The Company measures the fair value of its investments in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the FASB. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Valuation Committee of the Board is responsible for assisting the Board in valuing investments for which current market quotations are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from pricing services, broker-dealers or market makers.

The Company values its investments for which market quotations are not readily available at fair value as determined in good faith by the Board, with the assistance of the Adviser and independent valuation agents, in accordance with Rule 2a-5 of the 1940 Act and GAAP, and in accordance with the Company’s valuation methodologies. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Adviser considers a range of fair values based upon the valuation techniques utilized and selects a value within that range that most accurately represents fair value based on current market conditions as well as other factors the Adviser’s valuation committee considers relevant. The Board determines fair value of the Company’s investments on at least a quarterly basis or at such other times when the Board feels it would be appropriate to do so given the circumstances. A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of portfolio investments that do not have a readily available market value, fair value of investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below.

•Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuations techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

Under ASC Topic 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset, which may be a hypothetical market, excluding transaction costs. The principal market for any asset is the market with the greatest volume and level of activity for such asset in which the reporting entity would or could sell or transfer the asset. In determining the principal market for an asset or liability under ASC Topic 820, it is assumed that the reporting entity has access to such market as of the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable and willing and able to transact.

For purposes of Section 2(a)(41) and Rule 2a-5 under the 1940 Act, a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Company can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Any portfolio investment that is not priced using a Level 1 input shall be subject to the fair value determination requirements under Rule 2a-5 and subject to the Company’s valuation procedures.

•The quarterly valuation process begins with each portfolio company or investment receiving a proposed valuation by the Adviser. The Adviser’s internal valuation committee (the “Adviser Valuation Committee”) is responsible for the valuation process, including making preliminary valuation conclusions and recommendations to the Valuation Committee and Board. The Adviser Valuation Committee does not include any voting members who are portfolio managers or investment professionals.

•The Adviser’s Portfolio Valuation, Monitoring and Analytics (“VMA”) group is responsible for aiding and supporting the Adviser Valuation Committee in the Adviser Valuation Committee’s role of overseeing the valuation process, including for calculating and overseeing the valuation process and valuation conclusions, and including making recommendations with respect to discount rates, liquidity adjustments and other key inputs into the valuation process.

•At least 25% of the total dollar value of the Company’s investment portfolio will receive valuation recommendations from an independent third-party valuation firm each quarter, as selected in accordance with the Company’s valuation policy. Each new portfolio investment will be reviewed by an independent third-party valuation firm within 12 months of the date of investment, and thereafter will be reviewed by an independent third-party valuation firm no later than the fourth quarter following its most recent inclusion in such review process. However, a valuation review by an independent third-party valuation firm is not required for an investment whose total dollar value is less than 1% of the total dollar value of the Company’s aggregate investment portfolio (up to an aggregate of 10% of the total dollar value of the Company’s aggregate investment portfolio) or for those assets that the Board and/or Valuation Committee has agreed to waive from such requirement.

The debt investments identified on the consolidated schedules of investments are loans made to venture capital-backed companies focused in technology and other high growth industries which are backed by a select group of leading venture capital investors. These investments are considered Level 3 assets under ASC Topic 820 as there is no known or accessible market or market indices for these types of debt instruments and thus the Company must estimate the fair value of these investment securities based on models utilizing unobservable inputs.

To estimate the fair value of debt investments, the Company compares the cost basis of each debt investment, including any OID, to the resulting fair value determined using a discounted cash flow model, unless another model is more appropriate based on the circumstances at the measurement date. The discounted cash flow approach entails analyzing the interest rate spreads for recently completed financing transactions which are similar in nature to these debt investments, in order to determine a comparable range of effective market interest rates. The range of interest rate spreads utilized is based on borrowers with similar credit profiles. All remaining expected cash flows of the investment are discounted using this range of interest rates to determine a range of fair values for the debt investment.

The valuation process includes, among other things, evaluating the underlying investment performance of the portfolio company’s current financial condition and ability to raise additional capital, as well as macro-economic events that may impact valuations. These events include, but are not limited to, current market yields and interest rate spreads of similar securities as of the measurement date. Changes in these unobservable inputs could result in significantly different fair value measurements.

Under certain circumstances, an alternative technique may be used to value certain debt investments that better reflect the fair value of the investment, such as the price paid or realized in a recently completed transaction or a binding offer received in an arm’s length transaction, the use of multiple probability weighted cash flow models when the expected future cash flows contain elements of variability or estimates of proceeds that would be received in a liquidation scenario.

Warrant fair values are primarily determined using a Black Scholes option pricing model. Privately held warrants and equity-related securities are valued based on an analysis of various factors, including, but not limited to, those listed below. Increases or decreases in any of the unobservable inputs described below could result in a material change in fair value:

•Underlying enterprise value of the issuer based on available information, including any information regarding the most recent financing round of borrower. Valuation techniques to determine enterprise value include market multiple approaches, income approaches or the use of recent rounds of financing and the portfolio company’s capital structure. Valuation techniques are also utilized to allocate the enterprise fair value of a portfolio company to the specific class of common or preferred stock exercisable in the warrant. Such techniques take into account the rights and preferences of the portfolio company’s securities, expected exit scenarios, and volatility associated with such outcomes to allocate the fair value to the specific class of stock held in the portfolio. Such techniques include option pricing models, including back solve techniques, probability weighted expected return models and other techniques determined to be appropriate.

•Historical portfolio experience on cancellations and exercises of warrant investments are utilized as the basis for determining the estimated life of the warrant investment in each financial reporting period. Warrant investments may be exercised in the event of acquisitions, mergers or initial public offerings, and cancelled due to events such as bankruptcies, restructuring activities or additional financings. These events cause the expected remaining life assumption to be shorter than the contractual term of the warrant investment.

Under certain circumstances alternative techniques may be used to value certain warrants that more accurately reflect the warrants' fair values, such as an expected settlement of a warrant in the near term, a model that incorporates a put feature associated with the warrant, or the price paid or realized in a recently completed transaction or binding offer received in an arm’s-length transaction. The fair value may be determined based on the expected proceeds to be received from such settlement or based on the net present value of the expected proceeds from the put option.

The fair value of an equity investment in a privately held company is initially the amount invested. The Company adjusts the fair value of equity investments in private companies upon the completion of a new third party round of equity financing subsequent to its investment. The Company may adjust the fair value of an equity investment absent a new equity financing event based upon positive or negative changes in a portfolio company’s financial or operational performance. The Company may also reference comparable transactions and/or secondary market transactions of comparable companies to estimate fair value. These valuation methodologies involve a significant degree of judgment.

The above-described valuation methodologies involve a significant degree of judgment. There is no single standard for determining the estimated fair value of investments that do not have an active observable market. Valuations of privately held investments are inherently uncertain, as they are based on estimates, and their values may fluctuate over time. The determination of fair value may differ materially from the values that would have been used if an active market for these investments existed. In some cases, the fair value of such investments is best expressed as a range of values derived utilizing different methodologies from which a single estimate may then be determined.

Investments measured at fair value on a recurring basis are categorized in the following table based upon the lowest level of significant input to the valuations as of March 31, 2025 and December 31, 2024. The Company transfers investments in and out of Levels 1, 2 and 3 as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period.


Investment Type (in thousands)	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Debt investments	$	—	$	—	$	565,413	$	565,413	$	—	$	—	$	560,105	$	560,105
Warrant investments	—		—		41,997		41,997		—		—		39,963		39,963
Equity investments	530		—		74,072		74,602		616		—		75,565		76,181
Total portfolio company investments	$	530	$	—	$	681,482	$	682,012	$	616	$	—	$	675,633	$	676,249

The following tables show information about Level 3 portfolio company investments measured at fair value for the three months ended March 31, 2025 and 2024. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. As a result, the net unrealized gains and losses for assets within the Level 3 category may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long-dated volatilities) inputs.


Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2025
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2024	$	560,105	$	39,963	$	75,565	$	675,633
Funding and purchases of investments, at cost	27,327		762		448		28,537
Principal payments and sale proceeds received from investments	(27,663)		—		(2,308)		(29,971)
Net amortization and accretion of premiums and discounts and end-of-term payments	1,467		—		—		1,467
Net realized gains (losses) on investments	—		—		2,278		2,278
Net change in unrealized gains (losses) included in earnings	422		1,272		(1,911)		(217)
Payment-in-kind coupon	3,755		—		—		3,755

Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2025	$	565,413	$	41,997	$	74,072	$	681,482

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2025	$	422	$	1,272	$	(1,911)	$	(217)

__________


Level 3 Investment Activity (in thousands)	For the Three Months Ended March 31, 2024
	Debt Investments		Warrant Investments		Equity Investments		Total Portfolio Company Investments
Fair value as of December 31, 2023	$	730,295	$	30,055	$	40,425	$	800,775
Funding and purchases of investments, at cost	13,155		165		396		13,716
Principal payments and sale proceeds received from investments	(38,755)		(5)		—		(38,760)
Net amortization and accretion of premiums and discounts and end-of-term payments	404		—		—		404
Net realized gains (losses) on investments	(8,937)		(13)		—		(8,950)
Net change in unrealized gains (losses) included in earnings	(4,759)		2,451		2,934		626
Payment-in-kind coupon	3,788		—		—		3,788

Gross transfers out of Level 3(1)	—		—		—		—
Fair value as of March 31, 2024	$	695,191	$	32,653	$	43,755	$	771,599

Net change in unrealized gains (losses) on Level 3 investments held as of March 31, 2024	$	(9,828)	$	2,626	$	2,934	$	(4,268)

The following tables show a summary of quantitative information about the Level 3 fair value measurements of portfolio company investments as of March 31, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, the Company may also use other valuation techniques and methodologies when determining fair value measurements.


Level 3 Investments (dollars in thousands)	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	479,028	Discounted Cash Flows	Discount Rate	11.10% - 68.38%	20.27%
	86,385		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	10.00% - 100.00%	91.56%
Warrant investments	39,900		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 21.00x	11.04x
				Volatility	25.00% - 90.00%	53.14%
				Term	0.20 - 4.50 Years	2.39
				Discount for Lack of Marketability	10.00% - 25.00%	12.58%
				Risk Free Rate	0.09% - 5.03%	3.64%

	2,097		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.56
				Expected Recovery Rate	18.75% - 100.00%	90.30%
Equity investments	73,006		Black Scholes Option Pricing Model	Revenue Multiples	0.35x - 21.00x	9.31
				Volatility	25.00% - 90.00%	48.18%
				Term	1.00 - 4.00 Years	2.00
				Discount for Lack of Marketability	10.00% - 10.00%	10.00%
				Risk Free Rate	0.13% - 5.03%	3.65%
	1,066		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	14.20% - 14.20%	14.20%
				Term	2.00 - 3.00 Years	2.50
Total portfolio company investments	$	681,482


Level 3 Investments (dollars in thousands)	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Inputs	Range	Weighted Average
Debt investments	$	492,095	Discounted Cash Flows	Discount Rate	11.47% - 41.90%	19.12%
	68,010		Probability-Weighted Expected Return Method	Probability Weighting of Alternative Outcomes	10.00% - 100.00%	69.62%
Warrant investments	38,138		Black Scholes Option Pricing Model	Revenue Multiples	0.15x - 21.00x	11.56x
				Volatility	25.00% - 90.00%	52.94%
				Term	0.20 - 4.50 Years	2.39
				Discount for Lack of Marketability	10.00% - 25.00%	12.53%
				Risk Free Rate	0.09% - 5.03%	3.62%

	1,825		Discounted Expected Return	Discount Rate	20.00% - 30.00%	27.41%
				Term	1.00 - 4.00 Years	2.50
				Expected Recovery Rate	18.75% - 100.00%	88.85%
Equity investments	74,408		Black Scholes Option Pricing Model	Revenue Multiples	0.30x - 21.00x	7.65x
				Volatility	25.00% - 90.00%	29.75%
				Term	1.00 - 4.00 Years	1.99
				Discount for Lack of Marketability	10.00% - 10.00%	10.00%
				Risk Free Rate	0.13% - 5.03%	2.55%
	1,157		Option-Pricing Method and Probability-Weighted Expected Return Method	Discount Rate	20.00% - 20.00%	20.00%
				Term	0.50 - 1.50 Years	1.00
Total portfolio company investments	$	675,633