Runway Growth Finance Corp.
For the period ended Mar 31, 2026. Filed May 7, 2026.
View on SEC.govAbout 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, 2026 · Filed May 7, 2026
RWAY$6.63+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedule of Investments as of March 31, 2026 (unaudited)
Consolidated Schedule of Investments (Unaudited)
| Portfolio Company** | Investment Type | Investment Description(1)(2)(4) | Initial Acquisition Date | Maturity Date | Principal ($) /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 | 51,025 | 51,103 | 51,814 | (10) (11) (12) |
| Blueshift Labs, Inc. | Senior Secured | SOFR+8.25% PIK, 13.25% floor, 1.50% ETP | 12/19/2023 | 12/15/2028 | 29,599 | 29,499 | 13,481 | (10) (11) (21) |
| Blueshift Labs, Inc. | Senior Secured | SOFR+8.25% PIK, 13.25% floor | 12/12/2024 | 12/15/2028 | 569 | 569 | 259 | (10) (21) |
| Blueshift Labs, Inc. | Senior Secured | SOFR+8.25% PIK, 13.25% floor | 9/25/2025 | 12/15/2028 | 1,579 | 1,579 | 719 | (10) (21) |
| CarNow, Inc. | Senior Secured | SOFR+7.25%, 11.75% floor, 1.60% ETP | 3/22/2024 | 3/22/2029 | 20,000 | 18,378 | 18,936 | (11) (12) |
| Piano Software, Inc. | Senior Secured | SOFR+7.25%, 11.25% floor, 1.50% ETP | 12/31/2024 | 12/31/2029 | 43,000 | 42,209 | 42,788 | (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 | 35,449 | 35,388 | 35,041 | (10) (11) (12) |
| VTX Intermediate Holdings, Inc. (dba VertexOne) | Second Lien | FIXED 12.50% PIK, 31.05% ETP | 12/12/2024 | 9/24/2029 | 6,845 | 6,619 | 6,652 | (10) (11) (18) |
| Zinnia Corporate Holdings, LLC | Senior Secured | SOFR+6.50%, 7.50% floor | 9/23/2024 | 9/21/2029 | 40,000 | 39,397 | 39,590 | (12) |
| Total Application Software - 47.76%* | 224,741 | 209,280 | ||||||
| Commercial & Professional Services | ||||||||
| Bombora, Inc. | Senior Secured | SOFR+4.25%, 6.75% floor, 3.25% PIK, 1.00% ETP | 12/26/2023 | 1/15/2028 | 31,643 | 31,710 | 31,783 | (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 | 38,351 | 39,195 | (11) (12) |
| Shepherd Intermediate, LLC (dba FHAS) | Senior Secured | SOFR+7.25%, 8.25% floor | 7/10/2025 | 7/10/2030 | 6,211 | 6,115 | 6,211 | (12) |
| Shepherd Intermediate, LLC (dba FHAS) (Revolver) | Senior Secured | SOFR+7.25%, 8.25% floor | 7/10/2025 | 7/10/2030 | - | (5) | - | (12) |
| Swing Education, Inc. | Senior Secured | SOFR+7.00%, 10.80% floor, 3.50% ETP | 6/27/2025 | 6/15/2029 | 8,000 | 7,936 | 7,724 | (11) (12) |
| Swing Education, Inc. (Revolver) | Senior Secured | SOFR+6.65%, 10.45% floor | 6/27/2025 | 6/1/2028 | - | (149) | - | (12) |
| Total Commercial & Professional Services - 19.38%* | 83,958 | 84,913 | ||||||
| Consumer Services | ||||||||
| Finn GmbH | Senior Secured | SOFR+8.75%, 10.75% floor | 12/8/2025 | 6/30/2030 | 20,000 | 19,156 | 19,156 | (6) (9) |
| Total Consumer Services - 4.37%* | 19,156 | 19,156 | ||||||
| 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 | 47,748 | 47,983 | 17,142 | (6) (9) (10) (11) (14) (21) |
| Marley Spoon SE | Senior Secured | SOFR+ 8.75% PIK, 9.51% floor | 2/28/2025 | 6/15/2027 | 3,083 | 3,083 | 3,083 | (6) (9) (10) (14) (21) |
| Marley Spoon SE | Senior Secured | SOFR+ 8.75% PIK, 9.51% floor | 5/20/2025 | 4/24/2026 | 4,911 | 4,911 | 4,911 | (6) (9) (10) (14) (21) |
| Marley Spoon SE | Senior Secured | SOFR+ 8.75% PIK, 9.51% floor | 10/28/2025 | 4/24/2026 | 11,944 | 11,944 | 12,392 | (6) (9) (10) (14) (17) (21) |
| Marley Spoon SE (Revolver) | Senior Secured | SOFR+ 8.75% PIK, 9.51% floor | 12/12/2025 | 4/24/2026 | 448 | 448 | - | (6) (9) (10) (14) (17) (21) |
| Total Consumer Staples Distribution & Retail - 8.56%* | 68,369 | 37,528 | ||||||
| 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 | ||||||||
| Financial Services | ||||||||
| Autobooks, Inc. | Senior Secured | SOFR+7.50%, 11.77% floor, 3.75% ETP | 5/5/2025 | 2/5/2028 | 34,600 | 34,234 | 34,765 | (11) (12) |
| Hurricane Cleanco Limited | Senior Secured | FIXED 6.25%, 6.25% PIK | 12/31/2024 | 11/22/2029 | 30,455 | 28,999 | 30,704 | (5) (9) (10) (17) |
| Vesta Payment Solutions, Inc. | Senior Secured | SOFR+7.00%, 9.00% floor, 6.00% ETP | 11/29/2022 | 12/16/2026 | 25,000 | 26,124 | 21,122 | (11) |
| Total Financial Services - 19.76%* | 89,357 | 86,591 | ||||||
| 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 | 40,854 | 41,402 | (11) (12) (14) |
| HR Pharmaceuticals, LLC | Senior Secured | SOFR+6.00%, 8.00% floor | 1/29/2026 | 1/29/2031 | 5,545 | 5,420 | 5,408 | (12) |
| HR Pharmaceuticals, LLC | Senior Secured | SOFR+6.00%, 8.00% floor | 1/29/2026 | 1/29/2031 | 69 | 55 | 67 | (12) |
| 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 | 1,997 | (11) (21) |
| Onward Medical, N.V. | Senior Secured | SOFR+6.50%, 10.75% floor, 2.50% ETP | 6/28/2024 | 6/15/2028 | 17,088 | 16,941 | 17,136 | (8) (9) (11) (12) (14) |
| Route 92 Medical, Inc. | Senior Secured | SOFR+7.00%, 9.00% floor, 3.95% ETP | 3/31/2025 | 3/31/2029 | 35,000 | 34,556 | 34,654 | (11) (12) |
| Total Health Care Equipment & Services - 22.97%* | 102,583 | 100,664 | ||||||
| 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 | 39,424 | 39,519 | (11) (12) |
| Total Household & Personal Products - 9.02%* | 39,424 | 39,519 | ||||||
| Insurance | ||||||||
| Kin Insurance, Inc. | Senior Secured | PRIME+5.00%, 12.00% floor, 2.00% ETP | 8/13/2025 | 8/13/2029 | 30,000 | 29,381 | 29,519 | (11) (12) |
| Kin Insurance, Inc. | Senior Secured | PRIME+5.00%, 12.00% floor, 2.00% ETP | 12/30/2025 | 8/13/2029 | 15,000 | 14,614 | 14,759 | (11) (23) |
| Total Insurance - 10.10%* | 43,995 | 44,278 | ||||||
| Media & Entertainment | ||||||||
| Skillshare, Inc. | Senior Secured | SOFR+6.75%, 10.96% floor, 2.00% ETP | 8/15/2025 | 2/8/2029 | 10,900 | 10,809 | 10,480 | (11) (12) |
| Snap! Mobile, Inc. | Senior Secured | SOFR+7.50%, 12.10% floor, 3.83% ETP | 9/30/2024 | 9/30/2028 | 18,000 | 17,835 | 17,772 | (11) (12) |
| Total Media & Entertainment - 6.45%* | 28,644 | 28,252 | ||||||
| Multi-Sector Holdings | ||||||||
| SPB C-2024, LLC | Senior Secured | FIXED 15.00% PIK, 1.57% ETP | 12/16/2025 | 12/16/2028 | 10,440 | 10,359 | 10,359 | (9) (10) (11) |
| Total Multi-Sector Holdings - 2.36%* | 10,359 | 10,359 | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||
| Shield Therapeutics PLC | Senior Secured | SOFR+8.75%, 12.25% floor, 5.00% ETP | 12/2/2025 | 9/28/2028 | 2,000 | 1,977 | 1,977 | (5) (9) (11) (12) (14) |
| Total Pharmaceuticals, Biotechnology & Life Sciences - 0.45%* | 1,977 | 1,977 | ||||||
| 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 | |||||||||||
| Systems Software | |||||||||||
| 3PL Central LLC (dba Extensiv) | Senior Secured | SOFR+7.00%, 9.00% floor, 5.10% ETP | 11/9/2022 | 6/30/2026 | 72,290 | 76,176 | 68,219 | (11) (12) | |||
| Digicert, Inc. | Senior Secured | SOFR+5.75%, 6.50% floor | 7/30/2025 | 7/30/2030 | 9,280 | 9,156 | 8,996 | (12) | |||
| Digicert, Inc. (Revolver) | Senior Secured | SOFR+5.75%, 6.50% floor | 7/30/2025 | 7/30/2030 | - | (8) | - | (12) | |||
| Circadence Corporation | Senior Secured | SOFR+11.00%, 14.69% floor, 8.89% ETP | 12/20/2018 | 12/31/2026 | 20,002 | 21,378 | 18,236 | (11) | |||
| Total Systems Software - 21.78%* | 106,702 | 95,451 | |||||||||
| Technology Hardware & Equipment | |||||||||||
| Brivo, Inc. | Senior Secured | SOFR+7.25%, 11.29% floor, 2.53% ETP | 12/27/2024 | 12/15/2029 | 40,000 | 39,964 | 41,198 | (11) (12) | |||
| Linxup, LLC | Senior Secured | PRIME+3.25%, 11.75% floor, 2.25% ETP | 11/3/2023 | 11/15/2027 | 30,000 | 30,128 | 30,385 | (11) (12) | |||
| Total Technology Hardware & Equipment - 16.33%* | 70,092 | 71,583 | |||||||||
| Total Debt Investments - 189.29%* | 889,357 | 829,551 | |||||||||
| Equity Investments | |||||||||||
| Application Software | |||||||||||
| Aria Systems, Inc. | Equity | Series G Preferred Stock | 7/10/2018 | N/A | 289,419 | 250 | 288 | (13) | |||
| VTX Holdings, LLC | Equity | Series C Preferred Units | 12/12/2024 | N/A | 3,015,219 | 143 | 6 | (13) | |||
| Total Application Software - 0.07%* | 393 | 294 | |||||||||
| Commercial & Professional Services | |||||||||||
| FiscalNote, Inc. | Equity | Common Stock | 10/19/2020 | N/A | 19,240 | 438 | 5 | (13) (14) (15) | |||
| JobGet Holdings, Inc. (fka Snagajob, Inc.) | Equity | Series C-1 Preferred Stock | 11/15/2024 | N/A | 476,564 | 39,275 | 17,182 | (13) (22) | |||
| JobGet Holdings, Inc. (fka Snagajob, Inc.) | Equity | Series C-2 Preferred Stock | 11/15/2024 | N/A | 16,963 | - | - | (13) (22) | |||
| Total Commercial & Professional Services - 3.92%* | 39,713 | 17,187 | |||||||||
| Consumer Staples Distribution & Retail | |||||||||||
| Marley Spoon SE | Equity | Common Stock | 7/7/2023 | N/A | 46,004 | 410 | 10 | (6) (9) (13) (14) (15) (17) | |||
| Total Consumer Staples Distribution & Retail - 0.00%* | 410 | 10 | |||||||||
| 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 | 9,668 | (14) | |||
| HR Pharmaceuticals, LLC | Equity | Preferred Units | 1/29/2026 | N/A | 2,000,000 | 2,000 | 2,000 | (13) (26) | |||
| Total Health Care Equipment & Services - 2.67%* | 14,132 | 11,668 | |||||||||
| Media & Entertainment | |||||||||||
| Minute Media Inc. | Equity | Preferred Stock | 12/13/2023 | N/A | 1,039 | 120 | 131 | (5) (9) (13) | |||
| Minute Media Inc. | Equity | Common Stock | 12/13/2023 | N/A | 136 | 16 | 15 | (5) (9) (13) | |||
| Total Media & Entertainment - 0.03%* | 136 | 146 | |||||||||
| Total Equity Investments - 6.69%* | 54,784 | 29,305 | |||||||||
| 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) | Warrant | Series C-1 Preferred Stock | 12/28/2018 | 12/28/2028 | 273,164 | 104 | - | (13) | ||||||
| Airship Group, Inc. | Warrant | Series F Preferred Stock | 6/28/2024 | 6/28/2034 | 519,313 | 414 | 361 | (13) | ||||||
| Aria Systems, Inc. | Warrant | Series G Preferred Stock | 6/29/2018 | 6/29/2028 | 2,387,705 | 1,048 | 1,050 | (13) | ||||||
| Blueshift Labs, Inc. | Warrant | Success fee | 12/19/2023 | N/A | N/A | 167 | - | (13) (16) | ||||||
| CarNow, Inc. | Warrant | Common Stock | 3/22/2024 | 3/22/2034 | 200,000 | 2,400 | 2,478 | (13) | ||||||
| INRIX, Inc. | Warrant | Common Stock | 7/26/2019 | 7/26/2029 | 150,804 | 522 | 292 | (13) | ||||||
| JWP Holdco LLC (fka Longtail Ad Solutions, Inc.) | Warrant | Common Units | 12/12/2019 | 12/12/2029 | 167,827 | 47 | - | (13) | ||||||
| Piano Software, Inc. | Warrant | Series D Preferred Stock | 12/31/2024 | 12/31/2034 | 119,978 | 348 | 474 | (13) | ||||||
| Predactiv, Inc. (fka Sharethis, Inc.) | Warrant | Series D-3 Preferred Stock | 12/3/2018 | 12/3/2028 | 647,615 | 2,162 | - | (13) | ||||||
| Total Application Software - 1.06%* | 7,212 | 4,655 | ||||||||||||
| Commercial & Professional Services | ||||||||||||||
| AllClear ID, Inc. | Warrant | Common Stock | 8/31/2017 | 8/31/2027 | 870,514 | 1,750 | - | (13) | ||||||
| Bombora, Inc. | Warrant | Common Stock | 3/31/2021 | 3/31/2031 | 121,581 | 174 | 100 | (13) | ||||||
| Bombora, Inc. | Warrant | Common Stock | 12/26/2023 | 12/26/2033 | 57,750 | 51 | 47 | (13) | ||||||
| CloudPay, Inc. | Warrant | Series B Preferred Stock | 6/30/2020 | 6/30/2030 | 11,273 | 218 | 934 | (5) (9) (13) | ||||||
| CloudPay, Inc. | Warrant | Series D Preferred Stock | 8/17/2021 | 8/17/2031 | 3,502 | 52 | 18 | (5) (9) (13) | ||||||
| CloudPay, Inc. | Warrant | Series D Preferred Stock | 9/26/2022 | 9/26/2032 | 5,252 | 176 | 106 | (5) (9) (13) | ||||||
| Elevate Services, Inc. | Warrant | Series C Preferred Stock | 7/10/2023 | 7/10/2033 | 248,997 | 447 | 369 | (13) | ||||||
| Elevate Services, Inc. | Warrant | Series C Preferred Stock | 7/17/2024 | 7/17/2034 | 236,549 | 377 | 557 | (13) | ||||||
| FiscalNote, Inc. | Warrant | Earnout | 7/29/2022 | 7/29/2027 | N/A | 127 | - | (13) (14) (16) | ||||||
| JobGet Holdings, Inc. (fka Snagajob, Inc.) | Warrant | Series B-1 Preferred Stock | 9/29/2021 | 9/29/2031 | 763,269 | 343 | - | (13) | ||||||
| Swing Education, Inc. | Warrant | Series C Preferred Stock | 6/27/2025 | 6/27/2035 | 196,160 | 19 | 7 | (13) | ||||||
| Total Commercial & Professional Services - 0.49%* | 3,734 | 2,138 | ||||||||||||
| Consumer Services | ||||||||||||||
| FINN GmbH | Warrant | Series C2 Preferred Stock | 12/4/2025 | 12/4/2030 | 510 | 691 | 1,689 | (6) (9) (13) (17) (24) | ||||||
| Total Consumer Services - 0.39%* | 691 | 1,689 | ||||||||||||
| Financial Services | ||||||||||||||
| Autobooks, Inc. | Warrant | Success Fee | 5/5/2025 | N/A | N/A | 489 | 707 | (13) (16) | ||||||
| Betterment Holdings, Inc. | Warrant | Common Stock | 10/6/2023 | 10/6/2033 | 7,680 | 35 | 46 | (13) | ||||||
| Betterment Holdings, Inc. | Warrant | Common Stock | 10/6/2023 | 10/6/2033 | 9,818 | 40 | 51 | (13) | ||||||
| Credit Sesame, Inc. | Warrant | Common Stock | 1/7/2020 | 1/7/2030 | 191,601 | 425 | 233 | (13) | ||||||
| Total Financial Services - 0.24%* | 989 | 1,037 | ||||||||||||
| 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. | Warrant | Common Stock | 3/30/2021 | 3/30/2031 | 5,320 | 282 | - | (13) (14) | ||||
| Allurion Technologies, Inc. | Warrant | Common Stock | 6/14/2022 | 3/30/2031 | 1,851 | 141 | - | (13) (14) | ||||
| Allurion Technologies, Inc. | Warrant | Common Stock | 9/15/2022 | 9/15/2032 | 1,850 | 144 | - | (13) (14) | ||||
| Allurion Technologies, Inc. | Warrant | Earnout | 8/2/2023 | 8/1/2028 | N/A | - | - | (13) (14) (16) | ||||
| EBR Systems, Inc. | Warrant | Success fee | 6/30/2022 | 6/30/2032 | N/A | 605 | 528 | (13) (14) (16) | ||||
| Mingle Healthcare Solutions, Inc. | Warrant | Series CC Preferred Stock | 8/15/2018 | 8/15/2028 | 1,770,973 | 492 | - | (13) | ||||
| Moximed, Inc. | Warrant | Series C Preferred Stock | 6/24/2022 | 6/24/2032 | 214,285 | 175 | 32 | (13) | ||||
| Onward Medical, N.V. | Warrant | Common Stock | 6/28/2024 | 9/26/2034 | 165,338 | 340 | 125 | (8) (9) (13) (14) (17) | ||||
| Route 92 Medical, Inc. | Warrant | Success fee | 3/31/2025 | 3/31/2035 | N/A | 833 | 666 | (13) (16) | ||||
| SetPoint Medical Corporation | Warrant | Series B Preferred Stock | 6/29/2021 | 6/29/2031 | 400,000 | 14 | 116 | (13) | ||||
| SetPoint Medical Corporation | Warrant | Series B Preferred Stock | 12/29/2022 | 12/29/2032 | 600,000 | 74 | 174 | (13) | ||||
| Total Health Care Equipment & Services - 0.37%* | 3,100 | 1,641 | ||||||||||
| Household & Personal Products | ||||||||||||
| Madison Reed, Inc. | Warrant | Success fee | 8/29/2025 | N/A | N/A | 404 | 452 | (13) (16) | ||||
| Total Household & Personal Products - 0.10%* | 404 | 452 | ||||||||||
| Insurance | ||||||||||||
| Kin Insurance, Inc. | Warrant | Series D-3 Preferred Stock | 9/26/2022 | 9/26/2032 | 62,364 | 426 | 300 | (13) | ||||
| Kin Insurance, Inc. | Warrant | Series E Preferred Stock | 8/13/2025 | 8/13/2035 | 10,618 | 546 | 575 | (13) | ||||
| Total Insurance - 0.20%* | 972 | 875 | ||||||||||
| Media & Entertainment | ||||||||||||
| Skillshare, Inc. | Warrant | Success fee | 8/15/2025 | N/A | N/A | 337 | 188 | (13) (16) | ||||
| Snap! Mobile, Inc. | Warrant | Series B Preferred Stock | 9/30/2024 | 9/30/2034 | 19,140 | 345 | 217 | (13) | ||||
| Total Media & Entertainment - 0.09%* | 682 | 405 | ||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||||||||
| Mustang Bio, Inc. | Warrant | Common Stock | 3/4/2022 | 3/4/2032 | 997 | 315 | - | (13) (14) | ||||
| Shield Therapeutics PLC | Warrant | Common Stock | 12/2/2025 | 12/2/2031 | 906,468 | 63 | 43 | (5) (9) (13) (14) (17) | ||||
| Total Pharmaceuticals, Biotechnology & Life Sciences - 0.01%* | 378 | 43 | ||||||||||
| 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 | Warrant | Series B Preferred Stock | 12/20/2018 | 12/20/2028 | 1,538,462 | 3,630 | - | (13) | ||||||||
| Circadence Corporation | Warrant | Series B Preferred Stock | 10/31/2019 | 10/31/2029 | 384,615 | 846 | - | (13) | ||||||||
| Circadence Corporation | Warrant | Success fee | 12/21/2023 | N/A | N/A | 304 | 216 | (13) (16) | ||||||||
| Scale Computing, Inc. | Warrant | Common Stock | 3/29/2019 | 3/29/2029 | 9,665,667 | 346 | - | (13) | ||||||||
| Synack, Inc. | Warrant | Common Stock | 12/29/2023 | 6/30/2032 | 131,521 | 168 | 140 | (13) | ||||||||
| Total Systems Software - 0.08%* | 5,294 | 356 | ||||||||||||||
| Technology Hardware & Equipment | ||||||||||||||||
| Brivo, Inc. | Warrant | Series A-2 Preferred Stock | 10/20/2022 | 10/20/2032 | 201,000 | 98 | 429 | (13) | ||||||||
| Brivo, Inc. | Warrant | Series A-2 Preferred Stock | 12/27/2024 | 12/27/2034 | 32,109 | 43 | 69 | (13) | ||||||||
| Dejero Labs, Inc. | Warrant | Common Stock | 5/31/2019 | 5/31/2029 | 333,621 | 192 | 210 | (7) (9) (13) (17) | ||||||||
| Linxup, LLC | Warrant | Success fee | 11/3/2023 | 11/3/2033 | N/A | 253 | 233 | (13) (16) | ||||||||
| RealWear, Inc. | Warrant | Series A-1 Preferred Stock | 10/5/2018 | 10/5/2028 | 73,746 | 89 | 147 | (13) | ||||||||
| RealWear, Inc. | Warrant | Common Stock | 10/5/2018 | 10/5/2028 | 38,705 | 47 | 1 | (13) | ||||||||
| RealWear, Inc. | Warrant | Series A-1 Preferred Stock | 12/28/2018 | 12/28/2028 | 14,749 | 16 | 29 | (13) | ||||||||
| RealWear, Inc. | Warrant | Common Stock | 12/28/2018 | 12/28/2028 | 7,742 | 9 | - | (13) | ||||||||
| RealWear, Inc. | Warrant | Series A-1 Preferred Stock | 6/27/2019 | 6/27/2029 | 81,251 | 250 | 45 | (13) | ||||||||
| RealWear, Inc. | Warrant | Common Stock | 6/27/2019 | 6/27/2029 | 42,643 | 131 | 1 | (13) | ||||||||
| Total Technology Hardware & Equipment - 0.27%* | 1,128 | 1,164 | ||||||||||||||
| Total Warrants - 3.30%* | 24,584 | 14,455 | ||||||||||||||
| Total Non-Control/Non-Affiliate Investments - 199.28%* | 968,725 | 873,311 | ||||||||||||||
| Portfolio Company** · Investment Type · Investment Description(1)(2)(4) · Initial Acquisition Date · Maturity Date · Principal ($) /Shares · Cost ($) · Fair Value ($) (3) · Footnotes | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Affiliate Investments | (19) | |||||||||||||||||
| 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 | Warrant | 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 | (20) | |||||||||||||||||
| Equity Investments | ||||||||||||||||||
| Commercial & Professional Services | ||||||||||||||||||
| Pivot3, Inc. | Equity | 100% Equity Interest | 12/31/2023 | N/A | N/A | - | - | (25) | ||||||||||
| Total Commercial & Professional Services - 0.00%* · - · - | ||||||||||||||||||
| Multi-Sector Holdings | ||||||||||||||||||
| Runway-Cadma I LLC | Equity | 50% Equity Interest | 3/6/2024 | N/A | N/A | 12,180 | 13,035 | (9) | ||||||||||
| Total Multi-Sector Holdings - 2.97%* | 12,180 | 13,035 | ||||||||||||||||
| Total Equity Investments - 2.97%* | 12,180 | 13,035 | ||||||||||||||||
| Total Control Investments - 2.97%* | 12,180 | 13,035 | ||||||||||||||||
| Total Investments - 202.25%* | $ | 985,456 | $ | 886,346 | ||||||||||||||
| Cash and Cash Equivalents and Short Term Investments | ||||||||||||||||||
| Goldman Sachs Financial Square Government Fund Institutional Shares | FGTXX/38141W273 | 1,562 | 1,562 | |||||||||||||||
| Cash | 750 | 750 | ||||||||||||||||
| Total Cash and Cash Equivalents and Short Term Investments - 0.53%* | 2,312 | 2,312 | ||||||||||||||||
| Total Investments, Cash and Cash Equivalents, and Short Term Investments - 202.78%* | $ | 987,768 | $ | 888,658 | ||||||||||||||
| Foreign Currency · Counterparty · Maturity Date · Notional Amount to be Sold (£) · Notional Amount to be Purchased ($) · Unrealized Gain (Loss) ($) | ||||||
|---|---|---|---|---|---|---|
| British Pound Sterling (GBP) | Canadian Imperial Bank of Commerce | 5/14/2026 | 21,964 | 28,873 | (176) | |
| Total | $ | (176) | ||||
| (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 March 31, 2026, the U.S. PRIME Rate was 6.75%, the 1-Month SOFR was 3.66%, and the 3-Month SOFR was 3.68%. |
| (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, Contingencies, and Off-Balance Sheet Arrangements " 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 7.74% of net assets. |
| (6) | Portfolio company is domiciled in Germany. Fair value of German domiciled investments represents 13.32% of net assets. |
| (7) | Portfolio company is domiciled in Canada. Fair value of Canadian domiciled investments represents 0.05% of net assets. |
| (8) | Portfolio company is domiciled in the Netherlands. Fair value of Dutch domiciled investments represents 3.94% 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 14.72% of total assets as of March 31, 2026. 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. |
| (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 a publicly traded company whose securities are listed on a national securities exchange. |
| (15) | Investment is not a "restricted security" under the Securities Act. |
| (16) | Investment is either a cash success fee payable or earnout of shares based on the consummation of certain trigger events. |
| (17) | 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. |
| (18) | Investment represents a security with a tiered fee that increases over time, dependent upon the timing of repayment. Such fees are recorded in "Fee income" on the Consolidated Statements of Operations. |
| (19) | 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. |
| (20) | 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. |
| (21) | Investment is on non-accrual status as of March 31, 2026 and is therefore considered non-income producing. |
| (22) | JobGet Holdings, Inc. (fka Snagajob.com, Inc.) has the right of first refusal on sale of preferred stock. |
| (23) | The Company sold a participating interest representing $15.0 million of the aggregate outstanding principal balance of the portfolio company's senior secured loan. As the transaction did not qualify for sale accounting under applicable guidance, the Company recorded a corresponding secured borrowing, measured at fair value and included in "Secured borrowings" on the Company's Consolidated Statements of Assets and Liabilities. See "Note 2 – Summary of Significant Accounting Policies, Secured Borrowings" for additional detail. |
| (24) | The Company has confirmed the fully diluted share count as of March 31, 2026. Based on the current share count and the contractual warrant entitlement per the warrant agreement, the Company would own 509 shares if converted as of March 31, 2026. |
| (25) | 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". |
| (26) | Transfers are subject to contractual restrictions contained in the issuer’s limited liability company agreement, including rights of first refusal and other transfer limitations. |
| * | Fair value as a percentage of net assets. |
| ** | The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of March 31, 2026, to align with Global Industry Classification Standards (“GICS”), where applicable. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.