Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, All Other Investments [Abstract]

Schedule of Transactions Related to Company's Affiliate and Control Investments

The Company’s affiliate and control investments as of June 30, 2026, along with the transactions during the six months ended June 30, 2026, are as follows (in thousands):


			For the Six Months Ended June 30, 2026
Portfolio Company		Investment Description	Investment Income Earned 2026		Fair Value as of December 31, 2025		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Fair Value as of June 30, 2026(3)
Affiliate Investments
	Equity Investments
	Coginiti Corp	Common Stock		-		-		-		-			-		-			-
	Total Equity Investments			-		-		-		-			-		-			-

	Warrants
	Coginiti Corp	Common Stock		-		-		-		-			-		-			-
	Total Warrants			-		-		-		-			-		-			-
Total Affiliate Investments			$	-	$	-	$	-	$	-		$	-	$	-		$	-

Control Investments
	Equity Investments
	Pivot3, Inc.	100% Equity Interest		-		1,493		-		(2,000	)		1,050		(543	)		-
	Runway-Cadma I LLC	50% Equity Interest		864		13,253		-		(103	)		-		(115	)		13,035
	Total Equity Investments			864		14,746		-		(2,103	)		1,050		(658	)		13,035
Total Control Investments			$	864	$	14,746	$	-	$	(2,103	)	$	1,050	$	(658	)	$	13,035

(1)

Gross additions include increases in the cost basis of investments resulting from fundings, PIK interest, accretion of OID and ETP, the exchange of one or more existing investments for one or more new investments and the movement of an investment between categories.

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing investments for one or more new investments and the movement of an investment between categories.

(3)

All affiliate and control investments, which as of June 30, 2026, represented 2.59% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

The Company’s affiliate and control investments as of December 31, 2025, along with the transactions during the year ended December 31, 2025, are as follows (in thousands):


			For the Year Ended December 31, 2025
Portfolio Company		Investment Description	Investment Income Earned 2025		Fair Value as of December 31, 2024		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Fair Value as of December 31, 2025(3)
Affiliate Investments
	Debt Investments
	Gynesonics, Inc. - Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026	$	902	$	27,217	$	-	$	(26,235	)	$	-		$	(982	)	$	-
	Total Debt Investments			902		27,217		-		(26,235	)		-			(982	)		-

	Equity Investments
	Coginiti Corp	Common Stock		-		-		-		-			-			-			-
	Gynesonics, Inc.	Series A-2 Preferred Stock		-		25,000		-		(25,000	)		-			-			-
		Series A-1 Preferred Stock		-		12,355		-		(12,355	)		9,255			(9,255	)		-
	Total Equity Investments			-		37,355		-		(37,355	)		9,255			(9,255	)		-

	Warrants
	Coginiti Corp	Common Stock		-		-		-		-			-			-			-
	Gynesonics, Inc.	Success fee		-		-		-		-			(312	)		312			-
	Total Warrants			-		-		-		-			(312	)		312			-
Total Affiliate Investments			$	902	$	64,572	$	-	$	(63,590	)	$	8,943		$	(9,925	)	$	-

Control Investments
	Equity Investments
	Pivot3, Inc.	100% Equity Interest		-		1,198		-		-			-			295			1,493
	Runway-Cadma I LLC	50% Equity Interest		-		5,742		6,683		-			-			828			13,253
	Total Equity Investments			-		6,940		6,683		-			-			1,123			14,746
Total Control Investments			$	-	$	6,940	$	6,683	$	-		$	-		$	1,123		$	14,746

(1)

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing Investments for one or more new investments and the movement of investment between categories.

(3)

All affiliate and control investments, which as of December 31, 2025, represented 3.04% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

Schedule of Fair Value of Portfolio of Investments by Geographic Region and Industry

The following table shows the fair value of the Company's portfolio of investments by geographic region as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026					December 31, 2025
Geographic Region	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
United States
Western United States	$	356,898		71.02	%	$	329,514		67.95	%
Northeastern United States		274,441		54.61			171,308		35.32
Midwestern United States		192,640		38.33			156,397		32.25
Northwestern United States		73,882		14.70			74,198		15.30
South Central United States		72,185		14.36			41,413		8.54
Southeastern United States		50,294		10.01			21,590		4.45
Runway-Cadma I LLC(1)		13,035		2.59			13,253		2.73
Total United States		1,033,375		205.62			807,673		166.54

Germany		63,631		12.66			67,665		13.95
United Kingdom		57,437		11.43			34,415		7.10
Netherlands		17,660		3.51			17,525		3.61
Australia		11,430		2.27			-		-
Canada		8,817		1.75			124		0.03
Total	$	1,192,350		237.24	%	$	927,402		191.23	%

(1)

Runway-Cadma I LLC is a joint venture between the Company and Cadma. This entity invests in secured loans to growth-stage companies in different geographic regions that have been originated by the Company. See "Note 2 – Summary of Significant Accounting Policies" for further discussion.

The following table shows the fair value of the Company's portfolio of investments by industry using the Global Industry Classification Standard as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026					December 31, 2025
Industry	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
Application Software	$	216,324		43.05	%	$	226,692		46.74	%
Health Care Equipment & Services		181,964		36.21			122,997		25.36
Pharmaceutical, Biotechnology & Life Sciences		166,947		33.22			1,994		0.41
Financial Services		110,358		21.95			83,915		17.31
Commercial & Professional Services		104,875		20.86			115,268		23.77
Systems Software		97,444		19.38			97,823		20.17
Technology Hardware & Equipment		72,886		14.50			72,922		15.03
Household & Personal Products		66,370		13.21			39,777		8.20
Insurance		45,598		9.08			44,831		9.25
Consumer Staples Distribution & Retail		43,139		8.58			47,813		9.86
Consumer Services		35,265		7.02			19,851		4.09
Media & Entertainment		27,400		5.45			30,297		6.25
Multi-Sector Holdings(1)		23,780		4.73			23,222		4.79
Total	$	1,192,350		237.24	%	$	927,402		191.23	%

(1)

Multi-Sector Holdings consists of the Company's investment in Runway-Cadma I LLC, a joint venture between the Company and Cadma. This entity invests in secured loans to growth-stage companies that have been originated by the Company. See "Note 2 – Summary of Significant Accounting Policies" for further discussion.

Schedule of Outstanding Foreign Currency Forward Contracts

Company had no foreign currency forward contracts outstanding.

The following table shows the Company's outstanding foreign currency forward contracts as of December 31, 2025 (in thousands):


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		(711	)
Total							$	(711	)

Schedule of Offsetting of Derivative Instruments under Master Netting Arrangement

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by either party. The Company’s unrealized loss on derivative instruments is reported as "Foreign currency forward contracts" on the Consolidated Statements of Assets and Liabilities. As of June 30, 2026, the Company had no derivative assets or liabilities subject to a master netting arrangement.

The following table presents the Company’s liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of December 31, 2025 (in thousands):


Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities (1)
Canadian Imperial Bank of Commerce	$	(711	)	$	-	$	-	$	-	$	(711	)
Total	$	(711	)	$	-	$	-	$	-	$	(711	)

(1)

Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.