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 (unaudited)—June 30,

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	$7,653		$7,653		$7,653
			Secured Debt	(9)	3/25/2025		12.95%	SF+	8.50%	12.95%	3/28/2028	7,653		7,653		7,653
			Preferred Equity		3/25/2025	26,638							8,970		7,790
													24,276		23,096
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	3,995		3,954		3,954
			Preferred Member Units		5/20/2021	2,427							2,427		5,340
			Preferred Member Units		8/16/2019	3,200							3,200		—
			Warrants	(27)	8/16/2019	420					8/16/2029		316		—
													9,897		9,294
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		1,428
			Preferred Member Units		6/28/2023	178							178		—
			Member Units		8/1/2013	1,500							1,500		—
													3,656		1,828
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%				10/31/2026	711		711		711
			Member Units	(8)	10/26/2020	37							1,584		6,810
													2,295		7,521
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/7/2027	—		(3)		(3)
			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		10,540		10,540
			Preferred Stock	(8)	3/7/2022	4,073							4,095		6,980
													14,902		17,787
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		17,860
													19,957		18,280
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		11.67%	SF+	7.29%		10/31/2027	101,046		100,735		101,046
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%						14,000		30,300
													114,735		131,346
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		14.48%	SF+	10.00%		12/31/2025	5,016		5,016		5,016
		Preferred Member Units	(8)	1/9/2018	2,950							4,280		3,260
												9,296		8,276
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		1,010
California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(25)	3/15/2024						8/28/2028	—		(16)		(16)
		Secured Debt		3/30/2018		14.00%				8/28/2028	25,800		25,766		25,766
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			11,732		11,732
		Preferred Member Units	(8)	3/30/2018	8,729							16,402		15,275
												53,884		52,757
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300		48,960
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		24,431		24,464
		Preferred Member Units		1/4/2019	13,883							6,386		16,550
												30,817		41,014
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2026	—		(60)		—
		Secured Debt	(9)	2/26/2018		12.49%	SF+	8.00%		2/26/2026	18,820		18,814		18,820
		Member Units	(8)	2/26/2018	4,347							11,440		32,290
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773		3,690
												31,967		54,800
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694		5,214		5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963		15,360
												7,177		21,054
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	6,280		6,248		6,280

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	951		944		951
			Member Units	(8)	12/20/2016	717						7,280		12,290
			Member Units	(29)	12/20/2016	800						509		1,270
												14,981		20,791
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt		3/6/2020		12.50%			12/17/2026	3,772		3,763		3,772
			Secured Debt		3/6/2020		12.50%			12/17/2026	37,080		37,066		37,080
			Preferred Member Units	(8) (29)	3/6/2020	587						8,317		67,150
												49,146		108,002
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	11,494		11,476		11,494
			Preferred Member Units	(8)	3/31/2021	17,280						7,680		15,270
												19,156		26,764
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		2,704		2,704
			Preferred Member Units		1/29/2019	2,250						3,520		9,630
												6,224		12,334
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023					11/22/2028	—		(18)		(18)
			Secured Debt		11/22/2023		13.50%			11/22/2028	17,200		17,084		16,944
			Preferred Equity		11/22/2023	7,454						7,454		7,454
												24,520		24,380
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	27,210		27,054		26,463
			Preferred Member Units		5/5/2023	556						15,000		—
			Preferred Equity		4/1/2025	2,400,000						2,400		3,400
												44,454		29,863
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%			12/31/2025	675		674		674
			Secured Debt		3/31/2021		10.00%			12/31/2025	7,947		7,881		7,192
			Preferred Member Units		3/31/2021	9,360						2,970		—
												11,525		7,866

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)
Digital Products Holdings LLC · Designer and Distributor of Consumer Electronics
		Secured Debt	(9)	4/1/2018		14.38%	SF+	10.00%	4/27/2026	11,957		11,924		11,785
		Preferred Member Units	(8)	4/1/2018	3,857						9,501		9,835
											21,425		21,620
Direct Marketing Solutions, Inc.	Provider of Omni-Channel Direct Marketing Services
		Secured Debt	(25)	2/13/2018					2/13/2026	—		(17)		—
		Secured Debt		12/27/2022		14.00%			2/13/2026	23,082		23,060		23,082
		Preferred Stock		2/13/2018	8,400						8,400		18,470
											31,443		41,552
Doral Holdings, LLC	Machinery Moving, Rigging and Millwrighting Provider
		Secured Debt	(25)	5/20/2025					5/20/2030	—		—		—
		Secured Debt		5/20/2025		13.00%			5/20/2030	29,500		29,215		29,215
		Preferred Equity		5/20/2025	13,000						13,000		13,000
											42,215		42,215
Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassis Components
		Secured Debt	(9) (25)	10/3/2022			SF+	6.00%	10/3/2026	—		(4)		(4)
		Secured Debt		10/3/2022		12.00%			10/3/2027	17,576		17,497		17,497
		Secured Debt		10/3/2022		9.00%			10/3/2052	6,239		6,182		6,182
		Common Stock		10/3/2022	285						5,726		5,160
		Common Stock	(29)	10/3/2022	939						1,558		3,160
											30,959		31,995
Flame King Holdings, LLC	Propane Tank and Accessories Distributor
		Secured Debt		6/30/2025		12.00%			6/30/2030	66,000		65,351		65,351
		Preferred Equity	(8)	10/29/2021	9,360						10,400		41,370
											75,751		106,721
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	72,326		72,211		72,326
		Member Units	(8)	6/24/2016	9,042						17,692		114,750
											89,903		187,076
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		3,142		3,146
		Secured Debt		12/19/2014		12.48%	SF+	8.00%	10/29/2026	40,493		40,430		40,493

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)
			Member Units	(8)	12/19/2014	5,879						13,065		46,820
												56,637		90,459
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%			7/1/2027	2,400		2,194		1,878
			Preferred Equity		7/1/2022	63,720						5,600		—
			Member Units		4/29/2016	3,681						3,681		—
												11,475		1,878
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(30)	10/1/2017	49.26%						1,158		1,686
			LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%						256		447
			LP Interests (2717 GRE-LP, L.P.)	(30)	4/18/2024	43.05%						441		441
			LP Interests (423 COR, L.P.)	(30)	6/2/2022	26.89%						2,900		5,168
												4,755		7,742
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456						718		7,270
IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%			6/21/2028	1,600		1,575		1,600
			Secured Debt		6/21/2023		13.00%			6/21/2028	35,064		34,855		35,064
			Common Equity		6/21/2023	14,400						14,400		19,560
												50,830		56,224
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	1,178		1,178		1,178
			Member Units	(8)	11/14/2006	627						811		11,540
												1,989		12,718
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%			3/28/2027	23,321		23,240		23,240
			Preferred Equity	(8)	3/28/2022	109,926						10,993		13,480
												34,233		36,720
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		9.50%			2/24/2028	8,700		8,649		8,700
			Member Units	(8)	1/23/2006	325						783		25,180
												9,432		33,880

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)
Kickhaefer Manufacturing Company, LLC · Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		12.00%				10/31/2026	13,399		13,391		13,391
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,935		3,903		3,903
			Preferred Equity		10/31/2018	581							12,240		14,280
			Member Units	(8) (29)	10/31/2018	800							992		2,710
													30,526		34,284
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2025	—		(4)		—
			Secured Debt		10/19/2022		9.75%				10/19/2027	18,564		18,479		18,564
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916		6,035
			Common Stock	(8)	10/19/2022	1,537,219							1,537		6,760
													25,928		31,359
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt	(9)	1/26/2021		7.38%	SF+	3.00%		3/24/2026	4,000		4,000		4,000
			LP Interests	(8) (30)	1/26/2021	14.51%							14,250		13,526
													18,250		17,526
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%		3/5/2029	—		(97)		(97)
			LP Interests	(8) (30)	9/5/2023	13.22%							9,000		9,394
													8,903		9,297
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500		272,600
MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	1,377,952							21,545		21,557
MVI MSO, LLC		Vascular Practice Specializing in Comprehensive Vein and Artery Diagnosis and Treatment
			Secured Debt		3/28/2025		13.00%				3/28/2030	9,850		9,758		9,758
			Preferred Equity		3/28/2025	270							2,700		2,700
													12,458		12,458
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		5,734		5,746
			Common Stock	(8)	8/18/2014	5,873							2,720		26,780
													8,454		32,526
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units	(8)	1/31/2008	2,955							2,975		11,820

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)
Nello Industries Investco, LLC · Manufacturer of Steel Poles and Towers For Critical Infrastructure
		Secured Debt		6/4/2024		13.50%			6/4/2029	27,200		26,986		26,986
		Preferred Equity	(8)	6/4/2024	364,579						12,120		18,240
											39,106		45,226
NexRev LLC	Provider of Energy Efficiency Products & Services
		Preferred Member Units	(8)	2/28/2018	103,144,186						8,213		12,390
NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		Secured Debt		12/21/2017		12.00%			9/18/2028	2,191		2,184		2,184
		Preferred Equity		12/8/2011	495,000						482		1,238
		Member Units		12/22/2011	74,761						114		45
		Member Units		12/22/2011	74,761						3,823		1,095
		Common Equity	(29)	6/20/2025	1,200,000						1,200		1,200
											7,803		5,762
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9) (17)	1/31/2017		10.98%	SF+	6.50%	1/31/2025	2,400		2,400		2,400
		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
											35,491		39,040
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%			12/31/2029	19,000		18,956		19,000
		Preferred Member Units	(8)	4/1/2008	900						1,080		77,620
											20,036		96,620
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	21,160		21,114		21,160
		Preferred Stock	(29)	7/30/2021	10,000						10,000		13,450
											31,114		34,610
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	—		(11)		—
		Secured Debt		12/21/2023		13.00%			12/31/2028	27,840		27,648		27,840
		Preferred Equity	(8)	12/21/2023	440						12,540		19,530
											40,177		47,370
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	7.00%	11/15/2027	—		(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)	11/15/2016		11.48%	SF+	7.00%		11/15/2027	15,328		15,243		15,328
		Common Stock	(8)	6/10/2010	2,000							2,150		18,250
		Common Stock	(8) (29)	6/14/2022	238,421							238		575
												17,626		34,153
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%				11/15/2026	4,897		4,870		4,870
		Preferred Member Units	(8)	2/1/2011	21,806							5,709		13,790
		Common Stock		1/27/2021	1,037							1,200		660
												11,779		19,320
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		9,590
Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(14) (25)	12/15/2021					10.00%	12/15/2026	—		(51)		(51)
		Secured Debt	(14)	12/15/2021		12.50%			10.00%	12/15/2026	33,660		32,198		14,135
		Preferred Equity		12/15/2021	11,070							11,070		—
												43,217		14,084
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		1,644
		Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	15,200		15,045		3,452
		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		5,096
Televerde, LLC	Provider of Telemarketing and Data Services
		Preferred Stock		1/26/2022	248							718		1,794
		Member Units	(8)	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		7,869		7,869
		Common Stock	(8)	5/31/2019	615							4,655		9,460
												12,523		17,328
Victory Energy Operations, LLC	Provider of Industrial and Commercial Combustion Systems
		Secured Debt		10/3/2024		13.00%				10/3/2029	1,723		1,694		1,694

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)
			Secured Debt		10/3/2024		13.00%				10/3/2029	48,251		47,841		47,841
			Preferred Equity	(8)	10/3/2024	51,421							22,471		22,471
													72,006		72,006
Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt	(17)	3/31/2023		10.00%				3/31/2025	2,100		2,100		2,100
			Preferred Member Units		3/31/2023	5,097,595							2,882		4,280
			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		—
													21,558		6,380
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	24,480		24,410		24,410
			Preferred Equity	(8) (29)	12/1/2021	12,240							12,240		12,240
													36,650		36,650
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		50
			Warrants	(27)	7/1/2015	587					10/1/2025		600		—
													5,504		1,800
Subtotal Control investments (79.6% of net assets at fair value)													$1,561,120		$2,295,565
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		4/1/2025		18.00%			18.00%	8/6/2025	$779		$779		$779
			Secured Debt	(14)	3/28/2025		10.00%			10.00%	3/31/2030	3,109		3,109		3,109
			Secured Debt	(14)	3/28/2025		12.00%			12.00%	3/31/2030	3,109		3,109		3,109
			Preferred Equity		3/28/2025	12,621,635							8,520		8,160
			Common Stock		12/11/2020	654,743							3,148		—
			Warrants	(27)	12/11/2020	574,598					12/11/2025		—		—
													18,665		15,157
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	256		256		256
			Member Units	(8)	6/30/2017	2,160,000							2,256		1,490
													2,512		1,746
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	7,354		6,043		—
			Secured Debt	(14) (17)	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	10,297		5,862		—

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		6/30/2015	6	6.00%			6.00%			4,770		—
													16,675		—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (25)	12/17/2021			SF+	6.00%		12/17/2026	—		(49)		(49)
			Secured Debt		12/17/2021		12.50%				12/17/2026	21,892		21,459		21,459
			Common Stock		12/17/2021	516,617							5,166		5,220
													26,576		26,630
CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt	(25)	12/10/2021						12/10/2026	—		(9)		—
			Secured Debt		12/10/2021		15.00%				12/10/2026	21,507		21,441		21,507
			Preferred Equity	(8)	12/10/2021	3,310							3,635		18,770
													25,067		40,277
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	154							—		1,960
Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	12.49%							1,277		662
Connect Telecommunications Solutions Holdings, Inc.	(13)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	25,417		25,201		25,201
			Preferred Equity		10/9/2024	22,304							12,596		12,596
													37,797		37,797
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		12.00%				6/18/2029	560		556		556
			Secured Debt		11/19/2021		12.00%				6/18/2029	16,800		16,730		16,730
			Preferred Equity		11/19/2021	5,944							5,944		6,294
			Preferred Equity	(8)	6/18/2024	3,068	15.00%			15.00%			3,485		3,665
													26,715		27,245
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%							6,032		7,795
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%							1,915		2,475
													7,947		10,270
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		—

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)
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	31,980		28,789		31,980
			Warrants	(8) (27)	5/28/2024	12						3,920		14,630
												32,709		46,610
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%						2,580		1,843
			LP Interests (Freeport First Lien Loan Fund III LP)	(30)	7/31/2015	5.95%						671		193
												3,251		2,036
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	9,253		9,253		9,253
			Preferred Member Units	(8)	3/31/2021	226						4,900		10,110
												14,153		19,363
Gulf Manufacturing, LLC	(13) (21)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt	(25)	3/15/2024			SF+	7.63%	3/15/2029	—		(37)		(37)
			Secured Debt		3/15/2024		12.00%	SF+	7.63%	3/15/2029	38,000		37,721		37,721
			Member Units	(8)	8/31/2007	438						2,980		14,600
			Common Stock		11/18/2024	888						888		960
												41,552		53,244
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%						6,409		7,163
			LP Interests (423 HAR, L.P.)	(30)	6/2/2023	15.60%						750		1,226
												9,251		12,851
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	2,490		2,489		2,490
			Secured Debt		12/2/2016		12.50%			1/15/2026	45,256		45,227		45,256
			Preferred Member Units	(8)	12/2/2016	226						2,850		22,730
			Preferred Member Units	(29)	12/2/2016	226						150		1,200
												50,716		71,676
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating 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)
			Unsecured Convertible Debt		5/1/2017		10.00%				4/2/2026	3,000		3,000		3,000
			Member Units	(8)	1/8/2003	322,297							2,352		4,350
													5,352		7,350
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	18,006,407							18,300		19,760
Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		12.00%				3/31/2028	16,372		16,358		16,372
			Preferred Equity	(8)	3/31/2023	87,360							4,368		8,550
													20,726		24,922
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		12.06%	SF+	7.50%		8/20/2026	12,273		12,215		11,928
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			267		520
			Preferred Equity		6/3/2025	1,067	10.00%			10.00%			114		190
			Common Stock		8/20/2021	9,968							1,356		690
													13,952		13,328
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		4,497		4,497
			Secured Debt		9/1/2021		13.00%				1/31/2028	2,940		2,929		2,929
			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		17,556		17,556
			Secured Debt		1/31/2023		13.00%				1/31/2028	9,554		9,388		9,388
			Preferred Equity		6/26/2024	711	25.00%			25.00%			711		910
			Common Stock		8/3/2021	203,016							2,756		2,700
													46,781		46,924
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		12.46%	SF+	8.00%		6/21/2027	1,180		1,171		1,180
			Secured Debt	(9) (25)	6/30/2025			SF+	7.00%		6/21/2027	—		—		—
			Secured Debt	(9)	6/21/2023		11.46%	SF+	7.00%		6/21/2027	4,935		4,402		4,935
			Secured Debt	(9)	6/21/2023		13.46%	SF+	9.00%		6/21/2027	4,935		4,402		4,935
			Secured Debt	(9)	6/30/2025		11.46%	SF+	7.00%		6/21/2027	1,770		1,763		1,770
			Warrants	(8) (27)	6/21/2023	193,307					6/21/2033		2,091		9,840
													13,829		22,660
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,142		1,113		1,113
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,180		1,180		1,180
			Preferred Equity		2/10/2025	9,213							4,890		4,890
													7,183		7,183

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)
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%	9.79%	12/31/2026	2,763		2,763		2,763
			Secured Debt	(9) (25)	4/11/2025			SF+	5.50%		12/31/2026	—		—		—
			Preferred Equity	(8) (29)	12/19/2024	66,306							14,396		12,880
													17,159		15,643
Moffitt Holdings, LLC		Bulk Fuel and Lubricants Distributor
			Secured Debt		3/19/2025		13.00%				3/19/2030	35,000		34,673		34,673
			Preferred Equity		3/19/2025	14,300							14,300		14,300
													48,973		48,973
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		14.00%				8/19/2029	9,280		8,734		8,734
			Preferred Member Units	(8)	8/19/2024	163,282	12.00%			12.00%			1,812		1,812
			Warrants	(27)	8/19/2024	59,368					8/19/2029		594		594
													11,140		11,140
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		455
			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					5/10/2027		1,089		—
													12,683		1,178
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	1,128							1,128		3,090
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	1,394		1,392		1,149
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	1		1		1
			Secured Debt	(9) (25)	2/5/2025			SF+	6.75%		4/8/2026	—		—		—
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	14,582		14,553		12,011
			Common Equity		8/12/2024	110							—		—
													15,946		13,161
RFG AcquireCo, LLC		Aerial Survey, Aerial Survey Equipment Sales & Rental, Aircraft Maintenance
			Secured Debt	(25)	6/2/2025						6/2/2027	—		(10)		(10)

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)	6/2/2025				6/2/2030	—		—		—
			Secured Debt		6/2/2025		12.50%		6/2/2030	34,000		33,666		33,666
			Preferred Equity		6/2/2025	11,401					11,401		11,401
											45,057		45,057
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.85%		6/16/2028	2,250		2,238		2,250
			Secured Debt	(23)	6/16/2023		12.79%		6/16/2028	67,661		67,563		67,661
			Preferred Member Units		8/31/2018	165					1,525		12,470
											71,326		82,381
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%		3/21/2030	25,560		25,295		25,560
			Common Stock	(8)	9/13/2018	70,000					—		1,990
											25,295		27,550
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%	8.50%	12/31/2027	213		213		886
			Secured Debt	(14)	12/31/2022		8.50%	8.50%	12/31/2027	5,327		4,884		1,061
			Preferred Equity		12/31/2022	5,907,649					—		—
											5,097		1,947
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units		8/31/2020	1,636					4,500		15,950
The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt	(25)	8/9/2021				8/9/2026	—		(4)		(4)
			Secured Debt		8/9/2021		13.00%		8/9/2026	5,201		5,188		5,110
			Preferred Stock	(8)	9/1/2023	312,910					313		313
			Preferred Stock	(8)	8/9/2021	1,280,000					6,400		6,400
											11,897		11,819
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%					2,881		4,397
UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/6/2023	14.91%					4,732		5,172
UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Preferred Stock		8/21/2018	11,450,416	20.00%	20.00%			8,416		9,388
			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					—		—

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)
													20,007		9,388
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800		8,735		8,735
			Preferred Equity	(8)	2/16/2024	4,000	9.00%			9.00%			4,514		4,514
													13,249		13,249
Wildcats Topco LLC		Provider of Veterinary Services and Products
			Common Equity		5/8/2025	22,426,711							22,427		22,427
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		11.00%				12/12/2027	9,886		9,839		9,839
			Preferred Equity	(8)	12/12/2022	3,845							3,845		3,845
													13,684		13,684
Subtotal Affiliate investments (29.7% of net assets at fair value)													$790,583		$856,226
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	$7,959		$7,959		$7,844
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	17,665		17,646		17,411
													25,605		25,255
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		5,890		5,908
													5,886		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	—		(166)		(166)
			Secured Debt	(9)	7/1/2024		11.07%	SF+	6.75%		7/1/2029	75,490		73,980		75,049
													73,814		74,883
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	2,153		2,153		2,153
			Secured Debt	(9)	11/6/2023		10.91%	SF+	6.50%	10.91%	11/6/2028	8,507		8,507		8,507
			Preferred Equity		11/6/2023	32,507							14,060		14,336
			Preferred Equity		11/6/2023	32,507							—		—

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		11/9/2021	3,898							234		—
													24,954		24,996
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock	(8)	8/11/2022	1,387,832							1,388		2,380
ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (32)	1/18/2022		10.57%	SF+	6.00%		1/18/2028	1,260		1,182		1,260
			Secured Debt	(9)	1/18/2022		9.56%	SF+	5.00%		1/18/2028	6,660		6,660		6,660
			Secured Debt	(9)	1/18/2022		11.56%	SF+	7.00%		1/18/2028	6,660		6,660		6,660
			Common Stock		1/18/2022	720,000							720		850
													15,222		15,430
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—		(75)		(75)
			Secured Debt	(9)	12/23/2022		11.70%	SF+	7.25%		12/23/2027	23,762		23,282		23,762
			Common Equity	(8)	12/15/2021	984							934		920
													24,141		24,607
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(29)	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) (14)	6/30/2022		14.53%	SF+	10.25%	7.25%	6/30/2028	503		454		76
			Secured Debt	(9) (14) (38)	6/30/2025		14.53%	SF+	10.25%	7.25%	6/30/2028	1,564		63		237
			Secured Debt	(9) (14)	6/30/2022		14.58%	SF+	10.25%	7.25%	6/30/2028	31,792		31,484		4,822
			Secured Debt	(9) (14) (38)	6/30/2025		14.58%	SF+	10.25%	7.25%	6/30/2028	100,947		4,070		15,311
													36,071		20,446
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Member Units		3/10/2017	1,050,000							1,050		1,060
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.94%	SF+	8.50%	11.94%	8/28/2025	202		131		101
			Secured Debt	(9) (14)	10/19/2022		15.00%	P+	7.50%	14.75%	8/28/2025	3,150		3,150		1,584
			Secured Debt	(9) (14)	8/28/2020		12.94%	SF+	8.50%	12.94%	8/28/2025	4,183		3,961		2,103
			Common Stock		10/1/2020	723,184							1		—
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036		—
													8,279		3,788

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)
B-O-F Corporation	(10)	Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
			Secured Debt	(9) (25)	2/3/2025			SF+	5.75%	2/3/2030	—		(19)		(19)
			Secured Debt	(9)	2/3/2025		9.05%	SF+	4.75%	2/3/2030	4,145		4,079		4,079
			Secured Debt	(9)	2/3/2025		11.05%	SF+	6.75%	2/3/2030	4,145		4,079		4,079
			Common Equity		2/3/2025	248,718						249		249
												8,388		8,388
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		11.45%	SF+	7.00%	5/1/2028	571		555		571
			Secured Debt	(9)	5/1/2023		10.45%	SF+	6.00%	5/1/2028	6,293		6,221		6,293
			Secured Debt	(9)	5/1/2023		12.45%	SF+	8.00%	5/1/2028	6,293		6,221		6,293
			Preferred Equity		5/1/2023	571						571		550
			Common Equity		5/1/2023	571						—		—
												13,568		13,707
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9)	2/1/2024		10.18%	SF+	5.75%	2/1/2029	899		829		899
			Secured Debt	(9)	2/1/2024		10.15%	SF+	5.75%	2/1/2029	2,023		1,973		2,023
			Secured Debt	(9)	2/1/2024		10.11%	SF+	5.75%	2/1/2029	25,839		25,463		25,839
			Secured Debt	(9)	1/2/2025		10.14%	SF+	5.75%	2/1/2029	9,470		9,346		9,470
			Common Equity		2/1/2024	2,583,963						2,709		5,900
												40,320		44,131
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		230
												7,817		991
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.59%						5,189		2,898
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%						3,475		3,477
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%						4,500		4,875
												13,164		11,250
Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics
			Secured Debt	(9)	6/14/2021		9.19%	SF+	5.00%	6/10/2026	1,758		1,750		1,758
			Secured Debt	(9)	6/14/2021		9.45%	SF+	5.00%	6/10/2028	16,956		16,824		16,956
												18,574		18,714
CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software

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		12/13/2021	2,142,167						2,142		3,510
			Preferred Equity		12/13/2021	596,176						—		—
												2,142		3,510
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	325,408						325		660
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		11.57%	SF+	7.00%	2/7/2027	4,350		4,263		4,322
			Secured Debt	(9)	2/7/2022		11.55%	SF+	7.00%	2/7/2027	35,981		35,746		35,747
			Secured Debt	(9)	6/24/2022		11.55%	SF+	7.00%	2/7/2027	1,993		1,980		1,980
			Secured Debt	(9)	3/27/2023		11.55%	SF+	7.00%	2/7/2027	4,818		4,767		4,787
												46,756		46,836
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014					1/5/2015	2,637		2,637		8
Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (32)	8/6/2021		12.69%	SF+	8.25%	8/6/2026	8,325		8,268		7,625
			Secured Debt	(9)	8/6/2021		12.70%	SF+	8.25%	8/6/2026	20,287		20,207		18,583
												28,475		26,208
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9) (32)	6/29/2024		10.83%	SF+	6.50%	6/28/2029	1,669		1,599		1,669
			Secured Debt	(9)	6/29/2024		10.83%	SF+	6.50%	6/28/2029	10,623		10,419		10,623
			Secured Debt	(9)	8/15/2024		10.83%	SF+	6.50%	6/28/2029	7,082		6,966		7,082
			Secured Debt	(9)	6/29/2024		11.08%	SF+	6.75%	6/28/2029	31,951		31,315		32,060
												50,299		51,434
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	7.00%	6/27/2027	—		(38)		(38)
			Secured Debt	(9)	12/27/2023		11.40%	SF+	7.00%	6/27/2027	10,547		10,369		10,547
												10,331		10,509
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	—		(210)		(210)
			Secured Debt	(9)	6/27/2024		10.55%	SF+	6.25%	6/27/2029	90,939		89,468		90,939
			Secured Debt	(9)	3/4/2025		10.57%	SF+	6.25%	6/27/2029	5,671		5,559		5,671
			Common Equity		3/4/2025	10,851						1,085		1,085
												95,902		97,485

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		650
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		11.43%	SF+	7.00%	11.43%	12/31/2026	2,456		2,298		2,414
			Secured Debt	(9)	12/20/2022		12.43%	SF+	8.00%		12/31/2026	2,493		2,259		2,383
			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							—		—
													4,685		4,907
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	—		(166)		(166)
			Secured Debt	(9)	3/31/2025		10.33%	SF+	6.00%		3/31/2030	50,795		49,846		50,286
			Common Equity		3/31/2025	1,464,286							1,464		1,464
													51,144		51,584
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.73%	SF+	6.25%		12/29/2027	9,459		9,332		6,620
EnCap Energy Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							3,445		1,846
			LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,841		817
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,256		1,176
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,935		4,814
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							3,914		4,165
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(8) (30)	3/30/2015	0.84%							4,739		1,143

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 III, L.P.)	(8) (30)	3/27/2015	0.25%							3,372		2,815
													27,502		16,776
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (25)	4/7/2023			SF+	6.00%		4/7/2029	—		(25)		(25)
			Secured Debt	(9)	10/2/2024		10.30%	SF+	6.00%		4/7/2029	1,375		1,355		1,375
			Secured Debt	(9)	4/7/2023		10.30%	SF+	6.00%		4/7/2029	25,915		25,423		25,915
			Common Equity	(8)	4/7/2023	649,794							663		910
													27,416		28,175
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		3,681		3,692
			Secured Debt	(9)	12/22/2021		12.56%	SF+	8.00%	4.00%	12/22/2026	48,317		48,186		48,317
													51,867		52,009
Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		12.00%				12/31/2026	1,810		1,810		722
			Common Stock		6/30/2019	10,429							256		—
													2,066		722
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (32)	4/14/2025		11.32%	SF+	7.00%		10/14/2027	3,080		2,989		2,989
			Secured Debt	(9)	4/14/2025		11.31%	SF+	7.00%		10/14/2027	28,971		28,449		28,449
			Common Equity		11/10/2023	705,882							706		500
													32,144		31,938
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		13.75%	P+	6.25%		10/4/2029	652		567		638
			Secured Debt	(9) (25)	10/4/2024			SF+	7.25%		10/4/2029	—		(43)		(43)
			Secured Debt	(9) (26)	10/4/2024		11.47%	SF+	7.25%		10/4/2029	31,208		30,677		30,529
			Common Equity		10/4/2024	1,365							1,365		1,070
													32,566		32,194
GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9) (25)	10/18/2019			SF+	6.50%		2/28/2026	—		(6)		—
			Secured Debt	(9)	10/18/2019		10.93%	SF+	6.50%		2/28/2026	10,447		10,419		10,447
			Secured Debt	(9)	9/15/2023		10.93%	SF+	6.50%		2/28/2026	937		935		937
			Secured Debt	(9)	12/22/2023		10.93%	SF+	6.50%		2/28/2026	224		222		224
			Secured Debt	(9)	8/22/2024		10.93%	SF+	6.50%		2/28/2026	6,042		6,021		6,042
													17,591		17,650
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9) (32)	9/30/2022		11.42%	SF+	7.00%		9/30/2028	454		442		418
			Secured Debt	(9)	9/30/2022		11.41%	SF+	7.00%		9/30/2028	296		286		273

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)	9/30/2022		11.43%	SF+	7.00%		9/30/2028	3,560		3,513		3,277
													4,241		3,968
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(30)	6/2/2025								1,526		1,526
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9)	4/30/2025		13.56%	SF+	9.00%		6/21/2026	68		68		68
			Secured Debt	(9)	3/7/2024		9.01%	SF+	3.50%	9.01%	6/21/2026	2,621		2,556		2,399
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	1,626		713		18
			Common Equity		3/7/2024	64,029							—		—
													3,337		2,485
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (25)	8/1/2022			SF+	6.50%		8/1/2027	—		(28)		(28)
			Secured Debt	(9)	8/1/2022		10.83%	SF+	6.50%		8/1/2027	6,632		6,568		6,632
			Secured Debt	(9)	6/3/2024		10.83%	SF+	6.50%		8/1/2027	4,690		4,634		4,690
			Secured Debt	(9)	8/1/2022		10.83%	SF+	6.50%		8/1/2027	16,369		16,232		16,369
			Secured Debt	(9)	6/3/2024		10.83%	SF+	6.50%		8/1/2027	7,999		7,946		7,999
													35,352		35,662
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		4,825		4,838
			Secured Debt	(9) (26)	7/3/2024		9.78%	SF+	5.50%		7/3/2029	32,765		32,482		32,582
													37,307		37,420
HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.94%	SF+	6.50%	3.50%	10/23/2027	26,705		26,705		26,416
Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		12.81%	SF+	8.25%		12/31/2027	7,200		7,094		7,200
IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2028	—		(9)		—
			Secured Debt	(9)	7/30/2021		10.18%	SF+	5.75%		7/30/2028	10,154		10,085		10,154
			Secured Debt	(9)	7/30/2021		10.18%	SF+	5.75%		7/30/2028	4,878		4,842		4,878
													14,918		15,032
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Common Equity		6/8/2023	849							1,166		980

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)
Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/13/2025		10.45%	SF+	6.00%	4.00%	8/29/2025	849		849		849
			Secured Debt	(9) (14)	6/1/2017		13.70%	SF+	7.75%	1.50%	7/31/2025	18,627		18,627		11,200
													19,476		12,049
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2028	—		(47)		(47)
			Secured Debt	(9)	7/19/2023		10.52%	SF+	6.25%		7/19/2029	14,190		13,860		13,380
			Common Equity		7/19/2023	131,100							656		320
													14,469		13,653
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	849		836		792
			Secured Debt	(9)	4/3/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	7,291		7,188		6,802
			Secured Debt	(9)	6/14/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	2,933		2,894		2,736
			Secured Debt	(9)	12/31/2024		14.42%	SF+	10.00%	2.00%	4/3/2028	338		338		315
			Common Equity		4/3/2023	177,594							463		38
													11,719		10,683
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (32)	12/9/2021		14.43%	SF+	10.00%	14.43%	8/7/2023	2,228		2,228		1,850
			Secured Debt	(9) (14) (17)	8/7/2019		11.43%	SF+	7.00%	11.43%	8/7/2023	7,313		7,237		11
			Common Stock		12/7/2021	2,143							—		—
													9,465		1,861
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		11.98%	SF+	7.50%		12/31/2026	1,037		1,034		963
			Secured Debt	(9)	8/28/2019		11.98%	SF+	7.50%		12/31/2026	16,535		16,484		15,347
													17,518		16,310
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (35)	4/13/2023		2.50%				4/14/2028	3,159		2,984		457
			Common Equity		4/13/2023	198,743							—		—
													2,984		457
Island Pump and Tank, LLC	(10)	Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
			Secured Debt	(9) (32)	5/20/2024		11.57%	SF+	7.00%		5/17/2029	183		178		178
			Secured Debt	(9)	5/20/2024		10.56%	SF+	6.00%		5/17/2029	2,111		2,080		2,065
			Secured Debt	(9)	5/20/2024		11.56%	SF+	7.00%		5/17/2029	2,111		2,080		2,065
			Secured Debt	(9)	5/20/2024		12.56%	SF+	8.00%		5/17/2029	2,111		2,080		2,065
													6,418		6,373

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)
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.41%	SF+	7.00%		11/4/2026	771		764		771
			Secured Debt	(9) (26)	2/27/2024		11.38%	SF+	7.00%		11/4/2026	625		620		625
			Secured Debt	(9) (26)	11/1/2024		11.45%	SF+	7.00%		11/4/2026	667		653		667
			Secured Debt	(9)	11/8/2021		11.38%	SF+	7.00%		11/4/2026	1,790		1,775		1,790
			Preferred Equity		11/8/2021	2,826,667							110		780
													3,922		4,633
JDC Power Services, LLC	(10)	Provider of Electrical Equipment and Maintenance Services for Datacenters
			Secured Debt	(9) (25)	6/28/2024			SF+	6.25%		6/28/2029	—		(144)		(144)
			Secured Debt	(9)	6/28/2024		10.55%	SF+	6.25%		6/28/2029	60,193		58,971		60,193
													58,827		60,049
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		13.13%	SF+	8.75%	6.00%	3/29/2029	1,824		1,824		1,824
			Secured Debt	(9)	3/30/2024		13.13%	SF+	8.75%	6.00%	3/29/2029	1,362		1,362		1,362
			Common Stock		3/29/2024	5,461,019							200		350
													3,386		3,536
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (14) (32)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	8,421		8,362		6,360
			Secured Debt	(9) (14)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	35,289		35,038		26,653
			Secured Debt	(9) (14)	2/1/2024		10.80%	SF+	6.25%		12/22/2026	3,305		3,245		2,496
			Common Equity		12/22/2021	1,684,211							1,684		—
													48,329		35,509
LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	1/25/2013	2.27%							—		692
LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9)	9/17/2024		11.84%	SF+	7.25%		12/31/2025	1,156		1,156		1,156
			Secured Debt	(9)	5/2/2019		11.84%	SF+	7.25%		12/31/2025	8,527		8,496		8,527
			Secured Debt	(9)	5/2/2019		11.84%	SF+	7.25%		12/31/2025	5,457		5,437		5,457
			Secured Debt	(9)	11/20/2020		11.84%	SF+	7.25%		12/31/2025	2,864		2,853		2,864
			Secured Debt	(9)	2/26/2021		11.84%	SF+	7.25%		12/31/2025	1,113		1,109		1,113
			Secured Debt	(9)	5/12/2022		11.84%	SF+	7.25%		12/31/2025	11,271		11,229		11,271
													30,280		30,388
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		12.45%	SF+	8.00%	3.00%	8/16/2026	4,184		4,150		3,160
Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier

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)	4/11/2025		10.07%	SF+	5.75%		12/31/2028	42,030		41,431		41,431
			Secured Debt		4/11/2025						12/31/2028	2,773		2,016		2,016
													43,447		43,447
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	—		(33)		(33)
			Secured Debt	(9)	11/20/2024		10.17%	SF+	5.75%		4/3/2028	11,079		10,953		11,079
			Secured Debt	(9)	4/4/2022		10.18%	SF+	5.75%		4/3/2028	17,667		17,500		17,667
													28,420		28,713
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (32)	11/30/2023		10.54%	SF+	6.25%		11/30/2028	1,310		1,281		1,255
			Secured Debt	(9) (26)	11/30/2023		10.56%	SF+	6.25%		11/30/2028	1,308		1,285		1,264
			Secured Debt	(9)	11/30/2023		9.58%	SF+	5.25%		11/30/2028	4,845		4,765		4,679
			Secured Debt	(9)	11/30/2023		11.58%	SF+	7.25%		11/30/2028	4,845		4,761		4,682
			Common Equity		11/30/2023	524,888							525		330
													12,617		12,210
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (25)	4/17/2025			SF+	6.00%		4/17/2030	—		(218)		(218)
			Secured Debt	(9) (25)	4/17/2025			SF+	6.00%		4/17/2030	—		(262)		(262)
			Secured Debt	(9)	4/17/2025		10.28%	SF+	6.00%		4/17/2030	66,432		65,168		65,168
			Common Equity		6/7/2023	1,234							1,234		6,230
													65,922		70,918
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	4,101		4,073		4,418
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	10,714		10,634		12,464
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	18,018		17,891		18,018
			Secured Debt	(9)	6/25/2025		10.81%	SF+	6.25%		5/24/2027	1,234		1,211		1,211
			Unsecured Debt	(25)	3/1/2024		8.00%			8.00%	6/30/2025	—		—		—
			Unsecured Debt		9/25/2024		8.00%			8.00%	12/21/2025	112		112		112
			Unsecured Debt		1/31/2025		8.00%			8.00%	3/31/2026	78		78		78
			Common Stock		8/30/2022	78,948,902							1,045		602
													35,044		36,903
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		7,360		7,425
Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies

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) (25)	6/21/2024			SF+	7.25%	12/21/2028	—		(3)		(3)
			Secured Debt	(9)	6/21/2024		11.68%	SF+	7.25%	6/21/2029	26,221		25,602		26,221
			Secured Debt	(9)	5/13/2025		11.68%	SF+	7.25%	6/21/2029	3,171		3,080		3,171
												28,679		29,389
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		10.30%	SF+	6.00%	11/16/2027	1,393		1,379		1,393
			Secured Debt	(9)	4/1/2024		10.30%	SF+	6.00%	11/16/2027	3,871		3,837		3,871
												5,216		5,264
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013					11/15/2026	4,373		4,373		44
Peaches Holding Corporation		Wholesale Provider of Consumer Packaging Solutions
			Common Equity		5/22/2024	3,226						7,221		—
PrimeFlight Aviation Services	(10) (13)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		9.78%	SF+	5.50%	5/1/2029	7,840		7,654		7,840
			Secured Debt	(9)	9/7/2023		9.80%	SF+	5.50%	5/1/2029	749		729		749
			Secured Debt	(9)	1/30/2024		9.80%	SF+	5.50%	5/1/2029	752		738		752
			Secured Debt	(9)	6/28/2024		9.55%	SF+	5.25%	5/1/2029	855		845		855
			Secured Debt	(9)	1/21/2025		9.52%	SF+	5.25%	5/1/2029	1,895		1,878		1,895
												11,844		12,091
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		12.78%	SF+	8.25%	8/19/2027	6,838		6,713		6,786
			Secured Debt	(9)	8/19/2022		12.84%	SF+	8.25%	8/19/2027	16,380		16,161		16,255
												22,874		23,041
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		6,490
												3,281		9,738
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (25) (32)	8/24/2023			SF+	6.50%	8/24/2028	—		(64)		—
			Secured Debt	(9)	8/24/2023		10.78%	SF+	6.50%	8/24/2028	33,607		32,887		33,607
			Secured Debt	(9)	9/10/2024		10.71%	SF+	6.50%	8/24/2028	21,823		21,477		21,823
												54,300		55,430
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair

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) (25)	8/27/2021			SF+	8.00%		8/27/2026	—		(4)		—
			Secured Debt	(9)	8/27/2021		11.56%	SF+	7.00%		8/27/2026	3,376		3,347		2,901
			Secured Debt	(9)	8/27/2021		13.56%	SF+	9.00%		8/27/2026	3,376		3,347		2,895
													6,690		5,796
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	5,947		5,943		5,947
			Secured Debt	(9)	7/16/2021		12.49%	SF+	8.00%	2.00%	11/16/2025	7,107		7,095		7,107
													13,038		13,054
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		9.68%	SF+	5.25%		8/8/2029	53,320		52,980		53,320
			Common Equity		12/10/2021	864							864		941
													53,844		54,261
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (32)	7/1/2022		11.46%	SF+	7.00%		7/1/2027	2,108		2,076		2,108
			Secured Debt	(9)	7/1/2022		11.45%	SF+	7.00%		7/1/2027	15,489		15,332		15,489
			Common Stock		7/1/2022	638,710							639		690
													18,047		18,287
Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider
			Secured Debt	(26)	12/22/2020		9.54%	SF+	5.00%		12/18/2027	14,576		14,442		14,525
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—		(85)		(85)
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—		(64)		(64)
			Secured Debt	(9)	12/31/2024		9.90%	SF+	5.50%		12/31/2029	32,172		31,747		31,808
													31,598		31,659
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		2,350
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)	3/11/2024		10.81%	SF+	6.50%		3/11/2029	1,439		1,347		1,439
			Secured Debt	(9)	3/11/2024		10.80%	SF+	6.50%		3/11/2029	33,756		32,889		33,756
			Secured Debt	(9)	2/27/2025		10.80%	SF+	6.50%		3/11/2029	4,319		4,222		4,319
			Preferred Equity		3/11/2024	1,218,750	8.00%			8.00%			1,219		1,400

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)
													39,677		40,914
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (14)	6/1/2023		11.72%	SF+	7.40%	6.25%	5/2/2027	9,811		2,767		3,925
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003		20		—
													2,787		3,925
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		10.33%	SF+	6.00%		7/27/2029	43,121		42,429		42,827
			Common Equity		7/29/2024	1,443,299							1,443		1,680
													43,872		44,507
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/11/2023		11.78%	SF+	7.50%		4/5/2029	4,000		3,928		4,000
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(32)	12/22/2023		11.43%	SF+	7.00%		12/22/2028	7,727		7,577		7,727
			Secured Debt	(9)	12/22/2023		11.44%	SF+	7.00%		12/22/2028	41,863		41,138		41,863
													48,715		49,590
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038		2,820
Wash & Wax Systems LLC	(10)	Express Car Wash Operator
			Secured Debt	(9)	4/30/2025		9.78%	SF+	5.50%		4/30/2028	10		10		10
			Secured Debt	(9)	4/30/2025		9.78%	SF+	5.50%		4/30/2028	7,388		7,388		7,388
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	4,829		4,829		4,829
			Common Equity		4/30/2025	3,219							3,410		3,660
													15,637		15,887
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	2,315		2,302		2,181
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	400		389		378
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	16,461		16,387		15,503
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	13,167		13,107		12,400
													32,185		30,462
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (25) (32)	11/19/2021			SF+	8.00%		11/19/2026	—		(29)		(29)
			Secured Debt	(9)	11/19/2021		12.56%	SF+	8.00%		11/19/2026	1,874		1,860		1,874
			Secured Debt	(9)	1/16/2024		11.56%	SF+	7.00%		11/19/2026	7,240		7,159		7,240

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)	1/16/2024	13.56%	SF+	9.00%	11/19/2026	7,240		7,159		7,240
											16,149		16,325
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021	10.17%	SF+	5.75%	12/20/2028	23,693		23,462		23,692
			Secured Debt	(9)	12/17/2021	10.12%	SF+	5.75%	12/20/2028	37,249		36,919		37,249
			Secured Debt	(9)	3/31/2025	10.15%	SF+	5.75%	12/20/2028	10,605		10,411		10,605
											70,792		71,546
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018	11.88%	SF+	7.50%	8/9/2026	10,692		10,589		9,137
ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024	12.50%	P+	5.00%	6/14/2029	5,211		5,046		5,211
			Secured Debt	(9) (26)	6/14/2024	10.28%	SF+	6.00%	6/14/2029	8,019		7,803		8,019
			Secured Debt	(9)	6/14/2024	10.17%	SF+	6.00%	6/14/2029	6,535		6,428		6,535
			Secured Debt	(9)	6/14/2024	10.31%	SF+	6.00%	6/14/2029	46,784		46,022		46,784
											65,299		66,549
Subtotal Non-Control/Non-Affiliate investments (67.3% of net assets at fair value)											$2,001,002		$1,941,279
Total Portfolio Company investments, June 30, 2025 (176.6% of net assets at fair value)											$4,352,705		$5,093,070
Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (36)											$15,043		$15,043
Fidelity Government Fund (37)											3,353		3,353
Fidelity Treasury (31)											645		645
Total money market funds											$19,041		$19,041

(1)All investments are LMM (as defined below) 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 (each as defined below) or in support of the debentures guaranteed by the SBA (as defined below) and issued by the Funds (as defined below).

(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,96% of the loans (based on the par amount) contain Term Secured Overnight Financing Rate (“SOFR”) floors which range between 0.75% and 5.25%, with a weighted-average floor of 1.30%.

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

(11)Middle Market (as defined below) 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 (as defined below). Investment is not encumbered as security for the Credit Facilities (as defined below) 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 June 30, 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 11.85% 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 June 30, 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 June 30, 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 Investment Portfolio (as 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 June 30, 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 holding entity.

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

(31)Effective yield as of June 30, 2025 was approximately 3.95% 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 June 30, 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 June 30, 2025.

(36)Effective yield as of June 30, 2025 was approximately 4.18% on the Dreyfus Government Cash Management.

(37)Effective yield as of June 30, 2025 was approximately 3.99% on the Fidelity Government Fund.

(38)Investment purchased through a distressed sale with the intention to be sold on a short-term basis.

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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.