main-20240331


	March 31, 2024		December 31, 2023
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,453,666 and $1,435,131 as of March 31, 2024 and December 31, 2023, respectively)	$	2,051,212	$	2,006,698
Affiliate investments (cost: $614,825 and $575,894 as of March 31, 2024 and December 31, 2023, respectively)	665,949		615,002
Non‑Control/Non‑Affiliate investments (cost: $1,879,039 and $1,714,935 as of March 31, 2024 and December 31, 2023, respectively)	1,830,866		1,664,571
Total investments (cost: $3,947,530 and $3,725,960 as of March 31, 2024 and December 31, 2023, respectively)	4,548,027		4,286,271
Cash and cash equivalents	114,984		60,083
Interest and dividend receivable and other assets	88,236		89,337
Receivable for securities sold	212		—
Deferred financing costs (net of accumulated amortization of $12,850 and $12,329 as of March 31, 2024 and December 31, 2023, respectively)	7,359		7,879
Total assets	$	4,758,818	$	4,443,570
LIABILITIES
Credit Facilities	$	323,000	$	360,000
July 2026 Notes (par: $500,000 as of both March 31, 2024 and December 31, 2023)	498,794		498,662
May 2024 Notes (par: $450,000 as of both March 31, 2024 and December 31, 2023)	450,045		450,182
March 2029 Notes (par: $350,000 as of March 31, 2024)	346,469		—
SBIC debentures (par: $286,200 and $350,000 as of March 31, 2024 and December 31, 2023, respectively)	281,013		344,535
December 2025 Notes (par: $150,000 as of both March 31, 2024 and December 31, 2023)	149,094		148,965

Accounts payable and other liabilities	76,342		62,576

Interest payable	24,818		17,025
Dividend payable	20,606		20,368
Deferred tax liability, net	72,667		63,858
Total liabilities	2,242,848		1,966,171
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 85,144,062 and 84,830,679 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	851		848
Additional paid‑in capital	2,289,042		2,270,549




Total undistributed earnings	226,077		206,002
Total net assets	2,515,970		2,477,399
Total liabilities and net assets	$	4,758,818	$	4,443,570
NET ASSET VALUE PER SHARE	$	29.54	$	29.20


	Three Months Ended March 31,
	2024		2023
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments	$	51,119	$	48,862
Affiliate investments	17,728		17,456
Non‑Control/Non‑Affiliate investments	62,759		53,936
Total investment income	131,606		120,254
EXPENSES:
Interest	(26,776)		(24,997)
Compensation	(12,259)		(11,111)
General and administrative	(4,220)		(4,077)
Share‑based compensation	(4,103)		(4,100)
Expenses allocated to the External Investment Manager	5,559		4,998
Total expenses	(41,799)		(39,287)
NET INVESTMENT INCOME	89,807		80,967
NET REALIZED GAIN (LOSS):
Control investments	10		(2,966)
Affiliate investments	(7,110)		(26,264)
Non‑Control/Non‑Affiliate investments	(5,267)		851

Total net realized loss	(12,367)		(28,379)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	32,070		17,161
Affiliate investments	5,925		33,141
Non‑Control/Non‑Affiliate investments	2,652		(15,184)

Total net unrealized appreciation	40,647		35,118
INCOME TAXES:
Federal and state income, excise and other taxes	(2,131)		(1,737)
Deferred taxes	(8,809)		(6,377)
Income tax provision	(10,940)		(8,114)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	107,147	$	79,592
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	1.05	$	1.02
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	1.26	$	1.00
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	85,138,530		79,552,200


	Common Stock			Additional Paid-In Capital		Total Undistributed (Overdistributed) Earnings		Total Net Asset Value
	Number of Shares	Par Value
Balances at December 31, 2022	78,506,816	$	784	$	2,030,531	$	77,271	$	2,108,586
Public offering of common stock, net of offering costs	1,058,914	11		40,885		—		40,896
Share‑based compensation	—	—		4,100		—		4,100
Purchase of vested stock for employee payroll tax withholding	(10,489)	—		(404)		—		(404)
Dividend reinvestment	199,282	2		7,806		—		7,808
Amortization of directors’ deferred compensation	—	—		121		—		121
Issuance of restricted stock, net of forfeited shares	39,566	—		—		—		—
Dividends to stockholders	—	—		136		(67,913)		(67,777)

Net increase resulting from operations	—	—		—		79,592		79,592
Balances at March 31, 2023	79,794,089	$	797	$	2,083,175	$	88,950	$	2,172,922































Balances at December 31, 2023	84,833,002	$	848	$	2,270,549	$	206,002	$	2,477,399
Public offering of common stock, net of offering costs	128,942	1		5,695		—		5,696
Share‑based compensation	—	—		4,103		—		4,103
Purchase of vested stock for employee payroll tax withholding	(295)	—		(14)		—		(14)
Dividend reinvestment	186,985	2		8,439		—		8,441
Amortization of directors’ deferred compensation	—	—		102		—		102
Issuance of restricted stock, net of forfeited shares	14,999	—		—		—		—
Dividends to stockholders	—	—		168		(87,072)		(86,904)

Net increase resulting from operations	—	—		—		107,147		107,147
Balances at March 31, 2024	85,163,633	$	851	$	2,289,042	$	226,077	$	2,515,970


	Three Months Ended March 31,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	107,147	$	79,592
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies	(372,576)		(109,036)
Proceeds from sales and repayments of debt investments in portfolio companies	167,270		56,644
Proceeds from sales and return of capital of equity investments in portfolio companies	7,745		6,817
Net unrealized appreciation	(40,647)		(35,118)
Net realized loss	12,367		28,379
Accretion of unearned income	(4,806)		(4,673)
Payment-in-kind interest	(4,177)		(2,895)
Cumulative dividends	(426)		(417)
Share-based compensation expense	4,103		4,100
Amortization of deferred financing costs	1,071		753
Deferred tax provision	8,809		6,377
Changes in other assets and liabilities:
Interest and dividend receivable and other assets	1,447		(1,357)
Interest payable	7,793		2,091
Accounts payable and other liabilities	(14,672)		(12,212)
Deferred fees and other	1,475		925
Net cash provided by (used in) operating activities	(118,077)		19,970

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs	5,696		40,896


Proceeds from public offering of December 2025 Notes	—		50,000
Proceeds from public offering of March 2029 Notes	350,000		—
Dividends paid	(78,225)		(59,609)

Repayments of SBIC debentures	(63,800)		(16,000)



Proceeds from Credit Facilities	542,000		97,000
Repayments on Credit Facilities	(579,000)		(140,000)
Debt issuance costs, net	(3,679)		(1,222)
Purchases of vested stock for employee payroll tax withholding	(14)		(404)

Net cash provided by (used in) financing activities	172,978		(29,339)

Net increase (decrease) in cash and cash equivalents	54,901		(9,369)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	60,083		49,121
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	114,984	$	39,752

Supplemental cash flow disclosures:
Interest paid	$	17,837	$	22,122
Taxes paid	$	3,017	$	2,726


Non-cash financing activities:
Value of shares issued pursuant to the DRIP	$	8,441	$	7,808


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)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Control Investments (5)

Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(9)	8/16/2019		15.38%	SF+	10.00%		8/16/2024	$	220	$	219	$	219
			Secured Debt	(9)	8/16/2019		15.38%	SF+	10.00%		8/16/2024	4,055		4,031		4,031
			Preferred Member Units		5/20/2021	2,427								2,427		5,550
			Preferred Member Units		8/16/2019	3,200	14.13%							3,200		—
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														10,193		9,800
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt		12/31/2019		13.00%				7/31/2024	400		400		400
			Secured Debt		8/1/2013		13.00%				7/31/2024	1,650		1,650		1,598
			Preferred Member Units		6/28/2023	178								178		266
			Member Units		8/1/2013	1,500								1,500		100
														3,728		2,364
ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
			Secured Debt	(14)	11/16/2017		5.00%				9/1/2024	2,257		2,249		257
			Secured Debt	(14)	11/16/2017		5.00%				9/1/2024	3,015		2,842		343
			Preferred Member Units		11/16/2017	3,725,862								3,726		—
														8,817		600
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%				10/31/2024	711		711		711
			Member Units		10/26/2020	37								1,584		4,620
														2,295		5,331
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt		3/7/2022		10.00%				3/7/2027	450		444		450
			Secured Debt		3/7/2022		10.00%				3/7/2027	270		270		270
			Secured Debt		3/7/2022		10.00%				3/7/2027	10,575		10,513		10,575
			Preferred Stock	(8)	3/7/2022	4,073								4,095		6,149
														15,322		17,444
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		13.46%	SF+	8.09%		10/31/2027	103,432		102,945		103,432
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		33,010
														116,945		136,442
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		15.48%	SF+	10.00%		1/9/2025	5,374		5,374		5,374
			Preferred Member Units	(8)	1/9/2018	2,950								4,280		5,720
														9,654		11,094


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Secured Debt		7/25/2016		13.00%				12/11/2024	8,813	8,813	8,813
		Secured Debt		7/25/2016		13.00%				12/11/2024	1,000	1,000	1,000
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132	4,290
		Preferred Member Units	(8) (29)	7/25/2016	17,742							1,000	1,000
												12,945	15,103
Café Brazil, LLC	Casual Restaurant Group
		Member Units	(8)	6/9/2006	1,233							1,742	1,909

California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(25)	3/15/2024					4.00%	7/29/2026	—	—	—
		Secured Debt		3/30/2018		14.00%			4.00%	7/29/2026	28,053	27,970	27,583
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			9,809	9,809
		Preferred Member Units	(8)	3/30/2018	6,157							10,775	15,695
												48,554	53,087
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	50,130

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	9.00%		1/4/2028	—	—	—
		Secured Debt	(9)	1/4/2019		14.48%	SF+	9.00%		1/4/2028	21,974	21,717	21,974
		Preferred Member Units		1/4/2019	13,309							6,122	12,149
												27,839	34,123
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2026	—	(172)	—
		Secured Debt	(9)	2/26/2018		13.49%	SF+	8.00%		2/26/2026	15,620	15,617	15,620
		Member Units	(8)	2/26/2018	4,347							11,440	29,570
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	3,000
												28,658	48,190
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		10.00%				1/31/2026	5,694	4,799	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	16,040
												6,762	21,734
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(25)	10/28/2022						1/15/2027	—	—	—
		Secured Debt		12/20/2016		12.00%				1/15/2027	8,560	8,548	8,410
		Secured Debt		12/20/2016		10.00%				12/20/2036	1,003	995	995


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Member Units	(8)	12/20/2016	717							7,280	4,060
			Member Units	(29)	12/20/2016	800							509	950
													17,332	14,415
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(25)	3/6/2020						12/17/2026	—	(17)	—
			Secured Debt		3/6/2020		12.50%				12/17/2026	41,437	41,409	41,437
			Preferred Member Units	(8) (29)	3/6/2020	587							8,317	74,200
													49,709	115,637
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(25)	3/31/2021						3/31/2026	—	—	—
			Secured Debt		3/31/2021		12.00%				3/31/2026	20,055	19,971	19,971
			Preferred Member Units		6/27/2023	960							960	2,400
			Preferred Member Units		3/31/2021	17,280							7,680	8,330
													28,611	30,701
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9)	1/29/2019		14.48%	SF+	9.00%		1/29/2028	3,162	3,093	3,162
			Preferred Member Units	(8)	1/29/2019	1,975							1,975	14,020
													5,068	17,182
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023						11/22/2028	—	—	—
			Secured Debt		11/22/2023		13.50%				11/22/2028	17,200	17,042	17,042
			Preferred Equity		11/22/2023	7,454							7,454	7,454
													24,496	24,496
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(8) (30)	7/17/2017	38.75%							568	568

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	28,275	28,044	28,044
			Preferred Member Units	(8)	5/5/2023	556							15,000	16,020
													43,044	44,064
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%				12/31/2025	495	492	492
			Secured Debt		3/31/2021		10.00%				12/31/2025	8,285	8,042	7,557
			Preferred Member Units		3/31/2021	9,000							2,610	150
													11,144	8,199


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)	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		15.38%	SF+	10.00%		4/27/2026	13,420	13,327	13,260
		Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
												22,828	23,095
Direct Marketing Solutions, Inc.	Provider of Omni-Channel Direct Marketing Services
		Secured Debt	(25)	2/13/2018						2/13/2026	—	(53)	—
		Secured Debt		12/27/2022		14.00%				2/13/2026	25,133	25,058	25,133
		Preferred Stock		2/13/2018	8,400							8,400	20,240
												33,405	45,373
Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassis Components
		Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2027	—	(7)	(7)
		Secured Debt		10/3/2022		12.00%				10/3/2027	18,303	18,175	18,175
		Secured Debt		10/3/2022		9.00%				10/3/2052	6,301	6,241	6,241
		Common Stock		10/3/2022	285							5,726	6,090
		Common Stock	(29)	10/3/2022	939							1,558	1,670
												31,693	32,169
Gamber-Johnson Holdings, LLC	Manufacturer of Ruggedized Computer Mounting Systems
		Secured Debt	(9) (25) (33)	6/24/2016			SF+	7.00%		1/1/2028	—	—	—
		Secured Debt	(9) (33)	12/15/2022		10.00%	SF+	7.00%		1/1/2028	52,478	52,237	52,478
		Member Units	(8)	6/24/2016	9,042							17,692	106,550
												69,929	159,028
Garreco, LLC	Manufacturer and Supplier of Dental Products
		Secured Debt	(9) (34)	7/15/2013		9.50%	SF+	8.00%		4/30/2024	3,088	3,088	3,088
		Member Units	(8)	7/15/2013	1,200							1,200	1,580
												4,288	4,668
GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products
		Secured Debt		12/21/2018		11.48%	SF+	6.00%		10/29/2026	2,400	2,395	2,400
		Secured Debt		12/19/2014		13.48%	SF+	8.00%		10/29/2026	40,493	40,371	40,493
		Member Units	(8)	12/19/2014	5,879							13,065	44,440
												55,831	87,333
Gulf Publishing Holdings, LLC	Energy Industry Focused Media and Publishing
		Secured Debt	(9) (25)	9/29/2017			SF+	9.50%		7/1/2027	—	—	—
		Secured Debt		7/1/2022		12.50%				7/1/2027	2,400	2,400	2,284
		Preferred Equity		7/1/2022	63,720							5,600	1,530
		Member Units		4/29/2016	3,681							3,681	—
												11,681	3,814


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(8) (30)	10/1/2017	49.26%							3,345	6,050
			LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							248	315
													3,593	6,365
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock		6/4/2010	107,456							718	4,920

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt	(25)	6/21/2023						6/21/2028	—	(33)	(33)
			Secured Debt		6/21/2023		13.00%				6/21/2028	36,824	36,516	36,516
			Common Equity		6/21/2023	14,400							14,400	14,400
													50,883	50,883
Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(25)	8/29/2017			P+	6.75%		11/14/2026	—	—	—
			Secured Debt	(9)	11/14/2006		15.25%	P+	6.75%		11/14/2026	1,900	1,900	1,900
			Member Units	(8)	11/14/2006	627							811	12,660
													2,711	14,560
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	25,650	25,496	25,496
			Preferred Equity	(8)	3/28/2022	107,406							10,741	10,741
													36,237	36,237
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		9.00%				2/24/2028	4,500	4,465	4,500
			Member Units	(8)	1/23/2006	325							783	24,360
													5,248	28,860
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		12.00%				10/31/2026	19,799	19,776	19,776
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,829	3,795	3,795
			Preferred Equity		10/31/2018	581							12,240	10,580
			Member Units	(8) (29)	10/31/2018	800							992	2,730
													36,803	36,881
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2024	—	—	—
			Secured Debt		10/19/2022		11.75%				10/19/2027	22,657	22,497	22,497
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916	6,034


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Common Stock	(8)	10/19/2022	1,537,219							1,537	2,480
													29,950	31,011
MH Corbin Holding LLC		Manufacturer and Distributor of Traffic Safety Products
			Secured Debt		8/31/2015		14.00%				12/31/2025	5,320	5,320	4,942
			Preferred Member Units		3/15/2019	66,000							4,400	330
			Preferred Member Units		9/1/2015	4,000							6,000	—
													15,720	5,272
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt		1/26/2021		5.00%				12/31/2024	2,000	2,000	2,000
			LP Interests	(8) (30)	1/26/2021	14.51%							14,250	14,527
													16,250	16,527
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9)	9/5/2023		8.88%	SF+	3.50%		9/5/2025	28,000	27,887	27,887
			LP Interests	(8) (30)	9/5/2023	13.57%							3,271	3,356
													31,158	31,243
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500	185,260

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	1,604,337							12,500	12,418

Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
			Secured Debt	(25)	8/18/2014						1/31/2027	—	—	—
			Secured Debt		8/18/2014		10.00%				1/31/2027	5,746	5,726	5,746
			Common Stock	(8)	8/18/2014	5,873							2,720	26,390
													8,446	32,136
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units		1/31/2008	2,955							2,975	12,060

Nebraska Vet AcquireCo, LLC		Mixed-Animal Veterinary and Animal Health Product Provider
			Secured Debt	(9) (25)	12/31/2020			SF+	7.00%		12/31/2025	—	—	—
			Secured Debt		12/31/2020		11.50%				12/31/2025	25,794	25,688	25,794
			Secured Debt		12/31/2020		11.50%				12/31/2025	10,500	10,462	10,500
			Preferred Member Units	(8)	12/31/2020	6,987							6,987	19,410
													43,137	55,704
NexRev LLC		Provider of Energy Efficiency Products & Services
			Secured Debt		2/28/2018		10.00%				2/28/2025	1,600	1,600	1,600
			Secured Debt		2/28/2018		10.00%				2/28/2025	9,811	9,764	9,764
			Preferred Member Units	(8)	2/28/2018	103,144,186							8,213	8,210


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

												19,577	19,574
NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		Secured Debt		12/21/2017		12.00%				3/20/2025	2,080	2,080	2,080
		Member Units	(8)	12/22/2011	65,962							114	53
		Member Units	(8)	12/22/2011								3,603	1,466
												5,797	3,599
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9)	1/31/2017		11.98%	SF+	6.50%		1/31/2025	3,600	3,600	3,600
		Secured Debt		1/31/2017		12.00%				1/31/2025	18,440	18,429	18,429
		Preferred Member Units		11/2/2022	2,062							2,062	5,150
		Preferred Member Units		1/31/2017	406							10,200	10,200
												34,291	37,379
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				8/31/2026	12,000	11,942	12,000
		Preferred Member Units	(8)	4/1/2008	900							1,080	41,220
												13,022	53,220
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9) (25)	7/30/2021			SF+	11.00%		7/31/2026	—	—	—
		Secured Debt	(9)	7/30/2021		16.48%	SF+	11.00%		7/31/2026	21,960	21,856	21,960
		Preferred Stock	(8) (29)	7/30/2021	10,000							10,000	16,340
												31,856	38,300
Pearl Meyer Topco LLC	Provider of Executive Compensation Consulting Services
		Secured Debt		4/27/2020		12.00%				12/31/2027	5,000	4,997	5,000
		Secured Debt		4/27/2020		12.00%				12/31/2027	24,000	23,938	24,000
		Secured Debt		4/27/2020		12.00%				12/31/2027	27,681	27,610	27,681
		Preferred Equity	(8)	4/27/2020	15,061							13,000	49,140
												69,545	105,821
Pinnacle TopCo, LLC	Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
		Secured Debt		12/21/2023		8.00%				12/31/2028	220	205	205
		Secured Debt		12/21/2023		13.00%				12/31/2028	30,640	30,354	30,354
		Preferred Equity	(8)	12/21/2023	440							12,540	12,540
												43,099	43,099
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	8.75%		11/15/2027	—	(7)	—
		Secured Debt	(9)	11/15/2016		14.23%	SF+	8.75%		11/15/2027	19,633	19,467	19,633
		Common Stock		6/10/2010	2,000							2,150	15,870
		Common Stock	(29)	6/14/2022	238,421							238	368
												21,848	35,871


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%			11/15/2026	5,897	5,835	5,835
		Preferred Member Units	(8)	2/1/2011	21,806						5,709	10,750
		Common Stock		1/27/2021	1,037						1,200	510
											12,744	17,095
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000						7,546	460

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(29)	12/20/2013	1,500						369	3,710

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(25)	12/15/2021					12/15/2026	—	(24)	(24)
		Secured Debt		12/15/2021		12.50%			12/15/2026	33,660	33,479	24,369
		Preferred Equity		12/15/2021	11,070						11,070	—
											44,525	24,345
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt	(17)	8/31/2018		12.00%			8/31/2023	1,840	1,840	1,726
		Secured Debt	(17)	8/31/2018		12.00%			8/31/2023	15,200	15,200	7,939
		Preferred Member Units		8/28/2023	6,954						661	—
		Preferred Member Units		2/1/2023	5,294						564	—
		Preferred Member Units		8/31/2018	544						9,245	—
											27,510	9,665
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	3,319
											2,008	5,113
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt	(25)	5/31/2019					5/31/2027	—	(1)	—
		Secured Debt		5/31/2019		13.50%			5/31/2027	7,920	7,835	7,920
		Common Stock	(8)	5/31/2019	615						4,655	11,610
											12,489	19,530
Vision Interests, Inc.	Manufacturer / Installer of Commercial Signage
		Series A Preferred Stock		12/23/2011	3,000,000						3,000	3,000

Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions
		Secured Debt		3/31/2023		10.00%			3/31/2025	2,100	2,100	2,100


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)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

			Preferred Member Units		3/31/2023	5,097,595								7,631		7,250
			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		—
														26,307		9,350
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (25)	12/1/2021			SF+	6.00%		12/1/2024	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	28,200		28,049		28,049
			Preferred Equity	(8) (29)	12/1/2021	12,240								12,240		12,240
														40,289		40,289
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		6/1/2015		12.00%				10/1/2024	450		450		450
			Secured Debt		10/1/2008		6.50%				10/1/2024	1,000		1,000		945
			Secured Debt		10/1/2008		14.00%				10/1/2024	2,750		2,750		1,967
			Preferred Member Units		6/30/2015	10,072								2,834		—
			Warrants	(27)	7/1/2015	587					10/1/2025			600		—
														7,634		3,362
Subtotal Control Investments (81.5% of net assets at fair value)														$	1,453,666	$	2,051,212
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		1/31/2023		18.00%			18.00%	6/25/2025	$	460	$	456	$	454
			Secured Debt		12/11/2020		18.00%			18.00%	6/25/2025	15,245		15,171		15,074
			Common Stock		12/11/2020	654,743								3,148		—
			Warrants	(27)	12/11/2020	574,598					12/11/2025			—		—
														18,775		15,528
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	320		320		320
			Member Units	(8)	6/30/2017	2,160,000								2,256		1,030
														2,576		1,350
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(17)	6/30/2015		12.00%				8/31/2023	19,014		16,980		12,144
			Preferred Member Units		6/30/2015	6	6.00%			6.00%				4,770		—
														21,750		12,144
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (25)	12/17/2021			SF+	6.00%		12/17/2026	—		(18)		(18)
			Secured Debt		12/17/2021		13.00%				12/17/2026	19,845		19,737		19,737
			Common Stock		12/17/2021	450,000								4,500		4,500
														24,219		24,219


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Secured Debt	(9)	3/12/2020		11.63%	SF+	6.00%		3/12/2025	3,760	3,760	3,760
			Secured Debt		3/12/2020		8.00%				3/12/2025	19,274	19,235	19,274
			Preferred Member Units	(8)	3/12/2020	154							5,760	17,470
													28,755	40,504
Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	12.49%							4,299	3,822

DMA Industries, LLC		Distributor of aftermarket ride control products
			Secured Debt		11/19/2021		12.00%				11/19/2026	18,800	18,694	18,800
			Preferred Equity		11/19/2021	5,944							5,944	5,940
													24,638	24,740
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%							6,313	8,443
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%							2,005	2,631
													8,318	11,074
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	1,580

EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8) (30)	11/6/2015	5,000,000							808	761

Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Preferred Equity	(8)	10/29/2021	9,360							10,400	27,900

Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%							2,859	2,935
			LP Interests (Freeport First Lien Loan Fund III LP)	(8) (30)	7/31/2015	5.95%							4,160	3,705
													7,019	6,640
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%				3/31/2026	9,345	9,307	9,345


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Preferred Member Units	(8)	3/31/2021	226							4,900	9,810
													14,207	19,155
Gulf Manufacturing, LLC	(13) (21)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt	(25)	3/15/2024			SF+	7.63%		3/15/2029	—	(49)	—
			Secured Debt		3/15/2024		13.00%	SF+	7.63%		3/15/2029	40,000	39,607	40,000
			Member Units	(8)	8/31/2007	438							2,980	11,560
													42,538	51,560
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(8) (30)	8/9/2017	8.22%							2,296	4,225
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%							3,773	3,773
			LP Interests (423 COR, L.P.)	(8) (30)	6/2/2022	22.93%							1,400	1,869
			LP Interests (423 HAR, L.P.)	(30)	6/2/2023	15.60%							750	997
													8,219	10,864
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		11.53%	SF+	6.00%		1/15/2026	1,436	1,434	1,436
			Secured Debt		12/2/2016		12.50%				1/15/2026	45,256	45,158	45,256
			Preferred Member Units	(8)	12/2/2016	226							2,850	17,890
			Preferred Member Units	(29)	12/2/2016	226							150	940
													49,592	65,522
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		8.00%				10/2/2024	3,000	3,000	2,940
			Member Units	(8)	1/8/2003	322,297							2,352	3,210
													5,352	6,150
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	18,006,407							18,300	17,910

Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		13.00%				3/31/2028	17,325	17,189	17,189
			Preferred Equity	(8)	3/31/2023	87,360							4,368	4,368
													21,557	21,557
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		13.09%	SF+	7.50%		8/20/2026	13,129	12,998	12,803
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			236	309
			Common Stock		8/20/2021	9,968							1,356	300
													14,590	13,412


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Iron-Main Investments, LLC	Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
		Secured Debt		8/2/2021		13.50%				1/31/2028	4,514	4,489	4,489
		Secured Debt		9/1/2021		13.50%				1/31/2028	2,940	2,923	2,923
		Secured Debt		11/15/2021		13.50%				1/31/2028	8,944	8,944	8,944
		Secured Debt		11/15/2021		13.50%				1/31/2028	19,624	19,511	19,511
		Secured Debt		1/31/2023		13.50%				1/31/2028	10,362	10,095	10,095
		Common Stock		8/3/2021	203,016							2,756	2,680
												48,718	48,642
ITA Holdings Group, LLC	Air Ambulance Services
		Secured Debt	(9)	6/21/2023		16.53%	SF+	9.00%	2.00%	6/21/2027	830	821	821
		Secured Debt	(9)	6/21/2023		16.53%	SF+	9.00%	2.00%	6/21/2027	715	702	702
		Secured Debt	(9)	6/21/2023		15.53%	SF+	8.00%	2.00%	6/21/2027	4,385	3,518	3,518
		Secured Debt	(9)	6/21/2023		17.53%	SF+	10.00%	2.00%	6/21/2027	4,385	3,518	3,518
		Warrants	(27)	6/21/2023	193,307					6/21/2033		2,091	2,091
												10,650	10,650
Johnson Downie Opco, LLC	Executive Search Services
		Secured Debt	(25)	12/10/2021						12/10/2026	—	(16)	—
		Secured Debt		12/10/2021		15.00%				12/10/2026	24,207	24,078	24,207
		Preferred Equity	(8)	12/10/2021	3,310							3,635	9,790
												27,697	33,997
OnAsset Intelligence, Inc.	Provider of Transportation Monitoring / Tracking Products and Services
		Secured Debt	(14)	4/18/2011		12.00%			12.00%	12/31/2024	4,415	4,415	1,298
		Secured Debt	(14)	5/10/2013		12.00%			12.00%	12/31/2024	2,116	2,116	622
		Secured Debt	(14)	3/21/2014		12.00%			12.00%	12/31/2024	983	983	289
		Secured Debt	(14)	5/20/2014		12.00%			12.00%	12/31/2024	964	964	283
		Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	12/31/2024	305	305	305
		Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981	—
		Common Stock		4/15/2021	635							830	—
		Warrants	(27)	4/18/2011	4,699					5/10/2025		1,089	—
												12,683	2,797
Oneliance, LLC	Construction Cleaning Company
		Secured Debt	(9)	8/6/2021		16.48%	SF+	11.00%		8/6/2026	5,360	5,334	5,334
		Preferred Stock		8/6/2021	1,128							1,128	1,128
												6,462	6,462
Rocaceia, LLC (Quality Lease and Rental Holdings, LLC)	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Preferred Member Units		1/8/2013	250							2,500	—

SI East, LLC	Rigid Industrial Packaging Manufacturing
		Secured Debt		8/31/2018		11.25%				6/16/2028	1,125	1,108	1,125
		Secured Debt	(23)	6/16/2023		12.45%				6/16/2028	54,536	54,309	54,536


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Preferred Member Units	(8)	8/31/2018	165						1,525	19,170
												56,942	74,831
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%			12/22/2027	18,880	18,679	18,880
			Common Stock		9/13/2018	70,000						—	1,780
												18,679	20,660
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt	(14)	12/31/2022		8.50%		8.50%	12/31/2027	5,327	4,884	1,733
			Preferred Equity		12/31/2022	5,907,649						—	—
												4,884	1,733
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Secured Debt		8/31/2020		12.00%			8/31/2025	20,500	20,438	20,438
			Preferred Member Units		8/31/2020	1,636						4,500	5,941
												24,938	26,379
The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt	(25)	8/9/2021					8/9/2026	—	(9)	(9)
			Secured Debt		8/9/2021		13.00%			8/9/2026	7,121	7,081	6,953
			Preferred Stock		9/1/2023	236,110						236	236
			Preferred Stock	(8)	8/9/2021	1,280,000						6,400	6,400
												13,708	13,580
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%						3,719	5,694

UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/6/2023	—						2,493	2,838

UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Secured Convertible Debt		1/1/2021		15.00%		15.00%	6/30/2028	1,778	1,778	3,954
			Secured Convertible Debt		1/1/2021		15.00%		15.00%	6/30/2028	873	873	1,940
			Preferred Stock	(8)	8/29/2019	1,133,102	20.00%		20.00%			2,741	2,965
			Preferred Stock		8/21/2018	1,521,122	20.00%		20.00%			2,188	3,698
			Preferred Stock		6/30/2017	2,281,682	19.00%		19.00%			3,667	—
			Preferred Stock		1/15/2015	4,336,866	13.50%		13.50%			7,924	—
			Common Stock		4/1/2020	945,507						—	—
												19,171	12,557
Universal Wellhead Services Holdings, LLC	(10)	Provider of Wellhead Equipment, Designs, and Personnel to the Oil & Gas Industry


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)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

			Preferred Member Units	(29)	12/7/2016	716,949	14.00%			14.00%				1,032		100
			Member Units	(29)	12/7/2016	4,000,000								4,000		—
														5,032		100
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/28/2029	8,800		8,713		8,713
			Preferred Equity	(8)	2/16/2024	4,000	9.00%			9.00%				4,045		4,045
														12,758		12,758
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		12.00%				12/12/2027	12,123		12,034		12,034
			Preferred Equity	(8)	12/12/2022	3,845								3,845		3,845
														15,879		15,879
Subtotal Affiliate Investments (26.5% of net assets at fair value)														$	614,825	$	665,949
Non-Control Investments (7)
AB Centers Acquisition Corporation	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9) (25)	9/6/2022			P+	5.00%		9/6/2028	$	—	$	(58)	$	—
			Secured Debt	(9) (26)	9/6/2022		11.43%	SF+	6.00%		9/6/2028	4,173		4,115		4,173
			Secured Debt	(9)	9/6/2022		11.43%	SF+	6.00%		9/6/2028	19,767		19,281		19,767
			Secured Debt	(9)	6/21/2023		11.43%	SF+	6.00%		9/6/2028	1,369		1,306		1,369
														24,644		25,309
Acumera, Inc.	(10)	Managed Security Service Provider
			Secured Debt	(9) (25)	6/7/2023			SF+	7.00%		6/7/2028	—		(2)		(2)
			Secured Debt	(9)	6/7/2023		12.43%	SF+	7.00%		6/7/2028	24,639		24,384		24,639
			Warrants	(35)	6/7/2023	17,525					5/19/2028			—		110
														24,382		24,747
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	7,861		7,861		7,562
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	20,621		20,585		19,838
														28,446		27,400
ADS Tactical, Inc.	(11)	Value-Added Logistics and Supply Chain Provider to the Defense Industry
			Secured Debt	(9)	3/29/2021		11.19%	SF+	5.75%		3/19/2026	6,500		6,455		6,535

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		2,120

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9) (25)	11/19/2021			P+	5.00%		11/19/2026	—	(7)	(7)
			Secured Debt	(9)	11/19/2021		11.61%	SF+	6.00%		11/19/2026	6,533	6,498	6,533
													6,491	6,526
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/11/2022		15.23%	SF+	9.75%	15.23%	4/10/2026	6,708	6,665	5,405
			Secured Debt	(9)	3/11/2022		15.23%	SF+	9.75%	15.23%	4/10/2026	10,915	10,832	8,794
			Secured Debt	(9) (14)	3/11/2022		17.23%	SF+	11.75%	17.23%	4/10/2026	5,705	5,645	3,305
			Secured Debt	(9) (14)	3/11/2022		17.23%	SF+	11.75%	17.23%	4/10/2026	9,283	9,169	5,378
													32,311	22,882
American Teleconferencing Services, Ltd.	(11)	Provider of Audio Conferencing and Video Collaboration Solutions
			Secured Debt	(14) (17)	9/17/2021						4/7/2023	3,166	2,989	76
			Secured Debt	(14) (17)	5/19/2016						6/8/2023	15,489	13,758	374
													16,747	450
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	3,676	3,676	3,676
			Secured Debt	(9)	11/6/2023		11.94%	SF+	6.50%	12.04%	11/6/2028	7,367	7,367	7,367
			Preferred Equity		11/6/2023	32,507							14,060	13,509
			Preferred Equity		11/6/2023	32,507							—	—
			Common Equity		11/9/2021	3,898							234	—
													25,337	24,552
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock		8/11/2022	1,387,832							1,388	2,060

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9)	1/18/2022		12.09%	SF+	6.50%		1/18/2027	360	360	360
			Secured Debt	(9)	1/18/2022		11.09%	SF+	5.50%		1/18/2027	6,660	6,660	6,660
			Secured Debt	(9)	1/18/2022		13.09%	SF+	7.50%		1/18/2027	6,660	6,660	6,660
			Common Stock		1/18/2022	720,000							720	720
													14,400	14,400
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—	(112)	(112)
			Secured Debt	(9)	12/23/2022		12.71%	SF+	7.25%		12/23/2027	24,539	23,802	24,272
			Common Equity	(8)	12/15/2021	984							965	892
													24,655	25,052
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(29)	11/12/2019	122,416							—	70
			Preferred Member Units	(8) (29)	7/6/2018	1,548,387							—	880
			Preferred Member Units		3/8/2024	293,007							293	1,049
													293	1,999


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (25)	6/30/2022			SF+	7.25%		6/30/2028	—	(59)	(59)
			Secured Debt	(9)	6/30/2022		12.59%	SF+	7.25%	6.25%	6/30/2028	29,870	29,495	28,386
													29,436	28,327
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Member Units		3/10/2017	1,050,000							1,050	500

Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (25)	2/16/2024			SF+	8.50%		8/28/2025	—	—	—
			Secured Debt	(9)	10/19/2022		16.00%	P+	7.50%	15.00%	8/28/2025	3,109	3,109	2,844
			Secured Debt	(9)	8/28/2020		13.94%	SF+	8.50%	12.94%	8/28/2025	3,798	3,288	3,475
			Common Stock		10/1/2020	723,184							1	70
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	20
													7,434	6,409
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9) (25)	5/1/2023			SF+	7.00%		5/1/2028	—	(23)	(23)
			Secured Debt	(9)	5/1/2023		11.48%	SF+	6.00%		5/1/2028	6,389	6,285	6,389
			Secured Debt	(9)	5/1/2023		13.48%	SF+	8.00%		5/1/2028	6,389	6,285	6,389
			Preferred Equity		5/1/2023	571							571	500
			Common Equity		5/1/2023	571							—	—
													13,118	13,255
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9) (25)	2/1/2024			SF+	6.25%		2/1/2029	—	(52)	(52)
			Secured Debt	(9) (25)	2/1/2024			SF+	6.25%		2/1/2029	—	(26)	(26)
			Secured Debt	(9)	2/1/2024		11.66%	SF+	6.25%		2/1/2029	26,673	26,157	26,157
			Common Equity		2/1/2024	2,333,333							2,333	2,333
													28,412	28,412
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		15.75%	P+	7.25%		7/22/2019	761	761	761
			Secured Debt	(9) (14) (17)	8/12/2014		15.75%	P+	7.25%		7/22/2019	7,056	7,056	921
													7,817	1,682
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	—							6,290	4,034
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	—							4,350	4,358


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	—							2,000	2,211
													12,640	10,603
Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics
			Secured Debt	(9) (25)	6/14/2021			SF+	5.00%		6/10/2026	—	(18)	—
			Secured Debt	(9)	6/14/2021		10.43%	SF+	5.00%		6/10/2028	20,256	20,043	20,256
													20,025	20,256
CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software
			Preferred Equity		12/13/2021	2,142,167							2,142	2,142
			Preferred Equity		12/13/2021	596,176							—	—
													2,142	2,142
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Secured Debt	(9) (25)	5/18/2022			SF+	6.00%		5/18/2027	—	(8)	(8)
			Secured Debt	(9)	5/18/2022		11.56%	SF+	6.00%		5/18/2027	7,913	7,857	7,913
			Secured Debt	(9)	5/18/2022		11.56%	SF+	6.00%		5/18/2027	6,087	6,049	6,087
			Common Equity		12/30/2022	245,926							246	246
													14,144	14,238
Central Moloney, LLC	(10)	Manufacturer of Electricity Transformers and Related Equipment
			Secured Debt	(9)	2/9/2024		12.05%	SF+	6.75%		10/20/2028	45,000	44,132	44,132

Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9)	2/7/2022		12.56%	SF+	7.00%		2/7/2027	1,657	1,501	1,575
			Secured Debt	(9)	2/7/2022		12.58%	SF+	7.00%		2/7/2027	36,447	36,021	34,630
			Secured Debt	(9)	6/24/2022		12.58%	SF+	7.00%		2/7/2027	2,019	1,996	1,919
			Secured Debt	(9)	3/27/2023		12.58%	SF+	7.00%		2/7/2027	4,880	4,788	4,637
													44,306	42,761
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,677	2,677	16

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (32)	8/6/2021		13.47%	SF+	8.00%		8/6/2026	5,000	4,878	4,887
			Secured Debt	(9) (25)	3/29/2024			SF+	8.00%		8/6/2026	—	(167)	(167)
			Secured Debt	(9)	8/6/2021		13.46%	SF+	8.00%		8/6/2026	18,244	18,069	17,830
													22,780	22,550
Construction Supply Investments, LLC	(10)	Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Member Units		12/29/2016	861,618							3,335	22,430

Corel Corporation	(11) (13) (21)	Publisher of Desktop and Cloud-based Software
			Secured Debt	(9)	7/24/2019		10.44%	SF+	5.00%		7/2/2026	1,215	1,196	1,198

CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	7.00%		6/27/2027	—	(61)	(61)
			Secured Debt	(9) (25)	12/27/2023			SF+	7.00%		6/27/2027	—	(61)	(61)
			Secured Debt	(9)	12/27/2023		12.41%	SF+	7.00%		6/27/2027	11,250	10,944	11,028
													10,822	10,906
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	515							720	830

DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Class AA Preferred Member Units (non-voting)	(8)	4/13/2018		10.00%			10.00%			1,316	855
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	—
													2,092	855
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		10.43%	SF+	5.00%	10.43%	12/31/2026	2,125	1,967	1,967
			Secured Debt	(9)	12/20/2022		12.43%	SF+	7.00%	12.43%	12/31/2026	2,180	1,946	1,926
			Preferred Equity		12/20/2022	125,000							128	60
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													4,041	3,953
Eastern Wholesale Fence LLC	(10)	Manufacturer and Distributor of Residential and Commercial Fencing Solutions
			Secured Debt	(9) (32)	11/19/2020		13.45%	SF+	8.00%		10/30/2025	2,974	2,934	2,883
			Secured Debt	(9)	11/19/2020		13.45%	SF+	8.00%		10/30/2025	4,402	4,365	4,268
			Secured Debt	(9)	11/19/2020		13.45%	SF+	8.00%		10/30/2025	8,781	8,700	8,512
			Secured Debt	(9)	4/20/2021		13.45%	SF+	8.00%		10/30/2025	1,821	1,807	1,765
			Secured Debt	(9)	10/14/2021		13.45%	SF+	8.00%		10/30/2025	9,964	9,886	9,660
													27,692	27,088
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		11.74%	SF+	6.25%		12/29/2027	9,780	9,587	8,998


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

EnCap Energy Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							3,567	1,843
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,980	898
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,119	921
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,934	5,672
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(30)	8/31/2023	0.49%							2,690	2,690
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(8) (30)	3/30/2015	0.84%							5,083	1,513
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							4,402	3,963
													27,775	17,500
Engineering Research & Consulting, LLC	(10)	Provider of Engineering & Consulting Services to US Department of Defense
			Secured Debt	(9) (32)	5/23/2022		13.75%	P+	5.25%		5/23/2027	557	524	557
			Secured Debt	(9)	5/23/2022		11.66%	SF+	6.25%		5/23/2028	16,093	15,872	15,912
													16,396	16,469
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (25)	4/7/2023			SF+	8.00%		4/7/2029	—	(33)	(33)
			Secured Debt	(9)	4/7/2023		13.40%	SF+	8.00%		4/7/2029	26,247	25,586	26,247
			Common Equity		4/7/2023	649,794							663	780
													26,216	26,994
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		13.56%	SF+	8.00%		12/22/2026	3,692	3,672	3,643
			Secured Debt	(9)	12/22/2021		13.56%	SF+	8.00%	8.00%	12/22/2026	45,062	44,821	44,461
													48,493	48,104
Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		12.00%				12/31/2026	1,810	1,810	1,231
			Common Stock		6/30/2019	10,429							256	—
													2,066	1,231
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9)	11/10/2023		12.17%	SF+	6.75%		11/10/2028	706	463	699
			Secured Debt	(9)	11/10/2023		12.17%	SF+	6.75%		11/10/2028	32,389	31,496	32,066
			Common Equity		11/10/2023	705,882							706	706
													32,665	33,471
GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	10/18/2019		11.93%	SF+	6.50%		4/2/2025	1,364	1,360	1,364
			Secured Debt	(9) (25)	10/18/2019			SF+	6.50%		4/2/2025	—	(7)	(7)
			Secured Debt	(9)	10/18/2019		11.93%	SF+	6.50%		4/2/2025	10,596	10,581	10,596
			Secured Debt	(9)	9/15/2023		11.93%	SF+	6.50%		4/2/2025	950	950	950
			Secured Debt	(9)	12/22/2023		11.93%	SF+	6.50%		4/2/2025	227	224	227
													13,108	13,130
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9) (32)	9/30/2022		11.46%	SF+	6.00%		9/30/2028	454	439	450
			Secured Debt	(9)	9/30/2022		11.48%	SF+	6.00%		9/30/2028	300	286	297
			Secured Debt	(9)	9/30/2022		11.45%	SF+	6.00%		9/30/2028	3,606	3,551	3,567
													4,276	4,314
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9)	3/7/2024		9.07%	SF+	3.50%	2.50%	6/21/2026	2,378	2,232	2,232
			Secured Debt	(14)	3/7/2024		2.50%		2.50%	2.50%	6/21/2026	1,626	713	713
			Common Equity		3/7/2024	64,029							—	—
													2,945	2,945
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (25)	8/1/2022			SF+	6.50%		8/1/2027	—	(45)	(45)
			Secured Debt	(9)	8/1/2022		11.83%	SF+	6.50%		8/1/2027	6,716	6,613	6,716
			Secured Debt	(9)	8/1/2022		11.83%	SF+	6.50%		8/1/2027	16,580	16,359	16,580
													22,927	23,251
HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		11.98%	SF+	6.50%	3.50%	10/23/2026	25,552	25,552	25,049

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		15.84%	SF+	8.25%	2.00%	6/30/2026	7,204	7,082	7,056

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2026	—	(18)	—
			Secured Debt	(9)	7/30/2021		10.93%	SF+	5.50%		7/30/2028	10,315	10,216	10,315
			Secured Debt	(9)	7/30/2021		10.93%	SF+	5.50%		7/30/2028	4,941	4,889	4,941
													15,087	15,256
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Secured Debt	(9) (32)	6/8/2023		12.27%	SF+	7.00%		6/30/2028	1,186	1,109	1,186
			Secured Debt	(9)	6/8/2023		12.25%	SF+	7.00%		6/30/2028	20,716	20,196	20,716
			Common Equity		6/8/2023	849							1,166	1,210


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

													22,471	23,112
Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/1/2017		14.21%	SF+	7.75%	1.00%	7/31/2024	18,646	18,620	17,620

Infolinks Media Buyco, LLC	(10)	Exclusive Placement Provider to the Advertising Ecosystem
			Secured Debt	(9)	11/1/2021		11.18%	SF+	5.75%		11/1/2026	1,501	1,478	1,501
			Secured Debt	(9)	11/1/2021		11.18%	SF+	5.75%		11/1/2026	7,651	7,570	7,651
													9,048	9,152
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2028	—	(66)	(66)
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2029	—	(54)	(54)
			Secured Debt	(9)	7/19/2023		11.56%	SF+	6.25%		7/19/2029	14,370	13,991	14,124
			Common Equity		7/19/2023	131,100							656	430
													14,527	14,434
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9) (32)	4/3/2023		13.44%	SF+	8.00%		4/3/2028	790	771	762
			Secured Debt	(9)	4/3/2023		13.48%	SF+	8.00%		4/3/2028	7,289	7,137	7,028
			Secured Debt	(9)	6/14/2023		13.48%	SF+	8.00%		4/3/2028	2,932	2,875	2,827
			Common Equity		4/3/2023	131,569							417	240
													11,200	10,857
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (32)	12/9/2021		15.43%	SF+	10.00%		8/7/2023	1,835	1,835	1,680
			Secured Debt	(9) (14) (17)	8/7/2019		12.43%	SF+	7.00%	12.43%	8/7/2023	7,313	7,237	17
			Common Stock		12/7/2021	2,143							—	—
													9,072	1,697
Intermedia Holdings, Inc.	(11)	Unified Communications as a Service
			Secured Debt	(9)	8/3/2018		11.43%	SF+	6.00%		7/19/2025	26,957	26,916	26,957

Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		11.96%	SF+	6.50%		8/28/2025	104	101	103
			Secured Debt	(9)	8/28/2019		11.96%	SF+	6.50%		8/28/2025	16,812	16,757	16,615
													16,858	16,718
INW Manufacturing, LLC	(11)	Manufacturer of Nutrition and Wellness Products
			Secured Debt	(9)	5/19/2021		11.31%	SF+	5.75%		3/25/2027	7,088	6,880	5,670


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)


Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9)	4/13/2023		11.03%	SF+	5.50%	8.54%	4/14/2028	2,945	2,696	2,576
			Common Equity		4/13/2023	198,743							—	—
													2,696	2,576
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		12.46%	SF+	7.00%		11/4/2024	834	825	834
			Secured Debt	(9)	2/27/2024		15.48%	SF+	10.00%		11/4/2024	159	144	144
			Secured Debt	(9)	11/8/2021		12.46%	SF+	7.00%		11/4/2024	1,948	1,948	1,948
			Preferred Equity		11/8/2021	2,826,667							110	1,090
													3,027	4,016
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9) (14)	8/21/2019		21.59%	SF+	16.00%	21.59%	8/21/2024	1,134	1,134	—
			Secured Debt	(9) (14)	8/21/2019		21.59%	SF+	16.00%	21.59%	8/21/2024	1,091	1,091	—
			Secured Debt	(9)	3/30/2024		14.31%	SF+	8.75%	6.00%	3/29/2029	1,945	1,945	1,945
			Secured Debt	(9)	3/30/2024		14.31%	SF+	8.75%	6.00%	3/29/2029	1,182	1,182	1,182
			Common Stock		8/21/2019	472,579							4,429	—
			Common Stock		3/29/2024	5,461,019							200	200
													9,981	3,327
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (32)	12/22/2021		11.57%	SF+	6.00%		12/22/2026	7,347	7,255	7,347
			Secured Debt	(9)	12/22/2021		11.55%	SF+	6.00%		12/22/2026	35,763	35,362	35,763
			Secured Debt	(9)	2/1/2024		11.55%	SF+	6.00%		12/22/2026	3,347	3,252	3,347
			Common Equity		12/22/2021	1,684,211							1,684	1,270
													47,553	47,727
KMS, LLC	(10)	Wholesaler of Closeout and Value-priced Products
			Secured Debt	(9)	10/4/2021		14.70%	SF+	9.25%		10/4/2026	1,031	1,002	958
			Secured Debt	(9)	10/4/2021		14.70%	SF+	9.25%		10/4/2026	7,429	7,353	6,901
													8,355	7,859
Lightbox Holdings, L.P.	(11)	Provider of Commercial Real Estate Software
			Secured Debt		5/9/2019		10.56%	SF+	5.00%		5/9/2026	15,648	15,530	15,179

LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	1/25/2013	2.27%							1,746	2,841

LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9)	5/2/2019		12.68%	SF+	7.25%		9/25/2024	8,647	8,634	8,647


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	5/2/2019		12.68%	SF+	7.25%		9/25/2024	5,526	5,516	5,526
			Secured Debt	(9)	11/20/2020		12.68%	SF+	7.25%		9/25/2024	2,900	2,894	2,900
			Secured Debt	(9)	2/26/2021		12.68%	SF+	7.25%		9/25/2024	1,126	1,125	1,126
			Secured Debt	(9)	5/12/2022		12.68%	SF+	7.25%		9/25/2024	11,409	11,385	11,409
													29,554	29,608
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		15.48%	SF+	9.00%	1.00%	8/16/2026	4,416	4,335	4,072

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	1/8/2018		13.25%	P+	4.75%		12/22/2024	24,809	23,998	19,235

Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125	25

Mako Steel, LP	(10)	Self-Storage Design & Construction
			Secured Debt	(9) (25)	3/15/2021			SF+	6.75%		3/15/2026	—	(25)	—
			Secured Debt	(9)	3/15/2021		12.23%	SF+	6.75%		3/15/2026	14,853	14,734	14,853
			Secured Debt	(9)	3/28/2024		12.98%	SF+	7.50%		3/15/2026	4,500	4,369	4,500
													19,078	19,353
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	6.25%		4/3/2028	—	(48)	(48)
			Secured Debt	(9)	4/4/2022		11.43%	SF+	6.00%		4/3/2028	22,168	21,873	22,168
													21,825	22,120
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	10/24/2018		12.46%	SF+	7.00%		12/31/2026	22,495	22,103	21,888

Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (32)	11/30/2023		11.57%	SF+	6.25%		11/30/2028	827	787	793
			Secured Debt	(9) (26)	11/30/2023		11.58%	SF+	6.25%		11/30/2028	712	688	683
			Secured Debt	(9)	11/30/2023		10.59%	SF+	5.25%		11/30/2028	4,941	4,831	4,892
			Secured Debt	(9)	11/30/2023		12.59%	SF+	7.25%		11/30/2028	4,941	4,826	4,892
			Common Equity		11/30/2023	459,657							460	460
													11,592	11,720
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt		5/24/2022		14.00%			4.00%	5/24/2027	3,928	3,882	3,887
			Secured Debt		5/24/2022		14.00%			4.00%	5/24/2027	10,314	10,182	11,021
			Secured Debt		5/24/2022		14.00%			4.00%	5/24/2027	17,387	17,177	17,387


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Unsecured Debt		11/14/2023		8.00%			8.00%	3/31/2025	160	160	160
			Common Stock		8/30/2022	44,445,814							889	678
													32,290	33,133
NinjaTrader, LLC	(10)	Operator of Futures Trading Platform
			Secured Debt	(9) (25)	12/18/2019			SF+	7.00%		12/18/2026	—	(8)	(8)
			Secured Debt	(9) (25)	12/18/2019			SF+	7.00%		12/18/2026	—	—	—
			Secured Debt	(9)	12/18/2019		12.48%	SF+	7.00%		12/18/2026	28,786	28,470	28,786
													28,462	28,778
Obra Capital, Inc	(11)	Alternative Asset Manager
			Secured Debt		10/10/2019		11.44%	SF+	6.00%		10/1/2026	17,463	16,642	15,258

Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013						11/15/2026	4,432	4,432	46

Power System Solutions	(10)	Backup Power Generation
			Secured Debt	(9) (25)	6/7/2023			SF+	6.50%		6/7/2028	—	(77)	(77)
			Secured Debt	(9)	6/7/2023		11.82%	SF+	6.50%		6/7/2028	6,170	6,004	6,170
			Secured Debt	(9)	6/7/2023		11.80%	SF+	6.50%		6/7/2028	18,372	17,913	18,372
			Common Equity		6/7/2023	1,234							1,234	1,690
													25,074	26,155
PrimeFlight Aviation Services	(10)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		12.28%	SF+	6.85%		5/1/2029	7,940	7,740	7,940
			Secured Debt	(9)	9/7/2023		12.15%	SF+	6.85%		5/1/2029	758	737	758
			Secured Debt	(9)	1/30/2024		11.55%	SF+	6.25%		5/1/2029	762	748	762
													9,225	9,460
PTL US Bidco, Inc	(10) (13) (21)	Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells
			Secured Debt	(9) (32)	8/19/2022		12.77%	SF+	7.25%		8/19/2027	3,022	2,894	3,022
			Secured Debt	(9)	8/19/2022		12.84%	SF+	7.25%		8/19/2027	21,707	21,406	21,707
													24,300	24,729
Purge Rite, LLC	(10)	HVAC Flushing and Filtration Services
			Secured Debt	(9) (25)	10/2/2023			SF+	8.00%		10/2/2028	—	(44)	(44)
			Secured Debt	(9)	10/2/2023		13.64%	SF+	8.00%		10/2/2028	9,844	9,622	9,745
			Preferred Equity		10/2/2023	3,281,250							3,281	3,281
													12,859	12,982
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9) (32)	4/8/2021		12.33%	SF+	6.75%		4/8/2026	1,278	1,271	1,209


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

			Secured Debt	(9)	4/8/2021		12.18%	SF+	6.75%		4/8/2026	13,369	13,290	12,645
													14,561	13,854
Research Now Group, Inc. and Survey Sampling International, LLC	(11)	Provider of Outsourced Online Surveying
			Secured Debt	(9)	12/29/2017		11.07%	SF+	5.50%		12/20/2024	20,814	20,277	12,560

Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9)	8/24/2023		11.82%	SF+	6.50%		8/24/2028	1,727	1,652	1,714
			Secured Debt	(9)	8/24/2023		11.82%	SF+	6.50%		8/24/2028	39,850	38,672	39,552
													40,324	41,266
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(9) (25)	8/27/2021			SF+	6.50%		8/27/2026	—	(7)	—
			Secured Debt	(9)	8/27/2021		12.09%	SF+	6.50%		8/27/2026	3,376	3,333	3,318
			Secured Debt	(9)	8/27/2021		14.09%	SF+	8.50%		8/27/2026	3,376	3,333	3,270
													6,659	6,588
RTIC Subsidiary Holdings, LLC	(10)	Direct-To-Consumer eCommerce Provider of Outdoor Products
			Secured Debt	(9)	9/1/2020		13.17%	SF+	7.75%		9/1/2025	2,671	2,661	2,639
			Secured Debt	(9)	9/1/2020		13.18%	SF+	7.75%		9/1/2025	13,664	13,613	13,500
			Secured Debt	(9)	9/1/2020		13.18%	SF+	7.75%		9/1/2025	548	546	541
													16,820	16,680
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		13.24%	SF+	5.75%	2.00%	11/16/2025	5,799	5,782	5,799
			Secured Debt	(9)	7/16/2021		13.24%	SF+	5.75%	2.00%	11/16/2025	7,954	7,901	7,954
													13,683	13,753
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (25)	12/10/2021			SF+	6.00%		12/13/2026	—	(48)	(48)
			Secured Debt	(9)	12/10/2021		11.43%	SF+	6.00%		12/13/2026	33,249	32,888	33,249
			Common Equity		12/10/2021	864							864	835
													33,704	34,036
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9)	7/1/2022		12.96%	SF+	7.50%		7/1/2027	958	917	958
			Secured Debt	(9)	7/1/2022		12.96%	SF+	7.50%		7/1/2027	15,688	15,482	15,688
			Common Stock		7/1/2022	638,710							639	610
													17,038	17,256
Stellant Systems, Inc.	(11)	Manufacturer of Traveling Wave Tubes and Vacuum Electronic Devices
			Secured Debt	(9)	10/22/2021		11.04%	SF+	5.50%		10/1/2028	7,975	7,929	8,005
			Secured Debt	(9)	11/7/2023		11.19%	SF+	5.75%		10/1/2028	9,154	8,908	9,188
													16,837	17,193


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider
			Secured Debt	(9)	12/22/2020		10.58%	SF+	5.00%		12/18/2027	14,766	14,564	14,785

Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000	5,030

Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(29)	7/7/2021	1,000,000							1,000	2,680

Titan Meter Midco Corp.	(10)	Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry
			Secured Debt	(9) (25)	3/11/2024			SF+	6.50%		3/11/2029	—	(124)	(124)
			Secured Debt	(9)	3/11/2024		11.82%	SF+	6.50%		3/11/2029	34,183	33,007	33,007
			Preferred Equity		3/11/2024	1,218,750							1,219	1,219
													34,102	34,102
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (14)	6/1/2023		12.49%	SF+	7.15%	6.00%	5/2/2027	9,900	3,657	3,790
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003	20	—
													3,677	3,790
USA DeBusk LLC	(10)	Provider of Industrial Cleaning Services
			Secured Debt	(9)	10/22/2019		11.43%	SF+	6.00%		9/8/2026	23,065	22,807	23,065
			Secured Debt	(9)	7/19/2023		11.93%	SF+	6.50%		9/8/2026	8,972	8,832	8,972
			Secured Debt	(9)	11/21/2023		11.93%	SF+	6.50%		9/8/2026	4,677	4,598	4,677
													36,237	36,714
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/11/2023		12.99%	SF+	7.50%		4/5/2029	4,000	3,904	4,000

Veregy Consolidated, Inc.	(11)	Energy Service Company
			Secured Debt	(9) (25)	11/9/2020			SF+	5.25%		11/3/2025	—	(352)	(352)
			Secured Debt	(9)	11/9/2020		11.57%	SF+	6.00%		11/3/2027	17,780	17,546	17,423
													17,194	17,071
Vistar Media, Inc.	(10)	Operator of Digital Out-of-Home Advertising Platform
			Preferred Stock		4/3/2019	70,207							767	2,270

Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(9)	12/22/2023		12.44%	SF+	7.00%		12/22/2028	42,394	41,403	41,572


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038	2,570

Wall Street Prep, Inc.	(10)	Financial Training Services
			Secured Debt	(9) (25)	7/19/2021			SF+	7.00%		7/19/2026	—	(4)	(4)
			Secured Debt	(9)	7/19/2021		12.48%	SF+	7.00%		7/19/2026	3,668	3,634	3,668
			Common Stock		7/19/2021	400,000							400	830
													4,030	4,494
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(9) (32)	12/17/2021		11.46%	SF+	6.00%		12/17/2026	2,223	2,198	2,223
			Secured Debt	(9)	12/17/2021		11.46%	SF+	6.00%		12/17/2026	385	364	385
			Secured Debt	(9)	12/17/2021		11.46%	SF+	6.00%		12/17/2026	15,846	15,708	15,846
			Secured Debt	(9)	12/17/2021		11.46%	SF+	6.00%		12/17/2026	12,674	12,563	12,674
													30,833	31,128
West Star Aviation Acquisition, LLC	(10)	Aircraft, Aircraft Engine and Engine Parts
			Secured Debt	(9) (26)	3/1/2022		11.31%	SF+	6.00%		3/1/2028	2,399	2,362	2,399
			Secured Debt	(9)	3/1/2022		11.31%	SF+	6.00%		3/1/2028	10,631	10,494	10,631
			Secured Debt	(9)	11/3/2023		11.31%	SF+	6.00%		3/1/2028	5,290	5,192	5,290
			Common Stock	(8)	3/1/2022	1,541,400							1,541	3,600
													19,589	21,920
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (32)	11/19/2021		13.58%	SF+	8.00%		11/19/2026	1,778	1,724	1,745
			Secured Debt	(9)	11/19/2021		13.59%	SF+	8.00%		11/19/2026	2,067	2,038	2,028
			Secured Debt	(9)	11/19/2021		12.59%	SF+	7.00%		11/19/2026	9,300	9,149	9,127
			Secured Debt	(9)	11/19/2021		12.58%	SF+	7.00%		11/19/2026	6,667	6,484	6,543
													19,395	19,443
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		11.18%	SF+	5.75%		12/17/2027	23,996	23,673	23,996
			Secured Debt	(9)	12/17/2021		11.15%	SF+	5.75%		12/17/2027	37,731	37,270	37,731
													60,943	61,727
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018		12.93%	SF+	7.50%		8/9/2026	11,812	11,573	10,973

Zips Car Wash, LLC	(10)	Express Car Wash Operator
			Secured Debt	(9)	2/11/2022		12.68%	SF+	7.25%	1.50%	12/31/2024	17,291	17,291	17,095
			Secured Debt	(9) (26)	2/11/2022		12.68%	SF+	7.25%	1.50%	12/31/2024	4,335	4,335	4,286


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)	Maturity Date	Principal (4)	Cost (4)		Fair Value (18)

											21,626		21,381
Short-term portfolio investments	(39)
			Secured Debt			8.68%				103,103	103,308		103,383

Subtotal Non-Control/Non-Affiliate Investments (72.8% of net assets at fair value)											$	1,879,039	$	1,830,866
Total Portfolio Investments, March 31, 2024 (180.8% of net assets at fair value)											$	3,947,530	$	4,548,027










Money market funds (included in cash and cash equivalents) (31)
Dreyfus Government Cash Management (36)											$	45,214	$	45,214
Fidelity Government Fund (37)											3,566		3,566
Fidelity Treasury (38)											3,079		3,079
Total money market funds											$	51,859	$	51,859

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

(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+8.09% (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 12.45% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(28)A majority of the variable rate loans in the Company’s Investment Portfolio (defined below) bear interest at a rate that may be determined by reference to either LIBOR (“L”), 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 rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2024, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.43%.

(39)Short-term portfolio investments. See Note C—Fair Value Hierarchy for Investments and Debentures—Portfolio Composition for a description of short-term portfolio investments. Short-term portfolio investments bear interest at index based floating interest rates which range from SOFR plus 2.75% to SOFR plus 4.00%, with SOFR floors which range from 0% to 0.75% (with a weighted average SOFR floor of approximately 0.39%) and resulting interest rates which range from 8.08% to 9.44% as of March 31, 2024, with a weighted-average interest rate of 8.68%.


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)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)

Control Investments (5)

Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(9)	8/16/2019		15.38%	SF+	10.00%		8/16/2024	$	220	$	219	$	219
			Secured Debt	(9)	8/16/2019		15.38%	SF+	10.00%		8/16/2024	4,125		4,084		4,084
			Preferred Member Units		5/20/2021	2,427								2,427		4,860
			Preferred Member Units		8/16/2019	3,200	14.13%							3,200		—
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														10,246		9,163
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt		12/31/2019		13.00%				7/31/2024	400		400		400
			Secured Debt		8/1/2013		13.00%				7/31/2024	1,650		1,649		1,597
			Preferred Member Units		6/28/2023	178								178		266
			Member Units		8/1/2013	1,500								1,500		100
														3,727		2,363
ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
			Secured Debt	(14)	11/16/2017		5.00%				9/1/2024	2,090		2,080		328
			Secured Debt	(14)	11/16/2017		5.00%				9/1/2024	3,015		2,841		473
			Preferred Member Units		11/16/2017	3,725,862								3,726		—
														8,647		801
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%				10/31/2024	711		711		711
			Member Units		10/26/2020	37								1,584		4,140
														2,295		4,851
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/7/2027	—		(6)		—
			Secured Debt		3/7/2022		10.00%				3/7/2027	270		270		270
			Secured Debt		3/7/2022		10.00%				3/7/2027	10,575		10,508		10,575
			Preferred Stock	(8)	3/7/2022	4,073								4,095		6,150
														14,867		16,995
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		14.48%	SF+	9.11%		10/31/2027	96,556		96,078		96,556
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		31,020
														110,078		127,576
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
		Secured Debt	(9)	1/9/2018		15.46%	L+	10.00%		1/9/2025	5,498	5,498	5,498
		Preferred Member Units	(8)	1/9/2018	2,950							4,280	5,620
												9,778	11,118
Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Secured Debt		7/25/2016		13.00%				12/11/2024	8,813	8,813	8,813
		Secured Debt		7/25/2016		13.00%				12/11/2024	1,000	1,000	1,000
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132	4,290
		Preferred Member Units	(8) (29)	7/25/2016	17,742							1,000	1,000
												12,945	15,103
Café Brazil, LLC	Casual Restaurant Group
		Member Units	(8)	6/9/2006	1,233							1,742	1,980

California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(8) (9)	3/30/2018		15.69%	SF+	10.00%		7/29/2026	28,000	27,965	27,655
		Preferred Member Units	(8)	7/31/2019	3,671	15.00%			15.00%			4,601	4,601
		Preferred Member Units	(8)	3/30/2018	6,157							10,775	15,695
												43,341	47,951
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	50,130

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	9.00%		1/4/2026	—	—	—
		Secured Debt	(9)	1/4/2019		14.48%	SF+	9.00%		1/4/2026	17,574	17,512	17,574
		Preferred Member Units		1/4/2019	13,309							6,122	11,040
												23,634	28,614
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2026	—	(195)	—
		Secured Debt	(9)	2/26/2018		13.49%	SF+	8.00%		2/26/2026	15,620	15,617	15,620
		Member Units	(8)	2/26/2018	4,347							11,440	29,320
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	2,860
												28,635	47,800
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		10.00%				1/31/2026	5,694	4,678	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	15,690
												6,641	21,384
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(25)	10/28/2022						1/15/2024	—	—	—


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt		12/20/2016		11.50%				1/15/2024	8,560	8,560	8,422
			Secured Debt		12/20/2016		10.00%				12/20/2036	1,013	1,004	1,004
			Member Units	(8)	12/20/2016	717							7,280	5,200
			Member Units	(29)	12/20/2016	800							509	1,129
													17,353	15,755
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(25)	3/6/2020						12/17/2026	—	(11)	—
			Secured Debt		3/6/2020		12.50%				12/17/2026	42,073	42,042	42,073
			Preferred Member Units	(8) (29)	3/6/2020	587							8,317	72,470
													50,348	114,543
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(25)	3/31/2021						3/31/2026	—	—	—
			Secured Debt		3/31/2021		12.00%				3/31/2026	22,050	21,946	21,627
			Preferred Member Units		6/27/2023	960							960	2,400
			Preferred Member Units		3/31/2021	17,280							7,680	7,680
													30,586	31,707
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9) (17) (25)	1/29/2019			SF+	9.00%		1/29/2022	—	—	—
			Secured Debt	(9)	1/29/2019		14.48%	SF+	9.00%		1/29/2024	3,454	3,454	3,454
			Preferred Member Units	(8)	1/29/2019	1,975							1,975	14,450
													5,429	17,904
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023						11/22/2028	—	—	—
			Secured Debt		11/22/2023		13.50%				11/22/2028	17,200	17,034	17,034
			Preferred Equity		11/22/2023	7,454							7,454	7,454
													24,488	24,488
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(8) (30)	7/17/2017	38.75%							568	568

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	28,638	28,389	28,389
			Preferred Member Units		5/5/2023	556							15,000	15,000
													43,389	43,389
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%				12/31/2025	450	447	447
			Secured Debt		3/31/2021		10.00%				12/31/2025	8,352	8,073	7,587
			Preferred Member Units		3/31/2021	9,000							2,610	70


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
												11,130	8,104
Digital Products Holdings LLC	Designer and Distributor of Consumer Electronics
		Secured Debt	(9)	4/1/2018		15.38%	SF+	10.00%		4/27/2026	14,873	14,758	14,690
		Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
												24,259	24,525
Direct Marketing Solutions, Inc.	Provider of Omni-Channel Direct Marketing Services
		Secured Debt		2/13/2018		14.00%				2/13/2026	1,233	1,174	1,233
		Secured Debt		12/27/2022		14.00%				2/13/2026	25,543	25,457	25,543
		Preferred Stock	(8)	2/13/2018	8,400							8,400	20,740
												35,031	47,516
Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassis Components
		Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2027	—	(7)	(7)
		Secured Debt		10/3/2022		12.00%				10/3/2027	18,773	18,632	18,632
		Secured Debt		10/3/2022		9.00%				10/3/2052	6,313	6,252	6,252
		Common Stock		10/3/2022	285							5,726	6,090
		Common Stock	(29)	10/3/2022	939							1,558	1,670
												32,161	32,637
Gamber-Johnson Holdings, LLC	Manufacturer of Ruggedized Computer Mounting Systems
		Secured Debt	(9) (25) (41)	6/24/2016			SF+	7.50%		1/1/2028	—	—	—
		Secured Debt	(9) (41)	12/15/2022		10.50%	SF+	7.50%		1/1/2028	54,078	53,813	54,078
		Member Units	(8)	6/24/2016	9,042							17,692	96,710
												71,505	150,788
Garreco, LLC	Manufacturer and Supplier of Dental Products
		Secured Debt	(9) (42)	7/15/2013		9.50%	SF+	8.00%		1/31/2024	3,088	3,088	3,088
		Member Units		7/15/2013	1,200							1,200	1,580
												4,288	4,668
GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products
		Secured Debt		12/21/2018		11.48%	SF+	6.00%		10/29/2026	2,400	2,394	2,400
		Secured Debt		12/19/2014		13.48%	SF+	8.00%		10/29/2026	40,493	40,360	40,493
		Member Units		12/19/2014	5,879							13,065	44,440
												55,819	87,333
Gulf Manufacturing, LLC	Manufacturer of Specialty Fabricated Industrial Piping Products
		Member Units	(8)	8/31/2007	438							2,980	9,070

Gulf Publishing Holdings, LLC	Energy Industry Focused Media and Publishing


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9) (25)	9/29/2017			SF+	9.50%		7/1/2027	—	—	—
			Secured Debt		7/1/2022		12.50%				7/1/2027	2,400	2,400	2,284
			Preferred Equity		7/1/2022	63,720							5,600	2,460
			Member Units		4/29/2016	3,681							3,681	—
													11,681	4,744
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(8) (30)	10/1/2017	49.26%							3,345	6,050
			LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							248	315
													3,593	6,365
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock		6/4/2010	107,456							718	4,660

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt	(25)	6/21/2023						6/21/2028	—	(35)	(35)
			Secured Debt		6/21/2023		13.00%				6/21/2028	37,264	36,934	36,934
			Common Equity		6/21/2023	14,400							14,400	14,400
													51,299	51,299
Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(17) (25)	8/29/2017			P+	6.75%		11/14/2023	—	—	—
			Secured Debt	(9) (17)	11/14/2006		15.25%	P+	6.75%		11/14/2023	1,998	1,998	1,998
			Member Units	(8)	11/14/2006	627							811	12,420
													2,809	14,418
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	25,650	25,483	25,483
			Preferred Equity	(8)	3/28/2022	107,406							10,741	10,741
													36,224	36,224
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		9.00%				2/24/2028	4,700	4,662	4,700
			Member Units	(8)	1/23/2006	325							783	22,770
													5,445	27,470
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		12.00%				10/31/2026	19,799	19,774	19,774
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,840	3,805	3,805
			Preferred Equity		10/31/2018	581							12,240	9,690
			Member Units	(29)	10/31/2018	800							992	2,730
													36,811	35,999
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(25)	10/19/2022						10/19/2024	—	—	—
			Secured Debt		10/19/2022		12.75%				10/19/2027	23,802	23,623	23,623
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			6,035	6,035
			Common Stock		10/19/2022	1,537,219							1,537	1,500
													31,195	31,158
MH Corbin Holding LLC		Manufacturer and Distributor of Traffic Safety Products
			Secured Debt	(17)	8/31/2015		13.00%				12/31/2022	5,400	5,400	5,022
			Preferred Member Units		3/15/2019	66,000							4,400	330
			Preferred Member Units		9/1/2015	4,000							6,000	—
													15,800	5,352
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt	(25)	1/26/2021						12/31/2024	—	—	—
			LP Interests	(8) (30)	1/26/2021	14.51%							14,250	14,527
													14,250	14,527
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9)	9/5/2023		8.88%	SF+	3.50%		9/5/2025	23,500	23,367	23,367
			LP Interests	(30)	9/5/2023	13.37%							1,561	1,561
													24,928	24,928
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500	174,063

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	1,290,267							10,000	10,025

Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
			Secured Debt	(25)	8/18/2014						1/31/2024	—	—	—
			Secured Debt		8/18/2014		10.00%				1/31/2024	5,746	5,746	5,746
			Common Stock	(8)	8/18/2014	5,873							2,720	26,390
													8,466	32,136
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units		1/31/2008	2,955							2,975	11,730

Nebraska Vet AcquireCo, LLC		Mixed-Animal Veterinary and Animal Health Product Provider
			Secured Debt	(9) (25)	12/31/2020			SF+	7.00%		12/31/2025	—	—	—
			Secured Debt		12/31/2020		12.00%				12/31/2025	25,794	25,673	25,794
			Secured Debt		12/31/2020		12.00%				12/31/2025	10,500	10,456	10,500
			Preferred Member Units	(8)	12/31/2020	6,987							6,987	15,020
													43,116	51,314


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
NexRev LLC	Provider of Energy Efficiency Products & Services
		Secured Debt	(25)	2/28/2018						2/28/2025	—	—	—
		Secured Debt		2/28/2018		10.00%				2/28/2025	9,811	9,751	9,751
		Preferred Member Units	(8)	2/28/2018	103,144,186							8,213	6,350
												17,964	16,101
NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		Secured Debt		12/21/2017		12.00%				3/20/2025	2,080	2,080	2,080
		Member Units		12/22/2011	65,962							114	53
		Member Units	(8)	12/22/2011								3,603	1,466
												5,797	3,599
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9)	1/31/2017		11.98%	SF+	6.50%		1/31/2025	3,600	3,600	3,600
		Secured Debt		1/31/2017		12.00%				1/31/2025	18,440	18,426	18,426
		Preferred Member Units		11/2/2022	2,062							2,062	5,150
		Preferred Member Units		1/31/2017	406							10,200	9,240
												34,288	36,416
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				8/31/2026	12,750	12,682	12,750
		Preferred Member Units	(8)	4/1/2008	900							1,080	36,380
												13,762	49,130
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9) (25)	7/30/2021			SF+	11.00%		7/31/2026	—	—	—
		Secured Debt	(9)	7/30/2021		16.48%	SF+	11.00%		7/31/2026	22,040	21,925	22,040
		Preferred Stock	(8) (29)	7/30/2021	10,000							10,000	17,050
												31,925	39,090
Pearl Meyer Topco LLC	Provider of Executive Compensation Consulting Services
		Secured Debt		4/27/2020		12.00%				12/31/2027	3,500	3,497	3,500
		Secured Debt		4/27/2020		12.00%				12/31/2027	20,000	19,956	20,000
		Secured Debt		4/27/2020		12.00%				12/31/2027	27,681	27,601	27,681
		Preferred Equity	(8)	4/27/2020	15,061							13,000	44,090
												64,054	95,271
Pinnacle TopCo, LLC	Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
		Secured Debt		12/21/2023		8.00%				12/31/2028	460	444	444
		Secured Debt		12/21/2023		13.00%				12/31/2028	30,640	30,339	30,339
		Preferred Equity		12/21/2023	440							12,540	12,540
												43,323	43,323
PPL RVs, Inc.	Recreational Vehicle Dealer


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)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
		Secured Debt	(9) (25)	10/31/2019			SF+	8.75%		11/15/2027	—	(7)	—
		Secured Debt	(9)	11/15/2016		14.23%	SF+	8.75%		11/15/2027	19,877	19,697	19,877
		Common Stock		6/10/2010	2,000							2,150	16,980
		Common Stock	(29)	6/14/2022	238,421							238	368
												22,078	37,225
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt	(25)	2/1/2011						11/15/2026	—	—	—
		Secured Debt		7/1/2011		13.00%				11/15/2026	5,897	5,829	5,829
		Preferred Member Units	(8)	2/1/2011	21,806							5,709	10,750
		Common Stock		1/27/2021	1,037							1,200	510
												12,738	17,089
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000							7,546	460

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(29)	12/20/2013	1,500							369	3,710

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(25)


Maryland			41-2230745
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1300 Post Oak Boulevard, 8th Floor Houston, TX			77056
(Address of principal executive offices)			(Zip Code)


	PART I
	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—March 31 , 202 4 (unaudited) and December 31, 2023	1
	Consolidated Statements of Operations (unaudited)—Three months ended Ma rch 31 , 202 4 and 2023	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three months ended M arch 31, 2024 and 2023	3
	Consolidated Statements of Cash Flows (unaudited)—Three months ended March 31, 2024 and 2023	4
	Consolidated Schedule of Investments (unaudited)—M a rch 31 , 2024	5
	Consolidated Schedule of Investments—December 31, 2023	35
	Notes to Consolidated Financial Statements (unaudited)	66
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Three months ended March 31 , 202 4 and 202 3	108
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	126
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	141
Item 4.	Controls and Procedures	142
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	143
Item 1A.	Risk Factors	143
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	143
Item 5.	Other Information	143
Item 6.	Exhibits	144
	Signatures	145


þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934