What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-05-09 compared with 2023-11-09 · 303 added, 524 removed, 204 unchanged (80% of the section changed)

16 unchanged sentences

impact of investments that we expect to make;

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;

ability to make distributions;

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

in which we invest;

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;

2 unchanged sentences

expected financings and investments;

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;

4 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.

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

to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate.

Important assumptions

include our ability to originate new investments, certain margins and levels of profitability and the availability of additional capital.

In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this quarterly report on Form

10-Q should not be regarded as a representation by us that our plans and objectives will be achieved.

These risks and uncertainties include

those described or identified in our quarterly reports on Form 10-Q and our annual report on Form 10-K, in the “Risk Factors”

You should not place undue reliance on these forward-looking statements, which apply only as of the date of this quarterly

report on Form 10-Q.

The following analysis of our financial condition and results of operations should be read in conjunction with our

consolidated financial statements and the related notes thereto contained elsewhere in this quarterly report on Form 10-Q.

are an internally-managed, non-diversified closed-end management investment company that has elected to be regulated as a business development

company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be

treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue

Code of 1986, as amended (the “Code”).

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 to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate.

Important assumptions include our ability to originate new investments, certain margins and levels of profitability and the

availability of additional capital.

In light of these and other uncertainties, the inclusion of a projection or forward-looking

statement in this quarterly report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will

These risks and uncertainties include those described or identified in our quarterly reports on Form 10-Q and our

annual report on Form 10-K, in the “Risk Factors” sections.

You should not place undue reliance on these forward-looking

statements, which apply only as of the date of this quarterly report on Form 10-Q.

The following analysis of our financial condition

and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes

thereto contained elsewhere in this quarterly report on Form 10-Q.

are an internally managed, non-diversified closed-end management investment company that has elected to be regulated as a business

development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated, and intends to

qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

investment objective is to maximize our portfolio’s total return, principally by seeking capital gains on our equity and equity-related

5 unchanged sentences

In addition, we may invest

in private credit and in the founders equity, founders warrants, forward purchase agreements, and private investment in public equity

(“PIPE”) transactions of special purpose acquisition companies (“SPACs”).

We may also invest on an opportunistic

basis in select publicly traded equity securities or certain non-U.S.

companies that otherwise meet our investment criteria, subject

to applicable requirements of the 1940 Act.

To the extent we make investments in private equity funds and hedge funds that are excluded

from the definition of “investment company” under the 1940 Act by Section 3(c)(1) or 3(c)(7) of the 1940 Act, we will limit

such investments to no more than 15% of our net assets.

in private credit and in the founders equity, founders warrants, forward purchase agreements, and private investment in public equity (“PIPE”) transactions of special purpose acquisition companies (“SPACs”).

also invest on an opportunistic basis in select publicly traded equity securities or certain non-U.S.

companies that otherwise meet our

investment criteria, subject to applicable requirements of the 1940 Act.

To the extent we make investments in private equity funds and

hedge funds that are excluded from the definition of “investment company” under the 1940 Act by Section 3(c)(1) or 3(c)(7)

of the 1940 Act, we will limit such investments to no more than 15% of our net assets.

regard to the regulatory requirements for BDCs under the 1940 Act, some of these investments may not qualify as investments in “eligible

8 unchanged sentences

investment philosophy is based on a disciplined approach of identifying promising investments in high-growth, venture-backed companies

across several key industry themes which may include, among others, social/mobile, cloud computing and big data, internet commerce, financial

technology, mobility, and enterprise software.

across several key industry themes which may include, among others, social/mobile/consumer, cloud computing and big data, internet commerce, financial

technology, mobility, enterprise software, and sustainability.

Our investment decisions are based on a disciplined analysis of available information

27 unchanged sentences

discretionary bonuses and restricted stock grants.

as otherwise disclosed herein, this Form 10-Q discusses our business and operations as an internally-managed BDC during the period covered

by this Form 10-Q.

and Investment Activity

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.

Months Ended March 31, 2024

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 March 31, 2024, of all of our portfolio investments, excluding short-term U.S.

Treasury bills, was $175,015,571.

the three months ended March 31, 2024, we funded investments in an aggregate amount of $9,999,996 (not including capitalized transaction

costs or investments in short-term U.S.

Treasury bills) as shown in the following table:

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Gross Payments

Orchard Technologies, Inc.

Preferred shares, Series 1

True Global Ventures 4 Plus Pte Ltd (2)

Limited Partner Fund Investment

Simple Agreement for Future Equity (SAFE)

ServiceTitan, Inc.

Common shares

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:

Supplying Demand, Inc.

(d/b/a Liquid Death)

Preferred shares, Series F-1

the three months ended March 31, 2024, we capitalized fees of $3,938.

the three months ended March 31, 2024, we exited or received proceeds from investments in the amount of $318,316, net of transaction

costs, and realized a net loss on investments of $424,074 (including adjustments to amounts held in escrow receivable) as shown in following

Portfolio Company

Transaction Date

Average Net Share Price (1)

Realized Gain/(Loss) (2)

NewLake Capital Partners, Inc.

(f/k/a GreenAcreage Real Estate Corp.) (4)

Nextdoor Holdings, Inc.

Rent the Runway, Inc.

Residential Homes for Rent, LLC (d/b/a Second Avenue) (7)

True Global Ventures 4 Plus Pte Ltd (8)

Ozy Media, Inc.

(10,945,024 )

$ (14,689,009 )

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

fees on the sale(s), if applicable.

PSQ Holdings, Inc.

(d/b/a PublicSquare) - Warrants (4)

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.

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.

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

of February 23, 2024, we had sold our remaining Nextdoor Holdings, Inc.

public common shares.

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:

of March 31, 2024, we held 2,296,037 remaining PSQ Holdings, Inc.

(d/b/a PublicSquare) warrants.

the three months ended March 31, 2024, we did not write-off any investments.

Months Ended March 31, 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 March 31, 2023, of all of our portfolio investments, excluding U.S.

Treasury bills, was $165,088,040.

the three months ended March 31, 2023, we funded investments in an aggregate amount of $3,330,000 (not including capitalized transaction

costs or investments in short-term U.S.

Treasury investments) as shown in the following table:

Portfolio Company

1 unchanged sentence

Gross Payments

Shogun Enterprises, Inc.

Convertible Note 0.5%, Due 4/18/2024

EDGE Markets, Inc.

Preferred Shares, Series Seed

Preferred Shares, Series C

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

Transaction Date

Average Net Share Price (1)

Realized Gain/(Loss) (2)

NewLake Capital Partners, Inc.

(f/k/a GreenAcreage Real Estate Corp.) (3)

Rover Group, Inc.

Rent the Runway, Inc.

Residential Homes for Rent, LLC (d/b/a Second Avenue) (6)

Preferred shares, Series 1

True Global Ventures 4 Plus Pte Ltd (2)

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.

Limited Partner Fund Investment

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 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.

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

the three months ended March 31, 2023, we capitalized fees of $3,698.

the three months ended March 31, 2023, we exited or received proceeds from investments in the amount of $4,190,159, net of transaction

costs, and realized a net gain on investments of $189,343 (including adjustments to amounts held in escrow receivable) as shown in following

Rent the Runway,

NewLake Capital Partners,

(f/k/a GreenAcreage Real Estate Corp.) (5)

Residential Homes for Rent,

LLC (d/b/a Second Avenue) (6)

Global Ventures 4 Plus Pte Ltd (7)

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

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

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

ASA public common shares.

of March 31, 2023, we held 105,820 remaining NewLake Capital Partners, Inc.

public common shares.

the three months ended March 31, 2023, approximately $0.3 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 $0.3 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.

the three months ended March 31, 2023, we did not write-off any investments.

of Operations

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,

of the Three Months Ended March 31, 2024 and 2023

results for the three months ended March 31, 2024 and 2023 are as follows:

Three Months Ended March 31,

Total Investment Income

11 unchanged sentences

$ (4,221,765 )

$ (10,695,531 )

$ (11,844,826 )

Net realized loss on investments

(14,542,137 )

Net realized gain/(loss) on investments

Net change in unrealized appreciation/(depreciation) of investments

(18,418,370 )

(103,929,610 )

Net Change in Net Assets Resulting from Operations

$ (22,065,346 )

$ (119,785,483 )

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,

income increased to $1,528,091 for the three months ended March 31, 2024 from $1,299,082 for the three months ended March 31, 2023.

The net increase between periods was due to increases in interest on idle cash and interest income from Architect Capital PayJoy

The increase was offset by a decrease in interest income from U.S.

Treasury Bills and Residential Homes for Rent, LLC

(d/b/a Second Avenue), and a decrease in dividend income from NewLake Capital Partners, Inc.

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

during the three months ended March 31, 2024, relative to the three months ended ended March 31, 2023.

operating expenses decreased to $4,750,993 for the three months ended March 31, 2024 from $5,520,847 for the three months ended

March 31, 2023.

The decrease in operating expense was primarily due to a decrease in income tax expense related to blocker

corporations and professional fees, offset by an increase in compensation expense associated with an increased headcount and

stock-based compensation expense during the three months ended March 31, 2024, relative to the three months ended March 31, 2023.

Investment Loss

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.

the three months ended March 31, 2024, we recognized a net investment loss of $3,222,902, compared to a net investment loss of

$4,221,765 for the three months ended March 31, 2023.

The change between periods resulted from an increase in total investment

income and a decrease in operating expenses during the three months ended March 31, 2024, relative to the three months ended March

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

the three months ended March 31, 2024, we recognized a net realized loss on our investments of $424,074, compared to a net realized

gain of $189,343 for the three months ended March 31, 2023.

The components of our net realized losses on portfolio investments for

the three months ended March 31, 2024 and 2023, excluding short-term U.S.

Treasury bills and fluctuations in escrow receivables estimates,

are reflected in the tables above, under “—Portfolio and Investment Activity.”

Change in Unrealized Appreciation/(Depreciation) of Investments

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

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

Portfolio Company

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)

Forge Global, Inc.

StormWind, LLC

Orchard Technologies, Inc.

Skillsoft Corp.

Aspiration Partners, Inc.

Course Hero, Inc.

Shogun Enterprises, Inc.

Varo Money, Inc.

Aspiration Partners, Inc.

Forge Global Holdings, Inc.

(17,782,022 )

$ (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 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 nine months ended September 30, 2023 and 2022.

the three months ended March 31, 2024, we had a net change in unrealized appreciation/(depreciation) of $(18,418,370).

For the three

months ended March 31, 2023, we had a net change in unrealized appreciation/(depreciation) of $8,648,931.

The following tables summarize,

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

ended March 31, 2024 and 2023.

Portfolio Company

Net Change in Unrealized

Appreciation/(Depreciation) For the Nine Months Ended

September 30, 2023

Net Change in

Appreciation/(Depreciation)

For the Three Months

March 31, 2024

Portfolio Company

Net Change in Unrealized

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.

StormWind, LLC

Nextdoor Holdings, Inc.

Blink Health, Inc.

Shogun Enterprises, Inc.

(d/b/a Hearth)

NewLake Capital Partners, Inc.

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

Appreciation/(Depreciation)

For the Three Months

March 31, 2023

ServiceTitan, Inc.

Neutron Holdings, Inc.

(d/b/a/ Lime)

Colombier Sponsor LLC

FourKites, Inc.

Varo Money, Inc.

Shogun Enterprises, Inc.

Forge Global, Inc.

Aspiration Partners, Inc.

Rover Group, Inc.

Residential Homes for Rent, LLC (d/b/a Second Avenue)

Orchard Technologies, Inc.

Varo Money, Inc.

Aspiration Partners, Inc.

Skillsoft Corp.

Nextdoor Holdings, Inc.

Forge Global Holdings, Inc.

(17,541,727 )

Course Hero, Inc.

StormWind, LLC

Learneo, Inc.

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

(12,999,032 )

$ (18,418,370 )

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 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.

change in unrealized appreciation/(depreciation) reflected for these investments resulted 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 March 31, 2024.

refer to “Note 12—Subsequent Events” to our Condensed Consolidated Financial Statements as of March 31, 2024 for details

regarding activity in our investment portfolio from April 1, 2024 through May 8, 2024.

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.

Dutch Auction Tender Offer

February 14, 2024, our Board of Directors authorized a modified Dutch Auction tender offer (the “Tender Offer”) to

purchase up to 2,000,000 shares of our common stock at a price per share of not less than $4.00 and not greater than $5.00 in $0.10

increments, using available cash.

The Tender Offer commenced on February 20, 2024 and expired at 5:00 P.M.

Eastern Time on April 1,

Pursuant to the terms of the Tender Offer, we repurchased 2,000,000 shares, representing 7.9% of

our outstanding shares, on or about April 5, 2024 at a price of $4.70 per share.

We used available cash to fund the purchase of our shares

of common stock in the Tender Offer and to pay for all related fees and expenses.

and Capital Resources

1 unchanged sentence

of our equity and debt securities, including pursuant to our continuous at-the-market offering of shares of our common stock as discussed

below under “At-the-Market Offering”.

In addition, on December 17, 2021, we issued $75.0 million aggregate principal amount

of 6.00% Notes due 2026, all of which remain outstanding.

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

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

below under “Equity Issuances and Debt Capital Activities — At-the-Market Offering”.

In addition, on December 17, 2021,

we issued $75.0 million aggregate principal amount of 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”), all of which remain outstanding.

For additional information,

see below and “Note 10—Debt Capital Activities” to our Condensed Consolidated Financial Statements as of March 31,

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

For the nine months

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

For the three

months ended March 31, 2024 and 2023 our operating expenses were $4,750,993 and $5,520,847, respectively.

Cash Reserves and Liquid Securities

September 30, 2023

March 31, 2024

December 31, 2023

3 unchanged sentences

Unrestricted securities (2)

to other sales restrictions (3)

Subject to other sales restrictions (3)

Securities of publicly traded portfolio companies

1 unchanged sentence

$ 107,502,205

$ 138,497,900

of short-term U.S.

1 unchanged sentence

“Unrestricted

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

are not subject to any restrictions upon sale.

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

We may incur losses.

(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.

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

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

the three months ended March 31, 2024, cash increased to $50,814,399 from $28,178,352 at the beginning of the year.

The increase in cash was

primarily due to the sale or exit of investments, including U.S.

Treasury bills and other investment income received, offset

by the purchase of new investments, our operating expenses, and interest payments on the 6.00% Notes due 2026.

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 September 30, 2023 is as follows:

summary of our significant contractual payment obligations as of March 31, 2024 is as follows:

Payments Due By Period (in millions)

6.00% Notes due December 30, 2026 (1)

6.00% Notes due 2026 (1)

Operating lease liability

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 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

the principal balance payable to investors for the 6.00% Notes due 2026 as of March 31, 2024.

Refer to “Note 10—Debt

Capital Activities” in our Condensed Consolidated Financial Statements as of March 31, 2024 for more

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 three months ended March 31, 2024, we did not repurchase any shares of our common stock under the discretionary open-market share repurchase program (the “Share Repurchase Program”).

During the three months

ended March 31, 2023, we did not repurchase any shares of our common stock under the Share Repurchase Program.

As of March 31, 2024, the dollar

value of shares that remained available to be purchased under the Share Repurchase Program was approximately $20.7 million.

Currently, the Share Repurchase Program is authorized 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

Dutch Auction Tender Offer and to pay for all related fees and expenses.

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

Exchange Act of 1934, as amended (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 March 31, 2024.

Sheet Arrangements

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.

of March 31, 2024 and December 31, 2023, we had no off-balance sheet arrangements, including any risk management of commodity pricing or other hedging

However, we may employ hedging and other risk management techniques in the future.

Issuances & Debt Capital Activities

Issuances and Debt Capital Activities

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 (as amended, the “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 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 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 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.

Under the Initial

Sales Agreement, we may, but have no obligation to, issue and sell up to $150.0 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”).

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 months ended March 31, 2024, we did not issue or sell Shares under the ATM program.

As of March 31, 2024, up to approximately $98.8

million in aggregate amount of the Shares remain available for sale under the ATM Program.

the three months ended March 31, 2023, we did not issue or sell Shares under the ATM program.

31, 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 March 31, 2024 for more

information regarding the ATM Program.

Notes due 2026

8 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 September 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 March 31, 2024 for more

information regarding the 6.00% Notes due 2026.

Distributions

1 unchanged sentence

available for distribution.

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

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

The following table lists the distributions, including dividends and returns

of capital, if any, per share that we have declared since our formation through March 31, 2024.

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

Date Declared

Amount per Share

November 4, 2015 (1)

November 16, 2015

December 31, 2015

August 3, 2016 (2)

August 16, 2016

August 24, 2016

November 5, 2019 (3)

December 2, 2019

December 12, 2019

December 20, 2019 (4)

December 31, 2019

January 15, 2020

July 29, 2020 (5)

August 11, 2020

August 25, 2020

September 28, 2020 (6)

October 5, 2020

October 20, 2020

October 28, 2020 (7)

November 10, 2020

November 30, 2020

December 16, 2020 (8)

December 30, 2020

January 15, 2021

January 26, 2021 (9)

February 5, 2021

February 19, 2021

March 8, 2021 (10)

March 30, 2021

April 15, 2021

May 4, 2021 (11)

June 30, 2021

August 3, 2021 (12)

August 18, 2021

September 30, 2021

November 2, 2021 (13)

November 17, 2021

December 30, 2021

December 20, 2021 (14)

December 31, 2021

January 14, 2022

March 8, 2022 (15)

March 25, 2022

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.

20, 2021 (14)

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.

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.

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.

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.

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.

None of the $2.50 per share 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 2,225,193

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,

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.

None of the $2.25 per share 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 2,170,807

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,

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.

None of the $2.00 per share 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.

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.

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.

22 unchanged sentences

long as we qualify and maintain our tax treatment as a RIC, we generally will not be subject to U.S.

federal and state income taxes on

any ordinary income or capital gains that we distribute at least annually to our stockholders as dividends.

Rather, any tax liability

related to income earned by the RIC will represent obligations of our investors and will not be reflected in our consolidated financial

federal and state income taxes

on any ordinary income or capital gains that we distribute at least annually to our stockholders as dividends.

Rather, any tax

liability related to income earned by the RIC will represent obligations of our investors and will not be reflected in our condensed

consolidated financial statements.

See “Note 2—Significant Accounting Policies— U.S.

Federal and State Income Taxes ” and “Note

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

These taxable subsidiaries are not consolidated for income tax purposes and may generate income tax expenses as a result of

their ownership of the portfolio companies.

Such income tax expenses and deferred taxes, if any, will be reflected in our condensed consolidated

financial statements.

Accounting Policies

accounting policies and practices are the policies that are both most important to the portrayal of our financial condition and results,

and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about

the effects of matters that are inherently uncertain.

These include estimates of the fair value of our Level 3 investments and other

estimates that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the

reported amounts of certain revenues and expenses during the reporting period.

It is likely that changes in these estimates will occur

in the near term.

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 September 30, 2023

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

Federal and State Income

Taxes ” and “Note 9—Income Taxes” to our Condensed Consolidated Financial Statements as of March 31, 2024

for more information.

The Taxable Subsidiaries included in our Condensed Consolidated Financial Statements are taxable subsidiaries,

regardless of whether we are taxed as a RIC.

These taxable subsidiaries are not consolidated for income tax purposes and may

generate income tax expenses as a result of their ownership of the portfolio companies.

Such income tax expenses and deferred taxes,

if any, will be reflected in our condensed consolidated financial statements.

Accounting Estimates and Policies

accounting policies and practices are the policies that are both most important to the portrayal of our financial condition and

results, and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make

estimates about the effects of matters that are inherently uncertain.

These include estimates of the fair value of our Level 3

investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the condensed

consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period.

likely that changes in these estimates will occur in the near term.

Our estimates are inherently subjective in nature and actual

results could differ materially from such estimates.

See “Note 2—Significant Accounting Policies” to our Condensed

Consolidated Financial Statements as of March 31, 2024 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 September 30, 2023 for

more information.

“Note 3—Related-Party Arrangements” to our Condensed Consolidated Financial Statements as of March 31, 2024 for more

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