| Transactions with Affiliate Companies |
Transactions with Affiliate Companies An affiliate company is a company in which the Company has an ownership interest of 5% or more of its voting securities. A controlled affiliate company is a company in which the Company has an ownership interest of more than 25% of its voting securities. Please see the Company’s consolidated schedule of investments for the type of investment, principal amount, interest rate including the spread, and the maturity date for each investment. Transactions related to the Company’s investments with affiliates for the six months ended June 30, 2025 and 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31, 2024 | | Transfers
in (out) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest capitalized
(cost) | | Discount
accretion | | Net realized
gain (loss) | | Net change in unrealized gain (loss) | | Fair value at
June 30, 2025 | | Non-Controlled affiliate company investments: | | | | | | | | | | | | | | | | | | | | American Community Homes, Inc. | | $ | 8,382 | | | $ | — | | | $ | — | | | $ | — | | | $ | 307 | | | $ | — | | | $ | — | | | $ | (385) | | | $ | 8,304 | | | American Community Homes, Inc. | | 4,125 | | | — | | | — | | | — | | | 151 | | | — | | | — | | | (191) | | | 4,085 | | | American Community Homes, Inc. | | 508 | | | — | | | — | | | — | | | 19 | | | — | | | — | | | (24) | | | 503 | | | American Community Homes, Inc. | | 1,868 | | | — | | | — | | | — | | | 68 | | | — | | | — | | | (86) | | | 1,850 | | | American Community Homes, Inc. | | 3,459 | | | — | | | — | | | — | | | 127 | | | — | | | — | | | (159) | | | 3,427 | | | American Community Homes, Inc. | | 16 | | | — | | | — | | | — | | | — | | | — | | | — | | | (1) | | | 15 | | | American Community Homes, Inc. | | 79 | | | — | | | — | | | — | | | 3 | | | — | | | — | | | (4) | | | 78 | | | American Community Homes, Inc. (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | American Community Homes, Inc. (4,940 shares of common stock) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 18,437 | | | — | | | — | | | — | | | 675 | | | — | | | — | | | (850) | | | 18,262 | | | | | | | | | | | | | | | | | | | | | Ascent Midco, LLC (2,032,258 Class A units) | | 1,760 | | | — | | | — | | | — | | | — | | | — | | | — | | | (156) | | | 1,604 | | | | 1,760 | | | — | | | — | | | — | | | — | | | — | | | — | | | (156) | | | 1,604 | | | | | | | | | | | | | | | | | | | | | Familia Dental Group Holdings, LLC (1,525 Class A units) | | 3,023 | | | — | | | — | | | — | | | — | | | — | | | — | | | 27 | | | 3,050 | | | | 3,023 | | | — | | | — | | | — | | | — | | | — | | | — | | | 27 | | | 3,050 | | | | | | | | | | | | | | | | | | | | | | HFZ Capital Group LLC | | 13,378 | | | — | | | — | | | — | | | — | | | — | | | — | | | 338 | | | 13,716 | | | HFZ Capital Group LLC | | 4,807 | | | — | | | — | | | — | | | — | | | — | | | — | | | 120 | | | 4,927 | | | MC Asset Management (Corporate), LLC | | 12,517 | | | — | | | — | | | — | | | 894 | | | — | | | — | | | — | | | 13,411 | | | MC Asset Management (Corporate), LLC | | 3,731 | | | — | | | — | | | — | | | 267 | | | — | | | — | | | — | | | 3,998 | | MC Asset Management (Corporate), LLC (15.9% of interests) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 34,433 | | | — | | | — | | | — | | | 1,161 | | | — | | | — | | | 458 | | | 36,052 | | | | | | | | | | | | | | | | | | | | | | Mnine Holdings, Inc. | | 6,592 | | | — | | | — | | | (6,674) | | | 82 | | | — | | | — | | | — | | | — | | | Mnine Holdings, Inc. | | 58 | | | — | | | — | | | (59) | | | 1 | | | — | | | — | | | — | | | — | | | Mnine Holdings, Inc. (Revolver) | | 133 | | | — | | | 288 | | | (421) | | | — | | | — | | | — | | | — | | | — | | Mnine Holdings, Inc. (6,400 Class B units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 6,783 | | | — | | | 288 | | | (7,154) | | | 83 | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | NECB Collections, LLC (Revolver) | | 422 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 422 | | NECB Collections, LLC, LLC (20.8% of LLC units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 422 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 422 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31, 2024 | | Transfers
in (out) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest capitalized
(cost) | | Discount
accretion | | Net realized
gain (loss) | | Net change in unrealized gain (loss) | | Fair value at
June 30, 2025 | | | | | | | | | | | | | | | | | | | | | SFR Holdco, LLC | | $ | 5,593 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 5 | | | $ | 5,598 | | SFR Holdco, LLC (24.4% of equity commitment) | | 4,797 | | | — | | | — | | | — | | | — | | | — | | | — | | | 119 | | | 4,916 | | | | 10,390 | | | — | | | — | | | — | | | — | | | — | | | — | | | 124 | | | 10,514 | | | | | | | | | | | | | | | | | | | | | | SFR Holdco 2, LLC (Delayed Draw) | | 1,295 | | | — | | | 815 | | | — | | | — | | | — | | | — | | | (3) | | | 2,107 | | SFR Holdco 2, LLC (13.9% of equity commitment) | | 864 | | | — | | | 543 | | | — | | | — | | | — | | | — | | | 57 | | | 1,464 | | | | 2,159 | | | — | | | 1,358 | | | — | | | — | | | — | | | — | | | 54 | | | 3,571 | | | | | | | | | | | | | | | | | | | | | | TJ Management HoldCo, LLC (Revolver) | | — | | | — | | | 95 | | | — | | | — | | | — | | | — | | | — | | | 95 | | TJ Management HoldCo, LLC (16 shares of common stock) | | 3,076 | | | — | | | — | | | — | | | — | | | — | | | — | | | (267) | | | 2,809 | | | | 3,076 | | | — | | | 95 | | | — | | | — | | | — | | | — | | | (267) | | | 2,904 | | | Total non-controlled affiliate company investments | | $ | 80,483 | | | $ | — | | | $ | 1,741 | | | $ | (7,154) | | | $ | 1,919 | | | $ | — | | | $ | — | | | $ | (610) | | | $ | 76,379 | | | Controlled affiliate company investments: | | | | | | | | | | | | | | | | | | | | MRCC Senior Loan Fund I, LLC | | $ | 32,730 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (2,573) | | | $ | 30,157 | | | | 32,730 | | | — | | | — | | | — | | | — | | | — | | | — | | | (2,573) | | | 30,157 | | | Total controlled affiliate company investments | | $ | 32,730 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (2,573) | | | $ | 30,157 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31, 2023 | | Transfers
in (out) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest
(cost) | | Discount
accretion | | Net realized
gain (loss) | | Net change in unrealized gain (loss) | | Fair value at
June 30, 2024 | | Non-Controlled affiliate company investments: | | | | | | | | | | | | | | | | | | | | American Community Homes, Inc. | | $ | 8,110 | | | $ | — | | | $ | — | | | $ | — | | | $ | 487 | | | $ | — | | | $ | — | | | $ | (443) | | | $ | 8,154 | | | American Community Homes, Inc. | | 3,990 | | | — | | | — | | | — | | | 239 | | | — | | | — | | | (218) | | | 4,011 | | | American Community Homes, Inc. | | 491 | | | — | | | — | | | — | | | 30 | | | — | | | — | | | (27) | | | 494 | | | American Community Homes, Inc. | | 1,808 | | | — | | | — | | | — | | | 108 | | | — | | | — | | | (99) | | | 1,817 | | | American Community Homes, Inc. | | 3,347 | | | — | | | — | | | — | | | 201 | | | — | | | — | | | (183) | | | 3,365 | | | American Community Homes, Inc. | | 16 | | | — | | | — | | | — | | | 1 | | | — | | | — | | | — | | | 17 | | | American Community Homes, Inc. | | 77 | | | — | | | — | | | — | | | 4 | | | — | | | — | | | (4) | | | 77 | | | American Community Homes, Inc. (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | American Community Homes, Inc. (4,940 shares of common stock) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 17,839 | | | — | | | — | | | — | | | 1,070 | | | — | | | — | | | (974) | | | 17,935 | | | | | | | | | | | | | | | | | | | | | Ascent Midco, LLC (2,032,258 Class A units) | | 1,932 | | | — | | | — | | | — | | | — | | | — | | | — | | | (432) | | | 1,500 | | | | 1,932 | | | — | | | — | | | — | | | — | | | — | | | — | | | (432) | | | 1,500 | | | | | | | | | | | | | | | | | | | | | Familia Dental Group Holdings, LLC (1,194 Class A units) | | 2,226 | | | — | | | 254 | | | — | | | — | | | — | | | — | | | 61 | | | 2,541 | | | | 2,226 | | | — | | | 254 | | | — | | | — | | | — | | | — | | | 61 | | | 2,541 | | | | | | | | | | | | | | | | | | | | | | HFZ Capital Group, LLC | | 17,233 | | | — | | | — | | | — | | | — | | | — | | | — | | | 535 | | | 17,768 | | | HFZ Capital Group, LLC | | 6,191 | | | — | | | — | | | — | | | — | | | — | | | — | | | 193 | | | 6,384 | | | MC Asset Management (Corporate), LLC | | 10,237 | | | — | | | — | | | — | | | 1,081 | | | — | | | — | | | — | | | 11,318 | | | MC Asset Management (Corporate), LLC (Delayed Draw) | | 3,051 | | | — | | | — | | | — | | | 323 | | | — | | | — | | | — | | | 3,374 | | MC Asset Management (Corporate), LLC (15.9% of interest) | | 1,045 | | | — | | | — | | | — | | | — | | | — | | | — | | | (346) | | | 699 | | | | 37,757 | | | — | | | — | | | — | | | 1,404 | | | — | | | — | | | 382 | | | 39,543 | | | | | | | | | | | | | | | | | | | | | | Mnine Holdings, Inc. | | 55 | | | — | | | — | | | — | | | 1 | | | — | | | — | | | (4) | | | 52 | | | Mnine Holdings, Inc. | | 6,187 | | | — | | | — | | | — | | | 160 | | | — | | | — | | | (481) | | | 5,866 | | | Mnine Holdings, Inc. (Revolver) | | 658 | | | — | | | 37 | | | (703) | | | — | | | — | | | — | | | 8 | | | — | | Mnine Holdings, Inc. (6,400 Class B units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 6,900 | | | — | | | 37 | | | (703) | | | 161 | | | — | | | — | | | (477) | | | 5,918 | | | | | | | | | | | | | | | | | | | | | | NECB Collections, LLC (Revolver) | | 424 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 424 | | NECB Collections, LLC, LLC (20.8% of LLC units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 424 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 424 | | | | | | | | | | | | | | | | | | | | | Second Avenue SFR Holdings II LLC (Revolver) (1) | | 3,323 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,323 | | | | 3,323 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,323 | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31, 2023 | | Transfers
in (out) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest
(cost) | | Discount
accretion | | Net realized
gain (loss) | | Net change in unrealized gain (loss) | | Fair value at
June 30, 2024 | | SFR Holdco, LLC | | $ | 5,539 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (127) | | | $ | 5,412 | | SFR Holdco, LLC (24.4% of equity commitments) | | 4,372 | | | — | | | — | | | — | | | — | | | — | | | — | | | 88 | | | 4,460 | | | | 9,911 | | | — | | | — | | | — | | | — | | | — | | | — | | | (39) | | | 9,872 | | | | | | | | | | | | | | | | | | | | | | TJ Management HoldCo, LLC (Revolver) | | — | | | — | | | 437 | | | — | | | — | | | — | | | — | | | (1) | | | 436 | | TJ Management HoldCo, LLC (16 shares of common stock) | | 3,229 | | | — | | | — | | | — | | | — | | | — | | | — | | | (253) | | | 2,976 | | | | 3,229 | | | — | | | 437 | | | — | | | — | | | — | | | — | | | (254) | | | 3,412 | | | Total non-controlled affiliate company investments | | $ | 83,541 | | | $ | — | | | $ | 728 | | | $ | (703) | | | $ | 2,635 | | | $ | — | | | $ | — | | | $ | (1,733) | | | $ | 84,468 | | | Controlled affiliate company investments: | | | | | | | | | | | | | | | | | | | | MRCC Senior Loan Fund I, LLC | | $ | 33,122 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (24) | | | $ | 33,098 | | | | 33,122 | | | — | | | — | | | — | | | — | | | — | | | — | | | (24) | | | 33,098 | | | Total controlled affiliate company investments | | $ | 33,122 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (24) | | | $ | 33,098 | |
________________________________________________________ (1)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | | 2025 | | 2024 | | Portfolio Company | | Interest
Income | | Dividend
Income | | Other Income | | Interest
Income | | Dividend
Income | | Other Income | | Non-controlled affiliate company investments: | | | | | | | | | | | | | | American Community Homes, Inc. | | $ | 305 | | | $ | — | | | $ | — | | | $ | 485 | | | $ | — | | | $ | — | | | American Community Homes, Inc. | | 150 | | | — | | | — | | | 238 | | | — | | | — | | | American Community Homes, Inc. | | 18 | | | — | | | — | | | 30 | | | — | | | — | | | American Community Homes, Inc. | | 69 | | | — | | | — | | | 107 | | | — | | | — | | | American Community Homes, Inc. | | 126 | | | — | | | — | | | 201 | | | — | | | — | | | American Community Homes, Inc. | | — | | | — | | | — | | | 2 | | | — | | | — | | | American Community Homes, Inc. | | 2 | | | — | | | — | | | 4 | | | — | | | — | | | American Community Homes, Inc. (Revolver) | | 4 | | | — | | | — | | | — | | | — | | | — | | American Community Homes, Inc. (Common Stock) | | — | | | — | | | — | | | — | | | — | | | — | | | | 674 | | | — | | | — | | | 1,067 | | | — | | | — | | | | | | | | | | | | | | | Ascent Midco, LLC (Class A units) | | — | | | 117 | | | — | | | — | | | 108 | | | — | | | | — | | | 117 | | | — | | | — | | | 108 | | | — | | | | | | | | | | | | | | | Familia Dental Group Holdings, LLC (Class A units) | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | HFZ Capital Group LLC | | 533 | | | — | | | — | | | 1,239 | | | — | | | — | | | HFZ Capital Group LLC | | 191 | | | — | | | — | | | 424 | | | — | | | — | | | MC Asset Management (Corporate), LLC | | 538 | | | — | | | — | | | 1,133 | | | — | | | — | | | MC Asset Management (Corporate), LLC (Delayed Draw) | | 160 | | | — | | | — | | | 339 | | | — | | | — | | MC Asset Management (Corporate), LLC (LLC interests) | | — | | | — | | | — | | | — | | | — | | | — | | | | 1,422 | | | — | | | — | | | 3,135 | | | — | | | — | | | | | | | | | | | | | | | | Mnine Holdings, Inc. | | — | | | — | | | — | | | — | | | — | | | — | | | Mnine Holdings, Inc. | | — | | | — | | | — | | | 3 | | | — | | | — | | | Mnine Holdings, Inc. (Revolver) | | — | | | — | | | — | | | 9 | | | — | | | — | | Mnine Holdings, Inc. (Class B units) | | — | | | — | | | — | | | 433 | | | — | | | — | | | | — | | | — | | | — | | | 445 | | | — | | | — | | | | | | | | | | | | | | | | NECB Collections, LLC (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | NECB Collections, LLC (LLC units) | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | Second Avenue SFR Holdings II LLC (Revolver) (1) | | n/a | | n/a | | n/a | | 208 | | | — | | | — | | | | n/a | | n/a | | n/a | | 208 | | | — | | | — | | | | | | | | | | | | | | | | SFR Holdco, LLC (Delayed Draw) | | 296 | | | — | | | — | | | 234 | | | — | | | — | | | SFR Holdco, LLC (Equity Commitment) | | — | | | — | | | — | | | — | | | — | | | — | | | | 296 | | | — | | | — | | | 234 | | | — | | | — | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | | 2025 | | 2024 | | Portfolio Company | | Interest
Income | | Dividend
Income | | Other Income | | Interest
Income | | Dividend
Income | | Other Income | | SFR Holdco 2, LLC (Delayed Draw) | | $ | 75 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | SFR Holdco 2, LLC (Equity Commitment) | | — | | | — | | | — | | | — | | | — | | | — | | | | 75 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | TJ Management HoldCo LLC (Revolver) | | 2 | | | — | | | — | | | 7 | | | — | | | — | | TJ Management HoldCo LLC (Common Stock) | | — | | | — | | | — | | | — | | | — | | | — | | | | 2 | | | — | | | — | | | 7 | | | — | | | — | | | | | | | | | | | | | | | | Total non-controlled affiliate company investments | | $ | 2,469 | | | $ | 117 | | | $ | — | | | $ | 5,096 | | | $ | 108 | | | $ | — | | | | | | | | | | | | | | | | Controlled affiliate company investments: | | | | | | | | | | | | | | MRCC Senior Loan Fund I, LLC | | $ | — | | | $ | 1,600 | | | $ | — | | | $ | — | | | $ | 1,800 | | | $ | — | | | | — | | | 1,600 | | | — | | | — | | | 1,800 | | | — | | | Total controlled affiliate company investments | | $ | — | | | $ | 1,600 | | | $ | — | | | $ | — | | | $ | 1,800 | | | $ | — | |
_________________________________________ (1)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason.
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