What changed in this filing

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2025-05-07 compared with 2024-11-08 · 35 added, 28 removed, 0 unchanged (100% of the section changed)

Quantitative and Qualitative Disclosures about Market Risk

equity investments are primarily in growth companies that in many cases have short operating histories and are generally illiquid.

addition to the risk that these companies may fail to achieve their objectives, the price we may receive for these companies in private

transactions may be significantly impacted by periods of disruption and instability in the capital markets.

While these periods of disruption

generally have little actual impact on the operating results of our equity investments, these events may significantly impact the prices

that market participants will pay for our equity investments in private transactions.

This may have a significant impact on the valuation

of our equity investments.

investments may not have a readily available market quotation, as such term is defined in Rule 2a-5 under the 1940 Act, and we value

these investments at fair value as determined in good faith by our Board of Directors in accordance with our valuation policy.

is no single standard for determining fair value in good faith.

As a result, determining fair value requires that judgment be applied

to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the

types of investments we make.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily

available market value, the fair value of our investments may fluctuate from period to period.

Because of the inherent uncertainty of

valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments

existed, and it is possible that the difference could be material.

In addition, if we were required to liquidate a portfolio investment

in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

are subject to financial market risks, which could include, to the extent we utilize leverage with variable rate structures, changes

in interest rates.

As we invest primarily in equity rather than debt instruments, we would not expect fluctuations in interest rates

to directly impact the return on our portfolio investments, although any significant change in market interest rates could potentially

have an adverse effect on the business, financial condition and results of operations of the portfolio companies in which we invest.

As of September 30, 2024, all of our debt investments and outstanding borrowings bore fixed rates of interest.

Quantitative and Qualitative Disclosures

about Market Risk

Our equity investments are primarily

in growth companies that in many cases have short operating histories and are generally illiquid.

In addition to the risk that these companies

may fail to achieve their objectives, the price we may receive for these companies in private transactions may be significantly impacted

by periods of disruption and instability in the capital markets.

While these periods of disruption generally have little actual impact

on the operating results of our equity investments, these events may significantly impact the prices that market participants will pay

for our equity investments in private transactions.

This may have a significant impact on the valuation of our equity investments.

Valuation Risk

Our investments may not have

a readily available market quotation, as such term is defined in Rule 2a-5 under the 1940 Act, and we value these investments at fair

value as determined in good faith by our Board of Directors in accordance with our valuation policy.

There is no single standard for determining

fair value in good faith.

As a result, determining fair value requires that judgment be applied to the specific facts and circumstances

of each portfolio investment while employing a consistently applied valuation process for the types of investments we make.

inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of

our investments may fluctuate from period to period.

Because of the inherent uncertainty of valuation, these estimated values may differ

significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference

could be material.

In addition, if we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize

amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

We are subject to financial market

risks, which could include, to the extent we utilize leverage with variable rate structures, changes in interest rates.

As we invest primarily

in equity rather than debt instruments, we would not expect fluctuations in interest rates to directly impact the return on our portfolio

investments, although any significant change in market interest rates could potentially have an adverse effect on the business, financial

condition and results of operations of the portfolio companies in which we invest.

As of March 31, 2025, all of our debt investments and

outstanding borrowings bore fixed rates of interest.

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 3. Quantitative and Qualitative Disclosures About Market Risk