| Schedule of Investments and Advances to Affiliates |
The following table presents the Schedule of Investments and Advances to Affiliates for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company (1) | | Type of Asset | | Amount of dividends and interest included in income | | Beginning Fair Value at December 31, 2024 | | Gross additions* | | Gross reductions** | | Realized Gain/(Loss) | | Change in Unrealized Gain (Loss) (6) | | Fair Value at June 30, 2025 | | Control Investments | | | | | | | | | | | | | | | | | Danish CRJ, Ltd. (2) (5) | | Equity/Other Investments | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | FBLC Senior Loan Fund, LLC (3) (5) (7) | | Joint Venture | | 15,064 | | | 404,934 | | | — | | | (100,000) | | | (164) | | | 164 | | | 304,934 | | Kahala Aviation, LLC (2) (5) | | Equity/Other Investments | | — | | | 2,308 | | | 6,693 | | | — | | | — | | | 426 | | | 9,427 | | Kahala Aviation, LLC (5) | | Subordinated Debt | | 1,325 | | | — | | | 27,076 | | | — | | | — | | | (31) | | | 27,045 | | Lakeview Health Holdings, Inc. (4) (5) | | Senior Secured First Lien Debt | | (16) | | | — | | | — | | | — | | | — | | | — | | | — | | MGTF Radio Company, LLC (5) | | Senior Secured First Lien Debt | | 1,511 | | | 31,672 | | | 105 | | | — | | | — | | | (11,968) | | | 19,809 | | Post Road Equipment Finance, LLC (5) (7) | | Equity/Other Investments | | 5,431 | | | 119,233 | | | — | | | — | | | — | | | — | | | 119,233 | | Post Road Equipment Finance, LLC (5) (7) | | Subordinated Debt | | 3,808 | | | 62,599 | | | 14 | | | — | | | — | | | (13) | | | 62,600 | | Post Road Equipment Finance, LLC (5) (7) | | Subordinated Debt | | 1,779 | | | 35,000 | | | 23,000 | | | (23,000) | | | — | | | — | | | 35,000 | | Post Road Equipment Finance, LLC (5) (7) | | Subordinated Debt | | 53 | | | 3,000 | | | 6,000 | | | (4,030) | | | — | | | 30 | | | 5,000 | | Siena Capital Finance, LLC (5) | | Equity/Other Investments | | 8,202 | | | 77,310 | | | — | | | — | | | — | | | — | | | 77,310 | | Siena Capital Finance, LLC (5) | | Subordinated Debt | | 3,118 | | | 49,500 | | | 5,000 | | | — | | | — | | | — | | | 54,500 | | | Total Control Investments | | | | $ | 40,275 | | | $ | 785,556 | | | $ | 67,888 | | | $ | (127,030) | | | $ | (164) | | | $ | (11,392) | | | $ | 714,858 | | | | | | | | | | | | | | | | | | | | Affiliate Investments | | | | | | | | | | | | | | | | | Coronis Health I, LLC (5) | | Senior Secured First Lien Debt | | $ | 9 | | | $ | — | | | $ | 532 | | | $ | — | | | $ | — | | | $ | — | | | $ | 532 | | Coronis Health I, LLC (5) | | Senior Secured First Lien Debt | | 69 | | | — | | | 3,990 | | | — | | | — | | | — | | | 3,990 | | Coronis Health I, LLC (5) | | Senior Secured Second Lien Debt | | 22 | | | — | | | 2,682 | | | — | | | — | | | — | | | 2,682 | | Coronis Health I, LLC (5) | | Equity/Other Investments | | — | | | — | | | 4,900 | | | — | | | — | | | — | | | 4,900 | | CRS-SPV, Inc. (2) (5) | | Equity/Other Investments | | — | | | 1,704 | | | — | | | — | | | — | | | 304 | | | 2,008 | | First Eagle Greenway Fund II, LLC (2) | | Equity/Other Investments | | — | | | 255 | | | — | | | — | | | — | | | — | | | 255 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company (1) | | Type of Asset | | Amount of dividends and interest included in income | | Beginning Fair Value at December 31, 2024 | | Gross additions* | | Gross reductions** | | Realized Gain/(Loss) | | Change in Unrealized Gain (Loss) (6) | | Fair Value at June 30, 2025 | Integrated Efficiency Solutions, Inc. (5) | | Senior Secured First Lien Debt | | $ | 52 | | | $ | 1,393 | | | $ | — | | | $ | (7) | | | $ | — | | | $ | (136) | | | $ | 1,250 | | Integrated Efficiency Solutions, Inc. (5) | | Senior Secured First Lien Debt | | 16 | | | 210 | | | 60 | | | (270) | | | — | | | (59) | | | (59) | | Integrated Efficiency Solutions, Inc. (5) | | Senior Secured Second Lien Debt | | 1 | | | 446 | | | — | | | — | | | — | | | (446) | | | — | | Integrated Efficiency Solutions, Inc. (2) (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Integrated Efficiency Solutions, Inc. (2) (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Integrated Efficiency Solutions, Inc. (5) | | Senior Secured First Lien Debt | | 9 | | | — | | | 240 | | | — | | | — | | | — | | | 240 | | NewStar Arlington Senior Loan Program, LLC 14-1A FR (5) | | Collateralized Securities | | 398 | | | 4,237 | | | 25 | | | — | | | — | | | (25) | | | 4,237 | | NewStar Arlington Senior Loan Program, LLC 14-1A SUB (5) | | Collateralized Securities | | (88) | | | 2,170 | | | — | | | — | | | — | | | (761) | | | 1,409 | | Newstar Fairfield Fund CLO, Ltd. 2015-1RA F (4) (5) | | Collateralized Securities | | 17 | | | 2,457 | | | 3 | | | (2,457) | | | 137 | | | (140) | | | — | | Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (5) | | Collateralized Securities | | — | | | 1,208 | | | — | | | — | | | — | | | (696) | | | 512 | | ORG GC Holdings, LLC (5) | | Senior Secured First Lien Debt | | 565 | | | 10,112 | | | 1 | | | — | | | — | | | (2) | | | 10,111 | | ORG GC Holdings, LLC (2) (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | ORG GC Holdings, LLC (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | ORG GC Holdings, LLC (5) | | Senior Secured Second Lien Debt | | 579 | | | 4,999 | | | 579 | | | — | | | — | | | (646) | | | 4,932 | | ORG GC Holdings, LLC (2) (5) | | Subordinated Debt | | — | | | — | | | — | | | — | | | — | | | — | | | — | | PennantPark Credit Opportunities Fund II, LP (2) | | Equity/Other Investments | | — | | | 603 | | | — | | | — | | | — | | | (35) | | | 568 | | | Tennenbaum Waterman Fund, LP | | Equity/Other Investments | | — | | | 5,802 | | | — | | | (1,430) | | | — | | | 131 | | | 4,503 | | | Total Affiliate Investments | | | | $ | 1,649 | | | $ | 35,596 | | | $ | 13,012 | | | $ | (4,164) | | | $ | 137 | | | $ | (2,511) | | | $ | 42,070 | | | Total Control & Affiliate Investments | | | | $ | 41,924 | | | $ | 821,152 | | | $ | 80,900 | | | $ | (131,194) | | | $ | (27) | | | $ | (13,903) | | | $ | 756,928 | |
—–—–—–—–—– * Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category. ** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category. (1)The principal amount and ownership detail are shown in the Consolidated Schedules of Investments. (2)Investment is non-income producing at June 30, 2025. (3)The Company and CCLF are the members of SLF, a joint venture formed as a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members make investments in SLF in the form of LLC equity interests as SLF makes investments, and all portfolio and other material decisions regarding SLF must be submitted to SLF’s board of directors which is comprised of an equal number of members appointed by each the Company and CCLF. Because management of SLF is shared equally between us and CCLF, we do not believe we control SLF for purposes of assessing consolidation under U.S. GAAP or otherwise. (4)Investment no longer held as of June 30, 2025. (5)The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements). (6)Gross of net change in deferred taxes in the amount of $(3.7) million. (7)The Company's investment falls under the definition of a significant subsidiary, as it exceeded the threshold of at least one of the tests under Rule 4-08(g), or exceeded the threshold of at least one of the tests under Rule 3-09. See Note 3 for summarized financial information. The following table presents the Schedule of Investments and Advances to Affiliates for the year ended December 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company (1) | | Type of Asset | | Amount of dividends and interest included in income | | Beginning Fair Value at December 31, 2023 | | Gross additions* | | Gross reductions** | | Realized Gain/(Loss) | | Change in Unrealized Gain (Loss) (7) | | Fair Value at December 31, 2024 | | Control Investments | | | | | | | | | | | | | | | | | CRS-SPV, Inc. (4) (5) | | Senior Secured First Lien Debt | | $ | — | | | $ | — | | | $ | 45 | | | $ | (45) | | | $ | — | | | $ | — | | | $ | — | | Danish CRJ, Ltd. (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | FBLC Senior Loan Fund, LLC (3) (5) (7) | | Joint Venture | | 31,969 | | | — | | | 404,934 | | | 501 | | | — | | | (501) | | | 404,934 | | Kahala US OpCo, LLC (5) | | Equity/Other Investments | | — | | | — | | | 2,739 | | | 75 | | | — | | | (506) | | | 2,308 | | Kahala Ireland OpCo Designated Activity Company (4) (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Kahala Ireland OpCo Designated Activity Company (4) (5) | | Equity/Other Investments | | — | | | — | | | 538 | | | (538) | | | — | | | — | | | — | | Kahala US OpCo, LLC (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Lakeview Health Holdings, Inc. (4) (5) | | Senior Secured First Lien Debt | | 19 | | | — | | | 714 | | | (714) | | | — | | | — | | | — | | Lakeview Health Holdings, Inc. (4) (5) | | Senior Secured First Lien Debt | | 4 | | | — | | | 227 | | | (227) | | | — | | | — | | | — | | MGTF Holdco, LLC (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | MGTF Radio Company, LLC (5) | | Senior Secured First Lien Debt | | 12,882 | | | — | | | 45,598 | | | (688) | | | 6 | | | (13,244) | | | 31,672 | | Post Road Equipment Finance, LLC (5) (7) | | Subordinated Debt | | 3,579 | | | 11,000 | | | 38,999 | | | (14,961) | | | — | | | (39) | | | 35,000 | | Post Road Equipment Finance, LLC (5) (7) | | Subordinated Debt | | 117 | | | — | | | 7,000 | | | (4,008) | | | — | | | 8 | | | 3,000 | | Post Road Equipment Finance, LLC (5) (7) | | Subordinated Debt | | 7,940 | | | 24,500 | | | 38,117 | | | 63 | | | — | | | (81) | | | 62,599 | | Post Road Equipment Finance, LLC (5) (7) | | Equity/Other Investments | | 10,861 | | | 32,600 | | | 86,699 | | | 142 | | | — | | | (208) | | | 119,233 | | Siena Capital Finance, LLC (5) | | Subordinated Debt | | 6,307 | | | — | | | 59,452 | | | (9,902) | | | (14) | | | (36) | | | 49,500 | | Siena Capital Finance, LLC (5) | | Equity/Other Investments | | 11,050 | | | — | | | 77,310 | | | 127 | | | — | | | (127) | | | 77,310 | | WPNT, LLC (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total Control Investments | | | | $ | 84,728 | | | $ | 68,100 | | | $ | 762,372 | | | $ | (30,175) | | | $ | (8) | | | $ | (14,734) | | | $ | 785,556 | | | | | | | | | | | | | | | | | | | | Affiliate Investments | | | | | | | | | | | | | | | | | CRS-SPV, Inc. (5) | | Equity/Other Investments | | $ | — | | | $ | — | | | $ | 1,559 | | | $ | 2 | | | $ | — | | | $ | 143 | | | $ | 1,704 | | | First Eagle Greenway Fund II, LLC | | Equity/Other Investments | | — | | | — | | | 374 | | | 1 | | | — | | | (120) | | | 255 | | Integrated Efficiency Solutions, Inc. (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company (1) | | Type of Asset | | Amount of dividends and interest included in income | | Beginning Fair Value at December 31, 2023 | | Gross additions* | | Gross reductions** | | Realized Gain/(Loss) | | Change in Unrealized Gain (Loss) (7) | | Fair Value at December 31, 2024 | Integrated Efficiency Solutions, Inc. (5) | | Equity/Other Investments | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | Integrated Efficiency Solutions, Inc. (5) | | Senior Secured First Lien Debt | | 16 | | | — | | | 345 | | | (135) | | | — | | | — | | | 210 | | Integrated Efficiency Solutions, Inc. (5) | | Senior Secured First Lien Debt | | 99 | | | — | | | 1,406 | | | (12) | | | — | | | (1) | | | 1,393 | | Integrated Efficiency Solutions, Inc. (5) | | Senior Secured Second Lien Debt | | 260 | | | — | | | 1,074 | | | 1 | | | — | | | (629) | | | 446 | | Lakeview Health Holdings, Inc. (4) (5) | | Senior Secured First Lien Debt | | — | | | — | | | 1,112 | | | (1,112) | | | — | | | — | | | — | | Lakeview Health Holdings, Inc. (4) (5) | | Senior Secured First Lien Debt | | 98 | | | — | | | 2,505 | | | (2,503) | | | (2) | | | — | | | — | | Lakeview Health Holdings, Inc. (4) (5) | | Senior Secured First Lien Debt | | 4 | | | — | | | 130 | | | (130) | | | — | | | — | | | — | | Lakeview Health Holdings, Inc. (4) (5) | | Senior Secured First Lien Debt | | — | | | — | | | 618 | | | (649) | | | 31 | | | — | | | — | | Lakeview Health Holdings, Inc. (4) (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | NewStar Arlington Senior Loan Program, LLC 14-1A FR (5) | | Collateralized Securities | | 782 | | | — | | | 4,199 | | | 7 | | | — | | | 31 | | | 4,237 | | NewStar Arlington Senior Loan Program, LLC 14-1A SUB (5) | | Collateralized Securities | | 409 | | | — | | | 5,472 | | | (2,309) | | | — | | | (993) | | | 2,170 | | Newstar Fairfield Fund CLO, Ltd. 2015-1RA F (5) | | Collateralized Securities | | 1,338 | | | — | | | 9,257 | | | (7,477) | | | 536 | | | 141 | | | 2,457 | | Newstar Fairfield Fund CLO, Ltd. 2015-1RA SUB (5) | | Collateralized Securities | | — | | | — | | | — | | | — | | | — | | | 1,208 | | | 1,208 | | ORG GC Holdings, LLC (5) | | Senior Secured Second Lien Debt | | 960 | | | — | | | 5,640 | | | 8 | | | — | | | (649) | | | 4,999 | | ORG GC Holdings, LLC (5) | | Senior Secured First Lien Debt | | 1,145 | | | — | | | 10,108 | | | 17 | | | — | | | (13) | | | 10,112 | | ORG GC Holdings, LLC (5) | | Senior Secured First Lien Debt | | 3 | | | — | | | — | | | — | | | — | | | — | | | — | | ORG GC Holdings, LLC (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | ORG GC Holdings, LLC (5) | | Equity/Other Investments | | — | | | — | | | — | | | — | | | — | | | — | | | — | | PennantPark Credit Opportunities Fund II, LP | | Equity/Other Investments | | — | | | — | | | 960 | | | 2 | | | — | | | (359) | | | 603 | | | Tennenbaum Waterman Fund, LP | | Equity/Other Investments | | 700 | | | — | | | 8,754 | | | (2,066) | | | — | | | (886) | | | 5,802 | | | Total Affiliate Investments | | | | $ | 5,814 | | | $ | — | | | $ | 53,513 | | | $ | (16,355) | | | $ | 565 | | | $ | (2,127) | | | $ | 35,596 | | | Total Control & Affiliate Investments | | | | $ | 90,542 | | | $ | 68,100 | | | $ | 815,885 | | | $ | (46,530) | | | $ | 557 | | | $ | (16,861) | | | $ | 821,152 | |
—–—–—–—–—– * Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company into this category from a different category. Includes investments acquired in connection with the Mergers. ** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities, and the movement of an existing portfolio company out of this category into a different category. (1) The principal amount and ownership detail are shown in the Consolidated Schedules of Investments. (2) Investment is non-income producing at December 31, 2024. (3) The Company and CCLF are the members of SLF, a joint venture formed as a Delaware limited liability company that is not consolidated by either member for financial reporting purposes. The members make investments in SLF in the form of LLC equity interests as SLF makes investments, and all portfolio and other material decisions regarding SLF must be submitted to SLF’s board of directors which is comprised of an equal number of members appointed by each the Company and CCLF. Because management of SLF is shared equally between us and CCLF, we do not believe we control SLF for purposes of assessing consolidation under U.S. GAAP or otherwise. (4) Investment no longer held as of December 31, 2024. (5) The fair value of investments with respect to securities for which market quotations are not readily available is determined in good faith by the Company's Board of Directors as required by the 1940 Act. Such investments are valued using significant unobservable inputs (See Note 3 to the consolidated financial statements). (6) Gross of net change in deferred taxes in the amount of $(2.1) million. (7) The Company's investment falls under the definition of a significant subsidiary, as it exceeded the threshold of at least one of the tests under Rule 4-08(g), or exceeded the threshold of at least one of the tests under Rule 3-09. See Note 3 for summarized financial information.
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