Runway Growth Finance Corp.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

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.

Sep 30, 2025 · Filed Nov 6, 2025

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

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

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Contents

Schedule of Investments as of December 31, 2024

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
Airship Group, Inc.	Senior Secured	SOFR+3.75%, 9.08% floor, 3.00% PIK, 3.25% ETP	6/28/2024	6/15/2028	49,129	48,508	49,442	(10) (11) (12)
Blueshift Labs, Inc.	Senior Secured	SOFR+6.25%, 11.25% floor, 2.00% PIK, 1.50% ETP	12/19/2023	12/15/2028	26,018	25,743	23,664	(10) (11)
	Senior Secured	Bridge Loan	12/12/2024	12/15/2028	500	500	455	(23)
Circadence Corporation	Senior Secured	SOFR+9.50%, 12.26% floor, 7.50% ETP	12/20/2018	12/15/2025	23,752	25,102	20,492	(11)
FiscalNote, Inc.	Senior Secured	PRIME+5.00%, 9.00% floor, 1.00% PIK, 5.75% ETP	10/19/2020	7/15/2027	36,908	37,411	36,252	(10) (11) (12) (14)
Piano Software, Inc.	Senior Secured	SOFR+7.25%, 11.25% floor, 1.50% ETP	12/31/2024	12/31/2029	43,000	42,008	42,008	(11) (12)
Snap! Mobile, Inc.	Senior Secured	SOFR+7.50%, 12.10% floor, 3.83% ETP	9/30/2024	9/30/2028	18,000	17,511	17,511	(11) (12)
VTX Intermediate Holdings, Inc. (dba VertexOne)	Senior Secured	SOFR+7.00%, 8.00% floor, 1.00% PIK, 3.00% ETP	12/12/2024	9/24/2029	35,000	34,664	34,244	(10) (11) (12)
	Second Lien	FIXED 12.50% PIK, 31.05% ETP	12/12/2024	9/24/2029	6,000	5,749	5,749	(10) (11) (12)
Total Application Software - 44.64%*					237,196	229,817
Data Processing & Outsourced Services
Elevate Services, Inc.	Senior Secured	SOFR+7.50%, 12.78% floor	7/10/2023	7/10/2027	26,000	25,316	26,274	(12)
Hurricane Cleanco Limited	Senior Secured	FIXED 6.25%, 6.25% PIK	12/31/2024	11/22/2029	26,643	26,692	26,643	(5) (9) (10) (22)
Interactions Corporation	Senior Secured	SOFR+9.26%, 9.76% floor, 3.9375% ETP	6/24/2022	6/15/2027	40,000	40,347	40,238	(11) (12)
Vesta Payment Solutions, Inc.	Senior Secured	SOFR+7.00%, 9.00% floor, 5.00% ETP	11/29/2022	11/15/2026	25,000	25,465	21,747	(11)
Total Data Processing & Outsourced Services - 22.32%*					117,820	114,902
Electronic Equipment & Instruments
Brivo, Inc.	Senior Secured	SOFR+7.25%, 11.29% floor, 2.53% ETP	12/27/2024	12/15/2029	40,000	39,708	39,708	(11) (12)
Total Electronic Equipment & Instruments - 7.71%*					39,708	39,708
Healthcare Equipment
Moximed, Inc.	Senior Secured	PRIME+5.25%, 8.75% floor, 3.50% ETP	6/24/2022	7/1/2027	15,000	15,078	15,358	(11) (12)
Total Healthcare Equipment - 2.98%*					15,078	15,358

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
Healthcare Technology
	EBR Systems, Inc.	Senior Secured	PRIME+4.90%, 8.90% floor, 4.50% ETP	6/30/2022	6/15/2027		40,000		40,037	40,511	(11) (12) (16)
	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	2,148	(11) (27)
	Nalu Medical, Inc.	Senior Secured	PRIME+2.70%, 6.70% floor, 2.00% PIK, 4.50% ETP	10/12/2022	10/12/2027		20,902		21,047	21,431	(10) (11) (12)
	Onward Medical, N.V.	Senior Secured	SOFR+6.50%, 10.75% floor, 2.50% ETP	6/28/2024	6/15/2028		17,088		16,682	16,786	(8) (9) (11) (12) (17)
	Route 92 Medical, Inc.	Senior Secured	SOFR+8.48%, 8.98% floor, 3.95% ETP	8/17/2021	7/1/2026		35,000		34,983	35,682	(11) (12)
	SetPoint Medical Corporation	Senior Secured	SOFR+5.75%, 9.00% floor, 4.00% ETP	12/29/2022	12/1/2027		25,000		25,236	25,817	(11) (12)
	Total Healthcare Technology - 27.65%*						142,937		142,375
Human Resource & Employment Services
	JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	Senior Secured	SOFR+8.50% PIK, 9.00% floor	9/29/2021	11/15/2025		3,732		3,774	3,431	(10) (27)
	Total Human Resource & Employment Services - 0.67%*						3,774		3,431
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		16,234		16,235	16,383	(10) (11) (12)
	Marley Spoon SE	Senior Secured	SOFR+8.50% PIK, 9.26% floor, 1.00% ETP	6/30/2021	6/15/2027		38,809		38,807	34,120	(6) (9) (10) (11) (18)
	Total Internet & Direct Marketing Retail - 9.81%*						55,042		50,503
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		28,911		28,876	29,058	(10) (11) (12)
	CarNow, Inc.	Senior Secured	SOFR+7.25%, 11.75% floor, 1.60% ETP	3/22/2024	3/22/2029		20,000		17,791	17,658	(11) (12)
	Skillshare, Inc.	Senior Secured	SOFR+6.50%, 10.72% floor, 3.00% ETP	11/8/2022	11/8/2026		27,600		27,875	27,555	(11) (12)
	Synack, Inc.	Senior Secured	SOFR+7.00%, 11.07% floor, 1.00% ETP	12/29/2023	12/29/2028		42,500		42,331	42,520	(11) (12)
	Zinnia Corporate Holdings, LLC	Senior Secured	SOFR+8.00%, 10.00% floor	9/23/2024	9/21/2029		40,000		39,244	39,244	(12)
	Total Internet Software and Services - 30.31%*						156,117		156,035
Property & Casualty Insurance
	Kin Insurance, Inc.	Senior Secured	PRIME+6.25%, 12.50% floor, 3.30% ETP	9/26/2022	9/15/2026		75,000		75,912	76,626	(11) (12)
	Total Property & Casualty Insurance - 14.88%*						75,912		76,626
System Software
	3PL Central LLC (dba Extensiv)	Senior Secured	SOFR+4.50%, 6.50% floor, 2.50% PIK, 2.34% ETP	11/9/2022	11/9/2027		72,205		72,307	69,262	(10) (11) (12)
	Linxup, LLC	Senior Secured	PRIME+3.25%, 11.75% floor, 2.25% ETP	11/3/2023	11/15/2027		30,000		29,779	30,607	(11) (12)
	Dejero Labs Inc.	Second Lien	SOFR+8.00%, 8.50% floor, 2.00% PIK, 3.00% ETP	12/22/2021	12/22/2025		14,463		14,696	14,403	(7) (9) (10) (11) (12)
	Total System Software - 22.19%*						116,782		114,272
Total Debt Investments - 183.16%*						960,366		943,027

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			1,039			120		136		(5) (9) (13)
		Equity	Common Stock	12/13/2023	N/A			136			16		16		(5) (9) (13)
	Total Advertising - 0.03%*							136			152
Application Software
	Aria Systems, Inc.	Equity	Series G Preferred Stock	7/10/2018	N/A			289,419			250		263		(13)
	FiscalNote, Inc.	Equity	Common Stock	10/19/2020	N/A			230,881			438		247		(13) (14) (19)
	VTX Holdings, LLC	Equity	Series C Preferred Units	12/12/2024	N/A			3,015,219			143		143		(13)
	Total Application Software - 0.13%*							831			653
Healthcare Technology
	CareCloud, Inc.	Equity	11% Series A Cumulative Redeemable Perpetual Preferred Stock	1/8/2020	N/A			462,064			12,132		9,181		(15) (19)
	Total Healthcare Technology - 1.78%*							12,132			9,181
Human Resource & Employment Services
	JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	Equity	Series C-1 Preferred Stock	11/15/2024	N/A			389,048			36,502		35,563		(13) (29)
		Equity	Series C-2 Preferred Stock	11/15/2024	N/A			16,963			-		-		(13) (29)
	Total Human Resource & Employment Services - 6.91%*							36,502			35,563
Internet & Direct Marketing Retail
	Marley Spoon SE	Equity	Common Stock	7/7/2023	N/A			46,004			410		43		(6) (9) (13) (18) (19) (22)
	Total Internet & Direct Marketing Retail - 0.01%*							410			43
Technology Hardware, Storage & Peripherals
	Quantum Corporation	Equity	Common Stock	8/13/2021	N/A			22,986			2,607		1,239		(9) (13) (15) (19)
	zSpace, Inc.	Equity	Common Stock	12/31/2020	N/A			81,046			1,119		1,288		(13)
	Total Technology Hardware, Storage & Peripherals - 0.49%*					3,726			2,527
Total Equity Investments - 9.35%*							53,737			48,119
Warrants
Application Software
	3DNA Corp. (dba NationBuilder)	Warrants	Series C-1 Preferred Stock	12/28/2018	12/28/2028			273,164			104		-		(13)
	Airship Group, Inc.	Warrants	Series F Preferred Stock	6/28/2024	6/28/2034			519,313			414		499		(13)
	Aria Systems, Inc.	Warrants	Series G Preferred Stock	6/29/2018	6/29/2028			2,387,705			1,048		1,159		(13)
	Blueshift Labs, Inc.	Warrants	Success fee	12/19/2023	N/A		N/A			167		188		(13) (21)
	Circadence Corporation	Warrants	Series A-6 Preferred Stock	12/20/2018	12/20/2028			1,538,462			3,630		298		(13)
		Warrants	Series A-6 Preferred Stock	10/31/2019	10/31/2029			384,615			846		54		(13)
		Warrants	Success fee	12/21/2023	N/A		N/A			304		13		(13) (21)
	FiscalNote, Inc.	Warrants	Earnout	7/29/2022	7/29/2027		N/A			127		8		(13) (14) (21)
	Piano Software, Inc.	Warrants	Series D Preferred Stock	12/31/2024	12/31/2034			119,978			348		348		(13)
	Snap! Mobile, Inc.	Warrants	Series B Preferred Stock	9/30/2024	9/30/2034			19,140			345		394		(13)
	Total Application Software - 0.58%*					7,333			2,961
Asset Management & Custody Banks
	Betterment Holdings, Inc.	Warrants	Common Stock	10/6/2023	10/6/2033			7,680			35		64		(13)
		Warrants	Common Stock	10/6/2023	10/6/2033			9,818			40		74		(13)
	Total Asset Management & Custody Banks - 0.03%*							75			138

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		49,869		315		4		(13) (15)
TRACON Pharmaceuticals, Inc.	Warrants	Common Stock	9/2/2022	9/2/2032		7,538		226		-		(13)
Total Biotechnology - 0.00%*						541		4
Computer & Electronics Retail
Massdrop, Inc.	Warrants	Series B Preferred Stock	7/22/2019	7/22/2029		848,093		183		-		(13)
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		398		(13)
	Warrants	Series C Preferred Stock	7/17/2024	7/17/2034		74,700		118		119		(13)
Interactions Corporation	Warrants	Common Stock	6/24/2022	6/24/2032		189,408		219		13		(13)
Predactiv, Inc. (fka Sharethis, Inc.)	Warrants	Series D-3 Preferred Stock	12/3/2018	12/3/2028		647,615		2,162		90		(13)
Total Data Processing & Outsourced Services - 0.12%*						2,946		620
Electronic Equipment & Instruments
Brivo, Inc.	Warrants	Series A-2 Preferred Stock	10/20/2022	10/20/2032		201,000		98		269		(13)
	Warrants	Series A-2 Preferred Stock	12/27/2024	12/27/2034		32,109		43		43		(13)
Epic IO Technologies, Inc.	Warrants	Success fee	12/17/2021	12/17/2028	N/A		505		334		(13) (21)
Total Electronic Equipment & Instruments - 0.13%*						646		646
Healthcare Equipment
Moximed, Inc.	Warrants	Series C Preferred Stock	6/24/2022	6/24/2032		214,285		175		24		(13)
Total Healthcare Equipment - 0.00%*						175		24
Healthcare Technology
Allurion Technologies, Inc.	Warrants	Common Stock	3/30/2021	3/30/2031		132,979		282		1		(13) (14) (28)
	Warrants	Common Stock	6/14/2022	3/30/2031		46,256		141		-		(13) (14) (28)
	Warrants	Common Stock	9/15/2022	9/15/2032		46,256		144		-		(13) (14) (28)
	Warrants	Earnout	8/2/2023	8/1/2028	N/A		-		-		(13) (14) (21) (28)
EBR Systems, Inc.	Warrants	Success fee	6/30/2022	6/30/2032	N/A		605		617		(13) (16) (21)
Mingle Healthcare Solutions, Inc.	Warrants	Series CC Preferred Stock	8/15/2018	8/15/2028		1,770,973		492		-		(13)
Nalu Medical, Inc.	Warrants	Series D-2 Preferred Stock	10/12/2022	10/12/2032		91,717		173		70		(13)
Onward Medical, N.V.	Warrants	Common Stock	6/28/2024	9/26/2034		165,338		340		417		(8) (9) (13) (17) (22)
Route 92 Medical, Inc.	Warrants	Success fee	8/17/2021	8/17/2031	N/A		835		784		(13) (21)
SetPoint Medical Corporation	Warrants	Series B Preferred Stock	6/29/2021	6/29/2031		400,000		14		223		(13)
	Warrants	Series B Preferred Stock	12/29/2022	12/29/2032		600,000		74		334		(13)
VERO Biotech LLC	Warrants	Success fee	12/29/2020	12/29/2025	N/A		377		114		(13) (21)
Total Healthcare Technology - 0.50%*						3,477		2,560
Human Resource & Employment Services
CloudPay, Inc.	Warrants	Series B Preferred Stock	6/30/2020	6/30/2030		11,273		218		1,343		(5) (9) (13)
	Warrants	Series D Preferred Stock	8/17/2021	8/17/2031		3,502		52		89		(5) (9) (13)
	Warrants	Series D Preferred Stock	9/26/2022	9/26/2032		5,252		176		134		(5) (9) (13)
JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	Warrants	Series B-1 Preferred Stock	9/29/2021	9/29/2031		763,269		343		-		(13)
Total Human Resource & Employment Services - 0.30%*						789		1,566

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			209		183		(13) (21)
		Total Internet & Direct Marketing Retail - 0.04%*							209			183
Internet Software and Services
		Bombora, Inc.	Warrants	Common Stock	3/31/2021	3/31/2031			121,581			174		135		(13)
			Warrants	Common Stock	12/26/2023	12/26/2033			48,632			43		54		(13)
		CarNow, Inc.	Warrants	Common Stock	3/22/2024	3/22/2034			200,000			2,400		2,825		(13)
		Fidelis Cybersecurity, Inc.	Warrants	Common Stock	3/25/2022	3/25/2032		N/A			79		-		(13) (20)
		INRIX, Inc.	Warrants	Common Stock	7/26/2019	7/26/2029			150,804			522		344		(13)
		JWP Holdco LLC (fka Longtail Ad Solutions, Inc.)	Warrants	Common Units	12/12/2019	12/12/2029			167,827			47		158		(13)
		Skillshare, Inc.	Warrants	Success fee	11/8/2022	N/A		N/A			301		367		(13) (21)
		Synack, Inc.	Warrants	Common Stock	12/29/2023	6/30/2032			124,215			158		186		(13)
		Total Internet Software and Services - 0.79%*							3,724			4,069
Property & Casualty Insurance
		Kin Insurance, Inc.	Warrants	Series D-3 Preferred Stock	9/26/2022	9/26/2032			62,364			426		285		(13)
		Total Property & Casualty Insurance - 0.06%*							426			285
Specialized Consumer Services
		AllClear ID, Inc.	Warrants	Common Stock	8/31/2017	8/31/2027			523,893			1,053		-		(13)
			Warrants	Common Stock	10/17/2018	8/31/2027			346,621			697		-		(13)
		Credit Sesame, Inc.	Warrants	Common Stock	1/7/2020	1/7/2030			191,601			425		365		(13)
		Total Specialized Consumer Services - 0.07%*							2,175			365
System Software
		Dejero Labs Inc.	Warrants	Common Stock	5/31/2019	5/31/2029			333,621			192		177		(7) (9) (13)
		Linxup, LLC	Warrants	Success fee	11/3/2023	11/3/2033		N/A			253		201		(13) (21)
		Scale Computing, Inc.	Warrants	Common Stock	3/29/2019	3/29/2029			9,665,667			346		-		(13)
		Total System Software - 0.07%*							791			378
Technology Hardware, Storage & Peripherals
		RealWear, Inc.	Warrants	Series A Preferred Stock	10/5/2018	10/5/2028			112,451			136		206		(13)
			Warrants	Series A Preferred Stock	12/28/2018	12/28/2028			22,491			25		41		(13)
			Warrants	Series A Preferred Stock	6/27/2019	6/27/2029			123,894			381		136		(13)
		Total Technology Hardware, Storage & Peripherals - 0.07%*					542			383
	Total Warrants - 2.76%*							24,032			14,182
Total Non-Control/Non-Affiliate Investments - 195.27%*							1,038,135			1,005,328

Portfolio Company · Investment Type · Investment Description(1)(2)(4) · Initial Acquisition Date · Maturity Date · Principal ($) /Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Affiliate Investments													(25)
	Debt Investments
	Healthcare Technology
		Gynesonics, Inc.	Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP	3/1/2023		11/30/2026			25,595				26,234		27,217		(11) (12)
		Total Healthcare Technology - 5.29%*								26,234				27,217
	Total Debt Investments - 5.29%*								26,234				27,217
	Equity Investments
	Application Software
		Coginiti Corp	Equity	Common Stock	3/9/2020		N/A			1,040,160				4,551		-		(13)
		Total Application Software - 0.00%*								4,551				-
	Healthcare Technology
		Gynesonics, Inc.	Equity	Series A-2 Preferred Stock	3/1/2023		N/A			3,266,668				25,000		25,000		(13) (30)
			Equity	Series A-1 Preferred Stock	10/24/2023		N/A			3,100,000				3,100		12,355		(13) (30)
		Total Healthcare Technology - 7.26%*								28,100				37,355
	Total Equity Investments - 7.26%*								32,651				37,355
	Warrants
	Application Software
		Coginiti Corp	Warrants	Common Stock	3/9/2020		3/9/2030			811,770				-		-		(13)
Total Application Software - 0.00%* · - · -
	Healthcare Technology
		Gynesonics, Inc.	Warrants	Success fee	3/1/2023		3/1/2030		N/A				313		-		(13) (21)
		Total Healthcare Technology - 0.00%*								313				-
	Total Warrants - 0.00%*								313				-
Total Affiliate Investments - 12.55%*								59,198				64,572
Control Investments													(26)
	Equity Investments
	Data Processing & Outsourced Services
		Pivot3, Inc.	Equity	100% Equity Interest	12/31/2023		N/A		N/A				950		1,198		(24)
		Total Data Processing & Outsourced Services - 0.23%*								950				1,198
	Multi-Sector Holdings
		Runway-Cadma I LLC	Equity	50% Equity Interest	3/6/2024		N/A		N/A				5,600		5,742		(9)
		Total Multi-Sector Holdings - 1.12%*								5,600				5,742
	Total Equity Investments - 1.35%*								6,550				6,940
Total Control Investments - 1.35%*								6,550				6,940
Total Investments - 209.17%*						$		1,103,883			$	1,076,840

(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 debt instruments bear interest at a rate determined by reference to the U.S. Prime Rate ("PRIME") or the 1-month or 3-month Secured Overnight Financing Rate ("SOFR"). At December 31, 2024, the U.S. PRIME Rate was 7.50%, the 1-Month SOFR was 4.33%, and the 3-Month SOFR was 4.31%.
(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 (as defined in "Note 2 – Summary of Significant Accounting Policies").
(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 5.51% of net assets.
(6)	Portfolio company is domiciled in Germany. Fair value of German domiciled investments represents 6.64% of net assets.
(7)	Portfolio company is domiciled in Canada. Fair value of Canadian domiciled investments represents 2.83% of net assets.
(8)	Portfolio company is domiciled in the Netherlands. Fair value of Dutch domiciled investments represents 3.34% of net assets.
(9)	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 represents 9.28% of total assets as of December 31, 2024. 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).
(10)	Represents a PIK security. PIK interest will be accrued and paid at maturity. For any investments denoting a "cash cap", any interest above such cap will be recorded as PIK interest.
(11)	Disclosures of end-of-term payments ("ETP") are one-time payments stated as a percentage of principal amount.
(12)	The investment is an eligible loan investment in the collateral under the Credit Facility (as defined in "Note 7 – Borrowings").
(13)	Investments are non-income producing.
(14)	Portfolio company is publicly traded and listed on NYSE.
(15)	Portfolio company is publicly traded and listed on NASDAQ.
(16)	Portfolio company is publicly traded and listed on Australian Stock Exchange.
(17)	Portfolio company is publicly traded and listed on Euronext.
(18)	Portfolio company is publicly traded and listed on Deutsche Borse Xetra.
(19)	Investment is not a "restricted security" under the Securities Act.
(20)	The warrant count is based upon a percentage of ownership of Fidelis Cybersecurity, Inc.
(21)	Investment is either a cash success fee payable or earnout of shares based on the consummation of certain trigger events.
(22)	Investment is denominated in a 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. 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.
(23)	Investment represents a security with a tiered fee that increases quarterly, dependent upon the timing of repayment. Such fees are recorded in "Fee income" on the Consolidated Statements of Operations.
(24)	The assets recovered on the senior secured term loan to Pivot3, Inc. were contributed to P3 Holdco LLC by the Company, a wholly owned subsidiary of the Company. For more information, refer to "Note 2 – Summary of Significant Accounting Policies, Principles of Consolidation".
(25)	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.
(26)	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.
(27)	Investment was on non-accrual status as of December 31, 2024 and was therefore considered non-income producing.
(28)	Sale of equity security was subject to a lock-up period until January 22, 2025.
(29)	JobGet Holdings, Inc. (fka Snagajob.com, Inc.) has the right of first refusal on sale of preferred stock.
(30)	Gynesonics, Inc. had the right of first refusal on sale of preferred stock.
*	Fair value as a percentage of net assets.

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