Main Street Capital CORP

For the period ended Mar 31, 2025. Filed May 9, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 9, 2025

MAIN$57.21+0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Consolidated Schedule of Investments (unaudited)—March,

Consolidated Schedule of Investments

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
Control Investments (5)
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/25/2025		12.95%	SF+	8.50%	12.95%	3/28/2028	$7,410		$7,410		$7,410
			Secured Debt	(9)	3/25/2025		12.95%	SF+	8.50%	12.95%	3/28/2028	7,410		7,410		7,410
			Preferred Equity		3/25/2025	26,638							8,970		8,970
													23,790		23,790
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(25)	8/16/2019						8/16/2029	—		—		—
			Secured Debt		8/16/2019		17.50%				8/16/2029	4,045		4,001		4,001
			Preferred Member Units		5/20/2021	2,427							2,427		5,140
			Preferred Member Units		8/16/2019	3,200							3,200		—
			Warrants	(27)	8/16/2019	420					8/16/2029		316		—
													9,944		9,141
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt	(17)	12/31/2019		13.00%				7/31/2024	400		400		400
			Secured Debt	(17)	8/1/2013		13.00%				7/31/2024	1,578		1,578		1,525
			Preferred Member Units		6/28/2023	178							178		—
			Member Units		8/1/2013	1,500							1,500		—
													3,656		1,925
ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
			Secured Debt	(14)	11/16/2017		5.00%				3/31/2025	2,424		2,416		—
			Secured Debt	(14) (17)	11/16/2017		5.00%				9/1/2024	3,015		2,842		—
			Preferred Member Units		11/16/2017	3,725,862							3,726		—
													8,984		—
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%				10/31/2026	711		711		711
			Member Units		10/26/2020	37							1,584		5,760
													2,295		6,471
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt		3/7/2022		11.00%				3/7/2027	180		176		176
			Secured Debt		3/7/2022		11.00%				3/7/2027	270		270		270
			Secured Debt		3/7/2022		11.00%				3/7/2027	10,575		10,534		10,534
			Preferred Stock	(8)	3/7/2022	4,073							4,095		5,160
													15,075		16,140
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	420		420		420
			Preferred Equity		11/4/2024	18,756,995							19,537		18,920
													19,957		19,340
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
		Secured Debt	(25)	12/31/2020						10/31/2027	—		—		—
		Secured Debt	(9) (22)	12/31/2020		11.70%	SF+	7.33%		10/31/2027	101,046		100,703		101,046
		Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%						14,000		31,000
												114,703		132,046
Brewer Crane Holdings, LLC	Provider of Crane Rental and Operating Services
		Secured Debt	(9)	1/9/2018		14.48%	SF+	10.00%		12/31/2025	5,016		5,016		5,016
		Preferred Member Units	(8)	1/9/2018	2,950							4,280		4,110
												9,296		9,126
Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132		—
		Preferred Member Units	(8) (29)	7/25/2016	17,742							1,000		—
												3,132		—
Café Brazil, LLC	Casual Restaurant Group
		Member Units	(8)	6/9/2006	1,233							1,742		1,100
California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(25)	3/15/2024					4.00%	7/29/2026	—		(19)		(19)
		Secured Debt		3/30/2018		14.00%			4.00%	7/29/2026	28,000		27,955		27,955
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			11,318		11,318
		Preferred Member Units	(8)	3/30/2018	8,729							16,402		22,215
												55,656		61,469
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300		49,540
Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	10.00%		1/4/2028	—		—		—
		Secured Debt	(9)	11/29/2024		14.48%	SF+	10.00%		1/4/2028	24,464		24,426		24,464
		Preferred Member Units		1/4/2019	13,883							6,386		14,280
												30,812		38,744
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2026	—		(82)		—
		Secured Debt	(9)	2/26/2018		12.49%	SF+	8.00%		2/26/2026	17,220		17,216		17,220
		Member Units	(8)	2/26/2018	4,347							11,440		34,240
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773		3,630
												30,347		55,090
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694		5,188		5,694

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Preferred Member Units	(8)	2/3/2017	1,829						1,963		15,580
												7,151		21,274
Clad-Rex Steel, LLC		Specialty Manufacturer of Vinyl-Clad Metal
			Secured Debt	(25)	10/28/2022					1/15/2027	—		—		—
			Secured Debt		12/20/2016		9.00%			1/15/2027	6,520		6,482		6,520
			Secured Debt		12/20/2016		10.00%			12/20/2036	962		955		962
			Member Units	(8)	12/20/2016	717						7,280		11,040
			Member Units	(29)	12/20/2016	800						509		1,270
												15,226		19,792
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(25)	3/6/2020					12/17/2026	—		(10)		—
			Secured Debt		3/6/2020		12.50%			12/17/2026	37,715		37,699		37,715
			Preferred Member Units	(8) (29)	3/6/2020	587						8,317		69,500
												46,006		107,215
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(25)	3/31/2021					3/31/2026	—		—		—
			Secured Debt		3/31/2021		12.00%			3/31/2026	13,995		13,966		13,995
			Preferred Member Units	(8)	3/31/2021	17,280						7,680		14,330
												21,646		28,325
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9)	1/29/2019		13.48%	SF+	9.00%	1/29/2028	2,745		2,700		2,700
			Preferred Member Units		1/29/2019	2,250						3,520		10,610
												6,220		13,310
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023					11/22/2028	—		(19)		(19)
			Secured Debt		11/22/2023		13.50%			11/22/2028	17,200		17,076		17,076
			Preferred Equity		11/22/2023	7,454						7,454		7,454
												24,511		24,511
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%						515		515
Cybermedia Technologies, LLC		IT and Digital Services Provider
			Secured Debt	(25)	5/5/2023					5/5/2028	—		—		—
			Secured Debt		5/5/2023		13.00%			5/5/2028	27,300		27,130		26,622
			Preferred Member Units	(8)	5/5/2023	556						15,000		9,020
												42,130		35,642
Datacom, LLC		Technology and Telecommunications Provider

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
		Secured Debt		3/1/2022		7.50%			12/31/2025	945		944		944
		Secured Debt		3/31/2021		10.00%			12/31/2025	8,015		7,914		7,914
		Preferred Member Units		3/31/2021	9,000						2,610		240
											11,468		9,098
Digital Products Holdings LLC	Designer and Distributor of Consumer Electronics
		Secured Debt	(9)	4/1/2018		14.38%	SF+	10.00%	4/27/2026	12,287		12,243		12,104
		Preferred Member Units	(8)	4/1/2018	3,857						9,501		9,835
											21,744		21,939
Direct Marketing Solutions, Inc.	Provider of Omni-Channel Direct Marketing Services
		Secured Debt	(25)	2/13/2018					2/13/2026	—		(24)		—
		Secured Debt		12/27/2022		14.00%			2/13/2026	23,492		23,460		23,492
		Preferred Stock		2/13/2018	8,400						8,400		18,470
											31,836		41,962
Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassis Components
		Secured Debt	(9) (25)	10/3/2022			SF+	6.00%	10/3/2026	—		(5)		(5)
		Secured Debt		10/3/2022		12.00%			10/3/2027	17,998		17,908		17,908
		Secured Debt		10/3/2022		9.00%			10/3/2052	6,252		6,195		6,195
		Common Stock		10/3/2022	285						5,726		5,040
		Common Stock	(29)	10/3/2022	939						1,558		3,100
											31,382		32,238
Gamber-Johnson Holdings, LLC	Manufacturer of Ruggedized Computer Mounting Systems
		Secured Debt	(9) (25) (34)	6/24/2016			SF+	7.50%	1/1/2028	—		—		—
		Secured Debt	(9) (34)	11/22/2024		11.50%	SF+	7.50%	1/1/2028	73,126		72,998		73,126
		Member Units	(8)	6/24/2016	9,042						17,692		114,750
											90,690		187,876
Garreco, LLC	Manufacturer and Supplier of Dental Products
		Member Units	(8)	7/15/2013	1,200						1,200		1,830
GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products
		Secured Debt		12/21/2018		10.48%	SF+	6.00%	10/29/2026	3,146		3,141		3,146
		Secured Debt		12/19/2014		12.48%	SF+	8.00%	10/29/2026	40,493		40,418		40,493
		Member Units		12/19/2014	5,879						13,065		45,890
											56,624		89,529
Gulf Publishing Holdings, LLC	Energy Industry Focused Media and Publishing
		Secured Debt	(9) (14) (25)	9/29/2017			SF+	9.50%	7/1/2027	—		—		—

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Secured Debt	(14)	7/1/2022		12.50%			12.50%	7/1/2027	2,400		2,221		1,738
			Preferred Equity		7/1/2022	63,720							5,600		—
			Member Units		4/29/2016	3,681							3,681		—
													11,502		1,738
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(8) (30)	10/1/2017	49.26%							3,425		8,732
			LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							256		383
			LP Interests (2717 GRE-LP, L.P.)	(30)	4/18/2024	43.05%							441		441
			LP Interests (423 COR, L.P.)	(8) (30)	6/2/2022	26.89%							2,900		4,270
													7,022		13,826
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456							718		7,060
IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	1,600		1,574		1,600
			Secured Debt		6/21/2023		13.00%				6/21/2028	35,064		34,837		35,064
			Common Equity		6/21/2023	14,400							14,400		17,780
													50,811		54,444
Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(9) (25)	8/29/2017			P+	6.75%		11/14/2026	—		—		—
			Secured Debt	(9)	11/14/2006		14.25%	P+	6.75%		11/14/2026	1,338		1,338		1,338
			Member Units	(8)	11/14/2006	627							811		11,540
													2,149		12,878
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	23,321		23,228		23,228
			Preferred Equity	(8)	3/28/2022	109,926							10,993		13,670
													34,221		36,898
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		9.00%				2/24/2028	3,400		3,380		3,400
			Member Units	(8)	1/23/2006	325							783		25,180
													4,163		28,580
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	14,199		14,189		14,189
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,947		3,914		3,914
			Preferred Equity		10/31/2018	581							12,240		12,890
			Member Units	(8) (29)	10/31/2018	800							992		2,710

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
													31,335		33,703
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2025	—		(7)		(7)
			Secured Debt		10/19/2022		9.75%				10/19/2027	19,030		18,933		18,933
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916		5,916
			Common Stock	(8)	10/19/2022	1,537,219							1,537		7,370
													26,379		32,212
Moffitt Holdings, LLC		Bulk Fuel and Lubricants Distributor
			Secured Debt		3/19/2025		13.00%				3/19/2030	35,000		34,656		34,656
			Preferred Equity		3/19/2025	14,300							14,300		14,300
													48,956		48,956
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt		1/26/2021		5.00%				3/24/2026	10,000		10,000		10,000
			LP Interests	(8) (30)	1/26/2021	14.51%							14,250		13,857
													24,250		23,857
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%		3/5/2029	—		(104)		(104)
			LP Interests	(8) (30)	9/5/2023	13.22%							8,157		8,551
													8,053		8,447
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500		238,170
MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	1,374,872							21,500		21,512
MVI MSO, LLC (Milford Vascular)		Vascular Practice Specializing in Comprehensive Vein and Artery Diagnosis and Treatment
			Secured Debt		3/28/2025		13.00%				3/28/2030	9,850		9,753		9,753
			Preferred Equity		3/28/2025	270							2,700		2,700
													12,453		12,453
Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
			Secured Debt	(25)	8/18/2014						1/31/2027	—		—		—
			Secured Debt		8/18/2014		10.00%				1/31/2027	5,746		5,733		5,746
			Common Stock	(8)	8/18/2014	5,873							2,720		26,370
													8,453		32,116
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units		1/31/2008	2,955							2,975		8,890
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
		Secured Debt		6/4/2024		13.50%			6/4/2029	27,200		26,972		26,972
		Common Equity	(8)	6/4/2024	364,579						12,120		16,500
											39,092		43,472
NexRev LLC	Provider of Energy Efficiency Products & Services
		Preferred Member Units	(8)	2/28/2018	103,144,186						8,213		13,420
NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		Secured Debt		12/21/2017		12.00%			9/18/2028	2,191		2,183		2,183
		Preferred Equity		12/8/2011	495,000						482		1,238
		Member Units		12/22/2011	74,761						114		62
		Member Units		12/22/2011	74,761						3,823		1,518
											6,602		5,001
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9) (17)	1/31/2017		10.98%	SF+	6.50%	1/31/2025	3,600		3,600		3,600
		Secured Debt	(17)	1/31/2017		12.00%			1/31/2025	18,440		18,440		18,440
		Preferred Member Units		11/2/2022	2,400						2,785		6,000
		Preferred Member Units		1/31/2017	486						11,866		12,200
											36,691		40,240
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%			12/31/2029	14,000		13,951		14,000
		Preferred Member Units	(8)	4/1/2008	900						1,080		75,820
											15,031		89,820
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9) (25)	7/30/2021			SF+	11.00%	7/31/2026	—		—		—
		Secured Debt	(9)	7/30/2021		15.48%	SF+	11.00%	7/31/2026	21,560		21,502		21,560
		Preferred Stock	(8) (29)	7/30/2021	10,000						10,000		13,450
											31,502		35,010
Pinnacle TopCo, LLC	Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
		Secured Debt	(25)	12/21/2023					12/31/2028	—		(12)		—
		Secured Debt		12/21/2023		13.00%			12/31/2028	28,640		28,429		28,640
		Preferred Equity	(8)	12/21/2023	440						12,540		20,100
											40,957		48,740
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	7.00%	11/15/2027	—		(5)		—
		Secured Debt	(9)	11/15/2016		11.48%	SF+	7.00%	11/15/2027	15,556		15,461		15,556
		Common Stock		6/10/2010	2,000						2,150		18,160
		Common Stock	(8) (29)	6/14/2022	238,421						238		514

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
										17,844		34,230
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%		11/15/2026	4,897		4,865		4,865
		Preferred Member Units	(8)	2/1/2011	21,806					5,709		12,950
		Common Stock		1/27/2021	1,037					1,200		620
										11,774		18,435
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000					7,546		460
River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(29)	12/20/2013	1,500					369		9,530
Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(14) (25)	12/15/2021			10.00%	12/15/2026	—		(45)		(45)
		Secured Debt	(14)	12/15/2021		12.50%	10.00%	12/15/2026	33,660		32,413		14,352
		Preferred Equity		12/15/2021	11,070					11,070		—
										43,438		14,307
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt	(14) (17)	8/31/2018		12.00%	12.00%	8/31/2023	1,840		1,821		1,555
		Secured Debt	(14) (17)	8/31/2018		12.00%	12.00%	8/31/2023	15,200		15,045		3,207
		Preferred Member Units		8/28/2023	6,605					661		—
		Preferred Member Units		2/1/2023	5,643					564		—
		Preferred Member Units		8/31/2018	544					9,245		—
										27,336		4,762
Televerde, LLC	Provider of Telemarketing and Data Services
		Preferred Stock		1/26/2022	248					718		1,794
		Member Units		1/6/2011	460					1,290		5,021
										2,008		6,815
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt	(25)	5/31/2019				5/31/2027	—		(1)		(1)
		Secured Debt		5/31/2019		13.50%		5/31/2027	7,920		7,862		7,862
		Common Stock	(8)	5/31/2019	615					4,655		8,570
										12,516		16,431
Victory Energy Operations, LLC	Provider of Industrial and Commercial Combustion Systems
		Secured Debt	(25)	10/3/2024				10/3/2029	—		(31)		(31)
		Secured Debt		10/3/2024		13.00%		10/3/2029	48,251		47,816		47,816
		Preferred Equity	(8)	10/3/2024	51,914			10/3/2029		22,686		22,686
										70,471		70,471
Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Secured Debt		3/31/2023		10.00%				3/31/2025	2,100		2,100		2,100
			Preferred Member Units		3/31/2023	5,097,595							3,673		5,170
			Preferred Member Units		3/31/2023	142,512							—		—
			Preferred Member Units		1/26/2015	4,876,670							14,000		—
			Common Stock		3/31/2023	1,802,780							2,576		—
													22,349		7,270
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (25)	12/1/2021			SF+	6.00%		12/1/2025	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	25,760		25,674		25,674
			Preferred Equity	(8) (29)	12/1/2021	12,240							12,240		12,240
													37,914		37,914
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		12/30/2024		12.00%				12/31/2027	1,750		1,750		1,750
			Preferred Member Units		6/30/2015	16,878							3,154		160
			Warrants	(27)	7/1/2015	587					10/1/2025		600		—
													5,504		1,910
Subtotal Control Investments (76.5% of net assets at fair value)													$1,500,635		$2,172,956
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt	(14)	3/28/2025					10.00%	3/31/2030	$3,109		$3,109		$3,109
			Secured Debt	(14)	3/28/2025					10.00%	3/31/2030	3,109		3,109		3,109
			Preferred Equity		3/28/2025	12,621,635							8,520		8,520
			Common Stock		12/11/2020	654,743							3,148		—
			Warrants	(27)	12/11/2020	574,598					12/11/2025		—		—
													17,886		14,738
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	320		320		266
			Member Units	(8)	6/30/2017	2,160,000							2,256		1,120
													2,576		1,386
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	7,059		6,019		—
			Secured Debt	(14)	6/28/2024		15.00%			15.00%	4/1/2025	16		—		—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	9,916		5,862		—
			Preferred Member Units		6/30/2015	6	6.00%			6.00%			4,770		—
													16,651		—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9)	12/17/2021		10.38%	SF+	6.00%		12/17/2026	1,800		1,789		1,789
			Secured Debt		12/17/2021		12.50%				12/17/2026	19,238		19,172		19,172

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Common Stock		12/17/2021	450,000					4,500		4,740
											25,461		25,701
CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt	(25)	12/10/2021				12/10/2026	—		(10)		—
			Secured Debt		12/10/2021		15.00%		12/10/2026	21,507		21,430		21,507
			Preferred Equity	(8)	12/10/2021	3,310					3,635		16,030
											25,055		37,537
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units	(8)	3/12/2020	154					—		2,640
Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	12.49%					2,813		2,276
Connect Telecommunications Solutions Holdings, Inc.	(13)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%		10/9/2029	27,577		27,329		27,329
			Preferred Equity		10/9/2024	22,304					12,596		12,596
											39,925		39,925
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		12.00%		6/18/2029	560		555		555
			Secured Debt		11/19/2021		12.00%		6/18/2029	16,800		16,726		16,726
			Preferred Equity		11/19/2021	5,944					5,944		5,944
			Preferred Equity	(8)	6/18/2024	3,068	15.00%	15.00%			3,360		3,360
											26,585		26,585
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%					6,172		7,708
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%					1,960		2,447
											8,132		10,155
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units	(29)	6/27/2016	2,000,000					2,000		—
EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	11/6/2015	5,000,000					416		369
FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt		5/28/2024		13.00%		5/29/2029	32,390		28,952		32,390

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Warrants	(8) (27)	5/28/2024	12						3,920		14,630
												32,872		47,020
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Preferred Equity	(8)	10/29/2021	9,360						10,400		39,370
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%						2,580		2,190
			LP Interests (Freeport First Lien Loan Fund III LP)	(8) (30)	7/31/2015	5.95%						694		298
												3,274		2,488
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%			3/31/2026	8,185		8,168		8,185
			Preferred Member Units	(8)	3/31/2021	226						4,900		9,610
												13,068		17,795
Gulf Manufacturing, LLC	(13) (21)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt	(25)	3/15/2024			SF+	7.63%	3/15/2029	—		(39)		—
			Secured Debt		3/15/2024		12.00%	SF+	7.63%	3/15/2029	38,500		38,198		38,500
			Member Units	(8)	8/31/2007	438						2,980		14,730
			Common Stock		11/18/2024	888						888		1,020
												42,027		54,250
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%						2,092		4,462
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%						5,532		5,974
			LP Interests (423 HAR, L.P.)	(30)	6/2/2023	15.60%						750		1,226
												8,374		11,662
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		10.48%	SF+	6.00%	1/15/2026	2,502		2,501		2,502
			Secured Debt		12/2/2016		12.50%			1/15/2026	45,256		45,213		45,256
			Preferred Member Units	(8)	12/2/2016	226						2,850		21,120
			Preferred Member Units	(29)	12/2/2016	226						150		1,110
												50,714		69,988
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		10.00%			4/2/2026	3,000		3,000		2,940
			Member Units	(8)	1/8/2003	322,297						2,352		4,240
												5,352		7,180
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Common Equity		4/7/2023	18,006,407							18,300		19,850
Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		12.00%				3/31/2028	14,825		14,738		14,825
			Preferred Equity	(8)	3/31/2023	87,360							4,368		7,930
													19,106		22,755
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		12.07%	SF+	7.50%		8/20/2026	12,915		12,840		12,741
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			261		459
			Common Stock		8/20/2021	9,968							1,356		550
													14,457		13,750
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/2/2021		13.00%				1/31/2028	4,514		4,495		4,495
			Secured Debt		9/1/2021		13.00%				1/31/2028	2,940		2,928		2,928
			Secured Debt		11/15/2021		13.00%				1/31/2028	8,944		8,944		8,944
			Secured Debt		11/15/2021		13.00%				1/31/2028	17,624		17,549		17,549
			Secured Debt		1/31/2023		13.00%				1/31/2028	9,554		9,372		9,372
			Preferred Equity		6/26/2024	711	25.00%			25.00%			711		760
			Common Stock		8/3/2021	203,016							2,756		2,850
													46,755		46,898
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		12.96%	SF+	8.50%		6/21/2027	1,180		1,170		1,180
			Secured Debt	(9)	6/21/2023		12.96%	SF+	8.50%		6/21/2027	994		983		994
			Secured Debt	(9)	6/21/2023		11.96%	SF+	7.50%		6/21/2027	4,438		3,838		4,438
			Secured Debt	(9)	6/21/2023		13.96%	SF+	9.50%		6/21/2027	4,438		3,838		4,438
			Warrants	(27)	6/21/2023	193,307					6/21/2033		2,091		6,660
													11,920		17,710
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,105		1,073		1,073
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,144		1,144		1,144
			Preferred Equity		2/10/2025	9,213							4,890		4,890
													7,107		7,107
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.79%	SF+	5.50%		12/31/2026	2,652		2,652		2,652
			Common Equity	(29)	12/19/2024	66,306					12/31/2026		13,840		13,340
													16,492		15,992
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		14.00%				8/19/2029	9,600		9,001		9,001

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Preferred Member Units	(8)	8/19/2024	163,282	12.00%			12.00%			1,758		1,758
			Warrants	(27)	8/19/2024	59,368					8/19/2029		594		594
													11,353		11,353
Nebraska Vet AcquireCo, LLC		Mixed-Animal Veterinary and Animal Health Product Provider
			Secured Debt	(9) (25)	12/31/2020			SF+	7.00%		5/9/2027	—		(6)		—
			Secured Debt		5/9/2024		12.50%				5/9/2027	7,250		7,087		7,250
			Secured Debt		12/31/2020		12.50%				5/9/2027	62,200		62,097		62,200
			Preferred Member Units	(8)	12/31/2020	6,987							6,987		60,560
													76,165		130,010
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	9/30/2025	4,415		4,415		456
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	9/30/2025	2,116		2,116		218
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	9/30/2025	983		983		101
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	9/30/2025	964		964		99
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	9/30/2025	305		305		305
			Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981		—
			Common Stock		4/15/2021	635							830		—
			Warrants	(27)	4/18/2011	4,699					5/10/2025		1,089		—
													12,683		1,179
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	1,128							1,128		2,830
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	1,318		1,314		1,200
			Secured Debt	(9) (25)	4/8/2021			SF+	6.75%		4/8/2026	—		—		—
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	13,780		13,742		12,545
			Common Equity		8/12/2024	110							—		—
													15,056		13,745
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.75%				6/16/2028	2,250		2,237		2,250
			Secured Debt	(23)	6/16/2023		12.82%				6/16/2028	67,661		67,615		67,661
			Preferred Member Units	(8)	8/31/2018	165							1,525		12,470
													71,377		82,381
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%				3/21/2030	25,880		25,598		25,880
			Common Stock	(8)	9/13/2018	70,000							—		1,890
													25,598		27,770
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%			8.50%	12/31/2027	209		209		882
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,327		4,884		900

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Preferred Equity		12/31/2022	5,907,649							—		—
													5,093		1,782
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units		8/31/2020	1,636							4,500		14,400
The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt		8/9/2021		10.00%				8/9/2026	120		115		115
			Secured Debt		8/9/2021		10.00%				8/9/2026	5,201		5,184		5,107
			Preferred Stock	(8)	9/1/2023	312,910							313		313
			Preferred Stock	(8)	8/9/2021	1,280,000							6,400		6,400
													12,012		11,935
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%							3,048		4,564
UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/6/2023	14.91%							4,404		5,249
UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Preferred Stock		8/21/2018	11,450,416	20.00%			20.00%			8,416		10,176
			Preferred Stock		6/30/2017	21,382,147	19.00%			19.00%			3,667		—
			Preferred Stock		1/15/2015	42,338,440	13.50%			13.50%			7,924		—
			Common Stock		4/1/2020	2,370,059							—		—
													20,007		10,176
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800		8,731		8,731
			Preferred Equity	(8)	2/16/2024	4,000	9.00%			9.00%			4,415		4,415
													13,146		13,146
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		11.00%				12/12/2027	9,886		9,834		9,834
			Preferred Equity	(8)	12/12/2022	3,845							3,845		3,845
													13,679		13,679
Subtotal Affiliate Investments (31.7% of net assets at fair value)													$756,967		$899,326
Non-Control/Non-Affiliate Investments (7)
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	7,940		7,940		7,775
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	18,260		18,237		17,880
													26,177		25,655

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	235							1,844		480
American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			P+	5.00%		11/19/2026	—		(4)		(4)
			Secured Debt	(9)	11/19/2021		12.50%	P+	5.00%		11/19/2026	5,908		5,887		5,908
													5,883		5,904
Ansira Partners II, LLC	(10)	Provider of Data-Driven Marketing Services
			Secured Debt	(9) (25)	7/1/2024			SF+	6.75%		7/1/2029	—		(177)		(177)
			Secured Debt	(9)	7/1/2024		11.07%	SF+	6.75%		7/1/2029	75,490		73,886		74,373
													73,709		74,196
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	2,073		2,073		2,073
			Secured Debt	(9)	11/6/2023		10.92%	SF+	6.50%	10.92%	11/6/2028	8,276		8,276		8,276
			Preferred Equity		11/6/2023	32,507							14,060		13,838
			Preferred Equity		11/6/2023	32,507							—		—
			Common Equity		11/9/2021	3,898							234		—
													24,643		24,187
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock		8/11/2022	1,387,832							1,388		2,260
ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (32)	1/18/2022		10.56%	SF+	6.00%		1/18/2027	900		900		900
			Secured Debt	(9)	1/18/2022		9.57%	SF+	5.00%		1/18/2027	6,660		6,660		6,660
			Secured Debt	(9)	1/18/2022		11.57%	SF+	7.00%		1/18/2027	6,660		6,660		6,660
			Common Stock		1/18/2022	720,000							720		850
													14,940		15,070
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—		(82)		(82)
			Secured Debt	(9)	12/23/2022		11.70%	SF+	7.25%		12/23/2027	23,917		23,387		23,917
			Common Equity	(8)	12/15/2021	984							934		1,130
													24,239		24,965
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units		3/8/2024	286,109							286		—
			Preferred Member Units	(29)	11/12/2019	122,416							—		—
			Preferred Member Units	(29)	7/6/2018	1,548,387							—		—
													286		—
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Secured Debt	(9) (14) (25)	6/30/2022			SF+	10.25%		6/30/2028	—		(48)		(48)
			Secured Debt	(9) (14)	6/30/2022		14.76%	SF+	10.25%	9.25%	6/30/2028	31,792		31,484		19,502
													31,436		19,454
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Member Units		3/10/2017	1,050,000							1,050		880
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.95%	SF+	8.50%	11.95%	8/28/2025	202		130		130
			Secured Debt	(9) (14)	10/19/2022		15.00%	P+	7.50%	14.75%	8/28/2025	3,756		3,756		2,425
			Secured Debt	(9) (14)	8/28/2020		12.95%	SF+	8.50%	11.95%	8/28/2025	4,183		3,961		2,701
			Common Stock		10/1/2020	723,184							1		—
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036		—
													8,884		5,256
B-O-F Corporation	(10)	Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
			Secured Debt	(9)	2/3/2025		10.08%	SF+	5.75%		2/3/2030	83		63		63
			Secured Debt	(9)	2/3/2025		9.04%	SF+	4.75%		2/3/2030	4,145		4,075		4,075
			Secured Debt	(9)	2/3/2025		11.04%	SF+	6.75%		2/3/2030	4,145		4,075		4,075
			Common Equity		2/3/2025	248,718							249		249
													8,462		8,462
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		11.46%	SF+	7.00%		5/1/2028	571		553		571
			Secured Debt	(9)	5/1/2023		10.46%	SF+	6.00%		5/1/2028	6,325		6,247		6,325
			Secured Debt	(9)	5/1/2023		12.46%	SF+	8.00%		5/1/2028	6,325		6,247		6,325
			Preferred Equity		5/1/2023	571							571		500
			Common Equity		5/1/2023	571							—		—
													13,618		13,721
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9)	2/1/2024		10.17%	SF+	5.75%		2/1/2029	899		824		899
			Secured Debt	(9) (25)	2/1/2024			SF+	5.75%		2/1/2029	—		(21)		(21)
			Secured Debt	(9)	2/1/2024		10.14%	SF+	5.75%		2/1/2029	26,006		25,601		26,006
			Secured Debt	(9)	1/2/2025		10.16%	SF+	5.75%		2/1/2029	9,530		9,396		9,530
			Common Equity		2/1/2024	2,583,963							2,709		4,510
													38,509		40,924
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		15.25%	P+	7.25%		7/22/2019	761		761		761
			Secured Debt	(9) (14) (17)	8/12/2014		15.25%	P+	7.25%		7/22/2019	7,056		7,056		591

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
												7,817		1,352
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.59%						5,327		2,908
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%						3,850		3,852
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%						4,000		4,309
												13,177		11,069
Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics
			Secured Debt	(9) (25)	6/14/2021			SF+	5.00%	6/10/2026	—		(9)		—
			Secured Debt	(9)	6/14/2021		9.45%	SF+	5.00%	6/10/2028	16,956		16,813		16,956
												16,804		16,956
CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software
			Preferred Equity		12/13/2021	2,142,167						2,142		2,800
			Preferred Equity		12/13/2021	596,176						—		—
												2,142		2,800
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	325,408						325		569
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		11.56%	SF+	7.00%	2/7/2027	6,214		6,113		6,084
			Secured Debt	(9)	2/7/2022		11.55%	SF+	7.00%	2/7/2027	36,074		35,801		35,311
			Secured Debt	(9)	6/24/2022		11.55%	SF+	7.00%	2/7/2027	1,999		1,984		1,956
			Secured Debt	(9)	3/27/2023		11.55%	SF+	7.00%	2/7/2027	4,830		4,771		4,728
												48,669		48,079
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014					1/5/2015	2,649		2,649		16
Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (32)	8/6/2021		12.70%	SF+	8.25%	8/6/2026	8,080		8,010		7,409
			Secured Debt	(9)	8/6/2021		12.70%	SF+	8.25%	8/6/2026	19,641		19,542		18,011
												27,552		25,420
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9) (32)	6/29/2024		10.31%	SF+	6.00%	6/28/2029	1,669		1,595		1,669
			Secured Debt	(9)	6/29/2024		10.32%	SF+	6.00%	6/28/2029	10,650		10,433		10,650
			Secured Debt	(9)	8/15/2024		10.31%	SF+	6.00%	6/28/2029	7,100		6,977		7,100
			Secured Debt	(9)	6/29/2024		10.57%	SF+	6.25%	6/28/2029	31,951		31,276		30,493

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
													50,281		49,912
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	6.75%		6/27/2027	—		(42)		(42)
			Secured Debt	(9) (25)	12/27/2023			SF+	6.75%		6/27/2027	—		(42)		(42)
			Secured Debt	(9)	12/27/2023		11.15%	SF+	6.75%		6/27/2027	10,688		10,485		10,525
													10,401		10,441
Creative Foam Corporation	(10)	Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
			Secured Debt	(9) (25)	6/27/2024			SF+	6.25%		6/27/2029	—		(257)		(257)
			Secured Debt	(9)	6/27/2024		10.55%	SF+	6.25%		6/27/2029	105,607		103,795		105,607
			Secured Debt	(9)	3/4/2025		10.57%	SF+	6.25%		6/27/2029	9,605		9,415		9,605
			Common Equity		3/4/2025	10,851							1,085		1,085
													114,038		116,040
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	515							720		780
DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Class AA Preferred Member Units (non-voting)		4/13/2018		10.00%			10.00%			1,316		—
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776		—
													2,092		—
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.92%	SF+	7.50%	11.92%	12/31/2026	2,384		2,226		2,286
			Secured Debt	(9)	12/20/2022		13.92%	SF+	9.50%	13.92%	12/31/2026	2,494		2,260		2,300
			Preferred Equity		12/20/2022	125,000							128		110
			Preferred Equity		12/20/2022	2,376,241							—		—
			Common Equity		12/20/2022	1,250,000							—		—
													4,614		4,696
Electro Technical Industries, LLC	(10)	Manufacturer of Mission-Critical Electrical Distribution Systems
			Secured Debt	(9) (25)	3/31/2025			SF+	6.00%		3/31/2030	—		(190)		(190)
			Secured Debt	(9)	3/31/2025		10.30%	SF+	6.00%		3/31/2030	55,448		54,357		54,357
			Common Equity		3/31/2025	1,464,286							1,464		1,464
													55,631		55,631
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.67%	SF+	6.25%		12/29/2027	9,523		9,383		7,142
EnCap Energy Fund Investments	(12) (13)	Investment Partnership

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							3,542		1,943
			LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,983		959
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,255		1,176
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,908		4,840
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							3,273		4,081
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(8) (30)	3/30/2015	0.84%							4,739		1,143
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							3,372		2,815
													27,072		16,957
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (25)	4/7/2023			SF+	8.00%		4/7/2029	—		(27)		(27)
			Secured Debt	(9)	10/2/2024		12.40%	SF+	8.00%		4/7/2029	1,378		1,357		1,378
			Secured Debt	(9)	4/7/2023		12.40%	SF+	8.00%		4/7/2029	25,981		25,456		25,981
			Common Equity	(8)	4/7/2023	649,794							663		910
													27,449		28,242
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		12.56%	SF+	8.00%		12/22/2026	3,692		3,679		3,692
			Secured Debt	(9)	12/22/2021		12.56%	SF+	8.00%	4.00%	12/22/2026	47,971		47,817		47,933
													51,496		51,625
Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		12.00%				12/31/2026	1,810		1,810		862
			Common Stock	(8)	6/30/2019	10,429							256		—
													2,066		862
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (32)	11/10/2023		11.16%	SF+	6.75%		11/10/2028	8,824		8,634		8,824
			Secured Debt	(9)	11/10/2023		11.17%	SF+	6.75%		11/10/2028	32,065		31,370		32,065
			Preferred Equity		2/24/2025	54,902							55		55
			Common Equity		11/10/2023	705,882							706		500
													40,765		41,444
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		13.75%	P+	6.25%		10/4/2029	1,154		1,063		1,125
			Secured Debt	(9) (25)	10/4/2024			SF+	7.25%		10/4/2029	—		(45)		(45)
			Secured Debt	(9) (26)	10/4/2024		11.57%	SF+	7.25%		10/4/2029	31,405		30,840		30,636
			Common Equity		10/4/2024	1,365							1,365		1,365
													33,223		33,081

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9) (32)	10/18/2019		10.95%	SF+	6.50%		2/28/2026	1,386		1,378		1,386
			Secured Debt	(9)	10/18/2019		10.95%	SF+	6.50%		2/28/2026	10,475		10,436		10,475
			Secured Debt	(9)	9/15/2023		10.95%	SF+	6.50%		2/28/2026	939		936		939
			Secured Debt	(9)	12/22/2023		10.95%	SF+	6.50%		2/28/2026	224		222		224
			Secured Debt	(9)	8/22/2024		10.95%	SF+	6.50%		2/28/2026	6,057		6,029		6,057
													19,001		19,081
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9)	9/30/2022		11.42%	SF+	7.00%		9/30/2028	707		695		642
			Secured Debt	(9)	9/30/2022		11.42%	SF+	7.00%		9/30/2028	297		286		270
			Secured Debt	(9)	9/30/2022		11.42%	SF+	7.00%		9/30/2028	3,569		3,527		3,240
													4,508		4,152
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9)	3/7/2024		8.75%	SF+	3.50%	2.50%	6/21/2026	2,438		2,358		2,200
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	1,626		713		244
			Common Equity		3/7/2024	64,029							—		—
													3,071		2,444
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (25)	8/1/2022			SF+	6.50%		8/1/2027	—		(32)		(32)
			Secured Debt	(9)	8/1/2022		10.82%	SF+	6.50%		8/1/2027	6,649		6,577		6,649
			Secured Debt	(9)	6/3/2024		10.82%	SF+	6.50%		8/1/2027	4,701		4,639		4,701
			Secured Debt	(9)	8/1/2022		10.82%	SF+	6.50%		8/1/2027	16,411		16,258		16,411
			Secured Debt	(9)	6/3/2024		10.82%	SF+	6.50%		8/1/2027	8,019		7,960		8,019
													35,402		35,748
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (32)	7/3/2024		9.80%	SF+	5.50%		7/3/2029	4,865		4,823		4,790
			Secured Debt	(9)	7/3/2024		9.81%	SF+	5.50%		7/3/2029	30,902		30,639		30,424
													35,462		35,214
HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.96%	SF+	6.50%	3.50%	10/23/2026	26,471		26,471		26,183
Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		12.82%	SF+	8.25%		12/31/2027	7,200		7,083		7,200
IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2026	—		(10)		—
			Secured Debt	(9)	7/30/2021		10.17%	SF+	5.75%		7/30/2028	10,154		10,079		10,154
			Secured Debt	(9)	7/30/2021		10.17%	SF+	5.75%		7/30/2028	4,891		4,851		4,891

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
													14,920		15,045
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Common Equity		6/8/2023	849							1,166		1,280
Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9) (14)	6/1/2017		13.73%	SF+	7.75%	1.50%	7/31/2025	18,627		18,627		13,417
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2028	—		(51)		(51)
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2029	—		(44)		(44)
			Secured Debt	(9)	7/19/2023		10.54%	SF+	6.25%		7/19/2029	14,226		13,919		13,291
			Common Equity		7/19/2023	131,100							656		320
													14,480		13,516
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9)	4/3/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	844		831		769
			Secured Debt	(9)	4/3/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	7,279		7,166		6,631
			Secured Debt	(9)	6/14/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	2,928		2,886		2,667
			Secured Debt	(9)	12/31/2024		14.42%	SF+	10.00%	2.00%	4/3/2028	338		338		308
			Common Equity		4/3/2023	177,594							463		38
													11,684		10,413
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (32)	12/9/2021		14.41%	SF+	10.00%	14.41%	8/7/2023	2,149		2,149		1,655
			Secured Debt	(9) (14) (17)	8/7/2019		11.67%	SF+	7.00%	11.67%	8/7/2023	7,313		7,237		10
			Common Stock		12/7/2021	2,143							—		—
													9,386		1,665
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		11.97%	SF+	7.50%		12/31/2026	1,037		1,034		988
			Secured Debt	(9)	8/28/2019		11.97%	SF+	7.50%		12/31/2026	16,653		16,594		15,868
													17,628		16,856
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (35)	4/13/2023		10.91%	SF+	6.60%	8.41%	4/14/2028	3,159		2,973		458
			Common Equity		4/13/2023	198,743							—		—
													2,973		458
Island Pump and Tank, LLC	(10)	Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
			Secured Debt	(9) (25)	5/20/2024			SF+	5.50%		5/17/2029	—		(5)		(5)

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Secured Debt	(9) (26)	5/20/2024		10.07%	SF+	5.50%		5/17/2029	2,111		2,078		2,063
			Secured Debt	(9) (26)	5/20/2024		11.07%	SF+	6.50%		5/17/2029	2,111		2,078		2,063
			Secured Debt	(9) (26)	5/20/2024		12.07%	SF+	7.50%		5/17/2029	2,111		2,078		2,063
													6,229		6,184
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.58%	SF+	7.00%		11/4/2026	782		774		782
			Secured Debt	(9) (26)	2/27/2024		11.45%	SF+	7.00%		11/4/2026	625		619		625
			Secured Debt	(9) (26)	11/1/2024		11.45%	SF+	7.00%		11/4/2026	667		650		667
			Secured Debt	(9)	11/8/2021		11.68%	SF+	7.00%		11/4/2026	1,817		1,798		1,817
			Preferred Equity		11/8/2021	2,826,667							110		870
													3,951		4,761
JDC Power Services, LLC	(10)	Provider of Electrical Equipment and Maintenance Services for Datacenters
			Secured Debt	(9) (25)	6/28/2024			SF+	6.50%		6/28/2029	—		(153)		(153)
			Secured Debt	(9)	6/28/2024		10.80%	SF+	6.50%		6/28/2029	60,579		59,273		60,579
													59,120		60,426
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		13.14%	SF+	8.75%	6.00%	3/29/2029	1,797		1,797		1,797
			Secured Debt	(9)	3/30/2024		13.14%	SF+	8.75%	13.14%	3/29/2029	1,357		1,357		1,357
			Common Stock		3/29/2024	5,461,019							200		140
													3,354		3,294
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (32)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	8,421		8,362		7,985
			Secured Debt	(9)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	35,289		35,038		33,445
			Secured Debt	(9)	2/1/2024		10.80%	SF+	6.25%		12/22/2026	3,305		3,245		3,144
			Common Equity		12/22/2021	1,684,211							1,684		130
													48,329		44,704
LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	1/25/2013	2.27%							499		1,542
LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9)	9/17/2024		11.67%	SF+	7.25%		12/31/2025	1,156		1,156		1,156
			Secured Debt	(9)	5/2/2019		11.67%	SF+	7.25%		12/31/2025	8,551		8,505		8,551
			Secured Debt	(9)	5/2/2019		11.67%	SF+	7.25%		12/31/2025	5,471		5,441		5,471
			Secured Debt	(9)	11/20/2020		11.67%	SF+	7.25%		12/31/2025	2,871		2,855		2,871
			Secured Debt	(9)	2/26/2021		11.67%	SF+	7.25%		12/31/2025	1,115		1,109		1,115
			Secured Debt	(9)	5/12/2022		11.67%	SF+	7.25%		12/31/2025	11,299		11,236		11,299
													30,302		30,463
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		12.46%	SF+	8.00%	3.00%	8/16/2026	4,164		4,121		3,267

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9) (17)	1/8/2018		12.25%	P+	4.25%		12/22/2024	27,214		27,214		24,317
Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125		25
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	5.75%		4/3/2028	—		(36)		(36)
			Secured Debt	(9)	11/20/2024		10.17%	SF+	5.75%		4/3/2028	11,107		10,969		11,107
			Secured Debt	(9)	4/4/2022		10.07%	SF+	5.75%		4/3/2028	19,828		19,623		19,828
													30,556		30,899
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (32)	11/30/2023		10.56%	SF+	6.25%		11/30/2028	1,632		1,600		1,575
			Secured Debt	(9) (26)	11/30/2023		10.55%	SF+	6.25%		11/30/2028	1,312		1,287		1,266
			Secured Debt	(9)	11/30/2023		9.56%	SF+	5.25%		11/30/2028	4,892		4,805		4,720
			Secured Debt	(9)	11/30/2023		11.56%	SF+	7.25%		11/30/2028	4,892		4,802		4,722
			Common Equity		11/30/2023	515,576							525		330
													13,019		12,613
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.55%	SF+	6.25%		5/24/2027	4,101		4,069		4,071
			Secured Debt	(9)	5/24/2022		10.55%	SF+	6.25%		5/24/2027	10,740		10,650		11,514
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	18,060		17,917		18,060
			Unsecured Debt		3/1/2024		8.00%			8.00%	6/30/2025	116		116		116
			Unsecured Debt		9/25/2024		8.00%			8.00%	12/21/2025	110		110		110
			Unsecured Debt		1/31/2025		8.00%			8.00%	3/31/2026	76		76		76
			Common Stock		8/30/2022	55,337,906							932		489
													33,870		34,436
NinjaTrader, LLC	(10)	Operator of Futures Trading Platform
			Secured Debt	(9) (25)	12/18/2019			SF+	6.50%		12/18/2026	—		(5)		(5)
			Secured Debt	(9)	12/18/2019		10.96%	SF+	6.50%		12/18/2026	28,062		27,865		28,062
													27,860		28,057
Northwind Midstream Partners LLC	(10)	Owner and Operator of Midstream Gas Infrastructure
			Secured Debt	(9)	3/18/2025		10.70%	SF+	6.25%		3/18/2030	7,500		7,352		7,352
Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9)	6/21/2024		11.93%	SF+	7.50%		12/21/2028	74		70		73
			Secured Debt	(9)	6/21/2024		11.93%	SF+	7.50%		6/21/2029	26,287		25,627		25,859

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
												25,697		25,932
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		11.30%	SF+	7.00%	11/16/2027	1,397		1,384		1,396
			Secured Debt	(9)	4/1/2024		11.30%	SF+	7.00%	11/16/2027	3,880		3,853		3,880
												5,237		5,276
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013					11/15/2026	4,384		4,384		55
Peaches Holding Corporation		Wholesale Provider of Consumer Packaging Solutions
			Common Equity		5/22/2024	3,226						7,221		1,650
Power System Solutions	(10)	Backup Power Generation
			Secured Debt	(9) (25)	6/7/2023			SF+	6.50%	6/7/2028	—		(59)		(59)
			Secured Debt	(9)	6/7/2023		10.82%	SF+	6.50%	6/7/2028	6,109		5,983		6,109
			Secured Debt	(9)	6/7/2023		10.82%	SF+	6.50%	6/7/2028	18,187		17,840		18,187
			Common Equity		6/7/2023	1,234						1,234		4,130
												24,998		28,367
PrimeFlight Aviation Services	(10) (13)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		10.58%	SF+	5.50%	5/1/2029	7,860		7,661		7,860
			Secured Debt	(9)	9/7/2023		9.83%	SF+	5.50%	5/1/2029	750		730		750
			Secured Debt	(9)	1/30/2024		9.83%	SF+	5.50%	5/1/2029	754		739		754
			Secured Debt	(9)	6/28/2024		9.83%	SF+	5.25%	5/1/2029	857		846		857
			Secured Debt	(9)	1/21/2025		9.54%	SF+	5.25%	5/1/2029	1,900		1,882		1,900
												11,858		12,121
PTL US Bidco, Inc	(10) (13) (21)	Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved in the Drilling, Evaluation and Completion of Oil and Gas Wells
			Secured Debt	(9) (32)	8/19/2022		12.81%	SF+	8.25%	8/19/2027	6,838		6,748		6,734
			Secured Debt	(9)	8/19/2022		12.84%	SF+	8.25%	8/19/2027	17,095		16,879		16,834
												23,627		23,568
Purge Rite, LLC	(10)	HVAC Flushing and Filtration Services
			Preferred Equity		10/2/2023	32,813						3,248		3,248
			Common Equity		4/1/2024	32,813						33		3,920
												3,281		7,168
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (25) (32)	8/24/2023			SF+	6.50%	8/24/2028	—		(69)		—
			Secured Debt	(9)	8/24/2023		10.80%	SF+	6.50%	8/24/2028	33,827		33,044		33,827
			Secured Debt	(9)	9/10/2024		10.79%	SF+	6.50%	8/24/2028	21,962		21,585		21,962

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
													54,560		55,789
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(9) (25)	8/27/2021			SF+	8.00%		8/27/2026	—		(4)		—
			Secured Debt	(9)	8/27/2021		11.57%	SF+	7.00%		8/27/2026	3,376		3,341		3,078
			Secured Debt	(9)	8/27/2021		13.57%	SF+	9.00%		8/27/2026	3,376		3,341		3,058
													6,678		6,136
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		12.49%	SF+	8.00%	2.00%	11/16/2025	5,917		5,911		5,917
			Secured Debt	(9)	7/16/2021		12.49%	SF+	8.00%	2.00%	11/16/2025	7,278		7,258		7,278
													13,169		13,195
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (25)	8/8/2024			SF+	5.25%		8/8/2029	—		—		—
			Secured Debt	(9)	8/8/2024		9.67%	SF+	5.25%		8/8/2029	53,320		52,960		53,320
			Common Equity		12/10/2021	864							864		885
													53,824		54,205
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (32)	7/1/2022		11.96%	SF+	7.50%		7/1/2027	1,405		1,376		1,405
			Secured Debt	(9)	7/1/2022		11.95%	SF+	7.50%		7/1/2027	15,529		15,387		15,529
			Common Stock		7/1/2022	638,710							639		690
													17,402		17,624
Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider
			Secured Debt		12/22/2020		9.55%	SF+	5.00%		12/18/2027	14,645		14,498		14,291
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9)	12/31/2024		10.14%	SF+	5.75%		12/31/2029	1,293		1,203		1,264
			Secured Debt	(9) (25)	12/31/2024			SF+	5.75%		12/31/2029	—		(68)		(68)
			Secured Debt	(9)	12/31/2024		10.13%	SF+	5.75%		12/31/2029	32,253		31,803		31,527
													32,938		32,723
Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000		4,720
Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(29)	7/7/2021	1,000,000							1,000		2,290
Titan Meter Midco Corp.	(10)	Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry
			Secured Debt	(9) (25)	3/11/2024			SF+	6.50%		3/11/2029	—		(99)		(99)
			Secured Debt	(9)	3/11/2024		10.80%	SF+	6.50%		3/11/2029	33,841		32,913		33,841
			Secured Debt	(9)	2/27/2025		10.80%	SF+	6.50%		3/11/2029	4,330		4,226		4,330

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Preferred Equity		3/11/2024	1,218,750	8.00%			8.00%			1,219		1,400
													38,259		39,472
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (14)	6/1/2023		11.90%	SF+	7.40%	6.00%	5/2/2027	9,825		2,935		3,930
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003		20		—
													2,955		3,930
UPS Intermediate, LLC	(10)	Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets
			Secured Debt	(9)	7/29/2024		10.57%	SF+	6.25%		7/27/2029	43,230		42,494		42,505
			Common Equity		7/29/2024	1,443,299							1,443		1,350
													43,937		43,855
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/11/2023		11.80%	SF+	7.50%		4/5/2029	4,000		3,923		4,000
Veregy Consolidated, Inc.	(11)	Energy Service Company
			Secured Debt	(9) (25)	11/9/2020			SF+	6.00%		11/3/2025	—		(130)		(130)
			Secured Debt	(9)	11/9/2020		10.55%	SF+	6.00%		11/3/2027	17,618		17,451		17,663
													17,321		17,533
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt		12/22/2023		11.44%	SF+	7.00%		12/22/2028	6,955		6,794		6,955
			Secured Debt	(9)	12/22/2023		11.44%	SF+	7.00%		12/22/2028	41,969		41,193		41,969
													47,987		48,924
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038		2,640
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	2,292		2,277		2,156
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	396		383		372
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	16,295		16,208		15,324
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	13,034		12,964		12,257
													31,832		30,109
West Star Aviation Acquisition, LLC	(10)	Aircraft, Aircraft Engine and Engine Parts
			Secured Debt	(9) (26)	3/1/2022		9.32%	SF+	5.00%		3/1/2028	2,374		2,345		2,374
			Secured Debt	(9)	3/1/2022		9.32%	SF+	5.00%		3/1/2028	10,523		10,411		10,523
			Secured Debt	(9)	11/3/2023		9.32%	SF+	5.00%		3/1/2028	5,237		5,160		5,237
			Common Stock	(8)	3/1/2022	1,541,400							1,541		4,920

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
												19,457		23,054
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (32)	11/19/2021	12.56%	SF+	8.00%		11/19/2026	2,667		2,633		2,618
			Secured Debt	(9)	11/19/2021	12.57%	SF+	8.00%		11/19/2026	1,874		1,858		1,840
			Secured Debt	(9)	1/16/2024	11.57%	SF+	7.00%		11/19/2026	7,240		7,145		7,108
			Secured Debt	(9)	1/16/2024	13.57%	SF+	9.00%		11/19/2026	7,240		7,145		7,108
												18,781		18,674
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021	9.65%	SF+	5.25%		12/20/2028	23,753		23,505		23,753
			Secured Debt	(9)	12/17/2021	9.64%	SF+	5.25%		12/20/2028	37,345		36,991		37,346
			Secured Debt	(9)	3/31/2025	10.15%	SF+	5.75%		12/20/2028	10,632		10,424		10,632
												70,920		71,731
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018	11.90%	SF+	7.50%		8/9/2026	10,792		10,664		9,409
Zips Car Wash, LLC	(10)	Express Car Wash Operator
			Secured Debt	(9)	2/10/2025	11.70%	SF+	7.25%		10/10/2025	966		966		966
			Secured Debt	(9)	2/10/2025	11.70%	SF+	7.25%		10/10/2025	1,690		1,690		1,690
			Secured Debt	(9) (14) (17)	2/11/2022	11.91%	SF+	7.25%	11.91%	12/31/2024	15,273		15,273		11,318
			Secured Debt	(9) (14) (17)	2/11/2022	11.91%	SF+	7.25%	11.91%	12/31/2024	3,828		3,828		2,837
												21,757		16,811
ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024	12.50%	P+	5.00%		6/14/2029	5,558		5,383		5,558
			Secured Debt	(9) (26)	6/14/2024	10.27%	SF+	6.00%		6/14/2029	8,039		7,809		8,039
			Secured Debt	(9)	6/14/2024	10.28%	SF+	6.00%		6/14/2029	6,551		6,438		6,551
			Secured Debt	(9)	6/14/2024	10.30%	SF+	6.00%		6/14/2029	46,917		46,104		46,917
												65,734		67,065
Subtotal Non-Control/Non-Affiliate Investments (69.8% of net assets at fair value)												$2,038,134		$1,981,857
Total Portfolio Investments, March 31, 2025 (178.0% of net assets at fair value)												$4,295,736		$5,054,139
Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (36)												$39,900		$39,900
Fidelity Government Fund (37)												4,116		4,116

Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
Fidelity Treasury (31)	1,767	1,767
Total money market funds	$45,783	$45,783

(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Summary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.

(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.

(3)See Note C—Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.

(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(5)Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.

(6)Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.

(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.

(8)Income producing through dividends or distributions.

(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule,95% of the loans (based on the par amount) contain Term Secured Overnight Financing Rate (“SOFR”) floors which range between 0.50% and 5.25%, with a weighted-average floor of 1.32%.

(10)Private Loan portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.

(11)Middle Market portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Middle Market portfolio investments.

(12)Other Portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Other Portfolio investments.

(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.

(14)Non-accrual and non-income producing debt investment.

(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”

(16)External Investment Manager. Investment is not encumbered as security for the Company's Credit Facilities or in support of the SBA-guaranteed debentures issued by the Funds.

(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.

(18)Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments —Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of March 31, 2025.

(20)All portfolio company headquarters are based in the United States, unless otherwise noted.

(21)Portfolio company headquarters are located outside of the United States.

(22)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR+6.50% (Floor 1.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of 11.75% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(24)Investment date represents the date of initial investment in the security position.

(25)The position is unfunded and no interest income is being earned as of March 31, 2025. The position may earn a nominal unused facility fee on committed amounts.

(26)Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2025.

(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.

(28)A majority of the variable rate loans in the Company’s Investment Portfolio (defined below) bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.

(29)Shares/Units represent ownership in a related Real Estate or HoldCo entity.

(30)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.

(31)Effective yield as of March 31, 2025 was approximately 3.96% on the Fidelity Treasury.

(32)RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of March 31, 2025.

(33)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.

(34)Index based floating interest rate is subject to contractual maximum base rate of 4.00%.

(35)Investment is accruing income at the fixed cash rate of 2.50% as of March 31, 2025.

(36)Effective yield as of March 31, 2025 was approximately 4.22% on the Dreyfus Government Cash Management.

(37)Effective yield as of March 31, 2025 was approximately 3.98% on the Fidelity Government Fund.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.