We have invested, and plan to continue to invest, in illiquid debt and equity securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith by our Adviser, as the Board's valuation designee, in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2. Summary of Significant Accounting Policies to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We also fund a portion of our investments with borrowings and our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

As of June 30, 2026, 98.4% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors. The SPV Asset Facility, SMBC Corporate Revolving Facility and Series 2025A Unsecured Notes - 2029.1 and 2031 (synthetically via an interest rate swap) also bear interest at variable rates .

Assuming that our Consolidated Statement of Assets and Liabilities as of June 30, 2026 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)


Basis Point Change	Interest Income			Interest Expense			Net Interest Income (1)
Up 100 basis points		14.2			7.7			6.5
Up 75 basis points		10.7			5.8			4.9
Up 50 basis points		7.1			3.9			3.2
Up 25 basis points		3.6			1.9			1.7
Down 25 basis points		(3.6	)		(1.9	)		(1.7	)
Down 50 basis points		(7.1	)		(3.9	)		(3.2	)
Down 75 basis points		(10.7	)		(5.8	)		(4.9	)
Down 100 basis points		(14.2	)		(7.7	)		(6.5	)

(1)

Excludes the impact of income incentive fees. See Note 3 to our consolidated financial statements for more information on the income incentive fees.

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments are converted into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. As of June 30, 2026, we had £16.9 million, CHF 18.7 million, AUD $44.8, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £17.6 million, CHF 19.0 million, AUD $45.7, and SEK 11.6.

Share Price

$ 10.92

$ 14.1

NAV Per Share

$ 17.82

$ 19.55

$ 19.1

$ 19.98

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

Debt


($ in millions)	June 30, 2026								December 31, 2025
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)(3)		Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)
SPV Asset Facility	$	500.0	$	377.8	$	122.2	$	372.0	$	400.0	$	329.6	$	70.4	$	326.4
SMBC Corporate Revolving Facility		335.0		257.6		77.4		256.2		310.0		138.4		171.6		136.7
Series 2021A Unsecured Notes		—		—		—		—		135.0		135.0		—		135.0
FCRX Unsecured Notes		—		—		—		—		111.6		111.6		—		111.6
Series 2023A Unsecured Notes		—		—		—		—		50.0		50.0		—		50.0
Series 2024A Unsecured Notes - 2028		35.0		35.0		—		34.8		35.0		35.0		—		34.8
Series 2024A Unsecured Notes - 2030		80.0		80.0		—		79.5		80.0		80.0		—		79.4
Series 2025A Unsecured Notes - 2029.1		67.5		67.5		—		65.7		—		—		—		—
Series 2025A Unsecured Notes - 2031		67.5		67.5		—		65.0		—		—		—		—
Series 2025A Unsecured Notes - 2029.2		50.0		50.0		—		49.8		—		—		—		—
Total Debt	$	1,135.0	$	935.4	$	199.6	$	922.9	$	1,121.6	$	879.6	$	242.0	$	873.9

(1)

The amount available is subject to any limitations related to the respective debt facilities’ borrowing bases and foreign currency translation adjustments.

(2)

Amount presented includes netting of deferred financing costs.

(3)

Carrying value includes the effective portion of the fair value of the interest rate swap, as further discussed in Note 7, Derivatives, to the consolidated financial statements.

Series 2021A Unsecured Notes

On February 17, 2021, we completed a private offering of $135.0 million aggregate principal amount of 4.00% senior unsecured notes due February 17, 2026 (the “Series 2021A Unsecured Notes”). The initial issuance of $50.0 million of Series 2021A Unsecured

Notes closed February 17, 2021. The issuance of the remaining $85.0 million of 2026 Unsecured Notes closed on May 5, 2021.

Valuation Risk

General Description of Registrant [Abstract]

Risk [Text Block]

Valuation Risk

Currency Risk

General Description of Registrant [Abstract]

Risk [Text Block]

Currency Risk

Interest Rate Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Interest Rate Risk

($ in millions)


Basis Point Change	Interest Income			Interest Expense			Net Interest Income (1)
Up 100 basis points		14.2			7.7			6.5
Up 75 basis points		10.7			5.8			4.9
Up 50 basis points		7.1			3.9			3.2
Up 25 basis points		3.6			1.9			1.7
Down 25 basis points		(3.6	)		(1.9	)		(1.7	)
Down 50 basis points		(7.1	)		(3.9	)		(3.2	)
Down 75 basis points		(10.7	)		(5.8	)		(4.9	)
Down 100 basis points		(14.2	)		(7.7	)		(6.5	)