Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factor discussed below and the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 that we filed with the SEC on April 3, 2026, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Artificial Intelligence is a rapidly developing technology which presents novel risks to both us and our portfolio companies.

Artificial intelligence (“AI”) technologies pose risks to many of our existing and potential portfolio companies, and we will also be exposed to these risks by investing in these companies. Such risks typically include: (1) rapidly changing technologies; (2) technological developments which may quickly render existing technologies obsolete; (3) scarcity of management, technical, scientific, research and marketing personnel with appropriate training; (4) the possibility of lawsuits related to patents and other intellectual property and their associated rights; and (5) rapidly changing investor and/or consumer sentiments and preferences with regard to the use of AI technologies. AI algorithms used by us or a portfolio company may be flawed and the datasets on which such algorithms are trained may be insufficient, raise privacy concerns or contain biased information, which could undermine the decisions, predictions or analysis that AI applications produce and expose portfolio companies to litigation, regulatory enforcement, reputational harm or customer claims. Our portfolio companies rely on a combination of patent, copyright, trademark and trade secret protection and non-disclosure agreements to establish and protect proprietary rights and the absence of harmonized patent laws makes it more difficult to ensure consistent protection of intellectual property rights. There can be no assurance that we or a portfolio company will be able to protect these rights or will have the financial resources to do so, or that competitors will not develop technologies substantially equivalent or superior to a portfolio company’s technologies. Reductions in the legal protections for software intellectual property rights could also adversely affect portfolio companies. At the same time, a number of governments are considering imposing regulations on AI and AI companies, which could adversely affect our portfolio companies by increasing compliance costs, limiting the use or availability of AI technologies or exposing portfolio companies to additional legal or regulatory risk.

Competitors of ours or our portfolio companies have instituted or may institute low cost, high speed financial applications and services based on AI, and new competitors may enter the asset management or technology space using new investment platforms or technologies based on AI. We expect our portfolio companies to face additional competition as they utilize, introduce or acquire new products, as their existing products evolve, or as other companies introduce new products and services, including as part of efforts to develop or innovate through the application of new AI-related technologies. It will be imperative that our portfolio companies continue to improve their current products and develop new ones; accordingly, research and development is a key undertaking for our portfolio companies. New technologies may be untested or unproven, and delays and cost overruns from unforeseen technical issues may occur. Research and development can be costly, requiring substantial capital, and there is no way to ensure that the research and development performed will yield positive financial results for any of our portfolio companies. Because it is generally not possible to predict the amount of time required or the costs involved in achieving certain research and development objectives, actual development costs of our portfolio companies may exceed budgeted amounts. In addition, rapid technological developments may shorten product life cycles, require significant ongoing investment to remain competitive and render existing products or business models obsolete more quickly than anticipated. If our portfolio companies are unable to successfully develop, acquire, integrate or adapt to AI technologies or respond effectively to these competitive and regulatory developments, the value of our investments could decline, which could materially and adversely affect our business, financial condition and results of operations.