| Schedule of Changes in Fair Value of Level 3 Investments |
The following tables show the aggregate changes in the fair value of our Level 3 investments during the year ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Lien Revolving Line of Credit | | First Lien Debt(2) | | Second Lien Revolving Line of Credit | | Second Lien Debt | | Unsecured Debt | | Subordinated Structured Notes | | Equity | | Total | | Fair value as of June 30, 2024 | $ | 86,544 | | | $ | 4,519,816 | | | $ | 4,987 | | | $ | 1,038,882 | | | $ | 7,200 | | | $ | 531,690 | | | $ | 1,479,473 | | | $ | 7,668,592 | | | Net realized (losses) gains on investments | — | | | (9,258) | | | — | | | (81,838) | | | 12 | | | (432,592) | | | 4,361 | | | (519,315) | | | Net change in unrealized (losses) gains | (1,125) | | | (134,545) | | | 160 | | | (20,233) | | | (1,797) | | | 89,170 | | | (219,225) | | | (287,595) | | | Net realized and unrealized (losses) gains | (1,125) | | | (143,803) | | | 160 | | | (102,071) | | | (1,785) | | | (343,422) | | | (214,864) | | | (806,910) | | | Purchases of portfolio investments(3) | 57,591 | | | 578,939 | | | (5,147) | | | 55,694 | | | — | | | — | | | 109,282 | | | 796,359 | | | Payment-in-kind interest | 2,778 | | | 89,671 | | | — | | | 2,187 | | | — | | | — | | | — | | | 94,636 | | | Accretion of discounts and premiums, net | 56 | | | 5,511 | | | — | | | 1,253 | | | — | | | — | | | — | | | 6,820 | | | Decrease to Subordinated Structured Notes cost, net(4) | — | | | — | | | — | | | — | | | — | | | (77,660) | | | — | | | (77,660) | | | Repayments and sales of portfolio investments(3) | (15,538) | | | (701,471) | | | — | | | (227,569) | | | (12) | | | (75,606) | | | (6,224) | | | (1,026,420) | | | Transfers within Level 3(1)(3) | (48,755) | | | 10,706 | | | — | | | 1,189 | | | — | | | — | | | 36,860 | | | — | | | Transfers out of Level 3(1) | — | | | (147,000) | | | — | | | (43,193) | | | — | | | — | | | — | | | (190,193) | | | Transfers into Level 3(1) | — | | | 126,207 | | | — | | | — | | | — | | | — | | | — | | | 126,207 | | | Fair value as of June 30, 2025 | $ | 81,551 | | | $ | 4,338,576 | | | $ | — | | | $ | 726,372 | | | $ | 5,403 | | | $ | 35,002 | | | $ | 1,404,527 | | | $ | 6,591,431 | | | | | | | | | | | | | | | | | |
(1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2025, two of our first lien notes and two of our second lien notes transferred out of Level 3 to Level 2 because inputs to the valuation became observable. During the year ended June 30, 2025, one of our first lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable. (2) First lien debt includes a loan that the Company classifies as “unitranche” and a loan classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. The total amortized cost and fair value of the unitranche and/or last out loans were $22,359 and $22,413, respectively, as of June 30, 2024. (3) Includes reorganizations and restructuring of investments.
(4) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the year ended June 30, 2025, of $84,604 and the effective yield interest income recognized on our Subordinated Structured Notes of $14,017. The following tables show the aggregate changes in the fair value of our Level 3 investments during the year ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Lien Revolving Line of Credit | | First Lien Debt(2) | | Second Lien Revolving Line of Credit | | Second Lien Debt | | | | Unsecured Debt | | Subordinated Structured Notes | | Equity | | Total | | Fair value as of June 30, 2023 | $ | 58,058 | | | $ | 4,295,314 | | | $ | 4,646 | | | $ | 1,257,862 | | | | | $ | 7,200 | | | $ | 665,002 | | | $ | 1,429,368 | | | $ | 7,717,450 | | | Net realized (losses) gains on investments | — | | | (72,795) | | | — | | | (179,986) | | | | | (1) | | | (159,113) | | | (5,753) | | | (417,648) | | | Net change in unrealized (losses) gains | (963) | | | 13,833 | | | 333 | | | 147,658 | | | | | — | | | 109,757 | | | (8,540) | | | 262,078 | | | Net realized and unrealized (losses) gains | (963) | | | (58,962) | | | 333 | | | (32,328) | | | | | (1) | | | (49,356) | | | (14,293) | | | (155,570) | | | Purchases of portfolio investments(3) | 36,076 | | | 517,356 | | | — | | | (14,791) | | | | | — | | | — | | | 91,310 | | | 629,951 | | | Payment-in-kind interest | 3,975 | | | 125,387 | | | — | | | 5,143 | | | | | — | | | — | | | — | | | 134,505 | | | Accretion of discounts and premiums, net | 104 | | | 3,474 | | | 8 | | | 1,984 | | | | | — | | | — | | | — | | | 5,570 | | | Decrease to Subordinated Structured Notes cost, net(4) | — | | | — | | | — | | | — | | | | | — | | | (83,403) | | | — | | | (83,403) | | | Repayments and sales of portfolio investments(3) | (10,706) | | | (318,911) | | | — | | | (178,988) | | | | | 1 | | | (553) | | | (26,912) | | | (536,069) | | | | | | | | | | | | | | | | | | | | | Transfers out of Level 3(1) | — | | | (83,297) | | | — | | | (23,000) | | | | | — | | | — | | | — | | | (106,297) | | | Transfers into Level 3(1) | — | | | 39,455 | | | — | | | 23,000 | | | | | — | | | — | | | — | | | 62,455 | | | Fair value as of June 30, 2024 | $ | 86,544 | | | $ | 4,519,816 | | | $ | 4,987 | | | $ | 1,038,882 | | | | | $ | 7,200 | | | $ | 531,690 | | | $ | 1,479,473 | | | $ | 7,668,592 | |
(1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2024, seven of our first lien notes transferred out of Level 3 to Level 2 because inputs to the valuation became observable. During the year ended June 30, 2024, three of our first lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable.
(2) First lien debt includes a loan that the Company classifies as “unitranche” and a loan classified as “first lien last out.” The total amortized cost and fair value of the unitranche and/or last out loans and were $22,359 and $22,413, respectively, as of June 30, 2024. The total amortized cost and fair value of the unitranche and/or last out loans were $49,625 and $48,332, respectively, as of June 30, 2023. (3)Includes reorganizations and restructuring of investments. (4) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the year ended June 30, 2024, of $119,125 and the effective yield interest income recognized on our Subordinated Structured Notes of $35,722.
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| Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments |
The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unobservable Input | | Asset Category | | Fair Value | | Primary Valuation Approach or Technique | | Input | | Range | | Weighted
Average (4) | | First Lien Debt | | $ | 1,605,991 | | | Discounted cash flow (Yield analysis) | | Market yield | | 7.8% | to | 28.9% | | 11.8% | | First Lien Debt | | 902,617 | | | Discounted cash flow | | Discount Rate | | 6.5% | to | 10.3% | | 7.3% | | Terminal Cap Rate | | 5.3% | to | 8.3% | | 6.0% | | First Lien Debt | | 630,095 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.8x | to | 12.8x | | 10.6x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 14.5% | to | 38.8% | | 17.2% | | First Lien Debt | | 452,172 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.0x | to | 3.5x | | 3.5x | | Earnings multiple | | 8.0x | to | 12.5x | | 12.5x | | First Lien Debt | | 351,480 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.0x | to | 11.5x | | 9.8x | | First Lien Debt | | 236,073 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 2.0x | | 1.7x | | First Lien Debt | | 78,736 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 1.4x | to | 2.2x | | 2.2x | | First Lien Debt | | 54,739 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 6.0% | to | 8.0% | | 6.0% | | Enterprise value waterfall | | Indicative bid estimate | | n/a | | n/a | | First Lien Debt | | 49,114 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.4x | to | 1.6x | | 0.9x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 15.5% | to | 31.0% | | 17.8% | | First Lien Debt | | 30,673 | | | Discounted cash flow (Yield analysis) | | Market yield | | 26.4% | to | 26.4% | | 26.4% | | Option Pricing Model | | Expected volatility | | 45.0% | to | 55.0% | | 55.0% | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 8.0x | to | 9.0x | | 9.0x | | First Lien Debt | | 11,852 | | | Discounted cash flow (Yield analysis) | | Market yield | | 17.2% | to | 17.2% | | 17.2% | | Option Pricing Model | | Expected volatility | | 45.0% | to | 55.0% | | 55.0% | | First Lien Debt | | 10,663 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 30.0% | | 15.3% | | First Lien Debt | | 5,922 | | | Option Pricing Model | | Expected volatility | | 30.0% | to | 40.0% | | 40.0% | | Second Lien Debt | | 651,091 | | | Discounted cash flow (Yield analysis) | | Market yield | | 11.0% | to | 48.5% | | 15.6% | | Second Lien Debt | | 54,997 | | | Enterprise value waterfall | | Purchase price | | n/a | | n/a | | Second Lien Debt | | 12,897 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Second Lien Debt | | 7,387 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.8x | to | 7.8x | | 6.3x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 14.5% | to | 16.5% | | 15.5% | | Subordinated Structured Notes | | 35,002 | | | Discounted cash flow | | Discount rate (2) | | 16.0% | to | 60.2% | | 17.7% | | Unsecured Debt | | 5,403 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.8x | to | 7.0x | | 7.0x | | Preferred Equity | | 89,912 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.3x | to | 11.3x | | 8.9x | | Preferred Equity | | 21,092 | | | Option Pricing Model | | Expected volatility | | 55.0% | to | 70.0% | | 65.2% | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 3.3x | to | 6.8x | | 5.3x | | Preferred Equity | | 10,914 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 6.0% | to | 8.0% | | 6.0% | | Enterprise value waterfall | | Indicative bid estimate | | n/a | | n/a | | Preferred Equity | | 6,697 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 2.0x | | 1.1x | | Liquidation Trust | | 6,500 | | | Deficiency claim analysis | | Recoverable amount | | n/a | | n/a | | Common Equity/Interests/Warrants | | 454,847 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.5x | to | 11.5x | | 10.2x |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unobservable Input | | Asset Category | | Fair Value | | Primary Valuation Approach or Technique | | Input | | Range | | Weighted
Average (4) | | Common Equity/Interests/Warrants | | 354,269 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.3% | | 7.3% | | Terminal Cap Rate | | 5.3% | to | 8.3% | | 6.0% | | Common Equity/Interests/Warrants | | 308,346 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 3.0x | to | 3.5x | | 3.5x | | Earnings multiple | | 8.0x | to | 12.5x | | 12.5x | | Common Equity/Interests/Warrants | | 42,484 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 7.0x | to | 12.8x | | 11.8x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 16.0% | to | 38.8% | | 36.8% | | Common Equity/Interests/Warrants (3) | | 32,206 | | | Discounted cash flow | | Discount rate | | 6.5% | to | 10.3% | | 7.3% | | Terminal Cap Rate | | 5.3% | to | 8.3% | | 6.0% | | Common Equity/Interests/Warrants | | 26,817 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 10.0% | to | 30.0% | | 15.5% | | Common Equity/Interests/Warrants | | 22,289 | | | Enterprise value waterfall | | Purchase price | | n/a | | n/a | | Common Equity/Interests/Warrants (1) | | 11,880 | | | Enterprise value waterfall | | Discount rate (2) | | 12.3% | to | 16.0% | | 13.0% | | Common Equity/Interests/Warrants | | 11,660 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Common Equity/Interests/Warrants | | 4,614 | | | Enterprise value waterfall (Discounted cash flow) | | Discount Rate | | 20.0% | to | 30.0% | | 20.5% | | Total Level 3 Investments | | $ | 6,591,431 | | | | | | | | | | | |
(1)Represents the fair value of investments held by NPRC (see National Property REIT Corp section below) through its wholly owned subsidiary, National General Lending Limited (“NGL”), and valued using a discounted cash flow valuation technique.
(2)Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. (3)Represents Residual Profit Interests in Real Estate Investments. (4)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2024 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unobservable Input | | Asset Category | | Fair Value | | Primary Valuation Approach or Technique | | Input | | Range | | Weighted
Average (4) | | First Lien Debt | | $ | 1,803,971 | | | Discounted cash flow (Yield analysis) | | Market yield | | 8.3% | to | 34.1% | | 12.4% | | First Lien Debt | | 602,921 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 3.3x | to | 11.5x | | 8.2x | | First Lien Debt | | 316,428 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 10.5x | to | 12.5x | | 11.5x | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 9.3% | to | 11.3% | | 10.3% | | First Lien Debt | | 156,075 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 2.0x | | 1.1x | | First Lien Debt | | 56,239 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 5.8% | to | 30.0% | | 7.2% | | First Lien Debt | | 40,488 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.9x | to | 1.5x | | 1.2x | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 14.0% | to | 55.0% | | 34.5% | | First Lien Debt | | 5,165 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.4x | to | 0.7x | | 0.6x | | | Discounted cash flow (Yield analysis) | | Market yield | | 13.7% | to | 19.7% | | 16.7% | | First Lien Debt (1) | | 20,630 | | | Enterprise value waterfall | | Loss-adjusted discount rate | | 8.2% | to | 8.2% | | 8.2% | | Projected loss rates | | 3.0% | to | 3.0% | | 3.0% | | First Lien Debt (1) | | 190,500 | | | Enterprise value waterfall | | Discount rate (2) | | 11.2% | to | 29.1% | | 13.2% | | First Lien Debt | | 111,800 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 1.0x | to | 2.1x | | 1.6x | | First Lien Debt | | 424,992 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 2.5x | to | 3.0x | | 2.7x | | | | Earnings multiple | | 9.0x | to | 12.0x | | 10.5x | | First Lien Debt | | 877,151 | | | Discounted cash flow | | Discount Rate | | 6.3% | to | 9.8% | | 7.2% | | | | Terminal Cap Rate | | 5.3% | to | 8.3% | | 6.0% | | Second Lien Debt | | 1,031,632 | | | Discounted cash flow (Yield analysis) | | Market yield | | 8.3% | to | 64.6% | | 15.3% | | Second Lien Debt | | 1,948 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 4.5x | to | 5.5x | | 5.0x | | Second Lien Debt | | 10,289 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Unsecured Debt | | 7,200 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 5.8x | to | 7.0x | | 6.4x | | Subordinated Structured Notes | | 531,690 | | | Discounted cash flow | | Discount rate (2) | | 5.4% | to | 20.8% | | 11.7% | | Preferred Equity | | 8,287 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.3x | to | 2.0x | | 1.2x | | Preferred Equity | | 34,198 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 3.3x | to | 9.5x | | 8.9x | | Preferred Equity | | 12,184 | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 5.8% | to | 7.8% | | 6.8% | | Common Equity/Interests/Warrants | | 455,535 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 3.3x | to | 11.5x | | 8.4x | | Common Equity/Interests/Warrants | | 3,923 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.4x | to | 1.5x | | 0.6x | | Common Equity/Interests/Warrants | | 426 | | | Enterprise value waterfall (Market approach) | | Revenue multiple | | 0.9x | to | 1.5x | | 1.2x | | | Enterprise value waterfall (Discounted cash flow) | | Discount rate | | 14.0% | to | 55.0% | | 34.5% | | Common Equity/Interests/Warrants | | 147,455 | | | Enterprise value waterfall (Market approach) | | EBITDA multiple | | 10.5x | to | 12.5x | | 11.5x | | Enterprise value waterfall (Discounted cash flow) | Discount rate | | 9.3% | to | 11.3% | | 10.3% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unobservable Input | | Asset Category | | Fair Value | | Primary Valuation Approach or Technique | | Input | | Range | | Weighted
Average (4) | | Common Equity/Interests/Warrants (1) | | 53,860 | | | Enterprise value waterfall | | Loss-adjusted discount rate | | 8.2% | to | 8.2% | | 8.2% | | | | Projected loss rates | | 3.0% | to | 3.0% | | 3.0% | | | | Discount rate (2) | | 11.2% | to | 29.1% | | 13.2% | | Common Equity/Interests/Warrants (3) | | 46,193 | | | Discounted cash flow | | Discount rate | | 6.3% | to | 9.8% | | 7.2% | | | | Terminal Cap Rate | | 5.3% | to | 8.3% | | 6.0% | | Common Equity/Interests/Warrants | | 10,592 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 1.0x | to | 2.1x | | 1.2x | | Common Equity/Interests/Warrants | | 180,936 | | | Enterprise value waterfall (Market approach) | | Tangible book value multiple | | 2.5x | to | 3.0x | | 2.7x | | | | Earnings multiple | | 9.0x | to | 12.0x | | 10.5x | | Common Equity/Interests/Warrants | | 508,128 | | | Discounted cash flow | | Discount rate | | 6.3% | to | 9.8% | | 7.2% | | | | Terminal Cap Rate | | 5.3% | to | 8.3% | | 6.0% | | Common Equity/Interests/Warrants | | 5,105 | | | Enterprise value waterfall (Discounted cash flow) | | Discount Rate | | 18.5% | to | 30.0% | | 22.8% | | Common Equity/Interests/Warrants | | 12,651 | | | Asset recovery analysis | | Recoverable amount | | n/a | | n/a | | Total Level 3 Investments | | $ | 7,668,592 | | | | | | | | | | | |
(1)Represents the fair value of investments held by NPRC (see National Property REIT Corp section below) through its wholly owned subsidiaries, American Consumer Lending Limited (“ACLL”) and National General Lending Limited (“NGL”), and valued using a discounted cash flow valuation technique. (2)Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. (3)Represents Residual Profit Interests in Real Estate Investments. (4)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the Loss-adjusted discount rate and Projected loss rate unobservable inputs of investments represented in (1), the weighted average is determined based on the purchase yield of recently issued loans within each respective term-grade cohort.
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| Schedule of Summarized Financial Information for NPRC |
The following table shows the location, acquisition date, purchase price, and mortgage outstanding due to other parties for each of the properties held by NPRC as of June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | No. | | Property Name | | City | | Acquisition Date | | Purchase Price | | Mortgage Outstanding | | | | | | | | | | | | | 1 | | Taco Bell, OK | | Yukon, OK | | 6/4/2014 | | $ | 1,719 | | | $ | — | | | 2 | | Taco Bell, MO | | Marshall, MO | | 6/4/2014 | | 1,405 | | | — | | | 3 | | Abbie Lakes OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 12,600 | | | 21,569 | | | 4 | | Kengary Way OH Partners, LLC | | Reynoldsburg, OH | | 9/30/2014 | | 11,500 | | | 22,945 | | | 5 | | Lakeview Trail OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 26,500 | | | 43,656 | | | 6 | | Lakepoint OH Partners, LLC | | Pickerington, OH | | 9/30/2014 | | 11,000 | | | 25,935 | | | 7 | | Sunbury OH Partners, LLC | | Columbus, OH | | 9/30/2014 | | 13,000 | | | 21,372 | | | 8 | | Heatherbridge OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 18,416 | | | 31,810 | | | 9 | | Jefferson Chase OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 13,551 | | | 27,625 | | | 10 | | Goldenstrand OH Partners, LLC | | Hilliard, OH | | 10/29/2014 | | 7,810 | | | 17,195 | | | 11 | | Vesper Tuscaloosa, LLC | | Tuscaloosa, AL | | 9/28/2016 | | 54,500 | | | 40,312 | | | 12 | | Vesper Corpus Christi, LLC | | Corpus Christi, TX | | 9/28/2016 | | 14,250 | | | 10,112 | | | 13 | | Vesper Campus Quarters, LLC | | Corpus Christi, TX | | 9/28/2016 | | 18,350 | | | 13,272 | | | 14 | | Vesper College Station, LLC | | College Station, TX | | 9/28/2016 | | 41,500 | | | 30,016 | | | 15 | | Vesper Statesboro, LLC | | Statesboro, GA | | 9/28/2016 | | 7,500 | | | 7,323 | | | 16 | | 9220 Old Lantern Way, LLC | | Laurel, MD | | 1/30/2017 | | 187,250 | | | 150,423 | | | 17 | | 7915 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 95,700 | | | 87,031 | | | 18 | | 8025 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 15,300 | | | 15,156 | | | 19 | | 23275 Riverside Drive Owner, LLC | | Southfield, MI | | 11/8/2017 | | 52,000 | | | 53,231 | | | 20 | | 23741 Pond Road Owner, LLC | | Southfield, MI | | 11/8/2017 | | 16,500 | | | 18,417 | | | 21 | | 150 Steeplechase Way Owner, LLC | | Largo, MD | | 1/10/2018 | | 44,500 | | | 35,185 | | | 22 | | Olentangy Commons Owner LLC | | Columbus, OH | | 6/1/2018 | | 113,000 | | | 92,876 | | | 23 | | Villages of Wildwood Holdings LLC | | Fairfield, OH | | 7/20/2018 | | 46,500 | | | 58,393 | | | 24 | | Falling Creek Holdings LLC | | Richmond, VA | | 8/8/2018 | | 25,000 | | | 25,075 | | | 25 | | Crown Pointe Passthrough LLC | | Danbury, CT | | 8/30/2018 | | 108,500 | | | 89,400 | | | 26 | | Lorring Owner LLC | | Forestville, MD | | 10/30/2018 | | 58,521 | | | 47,274 | | | 27 | | Hamptons Apartments Owner, LLC | | Beachwood, OH | | 1/9/2019 | | 96,500 | | | 79,520 | | | 28 | | 5224 Long Road Holdings, LLC | | Orlando, FL | | 6/28/2019 | | 26,500 | | | 21,200 | | | 29 | | Druid Hills Holdings LLC | | Atlanta, GA | | 7/30/2019 | | 96,000 | | | 77,261 | | | 30 | | Bel Canto NPRC Parcstone LLC | | Fayetteville, NC | | 10/15/2019 | | 45,000 | | | 42,329 | | | 31 | | Bel Canto NPRC Stone Ridge LLC | | Fayetteville, NC | | 10/15/2019 | | 21,900 | | | 21,313 | | | 32 | | Sterling Place Holdings LLC | | Columbus, OH | | 10/28/2019 | | 41,500 | | | 34,196 | | | 33 | | SPCP Hampton LLC | | Dallas, TX | | 11/2/2020 | | 36,000 | | | 38,843 | | | 34 | | Palmetto Creek Holdings LLC | | North Charleston, SC | | 11/10/2020 | | 33,182 | | | 25,865 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | No. | | Property Name | | City | | Acquisition Date | | Purchase Price | | Mortgage Outstanding | | 35 | | Valora at Homewood Holdings LLC | | Homewood, AL | | 11/19/2020 | | 81,250 | | | 63,844 | | | 36 | | NPRC Fairburn LLC | | Fairburn, GA | | 12/14/2020 | | 52,140 | | | 43,900 | | | 37 | | NPRC Taylors LLC | | Taylors, SC | | 1/27/2021 | | 18,762 | | | 14,075 | | | 38 | | Parkside at Laurel West Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 57,005 | | | 42,025 | | | 39 | | Willows at North End Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 23,255 | | | 18,906 | | | 40 | | SPCP Edge CL Owner LLC | | Webster, TX | | 3/12/2021 | | 34,000 | | | 25,496 | | | 41 | | Jackson Pear Orchard LLC | | Ridgeland, MS | | 6/28/2021 | | 50,900 | | | 42,975 | | | 42 | | Jackson Lakeshore Landing LLC | | Ridgeland, MS | | 6/28/2021 | | 22,600 | | | 17,955 | | | 43 | | Jackson Reflection Pointe LLC | | Flowood, MS | | 6/28/2021 | | 45,100 | | | 33,203 | | | 44 | | Jackson Crosswinds LLC | | Pearl, MS | | 6/28/2021 | | 41,400 | | | 38,601 | | | 45 | | Elliot Apartments Norcross, LLC | | Norcross, GA | | 11/30/2021 | | 128,000 | | | 106,850 | | | 46 | | Orlando 442 Owner, LLC (West Vue Apartments) | | Orlando, FL | | 12/30/2021 | | 97,500 | | | 70,723 | | | 47 | | NPRC Wolfchase LLC | | Memphis, TN | | 3/18/2022 | | 82,100 | | | 60,000 | | | 48 | | NPRC Twin Oaks LLC | | Hattiesburg. MS | | 3/18/2022 | | 44,850 | | | 36,704 | | | 49 | | NPRC Lancaster LLC | | Birmingham, AL | | 3/18/2022 | | 37,550 | | | 29,673 | | | 50 | | NPRC Rutland LLC | | Macon, GA | | 3/18/2022 | | 29,750 | | | 24,383 | | | 51 | | Southport Owner LLC (Southport Crossing) | | Indianapolis, IN | | 3/29/2022 | | 48,100 | | | 36,075 | | | 52 | | TP Cheyenne, LLC | | Cheyenne, WY | | 5/26/2022 | | 27,500 | | | 17,656 | | | 53 | | TP Pueblo, LLC | | Pueblo, CO | | 5/26/2022 | | 31,500 | | | 20,166 | | | 54 | | TP Stillwater, LLC | | Stillwater, OK | | 5/26/2022 | | 26,100 | | | 15,328 | | | 55 | | TP Kokomo, LLC | | Kokomo, IN | | 5/26/2022 | | 20,500 | | | 12,753 | | | 56 | | Terraces at Perkins Rowe JV LLC | | Baton Rouge, LA | | 11/14/2022 | | 41,400 | | | 29,566 | | | 57 | | NPRC Apex Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 34,225 | | | 27,712 | | | 58 | | NPRC Parkton Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 45,775 | | | 37,090 | | | | | | | | | | $ | 2,534,216 | | | $ | 2,191,789 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | No. | | Property Name | | City | | Acquisition Date | | Purchase Price | | Mortgage Outstanding | | 1 | | Arlington Park Marietta, LLC | | Marietta, GA | | 5/8/2013 | | $ | 14,850 | | | $ | 13,440 | | | 2 | | Taco Bell, OK | | Yukon, OK | | 6/4/2014 | | 1,719 | | | — | | | 3 | | Taco Bell, MO | | Marshall, MO | | 6/4/2014 | | 1,405 | | | — | | | 4 | | Abbie Lakes OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 12,600 | | | 21,569 | | | 5 | | Kengary Way OH Partners, LLC | | Reynoldsburg, OH | | 9/30/2014 | | 11,500 | | | 22,945 | | | 6 | | Lakeview Trail OH Partners, LLC | | Canal Winchester, OH | | 9/30/2014 | | 26,500 | | | 43,656 | | | 7 | | Lakepoint OH Partners, LLC | | Pickerington, OH | | 9/30/2014 | | 11,000 | | | 25,935 | | | 8 | | Sunbury OH Partners, LLC | | Columbus, OH | | 9/30/2014 | | 13,000 | | | 21,372 | | | 9 | | Heatherbridge OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 18,416 | | | 31,810 | | | 10 | | Jefferson Chase OH Partners, LLC | | Blacklick, OH | | 9/30/2014 | | 13,551 | | | 27,625 | | | 11 | | Goldenstrand OH Partners, LLC | | Hilliard, OH | | 10/29/2014 | | 7,810 | | | 17,195 | | | 12 | | Vesper Tuscaloosa, LLC | | Tuscaloosa, AL | | 9/28/2016 | | 54,500 | | | 41,101 | | | 13 | | Vesper Iowa City, LLC | | Iowa City, IA | | 9/28/2016 | | 32,750 | | | 23,700 | | | 14 | | Vesper Corpus Christi, LLC | | Corpus Christi, TX | | 9/28/2016 | | 14,250 | | | 10,311 | | | 15 | | Vesper Campus Quarters, LLC | | Corpus Christi, TX | | 9/28/2016 | | 18,350 | | | 13,533 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16 | | Vesper College Station, LLC | | College Station, TX | | 9/28/2016 | | 41,500 | | | 30,606 | | | 17 | | Vesper Statesboro, LLC | | Statesboro, GA | | 9/28/2016 | | 7,500 | | | 7,435 | | | 18 | | 9220 Old Lantern Way, LLC | | Laurel, MD | | 1/30/2017 | | 187,250 | | | 152,799 | | | 19 | | 7915 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 95,700 | | | 88,529 | | | 20 | | 8025 Baymeadows Circle Owner, LLC | | Jacksonville, FL | | 10/31/2017 | | 15,300 | | | 15,408 | | | 21 | | 23275 Riverside Drive Owner, LLC | | Southfield, MI | | 11/8/2017 | | 52,000 | | | 54,176 | | | 22 | | 23741 Pond Road Owner, LLC | | Southfield, MI | | 11/8/2017 | | 16,500 | | | 18,747 | | | 23 | | 150 Steeplechase Way Owner, LLC | | Largo, MD | | 1/10/2018 | | 44,500 | | | 35,837 | | | 24 | | Olentangy Commons Owner LLC | | Columbus, OH | | 6/1/2018 | | 113,000 | | | 92,876 | | | 25 | | Villages of Wildwood Holdings LLC | | Fairfield, OH | | 7/20/2018 | | 46,500 | | | 58,393 | | | 26 | | Falling Creek Holdings LLC | | Richmond, VA | | 8/8/2018 | | 25,000 | | | 25,374 | | | 27 | | Crown Pointe Passthrough LLC | | Danbury, CT | | 8/30/2018 | | 108,500 | | | 89,400 | | | 28 | | Lorring Owner LLC | | Forestville, MD | | 10/30/2018 | | 58,521 | | | 47,680 | | | 29 | | Hamptons Apartments Owner, LLC | | Beachwood, OH | | 1/9/2019 | | 96,500 | | | 79,520 | | | 30 | | 5224 Long Road Holdings, LLC | | Orlando, FL | | 6/28/2019 | | 26,500 | | | 21,200 | | | 31 | | Druid Hills Holdings LLC | | Atlanta, GA | | 7/30/2019 | | 96,000 | | | 79,104 | | | 32 | | Bel Canto NPRC Parcstone LLC | | Fayetteville, NC | | 10/15/2019 | | 45,000 | | | 42,793 | | | 33 | | Bel Canto NPRC Stone Ridge LLC | | Fayetteville, NC | | 10/15/2019 | | 21,900 | | | 21,545 | | | 34 | | Sterling Place Holdings LLC | | Columbus, OH | | 10/28/2019 | | 41,500 | | | 34,196 | | | 35 | | SPCP Hampton LLC | | Dallas, TX | | 11/2/2020 | | 36,000 | | | 38,843 | | | 36 | | Palmetto Creek Holdings LLC | | North Charleston, SC | | 11/10/2020 | | 33,182 | | | 25,865 | | | 37 | | Valora at Homewood Holdings LLC | | Homewood, AL | | 11/19/2020 | | 81,250 | | | 63,844 | | | 38 | | NPRC Fairburn LLC | | Fairburn, GA | | 12/14/2020 | | 52,140 | | | 43,900 | | | 39 | | NPRC Grayson LLC | | Grayson, GA | | 12/14/2020 | | 47,860 | | | 40,500 | | | 40 | | NPRC Taylors LLC | | Taylors, SC | | 1/27/2021 | | 18,762 | | | 14,075 | | | 41 | | Parkside at Laurel West Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 57,005 | | | 42,025 | | | 42 | | Willows at North End Owner LLC | | Spartanburg, SC | | 2/26/2021 | | 23,255 | | | 19,000 | | | 43 | | SPCP Edge CL Owner LLC | | Webster, TX | | 3/12/2021 | | 34,000 | | | 25,496 | | | 44 | | Jackson Pear Orchard LLC | | Ridgeland, MS | | 6/28/2021 | | 50,900 | | | 42,975 | | | 45 | | Jackson Lakeshore Landing LLC | | Ridgeland, MS | | 6/28/2021 | | 22,600 | | | 17,955 | | | 46 | | Jackson Reflection Pointe LLC | | Flowood, MS | | 6/28/2021 | | 45,100 | | | 33,203 | | | 47 | | Jackson Crosswinds LLC | | Pearl, MS | | 6/28/2021 | | 41,400 | | | 38,601 | | | 48 | | Elliot Apartments Norcross, LLC | | Norcross, GA | | 11/30/2021 | | 128,000 | | | 106,610 | | | 49 | | Orlando 442 Owner, LLC (West Vue Apartments) | | Orlando, FL | | 12/30/2021 | | 97,500 | | | 73,000 | | | 50 | | NPRC Wolfchase LLC | | Memphis, TN | | 3/18/2022 | | 82,100 | | | 60,000 | | | 51 | | NPRC Twin Oaks LLC | | Hattiesburg. MS | | 3/18/2022 | | 44,850 | | | 35,620 | | | 52 | | NPRC Lancaster LLC | | Birmingham, AL | | 3/18/2022 | | 37,550 | | | 29,227 | | | 53 | | NPRC Rutland LLC | | Macon, GA | | 3/18/2022 | | 29,750 | | | 23,938 | | | 54 | | Southport Owner LLC (Southport Crossing) | | Indianapolis, IN | | 3/29/2022 | | 48,100 | | | 36,075 | | | 55 | | TP Cheyenne, LLC | | Cheyenne, WY | | 5/26/2022 | | 27,500 | | | 17,656 | | | 56 | | TP Pueblo, LLC | | Pueblo, CO | | 5/26/2022 | | 31,500 | | | 20,166 | | | 57 | | TP Stillwater, LLC | | Stillwater, OK | | 5/26/2022 | | 26,100 | | | 15,328 | | | 58 | | TP Kokomo, LLC | | Kokomo, IN | | 5/26/2022 | | 20,500 | | | 12,753 | | | 59 | | Terraces at Perkins Rowe JV LLC | | Baton Rouge, LA | | 11/14/2022 | | 41,400 | | | 29,566 | | | 60 | | NPRC Apex Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 34,225 | | | 27,712 | | | 61 | | NPRC Parkton Holdings LLC | | Cincinnati, OH | | 1/19/2024 | | 45,775 | | | 37,090 | | | | | | | | | | $ | 2,629,676 | | | $ | 2,280,833 | |
Summarized financial information for InterDent is below:
| | | | | | | | | | | | | Balance Sheet (1) | June 30, 2025 | | June 30, 2024 | | Current assets | $ | 50,885 | | | $ | 49,766 | | | Non-current assets | 131,343 | | | 132,638 | | | Current liabilities | 76,752 | | | 74,041 | | | Non-current liabilities | 396,403 | | | 361,494 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the six months ended | | For the years ended December 31, | | Summary Statement of Operations (1) | | | | | | 6/30/2025 | | 2024 | | 2023 | | 2022 | | Total revenue | | | | | | $ | 164,314 | | | $ | 321,337 | | | $ | 320,763 | | | $ | 318,429 | | | Gross profit | | | | | | 26,379 | | | 44,753 | | | 52,022 | | | 59,010 | | | Net (loss) | | | | | | $ | (19,147) | | | $ | (38,044) | | | $ | (13,681) | | | $ | (3,540) | |
(1) The fiscal year end of the portfolio company is December 31st compared to PSEC’s June 30th fiscal year end. All amounts are unaudited.
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