What changed in this filing

/stocks — the workspaceLOADING

Item 7. Management’s Discussion and Analysis

2026-03-11 compared with 2025-03-12 · 343 added, 386 removed, 323 unchanged (69% of the section changed)

59 unchanged sentences

financial statements and the related notes thereto contained elsewhere in this annual report on Form 10-K.

We are an internally managed, non-diversified closed-end management investment

company that has elected to be regulated as a BDC under the 1940 Act, and has elected to be treated, and intends to qualify annually,

as a RIC under Subchapter M of the Code.

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

3 unchanged sentences

We acquire our investments through direct investments in prospective

portfolio companies, secondary marketplaces for private companies, negotiations with selling stockholders, and through investments in SPVs and investment funds that invest directly in the equity or debt of a single private issuer.

In addition, we may invest in private credit and in the founders equity, founders warrants, venture capital investment funds, and PIPE transactions of 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.

portfolio companies, secondary marketplaces for private companies, negotiations with selling stockholders, and through investments in

special purpose vehicles (“SPVs”) and investment funds that invest directly in the equity or debt of a single private issuer.

In addition, we may invest in private credit and in the founders equity, founders warrants, venture capital investment funds, 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, 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, or certain

companies that otherwise meet our investment criteria, subject to applicable requirements of the 1940 Act.

Our 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, Artificial Intelligence Infrastructure & Applications, Consumer Goods &

Services, Software-as-a-Service, Financial Technology & Services, and Logistics & Supply Chain.

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

portfolio company’s business operations, focusing on the portfolio company’s growth potential, the quality of recurring

revenues, and path to profitability, as well as an understanding of key market fundamentals.

Venture capital funds or other

institutional investors have invested in the vast majority of companies we evaluate.

seek to deploy capital primarily in the form of non-controlling equity and equity-related investments, including common stock, warrants,

preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity,

and convertible debt securities with a significant equity component.

Typically, our preferred stock investments are non-income producing,

have different voting rights than our common stock investments and are generally convertible into common stock at our discretion.

our investment strategy is primarily focused on equity positions, our investments generally do not produce current income and therefore

we may be dependent on future capital raising to meet our operating needs if no other source of liquidity is available.

seek to create a low-turnover portfolio that includes investments in companies representing a broad range of investment themes.

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

7 unchanged sentences

however, to dispose of any non-qualifying assets in such circumstances.

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, Software-as-a-Service, Artificial Intelligence Infrastructure & Applications,

Consumer Goods & Services, Education Technology, Logistics & Supply Chain, Financial Technology & Services, and SuRo

Our investment decisions are based on a disciplined analysis of available information regarding each potential portfolio

company’s business operations, focusing on the portfolio company’s growth potential, the quality of recurring revenues,

and path to profitability, as well as an understanding of key market fundamentals.

Venture capital funds or other institutional

investors have invested in the vast majority of companies we evaluate.