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 September 30, 2025 (unaudited)

Consolidated Schedule of Investments (Unaudited)

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		50,263		50,049		50,632		(10) (11) (12)
Blueshift Labs, Inc.	Senior Secured	SOFR+8.25% PIK, 11.25% floor, 1.50% ETP	12/19/2023	12/15/2028		27,702		27,529		23,272		(10) (11)
Blueshift Labs, Inc.	Senior Secured	SOFR+8.25% PIK, 11.25% floor	12/12/2024	12/15/2028		532		532		941		(10) (22)
Blueshift Labs, Inc.	Senior Secured	SOFR+8.25% PIK, 11.25% floor	9/25/2025	12/15/2028		750		743		998		(10) (22)
CarNow, Inc.	Senior Secured	SOFR+7.25%, 11.75% floor, 1.60% ETP	3/22/2024	3/22/2029		20,000		18,135		18,804		(11) (12)
Piano Software, Inc.	Senior Secured	SOFR+7.25%, 11.25% floor, 1.50% ETP	12/31/2024	12/31/2029		43,000		42,126		42,864		(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		35,270		35,093		34,895		(10) (11) (12)
VTX Intermediate Holdings, Inc. (dba VertexOne)	Second Lien	FIXED 12.50% PIK, 31.05% ETP	12/12/2024	9/24/2029		6,426		6,185		6,210		(10) (11)
Zinnia Corporate Holdings, LLC	Senior Secured	SOFR+5.50%, 7.50% floor	9/23/2024	9/21/2029		40,000		39,326		40,020		(12)
Total Application Software - 44.66%*						219,718		218,636
Commercial & Professional Services
Bombora, Inc.	Senior Secured	SOFR+4.75%, 6.75% floor, 3.25% PIK, 1.10% ETP	12/26/2023	1/15/2028		30,634		30,652		30,802		(10) (11) (12)
Elevate Services, Inc.	Senior Secured	SOFR+7.50%, 12.78% floor, 0.50% ETP	7/10/2023	7/10/2027		39,000		38,231		39,195		(11) (12)
Shepherd Intermediate, LLC (dba FHAS)	Senior Secured	SOFR+7.25%, 8.25% floor	7/10/2025	7/10/2030		7,500		7,376		7,391		(12)
Shepherd Intermediate, LLC (dba FHAS) (Revolver)	Senior Secured	SOFR+7.25%, 8.25% floor	7/10/2025	7/10/2030	N/A		(6)		-		(12)
Swing Education, Inc.	Senior Secured	SOFR+7.00%, 10.80% floor, 3.50% ETP	6/27/2025	6/15/2029		8,000		7,886		7,887		(11) (12)
Swing Education, Inc. (Revolver)	Senior Secured	SOFR+6.65%, 10.45% floor	6/27/2025	6/1/2028	N/A		(183)		-		(12)
Total Commercial & Professional Services - 17.42%*						83,956		85,275
Consumer Staples Distribution & Retail
Marley Spoon SE	Senior Secured	SOFR+ 8.75% PIK, 9.51% floor, 1.00% ETP	6/30/2021	6/15/2027		43,863		44,014		34,469		(6) (9) (10) (11) (18)
Marley Spoon SE	Senior Secured	SOFR+ 8.75% PIK, 9.51% floor	2/28/2025	6/15/2027		2,892		2,892		2,273		(6) (9) (10) (18)
Marley Spoon SE	Senior Secured	SOFR+ 8.75% PIK, 9.51% floor	5/20/2025	11/15/2025		3,975		3,975		3,124		(6) (9) (10) (18)
Total Consumer Staples Distribution & Retail - 8.14%*						50,881		39,866
Financial Services
Autobooks, Inc.	Senior Secured	SOFR+7.50%, 11.77% floor, 2.75% ETP	5/5/2025	2/5/2028		28,600		28,011		28,020		(11) (12)
Hurricane Cleanco Limited	Senior Secured	FIXED 6.25%, 6.25% PIK	12/31/2024	11/22/2029		30,006		28,052		30,352		(5) (9) (10) (21)
Vesta Payment Solutions, Inc.	Senior Secured	SOFR+7.00%, 9.00% floor, 6.00% ETP	11/29/2022	11/15/2026		25,000		25,848		22,146		(11)
Total Financial Services - 16.45%*						81,911		80,518

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
Health Care Equipment & Services
	EBR Systems, Inc.	Senior Secured	PRIME+4.90%, 8.90% floor, 4.50% ETP	6/30/2022	6/15/2027		40,000		40,509		41,011		(11) (12) (16)
	Mingle Healthcare Solutions, Inc.	Senior Secured	SOFR+9.75%, 12.26% floor, 10.50% ETP	8/15/2018	12/15/2026		4,127		4,757		2,363		(11) (26)
	Moximed, Inc.	Senior Secured	PRIME+5.25%, 8.75% floor, 3.50% ETP	6/24/2022	7/1/2027		15,000		15,198		15,427		(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		16,833		17,080		(8) (9) (11) (12) (17)
	Route 92 Medical, Inc.	Senior Secured	SOFR+7.00%, 9.00% floor, 3.95% ETP	3/31/2025	3/31/2029		35,000		34,317		34,746		(11) (12)
	Total Health Care Equipment & Services - 22.60%*						111,614		110,627
Household & Personal Products
	Madison Reed, Inc.	Senior Secured	PRIME+5.00%, 12.50% floor, 3.00% ETP	8/29/2025	8/29/2029		40,000		39,230		39,234		(11) (12)
	Total Household & Personal Products - 8.01%*						39,230		39,234
Insurance
	Kin Insurance, Inc.	Senior Secured	PRIME+5.00%, 12.00% floor, 2.00% ETP	8/13/2025	8/13/2029		45,000		43,782		43,786		(11) (12)
	Total Insurance - 8.95%*						43,782		43,786
Media & Entertainment
	Skillshare, Inc.	Senior Secured	SOFR+6.75%, 10.96% floor, 2.00% ETP	8/15/2025	2/8/2029		12,614		12,458		12,462		(11) (12)
	Snap! Mobile, Inc.	Senior Secured	SOFR+7.50%, 12.10% floor, 3.83% ETP	9/30/2024	9/30/2028		18,000		17,699		17,724		(11) (12)
	Total Media & Entertainment - 6.17%*						30,157		30,186
Systems Software
	3PL Central LLC (dba Extensiv)	Senior Secured	SOFR+7.00%, 9.00% floor, 5.00% ETP	11/9/2022	3/31/2026		72,290		75,421		70,266		(11) (12)
	Digicert, Inc.	Senior Secured	SOFR+5.75%, 6.50% floor	7/30/2025	7/30/2030		9,327		9,191		9,362		(12) (28)
	Digicert, Inc. (Revolver)	Senior Secured	SOFR+5.75%, 6.50% floor	7/30/2025	7/30/2030	N/A		(9)		-		(12) (28)
	Circadence Corporation	Senior Secured	SOFR+9.50%, 12.26% floor, 7.50% ETP	12/20/2018	12/15/2025		22,002		23,352		19,358		(11)
	Synack, Inc.	Senior Secured	SOFR+7.00%, 11.07% floor, 1.00% ETP	12/29/2023	12/29/2028		45,000		44,887		45,074		(11) (12)
	Total Systems Software - 29.43%*						152,842		144,060
Technology Hardware & Equipment
	Brivo, Inc.	Senior Secured	SOFR+7.25%, 11.29% floor, 2.53% ETP	12/27/2024	12/15/2029		40,000		39,856		41,003		(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		14,685		15,036		14,967		(7) (9) (10) (11) (12)
	Linxup, LLC	Senior Secured	PRIME+3.25%, 11.75% floor, 2.25% ETP	11/3/2023	11/15/2027		30,000		29,983		30,655		(11) (12)
	Total Technology Hardware & Equipment - 17.70%*						84,875		86,625
Total Debt Investments - 179.53%*						898,966		878,813

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
Application Software
	Aria Systems, Inc.	Equity	Series G Preferred Stock	7/10/2018	N/A		289,419		250	323	(13)
	VTX Holdings, LLC	Equity	Series C Preferred Units	12/12/2024	N/A		3,015,219		143	23	(13)
	Total Application Software - 0.07%*						393		346
Commercial & Professional Services
	FiscalNote, Inc.	Equity	Common Stock	10/19/2020	N/A		19,240		438	89	(13) (14) (19)
	JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	Equity	Series C-1 Preferred Stock	11/15/2024	N/A		476,564		39,275	27,200	(13) (27)
	JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	Equity	Series C-2 Preferred Stock	11/15/2024	N/A		16,963		-	-	(13) (27)
	Total Commercial & Professional Services - 5.57%*						39,713		27,289
Consumer Staples Distribution & Retail
	Marley Spoon SE	Equity	Common Stock	7/7/2023	N/A		46,004		410	19	(6) (9) (13) (18) (19) (21)
	Total Consumer Staples Distribution & Retail - 0.00%*						410		19
Health Care Equipment & Services
	CareCloud, Inc.	Equity	8.75% Series A Cumulative Redeemable Perpetual Preferred Stock	1/8/2020	N/A		462,064		12,132	9,669	(15)
	Total Health Care Equipment & Services - 1.98%*						12,132		9,669
Media & Entertainment
	Minute Media Inc.	Equity	Preferred Stock	12/13/2023	N/A		1,039		120	171	(5) (9) (13)
	Minute Media Inc.	Equity	Common Stock	12/13/2023	N/A		136		16	21	(5) (9) (13)
	Total Media & Entertainment - 0.04%*						136		192
Total Equity Investments - 7.66%*						52,784		37,515

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
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		442		(13)
Aria Systems, Inc.	Warrants	Series G Preferred Stock	6/29/2018	6/29/2028			2,387,705			1,048		1,329		(13)
Blueshift Labs, Inc.	Warrants	Success fee	12/19/2023	N/A		N/A			167		166		(13) (20)
CarNow, Inc.	Warrants	Common Stock	3/22/2024	3/22/2034			200,000			2,400		3,026		(13)
INRIX, Inc.	Warrants	Common Stock	7/26/2019	7/26/2029			150,804			522		326		(13)
JWP Holdco LLC (fka Longtail Ad Solutions, Inc.)	Warrants	Common Units	12/12/2019	12/12/2029			167,827			47		-		(13)
Piano Software, Inc.	Warrants	Series D Preferred Stock	12/31/2024	12/31/2034			119,978			348		491		(13)
Predactiv, Inc. (fka Sharethis, Inc.)	Warrants	Series D-3 Preferred Stock	12/3/2018	12/3/2028			647,615			2,162		-		(13)
Total Application Software - 1.18%*					7,212			5,780
Commercial & Professional Services
AllClear ID, Inc.	Warrants	Common Stock	8/31/2017	8/31/2027			870,514			1,750		-		(13)
Bombora, Inc.	Warrants	Common Stock	3/31/2021	3/31/2031			121,581			174		113		(13)
Bombora, Inc.	Warrants	Common Stock	12/26/2023	12/26/2033			54,711			48		51		(13)
CloudPay, Inc.	Warrants	Series B Preferred Stock	6/30/2020	6/30/2030			11,273			218		1,311		(5) (9) (13)
CloudPay, Inc.	Warrants	Series D Preferred Stock	8/17/2021	8/17/2031			3,502			52		86		(5) (9) (13)
CloudPay, Inc.	Warrants	Series D Preferred Stock	9/26/2022	9/26/2032			5,252			176		130		(5) (9) (13)
Elevate Services, Inc.	Warrants	Series C Preferred Stock	7/10/2023	7/10/2033			248,997			447		416		(13)
Elevate Services, Inc.	Warrants	Series C Preferred Stock	7/17/2024	7/17/2034			236,549			377		536		(13)
FiscalNote, Inc.	Warrants	Earnout	7/29/2022	7/29/2027		N/A			127		-		(13) (14) (20)
JobGet Holdings, Inc. (fka Snagajob.com, Inc.)	Warrants	Series B-1 Preferred Stock	9/29/2021	9/29/2031			763,269			343		-		(13)
Swing Education, Inc.	Warrants	Series C Preferred Stock	6/27/2025	6/27/2035			196,160			19		23		(13)
Total Commercial & Professional Services - 0.54%*							3,731			2,666
Financial Services
Autobooks, Inc.	Warrants	Success Fee	5/5/2025	N/A		N/A			489		508		(13) (20)
Betterment Holdings, Inc.	Warrants	Common Stock	10/6/2023	10/6/2033			7,680			35		60		(13)
Betterment Holdings, Inc.	Warrants	Common Stock	10/6/2023	10/6/2033			9,818			40		68		(13)
Credit Sesame, Inc.	Warrants	Common Stock	1/7/2020	1/7/2030			191,601			425		529		(13)
Total Financial Services - 0.24%*							989			1,165

Portfolio Company · Investment Type · Investment Description(1)(2)(4) · Initial Acquisition Date · Maturity Date · Principal ($) /Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Health Care Equipment & Services
Allurion Technologies, Inc.	Warrants	Common Stock	3/30/2021	3/30/2031		5,320		282		-		(13) (14)
Allurion Technologies, Inc.	Warrants	Common Stock	6/14/2022	3/30/2031		1,851		141		-		(13) (14)
Allurion Technologies, Inc.	Warrants	Common Stock	9/15/2022	9/15/2032		1,850		144		-		(13) (14)
Allurion Technologies, Inc.	Warrants	Earnout	8/2/2023	8/1/2028	N/A		-		-		(13) (14) (20)
EBR Systems, Inc.	Warrants	Success fee	6/30/2022	6/30/2032	N/A		605		602		(13) (16) (20)
Mingle Healthcare Solutions, Inc.	Warrants	Series CC Preferred Stock	8/15/2018	8/15/2028		1,770,973		492		-		(13)
Moximed, Inc.	Warrants	Series C Preferred Stock	6/24/2022	6/24/2032		214,285		175		28		(13)
Nalu Medical, Inc.	Warrants	Series D-2 Preferred Stock	10/12/2022	10/12/2032		91,717		173		30		(13)
Onward Medical, N.V.	Warrants	Common Stock	6/28/2024	9/26/2034		165,338		340		459		(8) (9) (13) (17) (21)
Route 92 Medical, Inc.	Warrants	Success fee	3/31/2025	3/31/2035	N/A		833		649		(13) (20)
SetPoint Medical Corporation	Warrants	Series B Preferred Stock	6/29/2021	6/29/2031		400,000		14		142		(13)
SetPoint Medical Corporation	Warrants	Series B Preferred Stock	12/29/2022	12/29/2032		600,000		74		213		(13)
VERO Biotech LLC	Warrants	Success fee	12/29/2020	12/29/2025	N/A		377		-		(13) (20)
Total Health Care Equipment & Services - 0.43%*						3,650		2,123
Household & Personal Products
Madison Reed, Inc.	Warrants	Success fee	8/29/2025	N/A	N/A		404		414		(13) (20)
Total Household & Personal Products - 0.08%*						404		414
Insurance
Kin Insurance, Inc.	Warrants	Series D-3 Preferred Stock	9/26/2022	9/26/2032		62,364		426		374		(13)
Kin Insurance, Inc.	Warrants	Series E Preferred Stock	8/13/2025	8/13/2035		15,928		818		819		(13)
Total Insurance - 0.25%*						1,244		1,193
Media & Entertainment
Skillshare, Inc.	Warrants	Success fee	8/15/2025	N/A	N/A		337		309		(13) (20)
Snap! Mobile, Inc.	Warrants	Series B Preferred Stock	9/30/2024	9/30/2034		19,140		345		293		(13)
Total Media & Entertainment - 0.12%*						682		602
Pharmaceuticals, Biotechnology & Life Sciences
Mustang Bio, Inc.	Warrants	Common Stock	3/4/2022	3/4/2032		997		315		-		(13) (15)
Total Pharmaceuticals, Biotechnology & Life Sciences - 0.00%*						315		-

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
Systems Software
		Circadence Corporation	Warrants	Series A-6 Preferred Stock	12/20/2018	12/20/2028			1,538,462			3,630		-		(13)
		Circadence Corporation	Warrants	Series A-6 Preferred Stock	10/31/2019	10/31/2029			384,615			846		-		(13)
		Circadence Corporation	Warrants	Success fee	12/21/2023	N/A		N/A			304		433		(13) (20)
		Scale Computing, Inc.	Warrants	Common Stock	3/29/2019	3/29/2029			9,665,667			346		-		(13)
		Synack, Inc.	Warrants	Common Stock	12/29/2023	6/30/2032			131,521			168		191		(13)
		Total Systems Software - 0.13%*							5,294			624
Technology Hardware & Equipment
		Brivo, Inc.	Warrants	Series A-2 Preferred Stock	10/20/2022	10/20/2032			201,000			98		371		(13)
		Brivo, Inc.	Warrants	Series A-2 Preferred Stock	12/27/2024	12/27/2034			32,109			43		59		(13)
		Dejero Labs Inc.	Warrants	Common Stock	5/31/2019	5/31/2029			333,621			192		125		(7) (9) (13)
		Linxup, LLC	Warrants	Success fee	11/3/2023	11/3/2033		N/A			253		241		(13) (20)
		RealWear, Inc.	Warrants	Series A-1 Preferred Stock	10/5/2018	10/5/2028			73,746			89		134		(13)
		RealWear, Inc.	Warrants	Common Stock	10/5/2018	10/5/2028			38,705			47		1		(13)
		RealWear, Inc.	Warrants	Series A-1 Preferred Stock	12/28/2018	12/28/2028			14,749			16		27		(13)
		RealWear, Inc.	Warrants	Common Stock	12/28/2018	12/28/2028			7,742			9		-		(13)
		RealWear, Inc.	Warrants	Series A-1 Preferred Stock	6/27/2019	6/27/2029			81,251			250		61		(13)
		RealWear, Inc.	Warrants	Common Stock	6/27/2019	6/27/2029			42,643			131		1		(13)
		Total Technology Hardware & Equipment - 0.21%*					1,128			1,020
	Total Warrants - 3.18%*							24,649			15,587
Total Non-Control/Non-Affiliate Investments - 190.37%*							976,399			931,915

Portfolio Company · Investment Type · Investment Description(1)(2)(4) · Initial Acquisition Date · Maturity Date · Principal ($) /Shares · Cost ($) · Fair Value ($) (3) · Footnotes
Affiliate Investments													(24)
	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				-
	Total Equity Investments - 0.00%*								4,551				-
	Warrants
	Application Software
		Coginiti Corp	Warrants	Common Stock	3/9/2020		3/9/2030			811,770				-		-		(13)
Total Application Software - 0.00%* · - · -
Total Warrants - 0.00%* · - · -
Total Affiliate Investments - 0.00%*								4,551				-
Control Investments													(25)
	Equity Investments
	Commercial & Professional Services
		Pivot3, Inc.	Equity	100% Equity Interest	12/31/2023		N/A		N/A				950		1,194		(23)
		Total Commercial & Professional Services - 0.24%*								950				1,194
	Multi-Sector Holdings
		Runway-Cadma I LLC	Equity	50% Equity Interest	3/6/2024		N/A		N/A				12,283		12,855		(9)
		Total Multi-Sector Holdings - 2.63%*								12,283				12,855
	Total Equity Investments - 2.87%*								13,233				14,049
Total Control Investments - 2.87%*								13,233				14,049
Total Investments - 193.24%*						$		994,183			$	945,964

Foreign Currency Forward Contracts

Foreign Currency · Counterparty · Maturity Date · Notional Amount to be Sold (£) · Notional Amount to be Purchased ($) · Unrealized Gain (Loss) ($)
Great British Pound (GBP)	Canadian Imperial Bank of Commerce	12/8/2025	384	505		(10)
Great British Pound (GBP)	Canadian Imperial Bank of Commerce	5/14/2026	21,964	28,873		(630)
Total				$	(640)

(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 September 30, 2025, the U.S. PRIME Rate was 7.25%, the 1-Month SOFR was 4.13%, and the 3-Month SOFR was 3.98%.
(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 6.55% of net assets.
(6)	Portfolio company is domiciled in Germany. Fair value of German domiciled investments represents 8.15% of net assets.
(7)	Portfolio company is domiciled in Canada. Fair value of Canadian domiciled investments represents 3.08% of net assets.
(8)	Portfolio company is domiciled in the Netherlands. Fair value of Dutch domiciled investments represents 3.58% 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 12.19% of total assets as of September 30, 2025. 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)	Investment is either a cash success fee payable or earnout of shares based on the consummation of certain trigger events.
(21)	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.
(22)	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.
(23)	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".
(24)	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.
(25)	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.
(26)	Investment is on non-accrual status as of September 30, 2025 and is therefore considered non-income producing.
(27)	JobGet Holdings, Inc. (fka Snagajob.com, Inc.) has the right of first refusal on sale of preferred stock.
(28)	Investment is classified as a Level 1 asset due to being actively traded in the insitutional loan market.
*	Fair value as a percentage of net assets.

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