main-20250630


	June 30, 2025		December 31, 2024
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,561,120 and $1,415,970 as of June 30, 2025 and December 31, 2024, respectively)	$	2,295,565	$	2,087,890
Affiliate investments (cost: $790,583 and $743,441 as of June 30, 2025 and December 31, 2024, respectively)	856,226		846,798
Non‑Control/Non‑Affiliate investments (cost: $2,001,002 and $2,077,901 as of June 30, 2025 and December 31, 2024, respectively)	1,941,279		1,997,981
Total investments (cost: $4,352,705 and $4,237,312 as of June 30, 2025 and December 31, 2024, respectively)	5,093,070		4,932,669
Cash and cash equivalents	86,984		78,251
Interest and dividend receivable and other assets	92,509		98,084

Deferred financing costs (net of accumulated amortization of $16,084 and $14,592 as of June 30, 2025 and December 31, 2024, respectively)	15,203		12,337
Total assets	$	5,287,766	$	5,121,341
LIABILITIES
Credit Facilities	$	477,000	$	384,000
July 2026 Notes (par: $500,000 as of both June 30, 2025 and December 31, 2024)	499,452		499,188
June 2027 Notes (par: $400,000 as of both June 30, 2025 and December 31, 2024)	399,425		399,282
March 2029 Notes (par: $350,000 as of both June 30, 2025 and December 31, 2024)	347,361		347,002

SBIC debentures (par: $350,000 as of both June 30, 2025 and December 31, 2024)	344,005		343,417
December 2025 Notes (par: $150,000 as of both June 30, 2025 and December 31, 2024)	149,741		149,482

Accounts payable and other liabilities	50,025		69,631
Interest payable	23,717		23,290
Dividend payable	22,767		22,100
Deferred tax liability, net	90,056		86,111
Total liabilities	2,403,549		2,323,503
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 89,275,113 and 88,398,713 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)	893		884
Additional paid‑in capital	2,429,817		2,394,492




Total undistributed earnings	453,507		402,462
Total net assets	2,884,217		2,797,838
Total liabilities and net assets	$	5,287,766	$	5,121,341
NET ASSET VALUE PER SHARE	$	32.30	$	31.65


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments	$	60,212	$	51,318	$	116,454	$	102,437
Affiliate investments	25,767		23,201		49,501		40,928
Non‑Control/Non‑Affiliate investments	57,994		57,635		115,064		120,394
Total investment income	143,973		132,154		281,019		263,759
EXPENSES:
Interest	(32,519)		(29,161)		(63,687)		(55,937)
Compensation	(12,677)		(11,322)		(24,153)		(23,581)
General and administrative	(5,919)		(5,375)		(11,005)		(9,595)
Share‑based compensation	(5,416)		(4,883)		(10,258)		(8,986)
Expenses allocated to the External Investment Manager	5,892		5,887		11,228		11,446
Total expenses	(50,639)		(44,854)		(97,875)		(86,653)
NET INVESTMENT INCOME BEFORE TAXES	93,334		87,300		183,144		177,106
Excise tax expense	(818)		(272)		(2,159)		(1,193)
Federal and state income and other tax expenses	(4,333)		(3,129)		(6,905)		(5,583)
NET INVESTMENT INCOME	88,183		83,899		174,080		170,330
NET REALIZED GAIN (LOSS):
Control investments	(2,998)		(361)		(2,976)		(352)
Affiliate investments	55,647		7,863		57,711		753
Non‑Control/Non‑Affiliate investments	(229)		(4,088)		(31,860)		(9,355)

Total net realized gain (loss)	52,420		3,414		22,875		(8,954)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	33,154		5,589		33,555		37,659
Affiliate investments	(47,745)		9,502		(8,742)		15,428
Non‑Control/Non‑Affiliate investments	(4,360)		7,953		19,426		10,606

Total net unrealized appreciation (depreciation)	(18,951)		23,044		44,239		63,693
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation)	882		(7,669)		(2,578)		(15,234)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	122,534	$	102,688	$	238,616	$	209,835
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.99	$	0.97	$	1.96	$	1.99
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	1.37	$	1.19	$	2.68	$	2.45
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	89,258,390		86,194,092		88,986,215		85,666,311


	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
Public offering of common stock, net of offering costs	874,309	9		42,208		—		42,217
Share‑based compensation	—	—		4,883		—		4,883
Purchase of vested stock for employee payroll tax withholding	(154,751)	(2)		(7,320)		—		(7,322)
Dividend reinvestment	179,511	2		8,786		—		8,788
Amortization of directors’ deferred compensation	—	—		106		—		106
Issuance of restricted stock, net of forfeited shares	489,804	5		(5)		—		—
Net increase in net assets resulting from operations	—	—		—		102,688		102,688

Dividends to stockholders	—	—		179		(88,553)		(88,374)
Balances as of June 30, 2024	86,552,506	$	865	$	2,337,879	$	240,212	$	2,578,956





















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
Public offering of common stock, net of offering costs	195,454	2		10,831		—		10,833
Share‑based compensation	—	—		5,416		—		5,416
Purchase of vested stock for employee payroll tax withholding	(177,024)	(2)		(10,013)		—		(10,015)
Dividend reinvestment	167,705	2		9,377		—		9,379
Amortization of directors’ deferred compensation	—	—		97		—		97
Issuance of restricted stock, net of forfeited shares	436,863	4		(4)		—		—
Net increase in net assets resulting from operations	—	—		—		122,534		122,534

Dividends to stockholders	—	—		199		(94,359)		(94,160)
Balances as of June 30, 2025	89,282,595	$	893	$	2,429,817	$	453,507	$	2,884,217


	Six Months Ended June 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	238,616	$	209,835
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies	(645,993)		(915,212)
Proceeds from sales and repayments of debt investments in portfolio companies	472,012		442,596
Proceeds from sales and return of capital of equity investments in portfolio companies	101,271		29,724
Net unrealized appreciation	(44,239)		(63,693)
Net realized (gain) loss	(22,875)		8,954
Accretion of unearned income	(10,406)		(10,560)
Payment-in-kind interest	(7,297)		(9,116)
Cumulative dividends	(1,936)		(1,026)
Share-based compensation expense	10,258		8,986
Amortization of deferred financing costs	3,105		2,294
Deferred taxes	3,945		18,282
Changes in other assets and liabilities:
Interest and dividend receivable and other assets	1,813		(27,282)
Interest payable	427		8,798
Accounts payable and other liabilities	(19,401)		(10,399)
Deferred fees and other	2,825		3,268
Net cash provided by (used in) operating activities	82,125		(304,551)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs	16,031		47,913


Proceeds from public offering of March 2029 Notes	—		350,000
Proceeds from public offering of June 2027 Notes	—		300,000


Dividends paid	(168,050)		(157,212)

Repayments of SBIC debentures	—		(63,800)


Redemption of May 2024 Notes	—		(450,000)
Proceeds from Credit Facilities	607,000		1,395,000
Repayments on Credit Facilities	(514,000)		(1,130,000)
Payment of deferred financing costs	(4,358)		(9,625)
Purchases of vested stock for employee payroll tax withholding	(10,015)		(7,336)

Net cash provided by (used in) financing activities	(73,392)		274,940

Net increase (decrease) in cash and cash equivalents	8,733		(29,611)
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD	78,251		60,083
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD	$	86,984	$	30,472

Supplemental cash flow disclosures:
Interest paid	$	60,068	$	44,694
Taxes paid	$	16,936	$	6,425


Non-cash financing activities:
Value of shares issued pursuant to the dividend reinvestment plan	$	18,466	$	17,229


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	$	7,653	$	7,653	$	7,653
			Secured Debt	(9)	3/25/2025		12.95%	SF+	8.50%	12.95%	3/28/2028	7,653		7,653		7,653
			Preferred Equity		3/25/2025	26,638								8,970		7,790
														24,276		23,096
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(25)	8/16/2019						8/16/2029	—		—		—
			Secured Debt		8/16/2019		17.50%				8/16/2029	3,995		3,954		3,954
			Preferred Member Units		5/20/2021	2,427								2,427		5,340
			Preferred Member Units		8/16/2019	3,200								3,200		—
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														9,897		9,294
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt	(17)	12/31/2019		13.00%				7/31/2024	400		400		400
			Secured Debt	(17)	8/1/2013		13.00%				7/31/2024	1,578		1,578		1,428
			Preferred Member Units		6/28/2023	178								178		—
			Member Units		8/1/2013	1,500								1,500		—
														3,656		1,828
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Secured Debt		10/15/2020		7.00%				10/31/2026	711		711		711
			Member Units	(8)	10/26/2020	37								1,584		6,810
														2,295		7,521
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/7/2027	—		(3)		(3)
			Secured Debt		3/7/2022		10.00%				3/7/2027	270		270		270
			Secured Debt		3/7/2022		10.00%				3/7/2027	10,575		10,540		10,540
			Preferred Stock	(8)	3/7/2022	4,073								4,095		6,980
														14,902		17,787
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	420		420		420
			Preferred Equity		11/4/2024	18,756,995								19,537		17,860
														19,957		18,280
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		11.67%	SF+	7.29%		10/31/2027	101,046		100,735		101,046
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		30,300
														114,735		131,346
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services


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

		Secured Debt	(9)	1/9/2018		14.48%	SF+	10.00%		12/31/2025	5,016	5,016	5,016
		Preferred Member Units	(8)	1/9/2018	2,950							4,280	3,260
												9,296	8,276
Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132	—
		Preferred Member Units	(8) (29)	7/25/2016	17,742							1,000	—
												3,132	—
Café Brazil, LLC	Casual Restaurant Group
		Member Units	(8)	6/9/2006	1,233							1,742	1,010

California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(25)	3/15/2024						8/28/2028	—	(16)	(16)
		Secured Debt		3/30/2018		14.00%				8/28/2028	25,800	25,766	25,766
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			11,732	11,732
		Preferred Member Units	(8)	3/30/2018	8,729							16,402	15,275
												53,884	52,757
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	48,960

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	10.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		14.48%	SF+	10.00%		1/4/2028	24,464	24,431	24,464
		Preferred Member Units		1/4/2019	13,883							6,386	16,550
												30,817	41,014
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2026	—	(60)	—
		Secured Debt	(9)	2/26/2018		12.49%	SF+	8.00%		2/26/2026	18,820	18,814	18,820
		Member Units	(8)	2/26/2018	4,347							11,440	32,290
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	3,690
												31,967	54,800
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694	5,214	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	15,360
												7,177	21,054
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(25)	10/28/2022						1/15/2027	—	—	—
		Secured Debt		12/20/2016		9.00%				1/15/2027	6,280	6,248	6,280


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

			Secured Debt		12/20/2016		10.00%				12/20/2036	951	944	951
			Member Units	(8)	12/20/2016	717							7,280	12,290
			Member Units	(29)	12/20/2016	800							509	1,270
													14,981	20,791
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt		3/6/2020		12.50%				12/17/2026	3,772	3,763	3,772
			Secured Debt		3/6/2020		12.50%				12/17/2026	37,080	37,066	37,080
			Preferred Member Units	(8) (29)	3/6/2020	587							8,317	67,150
													49,146	108,002
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(25)	3/31/2021						3/31/2026	—	—	—
			Secured Debt		3/31/2021		12.00%				3/31/2026	11,494	11,476	11,494
			Preferred Member Units	(8)	3/31/2021	17,280							7,680	15,270
													19,156	26,764
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9)	1/29/2019		13.48%	SF+	9.00%		1/29/2028	2,745	2,704	2,704
			Preferred Member Units		1/29/2019	2,250							3,520	9,630
													6,224	12,334
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023						11/22/2028	—	(18)	(18)
			Secured Debt		11/22/2023		13.50%				11/22/2028	17,200	17,084	16,944
			Preferred Equity		11/22/2023	7,454							7,454	7,454
													24,520	24,380
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							515	515

Cybermedia Technologies, LLC		IT and Digital Services Provider
			Secured Debt	(25)	5/5/2023						5/5/2028	—	—	—
			Secured Debt		5/5/2023		13.00%				5/5/2028	27,210	27,054	26,463
			Preferred Member Units		5/5/2023	556							15,000	—
			Preferred Equity		4/1/2025	2,400,000							2,400	3,400
													44,454	29,863
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%				12/31/2025	675	674	674
			Secured Debt		3/31/2021		10.00%				12/31/2025	7,947	7,881	7,192
			Preferred Member Units		3/31/2021	9,360							2,970	—
													11,525	7,866


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (24)	Shares/Units	Total Rate	Reference Rate and Spread (28)		PIK Rate (19)	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		14.38%	SF+	10.00%		4/27/2026	11,957	11,924	11,785
		Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
												21,425	21,620
Direct Marketing Solutions, Inc.	Provider of Omni-Channel Direct Marketing Services
		Secured Debt	(25)	2/13/2018						2/13/2026	—	(17)	—
		Secured Debt		12/27/2022		14.00%				2/13/2026	23,082	23,060	23,082
		Preferred Stock		2/13/2018	8,400							8,400	18,470
												31,443	41,552
Doral Holdings, LLC	Machinery Moving, Rigging and Millwrighting Provider
		Secured Debt	(25)	5/20/2025						5/20/2030	—	—	—
		Secured Debt		5/20/2025		13.00%				5/20/2030	29,500	29,215	29,215
		Preferred Equity		5/20/2025	13,000							13,000	13,000
												42,215	42,215
Elgin AcquireCo, LLC	Manufacturer and Distributor of Engine and Chassis Components
		Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2026	—	(4)	(4)
		Secured Debt		10/3/2022		12.00%				10/3/2027	17,576	17,497	17,497
		Secured Debt		10/3/2022		9.00%				10/3/2052	6,239	6,182	6,182
		Common Stock		10/3/2022	285							5,726	5,160
		Common Stock	(29)	10/3/2022	939							1,558	3,160
												30,959	31,995
Flame King Holdings, LLC	Propane Tank and Accessories Distributor
		Secured Debt		6/30/2025		12.00%				6/30/2030	66,000	65,351	65,351
		Preferred Equity	(8)	10/29/2021	9,360							10,400	41,370
												75,751	106,721
Gamber-Johnson Holdings, LLC	Manufacturer of Ruggedized Computer Mounting Systems
		Secured Debt	(9) (25) (34)	6/24/2016			SF+	7.50%		1/1/2028	—	—	—
		Secured Debt	(9) (34)	11/22/2024		11.50%	SF+	7.50%		1/1/2028	72,326	72,211	72,326
		Member Units	(8)	6/24/2016	9,042							17,692	114,750
												89,903	187,076
Garreco, LLC	Manufacturer and Supplier of Dental Products
		Member Units	(8)	7/15/2013	1,200							1,200	1,830

GRT Rubber Technologies LLC	Manufacturer of Engineered Rubber Products
		Secured Debt		12/21/2018		10.48%	SF+	6.00%		10/29/2026	3,146	3,142	3,146
		Secured Debt		12/19/2014		12.48%	SF+	8.00%		10/29/2026	40,493	40,430	40,493


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

			Member Units	(8)	12/19/2014	5,879							13,065	46,820
													56,637	90,459
Gulf Publishing Holdings, LLC		Energy Industry Focused Media and Publishing
			Secured Debt	(9) (14) (25)	9/29/2017			SF+	9.50%		7/1/2027	—	—	—
			Secured Debt	(14)	7/1/2022		12.50%				7/1/2027	2,400	2,194	1,878
			Preferred Equity		7/1/2022	63,720							5,600	—
			Member Units		4/29/2016	3,681							3,681	—
													11,475	1,878
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(30)	10/1/2017	49.26%							1,158	1,686
			LP Interests (2717 HPP-MS, L.P.)	(30)	3/11/2022	49.26%							256	447
			LP Interests (2717 GRE-LP, L.P.)	(30)	4/18/2024	43.05%							441	441
			LP Interests (423 COR, L.P.)	(30)	6/2/2022	26.89%							2,900	5,168
													4,755	7,742
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456							718	7,270

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	1,600	1,575	1,600
			Secured Debt		6/21/2023		13.00%				6/21/2028	35,064	34,855	35,064
			Common Equity		6/21/2023	14,400							14,400	19,560
													50,830	56,224
Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(9) (25)	8/29/2017			P+	6.75%		11/14/2026	—	—	—
			Secured Debt	(9)	11/14/2006		14.25%	P+	6.75%		11/14/2026	1,178	1,178	1,178
			Member Units	(8)	11/14/2006	627							811	11,540
													1,989	12,718
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	23,321	23,240	23,240
			Preferred Equity	(8)	3/28/2022	109,926							10,993	13,480
													34,233	36,720
KBK Industries, LLC		Manufacturer of Specialty Oilfield and Industrial Products
			Secured Debt		2/24/2023		9.50%				2/24/2028	8,700	8,649	8,700
			Member Units	(8)	1/23/2006	325							783	25,180
													9,432	33,880


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

Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		12.00%				10/31/2026	13,399	13,391	13,391
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,935	3,903	3,903
			Preferred Equity		10/31/2018	581							12,240	14,280
			Member Units	(8) (29)	10/31/2018	800							992	2,710
													30,526	34,284
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2025	—	(4)	—
			Secured Debt		10/19/2022		9.75%				10/19/2027	18,564	18,479	18,564
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916	6,035
			Common Stock	(8)	10/19/2022	1,537,219							1,537	6,760
													25,928	31,359
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt	(9)	1/26/2021		7.38%	SF+	3.00%		3/24/2026	4,000	4,000	4,000
			LP Interests	(8) (30)	1/26/2021	14.51%							14,250	13,526
													18,250	17,526
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%		3/5/2029	—	(97)	(97)
			LP Interests	(8) (30)	9/5/2023	13.22%							9,000	9,394
													8,903	9,297
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500	272,600

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Common Equity	(8)	5/2/2022	1,377,952							21,545	21,557

MVI MSO, LLC		Vascular Practice Specializing in Comprehensive Vein and Artery Diagnosis and Treatment
			Secured Debt		3/28/2025		13.00%				3/28/2030	9,850	9,758	9,758
			Preferred Equity		3/28/2025	270							2,700	2,700
													12,458	12,458
Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
			Secured Debt	(25)	8/18/2014						1/31/2027	—	—	—
			Secured Debt		8/18/2014		10.00%				1/31/2027	5,746	5,734	5,746
			Common Stock	(8)	8/18/2014	5,873							2,720	26,780
													8,454	32,526
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units	(8)	1/31/2008	2,955							2,975	11,820


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

Nello Industries Investco, LLC	Manufacturer of Steel Poles and Towers For Critical Infrastructure
		Secured Debt		6/4/2024		13.50%				6/4/2029	27,200	26,986	26,986
		Preferred Equity	(8)	6/4/2024	364,579							12,120	18,240
												39,106	45,226
NexRev LLC	Provider of Energy Efficiency Products & Services
		Preferred Member Units	(8)	2/28/2018	103,144,186							8,213	12,390

NRP Jones, LLC	Manufacturer of Hoses, Fittings and Assemblies
		Secured Debt		12/21/2017		12.00%				9/18/2028	2,191	2,184	2,184
		Preferred Equity		12/8/2011	495,000							482	1,238
		Member Units		12/22/2011	74,761							114	45
		Member Units		12/22/2011	74,761							3,823	1,095
		Common Equity	(29)	6/20/2025	1,200,000							1,200	1,200
												7,803	5,762
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9) (17)	1/31/2017		10.98%	SF+	6.50%		1/31/2025	2,400	2,400	2,400
		Secured Debt	(17)	1/31/2017		12.00%				1/31/2025	18,440	18,440	18,440
		Preferred Member Units		11/2/2022	2,400							2,785	6,000
		Preferred Member Units		1/31/2017	486							11,866	12,200
												35,491	39,040
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				12/31/2029	19,000	18,956	19,000
		Preferred Member Units	(8)	4/1/2008	900							1,080	77,620
												20,036	96,620
Orttech Holdings, LLC	Distributor of Industrial Clutches, Brakes and Other Components
		Secured Debt	(9) (25)	7/30/2021			SF+	11.00%		7/31/2026	—	—	—
		Secured Debt	(9)	7/30/2021		15.48%	SF+	11.00%		7/31/2026	21,160	21,114	21,160
		Preferred Stock	(29)	7/30/2021	10,000							10,000	13,450
												31,114	34,610
Pinnacle TopCo, LLC	Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
		Secured Debt	(25)	12/21/2023						12/31/2028	—	(11)	—
		Secured Debt		12/21/2023		13.00%				12/31/2028	27,840	27,648	27,840
		Preferred Equity	(8)	12/21/2023	440							12,540	19,530
												40,177	47,370
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	7.00%		11/15/2027	—	(5)	—


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

		Secured Debt	(9)	11/15/2016		11.48%	SF+	7.00%		11/15/2027	15,328	15,243	15,328
		Common Stock	(8)	6/10/2010	2,000							2,150	18,250
		Common Stock	(8) (29)	6/14/2022	238,421							238	575
												17,626	34,153
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%				11/15/2026	4,897	4,870	4,870
		Preferred Member Units	(8)	2/1/2011	21,806							5,709	13,790
		Common Stock		1/27/2021	1,037							1,200	660
												11,779	19,320
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000							7,546	460

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(29)	12/20/2013	1,500							369	9,590

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(14) (25)	12/15/2021					10.00%	12/15/2026	—	(51)	(51)
		Secured Debt	(14)	12/15/2021		12.50%			10.00%	12/15/2026	33,660	32,198	14,135
		Preferred Equity		12/15/2021	11,070							11,070	—
												43,217	14,084
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	1,840	1,821	1,644
		Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	15,200	15,045	3,452
		Preferred Member Units		8/28/2023	6,605							661	—
		Preferred Member Units		2/1/2023	5,643							564	—
		Preferred Member Units		8/31/2018	544							9,245	—
												27,336	5,096
Televerde, LLC	Provider of Telemarketing and Data Services
		Preferred Stock		1/26/2022	248							718	1,794
		Member Units	(8)	1/6/2011	460							1,290	5,021
												2,008	6,815
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt	(25)	5/31/2019						5/31/2027	—	(1)	(1)
		Secured Debt		5/31/2019		13.50%				5/31/2027	7,920	7,869	7,869
		Common Stock	(8)	5/31/2019	615							4,655	9,460
												12,523	17,328
Victory Energy Operations, LLC	Provider of Industrial and Commercial Combustion Systems
		Secured Debt		10/3/2024		13.00%				10/3/2029	1,723	1,694	1,694


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

			Secured Debt		10/3/2024		13.00%				10/3/2029	48,251		47,841		47,841
			Preferred Equity	(8)	10/3/2024	51,421								22,471		22,471
														72,006		72,006
Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt	(17)	3/31/2023		10.00%				3/31/2025	2,100		2,100		2,100
			Preferred Member Units		3/31/2023	5,097,595								2,882		4,280
			Preferred Member Units		3/31/2023	142,512								—		—
			Preferred Member Units		1/26/2015	4,876,670								14,000		—
			Common Stock		3/31/2023	1,802,780								2,576		—
														21,558		6,380
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (25)	12/1/2021			SF+	6.00%		12/1/2025	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	24,480		24,410		24,410
			Preferred Equity	(8) (29)	12/1/2021	12,240								12,240		12,240
														36,650		36,650
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		12/30/2024		12.00%				12/31/2027	1,750		1,750		1,750
			Preferred Member Units		6/30/2015	16,878								3,154		50
			Warrants	(27)	7/1/2015	587					10/1/2025			600		—
														5,504		1,800
Subtotal Control investments (79.6% of net assets at fair value)														$	1,561,120	$	2,295,565
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		4/1/2025		18.00%			18.00%	8/6/2025	$	779	$	779	$	779
			Secured Debt	(14)	3/28/2025		10.00%			10.00%	3/31/2030	3,109		3,109		3,109
			Secured Debt	(14)	3/28/2025		12.00%			12.00%	3/31/2030	3,109		3,109		3,109
			Preferred Equity		3/28/2025	12,621,635								8,520		8,160
			Common Stock		12/11/2020	654,743								3,148		—
			Warrants	(27)	12/11/2020	574,598					12/11/2025			—		—
														18,665		15,157
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	256		256		256
			Member Units	(8)	6/30/2017	2,160,000								2,256		1,490
														2,512		1,746
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	7,354		6,043		—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	16		—		—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	10,297		5,862		—


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

			Preferred Member Units		6/30/2015	6	6.00%			6.00%			4,770	—
													16,675	—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (25)	12/17/2021			SF+	6.00%		12/17/2026	—	(49)	(49)
			Secured Debt		12/17/2021		12.50%				12/17/2026	21,892	21,459	21,459
			Common Stock		12/17/2021	516,617							5,166	5,220
													26,576	26,630
CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt	(25)	12/10/2021						12/10/2026	—	(9)	—
			Secured Debt		12/10/2021		15.00%				12/10/2026	21,507	21,441	21,507
			Preferred Equity	(8)	12/10/2021	3,310							3,635	18,770
													25,067	40,277
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	154							—	1,960

Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	12.49%							1,277	662

Connect Telecommunications Solutions Holdings, Inc.	(13)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	25,417	25,201	25,201
			Preferred Equity		10/9/2024	22,304							12,596	12,596
													37,797	37,797
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		12.00%				6/18/2029	560	556	556
			Secured Debt		11/19/2021		12.00%				6/18/2029	16,800	16,730	16,730
			Preferred Equity		11/19/2021	5,944							5,944	6,294
			Preferred Equity	(8)	6/18/2024	3,068	15.00%			15.00%			3,485	3,665
													26,715	27,245
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%							6,032	7,795
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%							1,915	2,475
													7,947	10,270
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units	(29)	6/27/2016	2,000,000							2,000	—


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

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

FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt		5/28/2024		13.00%				5/29/2029	31,980	28,789	31,980
			Warrants	(8) (27)	5/28/2024	12							3,920	14,630
													32,709	46,610
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%							2,580	1,843
			LP Interests (Freeport First Lien Loan Fund III LP)	(30)	7/31/2015	5.95%							671	193
													3,251	2,036
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%				3/31/2026	9,253	9,253	9,253
			Preferred Member Units	(8)	3/31/2021	226							4,900	10,110
													14,153	19,363
Gulf Manufacturing, LLC	(13) (21)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt	(25)	3/15/2024			SF+	7.63%		3/15/2029	—	(37)	(37)
			Secured Debt		3/15/2024		12.00%	SF+	7.63%		3/15/2029	38,000	37,721	37,721
			Member Units	(8)	8/31/2007	438							2,980	14,600
			Common Stock		11/18/2024	888							888	960
													41,552	53,244
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%							2,092	4,462
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%							6,409	7,163
			LP Interests (423 HAR, L.P.)	(30)	6/2/2023	15.60%							750	1,226
													9,251	12,851
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		10.48%	SF+	6.00%		1/15/2026	2,490	2,489	2,490
			Secured Debt		12/2/2016		12.50%				1/15/2026	45,256	45,227	45,256
			Preferred Member Units	(8)	12/2/2016	226							2,850	22,730
			Preferred Member Units	(29)	12/2/2016	226							150	1,200
													50,716	71,676
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services


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

			Unsecured Convertible Debt		5/1/2017		10.00%				4/2/2026	3,000	3,000	3,000
			Member Units	(8)	1/8/2003	322,297							2,352	4,350
													5,352	7,350
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	18,006,407							18,300	19,760

Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		12.00%				3/31/2028	16,372	16,358	16,372
			Preferred Equity	(8)	3/31/2023	87,360							4,368	8,550
													20,726	24,922
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		12.06%	SF+	7.50%		8/20/2026	12,273	12,215	11,928
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			267	520
			Preferred Equity		6/3/2025	1,067	10.00%			10.00%			114	190
			Common Stock		8/20/2021	9,968							1,356	690
													13,952	13,328
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/2/2021		13.00%				1/31/2028	4,514	4,497	4,497
			Secured Debt		9/1/2021		13.00%				1/31/2028	2,940	2,929	2,929
			Secured Debt		11/15/2021		13.00%				1/31/2028	8,944	8,944	8,944
			Secured Debt		11/15/2021		13.00%				1/31/2028	17,624	17,556	17,556
			Secured Debt		1/31/2023		13.00%				1/31/2028	9,554	9,388	9,388
			Preferred Equity		6/26/2024	711	25.00%			25.00%			711	910
			Common Stock		8/3/2021	203,016							2,756	2,700
													46,781	46,924
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		12.46%	SF+	8.00%		6/21/2027	1,180	1,171	1,180
			Secured Debt	(9) (25)	6/30/2025			SF+	7.00%		6/21/2027	—	—	—
			Secured Debt	(9)	6/21/2023		11.46%	SF+	7.00%		6/21/2027	4,935	4,402	4,935
			Secured Debt	(9)	6/21/2023		13.46%	SF+	9.00%		6/21/2027	4,935	4,402	4,935
			Secured Debt	(9)	6/30/2025		11.46%	SF+	7.00%		6/21/2027	1,770	1,763	1,770
			Warrants	(8) (27)	6/21/2023	193,307					6/21/2033		2,091	9,840
													13,829	22,660
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,142	1,113	1,113
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,180	1,180	1,180
			Preferred Equity		2/10/2025	9,213							4,890	4,890
													7,183	7,183


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

Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.79%	SF+	5.50%	9.79%	12/31/2026	2,763	2,763	2,763
			Secured Debt	(9) (25)	4/11/2025			SF+	5.50%		12/31/2026	—	—	—
			Preferred Equity	(8) (29)	12/19/2024	66,306							14,396	12,880
													17,159	15,643
Moffitt Holdings, LLC		Bulk Fuel and Lubricants Distributor
			Secured Debt		3/19/2025		13.00%				3/19/2030	35,000	34,673	34,673
			Preferred Equity		3/19/2025	14,300							14,300	14,300
													48,973	48,973
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		14.00%				8/19/2029	9,280	8,734	8,734
			Preferred Member Units	(8)	8/19/2024	163,282	12.00%			12.00%			1,812	1,812
			Warrants	(27)	8/19/2024	59,368					8/19/2029		594	594
													11,140	11,140
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	9/30/2025	4,415	4,415	455
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	9/30/2025	2,116	2,116	218
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	9/30/2025	983	983	101
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	9/30/2025	964	964	99
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	9/30/2025	305	305	305
			Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981	—
			Common Stock		4/15/2021	635							830	—
			Warrants	(27)	4/18/2011	4,699					5/10/2027		1,089	—
													12,683	1,178
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	1,128							1,128	3,090

RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	1,394	1,392	1,149
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	1	1	1
			Secured Debt	(9) (25)	2/5/2025			SF+	6.75%		4/8/2026	—	—	—
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	14,582	14,553	12,011
			Common Equity		8/12/2024	110							—	—
													15,946	13,161
RFG AcquireCo, LLC		Aerial Survey, Aerial Survey Equipment Sales & Rental, Aircraft Maintenance
			Secured Debt	(25)	6/2/2025						6/2/2027	—	(10)	(10)


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

			Secured Debt	(25)	6/2/2025					6/2/2030	—	—	—
			Secured Debt		6/2/2025		12.50%			6/2/2030	34,000	33,666	33,666
			Preferred Equity		6/2/2025	11,401						11,401	11,401
												45,057	45,057
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.85%			6/16/2028	2,250	2,238	2,250
			Secured Debt	(23)	6/16/2023		12.79%			6/16/2028	67,661	67,563	67,661
			Preferred Member Units		8/31/2018	165						1,525	12,470
												71,326	82,381
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%			3/21/2030	25,560	25,295	25,560
			Common Stock	(8)	9/13/2018	70,000						—	1,990
												25,295	27,550
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%		8.50%	12/31/2027	213	213	886
			Secured Debt	(14)	12/31/2022		8.50%		8.50%	12/31/2027	5,327	4,884	1,061
			Preferred Equity		12/31/2022	5,907,649						—	—
												5,097	1,947
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units		8/31/2020	1,636						4,500	15,950

The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt	(25)	8/9/2021					8/9/2026	—	(4)	(4)
			Secured Debt		8/9/2021		13.00%			8/9/2026	5,201	5,188	5,110
			Preferred Stock	(8)	9/1/2023	312,910						313	313
			Preferred Stock	(8)	8/9/2021	1,280,000						6,400	6,400
												11,897	11,819
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%						2,881	4,397

UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/6/2023	14.91%						4,732	5,172

UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Preferred Stock		8/21/2018	11,450,416	20.00%		20.00%			8,416	9,388
			Preferred Stock		6/30/2017	21,382,147	19.00%		19.00%			3,667	—
			Preferred Stock		1/15/2015	42,338,440	13.50%		13.50%			7,924	—
			Common Stock		4/1/2020	2,370,059						—	—


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

														20,007		9,388
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800		8,735		8,735
			Preferred Equity	(8)	2/16/2024	4,000	9.00%			9.00%				4,514		4,514
														13,249		13,249
Wildcats Topco LLC		Provider of Veterinary Services and Products
			Common Equity		5/8/2025	22,426,711								22,427		22,427

World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		11.00%				12/12/2027	9,886		9,839		9,839
			Preferred Equity	(8)	12/12/2022	3,845								3,845		3,845
														13,684		13,684
Subtotal Affiliate investments (29.7% of net assets at fair value)														$	790,583	$	856,226
Non-Control/Non-Affiliate Investments (7)
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	$	7,959	$	7,959	$	7,844
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	17,665		17,646		17,411
														25,605		25,255
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	235								1,844		480

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			P+	5.00%		11/19/2026	—		(4)		(4)
			Secured Debt	(9)	11/19/2021		12.50%	P+	5.00%		11/19/2026	5,908		5,890		5,908
														5,886		5,904
Ansira Partners II, LLC	(10)	Provider of Data-Driven Marketing Services
			Secured Debt	(9) (25)	7/1/2024			SF+	6.75%		7/1/2029	—		(166)		(166)
			Secured Debt	(9)	7/1/2024		11.07%	SF+	6.75%		7/1/2029	75,490		73,980		75,049
														73,814		74,883
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	2,153		2,153		2,153
			Secured Debt	(9)	11/6/2023		10.91%	SF+	6.50%	10.91%	11/6/2028	8,507		8,507		8,507
			Preferred Equity		11/6/2023	32,507								14,060		14,336
			Preferred Equity		11/6/2023	32,507								—		—


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

			Common Equity		11/9/2021	3,898							234	—
													24,954	24,996
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock	(8)	8/11/2022	1,387,832							1,388	2,380

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (32)	1/18/2022		10.57%	SF+	6.00%		1/18/2028	1,260	1,182	1,260
			Secured Debt	(9)	1/18/2022		9.56%	SF+	5.00%		1/18/2028	6,660	6,660	6,660
			Secured Debt	(9)	1/18/2022		11.56%	SF+	7.00%		1/18/2028	6,660	6,660	6,660
			Common Stock		1/18/2022	720,000							720	850
													15,222	15,430
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—	(75)	(75)
			Secured Debt	(9)	12/23/2022		11.70%	SF+	7.25%		12/23/2027	23,762	23,282	23,762
			Common Equity	(8)	12/15/2021	984							934	920
													24,141	24,607
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(29)	3/8/2024	286,109							286	—
			Preferred Member Units	(29)	11/12/2019	122,416							—	—
			Preferred Member Units	(29)	7/6/2018	1,548,387							—	—
													286	—
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (14)	6/30/2022		14.53%	SF+	10.25%	7.25%	6/30/2028	503	454	76
			Secured Debt	(9) (14) (38)	6/30/2025		14.53%	SF+	10.25%	7.25%	6/30/2028	1,564	63	237
			Secured Debt	(9) (14)	6/30/2022		14.58%	SF+	10.25%	7.25%	6/30/2028	31,792	31,484	4,822
			Secured Debt	(9) (14) (38)	6/30/2025		14.58%	SF+	10.25%	7.25%	6/30/2028	100,947	4,070	15,311
													36,071	20,446
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Member Units		3/10/2017	1,050,000							1,050	1,060

Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.94%	SF+	8.50%	11.94%	8/28/2025	202	131	101
			Secured Debt	(9) (14)	10/19/2022		15.00%	P+	7.50%	14.75%	8/28/2025	3,150	3,150	1,584
			Secured Debt	(9) (14)	8/28/2020		12.94%	SF+	8.50%	12.94%	8/28/2025	4,183	3,961	2,103
			Common Stock		10/1/2020	723,184							1	—
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	—
													8,279	3,788


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

B-O-F Corporation	(10)	Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
			Secured Debt	(9) (25)	2/3/2025			SF+	5.75%		2/3/2030	—	(19)	(19)
			Secured Debt	(9)	2/3/2025		9.05%	SF+	4.75%		2/3/2030	4,145	4,079	4,079
			Secured Debt	(9)	2/3/2025		11.05%	SF+	6.75%		2/3/2030	4,145	4,079	4,079
			Common Equity		2/3/2025	248,718							249	249
													8,388	8,388
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		11.45%	SF+	7.00%		5/1/2028	571	555	571
			Secured Debt	(9)	5/1/2023		10.45%	SF+	6.00%		5/1/2028	6,293	6,221	6,293
			Secured Debt	(9)	5/1/2023		12.45%	SF+	8.00%		5/1/2028	6,293	6,221	6,293
			Preferred Equity		5/1/2023	571							571	550
			Common Equity		5/1/2023	571							—	—
													13,568	13,707
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9)	2/1/2024		10.18%	SF+	5.75%		2/1/2029	899	829	899
			Secured Debt	(9)	2/1/2024		10.15%	SF+	5.75%		2/1/2029	2,023	1,973	2,023
			Secured Debt	(9)	2/1/2024		10.11%	SF+	5.75%		2/1/2029	25,839	25,463	25,839
			Secured Debt	(9)	1/2/2025		10.14%	SF+	5.75%		2/1/2029	9,470	9,346	9,470
			Common Equity		2/1/2024	2,583,963							2,709	5,900
													40,320	44,131
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		15.25%	P+	7.25%		7/22/2019	761	761	761
			Secured Debt	(9) (14) (17)	8/12/2014		15.25%	P+	7.25%		7/22/2019	7,056	7,056	230
													7,817	991
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.59%							5,189	2,898
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%							3,475	3,477
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%							4,500	4,875
													13,164	11,250
Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics
			Secured Debt	(9)	6/14/2021		9.19%	SF+	5.00%		6/10/2026	1,758	1,750	1,758
			Secured Debt	(9)	6/14/2021		9.45%	SF+	5.00%		6/10/2028	16,956	16,824	16,956
													18,574	18,714
CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software


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

			Preferred Equity		12/13/2021	2,142,167							2,142	3,510
			Preferred Equity		12/13/2021	596,176							—	—
													2,142	3,510
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	325,408							325	660

Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		11.57%	SF+	7.00%		2/7/2027	4,350	4,263	4,322
			Secured Debt	(9)	2/7/2022		11.55%	SF+	7.00%		2/7/2027	35,981	35,746	35,747
			Secured Debt	(9)	6/24/2022		11.55%	SF+	7.00%		2/7/2027	1,993	1,980	1,980
			Secured Debt	(9)	3/27/2023		11.55%	SF+	7.00%		2/7/2027	4,818	4,767	4,787
													46,756	46,836
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,637	2,637	8

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (32)	8/6/2021		12.69%	SF+	8.25%		8/6/2026	8,325	8,268	7,625
			Secured Debt	(9)	8/6/2021		12.70%	SF+	8.25%		8/6/2026	20,287	20,207	18,583
													28,475	26,208
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9) (32)	6/29/2024		10.83%	SF+	6.50%		6/28/2029	1,669	1,599	1,669
			Secured Debt	(9)	6/29/2024		10.83%	SF+	6.50%		6/28/2029	10,623	10,419	10,623
			Secured Debt	(9)	8/15/2024		10.83%	SF+	6.50%		6/28/2029	7,082	6,966	7,082
			Secured Debt	(9)	6/29/2024		11.08%	SF+	6.75%		6/28/2029	31,951	31,315	32,060
													50,299	51,434
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	7.00%		6/27/2027	—	(38)	(38)
			Secured Debt	(9)	12/27/2023		11.40%	SF+	7.00%		6/27/2027	10,547	10,369	10,547
													10,331	10,509
Creative Foam Corporation	(10)	Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
			Secured Debt	(9) (25)	6/27/2024			SF+	6.25%		6/27/2029	—	(210)	(210)
			Secured Debt	(9)	6/27/2024		10.55%	SF+	6.25%		6/27/2029	90,939	89,468	90,939
			Secured Debt	(9)	3/4/2025		10.57%	SF+	6.25%		6/27/2029	5,671	5,559	5,671
			Common Equity		3/4/2025	10,851							1,085	1,085
													95,902	97,485


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

Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	515							720	650

DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Class AA Preferred Member Units (non-voting)		4/13/2018		10.00%			10.00%			1,316	—
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	—
													2,092	—
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.43%	SF+	7.00%	11.43%	12/31/2026	2,456	2,298	2,414
			Secured Debt	(9)	12/20/2022		12.43%	SF+	8.00%		12/31/2026	2,493	2,259	2,383
			Preferred Equity		12/20/2022	125,000							128	110
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													4,685	4,907
Electro Technical Industries, LLC	(10)	Manufacturer of Mission-Critical Electrical Distribution Systems
			Secured Debt	(9) (25)	3/31/2025			SF+	6.00%		3/31/2030	—	(166)	(166)
			Secured Debt	(9)	3/31/2025		10.33%	SF+	6.00%		3/31/2030	50,795	49,846	50,286
			Common Equity		3/31/2025	1,464,286							1,464	1,464
													51,144	51,584
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.73%	SF+	6.25%		12/29/2027	9,459	9,332	6,620

EnCap Energy Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EnCap Energy Capital Fund VIII, L.P.)	(8) (30)	1/22/2015	0.14%							3,445	1,846
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,841	817
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,256	1,176
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,935	4,814
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							3,914	4,165
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(8) (30)	3/30/2015	0.84%							4,739	1,143


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

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


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

			Secured Debt	(9)	9/30/2022		11.43%	SF+	7.00%		9/30/2028	3,560	3,513	3,277
													4,241	3,968
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(30)	6/2/2025								1,526	1,526

HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9)	4/30/2025		13.56%	SF+	9.00%		6/21/2026	68	68	68
			Secured Debt	(9)	3/7/2024		9.01%	SF+	3.50%	9.01%	6/21/2026	2,621	2,556	2,399
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	1,626	713	18
			Common Equity		3/7/2024	64,029							—	—
													3,337	2,485
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (25)	8/1/2022			SF+	6.50%		8/1/2027	—	(28)	(28)
			Secured Debt	(9)	8/1/2022		10.83%	SF+	6.50%		8/1/2027	6,632	6,568	6,632
			Secured Debt	(9)	6/3/2024		10.83%	SF+	6.50%		8/1/2027	4,690	4,634	4,690
			Secured Debt	(9)	8/1/2022		10.83%	SF+	6.50%		8/1/2027	16,369	16,232	16,369
			Secured Debt	(9)	6/3/2024		10.83%	SF+	6.50%		8/1/2027	7,999	7,946	7,999
													35,352	35,662
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (32)	7/3/2024		9.80%	SF+	5.50%		7/3/2029	4,865	4,825	4,838
			Secured Debt	(9) (26)	7/3/2024		9.78%	SF+	5.50%		7/3/2029	32,765	32,482	32,582
													37,307	37,420
HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.94%	SF+	6.50%	3.50%	10/23/2027	26,705	26,705	26,416

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		12.81%	SF+	8.25%		12/31/2027	7,200	7,094	7,200

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2028	—	(9)	—
			Secured Debt	(9)	7/30/2021		10.18%	SF+	5.75%		7/30/2028	10,154	10,085	10,154
			Secured Debt	(9)	7/30/2021		10.18%	SF+	5.75%		7/30/2028	4,878	4,842	4,878
													14,918	15,032
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Common Equity		6/8/2023	849							1,166	980


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

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


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

Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.41%	SF+	7.00%		11/4/2026	771	764	771
			Secured Debt	(9) (26)	2/27/2024		11.38%	SF+	7.00%		11/4/2026	625	620	625
			Secured Debt	(9) (26)	11/1/2024		11.45%	SF+	7.00%		11/4/2026	667	653	667
			Secured Debt	(9)	11/8/2021		11.38%	SF+	7.00%		11/4/2026	1,790	1,775	1,790
			Preferred Equity		11/8/2021	2,826,667							110	780
													3,922	4,633
JDC Power Services, LLC	(10)	Provider of Electrical Equipment and Maintenance Services for Datacenters
			Secured Debt	(9) (25)	6/28/2024			SF+	6.25%		6/28/2029	—	(144)	(144)
			Secured Debt	(9)	6/28/2024		10.55%	SF+	6.25%		6/28/2029	60,193	58,971	60,193
													58,827	60,049
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		13.13%	SF+	8.75%	6.00%	3/29/2029	1,824	1,824	1,824
			Secured Debt	(9)	3/30/2024		13.13%	SF+	8.75%	6.00%	3/29/2029	1,362	1,362	1,362
			Common Stock		3/29/2024	5,461,019							200	350
													3,386	3,536
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (14) (32)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	8,421	8,362	6,360
			Secured Debt	(9) (14)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	35,289	35,038	26,653
			Secured Debt	(9) (14)	2/1/2024		10.80%	SF+	6.25%		12/22/2026	3,305	3,245	2,496
			Common Equity		12/22/2021	1,684,211							1,684	—
													48,329	35,509
LKCM Headwater Investments I, L.P.	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	1/25/2013	2.27%							—	692

LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9)	9/17/2024		11.84%	SF+	7.25%		12/31/2025	1,156	1,156	1,156
			Secured Debt	(9)	5/2/2019		11.84%	SF+	7.25%		12/31/2025	8,527	8,496	8,527
			Secured Debt	(9)	5/2/2019		11.84%	SF+	7.25%		12/31/2025	5,457	5,437	5,457
			Secured Debt	(9)	11/20/2020		11.84%	SF+	7.25%		12/31/2025	2,864	2,853	2,864
			Secured Debt	(9)	2/26/2021		11.84%	SF+	7.25%		12/31/2025	1,113	1,109	1,113
			Secured Debt	(9)	5/12/2022		11.84%	SF+	7.25%		12/31/2025	11,271	11,229	11,271
													30,280	30,388
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		12.45%	SF+	8.00%	3.00%	8/16/2026	4,184	4,150	3,160

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier


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

			Secured Debt	(9)	4/11/2025		10.07%	SF+	5.75%		12/31/2028	42,030	41,431	41,431
			Secured Debt		4/11/2025						12/31/2028	2,773	2,016	2,016
													43,447	43,447
Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125	25

Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	5.75%		4/3/2028	—	(33)	(33)
			Secured Debt	(9)	11/20/2024		10.17%	SF+	5.75%		4/3/2028	11,079	10,953	11,079
			Secured Debt	(9)	4/4/2022		10.18%	SF+	5.75%		4/3/2028	17,667	17,500	17,667
													28,420	28,713
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (32)	11/30/2023		10.54%	SF+	6.25%		11/30/2028	1,310	1,281	1,255
			Secured Debt	(9) (26)	11/30/2023		10.56%	SF+	6.25%		11/30/2028	1,308	1,285	1,264
			Secured Debt	(9)	11/30/2023		9.58%	SF+	5.25%		11/30/2028	4,845	4,765	4,679
			Secured Debt	(9)	11/30/2023		11.58%	SF+	7.25%		11/30/2028	4,845	4,761	4,682
			Common Equity		11/30/2023	524,888							525	330
													12,617	12,210
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (25)	4/17/2025			SF+	6.00%		4/17/2030	—	(218)	(218)
			Secured Debt	(9) (25)	4/17/2025			SF+	6.00%		4/17/2030	—	(262)	(262)
			Secured Debt	(9)	4/17/2025		10.28%	SF+	6.00%		4/17/2030	66,432	65,168	65,168
			Common Equity		6/7/2023	1,234							1,234	6,230
													65,922	70,918
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	4,101	4,073	4,418
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	10,714	10,634	12,464
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	18,018	17,891	18,018
			Secured Debt	(9)	6/25/2025		10.81%	SF+	6.25%		5/24/2027	1,234	1,211	1,211
			Unsecured Debt	(25)	3/1/2024		8.00%			8.00%	6/30/2025	—	—	—
			Unsecured Debt		9/25/2024		8.00%			8.00%	12/21/2025	112	112	112
			Unsecured Debt		1/31/2025		8.00%			8.00%	3/31/2026	78	78	78
			Common Stock		8/30/2022	78,948,902							1,045	602
													35,044	36,903
Northwind Midstream Partners LLC	(10)	Owner and Operator of Midstream Gas Infrastructure
			Secured Debt	(9)	3/18/2025		10.70%	SF+	6.25%		3/18/2030	7,500	7,360	7,425

Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies


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

			Secured Debt	(9) (25)	6/21/2024			SF+	7.25%		12/21/2028	—	(3)	(3)
			Secured Debt	(9)	6/21/2024		11.68%	SF+	7.25%		6/21/2029	26,221	25,602	26,221
			Secured Debt	(9)	5/13/2025		11.68%	SF+	7.25%		6/21/2029	3,171	3,080	3,171
													28,679	29,389
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		10.30%	SF+	6.00%		11/16/2027	1,393	1,379	1,393
			Secured Debt	(9)	4/1/2024		10.30%	SF+	6.00%		11/16/2027	3,871	3,837	3,871
													5,216	5,264
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013						11/15/2026	4,373	4,373	44

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

PrimeFlight Aviation Services	(10) (13)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		9.78%	SF+	5.50%		5/1/2029	7,840	7,654	7,840
			Secured Debt	(9)	9/7/2023		9.80%	SF+	5.50%		5/1/2029	749	729	749
			Secured Debt	(9)	1/30/2024		9.80%	SF+	5.50%		5/1/2029	752	738	752
			Secured Debt	(9)	6/28/2024		9.55%	SF+	5.25%		5/1/2029	855	845	855
			Secured Debt	(9)	1/21/2025		9.52%	SF+	5.25%		5/1/2029	1,895	1,878	1,895
													11,844	12,091
PTL US Bidco, Inc	(10) (13) (21)	Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved in the Drilling, Evaluation and Completion of Oil and Gas Wells
			Secured Debt	(9) (32)	8/19/2022		12.78%	SF+	8.25%		8/19/2027	6,838	6,713	6,786
			Secured Debt	(9)	8/19/2022		12.84%	SF+	8.25%		8/19/2027	16,380	16,161	16,255
													22,874	23,041
Purge Rite, LLC	(10)	HVAC Flushing and Filtration Services
			Preferred Equity		10/2/2023	32,813							3,248	3,248
			Common Equity		4/1/2024	32,813							33	6,490
													3,281	9,738
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (25) (32)	8/24/2023			SF+	6.50%		8/24/2028	—	(64)	—
			Secured Debt	(9)	8/24/2023		10.78%	SF+	6.50%		8/24/2028	33,607	32,887	33,607
			Secured Debt	(9)	9/10/2024		10.71%	SF+	6.50%		8/24/2028	21,823	21,477	21,823
													54,300	55,430
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair


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

			Secured Debt	(9) (25)	8/27/2021			SF+	8.00%		8/27/2026	—	(4)	—
			Secured Debt	(9)	8/27/2021		11.56%	SF+	7.00%		8/27/2026	3,376	3,347	2,901
			Secured Debt	(9)	8/27/2021		13.56%	SF+	9.00%		8/27/2026	3,376	3,347	2,895
													6,690	5,796
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		12.49%	SF+	8.00%	2.00%	11/16/2025	5,947	5,943	5,947
			Secured Debt	(9)	7/16/2021		12.49%	SF+	8.00%	2.00%	11/16/2025	7,107	7,095	7,107
													13,038	13,054
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (25)	8/8/2024			SF+	5.25%		8/8/2029	—	—	—
			Secured Debt	(9)	8/8/2024		9.68%	SF+	5.25%		8/8/2029	53,320	52,980	53,320
			Common Equity		12/10/2021	864							864	941
													53,844	54,261
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (32)	7/1/2022		11.46%	SF+	7.00%		7/1/2027	2,108	2,076	2,108
			Secured Debt	(9)	7/1/2022		11.45%	SF+	7.00%		7/1/2027	15,489	15,332	15,489
			Common Stock		7/1/2022	638,710							639	690
													18,047	18,287
Team Public Choices, LLC	(11)	Home-Based Care Employment Service Provider
			Secured Debt	(26)	12/22/2020		9.54%	SF+	5.00%		12/18/2027	14,576	14,442	14,525

TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(85)	(85)
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(64)	(64)
			Secured Debt	(9)	12/31/2024		9.90%	SF+	5.50%		12/31/2029	32,172	31,747	31,808
													31,598	31,659
Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000	4,720

Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(29)	7/7/2021	1,000,000							1,000	2,350

Titan Meter Midco Corp.	(10)	Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry
			Secured Debt	(9)	3/11/2024		10.81%	SF+	6.50%		3/11/2029	1,439	1,347	1,439
			Secured Debt	(9)	3/11/2024		10.80%	SF+	6.50%		3/11/2029	33,756	32,889	33,756
			Secured Debt	(9)	2/27/2025		10.80%	SF+	6.50%		3/11/2029	4,319	4,222	4,319
			Preferred Equity		3/11/2024	1,218,750	8.00%			8.00%			1,219	1,400


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

													39,677	40,914
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (14)	6/1/2023		11.72%	SF+	7.40%	6.25%	5/2/2027	9,811	2,767	3,925
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003	20	—
													2,787	3,925
UPS Intermediate, LLC	(10)	Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets
			Secured Debt	(9)	7/29/2024		10.33%	SF+	6.00%		7/27/2029	43,121	42,429	42,827
			Common Equity		7/29/2024	1,443,299							1,443	1,680
													43,872	44,507
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/11/2023		11.78%	SF+	7.50%		4/5/2029	4,000	3,928	4,000

Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(32)	12/22/2023		11.43%	SF+	7.00%		12/22/2028	7,727	7,577	7,727
			Secured Debt	(9)	12/22/2023		11.44%	SF+	7.00%		12/22/2028	41,863	41,138	41,863
													48,715	49,590
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038	2,820

Wash & Wax Systems LLC	(10)	Express Car Wash Operator
			Secured Debt	(9)	4/30/2025		9.78%	SF+	5.50%		4/30/2028	10	10	10
			Secured Debt	(9)	4/30/2025		9.78%	SF+	5.50%		4/30/2028	7,388	7,388	7,388
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	4,829	4,829	4,829
			Common Equity		4/30/2025	3,219							3,410	3,660
													15,637	15,887
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	2,315	2,302	2,181
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	400	389	378
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	16,461	16,387	15,503
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	13,167	13,107	12,400
													32,185	30,462
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (25) (32)	11/19/2021			SF+	8.00%		11/19/2026	—	(29)	(29)
			Secured Debt	(9)	11/19/2021		12.56%	SF+	8.00%		11/19/2026	1,874	1,860	1,874
			Secured Debt	(9)	1/16/2024		11.56%	SF+	7.00%		11/19/2026	7,240	7,159	7,240


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

			Secured Debt	(9)	1/16/2024		13.56%	SF+	9.00%		11/19/2026	7,240	7,159		7,240
													16,149		16,325
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		10.17%	SF+	5.75%		12/20/2028	23,693	23,462		23,692
			Secured Debt	(9)	12/17/2021		10.12%	SF+	5.75%		12/20/2028	37,249	36,919		37,249
			Secured Debt	(9)	3/31/2025		10.15%	SF+	5.75%		12/20/2028	10,605	10,411		10,605
													70,792		71,546
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018		11.88%	SF+	7.50%		8/9/2026	10,692	10,589		9,137

ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		12.50%	P+	5.00%		6/14/2029	5,211	5,046		5,211
			Secured Debt	(9) (26)	6/14/2024		10.28%	SF+	6.00%		6/14/2029	8,019	7,803		8,019
			Secured Debt	(9)	6/14/2024		10.17%	SF+	6.00%		6/14/2029	6,535	6,428		6,535
			Secured Debt	(9)	6/14/2024		10.31%	SF+	6.00%		6/14/2029	46,784	46,022		46,784
													65,299		66,549
Subtotal Non-Control/Non-Affiliate investments (67.3% of net assets at fair value)													$	2,001,002	$	1,941,279
Total Portfolio Company investments, June 30, 2025 (176.6% of net assets at fair value)													$	4,352,705	$	5,093,070

Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (36)													$	15,043	$	15,043
Fidelity Government Fund (37)													3,353		3,353
Fidelity Treasury (31)													645		645
Total money market funds													$	19,041	$	19,041

___________________________

(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.

(28)A majority of the variable rate loans in the Investment Portfolio (as defined below) bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate base rate (commonly based on the federal funds rate or the prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of June 30, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.


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


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		10.00%				12/20/2036	973	965	973
			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


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—June 30 , 2025 (unaudited) and December 31, 2024	1
	Consolidated Statements of Operations (unaudited)—Three and six months ended June 30 , 202 5 and 2024	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three and six months ended June 30 , 2025 and 2024	3
	Consolidated Statements of Cash Flows (unaudited)—Six months ended June 30 , 2025 and 2024	4
	Consolidated Schedule of Investments (unaudited)—June 30 , 2025	5
	Consolidated Schedule of Investments—December 31, 2024	35
	Notes to Consolidated Financial Statements (unaudited)	65
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Six months ended June 30 , 2025 and 2024	112
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	131
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	152
Item 4.	Controls and Procedures	153
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	154
Item 1A.	Risk Factors	154
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	154
Item 5.	Other Information	154
Item 6.	Exhibits	155
	Signatures	156


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