Main Street Capital CORP

For the period ended Jun 30, 2025. Filed Aug 8, 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.

Jun 30, 2025 · Filed Aug 8, 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—December 31,

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)
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		13.75%			8/16/2029	4,095		4,048		4,048
			Preferred Member Units		5/20/2021	2,427						2,427		5,300
			Preferred Member Units		8/16/2019	3,200						3,200		—
			Warrants	(27)	8/16/2019	420				8/16/2029		316		—
												9,991		9,348
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	1,650		1,650		1,598
			Preferred Member Units		6/28/2023	178						178		—
			Member Units		8/1/2013	1,500						1,500		—
												3,728		1,998
ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
			Secured Debt	(14)	11/16/2017		5.00%			3/31/2025	2,383		2,374		113
			Secured Debt	(14) (17)	11/16/2017		5.00%			9/1/2024	3,015		2,842		143
			Preferred Member Units		11/16/2017	3,725,862						3,726		—
												8,942		256
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		5,860
												2,295		6,571
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt		3/7/2022		10.00%			3/7/2027	450		446		446
			Secured Debt		3/7/2022		10.00%			3/7/2027	270		270		270
			Secured Debt		3/7/2022		10.00%			3/7/2027	10,575		10,529		10,529
			Preferred Stock	(8)	3/7/2022	4,073						4,095		5,160
												15,340		16,405
BDB Holdings, LLC		Casual Restaurant Group
			Preferred Equity		11/4/2024	18,756,995						19,537		18,920
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(25)	12/31/2020					12/31/2025	—		—		—
			Secured Debt	(9) (22)	12/31/2020		12.55%	SF+	7.99%	10/31/2027	101,643		101,263		101,643
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%					14,000		30,520
												115,263		132,163
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services

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)	1/9/2018		14.66%	SF+	10.00%		12/31/2025	5,016		5,016		5,016
		Preferred Member Units	(8)	1/9/2018	2,950							4,280		4,680
												9,296		9,696
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		1,200
California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt		3/15/2024		14.00%			4.00%	7/29/2026	1,528		1,506		1,506
		Secured Debt		3/30/2018		14.00%			4.00%	7/29/2026	28,908		28,853		28,465
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			10,909		10,909
		Preferred Member Units	(8)	3/30/2018	8,729							16,402		22,215
												57,670		63,095
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+	9.00%		1/4/2028	—		—		—
		Secured Debt	(9)	11/29/2024		13.66%	SF+	9.00%		1/4/2028	25,534		25,492		25,534
		Preferred Member Units		1/4/2019	13,883							6,386		12,410
												31,878		37,944
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2026	—		(105)		—
		Secured Debt	(9)	2/26/2018		12.74%	SF+	8.00%		2/26/2026	15,620		15,619		15,620
		Member Units	(8)	2/26/2018	4,347							11,440		33,110
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773		3,550
												28,727		52,280
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		10.00%				1/31/2026	5,694		5,166		5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963		15,580
												7,129		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	6,760		6,724		6,760

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		12/20/2016		10.00%			12/20/2036	973		965		973
			Member Units	(8)	12/20/2016	717						7,280		10,990
			Member Units	(29)	12/20/2016	800						509		950
												15,478		19,673
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(25)	3/6/2020					12/17/2026	—		(12)		—
			Secured Debt		3/6/2020		12.50%			12/17/2026	39,227		39,207		39,227
			Preferred Member Units	(8) (29)	3/6/2020	587						8,317		67,810
												47,512		107,037
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	14,310		14,272		14,310
			Preferred Member Units	(8)	3/31/2021	17,280						7,680		13,570
												21,952		27,880
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9)	1/29/2019		13.66%	SF+	9.00%	1/29/2028	2,955		2,903		2,903
			Preferred Member Units		1/29/2019	2,250						3,520		11,260
												6,423		14,163
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023					11/22/2028	—		(21)		(21)
			Secured Debt		11/22/2023		13.50%			11/22/2028	17,200		17,067		17,067
			Preferred Equity		11/22/2023	7,454						7,454		7,450
												24,500		24,496
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%						500		500
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		27,116		27,116
			Preferred Member Units	(8)	5/5/2023	556						15,000		15,000
												42,116		42,116
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%			12/31/2025	495		493		493
			Secured Debt		3/31/2021		10.00%			12/31/2025	8,082		7,947		7,947
			Preferred Member Units		3/31/2021	9,000						2,610		240
												11,050		8,680
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		14.56%	SF+	10.00%	4/27/2026	12,617		12,561		12,422

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)	4/1/2018	3,857							9,501		9,835
													22,062		22,257
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(25)	2/13/2018						2/13/2026	—		(31)		—
			Secured Debt		12/27/2022		14.00%				2/13/2026	23,902		23,859		23,902
			Preferred Stock		2/13/2018	8,400							8,400		17,930
													32,228		41,832
Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassis Components
			Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2027	—		(5)		(5)
			Secured Debt		10/3/2022		12.00%				10/3/2027	18,069		17,969		17,969
			Secured Debt		10/3/2022		9.00%				10/3/2052	6,265		6,207		6,207
			Common Stock		10/3/2022	285							5,726		5,730
			Common Stock	(29)	10/3/2022	939							1,558		3,050
													31,455		32,951
Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (25) (34)	6/24/2016			SF+	7.00%		1/1/2028	—		—		—
			Secured Debt	(9) (34)	11/22/2024		11.00%	SF+	7.00%		1/1/2028	73,126		72,986		73,126
			Member Units	(8)	6/24/2016	9,042							17,692		114,750
													90,678		187,876
Garreco, LLC		Manufacturer and Supplier of Dental Products
			Member Units	(8)	7/15/2013	1,200							1,200		2,060
GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		10.66%	SF+	6.00%		10/29/2026	3,146		3,140		3,146
			Secured Debt		12/19/2014		12.66%	SF+	8.00%		10/29/2026	40,493		40,406		40,493
			Member Units		12/19/2014	5,879							13,065		45,890
													56,611		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	—		—		—
			Secured Debt	(14)	7/1/2022		12.50%			12.50%	7/1/2027	2,400		2,299		1,518
			Preferred Equity		7/1/2022	63,720							5,600		—
			Member Units		4/29/2016	3,681							3,681		—
													11,580		1,518
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(8) (30)	10/1/2017	49.26%							3,345		8,818
			LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							256		383

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 (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		4,187
													6,942		13,829
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456							718		7,010
IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	1,600		1,572		1,572
			Secured Debt		6/21/2023		13.00%				6/21/2028	35,504		35,257		35,257
			Common Equity		6/21/2023	14,400							14,400		16,230
													51,229		53,059
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		14.50%	P+	6.75%		11/14/2026	1,498		1,498		1,498
			Member Units	(8)	11/14/2006	627							811		11,820
													2,309		13,318
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	23,321		23,216		23,216
			Preferred Equity	(8)	3/28/2022	109,926							10,993		13,180
													34,209		36,396
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		9.00%				2/24/2028	3,700		3,676		3,700
			Member Units		1/23/2006	325							783		25,180
													4,459		28,880
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	14,999		14,987		14,987
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,959		3,926		3,926
			Preferred Equity		10/31/2018	581							12,240		12,240
			Member Units	(8) (29)	10/31/2018	800							992		2,710
													32,145		33,863
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2025	—		(11)		(11)
			Secured Debt		10/19/2022		9.75%				10/19/2027	20,961		20,844		20,844
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916		6,397
			Common Stock		10/19/2022	1,537,219							1,537		6,850
													28,286		34,080
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt		1/26/2021		5.00%				3/24/2026	1,600		1,600		1,600

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	(8) (30)	1/26/2021	14.51%						14,250		14,034
												15,850		15,634
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%	3/5/2029	—		(59)		(59)
			LP Interests	(8) (30)	9/5/2023	13.02%						7,449		7,843
												7,390		7,784
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%						29,500		246,000
MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	1,085,111						17,000		16,810
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		5,731		5,746
			Common Stock	(8)	8/18/2014	5,873						2,720		26,370
												8,451		32,116
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units		1/31/2008	2,955						2,975		9,050
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt	(9) (25)	6/4/2024			SF+	6.50%	6/4/2025	—		(16)		(16)
			Secured Debt		6/4/2024		13.50%			6/4/2029	27,200		26,959		26,959
			Common Equity	(8)	6/4/2024	364,579						12,120		15,560
												39,063		42,503
NexRev LLC		Provider of Energy Efficiency Products & Services
			Secured Debt	(25)	2/28/2018					2/28/2025	—		—		—
			Secured Debt		2/28/2018		9.00%			2/28/2025	9,811		9,803		9,811
			Preferred Member Units	(8)	2/28/2018	103,144,186						8,213		11,910
												18,016		21,721
NRP Jones, LLC		Manufacturer of Hoses, Fittings and Assemblies
			Secured Debt		12/21/2017		12.00%			9/18/2028	2,191		2,178		2,178
			Member Units		12/22/2011	74,761						114		94
			Member Units		12/22/2011	74,761						3,823		2,696
												6,115		4,968
NuStep, LLC		Designer, Manufacturer and Distributor of Fitness Equipment
			Secured Debt	(9)	1/31/2017		11.16%	SF+	6.50%	1/31/2025	3,600		3,600		3,600
			Secured Debt		1/31/2017		12.00%			1/31/2025	18,440		18,439		18,439

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		11/2/2022	2,400							2,785		6,000
		Preferred Member Units		1/31/2017	486							11,866		11,550
												36,690		39,589
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				8/31/2026	9,000		8,970		9,000
		Preferred Member Units	(8)	4/1/2008	900							1,080		72,720
												10,050		81,720
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		15.66%	SF+	11.00%		7/31/2026	21,960		21,890		21,960
		Preferred Stock	(8) (29)	7/30/2021	10,000							10,000		13,450
												31,890		35,410
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	—		(13)		—
		Secured Debt		12/21/2023		13.00%				12/31/2028	28,640		28,415		28,640
		Preferred Equity	(8)	12/21/2023	440							12,540		18,360
												40,942		47,000
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	8.75%		11/15/2027	—		(5)		—
		Secured Debt	(9)	11/15/2016		13.73%	SF+	8.75%		11/15/2027	16,456		16,346		16,456
		Common Stock		6/10/2010	2,000							2,150		17,110
		Common Stock	(8) (29)	6/14/2022	238,421							238		514
												18,729		34,080
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%				11/15/2026	4,897		4,861		4,861
		Preferred Member Units	(8)	2/1/2011	21,806							5,709		12,600
		Common Stock		1/27/2021	1,037							1,200		600
												11,770		18,061
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	—		(39)		(39)
		Secured Debt	(14)	12/15/2021		12.50%			10.00%	12/15/2026	33,660		32,624		14,562
		Preferred Equity		12/15/2021	11,070							11,070		—
												43,655		14,523

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)
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		1,646
		Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	15,200		15,045		3,603
		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		5,249
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		4,252
												2,008		6,046
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		7,855		7,855
		Common Stock	(8)	5/31/2019	615							4,655		8,570
												12,509		16,424
Victory Energy Operations, LLC	Provider of Industrial and Commercial Combustion Systems
		Secured Debt	(25)	10/3/2024						10/3/2029	—		(33)		(33)
		Secured Debt		10/3/2024		13.00%				10/3/2029	48,251		47,792		47,792
		Preferred Equity		10/3/2024	51,914							22,686		22,686
												70,445		70,445
Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions
		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							3,978		7,003
		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		—
												22,654		9,103
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		25,661		25,661
		Preferred Equity	(8) (29)	12/1/2021	12,240							12,240		12,240
												37,901		37,901
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	17,086							3,154		320
		Warrants	(27)	7/1/2015	587					10/1/2025		600		—
												5,504		2,070

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)
Subtotal Control investments (74.6% of net assets at fair value)													$1,415,970		$2,087,890
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		1/31/2023		18.00%			18.00%	6/25/2025	$612		$611		$609
			Secured Debt		12/11/2020		18.00%			18.00%	6/25/2025	17,474		17,444		17,365
			Common Stock		12/11/2020	654,743							3,148		—
			Warrants	(27)	12/11/2020	574,598					12/11/2025		—		—
													21,203		17,974
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		6/30/2017	2,160,000							2,256		310
													2,576		576
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	6,437		5,652		—
			Secured Debt	(14)	6/28/2024		15.00%			15.00%	4/1/2025	15		—		—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	9,554		5,862		—
			Preferred Member Units		6/30/2015	6	6.00%			6.00%			4,770		—
													16,284		—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9)	12/17/2021		10.56%	SF+	6.00%		12/17/2026	900		887		887
			Secured Debt		12/17/2021		12.50%				12/17/2026	19,440		19,364		19,364
			Common Stock		12/17/2021	450,000							4,500		4,740
													24,751		24,991
CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt	(25)	12/10/2021						12/10/2026	—		(12)		—
			Secured Debt		12/10/2021		15.00%				12/10/2026	21,507		21,418		21,507
			Preferred Equity	(8)	12/10/2021	3,310							3,635		14,550
													25,041		36,057
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units	(8)	3/12/2020	154							—		2,850
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

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		10/9/2024		13.00%		10/9/2029	27,577		27,315		27,315
			Preferred Equity		10/9/2024	22,304					12,596		12,596
											39,911		39,911
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		12.00%		6/19/2029	560		555		555
			Secured Debt		11/19/2021		12.00%		6/19/2029	16,800		16,722		16,722
			Preferred Equity		11/19/2021	5,944					5,944		5,944
			Preferred Equity	(8)	6/18/2024	3,068	15.00%	15.00%			3,240		3,240
											26,461		26,461
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	32,800		29,109		29,109
			Warrants	(27)	5/28/2024	12					3,920		10,840
											33,029		39,949
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Preferred Equity	(8)	10/29/2021	9,360					10,400		35,920
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%					1,659		1,263
											4,239		3,453
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		8,164		8,185
			Preferred Member Units	(8)	3/31/2021	226					4,900		10,540
											13,064		18,725

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)
Gulf Manufacturing, LLC	(13) (21)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt	(25)	3/15/2024			SF+	7.63%		3/15/2029	—		(42)		—
			Secured Debt		3/15/2024		12.19%	SF+	7.63%		3/15/2029	39,000		38,676		39,000
			Member Units	(8)	8/31/2007	438							2,980		14,730
			Common Stock		11/18/2024	888							888		888
													42,502		54,618
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%							2,296		4,472
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%							5,532		5,861
			LP Interests (423 HAR, L.P.)	(30)	6/2/2023	15.60%							750		1,226
													8,578		11,559
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		10.73%	SF+	6.00%		1/15/2026	2,645		2,644		2,645
			Secured Debt		12/2/2016		12.50%				1/15/2026	45,256		45,200		45,256
			Preferred Member Units	(8)	12/2/2016	226							2,850		20,260
			Preferred Member Units	(29)	12/2/2016	226							150		1,070
													50,844		69,231
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		3,930
													5,352		6,870
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	18,006,407							18,300		20,390
Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		12.00%				3/31/2028	15,050		14,954		15,050
			Preferred Equity	(8)	3/31/2023	87,360							4,368		9,080
													19,322		24,130
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		12.35%	SF+	7.50%		8/20/2026	12,915		12,828		12,728
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			254		452
			Common Stock		8/20/2021	9,968							1,356		550
													14,438		13,730
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		4,493		4,493
			Secured Debt		9/1/2021		13.00%				1/31/2028	2,940		2,927		2,927

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		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		17,542		17,542
			Secured Debt		1/31/2023		13.00%				1/31/2028	9,842		9,638		9,638
			Preferred Equity		6/26/2024	711,200	25.00%			25.00%			711		760
			Common Stock		8/3/2021	203,016							2,756		2,850
													47,011		47,154
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		13.78%	SF+	9.00%		6/21/2027	1,180		1,169		1,180
			Secured Debt	(9)	6/21/2023		13.78%	SF+	9.00%		6/21/2027	994		981		994
			Secured Debt	(9)	6/21/2023		12.78%	SF+	8.00%		6/21/2027	4,438		3,772		4,438
			Secured Debt	(9)	6/21/2023		14.78%	SF+	10.00%		6/21/2027	4,438		3,772		4,438
			Warrants	(27)	6/21/2023	193,307					6/21/2033		2,091		5,690
													11,785		16,740
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9) (25)	12/19/2024			SF+	5.50%		12/31/2026	—		—		—
			Common Equity	(29)	12/19/2024	66,306					12/31/2026		13,840		13,840
													13,840		13,840
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		8,967		8,967
			Preferred Member Units	(8)	8/19/2024	163,282	12.00%			12.00%			1,707		1,707
			Warrants	(27)	8/19/2024	59,368							594		594
													11,268		11,268
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	—		(7)		—
			Secured Debt		5/9/2024		12.50%				5/9/2027	4,650		4,479		4,650
			Secured Debt		12/31/2020		12.50%				5/9/2027	62,200		62,085		62,200
			Preferred Member Units	(8)	12/31/2020	6,987							6,987		32,040
													73,544		98,890
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		457
			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		1,180

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)
Oneliance, LLC · Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	1,128							1,128		2,580
RA Outdoors LLC	(10) (13)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		11.74%	SF+	6.75%	11.74%	4/8/2026	1,356		1,352		1,257
			Secured Debt	(9)	4/8/2021		11.74%	SF+	6.75%	11.74%	4/8/2026	14,194		14,145		13,155
			Common Equity		8/12/2024	110							—		—
													15,497		14,412
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.75%				6/16/2028	2,250		2,236		2,250
			Secured Debt	(23)	6/16/2023		12.79%				6/16/2028	67,661		67,611		67,661
			Preferred Member Units	(8)	8/31/2018	165							1,525		13,660
													71,372		83,571
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%				12/22/2027	16,320		16,181		16,320
			Common Stock	(8)	9/13/2018	70,000							—		2,440
													16,181		18,760
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%			8.50%	12/31/2027	204		204		204
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,327		4,884		1,644
			Preferred Equity		12/31/2022	5,907,649							—		—
													5,088		1,848
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units		8/31/2020	1,636							4,500		10,530
The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt		8/9/2021		10.00%				8/9/2026	400		394		394
			Secured Debt		8/9/2021		10.00%				8/9/2026	5,201		5,182		5,053
			Preferred Stock	(8)	9/1/2023	287,310							287		287
			Preferred Stock	(8)	8/9/2021	1,280,000							6,400		6,400
													12,263		12,134
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%							3,216		4,732
UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/6/2023	25.00%							4,767		5,612
UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Secured Convertible Debt		1/1/2021		15.00%			15.00%	6/30/2028	2,717		3,257		5,642

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 Convertible Debt		1/1/2021		15.00%			15.00%	6/30/2028	1,281		1,508		2,663
			Preferred Stock	(8)	8/29/2019	1,133,102	20.00%			20.00%			3,181		3,181
			Preferred Stock		8/21/2018	1,731,044	20.00%			20.00%			2,511		4,272
			Preferred Stock		6/30/2017	2,596,567	19.00%			19.00%			3,667		—
			Preferred Stock		1/15/2015	4,935,377	13.50%			13.50%			7,924		—
			Common Stock		4/1/2020	1,075,992							—		—
													22,048		15,758
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800		8,727		8,727
			Preferred Equity	(8)	2/16/2024	4,000	9.00%			9.00%			4,320		4,320
													13,047		13,047
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		13.00%				12/12/2027	10,765		10,702		10,702
			Preferred Equity	(8)	12/12/2022	3,845							3,845		3,845
													14,547		14,547
Subtotal Affiliate investments (30.3% of net assets at fair value)													$743,441		$846,798
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	$7,920		$7,920		$7,773
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	18,853		18,826		18,504
													26,746		26,277
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		570
American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			P+	5.00%		11/19/2026	—		(5)		(5)
			Secured Debt	(9)	11/19/2021		12.50%	P+	5.00%		11/19/2026	6,162		6,138		6,162
													6,133		6,157
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/11/2022		14.49%	SF+	9.75%	14.49%	4/10/2026	7,517		7,488		5,985
			Secured Debt	(9)	3/11/2022		14.49%	SF+	9.75%	14.49%	4/10/2026	12,230		12,178		9,738
			Secured Debt	(9) (14)	3/11/2022		16.49%	SF+	11.75%	16.49%	4/10/2026	5,705		5,645		3,502
			Secured Debt	(9) (14)	3/11/2022		16.49%	SF+	11.75%	16.49%	4/10/2026	9,283		9,169		5,697
													34,480		24,922
American Teleconferencing Services, Ltd.	(11)	Provider of Audio Conferencing and Video Collaboration 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	(14) (17)	9/17/2021						4/7/2023	3,166		2,989		76
			Secured Debt	(14) (17)	5/19/2016						6/8/2023	15,489		13,757		374
													16,746		450
Ansira Partners II, LLC	(10)	Provider of Data-Driven Marketing Services
			Secured Debt	(9) (25)	7/1/2024			SF+	6.75%		7/1/2029	—		(187)		(187)
			Secured Debt	(9)	7/1/2024		11.25%	SF+	6.75%		7/1/2029	75,490		73,790		74,279
													73,603		74,092
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	1,997		1,997		1,997
			Secured Debt	(9)	11/6/2023		11.08%	SF+	6.50%	11.08%	11/6/2028	8,054		8,054		8,054
			Preferred Equity		11/6/2023	32,507							14,060		12,552
			Preferred Equity		11/6/2023	32,507							—		—
			Common Equity		11/9/2021	3,898							234		—
													24,345		22,603
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock		8/11/2022	1,387,832							1,388		2,450
ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9)	1/18/2022		10.85%	SF+	6.00%		1/18/2027	360		360		360
			Secured Debt	(9)	1/18/2022		9.85%	SF+	5.00%		1/18/2027	6,660		6,660		6,660
			Secured Debt	(9)	1/18/2022		11.85%	SF+	7.00%		1/18/2027	6,660		6,660		6,660
			Common Stock		1/18/2022	720,000							720		850
													14,400		14,530
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—		(90)		(90)
			Secured Debt	(9)	12/23/2022		11.73%	SF+	7.25%		12/23/2027	24,073		23,490		24,073
			Common Equity	(8)	12/15/2021	984							934		896
													24,334		24,879
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
			Secured Debt	(9) (25)	6/30/2022			SF+	10.25%		6/30/2028	—		(48)		(48)
			Secured Debt	(9)	6/30/2022		15.76%	SF+	10.25%	9.25%	6/30/2028	31,792		31,484		23,984
													31,436		23,936
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service 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)
			Member Units		3/10/2017	1,050,000							1,050		650
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9)	1/9/2024		13.17%	SF+	8.50%	12.17%	8/28/2025	202		130		170
			Secured Debt	(9)	10/19/2022		15.00%	P+	7.50%	14.75%	8/28/2025	3,083		3,083		2,605
			Secured Debt	(9)	8/28/2020		13.17%	SF+	8.50%	12.17%	8/28/2025	4,183		3,961		3,535
			Common Stock		10/1/2020	723,184							1		—
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036		—
													8,211		6,310
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		11.65%	SF+	7.00%		5/1/2028	571		552		571
			Secured Debt	(9)	5/1/2023		10.74%	SF+	6.00%		5/1/2028	6,341		6,256		6,341
			Secured Debt	(9)	5/1/2023		12.74%	SF+	8.00%		5/1/2028	6,341		6,256		6,341
			Preferred Equity		5/1/2023	571							571		500
			Common Equity		5/1/2023	571							—		—
													13,635		13,753
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9) (32)	2/1/2024		10.68%	SF+	6.25%		2/1/2029	1,199		1,154		1,199
			Secured Debt	(9) (25)	2/1/2024			SF+	6.25%		2/1/2029	—		(22)		(22)
			Secured Debt	(9)	2/1/2024		10.92%	SF+	6.25%		2/1/2029	26,173		25,739		26,173
			Common Equity		2/1/2024	2,333,333							2,333		3,620
													29,204		30,970
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		750
													7,817		1,511
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.59%							5,415		3,120
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%							4,014		4,016
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%							3,500		3,809
													12,929		10,945
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	—		(11)		—
			Secured Debt	(9)	6/14/2021		9.46%	SF+	5.00%		6/10/2028	17,915		17,755		17,915
													17,744		17,915

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)
CAI Software LLC · Provider of Specialized Enterprise Resource Planning Software
			Preferred Equity		12/13/2021	2,142,167						2,142		2,417
			Preferred Equity		12/13/2021	596,176						—		—
												2,142		2,417
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	245,926						246		490
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		11.53%	SF+	7.00%	2/7/2027	5,075		4,960		4,830
			Secured Debt	(9)	2/7/2022		11.93%	SF+	7.00%	2/7/2027	36,167		35,856		34,431
			Secured Debt	(9)	6/24/2022		11.93%	SF+	7.00%	2/7/2027	2,004		1,987		1,908
			Secured Debt	(9)	3/27/2023		11.93%	SF+	7.00%	2/7/2027	4,843		4,774		4,610
												47,577		45,779
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014					1/5/2015	2,649		2,649		19
Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (32)	8/6/2021		12.93%	SF+	8.25%	8/6/2026	7,837		7,754		7,341
			Secured Debt	(9) (25)	3/29/2024			SF+	8.25%	8/6/2026	—		(113)		(113)
			Secured Debt	(9)	8/6/2021		12.92%	SF+	8.25%	8/6/2026	18,968		18,850		17,769
												26,491		24,997
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9) (32)	6/29/2024		10.39%	SF+	6.00%	6/28/2029	1,669		1,590		1,639
			Secured Debt	(9)	6/29/2024		10.36%	SF+	6.00%	6/28/2029	10,704		10,474		10,507
			Secured Debt	(9)	8/15/2024		10.40%	SF+	6.00%	6/28/2029	7,118		6,987		6,987
			Secured Debt	(9)	6/29/2024		10.61%	SF+	6.25%	6/28/2029	32,031		31,313		30,165
												50,364		49,298
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	6.75%	6/27/2027	—		(47)		(47)
			Secured Debt	(9) (25)	12/27/2023			SF+	6.75%	6/27/2027	—		(47)		(47)
			Secured Debt	(9)	12/27/2023		11.18%	SF+	6.75%	6/27/2027	10,828		10,600		10,754
												10,506		10,660
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+	5.75%	6/27/2029	—		(272)		(272)
			Secured Debt	(9)	6/27/2024		10.11%	SF+	5.75%	6/27/2029	106,280		104,348		105,229
												104,076		104,957

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)
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	515							720		690
DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Class AA Preferred Member Units (non-voting)	(8)	4/13/2018		10.00%			10.00%			1,316		438
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776		—
													2,092		438
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.46%	SF+	7.00%	11.46%	12/31/2026	2,318		2,160		2,220
			Secured Debt	(9)	12/20/2022		13.46%	SF+	9.00%	13.46%	12/31/2026	2,413		2,179		2,219
			Preferred Equity		12/20/2022	125,000							128		60
			Preferred Equity		12/20/2022	2,376,241							—		—
			Common Equity		12/20/2022	1,250,000							—		—
													4,467		4,499
Eastern Wholesale Fence LLC	(10)	Manufacturer and Distributor of Residential and Commercial Fencing Solutions
			Secured Debt	(9)	11/19/2020		12.74%	SF+	8.00%		10/30/2025	2,826		2,805		2,714
			Secured Debt	(9)	11/19/2020		12.74%	SF+	8.00%		10/30/2025	4,374		4,355		4,201
			Secured Debt	(9)	11/19/2020		12.74%	SF+	8.00%		10/30/2025	8,725		8,683		8,380
			Secured Debt	(9)	4/20/2021		12.74%	SF+	8.00%		10/30/2025	1,809		1,802		1,738
			Secured Debt	(9)	10/14/2021		12.74%	SF+	8.00%		10/30/2025	9,901		9,861		9,509
													27,506		26,542
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.71%	SF+	6.25%		12/29/2027	9,587		9,434		7,670
EnCap Energy Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							3,542		1,754
			LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,983		846
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,251		1,088
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,963		5,051
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							2,717		3,525

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 Flatrock Midstream Fund II, L.P.)	(8) (30)	3/30/2015	0.84%							5,110		1,514
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							4,312		3,756
													27,878		17,534
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (25)	4/7/2023			SF+	8.00%		4/7/2029	—		(28)		(28)
			Secured Debt	(9)	10/2/2024		12.39%	SF+	8.00%		4/7/2029	1,382		1,359		1,359
			Secured Debt	(9)	4/7/2023		12.43%	SF+	8.00%		4/7/2029	26,048		25,488		26,048
			Common Equity	(8)	4/7/2023	649,794							663		910
													27,482		28,289
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		12.59%	SF+	8.00%		12/22/2026	3,692		3,678		3,692
			Secured Debt	(9)	12/22/2021		12.59%	SF+	8.00%	6.00%	12/22/2026	47,633		47,457		47,633
													51,135		51,325
Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt	(8)	6/30/2019		12.00%				12/31/2026	1,810		1,810		932
			Common Stock		6/30/2019	10,429							256		—
													2,066		932
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (32)	11/10/2023		11.29%	SF+	6.75%		11/10/2028	8,118		7,915		8,118
			Secured Debt	(9)	11/10/2023		11.34%	SF+	6.75%		11/10/2028	32,146		31,401		32,146
			Common Equity		11/10/2023	705,882							706		500
													40,022		40,764
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9) (25)	10/4/2024			SF+	7.25%		10/4/2029	—		(95)		(95)
			Secured Debt	(9) (25)	10/4/2024			SF+	7.25%		10/4/2029	—		(48)		(48)
			Secured Debt	(9) (26)	10/4/2024		11.74%	SF+	7.25%		10/4/2029	31,603		31,002		31,002
			Common Equity		10/4/2024	1,365							1,365		1,365
													32,224		32,224
GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9) (32)	10/18/2019		11.12%	SF+	6.50%		2/28/2026	1,864		1,853		1,864
			Secured Debt	(9)	10/18/2019		11.24%	SF+	6.50%		2/28/2026	10,509		10,460		10,509
			Secured Debt	(9)	9/15/2023		11.24%	SF+	6.50%		2/28/2026	942		939		942
			Secured Debt	(9)	12/22/2023		11.24%	SF+	6.50%		2/28/2026	225		223		225
			Secured Debt	(9)	8/22/2024		10.98%	SF+	6.50%		2/28/2026	6,076		6,040		6,076
													19,515		19,616
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser

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) (32)	9/30/2022		10.50%	SF+	6.00%		9/30/2028	707		694		662
			Secured Debt	(9)	9/30/2022		10.55%	SF+	6.00%		9/30/2028	298		286		279
			Secured Debt	(9)	9/30/2022		10.46%	SF+	6.00%		9/30/2028	3,578		3,533		3,350
													4,513		4,291
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	2,423		2,327		2,327
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	1,626		713		418
			Common Equity		3/7/2024	64,029							—		—
													3,040		2,745
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (25)	8/1/2022			SF+	6.50%		8/1/2027	—		(35)		(35)
			Secured Debt	(9)	8/1/2022		10.86%	SF+	6.50%		8/1/2027	6,666		6,586		6,666
			Secured Debt	(9)	6/3/2024		10.86%	SF+	6.50%		8/1/2027	4,713		4,597		4,713
			Secured Debt	(9)	8/1/2022		10.86%	SF+	6.50%		8/1/2027	16,453		16,283		16,453
			Secured Debt	(9)	6/3/2024		10.86%	SF+	6.50%		8/1/2027	8,039		7,973		8,039
													35,404		35,836
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (32)	7/3/2024		9.92%	SF+	5.50%		7/3/2029	2,429		2,385		2,407
			Secured Debt	(9)	7/3/2024		10.11%	SF+	5.50%		7/3/2029	30,979		30,701		30,701
													33,086		33,108
HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		11.28%	SF+	6.50%	3.50%	10/23/2026	26,241		26,241		26,096
Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		13.10%	SF+	8.25%		12/31/2027	7,200		7,073		7,200
IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2026	—		(12)		—
			Secured Debt	(9)	7/30/2021		10.21%	SF+	5.75%		7/30/2028	10,154		10,073		10,154
			Secured Debt	(9)	7/30/2021		10.21%	SF+	5.75%		7/30/2028	4,903		4,861		4,903
													14,922		15,057
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Secured Debt	(9) (32)	6/8/2023		11.39%	SF+	7.00%		6/30/2028	1,581		1,518		1,581
			Secured Debt	(9)	6/8/2023		11.62%	SF+	7.00%		6/30/2028	20,559		20,133		20,559
			Common Equity		6/8/2023	849							1,166		1,020
													22,817		23,160
Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/1/2017		13.73%	SF+	7.75%	1.50%	7/31/2025	18,674		18,674		15,892

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)
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2028	—		(54)		(54)
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2029	—		(47)		(47)
			Secured Debt	(9)	7/19/2023		10.87%	SF+	6.25%		7/19/2029	14,262		13,936		13,539
			Common Equity		7/19/2023	131,100							656		320
													14,491		13,758
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9) (32)	4/3/2023		14.69%	SF+	10.00%	2.00%	4/3/2028	791		776		725
			Secured Debt	(9)	4/3/2023		14.58%	SF+	10.00%	2.00%	4/3/2028	7,240		7,118		6,636
			Secured Debt	(9)	6/14/2023		14.58%	SF+	10.00%	2.00%	4/3/2028	2,912		2,867		2,669
			Common Equity		4/3/2023	166,504							452		27
													11,213		10,057
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (32)	12/9/2021		14.54%	SF+	10.00%	14.54%	8/7/2023	2,075		2,075		1,580
			Secured Debt	(9) (14) (17)	8/7/2019		11.67%	SF+	7.00%	11.67%	8/7/2023	7,313		7,237		13
			Common Stock		12/7/2021	2,143							—		—
													9,312		1,593
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9) (32)	8/28/2019		12.01%	SF+	7.50%		12/31/2026	1,037		1,033		995
			Secured Debt	(9)	8/28/2019		12.01%	SF+	7.50%		12/31/2026	16,771		16,703		16,098
													17,736		17,093
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9)	4/13/2023		11.25%	SF+	6.60%	8.75%	4/14/2028	3,159		2,958		663
			Common Equity		4/13/2023	198,743							—		—
													2,958		663
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+	6.50%		5/17/2029	—		(5)		(5)
			Secured Debt	(9)	5/20/2024		10.35%	SF+	5.50%		5/17/2029	1,735		1,708		1,722
			Secured Debt	(9)	5/20/2024		11.35%	SF+	6.50%		5/17/2029	1,735		1,708		1,722
			Secured Debt	(9)	5/20/2024		12.35%	SF+	7.50%		5/17/2029	1,735		1,708		1,722
													5,119		5,161
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		12.18%	SF+	7.50%		11/4/2026	792		783		792
			Secured Debt	(9) (26)	2/27/2024		12.19%	SF+	7.50%		11/4/2026	627		620		627
			Secured Debt	(9)	2/27/2024		12.18%	SF+	7.50%		11/4/2026	60		48		60
			Secured Debt	(9)	11/8/2021		12.18%	SF+	7.50%		11/4/2026	1,843		1,821		1,843

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		11/8/2021	2,826,667							110		870
													3,382		4,192
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	—		(162)		(162)
			Secured Debt	(9)	6/28/2024		10.83%	SF+	6.50%		6/28/2029	60,965		59,573		60,336
													59,411		60,174
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9) (14) (17)	8/21/2019		21.59%	SF+	16.00%	21.59%	8/21/2024	1,134		1,134		—
			Secured Debt	(9) (14) (17)	8/21/2019		21.59%	SF+	16.00%	21.59%	8/21/2024	1,091		1,091		—
			Secured Debt	(9)	3/30/2024		13.21%	SF+	8.75%	6.00%	3/29/2029	1,770		1,770		1,770
			Secured Debt	(9)	3/30/2024		13.18%	SF+	8.75%	13.18%	3/29/2029	1,314		1,314		1,314
			Common Stock		8/21/2019	472,579							4,429		—
			Common Stock		3/29/2024	5,461,019							200		140
													9,938		3,224
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (32)	12/22/2021		12.72%	SF+	8.00%		12/22/2026	8,421		8,354		7,977
			Secured Debt	(9)	12/22/2021		12.58%	SF+	8.00%		12/22/2026	35,763		35,471		33,879
			Secured Debt	(9)	2/1/2024		12.58%	SF+	8.00%		12/22/2026	3,347		3,278		3,176
			Common Equity		12/22/2021	1,684,211							1,684		300
													48,787		45,332
KMS, LLC	(10)	Wholesaler of Closeout and Value-priced Products
			Secured Debt	(9) (14)	10/4/2021		14.50%	SF+	9.75%		10/4/2026	1,028		1,002		662
			Secured Debt	(9)	11/27/2024		14.23%	SF+	9.75%	14.23%	10/4/2026	450		450		450
			Secured Debt	(9)	11/27/2024		14.23%	SF+	9.75%	14.23%	10/4/2026	440		440		440
			Secured Debt	(9) (14)	10/4/2021		14.50%	SF+	9.75%		10/4/2026	7,410		7,340		4,779
													9,232		6,331
Lightbox Holdings, L.P.	(11)	Provider of Commercial Real Estate Software
			Secured Debt		5/9/2019		9.44%	SF+	5.00%		5/9/2026	15,525		15,450		15,059
LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(30)	1/25/2013	2.27%							1,746		2,926
LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9)	9/17/2024		11.89%	SF+	7.25%		12/31/2025	1,156		1,156		1,156
			Secured Debt	(9)	5/2/2019		11.92%	SF+	7.25%		12/31/2025	8,575		8,513		8,575
			Secured Debt	(9)	5/2/2019		11.71%	SF+	7.25%		12/31/2025	5,485		5,444		5,485
			Secured Debt	(9)	11/20/2020		11.71%	SF+	7.25%		12/31/2025	2,878		2,857		2,878

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)	2/26/2021		11.92%	SF+	7.25%		12/31/2025	1,118		1,110		1,118
			Secured Debt	(9)	5/12/2022		11.71%	SF+	7.25%		12/31/2025	11,326		11,242		11,326
													30,322		30,538
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		12.74%	SF+	8.00%	3.00%	8/16/2026	4,133		4,083		3,316
Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9) (17)	1/8/2018		12.25%	P+	4.25%		12/22/2024	24,809		24,809		19,739
Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125		25
Mako Steel, LP	(10)	Self-Storage Design & Construction
			Secured Debt	(9) (25)	3/15/2021			SF+	7.50%		3/15/2026	—		(15)		—
			Secured Debt	(9)	3/28/2024		12.00%	SF+	7.50%		3/15/2026	18,973		18,822		18,973
													18,807		18,973
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	5.75%		4/3/2028	—		(39)		(39)
			Secured Debt	(9)	11/20/2024		10.22%	SF+	5.75%		4/3/2028	11,135		10,985		11,135
			Secured Debt	(9)	4/4/2022		10.21%	SF+	5.75%		4/3/2028	19,828		19,606		19,828
													30,552		30,924
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (32)	11/30/2023		10.74%	SF+	6.25%		11/30/2028	575		541		575
			Secured Debt	(9) (26)	11/30/2023		10.77%	SF+	6.25%		11/30/2028	1,315		1,288		1,315
			Secured Debt	(9)	11/30/2023		9.76%	SF+	5.25%		11/30/2028	4,904		4,811		4,904
			Secured Debt	(9)	11/30/2023		11.76%	SF+	7.25%		11/30/2028	4,904		4,807		4,904
			Common Equity		11/30/2023	515,576							516		430
													11,963		12,128
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		11.59%	SF+	7.00%		5/24/2027	4,101		4,065		3,907
			Secured Debt	(9)	5/24/2022		11.59%	SF+	7.00%		5/24/2027	10,767		10,666		11,079
			Secured Debt	(9)	5/24/2022		11.59%	SF+	7.00%		5/24/2027	18,103		17,943		18,103
			Unsecured Debt		11/14/2023		8.00%			8.00%	3/31/2025	114		114		114
			Unsecured Debt		3/15/2024		8.00%			8.00%	6/30/2025	54		54		54
			Unsecured Debt		9/25/2024		8.00%			8.00%	12/21/2025	107		107		107
			Common Stock		8/30/2022	44,445,814							889		796
													33,838		34,160
NinjaTrader, LLC	(10)	Operator of Futures Trading Platform
			Secured Debt	(9) (25)	12/18/2019			SF+	6.50%		12/18/2026	—		(6)		(6)
			Secured Debt	(9)	12/18/2019		11.24%	SF+	6.50%		12/18/2026	28,243		28,016		28,243

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)
												28,010		28,237
Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9) (25)	6/21/2024			SF+	7.50%	12/21/2028	—		(4)		(4)
			Secured Debt	(9)	6/21/2024		11.97%	SF+	7.50%	6/21/2029	26,352		25,653		25,884
												25,649		25,880
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		11.35%	SF+	7.00%	11/16/2027	1,400		1,386		1,386
			Secured Debt	(9)	4/1/2024		11.33%	SF+	7.00%	11/16/2027	3,880		3,850		3,850
												5,236		5,236
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013					11/15/2026	4,398		4,398		12
Peaches Holding Corporation		Wholesale Provider of Consumer Packaging Solutions
			Common Equity		5/22/2024	3,226						7,221		4,540
Power System Solutions	(10)	Backup Power Generation
			Secured Debt	(9) (25)	6/7/2023			SF+	6.50%	6/7/2028	—		(63)		(63)
			Secured Debt	(9)	6/7/2023		10.86%	SF+	6.50%	6/7/2028	6,124		5,988		6,124
			Secured Debt	(9)	6/7/2023		10.90%	SF+	6.50%	6/7/2028	18,233		17,858		18,233
			Common Equity		6/7/2023	1,234						1,234		3,800
												25,017		28,094
PrimeFlight Aviation Services	(10)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		10.58%	SF+	5.50%	5/1/2029	7,880		7,668		7,880
			Secured Debt	(9)	9/7/2023		9.83%	SF+	5.50%	5/1/2029	752		730		752
			Secured Debt	(9)	1/30/2024		9.83%	SF+	5.50%	5/1/2029	756		740		756
			Secured Debt	(9)	6/28/2024		9.58%	SF+	5.25%	5/1/2029	859		848		859
												9,986		10,247
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)	8/19/2022		13.03%	SF+	8.25%	8/19/2027	6,838		6,739		6,769
			Secured Debt	(9)	8/19/2022		13.03%	SF+	8.25%	8/19/2027	17,811		17,615		17,631
												24,354		24,400
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		2,060

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)
													3,281		5,308
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (32)	8/24/2023		11.22%	SF+	6.75%		8/24/2028	3,517		3,443		3,517
			Secured Debt	(9)	8/24/2023		11.38%	SF+	6.75%		8/24/2028	34,046		33,201		34,046
			Secured Debt	(9)	9/10/2024		11.43%	SF+	6.75%		8/24/2028	22,101		21,694		22,101
													58,338		59,664
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(9) (25)	8/27/2021			SF+	8.00%		8/27/2026	—		(5)		—
			Secured Debt	(9)	8/27/2021		11.85%	SF+	7.00%		8/27/2026	3,376		3,335		3,071
			Secured Debt	(9)	8/27/2021		13.85%	SF+	9.00%		8/27/2026	3,376		3,335		3,052
													6,665		6,123
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		12.52%	SF+	8.00%	2.00%	11/16/2025	5,888		5,879		5,888
			Secured Debt	(9)	7/16/2021		12.52%	SF+	8.00%	2.00%	11/16/2025	7,449		7,421		7,449
													13,300		13,337
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		9.71%	SF+	5.25%		8/8/2029	53,320		52,939		53,320
			Common Equity		12/10/2021	864							864		885
													53,803		54,205
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (25)	7/1/2022			SF+	7.50%		7/1/2027	—		(32)		—
			Secured Debt	(9)	7/1/2022		11.98%	SF+	7.50%		7/1/2027	15,569		15,410		15,569
			Common Stock		7/1/2022	638,710							639		610
													16,017		16,179
Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider
			Secured Debt		12/22/2020		9.65%	SF+	5.00%		12/18/2027	14,683		14,522		14,781
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (25)	12/31/2024			SF+	5.75%		12/31/2029	—		(125)		(125)
			Secured Debt	(9) (25)	12/31/2024			SF+	5.75%		12/31/2029	—		(94)		(94)
			Secured Debt	(9)	12/31/2024		10.13%	SF+	5.75%		12/31/2029	42,333		41,709		41,709
													41,490		41,490
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

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)
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	—		(105)		(105)
			Secured Debt	(9)	3/11/2024		10.83%	SF+	6.50%		3/11/2029	33,927		32,937		33,927
			Preferred Equity		3/11/2024	1,218,750	8.00%			8.00%			1,219		1,400
													34,051		35,222
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		3,257		3,910
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003		20		—
													3,277		3,910
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		10.36%	SF+	6.00%		7/27/2029	43,339		42,558		42,904
			Common Equity		7/29/2024	1,443,299							1,443		1,443
													44,001		44,347
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/11/2023		12.75%	SF+	7.50%		4/5/2029	4,000		3,918		4,000
Veregy Consolidated, Inc.	(11)	Energy Service Company
			Secured Debt	(9) (25)	11/9/2020			SF+	5.25%		11/3/2025	—		(185)		(185)
			Secured Debt	(9)	11/9/2020		10.85%	SF+	6.00%		11/3/2027	17,659		17,475		17,681
													17,290		17,496
Vistar Media, Inc.	(10)	Operator of Digital Out-of-Home Advertising Platform
			Preferred Stock		4/3/2019	70,207							767		4,676
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt		12/22/2023		11.55%	SF+	7.00%		12/22/2028	5,795		5,673		5,795
			Secured Debt	(9)	12/22/2023		11.47%	SF+	7.00%		12/22/2028	42,075		41,245		42,075
													46,918		47,870
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
Wall Street Prep, Inc.	(10)	Financial Training Services
			Secured Debt	(9) (25)	7/19/2021			SF+	7.00%		7/19/2026	—		(2)		(2)
			Secured Debt	(9)	7/19/2021		11.74%	SF+	7.00%		7/19/2026	1,759		1,748		1,759
			Common Stock		7/19/2021	400,000							400		1,210

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)
													2,146		2,967
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	2,270		2,251		2,142
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	392		377		369
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	16,135		16,036		15,227
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	12,906		12,826		12,180
													31,490		29,918
West Star Aviation Acquisition, LLC	(10)	Aircraft, Aircraft Engine and Engine Parts
			Secured Debt	(9) (26)	3/1/2022		9.47%	SF+	5.00%		3/1/2028	2,381		2,348		2,381
			Secured Debt	(9)	3/1/2022		9.60%	SF+	5.00%		3/1/2028	10,550		10,428		10,550
			Secured Debt	(9)	11/3/2023		9.60%	SF+	5.00%		3/1/2028	5,250		5,166		5,250
			Common Stock	(8)	3/1/2022	1,541,400							1,541		4,920
													19,483		23,101
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (32)	11/19/2021		12.81%	SF+	8.00%		11/19/2026	2,200		2,161		2,138
			Secured Debt	(9)	11/19/2021		12.85%	SF+	8.00%		11/19/2026	1,874		1,856		1,821
			Secured Debt	(9)	1/16/2024		11.85%	SF+	7.00%		11/19/2026	7,240		7,131		7,035
			Secured Debt	(9)	1/16/2024		13.85%	SF+	9.00%		11/19/2026	7,240		7,131		7,035
													18,279		18,029
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		9.70%	SF+	5.25%		12/20/2028	23,814		23,549		23,814
			Secured Debt	(9)	12/17/2021		9.98%	SF+	5.25%		12/20/2028	37,442		37,063		37,442
													60,612		61,256
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9) (26)	8/22/2018		12.25%	SF+	7.50%		8/9/2026	10,892		10,739		9,949
Zips Car Wash, LLC	(10)	Express Car Wash Operator
			Secured Debt	(9)	2/11/2022		11.91%	SF+	7.25%	11.91%	12/31/2024	18,023		18,023		14,852
			Secured Debt	(9)	2/11/2022		11.91%	SF+	7.25%	11.91%	12/31/2024	4,518		4,518		3,723
													22,541		18,575
ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		12.50%	P+	5.00%		6/14/2029	695		509		695
			Secured Debt	(9)	6/14/2024		10.74%	SF+	6.00%		6/14/2029	4,158		3,956		4,158
			Secured Debt	(9)	6/14/2024		10.28%	SF+	6.00%		6/14/2029	6,568		6,447		6,568
			Secured Debt	(9)	6/14/2024		10.66%	SF+	6.00%		6/14/2029	47,050		46,185		47,050
													57,097		58,471
Subtotal Non-Control/Non-Affiliate investments (71.4% of net assets at fair value)													$2,077,901		$1,997,981

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)
Total Portfolio Company investments, December 31, 2024 (176.3% of net assets at fair value)	$4,237,312	$4,932,669
Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (36)	$3,400	$3,400
Fidelity Government Fund (32)	1,526	1,526
Fidelity Treasury (31)	1,548	1,548
Total money market funds	$6,474	$6,474

(1)All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Corporate Facility or SPV Facility or in support of the debentures guaranteed by the SBA and 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 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 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 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 December 31, 2024.

(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+7.00% (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 December 31, 2024. 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 December 31, 2024.

(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 Investment Portfolio 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 December 31, 2024, 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 holding entity.

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

(31)Effective yield as of December 31, 2024 was approximately 4.10% on the Fidelity Treasury.

(32)Revolving line of credit 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 December 31, 2024.

(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 1.50%.

(35)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.

(36)Effective yield as of December 31, 2024 was approximately 4.43% on the Dreyfus Government Cash Management.

(37)Effective yield as of December 31, 2024 was approximately 4.14% 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.