0000950170-24-027913 | 10-K | XBRL Viewer | Runway Growth Finance Corp

Amount per Share

^[1]

$ 1.81

$ 1.26

$ 1.33

$ 1.49

$ 2.2

$ 0.75

May 3, 2018

May 03, 2018

Quarterly

May 15, 2018

May 31, 2018

$ 0.15

Jul. 26, 2018

Quarterly

Aug. 15, 2018

Aug. 31, 2018

$ 0.25

Nov. 01, 2018

Quarterly

Oct. 31, 2018

Nov. 15, 2018

$ 0.35

Mar. 22, 2019

Quarterly

Mar. 22, 2019

Mar. 26, 2019

$ 0.4

May 02, 2019

Quarterly

May 07, 2019

May 21, 2019

$ 0.45

May 02, 2019

Quarterly

May 31, 2019

Jul. 16, 2019

$ 0.46

Jul. 30, 2019

Quarterly

Aug. 05, 2019

Aug. 26, 2019

$ 0.45

Sep. 27, 2019

Quarterly

Sep. 30, 2019

Nov. 12, 2019

$ 0.04

Dec. 09, 2019

Quarterly

Dec. 10, 2019

Dec. 23, 2019

$ 0.4

Mar. 05, 2020

Quarterly

Mar. 06, 2020

Mar. 20, 2020

$ 0.4

May 07, 2020

Quarterly

May 08, 2020

May 21, 2020

$ 0.35

Aug. 05, 2020

Quarterly

Aug. 06, 2020

Aug. 20, 2020

$ 0.36

Oct. 01, 2020

Quarterly

Oct. 01, 2020

Nov. 12, 2020

$ 0.38

Mar. 04, 2021

Quarterly

Mar. 05, 2021

Mar. 19, 2021

$ 0.37

Apr. 29, 2021

Quarterly

Apr. 30, 2021

May 13, 2021

$ 0.37

Jul. 19, 2021

Quarterly

Jul. 20, 2021

Aug. 12, 2021

$ 0.34

Oct. 28, 2021

Quarterly

Nov. 08, 2021

Nov. 22, 2021

$ 0.25

Feb. 24, 2022

Quarterly

Mar. 08, 2022

Mar. 22, 2022

$ 0.27

Apr. 28, 2022

Quarterly

May 10, 2022

May 24, 2022

$ 0.3

Jul. 28, 2022

Quarterly

Aug. 09, 2022

Aug. 23, 2022

$ 0.33

Oct. 27, 2022

Quarterly

Nov. 08, 2022

Nov. 22, 2022

$ 0.36

Feb. 23, 2023

Quarterly

Mar. 07, 2023

Mar. 21, 2023

$ 0.4

Feb. 23, 2023

Supplemental

Mar. 07, 2023

Mar. 21, 2023

$ 0.05

May 02, 2023

Quarterly

May 15, 2023

May 31, 2023

$ 0.4

May 02, 2023

Supplemental

May 15, 2023

May 31, 2023

$ 0.05

Aug. 01, 2023

Quarterly

Aug. 15, 2023

Aug. 31, 2023

$ 0.4

Aug. 01, 2023

Supplemental

Aug. 15, 2023

Aug. 31, 2023

$ 0.05

Nov. 01, 2023

Quarterly

Nov. 13, 2023

Nov. 28, 2023

$ 0.4

Significant of Accounting Policies

Nov. 01, 2023

Supplemental

Nov. 13, 2023

Nov. 28, 2023

$ 0.06

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

Income Taxes - Summary of Components of Distributable Earnings on a Tax Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Undistributed ordinary Income	$ 17,726	$ 10,473	$ 329
Capital loss carry forwards	(26,726)	(6,011)	(2,931)
Other accumulated losses	(165)	(189)	(213)
Net unrealized gain (loss) on a tax basis	(38,472)	(23,593)	2,548
Accumulated earnings/(deficit) on a tax basis	$ (47,637)	$ (19,320)	$ (267)

Investments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Percentage of beneficial ownership of voting securities for affiliation	5.00%
Percentage of minimum beneficial ownership of voting securities for control	25.00%
Percentage of minimum board representation for control	50.00%
Net realized gain/(loss)	$ (1.4)	$ (0.9)	$ 0.8
Net unrealized gain (loss)	$ (5.2)	$ (2.3)	$ 2.8

Borrowings - Additional Information (Details) - USD ($)							12 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Apr. 13, 2023	Dec. 07, 2022	Aug. 31, 2022	Jul. 28, 2022	Dec. 10, 2021	May 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 10, 2022	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Unamortized deferred debt costs							$ 9,172,000	$ 10,293,000
Aggregate amount paid							275,000,000	208,000,000	$ 199,000,000
Net proceeds of sales of equity interests							210,000,000	484,000,000	161,000,000
Debt instrument, outstanding balance							$ 519,250,000	$ 559,250,000	$ 81,000,000		$ 99,000,000	$ 61,000,000	$ 59,500,000	$ 0
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate							8.15%	5.89%
Weighted average outstanding principal Credit Facility balance							$ 278,200,000	$ 134,900,000
Credit Facility
Debt Instrument [Line Items]
Debt instrument principal amount						$ 100,000,000	$ 550,000,000
Line of credit facility stated maturity date							Apr. 20, 2025
Expiration date							Apr. 20, 2026
Line of credit facility, amortization period							1 year
Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 600,000,000
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	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	0
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
Unamortized deferred debt costs							$ 1,900,000	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	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%
Debt instrument due date		Dec. 28, 2027
Aggregate offering costs including underwriter's discounts and commissions		$ 1,800,000
Unamortized deferred debt costs							$ 1,500,000	$ 1,800,000
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 March 1, 2023.
Debt instrument, frequency of periodic payment							quarterly
Debt instrument redemption description							The December 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 31, 2024, at a redemption price of $25 per December 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.
Debt instrument, redemption price per share		$ 25

Borrowings - Schedule of Borrowings (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Principal	$ 519,250,000	$ 559,250,000	$ 81,000,000	$ 99,000,000	$ 61,000,000	$ 59,500,000	$ 0
Carrying Value	510,078,000	548,957,000
Credit Facility
Debt Instrument [Line Items]
Principal	272,000,000	337,000,000	$ 61,000,000	$ 99,000,000	$ 61,000,000
Borrowings
Debt Instrument [Line Items]
Total Commitment	797,250,000	647,250,000
Principal	519,250,000	559,250,000
Deferred Debt Cost	(9,172,000)	(10,293,000)
Carrying Value	510,078,000	548,957,000
Borrowings \| Credit Facility
Debt Instrument [Line Items]
Total Commitment	550,000,000	425,000,000
Principal	272,000,000	337,000,000
Deferred Debt Cost	(4,434,000)	(4,640,000)
Carrying Value	267,566,000	332,360,000
Borrowings \| April 2026 Notes
Debt Instrument [Line Items]
Total Commitment	25,000,000
Principal	25,000,000
Deferred Debt Cost	(277,000)
Carrying Value	24,723,000
Borrowings \| December 2026 Notes
Debt Instrument [Line Items]
Total Commitment	70,000,000	70,000,000
Principal	70,000,000	70,000,000
Deferred Debt Cost	(573,000)	(818,000)
Carrying Value	69,427,000	69,182,000
Borrowings \| July 2027 Notes
Debt Instrument [Line Items]
Total Commitment	80,500,000	80,500,000
Principal	80,500,000	80,500,000
Deferred Debt Cost	(1,924,000)	(2,380,000)
Carrying Value	78,576,000	78,120,000
Borrowings \| August 2027 Notes
Debt Instrument [Line Items]
Total Commitment	20,000,000	20,000,000
Principal	20,000,000	20,000,000
Deferred Debt Cost	(511,000)	(653,000)
Carrying Value	19,489,000	19,347,000
Borrowings \| December 2027 Notes
Debt Instrument [Line Items]
Total Commitment	51,750,000	51,750,000
Principal	51,750,000	51,750,000
Deferred Debt Cost	(1,453,000)	(1,802,000)
Carrying Value	$ 50,297,000	$ 49,948,000

Income Taxes - Summary of Tax Character of Distributions Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Ordinary income	$ 73,322	$ 51,593	$ 44,943

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the requirements for reporting on Form 10‑K 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.

Certain items in the December 31, 2022 and December 31, 2021 consolidated financial statements have been reclassified to conform to the December 31, 2023 presentation with no effect on the Total net assets on the Consolidated Statements of Assets and Liabilities, no effect on the Net increase (decrease) in net assets resulting from operations on the Consolidated Statements of Operations, and no effect to the Net increase (decrease) in cash and cash equivalents on the Consolidated Statements of Cash Flows.

Principles of Consolidation

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

Effective December 31, 2023, the Company completed a credit bid resulting in the acquisition of Pivot3, Inc.’s assets in consideration for the Company’s outstanding senior secured term loan to Pivot3, Inc. As of December 31, 2023, the cost basis of the senior secured term loan to Pivot3, Inc. was $18.0 million and the fair value of Pivot3, Inc.’s asset was $0.95 million, resulting in a realized loss of approximately $17.0 million. The public sale of the collateral included (1) all issued and outstanding equity interest of Pivot3, Inc. and (2) intangible assets. Pursuant to the credit bid purchase agreement, the Company directed that the Pivot3, Inc. pledged equity be transferred to P3 Holdco LLC (“P3 Holdco”), a wholly owned subsidiary of the Company, and the assets be contributed to Pivot3, Inc. (resulting in Pivot3, Inc. becoming a wholly-owned subsidiary of P3 Holdco).

The Company’s consolidated operations include the activities of its wholly owned subsidiary, P3 Holdco and P3 Holdco’s wholly owned subsidiary Pivot3, Inc. The subsidiaries are consolidated and included in the Company’s consolidated financial statements and the assets of Pivot3, Inc. are recorded at fair value. All intercompany balances and transactions have been eliminated. Refer to the Schedule of Investments for the Company’s equity interest in Pivot3, Inc. as of December 31, 2023.

Use of Estimates

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

Cash and Cash Equivalents

Cash consists solely of funds deposited with financial institutions, while cash equivalents consists of short-term liquid investments in money market funds. Cash and cash equivalents are carried at cost, which approximates fair value. As of December 31, 2023, the Company did not have any cash equivalents invested in money market funds. As of December 31, 2022, $5.6 million was invested in money market funds. Interest earned in money market funds are recorded in Other income on the Consolidated 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 Consolidated 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 as a reduction to total debt on the Consolidated 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 Consolidated 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 Consolidated Statements of Operations. Accrued but unpaid interest is included within Interest payable on the Consolidated Statements of Assets and Liabilities. For more information, refer to “Note 7 – Borrowings.”

Segments

The Company lends to and invests in customers in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment. All applicable segment disclosures are included in or can be derived from the Company’s consolidated financial statements.

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 Consolidated Statements of Operations.

Dividend income is recorded on an accrual basis to the extent that such amounts are payable and expected to be collected. Dividend income is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. 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 years ended December 31, 2023, December 31, 2022, and December 31, 2021, approximately 12.2%, 8.0%, and 4.2%, 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 December 31, 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 Consolidated 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 it is probable that principal, interest, or other obligations will not be collected in full. At the point of non-accrual, the Company will cease recognizing interest income on the debt investment until all principal and interest due have been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Additionally, any OID 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.

During the years ended December 31, 2023 and December 31, 2022, the Company had not written off any accrued interest. As of December 31, 2023, we had no loans on non-accrual status as our single loan to Pivot3, Inc. was realized. For more information, refer to "Note 2 — Summary of Significant Accounting Policies, Principles of Consolidation." As of December 31, 2022, the Company had one loan to Pivot3, Inc. on non-accrual status. The loan, with a cost basis of $19.2 million and a fair value of $9.3 million represents 0.8% of the Company’s total investment portfolio. From being placed on non-accrual status through December 31, 2022, cumulative interest of $3.6 million would be receivable and $0.3 million OID would be accreted into the cost basis, for a total of $3.9 million not recorded in interest income from control investments on the Statement of Operations. As of December 31, 2021, the Company had six loans to Mojix, Inc. and one loan to Pivot3, Inc., on non-accrual status. The loans, with an aggregate cost basis of $30.3 million and a fair value of $28.3 million, represents 3.9% of the Company’s total investment portfolio. From being placed on non-accrual status through December 31, 2021, cumulative interest of $4.1 million would be receivable and $0.7 million OID would be accreted into the cost basis, for a total of $4.8 million not recorded in interest income from control investments on the Statement 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. For more information on financial instruments reported at cost, refer to "Note 5 – Fair Value of Financial Instruments."

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 or liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset or liability is the market with the greatest volume and level of activity for such asset 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 annually by an independent valuation firm if the net asset value and other aspects of such investments in the aggregate do not exceed certain thresholds;

•

The Audit Committee 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(s) 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 on the Consolidated Statements of Assets and Liabilities.

Income Taxes

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

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. If the Company determines that the estimated current year taxable income will exceed the estimated dividend distributions for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. Differences between taxable income and net increase in net assets resulting from operations either can be temporary, meaning they will reverse in the future, or permanent. In accordance with 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 years ended December 31, 2023, 2022, and 2021, basic and diluted earnings (loss) per share of common stock were the same because there were no potentially dilutive securities outstanding. Per share data is based on the weighted-average shares outstanding.

Comprehensive Income

The Company reports all changes in comprehensive income in the Consolidated Statements of Operations. The Company did not have other comprehensive income in 2023, 2022, or 2021. The Company’s comprehensive income is equal to its Net increase in net assets resulting from operations.

Distributions

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

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 consolidated financial statements and related disclosures.

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. ASU No. 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU requires all annual disclosures currently required by Topic 280 to be included in interim periods and is applicable to entities with a single reportable segment. ASU No. 2023-07 will be effective for the Company in fiscal year 2024 for annual reporting and in the first quarter of fiscal 2025 for interim reporting. Retrospective application is required for all prior periods presented in the consolidated financial statements. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.

Net Assets

12 Months Ended

Dec. 31, 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 “Initial Repurchase Program”) under which the Company could have repurchased up to $25.0 million of its outstanding common stock. Under the Initial 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 December 31, 2022, the Company had repurchased 871,345 shares of the Company's common stock under the Initial Repurchase Program for an aggregate purchase price of $10.8 million. No shares were repurchased during the year ended December 31, 2023. The Board of Directors did not renew the Initial Repurchase Program, and it expired on February 24, 2023.

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

As of December 31, 2023, the Company has not repurchased any shares in connection with the Initial Repurchase Program. If not renewed, the Repurchase Program will terminate upon the earlier of (i) November 2, 2024 and (ii) the repurchase of $25.0 million of the Company's shares of common stock.

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 year ended December 31, 2023, the Company declared and paid dividends in the amount of $73.3 million, of which $70.8 million was distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan. For the year ended December 31, 2022, the Company declared dividends in the amount of $51.6 million, of which $40.7 million was distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan. For the year ended December 31, 2021, the Company declared dividends in the amount of $44.9 million, of which $17.9 million was 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 years ended December 31, 2023, December 31, 2022, and December 31, 2021, the Company purchased 204,658, 781,498, and 1,830,974 shares of common stock in the open market under the Dividend Reinvestment Plan for a total of $2.5 million, $10.9 million and $27.0 million, respectively.

The following table summarizes the distributions declared and paid since inception through December 31, 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
November 1, 2023	Quarterly	November 13, 2023	November 28, 2023	$	0.40
November 1, 2023	Supplemental	November 13, 2023	November 28, 2023	$	0.06

The entire disclosure for equity.

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Consolidated Schedule of Investments - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 1,106,849,000

$ 1,150,602,000

$ 1,067,009,000

$ 1,126,309,000

Investment, Identifier [Axis]: Affiliate Investments

195.04%

195.52%

$ 58,861,000

$ 4,551,000

$ 51,456,000

^[1]

$ 2,084,000

^[2]

Investment, Identifier [Axis]: Affiliate Investments Debt Investments

9.41%

0.36%

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

^[1]

$ 23,586,000

10.81%

9.50%

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

Dec. 15, 2022

25,897,000

$ 23,586,000

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

4.31%

8.75%

8.00%

5.00%

Mar. 01, 2023

Nov. 30, 2026

$ 25,595

25,897,000

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

$ 23,586,000

8.75%

8.00%

5.00%

Nov. 30, 2026

Investment, Identifier [Axis]: Affiliate Investments Debt investments

^[1]

$ 23,586,000

25,897,000

$ 23,586,000

Investment, Identifier [Axis]: Affiliate Investments Equity Investments

4.31%

$ 4,551,000

$ 26,894,000

^[1]

$ 1,174,000

^[2]

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

0.20%

4,551,000

$ 4,551,000

$ 856,000

$ 1,174,000

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

0.16%

0.20%

Mar. 09, 2020

1,040,160

$ 4,551,000

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

1,174,000

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

^[2]

1,174,000

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

$ 856,000

^[1]

1,174,000

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

^[1]

4,577,000

Investment, Identifier [Axis]: Affiliate Investments Equity investments

^[1]

21,461,000

32,651,000

$ 26,894,000

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

4.92%

Mar. 09, 2020

1,040,160

$ 4,551,000

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

856,000

28,100,000

$ 26,038,000

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

4.76%

Oct. 24, 2023

3,100,000

$ 3,100,000

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

$ 4,577,000

Mar. 01, 2023

3,266,668

$ 25,000,000

Investment, Identifier [Axis]: Affiliate Investments Warrants

21,461,000

313,000

$ 976,000

^[1]

$ 910,000

^[2]

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

0.18%

0.16%

$ 663,000

$ 910,000

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

0.12%

0.16%

Mar. 09, 2020

Mar. 09, 2030

811,770

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

$ 910,000

Mar. 09, 2020

Mar. 09, 2030

811,770

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

$ 663,000

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

663,000

^[1]

910,000

^[2]

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

^[1]

313,000

313,000

$ 313,000

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

0.06%

Mar. 01, 2023

Mar. 01, 2030

$ 313,000

Investment, Identifier [Axis]: Control Investments

313,000

950,000

19,172,000

$ 950,000

^[1]

$ 9,290,000

^[2]

$ 29,131,000

Investment, Identifier [Axis]: Control Investments Debt Investments

0.17%

1.61%

$ 19,172,000

$ 9,290,000

^[2]

28,261,000

Investment, Identifier [Axis]: Control Investments Debt Investments Data Processing & Outsourced Services

1.61%

$ 19,172,000

$ 9,290,000

Investment, Identifier [Axis]: Control Investments Debt Investments 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

1.61%

11.00%

8.50%

4.00%

May 13, 2019

Jan. 15, 2023

$ 18,598,000

19,172,000

Investment, Identifier [Axis]: Control Investments Debt Investments Mojix, Inc Five

$ 9,290,000

12.00%

12.00%

5.00%

Jan. 15, 2025

Investment, Identifier [Axis]: Control Investments Debt Investments Mojix, Inc Four

1,253,000

12.00%

12.00%

5.00%

Jan. 15, 2025

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

629,000

12.00%

12.00%

5.00%

Jan. 15, 2025

Investment, Identifier [Axis]: Control Investments Debt Investments Mojix, Inc Six

7,568,000

12.00%

12.00%

5.00%

Jan. 15, 2025

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

1,008,000

12.00%

12.00%

5.00%

Jan. 15, 2025

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

630,000

12.00%

12.00%

5.00%

Jan. 15, 2025

Investment, Identifier [Axis]: Control Investments Debt Investments Pivot3, Inc

2,523,000

11.00%

8.50%

Nov. 15, 2022

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

$ 9,290,000

^[2]

14,650,000

11.00%

8.50%

4.00%

Oct. 15, 2023

Investment, Identifier [Axis]: Control Investments Equity Investments

9,290,000

$ 950,000

$ 950,000

^[1]

870,000

Investment, Identifier [Axis]: Control Investments Equity Investments Data Processing & Outsourced Services

0.17%

$ 950,000

$ 950,000

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

0.17%

Dec. 31, 2023

$ 950,000

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

950,000

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

$ 870,000

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

^[1]

$ 950,000

6.25%

11.25%

2.00%

1.50%

Dec. 19, 2023

Dec. 15, 2028

$ 25,500,000

25,083,000

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

$ 25,083,000

9.26%

9.76%

3.4375%

Jun. 24, 2022

Jun. 15, 2027

$ 40,000,000

39,907,000

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

39,945,000

1,005,024,000

1,126,879,000

$ 972,604,000

$ 1,114,935,000

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

177.78%

193.55%

$ 966,328,000

$ 1,091,206,000

$ 954,912,000

$ 1,084,485,000

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

174.54%

188.26%

$ 203,979,000

$ 180,759,000

$ 196,540,000

$ 176,582,000

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

35.92%

30.66%

12.26%

9.50%

7.50%

Dec. 20, 2018

Dec. 15, 2023

$ 19,928,000

21,260,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Circadence Corporation Investment Type Senior Secured Interest Rate SOFR+9.50%, 12.26% floor, 10.00% cash cap, 7.50% ETP Initial Acquisition Date 12/20/2018 Maturity Date 3/15/2024

$ 17,083,000

9.50%

12.26%

10.00%

7.50%

Dec. 20, 2018

Mar. 15, 2024

$ 23,147,000

24,281,000

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

$ 19,028,000

9.25%

9.75%

1.75%

Jun. 01, 2021

Jun. 01, 2025

$ 10,000,000

10,033,000

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

$ 10,033,000

5.00%

9.00%

1.00%

4.25%

Oct. 19, 2020

Jul. 15, 2027

$ 65,251,000

64,466,000

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

$ 64,466,000

5.00%

9.00%

1.00%

5.75%

Oct. 19, 2020

Jul. 15, 2027

$ 65,916,000

65,868,000

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

$ 64,615,000

9.00%

9.50%

10.00%

4.50%

Dec. 28, 2021

Dec. 28, 2026

$ 87,971,000

88,747,000

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

87,814,000

9.00%

9.50%

4.50%

Dec. 28, 2021

Dec. 28, 2026

$ 85,000,000

85,000,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Asset Management & Custody Banks

85,000,000

7,888,000

$ 7,860,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Asset Management & Custody Banks Betterment Holdings, Inc. Investment Type Senior Secured Interest Rate PRIME+4.50%, 8.50% floor Initial Acquisition Date 10/6/2023 Maturity Date 10/6/2027

1.44%

4.50%

8.50%

Oct. 06, 2023

Oct. 06, 2027

$ 8,000,000

7,888,000

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

7,860,000

39,504,000

$ 39,709,000

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

6.89%

8.75%

9.25%

3.50%

Mar. 04, 2022

Apr. 15, 2027

$ 30,000,000

29,709,000

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

$ 29,709,000

5.00%

8.50%

4.25%

Sep. 02, 2022

Sep. 01, 2026

$ 10,000,000

9,795,000

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

10,000,000

105,581,000

86,551,000

$ 104,581,000

$ 86,182,000

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

19.12%

14.96%

7.50%

12.78%

Jul. 10, 2023

Jul. 10, 2027

$ 20,000,000

19,424,000

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

$ 19,424,000

9.26%

9.76%

3.4375%

Jun. 24, 2022

Jun. 15, 2027

$ 40,000,000

39,504,000

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

$ 39,504,000

8.25%

10.86%

3.00%

Aug. 18, 2020

Jul. 15, 2025

$ 1,000,000

1,026,000

$ 1,007,000

8.25%

10.86%

3.00%

Aug. 18, 2020

Sep. 30, 2024

$ 950,000

978,000

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

$ 947,000

9.25%

11.86%

3.00%

Dec. 03, 2018

Jul. 15, 2025

$ 21,000,000

21,500,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Data Processing & Outsourced Services ShareThis, Inc. Investment Type Senior Secured Interest Rate SOFR+9.25%, 11.86% floor, 3.00% ETP Initial Acquisition Date 12/3/2018 Maturity Date 9/30/2024

$ 21,150,000

9.25%

11.86%

3.00%

Dec. 03, 2018

Sep. 30, 2024

$ 19,950,000

20,503,000

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

$ 19,895,000

7.00%

9.00%

3.00%

Nov. 29, 2022

Nov. 15, 2026

$ 25,000,000

24,769,000

24,521,000

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

24,370,000

24,521,000

25,702,000

25,305,000

$ 25,796,000

$ 25,305,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Education Services Turning Tech Intermediate, Inc. (dba Echo 360, Inc.) Investment Type Senior Secured 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

4.72%

4.39%

8.50%

9.00%

13.00%

3.00%

Jun. 22, 2021

Dec. 14, 2025

$ 25,218,000

$ 25,000,000

25,702,000

25,305,000

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

25,796,000

25,305,000

26,323,000

77,551,000

$ 26,790,000

$ 77,551,000

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

4.90%

13.46%

6.85%

10.89%

3.00%

Oct. 20, 2022

Oct. 20, 2027

$ 26,293,000

26,323,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Electronic Equipment & Instruments Brivo,Inc. Investment Type Senior Secured 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

26,790,000

6.85%

10.89%

50.00%

3.00%

Oct. 20, 2022

Oct. 20, 2027

$ 44,378,000

43,912,000

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

$ 43,912,000

9.75%

10.25%

2.00%

Dec. 17, 2021

Dec. 17, 2025

$ 34,000,000

33,639,000

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

33,639,000

14,919,000

27,149,000

$ 15,284,000

$ 27,149,000

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

2.79%

4.71%

5.25%

8.75%

3.50%

Jun. 24, 2022

Jul. 01, 2027

$ 15,000,000

14,919,000

14,772,000

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

15,284,000

$ 14,772,000

5.50%

8.75%

4.00%

Mar. 30, 2022

Apr. 01, 2027

$ 12,500,000

12,377,000

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

12,377,000

124,096,000

226,709,000

$ 126,204,000

$ 225,915,000

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

23.06%

39.22%

6.44%

9.50%

3.00%

Dec. 30, 2021

Dec. 30, 2026

$ 55,000,000

54,715,000

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

$ 54,715,000

4.90%

8.90%

4.50%

Jun. 30, 2022

Jun. 15, 2027

$ 40,000,000

$ 20,000,000

39,496,000

19,648,000

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

$ 40,337,000

$ 19,648,000

8.75%

9.25%

3.50%

Dec. 01, 2020

Dec. 01, 2025

$ 50,000,000

50,022,000

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

$ 50,022,000

9.50%

12.01%

0.25%

10.50%

Aug. 15, 2018

Dec. 15, 2023

$ 4,015,000

4,615,000

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

$ 3,821,000

9.75%

12.26%

10.50%

Aug. 15, 2018

Dec. 15, 2026

$ 4,322,000

4,952,000

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

$ 3,791,000

2.70%

6.70%

2.00%

4.50%

Oct. 12, 2022

Oct. 12, 2027

$ 20,482,000

$ 20,071,000

20,395,000

19,756,000

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

$ 21,191,000

$ 19,756,000

8.48%

8.98%

3.95%

Aug. 17, 2021

Jul. 01, 2026

$ 35,000,000

$ 13,000,000

34,239,000

12,843,000

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

$ 35,435,000

$ 12,843,000

5.75%

9.00%

4.00%

Dec. 29, 2022

Dec. 01, 2027

$ 25,000,000

25,014,000

24,802,000

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

25,450,000

$ 24,802,000

9.05%

9.55%

3.00%

Dec. 29, 2020

Dec. 01, 2024

$ 40,000,000

40,308,000

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

40,308,000

116,109,000

97,267,000

$ 112,006,000

$ 96,478,000

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

20.47%

16.75%

6.25%

10.25%

2.00%

Sep. 26, 2022

Aug. 17, 2027

$ 75,000,000

$ 60,000,000

74,939,000

59,693,000

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

$ 75,465,000

$ 59,693,000

9.00%

8.50%

2.75%

Sep. 29, 2021

Sep. 01, 2025

$ 40,825,000

41,170,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Human Resource & Employment Services Snagajob.com, Inc. Investment Type Senior Secured 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

36,541,000

8.50%

9.00%

9.00%

2.75%

Sep. 29, 2021

Sep. 01, 2025

$ 37,609,000

37,574,000

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

36,785,000

55,620,000

55,853,000

$ 55,309,000

$ 55,853,000

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

10.11%

9.70%

4.75%

11.00%

11.00%

3.00%

Dec. 16, 2022

Dec. 16, 2026

$ 10,913,000

10,784,000

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

$ 10,847,000

4.75%

11.00%

3.00%

Dec. 16, 2022

Dec. 16, 2026

$ 9,600,000

9,353,000

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

$ 9,353,000

8.50%

9.26%

1.25%

Jun. 30, 2021

Jun. 15, 2025

$ 46,754,000

46,500,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet & Direct Marketing Retail Marley Spoon SE Investment Type Senior Secured Interest Rate SOFR+7.50%, 8.26% floor, 1.25% PIK Initial Acquisition Date 6/30/2021 Maturity Date 6/15/2026

46,500,000

7.50%

8.26%

1.25%

Jun. 30, 2021

Jun. 15, 2026

$ 44,983,000

44,836,000

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

44,462,000

97,402,000

147,332,000

$ 96,820,000

$ 146,535,000

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

17.70%

25.44%

4.75%

6.75%

3.25%

0.96%

Dec. 26, 2023

Jan. 15, 2028

$ 28,000,000

27,879,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet Software and Services Bombora, Inc. Investment Type Senior Secured 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

$ 27,879,000

5.00%

5.76%

3.75%

2.00%

Mar. 31, 2021

Mar. 31, 2025

$ 21,341,000

21,337,000

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

$ 21,337,000

11.00%

12.00%

2.00%

Mar. 25, 2022

May 13, 2024

$ 8,947,000

8,986,000

$ 8,692,000

11.00%

12.00%

2.39%

May 13, 2021

May 13, 2024

$ 12,205,000

12,360,000

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

$ 11,857,000

9.00%

9.76%

2.50%

Nov. 15, 2021

Nov. 15, 2025

$ 45,000,000

45,329,000

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

$ 45,329,000

6.50%

10.72%

3.00%

Nov. 08, 2022

Nov. 08, 2026

$ 30,000,000

$ 25,000,000

29,765,000

24,414,000

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

$ 29,183,000

$ 24,414,000

4.25%

8.25%

Jun. 30, 2022

Jun. 30, 2027

$ 35,000,000

34,906,000

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

34,906,000

7.00%

11.07%

1.00%

Dec. 29, 2023

Dec. 29, 2028

$ 40,000,000

39,758,000

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

39,758,000

74,877,000

49,143,000

$ 74,767,000

$ 49,143,000

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

13.67%

8.53%

6.25%

12.50%

3.00%

Sep. 26, 2022

Sep. 15, 2026

$ 75,000,000

$ 50,000,000

74,877,000

49,143,000

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

74,767,000

49,143,000

113,832,000

78,083,000

$ 112,955,000

$ 78,083,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments System Software 3PL Central LLC Investment Type Senior Secured 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

20.64%

13.55%

4.50%

6.50%

2.50%

2.00%

Nov. 09, 2022

Nov. 09, 2027

$ 70,395,000

$ 65,163,000

70,064,000

64,429,000

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

$ 69,066,000

$ 64,429,000

8.00%

8.50%

2.00%

3.00%

Dec. 22, 2021

Dec. 22, 2025

$ 14,172,000

14,278,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments System Software Dejero Labs Inc. Investment Type Senior Lien 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

$ 14,399,000

5.00%

5.50%

5.00%

3.00%

Dec. 22, 2021

Dec. 22, 2025

$ 13,661,000

13,654,000

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

13,654,000

3.25%

11.75%

2.25%

Nov. 03, 2023

Nov. 15, 2027

$ 30,000,000

29,490,000

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

29,490,000

18,449,000

16,546,000

$ 5,721,000

$ 14,605,000

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

1.05%

2.54%

$ 136,000

$ 136,000

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

0.03%

Dec. 13, 2023

134

$ 16,000

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

$ 16,000

Dec. 13, 2023

1,030

$ 120,000

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

120,000

688,000

$ 688,000

$ 390,000

$ 1,769,000

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

0.07%

0.31%

Jul. 10, 2018

289,419

$ 250,000

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

$ 127,000

$ 347,000

Oct. 19, 2020

230,881

$ 438,000

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

263,000

1,422,000

12,132,000

$ 3,553,000

$ 12,335,000

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

0.65%

2.14%

Jan. 08, 2020

462,064

$ 12,132,000

Temporary equity, dividend rate percentage

$ 12,335,000

11.00%

Jan. 08, 2020

462,064

$ 12,132,000

Temporary equity, dividend rate percentage

$ 3,553,000

11.00%

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

$ 1,357,000

$ 1,357,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Equity Investments Human Resource & Employment Services Snagajob.com, Inc. Investment Type Equity Convertible Note Initial Acquisition Date 10/26/2023 Maturity Date 12/31/2026

0.25%

Oct. 26, 2023

Dec. 31, 2026

1,357

$ 1,357,000

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

1,357,000

410,000

$ 125,000

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

0.02%

Jul. 07, 2023

46,004

$ 410,000

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

125,000

3,726,000

$ 3,726,000

$ 160,000

$ 501,000

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

0.03%

0.09%

Aug. 13, 2021

459,720

$ 2,607,000

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

$ 160,000

$ 501,000

Dec. 31, 2020

6,078,499

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

$ 1,119,000

20,247,000

19,127,000

$ 11,971,000

$ 15,845,000

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

2.19%

2.75%

$ 246,000

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

0.00%

Jun. 30, 2017

Jun. 30, 2027

191,500

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

$ 246,000

$ 6,400,000

5,928,000

$ 2,196,000

$ 3,649,000

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

0.40%

0.63%

Dec. 28, 2018

Dec. 28, 2028

273,164

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

$ 104,000

Dec. 28, 2018

Dec. 28, 2028

273,164

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

$ 104,000

Jun. 29, 2018

Jun. 29, 2028

2,387,705

$ 1,048,000

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

$ 1,048,000

Jun. 29, 2018

Jun. 29, 2028

2,387,705

$ 1,048,000

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

$ 2,865,000

Dec. 19, 2023

$ 167,000

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

$ 167,000

Oct. 31, 2019

Oct. 31, 2029

384,615

$ 846,000

$ 12,000

Dec. 20, 2018

Dec. 20, 2028

1,538,462

$ 3,630,000

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

$ 48,000

Dec. 21, 2023

$ 304,000

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

$ 283,000

Oct. 31, 2019

Oct. 31, 2029

384,615

$ 845,000

$ 22,000

Dec. 20, 2018

Dec. 20, 2028

1,538,462

$ 3,630,000

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

$ 87,000

Jun. 01, 2018

Jun. 01, 2025

500,000

$ 59,000

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

$ 233,000

Jun. 01, 2018

Jun. 01, 2025

500,000

$ 59,000

$ 214,000

Jul. 11, 2019

Jul. 11, 2026

833,333

$ 115,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Dtex Systems, Inc.Investment Type Warrants Series C-Prime Preferred Stock Initial Acquisition Date 7/11/2019 Maturity Date 7/11/2026

$ 356,000

Jul. 11, 2019

Jul. 11, 2026

833,333

$ 115,000

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

$ 389,000

Jul. 29, 2022

Jul. 29, 2027

$ 127,000

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

$ 105,000

Jul. 29, 2022

Jul. 29, 2027

$ 127,000

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

16,000

Dec. 23, 2020

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Asset Management & Custody Banks

Dec. 23, 2023

75,000

$ 161,000

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

0.03%

Oct. 06, 2023

Oct. 06, 2033

7,680

$ 35,000

$ 146,000

Oct. 06, 2023

Oct. 06, 2033

9,818

$ 40,000

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

15,000

541,000

$ 541,000

$ 51,000

$ 216,000

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

0.01%

0.04%

Mar. 04, 2022

Mar. 04, 2032

748,036

$ 315,000

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

$ 59,000

Mar. 04, 2022

Mar. 04, 2032

748,036

$ 315,000

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

$ 39,000

Sep. 02, 2022

Sep. 02, 2032

150,753

$ 226,000

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

157,000

Sep. 02, 2022

Sep. 02, 2032

150,753

$ 226,000

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

12,000

$ 183,000

183,000

$ 68,000

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

0.00%

0.01%

Jul. 22, 2019

Jul. 22, 2029

848,093

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

$ 183,000

Jul. 22, 2019

Jul. 22, 2029

848,093

$ 183,000

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

68,000

2,828,000

2,381,000

$ 1,254,000

$ 1,932,000

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

0.23%

0.34%

Jul. 10, 2023

Jul. 10, 2033

248,997

$ 447,000

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

$ 384,000

Jun. 24, 2022

Jun. 24, 2032

189,408

$ 219,000

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

$ 204,000

Jun. 24, 2022

Jun. 24, 2032

189,408

$ 219,000

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

$ 67,000

Dec. 03, 2018

Dec. 03, 2028

647,615

$ 2,162,000

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

803,000

Dec. 03, 2018

Dec. 03, 2028

647,615

$ 2,162,000

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

1,728,000

603,000

528,000

$ 745,000

$ 563,000

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

0.14%

0.10%

Oct. 20, 2022

Oct. 20, 2032

201,000

$ 98,000

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

$ 322,000

Oct. 20, 2022

Oct. 20, 2032

201,000

$ 98,000

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

$ 107,000

Dec. 17, 2021

Dec. 17, 2028

$ 505,000

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

423,000

Dec. 17, 2021

Dec. 17, 2024

$ 430,000

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

456,000

301,000

302,000

$ 240,000

$ 284,000

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

0.04%

0.05%

Jun. 24, 2022

Jun. 24, 2032

214,285

$ 175,000

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

$ 138,000

Jun. 24, 2022

Jun. 24, 2032

214,285

$ 175,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Equipment Revelle Aesthetics, Inc. Investment Type Warrants Series A-2 Preferred Stock Initial Acquisition Date 3/30/2022 Maturity Date 3/30/2032

$ 163,000

Mar. 30, 2022

Mar. 30, 2032

115,591

$ 126,000

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 3/30/2032

102,000

Mar. 30, 2022

Mar. 30, 2032

115,591

$ 127,000

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

121,000

3,137,000

3,415,000

$ 2,506,000

$ 2,594,000

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

0.46%

0.45%

Sep. 15, 2022

Jan. 22, 2025

46,256

$ 144,000

Mar. 30, 2021

Jan. 22, 2025

132,979

$ 282,000

$ 15,000

Jun. 14, 2022

Jan. 22, 2025

46,256

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

$ 141,000

Aug. 02, 2023

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

$ 77,000

Mar. 30, 2021

Mar. 30, 2031

132,979

$ 283,000

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 3/30/2031

$ 632,000

Jun. 14, 2022

Mar. 30, 2031

88,440

$ 284,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology CareCloud, Inc. Common Stock Initial Acquisition Date 1/8/2020 Maturity Date 1/8/2023

$ 259,000

Jan. 08, 2020

Jan. 08, 2023

1,000,000

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

$ 837,000

Jun. 30, 2022

Jun. 30, 2032

$ 605,000

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

$ 690,000

Jun. 30, 2022

Jun. 30, 2032

$ 292,000

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

$ 305,000

Nov. 19, 2021

Nov. 19, 2031

27,978,115

$ 341,000

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

$ 446,000

Aug. 15, 2018

Aug. 15, 2028

1,770,973

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

$ 492,000

Aug. 15, 2018

Aug. 15, 2028

1,770,973

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

$ 492,000

Oct. 12, 2022

Oct. 12, 2032

91,717

$ 173,000

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

$ 99,000

Oct. 12, 2022

Oct. 12, 2032

91,717

$ 173,000

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

$ 137,000

Aug. 17, 2021

Aug. 17, 2031

$ 835,000

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

$ 897,000

Aug. 17, 2021

Aug. 17, 2031

$ 248,000

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

$ 297,000

Dec. 29, 2022

Dec. 29, 2032

600,000

$ 74,000

$ 199,000

Jun. 29, 2021

Jun. 29, 2031

400,000

$ 14,000

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

$ 133,000

Dec. 29, 2022

Dec. 29, 2032

600,000

$ 74,000

$ 74,000

Jun. 29, 2021

Jun. 29, 2031

400,000

$ 14,000

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

$ 50,000

Dec. 29, 2020

Dec. 29, 2025

$ 377,000

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

396,000

Dec. 29, 2020

Dec. 29, 2025

$ 377,000

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

394,000

789,000

721,000

$ 1,239,000

$ 1,310,000

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

0.23%

Jun. 30, 2020

Jun. 30, 2030

11,273

$ 218,000

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

$ 1,001,000

Aug. 17, 2021

Aug. 17, 2031

3,502

$ 52,000

$ 95,000

Sep. 26, 2022

Sep. 26, 2032

5,252

$ 176,000

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

$ 143,000

Jun. 30, 2020

Jun. 30, 2030

11,273

$ 218,000

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

$ 920,000

Aug. 17, 2021

Aug. 17, 2031

6,129

$ 160,000

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

$ 170,000

Sep. 29, 2021

Sep. 29, 2031

763,269

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 9/29/2031

$ 343,000

Sep. 29, 2021

Sep. 29, 2031

763,269

$ 343,000

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

220,000

143,000

132,000

$ 154,000

$ 133,000

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

0.03%

0.02%

Dec. 16, 2022

$ 143,000

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

154,000

Dec. 16, 2022

$ 132,000

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

133,000

1,313,000

1,193,000

$ 1,642,000

$ 3,245,000

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

0.30%

0.56%

Mar. 31, 2021

Mar. 31, 2031

121,581

$ 175,000

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

$ 248,000

Dec. 26, 2023

Dec. 26, 2033

48,632

$ 43,000

$ 41,000

Mar. 31, 2021

Mar. 31, 2031

121,581

$ 174,000

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

$ 104,000

Mar. 25, 2022

Mar. 25, 2032

$ 79,000

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

$ 100,000

Mar. 25, 2022

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

$ 79,000

Jul. 26, 2019

Jul. 26, 2029

150,804

$ 522,000

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

$ 2,198,000

Jul. 26, 2019

Jul. 26, 2029

150,804

$ 522,000

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

$ 735,000

Dec. 12, 2019

Dec. 12, 2029

387,596

$ 47,000

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

$ 345,000

Dec. 12, 2019

Dec. 12, 2029

387,596

$ 47,000

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

$ 321,000

Nov. 08, 2022

Nov. 08, 2026

$ 301,000

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

$ 294,000

Nov. 08, 2022

Nov. 08, 2026

$ 243,000

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

$ 225,000

Jun. 30, 2022

Jun. 30, 2032

100,645

$ 127,000

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

129,000

Dec. 29, 2023

Jun. 30, 2032

116,908

$ 147,000

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

147,000

426,000

302,000

$ 438,000

$ 297,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Property & Casualty Insurance Kin Insurance, Inc. Investment Type Warrants Series D-3 Preferred Stock Initial Acquisition Date 5/5/2023 Maturity Date 9/26/2032

0.08%

0.05%

May 05, 2023

Sep. 26, 2032

11,549

$ 69,000

$ 81,000

Aug. 25, 2023

Sep. 26, 2032

9,239

$ 55,000

$ 65,000

Sep. 26, 2022

Sep. 26, 2032

41,576

$ 302,000

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

292,000

Sep. 26, 2022

Sep. 26, 2032

41,576

$ 302,000

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

297,000

2,175,000

$ 373,000

$ 796,000

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

0.07%

0.14%

Sep. 01, 2017

Sep. 01, 2027

870,514

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

$ 1,750,000

Oct. 17, 2018

Aug. 31, 2027

346,621

$ 697,000

Aug. 31, 2017

Aug. 31, 2027

523,893

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

$ 1,053,000

Jan. 07, 2020

Jan. 07, 2030

191,601

$ 425,000

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

796,000

Jan. 07, 2020

Jan. 07, 2030

191,601

$ 425,000

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

373,000

791,000

538,000

$ 562,000

$ 191,000

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

0.10%

0.03%

May 31, 2019

May 31, 2029

333,621

$ 192,000

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

$ 191,000

May 31, 2019

May 31, 2029

333,621

$ 192,000

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

$ 268,000

Nov. 03, 2023

Nov. 03, 2033

$ 253,000

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

$ 294,000

Mar. 29, 2019

Mar. 29, 2029

9,665,667

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

$ 346,000

Mar. 29, 2019

Mar. 29, 2029

9,665,667

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

$ 346,000

542,000

$ 410,000

$ 567,000

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

0.07%

0.10%

Oct. 05, 2018

Oct. 05, 2028

112,451

$ 136,000

$ 178,000

Dec. 28, 2018

Oct. 05, 2028

22,491

$ 25,000

$ 36,000

Jun. 27, 2019

Jun. 27, 2029

123,894

$ 381,000

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

196,000

Oct. 05, 2018

Oct. 05, 2028

112,451

$ 136,000

$ 246,000

Dec. 28, 2018

Dec. 28, 2028

22,491

$ 25,000

$ 49,000

Jun. 27, 2019

Jun. 27, 2029

123,894

$ 381,000

Investment, Identifier [Axis]: Total Investments, Excluding U.S. Treasury Bills

$ 272,000

1,064,835,000

$ 1,025,010,000

Investment, Identifier [Axis]: Total U.S. Treasury

187.36%

$ 42,014,000

$ 41,999,000

Investment, Identifier [Axis]: U.S. Treasury U.S. Treasury Bill, 4.324% Initial Acquisition Date 12/29/2023 Maturity Date 1/4/2024

7.68%

Dec. 29, 2023

Jan. 04, 2024

$ 42,029

42,014,000

Investment interest percentage

$ 41,999,000

4.324%

[1]	All investments in the portfolio companies, which as of December 31, 2023 represented 9.58% 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.

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Disclosure [Line Items]
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%
Expense for U.S federal excise tax	$ 0.7	$ 0.3	$ 0.0
Payment of excise tax percentage	4.00%
Capital Loss Carryforward
Income Taxes Disclosure [Line Items]
Capital loss carryforward amount utilized to offset realized capital gains	$ 0.0	$ 0.0	$ 1.4

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 25, 2021	Dec. 31, 2021
Class Of Stock [Line Items]
Proceeds from Issuance of Common Stock		$ 119,294
IPO
Class Of Stock [Line Items]
Issuance of common stock, Shares	6,850,000
Offering price	$ 14.6
Proceeds from Issuance of Common Stock	$ 93,000

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

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Investment Company, Financial Highlights [Abstract]

Consolidated Schedule of Investments (Parenthetical)	12 Months Ended
Consolidated Schedule of Investments (Parenthetical)	Dec. 31, 2023	Dec. 31, 2022
Percentage of Net Assets	195.04%	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 Net Assets	12.63%	10.65%
Qualifying Assets \| Minimum
Percentage of Net Assets	70.00%	70.00%
Percentage of assets represent of total assets	70.00%
United Kingdom
Percentage of Net Assets	14.05%	10.55%
Germany
Percentage of Net Assets	8.15%	8.07%
Canada
Percentage of Net Assets	2.68%	2.40%
3-Month LIBOR
Investment Interest Rate		4.77%
US Prime Rate
Investment Interest Rate	8.50%	7.50%
3-Month SOFR
Investment Interest Rate	5.33%	4.79%
1-Month SOFR
Investment Interest Rate	5.35%

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the requirements for reporting on Form 10‑K 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. Certain items in the December 31, 2022 and December 31, 2021 consolidated financial statements have been reclassified to conform to the December 31, 2023 presentation with no effect on the Total net assets on the Consolidated Statements of Assets and Liabilities, no effect on the Net increase (decrease) in net assets resulting from operations on the Consolidated Statements of Operations, and no effect to the Net increase (decrease) in cash and cash equivalents on the Consolidated Statements of Cash Flows.
Principles of Consolidation	Principles of Consolidation Under ASC 946, the Company is precluded from consolidating portfolio company investments, including those in which it has a controlling interest, unless the portfolio company is another investment company. An exception to this general principle occurs if the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Consolidated Statements of Assets and Liabilities at fair value, as discussed further in “Note 4 — Investments,” with any adjustments to fair value recognized as “Net unrealized gain (loss) on investments” on the Consolidated Statements of Operations. Effective December 31, 2023, the Company completed a credit bid resulting in the acquisition of Pivot3, Inc.’s assets in consideration for the Company’s outstanding senior secured term loan to Pivot3, Inc. As of December 31, 2023, the cost basis of the senior secured term loan to Pivot3, Inc. was $18.0 million and the fair value of Pivot3, Inc.’s asset was $0.95 million, resulting in a realized loss of approximately $17.0 million. The public sale of the collateral included (1) all issued and outstanding equity interest of Pivot3, Inc. and (2) intangible assets. Pursuant to the credit bid purchase agreement, the Company directed that the Pivot3, Inc. pledged equity be transferred to P3 Holdco LLC (“P3 Holdco”), a wholly owned subsidiary of the Company, and the assets be contributed to Pivot3, Inc. (resulting in Pivot3, Inc. becoming a wholly-owned subsidiary of P3 Holdco). The Company’s consolidated operations include the activities of its wholly owned subsidiary, P3 Holdco and P3 Holdco’s wholly owned subsidiary Pivot3, Inc. The subsidiaries are consolidated and included in the Company’s consolidated financial statements and the assets of Pivot3, Inc. are recorded at fair value. All intercompany balances and transactions have been eliminated. Refer to the Schedule of Investments for the Company’s equity interest in Pivot3, Inc. as of December 31, 2023.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions.
Cash and Cash Equivalents	Cash 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 December 31, 2023, the Company did not have any cash equivalents invested in money market funds. As of December 31, 2022, $5.6 million was invested in money market funds. Interest earned in money market funds are recorded in Other income on the Consolidated Statements of Operations.
Debt and Deferred Debt Costs	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 Consolidated 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 as a reduction to total debt on the Consolidated 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 Consolidated 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 Consolidated Statements of Operations. Accrued but unpaid interest is included within Interest payable on the Consolidated Statements of Assets and Liabilities. For more information, refer to “Note 7 – Borrowings.”
Segments	Segments The Company lends to and invests in customers in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment. All applicable segment disclosures are included in or can be derived from the Company’s consolidated financial statements.
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 Consolidated Statements of Operations. Dividend income is recorded on an accrual basis to the extent that such amounts are payable and expected to be collected. Dividend income is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. 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 years ended December 31, 2023, December 31, 2022, and December 31, 2021, approximately 12.2%, 8.0%, and 4.2%, 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 December 31, 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 Consolidated 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 it is probable that principal, interest, or other obligations will not be collected in full. At the point of non-accrual, the Company will cease recognizing interest income on the debt investment until all principal and interest due have been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Additionally, any OID 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. During the years ended December 31, 2023 and December 31, 2022, the Company had not written off any accrued interest. As of December 31, 2023, we had no loans on non-accrual status as our single loan to Pivot3, Inc. was realized. For more information, refer to "Note 2 — Summary of Significant Accounting Policies, Principles of Consolidation." As of December 31, 2022, the Company had one loan to Pivot3, Inc. on non-accrual status. The loan, with a cost basis of $19.2 million and a fair value of $9.3 million represents 0.8% of the Company’s total investment portfolio. From being placed on non-accrual status through December 31, 2022, cumulative interest of $3.6 million would be receivable and $0.3 million OID would be accreted into the cost basis, for a total of $3.9 million not recorded in interest income from control investments on the Statement of Operations. As of December 31, 2021, the Company had six loans to Mojix, Inc. and one loan to Pivot3, Inc., on non-accrual status. The loans, with an aggregate cost basis of $30.3 million and a fair value of $28.3 million, represents 3.9% of the Company’s total investment portfolio. From being placed on non-accrual status through December 31, 2021, cumulative interest of $4.1 million would be receivable and $0.7 million OID would be accreted into the cost basis, for a total of $4.8 million not recorded in interest income from control investments on the Statement 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. For more information on financial instruments reported at cost, refer to "Note 5 – Fair Value of Financial Instruments." 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 or liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, and excludes transaction costs. The principal market for any asset or liability is the market with the greatest volume and level of activity for such asset 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 annually by an independent valuation firm if the net asset value and other aspects of such investments in the aggregate do not exceed certain thresholds; • The Audit Committee 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(s) 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 on the Consolidated 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 consolidated financial statements of the Company. The Company intends to make sufficient distributions to maintain its RIC status each year and it does not anticipate paying any material U.S. federal income taxes in the future. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. If the Company determines that the estimated current year taxable income will exceed the estimated dividend distributions for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. Differences between taxable income and net increase in net assets resulting from operations either can be temporary, meaning they will reverse in the future, or permanent. In accordance with 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 years ended December 31, 2023, 2022, and 2021, basic and diluted earnings (loss) per share of common stock were the same because there were no potentially dilutive securities outstanding. Per share data is based on the weighted-average shares outstanding.
Comprehensive Income	Comprehensive Income The Company reports all changes in comprehensive income in the Consolidated Statements of Operations. The Company did not have other comprehensive income in 2023, 2022, or 2021. The Company’s comprehensive income is equal to its Net increase in net assets resulting from operations.
Distributions	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 consolidated financial statements and related disclosures. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. ASU No. 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU requires all annual disclosures currently required by Topic 280 to be included in interim periods and is applicable to entities with a single reportable segment. ASU No. 2023-07 will be effective for the Company in fiscal year 2024 for annual reporting and in the first quarter of fiscal 2025 for interim reporting. Retrospective application is required for all prior periods presented in the consolidated financial statements. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.

Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Financial Highlights

The following table sets forth the financial highlights for the years ended December 31, 2016 through 2023 (in thousands, except for per share data and ratios):


	Years Ended December 31,
	2023				2022				2021					2020					2019					2018					2017					2016
Per Share Data(1):
Net asset value at beginning of period	$	14.22			$	14.65			$		14.84			$		14.58			$		15.14			$		14.66			$		10.38			$		15.00
Net investment income		1.93				1.46					1.30					1.38					1.95					1.26					(0.66	)				(83.81	)
Net realized gain (loss)		(0.45	)			(0.03	)				0.12					(0.19	)				0.03					-					-					-
Net change in unrealized gain (loss)		(0.39	)			(0.64	)				(0.09	)				0.52					(0.50	)				-					0.14					(0.01	)
Total from investment operations		1.09				0.79					1.33					1.71					1.48					1.26					(0.52	)				(83.82	)

Distributions		(1.81	)			(1.26	)				(1.33	)				(1.49	)				(2.20	)				(0.75	)				-					-
Offering costs		-				-					(0.21	)				-					(0.03	)				-					-					-
Accretion (dilution) (2)		-				0.04					0.02					0.04					0.19					(0.03	)				4.80					79.20
Net asset value at end of period	$	13.50			$	14.22			$		14.65			$		14.84			$		14.58			$		15.14			$		14.66			$		10.38

Ratio/Supplemental Data:
Total return based on net asset value(3)		7.67		%		5.67		%			7.68		%			12.00		%			10.83		%			8.39		%			41.23		%			(30.80	)	%
Total return based on market value(4)		24.50		%		0.23		%		N/A					N/A					N/A					N/A					N/A					N/A
Ratio of net investment income to average net assets(5)(6)		13.62		%		10.14		%			8.74		%			9.44		%			12.85		%			8.30		%			(4.56	)	%			(595.90	)	%
Ratio of total operating expenses to average net assets(5)(6)		14.96		%		8.13		%			5.23		%			4.85		%			6.58		%			6.42		%			12.46		%			595.90		%
Ratio of total operating expenses, excluding incentive fees, to average net assets(5)		11.64		%		5.90		%			3.41		%			3.05		%			3.64		%			5.42		%			12.46		%			595.90		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(5)		7.72		%		5.47		%			8.97		%			11.65		%			9.74		%			8.34		%			(3.56	)	%			(595.90	)	%
Portfolio turnover rate(7)		18.61		%		19.17		%			52.05		%			26.31		%			35.72		%			14.08		%			206.80		%		N/A

Net assets at beginning of period	$	576,052			$	606,195			$		466,244			$		376,313			$		167,369			$		127,040			$		3,477			$		25
Net assets at end of period	$	547,071			$	576,052			$		606,195			$		466,244			$		376,313			$		167,369			$		127,040			$		3,477
Weighted average net assets	$	574,594			$	589,669			$		508,836			$		403,188			$		283,774			$		141,046			$		40,389			$		152
Weighted average shares outstanding for the period, basic	40,509,269				40,971,242				34,183,358					27,617,425					18,701,021					9,300,960					2,795,274					10,774

(1)

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

(2)

Accretion (dilution) represents the effect of issuance of common stock and repurchase of treasury stock.

(3)

Total return based on net asset value is calculated as the change in net asset value per share during the period plus dividends per share, divided by the beginning net asset values per share.

(4)

Total return based on market value is calculated as the change in market value per share during the period plus dividends per share, divided by the beginning market value per share. For the periods 2021 and prior, total return based on market value is not applicable as the Company was not yet public for the entirety of the period.

(5)

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

(6)

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

(7)

The portfolio turnover rate for the period is calculated by taking the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period.

Investments

12 Months Ended

Dec. 31, 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% representation on the investee company's board of directors.

The Company’s affiliate and control investments as of December 31, 2023 along with the transactions during the year ended December 31, 2023 are as follows (in thousands):


				For the Year Ended December 31, 2023
				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 December 31, 2023(3)
Portfolio Company		Investment Type	Investment Description
Affiliate Investments
	Debt Investments
	Gynesonics, Inc.	Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026	$	2,105	$	—	$	25,897	$	—		$	—		$	(2,311	)	$	23,586
	Total Debt Investments				2,105		—		25,897		—			—			(2,311	)		23,586

	Equity Investments
	Coginiti Corp	Equity	Common Stock		—		1,174		—		—			—			(318	)		856
	Gynesonics, Inc.	Equity	Series A-2 Preferred Stock		—		—		25,000		—			—			(3,539	)		21,461
		Equity	Series A-1 Preferred Stock		—		—		3,100		—			—			1,477			4,577
	Total Equity Investments				—		1,174		28,100		—			—			(2,380	)		26,894
	Warrants
	Coginiti Corp	Warrants	Common Stock		—		910		—		—			—			(247	)		663
	Gynesonics, Inc.	Warrants	Success fee		—		—		313		—			—			—			313
	Total Warrants				—		910		313		—			—			(247	)		976
Total Affiliate Investments				$	2,105	$	2,084	$	54,310	$	—		$	—		$	(4,938	)	$	51,456
Control Investments
	Debt Investments
	Pivot3, Inc.	Senior Secured	LIBOR+8.50% PIK, 11.00% floor, 4.00% ETP, due 10/15/2023		—		9,290		—		(2,158	)		(17,014	)		9,882			—
	Total Debt Investments				—		9,290		—		(2,158	)		(17,014	)		9,882			—

	Equity Investments
	Pivot3, Inc.	Equity	Equity Interest		—		—		950		—			—			—			950
	Total Equity Investments				—		—		950		—			—			—			950
Total Control Investments				$	—	$	9,290	$	950	$	(2,158	)	$	(17,014	)	$	9,882		$	950

(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 December 31, 2023 represented 9.58% 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 (in thousands):


					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
	Debt Investments
	Coginiti Corp	LIBOR+9.50% PIK, 10.81% floor, due 12/15/2022	$	109	$	—	$	930	$	(930	)	$	—		$	—		$	—
	Total Debt Investments			109		—		930		(930	)		—			—			—
	Equity Investments
	Coginiti Corp	Common Stock		—		—		4,551		—			—			(3,377	)		1,174
	Total Equity Investments			—		—		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
	Debt Investments
	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 Debt Investments			4,065		28,261		3,548		(15,204	)		—			(7,315	)		9,290
	Equity Investments
	Mojix, Inc.	Series A-1 Preferred Stock		32		870		—		(800	)		—			(70	)		—
	Pivot3 Holdings, Inc.	Series 1 Preferred Stock		—		—		—		—			(2,000	)		2,000			—
	Total Equity Investments			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 investment, excluding U.S. Treasury Bills (in thousands) by geographic region and industry as of December 31, 2023 and December 31, 2022:


	December 31, 2023					December 31, 2022
Geographic Region	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
United States
Western United States	$	404,541		73.94	%	$	346,372		60.13	%
Northeastern United States		239,444		43.77			351,654		61.04
Midwestern United States		130,784		23.91			74,745		12.98
South Central United States		87,814		16.05			85,000		14.76
Northwestern United States		25,514		4.66			72,615		12.61
Southeastern United States		820		0.15			74,797		12.98
Total United States		888,917		162.48			1,005,183		174.50

United Kingdom		76,839		14.05			60,783		10.55
Germany		44,587		8.15			46,499		8.07
Canada		14,667		2.68			13,844		2.40
Total	$	1,025,010		187.36	%	$	1,126,309		195.52	%


	December 31, 2023					December 31, 2022
Industry	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
Application Software	$	200,645		36.67	%		184,084		31.96	%
Health Care Technology		182,200		33.30			240,844		41.81
Human Resource & Employment Services		114,602		20.95			97,788		16.98
System Software		113,517		20.74			78,274		13.58
Data Processing & Outsourced Services		106,785		19.52			97,404		16.91
Internet Software and Services		98,462		18.00			149,780		26.00
Property & Casualty Insurance		75,205		13.75			49,440		8.58
Internet & Direct Marketing Retail		55,588		10.16			55,986		9.72
Electronic Equipment & Instruments		27,535		5.04			78,114		13.56
Education Services		25,796		4.72			25,305		4.39
Health Care Equipment		15,524		2.83			27,433		4.76
Asset Management & Custody Banks		8,021		1.47			-		-
Technology Hardware, Storage & Peripherals		570		0.10			1,068		0.19
Specialized Consumer Services		373		0.07			796		0.14
Advertising		136		0.03			-		-
Biotechnology		51		0.01			39,925		6.93
Computer & Electronics Retail		-		-			68		0.01
Total	$	1,025,010		187.36	%	$	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 year ended December 31, 2023, the Company had net realized gain (loss) of $(1.4) million and a net unrealized gain (loss) of $(5.2) million from its investments in warrants. For the year ended December 31, 2022, the Company had net realized gain (loss) of $(0.9) million and a net unrealized gain (loss) of $(2.3) million from its investments in warrants. For the year ended December 31, 2021, the Company had net realized gain (loss) of

$0.8 million and a net unrealized gain (loss) of $2.8 million 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 Statement 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 Statement of Operations.

Counterparty risk exists from the potential failure of an issuer of warrants to settle its exercised warrants. The maximum risk of loss from counterparty risk is the fair value of the contracts and the purchase price of the warrants. The Company’s Board of Directors considers the effects of counterparty risk when determining the fair value of its investments in warrants.

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	$ 510,078	$ 548,957
Long-Term Debt \| 2026 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, fair value	63,800	57,000
Borrowings
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	510,078	548,957
Unamortized deferred debt costs	9,172	10,293
Borrowings \| 2026 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unamortized deferred debt costs	600	800
Borrowings \| December 2026 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	69,427	69,182
Unamortized deferred debt costs	573	818
Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset transfer out of level 2 into level 1 fair value	1,400	5,400
Asset transfer out of level 3 into level 2 fair value	$ 900	$ 2,200

Borrowings - Schedule of Components of Interest Expense Amortization of Deferred Debt Costs, Unused Fees on Credit Facility and Other Costs (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Supplemental fees	$ 0.2

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

Dec. 31, 2023

Dec. 31, 2022

Assets

Cash and cash equivalents

$ 1,067,009

$ 1,126,309

2,970

5,761

Interest and fees receivable

8,269

8,766

Other assets

905

930

Total assets

1,079,153

1,141,766

Liabilities

Credit facility

272,000

337,000

Unamortized deferred debt costs

(9,172)

(10,293)

Total debt, less unamortized deferred debt costs

510,078

548,957

Incentive fees payable

12,500

8,808

Interest payable

6,764

6,221

Accrued expenses and other liabilities

2,740

1,728

Total liabilities

532,082

565,714

Commitments and contingencies (Note 3)

Net assets

Common stock, par value

414

Additional paid-in capital

605,110

605,774

Distributable earnings (losses)

(47,637)

(19,320)

Treasury stock

(10,816)

Total net assets

$ 547,071

$ 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]

$ 13.5

$ 14.22

2026 Notes

Liabilities

Notes

$ 95,000

$ 70,000

2027 Notes

Liabilities

Notes

152,250

Non-Control/Non-Affiliate Investments

Assets

972,604

1,114,935

Affiliate Investments

Assets

51,456

2,084

Control Investments

Assets

950

$ 9,290

U.S. Treasury Bills

Assets

$ 41,999

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

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 December 31, 2023 and 2022, (in thousands):


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Term Loans	$	—	$	—	$	964,099	$	964,099
Second Lien Term Loans		—		—		14,399		14,399
Convertible Note		—		—		1,357		1,357
Preferred Stock		3,553		—		26,285		29,838
Common Stock		548		—		872		1,420
Equity Interest		—		—		950		950
Warrants		—		109		12,838		12,947
Total Portfolio Investments		4,101		109		1,020,800		1,025,010
U.S. Treasury Bill		—		41,999		—		41,999
Total	$	4,101	$	42,108	$	1,020,800	$	1,067,009


	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. During the period ended December 31, 2023, and December 31, 2022, the Company had common stock investments with restrictions lifted, resulting in an asset transfer out of Level 2 and into Level 1 at the fair value of $1.4 million and $5.4 million, respectively. During the period ended December 31, 2023, the Company had warrant investments in a portfolio company that went public, resulting in asset transfers out of Level 3 and into Level 2 at the fair value of $0.9 million. During the period ended December 31, 2022, the Company had warrant investments converted to common stock investments, resulting in asset transfers out of Level 3 and into Level 2 at the fair value of $2.2 million.

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


		Senior Secured Term Loans			Second Lien Term Loans			Convertible Notes			Preferred Stock				Common Stock				Equity Interest			Warrants			Total
Fair value at December 31, 2022	$		1,080,121			13,654	$		—	$		347		$		1,174		$		—	$		16,650		$	1,111,946
Transfers in(out) of Level 3			—			—			—			—				—				—			(891	)		(891	)
Purchases of investments(1)			166,660			—			1,357			28,220				16				950			2,851			200,054
PIK interest			19,413			511			—			—				—				—			—			19,924
Sales or prepayments of investments(1)			(289,034	)		—			—			—				—				—			(44	)		(289,078	)
Scheduled principal repayments of investments			(7,331	)		—			—			—				—				—			—			(7,331	)
Amortization of fixed income premiums or accretion of discounts			8,527			114			—			—				—				—			—			8,641
Net realized gain (loss)			(17,013	)		—			—			—				—				—			(1,374	)		(18,387	)
Net change in unrealized gain (loss)			2,756			120			—			(2,282	)			(318	)			—			(4,354	)		(4,078	)
Fair value at December 31, 2023	$		964,099			14,399	$		1,357	$		26,285				872				950			12,838		$	1,020,800
Net change in unrealized gain (loss) on Level 3 investments still held as of December 31, 2023	$		(7,746	)		121			—			(2,282	)			(317	)			—			(5,893	)	$	(16,117	)

(1)

Net of reorganization and restructuring of investments.

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


	Senior Secured Term Loans			Second Lien Term Loans		Preferred Stock			Common Stock			Warrants			Total
Fair value at December 31, 2021	$	623,054		$	12,873	$	1,332		$	—		$	20,087		$	657,346
Transfers in(out) of Level 3		—			—		—			—			(2,239	)		(2,239	)
Purchases of investments(1)		614,636			—		—			4,551			3,404			622,591
PIK interest		7,994			661		—			—			—			8,655
Sales or prepayments of investments		(151,905	)		—		(800	)		—			(1,508	)		(154,213	)
Scheduled repayments of investments		(9,754	)		—		—			—			—			(9,754	)
Amortization of fixed income premiums or accretion of discounts		6,743			120		—			—			—			6,863
Net realized gain (loss)		—			—		(2,000	)		—			(851	)		(2,851	)
Net change in unrealized gain (loss)		(10,647	)		—		1,815			(3,377	)		(2,243	)		(14,452	)
Fair Value at December 31, 2022	$	1,080,121		$	13,654	$	347		$	1,174		$	16,650		$	1,111,946
Net change in unrealized gain (loss) on Level 3 investments still held as of December 31, 2022	$	(9,752	)	$	—	$	(115	)	$	(3,377	)	$	(4,889	)	$	(18,133	)

(1)

Net of reorganization and restructuring of investments.

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


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Senior Secured Term Loans(1)	$	904,739	Discounted Cash Flow analysis	Discount rate	10.8% - 22.2% (15.0%)
				Origination yield	10.8% - 19.9% (13.6%)
				Revenue multiples	0.29x - 7.49x (3.66x)
		59,360	PWERM	Discount rate	20.3% - 46.5% (28.8%)
				Origination yield	10.8% - 29.7% (17.3%)
				Revenue multiples	0.95x - 3.16x (1.89x)
Second Lien Term Loans(1)		14,399	Discounted Cash Flow analysis	Discount rate	16.1% - 16.1% (16.1%)
				Origination yield	13.1% - 13.1% (13.1%)
Convertible Notes		1,357	PWERM	Discount rate	45.0% - 45.0% (45.0%)
				Origination yield	10.8% - 10.8% (10.8%)
Preferred Stock		120	Recent private market and merger and acquisition transaction prices	N/A	N/A
		26,038	PWERM	Risk-Free Rate	4.7% - 4.7% (4.7%)
				Average industry volatility	40.0% - 40.0% (40.0%)
				Estimated time to exit	2.0 - 2.0 (2.0 years)
				Revenue multiples	4.46x - 4.46x (4.46x)
		127	Waterfall Approach	Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	4.00x - 4.00x (4.00x)
Common Stock		16	Recent private market and merger and acquisition transaction prices	N/A	N/A
		856	Option Pricing Model	Risk-free interest rate	4.3% - 4.3% (4.3%)
				Average industry volatility	35.0% - 35.0% (35.0%)
				Estimated time to exit	5.0 - 5.0 (5.0 years)
				Revenue multiples	3.28x - 3.28x (3.28x)
Equity Interest		950	PWERM	Discount rate	20.0% - 20.0% (20.0%)
Warrants(2)		7,075	Option Pricing Model	Risk-free interest rate	3.8% - 5.3% (4.5%)
				Average industry volatility	25.0% - 108.8% (45.4%)
				Estimated time to exit	0.8 - 8.2 (3.1 years)
				Revenue multiples	0.95x - 7.49x (3.95x)
		3,912	PWERM (3)	N/A	N/A
		1,851	Waterfall Approach	Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	2.58x - 4.00x (3.39x)
Total Level 3 Investments	$	1,020,800

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%)
				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%)
				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 (3)	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 (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 years ended December 31, 2023 and 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.

(3)

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

Fair Value of Financial Instruments Reported at Cost

The fair value of the Company’s Credit Facility, April 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 December 31, 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 December 31, 2023, the fair value of the December 2026 Notes was approximately $63.8 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.

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

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 12 — Subsequent Events

The Company evaluated events subsequent to December 31, 2023 through March 7, 2024, the date the consolidated financial statements were issued.

Effective January 1, 2024, the Company placed one loan to Mingle Healthcare Solutions, Inc. on non-accrual status, representing an outstanding principal of $4.3 million at a fair market value of $3.8 million as of December 31, 2023. The loan comprised 0.37% of the total fair value of the investment portfolio, excluding U.S. Treasury Bills, as of December 31, 2023

On February 1, 2024, the Company’s board of directors declared an ordinary distribution of $0.40 per share and a supplemental distribution of $0.07 per share for stockholders of record as of February 12, 2024, payable on February 28, 2024.

On February 14, 2024, the Company received a partial prepayment of $7.1 million from MarleySpoon SE on its senior secured loan.

On March 7, 2024, the Company and Cadma Capital Partners LLC entered into a Limited Liability Company Agreement to co-manage Runway-Cadma I LLC (the "Joint Venture"). The Joint Venture is expected to invest in various types of investments, including, but not limited to, first and second lien senior secured term loans, including delayed draw and multi-tranche loans, and secured revolving credit facilities.

Statements of Changes in Net Assets (Parenthetical) - shares	Dec. 31, 2023	Dec. 31, 2022
Common Stock
Treasury stock repurchases	871,345	871,345

Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Interest and other debt financing expenses

Other income

$ 488

$ 2

$ 1

Total investment income

164,209

107,751

71,095

Operating expenses

Management fees

16,711

11,882

8,989

Incentive fees

19,046

13,183

9,232

43,143

16,761

4,192

Professional fees

2,350

2,133

1,601

Administration agreement expenses

2,125

1,838

1,566

Insurance expense

1,028

1,016

339

Tax expense

664

291

Other expenses

867

851

683

Total operating expenses

85,934

47,955

26,603

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

78,275

59,796

44,492

Net realized gain (loss) on investments, including U.S. Treasury Bills

(18,387)

(1,061)

4,172

Net change in unrealized gain (loss) on investments, including U.S. Treasury Bills

(15,547)

(26,485)

(3,045)

Net realized and unrealized gain (loss) on investments

(33,934)

(27,546)

1,127

Net increase in net assets resulting from operations

$ 44,341

$ 32,250

$ 45,619

Net investment income per common share (basic and diluted)

^[1]

$ 1.93

$ 1.46

$ 1.3

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

1.09

0.79

1.33

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

$ 1.09

$ 0.79

$ 1.33

Weighted average shares outstanding, Basic

40,509,269

40,971,242

34,183,358

Weighted average shares outstanding, Diluted

40,509,269

40,971,242

34,183,358

From Non-controlled/ Non-affiliated Investments

Payment in-kind interest income

Interest income

$ 136,912

$ 95,264

$ 63,226

20,083

5,558

2,992

Dividend income

1,279

1,338

1,395

Fee income

3,342

1,383

3,364

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

Net realized gain (loss) on investments, including U.S. Treasury Bills

(1,374)

939

4,172

Net change in unrealized gain (loss) on investments, including U.S. Treasury Bills

(20,491)

(18,870)

(16,231)

From affiliated investments

Payment in-kind interest income

Interest income

2,090

Fee income

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

Net change in unrealized gain (loss) on investments, including U.S. Treasury Bills

(4,938)

(3,476)

From controlled Investments

Payment in-kind interest income

Interest income

1,112

113

2,985

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

Net realized gain (loss) on investments, including U.S. Treasury Bills

(17,013)

(2,000)

Net change in unrealized gain (loss) on investments, including U.S. Treasury Bills

$ 9,882

$ (4,139)

$ 13,186

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

Summary of Significant Accounting Policies - Additional Information (Details)		1 Months Ended	12 Months Ended
	Dec. 31, 2016 USD ($)	Oct. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) Loan shares	Dec. 31, 2021 USD ($) Loan shares	Dec. 31, 2019 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Investment cost			$ 1,106,849,000	$ 1,150,602,000
Investment owned, fair value			$ 1,067,009,000	$ 1,126,309,000
PIK Income as a % of net investment income			12.20%	8.00%	4.20%
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
Other comprehensive income			$ 0	$ 0	$ 0
Mojix Inc
Summary Of Significant Accounting Policies [Line Items]
Number of loans \| Loan					6
Cash Equivalents
Summary Of Significant Accounting Policies [Line Items]
Investments in money market funds			0	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
Maximum \| Second Private Offering
Summary Of Significant Accounting Policies [Line Items]
Offering cost						$ 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
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
Pivot3, Inc.
Summary Of Significant Accounting Policies [Line Items]
Write off accrued interest			0	$ 0
Number of loans \| Loan				1	1
Aggregate principal funded on non-accrual status				$ 19,200,000	$ 30,300,000
Fair value on non-accrual status				$ 9,300,000	$ 28,300,000
Percentage of investment portfolio on non-accrual status				0.80%	3.90%
Cumulative interest on investments				$ 3,900,000	$ 4,800,000
Pivot3, Inc. \| Senior Secured Term Loan
Summary Of Significant Accounting Policies [Line Items]
Investment cost			18,000,000
Investment owned, fair value			950,000
Realized loss			$ 17,000,000
Pivot3, Inc. \| Cash Interest Income
Summary Of Significant Accounting Policies [Line Items]
Cumulative interest on investments				3,600,000	4,100,000
Pivot3, Inc. \| OID Accretion Interest Income
Summary Of Significant Accounting Policies [Line Items]
Cumulative interest on investments				$ 300,000	$ 700,000

Commitments and Contingencies

12 Months Ended

Dec. 31, 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 December 31, 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	$	272,000	$	—	$		272,000	$		—	$	—
2026 Notes		95,000		—			95,000			—		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		519,250		—			367,000			152,250		—
Deferred Incentive Fees		9,165		2,567			3,919			2,548		131
Total	$	528,415	$	2,567	$		370,919	$		154,798	$	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 are not currently subject to any material legal proceedings, nor, to its knowledge, is any material legal proceeding threatened against it. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of its rights under contracts with its portfolio companies. 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 its financial condition or results of operations.

Off-balance Sheet Arrangements

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

The Company's unfunded loan commitments to provide debt financing to its portfolio companies amounted to $201.5 million and $315.7 million as of December 31, 2023 and December 31, 2022, respectively, shown in the table below (in thousands):


Portfolio Company	Investment Type	December 31, 2023		December 31, 2022
3PL Central LLC (dba Extensiv)	Senior Secured Term Loan	$	11,500		$	15,000
Betterment Holdings, Inc.	Senior Secured Term Loan		5,000			—
Blueshift Labs, Inc.	Senior Secured Term Loan		14,500			—
Bombora, Inc.	Senior Secured Term Loan		2,000			—
Brivo, Inc.	Senior Secured Term Loan		6,000			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
Intellisite Holdings, Inc. (dba Epic IO Technologies, Inc.)	Senior Secured Term Loan		—			6,000
Interactions Corporation	Senior Secured Term Loan		10,000			10,000
Kin Insurance, Inc.	Senior Secured Term Loan		—			25,000
Linxup, LLC	Senior Secured Term Loan		7,500			—
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		15,000			25,000
Revelle Aesthetics, Inc.	Senior Secured Term Loan		—			12,500
Route 92 Medical, Inc.	Senior Secured Term Loan		20,000			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
Snagajob.com, Inc.	Convertible Note		2,035			—
Synack, Inc.	Senior Secured Term Loan		25,000			25,000
Total unused commitments to extend financing		$	201,520		$	315,685

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 44,341	$ 32,250	$ 45,619

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

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
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Concentration of Credit Risk

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 14, 2024	Feb. 01, 2024	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Investment Owned, at Fair Value				$ 1,067,009	$ 1,126,309
Percentage of Net Assets				195.04%	195.52%
Repayment of senior secured loan				$ 296,409	$ 168,898	$ 303,602
Investment fund				1,106,849	$ 1,150,602
Subsequent Event
Subsequent Event [Line Items]
Subsequent event description			Effective January 1, 2024, the Company placed one loan to Mingle Healthcare Solutions, Inc. on non-accrual status
Dividend declared date		Feb. 01, 2024
Ordinary distribution		$ 0.4
Supplemental distribution		$ 0.07
Record date		Feb. 12, 2024
Dividends payable date		Feb. 28, 2024
MarleySpoon SE \| Subsequent Event
Subsequent Event [Line Items]
Principle repayments received	$ 7,100
Mingle Healthcare Solutions Inc
Subsequent Event [Line Items]
Outstanding principal of loan				4,300
Investment Owned, at Fair Value				$ 3,800
Percentage of Net Assets				0.37%

Concentration of Credit Risk

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

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 December 31, 2023. The Company predominantly collateralizes its investments by obtaining a first priority security interest in a portfolio company’s assets, which may include its intellectual property.

As of December 31, 2023 and December 31, 2022, the Company’s five largest debt investments in portfolio companies represented approximately 38.0% and 30.0%, respectively, of the total fair value of the Company’s debt investments in portfolio companies. As of December 31, 2023 and December 31, 2022, the Company had debt investments in 14 and 16 portfolio companies, respectively, that represented 5% or more of the Company’s net assets.

Financial Highlights

12 Months Ended

Dec. 31, 2023

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 11 — Financial Highlights

The following table sets forth the financial highlights for the years ended December 31, 2016 through 2023 (in thousands, except for per share data and ratios):


	Years Ended December 31,
	2023				2022				2021					2020					2019					2018					2017					2016
Per Share Data(1):
Net asset value at beginning of period	$	14.22			$	14.65			$		14.84			$		14.58			$		15.14			$		14.66			$		10.38			$		15.00
Net investment income		1.93				1.46					1.30					1.38					1.95					1.26					(0.66	)				(83.81	)
Net realized gain (loss)		(0.45	)			(0.03	)				0.12					(0.19	)				0.03					-					-					-
Net change in unrealized gain (loss)		(0.39	)			(0.64	)				(0.09	)				0.52					(0.50	)				-					0.14					(0.01	)
Total from investment operations		1.09				0.79					1.33					1.71					1.48					1.26					(0.52	)				(83.82	)

Distributions		(1.81	)			(1.26	)				(1.33	)				(1.49	)				(2.20	)				(0.75	)				-					-
Offering costs		-				-					(0.21	)				-					(0.03	)				-					-					-
Accretion (dilution) (2)		-				0.04					0.02					0.04					0.19					(0.03	)				4.80					79.20
Net asset value at end of period	$	13.50			$	14.22			$		14.65			$		14.84			$		14.58			$		15.14			$		14.66			$		10.38

Ratio/Supplemental Data:
Total return based on net asset value(3)		7.67		%		5.67		%			7.68		%			12.00		%			10.83		%			8.39		%			41.23		%			(30.80	)	%
Total return based on market value(4)		24.50		%		0.23		%		N/A					N/A					N/A					N/A					N/A					N/A
Ratio of net investment income to average net assets(5)(6)		13.62		%		10.14		%			8.74		%			9.44		%			12.85		%			8.30		%			(4.56	)	%			(595.90	)	%
Ratio of total operating expenses to average net assets(5)(6)		14.96		%		8.13		%			5.23		%			4.85		%			6.58		%			6.42		%			12.46		%			595.90		%
Ratio of total operating expenses, excluding incentive fees, to average net assets(5)		11.64		%		5.90		%			3.41		%			3.05		%			3.64		%			5.42		%			12.46		%			595.90		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(5)		7.72		%		5.47		%			8.97		%			11.65		%			9.74		%			8.34		%			(3.56	)	%			(595.90	)	%
Portfolio turnover rate(7)		18.61		%		19.17		%			52.05		%			26.31		%			35.72		%			14.08		%			206.80		%		N/A

Net assets at beginning of period	$	576,052			$	606,195			$		466,244			$		376,313			$		167,369			$		127,040			$		3,477			$		25
Net assets at end of period	$	547,071			$	576,052			$		606,195			$		466,244			$		376,313			$		167,369			$		127,040			$		3,477
Weighted average net assets	$	574,594			$	589,669			$		508,836			$		403,188			$		283,774			$		141,046			$		40,389			$		152
Weighted average shares outstanding for the period, basic	40,509,269				40,971,242				34,183,358					27,617,425					18,701,021					9,300,960					2,795,274					10,774

(1)

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

(2)

Accretion (dilution) represents the effect of issuance of common stock and repurchase of treasury stock.

(3)

Total return based on net asset value is calculated as the change in net asset value per share during the period plus dividends per share, divided by the beginning net asset values per share.

(4)

(5)

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

(6)

(7)

Commitments and Contingencies - Summary of Payments Due by Period (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments And Contingencies [LineItems]
Borrowings	$ 519,250,000	$ 559,250,000	$ 81,000,000	$ 99,000,000	$ 61,000,000	$ 59,500,000	$ 0
Borrowings, 1-3 years	367,000,000
Borrowings, 3-5 years	152,250,000	559,250,000
Deferred Incentive Fees	12,500,000	8,808,000
Deferred Incentive Fees, Less than 1 Year	2,567,000	674,000
Deferred Incentive Fees, 1-3 years	3,919,000	1,760,000
Deferred Incentive Fees, 3-5 years	2,548,000	1,023,000
Deferred Incentive Fees, More than 5 Years	131,000	1,552,000
Commitments	528,415,000	564,259,000
Commitments, Less than 1 Year	2,567,000	674,000
Commitments, 1-3 years	370,919,000	1,760,000
Commitments, 3-5 years	154,798,000	560,273,000
Commitments, More than 5 Years	131,000	1,552,000
Unsecured Debt \| 2026 Notes
Commitments And Contingencies [LineItems]
Borrowings	95,000,000	70,000,000
Borrowings, 1-3 years	95,000,000
Borrowings, 3-5 years		70,000,000
Unsecured Debt \| 2027 Notes
Commitments And Contingencies [LineItems]
Borrowings	152,250,000	152,250,000
Borrowings, 3-5 years	152,250,000	152,250,000
Credit Facility
Commitments And Contingencies [LineItems]
Borrowings	272,000,000	337,000,000	$ 61,000,000	$ 99,000,000	$ 61,000,000
Borrowings, 1-3 years	272,000,000
Borrowings, 3-5 years		337,000,000
Deferred Payments \| Advisory Agreement
Commitments And Contingencies [LineItems]
Deferred Incentive Fees	9,165,000	5,009,000
Borrowings
Commitments And Contingencies [LineItems]
Borrowings	519,250,000	559,250,000
Borrowings \| Credit Facility
Commitments And Contingencies [LineItems]
Borrowings	$ 272,000,000	$ 337,000,000

Borrowings - Schedule of Senior Securities Outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Amount outstanding	$ 519,250,000	$ 559,250,000	$ 81,000,000	$ 99,000,000	$ 61,000,000	$ 59,500,000	$ 0
Asset Coverage per Unit	2,054,000	2,030,000	8,484,000	5,710,000	7,169,000	3,813,000
2027 Senior Notes
Debt Instrument [Line Items]
Amount outstanding	152,250,000	152,250,000
Asset Coverage per Unit	4,593,000	4,784,000
2026 Senior Notes
Debt Instrument [Line Items]
Amount outstanding	95,000,000	70,000,000	20,000,000
Asset Coverage per Unit	6,759,000	9,229,000	31,310,000
Credit Facility
Debt Instrument [Line Items]
Amount outstanding	272,000,000	337,000,000	61,000,000	99,000,000	61,000,000
Asset Coverage per Unit	$ 3,011,000	$ 2,709,000	$ 10,938,000	$ 5,710,000	$ 7,169,000
Credit Facility - CIBC
Debt Instrument [Line Items]
Amount outstanding						59,500,000
Asset Coverage per Unit						$ 3,813,000

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

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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Related Party Agreements and Transactions

12 Months Ended

Dec. 31, 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 year ended December 31, 2023, RGC earned base management fees at a rate of 1.50% per annum, amounting to $16.7 million For the years ended December 31, 2022 and 2021, RGC earned base management fees at a rate of 1.60% per annum, amounting to $11.9 million and $9.0 million, respectively.

Incentive Fee

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

Under the investment-income component (the “Income Incentive Fee”), the Company pays RGC each quarter an incentive fee with respect to the Company’s pre-incentive fee net investment income ("Pre-Incentive Fee NII"). The Income Incentive Fee is calculated and payable quarterly in arrears based on the Pre-Incentive Fee NII for the immediately preceding fiscal quarter. Payments based on Pre-Incentive Fee NII will be based on the Pre-Incentive Fee NII earned for the quarter. For this purpose, Pre-Incentive Fee NII means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees that the Company receives from portfolio companies) 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 Consolidated 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 NII 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 NII does not include any realized or unrealized capital gains (losses).

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

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 NII adjusted to include any realized capital gains and losses (“Adjusted Pre-Incentive Fee NII”), 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 NII, 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 year ended December 31, 2023, RGC earned incentive fees of $19.0 million, $14.1 million of which was payable in cash, and $4.9 million was accrued and generated from deferred interest. For the year ended December 31, 2022, RGC earned incentive fees of $13.2 million, $11.0 million of which were payable in cash, and $2.2 million were accrued and generated from deferred interest. For the year ended December 31, 2021, RGC earned incentive fees of $9.2 million, $7.4 million of which was payable in cash, and $1.8 million were accrued and generated from deferred interest. 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 December 31, 2023, $3.3 million were payable in cash and $9.2 million were deferred incentive fees payable, both of which are included in incentive fees payable on the Consolidated Statements of Assets and Liabilities. As of December 31, 2022, $3.8 million of incentive fees payable were payable in cash, and $5.0 million were deferred incentive fees payable, both of which are included in incentive fees payable on the Consolidated Statements of Assets and Liabilities.

The capital gains incentive fee consists of fees related to realized gains and losses and unrealized capital losses. 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 December 31, 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 NII 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 NII 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 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 year ended December 31, 2023, the Company incurred $2.1 million of Administration Agreement expenses, of which $0.8 million was payable to a third-party service provider and $1.3 million was overhead allocation expense. As of December 31, 2023, the Company had accrued a net payable to the Administrator of $0.4 million and a payable to the third-party administrator of $0.2 million, which are included in Accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities. For the year ended December 31, 2022, the Company incurred $1.8 million of Administration Agreement expenses, of which $0.8 million was payable to a third-party service provider and $1.0 million was overhead allocation expense. As of December 31, 2022, the Company had accrued a net payable to the Administrator of $0.4 million and a payable to the third-party administrator of $0.2 million, which are included in Accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities. For the year ended December 31, 2021, 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 December 31, 2021, the Company had accrued a net payable to the Administrator of $0.2 million and a payable to the third-party administrator of $0.3 million, which are included in Accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities.

License Agreement

The Company has entered into a license agreement with RGC (the “License Agreement”) pursuant to which RGC has granted the Company a personal, non-exclusive, royalty-free right and license to use the name “Runway Growth Finance.” Under the License Agreement, the Company has the right to use the “Runway Growth Finance” name 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. Oaktree Opportunities Fund Xb Holdings (Delaware), L.P. ("Oaktree Opportunities") purchased 24,100 shares of the Company common stock in secondary transactions in 2020 and 2022. As of December 31, 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 16,473,290 shares and 18,878 shares of our common stock, respectively, or 40.7% 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 16,492,168 shares of Company’s common stock owned by the OCM Holders, 15,588,549 shares, or approximately 38.5% 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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain/(loss)	$ (1.4)	$ (0.9)	$ 0.8
Net change in unrealized investment	$ (5.2)	$ (2.3)	$ 2.8

Related Party Agreements and Transactions - Additional Information (Details)	12 Months Ended			36 Months Ended
	Dec. 31, 2023 USD ($) Component shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) shares
Related Party Transaction [Line Items]
Gross assets	$ 1,079,153,000	$ 1,141,766,000		$ 1,141,766,000
Management fees	16,711,000	11,882,000	$ 8,989,000
Incentive fees	19,046,000	13,183,000	9,232,000
Incentive fees payable	12,500,000	8,808,000		$ 8,808,000
Administration agreement expenses	$ 2,125,000	$ 1,838,000	1,566,000
Issuance of common stock, value			$ 119,294,000
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%	1.60%
Number of fees components \| Component	2
Management fees	$ 16,700,000	$ 11,900,000	$ 9,000,000
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%
Incentive fee income	$ 0
Percentage of aggregate cumulative realized capital gains	20.00%
Capital gains fee	$ 0
Incentive fees	19,000,000	13,200,000	9,200,000
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
Advisory Agreement \| Scenario, more than $500M but less than $1B \| Maximum
Related Party Transaction [Line Items]
Gross assets	$ 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
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
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	$ 14,100,000	11,000,000	7,400,000
Incentive fees payable	3,300,000	3,800,000		3,800,000
Advisory Agreement \| Deferred Payments
Related Party Transaction [Line Items]
Incentive fees	4,900,000	2,200,000	1,800,000
Incentive fees payable	$ 9,165,000	5,009,000		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	$ 2,100,000	1,800,000	1,600,000
Administration Agreement \| Third-party service provider
Related Party Transaction [Line Items]
Administration agreement expenses	800,000	800,000	700,000
Administration Agreement \| Overhead allocation expense
Related Party Transaction [Line Items]
Accrued expenses	200,000	200,000	300,000	200,000
Administration agreement expenses	1,300,000	1,000,000	900,000
Administration Agreement \| Affiliated Entity \| Third-party service provider
Related Party Transaction [Line Items]
Accrued expenses	$ 400,000	$ 400,000	$ 200,000	$ 400,000
Oaktree Capital Management, L.P
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares	16,492,168
Percentage of common stock shares issued and outstanding	40.70%
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	15,588,549
Percentage of common stock shares issued and outstanding	38.50%
OCM Growth Holding, LLC
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares	16,473,290
Oaktree Opportunities Fund Xb Holding, L.P.
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares	18,878
Oaktree Opportunities Fund Xb Holding, L.P. \| Secondary Transactions
Related Party Transaction [Line Items]
Issuance of common stock, Shares \| shares				24,100

Income Taxes - Summary of Tax cost of Investments, Net and Gross Changes in Unrealized Appreciation (Depreciation) on Investments Owned (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes Disclosure [Line Items]
Net unrealized gain (loss) on a tax basis	$ (38,472)	$ (23,593)	$ 2,548
U.S. Federal Income Tax
Income Taxes Disclosure [Line Items]
Tax Cost of Investments	1,105,481	1,149,902	726,969
Unrealized gain on a tax basis	11,239	9,207	23,598
Unrealized loss on a tax basis	(49,711)	(32,800)	(21,050)
Net unrealized gain (loss) on a tax basis	$ (38,472)	$ (23,593)	$ 2,548

Income Taxes

12 Months Ended

Dec. 31, 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 consolidated financial statements of the Company. The Company intends to make sufficient distributions to maintain its RIC status each year and it does not anticipate paying any material United States federal income taxes in the future.

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 will accrue excise tax on estimated excess taxable income as such taxable income is earned. For the years ended December 31, 2023, 2022, and 2021, the Company recorded an expense of $0.7 million, $0.3 million, and $0.0 million, respectively, for U.S. federal excise tax, which is included in tax expense in the statement of operations. 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.


	Years Ended December 31,
	2023			2022			2021
Additional paid-in capital	$	(664	)	$	(290	)	$	—
Accumulated undistributed earnings		664			290			—

For U.S. federal income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid for the years ended December 31, 2023, 2022, and 2021 was as follows (in thousands):


	Years Ended December 31,
	2023		2022		2021
Ordinary income	$	73,322	$	51,593	$	44,943
Long-term capital gain		—		—		—
Return of capital		—		—		—


	Years Ended December 31,
	2023			2022			2021
Tax cost of investments	$	1,105,481		$	1,149,902		$	726,969

Unrealized gain on a tax basis	$	11,239		$	9,207		$	23,598
Unrealized loss on a tax basis		(49,711	)		(32,800	)		(21,050	)
Net unrealized gain (loss) on a tax basis	$	(38,472	)	$	(23,593	)	$	2,548


	Years Ended December 31,
	2023			2022			2021
Undistributed ordinary income	$	17,726		$	10,473		$	329
Undistributed capital gains		—			—			—
Capital loss carry forwards		(26,726	)		(6,011	)		(2,931	)
Late year losses		—			—			—
Other accumulated losses		(165	)		(189	)		(213	)
Net unrealized gain (loss) on a tax basis		(38,472	)		(23,593	)		2,548
Accumulated earnings/(deficit) on a tax basis	$	(47,637	)	$	(19,320	)	$	(267	)

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses.

For the years ended December 31, 2023, 2022 and 2021, the Company utilized capital loss carryforward in the amount of $0, $0, and $1.4 million, respectively, to offset realized capital gains.

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes ("ASC 740"). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet a "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statements of Operations. There were no material uncertain income tax positions at December 31, 2023, December 31, 2022 or December 31, 2021. Although the Company files federal and state tax returns, the Company's major tax jurisdiction is federal. The previous three tax year-ends and the interim tax period since then remain subject to examination by the Internal Revenue Service.

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

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

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment cost	$ 1,106,849	$ 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	$ 1,005,024	$ 1,126,879
Affiliate Investments
Investment cost	58,861	4,551
Control Investments
Investment cost	950	19,172
U.S. Treasury Bills
Investment cost	$ 42,014	$ 0

Cost of the investment.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Investments in and Advances to Affiliates [Line Items]

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 07, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Annual 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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	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	698‑6902
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 293
Auditor Name	RSM US LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	49
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

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 78,275

$ 59,796

$ 44,492

1,126,309

Net change in unrealized gain (loss) on investments

(18,387)

(1,061)

4,172

(15,547)

(26,485)

(3,045)

Investment, Identifier [Axis]: Affiliate Investments

1,067,009

1,126,309

Investments in and Advances to Affiliates [Line Items]

2,105

109

^[1]

2,084

54,310

^[2]

6,490

^[3]

Net change in unrealized gain (loss) on investments

^[4]

(930)

(4,938)

(3,476)

Investment, Identifier [Axis]: Affiliate Investments Debt Investments

51,456

^[5]

2,084

^[1]

Investments in and Advances to Affiliates [Line Items]

2,105

109

25,897

^[2]

930

^[3]

Net change in unrealized gain (loss) on investments

^[4]

$ (930)

(2,311)

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

^[5]

23,586

Investments in and Advances to Affiliates [Line Items]

Dec. 15, 2022

9.50%

10.81%

$ 109

^[3]

930

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

^[4]

(930)

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

$ 23,586

8.75%

8.00%

5.00%

Nov. 30, 2026

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

$ 23,586

Investments in and Advances to Affiliates [Line Items]

8.75%

8.00%

5.00%

Nov. 30, 2026

$ 2,105

Net change in unrealized gain (loss) on investments

^[2]

25,897

(2,311)

Investment, Identifier [Axis]: Affiliate Investments Debt investments

^[5]

23,586

Investments in and Advances to Affiliates [Line Items]

Investment, Identifier [Axis]: Affiliate Investments Equity Investments

23,586

Investments in and Advances to Affiliates [Line Items]

^[1]

1,174

Net change in unrealized gain (loss) on investments

28,100

^[2]

4,551

^[3]

(2,380)

(3,377)

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

26,894

^[5]

1,174

^[1]

Investments in and Advances to Affiliates [Line Items]

1,174

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

856

1,174

Investments in and Advances to Affiliates [Line Items]

1,174

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

1,174

Investments in and Advances to Affiliates [Line Items]

^[1]

1,174

Net change in unrealized gain (loss) on investments

^[3]

4,551

(3,377)

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

^[1]

1,174

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized gain (loss) on investments

1,174

(318)

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

856

^[5]

1,174

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized gain (loss) on investments

^[2]

3,100

1,477

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

^[5]

4,577

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized gain (loss) on investments

^[2]

25,000

(3,539)

Investment, Identifier [Axis]: Affiliate Investments Equity investments

^[5]

21,461

Investments in and Advances to Affiliates [Line Items]

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

26,894

Investments in and Advances to Affiliates [Line Items]

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

856

Investments in and Advances to Affiliates [Line Items]

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

26,038

Investments in and Advances to Affiliates [Line Items]

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

4,577

Investments in and Advances to Affiliates [Line Items]

Investment, Identifier [Axis]: Affiliate Investments Warrants

21,461

Investments in and Advances to Affiliates [Line Items]

^[1]

910

Net change in unrealized gain (loss) on investments

313

^[2]

1,009

^[3]

(247)

(99)

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

976

^[5]

910

^[1]

Investments in and Advances to Affiliates [Line Items]

910

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

663

$ 910

Investments in and Advances to Affiliates [Line Items]

Mar. 09, 2030

$ 910

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

$ 910

Investments in and Advances to Affiliates [Line Items]

Mar. 09, 2030

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

$ 663

Investments in and Advances to Affiliates [Line Items]

$ 0.01

Mar. 09, 2030

^[1]

910

Net change in unrealized gain (loss) on investments

^[3]

$ 1,009

(247)

(99)

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

663

^[5]

910

^[1]

Investments in and Advances to Affiliates [Line Items]

^[2]

313

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

^[5]

313

Investments in and Advances to Affiliates [Line Items]

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

$ 313

Investments in and Advances to Affiliates [Line Items]

Mar. 01, 2030

Investment, Identifier [Axis]: Control Investments

$ 313

Investments in and Advances to Affiliates [Line Items]

4,097

9,290

^[1]

29,131

950

^[2]

3,548

^[3]

(2,158)

^[6]

(17,250)

^[4]

Net change in unrealized gain (loss) on investments

(17,014)

(2,000)

9,882

(4,139)

Investment, Identifier [Axis]: Control Investments Debt Investments

950

^[5]

9,290

^[1]

29,131

Investments in and Advances to Affiliates [Line Items]

4,065

9,290

^[1]

28,261

^[3]

3,548

(2,158)

^[6]

(15,204)

^[4]

Net change in unrealized gain (loss) on investments

(17,014)

9,882

(7,315)

Investment, Identifier [Axis]: Control Investments Debt Investments Data Processing & Outsourced Services

9,290

^[1]

28,261

Investments in and Advances to Affiliates [Line Items]

9,290

Investments in and Advances to Affiliates [Line Items]

$ 9,290

4.00%

Jan. 15, 2023

8.50%

11.00%

9,290

Investment, Identifier [Axis]: Control Investments Debt Investments Mojix, Inc Five

$ 9,290

Investments in and Advances to Affiliates [Line Items]

12.00%

12.00%

5.00%

Jan. 15, 2025

$ 374

1,253

^[3]

327

Net change in unrealized gain (loss) on investments

^[4]

(1,400)

$ (180)

Investment, Identifier [Axis]: Control Investments Debt Investments Mojix, Inc Four

1,253

Investments in and Advances to Affiliates [Line Items]

12.00%

12.00%

5.00%

Jan. 15, 2025

$ 185

629

^[3]

161

Net change in unrealized gain (loss) on investments

^[4]

(703)

$ (87)

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

629

Investments in and Advances to Affiliates [Line Items]

12.00%

12.00%

5.00%

Jan. 15, 2025

$ 2,287

7,568

^[3]

1,987

Net change in unrealized gain (loss) on investments

^[4]

(8,489)

$ (1,066)

Investment, Identifier [Axis]: Control Investments Debt Investments Mojix, Inc Six

7,568

Investments in and Advances to Affiliates [Line Items]

12.00%

12.00%

5.00%

Jan. 15, 2025

$ 291

1,008

^[3]

266

Net change in unrealized gain (loss) on investments

^[4]

(1,090)

$ (184)

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

1,008

Investments in and Advances to Affiliates [Line Items]

12.00%

12.00%

5.00%

Jan. 15, 2025

$ 184

630

^[3]

160

Net change in unrealized gain (loss) on investments

^[4]

(704)

$ (86)

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

630

Investments in and Advances to Affiliates [Line Items]

12.00%

12.00%

5.00%

Jan. 15, 2025

$ 744

2,523

^[3]

647

Net change in unrealized gain (loss) on investments

^[4]

(2,818)

$ (352)

Investment, Identifier [Axis]: Control Investments Debt Investments Pivot3, Inc

2,523

Investments in and Advances to Affiliates [Line Items]

Nov. 15, 2022

8.50%

11.00%

Net change in unrealized gain (loss) on investments

$ 9,290

^[1]

$ 14,650

(5,360)

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

9,290

^[1]

14,650

Investments in and Advances to Affiliates [Line Items]

4.00%

Oct. 15, 2023

8.50%

11.00%

$ 9,290

^[6]

(2,158)

Net change in unrealized gain (loss) on investments

(17,014)

9,882

Investment, Identifier [Axis]: Control Investments Equity Investments

9,290

Investments in and Advances to Affiliates [Line Items]

870

^[2]

950

^[4]

(800)

Net change in unrealized gain (loss) on investments

(2,000)

1,930

Investment, Identifier [Axis]: Control Investments Equity Investments Data Processing & Outsourced Services

950

^[5]

870

Investments in and Advances to Affiliates [Line Items]

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

950

Investments in and Advances to Affiliates [Line Items]

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

950

Investments in and Advances to Affiliates [Line Items]

870

Net change in unrealized gain (loss) on investments

^[4]

(800)

(70)

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

$ 870

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized gain (loss) on investments

(2,000)

$ 2,000

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

Investments in and Advances to Affiliates [Line Items]

^[2]

950

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

^[5]

$ 950

Investments in and Advances to Affiliates [Line Items]

$ 1.286

Dec. 13, 2030

Net change in unrealized gain (loss) on investments

^[4]

$ (119)

$ 119

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

Investments in and Advances to Affiliates [Line Items]

$ 5.57338

Dec. 13, 2030

Net change in unrealized gain (loss) on investments

^[4]

$ (829)

$ 829

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

Investments in and Advances to Affiliates [Line Items]

$ 2.1286

Dec. 13, 2030

Net change in unrealized gain (loss) on investments

^[4]

$ (298)

298

Investment, Identifier [Axis]: Control Investments, Warrants

Investments in and Advances to Affiliates [Line Items]

Net change in unrealized gain (loss) on investments

^[4]

(1,246)

1,246

Investments in and Advances to Affiliates [Line Items]

6.25%

1.50%

Dec. 15, 2028

2.00%

11.25%

Investments in and Advances to Affiliates [Line Items]

$ 25,083

9.26%

3.4375%

Jun. 15, 2027

9.76%

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

$ 39,945

Investments in and Advances to Affiliates [Line Items]

1,114,935

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

972,604

1,114,935

Investments in and Advances to Affiliates [Line Items]

1,084,485

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

954,912

1,084,485

Investments in and Advances to Affiliates [Line Items]

176,582

Investments in and Advances to Affiliates [Line Items]

196,540

$ 176,582

7.50%

Dec. 15, 2023

9.50%

12.26%

$ 17,083

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Application Software Circadence Corporation Investment Type Senior Secured Interest Rate SOFR+9.50%, 12.26% floor, 10.00% cash cap, 7.50% ETP Initial Acquisition Date 12/20/2018 Maturity Date 3/15/2024

$ 17,083

Investments in and Advances to Affiliates [Line Items]

9.50%

10.00%

7.50%

Mar. 15, 2024

12.26%

Investments in and Advances to Affiliates [Line Items]

$ 19,028

9.25%

1.75%

Jun. 01, 2025

9.75%

10,033

Investments in and Advances to Affiliates [Line Items]

$ 10,033

5.00%

4.25%

Jul. 15, 2027

1.00%

9.00%

$ 64,466

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

$ 64,466

Investments in and Advances to Affiliates [Line Items]

5.00%

5.75%

Jul. 15, 2027

1.00%

9.00%

Investments in and Advances to Affiliates [Line Items]

$ 64,615

9.00%

10.00%

4.50%

Dec. 28, 2026

9.50%

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

$ 87,814

Investments in and Advances to Affiliates [Line Items]

9.00%

4.50%

Dec. 28, 2026

9.50%

85,000

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Asset Management & Custody Banks

$ 85,000

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

$ 7,860

4.50%

Oct. 06, 2027

8.50%

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

$ 7,860

Investments in and Advances to Affiliates [Line Items]

39,709

Investments in and Advances to Affiliates [Line Items]

$ 39,709

8.75%

3.50%

Apr. 15, 2027

9.25%

29,709

Investments in and Advances to Affiliates [Line Items]

$ 29,709

5.00%

4.25%

Sep. 01, 2026

8.50%

10,000

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

$ 10,000

Investments in and Advances to Affiliates [Line Items]

86,182

Investments in and Advances to Affiliates [Line Items]

$ 104,581

$ 86,182

7.50%

Jul. 10, 2027

12.78%

Investments in and Advances to Affiliates [Line Items]

$ 19,424

9.26%

3.4375%

Jun. 15, 2027

9.76%

39,504

Investments in and Advances to Affiliates [Line Items]

$ 39,504

8.25%

3.00%

Jul. 15, 2025

10.86%

$ 1,007

Investments in and Advances to Affiliates [Line Items]

$ 1,007

8.25%

3.00%

Sep. 30, 2024

10.86%

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

$ 947

Investments in and Advances to Affiliates [Line Items]

9.25%

3.00%

Jul. 15, 2025

11.86%

$ 21,150

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Data Processing & Outsourced Services ShareThis, Inc. Investment Type Senior Secured Interest Rate SOFR+9.25%, 11.86% floor, 3.00% ETP Initial Acquisition Date 12/3/2018 Maturity Date 9/30/2024

$ 21,150

Investments in and Advances to Affiliates [Line Items]

9.25%

3.00%

Sep. 30, 2024

11.86%

Investments in and Advances to Affiliates [Line Items]

$ 19,895

7.00%

3.00%

Nov. 15, 2026

9.00%

$ 24,521

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

24,370

$ 24,521

Investments in and Advances to Affiliates [Line Items]

25,305

Investments in and Advances to Affiliates [Line Items]

$ 25,796

$ 25,305

8.50%

13.00%

3.00%

Dec. 14, 2025

9.00%

$ 25,305

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

25,796

$ 25,305

Investments in and Advances to Affiliates [Line Items]

77,551

Investments in and Advances to Affiliates [Line Items]

$ 26,790

$ 77,551

6.85%

3.00%

Oct. 20, 2027

10.89%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Electronic Equipment & Instruments Brivo,Inc. Investment Type Senior Secured 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

$ 26,790

Investments in and Advances to Affiliates [Line Items]

6.85%

3.00%

Oct. 20, 2027

50.00%

10.89%

43,912

Investments in and Advances to Affiliates [Line Items]

$ 43,912

9.75%

2.00%

Dec. 17, 2025

10.25%

33,639

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

$ 33,639

Investments in and Advances to Affiliates [Line Items]

27,149

Investments in and Advances to Affiliates [Line Items]

$ 15,284

$ 27,149

5.25%

3.50%

Jul. 01, 2027

8.75%

$ 14,772

Investments in and Advances to Affiliates [Line Items]

15,284

$ 14,772

5.50%

4.00%

Apr. 01, 2027

8.75%

12,377

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

$ 12,377

Investments in and Advances to Affiliates [Line Items]

225,915

Investments in and Advances to Affiliates [Line Items]

126,204

$ 225,915

6.44%

3.00%

Dec. 30, 2026

9.50%

$ 54,715

Investments in and Advances to Affiliates [Line Items]

$ 54,715

4.90%

4.50%

Jun. 15, 2027

8.90%

$ 19,648

Investments in and Advances to Affiliates [Line Items]

40,337

$ 19,648

8.75%

3.50%

Dec. 01, 2025

9.25%

50,022

Investments in and Advances to Affiliates [Line Items]

$ 50,022

9.50%

10.50%

Dec. 15, 2023

0.25%

12.01%

$ 3,821

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

$ 3,821

Investments in and Advances to Affiliates [Line Items]

9.75%

10.50%

Dec. 15, 2026

12.26%

Investments in and Advances to Affiliates [Line Items]

$ 3,791

2.70%

4.50%

Oct. 12, 2027

2.00%

6.70%

$ 19,756

Investments in and Advances to Affiliates [Line Items]

$ 21,191

$ 19,756

8.48%

3.95%

Jul. 01, 2026

8.98%

$ 12,843

Investments in and Advances to Affiliates [Line Items]

$ 35,435

$ 12,843

5.75%

4.00%

Dec. 01, 2027

9.00%

$ 24,802

Investments in and Advances to Affiliates [Line Items]

25,450

$ 24,802

9.05%

3.00%

Dec. 01, 2024

9.55%

40,308

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

$ 40,308

Investments in and Advances to Affiliates [Line Items]

96,478

Investments in and Advances to Affiliates [Line Items]

$ 112,006

$ 96,478

6.25%

2.00%

Aug. 17, 2027

10.25%

$ 59,693

Investments in and Advances to Affiliates [Line Items]

$ 75,465

$ 59,693

2.75%

Sep. 01, 2025

8.50%

9.00%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Human Resource & Employment Services Snagajob.com, Inc. Investment Type Senior Secured 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

$ 36,541

Investments in and Advances to Affiliates [Line Items]

8.50%

9.00%

2.75%

Sep. 01, 2025

9.00%

36,785

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

$ 36,785

Investments in and Advances to Affiliates [Line Items]

55,853

Investments in and Advances to Affiliates [Line Items]

$ 55,309

$ 55,853

4.75%

11.00%

3.00%

Dec. 16, 2026

11.00%

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

$ 10,847

Investments in and Advances to Affiliates [Line Items]

4.75%

3.00%

Dec. 16, 2026

11.00%

9,353

Investments in and Advances to Affiliates [Line Items]

$ 9,353

8.50%

Jun. 15, 2025

1.25%

9.26%

$ 46,500

Investments in and Advances to Affiliates [Line Items]

$ 46,500

7.50%

Jun. 15, 2026

1.25%

8.26%

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

$ 44,462

Investments in and Advances to Affiliates [Line Items]

146,535

Investments in and Advances to Affiliates [Line Items]

$ 96,820

$ 146,535

4.75%

0.96%

Jan. 15, 2028

3.25%

6.75%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet Software and Services Bombora, Inc. Investment Type Senior Secured 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

$ 27,879

Investments in and Advances to Affiliates [Line Items]

5.00%

2.00%

Mar. 31, 2025

3.75%

5.76%

21,337

Investments in and Advances to Affiliates [Line Items]

$ 21,337

11.00%

2.00%

May 13, 2024

12.00%

8,692

Investments in and Advances to Affiliates [Line Items]

$ 8,692

11.00%

2.39%

May 13, 2024

12.00%

11,857

Investments in and Advances to Affiliates [Line Items]

$ 11,857

9.00%

2.50%

Nov. 15, 2025

9.76%

$ 45,329

Investments in and Advances to Affiliates [Line Items]

$ 45,329

6.50%

3.00%

Nov. 08, 2026

10.72%

$ 24,414

Investments in and Advances to Affiliates [Line Items]

29,183

$ 24,414

4.25%

Jun. 30, 2027

8.25%

$ 34,906

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

$ 34,906

Investments in and Advances to Affiliates [Line Items]

7.00%

1.00%

Dec. 29, 2028

11.07%

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

$ 39,758

Investments in and Advances to Affiliates [Line Items]

49,143

Investments in and Advances to Affiliates [Line Items]

$ 74,767

$ 49,143

6.25%

3.00%

Sep. 15, 2026

12.50%

$ 49,143

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

74,767

$ 49,143

Investments in and Advances to Affiliates [Line Items]

78,083

Investments in and Advances to Affiliates [Line Items]

$ 112,955

$ 78,083

4.50%

2.00%

Nov. 09, 2027

2.50%

6.50%

$ 64,429

Investments in and Advances to Affiliates [Line Items]

$ 69,066

$ 64,429

8.00%

3.00%

Dec. 22, 2025

2.00%

8.50%

Investments in and Advances to Affiliates [Line Items]

$ 14,399

5.00%

3.00%

Dec. 22, 2025

5.00%

5.50%

$ 13,654

Investments in and Advances to Affiliates [Line Items]

$ 13,654

3.25%

2.25%

Nov. 15, 2027

11.75%

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

$ 29,490

Investments in and Advances to Affiliates [Line Items]

14,605

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

5,721

14,605

Investments in and Advances to Affiliates [Line Items]

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

136

Investments in and Advances to Affiliates [Line Items]

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

Investments in and Advances to Affiliates [Line Items]

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

120

Investments in and Advances to Affiliates [Line Items]

1,769

Investments in and Advances to Affiliates [Line Items]

390

1,769

347

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

127

347

Investments in and Advances to Affiliates [Line Items]

1,422

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

263

1,422

Investments in and Advances to Affiliates [Line Items]

12,335

Investments in and Advances to Affiliates [Line Items]

3,553

12,335

12,335

Investments in and Advances to Affiliates [Line Items]

12,335

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

3,553

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

$ 1,357

Dec. 31, 2026

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

$ 1,357

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

125

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

125

Investments in and Advances to Affiliates [Line Items]

501

Investments in and Advances to Affiliates [Line Items]

160

501

501

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

160

501

Investments in and Advances to Affiliates [Line Items]

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

11,971

$ 15,845

Investments in and Advances to Affiliates [Line Items]

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

Jun. 30, 2027

Investments in and Advances to Affiliates [Line Items]

3,649

Investments in and Advances to Affiliates [Line Items]

$ 2,196

$ 3,649

Investments in and Advances to Affiliates [Line Items]

Dec. 28, 2028

Investments in and Advances to Affiliates [Line Items]

Dec. 28, 2028

Jun. 29, 2028

Investments in and Advances to Affiliates [Line Items]

$ 1,048

Jun. 29, 2028

2,865

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

$ 2,865

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

$ 167

Oct. 31, 2029

Investments in and Advances to Affiliates [Line Items]

$ 12

Dec. 20, 2028

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

$ 48

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

283

Oct. 31, 2029

Investments in and Advances to Affiliates [Line Items]

$ 22

Dec. 20, 2028

$ 87

Investments in and Advances to Affiliates [Line Items]

$ 87

Jun. 01, 2025

Investments in and Advances to Affiliates [Line Items]

$ 233

Jun. 01, 2025

214

Investments in and Advances to Affiliates [Line Items]

$ 214

Jul. 11, 2026

$ 356

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Application Software Dtex Systems, Inc.Investment Type Warrants Series C-Prime Preferred Stock Initial Acquisition Date 7/11/2019 Maturity Date 7/11/2026

$ 356

Investments in and Advances to Affiliates [Line Items]

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

$ 389

Investments in and Advances to Affiliates [Line Items]

Jul. 29, 2027

$ 105

Investments in and Advances to Affiliates [Line Items]

$ 105

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

$ 16

Investments in and Advances to Affiliates [Line Items]

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Asset Management & Custody Banks

Dec. 23, 2023

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

$ 161

Oct. 06, 2033

Investments in and Advances to Affiliates [Line Items]

$ 146

Oct. 06, 2033

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

$ 15

Investments in and Advances to Affiliates [Line Items]

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

$ 216

Investments in and Advances to Affiliates [Line Items]

Mar. 04, 2032

$ 59

Investments in and Advances to Affiliates [Line Items]

$ 59

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

$ 39

Investments in and Advances to Affiliates [Line Items]

Sep. 02, 2032

$ 157

Investments in and Advances to Affiliates [Line Items]

$ 157

Sep. 02, 2032

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

$ 12

Investments in and Advances to Affiliates [Line Items]

$ 68

Investments in and Advances to Affiliates [Line Items]

$ 68

Investments in and Advances to Affiliates [Line Items]

Jul. 22, 2029

Jul. 22, 2029

$ 68

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

$ 68

Investments in and Advances to Affiliates [Line Items]

1,932

Investments in and Advances to Affiliates [Line Items]

$ 1,254

$ 1,932

Jul. 10, 2033

Investments in and Advances to Affiliates [Line Items]

$ 384

Jun. 24, 2032

$ 204

Investments in and Advances to Affiliates [Line Items]

$ 204

Jun. 24, 2032

Investments in and Advances to Affiliates [Line Items]

$ 67

Dec. 03, 2028

Investments in and Advances to Affiliates [Line Items]

$ 803

Dec. 03, 2028

1,728

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

$ 1,728

Investments in and Advances to Affiliates [Line Items]

563

Investments in and Advances to Affiliates [Line Items]

$ 745

$ 563

Oct. 20, 2032

Investments in and Advances to Affiliates [Line Items]

$ 322

Oct. 20, 2032

$ 107

Investments in and Advances to Affiliates [Line Items]

$ 107

Dec. 17, 2028

Investments in and Advances to Affiliates [Line Items]

$ 423

Dec. 17, 2024

456

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

$ 456

Investments in and Advances to Affiliates [Line Items]

284

Investments in and Advances to Affiliates [Line Items]

$ 240

$ 284

Jun. 24, 2032

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

$ 138

Investments in and Advances to Affiliates [Line Items]

Jun. 24, 2032

$ 163

Investments in and Advances to Affiliates [Line Items]

$ 163

Mar. 30, 2032

Investments in and Advances to Affiliates [Line Items]

$ 102

Mar. 30, 2032

121

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

$ 121

Investments in and Advances to Affiliates [Line Items]

2,594

Investments in and Advances to Affiliates [Line Items]

$ 2,506

$ 2,594

Investments in and Advances to Affiliates [Line Items]

Jan. 22, 2025

Jan. 22, 2025

Investments in and Advances to Affiliates [Line Items]

$ 15

Investments in and Advances to Affiliates [Line Items]

Jan. 22, 2025

Aug. 01, 2028

Investments in and Advances to Affiliates [Line Items]

$ 77

Mar. 30, 2031

632

Investments in and Advances to Affiliates [Line Items]

$ 632

Mar. 30, 2031

$ 259

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology CareCloud, Inc. Common Stock Initial Acquisition Date 1/8/2020 Maturity Date 1/8/2023

$ 259

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

Jan. 08, 2023

Jun. 30, 2032

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

$ 690

Investments in and Advances to Affiliates [Line Items]

Jun. 30, 2032

305

Investments in and Advances to Affiliates [Line Items]

$ 305

Nov. 19, 2031

$ 446

Investments in and Advances to Affiliates [Line Items]

$ 446

Investments in and Advances to Affiliates [Line Items]

Aug. 15, 2028

Investments in and Advances to Affiliates [Line Items]

Aug. 15, 2028

Oct. 12, 2032

Investments in and Advances to Affiliates [Line Items]

$ 99

Oct. 12, 2032

$ 137

Investments in and Advances to Affiliates [Line Items]

$ 137

Aug. 17, 2031

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

$ 897

Investments in and Advances to Affiliates [Line Items]

Aug. 17, 2031

$ 297

Investments in and Advances to Affiliates [Line Items]

$ 297

Dec. 29, 2032

Investments in and Advances to Affiliates [Line Items]

$ 199

Jun. 29, 2031

Investments in and Advances to Affiliates [Line Items]

$ 133

Dec. 29, 2032

Investments in and Advances to Affiliates [Line Items]

$ 74

Jun. 29, 2031

$ 50

Investments in and Advances to Affiliates [Line Items]

$ 50

Dec. 29, 2025

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

$ 396

Investments in and Advances to Affiliates [Line Items]

Dec. 29, 2025

394

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

$ 394

Investments in and Advances to Affiliates [Line Items]

1,310

Investments in and Advances to Affiliates [Line Items]

$ 1,239

$ 1,310

Jun. 30, 2030

Investments in and Advances to Affiliates [Line Items]

$ 1,001

Aug. 17, 2031

Investments in and Advances to Affiliates [Line Items]

$ 95

Sep. 26, 2032

Investments in and Advances to Affiliates [Line Items]

$ 143

Jun. 30, 2030

920

Investments in and Advances to Affiliates [Line Items]

$ 920

Aug. 17, 2031

$ 170

Investments in and Advances to Affiliates [Line Items]

$ 170

Investments in and Advances to Affiliates [Line Items]

Sep. 29, 2031

Sep. 29, 2031

$ 220

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

$ 220

Investments in and Advances to Affiliates [Line Items]

133

Investments in and Advances to Affiliates [Line Items]

154

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

154

Investments in and Advances to Affiliates [Line Items]

133

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

133

Investments in and Advances to Affiliates [Line Items]

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

1,642

$ 3,245

Investments in and Advances to Affiliates [Line Items]

Mar. 31, 2031

$ 248

Investments in and Advances to Affiliates [Line Items]

$ 248

Dec. 26, 2033

Investments in and Advances to Affiliates [Line Items]

$ 41

Mar. 31, 2031

Investments in and Advances to Affiliates [Line Items]

$ 104

Mar. 25, 2032

$ 100

Investments in and Advances to Affiliates [Line Items]

$ 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

Mar. 25, 2032

Investments in and Advances to Affiliates [Line Items]

Jul. 26, 2029

$ 2,198

Investments in and Advances to Affiliates [Line Items]

$ 2,198

Jul. 26, 2029

Investments in and Advances to Affiliates [Line Items]

$ 735

Dec. 12, 2029

$ 345

Investments in and Advances to Affiliates [Line Items]

$ 345

Dec. 12, 2029

Investments in and Advances to Affiliates [Line Items]

$ 321

Nov. 08, 2026

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

$ 294

Investments in and Advances to Affiliates [Line Items]

Nov. 08, 2026

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

$ 225

Investments in and Advances to Affiliates [Line Items]

Jun. 30, 2032

$ 129

Investments in and Advances to Affiliates [Line Items]

$ 129

Jun. 30, 2032

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

$ 147

Investments in and Advances to Affiliates [Line Items]

297

Investments in and Advances to Affiliates [Line Items]

$ 438

$ 297

Sep. 26, 2032

Investments in and Advances to Affiliates [Line Items]

$ 81

Sep. 26, 2032

Investments in and Advances to Affiliates [Line Items]

$ 65

Sep. 26, 2032

Investments in and Advances to Affiliates [Line Items]

$ 292

Sep. 26, 2032

297

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

$ 297

Investments in and Advances to Affiliates [Line Items]

796

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

$ 373

$ 796

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

Sep. 01, 2027

Investments in and Advances to Affiliates [Line Items]

Aug. 31, 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

Aug. 31, 2027

Investments in and Advances to Affiliates [Line Items]

Jan. 07, 2030

$ 796

Investments in and Advances to Affiliates [Line Items]

$ 796

Jan. 07, 2030

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

$ 373

Investments in and Advances to Affiliates [Line Items]

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

562

$ 191

Investments in and Advances to Affiliates [Line Items]

May 31, 2029

$ 191

Investments in and Advances to Affiliates [Line Items]

$ 191

May 31, 2029

Investments in and Advances to Affiliates [Line Items]

$ 268

Nov. 03, 2033

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

$ 294

Investments in and Advances to Affiliates [Line Items]

Investments in and Advances to Affiliates [Line Items]

Mar. 29, 2029

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

Mar. 29, 2029

Investments in and Advances to Affiliates [Line Items]

$ 567

Investments in and Advances to Affiliates [Line Items]

$ 410

$ 567

Oct. 05, 2028

Investments in and Advances to Affiliates [Line Items]

$ 178

Oct. 05, 2028

Investments in and Advances to Affiliates [Line Items]

$ 36

Jun. 27, 2029

Investments in and Advances to Affiliates [Line Items]

$ 196

Oct. 05, 2028

246

Investments in and Advances to Affiliates [Line Items]

$ 246

Dec. 28, 2028

Investments in and Advances to Affiliates [Line Items]

$ 49

Jun. 27, 2029

272

Investment, Identifier [Axis]: Total Investments, Excluding U.S. Treasury Bills

$ 272

Investments in and Advances to Affiliates [Line Items]

Investment, Identifier [Axis]: Total U.S. Treasury

1,025,010

Investments in and Advances to Affiliates [Line Items]

Investment, Identifier [Axis]: U.S. Treasury U.S. Treasury Bill, 4.324% Initial Acquisition Date 12/29/2023 Maturity Date 1/4/2024

$ 41,999

Investments in and Advances to Affiliates [Line Items]

Jan. 04, 2024