v3.25.1
Consolidated Schedule of Investments In and Advances to Affiliates (Tables)
 3 Months Ended
Mar. 31, 2025
Investments in and Advances to Affiliates [Abstract]  
Schedule of Investments in and Advances to Affiliates, Schedule of Investments
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Control Investments
BDB Holdings, LLCPreferred Equity(7)$— $— $— $12,610 $— $— $12,610 
12.00%Secured Debt (12)(7)— — 3 — 280 — 280 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 530 — 16 514 
GRT Rubber Technologies LLC10.48%SF+6.00%Secured Debt (12)(8)— (1)42 1,550 1 1 1,550 
12.48%SF+8.00%Secured Debt(8)— (12)632 19,944 12 12 19,944 
Member Units(8)— — 742 22,600 — — 22,600 
Harris Preston Fund InvestmentsLP Interests (2717 MH, L.P.)(8)— (166)— 8,740 80 165 8,655 
Volusion, LLC10.00%Secured Debt(8)— — 23 900 — — 900 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)9 (654)— 3,004 10 794 2,220 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period		— — — — — — — 
Total Control Investments$9 $(833)$1,442 $69,878 $383 $988 $69,273 
Affiliate Investments
American Nuts, LLCPreferred Equity(9)$— $— $— $— $2,556 $— $2,556 
12.95%SF+8.50%12.95%Secured Debt(9)— — 3 — 2,111 — 2,111 
12.95%SF+8.50%12.95%Secured Debt(9)— — 3 — 2,111 — 2,111 
Analytical Systems Keco Holdings, LLCSecured Debt(8)— — — — — — — 
17.50%Secured Debt(8)— — 45 1,012 1 13 1,000 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— (40)— 1,330 — 40 1,290 
Warrants(8)— — — — — — — 
Barfly Ventures, LLCMember Units(5)— (33)368 1,953 — 33 1,920 
Batjer TopCo, LLC11.00%Secured Debt (12)(8)— — 1 50 — 30 20 
11.00%Secured Debt (12)(8)— — 1 30 — — 30 
11.00%Secured Debt(8)— — 32 1,165 1 — 1,166 
Preferred Stock(8)— — 21 570 — — 570 
Brewer Crane Holdings, LLC14.48%SF+10.00%Secured Debt(9)— — 45 1,254 — — 1,254 
Preferred Member Units(9)— (140)8 1,170 — 140 1,030 
Centre Technologies Holdings, LLCSF+10.00%Secured Debt (12)(8)— — 1 — — — — 
14.48%SF+10.00%Secured Debt(8)— (3)225 6,384 2 270 6,116 
Preferred Member Units(8)— 460 8 3,110 460 — 3,570 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (6)6 — 6 6 — 
12.49%SF+8.00%Secured Debt(8)— 2 125 3,905 400 — 4,305 
Member Units(8)— 280 698 8,280 280 — 8,560 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Member Units(8)— 20 6 888 20 — 908 
Charps, LLCPreferred Member Units(5)— — 82 3,900 — — 3,900 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — — — — — — 
9.00%Secured Debt(5)— — 40 1,690 — 60 1,630 
10.00%Secured Debt(5)— — 6 243 — 2 241 
Member Units(5)— 10 111 2,750 10 — 2,760 
Member Units(5)— 80 — 237 80 — 317 
Cody Pools, Inc.Secured Debt (12)(8)— — 1 — — — — 
12.50%Secured Debt(8)— (2)203 6,598 2 273 6,327 
Preferred Member Units(8)— 420 321 16,950 420 — 17,370 
Colonial Electric Company LLCSecured Debt (12)(6)— — 1 — — — — 
12.00%Secured Debt(6)— (5)110 3,578 5 84 3,499 
Preferred Member Units(6)— 190 104 3,390 190 — 3,580 
Compass Systems & Sales, LLCSecured Debt(5)— — 1 (16)1 — (15)
13.50%Secured Debt(5)— — 151 4,201 6 — 4,207 
Preferred Equity(5)— 3 15 1,860 3 — 1,863 
Datacom, LLC7.50%Secured Debt(8)— — 1 55 64 15 104 
10.00%Secured Debt(8)— — 27 878 6 8 876 
Preferred Member Units(8)— — — 30 — — 30 
Digital Products Holdings LLC14.38%SF+10.00%Secured Debt(5)— — 113 3,105 4 83 3,026 
Preferred Member Units(5)— — 13 2,459 — — 2,459 
Direct Marketing Solutions, Inc.Secured Debt(9)— — 1 — — — — 
14.00%Secured Debt(9)— (3)165 4,668 3 87 4,584 
Preferred Stock(9)— 140 — 4,480 140 — 4,620 
DMA Industries, LLC12.00%Secured Debt(7)— — 4 138 — — 138 
12.00%Secured Debt(7)— — 128 4,161 2 — 4,163 
Preferred Equity(7)— — — 1,486 — — 1,486 
15.00%15.00%Preferred Equity(7)— — 30 810 30 — 840 
Flame King Holdings, LLCPreferred Equity(9)— 860 574 8,980 860 — 9,840 
Freeport Financial FundsLP Interests (Freeport First Lien Loan Fund III LP)(5)— — — 1,263 — 965 298 
Gamber-Johnson Holdings, LLCSF+7.50%Secured Debt (12)(5)— — — — — — — 
11.50%SF+7.50%Secured Debt (12)(5)— (10)535 18,282 10 10 18,282 
Member Units(5)— — 414 28,690 — — 28,690 
GFG Group, LLC8.00%Secured Debt(5)— (3)44 2,046 3 3 2,046 
Preferred Member Units(5)— (230)109 2,640 — 230 2,410 
Gulf Publishing Holdings, LLCSF+9.50%Secured Debt(8)— — — — — — — 
12.50%12.50%Secured Debt(8)— 80 — 378 56 — 434 
Preferred Equity(8)— — — — — — — 
Member Units(8)— — — — — — — 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 194 — 4,472 194 204 4,462 
IG Investor, LLC13.00%Secured Debt (12)(6)— 19 15 379 21 — 400 
13.00%Secured Debt(6)— 168 300 8,693 183 110 8,766 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Common Equity(6)— 390 — 4,060 390 — 4,450 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— (200)— 7,290 — 200 7,090 
Integral Energy Services12.07%SF+7.50%Secured Debt(8)— — 471 14,872 15 — 14,887 
10.00%10.00%Preferred Equity(8)— — 7 535 7 — 542 
Common Stock(8)— — — 640 — — 640 
Kickhaefer Manufacturing Company, LLC11.50%Secured Debt(5)— — 107 3,741 2 200 3,543 
9.00%Secured Debt(5)— — 22 982 — 3 979 
Preferred Equity(5)— 160 — 3,060 160 — 3,220 
Member Units(5)— — 7 678 — — 678 
KMS, LLC14.50%SF+9.75%Secured Debt(5)(511)409 — 829 — 829 — 
14.50%SF+9.75%Secured Debt(5)(3,790)3,202 — 5,973 — 5,973 — 
SF+9.75%14.23%Secured Debt(5)— — 9 562 — 562 — 
SF+9.75%14.23%Secured Debt(5)— — 9 550 — 550 — 
14.23%SF+9.75%14.23%Secured Debt(5)— — 4 — — — — 
12.50%12.50%Secured Debt (12)(5)— — 26 — 1,343 — 1,343 
12.50%12.50%Secured Debt(5)— — 25 — 1,430 — 1,430 
Preferred Equity(5)— — — — 6,113 — 6,113 
Mills Fleet Farm Group, LLCCommon Equity(5)— (396)— 11,166 — 396 10,770 
9.79%SF+5.50%Secured Debt(5)— — 35 — 2,140 — 2,140 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — — — — — — 
10.00%Secured Debt(6)— — 36 1,436 — — 1,436 
Common Stock(6)— — 236 6,590 — — 6,590 
Nello Industries Investco, LLCSF+6.50%Secured Debt(5)— — 12 (12)12 — — 
13.50%Secured Debt(5)— — 240 6,619 10 — 6,629 
Common Equity(5)— 230 43 3,890 230 — 4,120 
NexRev LLCSecured Debt(8)— — — — — — — 
Secured Debt(8)— (3)38 2,453 3 2,456 — 
Preferred Member Units(8)— 380 103 2,970 380 — 3,350 
NuStep, LLC10.98%SF+6.50%Secured Debt(5)— — 25 900 — — 900 
12.00%Secured Debt(5)— — 139 4,610 — — 4,610 
Preferred Member Units(5)— 160 — 2,890 160 — 3,050 
Preferred Member Units(5)— — — 1,500 — — 1,500 
Oneliance, LLCPreferred Stock(7)— 60 13 640 60 — 700 
Orttech Holdings, LLCSF+11.00%Secured Debt (12)(5)— — — — — — — 
15.48%SF+11.00%Secured Debt(5)— (6)215 5,490 6 106 5,390 
Preferred Stock(5)— — 15 3,360 — — 3,360 
Pinnacle TopCo, LLCSecured Debt (12)(8)— — 1 — — — — 
13.00%Secured Debt(8)— (9)242 7,160 9 9 7,160 
Preferred Equity(8)— 440 195 4,590 440 — 5,030 
RA Outdoors LLC11.25%SF+6.75%Secured Debt(8)— (19)38 1,215 1 57 1,159 
11.25%SF+6.75%Secured Debt(8)— (199)394 12,710 10 599 12,121 
Common Equity(8)— — — — — — — 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Robbins Bros. Jewelry, Inc.10.00%Secured Debt(9)— — — (7)— 1 (8)
12.50%10.00%Secured Debt(9)— — — 1,617 — 22 1,595 
Preferred Equity(9)— — — — — — — 
SI East, LLC11.75%Secured Debt (12)(7)— — 24 750 — — 750 
12.82%Secured Debt(7)— (2)724 22,554 2 2 22,554 
Preferred Member Units(7)— (400)— 4,550 — 400 4,150 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— (827)— 1,826 — 826 1,000 
Preferred Equity(6)— — — — — — — 
8.50%8.50%Secured Debt(6)— 748 5 227 753 — 980 
Tedder Industries, LLC12.00%12.00%Secured Debt(9)— (23)— 412 — 23 389 
12.00%12.00%Secured Debt(9)— (99)— 901 — 99 802 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— — — (1)— — (1)
13.50%Secured Debt(7)— — 69 1,962 1 — 1,963 
Common Stock(7)— — 7 2,140 — — 2,140 
Urgent DSO LLC13.50%Secured Debt(5)— — 78 2,145 3 — 2,148 
9.00%9.00%Preferred Equity(5)— — 24 1,080 24 — 1,104 
Victory Energy Operations, LLCSecured Debt(8)— — 1 (5)— — (5)
13.00%Secured Debt(8)— — 263 7,529 11 — 7,540 
Preferred Equity(8)— — 19 3,644 — — 3,644 
VVS Holdco LLCSF+6.00%Secured Debt (12)(5)— — 1 — — — — 
11.50%Secured Debt(5)— — 195 6,366 9 — 6,375 
Preferred Equity(5)— — 25 3,060 — — 3,060 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period		4,301 (3,611)(22)(7,914)— — — 
Total Affiliate investments$— $2,836 $9,335 $351,360 $23,965 $15,979 $367,260 
_________________________
(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 to or 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 March 31, 2025 for affiliate investments located in this region was $146,496. This represented 20.4% of net assets as of March 31, 2025.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for affiliate investments located in this region was $37,791. This represented 5.3% of net assets as of March 31, 2025.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for affiliate investments located in this region was $38,883. This represented 5.4% of net assets as of March 31, 2025.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for control investments located in this region was $55,869. This represented 7.8% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for affiliate investments located in this region was $113,206. This represented 15.7% of net assets as of March 31, 2025.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for control investments located in this region was $514. This represented 0.1% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for affiliate investments located in this region was $30,884. This represented 4.3% of net assets as of March 31, 2025.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of March 31, 2025 (see Note I — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2024 Fair Value (13)
Control Investments
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)$— $— $— $568 $— $— $568 
GRT Rubber Technologies LLC11.48%SF+6.00%Secured Debt (12)(8)— (1)35 1,182 1 1 1,182 
13.48%SF+8.00%Secured Debt(8)— (12)692 19,944 12 12 19,944 
Member Units(8)— — 21 21,890 — — 21,890 
Harris Preston Fund InvestmentsLP Interests (2717 MH, L.P.)(8)10 — 40 6,050 10 10 6,050 
Volusion, LLC10.00%Secured Debt(8)— — 23 900 — — 900 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 435 — 3,110 435 435 3,110 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period		— — — — — — — 
Total Control Investments$10 $422 $811 $53,644 $458 $458 $53,644 
Affiliate Investments
Analytical Systems Keco Holdings, LLC15.38%SF+10.00%Secured Debt (12)(8)— — 1 54 — — 54 
15.38%SF+10.00%Secured Debt(8)— — 44 1,020 5 18 1,007 
14.13%Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 180 — 1,210 180 — 1,390 
Warrants(8)— — — — — — — 
Barfly Ventures, LLCMember Units(5)— 160 — 1,380 160 — 1,540 
Batjer TopCo, LLC10.00%Secured Debt (12)(8)— — 1 — 50 — 50 
10.00%Secured Debt (12)(8)— — 1 30 — — 30 
10.00%Secured Debt(8)— (1)31 1,175 1 1 1,175 
Preferred Stock(8)— — 39 680 — — 680 
Brewer Crane Holdings, LLC15.48%SF+10.00%Secured Debt(9)— — 52 1,374 — 31 1,343 
Preferred Member Units(9)— 30 8 1,400 30 — 1,430 
Centre Technologies Holdings, LLC14.48%SF+9.00%Secured Debt (12)(8)— — 1 — — — — 
14.48%SF+9.00%Secured Debt(8)— 66 128 — 5,494 — 5,494 
14.48%SF+9.00%Secured Debt(8)— (29)84 4,394 — 4,394 — 
Preferred Member Units(8)— 280 8 2,760 280 — 3,040 
Chamberlin Holding LLC11.49%SF+6.00%Secured Debt (12)(8)— (6)6 — 6 6 — 
13.49%SF+8.00%Secured Debt(8)— — 133 3,905 — — 3,905 
Member Units(8)— 60 366 7,330 60 — 7,390 
Member Units(8)— 35 6 715 35 — 750 
Charps, LLCPreferred Member Units(5)— 90 — 3,920 90 — 4,010 
Clad-Rex Steel, LLC12.00%Secured Debt (12)(5)— — — — — — — 
12.00%Secured Debt(5)— — 64 2,103 — 3 2,100 
10.00%Secured Debt(5)— — 6 251 — 2 249 
Member Units(5)— (290)— 1,300 — 290 1,010 
Member Units(5)— (45)— 282 — 45 237 
Cody Pools, Inc.12.50%Secured Debt (12)(8)— 2 3 — 236 236 — 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2024 Fair Value (13)
12.50%Secured Debt(8)— (2)223 7,111 2 117 6,996 
Preferred Member Units(8)— 430 153 18,120 430 — 18,550 
Colonial Electric Company LLC12.00%Secured Debt(6)— — 1 — — — — 
12.00%Secured Debt(6)— 41 173 5,407 53 498 4,962 
Preferred Member Units(6)— — — 600 — — 600 
Preferred Member Units(6)— 160 24 1,920 160 — 2,080 
Compass Systems & Sales, LLC13.50%Secured Debt(5)— — — — — — — 
13.50%Secured Debt(5)— — 153 4,175 7 — 4,182 
Preferred Equity(5)— — 15 1,863 — — 1,863 
Datacom, LLC7.50%Secured Debt(8)— — 1 49 25 20 54 
10.00%Secured Debt(8)— — 29 844 5 7 842 
Preferred Member Units(8)— 10 — 10 10 — 20 
Digital Products Holdings LLC15.38%SF+10.00%Secured Debt(5)— — 146 3,673 6 364 3,315 
Preferred Member Units(5)— — 13 2,459 — — 2,459 
Direct Marketing Solutions, Inc.14.00%Secured Debt(9)— — 6 217 225 442 — 
14.00%Secured Debt(9)— (4)179 5,002 4 88 4,918 
Preferred Stock(9)— (120)— 5,180 — 120 5,060 
Flame King Holdings, LLCPreferred Equity(9)— — 170 6,970 — — 6,970 
Freeport Financial FundsLP Interests (Freeport First Lien Loan Fund III LP) (12)(5)— — 138 3,705 — — 3,705 
Gamber-Johnson Holdings, LLC10.00%SF+7.00%Secured Debt (12)(5)— — — — — — — 
10.00%SF+7.00%Secured Debt(5)— (17)353 13,520 17 417 13,120 
Member Units(5)— 2,460 372 24,180 2,460 — 26,640 
GFG Group, LLC8.00%Secured Debt(5)— (4)51 2,336 4 4 2,336 
Preferred Member Units(5)— (410)164 2,870 — 410 2,460 
Gulf Publishing Holdings, LLC14.98%SF+9.50%Secured Debt (12)(8)— — — — — — — 
12.50%Secured Debt(8)— — 19 571 — — 571 
Preferred Equity(8)— (240)— 620 — 240 380 
Member Units(8)— — — — — — — 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— — — 4,225 — — 4,225 
IG Investor, LLC13.00%Secured Debt (12)(6)— — 2 (27)2 — (25)
13.00%Secured Debt(6)— — 319 9,069 17 111 8,975 
Common Equity(6)— — — 3,600 — — 3,600 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— 80 — 6,320 80 — 6,400 
Integral Energy Services13.09%SF+7.50%Secured Debt(8)— 277 595 16,232 312 1,585 14,959 
10.00%10.00%Preferred Equity(8)— — 10 350 10 — 360 
Common Stock(8)— 170 13 190 170 — 360 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 152 4,933 1 — 4,934 
9.00%Secured Debt(5)— — 22 951 — 2 949 
Preferred Equity(5)— 220 — 2,420 220 — 2,640 
Member Units(5)— — 8 683 — — 683 
MH Corbin Holding LLC14.00%Secured Debt(5)— — 46 1,256 — 20 1,236 
Preferred Member Units(5)— — — 80 — — 80 
Preferred Member Units(5)— — — — — — — 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2024 Fair Value (13)
Mystic Logistics Holdings, LLC10.00%Secured Debt (12)(6)— — — — — — — 
10.00%Secured Debt(6)— 5 36 1,436 — — 1,436 
Common Stock(6)— — 248 6,598 — — 6,598 
NexRev LLC10.00%Secured Debt (12)(8)— — — — 400 — 400 
10.00%Secured Debt(8)— — 66 2,435 4 — 2,439 
Preferred Member Units(8)— 460 26 1,590 460 — 2,050 
NuStep, LLC11.98%SF+6.50%Secured Debt(5)— — 28 899 — — 899 
12.00%Secured Debt(5)— — 141 4,606 1 — 4,607 
Preferred Member Units(5)— 240 — 2,310 240 — 2,550 
Preferred Member Units(5)— — — 1,290 — — 1,290 
Oneliance, LLC16.48%SF+11.00%Secured Debt(7)— 7 58 1,339 9 21 1,327 
Preferred Stock(7)— — — 282 — — 282 
Orttech Holdings, LLC16.48%SF+11.00%Secured Debt (12)(5)— — — — — — — 
16.48%SF+11.00%Secured Debt(5)— (6)235 5,510 6 26 5,490 
Preferred Stock(5)— (170)15 4,260 — 170 4,090 
Pinnacle TopCo, LLC8.00%Secured Debt (12)(8)— — 2 105 — 59 46 
13.00%Secured Debt(8)— — 261 7,472 9 — 7,481 
Preferred Equity(8)— — 79 3,135 — — 3,135 
Robbins Bros. Jewelry, Inc.12.50%Secured Debt(9)— — 1 (6)1 — (5)
12.50%Secured Debt(9)— (669)123 3,421 4 717 2,708 
Preferred Equity(9)— — — — — — — 
SI East, LLC11.25%Secured Debt (12)(7)— — 13 375 — — 375 
12.45%Secured Debt(7)— (9)584 18,179 9 9 18,179 
Preferred Member Units(7)— — 39 6,390 — — 6,390 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— (1,618)— 3,543 — 1,618 1,925 
Preferred Equity(6)— — — — — — — 
Tedder Industries, LLC12.00%Secured Debt(9)— — 14 432 — — 432 
12.00%Secured Debt(9)— (1,580)115 3,565 — 1,580 1,985 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Trantech Radiator Topco, LLC11.50%Secured Debt (12)(7)— — — — — — — 
13.50%Secured Debt(7)— 18 64 1,980 — — 1,980 
Common Stock(7)— (280)7 3,180 — 280 2,900 
VVS Holdco LLC11.48%SF+6.00%Secured Debt (12)(5)— — 1 — — — — 
11.50%Secured Debt(5)— — 216 6,926 11 — 6,937 
Preferred Equity(5)— — 25 3,060 — — 3,060 
CompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2023 Fair Value		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2024 Fair Value (13)
Other
Amounts related to
investments transferred to
or from other
1940 Act classification
during the period		— — — — — — — 
Total Affiliate investments$— $(19)$6,929 $291,279 $12,001 $13,951 $289,329 
___________________________________________________
(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 to or 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 March 31, 2024 for affiliate investments located in this region was $108,671. This represented 17.6% of net assets as of March 31, 2024.
(6)Portfolio company located in the Northeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for affiliate investments located in this region was $36,551. This represented 5.9% of net assets as of March 31, 2024.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for affiliate investments located in this region was $31,433. This represented 5.1% of net assets as of March 31, 2024.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for control investments located in this region was $53,076. This represented 8.6% of net assets as of March 31, 2024. The fair value as of March 31, 2024 for affiliate investments located in this region was $87,833. This represented 14.2% of net assets as of March 31, 2024.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2024 for control investments located in this region was $568. This represented 0.1% of net assets as of March 31, 2024. The fair value as of March 31, 2024 for affiliate investments located in this region was $24,841. This represented 4.0% of net assets as of March 31, 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 March 31, 2024 (see Note I — 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.