What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2023-11-09 compared with 2023-08-09 · 365 added, 336 removed, 363 unchanged (66% of the section changed)

12 unchanged sentences

future operating results;

our dependence upon our management team and key investment professionals;

dependence upon our management team and key investment professionals;

business prospects and the prospects of our portfolio companies;

our ability to manage our business and future growth;

ability to manage our business and future growth;

impact of investments that we expect to make;

risks related to investments in growth-stage companies, other venture capital-backed companies, and generally U.S.

related to investments in growth-stage companies, other venture capital-backed companies,

and generally U.S.

contractual arrangements and relationships with third parties;

our ability to make distributions;

dependence of our future success on the general economy and its impact on the industries in which we invest;

risks related to the uncertainty of the value of our portfolio investments;

ability to make distributions;

dependence of our future success on the general economy and its impact on the industries

in which we invest;

related to the uncertainty of the value of our portfolio investments;

ability of our portfolio companies to achieve their objectives;

change in political, economic or industry conditions;

in political, economic or industry conditions;

expected financings and investments;

the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, on our operations

and/or the operation of our portfolio companies;

impact of changes in laws or regulations (including the interpretation thereof), including

tax laws, on our operations and/or the operation of our portfolio companies;

adequacy of our cash resources and working capital;

risks related to market volatility, including general price and volume fluctuations in stock markets;

related to market volatility, including general price and volume fluctuations in stock markets;

timing of cash flows, if any, from the operations of our portfolio companies.

2 unchanged sentences

statements, including without limitation:

economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some

or all of our investments in such portfolio companies;

economic downturn could disproportionately impact the market sectors in which a significant portion of our portfolio is concentrated,

causing us to suffer losses in our portfolio;

contraction of available credit and/or an inability to access the equity markets could impair our investment activities;

in inflation or an inflationary economic environment could adversely affect our portfolio companies’ operating results, causing

us to suffer losses in our portfolio;

rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy;

risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” in our quarterly reports on

Form 10-Q, our annual report on Form 10-K, and in our other filings with the SEC.

economic downturn could impair our portfolio companies’ ability to continue to operate,

which could lead to the loss of some or all of our investments in such portfolio companies;

economic downturn could disproportionately impact the market sectors in which a significant

portion of our portfolio is concentrated, causing us to suffer losses in our portfolio;

contraction of available credit and/or an inability to access the equity markets could impair

our investment activities;

in inflation or an inflationary economic environment could adversely affect our portfolio

companies’ operating results, causing us to suffer losses in our portfolio;

rate volatility could adversely affect our results, particularly because we use leverage

as part of our investment strategy;

risks, uncertainties and other factors we identify in the sections entitled “Risk Factors”

in our quarterly reports on Form 10-Q, our annual report on Form 10-K, and in our other filings

with the SEC.

we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove

74 unchanged sentences

and Investment Activity

Months Ended June 30, 2023

value of our investment portfolio will change over time due to changes in the fair value of our underlying investments, as well as changes

in the composition of our portfolio resulting from purchases of new and follow-on investments and the sales of existing investments.

The fair value, as of June 30, 2023, of all of our portfolio investments, excluding U.S.

Treasury bills, was $160,283,146.

the six months ended June 30, 2023, we funded investments in an aggregate amount of $13,829,990 (not including capitalized transaction

costs or investments in short-term U.S.

Treasury investments) as shown in the following table:

Months Ended September 30, 2023

value of our investment portfolio will change over time due to changes in the fair value of our underlying investments, as well as

changes in the composition of our portfolio resulting from purchases of new and follow-on investments and the sales of existing

The fair value, as of September 30, 2023, of all of our portfolio investments, excluding short-term U.S.

bills, was $193,492,718.

the nine months ended September 30, 2023, we funded investments in an aggregate amount of $21,133,257 (not including capitalized

transaction costs or investments in short-term U.S.

Treasury bills) as shown in the following table:

Portfolio Company

8 unchanged sentences

Common shares

January 13, 2023, we invested $2.0 million in Orchard Technologies, Inc.’s Series 1 Senior Preferred financing

As part of the transaction, we exchanged a portion of its existing Series D Preferred shares investment for

Series 1 Senior Preferred shares, Series 2 Senior Preferred shares, and Common shares.

Additionally, our previous

investment in the Simple Agreement for Future Equity was converted into additional Series 1 Senior Preferred shares.

previously unfunded capital commitment of $1.3 million was deemed fully contributed in

lieu of cash distributions.

the six months ended June 30, 2023, we capitalized fees of $14,723.

the six months ended June 30, 2023, we exited or received proceeds from investments in the amount of $7,587,861, net of transaction costs,

and realized a net loss on investments of $(13,080,856) (including adjustments to amounts held in escrow receivable) as shown in following

FourKites, Inc.

Common shares

Shogun Enterprises, Inc.

(d/b/a Hearth) (3)

Preferred shares, Series B-4

Stake Trade, Inc.

(d/b/a Prophet Exchange)

Simple Agreement for Future Equity (SAFE)

January 13, 2023, we invested $2.0 million in Orchard Technologies, Inc.’s Series 1 Senior Preferred financing round.

of the transaction, we exchanged a portion of our existing Series D Preferred shares investment for Series 1 Senior Preferred

shares, Series 2 Senior Preferred shares, and Common shares.

Additionally, our previous investment in the Simple Agreement for

Future Equity was converted into additional Series 1 Senior Preferred shares.

(2) On March 31, 2023, the

previously unfunded capital commitment of $1.3 million was deemed fully contributed in lieu

of cash distributions.

On March 31, 2023, the full $2.0 million capital commitment to True Global Ventures 4 Plus Fund LP had been called

July 12, 2023, we invested $0.5 million in Shogun Enterprises, Inc.

Hearth)’s Series B-4 Preferred financing round.

As part of the transaction, the previous

investment in the Convertible Note was converted into Series B-3 Preferred shares.

Additionally,

we received Common Warrants as part of the transaction.

the nine months ended September 30, 2023, we capitalized fees of $33,676.

the nine months ended September 30, 2023, we exited or received proceeds from investments in the amount of $9,658,163, net of transaction

costs, and realized a net loss on investments of $14,542,137 (including adjustments to amounts held in escrow receivable) as shown

in following table:

Portfolio Company

11 unchanged sentences

$ (14,689,009 )

The average net share price

is the net share price realized after deducting all commissions and fees on the sale(s), if applicable.

Realized gain/(loss) does

not include adjustments to amounts held in escrow receivable.

As of March 8, 2023, we

had sold our remaining Kahoot!

average net share price is the net share price realized after deducting all commissions and

fees on the sale(s), if applicable.

gain/(loss) does not include adjustments to amounts held in escrow receivable.

of March 8, 2023, we had sold our remaining Kahoot!

ASA public common shares.

As of June 30, 2023, we

held 105,820 remaining NewLake Capital Partners, Inc.

public common shares.

As of June 30, 2023, we

held 852,416 remaining Nextdoor Holdings, Inc.

of September 30, 2023, we held 105,820 remaining NewLake Capital Partners, Inc.

public common

of September 30, 2023, we held 262,420 remaining Nextdoor Holdings, Inc.

public common shares.

As of January 4, 2023,

we had sold our remaining Rent the Runway, Inc.

of January 4, 2023, we had sold our remaining Rent the Runway, Inc.

public common shares.

During the six months ended

June 30, 2023, approximately $0.6 million was received from Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the

15% term loan due December 23, 2023.

Of the proceeds received, approximately $0.5 million repaid a portion of the outstanding principal

and the remaining was attributed to interest.

The previously unfunded

capital commitment of $1.3 million was deemed fully contributed in lieu of cash distributions.

On May 4, 2023, we abandoned

our investment in Ozy Media, Inc.

Months Ended June 30, 2022

the six months ended June 30, 2022, we funded investments in an aggregate amount of $11,000,000 (not including capitalized

transaction costs) as shown in the following table:

the nine months ended September 30, 2023, approximately $0.9 million was received from Residential

Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December 23, 2023.

Of the proceeds received, approximately $0.8 million repaid a portion of the outstanding

principal and the remaining was attributed to interest.

previously unfunded capital commitment of $1.3 million was deemed fully contributed in lieu

of cash distributions.

May 4, 2023, we abandoned our investment in Ozy Media, Inc.

Months Ended September 30, 2022

value of our investment portfolio will change over time due to changes in the fair value of our underlying investments, as well as

changes in the composition of our portfolio resulting from purchases of new and follow-on investments and the sales of existing

The fair value, as of September 30, 2022, of all of our portfolio investments, excluding short-term U.S.

bills, was $157,747,892.

the nine months ended September 30, 2022, we funded investments in an aggregate amount of $13,415,076 (not including capitalized transaction

costs) as shown in the following table:

Portfolio Company

2 unchanged sentences

Shogun Enterprises, Inc.

(d/b/a Hearth)

Convertible Note

Convertible Note 0.5%, Due 4/18/2024

EDGE Markets, Inc.

1 unchanged sentence

Preferred Shares, Series C

the six months ended June 30, 2022, we capitalized fees of $8,515.

the six months ended June 30, 2022, we exited or received proceeds from investments in the amount of $5,051,279, net of transaction

costs, and realized a net gain on investments of $1,130,050 (including adjustments to amounts held in escrow receivable) as shown in

following table:

Xgroup Holdings Limited (d/b/a Xpoint)

Convertible Note 6%, Due 8/17/2023

Orchard Technologies, Inc.

Simple Agreement for Future Equity (SAFE)

Forge Global, Inc.

Common Shares

and effective August 5, 2022, SuRo Capital Corp.

notified Forge Global, Inc.

of its intent

to net exercise via cashless settlement its 230,144 common warrants in Forge Global, Inc.

into 53,283 shares of Forge Global Inc.’s public common stock, pursuant to the net

exercise formula in the warrant agreement.

The exercise was effectuated on September 30,

the nine months ended September 30, 2022, we capitalized fees of $26,206.

the nine months ended September 30, 2022, we exited or received proceeds from investments in the amount of $7,776,744, net of transaction

costs, and realized a net loss on investments of $4,011,047 (including adjustments to amounts held in escrow receivable) as

shown in following table:

Portfolio Company

8 unchanged sentences

True Global Ventures 4 Plus Pte Ltd (7)

The average net share price is the net share price realized after deducting all commissions and fees on the sale(s),

if applicable.

Palantir Lending Trust SPV I (8)

Enjoy Technology, Inc.

$ (3,999,964 )

average net share price is the net share price realized after deducting all commissions and

fees on the sale(s), if applicable.

gain/(loss) does not include adjustments to amounts held in escrow receivable.

the six months ended June 30, 2022, approximately $0.6 million has been received from Residential Homes for Rent, LLC (d/b/a Second

Avenue) related to the 15% term loan due December 23, 2023.

Of the proceeds received, approximately $0.5 million repaid a portion

of the outstanding principal and the remaining was attributed to interest.

the six months ended June 30, 2022, we did not write-off any investments and our OneValley, Inc.

(f/k/a NestGSV, Inc.) Series B preferred

warrants with a strike price of $2.31 expired on May 29, 2022.

of September 30, 2022, we held 232,133 remaining NewLake Capital Partners,

public common shares.

of September 30, 2022, we held 106,854 remaining Rover Group, Inc.

common shares.

of September 30, 2022, we held 229,191 remaining Rent the Runway, Inc.

common shares.

the nine months ended September 30, 2022, approximately $0.9 million has been received from

Residential Homes for Rent, LLC (d/b/a Second Avenue) related to the 15% term loan due December

Of the proceeds received, approximately $0.8 million repaid a portion of the outstanding

principal and the remaining was attributed to interest.

May 31, 2022, we received an $874,470 cash distribution from True Global

Ventures 4 Plus Pte Ltd.

we expect to receive three additional distributions

from True Global Ventures 4 Plus of varying amounts.

July 14, 2022, a final payment was received for the remaining 512,290 Class A common shares

of Palantir Technologies, Inc.

that comprised the beneficial equity interest in underlying

The realized gain from our investment in Palantir Lending

Trust SPV I is generated by the proceeds from the sale of shares collateralizing the repaid

promissory note to Palantir Lending Trust SPV I and attributable to the Equity Participation

in Underlying Collateral.

of August 12, 2022, we had sold all our public common shares of Enjoy Technology,

the nine months ended September 30, 2022, we did not write-off any investments and our OneValley, Inc.

(f/k/a NestGSV, Inc.) Series B

preferred warrants with a strike price of $2.31 expired on May 29, 2022.

of Operations

of the Six Months Ended June 30, 2023 and 2022

results for the three and six months ended June 30, 2023 and 2022 are as follows:

Three Months Ended June 30,

Six Months Ended June 30,

of the Nine Months Ended September 30, 2023 and 2022

results for the three and nine months ended September 30, 2023 and 2022 are as follows:

Three Months Ended

September 30,

Nine Months Ended

September 30,

Total Investment Income

13 unchanged sentences

$ (11,844,826 )

Net realized gain/(loss) on investments

(13,270,199 )

Net realized loss on investments

(14,542,137 )

5 unchanged sentences

$ (119,785,483 )

$ (11,003,515 )

$ (73,883,233 )

income increased to $1,372,218 for the three months ended June 30, 2023 from $890,631 for the three months ended June 30, 2022.

net increase between periods was due to the addition of interest income from U.S.

Treasury bills and Xgroup Holdings Limited (d/b/a

The increase was offset by a decrease in interest income from Architect

Capital PayJoy SPV, LLC, Residential Homes for Rent, LLC (d/b/a Second Avenue) and Neutron Holdings, Inc.

(d/b/a/ Lime), plus a

decrease in dividend income from NewLake Capital Partners, Inc.

(f/k/a GreenAcreage Real Estate Corp.) and a cessation in dividend

income from Treehouse Real Estate Investment Trust, Inc.

during the three months ended June 30, 2023, relative to the three months

ended June 30, 2022.

Investment income increased

to $2,671,300 for the six months ended June 30, 2023 from $1,473,731 for the six months ended June 30, 2022.

net increase between periods was due to the addition of interest income from U.S.

Treasury Bills and Xgroup Holdings Limited (d/b/a

The increase was offset by a decrease in interest income from Architect

Capital PayJoy SPV, LLC, Residential Homes for Rent, LLC (d/b/a Second Avenue) and Neutron Holdings, Inc.

(d/b/a/ Lime), plus a

decrease in dividend income from NewLake Capital Partners, Inc.

(f/k/a GreenAcreage Real Estate Corp.) and a cessation in dividend

income from Treehouse Real Estate Investment Trust, Inc.

during the six months ended June 30, 2023, relative to the six months ended

June 30, 2022.

Total operating expenses increased to $5,177,558 for the three months ended June 30, 2023 from $4,701,519 for the

three months ended June 30, 2022.

The increase in operating expense was primarily due to an increase in compensation expense associated

with an increased headcount and stock-based compensation, income tax expense due to estimates on blocker corporations, offset by a decrease

in professional fees during the three months ended June 30, 2023, relative to the six months ended June 30, 2022.

operating expenses increased to $10,698,405 for the six months ended June 30, 2023 from $9,509,324 for the six months ended June 30,

The increase in operating expense was primarily due to an increase in compensation expense associated with an increased headcount

and stock-based compensation, income tax expense due to estimates on blocker corporations, offset by a decrease in professional fees

during the six months ended June 30, 2023, relative to the six months ended June 30, 2022.

income increased to $1,465,746 for the three months ended September 30, 2023 from $519,511 for the three months ended September 30,

The net increase between periods was due to the addition of interest income from short-term U.S.

Treasury bills and an

increase in interest income from Architect Capital PayJoy SPV, LLC.

The increase was offset by a decrease in interest income from

Residential Homes for Rent, LLC (d/b/a Second Avenue), Xgroup Holdings Limited (d/b/a Xpoint), and Shogun Enterprises, Inc.

Hearth), plus a decrease in dividend income from NewLake Capital Partners, Inc.

(f/k/a GreenAcreage Real Estate Corp.) and a

cessation in dividend income from Treehouse Real Estate Investment Trust, Inc.

during the three months ended September 30, 2023,

relative to the three months ended September 30, 2022.

income increased to $4,137,046 for the nine months ended September 30, 2023 from $1,993,242 for the nine months ended September 30,

The net increase between periods was due to the addition of interest income from short-term U.S.

Treasury Bills and Xgroup

Holdings Limited (d/b/a Xpoint).

The increase was offset by a decrease in interest income from Architect Capital PayJoy SPV, LLC,

Residential Homes for Rent, LLC (d/b/a Second Avenue), plus a decrease in dividend income from NewLake Capital Partners, Inc.

GreenAcreage Real Estate Corp.) and a cessation in dividend income from Treehouse Real Estate Investment Trust, Inc.

during the nine

months ended September 30, 2023, relative to the nine months ended September 30, 2022.

operating expenses decreased to $4,134,172 for the three months ended September 30, 2023 from $4,328,744 for the three months ended

September 30, 2022.

The decrease in operating expense was primarily due a decrease in professional fees and other expenses, offset

by an increase in compensation expense associated with an increased headcount and stock-based compensation expense during the three

months ended September 30, 2023, relative to the three months ended September 30, 2022.

operating expenses increased to $14,832,577 for the nine months ended September 30, 2023 from $13,838,068 for the nine months ended

September 30, 2022.

The increase in operating expense was primarily due to an increase in compensation expense associated with an

increased headcount, stock-based compensation expense and income tax expense related to blocker corporations, offset by a

decrease in professional fees during the nine months ended September 30, 2023, relative to the nine months ended September 30,

Investment Loss

For the three months ended June 30, 2023, we recognized a net investment loss of $(3,805,340), compared to a net

investment loss of $(3,810,888) for the three months ended June 30, 2022.

The change between periods resulted from an increase in operating

expenses, offset by an increase in total investment income between periods during the three months ended June 30, 2023, relative to the

three months ended June 30, 2022.

the six months ended June 30, 2023, we recognized a net investment loss of $(8,027,105), compared to a net investment loss of $(8,035,593)

for the six months ended June 30, 2022.

The change between periods resulted from an increase in operating expenses, offset by an increase

in total investment income between periods during the six months ended June 30, 2023, relative to the six months ended June 30, 2022.

Realized Gain on Investments

For the three months ended June 30, 2023, we recognized a net realized loss on our investments of $(13,270,199),

compared to a net realized loss of $(1,966,225) for the three months ended June 30, 2022.

the six months ended June 30, 2023, we recognized a net realized loss on our investments of $(13,080,856), compared to a net realized

gain of $1,130,050 for the six months ended June 30, 2022.

components of our net realized gains on portfolio investments for the six months ended June 30, 2023 and 2022, excluding U.S.

Treasury investments and fluctuations in escrow receivables estimates, are reflected in the tables above, under

“—Portfolio and Investment Activity.”

the three months ended September 30, 2023, we recognized a net investment loss of $2,668,426 ,

compared to a net investment loss of $3,809,233 for the three months ended September 30, 2022.

The change between periods resulted

from an increase in total investment income and a decrease in operating expenses during the three months ended September 30, 2023,

relative to the three months ended September 30, 2022.

the nine months ended September 30, 2023, we recognized a net investment loss of $10,695,531 , compared to a net investment loss of

$11,844,826 for the nine months ended September 30, 2022.

The change between periods resulted from an increase in total investment income,

offset by an increase in operating expenses during the nine months ended September 30, 2023, relative to the nine

months ended September 30, 2022.

Realized Loss on Investments

the three months ended September 30, 2023, we recognized a net realized loss on our investments of $1,461,281, compared to a net

realized loss of $5,141,097 for the three months ended September 30, 2022.

the nine months ended September 30, 2023, we recognized a net realized loss on our investments of $14,542,137, compared to a net

realized loss of $4,011,047 for the nine months ended September 30, 2022.

The components of our net realized gains on portfolio

investments for the nine months ended September 30, 2023 and 2022, excluding short-term U.S.

Treasury bills and fluctuations

in escrow receivables estimates, are reflected in the tables above, under “—Portfolio and Investment

Change in Unrealized Appreciation/(Depreciation) of Investments

For the three months ended June 30, 2023 and 2022, we had a net change in unrealized appreciation/(depreciation) of $1,455,515 and $(88,562,575), respectively .

The following tables summarize, by portfolio

company, the significant changes in unrealized appreciation/(depreciation) of our investment portfolio for the three months ended June

30, 2023 and 2022.

the three months ended September 30, 2023 and 2022, we had a net change in unrealized appreciation/(depreciation) of $29,323,067 and

$(36,951,920), respectively.

The following tables summarize, by portfolio company, the significant changes in unrealized

appreciation/(depreciation) of our investment portfolio for the three months ended September 30, 2023 and 2022.

Portfolio Company

Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended

June 30, 2023

Net Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended September 30, 2023

Portfolio Company

Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended

June 30, 2022

Ozy Media, Inc.

Net Change in Unrealized Appreciation/(Depreciation) For the Three Months Ended September 30, 2022

Learneo, Inc.

(f/k/a Course Hero, Inc.)

Enjoy Technology, Inc.

ServiceTitan, Inc.

NewLake Capital Partners, Inc.

(f/k/a GreenAcreage Real Estate Corp.) (1)

$ (1,625,807 )

Nextdoor Holdings, Inc.

Rover Group, Inc.

Shogun Enterprises, Inc.

(d/b/a Hearth)

Blink Health, Inc.

Colombier Sponsor LLC

Skillsoft Corp.

Forge Global, Inc.

Varo Money, Inc.

Orchard Technologies, Inc.

Enjoy Technology, Inc.

StormWind, LLC

Neutron Holdings, Inc.

(d/b/a/ Lime)

Nextdoor Holdings, Inc.

Learneo, Inc.

(f/k/a Course Hero, Inc.)

(18,251,804 )

Orchard Technologies, Inc.

Skillsoft Corp.

Aspiration Partners, Inc.

Course Hero, Inc.

(17,273,549 )

Shogun Enterprises, Inc.

Varo Money, Inc.

Aspiration Partners, Inc.

Forge Global Holdings, Inc.

1 unchanged sentence

$ (36,951,920 )

change in unrealized appreciation/(depreciation) reflected for these investments resulted in full or in part from the full or partial

exit of the investment, which resulted in the reversal of previously accrued unrealized appreciation/(depreciation), as applicable.

represents investments for which individual changes in unrealized appreciation/(depreciation) was less than $1.0 million

for the three months ended June 30, 2023 and 2022.

the six months ended June 30, 2023 and 2022, we had a net change in unrealized appreciation/(depreciation) of $10,104,446 and $(66,977,690),

change in unrealized appreciation/(depreciation) reflected for these investments resulted

in full or in part from the full or partial exit of the investment, which resulted in the

reversal of previously accrued unrealized appreciation/(depreciation), as applicable.

represents investments for which individual changes in unrealized appreciation/(depreciation)

was less than $1.0 million for the three months ended September 30, 2023 and 2022.

the nine months ended September 30, 2023 and 2022, we had a net change in unrealized appreciation/(depreciation) of $39,427,513 and $(103,929,610),

respectively.

The following tables summarize, by portfolio company, the significant changes in unrealized appreciation/(depreciation)

of our investment portfolio for the six months ended June 30, 2023 and 2022.

of our investment portfolio for the nine months ended September 30, 2023 and 2022.

Portfolio Company

Net Change in Unrealized

Appreciation/(Depreciation) For the Six Months Ended

June 30, 2023

Appreciation/(Depreciation) For the Nine Months Ended

September 30, 2023

Portfolio Company

Net Change in Unrealized

Appreciation/(Depreciation) For the Six Months Ended

June 30, 2022

Colombier Sponsor LLC

Appreciation/(Depreciation) For the Nine Months Ended

September 30, 2022

PSQ Holdings, Inc.

(d/b/a PublicSq.)

True Global Ventures 4 Plus Fund Pte Ltd (1)

Learneo, Inc.

(f/k/a Course Hero, Inc.)

Ozy Media, Inc.

Blink Health, Inc.

StormWind, LLC

Nextdoor Holdings, Inc.

NewLake Capital Partners, Inc.

(f/k/a GreenAcreage Real Estate Corp.) (1)

Blink Health, Inc.

Shogun Enterprises, Inc.

(d/b/a Hearth)

Varo Money, Inc.

NewLake Capital Partners, Inc.

(f/k/a GreenAcreage Real Estate Corp.) (1)

ServiceTitan, Inc.

Neutron Holdings, Inc.

(d/b/a/ Lime)

Forge Global, Inc.

Enjoy Technology, Inc.

OneValley, Inc.

(f/k/a NestGSV, Inc.)

Varo Money, Inc.

Shogun Enterprises, Inc.

Aspiration Partners, Inc.

Rover Group, Inc.

Orchard Technologies, Inc.

Varo Money, Inc.

Aspiration Partners, Inc.

Skillsoft Corp.

Nextdoor Holdings, Inc.

Aspiration Partners, Inc.

Orchard Technologies, Inc.

Course Hero, Inc.

Forge Global Holdings, Inc.

(17,541,727 )

Learneo, Inc.

(f/k/a Course Hero, Inc.)

Course Hero, Inc.

(31,124,041 )

4 unchanged sentences

represents investments for which individual changes in unrealized appreciation/(depreciation)

was less than $1.0 million for the six months ended June 30, 2023 and 2022.

refer to “Note 12—Subsequent Events” to our condensed consolidated financial statements as of June 30, 2023 for details

regarding activity in our investment portfolio from July 1, 2023 through August 8, 2023.

was less than $1.0 million for the nine months ended September 30, 2023 and 2022.

refer to “Note 12—Subsequent Events” to our condensed consolidated financial statements as of September 30, 2023 for

details regarding activity in our investment portfolio from October 1, 2023 through November 8, 2023.

are frequently in negotiations with various private companies with respect to investments in such companies.

6 unchanged sentences

the applicable closing conditions are satisfied, at which time the escrow accounts will close and such equity investments will be effectuated.

Repurchase Program

August 7, 2023, our Board of Directors authorized an extension of, and a $5.0 million increase in the amount of shares that may be repurchased

under, our discretionary Share Repurchase Program until the earlier of (i) October 31, 2024 or (ii) the repurchase of $60.0 million in

aggregate amount of our common stock.

timing and number of shares to be repurchased pursuant to our discretionary Share Repurchase Program will depend on a number of factors,

including market conditions and alternative investment opportunities.

The Share Repurchase Program may be suspended, terminated or modified

at any time for any reason and does not obligate us to acquire any specific number of shares of our common stock.

Under the Share Repurchase

Program, we may repurchase our outstanding common stock in the open market, provided that we comply with the prohibitions under our insider

trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act.

of August 8, 2023, the dollar value of shares that remained available to be purchased by us under the Share Repurchase Program was approximately

$21.4 million.

and Capital Resources

5 unchanged sentences

For additional information, see below and “Note 10—Debt Capital

Activities” to our condensed consolidated financial statements as of June 30, 2023.

Activities” to our condensed consolidated financial statements as of September 30, 2023.

primary uses of cash are to make investments, pay our operating expenses, and make distributions to our stockholders.

For the six months

ended June 30, 2023 and 2022, our operating expenses were $10,698,405 and $9,509,324, respectively.

For the nine months

ended September 30, 2023 and 2022, our operating expenses were $14,832,577 and $13,838,068, respectively.

Cash Reserves and Liquid Securities

June 30, 2023

September 30, 2023

December 31, 2022

3 unchanged sentences

Unrestricted securities (2)

Subject to other sales restrictions (3)

to other sales restrictions (3)

Securities of publicly traded portfolio companies

5 unchanged sentences

(2) “Unrestricted

securities” represents common stock of our publicly traded portfolio companies that are not subject to any restrictions upon

securities” represents common stock and warrants of our publicly traded portfolio companies that

are not subject to any restrictions upon sale.

We may incur losses.

of publicly traded portfolio companies “subject to other sales restrictions” represents common stock of our publicly

traded companies that are subject to certain lock-up restrictions.

During the six months ended

June 30, 2023, cash decreased to $24,542,729 from $40,117,598 at the beginning of the year.

The decrease in cash was primarily due

to the repurchase of our common stock pursuant to a modified “Dutch Auction” tender offer (the “Modified Dutch

Auction Tender Offer”), purchase of new and follow-on investments, interest on the 6.00% Notes

due 2026, and to pay our operating expenses offset by the sale or exit of investments, including U.S.

Treasury bills and other

investment income received.

For additional information relating to the Modified Dutch Auction Tender Offer, see “Modified

Dutch Auction Tender Offer” below and “Note 5 - Common Stock” to our condensed consolidated financial statements

as of June 30, 2023.

(3) Securities

of publicly traded portfolio companies “subject to other sales restrictions”

represents common stock of our publicly traded companies that are subject to certain lock-up

restrictions.

the nine months ended September 30, 2023, cash increased to $73,503,279 from $40,117,598 at the beginning of the year.

in cash was primarily due to the exit of short-term U.S.

Treasury bills and other portfolio investment exits, and investment income

These increases were offset by the repurchase of our common stock pursuant to a modified “Dutch Auction” tender offer (the

“Modified Dutch Auction Tender Offer”) and Share Repurchase Program, purchase of new and follow-on investments, interest on the 6.00% Notes due 2026,

and to pay our operating expenses.

For additional information relating to the Modified Dutch Auction Tender Offer or Share Repurchase Program, see

“Modified Dutch Auction Tender Offer” below and “Note 5 - Common Stock” to our condensed consolidated

financial statements as of September 30, 2023.

we believe we have ample liquidity to support our near-term capital requirements.

2 unchanged sentences

the current circumstances.

summary of our significant contractual payment obligations as of June 30, 2023 is as follows:

summary of our significant contractual payment obligations as of September 30, 2023 is as follows:

Payments Due By Period (in millions)

1 unchanged sentence

Operating lease liability

Reflects the principal balance

payable to investors for the 6.00% Notes due 2026 as of June 30, 2023.

Refer to “Note 10—Debt Capital Activities”

in our condensed consolidated financial statements as of June 30, 2023 for more information.

the principal balance payable to investors for the 6.00% Notes due 2026 as of September 30, 2023.

Refer to “Note 10—Debt Capital Activities” in our condensed consolidated

financial statements as of September 30, 2023 for more information.

Repurchase Program

the three and six months ended June 30, 2023, we did not repurchase any shares of our common stock under the

Share Repurchase Program.

During the three and six months ended June 30, 2022, we repurchased 855,159 and 1,008,676 shares of

our common stock under the Share Repurchase Program, respectively.

As of June 30, 2023, the dollar value of shares that remained available

to be purchased under the Share Repurchase Program was approximately $16.4 million.

On October 19, 2022, our

Board of Directors approved an extension of the Share Repurchase Program until the earlier of (i) October 31, 2023 or (ii) the repurchase

of $55.0 million in aggregate amount of our common stock.

the Share Repurchase Program, we may repurchase our outstanding common stock in the open market provided that we comply with the prohibitions

under our insider trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act.

For more information

on the Share Repurchase Program, see “Note 5—Common Stock” to our condensed consolidated financial statements as of

June 30, 2023.

Modified Dutch Auction Tender Offer

On March 17, 2023, we

commenced the Modified Dutch Auction Tender Offer to purchase up to 3,000,000

shares of our common stock from our stockholders, which expired on April 17, 2023.

In accordance with the terms of the Modified Dutch

Auction Tender Offer, we selected the lowest price per share of not less than $3.00 per share and not greater than $4.50 per

Pursuant to the Modified

Dutch Auction Tender Offer, we repurchased 3,000,000 shares, representing 10.6% of our outstanding shares, on or about April

21, 2023 at a price of $4.50 per share.

the three and nine months ended September 30, 2023, we repurchased 186,493 shares of our common stock under the Share Repurchase Program.

During the three and nine months ended September 30, 2022, we repurchased 0 and 1,008,676 shares, respectively, of our common stock under the Share

Repurchase Program.

As of September 30, 2023, the dollar value of shares that remained available to be purchased under the Share

Repurchase Program was approximately $20.7 million.

On August 7, 2023, our Board of Directors authorized an extension of, and an increase in the amount of shares of our common stock that may be repurchased under, the discretionary Share Repurchase

Program until the earlier of (i) October 31, 2024 or (ii) the repurchase of $60.0 million in aggregate amount of our common stock.

the Share Repurchase Program, we may repurchase our outstanding common stock in the open market provided that we comply with the

prohibitions under our insider trading policies and procedures and the applicable provisions of the 1940 Act and the Exchange Act

and the rules promulgated thereunder.

For more information on the Share Repurchase Program, see “Note 5—Common

Stock” to our condensed consolidated financial statements as of September 30, 2023.

Dutch Auction Tender Offer

March 17, 2023, we commenced the Modified Dutch Auction Tender Offer to purchase up to 3,000,000 shares of our common stock from our

stockholders, which expired on April 17, 2023.

In accordance with the terms of the Modified Dutch Auction Tender Offer, we selected the

lowest price per share of not less than $3.00 per share and not greater than $4.50 per share.

to the Modified Dutch Auction Tender Offer, we repurchased 3,000,000 shares, representing 10.6% of our outstanding shares, on or about

April 21, 2023 at a price of $4.50 per share.

We used available cash to fund the purchase of our shares of common stock in the Modified

1 unchanged sentence

Sheet Arrangements

of June 30, 2023 and December 31, 2022, we had no off-balance sheet arrangements, including any risk management of commodity pricing

of September 30, 2023 and December 31, 2022, we had no off-balance sheet arrangements, including any risk management of commodity pricing

or other hedging practices.

2 unchanged sentences

At-the-Market

July 29, 2020, we entered into an At-the-Market Sales Agreement, dated July 29, 2020 (the “Initial Sales Agreement”),

with BTIG, LLC, JMP Securities LLC, and Ladenburg Thalmann & Co., Inc.

July 29, 2020, we entered into an At-the-Market Sales Agreement, dated July 29, 2020 (the “Initial Sales Agreement”), with

BTIG, LLC, JMP Securities LLC, and Ladenburg Thalmann & Co., Inc.

(collectively, the “Agents”).

Under the Initial

Sales Agreement, we may, but have no obligation to, issue and sell up to $50.0 million in aggregate amount of shares of our common

stock (the “Shares”) from time to time through the Agents or to them as principal for their own account (the “ATM Program”).

On September 23, 2020, we increased the maximum amount of Shares to be sold through the ATM Program to $150.0 million from $50.0

Under the Initial Sales

Agreement, we may, but have no obligation to, issue and sell up to $50.0 million in aggregate amount of shares of our common stock (the

“Shares”) from time to time through the Agents or to them as principal for their own account (the “ATM Program”).

On September 23, 2020, we increased the maximum amount of Shares to be sold through the ATM Program to $150.0 million from $50.0 million.

In connection with the upsize of the ATM Program to $150.0 million, we entered into the Amendment No.

1 to the At-the-Market

Sales Agreement, dated September 23, 2020, with the Agents.

We intend to use the net proceeds from the ATM Program to make

investments in portfolio companies in accordance with our investment objective and strategy and for general corporate purposes.

the three and six months ended June 30, 2023, we did not issue or sell shares under the ATM program.

During the three and six

months ended June 30, 2022, we issued and sold 0 and 17,807 shares, respectively, under the ATM Program at weighted-average

1 to the At-the-Market Sales Agreement,

dated September 23, 2020, with the Agents.

We intend to use the net proceeds from the ATM Program to make investments in portfolio companies

in accordance with our investment objective and strategy and for general corporate purposes.

the three and nine months ended September 30, 2023, we did not issue or sell shares under the ATM program.

During the three and nine

months ended September 30, 2022, we issued and sold 0 and 17,807 shares, respectively, under the ATM Program at weighted-average

price of $13.01 per share, for gross proceeds of $231,677 and net proceeds of $229,896, after deducting commissions to the Agents on

As of June 30, 2023, up to approximately $98.8 million in aggregate amount of the Shares remain available for sale under

the ATM Program.

to “Note 5—Common Stock” to our condensed consolidated financial statements as of June 30, 2023 for more information

As of September 30, 2023, up to approximately $98.8 million in aggregate amount of the Shares remain available for sale

under the ATM Program.

to “Note 5—Common Stock” to our condensed consolidated financial statements as of September 30, 2023 for more information

regarding the ATM Program.

9 unchanged sentences

a redemption price of 100% of the aggregate principal amount thereof plus accrued and unpaid interest.

to “Note 10—Debt Capital Activities” to our condensed consolidated financial statements as of June 30, 2023 for more

information regarding the 6.00% Notes due 2026.

to “Note 10—Debt Capital Activities” to our condensed consolidated financial statements as of September 30, 2023 for

more information regarding the 6.00% Notes due 2026.

Distributions

2 unchanged sentences

The following table lists the distributions, including dividends and returns of capital, if any, per share

that we have declared since our formation through June 30, 2023.

that we have declared since our formation through September 30, 2023.

The table is divided by fiscal year according to record date:

45 unchanged sentences

April 15, 2022

distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed

to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders.

distribution was paid in cash or shares of our common stock at the election of stockholders,

although the total amount of cash distributed to all stockholders was limited to approximately

50% of the total distribution to be paid to all stockholders.

As a result of stockholder

elections, the distribution consisted of 2,860,903 shares of common stock issued in lieu of cash, or approximately 14.8% of our outstanding

shares prior to the distribution, as well as cash of $26,358,885.

elections, the distribution consisted of 2,860,903 shares of common stock issued in lieu

of cash, or approximately 14.8% of our outstanding shares prior to the distribution, as well

as cash of $26,358,885.

The number of shares of common stock comprising the stock portion

was calculated based on a price of $9.425 per share, which equaled the average of the volume weighted-average trading price per share

of our common stock on December 28, 29 and 30, 2015.

was calculated based on a price of $9.425 per share, which equaled the average of the volume

weighted-average trading price per share of our common stock on December 28, 29 and 30, 2015.

None of the $2.76 per share distribution represented a return of capital.

the total distribution of $887,240 on August 24, 2016, $820,753 represented a distribution from realized gains, and $66,487 represented

a return of capital.

of the $3,512,849 distribution paid on December 12, 2019 represented a distribution from realized gains.

None of the distribution

represented a return of capital.

of the $2,107,709 distribution paid on January 15, 2020 represented a distribution from realized gains.

None of the distribution

represented a return of capital.

All of the $2,516,452 distribution paid on August 25, 2020 represented a distribution from realized gains.

None of the distribution

represented a return of capital.

of the $5,071,326 distribution paid on October 20, 2020 represented a distribution from realized gains.

None of the distribution

represented a return of capital.

of the $4,978,504 distribution paid on November 30, 2020 represented a distribution from realized gains.

None of the distribution

represented a return of capital.

of the $4,381,084 distribution paid on January 15, 2021 represented a distribution from realized gains.

None of the distribution

represented a return of capital.

All of the $4,981,131 distribution paid on February 19, 2021 represented a distribution from realized gains.

None of the distribution

represented a return of capital.

of the $6,051,304 distribution paid on April 15, 2021 represented a distribution from realized gains.

None of the distribution represented

a return of capital.

distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed

to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders.

As a result of stockholder

elections, the distribution consisted of 2,335,527 shares of common stock issued in lieu of cash, or approximately 9.6% of our outstanding

shares prior to the distribution, as well as cash of $29,987,589.

The number of shares of common stock comprising the stock portion

was calculated based on a price of $13.07 per share, which equaled the average of the volume weighted-average trading price per share

of our common stock on May 12, 13, and 14, 2021.

the total distribution of $887,240 on August 24, 2016, $820,753 represented a distribution

from realized gains, and $66,487 represented a return of capital.

of the $3,512,849 distribution paid on December 12, 2019 represented a distribution from

realized gains.

None of the distribution represented a return of capital.

All of the $2,107,709 distribution paid on January 15, 2020

represented a distribution from realized gains.

None of the distribution represented a return of capital.

All of the $2,516,452 distribution paid on August 25, 2020

represented a distribution from realized gains.

None of the distribution represented a return of capital.

All of the $5,071,326 distribution paid on October 20, 2020

represented a distribution from realized gains.

None of the distribution represented a return of capital.

All of the $4,978,504 distribution paid on November 30, 2020

represented a distribution from realized gains.

None of the distribution represented a return of capital.

All of the $4,381,084 distribution paid on January 15, 2021

represented a distribution from realized gains.

None of the distribution represented a return of capital.

All of the $4,981,131 distribution paid on February 19, 2021

represented a distribution from realized gains.

None of the distribution represented a return of capital.

All of the $6,051,304 distribution paid on April 15, 2021 represented

a distribution from realized gains.

None of the distribution represented a return of capital.

The distribution was paid in cash or shares of our common stock

at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of

the total distribution to be paid to all stockholders.

As a result of stockholder elections, the distribution consisted of 2,335,527

shares of common stock issued in lieu of cash, or approximately 9.6% of our outstanding shares prior to the distribution, as well as

cash of $29,987,589.

The number of shares of common stock comprising the stock portion was calculated based on a price of $13.07 per

share, which equaled the average of the volume weighted-average trading price per share of our common stock on May 12, 13, and 14, 2021.

None of the $2.50 per share distribution represented a return of capital.

distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed

to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders.

As a result of stockholder

elections, the distribution consisted of 2,225,193 shares of common stock issued in lieu of cash, or approximately 8.4% of our outstanding

shares prior to the distribution, as well as cash of $29,599,164.

The number of shares of common stock comprising the stock portion

was calculated based on a price of $13.55 per share, which equaled the average of the volume weighted-average trading price per share

of our common stock on August 11, 12, and 13, 2021.

The distribution was paid in cash or shares of our common stock

at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of

the total distribution to be paid to all stockholders.

As a result of stockholder elections, the distribution consisted of 2,225,193

shares of common stock issued in lieu of cash, or approximately 8.4% of our outstanding shares prior to the distribution, as well as

cash of $29,599,164.

The number of shares of common stock comprising the stock portion was calculated based on a price of $13.55 per

share, which equaled the average of the volume weighted-average trading price per share of our common stock on August 11, 12, and 13,

None of the $2.25 per share distribution represented a return of capital.

distribution was paid in cash or shares of our common stock at the election of stockholders, although the total amount of cash distributed

to all stockholders was limited to approximately 50% of the total distribution to be paid to all stockholders.

As a result of stockholder

elections, the distribution consisted of 2,170,807 shares of common stock issued in lieu of cash, or approximately 7.5% of our outstanding

shares prior to the distribution, as well as cash of $28,494,812.

The number of shares of common stock comprising the stock portion

was calculated based on a price of $13.39 per share, which equaled the average of the volume weighted-average trading price per share

of our common stock on November 11, 12, and 13, 2021.

The distribution was paid in cash or shares of our common stock

at the election of stockholders, although the total amount of cash distributed to all stockholders was limited to approximately 50% of

the total distribution to be paid to all stockholders.

As a result of stockholder elections, the distribution consisted of 2,170,807

shares of common stock issued in lieu of cash, or approximately 7.5% of our outstanding shares prior to the distribution, as well as

cash of $28,494,812.

The number of shares of common stock comprising the stock portion was calculated based on a price of $13.39 per

share, which equaled the average of the volume weighted-average trading price per share of our common stock on November 11, 12, and 13,

None of the $2.00 per share distribution represented a return of capital.

of the $23,338,915 distribution paid on January 14, 2022 represented a distribution from realized gains.

None of the distribution

represented a return of capital.

All of the $3,441,824 distribution paid on April 15, 2022 represented a distribution from realized gains.

None of the distribution

represented a return of capital.

All of the $23,338,915 distribution paid on January 14, 2022

represented a distribution from realized gains.

None of the distribution represented a return of capital.

All of the $3,441,824 distribution paid on April 15, 2022 represented

a distribution from realized gains.

None of the distribution represented a return of capital.

intend to focus on making equity-based investments from which we will derive primarily capital gains.

28 unchanged sentences

Federal and State Income Taxes ” and “Note

9—Income Taxes” to our condensed consolidated financial statements as of June 30, 2023 for more information.

9—Income Taxes” to our condensed consolidated financial statements as of September 30, 2023 for more information.

Subsidiaries included in our condensed consolidated financial statements are taxable subsidiaries, regardless of whether we are taxed

13 unchanged sentences

Our estimates are inherently subjective in nature and actual results could differ materially from such estimates.

“Note 2—Significant Accounting Policies” to our condensed consolidated financial statements as of June 30, 2023 for

further detail regarding our critical accounting policies and recently issued or adopted accounting pronouncements.

“Note 2—Significant Accounting Policies” to our condensed consolidated financial statements as of September 30, 2023

for further detail regarding our critical accounting policies and recently issued or adopted accounting pronouncements.

Related-Party

“Note 3—Related-Party Arrangements” to our condensed consolidated financial statements as of June 30, 2023 for more

“Note 3—Related-Party Arrangements” to our condensed consolidated financial statements as of September 30, 2023 for

more information.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis