Consolidated Schedule of Investments in and Advances to Affiliates (Tables)

v3.25.3

Consolidated Schedule of Investments in and Advances to Affiliates (Tables)	9 Months Ended
	Sep. 30, 2025
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule of Investments in and Advances to Affiliates, Schedule of Investments	Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2025 Fair Value (13) Majority-Owned Investments BDB Holdings, LLC Preferred Equity (7) $ —  $ (2,860) $ —  $ 18,920  $ —  $ 2,860  $ 16,060  12.00% Secured Debt (12) (7) —  —  35  —  1,173  —  1,173  Brewer Crane Holdings, LLC 14.41% SF+ 10.00% Secured Debt (9) —  —  549  5,016  —  —  5,016  Preferred Member Units (9) —  (1,290) 90  4,680  —  1,290  3,390  Preferred Member Units (9) —  —  12  —  324  —  324  Café Brazil, LLC Member Units (8) (707) 542  84  1,200  542  1,742  —  California Splendor Holdings LLC 14.00% Secured Debt (9) —  388  2,864  28,465  601  3,292  25,774  Secured Debt (12) (9) —  —  48  1,506  21  1,539  (12) Preferred Member Units (9) —  (6,940) 188  22,215  —  6,940  15,275  15.00% 15.00% Preferred Member Units (9) —  —  1,241  10,909  1,241  —  12,150  Clad-Rex Steel, LLC Secured Debt (12) (5) —  —  2  —  —  —  —  Secured Debt (5) —  (36) 392  6,760  —  6,760  —  10.00% Secured Debt (5) —  80  195  —  9,800  160  9,640  10.00% Secured Debt (5) —  (1) 72  973  1  34  940  Member Units (5) —  3,130  1,157  10,990  3,130  —  14,120  Member Units (5) —  320  —  950  320  —  1,270  Cody Pools, Inc. Secured Debt (12) (8) —  6  218  —  843  843  —  12.50% Secured Debt (8) —  1  3,630  39,227  3,371  2,783  39,815  Preferred Member Units (8) —  (1,330) 1,713  67,810  —  1,330  66,480  CompareNetworks Topco, LLC SF+ 9.00% Secured Debt (9) —  —  339  2,903  —  2,903  —  13.41% SF+ 9.00% Secured Debt (9) —  —  10  —  4,431  —  4,431  Preferred Member Units (9) —  (3,080) —  11,260  —  3,080  8,180  Compass Systems & Sales, LLC Secured Debt (5) —  —  4  (21) 4  —  (17) 13.50% Secured Debt (5) —  (139) 1,786  17,067  25  138  16,954  Preferred Equity (5) —  (270) 180  7,450  —  270  7,180  Cybermedia Technologies, LLC Secured Debt (6) —  —  8  —  —  —  —  13.00% Secured Debt (6) —  (531) 2,728  27,116  42  621  26,537  Preferred Member Units (6) —  (15,000) 188  15,000  —  15,000  —  Preferred Equity (6) —  1,960  —  —  4,460  100  4,360  Datacom, LLC 7.50% Secured Debt (8) —  —  50  493  767  585  675  10.00% Secured Debt (8) —  (2,257) 706  7,947  102  2,460  5,589  Preferred Member Units (8) —  (600) —  240  360  600  —  Direct Marketing Solutions, Inc. 14.00% Secured Debt (9) —  (22) 53  —  1,042  22  1,020  14.00% Secured Debt (9) —  (29) 2,504  23,902  29  849  23,082  Preferred Stock (9) —  1,150  —  17,930  1,150  —  19,080  Gamber-Johnson Holdings, LLC SF+ 7.50% Secured Debt (12) (5) —  —  5  —  —  —  —  11.50% SF+ 7.50% Secured Debt (12) (5) —  (38) 6,384  73,126  38  2,438  70,726  Member Units (5) —  1,910  5,388  114,750  1,910  —  116,660  Garreco, LLC Member Units (8) —  (230) —  2,060  —  230  1,830  GRT Rubber Technologies LLC 10.41% SF+ 6.00% Secured Debt (12) (8) —  (3) 252  3,146  3  3  3,146  12.41% SF+ 8.00% Secured Debt (8) —  (35) 3,862  40,493  35  35  40,493  Member Units (8) —  930  4,280  45,890  930  —  46,820  Gulf Publishing Holdings, LLC SF+ 9.50% Secured Debt (8) —  —  —  —  —  —  —  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2025 Fair Value (13) Secured Debt (8) (231) 782  —  1,518  623  2,141  —  Preferred Equity (8) (5,600) 5,600  —  —  5,600  5,600  —  Member Units (8) (3,681) 3,681  —  —  3,681  3,681  —  IG Investor, LLC 13.00% Secured Debt (12) (6) —  22  173  1,572  28  —  1,600  13.00% Secured Debt (6) —  192  3,512  35,257  247  440  35,064  Common Equity (6) —  4,540  —  16,230  4,540  —  20,770  Jensen Jewelers of Idaho, LLC P+ 6.75% Secured Debt (12) (9) —  —  —  —  —  —  —  14.25% P+ 6.75% Secured Debt (9) —  —  144  1,498  —  470  1,028  Member Units (9) —  (280) 804  11,820  —  280  11,540  MSC Adviser I, LLC Member Units (8) —  20,350  8,393  246,000  20,350  —  266,350  Mystic Logistics Holdings, LLC Secured Debt (12) (6) —  —  3  —  —  —  —  10.00% Secured Debt (6) —  (5) 441  5,746  5  5  5,746  Common Stock (6) —  410  2,864  26,370  410  —  26,780  NRP Jones, LLC 12.00% Secured Debt (5) —  (137) 205  2,178  6  138  2,046  Member Units (5) —  (2,417) —  2,696  —  2,417  279  Member Units (5) —  (83) —  94  —  83  11  Preferred Equity (5) —  756  —  —  1,238  —  1,238  Common Equity (5) —  —  —  —  1,200  272  928  OMi Topco, LLC Secured Debt (8) —  (30) 207  9,000  —  9,000  —  Secured Debt (8) —  —  434  —  —  —  —  Secured Debt (8) —  —  781  —  —  —  —  12.00% Secured Debt (8) —  39  11  —  24,000  —  24,000  Preferred Member Units (8) —  5,180  20,699  72,720  5,180  —  77,900  Principle Environmental, LLC 13.00% Secured Debt (8) —  —  497  4,861  14  —  4,875  Preferred Member Units (8) —  2,100  1,186  12,600  2,100  —  14,700  Common Stock (8) —  100  —  600  100  —  700  Quality Lease Service, LLC Member Units (7) —  —  —  460  —  —  460  Robbins Bros. Jewelry, Inc. Secured Debt (9) —  —  27  (39) —  17  (56) 12.50% 10.00% Secured Debt (9) —  224  —  14,562  —  417  14,145  Preferred Equity (9) —  —  —  —  —  —  —  Trantech Radiator Topco, LLC Secured Debt (12) (7) —  —  3  (1) —  —  (1) 13.50% Secured Debt (7) —  —  831  7,855  20  —  7,875  Common Stock (7) —  4,780  87  8,570  4,780  —  13,350  Victory Energy Operations, LLC Secured Debt (12) (8) —  —  97  (33) 1,728  1,723  (28) 13.00% Secured Debt (8) —  —  4,829  47,792  73  —  47,865  Preferred Equity (8) —  399  427  22,686  399  215  22,870  Volusion, LLC 10.00% Secured Debt (8) —  —  159  2,100  —  —  2,100  Preferred Member Units (8) —  —  —  —  —  —  —  Preferred Member Units (8) 22  (1,627) —  7,003  22  3,356  3,669  Preferred Member Units (8) —  —  —  —  —  —  —  Common Stock (8) —  —  —  —  —  —  —  Ziegler’s NYPD, LLC 12.00% Secured Debt (8) —  —  3  —  150  —  150  12.00% Secured Debt (8) —  (63) 160  1,750  —  64  1,686  Preferred Member Units (8) —  (190) —  320  —  190  130  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2025 Fair Value (13) Warrants (8) —  —  —  —  —  —  —  Other Controlled Investments 2717 MH, L.P. LP Interests (2717 MH, L.P.) (8) $ 5,466  $ (4,836) $ —  $ 8,818  $ 4,046  $ 11,069  $ 1,795  LP Interests (2717 HPP-MS, L.P.) (8) —  64  —  383  64  —  447  LP Interests (2717 GRE-LP, L.P.) (8) —  —  —  441  —  —  441  HPEP 423 COR, LP LP Interests (423 COR, L.P.) (8) —  1,057  —  4,187  1,057  —  5,244  American Nuts, LLC Preferred Equity (9) —  (2,840) —  —  8,970  2,840  6,130  12.94% SF+ 8.50% 12.94% Secured Debt (9) —  —  506  —  7,906  —  7,906  12.94% SF+ 8.50% 12.94% Secured Debt (9) —  —  506  —  7,906  —  7,906  Analytical Systems Keco Holdings, LLC Secured Debt (8) —  —  —  —  —  —  —  14.50% Secured Debt (8) —  —  509  4,048  9  150  3,907  Preferred Member Units (8) —  —  —  —  —  —  —  Preferred Member Units (8) —  270  —  5,300  270  —  5,570  Warrants (8) —  —  —  —  —  —  —  ASC Interests, LLC 13.00% Secured Debt (8) —  —  40  400  —  —  400  13.00% Secured Debt (8) —  (161) 157  1,598  —  235  1,363  Preferred Member Units (8) —  —  —  —  —  —  —  Member Units (8) —  —  —  —  —  —  —  ATS Workholding, LLC Secured Debt (9) (1,897) 2,261  —  113  2,324  2,437  —  Secured Debt (9) (2,842) 2,698  —  143  2,698  2,841  —  Preferred Member Units (9) (3,726) 3,726  —  —  3,726  3,726  —  Barfly Ventures, LLC 7.00% Secured Debt (12) (5) —  —  37  711  —  —  711  Member Units (5) —  950  1,103  5,860  950  —  6,810  Batjer TopCo, LLC Secured Debt (12) (8) —  —  12  446  1  450  (3) Secured Debt (12) (8) —  —  15  270  —  270  —  10.00% Secured Debt (8) —  —  838  10,529  18  630  9,917  Preferred Stock (8) —  3,590  587  5,160  3,590  —  8,750  Bolder Panther Group, LLC 11.57% SF+ 7.26% Secured Debt (9) —  (102) 9,032  101,643  102  699  101,046  10.81% SF+ 6.50% Secured Debt (9) —  4  166  —  6,000  3,000  3,000  8.00% Class B Preferred Member Units (9) —  670  2,479  30,520  670  —  31,190  Secured Debt (9) —  —  93  —  —  —  —  Bridge Capital Solutions Corporation Preferred Member Units (6) —  —  —  —  —  —  —  Warrants (6) —  —  —  —  —  —  —  Warrants (6) —  —  —  —  —  —  —  CBT Nuggets, LLC Member Units (9) —  (580) 1,647  49,540  —  580  48,960  Centre Technologies Holdings, LLC SF+ 8.00% Secured Debt (12) (8) —  —  9  —  —  —  —  12.41% SF+ 8.00% Secured Debt (8) —  (12) 2,599  25,534  12  1,082  24,464  Preferred Member Units (8) —  8,810  90  12,410  8,810  —  21,220  Chamberlin Holding LLC SF+ 6.00% Secured Debt (12) (8) —  (67) 74  —  67  67  —  12.49% SF+ 8.00% Secured Debt (8) —  9  1,679  15,620  4,800  —  20,420  Member Units (8) —  (40) 5,884  33,110  —  40  33,070  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2025 Fair Value (13) Member Units (8) —  220  69  3,550  220  —  3,770  Charps, LLC 14.00% Unsecured Debt (5) —  (75) 671  5,694  75  75  5,694  Preferred Member Units (5) —  (310) 536  15,580  —  310  15,270  Colonial Electric Company LLC Secured Debt (12) (6) —  —  6  —  —  —  —  12.00% Secured Debt (6) —  (28) 1,131  14,310  28  5,559  8,779  Preferred Member Units (6) —  850  3,270  13,570  850  —  14,420  Copper Trail Fund Investments LP Interests (CTMH, LP) (9) —  —  —  500  15  —  515  Digital Products Holdings LLC 14.31% SF+ 10.00% Secured Debt (5) —  —  1,347  12,422  33  660  11,795  Preferred Member Units (5) —  —  150  9,835  —  —  9,835  Doral Holdings, LLC Preferred Equity (5) —  —  —  —  13,000  —  13,000  Secured Debt (5) —  —  —  —  —  —  —  13.00% Secured Debt (5) —  —  2,042  —  29,229  —  29,229  Elgin AcquireCo, LLC SF+ 6.00% Secured Debt (5) —  —  7  (5) 2  —  (3) 12.00% Secured Debt (5) —  —  1,646  17,969  30  774  17,225  9.00% Secured Debt (5) —  —  423  6,207  2  40  6,169  Common Stock (5) —  (630) —  5,730  —  630  5,100  Common Stock (5) —  170  —  3,050  170  —  3,220  Flame King Holdings, LLC Preferred Equity (9) —  3,450  7,873  35,920  12,200  —  48,120  12.00% Secured Debt (9) —  617  2,759  —  66,000  —  66,000  Harrison Hydra-Gen, Ltd. Common Stock (8) —  260  —  7,010  260  —  7,270  JTI Electrical & Mechanical, LLC SF+ 6.25% Secured Debt (9) (466) —  —  7,977  —  7,977  —  SF+ 6.25% Secured Debt (9) (5,765) —  —  33,879  —  33,879  —  SF+ 6.25% Secured Debt (9) (537) —  —  3,176  —  3,176  —  10.45% SF+ 6.00% 10.45% Secured Debt (9) —  —  387  —  35,637  225  35,412  15.00% 15.00% Secured Debt (9) —  —  —  —  6,205  —  6,205  9.45% SF+ 5.00% Secured Debt (9) —  —  61  —  6,316  —  6,316  Common Equity (9) —  (842) —  —  842  842  —  JorVet Holdings, LLC 12.00% Secured Debt (9) —  —  2,157  23,216  35  —  23,251  Preferred Equity (9) —  (850) 728  13,180  —  850  12,330  KBK Industries, LLC Member Units (5) —  (4,950) 2,900  25,180  —  4,950  20,230  Secured Debt (5) —  (24) 130  3,700  —  3,700  —  9.50% Secured Debt (5) —  41  370  —  9,400  1,600  7,800  Kickhaefer Manufacturing Company, LLC 12.00% Secured Debt (5) —  —  1,248  14,987  6  1,600  13,393  9.00% Secured Debt (5) —  —  267  3,926  1  36  3,891  Preferred Equity (5) —  3,690  —  12,240  3,690  —  15,930  Member Units (5) —  50  78  2,710  50  —  2,760  Metalforming Holdings, LLC Secured Debt (12) (7) —  1  18  (11) 11  —  —  8.75% Secured Debt (7) —  73  1,408  20,844  117  3,173  17,788  8.00% 8.00% Preferred Equity (7) —  (481) 849  6,397  —  481  5,916  Common Stock (7) —  2,630  1,105  6,850  2,630  —  9,480  Moffitt Holdings, LLC 13.00% Secured Debt (8) —  —  1,167  —  34,695  438  34,257  Preferred Equity (8) —  1,260  —  —  15,560  —  15,560  MS Private Loan Fund I, LP 7.31% SF+ 3.00% Secured Debt (12) (8) —  —  334  1,600  16,920  9,820  8,700  LP Interests (12) (8) —  (202) 1,152  14,034  —  202  13,832  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2025 Fair Value (13) MS Private Loan Fund II, LP SF+ 3.00% Secured Debt (12) (8) —  —  50  (59) 1,818  1,850  (91) LP Interests (12) (8) —  170  773  7,843  1,721  —  9,564  MSC Income Fund, Inc. Common Equity (8) —  (3,803) 1,507  16,810  5,326  3,803  18,333  MVI MSO, LLC (Milford Vascular) 13.00% Secured Debt (6) —  —  873  —  9,763  —  9,763  Preferred Equity (6) —  2,070  118  —  4,770  —  4,770  NAPCO Precast, LLC Member Units (8) —  2,110  1,867  9,050  2,110  —  11,160  Member Units (8) —  1,945  —  —  2,760  —  2,760  Nello Industries Investco, LLC SF+ 6.50% Secured Debt (5) —  —  16  (16) 16  —  —  12.50% Secured Debt (5) —  —  2,856  26,959  2,493  —  29,452  Preferred Stock (5) 231  5,623  1,751  15,560  5,854  1,154  20,260  NexRev LLC Secured Debt (8) —  —  —  —  —  —  —  Secured Debt (8) —  (9) 151  9,811  9  9,820  —  Preferred Member Units (8) —  350  453  11,910  350  —  12,260  NuStep, LLC 10.91% SF+ 6.50% Secured Debt (5) —  —  278  3,600  —  1,400  2,200  12.00% Secured Debt (5) —  —  1,679  18,439  1  —  18,440  Preferred Member Units (5) —  650  —  11,550  650  —  12,200  Preferred Member Units (5) —  —  —  6,000  —  —  6,000  Orttech Holdings, LLC SF+ 11.00% Secured Debt (12) (5) —  —  —  —  —  —  —  15.41% SF+ 11.00% Secured Debt (5) —  (35) 2,535  21,960  35  1,235  20,760  Preferred Stock (5) —  —  180  13,450  —  —  13,450  Pinnacle TopCo, LLC Secured Debt (12) (8) —  (2) 8  —  2  2  —  13.00% Secured Debt (8) —  (47) 2,826  28,640  47  847  27,840  Preferred Equity (8) —  1,280  1,392  18,360  1,280  —  19,640  PPL RVs, Inc. SF+ 7.00% Secured Debt (8) —  (1) 1  —  1  1  —  11.48% SF+ 7.00% Secured Debt (8) —  (35) 1,402  16,456  35  1,300  15,191  Common Stock (8) —  1,140  418  17,110  1,140  —  18,250  Common Stock (8) —  61  —  514  61  —  575  River Aggregates, LLC Member Units (8) —  60  —  9,530  60  —  9,590  Tedder Industries, LLC 12.00% 12.00% Secured Debt (9) —  222  —  1,646  —  736  910  12.00% 12.00% Secured Debt (9) —  (1,040) —  3,603  —  1,039  2,564  Preferred Member Units (9) —  —  —  —  —  —  —  Preferred Member Units (9) —  —  —  —  —  —  —  Preferred Member Units (9) —  —  —  —  —  —  —  Televerde, LLC Member Units (8) —  570  298  4,252  570  —  4,822  Preferred Stock (8) —  —  —  1,794  —  —  1,794  VVS Holdco LLC SF+ 6.00% Secured Debt (5) —  —  12  —  —  —  —  11.50% Secured Debt (5) —  —  2,222  25,661  42  1,280  24,423  Preferred Equity (5) —  —  99  12,240  —  —  12,240  Other Amounts related to investments transferred to or from other 1940 Act classification during the period 6,769  5,297  171  (80,952) —  —  —  Total Control investments $ (12,964) $ 57,016  $ 176,481  $ 2,087,890  $ 472,328  $ 224,996  $ 2,416,174  Affiliate Investments 423 HAR, LP LP Interests (423 HAR, L.P.) (8) $ —  $ —  $ 45  $ 1,226  $ —  $ —  $ 1,226  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2025 Fair Value (13) AAC Holdings, Inc. Secured Debt (7) (139) 3  —  609  —  609  —  Secured Debt (7) (3,303) 80  —  17,365  —  17,365  —  Preferred Equity (7) —  (2,470) —  —  8,520  2,470  6,050  10.00% 10.00% Secured Debt (7) —  —  —  —  3,109  —  3,109  12.00% 12.00% Secured Debt (7) —  —  —  —  3,109  —  3,109  Common Stock (7) —  —  —  —  —  —  —  Warrants (7) —  —  —  —  —  —  —  10.00% 10.00% Secured Debt (12) (7) —  —  34  —  814  —  814  Boccella Precast Products LLC 10.00% Secured Debt (6) —  55  22  266  55  65  256  Member Units (6) —  1,510  479  310  1,510  —  1,820  Buca C, LLC 15.00% 15.00% Secured Debt (7) —  —  —  —  —  —  —  6.00% 6.00% Preferred Member Units (7) —  —  —  —  —  —  —  15.00% 15.00% Secured Debt (7) —  —  —  —  —  —  —  15.00% 15.00% Secured Debt (7) —  (458) —  —  458  458  —  Career Team Holdings, LLC SF+ 6.00% Secured Debt (12) (6) —  —  106  887  —  928  (41) 13.00% Secured Debt (6) —  —  2,140  19,364  2,370  203  21,531  Common Stock (6) —  (36) —  4,740  666  36  5,370  Classic H&G Holdings, LLC Preferred Member Units (6) —  (890) —  2,850  —  890  1,960  Congruent Credit Opportunities Funds LP Interests (Congruent Credit Opportunities Fund III, LP) (8) —  (78) 69  2,276  —  1,614  662  Connect Telecommunications Solutions Holdings, Inc. 13.00% Secured Debt (6) —  —  2,649  27,315  62  2,521  24,856  Preferred Equity (6) —  —  —  12,596  —  —  12,596  DMA Industries, LLC 12.00% Secured Debt (7) —  56  1,513  16,722  78  2,400  14,400  Preferred Equity (7) —  2,490  —  5,944  2,490  —  8,434  12.00% Secured Debt (7) —  4  52  555  5  —  560  15.00% 15.00% Preferred Equity (7) —  1,290  377  3,240  1,667  —  4,907  Dos Rios Partners LP Interests (Dos Rios Partners, LP) (8) —  150  —  7,708  150  139  7,719  LP Interests (Dos Rios Partners - A, LP) (8) —  48  —  2,447  48  44  2,451  Dos Rios Stone Products LLC Class A Preferred Units (8) —  —  —  —  —  —  —  EIG Fund Investments LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) (2) —  5  369  —  332  37  FCC Intermediate Holdco, LLC 13.00% Secured Debt (5) —  2,949  3,894  29,109  3,691  1,230  31,570  Warrants (5) —  4,300  750  10,840  4,300  —  15,140  Freeport Financial SBIC Fund LP LP Interests (Freeport Financial SBIC Fund LP) (5) —  (347) —  2,190  —  347  1,843  LP Interests (Freeport First Lien Loan Fund III LP) (5) —  (82) —  1,263  —  1,070  193  FRG AcquireCo, LLC Secured Debt (12) (7) —  —  1  —  —  20  (20) 13.00% Secured Debt (7) —  —  246  —  10,397  —  10,397  Preferred Equity (7) —  —  —  —  3,500  —  3,500  GFG Group, LLC Secured Debt (5) —  (21) 185  8,185  —  8,185  —  Secured Debt (5) —  —  185  —  —  —  —  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2025 Fair Value (13) 8.00% Secured Debt (5) —  6  347  —  14,053  —  14,053  Preferred Member Units (5) —  400  727  10,540  400  —  10,940  Gulf Manufacturing, LLC SF+ 7.62% Secured Debt (8) —  (42) 26  —  7  41  (34) 11.94% SF+ 7.62% Secured Debt (8) —  (325) 3,523  39,000  69  1,825  37,244  Member Units (8) —  (130) 500  14,730  —  130  14,600  Common Stock (8) —  562  —  888  562  —  1,450  Hawk Ridge Systems, LLC 10.48% SF+ 6.00% Secured Debt (9) —  (1) 254  2,645  4,725  5,200  2,170  12.00% Secured Debt (9) —  (41) 4,293  45,256  41  41  45,256  Preferred Member Units (9) —  4,300  —  20,260  4,300  —  24,560  Preferred Member Units (9) —  220  —  1,070  220  —  1,290  Houston Plating and Coatings, LLC 10.00% Unsecured Convertible Debt (8) —  60  227  2,940  60  —  3,000  Member Units (8) —  420  180  3,930  420  —  4,350  HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (12) (8) —  194  —  4,472  194  534  4,132  LP Interests (HPEP 3, L.P.) (12) (8) —  519  —  5,861  1,396  —  7,257  Independent Pet Partners Intermediate Holdings, LLC Common Equity (6) —  (1,390) —  20,390  —  1,390  19,000  Infinity X1 Holdings, LLC Secured Debt (9) —  (96) 683  15,050  —  15,050  —  Preferred Equity (9) —  (2,460) 1,155  9,080  —  2,460  6,620  13.00% Secured Debt (9) —  12  864  —  16,372  848  15,524  Integral Energy Services 12.05% SF+ 7.50% Secured Debt (8) —  (98) 1,230  12,728  42  740  12,030  10.00% 10.00% Preferred Equity (8) —  55  20  452  75  —  527  Common Stock (8) —  140  —  550  140  —  690  10.00% 10.00% Preferred Equity (8) —  76  —  —  190  —  190  Iron-Main Investments, LLC 13.00% Secured Debt (5) —  —  450  4,493  5  —  4,498  13.00% Secured Debt (5) —  —  293  2,927  3  —  2,930  13.00% Secured Debt (5) —  —  882  8,944  —  —  8,944  13.00% Secured Debt (5) —  —  1,756  17,542  20  —  17,562  13.00% Secured Debt (5) —  —  1,000  9,638  54  287  9,405  Common Stock (5) —  (150) —  2,850  —  150  2,700  25.00% 25.00% Preferred Equity (5) —  210  —  760  210  —  970  25.00% 25.00% Preferred Equity (5) —  —  —  —  155  —  155  ITA Holdings Group, LLC 11.46% SF+ 7.00% Secured Debt (8) —  (3) 114  1,180  3  3  1,180  SF+ Secured Debt (8) —  (12) 77  994  —  994  —  11.46% SF+ 7.00% Secured Debt (12) (8) —  19  78  —  2,360  —  2,360  11.46% SF+ 7.00% Secured Debt (8) —  (200) 614  4,438  697  200  4,935  11.46% SF+ 7.00% Secured Debt (8) —  (200) 659  4,438  697  200  4,935  11.46% SF+ 7.00% Secured Debt (8) —  6  64  —  1,770  —  1,770  Warrants (8) —  7,790  1,969  5,690  7,790  —  13,480  Johnson Downie Opco, LLC 15.00% Secured Debt (12) (8) —  (5) 23  —  1,805  5  1,800  15.00% Secured Debt (8) —  (35) 2,481  21,507  35  35  21,507  Preferred Equity (8) —  8,980  2,554  14,550  8,980  —  23,530  KMS, LLC SF+ 9.75% Secured Debt (5) (415) —  —  663  —  663  —  SF+ 9.75% Secured Debt (5) (3,037) 1  —  4,779  —  4,779  —  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2025 Fair Value (13) SF+ 9.75% Secured Debt (5) —  —  —  450  —  450  —  SF+ 9.75% Secured Debt (5) —  —  —  440  —  440  —  SF+ 9.75% Secured Debt (5) —  —  —  —  —  —  —  12.50% 12.50% Secured Debt (12) (5) —  —  105  —  1,145  —  1,145  12.50% 12.50% Secured Debt (5) —  —  92  —  1,203  195  1,008  Preferred Equity (5) —  250  —  —  5,140  —  5,140  Mills Fleet Farm Group, LLC 9.78% SF+ 5.50% 9.78% Secured Debt (5) —  —  186  —  2,832  —  2,832  9.70% SF+ 5.50% 9.70% Secured Debt (5) —  —  21  —  1,672  —  1,672  Preferred Equity (5) —  (2,389) 829  13,840  829  2,389  12,280  MoneyThumb Acquisition, LLC 14.00% Secured Debt (9) —  —  1,132  8,967  137  640  8,464  12.00% 12.00% Preferred Member Units (9) —  —  160  1,707  160  —  1,867  Warrants (9) —  —  —  594  —  —  594  Nebraska Vet AcquireCo, LLC SF+ 7.00% Secured Debt (5) —  (7) 10  —  7  7  —  Preferred Member Units (5) 55,646  (25,053) 5,694  32,040  55,647  87,687  —  Secured Debt (5) —  (115) 3,143  62,200  115  62,315  —  Secured Debt (5) —  (171) 193  4,650  2,771  7,421  —  OnAsset Intelligence, Inc. 12.00% 12.00% Secured Debt (8) —  —  —  99  —  —  99  12.00% 12.00% Secured Debt (8) —  —  —  102  —  2  100  12.00% 12.00% Secured Debt (8) —  —  —  218  —  —  218  12.00% 12.00% Secured Debt (8) —  —  —  456  —  1  455  10.00% 10.00% Unsecured Debt (8) —  —  —  305  —  —  305  7.00% 7.00% Preferred Stock (8) —  —  —  —  —  —  —  Common Stock (8) —  —  —  —  —  —  —  Warrants (8) —  —  —  —  —  —  —  Oneliance, LLC Preferred Stock (7) —  690  57  2,580  690  —  3,270  RA Outdoors (Aspira) LLC 11.25% SF+ 6.75% 11.25% Secured Debt (8) —  (148) 120  1,257  82  189  1,150  11.25% SF+ 6.75% 11.25% Secured Debt (8) —  (1,553) 1,240  13,155  842  1,972  12,025  SF+ 6.75% Secured Debt (12) (8) —  —  —  —  —  —  —  SF+ 6.75% Secured Debt (8) —  —  —  —  —  —  —  Common Equity (8) —  —  —  —  —  —  —  Revenue Recovery Holdings, LLC Secured Debt (12) (7) —  —  3  —  —  19  (19) 14.00% Secured Debt (7) —  —  414  —  8,927  1,300  7,627  Preferred Equity (7) —  —  —  —  1,049  —  1,049  RFG AcquireCo, LLC Secured Debt (12) (7) —  —  3  —  —  8  (8) Secured Debt (7) —  —  —  —  —  —  —  12.50% Secured Debt (7) —  —  2,143  —  33,683  —  33,683  Preferred Equity (7) —  —  —  —  11,401  —  11,401  SI East, LLC 11.85% Secured Debt (12) (7) —  (3) 219  2,250  3  3  2,250  12.78% Secured Debt (7) —  39  6,575  67,661  —  626  67,035  Preferred Member Units (7) —  630  313  13,660  630  —  14,290  Slick Innovations, LLC Secured Debt (6) —  (139) 510  16,320  —  16,320  —  14.00% Secured Debt (6) —  246  2,297  —  25,880  800  25,080  Common Stock (6) —  (450) 873  2,440  —  450  1,990  Specialized Aviation Holdings, LLC 13.00% Secured Debt (7) —  —  967  —  29,710  —  29,710  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2025 Fair Value (13) Preferred Stock (7) —  —  16  —  15,000  —  15,000  Student Resource Center, LLC 8.50% 8.50% Secured Debt (6) —  (298) —  1,644  —  298  1,346  Preferred Equity (6) —  —  —  —  —  —  —  8.50% 8.50% Secured Debt (6) —  558  13  204  570  —  774  Superior Rigging & Erecting Co. Preferred Member Units (7) —  6,190  —  10,530  6,190  —  16,720  The Affiliati Network, LLC 10.00% Secured Debt (12) (9) —  —  63  394  6,163  6,000  557  10.00% Secured Debt (9) —  (11) 434  5,053  10  411  4,652  Preferred Stock (9) —  —  179  6,400  —  —  6,400  Preferred Stock (9) —  —  —  287  26  —  313  UnionRock Energy Fund II, LP LP Interests (12) (9) —  (134) —  4,732  —  604  4,128  UnionRock Energy Fund III, LP LP Interests (12) (9) —  (405) 120  5,612  447  897  5,162  UniTek Global Services, Inc. Secured Convertible Debt (6) 3,763  (2,384) 41  5,642  505  6,147  —  Secured Convertible Debt (6) 1,743  (1,155) 21  2,663  235  2,898  —  Preferred Stock (6) —  —  104  3,181  1,633  4,814  —  20.00% 20.00% Preferred Stock (6) —  (788) —  4,272  5,116  —  9,388  19.00% 19.00% Preferred Stock (6) —  —  —  —  —  —  —  13.50% 13.50% Preferred Stock (6) —  —  —  —  —  —  —  Common Stock (6) —  —  —  —  —  —  —  Urgent DSO LLC 13.50% Secured Debt (5) —  —  914  8,727  13  —  8,740  9.00% 9.00% Preferred Equity (5) —  —  294  4,320  294  —  4,614  Wildcats Topco LLC (NVS Heritage) Common Equity (5) —  333  9  —  22,760  —  22,760  World Micro Holdings, LLC 11.00% Secured Debt (7) —  —  862  10,702  20  878  9,844  Preferred Equity (7) —  —  308  3,845  —  —  3,845  Other Amounts related to investments transferred to or from other 1940 Act classification during the period 3,453  3,450  1,436  29,588  —  —  —  Total Affiliate investments $ 57,709  $ 4,518  $ 71,908  $ 846,798  $ 358,386  $ 282,682  $ 892,914  ___________________________ (1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. (2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.” (3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category. (4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category. (5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $589,459. This represented 20.1% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $181,094. This represented 6.2% of net assets as of September 30, 2025. (6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $158,589. This represented 5.4% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $125,926. This represented 4.3% of net assets as of September 30, 2025. (7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $72,101. This represented 2.5% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $270,957. This represented 9.2% of net assets as of September 30, 2025. (8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $1,043,897. This represented 35.6% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $187,380. This represented 6.4% of net assets as of September 30, 2025. (9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $552,128. This represented 18.8% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $127,557. This represented 4.3% of net assets as of September 30, 2025. (10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted. (11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs. (12)Investment has an unfunded commitment as of September 30, 2025 (see Note K — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments. (13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2023 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2024 Fair Value (13) Majority-Owned Investments Analytical Systems Keco Holdings, LLC Secured Debt (12) (8) $ —  $ —  $ 5  $ 219  $ —  $ 219  $ —  13.75% Secured Debt (8) —  —  551  4,084  310  300  4,094  Preferred Member Units (8) —  —  —  —  —  —  —  Preferred Member Units (8) —  850  —  4,860  850  —  5,710  Warrants (8) —  —  —  —  —  —  —  Brewer Crane Holdings, LLC 15.35% SF+ 10.00% Secured Debt (9) —  —  631  5,498  14  372  5,140  Preferred Member Units (9) —  (190) 90  5,620  —  189  5,431  Café Brazil, LLC Member Units (8) —  (520) 30  1,980  —  520  1,460  California Splendor Holdings LLC 14.00% 4.00% Secured Debt (9) —  (79) 3,098  27,655  594  79  28,170  14.00% 4.00% Secured Debt (9) —  —  49  —  1,487  —  1,487  Preferred Member Units (9) —  893  188  15,695  6,520  —  22,215  15.00% 15.00% Preferred Member Units (9) —  —  940  4,601  5,940  —  10,541  Clad-Rex Steel, LLC Secured Debt (12) (5) —  —  2  —  —  —  —  10.00% Secured Debt (5) —  138  709  8,422  109  1,400  7,131  10.00% Secured Debt (5) —  —  75  1,004  —  29  975  Member Units (5) —  3,640  585  5,200  3,640  —  8,840  Member Units (5) —  (179) —  1,129  —  179  950  Cody Pools, Inc. Secured Debt (12) (8) —  3  38  —  1,264  1,264  —  12.50% Secured Debt (8) —  (9) 3,887  42,073  9  2,219  39,863  Preferred Member Units (8) —  (2,510) 1,568  72,470  —  2,510  69,960  CompareNetworks Topco, LLC SF+ 9.00% Secured Debt (9) —  —  —  —  —  —  —  14.35% SF+ 9.00% Secured Debt (9) —  —  368  3,454  —  352  3,102  Preferred Member Units (9) —  (1,305) —  14,450  1,545  1,305  14,690  Cybermedia Technologies, LLC Secured Debt (12) (6) —  —  8  —  —  —  —  13.00% Secured Debt (6) —  —  2,804  28,389  52  1,338  27,103  Preferred Member Units (6) —  280  1,104  15,000  280  —  15,280  Datacom, LLC 7.50% Secured Debt (8) —  —  20  447  451  540  358  10.00% Secured Debt (8) —  112  736  7,587  221  203  7,605  Preferred Member Units (8) —  320  —  70  320  —  390  Direct Marketing Solutions, Inc. Secured Debt (9) —  (22) 70  1,233  1,722  2,955  —  14.00% Secured Debt (9) —  (33) 2,682  25,543  33  1,264  24,312  Preferred Stock (9) —  (1,460) —  20,740  —  1,460  19,280  Elgin AcquireCo, LLC SF+ 6.00% Secured Debt (12) (5) —  —  7  (7) 1  —  (6) 12.00% Secured Debt (5) —  —  1,702  18,632  32  704  17,960  9.00% Secured Debt (5) —  —  427  6,252  2  36  6,218  Common Stock (5) —  (360) —  6,090  —  360  5,730  Common Stock (5) —  1,330  —  1,670  1,330  —  3,000  Gamber-Johnson Holdings, LLC SF+ 7.00% Secured Debt (12) (5) —  —  5  —  —  —  —  10.00% SF+ 7.00% Secured Debt (5) —  (78) 4,023  54,078  78  5,678  48,478  Member Units (5) —  10,660  5,409  96,710  10,660  —  107,370  GRT Rubber Technologies LLC 11.35% SF+ 6.00% Secured Debt (12) (8) —  2  256  2,400  746  —  3,146  13.35% SF+ 8.00% Secured Debt (8) —  (35) 4,184  40,493  35  35  40,493  Member Units (8) —  —  188  44,440  —  —  44,440  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2023 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2024 Fair Value (13) Gulf Publishing Holdings, LLC SF+ 9.50% Secured Debt (12) (8) —  —  —  —  —  —  —  12.50% 12.50% Secured Debt (8) —  (882) 76  2,284  —  882  1,402  Preferred Equity (8) —  (2,460) —  2,460  —  2,460  —  Member Units (8) —  —  —  —  —  —  —  IG Investor, LLC 13.00% Secured Debt (12) (6) —  —  61  (35) 1,605  —  1,570  13.00% Secured Debt (6) —  —  3,662  36,934  62  1,320  35,676  Common Equity (6) —  470  —  14,400  470  —  14,870  Jensen Jewelers of Idaho, LLC P+ 6.75% Secured Debt (12) (9) —  —  3  —  —  —  —  15.25% P+ 6.75% Secured Debt (9) —  —  219  1,998  —  348  1,650  Member Units (9) —  (600) 1,082  12,420  —  600  11,820  Kickhaefer Manufacturing Company, LLC 12.00% Secured Debt (5) —  —  1,698  19,774  10  3,200  16,584  9.00% Secured Debt (5) —  —  264  3,805  164  32  3,937  Preferred Equity (5) —  2,550  —  9,690  2,550  —  12,240  Member Units (5) —  (240) 95  2,730  —  240  2,490  Metalforming Holdings, LLC Secured Debt (12) (7) —  —  9  —  —  14  (14) 10.75% Secured Debt (7) —  —  2,004  23,623  42  1,146  22,519  8.00% 8.00% Preferred Equity (7) —  355  —  6,035  355  119  6,271  Common Stock (7) —  2,480  481  1,500  2,480  —  3,980  MH Corbin Holding LLC 14.00% Secured Debt (5) —  (3,482) 557  5,022  —  3,642  1,380  Preferred Member Units (5) —  (330) —  330  —  330  —  Preferred Member Units (5) —  —  —  —  —  —  —  MSC Adviser I, LLC Member Units (8) —  44,307  8,862  174,063  44,307  —  218,370  Mystic Logistics Holdings, LLC Secured Debt (12) (6) —  —  3  —  —  —  —  10.00% Secured Debt (6) —  16  441  5,746  —  —  5,746  Common Stock (6) —  (290) 2,941  26,390  —  290  26,100  OMi Topco, LLC 12.00% Secured Debt (8) —  (30) 1,116  12,750  30  2,780  10,000  Preferred Member Units (8) —  22,160  4,275  36,380  22,160  —  58,540  PPL RVs, Inc. SF+ 8.75% Secured Debt (8) —  (1) 1  —  1  1  —  14.23% SF+ 8.75% Secured Debt (8) —  (53) 2,135  19,877  53  2,473  17,457  Common Stock (8) —  (680) 24  16,980  —  680  16,300  Common Stock (8) —  146  —  368  146  —  514  Principle Environmental, LLC 13.00% Secured Debt (8) —  —  601  5,829  18  —  5,847  Preferred Member Units (8) —  790  737  10,750  790  —  11,540  Common Stock (8) —  40  —  510  40  —  550  Quality Lease Service, LLC Member Units (7) —  —  —  460  —  —  460  Robbins Bros. Jewelry, Inc. 10.00% Secured Debt (9) —  —  8  (26) 2  —  (24) 12.50% 10.00% Secured Debt (9) —  (14,949) 1,083  30,798  18  15,399  15,417  Preferred Equity (9) —  —  6  —  —  —  —  Trantech Radiator Topco, LLC Secured Debt (12) (7) —  —  4  —  —  —  —  13.50% Secured Debt (7) —  64  809  7,920  —  —  7,920  Common Stock (7) —  (3,240) 87  12,740  —  3,240  9,500  Volusion, LLC 10.00% Secured Debt (8) —  —  160  2,100  —  —  2,100  Preferred Member Units (8) —  —  —  —  —  —  —  Preferred Member Units (8) —  4,421  —  7,250  4,422  4,212  7,460  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2023 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2024 Fair Value (13) Preferred Member Units (8) —  —  —  —  —  —  —  Common Stock (8) —  —  —  —  —  —  —  Ziegler’s NYPD, LLC 12.00% Secured Debt (8) —  —  41  450  —  —  450  6.50% Secured Debt (8) —  —  49  945  —  —  945  14.00% Secured Debt (8) —  (1,109) 293  2,080  —  1,110  970  Preferred Member Units (8) —  —  —  —  —  —  —  Warrants (8) —  —  —  —  —  —  —  Other Controlled Investments 2717 MH, L.P. LP Interests (2717 MH, L.P.) (8) $ 57  $ 2,846  $ 278  $ 6,050  $ 2,903  $ 57  $ 8,896  LP Interests (2717 HPP-MS, L.P.) (8) —  60  —  315  60  —  375  LP Interests (2717 GRE-LP, L.P.) (8) —  —  —  —  441  —  441  HPEP 423 COR, LP LP Interests (423 COR, L.P.) (8) —  818  88  1,869  2,318  —  4,187  ASC Interests, LLC 13.00% Secured Debt (8) —  —  40  400  —  —  400  13.00% Secured Debt (8) —  —  164  1,597  1  —  1,598  Preferred Member Units (8) —  (196) —  266  —  196  70  Member Units (8) —  (100) —  100  —  100  —  ATS Workholding, LLC 5.00% Secured Debt (9) —  (281) —  328  167  281  214  5.00% Secured Debt (9) —  (187) —  473  —  187  286  Preferred Member Units (9) —  —  —  —  —  —  —  Barfly Ventures, LLC 7.00% Secured Debt (12) (5) —  —  38  711  —  —  711  Member Units (5) —  1,220  —  4,140  1,220  —  5,360  Batjer TopCo, LLC 10.00% Secured Debt (12) (8) —  (6) 30  —  451  6  445  10.00% Secured Debt (12) (8) —  —  21  270  —  —  270  10.00% Secured Debt (8) —  (67) 821  10,575  16  67  10,524  Preferred Stock (8) —  (990) 643  6,150  —  990  5,160  Bolder Panther Group, LLC 13.27% SF+ 8.02% Secured Debt (9) —  (63) 10,313  96,556  7,599  1,916  102,239  8.00% Class B Preferred Member Units (9) —  3,690  2,450  31,020  3,690  —  34,710  Secured Debt (9) —  —  116  —  —  —  —  Bridge Capital Solutions Corporation Secured Debt (6) —  —  767  8,813  —  8,813  —  Secured Debt (6) —  —  87  1,000  —  1,000  —  Preferred Member Units (6) —  (1,000) 75  1,000  —  1,000  —  Warrants (6) —  (1,808) —  1,808  —  1,808  —  Warrants (6) —  (2,482) —  2,482  —  2,482  —  CBT Nuggets, LLC Member Units (9) —  (590) 1,647  50,130  —  590  49,540  Centre Technologies Holdings, LLC SF+ 10.00% Secured Debt (12) (8) —  —  9  —  —  —  —  15.35% SF+ 10.00% Secured Debt (8) —  207  2,206  —  21,974  1,512  20,462  Secured Debt (8) —  (62) 281  17,574  —  17,574  —  Preferred Member Units (8) —  920  90  11,040  920  —  11,960  Chamberlin Holding LLC SF+ 6.00% Secured Debt (12) (8) —  (67) 74  —  67  67  —  13.36% SF+ 8.00% Secured Debt (8) —  (1) 1,603  15,620  1  1  15,620  Member Units (8) —  1,210  3,875  29,320  1,210  —  30,530  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2023 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2024 Fair Value (13) Member Units (8) —  360  69  2,860  360  —  3,220  Charps, LLC 10.00% Unsecured Debt (5) —  (366) 793  5,694  366  366  5,694  Preferred Member Units (5) —  (110) 483  15,690  —  110  15,580  Colonial Electric Company LLC Secured Debt (12) (6) —  —  6  —  —  —  —  12.00% Secured Debt (6) —  370  1,797  21,627  423  5,825  16,225  Preferred Member Units (6) —  (1,440) 1,440  2,400  —  2,400  —  Preferred Member Units (6) —  5,440  2,239  7,680  5,440  —  13,120  Compass Systems & Sales, LLC Secured Debt (5) —  —  117  —  2,378  2,400  (22) 13.50% Secured Debt (5) —  —  1,793  17,034  25  —  17,059  Preferred Equity (5) —  496  180  7,454  497  —  7,951  Copper Trail Fund Investments LP Interests (CTMH, LP) (9) —  —  —  568  —  38  530  Digital Products Holdings LLC 15.25% SF+ 10.00% Secured Debt (5) —  —  1,641  14,690  47  1,926  12,811  Preferred Member Units (5) —  —  150  9,835  —  —  9,835  Garreco, LLC SF+ 8.00% Secured Debt (8) —  —  92  3,088  —  3,088  —  Member Units (8) —  480  57  1,580  480  —  2,060  Harrison Hydra-Gen, Ltd. Common Stock (8) —  1,970  —  4,660  1,970  —  6,630  JorVet Holdings, LLC 12.00% Secured Debt (9) —  —  2,360  25,483  43  899  24,627  Preferred Equity (9) —  287  752  10,741  539  —  11,280  KBK Industries, LLC 9.00% Secured Debt (5) —  (11) 313  4,700  11  711  4,000  Member Units (5) —  2,050  1,906  22,770  2,050  —  24,820  MS Private Loan Fund I, LP Secured Debt (12) (8) —  —  44  —  16,500  16,500  —  LP Interests (12) (8) —  (248) 1,455  14,527  —  248  14,279  MS Private Loan Fund II, LP 8.75% SF+ 3.50% Secured Debt (12) (8) —  —  2,544  23,367  42,060  32,000  33,427  LP Interests (12) (8) —  252  194  1,561  6,140  —  7,701  MSC Income Fund, Inc. Common Equity (8) —  (271) 1,259  10,025  7,000  271  16,754  NAPCO Precast, LLC Member Units (8) —  (1,980) 95  11,730  —  1,980  9,750  Nello Industries Investco, LLC 11.75% SF+ 6.50% Secured Debt (12) (5) —  —  526  —  16,774  2,400  14,374  13.50% Secured Debt (5) —  —  1,684  —  26,945  —  26,945  Common Equity (5) —  —  220  —  12,120  —  12,120  NexRev LLC 10.00% Secured Debt (12) (8) —  —  98  —  3,160  1,200  1,960  10.00% Secured Debt (8) —  21  785  9,751  60  —  9,811  Preferred Member Units (8) —  3,500  645  6,350  3,500  —  9,850  NRP Jones, LLC 12.00% Secured Debt (5) —  —  190  2,080  —  —  2,080  Member Units (5) —  538  —  1,466  538  —  2,004  Member Units (5) —  22  —  53  22  —  75  NuStep, LLC 11.85% SF+ 6.50% Secured Debt (5) —  —  332  3,600  —  —  3,600  12.00% Secured Debt (5) —  —  1,693  18,426  10  —  18,436  Preferred Member Units (5) —  390  —  9,240  1,420  —  10,660  Preferred Member Units (5) —  90  —  5,150  610  —  5,760  Orttech Holdings, LLC SF+ 11.00% Secured Debt (12) (5) —  —  —  —  —  —  —  16.35% SF+ 11.00% Secured Debt (5) —  (34) 2,785  22,040  34  114  21,960  Preferred Stock (5) —  (2,370) 388  17,050  —  2,370  14,680  Pearl Meyer Topco LLC Secured Debt (6) —  (1) 339  3,500  1,501  5,001  —  12.00% Secured Debt (6) —  148  2,915  20,000  23,219  —  43,219  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2023 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2024 Fair Value (13) 12.00% Secured Debt (6) —  (18) 2,546  27,681  18  18  27,681  Preferred Equity (6) —  16,450  8,800  44,090  16,450  —  60,540  Pinnacle TopCo, LLC Secured Debt (12) (8) —  13  14  444  16  460  —  13.00% Secured Debt (8) —  243  3,046  30,339  301  1,600  29,040  Preferred Equity (8) —  4,820  1,721  12,540  4,820  —  17,360  River Aggregates, LLC Member Units (8) (409) 80  —  3,710  80  —  3,790  Tedder Industries, LLC 12.00% 12.00% Secured Debt (9) —  —  56  1,726  —  —  1,726  12.00% 12.00% Secured Debt (9) —  (9,605) 461  14,262  —  9,605  4,657  Preferred Member Units (9) —  —  —  —  —  —  —  Preferred Member Units (9) —  —  —  —  —  —  —  Preferred Member Units (9) —  —  —  —  —  —  —  Televerde, LLC Member Units (8) —  (1,224) —  4,734  —  1,224  3,510  Preferred Stock (8) —  —  —  1,794  —  —  1,794  Vision Interests, Inc. Series A Preferred Stock (9) —  —  —  3,000  —  —  3,000  VVS Holdco LLC SF+ 6.00% Secured Debt (12) (5) —  —  12  —  —  —  —  11.50% Secured Debt (5) —  —  2,457  28,035  47  1,160  26,922  Preferred Equity (5) —  —  320  12,240  —  —  12,240  Other Amounts related to investments transferred to or from other 1940 Act classification during the period —  3,694  2,723  58,515  —  —  —  Total Control investments $ (352) $ 88,007  $ 152,572  $ 2,006,698  $ 358,982  $ 202,589  $ 2,104,576  Affiliate Investments 423 HAR, LP LP Interests (423 HAR, L.P.) (8) $ —  $ 229  $ —  $ 996  $ 230  $ —  $ 1,226  AAC Holdings, Inc. 18.00% 18.00% Secured Debt (12) (7) —  (2) 67  418  82  2  498  18.00% 18.00% Secured Debt (7) —  (46) 2,164  13,895  2,678  46  16,527  Common Stock (7) —  —  —  —  —  —  —  Warrants (7) —  —  —  —  —  —  —  Boccella Precast Products LLC 10.00% Secured Debt (6) —  (55) 24  320  —  55  265  Member Units (6) —  (1,680) 30  1,990  —  1,680  310  Buca C, LLC 15.00% 15.00% Secured Debt (7) —  (1,025) 563  12,144  —  12,144  —  6.00% 6.00% Preferred Member Units (7) —  —  —  —  —  —  —  15.00% 15.00% Secured Debt (12) (7) —  —  —  —  —  —  —  15.00% 10.00% Secured Debt (7) —  (3,345) —  —  19,571  3,345  16,226  Career Team Holdings, LLC 11.25% SF+ 6.00% Secured Debt (12) (6) —  —  94  881  2,255  2,475  661  13.00% Secured Debt (6) —  —  1,999  19,906  31  180  19,757  Common Stock (6) —  —  —  4,500  —  —  4,500  Classic H&G Holdings, LLC SF+ 6.00% Secured Debt (6) —  —  181  4,560  —  4,560  —  Secured Debt (6) —  (50) 654  19,274  50  19,324  —  Preferred Member Units (6) 10,365  (7,590) 1,470  16,000  10,365  23,715  2,650  Congruent Credit Opportunities Funds LP Interests (Congruent Credit Opportunities Fund III, LP) (8) —  (51) 193  4,352  —  1,974  2,378  DMA Industries, LLC 12.00% Secured Debt (7) —  (115) 1,659  18,800  32  2,115  16,717  Preferred Equity (7) —  (1,716) —  7,660  —  1,716  5,944  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2023 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2024 Fair Value (13) 12.00% Secured Debt (7) —  —  26  —  555  —  555  15.00% 15.00% Preferred Equity (7) —  —  54  —  3,122  —  3,122  Dos Rios Partners LP Interests (Dos Rios Partners, LP) (8) —  (921) —  8,443  —  1,063  7,380  LP Interests (Dos Rios Partners - A, LP) (8) —  35  —  2,631  35  45  2,621  Dos Rios Stone Products LLC Class A Preferred Units (8) —  (1,580) —  1,580  —  1,580  —  EIG Fund Investments LP Interests (EIG Global Private Debt Fund-A, L.P.) (8) 32  —  44  760  33  424  369  FCC Intermediate Holdco, LLC 13.00% Secured Debt (5) —  —  2,497  —  28,900  —  28,900  Warrants (5) —  —  —  —  3,920  —  3,920  Flame King Holdings, LLC Preferred Equity (9) —  7,850  3,231  27,900  7,850  —  35,750  Freeport Financial SBIC Fund LP LP Interests (Freeport Financial SBIC Fund LP) (5) —  (349) —  3,012  —  628  2,384  LP Interests (Freeport First Lien Loan Fund III LP) (5) —  193  38  3,704  194  2,005  1,893  GFG Group, LLC 8.00% Secured Debt (5) —  (18) 576  9,345  18  1,178  8,185  Preferred Member Units (5) —  (920) 1,294  11,460  —  920  10,540  Gulf Manufacturing, LLC SF+ 7.63% Secured Debt (12) (8) —  44  120  —  —  —  —  12.88% SF+ 7.63% Secured Debt (8) —  349  4,219  —  40,000  500  39,500  Member Units (8) —  6,100  1,310  9,070  6,100  —  15,170  Hawk Ridge Systems, LLC 11.35% SF+ 6.00% Secured Debt (9) —  (1) 224  1,974  5,945  5,361  2,558  12.50% Secured Debt (9) —  (41) 4,347  45,256  41  41  45,256  Preferred Member Units (9) —  1,540  —  17,460  1,540  —  19,000  Preferred Member Units (9) —  80  —  920  80  —  1,000  Houston Plating and Coatings, LLC 8.00% Unsecured Convertible Debt (8) —  60  213  2,880  60  —  2,940  Member Units (8) —  (10) 83  3,340  —  10  3,330  HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (12) (8) —  247  —  4,225  247  —  4,472  LP Interests (HPEP 4, L.P.) (12) (8) —  329  —  3,773  1,211  —  4,984  I-45 SLF LLC Member Units (Fully diluted 20.0%; 21.75% profits interest) (8) (7,107) 6,710  429  13,490  —  13,490  —  Independent Pet Partners Intermediate Holdings, LLC Common Equity (6) —  2,700  —  17,690  2,700  —  20,390  Infinity X1 Holdings, LLC 12.00% Secured Debt (9) —  —  1,625  17,403  42  2,275  15,170  Preferred Equity (9) —  2,452  622  4,000  2,820  —  6,820  Integral Energy Services 13.09% SF+ 7.50% Secured Debt (8) —  232  1,400  13,891  295  1,571  12,615  10.00% 10.00% Preferred Equity (8) —  125  21  300  146  —  446  Common Stock (8) —  390  32  160  390  —  550  Iron-Main Investments, LLC 13.00% Secured Debt (5) —  —  465  4,487  5  —  4,492  13.00% Secured Debt (5) —  —  303  2,922  4  —  2,926  13.00% Secured Debt (5) —  —  911  8,944  —  —  8,944  13.00% Secured Debt (5) —  —  1,962  19,503  33  2,000  17,536  13.00% Secured Debt (5) —  —  1,111  10,273  64  480  9,857  Common Stock (5) —  170  —  2,680  170  —  2,850  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2023 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2024 Fair Value (13) 25.00% 25.00% Preferred Equity (5) —  49  —  —  760  —  760  ITA Holdings Group, LLC 15.53% SF+ 9.00% 1.00% Secured Debt (8) —  —  124  816  602  236  1,182  15.53% SF+ 9.00% 1.00% Secured Debt (12) (8) —  —  98  697  297  —  994  14.53% SF+ 8.00% 1.00% Secured Debt (8) —  —  711  3,430  259  —  3,689  16.53% SF+ 10.00% 1.00% Secured Debt (8) —  —  778  3,430  259  —  3,689  Warrants (8) —  1,189  —  2,091  1,189  —  3,280  Johnson Downie Opco, LLC Secured Debt (12) (8) —  (5) 18  —  5  5  —  15.00% Secured Debt (8) —  (41) 2,665  24,207  41  2,741  21,507  Preferred Equity (8) —  4,680  805  9,620  4,680  —  14,300  MoneyThumb Acquisition, LLC 14.00% Secured Debt (9) —  —  375  —  8,933  —  8,933  12.00% 12.00% Preferred Member Units (9) —  —  23  —  1,656  —  1,656  Warrants (9) —  —  —  —  594  —  594  Nebraska Vet AcquireCo, LLC 12.35% SF+ 7.00% Secured Debt (12) (8) —  8  61  —  1,250  —  1,250  Secured Debt (8) —  (121) 1,205  25,794  —  25,794  —  Secured Debt (8) —  (44) 454  10,500  —  10,500  —  Preferred Member Units (5) —  9,620  674  15,020  9,620  —  24,640  12.50% Secured Debt (5) —  127  3,460  —  62,200  —  62,200  12.50% Secured Debt (5) —  181  153  —  650  —  650  OnAsset Intelligence, Inc. 12.00% 12.00% Secured Debt (8) —  (153) —  326  —  153  173  12.00% 12.00% Secured Debt (8) —  (156) —  332  —  155  177  12.00% 12.00% Secured Debt (8) —  (335) —  716  —  336  380  12.00% 12.00% Secured Debt (8) —  (700) —  1,493  —  700  793  10.00% 10.00% Unsecured Debt (8) —  —  —  305  —  —  305  7.00% 7.00% Preferred Stock (8) —  —  —  —  —  —  —  Common Stock (8) —  —  —  —  —  —  —  Warrants (8) —  —  —  —  —  —  —  Oneliance, LLC SF+ 10.00% Secured Debt (7) —  —  —  —  —  —  —  SF+ 10.00% Secured Debt (7) —  61  539  5,350  90  5,440  —  Preferred Stock (7) —  1,082  —  1,128  1,082  —  2,210  Quality Lease Service, LLC Preferred Member Units (8) (2,504) 2,500  —  —  2,500  2,500  —  RA Outdoors (Aspira) LLC 11.59% SF+ 6.75% 11.59% Secured Debt (8) —  (73) 28  771  498  38  1,231  11.59% SF+ 6.75% 11.59% Secured Debt (8) —  (762) 294  12,513  464  100  12,877  Common Equity (8) —  —  —  —  —  —  —  SI East, LLC 11.75% Secured Debt (12) (7) —  (3) 195  1,125  2,253  1,128  2,250  Secured Debt (7) —  (241) 2,600  54,536  —  54,536  —  12.63% Secured Debt (7) —  54  3,647  —  67,661  —  67,661  Preferred Member Units (7) —  (2,990) 1,994  19,170  —  2,990  16,180  Slick Innovations, LLC 14.00% Secured Debt (6) —  61  1,886  11,440  7,600  2,240  16,800  Common Stock (6) —  206  234  2,310  206  456  2,060  Student Resource Center, LLC 8.50% 8.50% Secured Debt (6) —  (1,546) —  3,190  —  1,546  1,644  Preferred Equity (6) —  —  —  —  —  —  —  8.50% 8.50% Secured Debt (6) —  —  1  —  201  —  201  Superior Rigging & Erecting Co. Secured Debt (7) —  —  1,193  20,427  73  20,500  —  Preferred Member Units (7) —  1,510  —  5,940  1,510  —  7,450  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1) (10) (11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2023 Fair Value (13) Gross Additions (3) Gross Reductions (4) September 30, 2024 Fair Value (13) The Affiliati Network, LLC Secured Debt (12) (9) —  —  12  150  643  800  (7) 10.00% Secured Debt (9) —  —  603  7,347  21  1,920  5,448  Preferred Stock (9) —  —  272  6,400  —  —  6,400  Preferred Stock (9) —  —  20  172  90  —  262  UnionRock Energy Fund II, LP LP Interests (12) (9) —  282  —  5,694  283  336  5,641  UnionRock Energy Fund III, LP LP Interests (12) (9) —  1,453  —  2,838  3,953  —  6,791  UniTek Global Services, Inc. 15.00% 15.00% Secured Convertible Debt (6) —  153  204  3,889  1,610  —  5,499  15.00% 15.00% Secured Convertible Debt (6) —  61  99  1,908  686  —  2,594  20.00% 20.00% Preferred Stock (6) —  (224) 418  2,833  418  224  3,027  20.00% 20.00% Preferred Stock (6) —  250  —  3,698  574  —  4,272  19.00% 19.00% Preferred Stock (6) —  —  —  —  —  —  —  13.50% 13.50% Preferred Stock (6) —  —  —  —  —  —  —  Common Stock (6) —  —  —  —  —  —  —  Universal Wellhead Services Holdings, LLC 14.00% 14.00% Preferred Member Units (8) —  (150) —  150  —  150  —  Member Units (8) —  —  —  —  —  —  —  Urgent DSO LLC 13.50% Secured Debt (5) —  —  939  —  8,722  —  8,722  9.00% 9.00% Preferred Equity (5) —  —  228  —  4,228  —  4,228  World Micro Holdings, LLC 13.00% Secured Debt (7) —  —  1,182  12,028  21  479  11,570  Preferred Equity (7) —  —  88  3,845  —  —  3,845  Other Amounts related to investments transferred to or from other 1940 Act classification during the period —  (3,694) (2,723) (71,799) —  —  —  Total Affiliate investments $ 786  $ 22,609  $ 61,813  $ 615,002  $ 340,196  $ 242,905  $ 784,092  ___________________________ (1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. (2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.” (3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category. (4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category. (5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $518,932. This represented 19.3% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $203,627. This represented 7.6% of net assets as of September 30, 2024. (6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $287,130. This represented 10.7% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $84,630. This represented 3.1% of net assets as of September 30, 2024. (7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $50,636. This represented 1.9% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $170,755. This represented 6.3% of net assets as of September 30, 2024. (8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $851,838. This represented 31.6% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $163,808. This represented 6.1% of net assets as of September 30, 2024. (9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $396,040. This represented 14.7% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $161,272. This represented 6.0% of net assets as of September 30, 2024. (10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted. (11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs. (12)Investment has an unfunded commitment as of September 30, 2024 (see Note K — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments. (13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.