MSC INCOME FUND, INC.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout 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.
Sep 30, 2026 · Filed Nov 6, 2026
MSIF$12.49-0.2%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 exhibitsContents
Consolidated Schedule of Investments (unaudited)—September 30, 2026
Consolidated Schedule of Investments
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Control Investments (5) | ||||||||||||||||
| BDB Holdings, LLC · Casual Restaurant Group | ||||||||||||||||
| Secured Debt | 2/24/2025 | 12.00% | 2/27/2027 | $2,408 | 2,408 | 2,408 | ||||||||||
| Preferred Equity | 11/4/2024 | 13,024,663 | 13,025 | 3,460 | ||||||||||||
| 15,433 | 5,868 | |||||||||||||||
| Computer Data Source, LLC | (10) | Third Party Maintenance Provider to the Data Center Ecosystem | ||||||||||||||
| Secured Debt | (9) (30) | 9/28/2026 | SF+ | 5.50% | 9/28/2031 | — | — | — | ||||||||
| Secured Debt | (9) | 9/28/2026 | 10.00% | SF+ | 5.50% | 10.00% | 9/28/2031 | 4,167 | 4,167 | 4,167 | ||||||
| Member Units | 9/28/2026 | 24,847 | 13,033 | 13,033 | ||||||||||||
| 17,200 | 17,200 | |||||||||||||||
| Copper Trail Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||
| LP Interests (CTMH, LP) | (24) | 7/17/2017 | 38.75% | 440 | 380 | |||||||||||
| GRT Rubber Technologies LLC | Manufacturer of Engineered Rubber Products | |||||||||||||||
| Secured Debt | 12/21/2018 | 9.79% | SF+ | 6.00% | 10/29/2026 | 1,550 | 1,549 | 1,550 | ||||||||
| Secured Debt | 12/19/2014 | 11.79% | SF+ | 8.00% | 10/29/2026 | 19,944 | 19,940 | 19,944 | ||||||||
| Member Units | (8) | 12/19/2014 | 2,896 | 6,435 | 19,790 | |||||||||||
| 27,924 | 41,284 | |||||||||||||||
| Harris Preston Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||
| LP Interests (2717 MH, L.P.) | (24) | 10/1/2017 | 49.26% | 1,057 | 1,232 | |||||||||||
| Subtotal Control investments (8.8% of net assets at fair value) | $62,054 | $65,964 | ||||||||||||||
| Affiliate Investments (6) | ||||||||||||||||
| American Nuts, LLC | (10) | Roaster, Mixer and Packager of Bulk Nuts and Seeds | ||||||||||||||
| Secured Debt | (9) | 3/27/2026 | 12.38% | SF+ | 8.50% | 12.38% | 3/28/2028 | $94 | $94 | $94 | ||||||
| Secured Debt | (9) | 3/25/2025 | 12.38% | SF+ | 8.50% | 12.38% | 3/28/2028 | 2,550 | 2,550 | 2,531 | ||||||
| Secured Debt | (9) | 3/25/2025 | 12.38% | SF+ | 8.50% | 12.38% | 3/28/2028 | 2,550 | 2,550 | 2,181 | ||||||
| Preferred Equity | 3/25/2025 | 7,590 | 2,556 | 1,080 | ||||||||||||
| 7,750 | 5,886 | |||||||||||||||
| Analytical Systems Keco Holdings, LLC | Manufacturer of Liquid and Gas Analyzers | |||||||||||||||
| Secured Debt | 8/16/2019 | 13.25% | 8/16/2029 | 910 | 904 | 904 | ||||||||||
| Preferred Member Units | 5/20/2021 | 603 | 597 | 1,530 | ||||||||||||
| Preferred Member Units | 8/16/2019 | 777 | 800 | 130 | ||||||||||||
| Warrants | (27) | 8/16/2019 | 105 | 8/16/2029 | 79 | — | ||||||||||
| 2,380 | 2,564 | |||||||||||||||
| Batjer TopCo, LLC | HVAC Mechanical Contractor | |||||||||||||||
| Secured Debt | (30) | 3/7/2022 | 3/7/2027 | — | — | — | ||||||||||
| Secured Debt | (30) | 3/7/2022 | 3/7/2027 | — | — | — | ||||||||||
| Secured Debt | 3/7/2022 | 10.00% | 3/7/2027 | 1,068 | 1,067 | 1,068 | ||||||||||
| Preferred Stock | (8) | 3/7/2022 | 453 | 455 | 1,050 | |||||||||||
| 1,522 | 2,118 | |||||||||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Brewer Crane Holdings, LLC · Provider of Crane Rental and Operating Services | |||||||||||||||
| Secured Debt | (9) | 1/9/2018 | 13.79% | SF+ | 10.00% | 12/31/2027 | 1,264 | 1,255 | 1,264 | ||||||
| Preferred Member Units | (8) | 1/9/2018 | 737 | 1,070 | 760 | ||||||||||
| Preferred Member Units | (8) | 7/7/2025 | 78 | 15.00% | 15.00% | 93 | 93 | ||||||||
| 2,418 | 2,117 | ||||||||||||||
| Chamberlin Holding LLC | Roofing and Waterproofing Specialty Contractor | ||||||||||||||
| Secured Debt | (9) (30) | 2/26/2018 | SF+ | 6.00% | 2/26/2029 | — | (16) | — | |||||||
| Secured Debt | (9) | 2/26/2018 | 11.86% | SF+ | 8.00% | 2/26/2029 | 10,305 | 10,193 | 10,305 | ||||||
| Member Units | (8) | 2/26/2018 | 1,087 | 2,860 | 12,010 | ||||||||||
| Member Units | (8) (23) | 11/2/2018 | 261,786 | 443 | 1,048 | ||||||||||
| 13,480 | 23,363 | ||||||||||||||
| Charps, LLC | Pipeline Maintenance and Construction | ||||||||||||||
| Preferred Member Units | (8) | 2/3/2017 | 457 | 491 | 3,680 | ||||||||||
| Clad-Rex Steel, LLC | Specialty Manufacturer of Vinyl-Clad Metal | ||||||||||||||
| Secured Debt | (30) | 10/28/2022 | 7/31/2027 | — | — | — | |||||||||
| Secured Debt | 12/20/2016 | 9.00% | 7/31/2030 | 2,086 | 2,069 | 2,086 | |||||||||
| Secured Debt | 12/20/2016 | 10.00% | 12/20/2036 | 223 | 222 | 223 | |||||||||
| Member Units | (8) | 12/20/2016 | 179 | 1,820 | 3,820 | ||||||||||
| Member Units | (23) | 12/20/2016 | 200 | 127 | 377 | ||||||||||
| 4,238 | 6,506 | ||||||||||||||
| Cody Pools, Inc. | Designer of Residential and Commercial Pools | ||||||||||||||
| Secured Debt | 3/6/2020 | 13.50% | 12/3/2030 | 786 | 767 | 786 | |||||||||
| Secured Debt | 3/6/2020 | 13.50% | 12/3/2030 | 5,674 | 5,587 | 5,674 | |||||||||
| Preferred Member Units | (8) (23) | 3/6/2020 | 147 | 2,079 | 15,290 | ||||||||||
| 8,433 | 21,750 | ||||||||||||||
| Colonial Electric Company LLC | Provider of Electrical Contracting Services | ||||||||||||||
| Secured Debt | (30) | 3/31/2021 | 3/31/2028 | — | — | — | |||||||||
| Secured Debt | 3/31/2021 | 9.00% | 3/31/2028 | 2,195 | 2,176 | 2,195 | |||||||||
| Preferred Member Units | (8) | 3/31/2021 | 4,320 | 1,920 | 6,220 | ||||||||||
| 4,096 | 8,415 | ||||||||||||||
| Compass Systems & Sales, LLC | Designer of End-to-End Material Handling Solutions | ||||||||||||||
| Secured Debt | (30) | 11/22/2023 | 11/22/2028 | — | (9) | (9) | |||||||||
| Secured Debt | 11/22/2023 | 13.50% | 11/22/2028 | 3,750 | 3,702 | 3,702 | |||||||||
| Preferred Equity | 11/22/2023 | 2,017 | 1,961 | 1,961 | |||||||||||
| 5,654 | 5,654 | ||||||||||||||
| Datacom, LLC | Technology and Telecommunications Provider | ||||||||||||||
| Secured Debt | 3/1/2022 | 10.00% | 12/31/2030 | 128 | 128 | 128 | |||||||||
| Secured Debt | 3/31/2021 | 10.00% | 12/31/2030 | 858 | 857 | 189 | |||||||||
| Preferred Member Units | 3/31/2021 | 1,040 | 330 | — | |||||||||||
| 1,315 | 317 | ||||||||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Digital Products Holdings LLC · Designer and Distributor of Consumer Electronics | ||||||||||||||||
| Secured Debt | (9) | 4/1/2018 | 13.69% | SF+ | 10.00% | 4/27/2029 | 2,824 | 2,811 | 2,811 | |||||||
| Preferred Member Units | (8) | 4/1/2018 | 964 | 2,375 | 2,459 | |||||||||||
| 5,186 | 5,270 | |||||||||||||||
| Direct Marketing Solutions, Inc. | Provider of Omni-Channel Direct Marketing Services | |||||||||||||||
| Secured Debt | (30) | 2/13/2018 | 2/28/2031 | — | (16) | — | ||||||||||
| Secured Debt | 12/27/2022 | 14.00% | 2/28/2031 | 8,590 | 8,400 | 8,590 | ||||||||||
| Preferred Stock | 2/13/2018 | 2,484 | 3,260 | 8,774 | ||||||||||||
| 11,644 | 17,364 | |||||||||||||||
| DMA Industries, LLC | Distributor of Aftermarket Ride Control Products | |||||||||||||||
| Secured Debt | 6/18/2024 | 13.00% | 6/18/2029 | 1,160 | 1,142 | 1,160 | ||||||||||
| Secured Debt | 11/19/2021 | 13.00% | 6/18/2029 | 3,200 | 3,182 | 3,200 | ||||||||||
| Preferred Equity | (8) | 6/18/2024 | 767 | 15.00% | 15.00% | 1,048 | 2,348 | |||||||||
| Preferred Equity | 11/19/2021 | 1,486 | 1,486 | 3,996 | ||||||||||||
| 6,858 | 10,704 | |||||||||||||||
| Flame King Holdings, LLC | Propane Tank and Accessories Distributor | |||||||||||||||
| Secured Debt | 6/30/2025 | 11.00% | 6/30/2030 | 16,500 | 16,257 | 16,500 | ||||||||||
| Common Equity | (8) (23) | 4/15/2026 | 982 | 982 | 968 | |||||||||||
| Preferred Equity | (8) | 10/29/2021 | 2,340 | 2,600 | 13,190 | |||||||||||
| 19,839 | 30,658 | |||||||||||||||
| Freeport Financial Funds | (12) (13) | Investment Partnership | ||||||||||||||
| LP Interests (Freeport First Lien Loan Fund III LP) | (24) | 7/31/2015 | 5.95% | 527 | 49 | |||||||||||
| Gamber-Johnson Holdings, LLC | Manufacturer of Ruggedized Computer Mounting Systems | |||||||||||||||
| Secured Debt | (9) (32) | 6/24/2016 | 11.19% | SF+ | 7.50% | 1/1/2028 | 400 | 400 | 400 | |||||||
| Secured Debt | (9) | 11/22/2024 | 11.19% | SF+ | 7.50% | 1/1/2028 | 18,742 | 18,681 | 18,742 | |||||||
| Member Units | (8) | 6/24/2016 | 2,261 | 4,423 | 30,270 | |||||||||||
| Member Units | (23) | 12/15/2025 | 102 | 76 | 76 | |||||||||||
| 23,580 | 49,488 | |||||||||||||||
| GFG Group, LLC | Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers | |||||||||||||||
| Secured Debt | 3/31/2021 | 10.50% | 3/31/2031 | 3,543 | 3,516 | 3,543 | ||||||||||
| Preferred Member Units | (8) | 3/31/2021 | 56 | 1,225 | 3,270 | |||||||||||
| 4,741 | 6,813 | |||||||||||||||
| Harris Preston Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||
| LP Interests (HPEP 3, L.P.) | (24) | 8/9/2017 | 8.22% | 1,297 | 3,661 | |||||||||||
| IG Investor, LLC | Military and Other Tactical Gear | |||||||||||||||
| Secured Debt | 6/21/2023 | 13.00% | 6/21/2028 | 200 | 190 | 200 | ||||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Secured Debt | 6/21/2023 | 13.00% | 6/21/2028 | 7,966 | 7,883 | 7,966 | ||||||||||
| Common Equity | 6/21/2023 | 3,600 | 3,600 | 8,770 | ||||||||||||
| 11,673 | 16,936 | |||||||||||||||
| Independent Pet Partners Intermediate Holdings, LLC | (10) | Omnichannel Retailer of Specialty Pet Products | ||||||||||||||
| Common Equity | 4/7/2023 | 6,436,566 | 6,540 | 6,600 | ||||||||||||
| Integral Energy Services | (10) | Nuclear Power Staffing Services | ||||||||||||||
| Secured Debt | (9) | 8/20/2021 | 11.49% | SF+ | 7.50% | 8/20/2027 | 14,215 | 14,123 | 13,832 | |||||||
| Preferred Equity | (8) | 12/7/2023 | 3,725 | 10.00% | 10.00% | 354 | 516 | |||||||||
| Preferred Equity | 6/3/2025 | 3,596 | 10.00% | 10.00% | 383 | 570 | ||||||||||
| Common Stock | 8/20/2021 | 11,647 | 1,584 | 490 | ||||||||||||
| 16,444 | 15,408 | |||||||||||||||
| Kickhaefer Manufacturing Company, LLC | Precision Metal Parts Manufacturing | |||||||||||||||
| Secured Debt | 10/31/2018 | 11.50% | 10/31/2029 | 2,877 | 2,857 | 2,877 | ||||||||||
| Secured Debt | 10/31/2018 | 9.00% | 10/31/2048 | 968 | 960 | 968 | ||||||||||
| Preferred Equity | (8) | 10/31/2018 | 145 | 3,060 | 5,440 | |||||||||||
| Member Units | (8) (23) | 10/31/2018 | 200 | 248 | 1,063 | |||||||||||
| 7,125 | 10,348 | |||||||||||||||
| KMS, LLC | (10) | Wholesaler of Closeout and Value-Priced Products | ||||||||||||||
| Secured Debt | (9) (30) | 12/29/2025 | SF+ | 5.50% | 10/1/2028 | — | (36) | — | ||||||||
| Secured Debt | 2/10/2025 | 12.50% | 10/1/2028 | 1,466 | 1,445 | 1,466 | ||||||||||
| Secured Debt | 2/10/2025 | 12.50% | 10/1/2028 | 914 | 914 | 914 | ||||||||||
| Preferred Equity | (8) | 2/10/2025 | 11,516 | 6,113 | 7,830 | |||||||||||
| 8,436 | 10,210 | |||||||||||||||
| Mills Fleet Farm Group, LLC | (10) | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | ||||||||||||||
| Secured Debt | (9) | 12/19/2024 | 9.32% | SF+ | 5.50% | 9.32% | 1/28/2031 | 2,502 | 2,502 | 2,462 | ||||||
| Secured Debt | (9) | 4/11/2025 | 9.21% | SF+ | 5.50% | 9.21% | 1/28/2031 | 1,492 | 1,492 | 1,469 | ||||||
| Preferred Equity | (8) (23) | 12/19/2024 | 53,505 | 12,740 | 11,490 | |||||||||||
| 16,734 | 15,421 | |||||||||||||||
| Nello Industries Investco, LLC | Manufacturer of Steel Poles and Towers For Critical Infrastructure | |||||||||||||||
| Secured Debt | 6/4/2024 | 12.50% | 6/4/2029 | 10,336 | 10,293 | 10,336 | ||||||||||
| Preferred Equity | (8) | 6/4/2024 | 84,201 | 2,799 | 9,820 | |||||||||||
| 13,092 | 20,156 | |||||||||||||||
| NexRev LLC | Provider of Energy Efficiency Products & Services | |||||||||||||||
| Preferred Member Units | 2/28/2018 | 25,786,046 | 2,053 | 3,200 | ||||||||||||
| NuStep, LLC | Designer, Manufacturer and Distributor of Fitness Equipment | |||||||||||||||
| Secured Debt | (9) | 1/31/2017 | 10.29% | SF+ | 6.50% | 1/31/2028 | 650 | 650 | 650 | |||||||
| Secured Debt | 1/31/2017 | 12.00% | 1/31/2030 | 4,610 | 4,550 | 4,550 | ||||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Member Units | 11/2/2022 | 600 | 696 | 1,660 | ||||||||||||
| Preferred Member Units | 1/31/2017 | 122 | 2,966 | 2,560 | ||||||||||||
| 8,862 | 9,420 | |||||||||||||||
| Oneliance, LLC | Construction Cleaning Company | |||||||||||||||
| Preferred Stock | (8) | 8/6/2021 | 282 | 282 | 750 | |||||||||||
| Orttech Holdings, LLC | Distributor of Industrial Clutches, Brakes and Other Components | |||||||||||||||
| Secured Debt | (9) (30) | 7/30/2021 | SF+ | 11.00% | 7/30/2029 | — | — | — | ||||||||
| Secured Debt | (9) | 7/30/2021 | 14.79% | SF+ | 11.00% | 7/30/2029 | 5,242 | 5,191 | 5,242 | |||||||
| Preferred Stock | (23) | 7/30/2021 | 2,500 | 2,500 | 2,670 | |||||||||||
| 7,691 | 7,912 | |||||||||||||||
| Pinnacle TopCo, LLC | Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products | |||||||||||||||
| Secured Debt | (30) | 12/21/2023 | 12/21/2028 | — | (4) | — | ||||||||||
| Secured Debt | 12/21/2023 | 13.00% | 12/21/2028 | 6,220 | 6,152 | 6,220 | ||||||||||
| Preferred Equity | (8) | 12/21/2023 | 110 | 3,135 | 5,070 | |||||||||||
| 9,283 | 11,290 | |||||||||||||||
| RA Outdoors LLC | (10) | Software Solutions Provider for Outdoor Activity Management | ||||||||||||||
| Secured Debt | (9) | 4/8/2021 | 10.63% | SF+ | 6.75% | 1.42% | 6/30/2028 | 1,499 | 1,498 | 1,155 | ||||||
| Secured Debt | (9) | 2/5/2025 | 10.58% | SF+ | 6.75% | 6/30/2028 | 475 | 475 | 366 | |||||||
| Secured Debt | (9) | 7/17/2025 | 10.58% | SF+ | 6.75% | 6/30/2028 | 463 | 463 | 357 | |||||||
| Secured Debt | (9) | 4/8/2021 | 10.63% | SF+ | 6.75% | 1.42% | 6/30/2028 | 15,675 | 15,670 | 12,074 | ||||||
| Common Equity | 8/12/2024 | 107 | — | — | ||||||||||||
| 18,106 | 13,952 | |||||||||||||||
| Robbins Bros. Jewelry, Inc. | Bridal Jewelry Retailer | |||||||||||||||
| Secured Debt | (14) (30) | 12/15/2021 | 12/15/2026 | — | (14) | (14) | ||||||||||
| Secured Debt | (14) | 12/15/2021 | 12.50% | 10.00% | 12/15/2026 | 3,740 | 3,438 | 1,499 | ||||||||
| Preferred Equity | 12/15/2021 | 1,230 | 1,230 | — | ||||||||||||
| 4,654 | 1,485 | |||||||||||||||
| SI East, LLC | Rigid Industrial Packaging Manufacturing | |||||||||||||||
| Secured Debt | 8/31/2018 | 11.85% | 6/16/2028 | 750 | 747 | 747 | ||||||||||
| Secured Debt | (33) | 6/16/2023 | 12.79% | 6/16/2028 | 22,106 | 22,086 | 22,086 | |||||||||
| Preferred Member Units | (8) | 8/31/2018 | 55 | 508 | 4,350 | |||||||||||
| 23,341 | 27,183 | |||||||||||||||
| Student Resource Center, LLC | (10) | Higher Education Services | ||||||||||||||
| Secured Debt | 9/11/2024 | 8.50% | 8.50% | 12/31/2027 | 259 | 259 | 959 | |||||||||
| Secured Debt | (14) | 12/31/2022 | 8.50% | 8.50% | 12/31/2027 | 5,918 | 5,425 | 1,363 | ||||||||
| Preferred Equity | 12/31/2022 | 6,564,055 | — | — | ||||||||||||
| 5,684 | 2,322 | |||||||||||||||
| Tedder Industries, LLC | Manufacturer of Firearm Holsters and Accessories | |||||||||||||||
| Secured Debt | (17) | 8/31/2018 | 12.00% | 12.00% | 8/31/2023 | 349 | 345 | 349 | ||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Secured Debt | (14) (17) | 8/31/2018 | 12.00% | 12.00% | 8/31/2023 | 3,800 | 3,761 | 1,571 | ||||||||
| Preferred Member Units | 8/28/2023 | 1,651 | 165 | — | ||||||||||||
| Preferred Member Units | 2/1/2023 | 1,411 | 141 | — | ||||||||||||
| Preferred Member Units | 8/31/2018 | 136 | 2,311 | — | ||||||||||||
| 6,723 | 1,920 | |||||||||||||||
| Trantech Radiator Topco, LLC | Transformer Cooling Products and Services | |||||||||||||||
| Secured Debt | 5/31/2019 | 11.50% | 5/31/2031 | 400 | 400 | 400 | ||||||||||
| Secured Debt | 5/31/2019 | 13.50% | 5/31/2031 | 7,820 | 7,671 | 7,820 | ||||||||||
| Secured Debt | 11/21/2025 | 9.00% | 5/31/2027 | 510 | 509 | 510 | ||||||||||
| Secured Debt | 3/25/2026 | 9.00% | 5/31/2027 | 525 | 524 | 525 | ||||||||||
| Secured Debt | 3/25/2026 | 9.00% | 5/31/2027 | 100 | 100 | 100 | ||||||||||
| Common Stock | (8) | 5/31/2019 | 163 | 1,505 | 7,180 | |||||||||||
| Common Equity | (23) | 11/21/2025 | 181 | 174 | 174 | |||||||||||
| 10,883 | 16,709 | |||||||||||||||
| Urgent DSO LLC | General and Emergency Dentistry Practice | |||||||||||||||
| Secured Debt | 2/16/2024 | 13.50% | 2/16/2029 | 2,200 | 2,168 | 2,128 | ||||||||||
| Preferred Equity | 2/16/2024 | 1,000 | 1,154 | 193 | ||||||||||||
| 3,322 | 2,321 | |||||||||||||||
| Victory Energy Operations, LLC | Provider of Industrial and Commercial Combustion Systems | |||||||||||||||
| Secured Debt | (30) | 10/3/2024 | 10/3/2029 | — | (12) | (12) | ||||||||||
| Secured Debt | 10/3/2024 | 13.00% | 10/3/2029 | 7,473 | 7,338 | 7,338 | ||||||||||
| Preferred Equity | 10/3/2024 | 8,259 | 3,609 | 4,230 | ||||||||||||
| 10,935 | 11,556 | |||||||||||||||
| VVS Holdco LLC | Omnichannel Retailer of Animal Health Products | |||||||||||||||
| Secured Debt | (9) | 12/1/2021 | 9.79% | SF+ | 6.00% | 12/1/2026 | 100 | 100 | 100 | |||||||
| Secured Debt | 12/1/2021 | 11.50% | 12/1/2026 | 5,700 | 5,694 | 5,694 | ||||||||||
| Preferred Equity | (23) | 12/1/2021 | 3,060 | 3,060 | 3,060 | |||||||||||
| 8,854 | 8,854 | |||||||||||||||
| Subtotal Affiliate investments (56.0% of net assets at fair value) | $326,166 | $420,330 | ||||||||||||||
| Non-Control/Non-Affiliate Investments (7) | ||||||||||||||||
| AAC Holdings, Inc. | (11) | Substance Abuse Treatment Service Provider | ||||||||||||||
| Secured Debt | 9/16/2026 | 21.00% | 21.00% | 11/24/2032 | $95 | $67 | $67 | |||||||||
| Secured Debt | 4/15/2026 | 21.00% | 21.00% | 11/24/2032 | 610 | 498 | 610 | |||||||||
| Secured Debt | 11/24/2025 | 21.00% | 21.00% | 11/24/2032 | 414 | 380 | 414 | |||||||||
| Secured Debt | 4/1/2025 | 20.00% | 20.00% | 11/24/2032 | 358 | 358 | 358 | |||||||||
| Secured Debt | (14) | 3/28/2025 | 20.00% | 20.00% | 11/24/2032 | 1,070 | 1,070 | 213 | ||||||||
| Secured Debt | (14) | 3/28/2025 | 20.00% | 20.00% | 11/24/2032 | 1,070 | 1,070 | 213 | ||||||||
| Preferred Equity | 3/28/2025 | 4,342,688 | 2,931 | — | ||||||||||||
| Common Stock | 12/11/2020 | 593,927 | 3,148 | — | ||||||||||||
| 9,522 | 1,875 | |||||||||||||||
| Adams Publishing Group, LLC | (10) | Local Newspaper Operator | ||||||||||||||
| Secured Debt | (9) (29) | 3/11/2022 | 11.00% | SF+ | 8.00% | 1.00% | 3/11/2027 | 1,255 | 1,255 | 1,255 | ||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Secured Debt | (9) | 11/26/2025 | 11.00% | SF+ | 8.00% | 1.00% | 3/11/2027 | 88 | 87 | 88 | ||||||
| Secured Debt | (9) (29) | 3/11/2022 | 11.00% | SF+ | 8.00% | 1.00% | 3/11/2027 | 1,752 | 1,751 | 1,752 | ||||||
| 3,093 | 3,095 | |||||||||||||||
| AGS American Glass Services Acquisition, LLC | (10) | Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions | ||||||||||||||
| Secured Debt | (9) (30) | 7/24/2025 | SF+ | 5.50% | 7/24/2031 | — | (41) | (41) | ||||||||
| Secured Debt | (9) | 7/24/2025 | 9.45% | SF+ | 5.50% | 7/24/2031 | 3,229 | 3,182 | 3,182 | |||||||
| Secured Debt | (9) | 7/24/2025 | 9.32% | SF+ | 5.50% | 7/24/2031 | 12,532 | 12,383 | 12,427 | |||||||
| Common Equity | 7/24/2025 | 10,000 | 1,000 | 910 | ||||||||||||
| 16,524 | 16,478 | |||||||||||||||
| Airo Purchaser, Inc. | (10) | Provider of HVAC and Plumbing Installation Services | ||||||||||||||
| Secured Debt | (9) (30) | 8/1/2025 | SF+ | 5.25% | 8/1/2030 | — | (43) | (43) | ||||||||
| Secured Debt | (9) | 8/1/2025 | 9.09% | SF+ | 5.25% | 8/1/2030 | 2,232 | 2,192 | 2,232 | |||||||
| Secured Debt | (9) | 8/1/2025 | 9.09% | SF+ | 5.25% | 8/1/2030 | 22,207 | 21,909 | 22,207 | |||||||
| Common Equity | 8/1/2025 | 1,233 | 1,233 | 1,340 | ||||||||||||
| 25,291 | 25,736 | |||||||||||||||
| AMEREQUIP LLC | (10) | Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment | ||||||||||||||
| Common Stock | (8) | 8/31/2022 | 11 | 83 | — | |||||||||||
| American Health Staffing Group, Inc. | (10) | Healthcare Temporary Staffing | ||||||||||||||
| Secured Debt | (9) (30) | 11/19/2021 | P+ | 5.25% | 11/19/2028 | — | (2) | (2) | ||||||||
| Secured Debt | (9) | 11/19/2021 | 12.25% | P+ | 5.25% | 11/19/2028 | 6,385 | 6,377 | 6,385 | |||||||
| 6,375 | 6,383 | |||||||||||||||
| ArborWorks, LLC | (10) | Vegetation Management Services | ||||||||||||||
| Secured Debt | 11/6/2023 | 15.00% | 15.00% | 11/6/2028 | 2,859 | 2,859 | 2,859 | |||||||||
| Secured Debt | (9) | 11/6/2023 | 10.50% | SF+ | 6.50% | 10.50% | 11/6/2028 | 5,157 | 5,157 | 5,157 | ||||||
| Preferred Equity | 11/6/2023 | 17,265 | 7,468 | 9,494 | ||||||||||||
| Preferred Equity | 11/6/2023 | 17,265 | — | — | ||||||||||||
| Common Equity | 11/9/2021 | 2,070 | 124 | — | ||||||||||||
| 15,608 | 17,510 | |||||||||||||||
| Archer Systems, LLC | (10) | Mass Tort Settlement Administration Solutions Provider | ||||||||||||||
| Common Stock | (8) | 8/11/2022 | 62,402 | 62 | 110 | |||||||||||
| ATS Operating, LLC | (10) | For-Profit Thrift Retailer | ||||||||||||||
| Secured Debt | (9) (28) | 1/18/2022 | 9.99% | SF+ | 6.00% | 1/18/2028 | 200 | 194 | 200 | |||||||
| Secured Debt | (9) | 1/18/2022 | 8.99% | SF+ | 5.00% | 1/18/2028 | 925 | 921 | 925 | |||||||
| Secured Debt | (9) | 1/18/2022 | 10.99% | SF+ | 7.00% | 1/18/2028 | 925 | 921 | 925 | |||||||
| Common Stock | 1/18/2022 | 100,000 | 100 | 150 | ||||||||||||
| 2,136 | 2,200 | |||||||||||||||
| Auria Space, LLC | (10) | Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms | ||||||||||||||
| Secured Debt | (9) (30) | 12/31/2025 | SF+ | 5.75% | 12/31/2030 | — | (32) | (32) | ||||||||
| Secured Debt | (9) | 12/31/2025 | 9.65% | SF+ | 5.75% | 12/31/2030 | 13,793 | 13,618 | 13,793 | |||||||
| Secured Debt | (9) | 12/31/2025 | 9.65% | SF+ | 5.75% | 12/31/2030 | 12,931 | 12,769 | 12,931 | |||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Member Units | 2/6/2026 | 127,648 | 690 | 690 | ||||||||||||
| 27,045 | 27,382 | |||||||||||||||
| AVEX Aviation Holdings, LLC | (10) | Specialty Aircraft Dealer & MRO Provider | ||||||||||||||
| Secured Debt | (9) (30) | 12/23/2022 | SF+ | 7.25% | 12/23/2027 | — | (6) | (6) | ||||||||
| Secured Debt | (9) (30) | 12/18/2025 | SF+ | 7.25% | 12/23/2027 | — | (3) | (3) | ||||||||
| Secured Debt | (9) | 12/23/2022 | 11.47% | SF+ | 7.25% | 12/23/2027 | 3,192 | 3,161 | 3,192 | |||||||
| Common Equity | 12/15/2021 | 137 | 130 | 246 | ||||||||||||
| 3,282 | 3,429 | |||||||||||||||
| Behavior Development Group Holdings | (10) | Applied Behavior Analysis Therapy Provider | ||||||||||||||
| Secured Debt | (9) | 12/17/2025 | 9.87% | SF+ | 6.00% | 12/17/2030 | 2,500 | 2,469 | 2,420 | |||||||
| Secured Debt | (9) | 12/17/2025 | 10.07% | SF+ | 6.00% | 12/17/2030 | 15,873 | 15,674 | 15,365 | |||||||
| Common Equity | 12/17/2025 | 500 | 500 | 400 | ||||||||||||
| 18,643 | 18,185 | |||||||||||||||
| Bluestem Brands, Inc. | (11) | Multi-Channel Retailer of General Merchandise | ||||||||||||||
| Secured Debt | (9) (14) (17) | 1/9/2024 | 12.30% | SF+ | 8.50% | 11.30% | 5/6/2026 | 197 | 116 | 259 | ||||||
| Secured Debt | (9) (14) (17) | 10/19/2022 | 14.50% | P+ | 7.50% | 13.50% | 5/6/2026 | 2,930 | 2,878 | 101 | ||||||
| Secured Debt | (9) (14) (17) | 8/28/2020 | 12.30% | SF+ | 8.50% | 11.30% | 5/6/2026 | 4,486 | 4,174 | — | ||||||
| Common Stock | 10/1/2020 | 700,446 | — | — | ||||||||||||
| Warrants | (27) | 10/19/2022 | 175,110 | 10/19/2032 | 1,111 | — | ||||||||||
| 8,279 | 360 | |||||||||||||||
| B-O-F Corporation | (10) | Manufacturer of Gravity Flow Shelving Solutions for Retail Applications | ||||||||||||||
| Secured Debt | (9) (30) | 2/3/2025 | SF+ | 5.75% | 2/3/2030 | — | (10) | (10) | ||||||||
| Secured Debt | (9) | 2/3/2025 | 8.48% | SF+ | 4.75% | 2/3/2030 | 2,850 | 2,817 | 2,787 | |||||||
| Secured Debt | (9) | 2/3/2025 | 10.48% | SF+ | 6.75% | 2/3/2030 | 2,850 | 2,817 | 2,787 | |||||||
| Common Equity | 2/3/2025 | 180,000 | 180 | 180 | ||||||||||||
| 5,804 | 5,744 | |||||||||||||||
| Bond Brand Loyalty ULC | (10) (13) (21) | Provider of Loyalty Marketing Services | ||||||||||||||
| Secured Debt | (9) | 5/1/2023 | 9.63% | SF+ | 5.75% | 5/1/2028 | 90 | 84 | 90 | |||||||
| Secured Debt | (9) | 10/31/2025 | 9.63% | SF+ | 5.75% | 5/1/2028 | 872 | 860 | 872 | |||||||
| Secured Debt | (9) | 5/1/2023 | 8.63% | SF+ | 4.75% | 5/1/2028 | 3,918 | 3,893 | 3,918 | |||||||
| Secured Debt | (9) | 5/1/2023 | 10.63% | SF+ | 6.75% | 5/1/2028 | 3,918 | 3,893 | 3,918 | |||||||
| Preferred Equity | 5/1/2023 | 360 | 360 | 420 | ||||||||||||
| Common Equity | 5/1/2023 | 360 | — | — | ||||||||||||
| 9,090 | 9,218 | |||||||||||||||
| Brightwood Capital Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||
| LP Interests (Brightwood Capital Fund III, LP) | (24) | 7/21/2014 | 1.59% | 1,727 | 869 | |||||||||||
| LP Interests (Brightwood Capital Fund IV, LP) | (8) (24) | 10/26/2016 | 0.59% | 4,362 | 3,873 | |||||||||||
| 6,089 | 4,742 | |||||||||||||||
| Buca C, LLC | Casual Restaurant Group | |||||||||||||||
| Secured Debt | (14) (17) | 8/7/2024 | 15.00% | 15.00% | 11/4/2024 | 4,532 | 4,263 | — | ||||||||
| Secured Debt | (14) (17) | 6/28/2024 | 15.00% | 15.00% | 4/1/2025 | — | — | — | ||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Secured Debt | (14) (17) | 6/30/2015 | 15.00% | 15.00% | 8/31/2023 | 4,078 | 4,078 | — | ||||||||
| Preferred Member Units | 6/30/2015 | 4 | 6.00% | 6.00% | 3,040 | — | ||||||||||
| 11,381 | — | |||||||||||||||
| Career Team Holdings, LLC | Provider of Workforce Training and Career Development Services | |||||||||||||||
| Secured Debt | (9) (30) | 12/17/2021 | SF+ | 6.00% | 6/5/2030 | — | (6) | (6) | ||||||||
| Secured Debt | 12/17/2021 | 13.00% | 6/5/2030 | 2,432 | 2,388 | 2,388 | ||||||||||
| Common Stock | 12/17/2021 | 60,066 | 601 | 600 | ||||||||||||
| 2,983 | 2,982 | |||||||||||||||
| CenterPeak Holdings, LLC | Executive Search Services | |||||||||||||||
| Preferred Equity | (8) | 12/10/2021 | 368 | 404 | 3,270 | |||||||||||
| Channel Partners Intermediateco, LLC | (10) | Outsourced Consumer Services Provider | ||||||||||||||
| Secured Debt | (9) (28) | 2/7/2022 | 10.72% | SF+ | 6.75% | 2/7/2027 | 762 | 759 | 762 | |||||||
| Secured Debt | (9) | 2/7/2022 | 10.74% | SF+ | 6.75% | 2/7/2027 | 3,266 | 3,261 | 3,266 | |||||||
| Secured Debt | (9) | 6/24/2022 | 10.74% | SF+ | 6.75% | 2/7/2027 | 181 | 181 | 181 | |||||||
| Secured Debt | (9) | 3/27/2023 | 10.74% | SF+ | 6.75% | 2/7/2027 | 437 | 436 | 437 | |||||||
| Secured Debt | (9) | 5/11/2026 | 10.74% | SF+ | 6.75% | 2/7/2027 | 358 | 354 | 358 | |||||||
| 4,991 | 5,004 | |||||||||||||||
| Clarius BIGS, LLC | (10) | Prints & Advertising Film Financing | ||||||||||||||
| Secured Debt | (14) (17) (34) | 9/23/2014 | 1/5/2015 | 2,643 | 2,299 | 4 | ||||||||||
| Classic H&G Holdings, LLC | Provider of Engineered Packaging Solutions | |||||||||||||||
| Preferred Member Units | 3/12/2020 | 39 | — | 530 | ||||||||||||
| 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 | 2,524 | 2,478 | 2,509 | ||||||||||
| Preferred Equity | 10/9/2024 | 2,478 | 1,400 | 1,240 | ||||||||||||
| 3,878 | 3,749 | |||||||||||||||
| Coregistics Buyer LLC | (10) (13) (21) | Contract Packaging Service Provider | ||||||||||||||
| Secured Debt | (9) (28) | 6/29/2024 | 10.27% | SF+ | 6.50% | 6/28/2029 | 449 | 436 | 446 | |||||||
| Secured Debt | (9) | 6/29/2024 | 10.32% | SF+ | 6.50% | 6/28/2029 | 2,813 | 2,775 | 2,787 | |||||||
| Secured Debt | (9) | 6/29/2024 | 10.57% | SF+ | 6.75% | 6/28/2029 | 8,473 | 8,357 | 8,117 | |||||||
| Secured Debt | (9) | 8/15/2024 | 10.23% | SF+ | 6.50% | 6/28/2029 | 1,875 | 1,854 | 1,858 | |||||||
| 13,422 | 13,208 | |||||||||||||||
| CoreStack, Inc. | (10) | Multi-Cloud Governance Platform Provider | ||||||||||||||
| Secured Debt | 3/25/2026 | 10.00% | 10.00% | 9/25/2028 | 421 | 421 | 421 | |||||||||
| Secured Debt | (34) | 3/25/2026 | 9/25/2028 | 3,800 | 3,800 | 3,800 | ||||||||||
| 4,221 | 4,221 | |||||||||||||||
| CQ Fluency, LLC | (10) | Global Language Services Provider | ||||||||||||||
| Secured Debt | (9) (30) | 12/27/2023 | SF+ | 6.50% | 6/27/2027 | — | (9) | (9) | ||||||||
| Secured Debt | (9) | 12/27/2023 | 10.67% | SF+ | 6.50% | 6/27/2027 | 6,563 | 6,518 | 6,562 | |||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,509 | 6,553 | |||||||||||||||
| 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) (30) (28) | 8/19/2022 | SF+ | 6.75% | 6/30/2029 | — | (10) | — | ||||||||
| Secured Debt | (9) (30) | 12/31/2025 | SF+ | 6.75% | 6/30/2029 | — | (14) | (14) | ||||||||
| Secured Debt | (9) | 12/31/2025 | 11.09% | SF+ | 6.75% | 6/30/2029 | 601 | 592 | 601 | |||||||
| Secured Debt | (9) | 8/19/2022 | 11.09% | SF+ | 6.75% | 6/30/2029 | 941 | 925 | 941 | |||||||
| 1,493 | 1,528 | |||||||||||||||
| 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) (30) | 6/27/2024 | SF+ | 7.00% | 6/27/2029 | — | (17) | (17) | ||||||||
| Secured Debt | (9) | 3/4/2025 | 10.75% | SF+ | 7.00% | 6/27/2029 | 16,461 | 16,249 | 16,461 | |||||||
| Secured Debt | (9) | 6/27/2024 | 11.07% | SF+ | 7.00% | 6/27/2029 | 10,322 | 10,210 | 10,322 | |||||||
| Common Equity | 3/4/2025 | 2,862 | 286 | 130 | ||||||||||||
| 26,728 | 26,896 | |||||||||||||||
| Dalton US Inc. | (10) | Provider of Supplemental Labor Services | ||||||||||||||
| Preferred Stock | 9/28/2026 | 3 | 3 | 10 | ||||||||||||
| Common Stock | 8/16/2022 | 37 | 52 | 40 | ||||||||||||
| 55 | 50 | |||||||||||||||
| Dynamic Communities, LLC | (10) | Developer of Business Events and Online Community Groups | ||||||||||||||
| Secured Debt | (9) | 12/20/2022 | 12.00% | SF+ | 8.00% | 12.00% | 12/31/2026 | 2,852 | 2,825 | 2,852 | ||||||
| Secured Debt | (9) | 12/20/2022 | 13.00% | SF+ | 9.00% | 12/31/2026 | 2,536 | 2,303 | 2,506 | |||||||
| 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 | — | — | ||||||||||||
| 5,256 | 5,468 | |||||||||||||||
| Electro Technical Industries, LLC | (10) | Manufacturer of Mission-Critical Electrical Distribution Systems | ||||||||||||||
| Common Equity | 3/31/2025 | 714,286 | 714 | 5,460 | ||||||||||||
| Elgin AcquireCo, LLC | Manufacturer and Distributor of Engine and Chassis Components | |||||||||||||||
| Secured Debt | (9) (30) | 10/3/2022 | SF+ | 6.00% | 10/3/2027 | — | — | — | ||||||||
| Secured Debt | 10/3/2022 | 12.00% | 10/3/2027 | 1,089 | 1,083 | 1,083 | ||||||||||
| Secured Debt | 10/3/2022 | 9.00% | 10/3/2052 | 403 | 400 | 400 | ||||||||||
| Common Stock | 10/3/2022 | 19 | 374 | 270 | ||||||||||||
| Common Stock | (23) | 10/3/2022 | 61 | 102 | 228 | |||||||||||
| 1,959 | 1,981 | |||||||||||||||
| Escalent, Inc. | (10) | Market Research and Consulting Firm | ||||||||||||||
| Secured Debt | (9) | 4/7/2023 | 10.07% | SF+ | 6.00% | 4/7/2029 | 77 | 72 | 77 | |||||||
| Secured Debt | (9) | 10/2/2024 | 10.07% | SF+ | 6.00% | 4/7/2029 | 348 | 345 | 348 | |||||||
| Secured Debt | (9) | 4/7/2023 | 10.07% | SF+ | 6.00% | 4/7/2029 | 6,558 | 6,473 | 6,558 | |||||||
| Common Equity | 4/7/2023 | 170,998 | 174 | 210 | ||||||||||||
| 7,064 | 7,193 | |||||||||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Event Holdco, LLC | (10) | Event and Learning Management Software for Healthcare Organizations and Systems | ||||||||||||||
| Secured Debt | (9) | 12/22/2021 | 11.34% | SF+ | 7.00% | 12/22/2026 | 308 | 308 | 308 | |||||||
| Secured Debt | (9) | 12/22/2021 | 11.34% | SF+ | 7.00% | 12/22/2026 | 3,968 | 3,966 | 3,968 | |||||||
| 4,274 | 4,276 | |||||||||||||||
| FCC Intermediate Holdco, LLC | Supply Chain Management Services | |||||||||||||||
| Secured Debt | (30) | 5/28/2024 | 5/28/2029 | — | — | — | ||||||||||
| Secured Debt | 5/28/2024 | 13.00% | 5/28/2029 | 7,483 | 6,895 | 7,482 | ||||||||||
| Warrants | (8) (27) | 5/28/2024 | 3 | 5/28/2034 | 980 | 3,300 | ||||||||||
| 7,875 | 10,782 | |||||||||||||||
| Garyline, LLC | (10) | Manufacturer of Consumer Plastic Products | ||||||||||||||
| Secured Debt | (9) | 4/14/2025 | 10.79% | SF+ | 7.00% | 10/14/2027 | 611 | 599 | 611 | |||||||
| Secured Debt | (9) | 4/14/2025 | 10.79% | SF+ | 7.00% | 10/14/2027 | 8,297 | 8,230 | 8,297 | |||||||
| Common Equity | 11/10/2023 | 210,084 | 210 | 130 | ||||||||||||
| 9,039 | 9,038 | |||||||||||||||
| GradeEight Corp. | (10) | Distributor of Maintenance and Repair Parts | ||||||||||||||
| Secured Debt | (9) (30) | 10/4/2024 | SF+ | 7.00% | 10/4/2029 | — | (28) | — | ||||||||
| Secured Debt | (9) | 10/4/2024 | 10.73% | SF+ | 7.00% | 10/4/2029 | 1,934 | 1,905 | 1,934 | |||||||
| Secured Debt | (9) (26) | 10/4/2024 | 10.77% | SF+ | 7.00% | 10/4/2029 | 14,175 | 14,004 | 14,175 | |||||||
| Common Equity | 10/4/2024 | 570 | 564 | 420 | ||||||||||||
| 16,445 | 16,529 | |||||||||||||||
| Harris Preston Fund Investments | (12) (13) | Investment Partnership | ||||||||||||||
| LP Interests (423 AER II, LP) | (24) | 6/2/2025 | 4.13% | 1,678 | 2,148 | |||||||||||
| Hawk Ridge Systems, LLC | Value-Added Reseller of Engineering Design and Manufacturing Solutions | |||||||||||||||
| Secured Debt | (9) (30) | 12/2/2016 | SF+ | 6.00% | 1/15/2029 | — | (4) | — | ||||||||
| Secured Debt | (30) | 1/2/2026 | 1/15/2029 | — | — | — | ||||||||||
| Secured Debt | 1/2/2026 | 12.50% | 1/15/2029 | 1,665 | 1,646 | 1,665 | ||||||||||
| Secured Debt | 12/2/2016 | 12.50% | 1/15/2029 | 10,879 | 10,781 | 10,879 | ||||||||||
| Preferred Member Units | (8) | 12/2/2016 | 56 | 713 | 6,670 | |||||||||||
| Preferred Member Units | (23) | 12/2/2016 | 56 | 38 | 350 | |||||||||||
| 13,174 | 19,564 | |||||||||||||||
| HDC/HW Intermediate Holdings | (10) | Managed Services and Hosting Provider | ||||||||||||||
| Secured Debt | (9) (14) | 3/7/2024 | 9.01% | SF+ | 3.50% | 2.50% | 11/21/2026 | 1,465 | 1,437 | 535 | ||||||
| Secured Debt | (14) | 3/7/2024 | 2.50% | 2.50% | 11/21/2026 | 890 | 377 | — | ||||||||
| Common Equity | 3/7/2024 | 35,971 | — | — | ||||||||||||
| 1,814 | 535 | |||||||||||||||
| Hornblower Sub, LLC | (10) | Marine Tourism and Transportation | ||||||||||||||
| Secured Debt | (9) (30) (28) | 7/3/2024 | SF+ | 5.50% | 7/3/2029 | — | (14) | — | ||||||||
| Secured Debt | (9) | 7/3/2024 | 9.25% | SF+ | 5.50% | 1.50% | 7/3/2029 | 16,590 | 16,485 | 16,554 | ||||||
| 16,471 | 16,554 | |||||||||||||||
| Horwitz Holdings, LLC | (10) | Provider of Mechanical, Electrical and Plumbing Services | ||||||||||||||
| Secured Debt | (9) | 6/30/2026 | 9.55% | SF+ | 5.50% | 6/30/2031 | 2,779 | 2,705 | 2,720 | |||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Secured Debt | (9) (30) | 6/30/2026 | SF+ | 5.50% | 6/30/2031 | — | (49) | (49) | ||||||||
| Secured Debt | (9) | 6/30/2026 | 9.57% | SF+ | 5.50% | 6/30/2031 | 13,202 | 12,955 | 12,922 | |||||||
| 15,611 | 15,593 | |||||||||||||||
| Hybrid Promotions, LLC | (10) | Wholesaler of Licensed, Branded and Private Label Apparel | ||||||||||||||
| Secured Debt | (9) | 6/30/2021 | 11.98% | SF+ | 8.25% | 12/31/2027 | 8,000 | 7,941 | 8,000 | |||||||
| IG Parent Corporation | (11) | Software Engineering | ||||||||||||||
| Secured Debt | (9) | 7/30/2021 | 9.75% | SF+ | 5.75% | 7/30/2028 | 31 | 27 | 31 | |||||||
| Secured Debt | (9) | 7/30/2021 | 9.75% | SF+ | 5.75% | 7/30/2028 | 6,090 | 6,064 | 6,090 | |||||||
| Secured Debt | (9) | 7/30/2021 | 9.75% | SF+ | 5.75% | 7/30/2028 | 1,887 | 1,878 | 1,887 | |||||||
| 7,969 | 8,008 | |||||||||||||||
| Ignite Visibility LLC | (10) | Digital Marketing Services Agency | ||||||||||||||
| Secured Debt | (9) | 12/15/2025 | 8.73% | SF+ | 5.00% | 12/1/2028 | 7,931 | 7,845 | 7,931 | |||||||
| Secured Debt | (9) | 12/15/2025 | 10.73% | SF+ | 7.00% | 12/1/2028 | 7,931 | 7,845 | 7,931 | |||||||
| 15,690 | 15,862 | |||||||||||||||
| Imaging Business Machines, L.L.C. | (10) | Technology Hardware & Equipment | ||||||||||||||
| Common Equity | (8) | 6/8/2023 | 422 | 580 | 590 | |||||||||||
| Implus Footcare, LLC | (10) | Provider of Footwear and Related Accessories | ||||||||||||||
| Secured Debt | (9) | 6/13/2025 | 10.08% | SF+ | 6.00% | 4.00% | 10/30/2028 | 1,831 | 1,831 | 1,831 | ||||||
| Secured Debt | (9) | 7/31/2025 | 10.08% | SF+ | 6.00% | 10.08% | 10/30/2028 | 4,350 | 4,350 | 4,350 | ||||||
| Common Equity | 7/31/2025 | 3,874,040 | 5,191 | 5,200 | ||||||||||||
| 11,372 | 11,381 | |||||||||||||||
| Infinity X1 Holdings, LLC | Manufacturer and Supplier of Personal Lighting Products | |||||||||||||||
| Secured Debt | (30) | 2/2/2026 | 3/31/2028 | — | — | — | ||||||||||
| Secured Debt | 3/31/2023 | 11.00% | 3/31/2028 | 2,740 | 2,738 | 2,740 | ||||||||||
| Preferred Equity | (8) | 3/31/2023 | 21,840 | 1,092 | 5,400 | |||||||||||
| 3,830 | 8,140 | |||||||||||||||
| Insight Borrower Corporation | (10) | Test, Inspection, and Certification Instrument Provider | ||||||||||||||
| Secured Debt | (9) | 7/19/2023 | 10.10% | SF+ | 6.25% | 10.10% | 7/19/2029 | 1,727 | 1,711 | 1,451 | ||||||
| Secured Debt | (9) | 7/19/2023 | 9.98% | SF+ | 6.25% | 9.98% | 7/19/2030 | 16,505 | 16,388 | 13,863 | ||||||
| Common Equity | 7/19/2023 | 47,847 | 239 | — | ||||||||||||
| 18,338 | 15,314 | |||||||||||||||
| Inspire Aesthetics Management, LLC | (10) | Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider | ||||||||||||||
| Secured Debt | (9) (28) | 4/3/2023 | 13.28% | SF+ | 9.50% | 1.50% | 4/3/2028 | 743 | 737 | 707 | ||||||
| Secured Debt | (9) | 4/3/2023 | 13.28% | SF+ | 9.50% | 1.50% | 4/3/2028 | 6,276 | 6,228 | 5,974 | ||||||
| Secured Debt | (9) | 6/14/2023 | 13.28% | SF+ | 9.50% | 1.50% | 4/3/2028 | 1,264 | 1,254 | 1,203 | ||||||
| Secured Debt | (9) | 12/31/2024 | 13.28% | SF+ | 9.50% | 1.50% | 4/3/2028 | 292 | 292 | 278 | ||||||
| Common Equity | 4/3/2023 | 137,302 | 358 | 75 | ||||||||||||
| 8,869 | 8,237 | |||||||||||||||
| Interface Security Systems, L.L.C | (10) | Commercial Security & Alarm Services | ||||||||||||||
| Secured Debt | (17) (28) | 12/9/2021 | 13.96% | SF+ | 10.00% | 13.96% | 8/7/2023 | 2,652 | 2,652 | 2,424 | ||||||
| Secured Debt | (9) (14) (17) | 8/7/2019 | 10.74% | SF+ | 7.00% | 10.74% | 8/7/2023 | 7,334 | 7,254 | 9 | ||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Common Stock | 12/7/2021 | 2,143 | — | — | ||||||||||||
| 9,906 | 2,433 | |||||||||||||||
| Invincible Boat Company, LLC. | (10) | Manufacturer of Sport Fishing Boats | ||||||||||||||
| Secured Debt | (9) (14) (28) | 8/28/2019 | 11.32% | SF+ | 7.50% | 12/31/2031 | 934 | 898 | 597 | |||||||
| Secured Debt | (9) (14) | 8/28/2019 | 11.34% | SF+ | 7.50% | 11.34% | 12/31/2031 | 17,438 | 17,406 | 10,838 | ||||||
| 18,304 | 11,435 | |||||||||||||||
| Iron-Main Investments, LLC | Consumer Reporting Agency Providing Employment Background Checks and Drug Testing | |||||||||||||||
| Secured Debt | (30) | 6/18/2026 | 6/30/2031 | — | (6) | (6) | ||||||||||
| Secured Debt | 8/2/2021 | 13.00% | 6/30/2031 | 12,874 | 12,609 | 12,609 | ||||||||||
| Preferred Equity | 6/26/2024 | 178 | 25.00% | 25.00% | 178 | 310 | ||||||||||
| Preferred Equity | 9/26/2025 | 39 | 25.00% | 25.00% | 39 | 39 | ||||||||||
| Preferred Equity | 6/18/2026 | 34 | 25.00% | 25.00% | 34 | 34 | ||||||||||
| Common Stock | 8/3/2021 | 50,753 | 689 | 770 | ||||||||||||
| 13,543 | 13,756 | |||||||||||||||
| Isagenix International, LLC | (11) | Direct Marketer of Health & Wellness Products | ||||||||||||||
| Secured Debt | (9) (14) | 4/13/2023 | 12.27% | SF+ | 8.50% | 9.77% | 4/14/2028 | 2,962 | 2,647 | 429 | ||||||
| Common Equity | 4/13/2023 | 186,322 | — | — | ||||||||||||
| 2,647 | 429 | |||||||||||||||
| 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 | 10.99% | SF+ | 7.00% | 6.45% | 5/17/2029 | 495 | 492 | 409 | ||||||
| Secured Debt | (9) (26) | 5/20/2024 | 10.99% | SF+ | 7.00% | 6.45% | 5/17/2029 | 2,285 | 2,264 | 1,888 | ||||||
| Secured Debt | (9) (26) | 5/20/2024 | 10.99% | SF+ | 7.00% | 6.45% | 5/17/2029 | 2,290 | 2,269 | 1,893 | ||||||
| Secured Debt | (9) (26) | 5/20/2024 | 10.99% | SF+ | 7.00% | 6.45% | 5/17/2029 | 2,296 | 2,275 | 1,897 | ||||||
| 7,300 | 6,087 | |||||||||||||||
| ITA Holdings Group, LLC | Air Ambulance Services | |||||||||||||||
| Secured Debt | (9) | 6/21/2023 | 10.90% | SF+ | 7.00% | 6/21/2027 | 295 | 294 | 295 | |||||||
| Secured Debt | (9) | 6/21/2023 | 11.38% | SF+ | 7.50% | 6/21/2027 | 1,234 | 1,182 | 1,234 | |||||||
| Secured Debt | (9) | 6/21/2023 | 13.38% | SF+ | 9.50% | 6/21/2027 | 1,234 | 1,182 | 1,234 | |||||||
| Secured Debt | (9) | 6/30/2025 | 12.38% | SF+ | 8.50% | 6/21/2027 | 1,770 | 1,764 | 1,770 | |||||||
| Secured Debt | (9) | 3/4/2026 | 12.38% | SF+ | 8.50% | 6/21/2027 | 885 | 884 | 885 | |||||||
| Warrants | (8) (27) | 6/21/2023 | 48,327 | 6/21/2033 | 523 | 2,990 | ||||||||||
| 5,829 | 8,408 | |||||||||||||||
| Jackmont Hospitality, Inc. | (10) | Franchisee of Casual Dining Restaurants | ||||||||||||||
| Secured Debt | (9) (26) | 10/26/2022 | 10.90% | SF+ | 7.00% | 11/4/2026 | 1,436 | 1,435 | 1,436 | |||||||
| Secured Debt | (9) (26) | 2/27/2024 | 10.93% | SF+ | 7.00% | 11/4/2026 | 1,251 | 1,250 | 1,251 | |||||||
| Secured Debt | (9) (26) | 11/1/2024 | 11.05% | SF+ | 7.00% | 11/4/2026 | 1,333 | 1,331 | 1,333 | |||||||
| Secured Debt | (9) | 11/8/2021 | 10.91% | SF+ | 7.00% | 11/4/2026 | 3,318 | 3,316 | 3,318 | |||||||
| Preferred Equity | 11/8/2021 | 5,653,333 | 216 | 1,300 | ||||||||||||
| 7,548 | 8,638 | |||||||||||||||
| Joerns Healthcare, LLC | (11) | Manufacturer and Distributor of Health Care Equipment & Supplies | ||||||||||||||
| Secured Debt | (9) | 3/30/2024 | 11.92% | SF+ | 8.00% | 3/29/2029 | 1,114 | 1,114 | 1,114 | |||||||
| Secured Debt | (9) | 3/30/2024 | 11.92% | SF+ | 8.00% | 3/29/2029 | 1,137 | 1,137 | 1,085 | |||||||
| Common Stock | 3/29/2024 | 4,535,784 | 166 | — | ||||||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,417 | 2,199 | |||||||||||||||
| JorVet Holdings, LLC | Supplier and Distributor of Veterinary Equipment and Supplies | |||||||||||||||
| Secured Debt | 3/28/2022 | 12.00% | 3/28/2027 | 2,553 | 2,548 | 2,548 | ||||||||||
| Preferred Equity | (8) | 3/28/2022 | 12,214 | 1,221 | 1,650 | |||||||||||
| 3,769 | 4,198 | |||||||||||||||
| JTI Electrical & Mechanical, LLC | (10) | Electrical, Mechanical and Automation Services | ||||||||||||||
| Secured Debt | (9) | 9/30/2026 | 10.00% | SF+ | 6.00% | 10.00% | 6/30/2030 | 89 | 89 | 89 | ||||||
| Secured Debt | (9) (14) | 8/25/2025 | 9.89% | SF+ | 6.00% | 9.89% | 6/20/2030 | 3,043 | 3,043 | 1,118 | ||||||
| Secured Debt | (14) | 8/25/2025 | 15.00% | 15.00% | 6/20/2030 | 1,404 | 517 | — | ||||||||
| Common Equity | 12/22/2021 | 140,351 | 140 | — | ||||||||||||
| Common Equity | 8/25/2025 | 70,000 | 70 | — | ||||||||||||
| 3,859 | 1,207 | |||||||||||||||
| LBCT Topco LP | Provider of IT Hardware Services and Software Solutions | |||||||||||||||
| Common Equity | 6/22/2026 | 1,000,000 | 1,000 | 1,000 | ||||||||||||
| LLFlex, LLC | (10) | Provider of Metal-Based Laminates | ||||||||||||||
| Secured Debt | (9) | 8/16/2021 | 11.84% | SF+ | 8.00% | 3.00% | 12/31/2029 | 4,683 | 4,610 | 3,923 | ||||||
| Logix Acquisition Company, LLC | (10) | Competitive Local Exchange Carrier | ||||||||||||||
| Secured Debt | (9) | 4/11/2025 | 10.74% | SF+ | 7.00% | 10.74% | 12/31/2028 | 21,652 | 21,415 | 21,652 | ||||||
| Secured Debt | 4/11/2025 | 12/31/2028 | 1,380 | 1,143 | 1,105 | |||||||||||
| 22,558 | 22,757 | |||||||||||||||
| MCT Purchaserco Holding Inc. | (10) (13) (21) | Manufacturer and Distributor of High-Voltage Disconnect Switches | ||||||||||||||
| Secured Debt | (9) | 12/1/2025 | 9.57% | SF+ | 5.50% | 12/2/2030 | 6,017 | 5,965 | 6,017 | |||||||
| Secured Debt | (9) | 12/1/2025 | 9.57% | SF+ | 5.50% | 12/2/2030 | 21,425 | 21,246 | 21,425 | |||||||
| Common Equity | 12/1/2025 | 863,506 | 619 | 675 | ||||||||||||
| 27,830 | 28,117 | |||||||||||||||
| Metalforming Holdings, LLC | Distributor of Sheet Metal Folding and Metal Forming Equipment | |||||||||||||||
| Secured Debt | (30) | 10/19/2022 | 10/19/2026 | — | — | — | ||||||||||
| Secured Debt | 10/19/2022 | 9.75% | 10/19/2027 | 1,266 | 1,256 | 1,266 | ||||||||||
| Preferred Equity | (8) | 10/19/2022 | 434,331 | 8.00% | 8.00% | 434 | 434 | |||||||||
| Common Stock | (8) | 10/19/2022 | 112,865 | 113 | 780 | |||||||||||
| 1,803 | 2,480 | |||||||||||||||
| Microbe Formulas, LLC | (10) | Nutritional Supplements Provider | ||||||||||||||
| Secured Debt | (9) (30) | 4/4/2022 | SF+ | 5.50% | 4/3/2028 | — | (2) | (2) | ||||||||
| Secured Debt | (9) | 11/20/2024 | 9.50% | SF+ | 5.50% | 4/3/2028 | 1,318 | 1,310 | 1,318 | |||||||
| Secured Debt | (9) | 4/4/2022 | 9.50% | SF+ | 5.50% | 4/3/2028 | 1,283 | 1,275 | 1,283 | |||||||
| 2,583 | 2,599 | |||||||||||||||
| Mini Melts of America, LLC | (10) | Manufacturer and Distributor of Branded Premium Beaded Ice Cream | ||||||||||||||
| Secured Debt | (9) (28) | 11/30/2023 | 10.09% | SF+ | 6.25% | 11/30/2028 | 1,125 | 1,113 | 1,057 | |||||||
| Secured Debt | (9) (26) | 11/30/2023 | 10.05% | SF+ | 6.25% | 11/30/2028 | 845 | 836 | 794 | |||||||
| Secured Debt | (9) | 11/30/2023 | 9.01% | SF+ | 5.25% | 11/30/2028 | 2,981 | 2,949 | 2,800 | |||||||
| Secured Debt | (9) | 11/30/2023 | 11.01% | SF+ | 7.25% | 11/30/2028 | 2,981 | 2,948 | 2,798 | |||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Common Equity | 11/30/2023 | 342,574 | 343 | 90 | ||||||||||||
| 8,189 | 7,539 | |||||||||||||||
| Mission Critical Group | (10) | Backup Power Generation | ||||||||||||||
| Secured Debt | (9) | 4/1/2026 | 8.99% | SF+ | 5.25% | 10/1/2030 | 808 | 792 | 808 | |||||||
| Secured Debt | (9) (30) | 4/1/2026 | SF+ | 5.25% | 10/1/2030 | — | (48) | (48) | ||||||||
| Secured Debt | (9) | 4/1/2026 | 8.99% | SF+ | 5.25% | 10/1/2030 | 24,000 | 23,699 | 24,000 | |||||||
| Common Equity | (8) | 6/7/2023 | 743 | 6,509 | 24,390 | |||||||||||
| 30,952 | 49,150 | |||||||||||||||
| MoneyThumb Acquisition, LLC | Provider of Software-as-a-Service Financial File Conversion and Reconciliation | |||||||||||||||
| Secured Debt | 8/19/2024 | 12.50% | 8/19/2029 | 1,596 | 1,504 | 1,504 | ||||||||||
| Preferred Member Units | (8) | 8/19/2024 | 40,821 | 12.00% | 12.00% | 526 | 870 | |||||||||
| Warrants | (27) | 8/19/2024 | 14,842 | 8/19/2034 | 148 | 300 | ||||||||||
| 2,178 | 2,674 | |||||||||||||||
| MonitorUS Holding, LLC | (10) (13) (21) | SaaS Provider of Media Intelligence Services | ||||||||||||||
| Secured Debt | 5/24/2022 | 9.00% | 6.00% | 5/30/2029 | 1,218 | 1,214 | 1,246 | |||||||||
| Secured Debt | 5/24/2022 | 9.00% | 6.00% | 5/30/2029 | 2,083 | 2,076 | 2,306 | |||||||||
| Secured Debt | 5/24/2022 | 9.00% | 6.00% | 5/30/2029 | 5,311 | 5,295 | 5,227 | |||||||||
| Common Shares | 8/30/2022 | 32,511,980 | 352 | 127 | ||||||||||||
| 8,937 | 8,906 | |||||||||||||||
| Nexus Power Enterprises, LLC | (10) | Provider of Electrical Power Systems Solutions | ||||||||||||||
| Secured Debt | (9) (30) | 7/9/2026 | SF+ | 5.50% | 7/9/2031 | — | (37) | (37) | ||||||||
| Secured Debt | (9) (30) | 7/9/2026 | SF+ | 5.50% | 7/9/2031 | — | (37) | (37) | ||||||||
| Secured Debt | (9) | 7/9/2026 | 9.24% | SF+ | 5.50% | 7/9/2031 | 14,107 | 13,906 | 13,906 | |||||||
| Member Units | 7/9/2026 | 642,857 | 643 | 643 | ||||||||||||
| 14,475 | 14,475 | |||||||||||||||
| Obra Capital, Inc. | (10) | Provider of Asset Management Services Specialized in Insurance-Linked Strategies | ||||||||||||||
| Secured Debt | (9) (30) | 6/21/2024 | SF+ | 8.00% | 12/21/2028 | — | (12) | (12) | ||||||||
| Secured Debt | (9) | 6/21/2024 | 12.00% | SF+ | 8.00% | 0.50% | 6/21/2029 | 11,794 | 11,494 | 11,794 | ||||||
| Secured Debt | (9) | 5/13/2025 | 12.00% | SF+ | 8.00% | 0.50% | 6/21/2029 | 1,341 | 1,303 | 1,341 | ||||||
| 12,785 | 13,123 | |||||||||||||||
| OnPoint Industrial Services, LLC | (10) | Environmental & Facilities Services | ||||||||||||||
| Secured Debt | (9) | 12/18/2024 | 10.07% | SF+ | 6.00% | 11/16/2028 | 1,011 | 1,002 | 1,011 | |||||||
| Secured Debt | (9) | 8/10/2026 | 10.07% | SF+ | 6.00% | 11/16/2028 | 750 | 743 | 750 | |||||||
| Secured Debt | (9) | 4/1/2024 | 10.07% | SF+ | 6.00% | 11/16/2028 | 2,810 | 2,782 | 2,810 | |||||||
| 4,527 | 4,571 | |||||||||||||||
| PavCon LLC | (10) | Provider of Predictive Data Analytics to the Department of Defense | ||||||||||||||
| Secured Debt | (9) (30) | 1/2/2026 | SF+ | 5.25% | 1/2/2031 | — | (43) | (43) | ||||||||
| Secured Debt | (9) (30) | 1/2/2026 | SF+ | 5.25% | 1/2/2031 | — | (43) | (43) | ||||||||
| Secured Debt | (9) | 1/2/2026 | 9.59% | SF+ | 5.25% | 1/2/2031 | 17,413 | 17,116 | 17,412 | |||||||
| 17,030 | 17,326 | |||||||||||||||
| Peaches Holding Corporation | Wholesale Provider of Consumer Packaging Solutions | |||||||||||||||
| Common Equity | 5/22/2024 | 806 | 1,805 | — | ||||||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PrimeFlight Aviation Services | (10) (13) | Air Freight & Logistics | ||||||||||||||
| Secured Debt | (9) | 5/1/2023 | 9.31% | SF+ | 5.50% | 5/1/2029 | 5,805 | 5,711 | 5,805 | |||||||
| Secured Debt | (9) | 9/7/2023 | 9.57% | SF+ | 5.50% | 5/1/2029 | 554 | 545 | 554 | |||||||
| Secured Debt | (9) | 1/30/2024 | 9.57% | SF+ | 5.50% | 5/1/2029 | 557 | 550 | 557 | |||||||
| Secured Debt | (9) | 6/28/2024 | 9.32% | SF+ | 5.25% | 5/1/2029 | 633 | 628 | 633 | |||||||
| Secured Debt | (9) | 1/21/2025 | 8.98% | SF+ | 5.25% | 5/1/2029 | 1,404 | 1,395 | 1,404 | |||||||
| Secured Debt | (9) | 7/31/2025 | 9.07% | SF+ | 5.25% | 5/1/2029 | 1,317 | 1,308 | 1,317 | |||||||
| Secured Debt | (9) | 11/21/2025 | 8.51% | SF+ | 4.75% | 5/1/2029 | 1,075 | 1,067 | 1,075 | |||||||
| Secured Debt | (9) | 2/4/2026 | 8.50% | SF+ | 4.75% | 5/1/2029 | 5,860 | 5,814 | 5,860 | |||||||
| 17,018 | 17,205 | |||||||||||||||
| Pro-Max Restoration & Paint, LLC | (10) | Specialty Trade Contractors for the Construction Sector | ||||||||||||||
| Secured Debt | (9) (30) | 4/24/2026 | SF+ | 5.75% | 4/24/2031 | — | (26) | (26) | ||||||||
| Secured Debt | (9) | 4/24/2026 | 9.53% | SF+ | 5.75% | 4/24/2031 | 16,110 | 15,961 | 15,961 | |||||||
| Common Equity | 4/24/2026 | 952,381 | 952 | 952 | ||||||||||||
| 16,887 | 16,887 | |||||||||||||||
| Resodyn, LLC | (10) | Provider of Industrial Mixing Equipment | ||||||||||||||
| Secured Debt | (9) (30) | 7/21/2026 | SF+ | 6.25% | 7/21/2031 | — | (61) | (61) | ||||||||
| Secured Debt | (9) | 7/21/2026 | 10.32% | SF+ | 6.25% | 7/21/2031 | 10,824 | 10,618 | 10,618 | |||||||
| Member Units | 7/21/2026 | 957,447 | 957 | 957 | ||||||||||||
| 11,514 | 11,514 | |||||||||||||||
| Richardson Sales Solutions | (10) | Business Services | ||||||||||||||
| Secured Debt | (9) (30) (28) | 8/24/2023 | SF+ | 5.00% | 8/24/2028 | — | (22) | — | ||||||||
| Secured Debt | (9) | 8/24/2023 | 8.90% | SF+ | 5.00% | 8/24/2028 | 9,611 | 9,497 | 9,611 | |||||||
| Secured Debt | (9) | 9/10/2024 | 8.76% | SF+ | 5.00% | 8/24/2028 | 4,736 | 4,689 | 4,736 | |||||||
| 14,164 | 14,347 | |||||||||||||||
| Roof Opco, LLC | (10) | Residential Re-Roofing/Repair | ||||||||||||||
| Secured Debt | 8/27/2021 | 10.00% | 10.00% | 8/31/2029 | 398 | 396 | 398 | |||||||||
| Secured Debt | 8/27/2021 | 10.00% | 10.00% | 8/31/2029 | 4,827 | 4,809 | 3,464 | |||||||||
| Secured Debt | 8/27/2021 | 10.00% | 10.00% | 8/31/2029 | 4,874 | 4,856 | 3,422 | |||||||||
| 10,061 | 7,284 | |||||||||||||||
| Royal Cup Inc. | (10) | Coffee Roaster and Beverage Solutions Provider | ||||||||||||||
| Preferred Equity | 11/26/2025 | 1,349,113 | 1,349 | 1,349 | ||||||||||||
| Rug Doctor, LLC. | (10) | Carpet Cleaning Products and Machinery | ||||||||||||||
| Secured Debt | (9) | 7/16/2021 | 9.57% | SF+ | 5.50% | 5/16/2028 | 1,384 | 1,313 | 1,384 | |||||||
| Secured Debt | (9) | 7/16/2021 | 9.57% | SF+ | 5.50% | 5/16/2028 | 7,243 | 7,242 | 7,243 | |||||||
| 8,555 | 8,627 | |||||||||||||||
| Slick Innovations, LLC | Text Message Marketing Platform | |||||||||||||||
| Secured Debt | 9/13/2018 | 12.00% | 3/21/2030 | 5,130 | 5,063 | 5,130 | ||||||||||
| Common Stock | 9/13/2018 | 17,500 | — | 890 | ||||||||||||
| 5,063 | 6,020 | |||||||||||||||
| South Coast Terminals Holdings, LLC | (10) | Specialty Toll Chemical Manufacturer | ||||||||||||||
| Secured Debt | (9) (30) | 8/8/2024 | SF+ | 5.00% | 8/8/2029 | — | — | — | ||||||||
| Secured Debt | (9) | 8/8/2024 | 9.00% | SF+ | 5.00% | 8/8/2029 | 32,113 | 32,095 | 32,113 | |||||||
| Secured Debt | (9) | 7/31/2025 | 9.00% | SF+ | 5.00% | 8/8/2029 | 6,476 | 6,431 | 6,476 | |||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Common Equity | (8) | 12/10/2021 | 61 | 61 | 91 | |||||||||||
| 38,587 | 38,680 | |||||||||||||||
| SPAU Holdings, LLC | (10) | Digital Photo Product Provider | ||||||||||||||
| Secured Debt | (9) (28) | 7/1/2022 | 11.09% | SF+ | 7.00% | 7/2/2029 | 840 | 830 | 840 | |||||||
| Secured Debt | (9) | 7/1/2022 | 11.22% | SF+ | 7.00% | 7/2/2029 | 4,788 | 4,741 | 4,787 | |||||||
| Common Stock | 7/1/2022 | 200,000 | 200 | 200 | ||||||||||||
| 5,771 | 5,827 | |||||||||||||||
| TEC Services, LLC | (10) | Provider of Janitorial Service for Food Retailers | ||||||||||||||
| Secured Debt | (9) (30) | 12/31/2024 | SF+ | 5.50% | 12/31/2029 | — | (4) | (4) | ||||||||
| Secured Debt | (9) | 12/31/2024 | 9.67% | SF+ | 5.50% | 12/31/2029 | 2,293 | 2,270 | 2,293 | |||||||
| 2,266 | 2,289 | |||||||||||||||
| Tex Tech Tennis, LLC | (10) | Sporting Goods & Textiles | ||||||||||||||
| Preferred Equity | (8) (23) | 7/7/2021 | 1,000,000 | 1,000 | 3,390 | |||||||||||
| The Affiliati Network, LLC | Performance Marketing Solutions | |||||||||||||||
| Preferred Stock | 9/1/2023 | 78,227 | 78 | 78 | ||||||||||||
| Preferred Stock | (8) | 8/9/2021 | 320,000 | 1,600 | 1,600 | |||||||||||
| 1,678 | 1,678 | |||||||||||||||
| 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 | 10.57% | SF+ | 6.50% | 3/11/2029 | 1,093 | 1,070 | 1,093 | |||||||
| Secured Debt | (9) | 3/11/2024 | 10.57% | SF+ | 6.50% | 3/11/2029 | 12,819 | 12,599 | 12,819 | |||||||
| Secured Debt | (9) | 2/27/2025 | 10.57% | SF+ | 6.50% | 3/11/2029 | 1,640 | 1,616 | 1,640 | |||||||
| Secured Debt | (9) | 8/5/2025 | 10.57% | SF+ | 6.50% | 3/11/2029 | 1,856 | 1,825 | 1,856 | |||||||
| Preferred Equity | 3/11/2024 | 522,651 | 8.00% | 8.00% | 529 | 600 | ||||||||||
| 17,639 | 18,008 | |||||||||||||||
| UBM AcquireCo LLC | Mail Commingling and Logistics Provider | |||||||||||||||
| Secured Debt | (30) | 12/20/2025 | 12/20/2027 | — | (15) | (15) | ||||||||||
| Secured Debt | 12/20/2025 | 11.00% | 12/20/2030 | 3,900 | 3,813 | 3,813 | ||||||||||
| Secured Debt | 12/20/2025 | 11.00% | 12/20/2030 | 10,700 | 10,474 | 10,474 | ||||||||||
| Common Equity | (8) | 12/20/2025 | 20 | 2,000 | 1,790 | |||||||||||
| 16,272 | 16,062 | |||||||||||||||
| UPS Intermediate, LLC | (10) | Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets | ||||||||||||||
| Secured Debt | (9) | 7/29/2024 | 10.57% | SF+ | 6.50% | 7/29/2029 | 19,147 | 18,920 | 19,147 | |||||||
| Common Equity | 7/29/2024 | 435 | 435 | 430 | ||||||||||||
| 19,355 | 19,577 | |||||||||||||||
| U.S. TelePacific Corp. | (11) | Provider of Communications and Managed Services | ||||||||||||||
| Secured Debt | (9) | 7/1/2026 | 14.88% | SF+ | 11.15% | 10.00% | 12/31/2026 | 823 | 811 | 811 | ||||||
| Secured Debt | (9) | 7/1/2026 | 11.88% | SF+ | 8.15% | 7.00% | 12/31/2026 | 495 | 495 | 495 | ||||||
| Secured Debt | (9) | 7/1/2026 | 15.22% | SF+ | 11.15% | 10.00% | 12/31/2026 | 809 | 809 | 809 | ||||||
| Secured Debt | 7/1/2026 | 1.00% | 12/31/2026 | 289 | 263 | 263 | ||||||||||
| Secured Debt | (14) | 6/1/2023 | 5/2/2027 | 5,703 | 745 | 556 | ||||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Secured Debt | (14) | 6/1/2023 | 5/2/2027 | 692 | 15 | — | ||||||||||
| 3,138 | 2,934 | |||||||||||||||
| UserZoom Technologies, Inc. | (10) | Provider of User Experience Research Automation Software | ||||||||||||||
| Secured Debt | (9) | 1/7/2026 | 11.59% | SF+ | 7.75% | 1.75% | 4/5/2029 | 245 | 241 | 209 | ||||||
| Secured Debt | (9) | 1/11/2023 | 11.56% | SF+ | 7.75% | 1.75% | 4/5/2029 | 3,039 | 2,997 | 2,597 | ||||||
| 3,238 | 2,806 | |||||||||||||||
| VORTEQ Coil Finishers, LLC | (10) | Specialty Coating of Aluminum and Light-Gauge Steel | ||||||||||||||
| Common Equity | (8) | 11/30/2021 | 769,231 | 769 | 2,980 | |||||||||||
| Wash & Wax Systems LLC | (10) | Express Car Wash Operator | ||||||||||||||
| Secured Debt | (9) | 4/30/2025 | 9.37% | SF+ | 5.50% | 4/30/2028 | 55 | 55 | 54 | |||||||
| Secured Debt | (9) | 4/30/2025 | 9.34% | SF+ | 5.50% | 9.34% | 4/30/2028 | 1,111 | 1,111 | 1,093 | ||||||
| Secured Debt | 4/30/2025 | 12.00% | 12.00% | 7/31/2028 | 781 | 781 | 748 | |||||||||
| Common Equity | 4/30/2025 | 439 | 465 | 10 | ||||||||||||
| 2,412 | 1,905 | |||||||||||||||
| Watterson Brands, LLC | (10) | Facility Management Services | ||||||||||||||
| Secured Debt | (30) | 6/30/2026 | 6/30/2029 | — | — | — | ||||||||||
| Secured Debt | 6/30/2026 | 6.00% | 6.00% | 6/30/2029 | 1,934 | 1,934 | 1,882 | |||||||||
| Preferred Shares | 6/30/2026 | 1,212 | 12.00% | 12.00% | 694 | 650 | ||||||||||
| Common Shares | 6/30/2026 | 1,212 | — | — | ||||||||||||
| 2,628 | 2,532 | |||||||||||||||
| WECS Group, LLC | (10) | Provider of Specialty Medium Voltage Cable and Components | ||||||||||||||
| Secured Debt | (9) | 7/2/2026 | 9.53% | SF+ | 5.75% | 7/2/2032 | 2,275 | 2,203 | 2,203 | |||||||
| Secured Debt | (9) | 7/2/2026 | 9.59% | SF+ | 5.75% | 7/2/2032 | 1,685 | 1,628 | 1,628 | |||||||
| Secured Debt | (9) | 7/2/2026 | 9.48% | SF+ | 5.75% | 7/2/2032 | 6,742 | 6,612 | 6,612 | |||||||
| Member Units | 7/2/2026 | 253 | 253 | 253 | ||||||||||||
| 10,696 | 10,696 | |||||||||||||||
| Winter Services LLC | (10) | Provider of Snow Removal and Ice Management Services | ||||||||||||||
| Secured Debt | (9) (28) | 11/19/2021 | 11.66% | SF+ | 7.50% | 11/19/2027 | 1,111 | 1,060 | 1,111 | |||||||
| Secured Debt | (9) | 11/19/2021 | 11.99% | SF+ | 8.00% | 11/19/2027 | 2,343 | 2,333 | 2,343 | |||||||
| Secured Debt | (9) | 1/16/2024 | 10.99% | SF+ | 7.00% | 11/19/2027 | 9,050 | 8,805 | 9,050 | |||||||
| Secured Debt | (9) | 1/16/2024 | 12.99% | SF+ | 9.00% | 11/19/2027 | 9,050 | 9,007 | 9,050 | |||||||
| 21,205 | 21,554 | |||||||||||||||
| World Micro Holdings, LLC | Supply Chain Management | |||||||||||||||
| Secured Debt | 12/12/2022 | 13.00% | 12/12/2028 | 1,182 | 1,176 | 1,176 | ||||||||||
| Preferred Equity | (8) | 12/12/2022 | 530 | 530 | 530 | |||||||||||
| 1,706 | 1,706 | |||||||||||||||
| Xenon Arc, Inc. | (10) | Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers | ||||||||||||||
| Secured Debt | (9) | 12/17/2021 | 10.14% | SF+ | 6.00% | 12/20/2028 | 1,155 | 1,144 | 1,155 | |||||||
| Secured Debt | (9) | 12/17/2021 | 9.83% | SF+ | 6.00% | 12/20/2028 | 2,286 | 2,273 | 2,286 | |||||||
| Secured Debt | (9) | 3/31/2025 | 10.17% | SF+ | 6.00% | 12/20/2028 | 599 | 592 | 599 | |||||||
| 4,009 | 4,040 | |||||||||||||||
| YS Garments, LLC | (11) | Designer and Provider of Branded Activewear | ||||||||||||||
| Portfolio Company (1) (20) · Business Description · Type of Investment (2) (3) (15) · Investment Date (22) · Shares/Units · Total Rate · Reference Rate and Spread (25) · PIK Rate (19) · Maturity Date · Principal (4) · Cost (4) · Fair Value (18) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Secured Debt | (9) | 8/22/2018 | 11.46% | SF+ | 7.50% | 8/9/2027 | 4,965 | 4,946 | 4,026 | |||||
| ZRG Partners, LLC | (10) | Talent Advisory Services Provider | ||||||||||||
| Secured Debt | (9) | 6/14/2024 | 12.00% | P+ | 5.00% | 6/14/2029 | 605 | 591 | 605 | |||||
| Secured Debt | (9) (26) | 6/14/2024 | 10.07% | SF+ | 6.00% | 6/14/2029 | 1,970 | 1,947 | 1,970 | |||||
| Secured Debt | (9) | 6/14/2024 | 9.85% | SF+ | 6.00% | 6/14/2029 | 802 | 797 | 802 | |||||
| Secured Debt | (9) | 4/24/2026 | 10.07% | SF+ | 6.00% | 6/14/2029 | 933 | 916 | 933 | |||||
| Secured Debt | (9) | 6/14/2024 | 10.04% | SF+ | 6.00% | 6/14/2029 | 5,736 | 5,675 | 5,736 | |||||
| 9,926 | 10,046 | |||||||||||||
| Subtotal Non-Control/Non-Affiliate investments (119.0% of net assets at fair value) | $899,489 | $892,494 | ||||||||||||
| Total Portfolio Company investments, September 30, 2026 (183.9% of net assets at fair value) | $1,287,709 | $1,378,788 | ||||||||||||
| Money market funds (included in cash and cash equivalents) | ||||||||||||||
| First American Treasury Obligations Fund Class Z | (16) | $11,615 | $11,615 | |||||||||||
| Fidelity Government Portfolio Fund Class III | (31) | 6,595 | 6,595 | |||||||||||
| Total money market funds | $18,210 | $18,210 | ||||||||||||
(1)All investments are LMM (as defined below) portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Compositionfor a description of LMM portfolio investments. All of the Fund’s investments, unless otherwise noted, are encumbered as security for one of the Credit Facilities (as defined below).
(2)Debt investments are income producing, unless otherwise noted by footnote (14) or (34), 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 defined below) 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,97% 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 1.31%.
(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)Debt investment currently on non-accrual status.
(15)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(16)Effective yield as of September 30, 2026 was approximately 3.64% on the First American Treasury Obligations Fund Class Z.
(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 Payment-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 September 30, 2026.
(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)Investment Date represents the date of initial investment in the security position.
(23)Shares/Units represent ownership in a related real estate or holding entity.
(24)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(25)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 September 30, 2026, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.
(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 September 30, 2026.
(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
(28)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 September 30, 2026.
(29)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.
(30)The position is unfunded and no interest income is being earned as of September 30, 2026. The position may earn a nominal unused facility fee on committed amounts.
(31)Effective yield as of September 30, 2026 was approximately 3.48%on the Fidelity Government Portfolio Fund Class III.
(32)Index based floating interest rate is subject to contractual maximum base rate of 4.00%.
(33)The Fund has entered into an intercreditor agreement that entitles the Fund 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 Fund 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.
(34)Non-income producing debt investment.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.