| Schedule of Transactions with Affiliate Companies |
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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