0000950170-24-054449 | 10-Q | XBRL Viewer | Runway Growth Finance Corp

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

The following table provides the Company’s contractual obligations as of March 31, 2024 (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	$	237,000	$	—	$		237,000	$		—	$	—
2026 Notes		95,000		—			95,000			—		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		484,250		—			332,000			152,250		—
Deferred Incentive Fees		10,216		481			5,915			3,689		131
Total	$	494,466	$	481	$		337,915	$		155,939	$	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, 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”).

Schedule of Unfunded Commitments to Extend Financing

The Company's unfunded commitments to provide debt financing to its portfolio companies amounted to $235.8 million and $201.5 million as of March 31, 2024 and December 31, 2023, respectively, shown in the table below (in thousands):


Portfolio Company	Investment Type	March 31, 2024		December 31, 2023
3PL Central LLC (dba Extensiv)	Senior Secured Term Loan	$	—	$	11,500
Betterment Holdings, Inc.	Senior Secured Term Loan		5,000		5,000
Blueshift Labs, Inc.	Senior Secured Term Loan		14,500		14,500
Bombora, Inc.	Senior Secured Term Loan		2,000		2,000
Brivo, Inc.	Senior Secured Term Loan		6,000		6,000
CarNow, Inc.	Senior Secured Term Loan		12,000		—
EBR Systems, Inc.	Senior Secured Term Loan		10,000		10,000
Interactions Corporation	Senior Secured Term Loan		10,000		10,000
Madison Reed, Inc.	Senior Secured Term Loan		—		1,200
Linxup, LLC	Senior Secured Term Loan		7,500		7,500
Moximed, Inc.	Senior Secured Term Loan		15,000		15,000
Nalu Medical, Inc.	Senior Secured Term Loan		15,000		15,000
Route 92 Medical, Inc.	Senior Secured Term Loan		20,000		20,000
Runway-Cadma I LLC	Joint Venture		35,000		—
SetPoint Medical Corporation	Senior Secured Term Loan		40,000		40,000
Skillshare, Inc.	Senior Secured Term Loan		10,000		10,000
Snagajob.com, Inc.	Convertible Note		2,035		2,035
Snagajob.com, Inc.	Senior Secured Term Loan		6,785		6,785
Synack, Inc.	Senior Secured Term Loan		25,000		25,000
Total unused commitments to extend financing		$	235,820	$	201,520

N-2 - $ / shares

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2023

Dec. 31, 2022

Cover [Abstract]

Entity Central Index Key

0001653384

Amendment Flag

false

Securities Act File Number

814-01180

Document Type

10-Q

Entity Registrant Name

Runway Growth Finance Corp.

Entity Address, Address Line One

205 N. Michigan Ave.

Entity Address, Address Line Two

Suite 4200

Entity Address, City or Town

Chicago

Entity Address, State or Province

Entity Address, Postal Zip Code

60601

City Area Code

312

Local Phone Number

698-6902

Entity Emerging Growth Company

true

Entity Ex Transition Period

false

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

Our investment objective is to maximize total return to our stockholders primarily through current income on our loan portfolio, and secondarily through capital gain on our warrants and other equity positions. We intend to achieve our investment objective by investing in high growth-potential, private companies. We typically invest in senior secured loans that generally fall into two strategies: Sponsored Growth Lending and Non-Sponsored Growth Lending. We generally receive warrants and/or other equity from our investments. We expect our investments in loans will generally range from between $10.0 million to $100.0 million, and the upper end of this range may increase as we raise additional capital.

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

Risk Factors [Table Text Block]

Item 1A. Risk Factors.

You should carefully consider the risks described below and all other information contained in this quarterly report on Form 10-Q, including our interim consolidated financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties described below are not the only ones we may face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

If any of the following risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, you may lose all or part of your investment. There have been no material changes known to us during the period ended March 31, 2024 to the risk factors discussed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 7, 2024.

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

NAV Per Share

^[1]

$ 13.36

$ 13.5

$ 14.07

$ 14.22

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

Related Party Agreements and Transactions - Schedule of Unfunded Commitments and Capital Contributions (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 07, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Unfunded loan commitments	$ 235,820		$ 201,520
Joint Venture
Related Party Transaction [Line Items]
Unfunded loan commitments	35,000		$ 0
Joint Venture \| Runway-Cadma I LLC
Related Party Transaction [Line Items]
Unfunded loan commitments		$ 35,000
Joint Venture \| Runway Growth Finance Corp
Related Party Transaction [Line Items]
Unfunded loan commitments	35,000
Joint Venture \| All Members
Related Party Transaction [Line Items]
Unfunded loan commitments	$ 70,000

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 (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	$	237,000	$	—	$		237,000	$		—	$	—
2026 Notes		95,000		—			95,000			—		—
2027 Notes		152,250		—			—			152,250		—
Total Borrowings		484,250		—			332,000			152,250		—
Deferred Incentive Fees		10,216		481			5,915			3,689		131
Total	$	494,466	$	481	$		337,915	$		155,939	$	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, 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”).

Contingencies

The Company and RGC 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 or RGC 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 it. While the outcome of any such legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations.

Off-balance Sheet Arrangements

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


Portfolio Company	Investment Type	March 31, 2024		December 31, 2023
3PL Central LLC (dba Extensiv)	Senior Secured Term Loan	$	—	$	11,500
Betterment Holdings, Inc.	Senior Secured Term Loan		5,000		5,000
Blueshift Labs, Inc.	Senior Secured Term Loan		14,500		14,500
Bombora, Inc.	Senior Secured Term Loan		2,000		2,000
Brivo, Inc.	Senior Secured Term Loan		6,000		6,000
CarNow, Inc.	Senior Secured Term Loan		12,000		—
EBR Systems, Inc.	Senior Secured Term Loan		10,000		10,000
Interactions Corporation	Senior Secured Term Loan		10,000		10,000
Madison Reed, Inc.	Senior Secured Term Loan		—		1,200
Linxup, LLC	Senior Secured Term Loan		7,500		7,500
Moximed, Inc.	Senior Secured Term Loan		15,000		15,000
Nalu Medical, Inc.	Senior Secured Term Loan		15,000		15,000
Route 92 Medical, Inc.	Senior Secured Term Loan		20,000		20,000
Runway-Cadma I LLC	Joint Venture		35,000		—
SetPoint Medical Corporation	Senior Secured Term Loan		40,000		40,000
Skillshare, Inc.	Senior Secured Term Loan		10,000		10,000
Snagajob.com, Inc.	Convertible Note		2,035		2,035
Snagajob.com, Inc.	Senior Secured Term Loan		6,785		6,785
Synack, Inc.	Senior Secured Term Loan		25,000		25,000
Total unused commitments to extend financing		$	235,820	$	201,520

Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings

The following table shows the Company's borrowings as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024									December 31, 2023
	Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value		Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value
Credit Facility	$	550,000	$	237,000	$	(3,957	)	$	233,043	$	550,000	$	272,000	$	(4,434	)	$	267,566
April 2026 Notes		25,000		25,000		(247	)		24,753		25,000		25,000		(277	)		24,723
December 2026 Notes		70,000		70,000		(519	)		69,481		70,000		70,000		(573	)		69,427
July 2027 Notes		80,500		80,500		(1,780	)		78,720		80,500		80,500		(1,924	)		78,576
August 2027 Notes		20,000		20,000		(476	)		19,524		20,000		20,000		(511	)		19,489
December 2027 Notes		51,750		51,750		(1,357	)		50,393		51,750		51,750		(1,453	)		50,297
Total	$	797,250	$	484,250	$	(8,336	)	$	475,914	$	797,250	$	519,250	$	(9,172	)	$	510,078

(1) Net of accumulated amortization.

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

For the three months ended March 31, 2024 and 2023, the components of interest expense, amortization of deferred debt costs, unused fees on the Credit Facility (as defined below), and any other costs associated with the Company's borrowings were as follows (dollars in thousands):


	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt
Three Months Ended March 31, 2024
Credit Facility	$	5,007	$	480	$	841	$	6,328		10.77	%
April 2026 Notes		534		30		—		564		9.03
December 2026 Notes		744		55		—		799		4.56
July 2027 Notes		1,509		144		—		1,653		8.22
August 2027 Notes		350		35		—		385		7.70
December 2027 Notes		1,035		96		—		1,131		8.74
Total	$	9,179	$	840	$	841	$	10,860		9.01	%

Three Months Ended March 31, 2023
Credit Facility	$	6,409	$	394	$	172	$	6,975		8.37	%
December 2026 Notes		744		52		—		796		4.55
July 2027 Notes		1,509		129		—		1,638		8.14
August 2027 Notes		350		35		—		385		7.70
December 2027 Notes		1,035		91		—		1,126		8.71
Total	$	10,047	$	701	$	172	$	10,920		7.86	%

- Definition

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

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+ Details

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

Mar. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Schedule of Investments [Line Items]

Total investments at fair value

$ 1,016,332

$ 1,067,009

Percentage of Net Assets

191.96%

195.04%

Investment, Identifier [Axis]: Affiliate Investments

Schedule of Investments [Line Items]

Total investments at fair value

$ 49,985

^[1]

$ 51,456

^[2]

$ 2,084

Percentage of Net Assets

9.44%

9.41%

Investment, Identifier [Axis]: Affiliate Investments Debt Investments

Schedule of Investments [Line Items]

Total investments at fair value

$ 23,656

^[1]

$ 23,586

^[2]

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 23,656

$ 23,586

Percentage of Net Assets

4.47%

4.31%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 23,656

$ 23,586

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

Schedule of Investments [Line Items]

Total investments at fair value

23,656

^[1]

23,586

^[2]

Investment, Identifier [Axis]: Affiliate Investments Debt investments

Schedule of Investments [Line Items]

Total investments at fair value

$ 23,656

$ 23,586

Percentage of Net Assets

4.47%

4.31%

Investment, Identifier [Axis]: Affiliate Investments Equity Investments

Schedule of Investments [Line Items]

Total investments at fair value

$ 25,910

^[1]

$ 26,894

^[2]

1,174

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 124

$ 856

Percentage of Net Assets

0.02%

0.16%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 124

^[1]

$ 856

^[2]

1,174

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

Schedule of Investments [Line Items]

Total investments at fair value

4,540

^[1]

4,577

^[2]

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

Schedule of Investments [Line Items]

Total investments at fair value

21,246

^[1]

21,461

^[2]

Investment, Identifier [Axis]: Affiliate Investments Equity investments

Schedule of Investments [Line Items]

Total investments at fair value

$ 25,910

$ 26,894

Percentage of Net Assets

4.89%

4.92%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 124

$ 856

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 25,786

$ 26,038

Percentage of Net Assets

4.87%

4.76%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 4,540

$ 4,577

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

Schedule of Investments [Line Items]

Total investments at fair value

21,246

21,461

Investment, Identifier [Axis]: Affiliate Investments Warrants

Schedule of Investments [Line Items]

Total investments at fair value

$ 419

^[1]

$ 976

^[2]

910

Percentage of Net Assets

0.08%

0.18%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 95

$ 663

Percentage of Net Assets

0.02%

0.12%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 95

$ 663

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

Schedule of Investments [Line Items]

Total investments at fair value

^[1]

663

^[2]

910

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

Schedule of Investments [Line Items]

Total investments at fair value

324

^[1]

313

^[2]

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 324

$ 313

Percentage of Net Assets

0.06%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 324

$ 313

Investment, Identifier [Axis]: Control Investments

Schedule of Investments [Line Items]

Total investments at fair value

$ 950

^[1]

$ 950

^[2]

9,290

Percentage of Net Assets

0.18%

0.17%

Investment, Identifier [Axis]: Control Investments Debt Investments

Schedule of Investments [Line Items]

Total investments at fair value

9,290

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 9,290

Investment, Identifier [Axis]: Control Investments Equity Investments

Schedule of Investments [Line Items]

Total investments at fair value

$ 950

^[1]

$ 950

^[2]

Percentage of Net Assets

0.18%

0.17%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 950

Percentage of Net Assets

0.18%

0.17%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 950

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

Schedule of Investments [Line Items]

Total investments at fair value

950

^[1]

950

^[2]

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

Schedule of Investments [Line Items]

Total investments at fair value

39,806

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% E T P Initial Acquisition Date 6/24/2022 Maturity Date 6/15/2027

Schedule of Investments [Line Items]

Total investments at fair value

39,945

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 965,397

$ 972,604

Percentage of Net Assets

182.34%

177.78%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 945,909

$ 954,912

Percentage of Net Assets

178.65%

174.54%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 170,957

$ 196,540

Percentage of Net Assets

32.29%

35.92%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 24,824

$ 25,083

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 03/15/2024

Schedule of Investments [Line Items]

Total investments at fair value

19,028

Schedule of Investments [Line Items]

Total investments at fair value

19,213

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

Schedule of Investments [Line Items]

Total investments at fair value

38,426

64,615

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

Schedule of Investments [Line Items]

Total investments at fair value

88,494

87,814

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 7,941

$ 7,860

Percentage of Net Assets

1.50%

1.44%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 7,941

$ 7,860

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 104,115

$ 104,581

Percentage of Net Assets

19.66%

19.12%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 19,706

$ 19,424

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 9/30/2024

Schedule of Investments [Line Items]

Total investments at fair value

933

947

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

Schedule of Investments [Line Items]

Total investments at fair value

19,587

19,895

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

Schedule of Investments [Line Items]

Total investments at fair value

24,083

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 25,798

$ 25,796

Percentage of Net Assets

4.87%

4.72%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 25,798

$ 25,796

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 26,753

$ 26,790

Percentage of Net Assets

5.05%

4.90%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 26,753

$ 26,790

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 15,412

$ 15,284

Percentage of Net Assets

2.91%

2.79%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 15,412

$ 15,284

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 126,066

$ 126,204

Percentage of Net Assets

23.81%

23.06%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 40,385

$ 40,337

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

Schedule of Investments [Line Items]

Total investments at fair value

3,202

3,791

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

Schedule of Investments [Line Items]

Total investments at fair value

21,381

21,191

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

Schedule of Investments [Line Items]

Total investments at fair value

35,396

35,435

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

Schedule of Investments [Line Items]

Total investments at fair value

25,702

25,450

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 111,300

$ 112,006

Percentage of Net Assets

21.02%

20.47%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 75,761

$ 75,465

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

Schedule of Investments [Line Items]

Total investments at fair value

35,539

36,541

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 53,784

Percentage of Net Assets

10.16%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 15,934

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

Schedule of Investments [Line Items]

Total investments at fair value

37,850

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 114,767

$ 96,820

Percentage of Net Assets

21.68%

17.70%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 28,104

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Debt Investments Internet Software and Services CarNow, Inc. Investment Type Senior Secured Interest Rate SOFR+ 7.25%, 11.75% floor, 1.00% ETP Initial Acquisition Date 3/22/2024 Maturity Date 3/22/2029

Schedule of Investments [Line Items]

Total investments at fair value

17,297

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

Schedule of Investments [Line Items]

Total investments at fair value

29,580

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

Schedule of Investments [Line Items]

Total investments at fair value

39,786

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 75,437

$ 74,767

Percentage of Net Assets

14.25%

13.67%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 75,437

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 113,579

$ 112,955

Percentage of Net Assets

21.45%

20.64%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 69,633

$ 69,066

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

Schedule of Investments [Line Items]

Total investments at fair value

14,388

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

Schedule of Investments [Line Items]

Total investments at fair value

29,558

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 4,814

$ 5,721

Percentage of Net Assets

0.91%

1.05%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 136

Percentage of Net Assets

0.03%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 16

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

Schedule of Investments [Line Items]

Total investments at fair value

120

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 434

Percentage of Net Assets

0.08%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 127

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

Schedule of Investments [Line Items]

Total investments at fair value

307

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 2,777

Percentage of Net Assets

0.52%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 2,777

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 1,023

$ 1,357

Percentage of Net Assets

0.19%

0.25%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 1,023

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 170

$ 125

Percentage of Net Assets

0.03%

0.02%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 170

$ 125

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 274

$ 160

Percentage of Net Assets

0.06%

0.03%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 274

$ 160

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 390

Percentage of Net Assets

0.07%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 127

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 3,553

Percentage of Net Assets

0.65%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 3,553

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

Schedule of Investments [Line Items]

Total investments at fair value

233

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

Schedule of Investments [Line Items]

Total investments at fair value

24,370

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

Schedule of Investments [Line Items]

Total investments at fair value

27,879

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

Schedule of Investments [Line Items]

Total investments at fair value

14,399

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

Schedule of Investments [Line Items]

Total investments at fair value

74,767

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

Schedule of Investments [Line Items]

Total investments at fair value

39,758

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

Schedule of Investments [Line Items]

Total investments at fair value

29,490

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

Schedule of Investments [Line Items]

Total investments at fair value

29,183

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 55,309

Percentage of Net Assets

10.11%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 10,847

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

Schedule of Investments [Line Items]

Total investments at fair value

44,462

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

Schedule of Investments [Line Items]

Total investments at fair value

146

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Senior Secured Term Loans Internet Software and Services Fidelis Cybersecurity, Inc. Interest Rate SOFR+11.00%, 12.00% floor, 2.39% ETP Initial Acquisition Date 5/13/2021 Maturity Date 5/13/2024

Schedule of Investments [Line Items]

Total investments at fair value

263

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

Schedule of Investments [Line Items]

Total investments at fair value

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

Schedule of Investments [Line Items]

Total investments at fair value

1,357

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

Schedule of Investments [Line Items]

Total investments at fair value

120

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 2,196

Percentage of Net Assets

0.40%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 14,674

$ 11,971

Percentage of Net Assets

2.78%

2.19%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 471

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 2,432

Percentage of Net Assets

0.46%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 1,049

$ 1,048

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

Schedule of Investments [Line Items]

Total investments at fair value

168

167

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

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

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

Schedule of Investments [Line Items]

Total investments at fair value

283

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

Schedule of Investments [Line Items]

Total investments at fair value

290

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

Schedule of Investments [Line Items]

Total investments at fair value

325

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

Schedule of Investments [Line Items]

Total investments at fair value

541

389

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

Schedule of Investments [Line Items]

Total investments at fair value

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 144

$ 161

Percentage of Net Assets

0.03%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 134

Schedule of Investments [Line Items]

Total investments at fair value

$ 15

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 68

$ 51

Percentage of Net Assets

0.01%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 39

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 3/4/2032Non-Control/Non-Affiliate Investments Warrants Biotechnology Mustang Bio, Inc. Common Stock Initial Acquisition Date 3/4/2022 Maturity Date 3/4/2032

Schedule of Investments [Line Items]

Total investments at fair value

$ 28

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 12

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 40

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

Schedule of Investments [Line Items]

Percentage of Net Assets

0.00%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 867

$ 1,254

Percentage of Net Assets

0.16%

0.23%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 379

$ 384

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

Schedule of Investments [Line Items]

Total investments at fair value

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

Schedule of Investments [Line Items]

Total investments at fair value

803

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 686

$ 745

Percentage of Net Assets

0.13%

0.14%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 267

$ 322

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

Schedule of Investments [Line Items]

Total investments at fair value

419

423

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 175

$ 240

Percentage of Net Assets

0.03%

0.04%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 143

$ 138

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

Schedule of Investments [Line Items]

Total investments at fair value

102

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 2,591

$ 2,506

Percentage of Net Assets

0.49%

0.46%

Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments Warrants Health Care Technology Allurion Technologies, Inc. Investment Type Warrants Common Stock Initial Acquisition Date 3/30/2021 Maturity Date 1/22/2025

Schedule of Investments [Line Items]

Total investments at fair value

$ 15

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 11

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

Schedule of Investments [Line Items]

Total investments at fair value

707

690

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

Schedule of Investments [Line Items]

Total investments at fair value

100

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

Schedule of Investments [Line Items]

Total investments at fair value

855

897

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

Schedule of Investments [Line Items]

Total investments at fair value

318

199

Schedule of Investments [Line Items]

Total investments at fair value

212

133

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

Schedule of Investments [Line Items]

Total investments at fair value

388

396

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 1,468

$ 1,239

Percentage of Net Assets

0.28%

0.23%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 1,160

$ 1,001

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

Schedule of Investments [Line Items]

Total investments at fair value

123

Schedule of Investments [Line Items]

Total investments at fair value

185

143

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 214

$ 154

Percentage of Net Assets

0.04%

0.03%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 214

$ 154

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 4,160

$ 1,642

Percentage of Net Assets

0.79%

0.30%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 46

$ 41

Schedule of Investments [Line Items]

Total investments at fair value

114

104

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

Schedule of Investments [Line Items]

Total investments at fair value

2,400

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

Schedule of Investments [Line Items]

Total investments at fair value

684

735

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

Schedule of Investments [Line Items]

Total investments at fair value

320

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

Schedule of Investments [Line Items]

Total investments at fair value

422

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

Schedule of Investments [Line Items]

Total investments at fair value

294

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

Schedule of Investments [Line Items]

Total investments at fair value

174

147

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 578

$ 438

Percentage of Net Assets

0.11%

0.08%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 107

$ 81

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

385

292

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 365

$ 373

Percentage of Net Assets

0.07%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 365

$ 373

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 563

$ 562

Percentage of Net Assets

0.11%

0.10%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 234

$ 268

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

Schedule of Investments [Line Items]

Total investments at fair value

329

294

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 363

$ 410

Percentage of Net Assets

0.07%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 158

$ 178

Schedule of Investments [Line Items]

Total investments at fair value

Schedule of Investments [Line Items]

Total investments at fair value

174

196

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 1,025,010

Percentage of Net Assets

187.36%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 41,999

Percentage of Net Assets

7.68%

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

Schedule of Investments [Line Items]

Total investments at fair value

$ 41,999

Percentage of Net Assets

4.324%

Western United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 408,853

$ 404,541

Percentage of Net Assets

77.22%

73.94%

Northeastern United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 211,643

$ 239,444

Percentage of Net Assets

39.97%

43.77%

Midwestern United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 131,701

$ 130,784

Percentage of Net Assets

24.87%

23.91%

South Central United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 88,494

$ 87,814

Percentage of Net Assets

16.72%

16.05%

Northwestern United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 25,131

$ 25,514

Percentage of Net Assets

4.75%

4.66%

Southeastern United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 20,504

$ 820

Percentage of Net Assets

3.88%

0.15%

United States

Schedule of Investments [Line Items]

Total investments at fair value

$ 886,326

$ 888,917

Percentage of Net Assets

167.41%

162.48%

United Kingdom

Schedule of Investments [Line Items]

Total investments at fair value

$ 77,364

$ 76,839

Percentage of Net Assets

14.61%

14.05%

Germany

Schedule of Investments [Line Items]

Total investments at fair value

$ 38,020

$ 44,587

Percentage of Net Assets

7.18%

8.15%

Canada

Schedule of Investments [Line Items]

Total investments at fair value

$ 14,622

$ 14,667

Percentage of Net Assets

2.76%

2.68%

Health Care Technology

Schedule of Investments [Line Items]

Total investments at fair value

$ 181,200

$ 182,200

Percentage of Net Assets

34.22%

33.30%

Application Software

Schedule of Investments [Line Items]

Total investments at fair value

$ 174,042

$ 200,645

Percentage of Net Assets

32.87%

36.67%

Data Processing & Outsourced Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 105,932

$ 106,785

Percentage of Net Assets

20.00%

19.52%

Human Resource & Employment Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 113,791

$ 114,602

Percentage of Net Assets

21.49%

20.95%

Internet Software and Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 118,927

$ 98,462

Percentage of Net Assets

22.47%

18.00%

System Software

Schedule of Investments [Line Items]

Total investments at fair value

$ 114,142

$ 113,517

Percentage of Net Assets

21.56%

20.74%

Property & Casualty Insurance

Schedule of Investments [Line Items]

Total investments at fair value

$ 76,015

$ 75,205

Percentage of Net Assets

14.36%

13.75%

Internet & Direct Marketing Retail

Schedule of Investments [Line Items]

Total investments at fair value

$ 54,168

$ 55,588

Percentage of Net Assets

10.23%

10.16%

Electronic Equipment & Instruments

Schedule of Investments [Line Items]

Total investments at fair value

$ 27,439

$ 27,535

Percentage of Net Assets

5.18%

5.04%

Education Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 25,798

$ 25,796

Percentage of Net Assets

4.87%

4.72%

Health Care Equipment

Schedule of Investments [Line Items]

Total investments at fair value

$ 15,587

$ 15,524

Percentage of Net Assets

2.94%

2.83%

Asset Management & Custody Banks

Schedule of Investments [Line Items]

Total investments at fair value

$ 8,085

$ 8,021

Percentage of Net Assets

1.53%

1.47%

Technology Hardware, Storage & Peripherals

Schedule of Investments [Line Items]

Total investments at fair value

$ 637

$ 570

Percentage of Net Assets

0.13%

0.10%

Specialized Consumer Services

Schedule of Investments [Line Items]

Total investments at fair value

$ 365

$ 373

Percentage of Net Assets

0.07%

Advertising

Schedule of Investments [Line Items]

Total investments at fair value

$ 136

Percentage of Net Assets

0.03%

Biotechnology

Schedule of Investments [Line Items]

Total investments at fair value

$ 68

$ 51

Percentage of Net Assets

0.01%

[1]	All investments in the portfolio companies, which as of March 31, 2024, represented 9.62% 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, 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.

Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investment cost	$ 1,062,789	$ 1,106,849
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	$ 1,002,897	$ 1,005,024
Affiliate investments
Investment cost	58,942	58,861
Control investments
Investment cost	950	950
U.S. Treasury Bills
Investment cost	$ 0	$ 42,014

- Definition

Cost of the investment.

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited consolidated financial statements of the Company are prepared on the accrual basis of accounting in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant to the requirements for reporting on Form 10‑Q and Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company is an investment company following the specialized accounting and reporting guidance specified in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. In the opinion of management, all adjustments, all of which were of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period have been included. The results of operations for the current interim period are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the year ending December 31, 2024. The interim unaudited consolidated financial statements and notes hereto should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the "SEC") on March 7, 2024. Certain items in the March 31, 2023 and December 31, 2023 consolidated financial statements have been reclassified to conform to the March 31, 2024 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 change in unrealized gain (loss) on investments” on the Consolidated Statements of Operations. The Company’s consolidated operations include the activities of its wholly owned subsidiary, P3 Holdco LLC ("P3 Holdco") 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.
Runway-Cadma I LLC	Runway-Cadma I LLC As announced on March 7, 2024, effective March 6, 2024, the Company entered into a joint venture agreement with Cadma Capital Partners LLC ("Cadma") to create and co-manage Runway-Cadma I LLC (“Runway-Cadma LLC” or the “JV”). The JV may invest in secured loans to growth-stage companies that have been originated by the Company. The Company and Cadma committed to initially provide $35.0 million and $35.0 million, respectively, of equity capital to the JV. The JV is capitalized as investment transactions are completed. All portfolio decisions and generally all other actions in respect of the JV must be approved by the board of managers of the JV consisting of an equal number of representatives of the Company and Cadma. Capital contributions are called from the Company and Cadma on a pro-rata basis based on their total capital commitments. As of March 31, 2024, the Company's and Cadma's ownership of the JV was 50% and 50%, respectively. As permitted under Regulation S-X and consistent with the guidance in ASC 946-810-45-3, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. As the Company’s representatives do not comprise the majority of the board of managers of the JV and the Company does not hold a majority of the economic interests in the JV, the Company does not consolidate the JV in its financial statements.
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 consist of short-term liquid investments in money market funds. Cash and cash equivalents are carried at cost, which approximates fair value. As of March 31, 2024, the Company had $6.2 million invested in money market funds. As of December 31, 2023, the Company did not have any cash 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" 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 debt 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 three months ended March 31, 2024, approximately 10.5% of the Company’s total investment income was attributable to non-cash PIK interest. For the three months ended March 31, 2023, approximately 9.7% of the Company’s total investment income was attributable to non-cash PIK interest.
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 March 31, 2024, and December 31, 2023, the Company held one investment 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. As of March 31, 2024, and December 31, 2023, the Company has not written off any accrued and uncollected PIK interest. As of March 31, 2024, the Company has two loans on non-accrual status; one loan to Mingle Healthcare Solutions, Inc. with a cost basis of $5.0 million and a fair value of $3.2 million, and one loan to Snagajob, Inc, with a cost basis of $42.7 million and a fair value of $35.5 million representing 3.8% of the Company’s total investment portfolio. From being placed on non-accrual status through March 31, 2024, cumulative interest of $0.2 million would be receivable from Mingle Healthcare Solutions and not recorded in "Interest income" on the Consolidated Statements of Operations. As of December 31, 2023, the Company did not have any loans on non-accrual status.
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. The investment portfolio of the Company is reported at fair value on the Consolidated Statements of Assets and Liabilities. 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 or liability in which the reporting entity would or could sell or transfer the asset or liability. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact. Rule 2a-5 under the 1940 Act established additional 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. Rule 31a-4 under the 1940 Act established additional recordkeeping requirements related to fair value determinations. Although the Company adopted certain revisions to its valuation policies and procedures to comply with Rule 2a-5 and Rule 31a-4, the Company's board of directors (the "Board of Directors") has not elected to designate a valuation designee.
Investment Valuation Techniques	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 of the Board of Directors (the "Audit Committee") then reviews these preliminary valuations from RGC and the independent valuation firm, if any, and makes a recommendation to the Board of Directors regarding such valuations; and • The Board of Directors reviews the recommended preliminary valuations and determines the fair value of each investment in the Company’s portfolio, in good faith, based on the input of RGC, the independent valuation firm(s) and the Audit Committee. The Company’s investments are primarily loans made to and equity and warrants of small, 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 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 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 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 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. Success fees are valued utilizing scenario analysis. Fair value is determined based the potential success fee proceeds under varied timing of liquidity events during the life of the success fee agreement. At each potential exit scenario, a probability is ascribed based on the current expectations of an exit event for the portfolio company. The probability weighted value at each respective exit date is discounted to a present value and summed together to arrive at the fair value. 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. Money market funds are valued based on the published net asset value per share on the day of valuation and are included in "Cash and cash equivalents" on the Consolidated Statements of Assets and Liabilities.
Investment Classification	Investment Classification The Company classifies its investments by level of affiliation and control. As defined in the 1940 Act, investee companies are deemed as affiliated investments when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of 5.0% or more of the outstanding voting securities of an investee company. Control investments are those where the investor has the ability or power to exercise a controlling influence over the management or policies of an investee company. Control is generally deemed to exist when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of more than 25.0% of the outstanding voting securities of an investee company, or maintains greater than 50% representation on the investee company's board of directors. Investments are recognized when the Company assumes an obligation to acquire a financial instrument and assumes the risks for gains or losses related to that instrument. Investments are derecognized when the Company assumes an obligation to sell a financial instrument and foregoes the risks for gains or losses related to that instrument. Specifically, the Company records all security transactions on a trade date basis. Investments in other, non-security financial instruments, such as limited partnerships or private companies, are recorded on the basis of subscription date or redemption date, as applicable. Amounts for investments recognized or derecognized but not yet settled will be reported as receivables for investments sold and payables for investments acquired, respectively, on the 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 three months ended March 31, 2024 and 2023, 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 any other comprehensive income in 2024 or 2023. The Company’s comprehensive income is equal to its "Net increase (decrease) in net assets resulting from operations" on the Consolidated Statements of Operations.
Distributions	Distributions 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 each 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.
Current Excepted Credit Losses	Current Expected Credit Losses The Company measures current expected credit losses (“CECL”) for financial instruments held at amortized cost based on ASC No. 326, Financial Instruments – Credit Losses (“ASC 326”). The Company adopted ASC 326 on January 1, 2020. ASC 326 introduces a new allowance for credit losses methodology and requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” methodology for the recognition of credit losses for receivables and loans subject to CECL at the time the financial asset is originated or based on historical experience and current conditions, as well as reasonable and supportable forecasts incorporating forward-looking information. The allowance for credit losses (the “CECL Reserve”) required under ASC 326 is deducted from the respective financial asset's amortized cost basis on the Company’s Consolidated Statements of Assets and Liabilities. The expected credit losses are adjusted each period for changes in expected lifetime credit losses through a provision for current expected credit losses recognized on the Consolidated Statements of Operations. As permitted by ASC 326, the Company has elected not to measure an allowance for credit losses on accrued interest receivable, but rather write-off in a timely manner by reversing interest income that would likely be uncollectible. As of March 31, 2024, and December 31, 2023, the amortized cost basis of financial assets subject to CECL recorded within "Interest and fees receivable" on the Consolidated Statements of Assets and Liabilities was $0.4 million and $2.3 million, respectively. As of March 31, 2024, and December 31, 2023, the Company's interest receivable excluded from the amortized cost basis of financial assets subject to CECL was $6.7 million and $6.0 million, respectively. As of March 31, 2024, and December 31, 2023, the Company had recorded a CECL reserve within "Interest and fees receivable" on the Consolidated Statements of Assets and Liabilities of $0.2 million, and $0, respectively.
Recently Adopted Accounting Pronouncements	Recently Adopted 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 adopted the guidance on January 1, 2024, and its adoption did not have a material impact on the Company’s financial statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosure about the Company's operating segment, the Company is currently evaluating the impact of adopting this guidance with respect to the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
Concentration of Credit Risk	Concentration of Credit Risk In the normal course of business, the Company maintains its cash balances at large, high credit-quality financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent that any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of those financial institutions and believes that risk of loss associated with any uninsured balance is remote. In the event that a portfolio company completely fails to perform according to the terms of their loan agreement, the amount of loss due to credit risk from the Company's investments would equal the sum of the Company’s recorded investments in the portfolio company and the portion of unfunded commitments currently eligible to be drawn. Refer to "Note 8 – Commitments and Contingencies" for a summary of the aggregate balance of unfunded commitments as of March 31, 2024. 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 March 31, 2024 and December 31, 2023, the Company’s five largest debt investments in portfolio companies represented approximately 36.1% and 38.0%, respectively, of the total fair value of the Company’s debt investments in portfolio companies. As of March 31, 2024 and December 31, 2023, the Company had debt investments in 15 and 14 portfolio companies, respectively, that represented 5% or more of the Company’s net assets.

Organization

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1 – Organization

Runway Growth Finance Corp. (formerly known as Runway Growth Credit Fund Inc.) (the “Company”), is a Maryland corporation that was formed on August 31, 2015. On August 18, 2021, the Company changed its name to “Runway Growth Finance Corp.” from “Runway Growth Credit Fund Inc.” The Company is an externally managed, non-diversified, closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company has elected to be treated, currently qualifies, and intends to continue to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company was formed primarily to lend to, and selectively invest in, high growth-potential companies in technology, life sciences, healthcare information and services, business services, financial services, select consumer services and products in other high-growth industries in the United States. The Company’s investment objective is to maximize its total return to its stockholders primarily through current income on its loan portfolio, and secondarily through capital gain (loss) on its warrants and other equity positions. The Company’s investment activities are managed by its external investment adviser, Runway Growth Capital LLC (“RGC”). The Company’s administrator, Runway Administrator Services LLC (the “Administrator”), is a wholly owned subsidiary of RGC and provides administrative services necessary for the Company to operate.

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

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 10 – Income Taxes

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

Federal income tax regulations differ from U.S. GAAP, therefore distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized gain (loss) on investments for federal income tax purposes as of and for the period ended March 31, 2024 and the year ended December 31, 2023 (in thousands):


	March 31, 2024			December 31, 2023
Tax cost on investments	$	1,062,910		$	1,105,481
Change in unrealized gain on a tax basis	$	10,414		$	11,239
Change in unrealized loss on a tax basis		(56,992	)		(49,711	)
Net unrealized gain (loss) on a tax basis	$	(46,578	)	$	(38,472	)

The Company accounts for income taxes in conformity with ASC Topic 740 — Income Taxes ("ASC 740"). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions deemed to meet a "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Consolidated Statements of Operations. There were no material uncertain income tax positions at March 31, 2024 or December 31, 2023. Although the Company files federal and state tax returns, the Company's major tax jurisdiction is federal. The previous three tax year-ends and the interim tax period since then remain subject to examination by the Internal Revenue Service.

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

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

- Definition

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

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+ Details

Net Assets (Tables)	3 Months Ended
Net Assets (Tables)	Mar. 31, 2024
Equity [Abstract]
Summary of Distributions Declared and Paid	The following table summarizes the distributions declared and paid since inception through March 31, 2024:

Income Taxes - Tax Cost Basis and Estimated Aggregate Gross Unrealized Gain (Loss) on Investments for Federal Income Tax Purposes (Details) - U.S. Federal Income Tax - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Income Taxes Disclosure [Line Items]
Tax cost on investments	$ 1,062,910	$ 1,105,481
Change in unrealized gain on a tax basis	10,414	11,239
Change in unrealized loss on a tax basis	(56,992)	(49,711)
Net unrealized gain (loss) on a tax basis	$ (46,578)	$ (38,472)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 12,047	$ 11,984

- Definition

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

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-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

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

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

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

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

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

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

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

+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities
Net Income (Loss)	$ 12,047	$ 11,984
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Payment in-kind interest	(4,176)	(3,755)
Sales or repayments of investments	34,862	14,199
Net realized (gain) loss on investments	0	1,178
Net change in unrealized (gain) loss on investments	6,617	5,084
Amortization of fixed income premiums or accretion of discounts	(4,013)	(2,868)
Amortization of deferred debt costs	840	701
Changes in operating assets and liabilities:
(Increase) decrease in interest and fees receivable	1,423	(406)
(Increase) decrease in other assets	60	276
Increase (decrease) in incentive fees payable	1,336	764
Increase (decrease) in interest payable	1,171	2,120
Increase (decrease) in accrued expenses and other liabilities	1,044	42
Net cash provided by (used in) operating activities	68,598	(18,526)
Cash flows from financing activities
Payments of deferred debt costs	(4)	(735)
Borrowings under credit facility	10,000	55,000
Repayments under credit facility	(45,000)	(20,000)
Acquisition of treasury shares	(10,609)
Dividends paid to stockholders	(19,040)	(18,229)
Net cash (used in) provided by financing activities	(64,653)	16,036
Net increase (decrease) in cash and cash equivalents	3,945	(2,490)
Cash and cash equivalents at beginning of period	2,970	5,761	$ 5,761
Cash and cash equivalents at end of period	6,915	3,271	$ 2,970
Supplemental and non-cash financing cash flow information:
Taxes paid	616	340
Interest paid	8,008	7,927
U.S. Treasury Bill
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments		(34,974)
Sales or maturities of U.S. Treasury Bills	42,029
Purchases of Investments
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	$ (24,642)	$ (12,871)

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following table sets forth the financial highlights for the three months ended March 31, 2024 and 2023 (in thousands, except for per share data and ratios):


	Three Months Ended March 31,
	2024				2023
Per Share Data(1):
Net asset value at beginning of period	$	13.50			$	14.22
Net investment income		0.46				0.45
Net realized gain (loss)		-				(0.03	)
Net change in unrealized gain (loss)		(0.16	)			(0.12	)
Total from investment operations		0.30				0.30

Distributions		(0.47	)			(0.45	)
Accretion (dilution) (2)		0.03				-
Net asset value at end of period	$	13.36			$	14.07

Ratio/Supplemental Data:
Total return based on net asset value(3)		2.44		%		2.11		%
Total return based on market value(4)		(0.24	)	%		8.54		%
Ratio of net investment income to average net assets(5)(6)		13.83		%		12.68		%
Ratio of total operating expenses to average net assets(5)(6)		15.81		%		14.63		%
Ratio of total operating expenses, excluding incentive fees, to average net assets(5)		12.36		%		11.46		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(5)		8.93		%		8.33		%
Portfolio turnover rate(7)		2.41		%		0.91		%

Net assets at beginning of period	$	547,071			$	576,052
Net assets at end of period	$	529,469			$	569,807
Weighted average net assets	$	542,836			$	583,731
Weighted average shares outstanding for the period, basic	40,392,255				40,509,269

(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. The total returns are not annualized.

(4)

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

(5)

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

(6)

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

(7)

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

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

Mar. 31, 2024

Dec. 31, 2023

Assets

Total investments at fair value

$ 1,016,332

$ 1,067,009

Cash and cash equivalents

6,915

2,970

Interest and fees receivable

6,846

8,269

Other assets

845

905

Total assets

1,030,938

1,079,153

Liabilities

Credit facility

237,000

272,000

Unamortized deferred debt costs

(8,336)

(9,172)

Total debt, less unamortized deferred debt costs

475,914

510,078

Incentive fees payable

13,836

12,500

Interest payable

7,935

6,764

Accrued expenses and other liabilities

3,784

2,740

Total liabilities

501,469

532,082

Commitments and contingencies (Note 3)

Net assets

Common stock, par value

414

Additional paid-in capital

605,108

605,110

Distributable earnings (losses)

(54,628)

(47,637)

Treasury stock

(21,425)

(10,816)

Total net assets

$ 529,469

$ 547,071

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

39,622,162

40,509,269

Net asset value per share

^[1]

$ 13.36

$ 13.5

Liabilities

$ 95,000

Liabilities

152,250

Non-control/non-affiliate investments

Assets

Total investments at fair value

965,397

972,604

Affiliate investments

Assets

Total investments at fair value

49,985

51,456

Control Investments

Assets

Total investments at fair value

$ 950

950

U.S. Treasury Bills

Assets

Total investments at fair value

$ 41,999

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

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Investment income

Other Income

$ 128

$ 0

Total investment income

40,009

39,310

Operating expenses

Management fees

3,952

3,959

Incentive fees

4,668

4,563

Interest and other debt financing expenses

10,860

10,920

Professional fees

662

548

Administration agreement expenses

564

583

Insurance expense

208

268

Tax expense

Other expenses

429

173

Total operating expenses

21,345

21,064

Net investment income

18,664

18,246

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

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

(1,178)

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

(6,617)

(5,084)

Net realized and unrealized gain (loss) on investments

(6,617)

(6,262)

Net increase (decrease) in net assets resulting from operations

$ 12,047

$ 11,984

Net investment income per common share (basic and diluted)

^[1]

$ 0.46

$ 0.45

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

0.3

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

$ 0.3

Weighted average shares outstanding (basic)

40,392,255

40,509,269

Weighted average shares outstanding (diluted)

40,392,255

40,509,269

From Non-controlled/ Non-affiliated Investments

Investment income

Interest income

$ 34,455

$ 34,853

Payment in-kind interest income

4,207

3,796

Dividend income

324

Fee income

620

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

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

(1,178)

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

(5,065)

(1,421)

From affiliated investments

Investment income

Interest income

599

292

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

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

(1,552)

(5,986)

From controlled Investments

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

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

$ 0

$ 2,323

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

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Unfunded loan commitments	$ 235,820	$ 201,520

Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Note 7 – Borrowings

The following table shows the Company's borrowings as of March 31, 2024 and December 31, 2023 (in thousands):


	March 31, 2024									December 31, 2023
	Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value		Total Commitment		Principal		Deferred Debt Cost(1)			Carrying Value
Credit Facility	$	550,000	$	237,000	$	(3,957	)	$	233,043	$	550,000	$	272,000	$	(4,434	)	$	267,566
April 2026 Notes		25,000		25,000		(247	)		24,753		25,000		25,000		(277	)		24,723
December 2026 Notes		70,000		70,000		(519	)		69,481		70,000		70,000		(573	)		69,427
July 2027 Notes		80,500		80,500		(1,780	)		78,720		80,500		80,500		(1,924	)		78,576
August 2027 Notes		20,000		20,000		(476	)		19,524		20,000		20,000		(511	)		19,489
December 2027 Notes		51,750		51,750		(1,357	)		50,393		51,750		51,750		(1,453	)		50,297
Total	$	797,250	$	484,250	$	(8,336	)	$	475,914	$	797,250	$	519,250	$	(9,172	)	$	510,078

(1) Net of accumulated amortization.


	Interest Expense		Amortization of Deferred Debt Costs		Unused Facility and Other Fees		Total Interest and Other Debt Financing Expenses		Weighted Average Cost of Debt
Three Months Ended March 31, 2024
Credit Facility	$	5,007	$	480	$	841	$	6,328		10.77	%
April 2026 Notes		534		30		—		564		9.03
December 2026 Notes		744		55		—		799		4.56
July 2027 Notes		1,509		144		—		1,653		8.22
August 2027 Notes		350		35		—		385		7.70
December 2027 Notes		1,035		96		—		1,131		8.74
Total	$	9,179	$	840	$	841	$	10,860		9.01	%

Three Months Ended March 31, 2023
Credit Facility	$	6,409	$	394	$	172	$	6,975		8.37	%
December 2026 Notes		744		52		—		796		4.55
July 2027 Notes		1,509		129		—		1,638		8.14
August 2027 Notes		350		35		—		385		7.70
December 2027 Notes		1,035		91		—		1,126		8.71
Total	$	10,047	$	701	$	172	$	10,920		7.86	%

Credit Facility

On May 31, 2019, the Company entered into a Credit Agreement with KeyBank National Association, acting as administrative agent and syndication agent and the other lenders party thereto, which initially provided the Company with a $100.0 million commitment, subject to borrowing base requirements (as amended and restated from time to time, the “Credit Facility”). As of March 31, 2024, the Company had $550.0 million in total commitments available under the Credit Facility, subject to an accordion feature that allows the Company to increase the total commitments under the Credit Facility up to $600.0 million. The availability period under the Credit Facility expires on April 20, 2025 and is followed by a one-year amortization period. The stated maturity date under the Credit Facility is April 20, 2026, unless extended.

Borrowings under the Credit Facility bear interest on a per annum rate equal to the Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus an applicable margin rate that ranges from 2.95% to 3.35% per annum depending on the Company’s leverage ratio and number of eligible loans in the collateral pool. The Credit Facility provides for a variable advance rate of up to 65% on eligible term loans. The Company also pays an unused commitment fee that ranges from 0.25% to 1.00% per annum based on the total unused lender commitments under the Credit Facility.

The Credit Facility is collateralized by all eligible investment assets held by the Company. The Credit Facility contains representations, warranties, and affirmative and negative covenants customary for secured financings of this type, including certain financial covenants such as a consolidated tangible net worth requirement and a required asset coverage ratio.

For the three months ended March 31, 2024, the weighted average outstanding principal balance was $234.9 million and the weighted average effective interest rate was 8.55%. For the three months ended March 31, 2023, the weighted average outstanding principal balance was $333.2 million and the weighted average effective interest rate was 7.80%.

2026 Notes

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

December 2026 Notes

The December 2026 Notes bear an interest rate of 4.25% per year and are due on December 10, 2026, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the December 2026 Notes will be due semiannually in arrears on June 10 and December 10 of each year, commencing on June 10, 2022.

Aggregate costs in connection with the December 2026 Notes issuance were $1.0 million, and were capitalized and deferred. As of March 31, 2024 and December 31, 2023, unamortized deferred debt costs related to the December 2026 Notes were $0.5 million and $0.6 million, respectively.

April 2026 Notes

The April 2026 Notes bear an interest rate of 8.54% per year and are due on April 13, 2026, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the April 2026 Notes will be due semiannually in arrears on April 13 and October 13 of each year, commencing on October 13, 2023.

Aggregate costs in connection with the April 2026 Notes issuance were $0.4 million, and were capitalized and deferred. As of March 31, 2024 and December 31, 2023, unamortized deferred debt costs related to the April 2026 Notes were $0.2 million and $0.3 million, respectively.

2027 Notes

July 2027 Notes

On July 28, 2022, the Company issued and sold $80.5 million in aggregate principal amount of 7.50% interest-bearing unsecured Notes due 2027 (the “July 2027 Notes”) under its shelf Registration Statement on Form N-2. The July 2027 Notes were issued pursuant to the Base Indenture dated July 28, 2022 (the “Base Indenture”) and First Supplemental Indenture, dated July 28, 2022 (together with the Base Indenture, the “Indenture”), between the Company and the Trustee, U.S. Bank Trust Company, National Association.

The July 2027 Notes bear an interest rate of 7.50% per year and are due on July 28, 2027. Interest on the 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing September 1, 2022. The July 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 28, 2024, at a redemption price of $25 per July 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. The July 2027 Notes are general unsecured obligations of the Company that rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness.

Aggregate costs in connection with the July 2027 Notes issuance, including the underwriter’s discount and commissions, were $2.7 million, and were capitalized and deferred. As of March 31, 2024 and December 31, 2023, unamortized deferred debt costs related to the July 2027 Notes were $1.8 million and $1.9 million, respectively.

August 2027 Notes

On August 31, 2022, the Company issued and sold a private debt offering of $20.0 million in aggregate principal amount of 7.00% interest-bearing unsecured Series 2022A Senior Notes due 2027 (the “August 2027 Notes”) to HCM Master Fund Limited.

The August 2027 Notes bear an interest rate of 7.00% per year and are due on August 31, 2027, unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the August 2027 Notes will be due semiannually in arrears on February 15 and August 15 of each year, commencing on February 15, 2023. The August 2027 Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

Aggregate costs in connection with the August 2027 Notes issuance were $0.7 million, and were capitalized and deferred. As of March 31, 2024 and December 31, 2023, unamortized deferred debt costs related to the August 2027 Notes were $0.5 million and $0.5 million, respectively.

December 2027 Notes

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

The December 2027 Notes bear an interest rate of 8.0% per year and are due on December 28, 2027. Interest on the December 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1, and December 1 of each year, commencing March 1, 2023. The December 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 31, 2024, at a redemption price of $25 per December 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. The December 2027 Notes are general unsecured obligations of the Company that rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness.

Aggregate costs in connection with the December 2027 Notes issuance, including the underwriter's discount and commissions, were $1.8 million, and were capitalized and deferred. As of March 31, 2024 and December 31, 2023, unamortized deferred debt costs related to the December 2027 Notes were $1.4 million and $1.5 million, respectively.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Commitments and Contingencies - Schedule of Unfunded Commitments to Extend Financing (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	$ 235,820	$ 201,520
3PL Central LLC (dba Extensiv) \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		11,500
Betterment Holdings, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	5,000	5,000
Blueshift Labs, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	14,500	14,500
Bombora, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	2,000	2,000
Brivo, Inc \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	6,000	6,000
CarNow, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	12,000
EBR Systems, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000	10,000
Interactions Corporation \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000	10,000
Madison Reed, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing		1,200
Linxup, LLC \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	7,500	7,500
Moximed, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	15,000	15,000
Nalu Medical, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	15,000	15,000
Route 92 Medical, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	20,000	20,000
Runway-Cadma I LLC \| Joint Venture
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	35,000
SetPoint Medical Corporation \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	40,000	40,000
Skillshare, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	10,000	10,000
Snagajob.com, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	6,785	6,785
Snagajob.com, Inc. \| Convertible Note
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	2,035	2,035
Synack, Inc. \| Senior Secured Term Loan
Schedule Of Investments [Line Items]
Total unused commitments to extend financing	$ 25,000	$ 25,000

Schedule of Investments (Parenthetical) (Unaudited)	3 Months Ended	12 Months Ended
Schedule of Investments (Parenthetical) (Unaudited)	Mar. 31, 2024	Dec. 31, 2023
Percentage of Net Assets	191.96%	195.04%
United Kingdom
Percentage of Net Assets	14.61%	14.05%
Germany
Percentage of Net Assets	7.18%	8.15%
Canada
Percentage of Net Assets	2.76%	2.68%
Minimum \| From affiliated 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 \| From affiliated investments
Investment owned from voting securities	25.00%	25.00%
Investment owned from voting securities	50.00%	50.00%
Non Qualifying Assets at Fair Value
Percentage of assets represent of total assets	12.64%	12.63%
Qualifying Assets \| Minimum
Percentage of assets represent of total assets	70.00%	70.00%
US Prime Rate
Investment Interest Rate	8.50%	8.50%
1-Month SOFR
Investment Interest Rate	5.33%	5.35%
3-Month SOFR
Investment Interest Rate	5.30%	5.35%

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of March 31, 2024 and December 31, 2023 (in thousands):


	As of March 31, 2024
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Term Loans	$	—	$	—	$	955,177	$	955,177
Second Lien Term Loans		—		—		14,388		14,388
Convertible Note		—		—		1,023		1,023
Preferred Stock		2,776		—		26,034		28,810
Common Stock		752		—		139		891
Equity Interest		—		—		950		950
Warrants		—		30		15,063		15,093
Total Portfolio Investments		3,528		30		1,012,774		1,016,332
Cash equivalents		6,209		—		—		6,209
Total	$	9,737	$	30	$	1,012,774	$	1,022,541


	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

Schedule of Level 3 Assets measured at Fair Value

The following table presents a rollforward of Level 3 assets measured at fair value as of March 31, 2024 (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, 2023	$		964,099		$		14,399		$		1,357		$		26,285		$		872		$		950	$		12,838		$	1,020,800
Transfers in (out) of Level 3			—				—				—				—				—				—			—			—
Purchases of investments(1)			22,175				—				—				—				—				—			2,467			24,642
PIK interest			4,104				72				—				—				—				—			—			4,176
Sales or prepayments of investments(1)			(34,449	)			—				—				—				—				—			—			(34,449	)
Scheduled principal repayments of investments			(413	)			—				—				—				—				—			—			(413	)
Amortization of fixed income premiums or accretion of discounts			3,968				30				—				—				—				—			—			3,998
Net realized gain (loss)			—				—				—				—				—				—			—			—
Net change in unrealized gain (loss)			(4,307	)			(113	)			(334	)			(251	)			(733	)			—			(242	)		(5,980	)
Fair value at March 31, 2024	$		955,177		$		14,388		$		1,023		$		26,034		$		139		$		950	$		15,063		$	1,012,774
Net change in unrealized gain (loss) on Level 3 investments still held as of March 31, 2024	$		(4,306	)	$		(113	)	$		(334	)	$		(251	)	$		(733	)	$		—	$		(242	)	$	(5,979	)

(1)

Net of reorganization and restructuring of investments.

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


		Senior Secured Term Loans				Second Lien Term Loans				Preferred Stock				Common Stock				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			—				—				—				—				—			—
Purchases of investments(1)			(12,505	)			—				25,000				—				376			12,871
PIK interest			3,584				171				—				—				—			3,755
Sales or prepayments of investments			(10,192	)			—				—				—				—			(10,192	)
Scheduled repayments of investments			(4,007	)			—				—				—				—			(4,007	)
Amortization of fixed income premiums or accretion of discounts			2,836				28				—				—				—			2,864
Net realized gain (loss)			—				—				—				—				(1,178	)		(1,178	)
Net change in unrealized gain (loss)			658				(146	)			(3,248	)			(253	)			(1,636	)		(4,625	)
Fair Value at March 31, 2023	$		1,060,495		$		13,707		$		22,099		$		921		$		14,212		$	1,111,434
Net change in unrealized gain (loss) on Level 3 investments still held as of March 31, 2023	$		865		$		(146	)	$		(3,248	)	$		(253	)	$		(2,930	)	$	(5,712	)

(1)

Net of reorganization and restructuring of investments.

Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements

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


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Senior Secured Term Loans(1)	$	897,222	Discounted Cash Flow analysis	Discount rate	10.6% - 25.0% (15.4%)
				Origination yield	10.8% - 19.9% (13.7%)
				Revenue multiples	0.44x - 8.14x (3.86x)
		57,955	PWERM	Discount rate	23.9% - 35.5% (27.9%)
				Origination yield	10.8% - 18.6% (12.8%)
				Revenue multiples	0.96x - 2.68x (1.86x)
Second Lien Term Loans(1)		14,388	Discounted Cash Flow analysis	Discount rate	16.7% - 16.7% (16.7%)
				Origination yield	13.1% - 13.1% (13.1%)
				Revenue Multiples	2.63x - 2.63x (2.63x)
Convertible Notes		1,023	PWERM	Discount rate	23.9% - 23.9% (23.9%)
				Origination yield	10.8% - 10.8% (10.8%)
				Revenue Multiples	2.27x - 2.27x (2.27x)
Preferred Stock		121	Recent private market and merger and acquisition transaction prices	N/A	N/A
		25,786	PWERM	Risk-free interest rate	4.7% - 4.7% (4.7%)
				Average industry volatility	40.0% - 40.0% (40.0%)
				Estimated time to exit	1.8 - 1.8 (1.8 years)
				Revenue multiples	4.03x - 4.03x (4.03x)
		127	Waterfall Approach	Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	4.00x - 4.00x (4.00x)
Common Stock		15	Recent private market and merger and acquisition transaction prices	N/A	N/A
		124	Option Pricing Model	Risk-free interest rate	5.0% - 5.0% (5.0%)
				Average industry volatility	60.0% - 60.0% (60.0%)
				Estimated time to exit	1.0 - 1.0 (1.0 years)
				Revenue multiples	2.49x - 2.49x (2.49x)
Equity Interest		950	PWERM	Discount rate	0.0% - 0.0% (0.0%)
Warrants(2)		9,427	Option Pricing Model	Risk-free interest rate	4.2% - 5.3% (4.6%)
				Average industry volatility	25.0% - 125.0% (49.2%)
				Estimated time to exit	0.5 - 7.9 (2.4 years)
				Revenue multiples	0.96x - 10.28x (4.56x)
		4,116	PWERM (3)	N/A	N/A
		1,520	Waterfall Approach	Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	2.11x - 4.00x (3.42x)
Total Level 3 Investments	$	1,012,774

(1)

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

(2)

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

(3)

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.

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 interest 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

(1)

(2)

The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity-related securities are inputs used in the OPM, which include industry volatility, risk free interest rate and estimated time to exit. The Equity Allocation model and the Black Scholes model were the main OPMs used during the year ended December 31, 2023. 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)

Concentration of Credit Risk	3 Months Ended
Concentration of Credit Risk	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Note 6 – Concentration of Credit Risk In the normal course of business, the Company maintains its cash balances at large, high credit-quality financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent that any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. The Company monitors the financial condition of those financial institutions and believes that risk of loss associated with any uninsured balance is remote. In the event that a portfolio company completely fails to perform according to the terms of their loan agreement, the amount of loss due to credit risk from the Company's investments would equal the sum of the Company’s recorded investments in the portfolio company and the portion of unfunded commitments currently eligible to be drawn. Refer to "Note 8 – Commitments and Contingencies" for a summary of the aggregate balance of unfunded commitments as of March 31, 2024. 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 March 31, 2024 and December 31, 2023, the Company’s five largest debt investments in portfolio companies represented approximately 36.1% and 38.0%, respectively, of the total fair value of the Company’s debt investments in portfolio companies. As of March 31, 2024 and December 31, 2023, the Company had debt investments in 15 and 14 portfolio companies, respectively, that represented 5% or more of the Company’s net assets.

Investments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Percentage of beneficial ownership of voting securities for affiliation	5.00%
Percentage of minimum board representation for control	50.00%
Percentage of minimum beneficial ownership of voting securities for control	25.00%
Net realized gains (losses)	$ 0	$ (1,200,000)
Net unrealized loss	$ (300,000)	$ (1,700,000)

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value	$ 475,914	$ 510,078
Credit Facility
Debt Instrument [Line Items]
Principal	237,000	272,000
Borrowings
Debt Instrument [Line Items]
Total Commitment	797,250	797,250
Principal	484,250	519,250
Deferred Debt Cost	(8,336)	(9,172)
Carrying Value	475,914	510,078
Borrowings \| Credit Facility
Debt Instrument [Line Items]
Total Commitment	550,000	550,000
Principal	237,000	272,000
Deferred Debt Cost	(3,957)	(4,434)
Carrying Value	233,043	267,566
Borrowings \| April 2026 Notes
Debt Instrument [Line Items]
Total Commitment	25,000	25,000
Principal	25,000	25,000
Deferred Debt Cost	(247)	(277)
Carrying Value	24,753	24,723
Borrowings \| December 2026 Notes
Debt Instrument [Line Items]
Total Commitment	70,000	70,000
Principal	70,000	70,000
Deferred Debt Cost	(519)	(573)
Carrying Value	69,481	69,427
Borrowings \| July 2027 Notes
Debt Instrument [Line Items]
Total Commitment	80,500	80,500
Principal	80,500	80,500
Deferred Debt Cost	(1,780)	(1,924)
Carrying Value	78,720	78,576
Borrowings \| August 2027 Notes
Debt Instrument [Line Items]
Total Commitment	20,000	20,000
Principal	20,000	20,000
Deferred Debt Cost	(476)	(511)
Carrying Value	19,524	19,489
Borrowings \| December 2027 Notes
Debt Instrument [Line Items]
Total Commitment	51,750	51,750
Principal	51,750	51,750
Deferred Debt Cost	(1,357)	(1,453)
Carrying Value	$ 50,393	$ 50,297

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 18,664

$ 18,246

Fair Value, Beginning Balance

1,067,009

Net realize gain (loss) on investments

(1,178)

Net change in unrealized gain (loss) on investments

(6,617)

(5,084)

Fair Value, Ending Balance

1,016,332

$ 1,067,009

Investment, Identifier [Axis]: Affiliate Investments

Investments in and Advances to Affiliates [Line Items]

Net investment income

599

2,105

Fair Value, Beginning Balance

51,456

^[1]

2,084

Gross Additions

^[2]

54,310

^[3]

Net change in unrealized gain (loss) on investments

(1,552)

(4,938)

Fair Value, Ending Balance

49,985

^[4]

51,456

^[1]

Investment, Identifier [Axis]: Affiliate Investments Debt Investments

Investments in and Advances to Affiliates [Line Items]

Net investment income

599

2,105

Fair Value, Beginning Balance

^[1]

23,586

Gross Additions

^[2]

25,897

^[3]

Net change in unrealized gain (loss) on investments

(11)

(2,311)

Fair Value, Ending Balance

23,656

^[4]

23,586

^[1]

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

23,586

Fair Value, Ending Balance

23,656

23,586

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

23,586

Fair Value, Ending Balance

$ 23,656

$ 23,586

Investment, Spread

8.75%

Investment Ceiling Rate

8.00%

Maturity Date

Nov. 30, 2026

Investment Interest End of Term Payments Rate

5.00%

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

Investments in and Advances to Affiliates [Line Items]

Net investment income

$ 599

$ 2,105

Fair Value, Beginning Balance

^[1]

23,586

Gross Additions

^[2]

25,897

^[3]

Net change in unrealized gain (loss) on investments

(11)

(2,311)

Fair Value, Ending Balance

$ 23,656

^[4]

$ 23,586

^[1]

Investment, Spread

8.75%

Investment Ceiling Rate

8.00%

Maturity Date

Nov. 30, 2026

Investment Interest End of Term Payments Rate

5.00%

Investment, Identifier [Axis]: Affiliate Investments Debt investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 23,586

Fair Value, Ending Balance

23,656

$ 23,586

Investment, Identifier [Axis]: Affiliate Investments Equity Investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

26,894

^[1]

1,174

Gross Additions

^[3]

28,100

Net change in unrealized gain (loss) on investments

(984)

(2,380)

Fair Value, Ending Balance

25,910

^[4]

26,894

^[1]

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

856

Fair Value, Ending Balance

124

856

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

856

^[1]

1,174

Net change in unrealized gain (loss) on investments

(732)

(318)

Fair Value, Ending Balance

124

^[4]

856

^[1]

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

^[1]

4,577

Gross Additions

^[3]

3,100

Net change in unrealized gain (loss) on investments

(37)

1,477

Fair Value, Ending Balance

4,540

^[4]

4,577

^[1]

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

^[1]

21,461

Gross Additions

^[3]

25,000

Net change in unrealized gain (loss) on investments

(215)

(3,539)

Fair Value, Ending Balance

21,246

^[4]

21,461

^[1]

Investment, Identifier [Axis]: Affiliate Investments Equity investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

26,894

Fair Value, Ending Balance

25,910

26,894

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

856

Fair Value, Ending Balance

124

856

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

26,038

Fair Value, Ending Balance

25,786

26,038

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

4,577

Fair Value, Ending Balance

4,540

4,577

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

21,461

Fair Value, Ending Balance

21,246

21,461

Investment, Identifier [Axis]: Affiliate Investments Warrants

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

976

^[1]

910

Gross Additions

^[3]

313

Net change in unrealized gain (loss) on investments

(557)

(247)

Fair Value, Ending Balance

419

^[4]

976

^[1]

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

663

Fair Value, Ending Balance

663

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

663

Fair Value, Ending Balance

$ 95

$ 663

Maturity Date

Mar. 09, 2030

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 663

^[1]

910

$ 910

Net change in unrealized gain (loss) on investments

(568)

(247)

Fair Value, Ending Balance

^[4]

663

^[1]

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

^[1]

313

Gross Additions

^[3]

313

Net change in unrealized gain (loss) on investments

Fair Value, Ending Balance

324

^[4]

313

^[1]

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

313

Fair Value, Ending Balance

324

313

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

313

Fair Value, Ending Balance

$ 324

$ 313

Maturity Date

Mar. 01, 2030

Investment, Identifier [Axis]: Control Investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 950

^[1]

9,290

$ 9,290

Gross Additions

^[3]

950

Gross Reductions

^[5]

(2,158)

Net realize gain (loss) on investments

(17,014)

Net change in unrealized gain (loss) on investments

9,882

Fair Value, Ending Balance

950

^[4]

950

^[1]

Investment, Identifier [Axis]: Control Investments Debt Investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

9,290

Gross Reductions

^[5]

(2,158)

Net realize gain (loss) on investments

(17,014)

Net change in unrealized gain (loss) on investments

9,882

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 9,290

9,290

Gross Reductions

^[5]

(2,158)

Net realize gain (loss) on investments

(17,014)

Net change in unrealized gain (loss) on investments

$ 9,882

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Maturity Date

Oct. 15, 2023

Investment Interest End of Term Payments Rate

4.00%

Investment, Identifier [Axis]: Control Investments Equity Investments

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

^[1]

950

Gross Additions

^[3]

$ 950

Fair Value, Ending Balance

950

^[4]

950

^[1]

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

950

Fair Value, Ending Balance

950

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

950

Fair Value, Ending Balance

950

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

^[1]

950

Gross Additions

^[3]

950

Fair Value, Ending Balance

950

^[4]

950

^[1]

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 39,806

Investment Floor Rate

9.76%

Investment, Spread

9.26%

Maturity Date

Jun. 15, 2027

Investment Interest End of Term Payments Rate

3.4375%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 39,945

Fair Value, Ending Balance

$ 39,945

Investment Floor Rate

9.76%

Investment, Spread

9.26%

Maturity Date

Jun. 15, 2027

Investment Interest End of Term Payments Rate

3.4375%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

972,604

Fair Value, Ending Balance

965,397

$ 972,604

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

954,912

Fair Value, Ending Balance

945,909

954,912

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

196,540

Fair Value, Ending Balance

170,957

196,540

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

25,083

Fair Value, Ending Balance

$ 24,824

$ 25,083

Investment Interest PIK

2.00%

Investment Floor Rate

11.25%

Investment, Spread

6.25%

Maturity Date

Dec. 15, 2028

Investment Interest End of Term Payments Rate

1.50%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 19,028

Fair Value, Ending Balance

$ 19,028

Investment Floor Rate

12.26%

Investment, Spread

9.50%

Maturity Date

Mar. 15, 2024

Investment Interest Cash Cap

10.00%

Investment Interest End of Term Payments Rate

7.50%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 19,213

Investment Floor Rate

12.26%

Investment, Spread

9.50%

Maturity Date

Dec. 15, 2025

Investment Interest Cash Cap

10.00%

Investment Interest End of Term Payments Rate

7.50%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 64,615

Fair Value, Ending Balance

$ 38,426

$ 64,615

Investment Interest PIK

1.00%

Investment Floor Rate

9.00%

Investment, Spread

5.00%

Maturity Date

Jul. 15, 2027

Investment Interest End of Term Payments Rate

5.75%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 87,814

Fair Value, Ending Balance

$ 88,494

$ 87,814

Investment Floor Rate

9.50%

Investment, Spread

9.00%

Maturity Date

Dec. 28, 2026

Investment Interest Cash Cap

10.00%

Investment Interest End of Term Payments Rate

4.50%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 7,860

Fair Value, Ending Balance

7,941

$ 7,860

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

7,860

Fair Value, Ending Balance

$ 7,941

$ 7,860

Investment Floor Rate

8.50%

Investment, Spread

4.50%

Maturity Date

Oct. 06, 2027

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 104,581

Fair Value, Ending Balance

104,115

$ 104,581

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

19,424

Fair Value, Ending Balance

$ 19,706

$ 19,424

Investment Floor Rate

12.78%

Investment, Spread

7.50%

Maturity Date

Jul. 10, 2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 947

Fair Value, Ending Balance

$ 933

$ 947

Investment Floor Rate

10.86%

Investment, Spread

8.25%

Maturity Date

Sep. 30, 2024

Investment Interest End of Term Payments Rate

3.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 19,895

Fair Value, Ending Balance

$ 19,587

$ 19,895

Investment Floor Rate

11.86%

Investment, Spread

9.25%

Maturity Date

Sep. 30, 2024

Investment Interest End of Term Payments Rate

3.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 24,083

Investment Floor Rate

9.00%

Investment, Spread

7.00%

Maturity Date

Nov. 15, 2026

Investment Interest End of Term Payments Rate

5.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 25,796

Fair Value, Ending Balance

25,798

$ 25,796

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

25,796

Fair Value, Ending Balance

$ 25,798

$ 25,796

Investment Floor Rate

9.00%

Investment, Spread

8.50%

Maturity Date

Dec. 14, 2025

Investment Interest Cash Cap

13.00%

Investment Interest End of Term Payments Rate

3.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 26,790

Fair Value, Ending Balance

26,753

$ 26,790

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

26,790

Fair Value, Ending Balance

$ 26,753

$ 26,790

Investment Floor Rate

10.89%

Investment, Spread

6.85%

Maturity Date

Oct. 20, 2027

Investment Interest End of Term Payments Rate

3.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 15,284

Fair Value, Ending Balance

15,412

$ 15,284

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

15,284

Fair Value, Ending Balance

$ 15,412

$ 15,284

Investment Floor Rate

8.75%

Investment, Spread

5.25%

Maturity Date

Jul. 01, 2027

Investment Interest End of Term Payments Rate

3.50%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 126,204

Fair Value, Ending Balance

126,066

$ 126,204

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

40,337

Fair Value, Ending Balance

$ 40,385

$ 40,337

Investment Floor Rate

8.90%

Investment, Spread

4.90%

Maturity Date

Jun. 15, 2027

Investment Interest End of Term Payments Rate

4.50%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 3,791

Fair Value, Ending Balance

$ 3,202

$ 3,791

Investment Floor Rate

12.26%

Investment, Spread

9.75%

Maturity Date

Dec. 15, 2026

Investment Interest End of Term Payments Rate

10.50%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 21,191

Fair Value, Ending Balance

$ 21,381

$ 21,191

Investment Interest PIK

2.00%

Investment Floor Rate

6.70%

Investment, Spread

2.70%

Maturity Date

Oct. 12, 2027

Investment Interest End of Term Payments Rate

4.50%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 35,435

Fair Value, Ending Balance

$ 35,396

$ 35,435

Investment Floor Rate

8.98%

Investment, Spread

8.48%

Maturity Date

Jul. 01, 2026

Investment Interest End of Term Payments Rate

3.95%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 25,450

Fair Value, Ending Balance

$ 25,702

$ 25,450

Investment Floor Rate

9.00%

Investment, Spread

5.75%

Maturity Date

Dec. 01, 2027

Investment Interest End of Term Payments Rate

4.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 112,006

Fair Value, Ending Balance

111,300

$ 112,006

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

75,465

Fair Value, Ending Balance

$ 75,761

$ 75,465

Investment Floor Rate

10.25%

Investment, Spread

6.25%

Maturity Date

Aug. 17, 2027

Investment Interest End of Term Payments Rate

2.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 36,541

Fair Value, Ending Balance

$ 35,539

$ 36,541

Investment Interest PIK

8.50%

Investment Floor Rate

9.00%

Maturity Date

Sep. 01, 2025

Investment Interest End of Term Payments Rate

2.75%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 53,784

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 15,934

Investment Floor Rate

11.00%

Investment, Spread

4.75%

Maturity Date

Dec. 16, 2026

Investment Interest Cash Cap

11.00%

Investment Interest End of Term Payments Rate

3.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 37,850

Investment Interest PIK

1.25%

Investment Floor Rate

8.26%

Investment, Spread

7.50%

Maturity Date

Jun. 15, 2027

Investment Interest End of Term Payments Rate

1.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 96,820

Fair Value, Ending Balance

114,767

$ 96,820

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 28,104

Investment Interest PIK

3.25%

Investment Floor Rate

6.75%

Investment, Spread

4.75%

Maturity Date

Jan. 15, 2028

Investment Interest End of Term Payments Rate

0.96%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 17,297

Investment Floor Rate

11.75%

Investment, Spread

7.25%

Maturity Date

Mar. 22, 2029

Investment Interest End of Term Payments Rate

1.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 29,580

Investment Floor Rate

10.72%

Investment, Spread

6.50%

Maturity Date

Nov. 08, 2026

Investment Interest End of Term Payments Rate

3.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 39,786

Investment Floor Rate

11.07%

Investment, Spread

7.00%

Maturity Date

Dec. 29, 2028

Investment Interest End of Term Payments Rate

1.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 74,767

Fair Value, Ending Balance

75,437

74,767

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 75,437

Investment Floor Rate

12.50%

Investment, Spread

6.25%

Maturity Date

Sep. 15, 2026

Investment Interest End of Term Payments Rate

3.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 112,955

Fair Value, Ending Balance

113,579

112,955

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

69,066

Fair Value, Ending Balance

$ 69,633

$ 69,066

Investment Interest PIK

2.50%

Investment Floor Rate

6.50%

Investment, Spread

4.50%

Maturity Date

Nov. 09, 2027

Investment Interest End of Term Payments Rate

2.34%

2.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 14,388

Investment Interest PIK

5.00%

Investment Floor Rate

5.50%

Investment, Spread

5.00%

Maturity Date

Dec. 22, 2025

Investment Interest End of Term Payments Rate

3.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 29,558

Investment Floor Rate

11.75%

Investment, Spread

3.25%

Maturity Date

Nov. 15, 2027

Investment Interest End of Term Payments Rate

2.25%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 5,721

Fair Value, Ending Balance

4,814

$ 5,721

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

136

Fair Value, Ending Balance

136

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

120

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

434

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

127

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

307

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

2,777

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

2,777

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,357

Fair Value, Ending Balance

1,023

1,357

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 1,023

Maturity Date

Dec. 31, 2026

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 125

Fair Value, Ending Balance

170

125

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

125

Fair Value, Ending Balance

170

125

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

160

Fair Value, Ending Balance

274

160

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

160

Fair Value, Ending Balance

274

160

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

390

Fair Value, Ending Balance

390

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

127

Fair Value, Ending Balance

127

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

3,553

Fair Value, Ending Balance

3,553

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

3,553

Fair Value, Ending Balance

3,553

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

233

Fair Value, Ending Balance

$ 233

Maturity Date

Jun. 01, 2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

24,370

Fair Value, Ending Balance

$ 24,370

Investment Floor Rate

9.00%

Investment, Spread

7.00%

Maturity Date

Nov. 15, 2026

Investment Interest End of Term Payments Rate

3.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

27,879

Fair Value, Ending Balance

$ 27,879

Investment Interest PIK

3.25%

Investment Floor Rate

6.75%

Investment, Spread

4.75%

Maturity Date

Jan. 15, 2028

Investment Interest End of Term Payments Rate

0.96%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

14,399

Fair Value, Ending Balance

$ 14,399

Investment Interest PIK

2.00%

Investment Floor Rate

8.50%

Investment, Spread

8.00%

Maturity Date

Dec. 22, 2025

Investment Interest End of Term Payments Rate

3.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

74,767

Fair Value, Ending Balance

$ 74,767

Investment Floor Rate

12.50%

Investment, Spread

6.25%

Maturity Date

Sep. 15, 2026

Investment Interest End of Term Payments Rate

3.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

39,758

Fair Value, Ending Balance

$ 39,758

Investment Floor Rate

11.07%

Investment, Spread

7.00%

Maturity Date

Dec. 29, 2028

Investment Interest End of Term Payments Rate

1.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

29,490

Fair Value, Ending Balance

$ 29,490

Investment Floor Rate

11.75%

Investment, Spread

3.25%

Maturity Date

Nov. 15, 2027

Investment Interest End of Term Payments Rate

2.25%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

29,183

Fair Value, Ending Balance

$ 29,183

Investment Floor Rate

10.72%

Investment, Spread

6.50%

Maturity Date

Nov. 08, 2026

Investment Interest End of Term Payments Rate

3.00%

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

55,309

Fair Value, Ending Balance

$ 55,309

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

10,847

Fair Value, Ending Balance

$ 10,847

Investment Floor Rate

11.00%

Investment, Spread

4.75%

Maturity Date

Dec. 16, 2026

Investment Interest Cash Cap

11.00%

Investment Interest End of Term Payments Rate

3.00%

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

44,462

Fair Value, Ending Balance

$ 44,462

Investment Interest PIK

1.25%

Investment Floor Rate

8.26%

Investment, Spread

7.50%

Maturity Date

Jun. 15, 2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

146

Fair Value, Ending Balance

$ 146

Maturity Date

Oct. 06, 2033

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

263

Fair Value, Ending Balance

$ 263

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 16

Maturity Date

Jul. 29, 2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,357

Fair Value, Ending Balance

$ 1,357

Maturity Date

Dec. 31, 2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

120

Fair Value, Ending Balance

$ 120

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

2,196

Fair Value, Ending Balance

2,196

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

11,971

Fair Value, Ending Balance

14,674

$ 11,971

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 471

Maturity Date

Dec. 03, 2028

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 2,432

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Dec. 28, 2028

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,048

Fair Value, Ending Balance

$ 1,049

$ 1,048

Maturity Date

Jun. 29, 2028

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 167

Fair Value, Ending Balance

168

$ 167

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 8

$ 12

Maturity Date

Oct. 31, 2029

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 48

Fair Value, Ending Balance

$ 31

$ 48

Maturity Date

Dec. 20, 2028

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 283

Fair Value, Ending Balance

$ 283

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

290

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 325

Maturity Date

Jun. 01, 2025

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 389

Fair Value, Ending Balance

$ 541

$ 389

Maturity Date

Jul. 11, 2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 20

Maturity Date

Jul. 29, 2027

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 161

Fair Value, Ending Balance

144

$ 161

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 134

Maturity Date

Oct. 06, 2033

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 15

Fair Value, Ending Balance

$ 10

$ 15

Maturity Date

Oct. 06, 2033

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 51

Fair Value, Ending Balance

$ 51

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 39

Maturity Date

Mar. 04, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 28

Maturity Date

Mar. 04, 2032

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 12

Fair Value, Ending Balance

$ 12

Maturity Date

Sep. 02, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 40

Maturity Date

Sep. 02, 2032

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jul. 22, 2029

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,254

Fair Value, Ending Balance

867

$ 1,254

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

384

Fair Value, Ending Balance

$ 379

$ 384

Maturity Date

Jul. 10, 2033

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 67

Fair Value, Ending Balance

$ 17

$ 67

Maturity Date

Jun. 24, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 803

Fair Value, Ending Balance

$ 803

Maturity Date

Dec. 03, 2028

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

745

Fair Value, Ending Balance

686

$ 745

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

322

Fair Value, Ending Balance

$ 267

$ 322

Maturity Date

Oct. 20, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 423

Fair Value, Ending Balance

$ 419

$ 423

Maturity Date

Dec. 17, 2028

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 240

Fair Value, Ending Balance

175

$ 240

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

138

Fair Value, Ending Balance

$ 143

$ 138

Maturity Date

Jun. 24, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 102

Fair Value, Ending Balance

$ 32

$ 102

Maturity Date

Mar. 30, 2032

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 2,506

Fair Value, Ending Balance

$ 2,591

$ 2,506

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jan. 22, 2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 15

Fair Value, Ending Balance

$ 15

Maturity Date

Jan. 22, 2025

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Jan. 22, 2025

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 77

Fair Value, Ending Balance

$ 11

$ 77

Maturity Date

Aug. 01, 2028

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 690

Fair Value, Ending Balance

$ 707

$ 690

Maturity Date

Jun. 30, 2032

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 15, 2028

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 99

Fair Value, Ending Balance

$ 100

$ 99

Maturity Date

Oct. 12, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 897

Fair Value, Ending Balance

$ 855

$ 897

Maturity Date

Aug. 17, 2031

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 199

Fair Value, Ending Balance

$ 318

$ 199

Maturity Date

Dec. 29, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 133

Fair Value, Ending Balance

$ 212

$ 133

Maturity Date

Jun. 29, 2031

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 396

Fair Value, Ending Balance

$ 388

$ 396

Maturity Date

Dec. 29, 2025

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,239

Fair Value, Ending Balance

1,468

$ 1,239

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,001

Fair Value, Ending Balance

$ 1,160

$ 1,001

Maturity Date

Jun. 30, 2030

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 95

Fair Value, Ending Balance

$ 123

$ 95

Maturity Date

Aug. 17, 2031

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 143

Fair Value, Ending Balance

$ 185

$ 143

Maturity Date

Sep. 26, 2032

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Sep. 29, 2031

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 154

Fair Value, Ending Balance

214

$ 154

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

154

Fair Value, Ending Balance

214

154

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

1,642

Fair Value, Ending Balance

4,160

1,642

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 46

$ 41

Maturity Date

Dec. 26, 2033

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 104

Fair Value, Ending Balance

$ 114

$ 104

Maturity Date

Mar. 31, 2031

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 2,400

Maturity Date

Mar. 22, 2034

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 25, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 735

Fair Value, Ending Balance

$ 684

$ 735

Maturity Date

Jul. 26, 2029

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 320

Maturity Date

Dec. 12, 2029

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Ending Balance

$ 422

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

294

Fair Value, Ending Balance

$ 294

Maturity Date

Nov. 08, 2026

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

147

Fair Value, Ending Balance

$ 174

$ 147

Maturity Date

Jun. 30, 2032

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 438

Fair Value, Ending Balance

578

$ 438

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

Fair Value, Ending Balance

$ 107

$ 81

Maturity Date

Sep. 26, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 65

Fair Value, Ending Balance

$ 86

$ 65

Maturity Date

Sep. 26, 2032

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 292

Fair Value, Ending Balance

$ 385

$ 292

Maturity Date

Sep. 26, 2032

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 373

Fair Value, Ending Balance

$ 365

$ 373

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 31, 2027

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Aug. 31, 2027

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 373

Fair Value, Ending Balance

$ 365

$ 373

Maturity Date

Jan. 07, 2030

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 562

Fair Value, Ending Balance

563

$ 562

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

268

Fair Value, Ending Balance

$ 234

$ 268

Maturity Date

May 31, 2029

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 294

Fair Value, Ending Balance

$ 329

$ 294

Maturity Date

Nov. 03, 2033

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

Investments in and Advances to Affiliates [Line Items]

Maturity Date

Mar. 29, 2029

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 410

Fair Value, Ending Balance

363

$ 410

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

178

Fair Value, Ending Balance

$ 158

$ 178

Maturity Date

Oct. 05, 2028

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 36

Fair Value, Ending Balance

$ 31

$ 36

Maturity Date

Dec. 28, 2028

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 196

Fair Value, Ending Balance

$ 174

$ 196

Maturity Date

Jun. 27, 2029

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 1,025,010

Fair Value, Ending Balance

$ 1,025,010

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

41,999

Fair Value, Ending Balance

41,999

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

Investments in and Advances to Affiliates [Line Items]

Fair Value, Beginning Balance

$ 41,999

Fair Value, Ending Balance

$ 41,999

Maturity Date

Jan. 04, 2024

[1]	All investments in the portfolio company, 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]	Gross additions include increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.
[3]	Gross additions include increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.
[4]	All investments in the portfolio companies, which as of March 31, 2024, represented 9.62% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[5]	Gross 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.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

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


	March 31, 2024			December 31, 2023
Tax cost on investments	$	1,062,910		$	1,105,481
Change in unrealized gain on a tax basis	$	10,414		$	11,239
Change in unrealized loss on a tax basis		(56,992	)		(49,711	)
Net unrealized gain (loss) on a tax basis	$	(46,578	)	$	(38,472	)

Related Party Agreements and Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Unfunded Commitments and Capital Contributions


		March 31, 2024			December 31, 2023
Total contributed capital by Runway Growth Finance Corp.	$		—	$		—
Total contributed capital by all members			—			—
Total unfunded commitments by Runway Growth Finance Corp.			35,000			—
Total unfunded commitments by all members			70,000			—

Concentration of Credit Risk - Additional Information (Details) - Credit Concentration Risk - PortfolioCompanies	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Total Fair value of Investments
Concentration Risk [Line Items]
Number of largest portfolio investment companies	5	5
Total Fair value of Investments \| Investment in Portfolio Companies
Concentration Risk [Line Items]
Concentration of credit risk, percentage	36.10%	38.00%
Net Assets
Concentration Risk [Line Items]
Number of largest portfolio investment companies	15	14
Net Assets \| Minimum
Concentration Risk [Line Items]
Concentration of credit risk, percentage	5.00%	5.00%

Investments - Transactions Related to Company's Affiliate and Control Investments (Parenthetical) (Details)	Mar. 31, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Percentage of net assets at fair, restricted to resale	9.62%	9.58%

Related Party Agreements and Transactions

3 Months Ended

Mar. 31, 2024

Note 3 – Related Party Agreements and Transactions

Advisory Agreement

On November 29, 2016, the Board of Directors approved an investment advisory agreement between RGC and the Company, under which RGC, subject to the overall supervision of the Board of Directors, manages the day-to-day operations of and provides investment advisory services to the Company (together with a subsequent amendment thereto, the “Prior Advisory Agreement”). On August 3, 2017, the Board of Directors approved certain amendments to the Prior Advisory Agreement (the “First Amended and Restated Advisory Agreement”) and recommended that the Company’s stockholders approve the First Amended and Restated Advisory Agreement. The First Amended and Restated Advisory Agreement became effective on September 12, 2017 upon approval by the stockholders at a special meeting of stockholders of the Company. On April 7, 2021, the Board of Directors approved certain additional amendments to the First Amended and Restated Advisory Agreement (the “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 First Amended and Restated Advisory Agreement to include certain revisions to the management and incentive fee calculation mechanisms and clarify language relating to liquidity events. On April 30, 2024, the Board of Directors renewed the Advisory Agreement for a period of twelve months commencing May 27, 2024. Under the terms of the Advisory Agreement, RGC:

•

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

•

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

•

executes, closes and monitors the investments the Company makes;

•

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

•

performs due diligence on prospective investments; and

•

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

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

Base Management Fee

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

For the three months ended March 31, 2024, RGC earned base management fees at a rate of 1.50% per annum, amounting to $4.0 million. For the three months ended March 31, 2023, RGC earned base management fees at a rate of 1.50% per annum, amounting to $4.0 million.

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 three months ended March 31, 2024, RGC earned incentive fees of $4.7 million; $3.6 million of which were payable in cash, and $1.1 million were accrued and generated from deferred interest. For the three months ended March 31, 2023, RGC earned incentive fees of $4.6 million; of which $3.5 million were payable in cash, and $1.1 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 March 31, 2024, $3.6 million were payable in cash, and $10.2 million were deferred incentive fees payable, both of which are included in incentive fees payable on the Statements of Assets and Liabilities. As of December 31, 2023, $3.3 million of incentive fees payable 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.

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 March 31, 2024 and December 31, 2023, 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 their respective support staff, as well as any expenses paid by the Administrator on the Company's behalf.

For the three months ended March 31, 2024, the Company incurred $0.6 million of Administration Agreement expenses, of which $0.2 million was payable to a third-party service provider and $0.4 million was overhead allocation expense, which are included in "Administration agreement expenses" on the Consolidated Statements of Operations. As of March 31, 2024, the Company had accrued a net payable to the Administrator of $0.5 million and a payable to the third-party service provider of $0.3 million, which are included in "Accrued expenses and other liabilities" on the Consolidated Statements of Assets and Liabilities. For the three months ended March 31, 2023, the Company incurred $0.6 million of Administration Agreement expenses, of which $0.3 million was payable to a third-party service provider and $0.3 million was overhead allocation expense, which are included in "Administration agreement expenses" on the Consolidated Statements of Operations. As of March 31, 2023, the Company had accrued a net payable to the Administrator of $0.7 million and a payable to the third-party service provider of $0.4 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.

Runway-Cadma I LLC

During the three months ended March 31, 2024, the Company and Cadma had no contributions to the JV. As of March 31, 2024, the JV had no debt or equity investments. As of March 31, 2024 and December 31, 2023, the Company's unfunded commitment to the JV was $35 million and $0 million, respectively. The JV's loan and security agreement with Apollo Capital Management, L.P, which is non-recourse to the Company, had $40 million in availability as of March 31, 2024. There were $0.2 million, and $0, respectively, due from the JV as of March 31, 2024 and December 31, 2023.


		March 31, 2024			December 31, 2023
Total contributed capital by Runway Growth Finance Corp.	$		—	$		—
Total contributed capital by all members			—			—
Total unfunded commitments by Runway Growth Finance Corp.			35,000			—
Total unfunded commitments by all members			70,000			—

Strategic Relationship

In December 2016, the Company and RGC entered into a strategic relationship with Oaktree Capital Management, L.P (“Oaktree”). In connection with the strategic relationship, OCM Growth Holdings ("OCM Growth") purchased an aggregate of 14,571,334 shares of the Company's common stock for an aggregate purchase price of $219.3 million in the Company's Initial Private Offering and Second Private Offering. As of March 31, 2024, OCM Growth (the “OCM Holder”), an affiliate of Oaktree, owned 15,492,168 shares, or approximately 39.1% 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 15,492,168 shares of Company’s common stock owned by OCM Growth, 14,607,426 shares, or approximately 36.9% 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 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 Board of Directors as OCM Growth’s director nominee and is considered an interested director. OCM Growth also holds a minority interest in RGC and has the right to appoint a member of RGC’s board of managers and a member of RGC’s investment committee. Mr. Share is OCM Growth’s appointee to RGC’s board of managers and investment committee.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Summary of Significant Accounting Policies - Additional Information (Details)		1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2016 USD ($)	Oct. 31, 2021 USD ($)	Mar. 31, 2024 USD ($) Loan shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2019 USD ($)	Mar. 07, 2024 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Amount of equity capital initially committed to provide			$ 235,820,000		$ 201,520,000
Number of loans \| Loan			2
PIK Income as a % of net investment income			10.50%	9.70%
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
Amortized cost basis of financial assets subject to CECL			$ 400,000		2,300,000
CECL reserve			200,000		0
Interest receivable			6,700,000		6,000,000
Other comprehensive income			$ 0	$ 0
ASU 2022-03
Summary Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]			true
Change in Accounting Principle, Accounting Standards Update, Adoption Date			Jan. 01, 2024
Cash Equivalents
Summary Of Significant Accounting Policies [Line Items]
Investments in money market funds			$ 6,200,000		0
Joint Venture
Summary Of Significant Accounting Policies [Line Items]
Amount of equity capital initially committed to provide			$ 35,000,000		0
Joint Venture \| Runway-Cadma I LLC
Summary Of Significant Accounting Policies [Line Items]
Amount of equity capital initially committed to provide							$ 35,000,000
Ownership percentage			50.00%
Joint Venture \| Runway-Cadma I LLC \| Cadma Capital Partners LLC
Summary Of Significant Accounting Policies [Line Items]
Amount of equity capital initially committed to provide							$ 35,000,000
Ownership percentage			50.00%
Second Private Offering
Summary Of Significant Accounting Policies [Line Items]
Offering cost excluding placement agent fees						$ 600,000
Placement agent fees						200,000
Offering cost						700,000
IPO
Summary Of Significant Accounting Policies [Line Items]
Offering cost		$ 7,000,000
Minimum \| Initial Private Offering \| Runway Growth Holdings LLC
Summary Of Significant Accounting Policies [Line Items]
Adjustment to additional paid in capital stock issued issuance costs	$ 1,000,000
Maximum \| Second Private Offering
Summary Of Significant Accounting Policies [Line Items]
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
Mingle Healthcare Solutions Inc
Summary Of Significant Accounting Policies [Line Items]
Write off accrued and uncollected paid in kind interest			$ 0		$ 0
Number of loans \| Loan			1
Aggregate principal funded on non-accrual status			$ 5,000,000
Fair value on non-accrual status			$ 3,200,000
Percentage of investment portfolio on non-accrual status			3.80%
Mingle Healthcare Solutions Inc \| Cash Interest Income
Summary Of Significant Accounting Policies [Line Items]
Cumulative interest on investments			$ 200,000
Snagajob, Inc.
Summary Of Significant Accounting Policies [Line Items]
Aggregate principal funded on non-accrual status			42,700,000
Fair value on non-accrual status			35,500,000
Snagajob, Inc. \| Cash Interest Income
Summary Of Significant Accounting Policies [Line Items]
Cumulative interest on investments			$ 200,000

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2024	Apr. 26, 2024	May 07, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Stock repurchased during period, shares				871,345	871,345
Ordinary distribution				$ 9.31
Subsequent Event
Subsequent Event [Line Items]
Stock repurchased during period, shares			183,702
Dividend declared date	Apr. 30, 2024
Ordinary distribution	$ 0.4
Supplemental distribution	$ 0.07
Record Date	May 10, 2024
Dividends payable date	May 24, 2024
Echo360 Inc. \| Subsequent Event
Subsequent Event [Line Items]
Repayment of senior secured loan		$ 25.3

Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 11 – Financial Highlights

The following table sets forth the financial highlights for the three months ended March 31, 2024 and 2023 (in thousands, except for per share data and ratios):


	Three Months Ended March 31,
	2024				2023
Per Share Data(1):
Net asset value at beginning of period	$	13.50			$	14.22
Net investment income		0.46				0.45
Net realized gain (loss)		-				(0.03	)
Net change in unrealized gain (loss)		(0.16	)			(0.12	)
Total from investment operations		0.30				0.30

Distributions		(0.47	)			(0.45	)
Accretion (dilution) (2)		0.03				-
Net asset value at end of period	$	13.36			$	14.07

Ratio/Supplemental Data:
Total return based on net asset value(3)		2.44		%		2.11		%
Total return based on market value(4)		(0.24	)	%		8.54		%
Ratio of net investment income to average net assets(5)(6)		13.83		%		12.68		%
Ratio of total operating expenses to average net assets(5)(6)		15.81		%		14.63		%
Ratio of total operating expenses, excluding incentive fees, to average net assets(5)		12.36		%		11.46		%
Ratio of net increase (decrease) in net assets resulting from operations to average net assets(5)		8.93		%		8.33		%
Portfolio turnover rate(7)		2.41		%		0.91		%

Net assets at beginning of period	$	547,071			$	576,052
Net assets at end of period	$	529,469			$	569,807
Weighted average net assets	$	542,836			$	583,731
Weighted average shares outstanding for the period, basic	40,392,255				40,509,269

(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)

(4)

(5)

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

(6)

(7)

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 6,915	$ 2,970
Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,022,541	1,067,009
Cash and cash equivalents	6,209
Portfolio Investments \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,016,332	1,025,010
Portfolio Investments \| Senior Secured Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	955,177	964,099
Portfolio Investments \| Second Lien Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	14,388	14,399
Portfolio Investments \| Convertible Note \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,023	1,357
Portfolio Investments \| Preferred Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	28,810	29,838
Portfolio Investments \| Common Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	891	1,420
Portfolio Investments \| Equity Interest \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	950	950
Portfolio Investments \| Warrants \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	15,093	12,947
U.S. Treasury Bill \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments		41,999
Level 1 \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	9,737	4,101
Cash and cash equivalents	6,209
Level 1 \| Portfolio Investments \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	3,528	4,101
Level 1 \| Portfolio Investments \| Senior Secured Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 \| Portfolio Investments \| Second Lien Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 \| Portfolio Investments \| Convertible Note \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 \| Portfolio Investments \| Preferred Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	2,776	3,553
Level 1 \| Portfolio Investments \| Common Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	752	548
Level 1 \| Portfolio Investments \| Equity Interest \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 \| Portfolio Investments \| Warrants \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 1 \| U.S. Treasury Bill \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments		0
Level 2 \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	30	42,108
Cash and cash equivalents	0
Level 2 \| Portfolio Investments \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	30	109
Level 2 \| Portfolio Investments \| Senior Secured Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Portfolio Investments \| Second Lien Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Portfolio Investments \| Convertible Note \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Portfolio Investments \| Preferred Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Portfolio Investments \| Common Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Portfolio Investments \| Equity Interest \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 \| Portfolio Investments \| Warrants \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	30	109
Level 2 \| U.S. Treasury Bill \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments		41,999
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,012,774	1,020,800
Level 3 \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,012,774	1,020,800
Cash and cash equivalents	0
Level 3 \| Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	121	120
Level 3 \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	15	16
Level 3 \| Portfolio Investments \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,012,774	1,020,800
Level 3 \| Portfolio Investments \| Senior Secured Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	955,177	964,099
Level 3 \| Portfolio Investments \| Second Lien Term Loans \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	14,388	14,399
Level 3 \| Portfolio Investments \| Convertible Note \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	1,023	1,357
Level 3 \| Portfolio Investments \| Preferred Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	26,034	26,285
Level 3 \| Portfolio Investments \| Common Stock \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	139	872
Level 3 \| Portfolio Investments \| Equity Interest \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	950	950
Level 3 \| Portfolio Investments \| Warrants \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	$ 15,063	12,838
Level 3 \| U.S. Treasury Bill \| Fair Value, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments		$ 0

Related Party Agreements and Transactions - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) Component shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) shares
Related Party Transaction [Line Items]
Gross assets	$ 1,030,938,000		$ 1,079,153,000
Management fees	3,952,000	$ 3,959,000
Incentive fees	4,668,000	4,563,000
Incentive fees payable	13,836,000		$ 12,500,000
Administration agreement expenses	$ 564,000	$ 583,000
Common stock, shares outstanding \| shares	39,622,162		40,509,269
Unfunded loan commitments	$ 235,820,000		$ 201,520,000
Scenario, Pre-incentive fee net income less than 2.0%
Related Party Transaction [Line Items]
Incentive fees	0
Joint Venture
Related Party Transaction [Line Items]
Unfunded loan commitments	35,000,000		0
Receivables	$ 200,000		0
Advisory Agreement
Related Party Transaction [Line Items]
Percentage of base management fee	1.50%	1.50%
Number of fees components \| Component	2
Management fees	$ 4,000,000	$ 4,000,000
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%
Percentage of aggregate cumulative realized capital gains	20.00%
Capital gains fee	$ 0
Incentive fees	4,700,000	4,600,000
Capital gains incentive fee accrued	$ 0		0
Percentage of minimum pre-incentive fee net investment income accrued	20.00%
Percentage of minimum cumulative net investments realized capital gain loss	8.00%
Advisory Agreement \| Minimum
Related Party Transaction [Line Items]
Percentage of non-affiliate investments	2.00%
Percentage of adjusted pre-incentive fee net investment income	10.00%
Advisory Agreement \| Maximum
Related Party Transaction [Line Items]
Percentage of non-affiliate investments	2.00%
Percentage of adjusted pre-incentive fee net investment income	10.00%
Advisory Agreement \| Scenario, more than $500M but less than $1B
Related Party Transaction [Line Items]
Percentage of 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	$ 3,600,000	3,500,000
Incentive fees payable	3,600,000		3,300,000
Advisory Agreement \| Deferred Payments
Related Party Transaction [Line Items]
Incentive fees	1,100,000	1,100,000
Incentive fees payable	$ 10,216,000	10,200,000	9,165,000
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	$ 600,000	600,000
Administration Agreement \| Third-party service provider
Related Party Transaction [Line Items]
Administration agreement expenses	200,000	300,000
Administration Agreement \| Overhead allocation expense
Related Party Transaction [Line Items]
Accrued expenses	300,000	400,000
Administration agreement expenses	400,000	300,000
Administration Agreement \| Affiliated Entity \| Third-party service provider
Related Party Transaction [Line Items]
Accrued expenses	$ 500,000	$ 700,000
Oaktree Capital Management, L.P
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares	15,492,168
Percentage of common stock shares issued and outstanding	39.10%
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	14,607,426
Percentage of common stock shares issued and outstanding	36.90%
OCM Growth Holding, LLC
Related Party Transaction [Line Items]
Common stock, shares outstanding \| shares	15,492,168
Loan and Security Agreement \| Joint Venture
Related Party Transaction [Line Items]
Unfunded loan commitments			$ 40,000,000

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Investment cost

$ 1,062,789

$ 1,106,849

Investment Owned, at Fair Value

$ 1,016,332

$ 1,067,009

Percentage of Net Assets

191.96%

195.04%

Investment, Identifier [Axis]: Affiliate Investments

Investment cost

$ 58,942

$ 58,861

Investment Owned, at Fair Value

$ 49,985

^[1]

$ 51,456

^[2]

$ 2,084

Percentage of Net Assets

9.44%

9.41%

Investment, Identifier [Axis]: Affiliate Investments Debt Investments

Investment Owned, at Fair Value

$ 23,656

^[1]

$ 23,586

^[2]

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

Investment cost

25,978

25,897

Investment Owned, at Fair Value

$ 23,656

$ 23,586

Percentage of Net Assets

4.47%

4.31%

Investment, Spread

8.75%

Investment Ceiling Rate

8.00%

Investment Interest ETP

5.00%

Initial Acquisition Date

Mar. 01, 2023

Maturity Date

Nov. 30, 2026

Principal/ Shares

$ 25,595

Investment cost

25,978

25,897

Investment Owned, at Fair Value

$ 23,656

$ 23,586

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

Investment, Spread

8.75%

Investment Ceiling Rate

8.00%

Investment Interest ETP

5.00%

Maturity Date

Nov. 30, 2026

Investment Owned, at Fair Value

$ 23,656

^[1]

$ 23,586

^[2]

Investment, Identifier [Axis]: Affiliate Investments Debt investments

Investment cost

25,978

25,897

Investment Owned, at Fair Value

$ 23,656

$ 23,586

Percentage of Net Assets

4.47%

4.31%

Investment, Identifier [Axis]: Affiliate Investments Equity Investments

Investment Owned, at Fair Value

$ 25,910

^[1]

$ 26,894

^[2]

1,174

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

Investment cost

4,551

Investment Owned, at Fair Value

$ 124

$ 856

Percentage of Net Assets

0.02%

0.16%

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

Investment Owned, at Fair Value

$ 124

^[1]

$ 856

^[2]

1,174

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

Investment Owned, at Fair Value

4,540

^[1]

4,577

^[2]

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

Investment Owned, at Fair Value

21,246

^[1]

21,461

^[2]

Investment, Identifier [Axis]: Affiliate Investments Equity investments

Investment cost

32,651

Investment Owned, at Fair Value

$ 25,910

$ 26,894

Percentage of Net Assets

4.89%

4.92%

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

Initial Acquisition Date

Mar. 09, 2020

Principal/ Shares

1,040,160

Investment cost

$ 4,551

Investment Owned, at Fair Value

124

856

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

Investment cost

28,100

Investment Owned, at Fair Value

$ 25,786

$ 26,038

Percentage of Net Assets

4.87%

4.76%

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

Initial Acquisition Date

Oct. 24, 2023

Principal/ Shares

3,100,000

Investment cost

$ 3,100

Investment Owned, at Fair Value

$ 4,540

$ 4,577

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

Initial Acquisition Date

Mar. 01, 2023

Principal/ Shares

3,266,668

Investment cost

$ 25,000

Investment Owned, at Fair Value

21,246

21,461

Investment, Identifier [Axis]: Affiliate Investments Warrants

Investment cost

313

Investment Owned, at Fair Value

$ 419

^[1]

$ 976

^[2]

910

Percentage of Net Assets

0.08%

0.18%

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

Investment Owned, at Fair Value

$ 95

$ 663

Percentage of Net Assets

0.02%

0.12%

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

Initial Acquisition Date

Mar. 09, 2020

Maturity Date

Mar. 09, 2030

Principal/ Shares

811,770

Investment Owned, at Fair Value

$ 95

$ 663

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

Investment Owned, at Fair Value

^[1]

663

^[2]

910

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

Investment Owned, at Fair Value

324

^[1]

313

^[2]

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

Investment cost

313

Investment Owned, at Fair Value

$ 324

$ 313

Percentage of Net Assets

0.06%

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

Initial Acquisition Date

Mar. 01, 2023

Maturity Date

Mar. 01, 2030

Investment cost

$ 313

Investment Owned, at Fair Value

324

313

Investment, Identifier [Axis]: Control Investments

Investment cost

950

Investment Owned, at Fair Value

$ 950

^[1]

$ 950

^[2]

9,290

Percentage of Net Assets

0.18%

0.17%

Investment, Identifier [Axis]: Control Investments Debt Investments

Investment Owned, at Fair Value

9,290

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

Investment Interest PIK

8.50%

Investment Floor Rate

11.00%

Investment Interest ETP

4.00%

Maturity Date

Oct. 15, 2023

Investment Owned, at Fair Value

$ 9,290

Investment, Identifier [Axis]: Control Investments Equity Investments

Investment cost

$ 950

Investment Owned, at Fair Value

$ 950

^[1]

$ 950

^[2]

Percentage of Net Assets

0.18%

0.17%

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

Investment cost

$ 950

Investment Owned, at Fair Value

$ 950

Percentage of Net Assets

0.18%

0.17%

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

Initial Acquisition Date

Dec. 31, 2023

Investment cost

$ 950

Investment Owned, at Fair Value

950

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

Investment Owned, at Fair Value

$ 950

^[1]

$ 950

^[2]

Investment, Spread

9.26%

Investment Floor Rate

9.76%

Investment Interest ETP

3.4375%

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 40,000

Investment cost

40,013

Investment Owned, at Fair Value

39,806

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% E T P Initial Acquisition Date 6/24/2022 Maturity Date 6/15/2027

Investment, Spread

9.26%

Investment Floor Rate

9.76%

Investment Interest ETP

3.4375%

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 40,000

Investment cost

39,907

Investment Owned, at Fair Value

39,945

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

Investment cost

1,002,897

1,005,024

Investment Owned, at Fair Value

$ 965,397

$ 972,604

Percentage of Net Assets

182.34%

177.78%

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

Investment cost

$ 961,734

$ 966,328

Investment Owned, at Fair Value

$ 945,909

$ 954,912

Percentage of Net Assets

178.65%

174.54%

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

Investment cost

$ 180,375

$ 203,979

Investment Owned, at Fair Value

$ 170,957

$ 196,540

Percentage of Net Assets

32.29%

35.92%

Investment Interest PIK

2.00%

Investment, Spread

6.25%

Investment Floor Rate

11.25%

Investment Interest ETP

1.50%

Initial Acquisition Date

Dec. 19, 2023

Maturity Date

Dec. 15, 2028

Principal/ Shares

$ 25,623

$ 25,500

Investment cost

25,240

25,083

Investment Owned, at Fair Value

$ 24,824

$ 25,083

Investment, Spread

9.50%

Investment Floor Rate

12.26%

Investment Interest Cash Cap

10.00%

Investment Interest ETP

7.50%

Initial Acquisition Date

Dec. 20, 2018

Maturity Date

Mar. 15, 2024

Principal/ Shares

$ 23,147

Investment cost

24,281

Investment Owned, at Fair Value

$ 19,028

Investment, Spread

9.50%

Investment Floor Rate

12.26%

Investment Interest Cash Cap

10.00%

Investment Interest ETP

7.50%

Initial Acquisition Date

Dec. 20, 2018

Maturity Date

Dec. 15, 2025

Principal/ Shares

$ 23,446

Investment cost

24,796

Investment Owned, at Fair Value

$ 19,213

Investment Interest PIK

1.00%

Investment, Spread

5.00%

Investment Floor Rate

9.00%

Investment Interest ETP

5.75%

Initial Acquisition Date

Oct. 19, 2020

Maturity Date

Jul. 15, 2027

Principal/ Shares

$ 38,698

$ 65,916

Investment cost

40,363

65,868

Investment Owned, at Fair Value

$ 38,426

$ 64,615

Investment, Spread

9.00%

Investment Floor Rate

9.50%

Investment Interest Cash Cap

10.00%

Investment Interest ETP

4.50%

Initial Acquisition Date

Dec. 28, 2021

Maturity Date

Dec. 28, 2026

Principal/ Shares

$ 88,997

$ 87,971

Investment cost

89,976

88,747

Investment Owned, at Fair Value

88,494

87,814

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

Investment cost

7,893

7,888

Investment Owned, at Fair Value

$ 7,941

$ 7,860

Percentage of Net Assets

1.50%

1.44%

Investment, Spread

4.50%

Investment Floor Rate

8.50%

Initial Acquisition Date

Oct. 06, 2023

Maturity Date

Oct. 06, 2027

Principal/ Shares

$ 8,000

Investment cost

7,893

7,888

Investment Owned, at Fair Value

7,941

7,860

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

Investment cost

105,459

105,581

Investment Owned, at Fair Value

$ 104,115

$ 104,581

Percentage of Net Assets

19.66%

19.12%

Investment, Spread

7.50%

Investment Floor Rate

12.78%

Initial Acquisition Date

Jul. 10, 2023

Maturity Date

Jul. 10, 2027

Principal/ Shares

$ 20,000

Investment cost

19,463

19,424

Investment Owned, at Fair Value

$ 19,706

$ 19,424

Investment, Spread

8.25%

Investment Floor Rate

10.86%

Investment Interest ETP

3.00%

Initial Acquisition Date

Aug. 18, 2020

Maturity Date

Sep. 30, 2024

Principal/ Shares

$ 931

$ 950

Investment cost

960

978

Investment Owned, at Fair Value

$ 933

$ 947

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

Investment, Spread

9.25%

Investment Floor Rate

11.86%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 03, 2018

Maturity Date

Sep. 30, 2024

Principal/ Shares

$ 19,556

$ 19,950

Investment cost

20,134

20,503

Investment Owned, at Fair Value

$ 19,587

19,895

Investment, Spread

7.00%

Investment Floor Rate

9.00%

Investment Interest ETP

5.00%

Initial Acquisition Date

Nov. 29, 2022

Maturity Date

Nov. 15, 2026

Principal/ Shares

$ 25,000

Investment cost

24,889

Investment Owned, at Fair Value

24,083

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

Investment cost

25,809

25,702

Investment Owned, at Fair Value

$ 25,798

$ 25,796

Percentage of Net Assets

4.87%

4.72%

Investment, Spread

8.50%

Investment Floor Rate

9.00%

Investment Interest Cash Cap

13.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Jun. 22, 2021

Maturity Date

Dec. 14, 2025

Principal/ Shares

$ 25,288

$ 25,218

Investment cost

25,809

25,702

Investment Owned, at Fair Value

25,798

25,796

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

Investment cost

26,372

26,323

Investment Owned, at Fair Value

$ 26,753

$ 26,790

Percentage of Net Assets

5.05%

4.90%

Investment, Spread

6.85%

Investment Floor Rate

10.89%

Investment Interest ETP

3.00%

Initial Acquisition Date

Oct. 20, 2022

Maturity Date

Oct. 20, 2027

Principal/ Shares

$ 26,293

Investment cost

26,372

26,323

Investment Owned, at Fair Value

26,753

26,790

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

Investment cost

14,957

14,919

Investment Owned, at Fair Value

$ 15,412

$ 15,284

Percentage of Net Assets

2.91%

2.79%

Investment, Spread

5.25%

Investment Floor Rate

8.75%

Investment Interest ETP

3.50%

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jul. 01, 2027

Principal/ Shares

$ 15,000

Investment cost

14,957

14,919

Investment Owned, at Fair Value

15,412

15,284

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

Investment cost

124,614

124,096

Investment Owned, at Fair Value

$ 126,066

$ 126,204

Percentage of Net Assets

23.81%

23.06%

Investment, Spread

4.90%

Investment Floor Rate

8.90%

Investment Interest ETP

4.50%

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 40,000

Investment cost

39,625

39,496

Investment Owned, at Fair Value

$ 40,385

$ 40,337

Investment, Spread

9.75%

Investment Floor Rate

12.26%

Investment Interest ETP

10.50%

Initial Acquisition Date

Aug. 15, 2018

Maturity Date

Dec. 15, 2026

Principal/ Shares

$ 4,322

Investment cost

4,952

Investment Owned, at Fair Value

$ 3,202

$ 3,791

Investment Interest PIK

2.00%

Investment, Spread

2.70%

Investment Floor Rate

6.70%

Investment Interest ETP

4.50%

Initial Acquisition Date

Oct. 12, 2022

Maturity Date

Oct. 12, 2027

Principal/ Shares

$ 20,586

$ 20,482

Investment cost

20,554

20,395

Investment Owned, at Fair Value

$ 21,381

$ 21,191

Investment, Spread

8.48%

Investment Floor Rate

8.98%

Investment Interest ETP

3.95%

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Jul. 01, 2026

Principal/ Shares

$ 35,000

Investment cost

34,414

34,239

Investment Owned, at Fair Value

$ 35,396

$ 35,435

Investment, Spread

5.75%

Investment Floor Rate

9.00%

Investment Interest ETP

4.00%

Initial Acquisition Date

Dec. 29, 2022

Maturity Date

Dec. 01, 2027

Principal/ Shares

$ 25,000

Investment cost

25,069

25,014

Investment Owned, at Fair Value

25,702

25,450

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

Investment cost

117,767

116,109

Investment Owned, at Fair Value

$ 111,300

$ 112,006

Percentage of Net Assets

21.02%

20.47%

Investment, Spread

6.25%

Investment Floor Rate

10.25%

Investment Interest ETP

2.00%

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Aug. 17, 2027

Principal/ Shares

$ 75,000

Investment cost

75,028

74,939

Investment Owned, at Fair Value

$ 75,761

$ 75,465

Investment Interest PIK

8.50%

Investment Floor Rate

9.00%

Investment Interest ETP

2.75%

Initial Acquisition Date

Sep. 29, 2021

Maturity Date

Sep. 01, 2025

Principal/ Shares

$ 42,297

$ 40,825

Investment cost

42,739

41,170

Investment Owned, at Fair Value

35,539

36,541

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

Investment cost

53,718

Investment Owned, at Fair Value

$ 53,784

Percentage of Net Assets

10.16%

Investment, Spread

4.75%

Investment Floor Rate

11.00%

Investment Interest Cash Cap

11.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 16, 2022

Maturity Date

Dec. 16, 2026

Principal/ Shares

$ 15,975

Investment cost

15,779

Investment Owned, at Fair Value

$ 15,934

Investment Interest PIK

1.25%

Investment, Spread

7.50%

Investment Floor Rate

8.26%

Investment Interest ETP

1.00%

Initial Acquisition Date

Jun. 30, 2021

Maturity Date

Jun. 15, 2027

Principal/ Shares

$ 38,051

Investment cost

37,939

Investment Owned, at Fair Value

37,850

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

Investment cost

115,074

97,402

Investment Owned, at Fair Value

$ 114,767

$ 96,820

Percentage of Net Assets

21.68%

17.70%

Investment Interest PIK

3.25%

Investment, Spread

4.75%

Investment Floor Rate

6.75%

Investment Interest ETP

0.96%

Initial Acquisition Date

Dec. 26, 2023

Maturity Date

Jan. 15, 2028

Principal/ Shares

$ 28,203

Investment cost

28,104

Investment Owned, at Fair Value

$ 28,104

Investment, Spread

7.25%

Investment Floor Rate

11.75%

Investment Interest ETP

1.00%

Initial Acquisition Date

Mar. 22, 2024

Maturity Date

Mar. 22, 2029

Principal/ Shares

$ 20,000

Investment cost

17,297

Investment Owned, at Fair Value

$ 17,297

Investment, Spread

6.50%

Investment Floor Rate

10.72%

Investment Interest ETP

3.00%

Initial Acquisition Date

Nov. 08, 2022

Maturity Date

Nov. 08, 2026

Principal/ Shares

$ 30,000

Investment cost

29,887

Investment Owned, at Fair Value

$ 29,580

Investment, Spread

7.00%

Investment Floor Rate

11.07%

Investment Interest ETP

1.00%

Initial Acquisition Date

Dec. 29, 2023

Maturity Date

Dec. 29, 2028

Principal/ Shares

$ 40,000

Investment cost

39,786

Investment Owned, at Fair Value

39,786

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

Investment cost

75,144

$ 74,877

Investment Owned, at Fair Value

$ 75,437

$ 74,767

Percentage of Net Assets

14.25%

13.67%

Investment, Spread

6.25%

Investment Floor Rate

12.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 15, 2026

Principal/ Shares

$ 75,000

Investment cost

75,144

Investment Owned, at Fair Value

75,437

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

Investment cost

114,552

$ 113,832

Investment Owned, at Fair Value

$ 113,579

$ 112,955

Percentage of Net Assets

21.45%

20.64%

Investment Interest PIK

2.50%

Investment, Spread

4.50%

Investment Floor Rate

6.50%

Investment Interest ETP

2.34%

2.00%

Initial Acquisition Date

Nov. 09, 2022

Maturity Date

Nov. 09, 2027

Principal/ Shares

$ 70,841

$ 70,395

Investment cost

70,614

70,064

Investment Owned, at Fair Value

$ 69,633

69,066

Investment Interest PIK

5.00%

Investment, Spread

5.00%

Investment Floor Rate

5.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 22, 2021

Maturity Date

Dec. 22, 2025

Principal/ Shares

$ 14,244

Investment cost

14,380

Investment Owned, at Fair Value

$ 14,388

Investment, Spread

3.25%

Investment Floor Rate

11.75%

Investment Interest ETP

2.25%

Initial Acquisition Date

Nov. 03, 2023

Maturity Date

Nov. 15, 2027

Principal/ Shares

$ 30,000

Investment cost

29,558

Investment Owned, at Fair Value

29,558

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

Investment cost

18,449

Investment Owned, at Fair Value

$ 4,814

$ 5,721

Percentage of Net Assets

0.91%

1.05%

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

Investment cost

$ 136

Investment Owned, at Fair Value

$ 136

Percentage of Net Assets

0.03%

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

Initial Acquisition Date

Dec. 13, 2023

Principal/ Shares

134

Investment cost

$ 16

Investment Owned, at Fair Value

$ 16

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

Initial Acquisition Date

Dec. 13, 2023

Principal/ Shares

1,030

Investment cost

$ 120

Investment Owned, at Fair Value

120

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

Investment cost

688

Investment Owned, at Fair Value

$ 434

Percentage of Net Assets

0.08%

Initial Acquisition Date

Jul. 10, 2018

Principal/ Shares

289,419

Investment cost

$ 250

Investment Owned, at Fair Value

$ 127

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

Initial Acquisition Date

Oct. 19, 2020

Principal/ Shares

230,881

Investment cost

$ 438

Investment Owned, at Fair Value

307

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

Investment cost

12,132

Investment Owned, at Fair Value

$ 2,777

Percentage of Net Assets

0.52%

Temporary equity, dividend rate percentage

11.00%

Initial Acquisition Date

Jan. 08, 2020

Principal/ Shares

462,064

Investment cost

$ 12,132

Investment Owned, at Fair Value

2,777

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

Investment cost

1,357

Investment Owned, at Fair Value

$ 1,023

$ 1,357

Percentage of Net Assets

0.19%

0.25%

Initial Acquisition Date

Oct. 26, 2023

Maturity Date

Dec. 31, 2026

Principal/ Shares

1,357

Investment cost

$ 1,357

Investment Owned, at Fair Value

1,023

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

Investment cost

410

$ 410

Investment Owned, at Fair Value

$ 170

$ 125

Percentage of Net Assets

0.03%

0.02%

Initial Acquisition Date

Jul. 07, 2023

Principal/ Shares

46,004

Investment cost

$ 410

Investment Owned, at Fair Value

170

125

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

Investment cost

3,726

Investment Owned, at Fair Value

$ 274

$ 160

Percentage of Net Assets

0.06%

0.03%

Initial Acquisition Date

Aug. 13, 2021

Principal/ Shares

459,720

Investment cost

$ 2,607

Investment Owned, at Fair Value

$ 274

$ 160

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

Initial Acquisition Date

Dec. 31, 2020

Principal/ Shares

6,078,499

Investment cost

$ 1,119

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

Investment cost

688

Investment Owned, at Fair Value

$ 390

Percentage of Net Assets

0.07%

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

Initial Acquisition Date

Jul. 10, 2018

Principal/ Shares

289,419

Investment cost

$ 250

Investment Owned, at Fair Value

127

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

Investment cost

12,132

Investment Owned, at Fair Value

$ 3,553

Percentage of Net Assets

0.65%

Temporary equity, dividend rate percentage

11.00%

Initial Acquisition Date

Jan. 08, 2020

Principal/ Shares

462,064

Investment cost

$ 12,132

Investment Owned, at Fair Value

$ 3,553

Initial Acquisition Date

Jun. 01, 2018

Maturity Date

Jun. 01, 2025

Principal/ Shares

500,000

Investment cost

$ 59

Investment Owned, at Fair Value

$ 233

Investment, Spread

7.00%

Investment Floor Rate

9.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Nov. 29, 2022

Maturity Date

Nov. 15, 2026

Principal/ Shares

$ 25,000

Investment cost

24,769

Investment Owned, at Fair Value

$ 24,370

Investment Interest PIK

3.25%

Investment, Spread

4.75%

Investment Floor Rate

6.75%

Investment Interest ETP

0.96%

Initial Acquisition Date

Dec. 26, 2023

Maturity Date

Jan. 15, 2028

Principal/ Shares

$ 28,000

Investment cost

27,879

Investment Owned, at Fair Value

$ 27,879

Investment Interest PIK

2.00%

Investment, Spread

8.00%

Investment Floor Rate

8.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 22, 2021

Maturity Date

Dec. 22, 2025

Principal/ Shares

$ 14,172

Investment cost

14,278

Investment Owned, at Fair Value

$ 14,399

Investment, Spread

6.25%

Investment Floor Rate

12.50%

Investment Interest ETP

3.00%

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 15, 2026

Principal/ Shares

$ 75,000

Investment cost

74,877

Investment Owned, at Fair Value

$ 74,767

Investment, Spread

7.00%

Investment Floor Rate

11.07%

Investment Interest ETP

1.00%

Initial Acquisition Date

Dec. 29, 2023

Maturity Date

Dec. 29, 2028

Principal/ Shares

$ 40,000

Investment cost

39,758

Investment Owned, at Fair Value

$ 39,758

Investment, Spread

3.25%

Investment Floor Rate

11.75%

Investment Interest ETP

2.25%

Initial Acquisition Date

Nov. 03, 2023

Maturity Date

Nov. 15, 2027

Principal/ Shares

$ 30,000

Investment cost

29,490

Investment Owned, at Fair Value

$ 29,490

Investment, Spread

6.50%

Investment Floor Rate

10.72%

Investment Interest ETP

3.00%

Initial Acquisition Date

Nov. 08, 2022

Maturity Date

Nov. 08, 2026

Principal/ Shares

$ 30,000

Investment cost

29,765

Investment Owned, at Fair Value

29,183

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

Investment cost

55,620

Investment Owned, at Fair Value

$ 55,309

Percentage of Net Assets

10.11%

Investment, Spread

4.75%

Investment Floor Rate

11.00%

Investment Interest Cash Cap

11.00%

Investment Interest ETP

3.00%

Initial Acquisition Date

Dec. 16, 2022

Maturity Date

Dec. 16, 2026

Principal/ Shares

$ 10,913

Investment cost

10,784

Investment Owned, at Fair Value

$ 10,847

Investment Interest PIK

1.25%

Investment, Spread

7.50%

Investment Floor Rate

8.26%

Initial Acquisition Date

Jun. 30, 2021

Maturity Date

Jun. 15, 2026

Principal/ Shares

$ 44,983

Investment cost

44,836

Investment Owned, at Fair Value

$ 44,462

Initial Acquisition Date

Oct. 06, 2023

Maturity Date

Oct. 06, 2033

Principal/ Shares

7,680

Investment cost

$ 35

Investment Owned, at Fair Value

$ 146

Initial Acquisition Date

Oct. 19, 2020

Principal/ Shares

230,881

Investment cost

$ 438

Investment Owned, at Fair Value

$ 263

Initial Acquisition Date

Jul. 29, 2022

Maturity Date

Jul. 29, 2027

Investment cost

$ 127

Investment Owned, at Fair Value

$ 16

Initial Acquisition Date

Oct. 26, 2023

Maturity Date

Dec. 31, 2026

Principal/ Shares

1,357

Investment cost

$ 1,357

Investment Owned, at Fair Value

$ 1,357

Initial Acquisition Date

Dec. 13, 2023

Principal/ Shares

1,030

Investment cost

$ 120

Investment Owned, at Fair Value

120

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

Investment cost

6,400

Investment Owned, at Fair Value

$ 2,196

Percentage of Net Assets

0.40%

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

Investment cost

22,714

$ 20,247

Investment Owned, at Fair Value

$ 14,674

$ 11,971

Percentage of Net Assets

2.78%

2.19%

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

Initial Acquisition Date

Dec. 03, 2018

Maturity Date

Dec. 03, 2028

Principal/ Shares

647,615

Investment cost

$ 2,162

Investment Owned, at Fair Value

471

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

Investment cost

6,400

Investment Owned, at Fair Value

$ 2,432

Percentage of Net Assets

0.46%

Initial Acquisition Date

Dec. 28, 2018

Maturity Date

Dec. 28, 2028

Principal/ Shares

273,164

Investment cost

$ 104

Initial Acquisition Date

Jun. 29, 2018

Maturity Date

Jun. 29, 2028

Principal/ Shares

2,387,705

Investment cost

$ 1,048

Investment Owned, at Fair Value

$ 1,049

$ 1,048

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

Initial Acquisition Date

Dec. 19, 2023

Investment cost

$ 167

Investment Owned, at Fair Value

$ 168

$ 167

Initial Acquisition Date

Oct. 31, 2019

Maturity Date

Oct. 31, 2029

Principal/ Shares

384,615

Investment cost

$ 846

Investment Owned, at Fair Value

$ 8

$ 12

Initial Acquisition Date

Dec. 20, 2018

Maturity Date

Dec. 20, 2028

Principal/ Shares

1,538,462

Investment cost

$ 3,630

Investment Owned, at Fair Value

$ 31

$ 48

Initial Acquisition Date

Dec. 21, 2023

Investment cost

$ 304

Investment Owned, at Fair Value

$ 283

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

Initial Acquisition Date

Dec. 21, 2023

Investment cost

$ 304

Investment Owned, at Fair Value

$ 290

Initial Acquisition Date

Jun. 01, 2018

Maturity Date

Jun. 01, 2025

Principal/ Shares

500,000

Investment cost

$ 59

Investment Owned, at Fair Value

$ 325

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

Initial Acquisition Date

Jul. 11, 2019

Maturity Date

Jul. 11, 2026

Principal/ Shares

833,333

Investment cost

$ 115

Investment Owned, at Fair Value

$ 541

389

Initial Acquisition Date

Jul. 29, 2022

Maturity Date

Jul. 29, 2027

Investment cost

$ 127

Investment Owned, at Fair Value

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

Investment cost

Investment Owned, at Fair Value

$ 144

$ 161

Percentage of Net Assets

0.03%

Initial Acquisition Date

Oct. 06, 2023

Maturity Date

Oct. 06, 2033

Principal/ Shares

7,680

Investment cost

$ 35

Investment Owned, at Fair Value

$ 134

Initial Acquisition Date

Oct. 06, 2023

Maturity Date

Oct. 06, 2033

Principal/ Shares

9,818

Investment cost

$ 40

Investment Owned, at Fair Value

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

Investment cost

541

Investment Owned, at Fair Value

$ 68

$ 51

Percentage of Net Assets

0.01%

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

Initial Acquisition Date

Mar. 04, 2022

Maturity Date

Mar. 04, 2032

Principal/ Shares

748,036

Investment cost

$ 315

Investment Owned, at Fair Value

$ 39

Initial Acquisition Date

Mar. 04, 2022

Maturity Date

Mar. 04, 2032

Principal/ Shares

49,869

Investment cost

$ 315

Investment Owned, at Fair Value

$ 28

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

Initial Acquisition Date

Sep. 02, 2022

Maturity Date

Sep. 02, 2032

Principal/ Shares

150,753

Investment cost

$ 226

Investment Owned, at Fair Value

Initial Acquisition Date

Sep. 02, 2022

Maturity Date

Sep. 02, 2032

Principal/ Shares

150,753

Investment cost

$ 226

Investment Owned, at Fair Value

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

Investment cost

$ 183

Percentage of Net Assets

0.00%

Initial Acquisition Date

Jul. 22, 2019

Maturity Date

Jul. 22, 2029

Principal/ Shares

848,093

Investment cost

$ 183

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

Investment cost

2,828

Investment Owned, at Fair Value

$ 867

$ 1,254

Percentage of Net Assets

0.16%

0.23%

Initial Acquisition Date

Jul. 10, 2023

Maturity Date

Jul. 10, 2033

Principal/ Shares

248,997

Investment cost

$ 447

Investment Owned, at Fair Value

$ 379

$ 384

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 24, 2032

Principal/ Shares

189,408

Investment cost

$ 219

Investment Owned, at Fair Value

$ 67

Initial Acquisition Date

Dec. 03, 2018

Maturity Date

Dec. 03, 2028

Principal/ Shares

647,615

Investment cost

$ 2,162

Investment Owned, at Fair Value

803

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

Investment cost

603

Investment Owned, at Fair Value

$ 686

$ 745

Percentage of Net Assets

0.13%

0.14%

Initial Acquisition Date

Oct. 20, 2022

Maturity Date

Oct. 20, 2032

Principal/ Shares

201,000

Investment cost

$ 98

Investment Owned, at Fair Value

$ 267

$ 322

Initial Acquisition Date

Dec. 17, 2021

Maturity Date

Dec. 17, 2028

Investment cost

$ 505

Investment Owned, at Fair Value

419

423

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

Investment cost

301

Investment Owned, at Fair Value

$ 175

$ 240

Percentage of Net Assets

0.03%

0.04%

Initial Acquisition Date

Jun. 24, 2022

Maturity Date

Jun. 24, 2032

Principal/ Shares

214,285

Investment cost

$ 175

Investment Owned, at Fair Value

$ 143

$ 138

Initial Acquisition Date

Mar. 30, 2022

Maturity Date

Mar. 30, 2032

Principal/ Shares

115,591

Investment cost

$ 126

Investment Owned, at Fair Value

102

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

Investment cost

3,137

Investment Owned, at Fair Value

$ 2,591

$ 2,506

Percentage of Net Assets

0.49%

0.46%

Initial Acquisition Date

Sep. 15, 2022

Maturity Date

Jan. 22, 2025

Principal/ Shares

46,256

Investment cost

$ 144

Initial Acquisition Date

Mar. 30, 2021

Maturity Date

Jan. 22, 2025

Principal/ Shares

132,979

Investment cost

$ 282

Investment Owned, at Fair Value

$ 15

Initial Acquisition Date

Jun. 14, 2022

Maturity Date

Jan. 22, 2025

Principal/ Shares

46,256

Investment cost

$ 141

Initial Acquisition Date

Aug. 02, 2023

Maturity Date

Aug. 01, 2028

Investment Owned, at Fair Value

$ 11

$ 77

Initial Acquisition Date

Jun. 30, 2022

Maturity Date

Jun. 30, 2032

Investment cost

$ 605

Investment Owned, at Fair Value

$ 707

$ 690

Initial Acquisition Date

Aug. 15, 2018

Maturity Date

Aug. 15, 2028

Principal/ Shares

1,770,973

Investment cost

$ 492

Initial Acquisition Date

Oct. 12, 2022

Maturity Date

Oct. 12, 2032

Principal/ Shares

91,717

Investment cost

$ 173

Investment Owned, at Fair Value

$ 100

$ 99

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Aug. 17, 2031

Investment cost

$ 835

Investment Owned, at Fair Value

$ 855

$ 897

Initial Acquisition Date

Dec. 29, 2022

Maturity Date

Dec. 29, 2032

Principal/ Shares

600,000

Investment cost

$ 74

Investment Owned, at Fair Value

$ 318

$ 199

Initial Acquisition Date

Jun. 29, 2021

Maturity Date

Jun. 29, 2031

Principal/ Shares

400,000

Investment cost

$ 14

Investment Owned, at Fair Value

$ 212

$ 133

Initial Acquisition Date

Dec. 29, 2020

Maturity Date

Dec. 29, 2025

Investment cost

$ 377

Investment Owned, at Fair Value

388

396

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

Investment cost

789

Investment Owned, at Fair Value

$ 1,468

$ 1,239

Percentage of Net Assets

0.28%

0.23%

Initial Acquisition Date

Jun. 30, 2020

Maturity Date

Jun. 30, 2030

Principal/ Shares

11,273

Investment cost

$ 218

Investment Owned, at Fair Value

$ 1,160

$ 1,001

Initial Acquisition Date

Aug. 17, 2021

Maturity Date

Aug. 17, 2031

Principal/ Shares

3,502

Investment cost

$ 52

Investment Owned, at Fair Value

$ 123

$ 95

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 26, 2032

Principal/ Shares

5,252

Investment cost

$ 176

$ 176,000

Investment Owned, at Fair Value

$ 185

$ 143

Initial Acquisition Date

Sep. 29, 2021

Maturity Date

Sep. 29, 2031

Principal/ Shares

763,269

Investment cost

$ 343

$ 343,000

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

Investment cost

209

143

Investment Owned, at Fair Value

$ 214

$ 154

Percentage of Net Assets

0.04%

0.03%

Initial Acquisition Date

Dec. 16, 2022

Investment cost

$ 209

$ 143

Investment Owned, at Fair Value

214

154

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

Investment cost

3,714

1,313

Investment Owned, at Fair Value

$ 4,160

$ 1,642

Percentage of Net Assets

0.79%

0.30%

Initial Acquisition Date

Dec. 26, 2023

Maturity Date

Dec. 26, 2033

Principal/ Shares

48,632

Investment cost

$ 43

Investment Owned, at Fair Value

$ 46

$ 41

Initial Acquisition Date

Mar. 31, 2021

Maturity Date

Mar. 31, 2031

Principal/ Shares

121,581

Investment cost

$ 175

$ 174

Investment Owned, at Fair Value

$ 114

$ 104

Initial Acquisition Date

Mar. 22, 2024

Maturity Date

Mar. 22, 2034

Principal/ Shares

200,000

Investment cost

$ 2,400

Investment Owned, at Fair Value

$ 2,400

Initial Acquisition Date

Mar. 25, 2022

Maturity Date

Mar. 25, 2032

Investment cost

$ 79

Initial Acquisition Date

Jul. 26, 2019

Maturity Date

Jul. 26, 2029

Principal/ Shares

150,804

Investment cost

$ 522

Investment Owned, at Fair Value

$ 684

$ 735

Initial Acquisition Date

Dec. 12, 2019

Maturity Date

Dec. 12, 2029

Principal/ Shares

387,596

Investment cost

$ 47

Investment Owned, at Fair Value

$ 320

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

Initial Acquisition Date

Nov. 08, 2022

Investment cost

$ 301

Investment Owned, at Fair Value

$ 422

Initial Acquisition Date

Nov. 08, 2022

Maturity Date

Nov. 08, 2026

Investment cost

$ 301

Investment Owned, at Fair Value

$ 294

Initial Acquisition Date

Dec. 29, 2023

Maturity Date

Jun. 30, 2032

Principal/ Shares

116,908

Investment cost

$ 147

Investment Owned, at Fair Value

174

147

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

Investment cost

426

Investment Owned, at Fair Value

$ 578

$ 438

Percentage of Net Assets

0.11%

0.08%

Initial Acquisition Date

May 05, 2023

Maturity Date

Sep. 26, 2032

Principal/ Shares

11,549

Investment cost

$ 69

Investment Owned, at Fair Value

$ 107

$ 81

Initial Acquisition Date

Aug. 25, 2023

Maturity Date

Sep. 26, 2032

Principal/ Shares

9,239

Investment cost

$ 55

Investment Owned, at Fair Value

$ 86

$ 65

Initial Acquisition Date

Sep. 26, 2022

Maturity Date

Sep. 26, 2032

Principal/ Shares

41,576

Investment cost

$ 302

Investment Owned, at Fair Value

385

292

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

Investment cost

2,175

Investment Owned, at Fair Value

$ 365

$ 373

Percentage of Net Assets

0.07%

Initial Acquisition Date

Oct. 17, 2018

Maturity Date

Aug. 31, 2027

Principal/ Shares

346,621

Investment cost

$ 697

Initial Acquisition Date

Aug. 31, 2017

Maturity Date

Aug. 31, 2027

Principal/ Shares

523,893

Investment cost

$ 1,053

Initial Acquisition Date

Jan. 07, 2020

Maturity Date

Jan. 07, 2030

Principal/ Shares

191,601

Investment cost

$ 425

Investment Owned, at Fair Value

365

373

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

Investment cost

791

Investment Owned, at Fair Value

$ 563

$ 562

Percentage of Net Assets

0.11%

0.10%

Initial Acquisition Date

May 31, 2019

Maturity Date

May 31, 2029

Principal/ Shares

333,621

Investment cost

$ 192

Investment Owned, at Fair Value

$ 234

$ 268

Initial Acquisition Date

Nov. 03, 2023

Maturity Date

Nov. 03, 2033

Investment cost

$ 253

Investment Owned, at Fair Value

$ 329

$ 294

Initial Acquisition Date

Mar. 29, 2019

Maturity Date

Mar. 29, 2029

Principal/ Shares

9,665,667

Investment cost

$ 346

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

Investment cost

542

Investment Owned, at Fair Value

$ 363

$ 410

Percentage of Net Assets

0.07%

Initial Acquisition Date

Oct. 05, 2018

Maturity Date

Oct. 05, 2028

Principal/ Shares

112,451

Investment cost

$ 136

Investment Owned, at Fair Value

$ 158

$ 178

Initial Acquisition Date

Dec. 28, 2018

Maturity Date

Dec. 28, 2028

Principal/ Shares

22,491

Investment cost

$ 25

Investment Owned, at Fair Value

$ 31

$ 36

Initial Acquisition Date

Jun. 27, 2019

Maturity Date

Jun. 27, 2029

Principal/ Shares

123,894

Investment cost

$ 381

Investment Owned, at Fair Value

$ 174

196

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

Investment cost

1,064,835

Investment Owned, at Fair Value

$ 1,025,010

Percentage of Net Assets

187.36%

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

Investment cost

$ 42,014

Investment Owned, at Fair Value

$ 41,999

Percentage of Net Assets

7.68%

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

Initial Acquisition Date

Dec. 29, 2023

Maturity Date

Jan. 04, 2024

Principal/ Shares

$ 42,029

Investment cost

42,014

Investment Owned, at Fair Value

$ 41,999

Percentage of Net Assets

4.324%

[1]	All investments in the portfolio companies, which as of March 31, 2024, represented 9.62% 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, 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.

Borrowings - Additional Information (Details) - USD ($)							3 Months Ended
Borrowings - Additional Information (Details) - USD ($)	Apr. 13, 2023	Dec. 07, 2022	Aug. 31, 2022	Jul. 28, 2022	Dec. 10, 2021	May 31, 2019	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 10, 2022
Debt Instrument [Line Items]
Unamortized deferred debt costs							$ 8,336,000		$ 9,172,000
Weighted Average
Debt Instrument [Line Items]
Weighted average effective interest rate							8.55%	7.80%
Weighted average outstanding principal Credit Facility balance							$ 234,900,000	$ 333,200,000
Credit Facility
Debt Instrument [Line Items]
Debt instrument principal amount						$ 100,000,000	$ 550,000,000
Expiration date							Apr. 20, 2026
Line of credit facility stated maturity date							Apr. 20, 2025
Line of credit facility, amortization period							1 year
Credit Facility \| Maximum
Debt Instrument [Line Items]
Total Commitment							$ 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							$ 500,000		600,000
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							$ 200,000		300,000
Line of credit facility, interest rate description							Interest on the April 2026 Notes will be due semiannually in arrears on April 13 and October 13 of each year, commencing on October 13, 2023.
Debt instrument, frequency of periodic payment							semiannually
July 2027 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount				$ 80,500,000
Debt instrument, interest rate stated percentage				7.50%
Debt instrument due date				Jul. 28, 2027
Aggregate offering costs including underwriter's discounts and commissions				$ 2,700,000
Unamortized deferred debt costs							$ 1,800,000		1,900,000
Line of credit facility, interest rate description							Interest on the 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing September 1, 2022
Debt instrument, frequency of periodic payment							quarterly
Debt instrument redemption description							The July 2027 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after July 28, 2024, at a redemption price of $25 per July 2027 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption
Debt instrument, redemption price per share				$ 25
August 2027 Notes \| Long-Term Debt
Debt Instrument [Line Items]
Debt instrument principal amount			$ 20,000,000
Debt instrument, interest rate stated percentage			7.00%
Debt instrument due date			Aug. 31, 2027
Aggregate offering costs including underwriter's discounts and commissions			$ 700,000
Unamortized deferred debt costs							$ 500,000		500,000
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							$ 1,400,000		$ 1,500,000
Line of credit facility, interest rate description							Interest on the December 2027 Notes will be due quarterly in arrears on March 1, June 1, September 1, and December 1 of each year, 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

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0
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%

Consolidated Statements of Changes in Net Assets (Unaudited) (Parenthetical) - shares	Mar. 31, 2024	Mar. 31, 2023
Common Stock
Treasury stock repurchases	1,758,441	871,345

Borrowings - Schedule of Components of Interest Expense Amortization of Deferred Debt Costs, Unused Fees on Credit Facility and Other Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest Expense	$ 9,179	$ 10,047
Amortization of Deferred Debt Costs	840	701
Unused Facility and Other Fees	841	172
Total Interest and Other Debt Financing Expenses	$ 10,860	$ 10,920
Weighted Average Cost of Debt	9.01%	7.86%
Credit Facility
Debt Instrument [Line Items]
Interest Expense	$ 5,007	$ 6,409
Amortization of Deferred Debt Costs	480	394
Unused Facility and Other Fees	841	172
Total Interest and Other Debt Financing Expenses	$ 6,328	$ 6,975
Weighted Average Cost of Debt	10.77%	8.37%
April 2026 Notes
Debt Instrument [Line Items]
Interest Expense	$ 534
Amortization of Deferred Debt Costs	30
Total Interest and Other Debt Financing Expenses	$ 564
Weighted Average Cost of Debt	9.03%
December 2026 Notes
Debt Instrument [Line Items]
Interest Expense	$ 744	$ 744
Amortization of Deferred Debt Costs	55	52
Total Interest and Other Debt Financing Expenses	$ 799	$ 796
Weighted Average Cost of Debt	4.56%	4.55%
July 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 1,509	$ 1,509
Amortization of Deferred Debt Costs	144	129
Total Interest and Other Debt Financing Expenses	$ 1,653	$ 1,638
Weighted Average Cost of Debt	8.22%	8.14%
August 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 350	$ 350
Amortization of Deferred Debt Costs	35	35
Total Interest and Other Debt Financing Expenses	$ 385	$ 385
Weighted Average Cost of Debt	7.70%	7.70%
December 2027 Notes
Debt Instrument [Line Items]
Interest Expense	$ 1,035	$ 1,035
Amortization of Deferred Debt Costs	96	91
Total Interest and Other Debt Financing Expenses	$ 1,131	$ 1,126
Weighted Average Cost of Debt	8.74%	8.71%

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 12 - Subsequent Events

The Company evaluated events subsequent to March 31, 2024 through May 7, 2024.

On April 26, 2024 Echo360 Inc. prepaid its outstanding principal balance of $25.3 million on the senior secured loan.

On April 30, 2024, the 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 on May 10, 2024 payable on or before May 24, 2024

On April 30, 2024, following his return from the temporary medical leave and upon the approval of the Board of Directors, Mr. Spreng, was reinstated as the Company's President and Chief Executive Officer.

For the period commencing March 31, 2024 through May 7, 2024, the Company repurchased 183,702 shares under the Company's Repurchase Program.

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Investment Company, Financial Highlights [Line Items]

Net Asset Value Per Share, Beginning Balance

^[1]

$ 13.5

$ 14.22

Net investment income

^[1]

0.46

0.45

Total from investment operations

^[1]

0.3

Distributions

^[1]

(0.47)

(0.45)

Accretion (dilution)

^[2]

0.03

Net Asset Value Per Share, Ending Balance

^[1]

$ 13.36

$ 14.07

$ 13.5

Net assets at beginning of period

$ 547,071

$ 576,052

Net assets at end of period

529,469

569,807

$ 547,071

Weighted average net assets

$ 542,836

$ 583,731

Weighted average shares outstanding (basic)

40,392,255

40,509,269

Ratio/Supplemental Data:

Total return based on net asset value

^[3]

2.44%

2.11%

Total return based on market value

^[4]

(0.24)

8.54

Ratio of net investment income to average net assets

^[5],[6]

13.83%

12.68%

Ratio of total operating expenses to average net assets

^[5],[6]

15.81%

14.63%

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

^[6]

12.36%

11.46%

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

^[6]

8.93%

8.33%

Portfolio turnover rate

^[7]

2.41%

0.91%

Net Realized Gain (Loss)

Investment Company, Financial Highlights [Line Items]

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

^[1]

$ (0.03)

Net Change in Unrealized Gain (Loss)

Investment Company, Financial Highlights [Line Items]

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

^[1]

$ (0.16)

$ (0.12)

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

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Beginning balance	$ 547,071	$ 576,052
Beginning balance, Shares	40,509,269
Net increase (decrease) in net assets resulting from operations	$ 12,047	11,984
Acquisition of treasury stock, value	(10,609)
Dividends paid to stockholders	(19,040)	(18,229)
Ending balance	$ 529,469	569,807
Ending balance, Shares	39,622,162
Common Stock
Beginning balance	$ 414	$ 414
Beginning balance, Shares	40,509,269	40,509,269
Acquisition of treasury stock	(887,096)
Shares Retired	(11)
Ending balance	$ 414	$ 414
Ending balance, Shares	39,622,162	40,509,269
Treasury Stock
Beginning balance	$ (10,816)	$ (10,816)
Acquisition of treasury stock, value	(10,609)
Ending balance	(21,425)	(10,816)
Paid-in Capital in Excess of Par Value
Beginning balance	605,110	605,774
Tax reclassification	(2)
Ending balance	605,108	605,774
Accumulated Undistributed Earnings (Losses)
Beginning balance	(47,637)	(19,320)
Net increase (decrease) in net assets resulting from operations	12,047	11,984
Dividends paid to stockholders	(19,040)	(18,229)
Tax reclassification	2
Ending balance	$ (54,628)	$ (25,565)

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	$ 475,914	$ 510,078
Borrowings
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	475,914	510,078
Unamortized deferred debt costs	8,336	9,172
December 2026 Notes \| Borrowings
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	69,481	69,427
Unamortized deferred debt costs	519	573
December 2026 Notes \| 2026 Notes \| Borrowings
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	69,500	69,400
Unamortized deferred debt costs	500	600
April 2026 Notes \| Borrowings
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying Value	24,753	24,723
Unamortized deferred debt costs	247	277
April 2026 Notes \| 2026 Notes \| Borrowings
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unamortized deferred debt costs	200	300
Long-Term Debt \| December 2026 Notes \| 2026 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, fair value	65,000	63,800
Long-Term Debt \| April 2026 Notes \| 2026 Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, fair value	$ 26,300	$ 25,800

- Definition

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

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false

Investments

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Investments

Note 4 – Investments

Control and Affiliate Investments

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

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


				For the Three Months Ended March 31, 2024
				Investment Income Earned 2024		Fair Value as of December 31, 2023		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Fair Value as of March 31, 2024(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	$	599	$	23,586	$	81	$	—	$	—	$	(11	)	$	23,656
	Total Debt Investments				599		23,586		81		—		—		(11	)		23,656

	Equity Investments
	Coginiti Corp	Equity	Common Stock		—		856		—		—		—		(732	)		124
	Gynesonics, Inc.	Equity	Series A-2 Preferred Stock		—		21,461		—		—		—		(215	)		21,246
		Equity	Series A-1 Preferred Stock		—		4,577		—		—		—		(37	)		4,540
	Total Equity Investments				—		26,894		—		—		—		(984	)		25,910
	Warrants
	Coginiti Corp	Warrants	Common Stock		—		663		—		—		—		(568	)		95
	Gynesonics, Inc.	Warrants	Success fee		—		313		—		—		—		11			324
	Total Warrants				—		976		—		—		—		(557	)		419
Total Affiliate Investments				$	599	$	51,456	$	81	$	—	$	—	$	(1,552	)	$	49,985
Control Investments
	Equity Investments
	Pivot3, Inc.	Equity	Equity Interest		—		950		—		—		—		—			950
	Total Equity Investments				—		950		—		—		—		—			950
Total Control Investments				$	—	$	950	$	—	$	—	$	—	$	—		$	950

(1)

Gross additions include 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 March 31, 2024, represented 9.62% 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, 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)

(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, 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.

Portfolio Composition

The following tables show the fair value of the Company's portfolio of investments by geographic region and industry as of March 31, 2024 and December 31, 2023:


	March 31, 2024					December 31, 2023
Geographic Region	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
United States
Western United States	$	408,853		77.22	%	$	404,541		73.94	%
Northeastern United States		211,643		39.97			239,444		43.77
Midwestern United States		131,701		24.87			130,784		23.91
South Central United States		88,494		16.72			87,814		16.05
Northwestern United States		25,131		4.75			25,514		4.66
Southeastern United States		20,504		3.88			820		0.15
Total United States		886,326		167.41			888,917		162.48

United Kingdom		77,364		14.61			76,839		14.05
Germany		38,020		7.18			44,587		8.15
Canada		14,622		2.76			14,667		2.68
Total	$	1,016,332		191.96	%	$	1,025,010		187.36	%


	March 31, 2024					December 31, 2023
Industry	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
Health Care Technology	$	181,200		34.22	%		182,200		33.30	%
Application Software		174,042		32.87			200,645		36.67
Internet Software and Services		118,927		22.47			98,462		18.00
System Software		114,142		21.56			113,517		20.74
Human Resource & Employment Services		113,791		21.49			114,602		20.95
Data Processing & Outsourced Services		105,932		20.00			106,785		19.52
Property & Casualty Insurance		76,015		14.36			75,205		13.75
Internet & Direct Marketing Retail		54,168		10.23			55,588		10.16
Electronic Equipment & Instruments		27,439		5.18			27,535		5.04
Education Services		25,798		4.87			25,796		4.72
Health Care Equipment		15,587		2.94			15,524		2.83
Asset Management & Custody Banks		8,085		1.53			8,021		1.47
Technology Hardware, Storage & Peripherals		637		0.13			570		0.10
Specialized Consumer Services		365		0.07			373		0.07
Advertising		136		0.03			136		0.03
Biotechnology		68		0.01			51		0.01
Total	$	1,016,332		191.96	%	$	1,025,010		187.36	%

Derivative Financial Instruments

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

Warrants provide exposure and potential gains upon equity gains of the portfolio company’s equity value. A warrant has a limited life and expires on a certain date. As a warrant’s expiration date approaches, the time value of the warrant will decline. In addition, if the stock underlying the warrant declines in price, the intrinsic value of an “in the money” warrant will decline. Further, if the price of the stock underlying the warrant does not exceed the strike price of the warrant on the expiration date, the warrant will expire worthless. As a result, there is the potential for the entire value of an investment in a warrant to be lost. The Company’s volume of warrant investment activity is closely correlated to its primary senior secured loans to portfolio companies. For the three months ended March 31, 2024, the Company had no realized gains or losses on investments and a net unrealized loss of $0.3 million from its investments in warrants. For the three months ended March 31, 2023, the Company had a net realized loss of $1.2 million and a net unrealized loss of $1.7 million from its investments in warrants. Realized gains and losses from warrants are included in the respective control, affiliate, or non-control/non-affiliate "Net realized gain (loss) on investments" on the Consolidated Statements of Operations. Unrealized gains and losses 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 Consolidated Statements of Operations.

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

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses)	$ 0	$ (1,200,000)
Net unrealized gain (loss)	$ (300,000)	$ (1,700,000)

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dividends Payable [Line Items]

Amount per Share

^[1]

$ 0.47

$ 0.45

Dividends declared payable per share

$ 9.31

May 3, 2018

Dividends Payable [Line Items]

May 03, 2018

Quarterly

May 15, 2018

May 31, 2018

$ 0.15

Dividends Payable [Line Items]

Jul. 26, 2018

Quarterly

Aug. 15, 2018

Aug. 31, 2018

$ 0.25

Dividends Payable [Line Items]

Nov. 01, 2018

Quarterly

Oct. 31, 2018

Nov. 15, 2018

$ 0.35

Dividends Payable [Line Items]

Mar. 22, 2019

Quarterly

Mar. 22, 2019

Mar. 26, 2019

$ 0.4

Dividends Payable [Line Items]

May 02, 2019

Quarterly

May 07, 2019

May 21, 2019

$ 0.45

Dividends Payable [Line Items]

May 02, 2019

Quarterly

May 31, 2019

Jul. 16, 2019

$ 0.46

Dividends Payable [Line Items]

Jul. 30, 2019

Quarterly

Aug. 05, 2019

Aug. 26, 2019

$ 0.45

Dividends Payable [Line Items]

Sep. 27, 2019

Quarterly

Sep. 30, 2019

Nov. 12, 2019

$ 0.04

Dividends Payable [Line Items]

Dec. 09, 2019

Quarterly

Dec. 10, 2019

Dec. 23, 2019

$ 0.4

Dividends Payable [Line Items]

Mar. 05, 2020

Quarterly

Mar. 06, 2020

Mar. 20, 2020

$ 0.4

Dividends Payable [Line Items]

May 07, 2020

Quarterly

May 08, 2020

May 21, 2020

$ 0.35

Dividends Payable [Line Items]

Aug. 05, 2020

Quarterly

Aug. 06, 2020

Aug. 20, 2020

$ 0.36

Dividends Payable [Line Items]

Oct. 01, 2020

Quarterly

Oct. 01, 2020

Nov. 12, 2020

$ 0.38

Dividends Payable [Line Items]

Mar. 04, 2021

Quarterly

Mar. 05, 2021

Mar. 19, 2021

$ 0.37

Dividends Payable [Line Items]

Apr. 29, 2021

Quarterly

Apr. 30, 2021

May 13, 2021

$ 0.37

Dividends Payable [Line Items]

Jul. 19, 2021

Quarterly

Jul. 20, 2021

Aug. 12, 2021

$ 0.34

Dividends Payable [Line Items]

Oct. 28, 2021

Quarterly

Nov. 08, 2021

Nov. 22, 2021

$ 0.25

Dividends Payable [Line Items]

Feb. 24, 2022

Quarterly

Mar. 08, 2022

Mar. 22, 2022

$ 0.27

Dividends Payable [Line Items]

Apr. 28, 2022

Quarterly

May 10, 2022

May 24, 2022

$ 0.3

Dividends Payable [Line Items]

Jul. 28, 2022

Quarterly

Aug. 09, 2022

Aug. 23, 2022

$ 0.33

Dividends Payable [Line Items]

Oct. 27, 2022

Quarterly

Nov. 08, 2022

Nov. 22, 2022

$ 0.36

Dividends Payable [Line Items]

Feb. 23, 2023

Quarterly

Mar. 07, 2023

Mar. 21, 2023

$ 0.4

Dividends Payable [Line Items]

Feb. 23, 2023

Supplemental

Mar. 07, 2023

Mar. 21, 2023

$ 0.05

Dividends Payable [Line Items]

May 02, 2023

Quarterly

May 15, 2023

May 31, 2023

$ 0.4

Dividends Payable [Line Items]

May 02, 2023

Supplemental

May 15, 2023

May 31, 2023

$ 0.05

Dividends Payable [Line Items]

Aug. 01, 2023

Quarterly

Aug. 15, 2023

Aug. 31, 2023

$ 0.4

Dividends Payable [Line Items]

Aug. 01, 2023

Supplemental

Aug. 15, 2023

Aug. 31, 2023

$ 0.05

Dividends Payable [Line Items]

Nov. 01, 2023

Quarterly

Nov. 13, 2023

Nov. 28, 2023

$ 0.4

Dividends Payable [Line Items]

Nov. 01, 2023

Supplemental

Nov. 13, 2023

Nov. 28, 2023

$ 0.06

Dividends Payable [Line Items]

Feb. 01, 2024

Quarterly

Feb. 12, 2024

Feb. 28, 2024

$ 0.4

Dividends Payable [Line Items]

Feb. 01, 2024

Supplemental

Feb. 12, 2024

Feb. 28, 2024

$ 0.07

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

Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

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

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


				For the Three Months Ended March 31, 2024
				Investment Income Earned 2024		Fair Value as of December 31, 2023		Gross Additions(1)		Gross Reductions(2)		Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Fair Value as of March 31, 2024(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	$	599	$	23,586	$	81	$	—	$	—	$	(11	)	$	23,656
	Total Debt Investments				599		23,586		81		—		—		(11	)		23,656

	Equity Investments
	Coginiti Corp	Equity	Common Stock		—		856		—		—		—		(732	)		124
	Gynesonics, Inc.	Equity	Series A-2 Preferred Stock		—		21,461		—		—		—		(215	)		21,246
		Equity	Series A-1 Preferred Stock		—		4,577		—		—		—		(37	)		4,540
	Total Equity Investments				—		26,894		—		—		—		(984	)		25,910
	Warrants
	Coginiti Corp	Warrants	Common Stock		—		663		—		—		—		(568	)		95
	Gynesonics, Inc.	Warrants	Success fee		—		313		—		—		—		11			324
	Total Warrants				—		976		—		—		—		(557	)		419
Total Affiliate Investments				$	599	$	51,456	$	81	$	—	$	—	$	(1,552	)	$	49,985
Control Investments
	Equity Investments
	Pivot3, Inc.	Equity	Equity Interest		—		950		—		—		—		—			950
	Total Equity Investments				—		950		—		—		—		—			950
Total Control Investments				$	—	$	950	$	—	$	—	$	—	$	—		$	950

(1)

(2)

(3)

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)

(2)

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

(3)

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

The following tables show the fair value of the Company's portfolio of investments by geographic region and industry as of March 31, 2024 and December 31, 2023:


	March 31, 2024					December 31, 2023
Geographic Region	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
United States
Western United States	$	408,853		77.22	%	$	404,541		73.94	%
Northeastern United States		211,643		39.97			239,444		43.77
Midwestern United States		131,701		24.87			130,784		23.91
South Central United States		88,494		16.72			87,814		16.05
Northwestern United States		25,131		4.75			25,514		4.66
Southeastern United States		20,504		3.88			820		0.15
Total United States		886,326		167.41			888,917		162.48

United Kingdom		77,364		14.61			76,839		14.05
Germany		38,020		7.18			44,587		8.15
Canada		14,622		2.76			14,667		2.68
Total	$	1,016,332		191.96	%	$	1,025,010		187.36	%


	March 31, 2024					December 31, 2023
Industry	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
Health Care Technology	$	181,200		34.22	%		182,200		33.30	%
Application Software		174,042		32.87			200,645		36.67
Internet Software and Services		118,927		22.47			98,462		18.00
System Software		114,142		21.56			113,517		20.74
Human Resource & Employment Services		113,791		21.49			114,602		20.95
Data Processing & Outsourced Services		105,932		20.00			106,785		19.52
Property & Casualty Insurance		76,015		14.36			75,205		13.75
Internet & Direct Marketing Retail		54,168		10.23			55,588		10.16
Electronic Equipment & Instruments		27,439		5.18			27,535		5.04
Education Services		25,798		4.87			25,796		4.72
Health Care Equipment		15,587		2.94			15,524		2.83
Asset Management & Custody Banks		8,085		1.53			8,021		1.47
Technology Hardware, Storage & Peripherals		637		0.13			570		0.10
Specialized Consumer Services		365		0.07			373		0.07
Advertising		136		0.03			136		0.03
Biotechnology		68		0.01			51		0.01
Total	$	1,016,332		191.96	%	$	1,025,010		187.36	%

Commitments and Contingencies - Summary of Payments Due by Period (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Commitments And Contingencies [LineItems]
Borrowings, 1-3 years	$ 332,000	$ 367,000
Borrowings, 3-5 years	152,250	152,250
Deferred Incentive Fees	13,836	12,500
Deferred Incentive Fees, Less than 1 Year	481	2,567
Deferred Incentive Fees, 1-3 years	5,915	3,919
Deferred Incentive Fees, 3-5 years	3,689	2,548
Deferred Incentive Fees, More than 5 Years	131	131
Commitments	494,466	528,415
Commitments, Less than 1 Year	481	2,567
Commitments, 1-3 years	337,915	370,919
Commitments, 3-5 years	155,939	154,798
Commitments, More than 5 Years	131	131
Unsecured Debt \| 2026 Notes
Commitments And Contingencies [LineItems]
Borrowings	95,000	95,000
Borrowings, 1-3 years	95,000	95,000
Unsecured Debt \| 2027 Notes
Commitments And Contingencies [LineItems]
Borrowings	152,250	152,250
Borrowings, 3-5 years	152,250	152,250
Credit Facility
Commitments And Contingencies [LineItems]
Borrowings	237,000	272,000
Borrowings, 1-3 years	237,000	272,000
Deferred Payments \| Advisory Agreement
Commitments And Contingencies [LineItems]
Deferred Incentive Fees	10,216	9,165	$ 10,200
Borrowings
Commitments And Contingencies [LineItems]
Borrowings	484,250	519,250
Borrowings \| Credit Facility
Commitments And Contingencies [LineItems]
Borrowings	$ 237,000	$ 272,000

Net Assets

3 Months Ended

Mar. 31, 2024

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 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 had 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, prior to its expiration on February 24, 2023. 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 March 31, 2024 and December 31, 2023, 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. 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 March 31, 2024, the Company repurchased 887,096 shares in connection with the Repurchase Program for an aggregate purchase price of $10.6 million. 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 three months ended March 31, 2024, the Company declared and paid dividends in the amount of $19.0 million of which $18.8 million was distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan. For the three months ended March 31, 2023, the Company declared dividends in the amount of $18.2 million of which $17.5 million was distributed in cash and the remainder distributed in shares to stockholders pursuant to the Company’s Dividend Reinvestment Plan.

Dividend Reinvestment Plan

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

During the three months ended March 31, 2024, the Company purchased 20,531 shares of common stock in the open market under the Dividend Reinvestment Plan for a total of $0.3 million. During the three months ended March 31, 2023, the Company purchased 64,214 shares of common stock in the open market and under the Dividend Reinvestment Plan for a total of $0.8 million.

The following table summarizes the distributions declared and paid since inception through March 31, 2024:

- Definition

The entire disclosure for equity.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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+ Details

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 5 – Fair Value of Financial Instruments

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


	As of March 31, 2024
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Term Loans	$	—	$	—	$	955,177	$	955,177
Second Lien Term Loans		—		—		14,388		14,388
Convertible Note		—		—		1,023		1,023
Preferred Stock		2,776		—		26,034		28,810
Common Stock		752		—		139		891
Equity Interest		—		—		950		950
Warrants		—		30		15,063		15,093
Total Portfolio Investments		3,528		30		1,012,774		1,016,332
Cash equivalents		6,209		—		—		6,209
Total	$	9,737	$	30	$	1,012,774	$	1,022,541


	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

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

The following table presents a rollforward of Level 3 assets measured at fair value as of March 31, 2024 (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, 2023	$		964,099		$		14,399		$		1,357		$		26,285		$		872		$		950	$		12,838		$	1,020,800
Transfers in (out) of Level 3			—				—				—				—				—				—			—			—
Purchases of investments(1)			22,175				—				—				—				—				—			2,467			24,642
PIK interest			4,104				72				—				—				—				—			—			4,176
Sales or prepayments of investments(1)			(34,449	)			—				—				—				—				—			—			(34,449	)
Scheduled principal repayments of investments			(413	)			—				—				—				—				—			—			(413	)
Amortization of fixed income premiums or accretion of discounts			3,968				30				—				—				—				—			—			3,998
Net realized gain (loss)			—				—				—				—				—				—			—			—
Net change in unrealized gain (loss)			(4,307	)			(113	)			(334	)			(251	)			(733	)			—			(242	)		(5,980	)
Fair value at March 31, 2024	$		955,177		$		14,388		$		1,023		$		26,034		$		139		$		950	$		15,063		$	1,012,774
Net change in unrealized gain (loss) on Level 3 investments still held as of March 31, 2024	$		(4,306	)	$		(113	)	$		(334	)	$		(251	)	$		(733	)	$		—	$		(242	)	$	(5,979	)

(1)

Net of reorganization and restructuring of investments.

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


		Senior Secured Term Loans				Second Lien Term Loans				Preferred Stock				Common Stock				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			—				—				—				—				—			—
Purchases of investments(1)			(12,505	)			—				25,000				—				376			12,871
PIK interest			3,584				171				—				—				—			3,755
Sales or prepayments of investments			(10,192	)			—				—				—				—			(10,192	)
Scheduled repayments of investments			(4,007	)			—				—				—				—			(4,007	)
Amortization of fixed income premiums or accretion of discounts			2,836				28				—				—				—			2,864
Net realized gain (loss)			—				—				—				—				(1,178	)		(1,178	)
Net change in unrealized gain (loss)			658				(146	)			(3,248	)			(253	)			(1,636	)		(4,625	)
Fair Value at March 31, 2023	$		1,060,495		$		13,707		$		22,099		$		921		$		14,212		$	1,111,434
Net change in unrealized gain (loss) on Level 3 investments still held as of March 31, 2023	$		865		$		(146	)	$		(3,248	)	$		(253	)	$		(2,930	)	$	(5,712	)

(1)

Net of reorganization and restructuring of investments.

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


Description	Fair Value		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Senior Secured Term Loans(1)	$	897,222	Discounted Cash Flow analysis	Discount rate	10.6% - 25.0% (15.4%)
				Origination yield	10.8% - 19.9% (13.7%)
				Revenue multiples	0.44x - 8.14x (3.86x)
		57,955	PWERM	Discount rate	23.9% - 35.5% (27.9%)
				Origination yield	10.8% - 18.6% (12.8%)
				Revenue multiples	0.96x - 2.68x (1.86x)
Second Lien Term Loans(1)		14,388	Discounted Cash Flow analysis	Discount rate	16.7% - 16.7% (16.7%)
				Origination yield	13.1% - 13.1% (13.1%)
				Revenue Multiples	2.63x - 2.63x (2.63x)
Convertible Notes		1,023	PWERM	Discount rate	23.9% - 23.9% (23.9%)
				Origination yield	10.8% - 10.8% (10.8%)
				Revenue Multiples	2.27x - 2.27x (2.27x)
Preferred Stock		121	Recent private market and merger and acquisition transaction prices	N/A	N/A
		25,786	PWERM	Risk-free interest rate	4.7% - 4.7% (4.7%)
				Average industry volatility	40.0% - 40.0% (40.0%)
				Estimated time to exit	1.8 - 1.8 (1.8 years)
				Revenue multiples	4.03x - 4.03x (4.03x)
		127	Waterfall Approach	Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	4.00x - 4.00x (4.00x)
Common Stock		15	Recent private market and merger and acquisition transaction prices	N/A	N/A
		124	Option Pricing Model	Risk-free interest rate	5.0% - 5.0% (5.0%)
				Average industry volatility	60.0% - 60.0% (60.0%)
				Estimated time to exit	1.0 - 1.0 (1.0 years)
				Revenue multiples	2.49x - 2.49x (2.49x)
Equity Interest		950	PWERM	Discount rate	0.0% - 0.0% (0.0%)
Warrants(2)		9,427	Option Pricing Model	Risk-free interest rate	4.2% - 5.3% (4.6%)
				Average industry volatility	25.0% - 125.0% (49.2%)
				Estimated time to exit	0.5 - 7.9 (2.4 years)
				Revenue multiples	0.96x - 10.28x (4.56x)
		4,116	PWERM (3)	N/A	N/A
		1,520	Waterfall Approach	Estimated time to exit	3.0 - 3.0 (3.0 years)
				Revenue multiples	2.11x - 4.00x (3.42x)
Total Level 3 Investments	$	1,012,774

(1)

(2)

(3)

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 interest 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

(1)

(2)

The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity-related securities are inputs used in the OPM, which include industry volatility, risk free interest rate and estimated time to exit. The Equity Allocation model and the Black Scholes model were the main OPMs used during the year ended December 31, 2023. 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)

Fair Value of Financial Instruments Reported at Cost

The fair value of the Company’s Credit Facility, April 2026 Notes, December 2026 Notes, July 2027 Notes, August 2027 Notes, and December 2027 Notes (each defined in "Note 7 – Borrowings") is estimated using the relative market yield approach. The fair value of the Company's Credit Facility, April 2026 Notes, December 2026 Notes and August 2027 Notes are estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. The fair value of the Company's July 2027 Notes and December 2027 Notes is based on vendor pricing received by the Company, which is considered a Level 2 input, and reflects the market close price of the notes traded on the Nasdaq Global Select Market LLC under the symbol "RWAYL" and "RWAYZ", respectively.

As of both March 31, 2024, and December 31, 2023, the carrying values of the Credit Facility, July 2027 Notes, August 2027 Notes, and December 2027 Notes approximate fair value. As of March 31, 2024, the fair value of the December 2026 Notes was approximately $65.0 million and the carrying value was approximately $69.5 million, net of unamortized deferred debt costs of $0.5 million. 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 March 31, 2024, the fair value of the April 2026 Notes was approximately $26.3 million and the carrying value was approximately $24.8 million, net of unamortized deferred debt costs of $0.2 million. As of December 31, 2023, the fair value of the April 2026 Notes was approximately $25.8 million and the carrying value was approximately $24.7 million, net of unamortized deferred debt costs of $0.3 million.

- Definition

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

+ References + Details

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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant of Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

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

In the opinion of management, all adjustments, all of which were of a normal recurring nature, considered necessary for the fair presentation of financial statements for the interim period have been included. The results of operations for the current interim period are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the year ending December 31, 2024. The interim unaudited consolidated financial statements and notes hereto should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the "SEC") on March 7, 2024.

Certain items in the March 31, 2023 and December 31, 2023 consolidated financial statements have been reclassified to conform to the March 31, 2024 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 change in unrealized gain (loss) on investments” on the Consolidated Statements of Operations.

The Company’s consolidated operations include the activities of its wholly owned subsidiary, P3 Holdco LLC ("P3 Holdco") 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.

Runway-Cadma I LLC

As announced on March 7, 2024, effective March 6, 2024, the Company entered into a joint venture agreement with Cadma Capital Partners LLC ("Cadma") to create and co-manage Runway-Cadma I LLC (“Runway-Cadma LLC” or the “JV”). The JV may invest in secured loans to growth-stage companies that have been originated by the Company. The Company and Cadma committed to initially provide $35.0 million and $35.0 million, respectively, of equity capital to the JV. The JV is capitalized as investment transactions are completed. All portfolio decisions and generally all other actions in respect of the JV must be approved by the board of managers of the JV consisting of an equal number of representatives of the Company and Cadma. Capital contributions are called from the Company and Cadma on a pro-rata basis based on their total capital commitments. As of March 31, 2024, the Company's and Cadma's ownership of the JV was 50% and 50%, respectively.

As permitted under Regulation S-X and consistent with the guidance in ASC 946-810-45-3, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. As the Company’s representatives do not comprise the majority of the board of managers of the JV and the Company does not hold a majority of the economic interests in the JV, the Company does not consolidate the JV in its financial statements.

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 consist of short-term liquid investments in money market funds. Cash and cash equivalents are carried at cost, which approximates fair value. As of March 31, 2024, the Company had $6.2 million invested in money market funds. As of December 31, 2023, the Company did not have any cash 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" 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 debt 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 three months ended March 31, 2024, approximately 10.5% of the Company’s total investment income was attributable to non-cash PIK interest. For the three months ended March 31, 2023, approximately 9.7% of the Company’s total investment income was attributable to non-cash PIK interest.

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 March 31, 2024, and December 31, 2023, the Company held one investment 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.

As of March 31, 2024, and December 31, 2023, the Company has not written off any accrued and uncollected PIK interest. As of March 31, 2024, the Company has two loans on non-accrual status; one loan to Mingle Healthcare Solutions, Inc. with a cost basis of $5.0 million and a fair value of $3.2 million, and one loan to Snagajob, Inc, with a cost basis of $42.7 million and a fair value of $35.5 million representing 3.8% of the Company’s total investment portfolio. From being placed on non-accrual status through March 31, 2024, cumulative interest of $0.2 million would be receivable from Mingle Healthcare Solutions and not recorded in "Interest income" on the Consolidated Statements of Operations. As of December 31, 2023, the Company did not have any loans on non-accrual status.

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. The investment portfolio of the Company is reported at fair value on the Consolidated Statements of Assets and Liabilities. 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 or liability in which the reporting entity would or could sell or transfer the asset or liability. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

Rule 2a-5 under the 1940 Act established additional 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. Rule 31a-4 under the 1940 Act established additional recordkeeping requirements related to fair value determinations. Although the Company adopted certain revisions to its valuation policies and procedures to comply with Rule 2a-5 and Rule 31a-4, the Company's board of directors (the "Board of Directors") has not elected to designate a valuation designee.

Investment Valuation Techniques

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

•

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

•

Preliminary valuation conclusions are then documented and discussed with RGC’s 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 of the Board of Directors (the "Audit Committee") then reviews these preliminary valuations from RGC and the independent valuation firm, if any, and makes a recommendation to the Board of Directors regarding such valuations; and

•

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

The Company’s investments are primarily loans made to and equity and warrants of small, 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 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 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 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 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.

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

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. Money market funds are valued based on the published net asset value per share on the day of valuation and are included in "Cash and cash equivalents" on the Consolidated Statements of Assets and Liabilities.

Investment Classification

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

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

Income Taxes

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

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward such taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. If the Company determines that the estimated current year taxable income will exceed the estimated dividend distributions for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. Differences between taxable income and net increase in net assets resulting from operations either can be temporary, meaning they will reverse in the future, or permanent. In accordance with Section 946-205-45-3 of the ASC, permanent tax differences are reclassified from accumulated undistributed earnings to paid-in-capital at the end of each year and have no impact on total net assets. For more information, refer to "Note 10 – Income Taxes."

Per Share Information

Basic and diluted earnings (loss) per common share is calculated using the weighted-average number of common shares outstanding for the period presented. For the three months ended March 31, 2024 and 2023, basic and diluted earnings (loss) per share of common stock were the same because there were no potentially dilutive securities outstanding. Per share data is based on the weighted-average shares outstanding.

Comprehensive Income

The Company reports all changes in comprehensive income in the Consolidated Statements of Operations. The Company did not have any other comprehensive income in 2024 or 2023. The Company’s comprehensive income is equal to its "Net increase (decrease) in net assets resulting from operations" on the Consolidated Statements of Operations.

Distributions

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

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 each 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.

Current Expected Credit Losses

The Company measures current expected credit losses (“CECL”) for financial instruments held at amortized cost based on ASC No. 326, Financial Instruments – Credit Losses (“ASC 326”). The Company adopted ASC 326 on January 1, 2020. ASC 326 introduces a new allowance for credit losses methodology and requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL methodology utilizes a lifetime “expected credit loss” methodology for the recognition of credit losses for receivables and loans subject to CECL at the time the financial asset is originated or based on historical experience and current conditions, as well as reasonable and supportable forecasts incorporating forward-looking information. The allowance for credit losses (the “CECL Reserve”) required under ASC 326 is deducted from the respective financial asset's amortized cost basis on the Company’s Consolidated Statements of Assets and Liabilities. The expected credit losses are adjusted each period for changes in expected lifetime credit losses through a provision for current expected credit losses recognized on the Consolidated Statements of Operations. As permitted by ASC 326, the Company has elected not to measure an allowance for credit losses on accrued interest receivable, but rather write-off in a timely manner by reversing interest income that would likely be uncollectible.

As of March 31, 2024, and December 31, 2023, the amortized cost basis of financial assets subject to CECL recorded within "Interest and fees receivable" on the Consolidated Statements of Assets and Liabilities was $0.4 million and $2.3 million, respectively. As of March 31, 2024, and December 31, 2023, the Company's interest receivable excluded from the amortized cost basis of financial assets subject to CECL was $6.7 million and $6.0 million, respectively. As of March 31, 2024, and December 31, 2023, the Company had recorded a CECL reserve within "Interest and fees receivable" on the Consolidated Statements of Assets and Liabilities of $0.2 million, and $0, respectively.

Recently Adopted 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 adopted the guidance on January 1, 2024, and its adoption did not have a material impact on the Company’s financial statements.

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosure about the Company's operating segment, the Company is currently evaluating the impact of adopting this guidance with respect to the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 07, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity File Number	814-01180
Entity Central Index Key	0001653384
Entity Registrant Name	Runway Growth Finance Corp.
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		39,438,460
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Tax Identification Number	47-5049745
Entity Address, Address Line One	205 N. Michigan Ave.
Entity Address, Address Line Two	Suite 4200
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	312
Local Phone Number	698-6902
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	RWAY
Security Exchange Name	NASDAQ
7.50% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	7.50% Notes due 2027
Trading Symbol	RWAYL
Security Exchange Name	NASDAQ
8.00% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	8.00% Notes due 2027
Trading Symbol	RWAYZ
Security Exchange Name	NASDAQ

Net Assets - Additional Information (Details) - USD ($)				1 Months Ended	3 Months Ended		12 Months Ended		24 Months Ended
Net Assets - Additional Information (Details) - USD ($)	Nov. 02, 2023	Oct. 25, 2021	Dec. 01, 2017	Oct. 31, 2015	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 24, 2021	Sep. 29, 2021	Feb. 24, 2022	Mar. 31, 2020
Class Of Stock [Line Items]
Common stock, shares authorized					100,000,000		100,000,000
Common stock, par value					$ 0.01		$ 0.01
Stock repurchased during period, shares					871,345		871,345
Stock repurchased during period, value					$ 10,800,000		$ 10,800,000
Stock repurchase program, expiration date	Nov. 02, 2024				Feb. 24, 2023
Stock issued during period, shares, dividend reinvestment plan					20,531	64,214
Stock issued during period, value, dividend reinvestment plan					$ 300,000	$ 800,000
Maximum cost of shares that may be repurchased	$ 25,000,000				25,000,000					$ 25,000,000
Dividends common stock					$ 19,040,000	18,229,000
Repurchase Program
Class Of Stock [Line Items]
Stock repurchased during period, shares					887,096
Stock repurchased during period, value					$ 10,600,000
Dividend Paid
Class Of Stock [Line Items]
Dividends common stock					19,000,000
Dividends Paid In Cash
Class Of Stock [Line Items]
Dividends common stock					18,800,000	17,500,000
Dividends Declared
Class Of Stock [Line Items]
Dividends common stock					$ 19,000,000	$ 18,200,000
R. David Spreng
Class Of Stock [Line Items]
Issuance of common stock, Shares				1,667
Issuance of common stock, value				$ 25,000
Runway Growth Holdings LLC
Class Of Stock [Line Items]
Issuance of common stock, Shares								22,564
Offering price								$ 15			$ 15
Issuance of common stock, value								$ 300,000
IPO
Class Of Stock [Line Items]
Issuance of common stock, Shares		6,850,000
Offering price		$ 14.6
Proceeds from common stock issued		$ 93,000,000
Initial Private Offering
Class Of Stock [Line Items]
Issuance of common stock, Shares			18,241,157
Issuance of common stock, value			$ 275,000,000
Second Private Offering
Class Of Stock [Line Items]
Issuance of common stock, Shares									9,617,379
Issuance of common stock, value									$ 144,300,000
Capital commitments									$ 181,700,000

Fair Value of Financial Instruments - Schedule of Level 3 Assets measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	$ 1,020,800	$ 1,111,946
Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	24,642	12,871
PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	4,176	3,755
Sales or Prepayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(34,449)	(10,192)
Scheduled principal repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(413)
Scheduled repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value		(4,007)
Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	3,998	2,864
Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	(1,178)
Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(5,980)	(4,625)
Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	1,012,774	1,111,434
Change in Unrealized Gain (loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(5,979)	(5,712)
Senior Secured Term Loans \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	964,099	1,080,121
Senior Secured Term Loans \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Senior Secured Term Loans \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	22,175	(12,505)
Senior Secured Term Loans \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	4,104	3,584
Senior Secured Term Loans \| Sales or Prepayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(34,449)	(10,192)
Senior Secured Term Loans \| Scheduled principal repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(413)
Senior Secured Term Loans \| Scheduled repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value		(4,007)
Senior Secured Term Loans \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	3,968	2,836
Senior Secured Term Loans \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Senior Secured Term Loans \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(4,307)	658
Senior Secured Term Loans \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	955,177	1,060,495
Senior Secured Term Loans \| Change in Unrealized Gain (loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(4,306)	865
Second Lien Term Loans \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	14,399	13,654
Second Lien Term Loans \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Second Lien Term Loans \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Second Lien Term Loans \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	72	171
Second Lien Term Loans \| Sales or Prepayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Second Lien Term Loans \| Scheduled principal repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Second Lien Term Loans \| Scheduled repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value		0
Second Lien Term Loans \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	30	28
Second Lien Term Loans \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Second Lien Term Loans \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(113)	(146)
Second Lien Term Loans \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	14,388	13,707
Second Lien Term Loans \| Change in Unrealized Gain (loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(113)	(146)
Convertible Note \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	1,357
Convertible Note \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Convertible Note \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Convertible Note \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Convertible Note \| Sales or Prepayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Convertible Note \| Scheduled principal repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Convertible Note \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Convertible Note \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Convertible Note \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(334)
Convertible Note \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	1,023
Convertible Note \| Change in Unrealized Gain (loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(334)
Preferred Stock \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	26,285	347
Preferred Stock \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Preferred Stock \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	25,000
Preferred Stock \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Preferred Stock \| Sales or Prepayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Preferred Stock \| Scheduled principal repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Preferred Stock \| Scheduled repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value		0
Preferred Stock \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Preferred Stock \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Preferred Stock \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(251)	(3,248)
Preferred Stock \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	26,034	22,099
Preferred Stock \| Change in Unrealized Gain (loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(251)	(3,248)
Common Stock \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	872	1,174
Common Stock \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Sales or Prepayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Scheduled principal repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Common Stock \| Scheduled repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value		0
Common Stock \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Common Stock \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(733)	(253)
Common Stock \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	139	921
Common Stock \| Change in Unrealized Gain (loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(733)	(253)
Equity Interest \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	950
Equity Interest \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Equity Interest \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Equity Interest \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Equity Interest \| Sales or Prepayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Equity Interest \| Scheduled principal repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Equity Interest \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Equity Interest \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Equity Interest \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Equity Interest \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	950
Equity Interest \| Change in Unrealized Gain (loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Warrants \| Beginning Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	12,838	16,650
Warrants \| Transfers out of Level 3
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Warrants \| Purchases of Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	2,467	376
Warrants \| PIK Interest
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Warrants \| Sales or Prepayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Warrants \| Scheduled principal repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0
Warrants \| Scheduled repayments of investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value		0
Warrants \| Amortization of Fixed Income Premiums or Accretion of Discounts
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	0
Warrants \| Net Realized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	0	(1,178)
Warrants \| Net Change in Unrealized Gain (Loss)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	(242)	(1,636)
Warrants \| Ending Fair Value
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	15,063	14,212
Warrants \| Change in Unrealized Gain (loss) on Level 3 Investments Still Held
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Level 3 assets measured at fair value	$ (242)	$ (2,930)