main-20260630


	June 30, 2026		December 31, 2025
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost: $1,902,897 and $1,824,132, respectively)	$	2,587,784	$	2,569,626
Affiliate investments (cost: $904,393 and $881,641, respectively)	1,005,158		965,179
Non‑Control/Non‑Affiliate investments (cost: $2,167,359 and $2,018,755, respectively)	2,153,102		1,983,312
Total investments (cost: $4,974,649 and $4,724,528, respectively)	5,746,044		5,518,117
Cash and cash equivalents	58,306		41,959
Interest and dividend receivable	51,541		48,719

Prepaids and other assets	70,147		59,186
Deferred financing costs (net of accumulated amortization of $19,112 and $17,601, respectively)	15,003		13,720
Total assets	$	5,941,041	$	5,681,701
LIABILITIES
Credit Facilities	$	241,000	$	518,000
March 2029 Notes (inclusive of unamortized debt issuance premiums of $612 and net of unamortized debt issuance costs/discounts of $2,279, respectively)	550,612		347,721
July 2026 Notes (net of unamortized debt issuance costs/discounts of $22 and $285, respectively)	499,978		499,715
June 2027 Notes (net of unamortized debt issuance costs/discounts of $287 and $431, respectively)	399,713		399,569
August 2028 Notes (net of unamortized debt issuance costs/discounts of $1,622 and $2,004, respectively)	348,378		347,996
SBIC debentures (net of unamortized debt issuance costs of $4,819 and $5,407, respectively)	345,181		344,593
April 2031 Notes (net of unamortized debt issuance costs of $1,009)	148,991		—
Accounts payable and other liabilities	54,941		67,799
Interest payable	36,711		30,094
Dividend payable	24,740		23,358
Deferred tax liability, net	124,258		108,963
Total liabilities	2,774,503		2,687,808
Commitments and contingencies (Note K)
NET ASSETS
Common stock, $0.01 par value per share (150,000,000 shares authorized; 93,354,166 and 89,834,849 shares issued and outstanding, respectively)	934		898
Additional paid-in capital	2,633,935		2,457,660
Total undistributed earnings	531,669		535,335
Total net assets	3,166,538		2,993,893
Total liabilities and net assets	$	5,941,041	$	5,681,701
NET ASSET VALUE PER SHARE	$	33.92	$	33.33


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
INVESTMENT INCOME:
Control investments:
Interest income	$	36,990	$	27,317	$	72,214	$	53,219
Dividend income	18,761		30,239		41,604		58,884
Fee income	2,431		2,656		6,028		4,351
Total investment income from Control investments	58,182		60,212		119,846		116,454
Affiliate investments:
Interest income	21,893		17,219		41,746		33,696
Dividend income	8,140		6,990		12,460		13,528
Fee income	2,203		1,558		4,211		2,277
Total investment income from Affiliate investments	32,236		25,767		58,417		49,501
Non‑Control/Non‑Affiliate investments:
Interest income	53,750		56,321		103,979		111,959
Dividend income	497		616		1,530		1,459
Fee income	4,907		1,057		5,906		1,646
Total investment income from Non-Control/Non-Affiliate investments	59,154		57,994		111,415		115,064
Total investment income	149,572		143,973		289,678		281,019
EXPENSES:
Interest	(36,637)		(32,519)		(70,680)		(63,687)
Compensation	(14,239)		(12,677)		(27,424)		(24,153)
General and administrative	(5,718)		(5,919)		(11,114)		(11,005)
Share-based compensation	(5,807)		(5,416)		(10,912)		(10,258)
Expenses allocated to the External Investment Manager	6,626		5,892		12,092		11,228
Total expenses	(55,775)		(50,639)		(108,038)		(97,875)
NET INVESTMENT INCOME BEFORE TAXES	93,797		93,334		181,640		183,144
Excise tax expense	(659)		(818)		(1,040)		(2,159)
Federal and state income and other tax expenses	(2,814)		(4,333)		(5,697)		(6,905)
NET INVESTMENT INCOME	90,324		88,183		174,903		174,080
NET REALIZED GAIN (LOSS):
Control investments	46,326		(2,998)		56,361		(2,976)
Affiliate investments	—		55,647		—		57,711
Non‑Control/Non‑Affiliate investments	(13,498)		(229)		(5,560)		(31,860)
Total net realized gain	32,828		52,420		50,801		22,875
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	(13,398)		33,154		(60,606)		33,555
Affiliate investments	12,046		(47,745)		17,227		(8,742)
Non‑Control/Non‑Affiliate investments	33,572		(4,360)		25,000		19,426
Total net unrealized appreciation (depreciation)	32,220		(18,951)		(18,379)		44,239
Income tax benefit (provision) on net realized gain and net unrealized appreciation (depreciation)	(7,795)		882		(10,767)		(2,578)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	147,577	$	122,534	$	196,558	$	238,616

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	1.58	$	1.37	$	2.14	$	2.68
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	93,253,619		89,258,390		91,961,399		88,986,215


	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
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





















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
Public offering of common stock, net of offering costs	364,392	4		18,867		—		18,871
Share‑based compensation	—	—		5,807		—		5,807
Purchase of vested stock for employee payroll tax withholding	(169,445)	(2)		(8,972)		—		(8,974)
Dividend reinvestment	203,405	2		10,645		—		10,647
Amortization of directors’ deferred compensation	—	—		86		—		86
Issuance of restricted stock, net of forfeited shares	498,700	5		(5)		—		—
Net increase in net assets resulting from operations	—	—		—		147,577		147,577

Dividends to stockholders	—	—		222		(101,342)		(101,120)
Balances as of June 30, 2026	93,359,325	$	934	$	2,633,935	$	531,669	$	3,166,538


	Six Months Ended June 30,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	196,558	$	238,616
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies	(733,150)		(645,993)
Proceeds from sales and repayments of debt investments in portfolio companies	457,886		472,012
Proceeds from sales and return of capital of equity investments in portfolio companies	93,892		101,271
Net unrealized (appreciation) depreciation	18,379		(44,239)
Net realized gain	(50,801)		(22,875)
Accretion of unearned income	(12,259)		(10,406)
Payment-in-kind interest	(8,096)		(7,297)
Cumulative dividends	(2,135)		(1,936)
Share-based compensation expense	10,912		10,258
Amortization of deferred financing costs	3,029		3,105
Deferred taxes	15,295		3,945
Changes in other assets and liabilities:
Interest and dividend receivable and prepaids and other assets	(10,411)		1,813
Interest payable	6,617		427
Accounts payable and other liabilities	(12,695)		(19,401)
Deferred fees and other	5,001		2,825
Net cash provided by (used in) operating activities	(21,978)		82,125

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of offering costs	153,154		16,031
Proceeds from public offering of March 2029 Notes	200,000		—
Proceeds from public offering of April 2031 Notes	150,000		—
Dividends paid	(177,800)		(168,050)


Proceeds from Credit Facilities	873,000		607,000
Repayments on Credit Facilities	(1,150,000)		(514,000)
Debt issuance costs, net	(1,055)		(4,358)
Purchases of vested stock for employee payroll tax withholding	(8,974)		(10,015)

Net cash provided by (used in) financing activities	38,325		(73,392)

Net increase in cash and cash equivalents	16,347		8,733
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD	41,959		78,251
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD	$	58,306	$	86,984

Supplemental cash flow disclosures:
Interest paid	$	60,983	$	60,068
Taxes paid	$	8,734	$	16,936


Non-cash financing activities:
Value of shares issued pursuant to the dividend reinvestment plan	$	20,608	$	18,466


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		12.34%	SF+	8.50%	12.34%	3/28/2028	$	321	$	321	$	321
			Secured Debt	(9)	3/25/2025		12.34%	SF+	8.50%	12.34%	3/28/2028	8,675		8,675		8,675
			Secured Debt	(9)	3/25/2025		12.34%	SF+	8.50%	12.34%	3/28/2028	8,675		8,675		7,205
			Preferred Equity		3/25/2025	26,638								8,970		3,780
														26,641		19,981
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.25%				8/16/2029	3,692		3,663		3,663
			Preferred Member Units		5/20/2021	2,411								2,387		6,030
			Preferred Member Units		8/16/2019	3,108								3,200		600
			Warrants	(27)	8/16/2019	420					8/16/2029			316		—
														9,566		10,293
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(25)	3/7/2022						3/7/2027	—		(1)		—
			Secured Debt	(25)	3/7/2022						3/7/2027	—		—		—
			Secured Debt		3/7/2022		10.00%				3/7/2027	9,833		9,819		9,833
			Preferred Stock	(8)	3/7/2022	4,073								4,095		9,500
														13,913		19,333
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	2,574		2,574		2,574
			Preferred Equity		11/4/2024	19,536,995								19,537		6,450
														22,111		9,024
Bolder Panther Group, LLC		Consumer Goods and Fuel Retailer
			Secured Debt	(9) (22)	12/31/2020		11.98%	SF+	8.36%		10/31/2027	101,046		100,869		101,046
			Class B Preferred Member Units	(8)	12/31/2020	140,000	8.00%							14,000		32,100
														114,869		133,146
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		13.72%	SF+	10.00%		12/31/2026	5,016		5,016		5,016
			Preferred Member Units	(8)	1/9/2018	2,950								4,280		3,050
			Preferred Member Units	(8)	7/7/2025	312	15.00%			15.00%				360		360
														9,656		8,426
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	—	(9)	(9)
		Secured Debt		3/30/2018		14.00%				8/28/2028	25,800	25,781	25,393
		Preferred Member Units	(8)	7/31/2019	11,671	15.00%			15.00%			16,698	16,698
		Preferred Member Units	(8)	3/30/2018	8,729							16,402	8,391
												58,872	50,473
CBT Nuggets, LLC	Produces and Sells IT Training Certification Videos
		Member Units	(8)	6/1/2006	416							1,300	42,170

Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (25)	2/26/2018			SF+	6.00%		2/26/2029	—	(33)	—
		Secured Debt	(9)	2/26/2018		11.74%	SF+	8.00%		2/26/2029	41,220	41,023	41,220
		Member Units	(8)	2/26/2018	4,347							11,440	45,440
		Member Units	(8) (29)	11/2/2018	1,047,146							1,773	4,330
												54,203	90,990
Charps, LLC	Pipeline Maintenance and Construction
		Unsecured Debt		8/26/2020		14.00%				1/31/2030	5,694	5,319	5,694
		Preferred Member Units	(8)	2/3/2017	1,829							1,963	15,180
												7,282	20,874
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	8,904	8,841	8,904
		Secured Debt		12/20/2016		10.00%				12/20/2036	905	899	905
		Member Units	(8)	12/20/2016	717							7,280	14,890
		Member Units	(29)	12/20/2016	800							509	1,510
												17,529	26,209
Cody Pools, Inc.	Designer of Residential and Commercial Pools
		Secured Debt		3/6/2020		12.50%				12/3/2030	1,264	1,182	1,264
		Secured Debt		3/6/2020		12.50%				12/3/2030	33,618	33,129	33,618
		Preferred Member Units	(8) (29)	3/6/2020	587							8,317	63,390
												42,628	98,272
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	8,697	8,779
		Preferred Member Units	(8)	3/31/2021	17,280							7,680	22,110
												16,377	30,889
CompareNetworks Topco, LLC	Internet Publishing and Web Search Portals
		Secured Debt	(9)	1/29/2019		14.72%	SF+	11.00%		1/29/2028	4,000	3,996	3,937


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		1/29/2019	2,250							3,520	2,620
													7,516	6,557
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(25)	11/22/2023						11/22/2028	—	(13)	(13)
			Secured Debt		11/22/2023		13.50%				11/22/2028	15,000	14,929	14,929
			Preferred Equity		11/22/2023	8,069							7,842	7,842
													22,758	22,758
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(30)	7/17/2017	38.75%							315	380

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	26,448	26,350	26,095
			Preferred Member Units		5/5/2023	556							15,000	770
			Preferred Equity		4/1/2025	2,400,000							2,400	6,910
													43,750	33,775
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		10.00%				12/31/2030	945	945	945
			Secured Debt		3/31/2021		10.00%				12/31/2030	7,722	7,718	2,215
			Preferred Member Units		3/31/2021	9,360							2,970	—
													11,633	3,160
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		13.62%	SF+	10.00%		4/27/2029	11,627	11,569	11,569
			Preferred Member Units	(8)	4/1/2018	3,857							9,501	9,835
													21,070	21,404
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(25)	2/13/2018						2/28/2031	—	(28)	—
			Secured Debt		12/27/2022		14.00%				2/28/2031	43,857	43,536	43,857
			Preferred Stock		2/13/2018	9,936							13,040	31,944
													56,548	75,801
Doral Holdings, LLC		Machinery Moving, Rigging and Millwrighting Provider
			Secured Debt	(25)	5/20/2025						5/20/2030	—	—	—
			Secured Debt		5/20/2025		11.00%				5/20/2030	21,500	21,334	21,500
			Preferred Equity	(8)	5/20/2025	13,000							13,000	32,150
													34,334	53,650
Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassis Components


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

			Secured Debt	(9) (25)	10/3/2022			SF+	6.00%		10/3/2027	—	(2)	(2)
			Secured Debt		10/3/2022		12.00%				10/3/2027	16,661	16,619	16,558
			Secured Debt		10/3/2022		9.00%				10/3/2052	6,184	6,129	6,129
			Common Stock		10/3/2022	285							5,726	4,080
			Common Stock	(29)	10/3/2022	939							1,558	3,400
													30,030	30,165
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt		6/30/2025		12.00%				6/30/2030	66,000	65,481	66,000
			Common Equity	(8) (29)	4/15/2026	3,929							3,929	3,929
			Preferred Equity	(8)	10/29/2021	9,360							10,400	57,920
													79,810	127,849
Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (34)	6/24/2016		11.12%	SF+	7.50%		1/1/2028	1,600	1,600	1,600
			Secured Debt	(9) (34)	11/22/2024		11.12%	SF+	7.50%		1/1/2028	74,966	74,876	74,966
			Member Units	(8)	6/24/2016	9,042							17,692	124,460
			Member Units	(29)	12/15/2025	408							304	304
													94,472	201,330
Garreco, LLC		Manufacturer and Supplier of Dental Products
			Member Units		7/15/2013	1,200							1,200	1,340

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		9.72%	SF+	6.00%		10/29/2026	3,146	3,145	3,146
			Secured Debt		12/19/2014		11.72%	SF+	8.00%		10/29/2026	40,493	40,477	40,493
			Member Units	(8)	12/19/2014	5,879							13,065	42,910
													56,687	86,549
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	4,994
													4,755	7,632
Harrison Hydra-Gen, Ltd.		Manufacturer of Hydraulic Generators
			Common Stock	(8)	6/4/2010	107,456							718	6,500

IG Investor, LLC		Military and Other Tactical Gear


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

			Secured Debt		6/21/2023		13.00%				6/21/2028	800	784	800
			Secured Debt		6/21/2023		13.00%				6/21/2028	33,464	33,330	33,464
			Common Equity		6/21/2023	14,400							14,400	31,200
													48,514	65,464
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	578	578	578
			Member Units	(8)	11/14/2006	627							811	12,270
													1,389	12,848
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	23,321	23,286	23,286
			Preferred Equity	(8)	3/28/2022	109,926							10,993	13,740
													34,279	37,026
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (14)	8/25/2025		8.89%	SF+	5.00%	8.89%	6/20/2030	6,529	6,529	6,280
			Secured Debt	(9) (14)	8/25/2025		9.89%	SF+	6.00%	9.89%	6/20/2030	36,513	36,513	7,685
			Secured Debt	(14)	8/25/2025		15.00%			15.00%	6/20/2030	16,842	6,204	—
			Common Equity		12/22/2021	1,684,211							1,684	—
			Common Equity		8/25/2025	842,000							842	—
													51,772	13,965
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2029	11,509	11,402	11,402
			Secured Debt		10/31/2018		9.00%				10/31/2048	3,883	3,853	3,853
			Preferred Equity	(8)	10/31/2018	581							12,240	19,850
			Member Units	(8) (29)	10/31/2018	800							992	4,190
													28,487	39,295
Legacy Swim Group		Swim Lessons Provider
			Secured Debt		4/30/2026		13.00%				11/7/2030	805	789	789
			Secured Debt		11/7/2025		13.00%				11/7/2030	32,000	31,723	31,723
			Preferred Equity	(8)	11/7/2025	366							14,996	14,996
													47,508	47,508
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(25)	10/19/2022						10/19/2026	—	(9)	—
			Secured Debt		10/19/2022		8.75%				10/19/2027	17,237	17,192	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	10,670
													24,636	33,823
Moffitt Holdings, LLC		Bulk Fuel and Lubricants Distributor
			Secured Debt		3/19/2025		13.00%				3/19/2030	33,250	33,005	33,005


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

			Preferred Equity		3/19/2025	14,300							14,300	15,560
													47,305	48,565
MS Private Loan Fund I, LP	(12) (13)	Investment Partnership
			Secured Debt	(9)	1/26/2021		6.62%	SF+	3.00%		3/23/2031	16,480	16,480	16,480
			LP Interests	(8) (30)	1/26/2021	14.51%							15,000	14,195
													31,480	30,675
MS Private Loan Fund II, LP	(12) (13)	Investment Partnership
			Secured Debt	(9) (25)	9/5/2023			SF+	3.00%		3/5/2029	—	(71)	(71)
			LP Interests	(8) (30)	9/5/2023	12.46%							10,500	11,503
													10,429	11,432
MSC Adviser I, LLC	(16)	Third Party Investment Advisory Services
			Member Units	(8)	11/22/2013	100%							29,500	225,200

MSC Income Fund, Inc.	(12) (13)	Business Development Company
			Secured Debt	(9) (25)	2/26/2026			SF+	4.50%		12/31/2029	—	(137)	(137)
			Common Equity	(8)	5/2/2022	2,025,220							30,013	23,432
													29,876	23,295
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	9,777	9,777
			Preferred Equity	(8)	3/28/2025	270							2,700	3,430
													12,477	13,207
NAPCO Precast, LLC		Precast Concrete Manufacturing
			Member Units	(8)	1/31/2008	2,955							4,145	10,260
			Member Units	(8) (29)	9/30/2025	468							—	620
													4,145	10,880
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		13.00%				6/4/2029	41,344	41,155	41,344
			Preferred Equity	(8)	6/4/2024	336,803							11,197	29,550
													52,352	70,894
NexRev LLC		Provider of Energy Efficiency Products & Services
			Preferred Member Units		2/28/2018	103,144,186							8,213	13,350

NRP Jones, LLC		Manufacturer of Hoses, Fittings and Assemblies
			Secured Debt	(14)	12/21/2017		12.00%				9/18/2028	2,191	2,161	369
			Preferred Equity		12/8/2011	495,000							482	—
			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


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

												7,508	1,297
NuStep, LLC	Designer, Manufacturer and Distributor of Fitness Equipment
		Secured Debt	(9)	1/31/2017		10.22%	SF+	6.50%		1/31/2028	2,600	2,600	2,600
		Secured Debt		1/31/2017		12.00%				1/31/2030	18,440	18,184	17,689
		Preferred Member Units		11/2/2022	2,400							2,785	6,470
		Preferred Member Units		1/31/2017	486							11,866	10,040
												35,435	36,799
OMi Topco, LLC	Manufacturer of Overhead Cranes
		Secured Debt		8/31/2021		12.00%				12/31/2029	29,000	28,961	29,000
		Preferred Member Units	(8)	4/1/2008	900							1,080	77,300
												30,041	106,300
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		14.72%	SF+	11.00%		7/31/2026	20,760	20,757	20,760
		Preferred Stock	(29)	7/30/2021	10,000							10,000	10,340
												30,757	31,100
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	—	(8)	—
		Secured Debt		12/21/2023		13.00%				12/21/2028	26,080	25,950	26,080
		Preferred Equity	(8)	12/21/2023	440							12,540	20,440
												38,482	46,520
PPL RVs, Inc.	Recreational Vehicle Dealer
		Secured Debt	(9) (25)	10/31/2019			SF+	8.75%		11/15/2027	—	(2)	—
		Secured Debt	(9)	11/15/2016		12.54%	SF+	8.75%		11/15/2027	15,191	15,143	15,191
		Common Stock	(8)	6/10/2010	2,000							2,150	16,060
		Common Stock	(8) (29)	6/14/2022	238,421							238	678
												17,529	31,929
Principle Environmental, LLC	Noise Abatement Service Provider
		Secured Debt		7/1/2011		13.00%				11/15/2026	4,897	4,890	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
												11,799	21,387
Quality Lease Service, LLC	Provider of Rigsite Accommodation Unit Rentals and Related Services
		Member Units		6/8/2015	1,000							7,508	477

River Aggregates, LLC	Processor of Construction Aggregates
		Member Units	(8) (29)	12/20/2013	1,500							369	9,780


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)

Robbins Bros. Jewelry, Inc.	Bridal Jewelry Retailer
		Secured Debt	(14) (25)	12/15/2021					12/15/2026	—	(73)	(73)
		Secured Debt	(14)	12/15/2021		12.50%		10.00%	12/15/2026	33,660	31,345	13,841
		Preferred Equity		12/15/2021	11,070						11,070	—
											42,342	13,768
Shift Transit ParentCo, LP	Micromobility Operator for Bikeshare and Scootershare
		Secured Debt		4/22/2026		13.00%			4/22/2029	1,750	1,734	1,734
		Secured Debt		4/22/2026		13.00%			4/22/2031	17,800	17,632	17,632
		Secured Debt		4/22/2026		13.00%			4/22/2031	10,200	10,104	10,104
		Preferred Equity		4/22/2026	12,000						12,000	12,000
											41,470	41,470
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	23,176	23,176
		Preferred Member Units		2/27/2026	4,650						4,650	4,650
											27,826	27,826
Tedder Industries, LLC	Manufacturer of Firearm Holsters and Accessories
		Secured Debt	(17)	8/31/2018		12.00%		12.00%	8/31/2023	1,355	1,335	1,355
		Secured Debt	(14) (17)	8/31/2018		12.00%		12.00%	8/31/2023	15,200	15,045	5,828
		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	—
											26,850	7,183
Televerde, LLC	Provider of Telemarketing and Data Services
		Preferred Stock		1/26/2022	248						718	1,794
		Member Units		1/6/2011	460						1,290	612
											2,008	2,406
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	31,070	31,280
		Secured Debt		11/21/2025		9.00%			5/31/2027	2,040	2,036	2,040
		Secured Debt		3/25/2026		9.00%			5/31/2027	2,100	2,092	2,100
		Secured Debt		3/25/2026		9.00%			5/31/2027	400	399	400
		Common Stock	(8)	5/31/2019	654						6,021	27,450
		Common Equity	(29)	11/21/2025	723						696	696
											43,914	65,566
Trinity Medical Holdings, LLC	Orthopedic Healthcare Platform
		Secured Debt	(25)	10/8/2025					10/8/2030	—	—	—


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		10/8/2025		13.00%				10/8/2030	58,500		58,002		58,500
			Preferred Equity	(8)	10/8/2025	22,500								22,500		33,190
														80,502		91,690
Victory Energy Operations, LLC		Provider of Industrial and Commercial Combustion Systems
			Secured Debt		10/3/2024		13.00%				10/3/2029	2,154		2,132		2,132
			Secured Debt		10/3/2024		13.00%				10/3/2029	48,251		47,937		47,937
			Preferred Equity		10/3/2024	51,421								22,471		25,210
														72,540		75,279
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								1,229		1,746
			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		—
														19,905		3,846
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	22,800		22,781		22,781
			Preferred Equity	(29)	12/1/2021	12,240								12,240		12,240
														35,021		35,021
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 (81.7% of net assets at fair value)														$	1,902,897	$	2,587,784
Affiliate Investments (6)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		4/15/2026		21.00%			21.00%	11/24/2032	$	1,364	$	1,094	$	1,364
			Secured Debt		11/24/2025		21.00%			21.00%	11/24/2032	1,141		1,041		1,141
			Secured Debt		4/1/2025		20.00%			20.00%	11/24/2032	988		988		988
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		1,385
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	3,109		3,109		1,385
			Preferred Equity		3/28/2025	12,621,635								8,520		—
			Common Stock		12/11/2020	654,743								3,148		—
														21,009		6,263
BLI Acquisition, LLC		Healthcare Provider Data Services
			Secured Debt		2/2/2026		14.00%				2/2/2031	13,200		13,079		13,079


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		2/2/2026	210,000							2,100	2,100
													15,179	15,179
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
													2,512	2,886
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	9,086	6,366	—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	19	—	—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	11,977	5,861	—
			Preferred Member Units		6/30/2015	6	6.00%			6.00%			4,770	—
													16,997	—
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	—	(40)	(40)
			Secured Debt		12/17/2021		13.00%				6/5/2030	21,892	21,516	21,516
			Common Stock		12/17/2021	540,597							5,406	5,406
													26,882	26,882
CenterPeak Holdings, LLC		Executive Search Services
			Preferred Equity	(8)	12/10/2021	3,310							3,635	28,300

CGMS Parent LLC		Commercial Subcontractor Specializing in Concrete Flatwork
			Secured Debt	(25)	12/26/2025						12/26/2030	—	(35)	(35)
			Secured Debt		12/26/2025		13.00%				12/26/2030	24,688	24,469	24,469
			Preferred Equity	(8)	12/26/2025	2,000							10,000	10,000
													34,434	34,434
Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	154							—	2,040

Congruent Credit Opportunities Funds	(12) (13)	Investment Partnership
			LP Interests (Congruent Credit Opportunities Fund III, LP)	(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	23,075	22,925	22,925
			Preferred Equity		10/9/2024	22,304							12,596	12,596
													35,521	35,521


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)

DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		13.00%			6/18/2029	4,642	4,616	4,642
			Secured Debt		11/19/2021		13.00%			6/18/2029	12,800	12,760	12,800
			Preferred Equity		11/19/2021	5,944						5,944	15,884
			Preferred Equity	(8)	6/18/2024	3,068	15.00%		15.00%			4,038	9,168
												27,358	42,494
Dos Rios Partners	(12) (13)	Investment Partnership
			LP Interests (Dos Rios Partners, LP)	(30)	4/25/2013	20.24%						5,896	6,886
			LP Interests (Dos Rios Partners - A, LP)	(30)	4/25/2013	6.43%						1,872	2,187
												7,768	9,073
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	—

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	30,340	28,085	30,340
			Warrants	(8) (27)	5/28/2024	12				5/28/2034		3,920	13,600
												32,005	43,940
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport Financial SBIC Fund LP)	(30)	3/23/2015	9.30%						1,642	704
			LP Interests (Freeport First Lien Loan Fund III LP)	(30)	7/31/2015	5.95%						586	108
												2,228	812
FRG AcquireCo, LLC		Technology Focused Risk Management Advisory Firm
			Secured Debt	(25)	9/22/2025					9/22/2028	—	(15)	(15)
			Secured Debt		9/22/2025		13.50%			9/22/2030	8,482	8,411	8,411
			Preferred Equity		9/22/2025	3,500						3,500	3,500
												11,896	11,896
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		13.50%			3/31/2031	14,173	14,059	14,173
			Preferred Member Units	(8)	3/31/2021	226						4,900	10,940


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)

													18,959	25,113
Gulf Manufacturing, LLC	(13)	Manufacturer of Specialty Fabricated Industrial Piping Products
			Secured Debt		3/15/2024		11.76%	SF+	8.13%		3/15/2029	4,000	3,973	3,913
			Secured Debt		3/15/2024		11.76%	SF+	8.13%		3/15/2029	36,700	35,949	35,949
			Preferred Equity		12/23/2025	208							2,077	5,190
			Member Units	(8)	8/31/2007	438							2,980	3,630
			Common Stock	(8) (29)	11/18/2024	888							888	1,530
													45,867	50,212
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(30)	8/9/2017	8.22%							1,297	3,806
			LP Interests (HPEP 4, L.P.)	(30)	7/12/2022	11.61%							7,694	9,617
			LP Interests (423 HAR, L.P.)	(8) (30)	6/2/2023	15.60%							750	1,302
													9,741	14,725
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	—	(21)	—
			Secured Debt	(25)	1/2/2026						1/15/2029	—	—	—
			Secured Debt	(25)	1/2/2026						1/15/2029	—	—	—
			Secured Debt		12/2/2016		12.00%				1/15/2029	49,871	49,624	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
													52,603	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	2,973	3,000
			Member Units	(8)	1/8/2003	322,297							2,352	3,190
													5,325	6,190
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	18,006,407							18,300	18,920

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	14,849	14,841	14,849
			Preferred Equity	(8)	3/31/2023	87,360							4,368	16,790
													19,209	31,639
Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.46%	SF+	7.50%		8/20/2027	12,219	12,119	11,870
			Preferred Equity	(8)	12/7/2023	3,188	10.00%			10.00%			296	435
			Preferred Equity		6/3/2025	3,078	10.00%			10.00%			328	490


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

			Common Stock		8/20/2021	9,968							1,356	420
													14,099	13,215
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt	(25)	6/18/2026						6/30/2031	—	(16)	(16)
			Secured Debt		8/2/2021		13.00%				6/30/2031	51,497	50,990	50,990
			Preferred Equity		6/26/2024	711	25.00%			25.00%			711	1,170
			Preferred Equity		9/26/2025	155	25.00%			25.00%			155	155
			Preferred Equity		6/18/2026	136	25.00%			25.00%			136	136
			Common Stock		8/3/2021	203,016							2,756	2,850
													54,732	55,285
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		10.90%	SF+	7.00%		6/21/2027	1,180	1,175	1,180
			Secured Debt	(9)	6/30/2025		10.90%	SF+	7.00%		6/21/2027	6,490	6,480	6,490
			Secured Debt	(9)	6/21/2023		10.90%	SF+	7.00%		6/21/2027	4,935	4,669	4,935
			Secured Debt	(9)	6/21/2023		10.90%	SF+	7.00%		6/21/2027	4,935	4,669	4,935
			Secured Debt	(9)	6/30/2025		10.90%	SF+	7.00%		6/21/2027	1,770	1,767	1,770
			Secured Debt	(9)	3/4/2026		10.90%	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	14,830
													23,211	36,500
Kennedy Fab HoldCo, LLC		Structural Steel Fabricator Specializing in Fabrication, Product Finishing and Field Services
			Preferred Equity	(8)	3/4/2026	11,490							11,490	11,490
													11,490	11,490
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt	(9)	12/29/2025		9.23%	SF+	5.50%		10/1/2028	543	511	543
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,173	1,153	1,173
			Secured Debt		2/10/2025		12.50%				10/1/2028	855	855	855
			Preferred Equity		2/10/2025	9,213							4,890	6,270
													7,409	8,841
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.16%	SF+	5.50%	9.16%	1/28/2031	3,045	3,045	2,995
			Secured Debt	(9) (26)	4/11/2025		9.17%	SF+	5.50%	9.17%	1/28/2031	1,808	1,808	1,779
			Preferred Equity	(8) (29)	12/19/2024	66,306							15,512	12,340
													20,365	17,114
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		13.00%				8/19/2029	6,385	6,071	6,071
			Preferred Member Units	(8)	8/19/2024	163,282	12.00%			12.00%			2,042	2,890


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

			Warrants	(27)	8/19/2024	59,368					8/19/2029		594	1,080
													8,707	10,041
Nearshore AcquireCo, LLC		Provider of Outsourcing Services
			Secured Debt	(25)	11/12/2025						11/12/2030	—	(22)	(22)
			Secured Debt	(25)	11/12/2025						11/12/2030	—	(55)	(55)
			Secured Debt		11/12/2025		13.00%				11/12/2030	21,900	21,710	21,710
			Preferred Equity		11/12/2025	10,520,000							5,260	5,360
													26,893	26,993
OnAsset Intelligence, Inc.		Provider of Transportation Monitoring / Tracking Products and Services
			Secured Debt	(14)	4/18/2011		12.00%			12.00%	9/30/2026	4,415	4,415	1,346
			Secured Debt	(14)	5/10/2013		12.00%			12.00%	9/30/2026	2,116	2,116	645
			Secured Debt	(14)	3/21/2014		12.00%			12.00%	9/30/2026	983	983	300
			Secured Debt	(14)	5/20/2014		12.00%			12.00%	9/30/2026	964	964	294
			Unsecured Debt	(14)	6/5/2017		10.00%			10.00%	9/30/2026	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	2,585
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		10.58%	SF+	6.75%	10.58%	6/30/2027	1,510	1,510	1,258
			Secured Debt	(9)	2/5/2025		10.58%	SF+	6.75%	10.58%	6/30/2027	478	478	399
			Secured Debt	(9)	7/17/2025		10.58%	SF+	6.75%	10.58%	6/30/2027	467	467	389
			Secured Debt	(9)	4/8/2021		10.58%	SF+	6.75%	10.58%	6/30/2027	15,794	15,788	13,160
			Common Equity		8/12/2024	110							—	—
													18,243	15,206
Revenue Recovery Holdings, LLC		Third Party Tax Collection Services
			Secured Debt	(25)	7/25/2025						7/25/2030	—	(16)	(16)
			Secured Debt		7/25/2025		13.00%				7/25/2030	6,700	6,646	6,646
			Preferred Equity		7/25/2025	104,904							1,049	1,960
													7,679	8,590
RFG AcquireCo, LLC		Aerial Survey, Aerial Survey Equipment Sales & Rental, Aircraft Maintenance
			Secured Debt	(25)	6/2/2025						6/2/2027	—	(5)	(5)
			Secured Debt		6/2/2025		13.50%				6/2/2030	12,000	11,910	11,910
			Secured Debt		6/2/2025		13.50%				6/2/2030	41,500	41,404	41,404
			Preferred Equity		6/2/2025	11,401							11,401	12,771


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)

												64,710	66,080
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.80%			6/16/2028	2,250	2,242	2,250
			Secured Debt	(23)	6/16/2023		12.84%			6/16/2028	66,850	66,785	66,850
			Preferred Member Units	(8)	8/31/2018	165						1,525	16,550
												70,552	85,650
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%			3/21/2030	22,760	22,574	22,760
			Common Stock		9/13/2018	70,000						—	2,890
												22,574	25,650
Specialized Aviation Holdings, LLC		Distributor and Service and Maintenance Provider for Specialty Aircraft
			Secured Debt		8/29/2025		13.00%			8/29/2030	22,875	22,688	22,688
			Preferred Stock	(8)	8/29/2025	25,000						15,000	15,000
												37,688	37,688
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%		8.50%	12/31/2027	230	230	860
			Secured Debt	(14)	12/31/2022		8.50%		8.50%	12/31/2027	5,327	4,884	1,708
			Preferred Equity		12/31/2022	5,907,649						—	—
												5,114	2,568
Superior Rigging & Erecting Co.		Provider of Steel Erecting, Crane Rental & Rigging Services
			Preferred Member Units	(8)	8/31/2020	1,636						4,500	18,480

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%						2,542	4,228

UnionRock Energy Fund III, LP	(12) (13)	Investment Partnership
			LP Interests	(8) (30)	6/6/2023	14.91%						4,694	5,898

UniTek Global Services, Inc.	(11)	Provider of Outsourced Infrastructure Services
			Preferred Stock		8/21/2018	11,450,416	20.00%		20.00%			8,416	11,208
			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		11,208
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	8,800		8,753		8,491
			Preferred Equity	(8)	2/16/2024	4,000								4,614		772
														13,367		9,263
Wildcats Topco LLC		Provider of Veterinary Services and Products
			Common Equity		5/8/2025	22,426,711								22,427		24,640

World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		13.00%				12/12/2027	9,227		9,201		9,201
			Preferred Equity	(8)	12/12/2022	3,845								3,845		3,845
														13,046		13,046
Subtotal Affiliate investments (31.7% of net assets at fair value)														$	904,393	$	1,005,158
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	$	9,619	$	9,619	$	9,584
			Secured Debt	(9) (33)	11/26/2025		11.00%	SF+	8.00%	1.00%	3/11/2027	754		746		746
			Secured Debt	(9) (33)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	15,274		15,266		15,209
														25,631		25,539
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	—		(32)		(32)
			Secured Debt	(9) (25)	7/24/2025			SF+	5.50%		7/24/2031	—		(18)		(18)
			Secured Debt	(9)	7/24/2025		9.16%	SF+	5.50%		7/24/2031	9,164		9,049		9,081
			Preferred Equity		7/24/2025	7,292								729		570
														9,728		9,601
Airo Purchaser, Inc.	(10)	Provider of HVAC and Plumbing Installation Services
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—		(56)		(56)
			Secured Debt	(9) (25)	8/1/2025			SF+	5.25%		8/1/2030	—		(28)		(28)
			Secured Debt	(9)	8/1/2025		8.91%	SF+	5.25%		8/1/2030	27,457		27,065		27,457
			Common Equity		8/1/2025	1,521								1,521		1,650
														28,502		29,023
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment


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

			Common Stock	(8)	8/31/2022	235							1,844	—

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	5,368	5,376
													5,366	5,374
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	4,503	4,503	4,503
			Secured Debt	(9)	11/6/2023		10.24%	SF+	6.50%	10.24%	11/6/2028	9,458	9,458	9,458
			Preferred Equity		11/6/2023	32,507							14,060	18,353
			Preferred Equity		11/6/2023	32,507							—	—
			Common Equity		11/9/2021	3,898							234	—
													28,255	32,314
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)	1/18/2022		9.95%	SF+	6.00%		1/18/2028	1,440	1,392	1,440
			Secured Debt	(9)	1/18/2022		8.95%	SF+	5.00%		1/18/2028	6,660	6,660	6,660
			Secured Debt	(9)	1/18/2022		10.95%	SF+	7.00%		1/18/2028	6,660	6,660	6,660
			Common Stock		1/18/2022	720,000							720	1,020
													15,432	15,780
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	—	(151)	(151)
			Secured Debt	(9)	12/31/2025		8.64%	SF+	5.00%		12/31/2030	60,805	59,988	60,805
			Secured Debt	(9)	12/31/2025		8.64%	SF+	5.00%		12/31/2030	57,004	56,245	57,004
			Member Units		2/6/2026	562,714							3,040	3,040
													119,122	120,698
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (25)	12/23/2022			SF+	7.25%		12/23/2027	—	(48)	(48)
			Secured Debt	(9) (25)	12/18/2025			SF+	7.25%		12/23/2027	—	(28)	(28)
			Secured Debt	(9)	12/23/2022		11.14%	SF+	7.25%		12/23/2027	23,141	22,841	23,141
			Common Equity		12/15/2021	984							934	1,212
													23,699	24,277
Behavior Development Group Holdings	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9) (32)	12/17/2025		9.69%	SF+	6.00%		12/17/2030	900	880	900
			Secured Debt	(9)	12/17/2025		9.73%	SF+	6.00%		12/17/2030	9,548	9,421	9,548
			Common Equity		12/17/2025	300							300	300


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)

													10,601	10,748
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(29)	3/8/2024	286,109							286	347
			Preferred Member Units	(29)	11/12/2019	122,416							—	—
			Preferred Member Units	(29)	7/6/2018	1,548,387							—	—
													286	347
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14) (17)	1/9/2024		12.23%	SF+	8.50%	11.23%	5/6/2026	202	126	252
			Secured Debt	(9) (14) (17)	10/19/2022		14.25%	P+	7.50%	13.25%	5/6/2026	2,734	2,685	84
			Secured Debt	(9) (14) (17)	8/28/2020		12.23%	SF+	8.50%	11.23%	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	—
													7,756	336
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	—	(15)	(15)
			Secured Debt	(9)	2/3/2025		8.44%	SF+	4.75%		2/3/2030	3,938	3,889	3,919
			Secured Debt	(9)	2/3/2025		10.44%	SF+	6.75%		2/3/2030	3,938	3,889	3,919
			Common Equity		2/3/2025	248,718							249	249
													8,012	8,072
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		9.59%	SF+	5.75%		5/1/2028	285	275	285
			Secured Debt	(9)	10/31/2025		9.59%	SF+	5.75%		5/1/2028	1,389	1,368	1,389
			Secured Debt	(9)	5/1/2023		8.59%	SF+	4.75%		5/1/2028	6,244	6,199	6,244
			Secured Debt	(9)	5/1/2023		10.59%	SF+	6.75%		5/1/2028	6,244	6,199	6,244
			Preferred Equity		5/1/2023	571							571	610
			Common Equity		5/1/2023	571							—	—
													14,612	14,772
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%							3,150	2,984
			LP Interests (Brightwood Capital Fund V, LP)	(8) (30)	7/12/2021	0.72%							4,900	5,146
													12,948	10,737


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)

Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (32)	2/7/2022		10.66%	SF+	6.75%		2/7/2027	7,354	7,298	7,354
			Secured Debt	(9)	2/7/2022		10.64%	SF+	6.75%		2/7/2027	35,608	35,520	35,608
			Secured Debt	(9)	6/24/2022		10.64%	SF+	6.75%		2/7/2027	1,973	1,968	1,973
			Secured Debt	(9)	3/27/2023		10.64%	SF+	6.75%		2/7/2027	4,768	4,749	4,768
			Secured Debt	(9)	5/11/2026		10.65%	SF+	6.75%		2/7/2027	3,908	3,829	3,908
													53,364	53,611
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17) (37)	9/23/2014						1/5/2015	2,627	2,627	4

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	787	776	776
			Secured Debt	(9) (14) (32)	8/6/2021		14.05%	SF+	10.25%	14.05%	8/6/2026	9,062	9,045	5,912
			Secured Debt	(9) (14)	8/6/2021		14.05%	SF+	10.25%	14.05%	8/6/2026	22,091	22,066	14,412
													31,887	21,100
Core Transformers	(10)	Refurbisher and Distributor of Electric Transformers
			Secured Debt	(9) (25)	9/24/2025			SF+	5.00%		9/23/2031	—	(54)	(54)
			Secured Debt	(9) (25)	9/24/2025			SF+	5.00%		9/23/2031	—	(54)	(54)
			Secured Debt	(9)	9/24/2025		8.66%	SF+	5.00%		9/23/2031	6,269	6,161	6,269
			Common Equity		9/24/2025	626,923							627	3,650
													6,680	9,811
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9)	6/29/2024		10.16%	SF+	6.50%		6/28/2029	1,669	1,616	1,655
			Secured Debt	(9)	6/29/2024		10.16%	SF+	6.50%		6/28/2029	10,516	10,363	10,409
			Secured Debt	(9)	6/29/2024		10.41%	SF+	6.75%		6/28/2029	31,629	31,156	30,389
			Secured Debt	(9)	8/15/2024		10.15%	SF+	6.50%		6/28/2029	7,011	6,924	6,938
													50,059	49,391
CoreStack, Inc.	(10)	Multi-Cloud Governance Platform Provider
			Secured Debt		3/25/2026		10.00%			10.00%	9/25/2028	1,413	1,413	1,413
			Secured Debt	(37)	3/25/2026						9/25/2028	13,089	13,089	13,089
													14,502	14,502
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (25)	12/27/2023			SF+	6.50%		6/27/2027	—	(19)	(19)
			Secured Debt	(9)	12/27/2023		10.33%	SF+	6.50%		6/27/2027	9,984	9,899	9,984
													9,880	9,965


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	—	(139)	—
			Secured Debt	(9) (25)	12/31/2025			SF+	6.75%		6/30/2029	—	(240)	(240)
			Secured Debt	(9)	12/31/2025		10.74%	SF+	6.75%		6/30/2029	9,296	9,140	9,296
			Secured Debt	(9)	8/19/2022		10.71%	SF+	6.75%		6/30/2029	14,564	14,284	14,564
													23,045	23,620
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	—	(158)	(158)
			Secured Debt	(9)	3/4/2025		10.67%	SF+	7.00%		6/27/2029	5,528	5,445	5,528
			Secured Debt	(9)	6/27/2024		10.73%	SF+	7.00%		6/27/2029	88,607	87,528	88,607
			Common Equity		3/4/2025	10,851							1,085	600
													93,900	94,577
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		11.74%	SF+	8.00%	11.74%	12/31/2026	2,769	2,716	2,769
			Secured Debt	(9)	12/20/2022		12.74%	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							—	—
													5,103	5,342
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	—	(131)	(131)
			Secured Debt	(9) (26)	3/31/2025		9.14%	SF+	5.50%		3/31/2030	49,517	48,782	49,517
			Common Equity		3/31/2025	1,464,286							1,464	3,960
													50,115	53,346
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.13%	SF+	6.25%	5.25%	12/31/2029	9,497	9,422	7,456

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 IX, L.P.)	(8) (30)	1/22/2015	0.10%							3,149	729
			LP Interests (EnCap Energy Capital Fund X, L.P.)	(8) (30)	3/25/2015	0.15%							6,949	4,309
			LP Interests (EnCap Energy Capital Fund XII, L.P.)	(8) (30)	8/31/2023	0.19%							7,915	8,765
			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
													27,672	15,014
Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (32)	4/7/2023		9.73%	SF+	6.00%		4/7/2029	424	406	424
			Secured Debt	(9)	10/2/2024		9.73%	SF+	6.00%		4/7/2029	1,333	1,319	1,333
			Secured Debt	(9)	4/7/2023		9.73%	SF+	6.00%		4/7/2029	25,120	24,763	25,120
			Common Equity		4/7/2023	649,794							663	910
													27,151	27,787
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		10.99%	SF+	7.00%		12/22/2026	3,692	3,689	3,692
			Secured Debt	(9)	12/22/2021		10.99%	SF+	7.00%		12/22/2026	47,758	47,715	47,758
													51,404	51,450
EWMW LP	(12) (13)	Investment Partnership
			Secured Debt		12/23/2025		9.69%	SF+	6.00%			3,016	3,016	3,016

Fuse, LLC	(11)	Cable Networks Operator
			Secured Debt		6/30/2019		2.50%				12/31/2028	1,810	1,810	272
			Common Stock		6/30/2019	10,429							256	—
													2,066	272
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (32)	4/14/2025		10.89%	SF+	7.25%		10/14/2027	2,053	2,003	2,053
			Secured Debt	(9)	4/14/2025		10.90%	SF+	7.25%		10/14/2027	28,242	27,952	28,242
			Common Equity		11/10/2023	705,882							706	450
													30,661	30,745
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		11.15%	SF+	7.50%		10/4/2029	150	85	150
			Secured Debt	(9)	10/4/2024		11.37%	SF+	7.50%		10/4/2029	4,150	4,076	4,132
			Secured Debt	(9) (26)	10/4/2024		11.13%	SF+	7.50%		10/4/2029	30,418	30,020	30,284


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		10/4/2024	1,653							1,634	1,090
													35,815	35,656
GS HVAM Intermediate, LLC	(10)	Specialized Food Distributor
			Secured Debt	(9)	10/18/2019		10.24%	SF+	6.50%		11/30/2026	3,394	3,386	3,394
			Secured Debt	(9)	10/18/2019		10.24%	SF+	6.50%		11/30/2026	9,800	9,779	9,800
			Secured Debt	(9)	9/15/2023		10.24%	SF+	6.50%		11/30/2026	879	877	879
			Secured Debt	(9)	12/22/2023		10.24%	SF+	6.50%		11/30/2026	210	210	210
			Secured Debt	(9)	8/22/2024		10.24%	SF+	6.50%		11/30/2026	5,670	5,657	5,670
													19,909	19,953
GULF PACIFIC ACQUISITION, LLC	(10)	Rice Processor and Merchandiser
			Secured Debt	(9) (32)	9/30/2022		10.74%	SF+	7.00%		9/30/2028	353	345	319
			Secured Debt	(9)	9/30/2022		10.75%	SF+	7.00%		9/30/2028	293	286	265
			Secured Debt	(9)	9/30/2022		10.74%	SF+	7.00%		9/30/2028	3,523	3,491	3,182
													4,122	3,766
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(30)	6/2/2025	4.13%							1,678	2,089
			LP Interests (HPEP 5, L.P.)	(30)	6/10/2026	17.46%							500	500
													2,178	2,589
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9) (14)	3/7/2024		9.01%	SF+	3.50%	2.50%	8/21/2026	2,607	2,557	1,161
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	8/21/2026	1,583	671	—
			Common Equity		3/7/2024	64,029							—	—
													3,228	1,161
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9)	7/3/2024		9.17%	SF+	5.50%	1.50%	7/3/2029	1,920	1,890	1,920
			Secured Debt	(9)	7/3/2024		9.18%	SF+	5.50%	1.50%	7/3/2029	33,052	32,841	33,052
													34,731	34,972
Horwitz Holdings, LLC	(10)	Provider of Mechanical, Electrical and Plumbing Services
			Secured Debt	(9) (25)	6/30/2026			SF+	5.50%		6/30/2031	—	(481)	(481)
			Secured Debt	(9) (25)	6/30/2026			SF+	5.50%		6/30/2031	—	(321)	(321)
			Secured Debt	(9)	6/30/2026		9.23%	SF+	5.50%		6/30/2031	81,471	79,868	79,868
													79,066	79,066
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	27,665	27,665	26,655

Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel


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)	6/30/2021		11.94%	SF+	8.25%		12/31/2027	7,200	7,136	7,200

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9)	7/30/2021		9.49%	SF+	5.75%		7/30/2028	153	147	153
			Secured Debt	(9)	7/30/2021		9.49%	SF+	5.75%		7/30/2028	10,075	10,028	10,075
			Secured Debt	(9)	7/30/2021		9.49%	SF+	5.75%		7/30/2028	4,828	4,803	4,828
													14,978	15,056
Ignite Visibility LLC	(10)	Digital Marketing Services Agency
			Secured Debt	(9)	12/15/2025		8.69%	SF+	5.00%		12/1/2028	4,759	4,701	4,757
			Secured Debt	(9)	12/15/2025		10.69%	SF+	7.00%		12/1/2028	4,759	4,701	4,756
													9,402	9,513
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		9.74%	SF+	6.00%	4.00%	10/30/2028	1,983	1,983	1,983
			Secured Debt	(9)	7/31/2025		9.74%	SF+	6.00%	9.74%	10/30/2028	4,644	4,644	4,644
			Common Equity		7/31/2025	4,238,917							5,680	5,690
													12,307	12,317
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (32)	7/19/2023		9.95%	SF+	6.25%		7/19/2028	617	586	561
			Secured Debt	(9)	7/19/2023		9.92%	SF+	6.25%		7/19/2029	14,061	13,845	12,788
			Common Equity		7/19/2023	131,100							656	40
													15,087	13,389
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9)	4/3/2023		13.22%	SF+	9.50%	1.50%	4/3/2028	864	856	818
			Secured Debt	(9)	4/3/2023		13.22%	SF+	9.50%	1.50%	4/3/2028	7,303	7,239	6,904
			Secured Debt	(9)	6/14/2023		13.22%	SF+	9.50%	1.50%	4/3/2028	2,938	2,914	2,776
			Secured Debt	(9)	12/31/2024		13.22%	SF+	9.50%	1.50%	4/3/2028	339	339	320
			Common Equity		4/3/2023	177,594							463	97
													11,811	10,915
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	2,561	2,561	2,333
			Secured Debt	(9) (14) (17)	8/7/2019		10.74%	SF+	7.00%	10.74%	8/7/2023	7,313	7,237	19
			Common Stock		12/7/2021	2,143							—	—
													9,798	2,352
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats


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)	8/28/2019		11.29%	SF+	7.50%		3/31/2029	934	928	738
			Secured Debt	(9) (26)	8/28/2019		11.29%	SF+	7.50%	11.29%	3/31/2029	17,458	17,425	13,285
													18,353	14,023
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (14)	4/13/2023		12.27%	SF+	8.50%	9.77%	4/14/2028	3,159	2,991	458
			Common Equity		4/13/2023	198,743							—	—
													2,991	458
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		10.95%	SF+	7.00%	10.95%	5/17/2029	482	478	395
			Secured Debt	(9)	5/20/2024		10.95%	SF+	7.00%	10.95%	5/17/2029	2,222	2,199	1,824
			Secured Debt	(9)	5/20/2024		10.95%	SF+	7.00%	10.95%	5/17/2029	2,228	2,205	1,828
			Secured Debt	(9)	5/20/2024		10.95%	SF+	7.00%	10.95%	5/17/2029	2,233	2,210	1,832
													7,092	5,879
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.31%	SF+	7.50%		11/4/2026	729	727	729
			Secured Debt	(9) (26)	2/27/2024		11.32%	SF+	7.50%		11/4/2026	625	624	625
			Secured Debt	(9) (26)	11/1/2024		11.32%	SF+	7.50%		11/4/2026	667	663	667
			Secured Debt	(9)	11/8/2021		11.32%	SF+	7.50%		11/4/2026	1,685	1,682	1,685
			Preferred Equity		11/8/2021	2,826,667							110	650
													3,806	4,356
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		11.76%	SF+	8.00%		3/29/2029	1,833	1,833	1,833
			Secured Debt	(9)	3/30/2024		11.76%	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
LBCT Topco LP		Provider of IT Hardware Services and Software Solutions
			Common Equity		6/22/2026	4,000,000							4,000	4,000

LKCM Headwater Investments	(12) (13)	Investment Partnership
			LP Interests (LKCM Headwater Investments I, L.P.)	(30)	1/25/2013	2.27%							—	265
			LP Interests (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


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)	8/16/2021		11.84%	SF+	8.00%	3.00%	12/31/2029	4,268	4,190	3,578

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	4/11/2025		10.67%	SF+	7.00%	1.25%	12/31/2028	44,477	43,911	44,477
			Secured Debt		4/11/2025						12/31/2028	2,963	2,400	2,316
													46,311	46,793
Looking Glass Investments, LLC	(12) (13)	Specialty Consumer Finance
			Member Units		7/1/2015	3							125	25

MCT Purchaserco Holding Inc.	(10) (13) (21)	Manufacturer and Distributor of High-Voltage Disconnect Switches
			Secured Debt	(9) (32)	12/1/2025		9.23%	SF+	5.50%		12/2/2030	10,084	9,983	10,084
			Secured Debt	(9)	12/1/2025		9.23%	SF+	5.50%		12/2/2030	39,557	39,205	39,557
			Common Equity		12/1/2025	1,590,287							1,139	1,239
													50,327	50,880
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (25)	4/4/2022			SF+	5.50%		4/3/2028	—	(21)	(21)
			Secured Debt	(9)	11/20/2024		9.24%	SF+	5.50%		4/3/2028	10,967	10,888	10,967
			Secured Debt	(9)	4/4/2022		9.24%	SF+	5.50%		4/3/2028	11,365	11,297	11,365
													22,164	22,311
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	1,724	1,703	1,555
			Secured Debt	(9) (26)	11/30/2023		9.91%	SF+	6.25%		11/30/2028	1,295	1,279	1,168
			Secured Debt	(9)	11/30/2023		8.92%	SF+	5.25%		11/30/2028	4,567	4,513	4,120
			Secured Debt	(9)	11/30/2023		10.92%	SF+	7.25%		11/30/2028	4,567	4,511	4,121
			Common Equity		11/30/2023	524,888							525	140
													12,531	11,104
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (25)	4/1/2026			SF+	5.25%		10/1/2030	—	(81)	(81)
			Secured Debt	(9) (25)	4/1/2026			SF+	5.25%		10/1/2030	—	(234)	(234)
			Secured Debt	(9)	4/1/2026		8.93%	SF+	5.25%		10/1/2030	111,846	110,361	111,846
			Common Equity		6/7/2023	1,234							1,234	41,670
													111,280	153,201
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt		5/24/2022		9.00%			6.00%	5/30/2029	4,164	4,150	4,358
			Secured Debt		5/24/2022		9.00%			6.00%	5/30/2029	10,771	10,733	12,173
			Secured Debt		5/24/2022		9.00%			6.00%	5/30/2029	18,164	18,104	18,164
			Secured Debt		6/25/2025		9.00%			6.00%	5/30/2029	1,241	1,230	1,219
			Common Stock		8/30/2022	111,058,246							1,221	461


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)

													35,438	36,375
Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9) (25)	6/21/2024			SF+	7.50%		12/21/2028	—	(4)	(4)
			Secured Debt	(9)	6/21/2024		11.25%	SF+	7.50%	0.50%	6/21/2029	25,978	25,271	25,978
			Secured Debt	(9)	5/13/2025		11.25%	SF+	7.50%	0.50%	6/21/2029	3,142	3,044	3,142
													28,311	29,116
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		9.73%	SF+	6.00%		11/16/2027	1,348	1,340	1,348
			Secured Debt	(9)	4/1/2024		9.73%	SF+	6.00%		11/16/2027	3,746	3,727	3,746
													5,067	5,094
Ospemifene Royalty Sub LLC	(10)	Estrogen-Deficiency Drug Manufacturer and Distributor
			Secured Debt	(14) (37)	7/8/2013						11/15/2026	4,322	4,322	15

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	—	(28)	(28)
			Secured Debt	(9) (25)	1/2/2026			SF+	5.50%		1/2/2031	—	(28)	(28)
			Secured Debt	(9)	1/2/2026		9.49%	SF+	5.50%		1/2/2031	10,823	10,628	10,715
													10,572	10,659
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	7,760	7,623	7,760
			Secured Debt	(9)	9/7/2023		9.23%	SF+	5.50%		5/1/2029	741	727	741
			Secured Debt	(9)	1/30/2024		9.23%	SF+	5.50%		5/1/2029	745	734	745
			Secured Debt	(9)	6/28/2024		8.98%	SF+	5.25%		5/1/2029	846	839	846
			Secured Debt	(9)	1/21/2025		8.92%	SF+	5.25%		5/1/2029	1,876	1,864	1,876
			Secured Debt	(9)	7/31/2025		8.91%	SF+	5.25%		5/1/2029	2,011	1,996	2,011
			Secured Debt	(9)	11/21/2025		8.39%	SF+	4.75%		5/1/2029	2,117	2,100	2,117
			Secured Debt	(9)	2/4/2026		8.41%	SF+	4.75%		5/1/2029	11,544	11,444	11,544
													27,327	27,640
Pro-Max Restoration & Paint, LLC	(10)	Specialty Trade Contractors for the Construction Sector
			Secured Debt	(9) (25)	4/24/2026			SF+	5.75%		4/24/2031	—	(34)	(34)
			Secured Debt	(9)	4/24/2026		9.42%	SF+	5.75%		4/24/2031	20,389	20,192	20,192
			Common Equity		4/24/2026	1,202,381							1,202	1,202
													21,360	21,360
Richardson Sales Solutions	(10)	Business 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) (25)	8/24/2023			SF+	5.00%		8/24/2028	—	(44)	—
			Secured Debt	(9)	8/24/2023		8.67%	SF+	5.00%		8/24/2028	31,806	31,332	31,806
			Secured Debt	(9)	9/10/2024		8.67%	SF+	5.00%		8/24/2028	20,664	20,437	20,664
													51,725	52,470
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	3,765	3,751	2,836
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	3,802	3,788	2,751
													7,537	5,587
Royal Cup Inc.	(10)	Coffee Roaster and Beverage Solutions Provider
			Preferred Equity		11/26/2025	5,992,309							5,992	5,992

Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		9.23%	SF+	5.50%		5/16/2028	2,821	2,820	2,821
			Secured Debt	(9)	7/16/2021		9.23%	SF+	5.50%		5/16/2028	6,623	6,551	6,623
													9,371	9,444
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (25)	8/8/2024			SF+	5.00%		8/8/2029	—	—	—
			Secured Debt	(9)	8/8/2024		8.74%	SF+	5.00%		8/8/2029	51,553	51,303	51,553
			Secured Debt	(9)	7/31/2025		8.74%	SF+	5.00%		8/8/2029	10,423	10,344	10,423
			Common Equity		12/10/2021	864							864	1,188
													62,511	63,164
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (32)	7/1/2022		10.86%	SF+	7.00%		7/2/2029	2,108	2,074	2,108
			Secured Debt	(9)	7/1/2022		10.88%	SF+	7.00%		7/2/2029	15,329	15,166	15,329
			Common Stock		7/1/2022	638,710							639	630
													17,879	18,067
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(66)	(66)
			Secured Debt	(9) (25)	12/31/2024			SF+	5.50%		12/31/2029	—	(50)	(50)
			Secured Debt	(9)	12/31/2024		9.33%	SF+	5.50%		12/31/2029	31,848	31,519	31,848
													31,403	31,732
Tectonic Financial, LLC		Financial Services Organization
			Common Stock	(8)	5/15/2017	200,000							2,000	4,400

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


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

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		10.23%	SF+	6.50%		3/11/2029	3,562	3,495	3,562
			Secured Debt	(9)	3/11/2024		10.23%	SF+	6.50%		3/11/2029	33,414	32,783	33,414
			Secured Debt	(9)	2/27/2025		10.23%	SF+	6.50%		3/11/2029	4,276	4,206	4,276
			Secured Debt	(9)	8/5/2025		10.23%	SF+	6.50%		3/11/2029	4,839	4,748	4,839
			Preferred Equity		3/11/2024	1,358,892	8.00%			8.00%			1,375	1,830
													46,607	47,921
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (17)	3/18/2026		14.70%	SF+	11.00%	10.00%	5/2/2026	711	678	678
			Secured Debt	(9) (14)	6/1/2023		13.75%	P+	7.00%	7.00%	5/2/2027	9,811	2,612	1,940
			Secured Debt	(14)	6/1/2023						5/2/2027	1,003	20	—
													3,310	2,618
UBM AcquireCo LLC		Mail Commingling and Logistics Provider
			Secured Debt	(25)	12/20/2025						12/20/2027	—	(29)	(29)
			Secured Debt		12/20/2025		10.00%				12/20/2030	15,600	15,467	15,467
			Secured Debt		12/20/2025		10.00%				12/20/2030	42,800	42,421	42,421
			Common Equity	(8)	12/20/2025	80							8,000	7,870
													65,859	65,729
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		10.16%	SF+	6.50%		7/29/2029	13,101	12,859	13,101
			Secured Debt	(9)	3/10/2026		10.16%	SF+	6.50%		7/29/2029	3,532	3,459	3,532
			Secured Debt	(9)	7/29/2024		10.23%	SF+	6.50%		7/29/2029	42,686	42,167	42,686
			Common Equity		7/29/2024	1,521							1,521	1,630
													60,006	60,949
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/7/2026		11.42%	SF+	7.75%	1.75%	4/5/2029	325	319	277
			Secured Debt	(9)	1/11/2023		11.40%	SF+	7.75%	1.75%	4/5/2029	4,034	3,973	3,439
													4,292	3,716
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(32)	12/22/2023		10.99%	SF+	7.00%		12/22/2028	7,727	7,620	7,727
			Secured Debt	(9)	3/4/2026		10.99%	SF+	7.00%		12/22/2028	3,873	3,788	3,873
			Secured Debt	(9)	12/22/2023		10.99%	SF+	7.00%		12/22/2028	41,438	40,925	41,437
													52,333	53,037


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

VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	1,038,462							1,038		4,030

Wash & Wax Systems LLC	(10)	Express Car Wash Operator
			Secured Debt	(9) (32)	4/30/2025		9.20%	SF+	5.50%		4/30/2028	322	322		322
			Secured Debt	(9)	4/30/2025		9.16%	SF+	5.50%	9.16%	4/30/2028	7,975	7,975		7,975
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	5,556	5,556		5,556
			Common Equity		4/30/2025	3,219							3,410		330
													17,263		14,183
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(25)	6/30/2026						6/30/2029	—	—		—
			Secured Debt		6/30/2026		6.00%			6.00%	6/30/2029	13,274	13,274		13,274
			Common Shares		6/30/2026	8,447							—		—
			Preferred Stock		6/30/2026	8,447	12.00%			12.00%			4,840		4,840
													18,114		18,114
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (25) (32)	11/19/2021			SF+	8.00%		11/19/2027	—	(49)		—
			Secured Debt	(9)	11/19/2021		11.95%	SF+	8.00%		11/19/2027	1,874	1,867		1,874
			Secured Debt	(9)	1/16/2024		10.95%	SF+	7.00%		11/19/2027	7,240	7,199		7,240
			Secured Debt	(9)	1/16/2024		12.95%	SF+	9.00%		11/19/2027	7,240	7,199		7,240
													16,216		16,354
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		9.80%	SF+	6.00%		12/20/2028	23,450	23,286		23,450
			Secured Debt	(9)	12/17/2021		9.77%	SF+	6.00%		12/20/2028	36,863	36,629		36,863
			Secured Debt	(9)	3/31/2025		9.83%	SF+	6.00%		12/20/2028	10,499	10,361		10,499
													70,276		70,812
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9) (26)	8/22/2018		11.24%	SF+	7.50%		8/9/2027	10,592	10,534		9,312

ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		11.75%	P+	5.00%		6/14/2029	7,643	7,520		7,643
			Secured Debt	(9) (26)	6/14/2024		9.73%	SF+	6.00%		6/14/2029	15,879	15,650		15,879
			Secured Debt	(9)	6/14/2024		9.85%	SF+	6.00%		6/14/2029	6,469	6,390		6,469
			Secured Debt	(9) (26)	4/24/2026		9.68%	SF+	6.00%		6/14/2029	7,519	7,368		7,519
			Secured Debt	(9)	6/14/2024		9.70%	SF+	6.00%		6/14/2029	46,252	45,685		46,252
													82,613		83,762
Subtotal Non-Control/Non-Affiliate investments (68.0% of net assets at fair value)													$	2,167,359	$	2,153,102


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)

Total Portfolio Company investments, June 30, 2026 (181.5% of net assets at fair value)										$	4,974,649	$	5,746,044

Money market funds (included in cash and cash equivalents)
Dreyfus Government Cash Management (35)										$	2,278	$	2,278
Fidelity Government Fund (36)										254		254
Fidelity Treasury (31)										1,260		1,260
Total money market funds										$	3,792	$	3,792

___________________________

(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 June 30, 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+


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 , 2026 (unaudited) and December 31, 2025	1
	Consolidated Statements of Operations (unaudited)—Three and si x months ended June 30 , 2026 and 2025	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three and six months ended June 30 , 2026 and 2025	3
	Consolidated Statements of Cash Flows (unaudited)—Six months ended June 30 , 2026 and 2025	4
	Consolidated Schedule of Investments (unaudited)—June 30 , 2026	5
	Consolidated Schedule of Investments—December 31, 2025	37
	Notes to Consolidated Financial Statements (unaudited)	66
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Six months ended June 30 , 2026 and 2025	113
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	133
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	154
Item 4.	Controls and Procedures	155
	PART II
	OTHER INFORMATION
Item 1.	Legal Proceedings	156
Item 1A.	Risk Factors	156
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	156
Item 5.	Other Information	156
Item 6.	Exhibits	157
	Signatures	158