Runway Growth Finance Corp

For the period ended Mar 31, 2024. Filed May 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 7, 2024

RWAY$6.63+0.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Schedule of Investments as of December 31, 2023

Consolidated Schedule of Investments

Portfolio Company	Investment Type	Investment Description(1),(2),(4)	Initial Acquisition Date	Maturity Date	Principal ($) / Shares	Cost ($)	Fair Value ($) (3)	Footnotes
Non-Control/Non-Affiliate Investments
Debt Investments
Application Software
Blueshift Labs, Inc.	Senior Secured	SOFR+6.25%, 11.25% floor, 2.00% PIK, 1.50% ETP	12/19/2023	12/15/2028	25,500	25,083	25,083	(9) (10) (11)
Circadence Corporation	Senior Secured	SOFR+9.50%, 12.26% floor, 10.00% cash cap, 7.50% ETP	12/20/2018	3/15/2024	23,147	24,281	19,028	(9) (10)
FiscalNote, Inc.	Senior Secured	PRIME+5.00%, 9.00% floor, 1.00% PIK, 5.75% ETP	10/19/2020	7/15/2027	65,916	65,868	64,615	(9) (10) (11) (13)
VTX Intermediate Holdings, Inc. (dba VertexOne)	Senior Secured	SOFR+9.00%, 9.50% floor, 10.00% cash cap, 4.50% ETP	12/28/2021	12/28/2026	87,971	88,747	87,814	(9) (10) (11)
Total Application Software - 35.92%*					203,979	196,540
Asset Management & Custody Banks
Betterment Holdings, Inc.	Senior Secured	PRIME+4.50%, 8.50% floor	10/6/2023	10/6/2027	8,000	7,888	7,860	(11)
Total Asset Management & Custody Banks - 1.44%*					7,888	7,860
Data Processing & Outsourced Services
Elevate Services, Inc.	Senior Secured	SOFR+7.50%, 12.78% floor	7/10/2023	7/10/2027	20,000	19,424	19,424	(11)
Interactions Corporation	Senior Secured	SOFR+9.26%, 9.76% floor, 3.4375% ETP	6/24/2022	6/15/2027	40,000	39,907	39,945	(10) (11)
ShareThis, Inc.	Senior Secured	SOFR+9.25%, 11.86% floor, 3.00% ETP	12/3/2018	9/30/2024	19,950	20,503	19,895	(10) (11)
	Senior Secured	SOFR+8.25%, 10.86% floor, 3.00% ETP	8/18/2020	9/30/2024	950	978	947	(10) (11)
Vesta Payment Solutions, Inc.	Senior Secured	SOFR+7.00%, 9.00% floor, 3.00% ETP	11/29/2022	11/15/2026	25,000	24,769	24,370	(10) (11)
Total Data Processing & Outsourced Services - 19.12%*					105,581	104,581
Education Services
Turning Tech Intermediate, Inc. (dba Echo 360, Inc.)	Senior Secured	SOFR+8.50%, 9.00% floor, 13.00% cash cap, 3.00% ETP	6/22/2021	12/14/2025	25,218	25,702	25,796	(9) (10) (11)
Total Education Services - 4.72%*					25,702	25,796
Electronic Equipment & Instruments
Brivo, Inc.	Senior Secured	SOFR+6.85%, 10.89% floor, 3.00% ETP	10/20/2022	10/20/2027	26,293	26,323	26,790	(10) (11)
Total Electronic Equipment & Instruments - 4.90%*					26,323	26,790
Health Care Equipment
Moximed, Inc.	Senior Secured	PRIME+5.25%, 8.75% floor, 3.50% ETP	6/24/2022	7/1/2027	15,000	14,919	15,284	(10) (11)
Total Health Care Equipment - 2.79%*					14,919	15,284
Health Care Technology
EBR Systems, Inc.	Senior Secured	PRIME+4.90%, 8.90% floor, 4.50% ETP	6/30/2022	6/15/2027	40,000	39,496	40,337	(10) (11) (15)
Mingle Healthcare Solutions, Inc.	Senior Secured	SOFR+9.75%, 12.26% floor, 10.50% ETP	8/15/2018	12/15/2026	4,322	4,952	3,791	(10)
Nalu Medical, Inc.	Senior Secured	PRIME+2.70%, 6.70% floor, 2.00% PIK, 4.50% ETP	10/12/2022	10/12/2027	20,482	20,395	21,191	(9) (10) (11)
Route 92 Medical, Inc.	Senior Secured	SOFR+8.48%, 8.98% floor, 3.95% ETP	8/17/2021	7/1/2026	35,000	34,239	35,435	(10) (11)
SetPoint Medical Corporation	Senior Secured	SOFR+5.75%, 9.00% floor, 4.00% ETP	12/29/2022	12/1/2027	25,000	25,014	25,450	(10) (11)
Total Health Care Technology - 23.06%*					124,096	126,204

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Non-Control/Non-Affiliate Investments
Debt Investments
Human Resource & Employment Services
	CloudPay, Inc.	Senior Secured	PRIME+6.25%, 10.25% floor, 2.00% ETP	9/26/2022	8/17/2027		75,000		74,939	75,465	(5) (8) (10) (11)
	Snagajob.com, Inc.	Senior Secured	SOFR+8.50% PIK, 9.00% floor, 2.75% ETP	9/29/2021	9/1/2025		40,825		41,170	36,541	(9) (10)
	Total Human Resource & Employment Services - 20.47%*						116,109		112,006
Internet & Direct Marketing Retail
	Madison Reed, Inc.	Senior Secured	PRIME+4.75%, 11.00% floor, 11.00% cash cap, 3.00% ETP	12/16/2022	12/16/2026		10,913		10,784	10,847	(9) (10) (11)
	Marley Spoon SE	Senior Secured	SOFR+7.50%, 8.26% floor, 1.25% PIK	6/30/2021	6/15/2026		44,983		44,836	44,462	(6) (8) (9) (11)
	Total Internet & Direct Marketing Retail - 10.11%*						55,620		55,309
Internet Software and Services
	Bombora, Inc.	Senior Secured	SOFR+4.75%, 6.75% floor, 3.25% PIK, 0.96% ETP	12/26/2023	1/15/2028		28,000		27,879	27,879	(9) (10) (11)
	Skillshare, Inc.	Senior Secured	SOFR+6.50%, 10.72% floor, 3.00% ETP	11/8/2022	11/8/2026		30,000		29,765	29,183	(10) (11)
	Synack, Inc.	Senior Secured	SOFR+7.00%, 11.07% floor, 1.00% ETP	12/29/2023	12/29/2028		40,000		39,758	39,758	(10)
	Total Internet Software and Services - 17.70%*						97,402		96,820
Property & Casualty Insurance
	Kin Insurance, Inc.	Senior Secured	PRIME+6.25%, 12.50% floor, 3.00% ETP	9/26/2022	9/15/2026		75,000		74,877	74,767	(10) (11)
	Total Property & Casualty Insurance - 13.67%*						74,877		74,767
System Software
	3PL Central LLC (dba Extensiv)	Senior Secured	SOFR+4.50%, 6.50% floor, 2.50% PIK, 2.00% ETP	11/9/2022	11/9/2027		70,395		70,064	69,066	(9) (10) (11)
	Linxup, LLC	Senior Secured	PRIME+3.25%, 11.75% floor, 2.25% ETP	11/03/2023	11/15/2027		30,000		29,490	29,490	(10) (11)
	Dejero Labs Inc.	Second Lien	SOFR+8.00%, 8.50% floor, 2.00% PIK, 3.00% ETP	12/22/2021	12/22/2025		14,172		14,278	14,399	(7) (8) (9) (10) (11)
	Total System Software - 20.64%*						113,832		112,955
Total Debt Investments - 174.54%*						966,328		954,912

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Non-Control/Non-Affiliate Investments
Equity Investments
Advertising
	Minute Media Inc.	Equity	Preferred Stock	12/13/2023	N/A			1,030			120		120		(5) (12)
		Equity	Common Stock	12/13/2023	N/A			134			16		16		(5) (12)
	Total Advertising - 0.03%*							136			136
Application Software
	Aria Systems, Inc.	Equity	Series G Preferred Stock	7/10/2018	N/A			289,419			250		127		(12)
	FiscalNote, Inc.	Equity	Common Stock	10/19/2020	N/A			230,881			438		263		(12) (13) (16)
	Total Application Software - 0.07%*							688			390
Health Care Technology
	CareCloud, Inc.	Equity	11% Series A Cumulative Redeemable Perpetual Preferred Stock	1/8/2020	N/A			462,064			12,132		3,553		(14) (16)
	Total Health Care Technology - 0.65%*							12,132			3,553
Human Resource & Employment Services
	Snagajob.com, Inc.	Equity	Convertible Note	10/26/2023	12/31/2026			1,357			1,357		1,357		(20)
	Total Human Resource & Employment Services - 0.25%*							1,357			1,357
Internet & Direct Marketing Retail
	Marley Spoon SE	Equity	Common Stock	7/7/2023	N/A			46,004			410		125		(6) (12) (19)
	Total Internet & Direct Marketing Retail - 0.02%*							410			125
Technology Hardware, Storage & Peripherals
	Quantum Corporation	Equity	Common Stock	8/13/2021	N/A			459,720			2,607		160		(8) (12) (14) (16)
	zSpace, Inc.	Equity	Common Stock	12/31/2020	N/A			6,078,499			1,119		—		(12)
	Total Technology Hardware, Storage & Peripherals - 0.03%*					3,726			160
Total Equity Investments - 1.05%*							18,449			5,721
Warrants
Application Software
	3DNA Corp. (dba NationBuilder)	Warrants	Series C-1 Preferred Stock	12/28/2018	12/28/2028			273,164			104		—		(12)
	Aria Systems, Inc.	Warrants	Series G Preferred Stock	6/29/2018	6/29/2028			2,387,705			1,048		1,048		(12)
	Blueshift Labs, Inc.	Warrants	Success fee	12/19/2023	N/A		N/A			167		167		(12) (18)
	Circadence Corporation	Warrants	Series A-6 Preferred Stock	12/20/2018	12/20/2028			1,538,462			3,630		48		(12)
		Warrants	Series A-6 Preferred Stock	10/31/2019	10/31/2029			384,615			846		12		(12)
		Warrants	Success fee	12/21/2023	N/A		N/A			304		283		(12) (18)
	Dtex Systems, Inc.	Warrants	Series C-Prime Preferred Stock	6/1/2018	6/1/2025			500,000			59		233		(12)
		Warrants	Series C-Prime Preferred Stock	7/11/2019	7/11/2026			833,333			115		389		(12)
	FiscalNote, Inc.	Warrants	Earnout	7/29/2022	7/29/2027		N/A			127		16		(12) (13) (18)
	Total Application Software - 0.40%*					6,400			2,196
Asset Management & Custody Banks
	Betterment Holdings, Inc.	Warrants	Common Stock	10/6/2023	10/6/2033			7,680			35		146		(12)
		Warrants	Common Stock	10/6/2023	10/6/2033			9,818			40		15		(12)
	Total Asset Management & Custody Banks - 0.03%*							75			161

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Non-Control/Non-Affiliate Investments
Warrants
Biotechnology
Mustang Bio, Inc.	Warrants	Common Stock	3/4/2022	3/4/2032		748,036		315		39		(12) (14)
TRACON Pharmaceuticals, Inc.	Warrants	Common Stock	9/2/2022	9/2/2032		150,753		226		12		(12) (14)
Total Biotechnology - 0.01%*						541		51
Computer & Electronics Retail
Massdrop, Inc.	Warrants	Series B Preferred Stock	7/22/2019	7/22/2029		848,093		183		—		(12)
Total Computer & Electronics Retail - 0.00%*						183		—
Data Processing & Outsourced Services
Elevate Services, Inc.	Warrants	Series C Preferred Stock	7/10/2023	7/10/2033		248,997		447		384		(12)
Interactions Corporation	Warrants	Common Stock	6/24/2022	6/24/2032		189,408		219		67		(12)
ShareThis, Inc.	Warrants	Series D-3 Preferred Stock	12/3/2018	12/3/2028		647,615		2,162		803		(12)
Total Data Processing & Outsourced Services - 0.23%*						2,828		1,254
Electronic Equipment & Instruments
Brivo, Inc.	Warrants	Series A-2 Preferred Stock	10/20/2022	10/20/2032		201,000		98		322		(12)
Epic IO Technologies, Inc.	Warrants	Success fee	12/17/2021	12/17/2028	N/A		505		423		(12) (18)
Total Electronic Equipment & Instruments - 0.14%*						603		745
Health Care Equipment
Moximed, Inc.	Warrants	Series C Preferred Stock	6/24/2022	6/24/2032		214,285		175		138		(12)
Revelle Aesthetics, Inc.	Warrants	Series A-2 Preferred Stock	3/30/2022	3/30/2032		115,591		126		102		(12)
Total Health Care Equipment - 0.04%*						301		240
Health Care Technology
Allurion Technologies, Inc.	Warrants	Common Stock	3/30/2021	1/22/2025		132,979		282		15		(12) (13)
	Warrants	Common Stock	6/14/2022	1/22/2025		46,256		141		—		(12) (13)
	Warrants	Common Stock	9/15/2022	1/22/2025		46,256		144		—		(12) (13)
	Warrants	Earnout	8/2/2023	8/1/2028	N/A		—		77		(12) (13) (18)
EBR Systems, Inc.	Warrants	Success fee	6/30/2022	6/30/2032	N/A		605		690		(12) (15) (18)
Mingle Healthcare Solutions, Inc.	Warrants	Series CC Preferred Stock	8/15/2018	8/15/2028		1,770,973		492		—		(12)
Nalu Medical, Inc.	Warrants	Series D-2 Preferred Stock	10/12/2022	10/12/2032		91,717		173		99		(12)
Route 92 Medical, Inc.	Warrants	Success fee	8/17/2021	8/17/2031	N/A		835		897		(12) (18)
SetPoint Medical Corporation	Warrants	Series B Preferred Stock	6/29/2021	6/29/2031		400,000		14		133		(12)
	Warrants	Series B Preferred Stock	12/29/2022	12/29/2032		600,000		74		199		(12)
VERO Biotech LLC	Warrants	Success fee	12/29/2020	12/29/2025	N/A		377		396		(12) (18)
Total Health Care Technology - 0.46%*						3,137		2,506
Human Resource & Employment Services
CloudPay, Inc.	Warrants	Series B Preferred Stock	6/30/2020	6/30/2030		11,273		218		1,001		(5) (8) (12)
	Warrants	Series D Preferred Stock	8/17/2021	8/17/2031		3,502		52		95		(5) (8) (12)
	Warrants	Series D Preferred Stock	9/26/2022	9/26/2032		5,252		176		143		(5) (8) (12)
Snagajob.com, Inc.	Warrants	Warrant for Series B-1 Preferred Stock	9/29/2021	9/29/2031		763,269		343		-		(12)
Total Human Resource & Employment Services - 0.23%*						789		1,239

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Non-Control/Non-Affiliate Investments
Warrants
Internet & Direct Marketing Retail
		Madison Reed, Inc.	Warrants	Success fee	12/16/2022	N/A		N/A			143		154		(12) (18)
		Total Internet & Direct Marketing Retail - 0.03%*							143			154
Internet Software and Services
		Bombora, Inc.	Warrants	Common Stock	3/31/2021	3/31/2031			121,581			174		104		(12)
			Warrants	Common Stock	12/26/2023	12/26/2033			48,632			43		41		(12)
		Fidelis Cybersecurity, Inc.	Warrants	Common Stock	3/25/2022	3/25/2032		N/A			79		—		(12) (17)
		INRIX, Inc.	Warrants	Common Stock	7/26/2019	7/26/2029			150,804			522		735		(12)
		Longtail Ad Solutions, Inc. (dba JW Player)	Warrants	Common Stock	12/12/2019	12/12/2029			387,596			47		321		(12)
		Skillshare, Inc.	Warrants	Success fee	11/8/2022	11/8/2026		N/A			301		294		(12) (18)
		Synack, Inc.	Warrants	Common Stock	12/29/2023	6/30/2032			116,908			147		147		(12)
		Total Internet Software and Services - 0.30%*							1,313			1,642
Property & Casualty Insurance
		Kin Insurance, Inc.	Warrants	Series D-3 Preferred Stock	9/26/2022	9/26/2032			41,576			302		292		(12)
			Warrants	Series D-3 Preferred Stock	5/5/2023	9/26/2032			11,549			69		81		(12)
			Warrants	Series D-3 Preferred Stock	8/25/2023	9/26/2032			9,239			55		65		(12)
		Total Property & Casualty Insurance - 0.08%*							426			438
Specialized Consumer Services
		AllClear ID, Inc.	Warrants	Common Stock	8/31/2017	8/31/2027			523,893			1,053		—		(12)
			Warrants	Common Stock	10/17/2018	8/31/2027			346,621			697		—		(12)
		Credit Sesame, Inc.	Warrants	Common Stock	1/7/2020	1/7/2030			191,601			425		373		(12)
		Total Specialized Consumer Services - 0.07%*							2,175			373
System Software
		Dejero Labs Inc.	Warrants	Common Stock	5/31/2019	5/31/2029			333,621			192		268		(7) (8) (12)
		Linxup, LLC	Warrants	Success fee	11/3/2023	11/3/2033		N/A			253		294		(12) (18)
		Scale Computing, Inc.	Warrants	Common Stock	3/29/2019	3/29/2029			9,665,667			346		—		(12)
		Total System Software - 0.10%*							791			562
Technology Hardware, Storage & Peripherals
		RealWear, Inc.	Warrants	Series A Preferred Stock	10/5/2018	10/5/2028			112,451			136		178		(12)
			Warrants	Series A Preferred Stock	12/28/2018	12/28/2028			22,491			25		36		(12)
			Warrants	Series A Preferred Stock	6/27/2019	6/27/2029			123,894			381		196		(12)
		Total Technology Hardware, Storage & Peripherals - 0.07%*					542			410
	Total Warrants - 2.19%*							20,247			11,971
Total Non-Control/Non-Affiliate Investments - 177.78%*							1,005,024			972,604

Portfolio Company · Investment Type · Investment Description(1),(2),(4) · Initial Acquisition Date · Maturity Date · Principal ($) / Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Affiliate Investments												(22)
Debt Investments
Health Care Technology
		Gynesonics, Inc.	Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP	3/1/2023	11/30/2026			25,595				25,897		23,586		(10) (11)
		Total Health Care Technology - 4.31%*							25,897				23,586
	Total Debt Investments - 4.31%*							25,897				23,586
Equity Investments
Application Software
		Coginiti Corp	Equity	Common Stock	3/9/2020	N/A			1,040,160				4,551		856		(12)
		Total Application Software - 0.16%*							4,551				856
Health Care Technology
		Gynesonics, Inc.	Equity	Series A-2 Preferred Stock	3/1/2023	N/A			3,266,668				25,000		21,461		(12)
			Equity	Series A-1 Preferred Stock	10/24/2023	N/A			3,100,000				3,100		4,577		(12)
		Total Health Care Technology - 4.76%*							28,100				26,038
	Total Equity Investments - 4.92%*							32,651				26,894
Warrants
Application Software
		Coginiti Corp	Warrants	Common Stock	3/9/2020	3/9/2030			811,770				—		663		(12)
		Total Application Software - 0.12%*							—				663
Health Care Technology
		Gynesonics, Inc.	Warrants	Success fee	3/1/2023	3/1/2030		N/A				313		313		(12) (18)
		Total Health Care Technology - 0.06%*							313				313
	Total Warrants - 0.18%*							313				976
Total Affiliate Investments - 9.41%*							58,861				51,456
Control Investments												(23)
Equity Investments
Data Processing & Outsourced Services
		Pivot3, Inc.	Equity	Equity Interest	12/31/2023	N/A		N/A				950		950		(12) (21)
		Total Data Processing & Outsourced Services - 0.17%*							950				950
	Total Equity Investments - 0.17%*							950				950
Total Control Investments - 0.17%*							950				950
Total Investments, excluding U.S. Treasury Bills - 187.36%*						$	1,064,835			$	1,025,010
U.S. Treasury
				U.S. Treasury Bill, 4.324%	12/29/2023	1/4/2024			42,029				42,014		41,999
Total U.S. Treasury - 7.68%*							42,014				41,999
Total Investments - 195.04%*						$	1,106,849			$	1,067,009

(1)	Disclosures of interest rates on notes include cash interest rates and payment-in-kind ("PIK") interest rates, as applicable. Unless otherwise indicated, all of the Company's variable interest rate debt instruments bear interest at a rate that is determined by reference to the U.S. Prime Rate, the 1-month Secured Overnight Financing Rate ("SOFR"), or the 3-month Secured Overnight Financing Rate ("SOFR"). At December 31, 2023, the U.S. Prime Rate was 8.50% the 1-Month SOFR was 5.35%. and the 3-Month SOFR was 5.35%.
(2)	The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and, therefore, except as otherwise noted, are subject to limitation on resale, may be deemed to be “restricted securities” under the Securities Act, and were valued at fair value as determined in good faith by the Board of Directors.
(3)	Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. Refer to "Note 8 – Commitments and Contingencies" for additional detail.
(4)	All portfolio companies are domiciled in the United States, unless otherwise noted.
(5)	Portfolio company is domiciled in the United Kingdom. Fair value of United-Kingdom-domiciled investments represents 14.05% of net assets.
(6)	Portfolio company is domiciled in Germany. Fair value of Germany-domiciled investments represents 8.15% of net assets.
(7)	Portfolio company is domiciled in Canada. Fair value of Canadian-domiciled investments represents 2.68% of net assets.
(8)	Investment is not a qualifying investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended. The fair value of non-qualifying assets represent 12.63% of total assets as of December 31, 2023. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying assets until such time as it complies with the requirements of Section 55(a).
(9)	Represents a PIK security. PIK interest will be accrued and paid at maturity.
(10)	Disclosures of end-of-term payments ("ETP") are one-time payments stated as a percentage of original principal amount.
(11)	The investment is an eligible loan investment in the collateral under the Credit Facility (as defined in "Note 7 – Borrowings").
(12)	Investments are non-income producing.
(13)	Portfolio company is publicly traded and listed on NYSE.
(14)	Portfolio company is publicly traded and listed on NASDAQ.
(15)	Portfolio company is publicly traded and listed on ASX.
(16)	Investment is not a "restricted security" under the Securities Act.
(17)	The warrant count is based upon a percentage of ownership of Fidelis Cybersecurity, Inc.
(18)	Investment is either a cash success fee payable or earnout of shares based on the consummation of certain trigger events.
(19)	Investment is denominated in a foreign currency and is publicly traded on ETR. 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. Transactions of foreign portfolio company investments, and income related from such investments, are translated into U.S. dollars using relevant rates of exchange on the respective dates of such transactions.
(20)	Convertible notes represent investments that are redeemable by the Company upon occurrence of contingent events. There are no principal or interest payments to be made against the note.
(21)	The assets recovered on the senior secured term loan to Pivot 3, Inc. was contributed to P3 Holdco LLC by the Company, a wholly owned subsidiary of the BDC. For more information, refer to "Note 2 — Summary of Significant Accounting Policies, Principles of Consolidation"
(22)	Affiliate portfolio company as defined under the 1940 Act in which the Company owns between 5% and 25% (inclusive) of the investment's voting securities and does not have rights to maintain greater than 50% representation on the board.
(23)	Control portfolio company, as defined under the 1940 Act, in which the Company owns more than 25% of the investment’s voting securities or has greater than 50% representation on its board.
*	Fair value as a percentage of net assets.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.