9.00%

Investment Interest Cash Cap

13.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Jun. 22, 2021

Maturity Date

Dec. 14, 2025

Principal Amount

$ 25,145

$ 25,000

Investment cost

25,592

25,305

Investment Owned, at Fair Value

25,592

25,305

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Electronic Equipment & Instruments

Investment cost

49,439

77,551

Investment Owned, at Fair Value

$ 51,284

$ 77,551

Percentage of Net Assets

8.99%

13.46%

Investment Interest PIK

3.00%

Investment, Spread

6.85%

Investment Floor Rate

10.89%

Initial Acquisition Date

Oct. 20, 2022

Maturity Date

Oct. 20, 2027

Principal Amount

$ 49,655

Investment cost

49,439

Investment Owned, at Fair Value

51,284

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Electronic Equipment & Instruments Brivo,Inc. Interest Rate SOFR+6.85%, 10.89% floor, 50% of interest PIK, 3.00% ETP Initial Acquisition Date 10/20/2022 Maturity Date 10/20/2027

Investment Interest PIK

50.00%

Investment, Spread

6.85%

Investment Floor Rate

10.89%

Investment Interest ETP

3.00%

Initial Acquisition Date

Oct. 20, 2022

Maturity Date

Oct. 20, 2027

Principal Amount

$ 44,378

Investment cost

43,912

Investment Owned, at Fair Value

$ 43,912

Investment, Spread

9.75%

Investment Floor Rate

10.25%

Investment Interest ETP

2.00%

Initial Acquisition Date

Dec. 17, 2021

Maturity Date

Dec. 17, 2025

Principal Amount

$ 34,000

Investment cost

33,639

Investment Owned, at Fair Value

33,639

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Health Care Equipment

Investment cost

14,882

27,149

Investment Owned, at Fair Value

$ 14,882

$ 27,149

Percentage of Net Assets

2.61%

4.71%

Investment, Spread

5.25%

Investment Floor Rate

8.75%

Investment Interest ETP

3.50%

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jul. 01, 2027

Principal Amount

$ 15,000

Investment cost

14,882

14,772

Investment Owned, at Fair Value

14,882

$ 14,772

Investment, Spread

5.50%

Investment Floor Rate

8.75%

Investment Interest ETP

4.00%

Initial Acquisition Date

Mar. 30, 2022

Maturity Date

Apr. 01, 2027

Principal Amount

$ 12,500

Investment cost

12,377

Investment Owned, at Fair Value

12,377

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Health Care Technology

Investment cost

146,562

226,709

Investment Owned, at Fair Value

$ 145,549

$ 225,915

Percentage of Net Assets

25.51%

39.22%

Investment, Spread

6.44%

Investment Floor Rate

9.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 30, 2021

Maturity Date

Dec. 30, 2026

Principal Amount

$ 55,000

Investment cost

54,715

Investment Owned, at Fair Value

$ 54,715

Investment, Spread

4.90%

Investment Floor Rate

8.90%

Investment Interest ETP

4.50%

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 15, 2027

Principal Amount

$ 40,000

$ 20,000

Investment cost

39,370

19,648

Investment Owned, at Fair Value

$ 39,370

$ 19,648

Investment, Spread

8.75%

Investment Floor Rate

9.25%

Investment Interest ETP

3.50%

Initial Acquisition Date

Dec. 01, 2020

Maturity Date

Dec. 01, 2025

Principal Amount

$ 50,000

Investment cost

50,022

Investment Owned, at Fair Value

$ 50,022

Investment Interest PIK

0.25%

Investment, Spread

9.50%

Investment Floor Rate

12.01%

Investment Interest ETP

10.50%

Initial Acquisition Date

Aug. 15, 2018

Maturity Date

Dec. 15, 2023

Principal Amount

$ 4,329

$ 4,015

Investment cost

4,953

4,615

Investment Owned, at Fair Value

$ 4,064

$ 3,821

Investment Interest PIK

2.00%

Investment, Spread

2.70%

Investment Floor Rate

6.70%

Investment Interest ETP

4.50%

Initial Acquisition Date

Oct. 12, 2022

Maturity Date

Oct. 12, 2027

Principal Amount

$ 20,379

$ 20,071

Investment cost

20,239

19,756

Investment Owned, at Fair Value

$ 20,239

$ 19,756

Investment, Spread

8.48%

Investment Floor Rate

8.98%

Investment Interest ETP

3.95%

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Jul. 01, 2026

Principal Amount

$ 16,436

$ 13,000

Investment cost

16,273

12,843

Investment Owned, at Fair Value

$ 16,273

$ 12,843

Investment, Spread

5.75%

Investment Floor Rate

9.00%

Investment Interest ETP

4.00%

Initial Acquisition Date

Dec. 29, 2022

Maturity Date

Dec. 01, 2027

Principal Amount

$ 25,000

Investment cost

24,961

24,802

Investment Owned, at Fair Value

$ 24,961

$ 24,802

Investment, Spread

9.05%

Investment Floor Rate

9.55%

Investment Interest ETP

4.00%

3.00%

Initial Acquisition Date

Dec. 29, 2020

Maturity Date

Dec. 01, 2024

Principal Amount

$ 40,000

Investment cost

40,766

40,308

Investment Owned, at Fair Value

40,642

40,308

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Human Resource & Employment Services

Investment cost

114,504

97,267

Investment Owned, at Fair Value

$ 112,013

$ 96,478

Percentage of Net Assets

19.63%

16.75%

Investment, Spread

6.25%

Investment Floor Rate

10.25%

Investment Interest ETP

2.00%

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Aug. 17, 2027

Principal Amount

$ 75,000

$ 60,000

Investment cost

74,854

59,693

Investment Owned, at Fair Value

$ 74,854

$ 59,693

Investment Interest PIK

50.00%

Investment, Spread

8.50%

Investment Floor Rate

9.00%

Investment Interest ETP

2.75%

Initial Acquisition Date

Sep. 29, 2021

Maturity Date

Sep. 01, 2025

Principal Amount

$ 39,399

Investment cost

39,650

Investment Owned, at Fair Value

37,159

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Human Resource & Employment Services Snagajob.com, Inc. Interest Rate SOFR+8.50%, 9.00% floor, 9.00% cash cap, 2.75% ETP Initial Acquisition Date 9/29/2021 Maturity Date 9/1/2025

Investment, Spread

8.50%

Investment Floor Rate

9.00%

Investment Interest Cash Cap

9.00%

Investment Interest ETP

2.75%

Initial Acquisition Date

Sep. 29, 2021

Maturity Date

Sep. 01, 2025

Principal Amount

$ 37,609

Investment cost

37,574

Investment Owned, at Fair Value

36,785

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet & Direct Marketing Retail

Investment cost

55,364

55,853

Investment Owned, at Fair Value

$ 55,409

$ 55,853

Percentage of Net Assets

9.71%

9.70%

Investment, Spread

4.75%

Investment Floor Rate

11.00%

Investment Interest Cash Cap

11.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 16, 2022

Maturity Date

Dec. 16, 2026

Principal Amount

$ 10,851

Investment cost

10,687

Investment Owned, at Fair Value

$ 10,687

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

Investment, Spread

4.75%

Investment Floor Rate

11.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 16, 2022

Maturity Date

Dec. 16, 2026

Principal Amount

$ 9,600

Investment cost

9,353

Investment Owned, at Fair Value

$ 9,353

Investment Interest PIK

1.25%

Investment, Spread

8.50%

Investment Floor Rate

9.26%

Initial Acquisition Date

Jun. 30, 2021

Maturity Date

Jun. 15, 2025

Principal Amount

$ 46,754

Investment cost

46,500

Investment Owned, at Fair Value

46,500

Investment Interest PIK

1.25%

Investment, Spread

7.50%

Investment Floor Rate

8.26%

Initial Acquisition Date

Jun. 30, 2021

Maturity Date

Jun. 15, 2026

Principal Amount

$ 44,841

Investment cost

44,677

Investment Owned, at Fair Value

44,722

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet Software and Services

Investment cost

88,202

147,332

Investment Owned, at Fair Value

$ 88,202

$ 146,535

Percentage of Net Assets

15.46%

25.44%

Investment Interest PIK

3.75%

Investment, Spread

5.00%

Investment Floor Rate

5.76%

Investment Interest ETP

2.00%

Initial Acquisition Date

Mar. 31, 2021

Maturity Date

Mar. 31, 2025

Principal Amount

$ 21,958

$ 21,341

Investment cost

22,105

21,337

Investment Owned, at Fair Value

$ 22,105

$ 21,337

Investment, Spread

11.00%

Investment Floor Rate

12.00%

Investment Interest ETP

2.00%

Initial Acquisition Date

Mar. 25, 2022

Maturity Date

May 13, 2024

Principal Amount

$ 8,947

Investment cost

8,986

Investment Owned, at Fair Value

$ 8,692

Investment, Spread

11.00%

Investment Floor Rate

12.00%

Investment Interest ETP

2.39%

Initial Acquisition Date

May 13, 2021

Maturity Date

May 13, 2024

Principal Amount

$ 12,205

Investment cost

12,360

Investment Owned, at Fair Value

$ 11,857

Investment, Spread

9.00%

Investment Floor Rate

9.76%

Investment Interest ETP

2.50%

Initial Acquisition Date

Nov. 15, 2021

Maturity Date

Nov. 15, 2025

Principal Amount

$ 45,000

Investment cost

45,329

Investment Owned, at Fair Value

$ 45,329

Investment, Spread

6.50%

Investment Floor Rate

10.72%

Investment Interest ETP

3.00%

Initial Acquisition Date

Nov. 08, 2022

Maturity Date

Nov. 08, 2026

Principal Amount

$ 30,000

$ 25,000

Investment cost

29,644

24,414

Investment Owned, at Fair Value

$ 29,644

$ 24,414

Investment, Spread

4.25%

Investment Floor Rate

8.25%

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 30, 2027

Principal Amount

$ 36,520

$ 35,000

Investment cost

36,453

34,906

Investment Owned, at Fair Value

36,453

34,906

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Property & Casualty Insurance

Investment cost

74,618

49,143

Investment Owned, at Fair Value

$ 74,618

$ 49,143

Percentage of Net Assets

13.08%

8.53%

Investment, Spread

6.25%

Investment Floor Rate

12.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 15, 2026

Principal Amount

$ 75,000

$ 50,000

Investment cost

74,618

49,143

Investment Owned, at Fair Value

74,618

49,143

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans System Software

Investment cost

69,519

64,429

Investment Owned, at Fair Value

$ 69,519

$ 64,429

Percentage of Net Assets

12.19%

11.18%

Investment Interest PIK

2.50%

Investment, Spread

4.50%

Investment Floor Rate

6.50%

Investment Interest ETP

2.00%

Initial Acquisition Date

Nov. 09, 2022

Maturity Date

Nov. 09, 2027

Principal Amount

$ 69,952

$ 65,163

Investment cost

69,519

64,429

Investment Owned, at Fair Value

69,519

64,429

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants

Investment cost

19,142

19,127

Investment Owned, at Fair Value

$ 12,814

$ 15,845

Percentage of Net Assets

2.25%

2.75%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Advertising

Investment cost

$ 246

Percentage of Net Assets

0.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Advertising STN Video Inc. Class B Non-Voting Stock Initial Acquisition Date 6/30/2017 Maturity Date 6/30/2027

Initial Acquisition Date

Jun. 30, 2017

Maturity Date

Jun. 30, 2027

Principal/ Shares

191,500

Investment cost

$ 246

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software

Investment cost

5,928

Investment Owned, at Fair Value

$ 2,668

$ 3,649

Percentage of Net Assets

0.46%

0.63%

Initial Acquisition Date

Dec. 28, 2018

Maturity Date

Dec. 28, 2028

Principal/ Shares

273,164

Investment cost

$ 104

Initial Acquisition Date

Jun. 29, 2018

Maturity Date

Jun. 29, 2028

Principal/ Shares

2,387,705

Investment cost

$ 1,048

Investment Owned, at Fair Value

$ 1,909

$ 2,865

Initial Acquisition Date

Oct. 31, 2019

Maturity Date

Oct. 31, 2029

Principal/ Shares

384,615

Investment cost

$ 845

Investment Owned, at Fair Value

$ 17

$ 22

Initial Acquisition Date

Dec. 20, 2018

Maturity Date

Dec. 20, 2028

Principal/ Shares

1,538,462

Investment cost

$ 3,630

Investment Owned, at Fair Value

$ 70

$ 87

Initial Acquisition Date

Jun. 01, 2018

Maturity Date

Jun. 01, 2025

Principal/ Shares

500,000

Investment cost

$ 59

Investment Owned, at Fair Value

$ 235

$ 214

Initial Acquisition Date

Jul. 11, 2019

Maturity Date

Jul. 11, 2026

Principal/ Shares

833,333

Investment cost

$ 115

Investment Owned, at Fair Value

$ 392

$ 356

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

Initial Acquisition Date

Jul. 29, 2022

Maturity Date

Jul. 29, 2027

Investment cost

$ 127

Investment Owned, at Fair Value

$ 45

$ 105

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Porch Group, Inc. Earnout Initial Acquisition Date 12/23/2020 Maturity Date 12/23/2023

Initial Acquisition Date

Dec. 23, 2020

Maturity Date

Dec. 23, 2023

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Biotechnology

Investment cost

$ 541

Investment Owned, at Fair Value

$ 78

$ 216

Percentage of Net Assets

0.01%

0.04%

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

Initial Acquisition Date

Mar. 04, 2022

Maturity Date

Mar. 04, 2032

Principal/ Shares

748,036

Investment cost

$ 315

Investment Owned, at Fair Value

$ 66

$ 59

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

Initial Acquisition Date

Sep. 02, 2022

Maturity Date

Sep. 02, 2032

Principal/ Shares

150,753

Investment cost

$ 226

Investment Owned, at Fair Value

157

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Computer & Electronics Retail

Investment cost

$ 183

183

Investment Owned, at Fair Value

$ 68

Percentage of Net Assets

0.00%

0.01%

Initial Acquisition Date

Jul. 22, 2019

Maturity Date

Jul. 22, 2029

Principal/ Shares

848,093

Investment cost

$ 183

Investment Owned, at Fair Value

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Data Processing & Outsourced Services

Investment cost

2,828

2,381

Investment Owned, at Fair Value

$ 1,621

$ 1,932

Percentage of Net Assets

0.28%

0.34%

Initial Acquisition Date

Jul. 10, 2023

Maturity Date

Jul. 10, 2033

Principal/ Shares

248,997

Investment cost

$ 447

Investment Owned, at Fair Value

$ 423

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 24, 2032

Principal/ Shares

189,408

Investment cost

$ 219

Investment Owned, at Fair Value

$ 113

$ 204

Initial Acquisition Date

Dec. 03, 2018

Maturity Date

Dec. 03, 2028

Principal/ Shares

647,615

Investment cost

$ 2,162

Investment Owned, at Fair Value

1,085

1,728

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Electronic Equipment & Instruments

Investment cost

604

528

Investment Owned, at Fair Value

$ 843

$ 563

Percentage of Net Assets

0.15%

0.10%

Initial Acquisition Date

Oct. 20, 2022

Maturity Date

Oct. 20, 2032

Principal/ Shares

201,000

Investment cost

$ 99

$ 98

Investment Owned, at Fair Value

$ 354

$ 107

Initial Acquisition Date

Dec. 17, 2021

Maturity Date

Dec. 17, 2024

Investment cost

$ 505

$ 430

Investment Owned, at Fair Value

489

456

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment

Investment cost

301

302

Investment Owned, at Fair Value

$ 259

$ 284

Percentage of Net Assets

0.05%

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

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 24, 2032

Principal/ Shares

214,285

Investment cost

$ 175

Investment Owned, at Fair Value

$ 157

$ 163

Initial Acquisition Date

Mar. 30, 2022

Maturity Date

Mar. 30, 2032

Mar. 30, 3032

Principal/ Shares

115,591

Investment cost

$ 126

$ 127

Investment Owned, at Fair Value

102

121

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology

Investment cost

2,645

3,415

Investment Owned, at Fair Value

$ 2,203

$ 2,594

Percentage of Net Assets

0.39%

0.45%

Initial Acquisition Date

Sep. 15, 2022

Maturity Date

Jan. 22, 2025

Principal/ Shares

46,256

Investment cost

$ 144

Investment Owned, at Fair Value

$ 2

Initial Acquisition Date

Mar. 30, 2021

Maturity Date

Jan. 22, 2025

Principal/ Shares

132,979

Investment cost

$ 282

Investment Owned, at Fair Value

$ 36

Initial Acquisition Date

Jun. 14, 2022

Maturity Date

Jan. 22, 2025

Principal/ Shares

46,256

Investment cost

$ 141

Investment Owned, at Fair Value

$ 2

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

Initial Acquisition Date

Aug. 02, 2023

Maturity Date

Aug. 01, 2028

Investment Owned, at Fair Value

$ 112

Initial Acquisition Date

Mar. 30, 2021

Maturity Date

Mar. 30, 2031

Principal/ Shares

132,979

Investment cost

$ 283

Investment Owned, at Fair Value

$ 632

Initial Acquisition Date

Jun. 14, 2022

Maturity Date

Mar. 30, 2031

Principal/ Shares

88,440

Investment cost

$ 284

Investment Owned, at Fair Value

$ 259

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology CareCloud, Inc. Common Stock Initial Acquisition Date 1/8/2022 Maturity Date 1/8/2023

Initial Acquisition Date

Jan. 08, 2020

Maturity Date

Jan. 08, 2023

Principal/ Shares

1,000,000

Investment cost

$ 837

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

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 30, 2032

Investment cost

$ 605

$ 292

Investment Owned, at Fair Value

$ 616

$ 305

Initial Acquisition Date

Nov. 19, 2021

Maturity Date

Nov. 19, 2031

Principal/ Shares

27,978,115

Investment cost

$ 341

Investment Owned, at Fair Value

$ 446

Initial Acquisition Date

Aug. 15, 2018

Maturity Date

Aug. 15, 2028

Principal/ Shares

1,770,973

Investment cost

$ 492

Initial Acquisition Date

Oct. 12, 2022

Maturity Date

Oct. 12, 2032

Principal/ Shares

91,717

Investment cost

$ 173

Investment Owned, at Fair Value

$ 81

$ 137

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

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Aug. 17, 2031

Investment cost

$ 343

$ 248

Investment Owned, at Fair Value

$ 467

$ 297

Initial Acquisition Date

Dec. 29, 2022

Maturity Date

Dec. 29, 2032

Principal/ Shares

600,000

Investment cost

$ 74

Investment Owned, at Fair Value

$ 238

$ 74

Initial Acquisition Date

Jun. 29, 2021

Maturity Date

Jun. 29, 2031

Principal/ Shares

400,000

Investment cost

$ 14

Investment Owned, at Fair Value

$ 158

$ 50

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

Initial Acquisition Date

Dec. 29, 2020

Maturity Date

Dec. 29, 2025

Investment cost

$ 377

Investment Owned, at Fair Value

491

394

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Human Resource & Employment Services

Investment cost

789

721

Investment Owned, at Fair Value

$ 1,248

$ 1,310

Percentage of Net Assets

0.22%

0.23%

Initial Acquisition Date

Jun. 30, 2020

Maturity Date

Jun. 30, 2030

Principal/ Shares

11,273

Investment cost

$ 218

Investment Owned, at Fair Value

$ 1,006

$ 920

Initial Acquisition Date

Jun. 30, 2023

Maturity Date

Jun. 30, 2033

Principal/ Shares

2,626

Investment cost

$ 68

Investment Owned, at Fair Value

$ 73

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Aug. 17, 2031

Principal/ Shares

6,128

6,129

Investment cost

$ 160

Investment Owned, at Fair Value

$ 169

$ 170

Initial Acquisition Date

Sep. 29, 2021

Maturity Date

Sep. 29, 2031

Principal/ Shares

763,269

Investment cost

$ 343

Investment Owned, at Fair Value

220

Initial Acquisition Date

Sep. 29, 2021

Maturity Date

Sep. 29, 2031

Principal/ Shares

763,269

Investment cost

$ 343

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet & Direct Marketing Retail

Investment cost

143

132

Investment Owned, at Fair Value

$ 153

$ 133

Percentage of Net Assets

0.03%

0.02%

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

Initial Acquisition Date

Dec. 16, 2022

Investment cost

$ 143

$ 132

Investment Owned, at Fair Value

153

133

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services

Investment cost

1,253

1,193

Investment Owned, at Fair Value

$ 2,048

$ 3,245

Percentage of Net Assets

0.36%

0.56%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Bombora, Inc. Common Stock Initial Acquisition Date 3/31/2021 Maturity Date 3/31/2031

Initial Acquisition Date

Mar. 31, 2021

Maturity Date

Mar. 31, 2031

Principal/ Shares

121,581

Investment cost

$ 175

Investment Owned, at Fair Value

$ 108

$ 248

Initial Acquisition Date

Mar. 25, 2022

Maturity Date

Mar. 25, 2032

Investment cost

$ 79

Investment Owned, at Fair Value

$ 100

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

Initial Acquisition Date

Jul. 26, 2019

Maturity Date

Jul. 26, 2029

Principal/ Shares

150,804

Investment cost

$ 522

Investment Owned, at Fair Value

$ 1,126

$ 2,198

Initial Acquisition Date

Dec. 12, 2019

Maturity Date

Dec. 12, 2029

Principal/ Shares

387,596

Investment cost

$ 47

Investment Owned, at Fair Value

$ 350

$ 345

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Skillshare, Inc. Success Fee Initial Acquisition Date 11/8/2022 Maturity Date 11/8/2026

Initial Acquisition Date

Nov. 08, 2022

Maturity Date

Nov. 08, 2026

Investment cost

$ 301

$ 243

Investment Owned, at Fair Value

$ 343

$ 225

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Internet Software and Services Synack, Inc. Common Stock Initial Acquisition Date 6/30/2022 Maturity Date 6/30/2032

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 30, 2032

Principal/ Shares

102,363

100,645

Investment cost

$ 129

$ 127

Investment Owned, at Fair Value

121

129

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Property & Casualty Insurance

Investment cost

426

302

Investment Owned, at Fair Value

$ 432

$ 297

Percentage of Net Assets

0.08%

0.05%

Initial Acquisition Date

May 05, 2023

Maturity Date

May 05, 2033

Principal/ Shares

11,549

Investment cost

$ 69

Initial Acquisition Date

Aug. 25, 2023

Maturity Date

Aug. 25, 2033

Principal/ Shares

9,239

Investment cost

$ 55

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 26, 2032

Principal/ Shares

41,576

Investment cost

$ 302

Investment Owned, at Fair Value

432

297

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Specialized Consumer Services

Investment cost

2,175

Investment Owned, at Fair Value

$ 389

$ 796

Percentage of Net Assets

0.07%

0.14%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Specialized Consumer Services AllClear ID, Inc. Common Stock Initial Acquisition Date 10/17/2018 Maturity Date 10/17/2028

Initial Acquisition Date

Oct. 17, 2018

Maturity Date

Oct. 17, 2028

Principal/ Shares

346,621

Investment cost

$ 697

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Specialized Consumer Services AllClear ID, Inc. Common Stock Initial Acquisition Date 9/1/2017 Maturity Date 9/1/2027

Initial Acquisition Date

Sep. 01, 2017

Maturity Date

Sep. 01, 2027

Principal/ Shares

523,893

870,514

Investment cost

$ 1,053

$ 1,750

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

Initial Acquisition Date

Jan. 07, 2020

Maturity Date

Jan. 07, 2030

Principal/ Shares

191,601

Investment cost

$ 425

Investment Owned, at Fair Value

389

796

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants System Software

Investment cost

538

Investment Owned, at Fair Value

$ 230

$ 191

Percentage of Net Assets

0.04%

0.03%

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

Initial Acquisition Date

May 31, 2019

Maturity Date

May 31, 2029

Principal/ Shares

333,621

Investment cost

$ 192

Investment Owned, at Fair Value

$ 230

$ 191

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

Initial Acquisition Date

Mar. 29, 2019

Maturity Date

Mar. 29, 2029

Principal/ Shares

9,665,667

Investment cost

$ 346

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Technology Hardware, Storage & Peripherals

Investment cost

542

Investment Owned, at Fair Value

$ 642

$ 567

Percentage of Net Assets

0.11%

0.10%

Initial Acquisition Date

Oct. 05, 2018

Maturity Date

Oct. 05, 2028

Principal/ Shares

112,451

Investment cost

$ 136

Investment Owned, at Fair Value

$ 279

$ 246

Initial Acquisition Date

Dec. 28, 2018

Maturity Date

Dec. 28, 2028

Principal/ Shares

22,491

Investment cost

$ 25

Investment Owned, at Fair Value

$ 56

$ 49

Initial Acquisition Date

Jun. 27, 2019

Maturity Date

Jun. 27, 2029

Principal/ Shares

123,894

Investment cost

$ 381

Investment Owned, at Fair Value

$ 307

$ 272

[1]	All investments in the portfolio companies, which as of September 30, 2023 represented 10.36% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[2]	All investments in the portfolio company, which as of December 31, 2022 represented 1.97% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

Commitments and Contingencies - Summary of Payments Due by Period (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments And Contingencies [LineItems]
Borrowings, 1-3 years	$ 228,000
Borrowings, 3-5 years	222,250	$ 559,250
Deferred Incentive Fees	12,779	8,808
Deferred Incentive Fees, Less than 1 Year	2,637	674
Deferred Incentive Fees, 1-3 years	3,131	1,760
Deferred Incentive Fees, 3-5 years	2,548	1,023
Deferred Incentive Fees, More than 5 Years	131	1,552
Commitments	458,697	564,259
Commitments, Less than 1 Year	2,637	674
Commitments, 1-3 years	231,131	1,760
Commitments, 3-5 years	224,798	560,273
Commitments, More than 5 Years	131	1,552
Unsecured Debt \| 2026 Notes
Commitments And Contingencies [LineItems]
Borrowings	95,000	70,000
Borrowings, 1-3 years	25,000
Borrowings, 3-5 years	70,000	70,000
Unsecured Debt \| 2027 Notes
Commitments And Contingencies [LineItems]
Borrowings	152,250	152,250
Borrowings, 3-5 years	152,250	152,250
Credit Facility
Commitments And Contingencies [LineItems]
Borrowings	203,000	337,000
Borrowings, 1-3 years	203,000
Borrowings, 3-5 years		337,000
Deferred Payments \| Advisory Agreement
Commitments And Contingencies [LineItems]
Deferred Incentive Fees	8,447	5,009
Borrowings
Commitments And Contingencies [LineItems]
Borrowings	450,250	559,250
Borrowings \| Credit Facility
Commitments And Contingencies [LineItems]
Borrowings	$ 203,000	$ 337,000

Investments - Fair Value of Portfolio of Investments by Geographic Region and Industry (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Total investments at fair value	$ 1,010,927	$ 1,126,309
Percentage of Net Assets	177.20%	195.52%
Western United States
Schedule of Investments [Line Items]
Total investments at fair value	$ 362,323	$ 346,372
Percentage of Net Assets	63.50%	60.13%
Northeastern United States
Schedule of Investments [Line Items]
Total investments at fair value	$ 257,623	$ 351,654
Percentage of Net Assets	45.16%	61.04%
Midwestern United States
Schedule of Investments [Line Items]
Total investments at fair value	$ 100,641	$ 74,745
Percentage of Net Assets	17.64%	12.98%
South Central United States
Schedule of Investments [Line Items]
Total investments at fair value	$ 86,702	$ 85,000
Percentage of Net Assets	15.20%	14.76%
United Kingdom
Schedule of Investments [Line Items]
Total investments at fair value	$ 76,101	$ 60,783
Percentage of Net Assets	13.34%	10.55%
Germany
Schedule of Investments [Line Items]
Total investments at fair value	$ 45,039	$ 46,499
Percentage of Net Assets	7.89%	8.07%
Southeastern United States
Schedule of Investments [Line Items]
Total investments at fair value	$ 41,622	$ 74,797
Percentage of Net Assets	7.30%	12.98%
Northwestern United States
Schedule of Investments [Line Items]
Total investments at fair value	$ 26,468	$ 72,615
Percentage of Net Assets	4.64%	12.61%
Canada
Schedule of Investments [Line Items]
Total investments at fair value	$ 14,408	$ 13,844
Percentage of Net Assets	2.53%	2.40%
Health Care Technology
Schedule of Investments [Line Items]
Total investments at fair value	$ 204,760	$ 240,844
Percentage of Net Assets	35.89%	41.81%
Application Software
Schedule of Investments [Line Items]
Total investments at fair value	$ 175,305	$ 184,084
Percentage of Net Assets	30.72%	31.96%
Data Processing & Outsourced Services
Schedule of Investments [Line Items]
Total investments at fair value	$ 118,247	$ 97,404
Percentage of Net Assets	20.72%	16.91%
Human Resource & Employment Services
Schedule of Investments [Line Items]
Total investments at fair value	$ 113,261	$ 97,788
Percentage of Net Assets	19.85%	16.98%
Internet Software and Services
Schedule of Investments [Line Items]
Total investments at fair value	$ 90,250	$ 149,780
Percentage of Net Assets	15.82%	26.00%
System Software
Schedule of Investments [Line Items]
Total investments at fair value	$ 83,927	$ 78,274
Percentage of Net Assets	14.71%	13.58%
Property and Casualty Insurance
Schedule of Investments [Line Items]
Total investments at fair value	$ 75,050	$ 49,440
Percentage of Net Assets	13.16%	8.58%
Internet And Direct Marketing Retail
Schedule of Investments [Line Items]
Total investments at fair value	$ 55,878	$ 55,986
Percentage of Net Assets	9.80%	9.72%
Electronic Equipment & Instruments
Schedule of Investments [Line Items]
Total investments at fair value	$ 52,127	$ 78,114
Percentage of Net Assets	9.14%	13.56%
Education Services
Schedule of Investments [Line Items]
Total investments at fair value	$ 25,592	$ 25,305
Percentage of Net Assets	4.49%	4.39%
Health Care Equipment
Schedule of Investments [Line Items]
Total investments at fair value	$ 15,141	$ 27,433
Percentage of Net Assets	2.66%	4.76%
Technology Hardware Storage and Peripherals
Schedule of Investments [Line Items]
Total investments at fair value	$ 922	$ 1,068
Percentage of Net Assets	0.16%	0.19%
Specialized Consumer Services
Schedule of Investments [Line Items]
Total investments at fair value	$ 389	$ 796
Percentage of Net Assets	0.07%	0.14%
Biotechnology
Schedule of Investments [Line Items]
Total investments at fair value	$ 78	$ 39,925
Percentage of Net Assets	0.01%	6.93%
Computer and Electronics Retail
Schedule of Investments [Line Items]
Total investments at fair value		$ 68
Percentage of Net Assets		0.01%

Borrowings - Schedule of Components of Interest Expense Amortization of Deferred Debt Costs, Unused Fees on Credit Facility and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Interest Expense	$ 9,268	$ 3,589	$ 29,706	$ 6,071
Amortization of Deferred Debt Costs	767	404	2,237	798
Unused Facility and Other Fees	407	389	829	1,428
Total Interest and Other Debt Financing Expenses	$ 10,442	$ 4,382	$ 32,772	$ 8,297
Weighted Average Cost of Debt	8.33%	6.75%	8.15%	6.55%
Credit Facility
Debt Instrument [Line Items]
Interest Expense	$ 5,097	$ 1,667	$ 17,796	$ 2,902
Amortization of Deferred Debt Costs	411	256	1,231	570
Unused Facility and Other Fees	407	389	829	1,428
Total Interest and Other Debt Financing Expenses	$ 5,915	$ 2,312	$ 19,856	$ 4,900
Weighted Average Cost of Debt	9.45%	7.34%	8.91%	7.70%
April 2026 Notes
Debt Instrument [Line Items]
Interest Expense	$ 533		$ 996
Amortization of Deferred Debt Costs	34		57
Total Interest and Other Debt Financing Expenses	$ 567		$ 1,053
Weighted Average Cost of Debt	9.08%		8.99%
December 2026 Notes
Debt Instrument [Line Items]
Interest Expense	$ 743	$ 744	$ 2,231	$ 1,991
Amortization of Deferred Debt Costs	55	50	155	130
Total Interest and Other Debt Financing Expenses	$ 798	$ 794	$ 2,386	$ 2,121
Weighted Average Cost of Debt	4.56%	4.55%	4.56%	4.52%
July 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 1,510	$ 1,057	$ 4,528	$ 1,057
Amortization of Deferred Debt Costs	141	88	412	88
Total Interest and Other Debt Financing Expenses	$ 1,651	$ 1,145	$ 4,940	$ 1,145
Weighted Average Cost of Debt	8.20%	7.98%	8.21%	7.98%
August 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 350	$ 121	$ 1,050	$ 121
Amortization of Deferred Debt Costs	35	10	107	10
Total Interest and Other Debt Financing Expenses	$ 385	$ 131	$ 1,157	$ 131
Weighted Average Cost of Debt	7.70%	7.72%	7.73%	7.72%
December 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 1,035		$ 3,105
Amortization of Deferred Debt Costs	91		275
Total Interest and Other Debt Financing Expenses	$ 1,126		$ 3,380
Weighted Average Cost of Debt	8.71%		8.73%

Borrowings - Schedule of Components of Interest Expense Amortization of Deferred Debt Costs, Unused Fees on Credit Facility and Other Costs (Parenthetical) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Supplemental fees	$ 0.4

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

Sep. 30, 2023

Dec. 31, 2022

Assets

Total investments at fair value

$ 1,010,927

$ 1,126,309

Cash and cash equivalents

14,945

5,761

Accrued interest receivable

8,152

8,766

Other assets

167

930

Total assets

1,034,191

1,141,766

Liabilities

Credit facility

203,000

337,000

Unamortized deferred debt costs

(9,265)

(10,293)

Total debt, less unamortized deferred debt costs

440,985

548,957

Incentive fees payable

12,779

8,808

Interest payable

8,025

6,221

Accrued expenses and other liabilities

1,911

1,728

Total liabilities

463,700

565,714

Commitments and contingencies (Note 3)

Net assets

Common stock, par value

414

Additional paid-in capital

605,774

Distributable earnings (losses)

(24,881)

(19,320)

Treasury stock

(10,816)

Total net assets

$ 570,491

$ 576,052

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

40,509,269

Net asset value per share

^[1]

$ 14.08

$ 14.22

2026 Notes

Liabilities

Notes

$ 95,000

$ 70,000

2027 Notes

Liabilities

Notes

152,250

Non-control/non-affiliate investments

Assets

Total investments at fair value

951,779

1,114,935

Affiliate investments

Assets

Total investments at fair value

47,535

2,084

Control Investments

Assets

Total investments at fair value

$ 11,613

$ 9,290

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

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	$ 440,985	$ 548,957
Borrowings
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	440,985,000	548,957,000
Unamortized deferred debt costs	9,265,000	10,293,000
2026 Notes \| Borrowings
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unamortized deferred debt costs	600	800
December 2026 Notes \| Borrowings
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	69,372	69,182
Unamortized deferred debt costs	628	818
Long-Term Debt \| 2026 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, fair value	$ 53,700	$ 57,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 8 – Commitments and Contingencies

Commitments

The following table provides the Company’s contractual obligations as of September 30, 2023 (in thousands):


			Payments Due by Period
Contractual Obligations (1)	Total		Less than 1 Year			1-3 years			3-5 years		More than 5 Years
Borrowings (2)
Credit Facility	$	203,000	$	—	$		203,000	$		—	$	—
2026 Notes		95,000		—			25,000			70,000		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		450,250		—			228,000			222,250		—
Deferred Incentive Fees		8,447		2,637			3,131			2,548		131
Total	$	458,697	$	2,637	$		231,131	$		224,798	$	131

(1)

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

(2)

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

The following table provides the Company’s contractual obligations as of December 31, 2022 (in thousands):


			Payments Due by Period
Contractual Obligations (1)	Total		Less than 1 Year			1-3 years			3-5 years		More than 5 Years
Borrowings (2)
Credit Facility	$	337,000	$	—	$		—	$		337,000	$	—
2026 Notes		70,000		—			—			70,000		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		559,250		—			—			559,250		—
Deferred Incentive Fees		5,009		674			1,760			1,023		1,552
Total	$	564,259	$	674	$		1,760	$		560,273	$	1,552

(1)

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

(2)

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

Contingencies

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

Off-balance Sheet Arrangements

In the normal course of business, the Company may enter into investment agreements under which it commits to make an investment in a portfolio company at some future date or over a specified period of time. These unfunded contractual commitments to provide funds to portfolio companies are not reflected on our balance sheet. 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.


Portfolio Company	Investment Type	September 30, 2023		December 31, 2022
3PL Central LLC (dba Extensiv)	Senior Secured Term Loan	$	11,500		$	15,000
Brivo, Inc.	Senior Secured Term Loan		12,000			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		10,000			30,000
Interactions Corporation	Senior Secured Term Loan		10,000			10,000
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		—			6,000
Kin Insurance, Inc.	Senior Secured Term Loan		—			25,000
Madison Reed, Inc.	Senior Secured Term Loan		1,200			2,400
Moximed, Inc.	Senior Secured Term Loan		15,000			15,000
Nalu Medical, Inc.	Senior Secured Term Loan		25,000			25,000
Revelle Aesthetics, Inc.	Senior Secured Term Loan		—			12,500
Route 92 Medical, Inc.	Senior Secured Term Loan		38,564			42,000
SetPoint Medical Corporation	Senior Secured Term Loan		40,000			40,000
Skillshare, Inc.	Senior Secured Term Loan		10,000			15,000
Snagajob.com, Inc.	Senior Secured Term Loan		6,785			6,785
Synack, Inc.	Senior Secured Term Loan		23,480			25,000
Total unused commitments to extend financing		$	203,529		$	315,685

Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Beginning balance	$ 573,898	$ 579,413	$ 576,052	$ 606,195
Beginning balance, Shares			40,509,269
Net increase (decrease) in net assets resulting from operations	14,822	11,722	$ 49,126	13,758
Acquisition of treasury shares, value		(4,023)		(9,302)
Refunds (payments) of offering costs				16
Dividends paid to stockholders	(18,229)	(13,451)	(54,687)	(37,006)
Ending balance	$ 570,491	573,661	$ 570,491	573,661
Ending balance, Shares	40,509,269		40,509,269
Common Stock
Beginning balance	$ 414	$ 414	$ 414	$ 414
Beginning balance, Shares	40,509,269	40,967,122	40,509,269	41,380,614
Acquisition of treasury shares		(331,264)		(744,756)
Ending balance	$ 414	$ 414	$ 414	$ 414
Ending balance, Shares	40,509,269	40,635,858	40,509,269	40,635,858
Treasury Stock
Beginning balance	$ (10,816)	$ (5,279)	$ (10,816)
Acquisition of treasury shares, value		4,023		$ 9,302
Ending balance	(10,816)	(9,302)	(10,816)	(9,302)
Paid-in Capital in Excess of Par Value
Beginning balance	605,774	606,064	605,774	606,048
Refunds (payments) of offering costs				16
Ending balance	605,774	606,064	605,774	606,064
Accumulated Undistributed Earnings (Losses)
Beginning balance	(21,474)	(21,786)	(19,320)	(267)
Net increase (decrease) in net assets resulting from operations	14,822	11,722	49,126	13,758
Dividends paid to stockholders	(18,229)	(13,451)	(54,687)	37,006
Ending balance	$ (24,881)	$ (23,515)	$ (24,881)	$ (23,515)

Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

Note 7 – Borrowings

The following table shows the Company's borrowings as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 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	$	203,000	$	(4,170	)	$	198,830	$	425,000	$	337,000	$	(4,640	)	$	332,360
April 2026 Notes		25,000		25,000		(307	)		24,693		—		—		—			—
December 2026 Notes		70,000		70,000		(628	)		69,372		70,000		70,000		(818	)		69,182
July 2027 Notes		80,500		80,500		(2,068	)		78,432		80,500		80,500		(2,380	)		78,120
August 2027 Notes		20,000		20,000		(546	)		19,454		20,000		20,000		(653	)		19,347
December 2027 Notes		51,750		51,750		(1,546	)		50,204		51,750		51,750		(1,802	)		49,948
Total	$	747,250	$	450,250	$	(9,265	)	$	440,985	$	647,250	$	559,250	$	(10,293	)	$	548,957

(1) Net of accumulated amortization.

For the three months ended September 30, 2023 and 2022, the components of interest expense, amortization of deferred debt costs, unused fees on the Credit Facility (as defined below), and any other costs associated with the Company's borrowings were as follows (dollars in thousands):


	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt
Three Months Ended September 30, 2023
Credit Facility	$	5,097	$	411	$	407	$	5,915		9.45	%
April 2026 Notes		533		34		—		567		9.08
December 2026 Notes		743		55		—		798		4.56
July 2027 Notes		1,510		141		—		1,651		8.20
August 2027 Notes		350		35		—		385		7.70
December 2027 Notes		1,035		91		—		1,126		8.71
Total	$	9,268	$	767	$	407	$	10,442		8.33	%

Three Months Ended September 30, 2022
Credit Facility	$	1,667	$	256	$	389	$	2,312		7.34	%
December 2026 Notes		744		50		—		794		4.55
July 2027 Notes		1,057		88		—		1,145		7.98
August 2027 Notes		121		10		—		131		7.72
Total	$	3,589	$	404	$	389	$	4,382		6.75	%

For the nine months ended September 30, 2023 and 2022, the components of interest expense, amortization of deferred debt costs, unused fees on the Credit Facility (as defined below), and any other costs associated with 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
Nine Months Ended September 30, 2023
Credit Facility	$	17,796	$	1,231	$	829	$	19,856		8.91	%
April 2026 Notes		996		57		—		1,053		8.99
December 2026 Notes		2,231		155		—		2,386		4.56
July 2027 Notes		4,528		412		—		4,940		8.21
August 2027 Notes		1,050		107		—		1,157		7.73
December 2027 Notes		3,105		275		—		3,380		8.73
Total	$	29,706	$	2,237	$	829	$	32,772		8.15	%

Nine Months Ended September 30, 2022
Credit Facility	$	2,902	$	570	$	1,428	$	4,900		7.70	%
December 2026 Notes		1,991		130		—		2,121		4.52
July 2027 Notes		1,057		88		—		1,145		7.98
August 2027 Notes		121		10		—		131		7.72
Total	$	6,071	$	798	$	1,428	$	8,297		6.55	%

(1)

Unused facility and other fees for the nine months ended September 30, 2022 include supplemental fees of $0.4 million, which were predominantly incurred in 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 September 30, 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, warranties, and affirmative and negative covenants customary for secured financings of this type, including certain financial covenants such as a consolidated tangible net worth requirement and a required asset coverage ratio.

For the three and nine months ended September 30, 2023, the weighted average outstanding principal balance was $250.3 million and $298.0 million, respectively, and the weighted average effective interest rate was 8.07% and 7.99%, respectively. For the three and nine months ended September 30, 2022, the weighted average outstanding principal balance was $126.0 million and $85.1 million, respectively, and the weighted average effective interest rate was 5.25% and 4.01%, respectively.

2026 Notes

On December 10, 2021, the Company entered into a master note purchase agreement, completing a private debt offering of $70.0 million in aggregate principal amount of 4.25% interest-bearing unsecured Series 2021A Senior Notes due 2026 (the “December 2026 Notes”) to institutional accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act")). The December 2026 Notes were issued in two closings; the initial issuance of $20.0 million closed on December 10, 2021 and the second issuance of $50.0 million closed on February 10, 2022. On April 13, 2023, the Company completed the first supplement to the master note purchase agreement, resulting in an additional private debt offering of $25.0 million in aggregate principal amount of 8.54% interest-bearing unsecured Series 2023A Senior Notes due 2026 (the “April 2026 Notes”) to institutional accredited investors (as defined in the Securities Act). The December 2026 Notes and the April 2026 Notes (collectively the "2026 Notes") are subject to a 1.00% increase in the respective interest rates in the event that, subject to certain exceptions, the 2026 Notes cease to have an investment grade rating or receive an investment grade rating below the Investment Grade (as defined in the master note purchase agreement). The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

December 2026 Notes

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.

Aggregate costs in connection with the December 2026 Notes issuance were $1.0 million, and were capitalized and deferred. As of September 30, 2023 and December 31, 2022, unamortized deferred debt costs related to the December 2026 Notes were $0.6 million and $0.8 million, respectively.

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 in arrears on April 13 and October 13 of each year, commencing on October 13, 2023.

Aggregate costs in connection with the April 2026 Notes issuance were $0.4 million, and were capitalized and deferred. As of September 30, 2023, unamortized deferred debt costs related to the April 2026 Notes were $0.3 million.

2027 Notes

July 2027 Notes

On July 28, 2022, the Company issued and sold $80.5 million in aggregate principal amount of 7.50% interest-bearing unsecured Notes due 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 costs in connection with the July 2027 Notes issuance, including the underwriter’s discount and commissions, were $2.7 million, and were capitalized and deferred. As of September 30, 2023 and December 31, 2022, unamortized deferred debt costs related to the July 2027 Notes were $2.1 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 costs in connection with the August 2027 Notes issuance were $0.7 million, and were capitalized and deferred. As of September 30, 2023 and December 31, 2022, unamortized deferred debt costs related to the August 2027 Notes were $0.5 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 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 costs in connection with the December 2027 Notes issuance, including the underwriter's discount and commissions, were $1.8 million, and were capitalized and deferred. As of September 30, 2023 and December 31, 2022, unamortized deferred debt costs related to the December 2027 Notes were $1.5 million and $1.8 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Borrowings - Additional Information (Details) - USD ($)						3 Months Ended		6 Months Ended	9 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Apr. 13, 2023	Aug. 31, 2022	Jul. 28, 2022	Dec. 10, 2021	May 31, 2019	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 07, 2022	Feb. 10, 2022
Debt Instrument [Line Items]
Unamortized deferred debt costs						$ 9,265,000			$ 9,265,000		$ 10,293,000
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate						8.07%	5.25%		7.99%	4.01%
Weighted average outstanding principal Credit Facility balance						$ 250,300,000	$ 126,000,000		$ 298,000,000	$ 85,100,000
Credit Facility
Debt Instrument [Line Items]
Debt instrument principal amount					$ 100,000,000	500,000,000			$ 500,000,000
Line of credit facility stated maturity date									Apr. 20, 2026
Expiration date								Apr. 20, 2025
Line of credit facility, amortization period									1 year
Credit Facility \| Maximum
Debt Instrument [Line Items]
Variable advance rate					65.00%
Unused commitment fees percentage					1.00%
Credit Facility \| Maximum \| SOFR
Debt Instrument [Line Items]
Applicable margin rate									3.35%
Credit Facility \| Minimum
Debt Instrument [Line Items]
Unused commitment fees percentage					0.25%
Credit Facility \| Minimum \| SOFR
Debt Instrument [Line Items]
Applicable margin rate									2.95%
2026 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount	$ 25,000,000			$ 70,000,000
Debt instrument, interest rate stated percentage	8.54%			4.25%
Debt instrument, interest rate increase percentage				1.00%
2026 Notes \| Long-Term Debt \| Debt Instrument Initial Issuance Closed on December 10, 2021
Debt Instrument [Line Items]
Debt instrument principal amount				$ 20,000,000
Debt instrument, description									The December 2026 Notes were issued in two closings; the initial issuance of $20.0 million closed on December 10, 2021 and the second issuance of $50.0 million closed on February 10, 2022.
2026 Notes \| Long-Term Debt \| Debt Instrument Second and Final Issuance Closed on February 10, 2022
Debt Instrument [Line Items]
Debt instrument principal amount													$ 50,000,000
December 2026 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument, interest rate stated percentage				4.25%
Debt instrument due date				Dec. 10, 2026
Aggregate offering costs including underwriter's discounts and commissions				$ 1,000,000
Unamortized deferred debt costs						600,000			$ 600,000		800,000
Line of credit facility, interest rate description									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
April 2026 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument, interest rate stated percentage	8.54%
Debt instrument due date	Apr. 13, 2026
Aggregate offering costs including underwriter's discounts and commissions	$ 400,000
Unamortized deferred debt costs						300,000			$ 300,000
Line of credit facility, interest rate description									Interest on the April 2026 Notes will be due semiannually in arrears on April 13 and October 13 of each year, commencing on October 13, 2023.
Debt instrument, frequency of periodic payment									semiannually
July 2027 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount			$ 80,500,000
Debt instrument, interest rate stated percentage			7.50%
Debt instrument due date			Jul. 28, 2027
Aggregate offering costs including underwriter's discounts and commissions						2,700,000			$ 2,700,000
Unamortized deferred debt costs						2,100,000			$ 2,100,000		2,400,000
Line of credit facility, interest rate description									Interest on the 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing September 1, 2022
Debt instrument, frequency of periodic payment									quarterly
Debt instrument redemption description									The July 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 28, 2024, at a redemption price of $25 per July 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption
Debt instrument, redemption price per share			$ 25
August 2027 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount		$ 20,000,000
Debt instrument, interest rate stated percentage		7.00%
Debt instrument due date		Aug. 31, 2027
Aggregate offering costs including underwriter's discounts and commissions		$ 700,000
Unamortized deferred debt costs						500,000			$ 500,000		700,000
Line of credit facility, interest rate description									Interest on the August 2027 Notes will be due semiannually in arrears on February 15 and August 15 of each year, commencing on February 15, 2023
Debt instrument, frequency of periodic payment									semiannually
December 2027 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount												$ 51,750,000
Debt instrument, interest rate stated percentage												8.00%
Aggregate offering costs including underwriter's discounts and commissions												$ 1,800,000
Unamortized deferred debt costs						$ 1,500,000			$ 1,500,000		$ 1,800,000
Debt instrument redemption description									The December 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 31, 2024, at a redemption price of $25 per December 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.
Debt instrument, redemption price per share												$ 25
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.

Net Assets

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Net Assets

Note 9 – 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, 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

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

Repurchase Program

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 September 30, 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.

Distributions

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

For the three and nine months ended September 30, 2023, the Company declared and paid dividends in the amount of $18.2 million and $54.7 million, respectively, of which $17.5 million and $52.4 million, respectively, were distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan. For the three and nine months ended September 30, 2022, the Company declared dividends in the amount of $13.5 million, and $37.0 million of which $12.8 million and $26.7 million, respectively, were distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan.

Dividend 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 and nine months ended September 30, 2023, the Company purchased 54,930 and 182,435 shares of common stock in the open market under the Dividend Reinvestment Plan for a total of $0.7 million and $2.3 million, respectively. During the three and nine months ended September 30, 2022, the Company purchased 49,298 and 729,134 shares of common stock in the open market and under the Dividend Reinvestment Plan for a total of $0.7 million and $10.3 million, respectively.

The following table summarizes the distributions declared and paid since inception through September 30, 2023:


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

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Borrowings

The following table shows the Company's borrowings as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 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	$	203,000	$	(4,170	)	$	198,830	$	425,000	$	337,000	$	(4,640	)	$	332,360
April 2026 Notes		25,000		25,000		(307	)		24,693		—		—		—			—
December 2026 Notes		70,000		70,000		(628	)		69,372		70,000		70,000		(818	)		69,182
July 2027 Notes		80,500		80,500		(2,068	)		78,432		80,500		80,500		(2,380	)		78,120
August 2027 Notes		20,000		20,000		(546	)		19,454		20,000		20,000		(653	)		19,347
December 2027 Notes		51,750		51,750		(1,546	)		50,204		51,750		51,750		(1,802	)		49,948
Total	$	747,250	$	450,250	$	(9,265	)	$	440,985	$	647,250	$	559,250	$	(10,293	)	$	548,957

(1) Net of accumulated amortization.

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


	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt
Three Months Ended September 30, 2023
Credit Facility	$	5,097	$	411	$	407	$	5,915		9.45	%
April 2026 Notes		533		34		—		567		9.08
December 2026 Notes		743		55		—		798		4.56
July 2027 Notes		1,510		141		—		1,651		8.20
August 2027 Notes		350		35		—		385		7.70
December 2027 Notes		1,035		91		—		1,126		8.71
Total	$	9,268	$	767	$	407	$	10,442		8.33	%

Three Months Ended September 30, 2022
Credit Facility	$	1,667	$	256	$	389	$	2,312		7.34	%
December 2026 Notes		744		50		—		794		4.55
July 2027 Notes		1,057		88		—		1,145		7.98
August 2027 Notes		121		10		—		131		7.72
Total	$	3,589	$	404	$	389	$	4,382		6.75	%


	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
Nine Months Ended September 30, 2023
Credit Facility	$	17,796	$	1,231	$	829	$	19,856		8.91	%
April 2026 Notes		996		57		—		1,053		8.99
December 2026 Notes		2,231		155		—		2,386		4.56
July 2027 Notes		4,528		412		—		4,940		8.21
August 2027 Notes		1,050		107		—		1,157		7.73
December 2027 Notes		3,105		275		—		3,380		8.73
Total	$	29,706	$	2,237	$	829	$	32,772		8.15	%

Nine Months Ended September 30, 2022
Credit Facility	$	2,902	$	570	$	1,428	$	4,900		7.70	%
December 2026 Notes		1,991		130		—		2,121		4.52
July 2027 Notes		1,057		88		—		1,145		7.98
August 2027 Notes		121		10		—		131		7.72
Total	$	6,071	$	798	$	1,428	$	8,297		6.55	%

(1)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Subsequent Events - Additional Information (Details) - USD ($)	Nov. 02, 2023	Oct. 06, 2023	Nov. 06, 2023	Nov. 03, 2023	Oct. 26, 2023	Oct. 19, 2023	Sep. 30, 2023	Dec. 31, 2022	Feb. 24, 2022
Subsequent Event [Line Items]
Investment fund							$ 1,044,874,000	$ 1,150,602,000
Maximum cost of shares that may be repurchased									$ 25,000,000
Subsequent Event
Subsequent Event [Line Items]
Maximum cost of shares that may be repurchased	$ 25,000,000
Dividend declared date	Nov. 02, 2023
Dividends declared payable per share	$ 0.4
Supplemental distribution	$ 0.06
Dividends payable date of record	Nov. 13, 2023
Dividends Payable, Date to be Paid	Nov. 28, 2023
Brivo, Inc \| Subsequent Event
Subsequent Event [Line Items]
Principle repayments received		$ 24,500,000
Gynesonics, Inc. \| Subsequent Event
Subsequent Event [Line Items]
Investment fund						$ 3,100,000
Snagajob, Inc. \| Subsequent Event
Subsequent Event [Line Items]
Investment fund					$ 1,400,000
Betterment Holdings, Inc. \| Subsequent Event
Subsequent Event [Line Items]
Investment fund		$ 8,000,000
Linxup, LLC \| Subsequent Event
Subsequent Event [Line Items]
Investment fund				$ 30,000,000
Route 92 Medical, Inc. \| Subsequent Event
Subsequent Event [Line Items]
Investment fund			$ 5,000,000

Income Taxes - Additional Information (Details)	9 Months Ended
Income Taxes - Additional Information (Details)	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Percentage of minimum net ordinary income and net short-term capital gains in excess of net long-term capital losses for distribution	90.00%
Percentage of minimum distribution amount exceeds distributions for year	4.00%
Percentage of minimum capital gains exceed capital losses for distribution for one year period	98.20%
Percentage of minimum net ordinary income for each calendar for distribution	98.00%

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 5 – Fair Value of Financial Instruments

The Company’s assets recorded at fair value have been categorized based upon a fair value hierarchy in accordance with ASC 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 September 30, 2023 and December 31, 2022 (in thousands):


	As of September 30, 2023
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Term Loans	$	—	$	—	$	947,515	$	947,515
Second Lien Term Loans		—		—		14,178		14,178
Preferred Stock		11,219		—		22,039		33,258
Common Stock		1,077		—		886		1,963
Warrants		—		197		13,816		14,013
Total Portfolio Investments		12,296		197		998,434		1,010,927
Cash equivalents		7,480		—		—		7,480
Total	$	19,776	$	197	$	998,434	$	1,018,407


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Term Loans	$	—	$	—	$	1,080,121	$	1,080,121
Second Lien Term Loans		—		—		13,654		13,654
Preferred Stock		12,335		—		347		12,682
Common Stock		501		1,422		1,174		3,097
Warrants		—		105		16,650		16,755
Total Portfolio Investments		12,836		1,527		1,111,946		1,126,309
Cash equivalents		5,590		—		—		5,590
Total	$	18,426	$	1,527	$	1,111,946	$	1,131,899

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 September 30, 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		—			—			—			—		(891	)		(891	)
Purchases of investments(1)		25,000			—			78,611			—		1,506			105,117
PIK interest		—			—			14,895			439		—			15,334
Sales or repayments of investments(1)		—			—			(232,717	)		—		—			(232,717	)
Net realized gain (loss)		—			—			—			—		(1,178	)		(1,178	)
Net change in unrealized gain (loss)		(3,308	)		(288	)		(616	)		—		(2,271	)		(6,483	)
Amortization of fixed income premiums or accretion of discounts		—			—			7,221			85		—			7,306
Fair value at September 30, 2023	$	22,039		$	886		$	947,515		$	14,178	$	13,816		$	998,434
Net change in unrealized gain (loss) on Level 3 investments still held as of September 30, 2023	$	(3,308	)	$	(286	)	$	(1,207	)	$	—	$	(3,565	)	$	(8,366	)

(1)

Net of reorganization and restructuring of investments.

The following table presents a rollforward of Level 3 assets measured at fair value as of September 30, 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		—			—			—			—			(2,239	)		(2,239	)
Purchases of investments(1)		—			4,551			385,651			—			2,491			392,693
PIK interest		—			—			5,855			490			—			6,345
Sales or repayments of investments(1)		(800	)		—			(143,171	)		—			(1,508	)		(145,479	)
Net realized gain (loss)		—			—			—			—			(851	)		(851	)
Net change in unrealized gain (loss)		(147	)		(3,323	)		(13,349	)		(48	)		340			(16,527	)
Amortization of fixed income premiums or accretion of discounts		—			—			4,488			88			—			4,576
Fair Value at September 30, 2022	$	385		$	1,228		$	862,528		$	13,403		$	18,320		$	895,864
Net change in unrealized gain (loss) on Level 3 investments still held as of September 30, 2022	$	(77	)	$	(3,323	)	$	(12,454	)	$	(48	)	$	(1,813	)	$	(17,715	)

(1)

Net of reorganization and restructuring of investments.

The following table provides quantitative information regarding Level 3 fair value measurements as of September 30, 2023 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Senior Secured Term Loans(1)	$	912,757	Discounted Cash Flow analysis	Discount rate	11.6% - 20.6% (15.3%)
			Market approach	Origination yield	9.7% - 15.9% (12.7%)
		34,758	PWERM	Discount rate	21.5% - 42.5% (35.9%)
Second Lien Term Loans(1)		14,178	Discounted Cash Flow analysis	Discount rate	16.8% - 16.8% (16.8%)
			Market approach	Origination yield	16.7% - 16.7% (16.7%)
Preferred Stock		232	Recent private market and merger and acquisition transaction prices	N/A	N/A
		21,807	Option pricing model	Risk-Free Rate	5.1% - 5.1% (5.1%)
				Average industry volatility	50.0% - 50.0% (50.0%)
				Estimated time to exit	1.7 - 1.7 (1.7 years)
				Revenue multiples	9.33x - 9.33x (9.33x)
Common Stock		886	Recent private market and merger and acquisition transaction prices	N/A	N/A
Warrants(2)		9,008	Option pricing model	Risk-free interest rate	4.2% - 5.5% (4.6%)
				Average industry volatility	25.0% - 107.5% (47.5%)
				Estimated time to exit	0.8 - 8.4 (2.9 years)
				Revenue multiples	1.01x - 6.57x (4.03x)
		4,808	PWERM	Discount rate	20.0% - 45.0% (34.2%)
				Revenue multiples	2.53x - 224.09x (47.40x)
Total Level 3 Investments	$	998,434

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)
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%)
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
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 or decreases in the inputs in isolation may result in a significantly higher or lower fair value measurement, depending on the materiality of the investment. However, a significantly higher or lower fair value measurement of any of the Company’s portfolio investments may occur regardless of whether there is a significant increase or decrease in the unobservable inputs.

(2)

The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity-related securities are inputs used in the OPM, which include industry volatility, risk free interest rate and estimated time to exit. The Equity Allocation model and the Black Scholes model were the main OPMs used during the period ended September 30, 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.

Fair Value of Financial Instruments Reported at Cost

The fair value of the Company’s Credit Facility, April 2026 Notes, December 2026 Notes, July 2027 Notes, August 2027 Notes, and December 2027 Notes (as defined in "Note 7 – 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 September 30, 2023, and December 31, 2022, the carrying values of the Credit Facility, April 2026 Notes, July 2027 Notes, August 2027 Notes, and December 2027 Notes approximate fair value. As of September 30, 2023, the fair value of the December 2026 Notes was approximately $53.7 million and the carrying value was approximately $69.4 million, net of unamortized deferred debt costs of $0.6 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

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

The Company’s affiliate and control investments as of September 30, 2023 along with the transactions during the nine months ended September 30, 2023 are as follows:


			For the Nine Months Ended September 30, 2023
			Amount of Investment Income Earned 2023		Fair Value as of December 31, 2022		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Fair Value as of September 30, 2023(3)
Portfolio Company		Investment Description
Affiliate Investments
	Senior Secured Term Loans
	Gynesonics, Inc.	SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026	$	1,501	$	—	$	25,817	$	—		$	—	$	(2,176	)	$	23,641
	Total Senior Secured Term Loans			1,501		—		25,817		—			—		(2,176	)		23,641

	Preferred Stocks
	Gynesonics, Inc.	Series A-2 Preferred Stock		—		—		25,000		—			—		(3,192	)		21,808
	Total Preferred Stocks			—		—		25,000		—			—		(3,192	)		21,808
	Common Stocks
	Coginiti Corp	Common Stock		—		1,174		—		—			—		(287	)		887
	Total Common Stocks			—		1,174		—		—			—		(287	)		887
	Warrants
	Coginiti Corp	Warrant for common stock, expires 3/09/2030		—		910		—		—			—		(51	)		859
	Gynesonics, Inc.	Success fee		—		—		313		—			—		27			340
	Total Warrants			—		910		313		—			—		(24	)		1,199
Total Affiliate Investments			$	1,501	$	2,084	$	51,130	$	—		$	—	$	(5,679	)	$	47,535
Control Investments
	Senior Secured Term Loans
	Pivot3, Inc.	LIBOR+8.50% PIK, 11.00% floor, 4.00% ETP, due 10/15/2023		—		9,290		—		(1,209	)		—		3,532			11,613
	Total Senior Secured Term Loans			—		9,290		—		(1,209	)		—		3,532			11,613
Total Control Investments			$	—	$	9,290	$	—	$	(1,209	)	$	—	$	3,532		$	11,613

(1)

(2)

(3)

The Company’s affiliate and control investments as of December 31, 2022, along with the transactions during the year ended December 31, 2022 are as follows:


					For the Year Ended December 31, 2022
			Amount of Investment Income Earned 2022		Fair Value as of December 31, 2021		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Fair Value as of December 31, 2022(3)
Portfolio Company		Investment Description
Affiliate Investments
	Senior Secured Term Loans
	Coginiti Corp	LIBOR+9.50% PIK, 10.81% floor, due 12/15/2022	$	109	$	—	$	930	$	(930	)	$	—		$	—		$	—
	Total Senior Secured Term Loans			109		—		930		(930	)		—			—			—
	Common Stocks
	Coginiti Corp	Common Stock		—		—		4,551		—			—			(3,377	)		1,174
	Total Common Stocks			—		—		4,551		—			—			(3,377	)		1,174
	Warrants
	Coginiti Corp	Warrant for Common Stock, exercise price $0.01/share, expires 3/9/2030		—		—		1,009		—			—			(99	)		910
	Total Warrants			—		—		1,009		—			—			(99	)		910
	Total Affiliate Investments		$	109	$	—	$	6,490	$	(930	)	$	—		$	(3,476	)	$	2,084
Control Investments
	Senior Secured Term Loans
	Mojix, Inc.	LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025	$	2,287	$	7,568	$	1,987	$	(8,489	)	$	—		$	(1,066	)	$	—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		744		2,523		647		(2,818	)		—			(352	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		184		630		160		(704	)		—			(86	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		185		629		161		(703	)		—			(87	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		374		1,253		327		(1,400	)		—			(180	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		291		1,008		266		(1,090	)		—			(184	)		—
	Pivot3, Inc.	LIBOR+8.50% PIK, 11.00% floor, due 11/15/2022		—		14,650		—		—			—			(5,360	)		9,290
	Total Senior Secured Term Loans			4,065		28,261		3,548		(15,204	)		—			(7,315	)		9,290
	Preferred Stocks
	Mojix, Inc.	Series A-1 Preferred Stock		32		870		—		(800	)		—			(70	)		—
	Pivot3 Holdings, Inc.	Series 1 Preferred Stock		—		—		—		—			(2,000	)		2,000			—
	Total Preferred Stocks			32		870		—		(800	)		(2,000	)		1,930			—
	Warrants
	Mojix, Inc.	Warrant for Common Stock, exercise price $1.286/share, expires 12/13/2030		—		—		—		(119	)		—			119			—
		Warrant for Common Stock, exercise price $2.1286/share, expires 12/13/2030		—		—		—		(298	)		—			298			—
		Warrant for Common Stock, exercise price $5.57338/share, expires 12/13/2030		—		—		—		(829	)		—			829			—
	Total Warrants			—		—		—		(1,246	)		—			1,246			—
Total Control Investments			$	4,097	$	29,131	$	3,548	$	(17,250	)	$	(2,000	)	$	(4,139	)	$	9,290

(1)

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing Investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category.

(3)

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

The following tables show the fair value of the Company's portfolio of investments by geographic region and industry as of September 30, 2023 and December 31, 2022:


	September 30, 2023					December 31, 2022
Geographic Region	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
Western United States	$	362,323		63.50	%	$	346,372		60.13	%
Northeastern United States		257,623		45.16			351,654		61.04
Midwestern United States		100,641		17.64			74,745		12.98
South Central United States		86,702		15.20			85,000		14.76
United Kingdom		76,101		13.34			60,783		10.55
Germany		45,039		7.89			46,499		8.07
Southeastern United States		41,622		7.30			74,797		12.98
Northwestern United States		26,468		4.64			72,615		12.61
Canada		14,408		2.53			13,844		2.40
Total	$	1,010,927		177.20	%	$	1,126,309		195.52	%


	September 30, 2023					December 31, 2022
Industry	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
Health Care Technology	$	204,760		35.89	%		240,844		41.81	%
Application Software		175,305		30.72			184,084		31.96
Data Processing & Outsourced Services		118,247		20.72			97,404		16.91
Human Resource & Employment Services		113,261		19.85			97,788		16.98
Internet Software and Services		90,250		15.82			149,780		26.00
System Software		83,927		14.71			78,274		13.58
Property & Casualty Insurance		75,050		13.16			49,440		8.58
Internet & Direct Marketing Retail		55,878		9.80			55,986		9.72
Electronic Equipment & Instruments		52,127		9.14			78,114		13.56
Education Services		25,592		4.49			25,305		4.39
Health Care Equipment		15,141		2.66			27,433		4.76
Technology Hardware, Storage & Peripherals		922		0.16			1,068		0.19
Specialized Consumer Services		389		0.07			796		0.14
Biotechnology		78		0.01			39,925		6.93
Computer & Electronics Retail		-		-			68		0.01
Total	$	1,010,927		177.20	%	$	1,126,309		195.52	%

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses)	$ 0.0	$ (0.6)	$ (1.2)	$ (0.9)
Net unrealized gain (loss)	$ (0.5)	$ (0.1)	$ (3.1)	$ 0.3

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value


	As of September 30, 2023
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Term Loans	$	—	$	—	$	947,515	$	947,515
Second Lien Term Loans		—		—		14,178		14,178
Preferred Stock		11,219		—		22,039		33,258
Common Stock		1,077		—		886		1,963
Warrants		—		197		13,816		14,013
Total Portfolio Investments		12,296		197		998,434		1,010,927
Cash equivalents		7,480		—		—		7,480
Total	$	19,776	$	197	$	998,434	$	1,018,407


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Term Loans	$	—	$	—	$	1,080,121	$	1,080,121
Second Lien Term Loans		—		—		13,654		13,654
Preferred Stock		12,335		—		347		12,682
Common Stock		501		1,422		1,174		3,097
Warrants		—		105		16,650		16,755
Total Portfolio Investments		12,836		1,527		1,111,946		1,126,309
Cash equivalents		5,590		—		—		5,590
Total	$	18,426	$	1,527	$	1,111,946	$	1,131,899

Schedule of Level 3 Assets measured at Fair Value

The following table presents a rollforward of Level 3 assets measured at fair value as of September 30, 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		—			—			—			—		(891	)		(891	)
Purchases of investments(1)		25,000			—			78,611			—		1,506			105,117
PIK interest		—			—			14,895			439		—			15,334
Sales or repayments of investments(1)		—			—			(232,717	)		—		—			(232,717	)
Net realized gain (loss)		—			—			—			—		(1,178	)		(1,178	)
Net change in unrealized gain (loss)		(3,308	)		(288	)		(616	)		—		(2,271	)		(6,483	)
Amortization of fixed income premiums or accretion of discounts		—			—			7,221			85		—			7,306
Fair value at September 30, 2023	$	22,039		$	886		$	947,515		$	14,178	$	13,816		$	998,434
Net change in unrealized gain (loss) on Level 3 investments still held as of September 30, 2023	$	(3,308	)	$	(286	)	$	(1,207	)	$	—	$	(3,565	)	$	(8,366	)

(1)

Net of reorganization and restructuring of investments.

The following table presents a rollforward of Level 3 assets measured at fair value as of September 30, 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		—			—			—			—			(2,239	)		(2,239	)
Purchases of investments(1)		—			4,551			385,651			—			2,491			392,693
PIK interest		—			—			5,855			490			—			6,345
Sales or repayments of investments(1)		(800	)		—			(143,171	)		—			(1,508	)		(145,479	)
Net realized gain (loss)		—			—			—			—			(851	)		(851	)
Net change in unrealized gain (loss)		(147	)		(3,323	)		(13,349	)		(48	)		340			(16,527	)
Amortization of fixed income premiums or accretion of discounts		—			—			4,488			88			—			4,576
Fair Value at September 30, 2022	$	385		$	1,228		$	862,528		$	13,403		$	18,320		$	895,864
Net change in unrealized gain (loss) on Level 3 investments still held as of September 30, 2022	$	(77	)	$	(3,323	)	$	(12,454	)	$	(48	)	$	(1,813	)	$	(17,715	)

(1)

Net of reorganization and restructuring of investments.

Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements

The following table provides quantitative information regarding Level 3 fair value measurements as of September 30, 2023 (in thousands):


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Senior Secured Term Loans(1)	$	912,757	Discounted Cash Flow analysis	Discount rate	11.6% - 20.6% (15.3%)
			Market approach	Origination yield	9.7% - 15.9% (12.7%)
		34,758	PWERM	Discount rate	21.5% - 42.5% (35.9%)
Second Lien Term Loans(1)		14,178	Discounted Cash Flow analysis	Discount rate	16.8% - 16.8% (16.8%)
			Market approach	Origination yield	16.7% - 16.7% (16.7%)
Preferred Stock		232	Recent private market and merger and acquisition transaction prices	N/A	N/A
		21,807	Option pricing model	Risk-Free Rate	5.1% - 5.1% (5.1%)
				Average industry volatility	50.0% - 50.0% (50.0%)
				Estimated time to exit	1.7 - 1.7 (1.7 years)
				Revenue multiples	9.33x - 9.33x (9.33x)
Common Stock		886	Recent private market and merger and acquisition transaction prices	N/A	N/A
Warrants(2)		9,008	Option pricing model	Risk-free interest rate	4.2% - 5.5% (4.6%)
				Average industry volatility	25.0% - 107.5% (47.5%)
				Estimated time to exit	0.8 - 8.4 (2.9 years)
				Revenue multiples	1.01x - 6.57x (4.03x)
		4,808	PWERM	Discount rate	20.0% - 45.0% (34.2%)
				Revenue multiples	2.53x - 224.09x (47.40x)
Total Level 3 Investments	$	998,434

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)
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%)
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
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)

Commitments and Contingencies - Schedule of Unfunded Commitments to Extend Financing (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	$ 203,529	$ 315,685
3PL Central LLC (dba Extensiv) \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	11,500	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
Dtex Systems, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		15,000
EBR Systems, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000	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		6,000
Interactions Corporation \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000	10,000
Kin Insurance, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		25,000
Madison Reed, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	1,200	2,400
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
Route 92 Medical, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	38,564	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	10,000	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

Related Party Agreements and Transactions - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Component shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares
Related Party Transaction [Line Items]
Gross assets	$ 1,034,191,000		$ 1,034,191,000		$ 1,141,766,000
Management fees	4,302,000	$ 3,066,000	12,598,000	$ 8,488,000
Incentive fees	5,511,000	3,626,000	14,994,000	8,591,000
Incentive fees payable	12,779,000		12,779,000		$ 8,808,000
Administration agreement expenses	$ 449,000	$ 459,000	$ 1,647,000	$ 1,331,000
Common stock, shares outstanding \| shares	40,509,269		40,509,269		40,509,269
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]
Percentage of base management fee	1.50%	1.60%	1.50%	1.60%
Number of fees components \| Component			2
Management fees	$ 4,300,000	$ 3,100,000	$ 12,600,000	$ 8,500,000
Percentage of incentive fee quarterly catch-up hurdle rate			2.667%
Percentage of incentive fee annual catch-up hurdle rate			10.668%
Percentage of pre-incentive fee net investment income			20.00%
Percentage of aggregate cumulative realized capital gains			20.00%
Capital gains fee			$ 0
Incentive fees	5,500,000	3,600,000	15,000,000	8,600,000
Capital gains incentive fee accrued	0		$ 0		$ 0
Percentage of minimum pre-incentive fee net investment income accrued			20.00%
Percentage of minimum cumulative net investments realized capital gain loss			8.00%
Advisory Agreement \| Minimum
Related Party Transaction [Line Items]
Percentage of non-affiliate investments			2.00%
Percentage of adjusted pre-incentive fee net investment income			10.00%
Advisory Agreement \| Maximum
Related Party Transaction [Line Items]
Percentage of non-affiliate investments			2.00%
Percentage of adjusted pre-incentive fee net investment income			10.00%
Advisory Agreement \| Scenario, more than $500M but less than $1B
Related Party Transaction [Line Items]
Percentage of base management fee			1.60%
Advisory Agreement \| Scenario, more than $500M but less than $1B \| Minimum
Related Party Transaction [Line Items]
Gross assets	500,000,000		$ 500,000,000
Advisory Agreement \| Scenario, more than $500M but less than $1B \| Maximum
Related Party Transaction [Line Items]
Gross assets	1,000,000,000		$ 1,000,000,000
Advisory Agreement \| Scenario, up to $500M
Related Party Transaction [Line Items]
Percentage of base management fee			1.75%
Advisory Agreement \| Scenario, up to $500M \| Maximum
Related Party Transaction [Line Items]
Gross assets	500,000,000		$ 500,000,000
Advisory Agreement \| Scenario, more than $1B
Related Party Transaction [Line Items]
Percentage of base management fee			1.50%
Advisory Agreement \| Scenario, more than $1B \| Minimum
Related Party Transaction [Line Items]
Gross assets	1,000,000,000		$ 1,000,000,000
Advisory Agreement \| Scenario, Minimum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly hurdle rate			2.00%
Percentage of incentive fee annual hurdle rate			8.00%
Advisory Agreement \| Scenario, Pre-incentive fee net income less than 2.0%
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly hurdle rate			2.00%
Advisory Agreement \| Scenario, 80% of the portion of pre-incentive fee net income that is between 2.0% and 2.667%
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly catch-up hurdle rate			2.667%
Percentage of pre-incentive fee net investment income			80.00%
Advisory Agreement \| Scenario, 80% of the portion of pre-incentive fee net income that is between 2.0% and 2.667% \| Maximum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly catch-up hurdle rate			2.667%
Percentage of incentive fee annual catch-up hurdle rate			10.668%
Advisory Agreement \| Scenario, 20% of portion of pre-incentive fee net income that is over 2.667%
Related Party Transaction [Line Items]
Percentage of pre-incentive fee net investment income			20.00%
Advisory Agreement \| Scenario, 20% of portion of pre-incentive fee net income that is over 2.667% \| Minimum
Related Party Transaction [Line Items]
Percentage of incentive fee quarterly catch-up hurdle rate			2.667%
Percentage of incentive fee annual catch-up hurdle rate			10.668%
Advisory Agreement \| Payable in Cash
Related Party Transaction [Line Items]
Incentive fees	4,000,000	3,200,000	$ 10,900,000	7,300,000
Incentive fees payable	4,300,000		4,300,000		3,800,000
Advisory Agreement \| Deferred Payments
Related Party Transaction [Line Items]
Incentive fees	1,500,000	400,000	4,100,000	1,300,000
Incentive fees payable	8,447,000		$ 8,447,000		$ 5,009,000
Advisory Agreement \| Quarterly Base Rate \| Scenario, more than $500M but less than $1B
Related Party Transaction [Line Items]
Percentage of base management fee			0.40%
Advisory Agreement \| Quarterly Base Rate \| Scenario, up to $500M
Related Party Transaction [Line Items]
Percentage of base management fee			0.4375%
Advisory Agreement \| Quarterly Base Rate \| Scenario, more than $1B
Related Party Transaction [Line Items]
Percentage of base management fee			0.375%
Administration Agreement
Related Party Transaction [Line Items]
Administration agreement expenses	400,000	500,000	$ 1,600,000	1,300,000
Administration Agreement \| Third-party service provider
Related Party Transaction [Line Items]
Administration agreement expenses	100,000	200,000	700,000	600,000
Administration Agreement \| Overhead allocation expense
Related Party Transaction [Line Items]
Accrued expenses	300,000	200,000	300,000	200,000
Administration agreement expenses	300,000	300,000	900,000	700,000
Administration Agreement \| Affiliated Entity \| Third-party service provider
Related Party Transaction [Line Items]
Accrued expenses	$ 400,000	$ 300,000	$ 400,000	$ 300,000
Oaktree Capital Management, L.P
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares	21,054,668		21,054,668
Percentage of common stock shares issued and outstanding			52.00%
Percentage of common stock initial capital commitment			33.00%
Common stock initial capital commitment			$ 125,000,000
Oaktree 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
Oaktree Capital Management, L.P \| Shares Subject to Proxy Voting
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares	19,896,113		19,896,113
Percentage of common stock shares issued and outstanding			49.00%
OCM Growth Holding, LLC
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares	21,030,568		21,030,568
Oaktree Opportunities Fund Xb Holding, L.P.
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares	24,100		24,100

Net Assets - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended		24 Months Ended
Net Assets - Additional Information (Details) - USD ($)	Oct. 25, 2021	Dec. 01, 2017	Oct. 31, 2015	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 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		100,000,000
Common stock, par value				$ 0.01		$ 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				54,930	49,298	182,435	729,134
Stock issued during period, value, dividend reinvestment plan				$ 700,000	$ 700,000	$ 2,300,000	$ 10,300,000
Maximum cost of shares that may be repurchased											$ 25,000,000
Dividends common stock				18,229,000	13,451,000	54,687,000	37,006,000
Dividend Paid
Class Of Stock [Line Items]
Dividends common stock				18,200,000		54,700,000
Dividends Paid In Cash
Class Of Stock [Line Items]
Dividends common stock				17,500,000	12,800,000	52,400,000	26,700,000
Dividends Declared
Class Of Stock [Line Items]
Dividends common stock				$ 18,200,000	$ 13,500,000	$ 54,700,000	$ 37,000,000
R. David Spreng
Class Of Stock [Line Items]
Issuance of common stock, Shares			1,667
Issuance of common stock, value			$ 25,000
Runway Growth Holdings LLC
Class Of Stock [Line Items]
Issuance of common stock, Shares									22,564
Offering price									$ 15			$ 15
Issuance of common stock, value									$ 300,000
IPO
Class Of Stock [Line Items]
Issuance of common stock, Shares	6,850,000
Offering price	$ 14.6
Issuance of common stock, value	$ 93,000,000
Initial Private Offering
Class Of Stock [Line Items]
Issuance of common stock, Shares		18,241,157
Issuance of common stock, value		$ 275,000,000
Second Private Offering
Class Of Stock [Line Items]
Issuance of common stock, Shares										9,617,379
Issuance of common stock, value										$ 144,300,000
Capital commitments										$ 181,700,000

Financial Highlights

9 Months Ended

Sep. 30, 2023

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 11 – Financial Highlights

The following table sets forth the financial highlights for the nine months ended September 30, 2023 and 2022 (in thousands, except for per share data and ratios):


	Nine Months Ended September 30,
	2023				2022
Per Share Data(1):
Net asset value at beginning of period	$	14.22			$	14.65
Net investment income		1.48				1.01
Net realized gain (loss)		(0.03	)			0.02
Net change in unrealized gain (loss)		(0.24	)			(0.70	)
Total from investment operations		1.21				0.33
Distributions		(1.35	)			(0.90	)
Accretion (dilution)		-				0.04
Net asset value at end of period	$	14.08			$	14.12

Ratio/Supplemental Data:
Total return based on net asset value(2)		(0.98	)	%		(3.62	)	%
Total return based on market value(3)		22.26		%		(4.29	)	%
Ratio of net investment income to average net assets(4)(5)		13.88		%		9.32		%
Ratio of total operating expenses to average net assets(4)(5)		15.05		%		6.72		%
Ratio of total operating expenses, excluding incentive fees, to average net assets(4)		11.58		%		4.78		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(4)		11.37		%		3.09		%
Portfolio turnover rate(6)		9.63		%		19.59		%

Net assets at beginning of period	$	576,052			$	606,195
Net assets at end of period	$	570,491			$	573,661
Weighted average net assets	$	577,673			$	594,469
Weighted average shares outstanding for the period, basic		40,509,269				41,119,467

(1)

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

(2)

(3)

(4)

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

(5)

(6)

Concentration of Credit Risk - Additional Information (Details) - Credit Concentration Risk - PortfolioCompanies	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Total Fair value of Investments
Concentration Risk [Line Items]
Number of largest portfolio investment companies	5	5
Total Fair value of Investments \| Investment in Portfolio Companies
Concentration Risk [Line Items]
Concentration of credit risk, percentage	38.50%	30.00%
Net Assets
Concentration Risk [Line Items]
Number of portfolio companies over 5% of net asets	13	16
Net Assets \| Minimum
Concentration Risk [Line Items]
Concentration of credit risk, percentage	5.00%	5.00%

Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Investment income

Other Income

$ 227

$ 1

$ 352

$ 1

Total investment income

43,779

27,037

124,984

71,294

Operating expenses

Management fees

4,302

3,066

12,598

8,488

Incentive fees

5,511

3,626

14,994

8,591

Interest and other debt financing expenses

10,442

4,382

32,772

8,297

Professional fees

466

482

1,504

1,677

Administration agreement expenses

449

459

1,647

1,331

Insurance expense

269

268

805

806

Tax expense

Other expenses

304

256

656

667

Total operating expenses

21,743

12,539

65,026

29,858

Net investment income

22,036

14,498

59,958

41,436

Net realized and net change in unrealized gain (loss) on investments

Net realize gain (loss) on investments

407

(1,178)

939

Net change in unrealized gain (loss) on investments

(7,214)

(3,183)

(9,654)

(28,617)

Net realized and unrealized gain (loss) on investments

(7,214)

(2,776)

(10,832)

(27,678)

Net increase (decrease) in net assets resulting from operations

$ 14,822

$ 11,722

$ 49,126

$ 13,758

Net investment income per common share (basic and diluted)

$ 0.54

$ 0.36

$ 1.48

^[1]

$ 1.01

^[1]

Net increase (decrease) in net assets resulting from operations per common share (basic)

0.37

0.29

1.21

0.33

Net increase (decrease) in net assets resulting from operations per common share (diluted)

$ 0.37

$ 0.29

$ 1.21

$ 0.33

Weighted average shares outstanding (basic)

40,509,269

40,774,154

40,509,269

41,119,467

Weighted average shares outstanding (diluted)

40,509,269

40,774,154

40,509,269

41,119,467

From Non-controlled/ Non-affiliated Investments

Investment income

Interest income

$ 35,498

$ 25,365

$ 104,169

$ 61,750

Payment in-kind interest income

5,195

1,200

15,416

3,249

Dividend income

318

961

1,021

Fee income

1,925

153

2,585

1,067

Net realized and net change in unrealized gain (loss) on investments

Net realize gain (loss) on investments

407

(1,178)

939

Net change in unrealized gain (loss) on investments

(7,624)

(1,957)

(7,507)

(14,275)

From affiliated investments

Investment income

Interest income

601

1,486

Payment in-kind interest income

Fee income

Net realized and net change in unrealized gain (loss) on investments

Net change in unrealized gain (loss) on investments

410

(172)

(5,679)

(3,380)

From controlled Investments

Investment income

Interest income

1,112

Payment in-kind interest income

2,984

Net realized and net change in unrealized gain (loss) on investments

Net change in unrealized gain (loss) on investments

$ 0

$ (1,054)

$ 3,532

$ (10,962)

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

Fair Value of Financial Instruments - Schedule of Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 14,945	$ 5,761
Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,018,407	1,131,899
Cash and cash equivalents	7,480	5,590
Portfolio Investments \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,010,927	1,126,309
Portfolio Investments \| Common Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,963	3,097
Portfolio Investments \| Preferred Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	33,258	12,682
Portfolio Investments \| Senior Secured Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	947,515	1,080,121
Portfolio Investments \| Second Lien Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	14,178	13,654
Portfolio Investments \| Warrants \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	14,013	16,755
Level 1 \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	19,776	18,426
Cash and cash equivalents	7,480	5,590
Level 1 \| Portfolio Investments \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	12,296	12,836
Level 1 \| Portfolio Investments \| Common Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,077	501
Level 1 \| Portfolio Investments \| Preferred Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	11,219	12,335
Level 1 \| Portfolio Investments \| Senior Secured Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 \| Portfolio Investments \| Second Lien Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 \| Portfolio Investments \| Warrants \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	197	1,527
Level 2 \| Portfolio Investments \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	197	1,527
Level 2 \| Portfolio Investments \| Common Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	1,422
Level 2 \| Portfolio Investments \| Preferred Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Portfolio Investments \| Senior Secured Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Portfolio Investments \| Second Lien Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Portfolio Investments \| Warrants \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	197	105
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	998,434	1,111,946
Level 3 \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	998,434	1,111,946
Level 3 \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	886	1,174
Level 3 \| Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	232	347
Level 3 \| Portfolio Investments \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	998,434	1,111,946
Level 3 \| Portfolio Investments \| Common Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	886	1,174
Level 3 \| Portfolio Investments \| Preferred Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	22,039	347
Level 3 \| Portfolio Investments \| Senior Secured Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	947,515	1,080,121
Level 3 \| Portfolio Investments \| Second Lien Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	14,178	13,654
Level 3 \| Portfolio Investments \| Warrants \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	$ 13,816	$ 16,650

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2022 financial statements have been reclassified to conform to the September 30, 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 consists solely of funds deposited with financial institutions, while cash equivalents consists of short-term liquid investments in money market funds. Cash and cash equivalents are carried at cost, which approximates fair value. As of September 30, 2023 and December 31, 2022, $7.5 million and $5.6 million were invested in money market funds, respectively. Interest earned in money market funds are recorded in Other income on the Statements of Operations.

Debt and Deferred Debt Costs

The debt of the Company is carried at amortized cost, which is comprised of the principal amount borrowed, net of unamortized debt issuance costs on the Statements of Assets and Liabilities. Debt issuance costs are fees and other direct incremental costs incurred by the Company in relation to debt financing and are recognized as Unamortized deferred debt costs on the Statements of Assets and Liabilities and amortized over the life of the related debt instrument, or the life of the cost respective service if shorter, using the straight-line method, which closely approximates the effective yield method. To the extent there are no outstanding borrowings, the deferred debt costs are presented as an asset on the Statements of Assets and Liabilities.

Amortization of deferred debt costs and interest expense on the outstanding principal balance are recorded in Interest and other deferred financing expenses on the Statements of Operations. Accrued but unpaid interest is included within Interest payable on the Statements of Assets and Liabilities. For more information, refer to “Note 7 – Borrowings.”

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 gain (loss) 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 and nine months ended September 30, 2023, approximately 11.9% and 12.3%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest. For the three and nine months ended September 30, 2022, approximately 4.4% and 8.9%, respectively, of the Company’s total investment income was attributable to non-cash PIK interest.

Investments Denominated in Foreign Currency

At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into U.S. dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into U.S. dollars using the rates of exchange prevailing on the respective dates of such transactions. As of September 30, 2023, the Company held one investment denominated in a foreign currency. As of December 31, 2022, the Company did not hold any investments denominated in a foreign currency.

Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into U.S. dollars using the applicable foreign exchange rates described above, the Company does not isolate the portion of the change in fair value resulting from foreign currency exchange rates fluctuations from the change in fair value of the underlying investment. All fluctuations in fair value are included in Net change in unrealized gain (loss) on investments on the Company’s Statements of Operations.

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 September 30, 2023, and December 31, 2022, the Company has not written off any accrued and uncollected PIK interest. As of September 30, 2023, the Company had one loan to Pivot3, Inc. on non-accrual status with a cost basis of $18.0 million and a fair value of $11.6 million, representing 1.1% of the Company’s total investment portfolio. From being placed on non-accrual status through September 30, 2023, cumulative interest of $6.0 million would be receivable and $0.3 million OID would be accreted into the cost basis, for a total of $6.3 million not recorded in Interest income from control investments on the Statements of Operations. As of December 31, 2022, the Company had one loan to Pivot3, Inc. on non-accrual status with a cost basis of $19.2 million and a fair value of $9.3 million, representing 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 Statements of Operations.

Fair Value Measurements

The Company measures the value of its financial instruments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 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. With the exception of the Company’s borrowings, which are reported at amortized cost, all assets and liabilities approximate fair value on the Statements of Assets and Liabilities.

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, a financial instrument’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 instrument.

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 or liability is the market with the greatest volume and level of activity for such asset or liability in which the reporting entity would or could sell or transfer the asset or liability. In determining the principal market for an asset or liability under ASC 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.

Rule 2a-5 under the 1940 Act established requirements for determining fair value of a BDC's investments in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, in compliance with certain conditions, to designate certain parties to perform fair value determinations, subject to board oversight. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. 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. The Company's Board of Directors has not designated a valuation designee.

Investment Valuation Techniques

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

•

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

•

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

The Audit Committee of the Company’s Board of Directors 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.

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.

Investment Classification

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

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

Income Taxes

The Company elected to be treated as a RIC under Subchapter M of the Code beginning with its taxable year ended December 31, 2016, currently qualifies as a RIC, and intends to qualify annually for the tax treatment applicable to RICs. A RIC generally is not subject to U.S. federal income taxes on distributed income and gains so long as it meets certain source-of-income and asset diversification requirements and it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. So long as the Company maintains its status as a RIC, it generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. Rather, any tax liability related to income earned by the Company represents obligations of the Company’s investors and will not be reflected in the 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 10 – Income Taxes."

Per Share Information

Basic and diluted earnings (loss) per common share is calculated using the weighted-average number of common shares outstanding for the period presented. For the three and nine months ended September 30, 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 more information, refer to "Note 9 – Net Assets."

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 in Note 3 – Related Party Agreements and Transactions), the Company and RGC agreed that organization and offering costs incurred in connection with the Initial Private Offering (as defined in Note 9 – Net Assets) 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 (as defined in Note 9 – Net Assets) 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 financial statements and related disclosures.

In July 2023, the SEC released final rules requiring disclosure by public companies of material cybersecurity incidents and policies and procedures related to cybersecurity risk management, strategy and governance ("Cybersecurity Rules"). The Cybersecurity Rules require public companies to (1) disclose cybersecurity incidents that detail the nature, scope, timing, and impact of such incidents and (2) disclose registrant's risk management, strategy, and governance regarding cybersecurity risks, including the board of directors’ oversight of cybersecurity risks and the impact of any such risks on its business strategy, results of operations and financial condition. The Cybersecurity Rules are incorporated under Regulation S-K as new Item 106. The Company intends to comply with the new disclosure requirements under the Cybersecurity Rules in its annual report on Form 10-K effective for the fiscal year ending December 15, 2023 or later.

Summary of Significant Accounting Policies - Additional Information (Details)		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2016 USD ($)	Oct. 31, 2021 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 shares	Sep. 30, 2023 USD ($) Loan shares	Sep. 30, 2022 shares	Dec. 31, 2022 USD ($) Loan	Dec. 31, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
PIK Income as a % of net investment income			11.90%	4.40%	12.30%	8.90%
Payment of excise tax percentage					4.00%
Percentage of minimum beneficial ownership of voting securities for control					25.00%
Percentage of minimum board representation for control					50.00%
Percentage of beneficial ownership of voting securities for affiliation					5.00%
Potentially dilutive securities outstanding \| shares			0	0	0	0
Cash Equivalents
Summary Of Significant Accounting Policies [Line Items]
Investments in money market funds			$ 7,500,000		$ 7,500,000		$ 5,600,000
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
Minimum \| 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
Maximum \| Second Private Offering
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
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			18,000,000		$ 18,000,000		$ 19,200,000
Fair value on non-accrual status			$ 11,600,000		$ 11,600,000		$ 9,300,000
Percentage of investment portfolio on non-accrual status			1.10%		1.10%		0.80%
Cumulative interest on investments					$ 6,300,000		$ 3,900,000
Pivot3, Inc. \| Cash Interest Income
Summary Of Significant Accounting Policies [Line Items]
Cumulative interest on investments					6,000,000		3,600,000
Pivot3, Inc. \| OID Accretion Interest Income
Summary Of Significant Accounting Policies [Line Items]
Cumulative interest on investments					$ 300,000		$ 300,000

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Unfunded loan commitments	$ 203,529	$ 315,685

Fair Value of Financial Instruments - Schedule of Level 3 Assets measured at Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	$ 1,111,946	$ 657,346
Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	7,306	4,576
Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	105,117	392,693
PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	15,334	6,345
Sales or Repayments of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(232,717)	(145,479)
Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	891	(2,239)
Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(1,178)	(851)
Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(6,483)	(16,527)
Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	998,434	895,864
Net Change in Unrealized Gain (Loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(8,366)	(17,715)
Preferred Stock \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	347	1,332
Preferred Stock \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Preferred Stock \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	25,000	0
Preferred Stock \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Preferred Stock \| Sales or Repayments of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	(800)
Preferred Stock \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Preferred Stock \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Preferred Stock \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(3,308)	(147)
Preferred Stock \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	22,039	385
Preferred Stock \| Net Change in Unrealized Gain (Loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(3,308)	(77)
Common Stock \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	1,174	0
Common Stock \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	4,551
Common Stock \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Sales or Repayments of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(288)	(3,323)
Common Stock \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	886	1,228
Common Stock \| Net Change in Unrealized Gain (Loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(286)	(3,323)
Senior Secured Term Loans \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	1,080,121	623,054
Senior Secured Term Loans \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	7,221	4,488
Senior Secured Term Loans \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(78,611)	385,651
Senior Secured Term Loans \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	14,895	5,855
Senior Secured Term Loans \| Sales or Repayments of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(232,717)	(143,171)
Senior Secured Term Loans \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Senior Secured Term Loans \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Senior Secured Term Loans \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(616)	(13,349)
Senior Secured Term Loans \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	947,515	862,528
Senior Secured Term Loans \| Net Change in Unrealized Gain (Loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(1,207)	(12,454)
Second Lien Term Loans \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	13,654	12,873
Second Lien Term Loans \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	85	88
Second Lien Term Loans \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Second Lien Term Loans \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	439	490
Second Lien Term Loans \| Sales or Repayments of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Second Lien Term Loans \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Second Lien Term Loans \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Second Lien Term Loans \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	(48)
Second Lien Term Loans \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	14,178	13,403
Second Lien Term Loans \| Net Change in Unrealized Gain (Loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	(48)
Warrants \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	16,650	20,087
Warrants \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Warrants \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	1,506	2,491
Warrants \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Warrants \| Sales or Repayments of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	(1,508)
Warrants \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(891)	(2,239)
Warrants \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(1,178)	(851)
Warrants \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(2,271)	340
Warrants \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	13,816	18,320
Warrants \| Net Change in Unrealized Gain (Loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	$ (3,565)	$ (1,813)

Fair Value of Financial Instruments - Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements (Details) - Level 3 $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 998,434	$ 1,111,946
Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	886	1,174
Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	232	347
Preferred Stock \| PWERM
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 21,807
Preferred Stock \| PWERM \| Minimum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.051
Preferred Stock \| PWERM \| Maximum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.051
Preferred Stock \| PWERM \| Weighted Average \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.051
Preferred Stock \| Option Pricing Model \| Minimum \| Average Industry Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.50
Preferred Stock \| Option Pricing Model \| Minimum \| Estimated Time to Exit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.017
Preferred Stock \| Option Pricing Model \| Minimum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0933
Preferred Stock \| Option Pricing Model \| Maximum \| Average Industry Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.50
Preferred Stock \| Option Pricing Model \| Maximum \| Estimated Time to Exit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.017
Preferred Stock \| Option Pricing Model \| Maximum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0933
Preferred Stock \| Option Pricing Model \| Weighted Average \| Average Industry Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	(0.50)
Preferred Stock \| Option Pricing Model \| Weighted Average \| Estimated Time to Exit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, term	1 year 8 months 12 days
Preferred Stock \| Option Pricing Model \| Weighted Average \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	(0.0933)
Senior Secured Term Loans \| Discounted Cash Flow Analysis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 912,757	$ 1,053,748
Senior Secured Term Loans \| Discounted Cash Flow Analysis \| Minimum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.116	0.111
Senior Secured Term Loans \| Discounted Cash Flow Analysis \| Maximum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.206	0.28
Senior Secured Term Loans \| Discounted Cash Flow Analysis \| Weighted Average \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.153	0.152
Senior Secured Term Loans \| PWERM
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 34,758	$ 26,373
Senior Secured Term Loans \| PWERM \| Minimum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.215	0.274
Senior Secured Term Loans \| PWERM \| Maximum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.425	0.374
Senior Secured Term Loans \| PWERM \| Weighted Average \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.359	0.309
Senior Secured Term Loans \| Market Approach \| Minimum \| Origination Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.097	0.105
Senior Secured Term Loans \| Market Approach \| Maximum \| Origination Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.159	0.193
Senior Secured Term Loans \| Market Approach \| Weighted Average \| Origination Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.127	0.129
Second Lien Term Loans \| Discounted Cash Flow Analysis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 14,178	$ 13,654
Second Lien Term Loans \| Discounted Cash Flow Analysis \| Minimum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.168	0.161
Second Lien Term Loans \| Discounted Cash Flow Analysis \| Maximum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.168	0.161
Second Lien Term Loans \| Discounted Cash Flow Analysis \| Weighted Average \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.168	0.161
Second Lien Term Loans \| Market Approach \| Minimum \| Origination Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.167	0.122
Second Lien Term Loans \| Market Approach \| Maximum \| Origination Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.167	0.122
Second Lien Term Loans \| Market Approach \| Weighted Average \| Origination Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt securities, measurement input	0.167	(0.122)
Warrants \| PWERM
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 4,808	$ 6,404
Warrants \| PWERM \| Minimum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.20	0.20
Warrants \| PWERM \| Minimum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0253	0.0235
Warrants \| PWERM \| Maximum \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.45	0.40
Warrants \| PWERM \| Maximum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	2.2409	1.9938
Warrants \| PWERM \| Weighted Average \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.342	0.346
Warrants \| PWERM \| Weighted Average \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.474	0.131
Warrants \| Option Pricing Model
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investments	$ 9,008	$ 10,246
Warrants \| Option Pricing Model \| Minimum \| Risk-free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.042	0.027
Warrants \| Option Pricing Model \| Minimum \| Average Industry Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.25	0.25
Warrants \| Option Pricing Model \| Minimum \| Estimated Time to Exit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.008	0.005
Warrants \| Option Pricing Model \| Minimum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0101	0.0116
Warrants \| Option Pricing Model \| Maximum \| Risk-free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.055	0.049
Warrants \| Option Pricing Model \| Maximum \| Average Industry Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	1.075	0.984
Warrants \| Option Pricing Model \| Maximum \| Estimated Time to Exit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.084	0.05
Warrants \| Option Pricing Model \| Maximum \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0657	0.8863
Warrants \| Option Pricing Model \| Weighted Average \| Risk-free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.046	0.043
Warrants \| Option Pricing Model \| Weighted Average \| Average Industry Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.475	0.49
Warrants \| Option Pricing Model \| Weighted Average \| Estimated Time to Exit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, term	2 years 10 months 24 days	2 years 2 months 12 days
Warrants \| Option Pricing Model \| Weighted Average \| Revenue Multiples
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants outstanding, measurement input	0.0403	0.0547