main-20250331


	March 31, 2025		December 31, 2024
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,500,635 and $1,415,970 as of March 31, 2025 and December 31, 2024, respectively)	$	2,172,956	$	2,087,890
Affiliate investments (cost: $756,967 and $743,441 as of March 31, 2025 and December 31, 2024, respectively)	899,326		846,798
Non‑Control/Non‑Affiliate investments (cost: $2,038,134 and $2,077,901 as of March 31, 2025 and December 31, 2024, respectively)	1,981,857		1,997,981
Total investments (cost: $4,295,736 and $4,237,312 as of March 31, 2025 and December 31, 2024, respectively)	5,054,139		4,932,669
Cash and cash equivalents	109,180		78,251
Interest and dividend receivable and other assets	98,395		98,084

Deferred financing costs (net of accumulated amortization of $15,258 and $14,592 as of March 31, 2025 and December 31, 2024, respectively)	11,671		12,337
Total assets	$	5,273,385	$	5,121,341
LIABILITIES
Credit Facilities	$	514,000	$	384,000
July 2026 Notes (par: $500,000 as of both March 31, 2025 and December 31, 2024)	499,320		499,188
June 2027 Notes (par: $400,000 as of both March 31, 2025 and December 31, 2024)	399,354		399,282
March 2029 Notes (par: $350,000 as of both March 31, 2025 and December 31, 2024)	347,182		347,002

SBIC debentures (par: $350,000 as of both March 31, 2025 and December 31, 2024)	343,711		343,417
December 2025 Notes (par: $150,000 as of both March 31, 2025 and December 31, 2024)	149,612		149,482

Accounts payable and other liabilities	46,894		69,631
Interest payable	20,016		23,290
Dividend payable	22,165		22,100
Deferred tax liability, net	90,998		86,111
Total liabilities	2,433,252		2,323,503
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 88,659,597 and 88,398,713 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)	887		884
Additional paid‑in capital	2,413,914		2,394,492




Total undistributed earnings	425,332		402,462
Total net assets	2,840,133		2,797,838
Total liabilities and net assets	$	5,273,385	$	5,121,341
NET ASSET VALUE PER SHARE	$	32.03	$	31.65


	Three Months Ended March 31,
	2025		2024
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments	$	56,242	$	51,119
Affiliate investments	23,734		17,728
Non‑Control/Non‑Affiliate investments	57,070		62,759
Total investment income	137,046		131,606
EXPENSES:
Interest	(31,168)		(26,776)
Compensation	(11,476)		(12,259)
General and administrative	(5,086)		(4,220)
Share‑based compensation	(4,842)		(4,103)
Expenses allocated to the External Investment Manager	5,336		5,559
Total expenses	(47,236)		(41,799)
NET INVESTMENT INCOME	89,810		89,807
NET REALIZED GAIN (LOSS):
Control investments	22		10
Affiliate investments	2,064		(7,110)
Non‑Control/Non‑Affiliate investments	(31,631)		(5,267)

Total net realized loss	(29,545)		(12,367)
NET UNREALIZED APPRECIATION:
Control investments	401		32,070
Affiliate investments	39,003		5,925
Non‑Control/Non‑Affiliate investments	23,786		2,652

Total net unrealized appreciation	63,190		40,647
INCOME TAXES:
Federal and state income, excise and other taxes	(2,486)		(2,131)
Deferred taxes	(4,887)		(8,809)
Total income tax provision	(7,373)		(10,940)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	116,082	$	107,147
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	1.01	$	1.05
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	1.31	$	1.26
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	88,711,015		85,138,530


	Common Stock			Additional Paid-In Capital		Total Undistributed (Overdistributed) Earnings		Total Net Asset Value
	Number of Shares	Par Value
Balances as of 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	—		—		—		—
Net increase in net assets resulting from operations	—	—		—		107,147		107,147

Dividends to stockholders	—	—		168		(87,072)		(86,904)
Balances as of March 31, 2024	85,163,633	$	851	$	2,289,042	$	226,077	$	2,515,970































Balances as of December 31, 2024	88,400,391	$	884	$	2,394,492	$	402,462	$	2,797,838
Public offering of common stock, net of offering costs	89,091	1		5,197		—		5,198
Share‑based compensation	—	—		4,842		—		4,842

Dividend reinvestment	156,749	2		9,085		—		9,087
Amortization of directors’ deferred compensation	—	—		108		—		108
Issuance of restricted stock, net of forfeited shares	13,366	—		—		—		—
Net increase in net assets resulting from operations	—	—		—		116,082		116,082

Dividends to stockholders	—	—		190		(93,212)		(93,022)
Balances as of March 31, 2025	88,659,597	$	887	$	2,413,914	$	425,332	$	2,840,133


	Three Months Ended March 31,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	116,082	$	107,147
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Investments in portfolio companies	(242,705)		(372,576)
Proceeds from sales and repayments of debt investments in portfolio companies	144,716		167,270
Proceeds from sales and return of capital of equity investments in portfolio companies	19,806		7,745
Net unrealized appreciation	(63,190)		(40,647)
Net realized loss	29,545		12,367
Accretion of unearned income	(4,484)		(4,806)
Payment-in-kind interest	(3,986)		(4,177)
Cumulative dividends	(681)		(426)
Share-based compensation expense	4,842		4,103
Amortization of deferred financing costs	1,473		1,071
Deferred tax provision	4,887		8,809
Changes in other assets and liabilities:
Interest and dividend receivable and other assets	(1,710)		1,447
Interest payable	(3,274)		7,793
Accounts payable and other liabilities	(22,629)		(14,672)
Deferred fees and other	909		1,475
Net cash used in operating activities	(20,399)		(118,077)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs	5,198		5,696



Proceeds from public offering of March 2029 Notes	—		350,000

Dividends paid	(83,870)		(78,225)

Repayments of SBIC debentures	—		(63,800)



Proceeds from Credit Facilities	273,000		542,000
Repayments on Credit Facilities	(143,000)		(579,000)
Debt issuance costs, net	—		(3,679)
Purchases of vested stock for employee payroll tax withholding	—		(14)

Net cash provided by financing activities	51,328		172,978

Net increase in cash and cash equivalents	30,929		54,901
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD	78,251		60,083
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD	$	109,180	$	114,984

Supplemental cash flow disclosures:
Interest paid	$	32,924	$	17,837
Taxes paid	$	8,046	$	3,017


Non-cash financing activities:
Value of shares issued pursuant to the DRIP	$	9,087	$	8,441


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)
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/25/2025		12.95%	SF+	8.50%	12.95%	3/28/2028	$	7,410	$	7,410	$	7,410
			Secured Debt	(9)	3/25/2025		12.95%	SF+	8.50%	12.95%	3/28/2028	7,410		7,410		7,410
			Preferred Equity		3/25/2025	26,638								8,970		8,970
														23,790		23,790
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(25)	8/16/2019						8/16/2029	—		—		—
			Secured Debt		8/16/2019		17.50%				8/16/2029	4,045		4,001		4,001
			Preferred Member Units		5/20/2021	2,427								2,427		5,140
			Preferred Member Units		8/16/2019	3,200								3,200		—
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														9,944		9,141
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt	(17)	12/31/2019		13.00%				7/31/2024	400		400		400
			Secured Debt	(17)	8/1/2013		13.00%				7/31/2024	1,578		1,578		1,525
			Preferred Member Units		6/28/2023	178								178		—
			Member Units		8/1/2013	1,500								1,500		—
														3,656		1,925
ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
			Secured Debt	(14)	11/16/2017		5.00%				3/31/2025	2,424		2,416		—
			Secured Debt	(14) (17)	11/16/2017		5.00%				9/1/2024	3,015		2,842		—
			Preferred Member Units		11/16/2017	3,725,862								3,726		—
														8,984		—
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%				10/31/2026	711		711		711
			Member Units		10/26/2020	37								1,584		5,760
														2,295		6,471
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt		3/7/2022		11.00%				3/7/2027	180		176		176
			Secured Debt		3/7/2022		11.00%				3/7/2027	270		270		270
			Secured Debt		3/7/2022		11.00%				3/7/2027	10,575		10,534		10,534
			Preferred Stock	(8)	3/7/2022	4,073								4,095		5,160
														15,075		16,140
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	420		420		420
			Preferred Equity		11/4/2024	18,756,995								19,537		18,920
														19,957		19,340
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer


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)	12/31/2020						10/31/2027	—	—	—
		Secured Debt	(9) (22)	12/31/2020		11.70%	SF+	7.33%		10/31/2027	101,046	100,703	101,046
		Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%						14,000	31,000
												114,703	132,046
Brewer Crane Holdings, LLC	Provider of Crane Rental and Operating Services
		Secured Debt	(9)	1/9/2018		14.48%	SF+	10.00%		12/31/2025	5,016	5,016	5,016
		Preferred Member Units	(8)	1/9/2018	2,950							4,280	4,110
												9,296	9,126
Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132	—
		Preferred Member Units	(8) (29)	7/25/2016	17,742							1,000	—
												3,132	—
Café Brazil, LLC	Casual Restaurant Group
		Member Units	(8)	6/9/2006	1,233							1,742	1,100

California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(25)	3/15/2024					4.00%	7/29/2026	—	(19)	(19)
		Secured Debt		3/30/2018		14.00%			4.00%	7/29/2026	28,000	27,955	27,955
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			11,318	11,318
		Preferred Member Units	(8)	3/30/2018	8,729							16,402	22,215
												55,656	61,469
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	49,540

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	10.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		14.48%	SF+	10.00%		1/4/2028	24,464	24,426	24,464
		Preferred Member Units		1/4/2019	13,883							6,386	14,280
												30,812	38,744
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2026	—	(82)	—
		Secured Debt	(9)	2/26/2018		12.49%	SF+	8.00%		2/26/2026	17,220	17,216	17,220
		Member Units	(8)	2/26/2018	4,347							11,440	34,240
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	3,630
												30,347	55,090
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694	5,188	5,694


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

			Preferred Member Units	(8)	2/3/2017	1,829							1,963	15,580
													7,151	21,274
Clad-Rex Steel, LLC		Specialty Manufacturer of Vinyl-Clad Metal
			Secured Debt	(25)	10/28/2022						1/15/2027	—	—	—
			Secured Debt		12/20/2016		9.00%				1/15/2027	6,520	6,482	6,520
			Secured Debt		12/20/2016		10.00%				12/20/2036	962	955	962
			Member Units	(8)	12/20/2016	717							7,280	11,040
			Member Units	(29)	12/20/2016	800							509	1,270
													15,226	19,792
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(25)	3/6/2020						12/17/2026	—	(10)	—
			Secured Debt		3/6/2020		12.50%				12/17/2026	37,715	37,699	37,715
			Preferred Member Units	(8) (29)	3/6/2020	587							8,317	69,500
													46,006	107,215
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	13,995	13,966	13,995
			Preferred Member Units	(8)	3/31/2021	17,280							7,680	14,330
													21,646	28,325
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9)	1/29/2019		13.48%	SF+	9.00%		1/29/2028	2,745	2,700	2,700
			Preferred Member Units		1/29/2019	2,250							3,520	10,610
													6,220	13,310
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023						11/22/2028	—	(19)	(19)
			Secured Debt		11/22/2023		13.50%				11/22/2028	17,200	17,076	17,076
			Preferred Equity		11/22/2023	7,454							7,454	7,454
													24,511	24,511
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							515	515

Cybermedia Technologies, LLC		IT and Digital Services Provider
			Secured Debt	(25)	5/5/2023						5/5/2028	—	—	—
			Secured Debt		5/5/2023		13.00%				5/5/2028	27,300	27,130	26,622
			Preferred Member Units	(8)	5/5/2023	556							15,000	9,020
													42,130	35,642
Datacom, LLC		Technology and Telecommunications Provider


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

		Secured Debt		3/1/2022		7.50%				12/31/2025	945	944	944
		Secured Debt		3/31/2021		10.00%				12/31/2025	8,015	7,914	7,914
		Preferred Member Units		3/31/2021	9,000							2,610	240
												11,468	9,098
Digital Products Holdings LLC	Designer and Distributor of Consumer Electronics
		Secured Debt	(9)	4/1/2018		14.38%	SF+	10.00%		4/27/2026	12,287	12,243	12,104
		Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
												21,744	21,939
Direct Marketing Solutions, Inc.	Provider of Omni-Channel Direct Marketing Services
		Secured Debt	(25)	2/13/2018						2/13/2026	—	(24)	—
		Secured Debt		12/27/2022		14.00%				2/13/2026	23,492	23,460	23,492
		Preferred Stock		2/13/2018	8,400							8,400	18,470
												31,836	41,962
Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassis Components
		Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2026	—	(5)	(5)
		Secured Debt		10/3/2022		12.00%				10/3/2027	17,998	17,908	17,908
		Secured Debt		10/3/2022		9.00%				10/3/2052	6,252	6,195	6,195
		Common Stock		10/3/2022	285							5,726	5,040
		Common Stock	(29)	10/3/2022	939							1,558	3,100
												31,382	32,238
Gamber-Johnson Holdings, LLC	Manufacturer of Ruggedized Computer Mounting Systems
		Secured Debt	(9) (25) (34)	6/24/2016			SF+	7.50%		1/1/2028	—	—	—
		Secured Debt	(9) (34)	11/22/2024		11.50%	SF+	7.50%		1/1/2028	73,126	72,998	73,126
		Member Units	(8)	6/24/2016	9,042							17,692	114,750
												90,690	187,876
Garreco, LLC	Manufacturer and Supplier of Dental Products
		Member Units	(8)	7/15/2013	1,200							1,200	1,830

GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products
		Secured Debt		12/21/2018		10.48%	SF+	6.00%		10/29/2026	3,146	3,141	3,146
		Secured Debt		12/19/2014		12.48%	SF+	8.00%		10/29/2026	40,493	40,418	40,493
		Member Units		12/19/2014	5,879							13,065	45,890
												56,624	89,529
Gulf Publishing Holdings, LLC	Energy Industry Focused Media and Publishing
		Secured Debt	(9) (14) (25)	9/29/2017			SF+	9.50%		7/1/2027	—	—	—


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	(14)	7/1/2022		12.50%			12.50%	7/1/2027	2,400	2,221	1,738
			Preferred Equity		7/1/2022	63,720							5,600	—
			Member Units		4/29/2016	3,681							3,681	—
													11,502	1,738
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(8) (30)	10/1/2017	49.26%							3,425	8,732
			LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							256	383
			LP Interests (2717 GRE-LP, L.P.)	(30)	4/18/2024	43.05%							441	441
			LP Interests (423 COR, L.P.)	(8) (30)	6/2/2022	26.89%							2,900	4,270
													7,022	13,826
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456							718	7,060

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	1,600	1,574	1,600
			Secured Debt		6/21/2023		13.00%				6/21/2028	35,064	34,837	35,064
			Common Equity		6/21/2023	14,400							14,400	17,780
													50,811	54,444
Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(9) (25)	8/29/2017			P+	6.75%		11/14/2026	—	—	—
			Secured Debt	(9)	11/14/2006		14.25%	P+	6.75%		11/14/2026	1,338	1,338	1,338
			Member Units	(8)	11/14/2006	627							811	11,540
													2,149	12,878
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	23,321	23,228	23,228
			Preferred Equity	(8)	3/28/2022	109,926							10,993	13,670
													34,221	36,898
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		9.00%				2/24/2028	3,400	3,380	3,400
			Member Units	(8)	1/23/2006	325							783	25,180
													4,163	28,580
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	14,199	14,189	14,189
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,947	3,914	3,914
			Preferred Equity		10/31/2018	581							12,240	12,890
			Member Units	(8) (29)	10/31/2018	800							992	2,710


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)

													31,335	33,703
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2025	—	(7)	(7)
			Secured Debt		10/19/2022		9.75%				10/19/2027	19,030	18,933	18,933
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916	5,916
			Common Stock	(8)	10/19/2022	1,537,219							1,537	7,370
													26,379	32,212
Moffitt Holdings, LLC		Bulk Fuel and Lubricants Distributor
			Secured Debt		3/19/2025		13.00%				3/19/2030	35,000	34,656	34,656
			Preferred Equity		3/19/2025	14,300							14,300	14,300
													48,956	48,956
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt		1/26/2021		5.00%				3/24/2026	10,000	10,000	10,000
			LP Interests	(8) (30)	1/26/2021	14.51%							14,250	13,857
													24,250	23,857
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%		3/5/2029	—	(104)	(104)
			LP Interests	(8) (30)	9/5/2023	13.22%							8,157	8,551
													8,053	8,447
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500	238,170

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	1,374,872							21,500	21,512

MVI MSO, LLC (Milford Vascular)		Vascular Practice Specializing in Comprehensive Vein and Artery Diagnosis and Treatment
			Secured Debt		3/28/2025		13.00%				3/28/2030	9,850	9,753	9,753
			Preferred Equity		3/28/2025	270							2,700	2,700
													12,453	12,453
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	5,733	5,746
			Common Stock	(8)	8/18/2014	5,873							2,720	26,370
													8,453	32,116
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units		1/31/2008	2,955							2,975	8,890

Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure


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		6/4/2024		13.50%				6/4/2029	27,200	26,972	26,972
		Common Equity	(8)	6/4/2024	364,579							12,120	16,500
												39,092	43,472
NexRev LLC	Provider of Energy Efficiency Products & Services
		Preferred Member Units	(8)	2/28/2018	103,144,186							8,213	13,420

NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		Secured Debt		12/21/2017		12.00%				9/18/2028	2,191	2,183	2,183
		Preferred Equity		12/8/2011	495,000							482	1,238
		Member Units		12/22/2011	74,761							114	62
		Member Units		12/22/2011	74,761							3,823	1,518
												6,602	5,001
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9) (17)	1/31/2017		10.98%	SF+	6.50%		1/31/2025	3,600	3,600	3,600
		Secured Debt	(17)	1/31/2017		12.00%				1/31/2025	18,440	18,440	18,440
		Preferred Member Units		11/2/2022	2,400							2,785	6,000
		Preferred Member Units		1/31/2017	486							11,866	12,200
												36,691	40,240
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				12/31/2029	14,000	13,951	14,000
		Preferred Member Units	(8)	4/1/2008	900							1,080	75,820
												15,031	89,820
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9) (25)	7/30/2021			SF+	11.00%		7/31/2026	—	—	—
		Secured Debt	(9)	7/30/2021		15.48%	SF+	11.00%		7/31/2026	21,560	21,502	21,560
		Preferred Stock	(8) (29)	7/30/2021	10,000							10,000	13,450
												31,502	35,010
Pinnacle TopCo, LLC	Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
		Secured Debt	(25)	12/21/2023						12/31/2028	—	(12)	—
		Secured Debt		12/21/2023		13.00%				12/31/2028	28,640	28,429	28,640
		Preferred Equity	(8)	12/21/2023	440							12,540	20,100
												40,957	48,740
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	7.00%		11/15/2027	—	(5)	—
		Secured Debt	(9)	11/15/2016		11.48%	SF+	7.00%		11/15/2027	15,556	15,461	15,556
		Common Stock		6/10/2010	2,000							2,150	18,160
		Common Stock	(8) (29)	6/14/2022	238,421							238	514


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)

											17,844	34,230
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%			11/15/2026	4,897	4,865	4,865
		Preferred Member Units	(8)	2/1/2011	21,806						5,709	12,950
		Common Stock		1/27/2021	1,037						1,200	620
											11,774	18,435
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000						7,546	460

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(29)	12/20/2013	1,500						369	9,530

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(14) (25)	12/15/2021				10.00%	12/15/2026	—	(45)	(45)
		Secured Debt	(14)	12/15/2021		12.50%		10.00%	12/15/2026	33,660	32,413	14,352
		Preferred Equity		12/15/2021	11,070						11,070	—
											43,438	14,307
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt	(14) (17)	8/31/2018		12.00%		12.00%	8/31/2023	1,840	1,821	1,555
		Secured Debt	(14) (17)	8/31/2018		12.00%		12.00%	8/31/2023	15,200	15,045	3,207
		Preferred Member Units		8/28/2023	6,605						661	—
		Preferred Member Units		2/1/2023	5,643						564	—
		Preferred Member Units		8/31/2018	544						9,245	—
											27,336	4,762
Televerde, LLC	Provider of Telemarketing and Data Services
		Preferred Stock		1/26/2022	248						718	1,794
		Member Units		1/6/2011	460						1,290	5,021
											2,008	6,815
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt	(25)	5/31/2019					5/31/2027	—	(1)	(1)
		Secured Debt		5/31/2019		13.50%			5/31/2027	7,920	7,862	7,862
		Common Stock	(8)	5/31/2019	615						4,655	8,570
											12,516	16,431
Victory Energy Operations, LLC	Provider of Industrial and Commercial Combustion Systems
		Secured Debt	(25)	10/3/2024					10/3/2029	—	(31)	(31)
		Secured Debt		10/3/2024		13.00%			10/3/2029	48,251	47,816	47,816
		Preferred Equity	(8)	10/3/2024	51,914				10/3/2029		22,686	22,686
											70,471	70,471
Volusion, LLC	Provider of Online Software-as-a-Service eCommerce Solutions


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

			Secured Debt		3/31/2023		10.00%				3/31/2025	2,100		2,100		2,100
			Preferred Member Units		3/31/2023	5,097,595								3,673		5,170
			Preferred Member Units		3/31/2023	142,512								—		—
			Preferred Member Units		1/26/2015	4,876,670								14,000		—
			Common Stock		3/31/2023	1,802,780								2,576		—
														22,349		7,270
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (25)	12/1/2021			SF+	6.00%		12/1/2025	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	25,760		25,674		25,674
			Preferred Equity	(8) (29)	12/1/2021	12,240								12,240		12,240
														37,914		37,914
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		12/30/2024		12.00%				12/31/2027	1,750		1,750		1,750
			Preferred Member Units		6/30/2015	16,878								3,154		160
			Warrants	(27)	7/1/2015	587					10/1/2025			600		—
														5,504		1,910
Subtotal Control Investments (76.5% of net assets at fair value)														$	1,500,635	$	2,172,956
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt	(14)	3/28/2025					10.00%	3/31/2030	$	3,109	$	3,109	$	3,109
			Secured Debt	(14)	3/28/2025					10.00%	3/31/2030	3,109		3,109		3,109
			Preferred Equity		3/28/2025	12,621,635								8,520		8,520
			Common Stock		12/11/2020	654,743								3,148		—
			Warrants	(27)	12/11/2020	574,598					12/11/2025			—		—
														17,886		14,738
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	320		320		266
			Member Units	(8)	6/30/2017	2,160,000								2,256		1,120
														2,576		1,386
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	7,059		6,019		—
			Secured Debt	(14)	6/28/2024		15.00%			15.00%	4/1/2025	16		—		—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	9,916		5,862		—
			Preferred Member Units		6/30/2015	6	6.00%			6.00%				4,770		—
														16,651		—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9)	12/17/2021		10.38%	SF+	6.00%		12/17/2026	1,800		1,789		1,789
			Secured Debt		12/17/2021		12.50%				12/17/2026	19,238		19,172		19,172


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		12/17/2021	450,000						4,500	4,740
												25,461	25,701
CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt	(25)	12/10/2021					12/10/2026	—	(10)	—
			Secured Debt		12/10/2021		15.00%			12/10/2026	21,507	21,430	21,507
			Preferred Equity	(8)	12/10/2021	3,310						3,635	16,030
												25,055	37,537
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units	(8)	3/12/2020	154						—	2,640

Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	12.49%						2,813	2,276

Connect Telecommunications Solutions Holdings, Inc.	(13)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%			10/9/2029	27,577	27,329	27,329
			Preferred Equity		10/9/2024	22,304						12,596	12,596
												39,925	39,925
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		12.00%			6/18/2029	560	555	555
			Secured Debt		11/19/2021		12.00%			6/18/2029	16,800	16,726	16,726
			Preferred Equity		11/19/2021	5,944						5,944	5,944
			Preferred Equity	(8)	6/18/2024	3,068	15.00%		15.00%			3,360	3,360
												26,585	26,585
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%						6,172	7,708
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%						1,960	2,447
												8,132	10,155
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units	(29)	6/27/2016	2,000,000						2,000	—

EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	11/6/2015	5,000,000						416	369

FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt		5/28/2024		13.00%			5/29/2029	32,390	28,952	32,390


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)

			Warrants	(8) (27)	5/28/2024	12							3,920	14,630
													32,872	47,020
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Preferred Equity	(8)	10/29/2021	9,360							10,400	39,370

Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%							2,580	2,190
			LP Interests (Freeport First Lien Loan Fund III LP)	(8) (30)	7/31/2015	5.95%							694	298
													3,274	2,488
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%				3/31/2026	8,185	8,168	8,185
			Preferred Member Units	(8)	3/31/2021	226							4,900	9,610
													13,068	17,795
Gulf Manufacturing, LLC	(13) (21)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt	(25)	3/15/2024			SF+	7.63%		3/15/2029	—	(39)	—
			Secured Debt		3/15/2024		12.00%	SF+	7.63%		3/15/2029	38,500	38,198	38,500
			Member Units	(8)	8/31/2007	438							2,980	14,730
			Common Stock		11/18/2024	888							888	1,020
													42,027	54,250
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%							2,092	4,462
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%							5,532	5,974
			LP Interests (423 HAR, L.P.)	(30)	6/2/2023	15.60%							750	1,226
													8,374	11,662
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		10.48%	SF+	6.00%		1/15/2026	2,502	2,501	2,502
			Secured Debt		12/2/2016		12.50%				1/15/2026	45,256	45,213	45,256
			Preferred Member Units	(8)	12/2/2016	226							2,850	21,120
			Preferred Member Units	(29)	12/2/2016	226							150	1,110
													50,714	69,988
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		10.00%				4/2/2026	3,000	3,000	2,940
			Member Units	(8)	1/8/2003	322,297							2,352	4,240
													5,352	7,180
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products


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 Equity		4/7/2023	18,006,407							18,300	19,850

Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		12.00%				3/31/2028	14,825	14,738	14,825
			Preferred Equity	(8)	3/31/2023	87,360							4,368	7,930
													19,106	22,755
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		12.07%	SF+	7.50%		8/20/2026	12,915	12,840	12,741
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			261	459
			Common Stock		8/20/2021	9,968							1,356	550
													14,457	13,750
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/2/2021		13.00%				1/31/2028	4,514	4,495	4,495
			Secured Debt		9/1/2021		13.00%				1/31/2028	2,940	2,928	2,928
			Secured Debt		11/15/2021		13.00%				1/31/2028	8,944	8,944	8,944
			Secured Debt		11/15/2021		13.00%				1/31/2028	17,624	17,549	17,549
			Secured Debt		1/31/2023		13.00%				1/31/2028	9,554	9,372	9,372
			Preferred Equity		6/26/2024	711	25.00%			25.00%			711	760
			Common Stock		8/3/2021	203,016							2,756	2,850
													46,755	46,898
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		12.96%	SF+	8.50%		6/21/2027	1,180	1,170	1,180
			Secured Debt	(9)	6/21/2023		12.96%	SF+	8.50%		6/21/2027	994	983	994
			Secured Debt	(9)	6/21/2023		11.96%	SF+	7.50%		6/21/2027	4,438	3,838	4,438
			Secured Debt	(9)	6/21/2023		13.96%	SF+	9.50%		6/21/2027	4,438	3,838	4,438
			Warrants	(27)	6/21/2023	193,307					6/21/2033		2,091	6,660
													11,920	17,710
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,105	1,073	1,073
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,144	1,144	1,144
			Preferred Equity		2/10/2025	9,213							4,890	4,890
													7,107	7,107
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.79%	SF+	5.50%		12/31/2026	2,652	2,652	2,652
			Common Equity	(29)	12/19/2024	66,306					12/31/2026		13,840	13,340
													16,492	15,992
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		14.00%				8/19/2029	9,600	9,001	9,001


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)	8/19/2024	163,282	12.00%			12.00%			1,758	1,758
			Warrants	(27)	8/19/2024	59,368					8/19/2029		594	594
													11,353	11,353
Nebraska Vet AcquireCo, LLC		Mixed-Animal Veterinary and Animal Health Product Provider
			Secured Debt	(9) (25)	12/31/2020			SF+	7.00%		5/9/2027	—	(6)	—
			Secured Debt		5/9/2024		12.50%				5/9/2027	7,250	7,087	7,250
			Secured Debt		12/31/2020		12.50%				5/9/2027	62,200	62,097	62,200
			Preferred Member Units	(8)	12/31/2020	6,987							6,987	60,560
													76,165	130,010
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	9/30/2025	4,415	4,415	456
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	9/30/2025	2,116	2,116	218
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	9/30/2025	983	983	101
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	9/30/2025	964	964	99
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	9/30/2025	305	305	305
			Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981	—
			Common Stock		4/15/2021	635							830	—
			Warrants	(27)	4/18/2011	4,699					5/10/2025		1,089	—
													12,683	1,179
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	1,128							1,128	2,830

RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	1,318	1,314	1,200
			Secured Debt	(9) (25)	4/8/2021			SF+	6.75%		4/8/2026	—	—	—
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	13,780	13,742	12,545
			Common Equity		8/12/2024	110							—	—
													15,056	13,745
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.75%				6/16/2028	2,250	2,237	2,250
			Secured Debt	(23)	6/16/2023		12.82%				6/16/2028	67,661	67,615	67,661
			Preferred Member Units	(8)	8/31/2018	165							1,525	12,470
													71,377	82,381
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%				3/21/2030	25,880	25,598	25,880
			Common Stock	(8)	9/13/2018	70,000							—	1,890
													25,598	27,770
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%			8.50%	12/31/2027	209	209	882
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,327	4,884	900


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 Equity		12/31/2022	5,907,649							—		—
													5,093		1,782
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units		8/31/2020	1,636							4,500		14,400

The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt		8/9/2021		10.00%				8/9/2026	120	115		115
			Secured Debt		8/9/2021		10.00%				8/9/2026	5,201	5,184		5,107
			Preferred Stock	(8)	9/1/2023	312,910							313		313
			Preferred Stock	(8)	8/9/2021	1,280,000							6,400		6,400
													12,012		11,935
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%							3,048		4,564

UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/6/2023	14.91%							4,404		5,249

UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Preferred Stock		8/21/2018	11,450,416	20.00%			20.00%			8,416		10,176
			Preferred Stock		6/30/2017	21,382,147	19.00%			19.00%			3,667		—
			Preferred Stock		1/15/2015	42,338,440	13.50%			13.50%			7,924		—
			Common Stock		4/1/2020	2,370,059							—		—
													20,007		10,176
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800	8,731		8,731
			Preferred Equity	(8)	2/16/2024	4,000	9.00%			9.00%			4,415		4,415
													13,146		13,146
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		11.00%				12/12/2027	9,886	9,834		9,834
			Preferred Equity	(8)	12/12/2022	3,845							3,845		3,845
													13,679		13,679
Subtotal Affiliate Investments (31.7% of net assets at fair value)													$	756,967	$	899,326
Non-Control/Non-Affiliate Investments (7)
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	7,940	7,940		7,775
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	18,260	18,237		17,880
													26,177		25,655


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)

AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	235							1,844	480

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			P+	5.00%		11/19/2026	—	(4)	(4)
			Secured Debt	(9)	11/19/2021		12.50%	P+	5.00%		11/19/2026	5,908	5,887	5,908
													5,883	5,904
Ansira Partners II, LLC	(10)	Provider of Data-Driven Marketing Services
			Secured Debt	(9) (25)	7/1/2024			SF+	6.75%		7/1/2029	—	(177)	(177)
			Secured Debt	(9)	7/1/2024		11.07%	SF+	6.75%		7/1/2029	75,490	73,886	74,373
													73,709	74,196
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	2,073	2,073	2,073
			Secured Debt	(9)	11/6/2023		10.92%	SF+	6.50%	10.92%	11/6/2028	8,276	8,276	8,276
			Preferred Equity		11/6/2023	32,507							14,060	13,838
			Preferred Equity		11/6/2023	32,507							—	—
			Common Equity		11/9/2021	3,898							234	—
													24,643	24,187
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock		8/11/2022	1,387,832							1,388	2,260

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (32)	1/18/2022		10.56%	SF+	6.00%		1/18/2027	900	900	900
			Secured Debt	(9)	1/18/2022		9.57%	SF+	5.00%		1/18/2027	6,660	6,660	6,660
			Secured Debt	(9)	1/18/2022		11.57%	SF+	7.00%		1/18/2027	6,660	6,660	6,660
			Common Stock		1/18/2022	720,000							720	850
													14,940	15,070
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—	(82)	(82)
			Secured Debt	(9)	12/23/2022		11.70%	SF+	7.25%		12/23/2027	23,917	23,387	23,917
			Common Equity	(8)	12/15/2021	984							934	1,130
													24,239	24,965
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units		3/8/2024	286,109							286	—
			Preferred Member Units	(29)	11/12/2019	122,416							—	—
			Preferred Member Units	(29)	7/6/2018	1,548,387							—	—
													286	—
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions


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) (14) (25)	6/30/2022			SF+	10.25%		6/30/2028	—	(48)	(48)
			Secured Debt	(9) (14)	6/30/2022		14.76%	SF+	10.25%	9.25%	6/30/2028	31,792	31,484	19,502
													31,436	19,454
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Member Units		3/10/2017	1,050,000							1,050	880

Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.95%	SF+	8.50%	11.95%	8/28/2025	202	130	130
			Secured Debt	(9) (14)	10/19/2022		15.00%	P+	7.50%	14.75%	8/28/2025	3,756	3,756	2,425
			Secured Debt	(9) (14)	8/28/2020		12.95%	SF+	8.50%	11.95%	8/28/2025	4,183	3,961	2,701
			Common Stock		10/1/2020	723,184							1	—
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	—
													8,884	5,256
B-O-F Corporation	(10)	Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
			Secured Debt	(9)	2/3/2025		10.08%	SF+	5.75%		2/3/2030	83	63	63
			Secured Debt	(9)	2/3/2025		9.04%	SF+	4.75%		2/3/2030	4,145	4,075	4,075
			Secured Debt	(9)	2/3/2025		11.04%	SF+	6.75%		2/3/2030	4,145	4,075	4,075
			Common Equity		2/3/2025	248,718							249	249
													8,462	8,462
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		11.46%	SF+	7.00%		5/1/2028	571	553	571
			Secured Debt	(9)	5/1/2023		10.46%	SF+	6.00%		5/1/2028	6,325	6,247	6,325
			Secured Debt	(9)	5/1/2023		12.46%	SF+	8.00%		5/1/2028	6,325	6,247	6,325
			Preferred Equity		5/1/2023	571							571	500
			Common Equity		5/1/2023	571							—	—
													13,618	13,721
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9)	2/1/2024		10.17%	SF+	5.75%		2/1/2029	899	824	899
			Secured Debt	(9) (25)	2/1/2024			SF+	5.75%		2/1/2029	—	(21)	(21)
			Secured Debt	(9)	2/1/2024		10.14%	SF+	5.75%		2/1/2029	26,006	25,601	26,006
			Secured Debt	(9)	1/2/2025		10.16%	SF+	5.75%		2/1/2029	9,530	9,396	9,530
			Common Equity		2/1/2024	2,583,963							2,709	4,510
													38,509	40,924
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		15.25%	P+	7.25%		7/22/2019	761	761	761
			Secured Debt	(9) (14) (17)	8/12/2014		15.25%	P+	7.25%		7/22/2019	7,056	7,056	591


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)

													7,817	1,352
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.59%							5,327	2,908
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%							3,850	3,852
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%							4,000	4,309
													13,177	11,069
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	—	(9)	—
			Secured Debt	(9)	6/14/2021		9.45%	SF+	5.00%		6/10/2028	16,956	16,813	16,956
													16,804	16,956
CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software
			Preferred Equity		12/13/2021	2,142,167							2,142	2,800
			Preferred Equity		12/13/2021	596,176							—	—
													2,142	2,800
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	325,408							325	569

Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		11.56%	SF+	7.00%		2/7/2027	6,214	6,113	6,084
			Secured Debt	(9)	2/7/2022		11.55%	SF+	7.00%		2/7/2027	36,074	35,801	35,311
			Secured Debt	(9)	6/24/2022		11.55%	SF+	7.00%		2/7/2027	1,999	1,984	1,956
			Secured Debt	(9)	3/27/2023		11.55%	SF+	7.00%		2/7/2027	4,830	4,771	4,728
													48,669	48,079
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,649	2,649	16

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (32)	8/6/2021		12.70%	SF+	8.25%		8/6/2026	8,080	8,010	7,409
			Secured Debt	(9)	8/6/2021		12.70%	SF+	8.25%		8/6/2026	19,641	19,542	18,011
													27,552	25,420
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9) (32)	6/29/2024		10.31%	SF+	6.00%		6/28/2029	1,669	1,595	1,669
			Secured Debt	(9)	6/29/2024		10.32%	SF+	6.00%		6/28/2029	10,650	10,433	10,650
			Secured Debt	(9)	8/15/2024		10.31%	SF+	6.00%		6/28/2029	7,100	6,977	7,100
			Secured Debt	(9)	6/29/2024		10.57%	SF+	6.25%		6/28/2029	31,951	31,276	30,493


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

													50,281	49,912
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	6.75%		6/27/2027	—	(42)	(42)
			Secured Debt	(9) (25)	12/27/2023			SF+	6.75%		6/27/2027	—	(42)	(42)
			Secured Debt	(9)	12/27/2023		11.15%	SF+	6.75%		6/27/2027	10,688	10,485	10,525
													10,401	10,441
Creative Foam Corporation	(10)	Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
			Secured Debt	(9) (25)	6/27/2024			SF+	6.25%		6/27/2029	—	(257)	(257)
			Secured Debt	(9)	6/27/2024		10.55%	SF+	6.25%		6/27/2029	105,607	103,795	105,607
			Secured Debt	(9)	3/4/2025		10.57%	SF+	6.25%		6/27/2029	9,605	9,415	9,605
			Common Equity		3/4/2025	10,851							1,085	1,085
													114,038	116,040
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	515							720	780

DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Class AA Preferred Member Units (non-voting)		4/13/2018		10.00%			10.00%			1,316	—
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	—
													2,092	—
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.92%	SF+	7.50%	11.92%	12/31/2026	2,384	2,226	2,286
			Secured Debt	(9)	12/20/2022		13.92%	SF+	9.50%	13.92%	12/31/2026	2,494	2,260	2,300
			Preferred Equity		12/20/2022	125,000							128	110
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													4,614	4,696
Electro Technical Industries, LLC	(10)	Manufacturer of Mission-Critical Electrical Distribution Systems
			Secured Debt	(9) (25)	3/31/2025			SF+	6.00%		3/31/2030	—	(190)	(190)
			Secured Debt	(9)	3/31/2025		10.30%	SF+	6.00%		3/31/2030	55,448	54,357	54,357
			Common Equity		3/31/2025	1,464,286							1,464	1,464
													55,631	55,631
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.67%	SF+	6.25%		12/29/2027	9,523	9,383	7,142

EnCap Energy Fund Investments	(12) (13)	Investment Partnership


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 (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							3,542	1,943
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,983	959
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,255	1,176
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,908	4,840
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							3,273	4,081
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(8) (30)	3/30/2015	0.84%							4,739	1,143
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							3,372	2,815
													27,072	16,957
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (25)	4/7/2023			SF+	8.00%		4/7/2029	—	(27)	(27)
			Secured Debt	(9)	10/2/2024		12.40%	SF+	8.00%		4/7/2029	1,378	1,357	1,378
			Secured Debt	(9)	4/7/2023		12.40%	SF+	8.00%		4/7/2029	25,981	25,456	25,981
			Common Equity	(8)	4/7/2023	649,794							663	910
													27,449	28,242
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		12.56%	SF+	8.00%		12/22/2026	3,692	3,679	3,692
			Secured Debt	(9)	12/22/2021		12.56%	SF+	8.00%	4.00%	12/22/2026	47,971	47,817	47,933
													51,496	51,625
Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		12.00%				12/31/2026	1,810	1,810	862
			Common Stock	(8)	6/30/2019	10,429							256	—
													2,066	862
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (32)	11/10/2023		11.16%	SF+	6.75%		11/10/2028	8,824	8,634	8,824
			Secured Debt	(9)	11/10/2023		11.17%	SF+	6.75%		11/10/2028	32,065	31,370	32,065
			Preferred Equity		2/24/2025	54,902							55	55
			Common Equity		11/10/2023	705,882							706	500
													40,765	41,444
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		13.75%	P+	6.25%		10/4/2029	1,154	1,063	1,125
			Secured Debt	(9) (25)	10/4/2024			SF+	7.25%		10/4/2029	—	(45)	(45)
			Secured Debt	(9) (26)	10/4/2024		11.57%	SF+	7.25%		10/4/2029	31,405	30,840	30,636
			Common Equity		10/4/2024	1,365							1,365	1,365
													33,223	33,081


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)

GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9) (32)	10/18/2019		10.95%	SF+	6.50%		2/28/2026	1,386	1,378	1,386
			Secured Debt	(9)	10/18/2019		10.95%	SF+	6.50%		2/28/2026	10,475	10,436	10,475
			Secured Debt	(9)	9/15/2023		10.95%	SF+	6.50%		2/28/2026	939	936	939
			Secured Debt	(9)	12/22/2023		10.95%	SF+	6.50%		2/28/2026	224	222	224
			Secured Debt	(9)	8/22/2024		10.95%	SF+	6.50%		2/28/2026	6,057	6,029	6,057
													19,001	19,081
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9)	9/30/2022		11.42%	SF+	7.00%		9/30/2028	707	695	642
			Secured Debt	(9)	9/30/2022		11.42%	SF+	7.00%		9/30/2028	297	286	270
			Secured Debt	(9)	9/30/2022		11.42%	SF+	7.00%		9/30/2028	3,569	3,527	3,240
													4,508	4,152
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9)	3/7/2024		8.75%	SF+	3.50%	2.50%	6/21/2026	2,438	2,358	2,200
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	1,626	713	244
			Common Equity		3/7/2024	64,029							—	—
													3,071	2,444
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (25)	8/1/2022			SF+	6.50%		8/1/2027	—	(32)	(32)
			Secured Debt	(9)	8/1/2022		10.82%	SF+	6.50%		8/1/2027	6,649	6,577	6,649
			Secured Debt	(9)	6/3/2024		10.82%	SF+	6.50%		8/1/2027	4,701	4,639	4,701
			Secured Debt	(9)	8/1/2022		10.82%	SF+	6.50%		8/1/2027	16,411	16,258	16,411
			Secured Debt	(9)	6/3/2024		10.82%	SF+	6.50%		8/1/2027	8,019	7,960	8,019
													35,402	35,748
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (32)	7/3/2024		9.80%	SF+	5.50%		7/3/2029	4,865	4,823	4,790
			Secured Debt	(9)	7/3/2024		9.81%	SF+	5.50%		7/3/2029	30,902	30,639	30,424
													35,462	35,214
HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.96%	SF+	6.50%	3.50%	10/23/2026	26,471	26,471	26,183

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		12.82%	SF+	8.25%		12/31/2027	7,200	7,083	7,200

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2026	—	(10)	—
			Secured Debt	(9)	7/30/2021		10.17%	SF+	5.75%		7/30/2028	10,154	10,079	10,154
			Secured Debt	(9)	7/30/2021		10.17%	SF+	5.75%		7/30/2028	4,891	4,851	4,891


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)

													14,920	15,045
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Common Equity		6/8/2023	849							1,166	1,280

Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9) (14)	6/1/2017		13.73%	SF+	7.75%	1.50%	7/31/2025	18,627	18,627	13,417

Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2028	—	(51)	(51)
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2029	—	(44)	(44)
			Secured Debt	(9)	7/19/2023		10.54%	SF+	6.25%		7/19/2029	14,226	13,919	13,291
			Common Equity		7/19/2023	131,100							656	320
													14,480	13,516
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9)	4/3/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	844	831	769
			Secured Debt	(9)	4/3/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	7,279	7,166	6,631
			Secured Debt	(9)	6/14/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	2,928	2,886	2,667
			Secured Debt	(9)	12/31/2024		14.42%	SF+	10.00%	2.00%	4/3/2028	338	338	308
			Common Equity		4/3/2023	177,594							463	38
													11,684	10,413
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (32)	12/9/2021		14.41%	SF+	10.00%	14.41%	8/7/2023	2,149	2,149	1,655
			Secured Debt	(9) (14) (17)	8/7/2019		11.67%	SF+	7.00%	11.67%	8/7/2023	7,313	7,237	10
			Common Stock		12/7/2021	2,143							—	—
													9,386	1,665
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		11.97%	SF+	7.50%		12/31/2026	1,037	1,034	988
			Secured Debt	(9)	8/28/2019		11.97%	SF+	7.50%		12/31/2026	16,653	16,594	15,868
													17,628	16,856
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (35)	4/13/2023		10.91%	SF+	6.60%	8.41%	4/14/2028	3,159	2,973	458
			Common Equity		4/13/2023	198,743							—	—
													2,973	458
Island Pump and Tank, LLC	(10)	Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
			Secured Debt	(9) (25)	5/20/2024			SF+	5.50%		5/17/2029	—	(5)	(5)


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

			Secured Debt	(9) (26)	5/20/2024		10.07%	SF+	5.50%		5/17/2029	2,111	2,078	2,063
			Secured Debt	(9) (26)	5/20/2024		11.07%	SF+	6.50%		5/17/2029	2,111	2,078	2,063
			Secured Debt	(9) (26)	5/20/2024		12.07%	SF+	7.50%		5/17/2029	2,111	2,078	2,063
													6,229	6,184
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.58%	SF+	7.00%		11/4/2026	782	774	782
			Secured Debt	(9) (26)	2/27/2024		11.45%	SF+	7.00%		11/4/2026	625	619	625
			Secured Debt	(9) (26)	11/1/2024		11.45%	SF+	7.00%		11/4/2026	667	650	667
			Secured Debt	(9)	11/8/2021		11.68%	SF+	7.00%		11/4/2026	1,817	1,798	1,817
			Preferred Equity		11/8/2021	2,826,667							110	870
													3,951	4,761
JDC Power Services, LLC	(10)	Provider of Electrical Equipment and Maintenance Services for Datacenters
			Secured Debt	(9) (25)	6/28/2024			SF+	6.50%		6/28/2029	—	(153)	(153)
			Secured Debt	(9)	6/28/2024		10.80%	SF+	6.50%		6/28/2029	60,579	59,273	60,579
													59,120	60,426
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		13.14%	SF+	8.75%	6.00%	3/29/2029	1,797	1,797	1,797
			Secured Debt	(9)	3/30/2024		13.14%	SF+	8.75%	13.14%	3/29/2029	1,357	1,357	1,357
			Common Stock		3/29/2024	5,461,019							200	140
													3,354	3,294
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (32)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	8,421	8,362	7,985
			Secured Debt	(9)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	35,289	35,038	33,445
			Secured Debt	(9)	2/1/2024		10.80%	SF+	6.25%		12/22/2026	3,305	3,245	3,144
			Common Equity		12/22/2021	1,684,211							1,684	130
													48,329	44,704
LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	1/25/2013	2.27%							499	1,542

LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9)	9/17/2024		11.67%	SF+	7.25%		12/31/2025	1,156	1,156	1,156
			Secured Debt	(9)	5/2/2019		11.67%	SF+	7.25%		12/31/2025	8,551	8,505	8,551
			Secured Debt	(9)	5/2/2019		11.67%	SF+	7.25%		12/31/2025	5,471	5,441	5,471
			Secured Debt	(9)	11/20/2020		11.67%	SF+	7.25%		12/31/2025	2,871	2,855	2,871
			Secured Debt	(9)	2/26/2021		11.67%	SF+	7.25%		12/31/2025	1,115	1,109	1,115
			Secured Debt	(9)	5/12/2022		11.67%	SF+	7.25%		12/31/2025	11,299	11,236	11,299
													30,302	30,463
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		12.46%	SF+	8.00%	3.00%	8/16/2026	4,164	4,121	3,267


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)


Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9) (17)	1/8/2018		12.25%	P+	4.25%		12/22/2024	27,214	27,214	24,317

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

Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	5.75%		4/3/2028	—	(36)	(36)
			Secured Debt	(9)	11/20/2024		10.17%	SF+	5.75%		4/3/2028	11,107	10,969	11,107
			Secured Debt	(9)	4/4/2022		10.07%	SF+	5.75%		4/3/2028	19,828	19,623	19,828
													30,556	30,899
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (32)	11/30/2023		10.56%	SF+	6.25%		11/30/2028	1,632	1,600	1,575
			Secured Debt	(9) (26)	11/30/2023		10.55%	SF+	6.25%		11/30/2028	1,312	1,287	1,266
			Secured Debt	(9)	11/30/2023		9.56%	SF+	5.25%		11/30/2028	4,892	4,805	4,720
			Secured Debt	(9)	11/30/2023		11.56%	SF+	7.25%		11/30/2028	4,892	4,802	4,722
			Common Equity		11/30/2023	515,576							525	330
													13,019	12,613
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.55%	SF+	6.25%		5/24/2027	4,101	4,069	4,071
			Secured Debt	(9)	5/24/2022		10.55%	SF+	6.25%		5/24/2027	10,740	10,650	11,514
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	18,060	17,917	18,060
			Unsecured Debt		3/1/2024		8.00%			8.00%	6/30/2025	116	116	116
			Unsecured Debt		9/25/2024		8.00%			8.00%	12/21/2025	110	110	110
			Unsecured Debt		1/31/2025		8.00%			8.00%	3/31/2026	76	76	76
			Common Stock		8/30/2022	55,337,906							932	489
													33,870	34,436
NinjaTrader, LLC	(10)	Operator of Futures Trading Platform
			Secured Debt	(9) (25)	12/18/2019			SF+	6.50%		12/18/2026	—	(5)	(5)
			Secured Debt	(9)	12/18/2019		10.96%	SF+	6.50%		12/18/2026	28,062	27,865	28,062
													27,860	28,057
Northwind Midstream Partners LLC	(10)	Owner and Operator of Midstream Gas Infrastructure
			Secured Debt	(9)	3/18/2025		10.70%	SF+	6.25%		3/18/2030	7,500	7,352	7,352

Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9)	6/21/2024		11.93%	SF+	7.50%		12/21/2028	74	70	73
			Secured Debt	(9)	6/21/2024		11.93%	SF+	7.50%		6/21/2029	26,287	25,627	25,859


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)

													25,697	25,932
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		11.30%	SF+	7.00%		11/16/2027	1,397	1,384	1,396
			Secured Debt	(9)	4/1/2024		11.30%	SF+	7.00%		11/16/2027	3,880	3,853	3,880
													5,237	5,276
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013						11/15/2026	4,384	4,384	55

Peaches Holding Corporation		Wholesale Provider of Consumer Packaging Solutions
			Common Equity		5/22/2024	3,226							7,221	1,650

Power System Solutions	(10)	Backup Power Generation
			Secured Debt	(9) (25)	6/7/2023			SF+	6.50%		6/7/2028	—	(59)	(59)
			Secured Debt	(9)	6/7/2023		10.82%	SF+	6.50%		6/7/2028	6,109	5,983	6,109
			Secured Debt	(9)	6/7/2023		10.82%	SF+	6.50%		6/7/2028	18,187	17,840	18,187
			Common Equity		6/7/2023	1,234							1,234	4,130
													24,998	28,367
PrimeFlight Aviation Services	(10) (13)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		10.58%	SF+	5.50%		5/1/2029	7,860	7,661	7,860
			Secured Debt	(9)	9/7/2023		9.83%	SF+	5.50%		5/1/2029	750	730	750
			Secured Debt	(9)	1/30/2024		9.83%	SF+	5.50%		5/1/2029	754	739	754
			Secured Debt	(9)	6/28/2024		9.83%	SF+	5.25%		5/1/2029	857	846	857
			Secured Debt	(9)	1/21/2025		9.54%	SF+	5.25%		5/1/2029	1,900	1,882	1,900
													11,858	12,121
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		12.81%	SF+	8.25%		8/19/2027	6,838	6,748	6,734
			Secured Debt	(9)	8/19/2022		12.84%	SF+	8.25%		8/19/2027	17,095	16,879	16,834
													23,627	23,568
Purge Rite, LLC	(10)	HVAC Flushing and Filtration Services
			Preferred Equity		10/2/2023	32,813							3,248	3,248
			Common Equity		4/1/2024	32,813							33	3,920
													3,281	7,168
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (25) (32)	8/24/2023			SF+	6.50%		8/24/2028	—	(69)	—
			Secured Debt	(9)	8/24/2023		10.80%	SF+	6.50%		8/24/2028	33,827	33,044	33,827
			Secured Debt	(9)	9/10/2024		10.79%	SF+	6.50%		8/24/2028	21,962	21,585	21,962


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)

													54,560	55,789
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(9) (25)	8/27/2021			SF+	8.00%		8/27/2026	—	(4)	—
			Secured Debt	(9)	8/27/2021		11.57%	SF+	7.00%		8/27/2026	3,376	3,341	3,078
			Secured Debt	(9)	8/27/2021		13.57%	SF+	9.00%		8/27/2026	3,376	3,341	3,058
													6,678	6,136
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		12.49%	SF+	8.00%	2.00%	11/16/2025	5,917	5,911	5,917
			Secured Debt	(9)	7/16/2021		12.49%	SF+	8.00%	2.00%	11/16/2025	7,278	7,258	7,278
													13,169	13,195
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (25)	8/8/2024			SF+	5.25%		8/8/2029	—	—	—
			Secured Debt	(9)	8/8/2024		9.67%	SF+	5.25%		8/8/2029	53,320	52,960	53,320
			Common Equity		12/10/2021	864							864	885
													53,824	54,205
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (32)	7/1/2022		11.96%	SF+	7.50%		7/1/2027	1,405	1,376	1,405
			Secured Debt	(9)	7/1/2022		11.95%	SF+	7.50%		7/1/2027	15,529	15,387	15,529
			Common Stock		7/1/2022	638,710							639	690
													17,402	17,624
Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider
			Secured Debt		12/22/2020		9.55%	SF+	5.00%		12/18/2027	14,645	14,498	14,291

TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9)	12/31/2024		10.14%	SF+	5.75%		12/31/2029	1,293	1,203	1,264
			Secured Debt	(9) (25)	12/31/2024			SF+	5.75%		12/31/2029	—	(68)	(68)
			Secured Debt	(9)	12/31/2024		10.13%	SF+	5.75%		12/31/2029	32,253	31,803	31,527
													32,938	32,723
Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000	4,720

Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(29)	7/7/2021	1,000,000							1,000	2,290

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	—	(99)	(99)
			Secured Debt	(9)	3/11/2024		10.80%	SF+	6.50%		3/11/2029	33,841	32,913	33,841
			Secured Debt	(9)	2/27/2025		10.80%	SF+	6.50%		3/11/2029	4,330	4,226	4,330


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 Equity		3/11/2024	1,218,750	8.00%			8.00%			1,219	1,400
													38,259	39,472
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (14)	6/1/2023		11.90%	SF+	7.40%	6.00%	5/2/2027	9,825	2,935	3,930
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003	20	—
													2,955	3,930
UPS Intermediate, LLC	(10)	Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets
			Secured Debt	(9)	7/29/2024		10.57%	SF+	6.25%		7/27/2029	43,230	42,494	42,505
			Common Equity		7/29/2024	1,443,299							1,443	1,350
													43,937	43,855
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/11/2023		11.80%	SF+	7.50%		4/5/2029	4,000	3,923	4,000

Veregy Consolidated, Inc.	(11)	Energy Service Company
			Secured Debt	(9) (25)	11/9/2020			SF+	6.00%		11/3/2025	—	(130)	(130)
			Secured Debt	(9)	11/9/2020		10.55%	SF+	6.00%		11/3/2027	17,618	17,451	17,663
													17,321	17,533
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt		12/22/2023		11.44%	SF+	7.00%		12/22/2028	6,955	6,794	6,955
			Secured Debt	(9)	12/22/2023		11.44%	SF+	7.00%		12/22/2028	41,969	41,193	41,969
													47,987	48,924
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038	2,640

Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	2,292	2,277	2,156
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	396	383	372
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	16,295	16,208	15,324
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	13,034	12,964	12,257
													31,832	30,109
West Star Aviation Acquisition, LLC	(10)	Aircraft, Aircraft Engine and Engine Parts
			Secured Debt	(9) (26)	3/1/2022		9.32%	SF+	5.00%		3/1/2028	2,374	2,345	2,374
			Secured Debt	(9)	3/1/2022		9.32%	SF+	5.00%		3/1/2028	10,523	10,411	10,523
			Secured Debt	(9)	11/3/2023		9.32%	SF+	5.00%		3/1/2028	5,237	5,160	5,237
			Common Stock	(8)	3/1/2022	1,541,400							1,541	4,920


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)

													19,457		23,054
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (32)	11/19/2021		12.56%	SF+	8.00%		11/19/2026	2,667	2,633		2,618
			Secured Debt	(9)	11/19/2021		12.57%	SF+	8.00%		11/19/2026	1,874	1,858		1,840
			Secured Debt	(9)	1/16/2024		11.57%	SF+	7.00%		11/19/2026	7,240	7,145		7,108
			Secured Debt	(9)	1/16/2024		13.57%	SF+	9.00%		11/19/2026	7,240	7,145		7,108
													18,781		18,674
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		9.65%	SF+	5.25%		12/20/2028	23,753	23,505		23,753
			Secured Debt	(9)	12/17/2021		9.64%	SF+	5.25%		12/20/2028	37,345	36,991		37,346
			Secured Debt	(9)	3/31/2025		10.15%	SF+	5.75%		12/20/2028	10,632	10,424		10,632
													70,920		71,731
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018		11.90%	SF+	7.50%		8/9/2026	10,792	10,664		9,409

Zips Car Wash, LLC	(10)	Express Car Wash Operator
			Secured Debt	(9)	2/10/2025		11.70%	SF+	7.25%		10/10/2025	966	966		966
			Secured Debt	(9)	2/10/2025		11.70%	SF+	7.25%		10/10/2025	1,690	1,690		1,690
			Secured Debt	(9) (14) (17)	2/11/2022		11.91%	SF+	7.25%	11.91%	12/31/2024	15,273	15,273		11,318
			Secured Debt	(9) (14) (17)	2/11/2022		11.91%	SF+	7.25%	11.91%	12/31/2024	3,828	3,828		2,837
													21,757		16,811
ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		12.50%	P+	5.00%		6/14/2029	5,558	5,383		5,558
			Secured Debt	(9) (26)	6/14/2024		10.27%	SF+	6.00%		6/14/2029	8,039	7,809		8,039
			Secured Debt	(9)	6/14/2024		10.28%	SF+	6.00%		6/14/2029	6,551	6,438		6,551
			Secured Debt	(9)	6/14/2024		10.30%	SF+	6.00%		6/14/2029	46,917	46,104		46,917
													65,734		67,065
Subtotal Non-Control/Non-Affiliate Investments (69.8% of net assets at fair value)													$	2,038,134	$	1,981,857
Total Portfolio Investments, March 31, 2025 (178.0% of net assets at fair value)													$	4,295,736	$	5,054,139

Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (36)													$	39,900	$	39,900
Fidelity Government Fund (37)													4,116		4,116

(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+6.50% (Floor 1.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of 11.75% 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 SOFR (“SF”) or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.


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	(25)	8/16/2019						8/16/2029	$	—	$	—	$	—
			Secured Debt		8/16/2019		13.75%				8/16/2029	4,095		4,048		4,048
			Preferred Member Units		5/20/2021	2,427								2,427		5,300
			Preferred Member Units		8/16/2019	3,200								3,200		—
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														9,991		9,348
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt	(17)	12/31/2019		13.00%				7/31/2024	400		400		400
			Secured Debt	(17)	8/1/2013		13.00%				7/31/2024	1,650		1,650		1,598
			Preferred Member Units		6/28/2023	178								178		—
			Member Units		8/1/2013	1,500								1,500		—
														3,728		1,998
ATS Workholding, LLC	(10)	Manufacturer of Machine Cutting Tools and Accessories
			Secured Debt	(14)	11/16/2017		5.00%				3/31/2025	2,383		2,374		113
			Secured Debt	(14) (17)	11/16/2017		5.00%				9/1/2024	3,015		2,842		143
			Preferred Member Units		11/16/2017	3,725,862								3,726		—
														8,942		256
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%				10/31/2026	711		711		711
			Member Units		10/26/2020	37								1,584		5,860
														2,295		6,571
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt		3/7/2022		10.00%				3/7/2027	450		446		446
			Secured Debt		3/7/2022		10.00%				3/7/2027	270		270		270
			Secured Debt		3/7/2022		10.00%				3/7/2027	10,575		10,529		10,529
			Preferred Stock	(8)	3/7/2022	4,073								4,095		5,160
														15,340		16,405
BDB Holdings, LLC		Casual Restaurant Group
			Preferred Equity		11/4/2024	18,756,995								19,537		18,920

Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(25)	12/31/2020						12/31/2025	—		—		—
			Secured Debt	(9) (22)	12/31/2020		12.55%	SF+	7.99%		10/31/2027	101,643		101,263		101,643
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		30,520
														115,263		132,163
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services


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

		Secured Debt	(9)	1/9/2018		14.66%	SF+	10.00%		12/31/2025	5,016	5,016	5,016
		Preferred Member Units	(8)	1/9/2018	2,950							4,280	4,680
												9,296	9,696
Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132	—
		Preferred Member Units	(8) (29)	7/25/2016	17,742							1,000	—
												3,132	—
Café Brazil, LLC	Casual Restaurant Group
		Member Units	(8)	6/9/2006	1,233							1,742	1,200

California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt		3/15/2024		14.00%			4.00%	7/29/2026	1,528	1,506	1,506
		Secured Debt		3/30/2018		14.00%			4.00%	7/29/2026	28,908	28,853	28,465
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			10,909	10,909
		Preferred Member Units	(8)	3/30/2018	8,729							16,402	22,215
												57,670	63,095
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	49,540

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	9.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		13.66%	SF+	9.00%		1/4/2028	25,534	25,492	25,534
		Preferred Member Units		1/4/2019	13,883							6,386	12,410
												31,878	37,944
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2026	—	(105)	—
		Secured Debt	(9)	2/26/2018		12.74%	SF+	8.00%		2/26/2026	15,620	15,619	15,620
		Member Units	(8)	2/26/2018	4,347							11,440	33,110
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	3,550
												28,727	52,280
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		10.00%				1/31/2026	5,694	5,166	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	15,580
												7,129	21,274
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(25)	10/28/2022						1/15/2027	—	—	—
		Secured Debt		12/20/2016		9.00%				1/15/2027	6,760	6,724	6,760
		Secured Debt		12/20/2016		10.00%				12/20/2036	973	965	973


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	10,990
			Member Units	(29)	12/20/2016	800							509	950
													15,478	19,673
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(25)	3/6/2020						12/17/2026	—	(12)	—
			Secured Debt		3/6/2020		12.50%				12/17/2026	39,227	39,207	39,227
			Preferred Member Units	(8) (29)	3/6/2020	587							8,317	67,810
													47,512	107,037
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(25)	3/31/2021						3/31/2026	—	—	—
			Secured Debt		3/31/2021		12.00%				3/31/2026	14,310	14,272	14,310
			Preferred Member Units	(8)	3/31/2021	17,280							7,680	13,570
													21,952	27,880
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9)	1/29/2019		13.66%	SF+	9.00%		1/29/2028	2,955	2,903	2,903
			Preferred Member Units		1/29/2019	2,250							3,520	11,260
													6,423	14,163
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023						11/22/2028	—	(21)	(21)
			Secured Debt		11/22/2023		13.50%				11/22/2028	17,200	17,067	17,067
			Preferred Equity		11/22/2023	7,454							7,454	7,450
													24,500	24,496
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							500	500

Cybermedia Technologies, LLC		IT and Digital Services Provider
			Secured Debt	(25)	5/5/2023						5/5/2028	—	—	—
			Secured Debt		5/5/2023		13.00%				5/5/2028	27,300	27,116	27,116
			Preferred Member Units	(8)	5/5/2023	556							15,000	15,000
													42,116	42,116
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%				12/31/2025	495	493	493
			Secured Debt		3/31/2021		10.00%				12/31/2025	8,082	7,947	7,947
			Preferred Member Units		3/31/2021	9,000							2,610	240
													11,050	8,680
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		14.56%	SF+	10.00%		4/27/2026	12,617	12,561	12,422
			Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
													22,062	22,257


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)

Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(25)	2/13/2018						2/13/2026	—	(31)	—
			Secured Debt		12/27/2022		14.00%				2/13/2026	23,902	23,859	23,902
			Preferred Stock		2/13/2018	8,400							8,400	17,930
													32,228	41,832
Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassis Components
			Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2027	—	(5)	(5)
			Secured Debt		10/3/2022		12.00%				10/3/2027	18,069	17,969	17,969
			Secured Debt		10/3/2022		9.00%				10/3/2052	6,265	6,207	6,207
			Common Stock		10/3/2022	285							5,726	5,730
			Common Stock	(29)	10/3/2022	939							1,558	3,050
													31,455	32,951
Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (25) (34)	6/24/2016			SF+	7.00%		1/1/2028	—	—	—
			Secured Debt	(9) (34)	11/22/2024		11.00%	SF+	7.00%		1/1/2028	73,126	72,986	73,126
			Member Units	(8)	6/24/2016	9,042							17,692	114,750
													90,678	187,876
Garreco, LLC		Manufacturer and Supplier of Dental Products
			Member Units	(8)	7/15/2013	1,200							1,200	2,060

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		10.66%	SF+	6.00%		10/29/2026	3,146	3,140	3,146
			Secured Debt		12/19/2014		12.66%	SF+	8.00%		10/29/2026	40,493	40,406	40,493
			Member Units		12/19/2014	5,879							13,065	45,890
													56,611	89,529
Gulf Publishing Holdings, LLC		Energy Industry Focused Media and Publishing
			Secured Debt	(9) (14) (25)	9/29/2017			SF+	9.50%		7/1/2027	—	—	—
			Secured Debt	(14)	7/1/2022		12.50%			12.50%	7/1/2027	2,400	2,299	1,518
			Preferred Equity		7/1/2022	63,720							5,600	—
			Member Units		4/29/2016	3,681							3,681	—
													11,580	1,518
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(8) (30)	10/1/2017	49.26%							3,345	8,818
			LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							256	383


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)


	TABLE OF CONTENTS
	PART I
	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—M arch 31, 2025 (unaudited) and December 31, 2024	1
	Consolidated Statements of Operations (unaudited)—Three months ended March 3 1 , 202 5 and 2024	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three months ended March 3 1 , 202 5 and 2024	3
	Consolidated Statements of Cash Flows (unaudited)—Thre e months ended March 3 1 , 202 5 and 2024	4
	Consolidated Schedule of Investments (unaudited)—March 3 1 , 2025	5
	Consolidated Schedule of Investments—December 31, 2024	34
	Notes to Consolidated Financial Statements (unaudited)	63
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Thre e months ended March 3 1 , 202 5 and 202 4	108
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	127
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	144
Item 4.	Controls and Procedures	145
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	146
Item 1A.	Risk Factors	146
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	146
Item 5.	Other Information	146
Item 6.	Exhibits	147
	Signatures	148


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