Main Street Capital CORP

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

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, 2025

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		12.64%	SF+	8.50%	12.64%	3/28/2028	$8,161		$8,161		$8,161
			Secured Debt	(9)	3/25/2025		12.64%	SF+	8.50%	12.64%	3/28/2028	8,161		8,161		6,582
			Preferred Equity		3/25/2025	26,638							8,970		4,250
													25,292		18,993
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.75%				8/16/2029	3,895		3,860		3,860
			Preferred Member Units		5/20/2021	2,411							2,387		6,030
			Preferred Member Units		8/16/2019	3,108							3,200		120
			Warrants	(27)	8/16/2019	420					8/16/2029		316		—
													9,763		10,010
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	1,533		1,533		1,502
			Preferred Member Units		6/28/2023	178							178		—
			Member Units		8/1/2013	1,500							1,500		—
													3,611		1,902
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/7/2027	—		(2)		—
			Secured Debt	(25)	3/7/2022						3/7/2027	—		—		—
			Secured Debt		3/7/2022		10.00%				3/7/2027	9,945		9,921		9,945
			Preferred Stock	(8)	3/7/2022	4,073							4,095		8,750
													14,014		18,695
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	1,773		1,773		1,773
			Preferred Equity		11/4/2024	18,756,995							19,537		12,640
													21,310		14,413
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (32)	11/10/2025		12.07%	SF+	8.25%	12.07%	6/30/2028	6,017		6,017		6,017
			Common Equity		11/10/2025	69							16,890		15,690
													22,907		21,707
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		11.10%	SF+	7.22%		10/31/2027	101,046		100,803		101,046

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)
		Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%						14,000		31,190
												114,803		132,236
Brewer Crane Holdings, LLC	Provider of Crane Rental and Operating Services
		Secured Debt	(9)	1/9/2018		13.98%	SF+	10.00%		12/31/2026	5,016		5,016		5,016
		Preferred Member Units	(8)	1/9/2018	2,950							4,280		3,460
		Preferred Member Units	(8)	7/7/2025	312	15.00%			15.00%			336		336
												9,632		8,812
Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Preferred Member Units	(29)	7/25/2016	17,742							1,000		—
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132		—
												3,132		—
California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(25)	3/15/2024						8/28/2028	—		(11)		(11)
		Secured Debt		3/30/2018		14.00%				8/28/2028	25,800		25,776		25,638
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			12,569		12,569
		Preferred Member Units	(8)	3/30/2018	8,729							16,402		12,801
												54,736		50,997
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300		47,930
Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	8.00%		1/4/2028	—		—		—
		Secured Debt	(9)	11/29/2024		11.98%	SF+	8.00%		1/4/2028	24,085		24,058		24,085
		Preferred Member Units		1/4/2019	13,883							6,386		42,710
												30,444		66,795
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2029	—		(39)		—
		Secured Debt	(9)	2/26/2018		11.99%	SF+	8.00%		2/26/2029	42,020		41,781		42,020
		Member Units	(8)	2/26/2018	4,347							11,440		35,530
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773		4,170
												54,955		81,720
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694		5,267		5,694

Portfolio Company (1) (20) · Business Description · Type of Investment(2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Preferred Member Units	(8)	2/3/2017	1,829				1,963		16,020
										7,230		21,714
Clad-Rex Steel, LLC		Specialty Manufacturer of Vinyl-Clad Metal
			Secured Debt	(25)	10/28/2022			7/31/2027	—		—		—
			Secured Debt		12/20/2016		10.00%	7/31/2030	9,480		9,405		9,480
			Secured Debt		12/20/2016		10.00%	12/20/2036	929		922		929
			Member Units	(8)	12/20/2016	717				7,280		14,120
			Member Units	(29)	12/20/2016	800				509		1,270
										18,116		25,799
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(25)	3/6/2020			12/3/2030	—		(82)		—
			Secured Debt		3/6/2020		12.50%	12/3/2030	34,901		34,336		34,901
			Preferred Member Units	(8) (29)	3/6/2020	587				8,317		65,060
										42,571		99,961
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(25)	3/31/2021			3/31/2028	—		—		—
			Secured Debt		3/31/2021		9.00%	3/31/2028	8,779		8,773		8,779
			Preferred Member Units	(8)	3/31/2021	17,280				7,680		16,830
										16,453		25,609
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt		1/29/2019		12.98%	1/29/2028	4,037		4,031		4,031
			Preferred Member Units		1/29/2019	2,250				3,520		7,650
										7,551		11,681
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023			11/22/2028	—		(15)		(15)
			Secured Debt		11/22/2023		13.50%	11/22/2028	17,200		17,100		16,961
			Preferred Equity		11/22/2023	7,454				7,454		7,180
										24,539		24,126
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%				390		390
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		27,082		27,076

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		5/5/2023	556						15,000		—
		Preferred Equity		4/1/2025	2,400,000						2,400		6,340
											44,482		33,416
Datacom, LLC	Technology and Telecommunications Provider
		Secured Debt		3/1/2022		7.50%			12/31/2025	675		675		675
		Secured Debt		3/31/2021		10.00%			12/31/2025	7,812		7,812		4,169
		Preferred Member Units		3/31/2021	9,360						2,970		—
											11,457		4,844
Digital Products Holdings LLC	Designer and Distributor of Consumer Electronics
		Secured Debt	(9)	4/1/2018		13.88%	SF+	10.00%	4/27/2026	11,957		11,943		11,338
		Preferred Member Units	(8)	4/1/2018	3,857						9,501		9,835
											21,444		21,173
Direct Marketing Solutions, Inc.	Provider of Omni-Channel Direct Marketing Services
		Secured Debt		2/13/2018		14.00%			2/13/2026	1,785		1,783		1,785
		Secured Debt		12/27/2022		14.00%			2/13/2026	23,082		23,079		23,082
		Preferred Stock		2/13/2018	8,400						8,400		19,760
											33,262		44,627
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	26,500		26,270		26,270
		Preferred Equity		5/20/2025	13,000						13,000		15,740
											39,270		42,010
Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassis Components
		Secured Debt	(9) (25)	10/3/2022			SF+	6.00%	10/3/2027	—		(3)		(3)
		Secured Debt		10/3/2022		12.00%			10/3/2027	16,778		16,719		16,719
		Secured Debt		10/3/2022		9.00%			10/3/2052	6,212		6,156		6,156
		Common Stock		10/3/2022	285						5,726		5,050
		Common Stock	(29)	10/3/2022	939						1,558		3,270
											30,156		31,192
Flame King Holdings, LLC	Propane Tank and Accessories Distributor
		Secured Debt	(25)	6/30/2025					6/30/2030	—		—		—
		Secured Debt		6/30/2025		12.00%			6/30/2030	66,000		65,415		66,000
		Preferred Equity	(8)	10/29/2021	9,360						10,400		54,630
											75,815		120,630

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)
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		11.38%	SF+	7.50%	1/1/2028	70,526		70,436		70,526
			Member Units	(8)	6/24/2016	9,042						17,692		113,810
			Common Equity	(29)	12/15/2025	532						396		396
												88,524		184,732
Garreco, LLC		Manufacturer and Supplier of Dental Products
			Member Units		7/15/2013	1,200						1,200		1,830
GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		9.98%	SF+	6.00%	10/29/2026	3,146		3,143		3,146
			Secured Debt		12/19/2014		11.98%	SF+	8.00%	10/29/2026	40,493		40,452		40,493
			Member Units	(8)	12/19/2014	5,879						13,065		46,360
												56,660		89,999
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(30)	10/1/2017	49.26%						1,158		1,795
			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		5,244
												4,755		7,927
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456						718		7,080
IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%			6/21/2028	1,600		1,580		1,600
			Secured Debt		6/21/2023		13.00%			6/21/2028	35,064		34,890		35,064
			Common Equity		6/21/2023	14,400						14,400		28,030
												50,870		64,694
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		13.75%	P+	6.75%	11/14/2026	878		878		878
			Member Units	(8)	11/14/2006	627						811		11,540
												1,689		12,418

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)
JorVet Holdings, LLC · Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	23,321		23,263		23,263
			Preferred Equity	(8)	3/28/2022	109,926							10,993		10,990
													34,256		34,253
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9)	8/25/2025		9.13%	SF+	5.00%		6/20/2030	6,316		6,316		6,316
			Secured Debt	(9)	8/25/2025		10.13%	SF+	6.00%	10.13%	6/20/2030	36,513		36,513		36,429
			Secured Debt	(14)	8/25/2025		15.00%			15.00%	6/20/2030	16,842		6,205		939
			Common Equity		12/22/2021	1,684,211							1,684		—
			Common Equity		8/25/2025	842,000							842		—
													51,560		43,684
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		9.50%				2/24/2028	7,200		7,166		7,200
			Member Units	(8)	1/23/2006	325							783		18,180
													7,949		25,380
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	10,199		10,195		10,195
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,910		3,878		3,878
			Preferred Equity	(8)	10/31/2018	581							12,240		17,180
			Member Units	(8) (29)	10/31/2018	800							992		4,190
													27,305		35,443
Legacy Swim Group		Swim Lessons Provider
			Secured Debt		11/7/2025		13.00%				11/7/2030	32,000		31,691		31,691
			Preferred Equity	(8)	11/7/2025	366							14,996		14,996
													46,687		46,687
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(17) (25)	10/19/2022						10/19/2025	—		—		—
			Secured Debt		10/19/2022		8.75%				10/19/2027	17,237		17,175		17,237
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916		5,916
			Common Stock	(8)	10/19/2022	1,537,219							1,537		9,770
													24,628		32,923
Moffitt Holdings, LLC		Bulk Fuel and Lubricants Distributor
			Secured Debt		3/19/2025		13.00%				3/19/2030	34,125		33,840		33,840
			Preferred Equity		3/19/2025	14,300							14,300		15,560
													48,140		49,400

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)
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt	(9)	1/26/2021		6.88%	SF+	3.00%	3/24/2026	12,000		12,000		12,000
			LP Interests	(8) (30)	1/26/2021	14.51%						15,000		14,697
												27,000		26,697
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%	3/5/2029	—		(84)		(84)
			LP Interests	(8) (30)	9/5/2023	12.46%						10,500		11,064
												10,416		10,980
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%						29,500		255,020
MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	1,642,635						25,082		21,412
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		9,768		9,768
			Preferred Equity	(8)	3/28/2025	270						2,700		4,770
												12,468		14,538
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units	(8)	1/31/2008	2,955						4,145		14,480
			Member Units	(29)	9/30/2025	468						—		568
												4,145		15,048
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		12.50%			6/4/2029	32,072		31,867		32,072
			Preferred Equity	(8)	6/4/2024	336,803						11,197		23,330
												43,064		55,402
NexRev LLC		Provider of Energy Efficiency Products & Services
			Preferred Member Units	(8)	2/28/2018	103,144,186						8,213		12,870
NRP Jones, LLC		Manufacturer of Hoses, Fittings and Assemblies
			Secured Debt	(14)	12/21/2017		12.00%			9/18/2028	2,191		2,161		474
			Preferred Equity		12/8/2011	495,000						482		—
			Member Units		12/22/2011	74,761						114		—
			Member Units		12/22/2011	74,761						3,823		—
			Common Equity	(29)	6/20/2025	927,581						928		928

Portfolio Company (1) (20) · Business Description · Type of Investment(2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
											7,508		1,402
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9) (17)	1/31/2017		10.48%	SF+	6.50%	1/31/2025	1,000		1,000		1,000
		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		6,110
		Preferred Member Units		1/31/2017	486						11,866		12,200
											34,091		37,750
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%			12/31/2029	29,000		28,956		29,000
		Preferred Member Units	(8)	4/1/2008	900						1,080		77,900
											30,036		106,900
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9)	7/30/2021		14.98%	SF+	11.00%	7/31/2026	612		612		612
		Secured Debt	(9)	7/30/2021		14.98%	SF+	11.00%	7/31/2026	20,760		20,736		20,760
		Preferred Stock	(29)	7/30/2021	10,000						10,000		13,450
											31,348		34,822
Pinnacle TopCo, LLC	Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
		Secured Debt	(25)	12/21/2023					12/21/2028	—		(9)		—
		Secured Debt		12/21/2023		13.00%			12/21/2028	27,200		27,037		27,200
		Preferred Equity	(8)	12/21/2023	440						12,540		20,440
											39,568		47,640
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	8.75%	11/15/2027	—		(3)		—
		Secured Debt	(9)	11/15/2016		13.04%	SF+	8.75%	11/15/2027	15,191		15,125		15,191
		Common Stock	(8)	6/10/2010	2,000						2,150		17,330
		Common Stock	(8) (29)	6/14/2022	238,421						238		575
											17,510		33,096
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%			11/15/2026	4,897		4,880		4,897
		Preferred Member Units	(8)	2/1/2011	21,806						5,709		15,740
		Common Stock		1/27/2021	1,037						1,200		750
											11,789		21,387
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000						7,546		460

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)
River Aggregates, LLC · Processor of Construction Aggregates
		Member Units	(29)	12/20/2013	1,500					369		9,700
Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(14) (25)	12/15/2021				12/15/2026	—		(62)		(62)
		Secured Debt	(14)	12/15/2021		12.50%	10.00%	12/15/2026	33,660		31,771		14,029
		Preferred Equity		12/15/2021	11,070					11,070		—
										42,779		13,967
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt	(14) (17)	8/31/2018		12.00%	12.00%	8/31/2023	1,203		861		962
		Secured Debt	(14) (17)	8/31/2018		12.00%	12.00%	8/31/2023	15,200		15,045		2,827
		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		—
										26,376		3,789
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		4,822
										2,008		6,616
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt	(25)	5/31/2019				5/31/2027	—		—		—
		Secured Debt		5/31/2019		13.50%		5/31/2027	9,000		8,959		9,000
		Secured Debt		11/21/2025		9.00%		5/31/2027	2,040		2,034		2,040
		Common Equity	(29)	11/21/2025	723					696		696
		Common Stock	(8)	5/31/2019	615					4,655		14,920
										16,344		26,656
Trinity Medical Holdings, LLC	Orthopedic Healthcare Platform
		Secured Debt	(25)	10/8/2025				10/8/2030	—		—		—
		Secured Debt		10/8/2025		13.00%		10/8/2030	58,500		57,944		57,944
		Preferred Equity		10/8/2025	22,500					22,500		22,500
										80,444		80,444
Victory Energy Operations, LLC	Provider of Industrial and Commercial Combustion Systems
		Secured Debt		10/3/2024		13.00%		10/3/2029	862		836		836
		Secured Debt		10/3/2024		13.00%		10/3/2029	48,251		47,889		47,889
		Preferred Equity		10/3/2024	51,421					22,471		23,380
										71,196		72,105

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)
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							1,830		2,910
			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		—
													20,506		5,010
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (25)	12/1/2021			SF+	6.00%		12/1/2026	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	24,000		23,956		23,956
			Preferred Equity	(8) (29)	12/1/2021	12,240							12,240		12,240
													36,196		36,196
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		7/31/2025		12.00%				12/31/2027	150		150		150
			Secured Debt		12/30/2024		12.00%				12/31/2027	1,750		1,750		1,687
			Preferred Member Units		6/30/2015	16,878							3,154		50
													5,054		1,887
Subtotal Control investments (85.8% of net assets at fair value)													$1,824,132		$2,569,626
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		4/1/2025		20.00%			20.00%	11/24/2032	$895		$895		$895
			Secured Debt		11/24/2025		21.00%			21.00%	11/24/2032	513		503		503
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		2,756
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		2,756
			Preferred Equity		3/28/2025	12,621,635							8,520		2,080
			Common Stock		12/11/2020	654,743							3,148		—
													19,284		8,990
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		2,820
													2,512		3,076
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	8,380		6,282		—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	18		—		—

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)	6/30/2015		15.00%			15.00%	8/31/2023	11,112		5,862		—
			Preferred Member Units		6/30/2015	6	6.00%			6.00%			4,770		—
													16,914		—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (25)	12/17/2021			SF+	6.00%		6/5/2030	—		(45)		(45)
			Secured Debt		12/17/2021		13.00%				6/5/2030	21,892		21,551		21,551
			Common Stock		12/17/2021	516,617							5,166		5,370
													26,672		26,876
CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt		12/10/2021		15.00%				12/10/2026	1,800		1,794		1,800
			Secured Debt		12/10/2021		15.00%				12/10/2026	25,107		25,103		25,107
			Preferred Equity	(8)	12/10/2021	3,310							3,635		24,340
													30,532		51,247
CGMS Parent LLC		Commercial Subcontractor Specializing in Concrete Flatwork
			Secured Debt	(25)	12/26/2025						12/26/2030	—		(39)		(39)
			Secured Debt		12/26/2025		13.00%				12/26/2030	25,000		24,754		24,754
			Preferred Equity		12/26/2025	2,000							10,000		10,000
													34,715		34,715
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	154							—		2,040
Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	12.49%							308		24
Connect Telecommunications Solutions Holdings, Inc.	(13) (21)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	24,336		24,153		24,153
			Preferred Equity		10/9/2024	22,304							12,596		12,596
													36,749		36,749
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		10.00%				6/18/2029	560		556		560
			Secured Debt		11/19/2021		10.00%				6/18/2029	12,800		12,754		12,800
			Preferred Equity		11/19/2021	5,944							5,944		9,174
			Preferred Equity	(8)	6/18/2024	3,068	15.00%			15.00%			3,754		5,424
													23,008		27,958

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)
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%						6,032		8,027
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%						1,915		2,549
												7,947		10,576
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						84		37
FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt	(25)	5/28/2024					5/28/2029	—		—		—
			Secured Debt		5/28/2024		13.00%			5/29/2029	31,160		28,448		31,160
			Warrants	(8) (27)	5/28/2024	12				5/28/2034		3,920		15,140
												32,368		46,300
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%						2,337		1,600
			LP Interests (Freeport First Lien Loan Fund III LP)	(30)	7/31/2015	5.95%						671		193
												3,008		1,793
FRG AcquireCo, LLC		Technology Focused Risk Management Advisory Firm
			Secured Debt	(25)	9/22/2025					9/22/2028	—		(19)		(19)
			Secured Debt		9/22/2025		13.00%			9/22/2030	10,500		10,402		10,402
			Preferred Equity		9/22/2025	3,500						3,500		3,500
												13,883		13,883
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	14,053		14,050		14,053
			Preferred Member Units	(8)	3/31/2021	226						4,900		10,940
												18,950		24,993
Gulf Manufacturing, LLC	(13) (21)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt	(25)	3/15/2024			SF+	8.13%	3/15/2029	—		(32)		(32)
			Secured Debt		3/15/2024		12.01%	SF+	8.13%	3/15/2029	37,700		36,784		36,784

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)	8/31/2007	438							2,980		6,600
			Common Stock	(8) (29)	11/18/2024	888							888		1,450
			Preferred Equity		12/23/2025	208							2,077		5,190
													42,697		49,992
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%							1,549		4,116
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%							6,409		7,463
			LP Interests (423 HAR, L.P.)	(8) (30)	6/2/2023	15.60%							750		1,226
													8,708		12,805
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		9.98%	SF+	6.00%		1/15/2026	3,219		3,219		3,219
			Secured Debt		12/2/2016		11.00%				1/15/2026	45,256		45,256		45,256
			Preferred Member Units	(8)	12/2/2016	226							2,850		26,310
			Preferred Member Units	(29)	12/2/2016	226							150		1,380
													51,475		76,165
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		3,000
			Member Units	(8)	1/8/2003	322,297							2,352		3,720
													5,352		6,720
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	18,006,407							18,300		19,000
Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		12.00%				3/31/2028	15,299		15,289		15,299
			Preferred Equity	(8)	3/31/2023	87,360							4,368		8,010
													19,657		23,309
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.75%	SF+	7.50%		8/20/2026	12,273		12,240		12,042
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			281		420
			Preferred Equity		6/3/2025	3,078	10.00%			10.00%			328		404
			Common Stock		8/20/2021	9,968							1,356		350
													14,205		13,216
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing

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		8/2/2021		13.00%				1/31/2028	4,514		4,500		4,500
			Secured Debt		9/1/2021		13.00%				1/31/2028	2,940		2,931		2,931
			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		17,569		17,569
			Secured Debt		1/31/2023		13.00%				1/31/2028	9,554		9,421		9,421
			Preferred Equity		6/26/2024	711	25.00%			25.00%			711		1,030
			Preferred Equity		9/26/2025	155	25.00%			25.00%			155		155
			Common Stock		8/3/2021	203,016							2,756		2,700
													46,987		47,250
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		11.15%	SF+	7.00%		6/21/2027	1,180		1,172		1,180
			Secured Debt	(9)	6/30/2025		11.15%	SF+	7.00%		6/21/2027	5,310		5,295		5,310
			Secured Debt	(9)	6/21/2023		11.15%	SF+	7.00%		6/21/2027	4,935		4,535		4,935
			Secured Debt	(9)	6/21/2023		11.15%	SF+	7.00%		6/21/2027	4,935		4,535		4,935
			Secured Debt	(9)	6/30/2025		11.15%	SF+	7.00%		6/21/2027	1,770		1,765		1,770
			Warrants	(8) (27)	6/21/2023	193,307					6/21/2033		2,091		15,230
													19,393		33,360
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt	(9) (25)	12/29/2025			SF+	5.50%		10/1/2028	—		(40)		(40)
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,171		1,146		1,146
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,007		1,007		1,007
			Preferred Equity		2/10/2025	9,213							4,890		6,270
													7,003		8,383
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.81%	SF+	5.50%	9.81%	1/28/2031	2,903		2,903		2,796
			Secured Debt	(9) (26)	4/11/2025		9.32%	SF+	5.50%	9.32%	1/28/2031	1,729		1,729		1,664
			Preferred Equity	(8) (29)	12/19/2024	66,306							14,946		12,557
													19,578		17,017
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		14.00%				8/19/2029	8,160		7,696		7,696
			Preferred Member Units	(8)	8/19/2024	163,282	12.00%			12.00%			1,924		2,112
			Warrants	(27)	8/19/2024	59,368					8/19/2029		594		800
													10,214		10,608
Nearshore AcquireCo, LLC		Provider of Outsourcing Services
			Secured Debt	(25)	11/12/2025						11/12/2030	—		(24)		(24)

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)	11/12/2025						11/12/2030	—		(61)		(61)
			Secured Debt		11/12/2025		13.00%				11/12/2030	21,900		21,688		21,688
			Preferred Equity		11/12/2025	10,520,000							5,260		5,260
													26,863		26,863
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	3/31/2026	4,415		4,415		645
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	3/31/2026	2,116		2,116		309
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	3/31/2026	983		983		144
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	3/31/2026	964		964		141
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	3/31/2026	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		1,239
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	1,128							1,128		3,270
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		10.89%	SF+	6.75%	10.89%	6/30/2027	1,434		1,433		1,182
			Secured Debt	(9) (25)	2/5/2025			SF+	6.75%		6/30/2027	—		—		—
			Secured Debt	(9)	4/8/2021		10.89%	SF+	6.75%	10.89%	6/30/2027	14,991		14,981		12,355
			Secured Debt	(9) (25)	7/17/2025			SF+	6.75%		6/30/2027	—		—		—
			Common Equity		8/12/2024	110							—		—
													16,414		13,537
Revenue Recovery Holdings, LLC		Third Party Tax Collection Services
			Secured Debt	(25)	7/25/2025						7/25/2030	—		(18)		(18)
			Secured Debt		7/25/2025		13.00%				7/25/2030	6,700		6,640		6,640
			Preferred Equity		7/25/2025	104,904							1,049		1,049
													7,671		7,671
RFG AcquireCo, LLC		Aerial Survey, Aerial Survey Equipment Sales & Rental, Aircraft Maintenance
			Secured Debt	(25)	6/2/2025						6/2/2027	—		(7)		(7)
			Secured Debt		6/2/2025		12.50%				6/2/2030	8,000		7,932		7,932
			Secured Debt		6/2/2025		12.50%				6/2/2030	34,000		33,700		33,700
			Preferred Equity		6/2/2025	11,401							11,401		12,771
													53,026		54,396

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)
SI East, LLC · Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.80%		6/16/2028	2,250		2,239		2,250
			Secured Debt	(23)	6/16/2023		12.85%		6/16/2028	66,850		66,769		66,850
			Preferred Member Units	(8)	8/31/2018	165					1,525		17,190
											70,533		86,290
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%		3/21/2030	24,680		24,451		24,680
			Common Stock	(8)	9/13/2018	70,000					—		2,160
											24,451		26,840
Specialized Aviation Holdings, LLC		Distributor and Service and Maintenance Provider for Specialty Aircraft
			Secured Debt		8/29/2025		13.00%		8/29/2030	28,625		28,362		28,362
			Preferred Stock		8/29/2025	25,000					15,000		15,000
											43,362		43,362
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%	8.50%	12/31/2027	222		222		780
			Secured Debt	(14)	12/31/2022		8.50%	8.50%	12/31/2027	5,327		4,884		1,438
			Preferred Equity		12/31/2022	5,907,649					—		—
											5,106		2,218
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units		8/31/2020	1,636					4,500		17,500
The Affiliati Network, LLC		Performance Marketing Solutions
			Preferred Stock		9/1/2023	312,910					313		313
			Preferred Stock	(8)	8/9/2021	1,280,000					6,400		6,400
											6,713		6,713
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%					2,612		4,164
UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	6/6/2023	14.91%					4,592		5,165
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		—

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 Stock		1/15/2015	42,338,440	13.50%			13.50%			7,924		—
			Common Stock		4/1/2020	2,370,059							—		—
													20,007		9,388
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800		8,743		8,672
			Preferred Equity	(8)	2/16/2024	4,000							4,614		4,356
													13,357		13,028
Wildcats Topco LLC		Provider of Veterinary Services and Products
			Common Equity		5/8/2025	22,426,711							22,427		22,760
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		12.00%				12/12/2027	9,886		9,848		9,848
			Preferred Equity	(8)	12/12/2022	3,845							3,845		3,845
													13,693		13,693
Subtotal Affiliate investments (32.2% of net assets at fair value)													$881,641		$965,179
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	$8,000		$8,000		$7,965
			Secured Debt	(9) (33)	11/26/2025		11.00%	SF+	7.00%	1.00%	3/11/2027	789		775		775
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	16,473		16,459		16,402
													25,234		25,142
AGS American Glass Services Acquisition, LLC	(10)	Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions
			Secured Debt	(9) (25)	7/24/2025			SF+	5.50%		7/24/2031	—		(35)		(35)
			Secured Debt	(9) (25)	7/24/2025			SF+	5.50%		7/24/2031	—		(20)		(20)
			Secured Debt	(9)	7/24/2025		9.22%	SF+	5.50%		7/24/2031	10,042		9,904		9,800
			Preferred Equity		7/24/2025	7,292							729		729
													10,578		10,474
Airo Purchaser, Inc.	(10)	Provider of HVAC and Plumbing Installation Services
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—		(63)		(63)
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—		(32)		(32)
			Secured Debt	(9)	8/1/2025		9.22%	SF+	5.25%		8/1/2030	27,595		27,152		27,269
			Common Equity		8/1/2025	1,521							1,521		1,521
													28,578		28,695

Portfolio Company (1) (20) · Business Description · Type of Investment(2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	235							1,844		—
American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			P+	5.00%		11/19/2026	—		(2)		(2)
			Secured Debt	(9)	11/19/2021		11.75%	P+	5.00%		11/19/2026	5,600		5,589		5,600
													5,587		5,598
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	4,177		4,177		4,177
			Secured Debt	(9)	11/6/2023		10.34%	SF+	6.50%	10.34%	11/6/2028	8,985		8,985		8,985
			Preferred Equity		11/6/2023	32,507							14,060		16,659
			Preferred Equity		11/6/2023	32,507							—		—
			Common Equity		11/9/2021	3,898							234		—
													27,456		29,821
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock	(8)	8/11/2022	1,387,832							1,388		2,450
ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (32)	1/18/2022		10.22%	SF+	6.00%		1/18/2028	1,800		1,737		1,800
			Secured Debt	(9)	1/18/2022		9.25%	SF+	5.00%		1/18/2028	6,660		6,660		6,660
			Secured Debt	(9)	1/18/2022		11.25%	SF+	7.00%		1/18/2028	6,660		6,660		6,660
			Common Stock		1/18/2022	720,000							720		970
													15,777		16,090
Auria Space, LLC	(10)	Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms
			Secured Debt	(9) (25)	12/31/2025			SF+	5.00%		12/31/2030	—		(168)		(168)
			Secured Debt	(9) (25)	12/31/2025			SF+	5.00%		12/31/2030	—		(299)		(299)
			Secured Debt	(9)	12/31/2025		8.72%	SF+	5.00%		12/31/2030	57,004		56,163		56,163
													55,696		55,696
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—		(63)		(63)
			Secured Debt	(9)	12/23/2022		11.09%	SF+	7.25%		12/23/2027	23,451		23,046		23,451
			Secured Debt	(9) (25)	12/18/2025			SF+	7.25%		12/23/2027	—		(38)		(38)
			Common Equity	(8)	12/15/2021	984							934		920
													23,879		24,270

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)
Behavior Development Group Holdings	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9) (25)	12/17/2025			SF+	6.00%		12/17/2030	—		(22)		(22)
			Secured Debt	(9)	12/17/2025		9.70%	SF+	6.00%		12/17/2030	9,596		9,454		9,454
			Common Equity		12/17/2025	300							300		300
													9,732		9,732
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		—
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.49%	SF+	8.50%	11.49%	1/31/2026	202		129		239
			Secured Debt	(9) (14)	10/19/2022		14.25%	P+	7.50%	13.25%	1/31/2026	2,780		2,780		182
			Secured Debt	(9) (14)	8/28/2020		12.49%	SF+	8.50%	11.49%	1/31/2026	4,183		3,961		—
			Common Stock		10/1/2020	723,184							1		—
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036		—
													7,907		421
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	—		(17)		(17)
			Secured Debt	(9)	2/3/2025		8.74%	SF+	4.75%		2/3/2030	3,938		3,882		3,912
			Secured Debt	(9)	2/3/2025		10.74%	SF+	6.75%		2/3/2030	3,938		3,882		3,912
			Common Equity		2/3/2025	248,718							249		249
													7,996		8,056
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		9.89%	SF+	5.75%		5/1/2028	571		557		571
			Secured Debt	(9)	10/31/2025		9.59%	SF+	5.75%		5/1/2028	1,396		1,369		1,396
			Secured Debt	(9)	5/1/2023		8.89%	SF+	4.75%		5/1/2028	6,277		6,218		6,277
			Secured Debt	(9)	5/1/2023		10.89%	SF+	6.75%		5/1/2028	6,277		6,218		6,277
			Preferred Equity		5/1/2023	571							571		550
			Common Equity		5/1/2023	571							—		—
													14,933		15,071
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9) (32)	2/1/2024		9.75%	SF+	5.75%		2/1/2029	3,946		3,819		3,946
			Secured Debt	(9)	2/1/2024		9.84%	SF+	5.75%		2/1/2029	2,984		2,927		2,984

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)	2/1/2024		9.75%	SF+	5.75%		2/1/2029	25,673		25,349		25,673
			Secured Debt	(9)	1/2/2025		9.83%	SF+	5.75%		2/1/2029	9,410		9,303		9,410
			Secured Debt	(9)	7/1/2025		9.84%	SF+	5.75%		2/1/2029	14,899		14,643		14,899
			Common Equity		2/1/2024	2,583,963							2,709		9,910
													58,750		66,822
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		14.75%	P+	7.25%		7/22/2019	761		761		—
			Secured Debt	(9) (14) (17)	8/12/2014		14.75%	P+	7.25%		7/22/2019	7,056		7,056		—
													7,817		—
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.59%							4,983		2,692
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%							3,202		3,224
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%							4,900		5,146
													13,085		11,062
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	325,408							325		710
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		10.84%	SF+	6.75%		2/7/2027	7,250		7,146		7,250
			Secured Debt	(9)	2/7/2022		10.84%	SF+	6.75%		2/7/2027	35,794		35,634		35,794
			Secured Debt	(9)	6/24/2022		10.84%	SF+	6.75%		2/7/2027	1,983		1,974		1,983
			Secured Debt	(9)	3/27/2023		10.84%	SF+	6.75%		2/7/2027	4,793		4,758		4,793
													49,512		49,820
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,628		2,628		8
Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (32)	8/6/2021		12.28%	SF+	8.25%	12.02%	8/6/2026	8,830		8,800		8,393
			Secured Debt	(9)	8/6/2021		12.02%	SF+	8.25%	12.02%	8/6/2026	21,410		21,367		20,352
													30,167		28,745
Core Transformers	(10)	Refurbisher and Distributor of Electric Transformers
			Secured Debt	(9) (25)	9/24/2025			SF+	5.50%		9/23/2031	—		(59)		(59)
			Secured Debt	(9) (25)	9/24/2025			SF+	5.50%		9/23/2031	—		(59)		(59)

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)	9/24/2025		9.23%	SF+	5.50%		9/23/2031	6,269		6,151		6,151
			Common Equity		9/24/2025	626,923							627		627
													6,660		6,660
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9)	6/29/2024		10.32%	SF+	6.50%		6/28/2029	1,669		1,608		1,656
			Secured Debt	(9)	6/29/2024		10.34%	SF+	6.50%		6/28/2029	10,570		10,391		10,484
			Secured Debt	(9)	6/29/2024		10.59%	SF+	6.75%		6/28/2029	31,790		31,236		31,678
			Secured Debt	(9)	8/15/2024		10.37%	SF+	6.50%		6/28/2029	7,047		6,945		6,989
													50,180		50,807
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	6.75%		6/27/2027	—		(28)		(28)
			Secured Debt	(9)	12/27/2023		10.52%	SF+	6.75%		6/27/2027	10,266		10,133		10,266
													10,105		10,238
CRC Evans USA 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		10.87%	SF+	6.75%		6/30/2029	6,838		6,676		6,838
			Secured Debt	(25)	12/31/2025			SF+	6.75%		6/30/2029	—		(280)		(280)
			Secured Debt	(9)	12/31/2025		10.70%	SF+	6.75%		6/30/2029	9,542		9,355		9,355
			Secured Debt	(9)	8/19/2022		10.83%	SF+	6.75%		6/30/2029	14,949		14,614		14,949
													30,365		30,862
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+	6.75%		6/27/2029	—		(184)		(184)
			Secured Debt	(9)	3/4/2025		10.69%	SF+	6.75%		6/27/2029	5,531		5,435		5,531
			Secured Debt	(9)	6/27/2024		10.44%	SF+	6.75%		6/27/2029	88,683		87,428		88,683
			Common Equity		3/4/2025	10,851							1,085		860
													93,764		94,890
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		—

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)
													2,092		—
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.82%	SF+	8.00%	11.82%	12/31/2026	2,612		2,507		2,612
			Secured Debt	(9)	12/20/2022		12.82%	SF+	9.00%		12/31/2026	2,493		2,259		2,463
			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							—		—
													4,894		5,185
Electro Technical Industries, LLC	(10)	Manufacturer of Mission-Critical Electrical Distribution Systems
			Secured Debt	(9) (25)	3/31/2025			SF+	5.50%		3/31/2030	—		(149)		(149)
			Secured Debt	(9)	3/31/2025		9.22%	SF+	5.50%		3/31/2030	50,156		49,312		50,156
			Common Equity		3/31/2025	1,464,286							1,464		2,220
													50,627		52,227
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.22%	SF+	6.25%		12/29/2027	9,330		9,229		5,878
EnCap Energy Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							2,613		130
			LP Interests (EnCap Energy Capital Fund VIII Co-Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,394		5
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,187		1,056
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,975		4,674
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							7,370		7,731
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(8) (30)	3/30/2015	0.84%							3,799		15
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							3,371		1,947
													28,709		15,558
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (25)	4/7/2023			SF+	6.00%		4/7/2029	—		(22)		—
			Secured Debt	(9)	10/2/2024		9.67%	SF+	6.00%		4/7/2029	1,354		1,337		1,354
			Secured Debt	(9)	4/7/2023		9.67%	SF+	6.00%		4/7/2029	25,517		25,094		25,517
			Common Equity		4/7/2023	649,794							663		910

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)
												27,072		27,781
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		10.93%	SF+	7.00%	12/22/2026	3,692		3,685		3,692
			Secured Debt	(9)	12/22/2021		10.93%	SF+	7.00%	12/22/2026	48,035		47,948		48,035
												51,633		51,727
EWMW LP	(12) (13)	Investment Partnership
			Secured Debt		12/23/2025		9.87%	SF+	6.00%		3,144		3,144		3,144
Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		12.00%			12/31/2028	1,810		1,810		323
			Common Stock		6/30/2019	10,429						256		—
												2,066		323
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (25)	4/14/2025			SF+	7.25%	10/14/2027	—		(71)		—
			Secured Debt	(9)	4/14/2025		10.98%	SF+	7.25%	10/14/2027	28,606		28,203		28,606
			Common Equity		11/10/2023	705,882						706		450
												28,838		29,056
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		11.23%	SF+	7.50%	10/4/2029	853		778		834
			Secured Debt	(9)	10/4/2024		11.23%	SF+	7.50%	10/4/2029	4,176		4,090		4,090
			Secured Debt	(9) (26)	10/4/2024		11.31%	SF+	7.25%	10/4/2029	30,813		30,347		30,135
			Common Equity		10/4/2024	1,653						1,634		1,229
												36,849		36,288
GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9) (32)	10/18/2019		10.48%	SF+	6.50%	11/30/2026	6,061		6,042		6,061
			Secured Debt	(9)	10/18/2019		10.47%	SF+	6.50%	11/30/2026	10,392		10,342		10,392
			Secured Debt	(9)	9/15/2023		10.47%	SF+	6.50%	11/30/2026	932		928		932
			Secured Debt	(9)	12/22/2023		10.47%	SF+	6.50%	11/30/2026	223		222		223
			Secured Debt	(9)	8/22/2024		10.47%	SF+	6.50%	11/30/2026	6,011		5,981		6,011
												23,515		23,619
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9) (32)	9/30/2022		10.82%	SF+	7.00%	9/30/2028	454		444		420
			Secured Debt	(9)	9/30/2022		10.83%	SF+	7.00%	9/30/2028	295		286		273
			Secured Debt	(9)	9/30/2022		10.82%	SF+	7.00%	9/30/2028	3,542		3,502		3,266
												4,232		3,959

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)
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(30)	6/2/2025	4.13%							1,590		1,590
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9) (14)	3/7/2024		9.01%	SF+	3.50%	2.50%	6/21/2026	2,607		2,557		2,272
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	1,626		713		—
			Common Equity		3/7/2024	64,029							—		—
													3,270		2,272
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (32)	7/3/2024		9.32%	SF+	5.50%	1.50%	7/3/2029	4,752		4,718		4,697
			Secured Debt	(9)	7/3/2024		9.46%	SF+	5.50%	1.50%	7/3/2029	32,599		32,353		32,163
													37,071		36,860
HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.51%	SF+	6.50%	3.50%	10/23/2027	27,185		27,185		26,616
Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		12.24%	SF+	8.25%		12/31/2027	7,200		7,115		7,200
IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2028	—		(8)		—
			Secured Debt	(9)	7/30/2021		9.57%	SF+	5.75%		7/30/2028	10,127		10,070		10,127
			Secured Debt	(9)	7/30/2021		9.57%	SF+	5.75%		7/30/2028	4,853		4,822		4,853
													14,884		14,980
Ignite Visibility LLC	(10)	Digital Marketing Services Agency
			Secured Debt	(9)	12/15/2025		8.84%	SF+	5.00%		12/1/2028	4,759		4,689		4,689
			Secured Debt	(9)	12/15/2025		10.84%	SF+	7.00%		12/1/2028	4,759		4,689		4,689
													9,378		9,378
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Common Equity		6/8/2023	849							1,166		1,090
Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/13/2025		9.68%	SF+	6.00%	4.00%	10/30/2028	1,944		1,944		1,944
			Secured Debt	(9)	7/31/2025		9.68%	SF+	6.00%	9.68%	10/30/2028	4,425		4,425		4,425
			Common Equity		7/31/2025	4,238,917							5,680		4,910

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)
													12,049		11,279
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (32)	7/19/2023		10.10%	SF+	6.25%		7/19/2028	1,441		1,401		1,341
			Secured Debt	(9)	7/19/2023		10.12%	SF+	6.25%		7/19/2029	14,118		13,865		13,140
			Common Equity		7/19/2023	131,100							656		270
													15,922		14,751
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9)	4/3/2023		13.97%	SF+	10.00%	2.00%	4/3/2028	857		846		808
			Secured Debt	(9)	4/3/2023		13.97%	SF+	10.00%	2.00%	4/3/2028	7,307		7,224		6,889
			Secured Debt	(9)	6/14/2023		13.97%	SF+	10.00%	2.00%	4/3/2028	2,941		2,910		2,773
			Secured Debt	(9)	12/31/2024		13.97%	SF+	10.00%	2.00%	4/3/2028	339		339		320
			Common Equity		4/3/2023	177,594							463		97
													11,782		10,887
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (32)	12/9/2021		13.92%	SF+	10.00%	13.92%	8/7/2023	2,392		2,392		2,077
			Secured Debt	(9) (14) (17)	8/7/2019		11.02%	SF+	7.00%	11.02%	8/7/2023	7,313		7,237		1
			Common Stock		12/7/2021	2,143							—		—
													9,629		2,078
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		11.37%	SF+	7.50%		3/31/2028	1,452		1,445		1,319
			Secured Debt	(9) (26)	8/28/2019		11.37%	SF+	7.50%	3.37%	3/31/2028	16,805		16,764		15,247
													18,209		16,566
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (35)	4/13/2023		2.50%				4/14/2028	3,159		3,016		458
			Common Equity		4/13/2023	198,743							—		—
													3,016		458
Island Pump and Tank, LLC	(10)	Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
			Secured Debt	(9)	5/20/2024		11.25%	SF+	7.00%		5/17/2029	456		452		443
			Secured Debt	(9)	5/20/2024		10.25%	SF+	6.00%		5/17/2029	2,111		2,084		2,048
			Secured Debt	(9)	5/20/2024		11.25%	SF+	7.00%		5/17/2029	2,111		2,084		2,048
			Secured Debt	(9)	5/20/2024		12.25%	SF+	8.00%		5/17/2029	2,111		2,084		2,048
													6,704		6,587
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants

Portfolio Company (1) (20) · Business Description · Type of Investment(2) (3) (15) · Investment Date(24) · Shares/Units · Total Rate · Reference Rate and Spread (28) · PIK Rate (19) · MaturityDate · Principal (4) · Cost (4) · Fair Value (18)
			Secured Debt	(9) (26)	10/26/2022		11.01%	SF+	7.00%		11/4/2026	751		747		751
			Secured Debt	(9) (26)	2/27/2024		11.23%	SF+	7.00%		11/4/2026	625		622		625
			Secured Debt	(9) (26)	11/1/2024		11.11%	SF+	7.00%		11/4/2026	667		658		667
			Secured Debt	(9)	11/8/2021		10.84%	SF+	7.00%		11/4/2026	1,738		1,728		1,738
			Preferred Equity		11/8/2021	2,826,667							110		750
													3,865		4,531
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		11.94%	SF+	8.00%		3/29/2029	1,833		1,833		1,833
			Secured Debt	(9)	3/30/2024		11.94%	SF+	8.00%		3/29/2029	1,369		1,369		1,369
			Common Stock		3/29/2024	5,461,019							200		350
													3,402		3,552
LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	1/25/2013	2.27%							—		792
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		12.14%	SF+	8.00%	3.00%	8/16/2026	4,226		4,207		3,328
Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	4/11/2025		11.41%	SF+	7.50%	2.75%	12/31/2028	44,135		43,451		44,135
			Secured Debt		4/11/2025						12/31/2028	2,963		2,287		2,204
													45,738		46,339
Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125		25
MCT Purchaserco Holding Inc.	(10) (13) (21)	Manufacturer and Distributor of High-Voltage Disconnect Switches
			Secured Debt	(9)	12/1/2025		9.36%	SF+	5.50%		12/2/2030	6,097		5,985		5,985
			Secured Debt	(9)	12/1/2025		9.29%	SF+	5.50%		12/2/2030	39,755		39,364		39,364
			Common Equity		12/1/2025	1,590,287							1,139		1,139
													46,488		46,488
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	5.50%		4/3/2028	—		(27)		(27)
			Secured Debt	(9)	11/20/2024		9.32%	SF+	5.50%		4/3/2028	11,023		10,920		11,023
			Secured Debt	(9)	4/4/2022		9.32%	SF+	5.50%		4/3/2028	13,886		13,779		13,886
													24,672		24,882
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream

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)	11/30/2023		10.06%	SF+	6.25%		11/30/2028	1,425		1,400		1,361
			Secured Debt	(9) (26)	11/30/2023		10.05%	SF+	6.25%		11/30/2028	1,305		1,285		1,246
			Secured Debt	(9)	11/30/2023		9.07%	SF+	5.25%		11/30/2028	4,833		4,764		4,615
			Secured Debt	(9)	11/30/2023		11.07%	SF+	7.25%		11/30/2028	4,833		4,762		4,597
			Common Equity		11/30/2023	524,888							525		280
													12,736		12,099
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (25)	4/17/2025			SF+	5.50%		4/17/2030	—		(196)		(196)
			Secured Debt	(9)	4/17/2025		9.33%	SF+	5.50%		4/17/2030	14,698		14,274		14,698
			Secured Debt	(9)	4/17/2025		9.23%	SF+	5.50%		4/17/2030	66,099		64,972		66,099
			Common Equity		6/7/2023	1,234							1,234		15,530
													80,284		96,131
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.18%	SF+	6.25%		5/24/2027	4,101		4,080		4,417
			Secured Debt	(9)	5/24/2022		10.18%	SF+	6.25%		5/24/2027	10,661		10,602		12,399
			Secured Debt	(9)	5/24/2022		10.18%	SF+	6.25%		5/24/2027	17,933		17,839		17,933
			Secured Debt	(9)	6/25/2025		10.18%	SF+	6.25%		5/24/2027	1,231		1,214		1,244
			Unsecured Debt		1/31/2025		8.00%			8.00%	3/31/2026	81		81		81
			Common Stock		8/30/2022	106,608,424							1,150		707
													34,966		36,781
Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9) (25)	6/21/2024			SF+	7.25%		12/21/2028	—		(3)		(3)
			Secured Debt	(9)	6/21/2024		11.09%	SF+	7.25%		6/21/2029	26,089		25,549		26,089
			Secured Debt	(9)	5/13/2025		11.09%	SF+	7.25%		6/21/2029	3,155		3,075		3,155
													28,621		29,241
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		9.42%	SF+	5.75%		11/16/2027	1,386		1,375		1,386
			Secured Debt	(9)	4/1/2024		9.42%	SF+	5.75%		11/16/2027	3,851		3,825		3,851
													5,200		5,237
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013						11/15/2026	4,348		4,348		19
Peaches Holding Corporation		Wholesale Provider of Consumer Packaging Solutions
			Common Equity		5/22/2024	3,226							7,221		—

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)
PrimeFlight Aviation Services	(10) (13)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		9.35%	SF+	5.50%		5/1/2029	7,800		7,638		7,800
			Secured Debt	(9)	9/7/2023		9.17%	SF+	5.50%		5/1/2029	745		728		745
			Secured Debt	(9)	1/30/2024		9.17%	SF+	5.50%		5/1/2029	749		736		749
			Secured Debt	(9)	6/28/2024		8.92%	SF+	5.25%		5/1/2029	851		842		851
			Secured Debt	(9)	1/21/2025		9.12%	SF+	5.25%		5/1/2029	1,886		1,871		1,886
			Secured Debt	(9)	7/31/2025		9.09%	SF+	5.25%		5/1/2029	2,021		2,004		2,021
			Secured Debt	(9)	11/21/2025		8.63%	SF+	4.75%		5/1/2029	2,128		2,108		2,108
													15,927		16,160
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9)	8/24/2023		8.86%	SF+	5.00%		8/24/2028	1,353		1,299		1,353
			Secured Debt	(9)	8/24/2023		8.86%	SF+	5.00%		8/24/2028	33,168		32,566		33,168
			Secured Debt	(9)	9/10/2024		8.93%	SF+	5.00%		8/24/2028	21,545		21,255		21,545
													55,120		56,066
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(25)	8/27/2021						8/31/2029	—		(2)		—
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	3,376		3,360		2,444
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	3,376		3,360		2,375
													6,718		4,819
Royal Cup Inc.	(10)	Coffee Roaster and Beverage Solutions Provider
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—		(221)		(221)
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—		(83)		(83)
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—		(359)		(359)
			Secured Debt	(9)	11/26/2025		8.98%	SF+	5.25%		11/26/2030	53,300		52,527		52,527
			Preferred Equity		11/26/2025	3,807,144							3,807		3,807
													55,671		55,671
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		9.17%	SF+	5.50%		5/16/2028	3,721		3,720		3,721
			Secured Debt	(9)	7/16/2021		9.17%	SF+	5.50%		5/16/2028	6,831		6,737		6,831
													10,457		10,552
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		9.07%	SF+	5.25%		8/8/2029	53,320		53,022		53,320
			Secured Debt	(9)	7/31/2025		9.07%	SF+	5.25%		8/8/2029	10,475		10,383		10,475
			Common Equity		12/10/2021	864							864		1,013
													64,269		64,808

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)
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (25)	7/1/2022			SF+	7.00%		7/1/2027	—		(24)		—
			Secured Debt	(9)	7/1/2022		10.82%	SF+	7.00%		7/1/2027	15,409		15,291		15,409
			Common Stock		7/1/2022	638,710							639		630
													15,906		16,039
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—		(76)		(76)
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—		(57)		(57)
			Secured Debt	(9)	12/31/2024		9.27%	SF+	5.50%		12/31/2029	32,010		31,633		31,903
													31,500		31,770
Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000		5,000
Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(29)	7/7/2021	1,000,000							1,000		2,900
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		10.17%	SF+	6.50%		3/11/2029	1,439		1,360		1,439
			Secured Debt	(9)	3/11/2024		10.17%	SF+	6.50%		3/11/2029	33,585		32,840		33,585
			Secured Debt	(9)	2/27/2025		10.17%	SF+	6.50%		3/11/2029	4,298		4,214		4,298
			Secured Debt	(9)	8/5/2025		10.17%	SF+	6.50%		3/11/2029	4,863		4,755		4,863
			Preferred Equity		3/11/2024	1,358,892	8.00%			8.00%			1,375		1,540
													44,544		45,725
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (14)	6/1/2023		12.32%	SF+	8.15%	7.00%	5/2/2027	9,811		2,611		3,998
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003		20		—
													2,631		3,998
UBM AcquireCo LLC		Mail Commingling and Logistics Provider
			Secured Debt	(25)	12/20/2025						12/20/2027	—		(38)		(38)
			Secured Debt		12/20/2025		10.00%				12/20/2030	42,800		42,379		42,379
			Common Equity		12/20/2025	80							8,000		8,000
													50,341		50,341
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

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)	7/29/2024		9.97%	SF+	6.25%		7/27/2029	42,903		42,297		42,622
			Common Equity		7/29/2024	1,443,299							1,443		1,480
													43,740		44,102
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/11/2023		11.63%	SF+	7.50%		4/5/2029	4,000		3,938		4,000
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(32)	12/22/2023		10.98%	SF+	7.00%		12/22/2028	7,727		7,599		7,727
			Secured Debt	(9)	12/22/2023		10.93%	SF+	7.00%		12/22/2028	41,650		41,032		41,650
													48,631		49,377
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038		3,610
Wash & Wax Systems LLC	(10)	Express Car Wash Operator
			Secured Debt	(9) (32)	4/30/2025		9.28%	SF+	5.50%		4/30/2028	322		322		322
			Secured Debt	(9)	4/30/2025		9.34%	SF+	5.50%		4/30/2028	7,546		7,546		7,546
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	5,353		5,353		5,353
			Common Equity		4/30/2025	3,219							3,410		1,520
													16,631		14,741
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	2,339		2,328		1,595
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	403		394		275
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	16,589		16,527		11,314
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	13,269		13,219		9,049
													32,468		22,233
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (32)	11/19/2021		11.49%	SF+	7.50%		11/19/2027	4,000		3,980		4,000
			Secured Debt	(9)	11/19/2021		11.75%	SF+	7.50%		11/19/2027	1,874		1,865		1,874
			Secured Debt	(9)	1/16/2024		10.75%	SF+	6.50%		11/19/2027	7,240		7,185		7,240
			Secured Debt	(9)	1/16/2024		12.75%	SF+	8.50%		11/19/2027	7,240		7,185		7,240
													20,215		20,354
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		9.54%	SF+	5.75%		12/20/2028	23,571		23,374		23,571
			Secured Debt	(9)	12/17/2021		9.72%	SF+	5.75%		12/20/2028	37,056		36,774		37,056
			Secured Debt	(9)	3/31/2025		9.52%	SF+	5.75%		12/20/2028	10,552		10,386		10,552

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)
											70,534		71,179
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9) (26)	8/22/2018	11.48%	SF+	7.50%	8/9/2027	10,592		10,507		8,893
ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024	11.75%	P+	5.00%	6/14/2029	6,601		6,457		6,601
			Secured Debt	(9) (26)	6/14/2024	9.69%	SF+	6.00%	6/14/2029	11,781		11,558		11,781
			Secured Debt	(9)	6/14/2024	9.60%	SF+	6.00%	6/14/2029	6,502		6,409		6,502
			Secured Debt	(9)	6/14/2024	9.73%	SF+	6.00%	6/14/2029	46,518		45,853		46,518
											70,277		71,402
Subtotal Non-Control/Non-Affiliate investments (66.2% of net assets at fair value)											$2,018,755		$1,983,312
Total Portfolio Company investments, December 31, 2025 (184.3% of net assets at fair value)											$4,724,528		$5,518,117
Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (36)											$1,227		$1,227
Fidelity Government Fund (37)											1,171		1,171
Fidelity Treasury (31)											850		850
Total money market funds											$3,248		$3,248

(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 0.50% and 5.25%, with a weighted-average floor of 1.31%.

(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 (as defined below) 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 (as defined below). 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 December 31, 2025.

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

(21)Portfolio company headquarters are located outside of the U.S.

(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 11.80% 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, 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 December 31, 2025.

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

(28)A majority of the variable rate loans in the 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 December 31, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.

(29)Shares/Units represent ownership in a related real estate or 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, 2025 was approximately 3.43% 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, 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 December 31, 2025.

(36)Effective yield as of December 31, 2025 was approximately 3.70% on the Dreyfus Government Cash Management.

(37)Effective yield as of December 31, 2025 was approximately 3.43% 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.