main-20260331


	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,884,724 and $1,824,132 as of March 31, 2026 and December 31, 2025, respectively)	$	2,583,010	$	2,569,626
Affiliate investments (cost: $966,939 and $881,641 as of March 31, 2026 and December 31, 2025, respectively)	1,055,658		965,179
Non‑Control/Non‑Affiliate investments (cost: $2,081,821 and $2,018,755 as of March 31, 2026 and December 31, 2025, respectively)	2,036,083		1,983,312
Total investments (cost: $4,933,484 and $4,724,528 as of March 31, 2026 and December 31, 2025, respectively)	5,674,751		5,518,117
Cash and cash equivalents	20,791		41,959
Interest and dividend receivable and other assets	119,805		107,905

Deferred financing costs (net of accumulated amortization of $18,351 and $17,601 as of March 31, 2026 and December 31, 2025, respectively)	13,051		13,720
Total assets	$	5,828,398	$	5,681,701
LIABILITIES
Credit Facilities	$	386,000	$	518,000
March 2029 Notes (par: $550,000 and $350,000 as of March 31, 2026 and December 31, 2025, respectively)	551,015		347,721
July 2026 Notes (par: $500,000 as of both March 31, 2026 and December 31, 2025)	499,846		499,715
June 2027 Notes (par: $400,000 as of both March 31, 2026 and December 31, 2025)	399,641		399,569
August 2028 Notes (par: $350,000 as of both March 31, 2026 and December 31, 2025)	348,187		347,996
SBIC debentures (par: $350,000 as of both March 31, 2026 and December 31, 2025)	344,887		344,593
Accounts payable and other liabilities	47,826		67,799
Interest payable	20,306		30,094
Dividend payable	24,126		23,358
Deferred tax liability, net	112,920		108,963
Total liabilities	2,734,754		2,687,808
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 92,454,655 and 89,834,849 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)	925		898
Additional paid‑in capital	2,607,285		2,457,660




Total undistributed earnings	485,434		535,335
Total net assets	3,093,644		2,993,893
Total liabilities and net assets	$	5,828,398	$	5,681,701
NET ASSET VALUE PER SHARE	$	33.46	$	33.33


	Three Months Ended March 31,
	2026		2025
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments	$	61,664	$	56,242
Affiliate investments	26,181		23,734
Non‑Control/Non‑Affiliate investments	52,261		57,070
Total investment income	140,106		137,046
EXPENSES:
Interest	(34,043)		(31,168)
Compensation	(13,185)		(11,476)
General and administrative	(5,396)		(5,086)
Share‑based compensation	(5,105)		(4,842)
Expenses allocated to the External Investment Manager	5,466		5,336
Total expenses	(52,263)		(47,236)
NET INVESTMENT INCOME BEFORE TAXES	87,843		89,810
Excise tax expense	(381)		(1,341)
Federal and state income and other tax expenses	(2,883)		(2,572)
NET INVESTMENT INCOME	84,579		85,897
NET REALIZED GAIN (LOSS):
Control investments	10,035		22
Affiliate investments	—		2,064
Non‑Control/Non‑Affiliate investments	7,938		(31,631)

Total net realized gain (loss)	17,973		(29,545)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	(47,208)		401
Affiliate investments	5,181		39,003
Non‑Control/Non‑Affiliate investments	(8,572)		23,786

Total net unrealized appreciation (depreciation)	(50,599)		63,190
Income tax provision on net realized gain (loss) and net unrealized appreciation (depreciation)	(2,972)		(3,460)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	48,981	$	116,082
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.93	$	0.97
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.54	$	1.31
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	90,654,821		88,711,015


	Common Stock			Additional Paid-In Capital		Total Undistributed Earnings		Total Net Asset Value
	Number of Shares	Par Value
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































Balances as of December 31, 2025	89,838,001	$	898	$	2,457,660	$	535,335	$	2,993,893
Public offering of common stock, net of offering costs	2,430,825	25		134,258		—		134,283
Share‑based compensation	—	—		5,105		—		5,105

Dividend reinvestment	173,523	2		9,959		—		9,961
Amortization of directors’ deferred compensation	—	—		90		—		90
Issuance of restricted stock, net of forfeited shares	19,924	—		—		—		—
Net increase in net assets resulting from operations	—	—		—		48,981		48,981

Dividends to stockholders	—	—		213		(98,882)		(98,669)
Balances as of March 31, 2026	92,462,273	$	925	$	2,607,285	$	485,434	$	3,093,644


	Three Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	48,981	$	116,082
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Investments in portfolio companies	(391,937)		(242,705)
Proceeds from sales and repayments of debt investments in portfolio companies	166,033		144,716
Proceeds from sales and return of capital of equity investments in portfolio companies	41,746		19,806
Net unrealized (appreciation) depreciation	50,599		(63,190)
Net realized (gain) loss	(17,973)		29,545
Accretion of unearned income	(5,008)		(4,484)
Payment-in-kind interest	(3,847)		(3,986)
Cumulative dividends	(1,032)		(681)
Share-based compensation expense	5,105		4,842
Amortization of deferred financing costs	1,618		1,473
Deferred taxes	3,957		4,887
Changes in other assets and liabilities:
Interest and dividend receivable and other assets	(9,890)		(1,710)
Interest payable	(9,788)		(3,274)
Accounts payable and other liabilities	(19,884)		(22,629)
Deferred fees and other	2,776		909
Net cash used in operating activities	(138,544)		(20,399)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs	134,283		5,198
Proceeds from public offering of March 2029 Notes	200,000		—

Dividends paid	(87,940)		(83,870)


Proceeds from Credit Facilities	531,000		273,000
Repayments on Credit Facilities	(663,000)		(143,000)
Debt issuance premiums, net	3,033		—


Net cash provided by financing activities	117,376		51,328

Net increase (decrease) in cash and cash equivalents	(21,168)		30,929
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD	41,959		78,251
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD	$	20,791	$	109,180

Supplemental cash flow disclosures:
Interest paid	$	42,187	$	32,924
Taxes paid	$	4,263	$	8,046


Non-cash financing activities:
Value of shares issued pursuant to the dividend reinvestment plan	$	9,961	$	9,087


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)	3/27/2026		12.36%	SF+	8.50%	12.36%	3/28/2028	$	311	$	311	$	311
			Secured Debt	(9)	3/25/2025		12.31%	SF+	8.50%	12.31%	3/28/2028	8,412		8,412		8,412
			Secured Debt	(9)	3/25/2025		12.31%	SF+	8.50%	12.31%	3/28/2028	8,412		8,412		6,943
			Preferred Equity		3/25/2025	26,638								8,970		3,780
														26,105		19,446
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.25%				8/16/2029	3,742		3,710		3,710
			Preferred Member Units		5/20/2021	2,411								2,387		6,030
			Preferred Member Units		8/16/2019	3,108								3,200		550
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														9,613		10,290
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/7/2027	—		(2)		—
			Secured Debt	(25)	3/7/2022						3/7/2027	—		—		—
			Secured Debt		3/7/2022		10.00%				3/7/2027	9,833		9,814		9,833
			Preferred Stock	(8)	3/7/2022	4,073								4,095		9,370
														13,907		19,203
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	1,773		1,773		1,773
			Preferred Equity		11/4/2024	19,536,995								19,537		7,780
														21,310		9,553
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		12.09%	SF+	8.40%		10/31/2027	101,046		100,836		101,046
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		31,190
														114,836		132,236
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		13.79%	SF+	10.00%		12/31/2026	5,016		5,016		5,016
			Preferred Member Units	(8)	1/9/2018	2,950								4,280		2,970
			Preferred Member Units	(8)	7/7/2025	312	15.00%			15.00%				348		348
														9,644		8,334
Bridge Capital Solutions Corporation		Financial Services and Cash Flow Solutions Provider
			Preferred Member Units	(29)	7/25/2016	17,742								1,000		—
			Warrants	(27)	7/25/2016	82					7/25/2026			2,132		—
														3,132		—
California Splendor Holdings LLC		Processor of Frozen Fruits


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)	3/15/2024						8/28/2028	—	(10)	(10)
		Secured Debt		3/30/2018		14.00%				8/28/2028	25,800	25,779	25,391
		Preferred Member Units	(8)	7/31/2019	11,671	15.00%			15.00%			16,107	16,107
		Preferred Member Units	(8)	3/30/2018	8,729							16,402	8,391
												58,278	49,879
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	45,570

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	8.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		11.79%	SF+	8.00%		1/4/2028	24,085	24,061	24,085
		Preferred Member Units		1/4/2019	13,883							6,386	45,940
												30,447	70,025
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2029	—	(36)	—
		Secured Debt	(9)	2/26/2018		11.86%	SF+	8.00%		2/26/2029	41,220	41,004	41,220
		Member Units	(8)	2/26/2018	4,347							11,440	39,510
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	4,080
												54,181	84,810
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694	5,293	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	16,020
												7,256	21,714
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(25)	10/28/2022						7/31/2027	—	—	—
		Secured Debt		12/20/2016		10.00%				7/31/2030	9,240	9,171	9,240
		Secured Debt		12/20/2016		10.00%				12/20/2036	917	911	917
		Member Units	(8)	12/20/2016	717							7,280	14,890
		Member Units	(29)	12/20/2016	800							509	1,510
												17,871	26,557
Cody Pools, Inc.	Designer of Residential and Commercial Pools
		Secured Debt	(25)	3/6/2020						12/3/2030	—	(87)	—
		Secured Debt		3/6/2020		12.50%				12/3/2030	34,260	33,733	34,260
		Preferred Member Units	(8) (29)	3/6/2020	587							8,317	64,270
												41,963	98,530
Colonial Electric Company LLC	Provider of Electrical Contracting Services
		Secured Debt	(25)	3/31/2021						3/31/2028	—	—	—


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		3/31/2021		9.00%				3/31/2028	8,779	8,685	8,779
			Preferred Member Units	(8)	3/31/2021	17,280							7,680	18,950
													16,365	27,729
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt	(9)	1/29/2019		14.79%	SF+	11.00%		1/29/2028	4,000	3,995	3,936
			Preferred Member Units		1/29/2019	2,250							3,520	3,900
													7,515	7,836
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023						11/22/2028	—	(14)	(14)
			Secured Debt		11/22/2023		13.50%				11/22/2028	16,200	16,115	15,976
			Preferred Equity		11/22/2023	7,454							7,454	7,450
													23,555	23,412
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							390	530

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	26,810	26,697	26,692
			Preferred Member Units		5/5/2023	556							15,000	4,050
			Preferred Equity		4/1/2025	2,400,000							2,400	6,910
													44,097	37,652
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt	(17)	3/1/2022		7.50%				12/31/2025	675	675	675
			Secured Debt	(17)	3/31/2021		10.00%				12/31/2025	7,745	7,745	3,086
			Preferred Member Units		3/31/2021	9,360							2,970	—
													11,390	3,761
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		13.69%	SF+	10.00%		4/27/2029	11,957	11,953	11,348
			Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
													21,454	21,183
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(25)	2/13/2018						2/28/2031	—	(30)	—
			Secured Debt		12/27/2022		14.00%				2/28/2031	43,857	43,519	43,857
			Preferred Stock		2/13/2018	9,936							13,040	28,834
													56,529	72,691
Doral Holdings, LLC		Machinery Moving, Rigging and Millwrighting 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	(25)	5/20/2025						5/20/2030	—	—		—
			Secured Debt		5/20/2025		13.00%				5/20/2030	22,500	22,316		22,500
			Preferred Equity	(8)	5/20/2025	13,000							13,000		24,200
													35,316		46,700
Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassis Components
			Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2027	—	(2)		(2)
			Secured Debt		10/3/2022		12.00%				10/3/2027	16,661	16,611		16,611
			Secured Debt		10/3/2022		9.00%				10/3/2052	6,198	6,143		6,143
			Common Stock		10/3/2022	285							5,726		5,190
			Common Stock	(29)	10/3/2022	939							1,558		3,330
													30,036		31,272
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt		6/30/2025		12.00%				6/30/2030	66,000	$	65,448	$	66,000
			Preferred Equity	(8)	10/29/2021	9,360							10,400		55,750
													75,848		121,750
Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (34)	6/24/2016		11.19%	SF+	7.50%		1/1/2028	1,600	1,600		1,600
			Secured Debt	(9) (34)	11/22/2024		11.19%	SF+	7.50%		1/1/2028	74,966	74,864		74,966
			Member Units	(8)	6/24/2016	9,042							17,692		117,830
			Member Units	(29)	12/15/2025	408							304		304
													94,460		194,700
Garreco, LLC		Manufacturer and Supplier of Dental Products
			Member Units		7/15/2013	1,200							1,200		1,720

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		9.79%	SF+	6.00%		10/29/2026	3,146	3,144		3,146
			Secured Debt		12/19/2014		11.79%	SF+	8.00%		10/29/2026	40,493	40,464		40,493
			Member Units	(8)	12/19/2014	5,879							13,065		44,010
													56,673		87,649
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(30)	10/1/2017	49.26%							1,158		1,865
			LP Interests (2717 HPP-MS, L.P.)	(8) (30)	3/11/2022	49.26%							256		257
			LP Interests (2717 GRE-LP, L.P.)	(30)	4/18/2024	43.05%							441		516
			LP Interests (423 COR, L.P.)	(30)	6/2/2022	26.89%							2,900		5,339
													4,755		7,977


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)

Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456							718	7,080

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	800	782	800
			Secured Debt		6/21/2023		13.00%				6/21/2028	34,264	34,111	34,264
			Common Equity		6/21/2023	14,400							14,400	28,760
													49,293	63,824
Jensen Jewelers of Idaho, LLC		Retail Jewelry Store
			Secured Debt	(9) (25)	8/29/2017			P+	6.75%		11/14/2026	—	—	—
			Secured Debt	(9)	11/14/2006		13.50%	P+	6.75%		11/14/2026	728	728	728
			Member Units	(8)	11/14/2006	627							811	12,160
													1,539	12,888
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	23,321	23,275	23,275
			Preferred Equity	(8)	3/28/2022	109,926							10,993	10,993
													34,268	34,268
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (14)	8/25/2025		8.92%	SF+	5.00%	8.92%	6/20/2030	6,529	6,529	6,529
			Secured Debt	(9) (14)	8/25/2025		9.92%	SF+	6.00%	9.92%	6/20/2030	36,513	36,513	8,657
			Secured Debt	(14)	8/25/2025		15.00%			15.00%	6/20/2030	16,842	6,205	—
			Common Equity		12/22/2021	1,684,211							1,684	—
			Common Equity		8/25/2025	842,000							842	—
													51,773	15,186
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	10,199	10,196	10,196
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,897	3,866	3,866
			Preferred Equity	(8)	10/31/2018	581							12,240	18,350
			Member Units	(8) (29)	10/31/2018	800							992	4,190
													27,294	36,602
Legacy Swim Group		Swim Lessons Provider
			Secured Debt		11/7/2025		13.00%				11/7/2030	32,000	31,707	31,707
			Preferred Equity	(8)	11/7/2025	366							14,996	14,996
													46,703	46,703
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2026	—	—	—
			Secured Debt		10/19/2022		8.75%				10/19/2027	17,237	17,184	17,237
			Preferred Equity	(8)	10/19/2022	5,915,585	8.00%			8.00%			5,916	5,916
			Common Stock	(8)	10/19/2022	1,537,219							1,537	10,060


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)

													24,637	33,213
Moffitt Holdings, LLC		Bulk Fuel and Lubricants Distributor
			Secured Debt		3/19/2025		13.00%				3/19/2030	33,688	33,422	33,422
			Preferred Equity		3/19/2025	14,300							14,300	15,560
													47,722	48,982
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt	(9)	1/26/2021		6.69%	SF+	3.00%		3/23/2031	12,300	12,300	12,300
			LP Interests	(8) (30)	1/26/2021	14.51%							15,000	13,593
													27,300	25,893
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%		3/5/2029	—	(77)	(77)
			LP Interests	(8) (30)	9/5/2023	12.46%							10,500	11,153
													10,423	11,076
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500	233,060

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Secured Debt	(9) (25)	2/26/2026			SF+	4.50%		12/31/2029	—	(147)	(147)
			Common Equity	(8)	5/2/2022	2,025,220							30,013	24,667
													29,866	24,520
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	9,772	9,772
			Preferred Equity	(8)	3/28/2025	270							2,700	4,080
													12,472	13,852
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units	(8)	1/31/2008	2,955							4,145	11,150
			Member Units	(8) (29)	9/30/2025	468							—	568
													4,145	11,718
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		12.50%				6/4/2029	41,272	41,067	41,272
			Preferred Equity	(8)	6/4/2024	336,803							11,197	29,550
													52,264	70,822
NexRev LLC		Provider of Energy Efficiency Products & Services
			Preferred Member Units		2/28/2018	103,144,186							8,213	12,590

NRP Jones, LLC		Manufacturer of Hoses, Fittings and Assemblies
			Secured Debt	(14)	12/21/2017		12.00%				9/18/2028	2,191	2,160	370
			Preferred Equity		12/8/2011	495,000							482	—


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

		Member Units		12/22/2011	74,761							114	—
		Member Units		12/22/2011	74,761							3,823	—
		Common Equity	(29)	6/20/2025	927,581							928	928
												7,507	1,298
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9)	1/31/2017		10.29%	SF+	6.50%		1/31/2028	2,600	2,600	2,600
		Secured Debt		1/31/2017		12.00%				1/31/2030	18,440	18,166	18,166
		Preferred Member Units		11/2/2022	2,400							2,785	6,290
		Preferred Member Units		1/31/2017	486							11,866	10,930
												35,417	37,986
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				12/31/2029	29,000	28,959	29,000
		Preferred Member Units	(8)	4/1/2008	900							1,080	79,040
												30,039	108,040
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		14.79%	SF+	11.00%		7/31/2026	20,760	20,746	20,760
		Preferred Stock	(29)	7/30/2021	10,000							10,000	13,450
												30,746	34,210
Pinnacle TopCo, LLC	Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
		Secured Debt	(25)	12/21/2023						12/21/2028	—	(9)	—
		Secured Debt		12/21/2023		13.00%				12/21/2028	26,400	26,255	26,400
		Preferred Equity	(8)	12/21/2023	440							12,540	20,440
												38,786	46,840
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	8.75%		11/15/2027	—	(3)	—
		Secured Debt	(9)	11/15/2016		12.60%	SF+	8.75%		11/15/2027	15,191	15,134	15,191
		Common Stock	(8)	6/10/2010	2,000							2,150	15,710
		Common Stock	(8) (29)	6/14/2022	238,421							238	575
												17,519	31,476
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%				11/15/2026	4,897	4,885	4,897
		Preferred Member Units	(8)	2/1/2011	21,806							5,709	15,740
		Common Stock		1/27/2021	1,037							1,200	750
												11,794	21,387
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000							7,546	460


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

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(8) (29)	12/20/2013	1,500						369	9,700

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(14) (25)	12/15/2021					12/15/2026	—	(68)	(68)
		Secured Debt	(14)	12/15/2021		12.50%		10.00%	12/15/2026	33,660	31,560	13,968
		Preferred Equity		12/15/2021	11,070						11,070	—
											42,562	13,900
Spring Engineering Holdings, LLC	Provider of Architectural, Engineering and Land Planning and Entitlement Services
		Secured Debt		2/27/2026		13.00%			2/27/2031	23,391	23,165	23,165
		Preferred Member Units		2/27/2026	4,650						4,650	4,650
											27,815	27,815
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt	(17)	8/31/2018		12.00%		12.00%	8/31/2023	1,313	1,294	1,313
		Secured Debt	(14) (17)	8/31/2018		12.00%		12.00%	8/31/2023	15,200	15,045	5,380
		Preferred Member Units		8/28/2023	6,605						661	—
		Preferred Member Units		2/1/2023	5,643						564	—
		Preferred Member Units		8/31/2018	544						9,245	—
											26,809	6,693
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	2,271
											2,008	4,065
Trantech Radiator Topco, LLC	Transformer Cooling Products and Services
		Secured Debt		5/31/2019		11.50%			5/31/2031	1,600	1,600	1,600
		Secured Debt		5/31/2019		13.50%			5/31/2031	31,280	31,061	31,280
		Secured Debt		11/21/2025		9.00%			5/31/2027	2,040	2,035	2,040
		Secured Debt		3/25/2026		9.00%			5/31/2027	2,000	1,991	2,000
		Secured Debt		3/25/2026		9.00%			5/31/2027	400	398	400
		Common Stock	(8)	5/31/2019	654						6,021	19,850
		Common Equity	(29)	11/21/2025	723						696	696
											43,802	57,866
Trinity Medical Holdings, LLC	Orthopedic Healthcare Platform
		Secured Debt	(25)	10/8/2025					10/8/2030	—	—	—
		Secured Debt		10/8/2025		13.00%			10/8/2030	58,500	57,974	57,974
		Preferred Equity		10/8/2025	22,500						22,500	22,500
											80,474	80,474
Victory Energy Operations, LLC	Provider of Industrial and Commercial Combustion Systems


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	2,154		2,130		2,130
			Secured Debt		10/3/2024		13.00%				10/3/2029	48,251		47,913		47,913
			Preferred Equity		10/3/2024	51,421								22,471		23,640
														72,514		73,683
Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt	(17)	3/31/2023		10.00%				3/31/2025	2,100		2,100		2,100
			Preferred Member Units		3/31/2023	5,097,595								1,523		2,040
			Preferred Member Units		3/31/2023	142,512								—		—
			Preferred Member Units		1/26/2015	4,876,670								14,000		—
			Common Stock		3/31/2023	1,802,780								2,576		—
														20,199		4,140
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (25)	12/1/2021			SF+	6.00%		12/1/2026	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	24,000		23,968		23,968
			Preferred Equity	(29)	12/1/2021	12,240								12,240		12,240
														36,208		36,208
Ziegler’s NYPD, LLC		Casual Restaurant Group
			Secured Debt		7/31/2025		12.00%				12/31/2027	150		150		150
			Secured Debt		12/30/2024		12.00%				12/31/2027	1,750		1,750		1,633
			Preferred Member Units		6/30/2015	16,878								3,154		—
														5,054		1,783
Subtotal Control investments (83.5% of net assets at fair value)														$	1,884,724	$	2,583,010
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		11/24/2025		21.00%			21.00%	11/24/2032	$	1,083	$	978	$	1,083
			Secured Debt		4/1/2025		20.00%			20.00%	11/24/2032	940		940		940
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		2,544
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		2,544
			Preferred Equity		3/28/2025	12,621,635								8,520		20
			Common Stock		12/11/2020	654,743								3,148		—
														19,804		7,131
BLI Acquisition, LLC		Healthcare Provider Data Services
			Secured Debt		2/2/2026		14.00%				2/2/2031	13,200		13,072		13,072
			Member Units		2/2/2026	210,000								2,100		2,100
														15,172		15,172
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	256		256		256
			Member Units	(8)	6/30/2017	2,160,000								2,256		2,630


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

													2,512	2,886
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	8,750	6,333	—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	18	—	—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	11,534	5,862	—
			Preferred Member Units		6/30/2015	6	6.00%			6.00%			4,770	—
													16,965	—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (25)	12/17/2021			SF+	6.00%		6/5/2030	—	(43)	(43)
			Secured Debt		12/17/2021		13.00%				6/5/2030	21,892	21,570	21,570
			Common Stock		12/17/2021	516,617							5,166	5,370
													26,693	26,897
CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt		12/10/2021		15.00%				12/10/2026	1,800	1,796	1,800
			Secured Debt		12/10/2021		15.00%				12/10/2026	25,107	25,104	25,107
			Preferred Equity	(8)	12/10/2021	3,310							3,635	25,580
													30,535	52,487
CGMS Parent LLC		Commercial Subcontractor Specializing in Concrete Flatwork
			Secured Debt	(25)	12/26/2025						12/26/2030	—	(37)	(37)
			Secured Debt		12/26/2025		13.00%				12/26/2030	24,844	24,612	24,612
			Preferred Equity	(8)	12/26/2025	2,000							10,000	10,000
													34,575	34,575
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	154							—	2,130

Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(8) (30)	2/4/2015	12.49%							308	836

Connect Telecommunications Solutions Holdings, Inc.	(13) (21)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	23,436	23,271	23,271
			Preferred Equity		10/9/2024	22,304							12,596	12,596
													35,867	35,867
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		10.00%				6/18/2029	560	556	560
			Secured Debt		11/19/2021		10.00%				6/18/2029	12,800	12,757	12,800
			Preferred Equity		11/19/2021	5,944							5,944	13,674


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	(8)	6/18/2024	3,068	15.00%			15.00%			3,893	7,883
													23,150	34,917
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%							6,032	8,027
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%							1,915	2,549
													7,947	10,576
Dos Rios Stone Products LLC	(10)	Limestone and Sandstone Dimension Cut Stone Mining Quarries
			Class A Preferred Units	(29)	6/27/2016	2,000,000							2,000	—

EIG Fund Investments	(12) (13)	Investment Partnership
			LP Interests (EIG Global Private Debt Fund-A, L.P.)	(8)	11/6/2015	5,000,000							84	37

FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt	(25)	5/28/2024						5/28/2029	—	—	—
			Secured Debt		5/28/2024		13.00%				5/29/2029	30,750	28,269	30,750
			Warrants	(8) (27)	5/28/2024	12					5/28/2034		3,920	14,660
													32,189	45,410
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%							2,337	1,546
			LP Interests (Freeport First Lien Loan Fund III LP)	(30)	7/31/2015	5.95%							671	193
													3,008	1,739
FRG AcquireCo, LLC		Technology Focused Risk Management Advisory Firm
			Secured Debt	(25)	9/22/2025						9/22/2028	—	(17)	(17)
			Secured Debt		9/22/2025		13.50%				9/22/2030	8,482	8,407	8,407
			Preferred Equity		9/22/2025	3,500							3,500	3,500
													11,890	11,890
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%				3/31/2026	14,053	14,053	14,053
			Preferred Member Units	(8)	3/31/2021	226							4,900	10,940
													18,953	24,993
Gulf Manufacturing, LLC	(13)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt		3/15/2024		11.82%	SF+	8.13%		3/15/2029	3,000	2,971	2,971
			Secured Debt		3/15/2024		11.82%	SF+	8.13%		3/15/2029	37,200	36,367	36,367


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)	8/31/2007	438							2,980	6,500
			Common Stock	(8) (29)	11/18/2024	888							888	1,450
			Preferred Equity		12/23/2025	208							2,077	5,190
													45,283	52,478
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%							1,297	3,736
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%							7,694	9,535
			LP Interests (423 HAR, L.P.)	(8) (30)	6/2/2023	15.60%							750	1,226
													9,741	14,497
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9) (25)	12/2/2016			SF+	6.00%		1/15/2029	—	(23)	—
			Secured Debt	(25)	1/2/2026						1/15/2029	—	—	—
			Secured Debt	(25)	1/2/2026						1/15/2029	—	—	—
			Secured Debt		12/2/2016		11.00%				1/15/2029	49,871	49,600	49,871
			Preferred Member Units	(8)	12/2/2016	226							2,850	26,310
			Preferred Member Units	(29)	12/2/2016	226							150	1,380
													52,577	77,561
Houston Plating and Coatings, LLC		Provider of Plating and Industrial Coating Services
			Unsecured Convertible Debt		5/1/2017		10.00%				4/2/2029	3,000	3,000	3,000
			Member Units	(8)	1/8/2003	322,297							2,352	3,510
													5,352	6,510
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	18,006,407							18,300	19,000

Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt	(25)	2/2/2026						3/31/2028	—	—	—
			Secured Debt		3/31/2023		12.00%				3/31/2028	15,074	15,065	15,074
			Preferred Equity	(8)	3/31/2023	87,360							4,368	8,340
													19,433	23,414
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.42%	SF+	7.50%		8/20/2026	12,273	12,252	11,786
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			288	427
			Preferred Equity		6/3/2025	3,078	10.00%			10.00%			328	404
			Common Stock		8/20/2021	9,968							1,356	280
													14,224	12,897
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing


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

			Secured Debt		8/2/2021		13.00%				1/31/2028	4,514	4,502	4,502
			Secured Debt		9/1/2021		13.00%				1/31/2028	2,940	2,932	2,932
			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	17,417	17,369	17,369
			Secured Debt		1/31/2023		13.00%				1/31/2028	9,202	9,088	9,088
			Preferred Equity		6/26/2024	711	25.00%			25.00%			711	1,100
			Preferred Equity		9/26/2025	155	25.00%			25.00%			155	155
			Common Stock		8/3/2021	203,016							2,756	2,850
													46,457	46,940
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		10.84%	SF+	7.00%		6/21/2027	1,180	1,174	1,180
			Secured Debt	(9)	6/30/2025		10.84%	SF+	7.00%		6/21/2027	5,310	5,298	5,310
			Secured Debt	(9) (25)	3/4/2026			SF+	7.00%		6/21/2027	—	—	—
			Secured Debt	(9)	6/21/2023		10.84%	SF+	7.00%		6/21/2027	4,935	4,602	4,935
			Secured Debt	(9)	6/21/2023		10.84%	SF+	7.00%		6/21/2027	4,935	4,602	4,935
			Secured Debt	(9)	6/30/2025		10.84%	SF+	7.00%		6/21/2027	1,770	1,766	1,770
			Secured Debt	(9)	3/4/2026		10.84%	SF+	7.00%		6/21/2027	2,360	2,360	2,360
			Warrants	(8) (27)	6/21/2023	193,307					6/21/2033		2,091	15,230
													21,893	35,720
Kennedy Fab HoldCo, LLC		Structural Steel Fabricator Specializing in Fabrication, Product Finishing and Field Services
			Secured Debt	(25)	3/4/2026						3/4/2031	—	(5)	(5)
			Secured Debt		3/4/2026		13.00%				3/4/2031	30,000	29,705	29,705
			Secured Debt		3/4/2026		9.00%				3/4/2031	20,000	19,961	19,961
			Preferred Equity		3/4/2026	11,490							11,490	11,490
													61,151	61,151
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt	(9)	12/29/2025		9.20%	SF+	5.50%		10/1/2028	1,303	1,267	1,303
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,173	1,151	1,173
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,007	1,007	1,007
			Preferred Equity		2/10/2025	9,213							4,890	6,270
													8,315	9,753
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.81%	SF+	5.50%	9.81%	1/28/2031	2,974	2,974	2,867
			Secured Debt	(9) (26)	4/11/2025		9.17%	SF+	5.50%	9.17%	1/28/2031	1,769	1,769	1,706
			Preferred Equity	(8) (29)	12/19/2024	66,306							15,224	11,730
													19,967	16,303
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		14.00%				8/19/2029	7,564	7,163	7,163


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%			1,982	2,300
			Warrants	(27)	8/19/2024	59,368					8/19/2029		594	870
													9,739	10,333
Nearshore AcquireCo, LLC		Provider of Outsourcing Services
			Secured Debt	(25)	11/12/2025						11/12/2030	—	(23)	(23)
			Secured Debt	(25)	11/12/2025						11/12/2030	—	(58)	(58)
			Secured Debt		11/12/2025		13.00%				11/12/2030	21,900	21,699	21,699
			Preferred Equity		11/12/2025	10,520,000							5,260	5,260
													26,878	26,878
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	6/30/2026	4,415	4,415	646
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	6/30/2026	2,116	2,116	309
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	6/30/2026	983	983	144
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	6/30/2026	964	964	141
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	6/30/2026	305	305	—
			Preferred Stock		4/18/2011	912	7.00%			7.00%			1,981	—
			Common Stock		4/15/2021	635							830	—
			Warrants	(27)	4/18/2011	4,699					5/10/2027		1,089	—
													12,683	1,240
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	1,128							1,128	3,270

RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		10.56%	SF+	6.75%	10.56%	6/30/2027	1,471	1,471	1,219
			Secured Debt	(9)	2/5/2025		10.59%	SF+	6.75%	10.59%	6/30/2027	464	464	385
			Secured Debt	(9)	7/17/2025		10.59%	SF+	6.75%	10.59%	6/30/2027	453	453	375
			Secured Debt	(9)	4/8/2021		10.56%	SF+	6.75%	10.56%	6/30/2027	15,387	15,380	12,751
			Common Equity		8/12/2024	110							—	—
													17,768	14,730
Revenue Recovery Holdings, LLC		Third Party Tax Collection Services
			Secured Debt	(25)	7/25/2025						7/25/2030	—	(17)	(17)
			Secured Debt		7/25/2025		13.00%				7/25/2030	6,700	6,643	6,643
			Preferred Equity		7/25/2025	104,904							1,049	1,960
													7,675	8,586
RFG AcquireCo, LLC		Aerial Survey, Aerial Survey Equipment Sales & Rental, Aircraft Maintenance
			Secured Debt	(25)	6/2/2025						6/2/2027	—	(6)	(6)
			Secured Debt		6/2/2025		13.50%				6/2/2030	8,000	7,936	7,936
			Secured Debt		6/2/2025		13.50%				6/2/2030	41,500	41,398	41,398


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		6/2/2025	11,401						11,401	12,771
												60,729	62,099
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.80%			6/16/2028	2,250	2,241	2,250
			Secured Debt	(23)	6/16/2023		12.86%			6/16/2028	66,850	66,777	66,850
			Preferred Member Units	(8)	8/31/2018	165						1,525	17,190
												70,543	86,290
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%			3/21/2030	24,280	24,068	24,280
			Common Stock		9/13/2018	70,000						—	2,590
												24,068	26,870
Specialized Aviation Holdings, LLC		Distributor and Service and Maintenance Provider for Specialty Aircraft
			Secured Debt		8/29/2025		13.00%			8/29/2030	23,250	23,048	23,048
			Preferred Stock	(8)	8/29/2025	25,000						15,000	15,000
												38,048	38,048
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%		8.50%	12/31/2027	226	226	784
			Secured Debt	(14)	12/31/2022		8.50%		8.50%	12/31/2027	5,327	4,884	1,636
			Preferred Equity		12/31/2022	5,907,649						—	—
												5,110	2,420
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units		8/31/2020	1,636						4,500	17,810

The Affiliati Network, LLC		Performance Marketing Solutions
			Preferred Stock		9/1/2023	312,910						313	313
			Preferred Stock	(8)	8/9/2021	1,280,000						6,400	6,400
												6,713	6,713
UnionRock Energy Fund II, LP	(12) (13)	Investment Partnership
			LP Interests	(30)	6/15/2020	11.11%						2,683	4,235

UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	6/6/2023	14.91%						4,834	5,407

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	—


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		4/1/2020	2,370,059								—		—
														20,007		9,388
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800		8,749		8,486
			Preferred Equity	(8)	2/16/2024	4,000								4,614		2,560
														13,363		11,046
Wildcats Topco LLC		Provider of Veterinary Services and Products
			Common Equity		5/8/2025	22,426,711								22,427		22,830

World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		13.00%				12/12/2027	9,886		9,853		9,853
			Preferred Equity	(8)	12/12/2022	3,845								3,845		3,845
														13,698		13,698
Subtotal Affiliate investments (34.1% of net assets at fair value)														$	966,939	$	1,055,658
Non-Control/Non-Affiliate Investments (7)
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	$	8,019	$	8,019	$	7,985
			Secured Debt	(9) (33)	11/26/2025		11.00%	SF+	8.00%	1.00%	3/11/2027	771		761		761
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	15,874		15,864		15,806
														24,644		24,552
AGS American Glass Services Acquisition, LLC	(10)	Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions
			Secured Debt	(9) (25)	7/24/2025			SF+	5.50%		7/24/2031	—		(33)		(33)
			Secured Debt	(9) (25)	7/24/2025			SF+	5.50%		7/24/2031	—		(19)		(19)
			Secured Debt	(9)	7/24/2025		9.17%	SF+	5.50%		7/24/2031	10,017		9,886		9,782
			Preferred Equity		7/24/2025	7,292								729		570
														10,563		10,300
Airo Purchaser, Inc.	(10)	Provider of HVAC and Plumbing Installation Services
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—		(60)		(60)
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—		(30)		(30)
			Secured Debt	(9)	8/1/2025		8.92%	SF+	5.25%		8/1/2030	27,526		27,110		27,526
			Common Equity		8/1/2025	1,521								1,521		1,650
														28,541		29,086
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		—


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)


American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (25)	11/19/2021			P+	5.25%		11/19/2028	—	(2)	(2)
			Secured Debt	(9)	11/19/2021		12.00%	P+	5.25%		11/19/2028	5,376	5,367	5,376
													5,365	5,374
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	4,336	4,336	4,336
			Secured Debt	(9)	11/6/2023		10.28%	SF+	6.50%	10.28%	11/6/2028	9,218	9,218	9,218
			Preferred Equity		11/6/2023	32,507							14,060	17,427
			Preferred Equity		11/6/2023	32,507							—	—
			Common Equity		11/9/2021	3,898							234	—
													27,848	30,981
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock	(8)	8/11/2022	1,387,832							1,388	2,450

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (32)	1/18/2022		9.92%	SF+	6.00%		1/18/2028	1,620	1,564	1,620
			Secured Debt	(9)	1/18/2022		8.92%	SF+	5.00%		1/18/2028	6,660	6,660	6,660
			Secured Debt	(9)	1/18/2022		10.92%	SF+	7.00%		1/18/2028	6,660	6,660	6,660
			Common Stock		1/18/2022	720,000							720	1,020
													15,604	15,960
Auria Space, LLC	(10)	Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms
			Secured Debt	(9) (25)	12/31/2025			SF+	5.00%		12/31/2030	—	(160)	(160)
			Secured Debt	(9)	12/31/2025		8.68%	SF+	5.00%		12/31/2030	60,805	59,943	59,943
			Secured Debt	(9)	12/31/2025		8.68%	SF+	5.00%		12/31/2030	57,004	56,204	55,729
			Member Units		2/6/2026	562,714							3,040	3,040
													119,027	118,552
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—	(56)	(56)
			Secured Debt	(9) (25)	12/18/2025			SF+	7.25%		12/23/2027	—	(33)	(33)
			Secured Debt	(9)	12/23/2022		11.11%	SF+	7.25%		12/23/2027	23,296	22,944	23,296
			Common Equity	(8)	12/15/2021	984							934	1,092
													23,789	24,299
Behavior Development Group Holdings	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9) (32)	12/17/2025		9.67%	SF+	6.00%		12/17/2030	600	579	579
			Secured Debt	(9)	12/17/2025		9.70%	SF+	6.00%		12/17/2030	9,572	9,438	9,438
			Common Equity		12/17/2025	300							300	300
													10,317	10,317


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)

Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(29)	3/8/2024	286,109							286	—
			Preferred Member Units	(29)	11/12/2019	122,416							—	—
			Preferred Member Units	(29)	7/6/2018	1,548,387							—	—
													286	—
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.28%	SF+	8.50%	11.28%	5/6/2026	202	126	248
			Secured Debt	(9) (14)	10/19/2022		14.25%	P+	7.50%	13.25%	5/6/2026	2,780	2,731	89
			Secured Debt	(9) (14)	8/28/2020		12.28%	SF+	8.50%	11.28%	5/6/2026	4,183	3,908	—
			Common Stock		10/1/2020	723,184							1	—
			Warrants	(27)	10/19/2022	163,295					10/19/2032		1,036	—
													7,802	337
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	—	(16)	(16)
			Secured Debt	(9)	2/3/2025		8.41%	SF+	4.75%		2/3/2030	3,938	3,885	3,915
			Secured Debt	(9)	2/3/2025		10.41%	SF+	6.75%		2/3/2030	3,938	3,885	3,915
			Common Equity		2/3/2025	248,718							249	249
													8,003	8,063
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		9.56%	SF+	5.75%		5/1/2028	571	559	571
			Secured Debt	(9)	10/31/2025		9.56%	SF+	5.75%		5/1/2028	1,392	1,368	1,392
			Secured Debt	(9)	5/1/2023		8.56%	SF+	4.75%		5/1/2028	6,261	6,208	6,261
			Secured Debt	(9)	5/1/2023		10.56%	SF+	6.75%		5/1/2028	6,261	6,208	6,261
			Preferred Equity		5/1/2023	571							571	610
			Common Equity		5/1/2023	571							—	—
													14,914	15,095
Brainworks Software, LLC	(10)	Advertising Sales and Newspaper Circulation Software
			Secured Debt	(9) (14) (17)	8/12/2014		14.00%	P+	7.25%		7/22/2019	761	761	—
			Secured Debt	(9) (14) (17)	8/12/2014		14.00%	P+	7.25%		7/22/2019	7,056	7,056	—
													7,817	—
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(30)	7/21/2014	1.59%							4,898	2,607
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (30)	10/26/2016	0.59%							3,202	3,224
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%							4,900	5,146
													13,000	10,977


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)

CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	325,408							325	710

Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		10.66%	SF+	6.75%		2/7/2027	4,764	4,684	4,764
			Secured Debt	(9)	2/7/2022		10.64%	SF+	6.75%		2/7/2027	35,701	35,575	35,701
			Secured Debt	(9)	6/24/2022		10.64%	SF+	6.75%		2/7/2027	1,978	1,971	1,978
			Secured Debt	(9)	3/27/2023		10.64%	SF+	6.75%		2/7/2027	4,781	4,754	4,781
													46,984	47,224
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,628	2,628	8

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt		3/6/2026		15.00%			15.00%	8/6/2026	758	736	736
			Secured Debt	(9) (32)	8/6/2021		12.06%	SF+	8.25%	12.06%	8/6/2026	9,062	9,045	7,767
			Secured Debt	(9)	8/6/2021		12.06%	SF+	8.25%	12.06%	8/6/2026	22,022	21,997	18,874
													31,778	27,377
Core Transformers	(10)	Refurbisher and Distributor of Electric Transformers
			Secured Debt	(9) (25)	9/24/2025			SF+	5.50%		9/23/2031	—	(57)	(57)
			Secured Debt	(9) (25)	9/24/2025			SF+	5.50%		9/23/2031	—	(57)	(57)
			Secured Debt	(9)	9/24/2025		9.18%	SF+	5.50%		9/23/2031	6,269	6,156	6,269
			Common Equity		9/24/2025	626,923							627	1,030
													6,669	7,185
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9)	6/29/2024		10.17%	SF+	6.50%		6/28/2029	1,669	1,612	1,650
			Secured Debt	(9)	6/29/2024		10.17%	SF+	6.50%		6/28/2029	10,543	10,378	10,424
			Secured Debt	(9)	6/29/2024		10.42%	SF+	6.75%		6/28/2029	31,709	31,196	30,982
			Secured Debt	(9)	8/15/2024		10.16%	SF+	6.50%		6/28/2029	7,029	6,935	6,949
													50,121	50,005
CoreStack, Inc.	(10)	Multi-Cloud Governance Platform Provider
			Secured Debt		3/25/2026		10.00%			10.00%	9/25/2028	1,378	1,378	1,378
			Secured Debt		3/25/2026						9/25/2028	13,089	13,089	13,089
													14,467	14,467
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	6.50%		6/27/2027	—	(24)	(24)
			Secured Debt	(9)	12/27/2023		10.30%	SF+	6.50%		6/27/2027	10,125	10,016	10,125
													9,992	10,101


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)

CRC Evans USA Bidco, Inc.	(10) (13) (21)	Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved in the Drilling, Evaluation and Completion of Oil and Gas Wells
			Secured Debt	(9) (25)	8/19/2022			SF+	6.75%		6/30/2029	—	(151)	—
			Secured Debt	(9) (25)	12/31/2025			SF+	6.75%		6/30/2029	—	(260)	(260)
			Secured Debt	(9)	12/31/2025		10.71%	SF+	6.75%		6/30/2029	9,419	9,248	9,419
			Secured Debt	(9)	8/19/2022		10.71%	SF+	6.75%		6/30/2029	14,756	14,449	14,756
													23,286	23,915
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+	7.00%		6/27/2029	—	(171)	(171)
			Secured Debt	(9)	3/4/2025		10.65%	SF+	7.00%		6/27/2029	5,531	5,442	5,531
			Secured Debt	(9)	6/27/2024		10.70%	SF+	7.00%		6/27/2029	88,683	87,514	88,683
			Common Equity		3/4/2025	10,851							1,085	680
													93,870	94,723
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	515							720	650

Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.77%	SF+	8.00%	11.77%	12/31/2026	2,689	2,610	2,689
			Secured Debt	(9)	12/20/2022		12.77%	SF+	9.00%		12/31/2026	2,493	2,259	2,463
			Preferred Equity		12/20/2022	125,000							128	110
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													4,997	5,262
Electro Technical Industries, LLC	(10)	Manufacturer of Mission-Critical Electrical Distribution Systems
			Secured Debt	(9) (25)	3/31/2025			SF+	5.50%		3/31/2030	—	(140)	(140)
			Secured Debt	(9) (26)	3/31/2025		9.18%	SF+	5.50%		3/31/2030	49,837	49,047	49,837
			Common Equity		3/31/2025	1,464,286							1,464	3,240
													50,371	52,937
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.10%	SF+	6.25%		12/29/2027	9,330	9,242	5,726

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%							2,560	77
			LP Interests (EnCap Energy Capital Fund VIII Co- Investors, L.P.)	(8) (30)	1/21/2015	0.38%							1,394	5
			LP Interests (EnCap Energy Capital Fund IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,172	871
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,995	4,202
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							7,581	8,132
			LP Interests (EnCap Flatrock Midstream Fund II, L.P.)	(30)	3/30/2015	0.84%							3,799	15
			LP Interests (EnCap Flatrock Midstream Fund III, L.P.)	(8) (30)	3/27/2015	0.25%							3,300	1,119
													28,801	14,421
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (25)	4/7/2023			SF+	6.00%		4/7/2029	—	(20)	—
			Secured Debt	(9)	10/2/2024		9.70%	SF+	6.00%		4/7/2029	1,344	1,328	1,344
			Secured Debt	(9)	4/7/2023		9.70%	SF+	6.00%		4/7/2029	25,319	24,927	25,319
			Common Equity		4/7/2023	649,794							663	910
													26,898	27,573
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		10.96%	SF+	7.00%		12/22/2026	3,692	3,687	3,692
			Secured Debt	(9)	12/22/2021		10.96%	SF+	7.00%		12/22/2026	47,897	47,832	47,897
													51,519	51,589
EWMW LP	(12) (13)	Investment Partnership
			Secured Debt		12/23/2025		9.69%	SF+	6.00%			3,048	3,048	3,048

Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		2.50%				12/31/2028	1,810	1,810	141
			Common Stock		6/30/2019	10,429							256	—
													2,066	141
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (32)	4/14/2025		10.92%	SF+	7.25%		10/14/2027	2,053	1,992	2,053
			Secured Debt	(9)	4/14/2025		10.92%	SF+	7.25%		10/14/2027	28,424	28,075	28,424
			Common Equity		11/10/2023	705,882							706	450
													30,773	30,927
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9) (32)	10/4/2024		11.18%	SF+	7.50%		10/4/2029	903	833	889


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

			Secured Debt	(9)	10/4/2024		11.18%	SF+	7.50%		10/4/2029	4,176	4,096	4,096
			Secured Debt	(9) (26)	10/4/2024		11.17%	SF+	7.50%		10/4/2029	30,615	30,184	29,972
			Common Equity		10/4/2024	1,653							1,634	1,030
													36,747	35,987
GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9) (32)	10/18/2019		10.27%	SF+	6.50%		11/30/2026	6,061	6,047	6,061
			Secured Debt	(9)	10/18/2019		10.27%	SF+	6.50%		11/30/2026	10,364	10,328	10,364
			Secured Debt	(9)	9/15/2023		10.27%	SF+	6.50%		11/30/2026	930	927	930
			Secured Debt	(9)	12/22/2023		10.27%	SF+	6.50%		11/30/2026	222	221	222
			Secured Debt	(9)	8/22/2024		10.27%	SF+	6.50%		11/30/2026	5,996	5,974	5,996
													23,497	23,573
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9) (32)	9/30/2022		10.77%	SF+	7.00%		9/30/2028	353	344	330
			Secured Debt	(9)	9/30/2022		10.78%	SF+	7.00%		9/30/2028	294	286	275
			Secured Debt	(9)	9/30/2022		10.77%	SF+	7.00%		9/30/2028	3,533	3,496	3,301
													4,126	3,906
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(30)	6/2/2025	4.13%							1,590	1,831

HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9) (14)	3/7/2024		9.01%	SF+	3.50%	2.50%	6/21/2026	2,607	2,557	1,964
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	1,626	713	—
			Common Equity		3/7/2024	64,029							—	—
													3,270	1,964
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (32)	7/3/2024		9.18%	SF+	5.50%	1.50%	7/3/2029	4,892	4,860	4,839
			Secured Debt	(9)	7/3/2024		9.15%	SF+	5.50%	1.50%	7/3/2029	32,928	32,699	32,509
													37,559	37,348
HOWLCO LLC	(11) (13) (21)	Provider of Accounting and Business Development Software to Real Estate End Markets
			Secured Debt	(9)	8/19/2021		10.33%	SF+	6.50%	3.50%	10/23/2027	27,423	27,423	26,578

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		11.91%	SF+	8.25%		12/31/2027	7,200	7,126	7,200

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (25)	7/30/2021			SF+	5.75%		7/30/2028	—	(7)	—


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)	7/30/2021		9.52%	SF+	5.75%		7/30/2028	10,101	10,049	10,101
			Secured Debt	(9)	7/30/2021		9.52%	SF+	5.75%		7/30/2028	4,840	4,813	4,840
													14,855	14,941
Ignite Visibility LLC	(10)	Digital Marketing Services Agency
			Secured Debt	(9)	12/15/2025		8.41%	SF+	4.75%		12/1/2028	4,759	4,695	4,695
			Secured Debt	(9)	12/15/2025		10.41%	SF+	6.75%		12/1/2028	4,759	4,695	4,695
													9,390	9,390
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Common Equity	(8)	6/8/2023	849							1,166	1,090

Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/13/2025		9.70%	SF+	6.00%	4.00%	10/30/2028	1,963	1,963	1,963
			Secured Debt	(9)	7/31/2025		9.70%	SF+	6.00%	9.70%	10/30/2028	4,532	4,532	4,532
			Common Equity		7/31/2025	4,238,917							5,680	3,740
													12,175	10,235
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (25)	7/19/2023			SF+	6.25%		7/19/2028	—	(35)	(35)
			Secured Debt	(9)	7/19/2023		9.92%	SF+	6.25%		7/19/2029	14,097	13,863	12,838
			Common Equity		7/19/2023	131,100							656	110
													14,484	12,913
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9)	4/3/2023		13.27%	SF+	9.50%	1.50%	4/3/2028	861	852	813
			Secured Debt	(9)	4/3/2023		13.27%	SF+	9.50%	1.50%	4/3/2028	7,324	7,250	6,915
			Secured Debt	(9)	6/14/2023		13.27%	SF+	9.50%	1.50%	4/3/2028	2,946	2,918	2,781
			Secured Debt	(9)	12/31/2024		13.27%	SF+	9.50%	1.50%	4/3/2028	340	340	321
			Common Equity		4/3/2023	177,594							463	97
													11,823	10,927
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (32)	12/9/2021		13.77%	SF+	10.00%	13.77%	8/7/2023	2,475	2,475	2,160
			Secured Debt	(9) (14) (17)	8/7/2019		11.02%	SF+	7.00%	11.02%	8/7/2023	7,313	7,237	5
			Common Stock		12/7/2021	2,143							—	—
													9,712	2,165
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9)	8/28/2019		11.32%	SF+	7.50%		3/31/2028	1,556	1,550	1,226
			Secured Debt	(9) (26)	8/28/2019		11.32%	SF+	8.00%	3.32%	3/31/2028	16,945	16,909	13,288
													18,459	14,514
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness 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)

			Secured Debt	(9) (14)	4/13/2023		11.27%	SF+	7.50%	8.77%	4/14/2028	3,159	3,012	457
			Common Equity		4/13/2023	198,743							—	—
													3,012	457
Island Pump and Tank, LLC	(10)	Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
			Secured Debt	(9)	5/20/2024		10.92%	SF+	7.00%		5/17/2029	456	453	386
			Secured Debt	(9)	5/20/2024		9.92%	SF+	6.00%		5/17/2029	2,111	2,086	1,785
			Secured Debt	(9)	5/20/2024		10.92%	SF+	7.00%		5/17/2029	2,111	2,086	1,785
			Secured Debt	(9)	5/20/2024		11.92%	SF+	8.00%		5/17/2029	2,111	2,086	1,785
													6,711	5,741
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.31%	SF+	7.50%		11/4/2026	740	737	740
			Secured Debt	(9) (26)	2/27/2024		11.29%	SF+	7.50%		11/4/2026	625	623	625
			Secured Debt	(9) (26)	11/1/2024		11.18%	SF+	7.50%		11/4/2026	667	661	667
			Secured Debt	(9)	11/8/2021		11.31%	SF+	7.50%		11/4/2026	1,711	1,705	1,712
			Preferred Equity		11/8/2021	2,826,667							110	650
													3,836	4,394
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		11.77%	SF+	8.00%		3/29/2029	1,833	1,833	1,833
			Secured Debt	(9)	3/30/2024		11.77%	SF+	8.00%		3/29/2029	1,369	1,369	1,369
			Common Stock		3/29/2024	5,461,019							200	280
													3,402	3,482
LKCM Headwater Investments	(12) (13)	Investment Partnership
			LP Interests (LKCM Headwater Investments I, L.P.)	(8) (30)	1/25/2013	2.27%							—	265
			Common Equity (LKCM Headwater CV I Minerals, L.P.)	(30)	3/27/2026	1.82%							618	618
													618	883
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		11.81%	SF+	8.00%	3.00%	12/31/2029	4,246	4,163	3,453

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	4/11/2025		11.17%	SF+	7.50%	2.75%	12/31/2028	44,438	43,812	44,438
			Secured Debt		4/11/2025						12/31/2028	2,963	2,344	2,260
													46,156	46,698
Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125	25


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)

MCT Purchaserco Holding Inc.	(10) (13) (21)	Manufacturer and Distributor of High-Voltage Disconnect Switches
			Secured Debt	(9)	12/1/2025		9.20%	SF+	5.50%		12/2/2030	8,944	8,838	8,838
			Secured Debt	(9)	12/1/2025		9.17%	SF+	5.50%		12/2/2030	39,656	39,284	39,284
			Common Equity		12/1/2025	1,590,287							1,139	1,139
													49,261	49,261
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	5.50%		4/3/2028	—	(24)	(24)
			Secured Debt	(9)	11/20/2024		9.27%	SF+	5.50%		4/3/2028	10,995	10,904	10,995
			Secured Debt	(9)	4/4/2022		9.27%	SF+	5.50%		4/3/2028	13,346	13,254	13,346
													24,134	24,317
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (32)	11/30/2023		9.92%	SF+	6.25%		11/30/2028	1,540	1,517	1,429
			Secured Debt	(9) (26)	11/30/2023		9.92%	SF+	6.25%		11/30/2028	1,302	1,284	1,208
			Secured Debt	(9)	11/30/2023		8.92%	SF+	5.25%		11/30/2028	4,821	4,758	4,472
			Secured Debt	(9)	11/30/2023		10.92%	SF+	7.25%		11/30/2028	4,821	4,756	4,470
			Common Equity		11/30/2023	524,888							525	230
													12,840	11,809
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (25)	4/17/2025			SF+	5.50%		4/17/2030	—	(184)	(184)
			Secured Debt	(9)	4/17/2025		9.17%	SF+	5.50%		4/17/2030	14,661	14,263	14,661
			Secured Debt	(9)	4/17/2025		9.17%	SF+	5.50%		4/17/2030	65,932	64,874	65,932
			Common Equity		6/7/2023	1,234							1,234	22,240
													80,187	102,649
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.21%	SF+	6.25%		5/24/2027	4,101	4,084	4,329
			Secured Debt	(9)	5/24/2022		10.21%	SF+	6.25%		5/24/2027	10,635	10,586	12,121
			Secured Debt	(9)	5/24/2022		10.21%	SF+	6.25%		5/24/2027	17,890	17,813	17,890
			Secured Debt	(9)	6/25/2025		10.21%	SF+	6.25%		5/24/2027	1,228	1,214	1,216
			Common Stock		8/30/2022	111,058,246							1,221	545
													34,918	36,101
Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9) (25)	6/21/2024			SF+	7.25%		12/21/2028	—	(3)	(3)
			Secured Debt	(9)	6/21/2024		11.04%	SF+	7.25%		6/21/2029	26,023	25,522	26,023
			Secured Debt	(9)	5/13/2025		11.04%	SF+	7.25%		6/21/2029	3,147	3,073	3,147
													28,592	29,167
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		9.45%	SF+	5.75%		11/16/2027	1,383	1,373	1,383
			Secured Debt	(9)	4/1/2024		9.45%	SF+	5.75%		11/16/2027	3,841	3,819	3,841


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)

													5,192	5,224
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14)	7/8/2013						11/15/2026	4,335	4,335	6

PavCon LLC	(10)	Provider of Predictive Data Analytics to the Department of Defense
			Secured Debt	(9) (25)	1/2/2026			SF+	5.50%		1/2/2031	—	(29)	(29)
			Secured Debt	(9) (25)	1/2/2026			SF+	5.50%		1/2/2031	—	(29)	(29)
			Secured Debt	(9)	1/2/2026		9.46%	SF+	5.50%		1/2/2031	10,850	10,644	10,644
													10,586	10,586
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		9.16%	SF+	5.50%		5/1/2029	7,780	7,630	7,780
			Secured Debt	(9)	9/7/2023		9.20%	SF+	5.50%		5/1/2029	743	727	743
			Secured Debt	(9)	1/30/2024		9.20%	SF+	5.50%		5/1/2029	747	735	747
			Secured Debt	(9)	6/28/2024		8.95%	SF+	5.25%		5/1/2029	848	840	848
			Secured Debt	(9)	1/21/2025		8.92%	SF+	5.25%		5/1/2029	1,881	1,867	1,881
			Secured Debt	(9)	7/31/2025		8.92%	SF+	5.25%		5/1/2029	2,016	2,000	2,016
			Secured Debt	(9)	11/21/2025		8.41%	SF+	4.75%		5/1/2029	2,123	2,104	2,123
			Secured Debt	(9)	2/4/2026		8.41%	SF+	4.75%		5/1/2029	11,573	11,464	11,573
													27,367	27,711
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (25)	8/24/2023			SF+	5.00%		8/24/2028	—	(49)	—
			Secured Debt	(9)	8/24/2023		8.67%	SF+	5.00%		8/24/2028	32,949	32,401	32,945
			Secured Debt	(9)	9/10/2024		8.65%	SF+	5.00%		8/24/2028	21,406	21,145	21,404
													53,497	54,349
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(25)	8/27/2021						8/31/2029	—	(2)	—
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	3,672	3,657	2,742
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	3,708	3,693	2,656
													7,348	5,398
Royal Cup Inc.	(10)	Coffee Roaster and Beverage Solutions Provider
			Secured Debt	(9)	11/26/2025		8.91%	SF+	5.25%		11/26/2030	4,188	3,978	4,143
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—	(79)	(79)
			Secured Debt	(9) (25)	11/26/2025			SF+	5.25%		11/26/2030	—	(341)	(341)
			Secured Debt	(9)	11/26/2025		8.93%	SF+	5.25%		11/26/2030	53,167	52,430	52,596
			Preferred Equity		11/26/2025	3,807,144							3,807	3,807
													59,795	60,126


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)

Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		9.17%	SF+	5.50%		5/16/2028	2,821	2,820	2,821
			Secured Debt	(9)	7/16/2021		9.20%	SF+	5.50%		5/16/2028	6,727	6,644	6,727
													9,464	9,548
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		9.02%	SF+	5.25%		8/8/2029	53,320	53,041	53,320
			Secured Debt	(9)	7/31/2025		9.02%	SF+	5.25%		8/8/2029	10,449	10,363	10,449
			Common Equity		12/10/2021	864							864	1,013
													64,268	64,782
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (32)	7/1/2022		10.84%	SF+	7.00%		7/2/2029	1,469	1,433	1,469
			Secured Debt	(9)	7/1/2022		10.85%	SF+	7.00%		7/2/2029	15,369	15,192	15,369
			Common Stock		7/1/2022	638,710							639	630
													17,264	17,468
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(71)	(71)
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(53)	(53)
			Secured Debt	(9)	12/31/2024		9.30%	SF+	5.50%		12/31/2029	31,985	31,632	31,985
													31,508	31,861
Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000	5,000

Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(8) (29)	7/7/2021	1,000,000							1,000	3,100

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		10.20%	SF+	6.50%		3/11/2029	1,439	1,366	1,439
			Secured Debt	(9)	3/11/2024		10.20%	SF+	6.50%		3/11/2029	33,499	32,809	33,499
			Secured Debt	(9)	2/27/2025		10.20%	SF+	6.50%		3/11/2029	4,287	4,210	4,287
			Secured Debt	(9)	8/5/2025		10.20%	SF+	6.50%		3/11/2029	4,851	4,752	4,851
			Preferred Equity		3/11/2024	1,358,892	8.00%			8.00%			1,375	1,830
													44,512	45,906
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9)	3/18/2026		14.78%	SF+	11.00%	10.00%	5/2/2026	658	658	658
			Secured Debt	(9) (14)	6/1/2023		13.75%	P+	7.00%	7.00%	5/2/2027	9,811	2,611	4,038
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003	20	—


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)

													3,289	4,696
UBM AcquireCo LLC		Mail Commingling and Logistics Provider
			Secured Debt	(25)	12/20/2025						12/20/2027	—	(34)	(34)
			Secured Debt		12/20/2025		10.00%				12/20/2030	42,800	42,400	42,400
			Common Equity	(8)	12/20/2025	80							8,000	8,000
													50,366	50,366
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)	3/10/2026		10.17%	SF+	6.50%		7/29/2029	13,134	12,871	13,131
			Secured Debt	(9)	3/10/2026		10.17%	SF+	6.50%		7/29/2029	3,541	3,461	3,540
			Secured Debt	(9)	7/29/2024		10.17%	SF+	6.50%		7/27/2029	42,794	42,232	42,784
			Common Equity		7/29/2024	1,443							1,443	1,630
													60,007	61,085
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/7/2026		11.40%	SF+	7.75%	1.75%	4/5/2029	323	317	323
			Secured Debt	(9)	1/11/2023		11.42%	SF+	7.75%	1.75%	4/5/2029	4,016	3,950	4,016
													4,267	4,339
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(32)	12/22/2023		10.95%	SF+	7.00%		12/22/2028	7,727	7,609	7,727
			Secured Debt	(9)	3/4/2026		10.92%	SF+	7.00%		12/22/2028	3,883	3,789	3,883
			Secured Debt	(9)	12/22/2023		10.96%	SF+	7.00%		12/22/2028	41,544	40,979	41,544
													52,377	53,154
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038	4,030

Wash & Wax Systems LLC	(10)	Express Car Wash Operator
			Secured Debt	(9) (32)	4/30/2025		9.19%	SF+	5.50%		4/30/2028	322	322	322
			Secured Debt	(9)	4/30/2025		9.17%	SF+	5.50%		4/30/2028	7,498	7,498	7,498
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	5,392	5,392	5,392
			Common Equity		4/30/2025	3,219							3,410	1,370
													16,622	14,582
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	2,339	2,257	1,343
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	402	380	231
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	16,540	15,978	9,499
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	13,230	12,780	7,598
													31,395	18,671


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)

Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (32)	11/19/2021		11.43%	SF+	7.50%		11/19/2027	2,933	2,875		2,933
			Secured Debt	(9)	11/19/2021		11.42%	SF+	7.50%		11/19/2027	1,874	1,866		1,874
			Secured Debt	(9)	1/16/2024		10.42%	SF+	6.50%		11/19/2027	7,240	7,192		7,240
			Secured Debt	(9)	1/16/2024		12.42%	SF+	8.50%		11/19/2027	7,240	7,192		7,240
													19,125		19,287
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		9.54%	SF+	5.75%		12/20/2028	23,510	23,330		23,510
			Secured Debt	(9)	12/17/2021		9.52%	SF+	5.75%		12/20/2028	36,959	36,702		36,960
			Secured Debt	(9)	3/31/2025		9.55%	SF+	5.75%		12/20/2028	10,525	10,374		10,525
													70,406		70,995
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9) (26)	8/22/2018		11.26%	SF+	7.50%		8/9/2027	10,592	10,520		9,007

ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		11.75%	P+	5.00%		6/14/2029	8,685	8,552		8,685
			Secured Debt	(9) (26)	6/14/2024		9.69%	SF+	6.00%		6/14/2029	15,920	15,670		15,920
			Secured Debt	(9)	6/14/2024		9.60%	SF+	6.00%		6/14/2029	6,485	6,399		6,485
			Secured Debt	(9)	6/14/2024		9.69%	SF+	6.00%		6/14/2029	46,385	45,767		46,385
													76,388		77,475
Subtotal Non-Control/Non-Affiliate investments (65.8% of net assets at fair value)													$	2,081,821	$	2,036,083
Total Portfolio Company investments, March 31, 2026 (183.4% of net assets at fair value)													$	4,933,484	$	5,674,751

Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (35)													$	3,968	$	3,968
Fidelity Government Fund (36)													1,230		1,230
Fidelity Treasury (31)													363		363
Total money market funds													$	5,561	$	5,561

___________________________

(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+7.50% (Floor 1.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(23)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of 11.80% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(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 March 31, 2026, 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)

American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/25/2025		12.64%	SF+	8.50%	12.64%	3/28/2028	$	8,161	$	8,161	$	8,161
			Secured Debt	(9)	3/25/2025		12.64%	SF+	8.50%	12.64%	3/28/2028	8,161		8,161		6,582
			Preferred Equity		3/25/2025	26,638								8,970		4,250
														25,292		18,993
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.75%				8/16/2029	3,895		3,860		3,860
			Preferred Member Units		5/20/2021	2,411								2,387		6,030
			Preferred Member Units		8/16/2019	3,108								3,200		120
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														9,763		10,010
ASC Interests, LLC		Recreational and Educational Shooting Facility
			Secured Debt	(17)	12/31/2019		13.00%				7/31/2024	400		400		400
			Secured Debt	(17)	8/1/2013		13.00%				7/31/2024	1,533		1,533		1,502
			Preferred Member Units		6/28/2023	178								178		—
			Member Units		8/1/2013	1,500								1,500		—
														3,611		1,902
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/7/2027	—		(2)		—
			Secured Debt	(25)	3/7/2022						3/7/2027	—		—		—
			Secured Debt		3/7/2022		10.00%				3/7/2027	9,945		9,921		9,945
			Preferred Stock	(8)	3/7/2022	4,073								4,095		8,750
														14,014		18,695
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	1,773		1,773		1,773
			Preferred Equity		11/4/2024	18,756,995								19,537		12,640
														21,310		14,413
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (32)	11/10/2025		12.07%	SF+	8.25%	12.07%	6/30/2028	6,017		6,017		6,017
			Common Equity		11/10/2025	69								16,890		15,690
														22,907		21,707
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		11.10%	SF+	7.22%		10/31/2027	101,046		100,803		101,046
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		31,190
														114,803		132,236
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		13.98%	SF+	10.00%		12/31/2026	5,016		5,016		5,016
			Preferred Member Units	(8)	1/9/2018	2,950								4,280		3,460


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)	7/7/2025	312	15.00%			15.00%			336	336
												9,632	8,812
Bridge Capital Solutions Corporation	Financial Services and Cash Flow Solutions Provider
		Preferred Member Units	(29)	7/25/2016	17,742							1,000	—
		Warrants	(27)	7/25/2016	82					7/25/2026		2,132	—
												3,132	—
California Splendor Holdings LLC	Processor of Frozen Fruits
		Secured Debt	(25)	3/15/2024						8/28/2028	—	(11)	(11)
		Secured Debt		3/30/2018		14.00%				8/28/2028	25,800	25,776	25,638
		Preferred Member Units	(8)	7/31/2019	8,671	15.00%			15.00%			12,569	12,569
		Preferred Member Units	(8)	3/30/2018	8,729							16,402	12,801
												54,736	50,997
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	47,930

Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (25)	1/4/2019			SF+	8.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		11.98%	SF+	8.00%		1/4/2028	24,085	24,058	24,085
		Preferred Member Units		1/4/2019	13,883							6,386	42,710
												30,444	66,795
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2029	—	(39)	—
		Secured Debt	(9)	2/26/2018		11.99%	SF+	8.00%		2/26/2029	42,020	41,781	42,020
		Member Units	(8)	2/26/2018	4,347							11,440	35,530
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	4,170
												54,955	81,720
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694	5,267	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	16,020
												7,230	21,714
Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(25)	10/28/2022						7/31/2027	—	—	—
		Secured Debt		12/20/2016		10.00%				7/31/2030	9,480	9,405	9,480
		Secured Debt		12/20/2016		10.00%				12/20/2036	929	922	929
		Member Units	(8)	12/20/2016	717							7,280	14,120
		Member Units	(29)	12/20/2016	800							509	1,270
												18,116	25,799
Cody Pools, Inc.	Designer of Residential and Commercial Pools


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)	3/6/2020					12/3/2030	—	(82)	—
			Secured Debt		3/6/2020		12.50%			12/3/2030	34,901	34,336	34,901
			Preferred Member Units	(8) (29)	3/6/2020	587						8,317	65,060
												42,571	99,961
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(25)	3/31/2021					3/31/2028	—	—	—
			Secured Debt		3/31/2021		9.00%			3/31/2028	8,779	8,773	8,779
			Preferred Member Units	(8)	3/31/2021	17,280						7,680	16,830
												16,453	25,609
CompareNetworks Topco, LLC		Internet Publishing and Web Search Portals
			Secured Debt		1/29/2019		12.98%			1/29/2028	4,037	4,031	4,031
			Preferred Member Units		1/29/2019	2,250						3,520	7,650
												7,551	11,681
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023					11/22/2028	—	(15)	(15)
			Secured Debt		11/22/2023		13.50%			11/22/2028	17,200	17,100	16,961
			Preferred Equity		11/22/2023	7,454						7,454	7,180
												24,539	24,126
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%						390	390

Cybermedia Technologies, LLC		IT and Digital Services Provider
			Secured Debt	(25)	5/5/2023					5/5/2028	—	—	—
			Secured Debt		5/5/2023		13.00%			5/5/2028	27,210	27,082	27,076
			Preferred Member Units		5/5/2023	556						15,000	—
			Preferred Equity		4/1/2025	2,400,000						2,400	6,340
												44,482	33,416
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%			12/31/2025	675	675	675
			Secured Debt		3/31/2021		10.00%			12/31/2025	7,812	7,812	4,169
			Preferred Member Units		3/31/2021	9,360


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—March 3 1 , 202 6 (unaudited) and December 31, 2025	1
	Consolidated Statements of Operations (unaudited)—Three months ended March 31 , 2026 and 2025	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three months ended March 31 , 2026 and 2025	3
	Consolidated Statements of Cash Flows (unaudited)—Three months ended March 31 , 202 6 and 2025	4
	Consolidated Schedule of Investments (unaudited)—March 31 , 20 26	5
	Consolidated Schedule of Investments—December 31, 202 5	36
	Notes to Consolidated Financial Statements (unaudited)	66
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Three months ended March 3 1 , 2026 and 2025	111
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	130
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	147
Item 4.	Controls and Procedures	148
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	149
Item 1A.	Risk Factors	149
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	149
Item 5.	Other Information	149
Item 6.	Exhibits	150
	Signatures	151