| Schedule of Transactions with Affiliate Companies |
Transactions related to the Company’s investments with affiliates for the years ended December 31, 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
December 31, 2025 | | Non-Controlled affiliate company investments: | | | | | | | | | | | | | | | | | | | | American Community Homes, Inc. | | $ | 8,382 | | | $ | — | | | $ | — | | | $ | — | | | $ | 612 | | | $ | — | | | $ | — | | | $ | (451) | | | $ | 8,543 | | | American Community Homes, Inc. | | 4,125 | | | — | | | — | | | — | | | 301 | | | — | | | — | | | (223) | | | 4,203 | | | American Community Homes, Inc. | | 508 | | | — | | | — | | | — | | | 38 | | | — | | | — | | | (28) | | | 518 | | | American Community Homes, Inc. | | 1,868 | | | — | | | — | | | — | | | 137 | | | — | | | — | | | (100) | | | 1,905 | | | American Community Homes, Inc. | | 3,459 | | | — | | | — | | | — | | | 253 | | | — | | | — | | | (187) | | | 3,525 | | | American Community Homes, Inc. | | 16 | | | — | | | — | | | — | | | — | | | — | | | — | | | (1) | | | 15 | | | American Community Homes, Inc. | | 79 | | | — | | | — | | | — | | | 6 | | | — | | | — | | | (4) | | | 81 | | | American Community Homes, Inc. (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | American Community Homes, Inc. (4,940 shares of common stock) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 18,437 | | | — | | | — | | | — | | | 1,347 | | | — | | | — | | | (994) | | | 18,790 | | | | | | | | | | | | | | | | | | | | | Ascent Midco, LLC (2,032,258 Class A units) | | 1,760 | | | — | | | — | | | — | | | — | | | — | | | — | | | (58) | | | 1,702 | | | | 1,760 | | | — | | | — | | | — | | | — | | | — | | | — | | | (58) | | | 1,702 | | | | | | | | | | | | | | | | | | | | | Familia Dental Group Holdings, LLC (1,525 Class A units) | | 3,023 | | | — | | | — | | | — | | | — | | | — | | | — | | | (189) | | | 2,834 | | | | 3,023 | | | — | | | — | | | — | | | — | | | — | | | — | | | (189) | | | 2,834 | | | | | | | | | | | | | | | | | | | | | | HFZ Capital Group LLC | | 13,378 | | | — | | | — | | | — | | | — | | | — | | | — | | | (31) | | | 13,347 | | | HFZ Capital Group LLC | | 4,807 | | | — | | | — | | | — | | | — | | | — | | | — | | | (12) | | | 4,795 | | | MC Asset Management (Corporate), LLC | | 12,517 | | | — | | | — | | | — | | | 1,451 | | | — | | | — | | | — | | | 13,968 | | | MC Asset Management (Corporate), LLC | | 3,731 | | | — | | | — | | | — | | | 432 | | | — | | | — | | | — | | | 4,163 | | MC Asset Management (Corporate), LLC (15.9% of interests) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 34,433 | | | — | | | — | | | — | | | 1,883 | | | — | | | — | | | (43) | | | 36,273 | | | | | | | | | | | | | | | | | | | | | | 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 | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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
December 31, 2025 | | | | | | | | | | | | | | | | | | | | | NECB Collections, LLC (Revolver) | | $ | 422 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (4) | | | $ | 418 | | NECB Collections, LLC, LLC (20.8% of LLC units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 422 | | | — | | | — | | | — | | | — | | | — | | | — | | | (4) | | | 418 | | | | | | | | | | | | | | | | | | | | | | SFR Holdco, LLC | | 5,593 | | | — | | | — | | | — | | | — | | | — | | | — | | | 281 | | | 5,874 | | SFR Holdco, LLC (24.4% of equity commitment) | | 4,797 | | | — | | | — | | | — | | | — | | | — | | | — | | | 157 | | | 4,954 | | | | 10,390 | | | — | | | — | | | — | | | — | | | — | | | — | | | 438 | | | 10,828 | | | | | | | | | | | | | | | | | | | | | | SFR Holdco 2, LLC (Delayed Draw) | | 1,295 | | | — | | | 1,630 | | | — | | | — | | | — | | | — | | | (104) | | | 2,821 | | SFR Holdco 2, LLC (13.9% of equity commitment) | | 864 | | | — | | | 1,086 | | | — | | | — | | | — | | | — | | | 29 | | | 1,979 | | | | 2,159 | | | — | | | 2,716 | | | — | | | — | | | — | | | — | | | (75) | | | 4,800 | | | | | | | | | | | | | | | | | | | | | | TJ Management HoldCo, LLC (Revolver) | | — | | | — | | | 175 | | | (175) | | | — | | | — | | | — | | | — | | | — | | TJ Management HoldCo, LLC (16 shares of common stock) | | 3,076 | | | — | | | — | | | — | | | — | | | — | | | — | | | (201) | | | 2,875 | | | | 3,076 | | | — | | | 175 | | | (175) | | | — | | | — | | | — | | | (201) | | | 2,875 | | | Total non-controlled affiliate company investments | | $ | 80,483 | | | $ | — | | | $ | 3,179 | | | $ | (7,329) | | | $ | 3,313 | | | $ | — | | | $ | — | | | $ | (1,126) | | | $ | 78,520 | | | Controlled affiliate company investments: | | | | | | | | | | | | | | | | | | | | MRCC Senior Loan Fund I, LLC | | $ | 32,730 | | | $ | — | | | $ | — | | | $ | (28,895) | | | $ | — | | | $ | — | | | $ | (13,755) | | | $ | 9,920 | | | $ | — | | | | 32,730 | | | — | | | — | | | (28,895) | | | — | | | — | | | (13,755) | | | 9,920 | | | — | | | Total controlled affiliate company investments | | $ | 32,730 | | | $ | — | | | $ | — | | | $ | (28,895) | | | $ | — | | | $ | — | | | $ | (13,755) | | | $ | 9,920 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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
December 31, 2024 | | Non-Controlled affiliate company investments: | | | | | | | | | | | | | | | | | | | | American Community Homes, Inc. | | $ | 8,110 | | | $ | — | | | $ | — | | | $ | — | | | $ | 908 | | | $ | — | | | $ | — | | | $ | (636) | | | $ | 8,382 | | | American Community Homes, Inc. | | 3,990 | | | — | | | — | | | — | | | 446 | | | — | | | — | | | (311) | | | 4,125 | | | American Community Homes, Inc. | | 491 | | | — | | | — | | | — | | | 56 | | | — | | | — | | | (39) | | | 508 | | | American Community Homes, Inc. | | 1,808 | | | — | | | — | | | — | | | 203 | | | — | | | — | | | (143) | | | 1,868 | | | American Community Homes, Inc. | | 3,347 | | | — | | | — | | | — | | | 374 | | | — | | | — | | | (262) | | | 3,459 | | | American Community Homes, Inc. | | 16 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 16 | | | American Community Homes, Inc. | | 77 | | | — | | | — | | | — | | | 8 | | | — | | | — | | | (6) | | | 79 | | | American Community Homes, Inc. (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | American Community Homes, Inc. (4,940 shares of common stock) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 17,839 | | | — | | | — | | | — | | | 1,995 | | | — | | | — | | | (1,397) | | | 18,437 | | | | | | | | | | | | | | | | | | | | | Ascent Midco, LLC (2,032,258 Class A units) | | 1,932 | | | — | | | — | | | — | | | — | | | — | | | — | | | (172) | | | 1,760 | | | | 1,932 | | | — | | | — | | | — | | | — | | | — | | | — | | | (172) | | | 1,760 | | | | | | | | | | | | | | | | | | | | | Familia Dental Group Holdings, LLC (1,304 Class A units) | | 2,226 | | | — | | | 1,011 | | | — | | | — | | | — | | | — | | | (214) | | | 3,023 | | | | 2,226 | | | — | | | 1,011 | | | — | | | — | | | — | | | — | | | (214) | | | 3,023 | | | | | | | | | | | | | | | | | | | | | | HFZ Capital Group, LLC | | 17,233 | | | — | | | — | | | — | | | — | | | — | | | — | | | (3,855) | | | 13,378 | | | HFZ Capital Group, LLC | | 6,191 | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,384) | | | 4,807 | | | MC Asset Management (Corporate), LLC | | 10,237 | | | — | | | — | | | — | | | 2,280 | | | — | | | — | | | — | | | 12,517 | | | MC Asset Management (Corporate), LLC | | 3,051 | | | — | | | — | | | — | | | 680 | | | — | | | — | | | — | | | 3,731 | | MC Asset Management (Corporate), LLC (15.9% of interest) | | 1,045 | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,045) | | | — | | | | 37,757 | | | — | | | — | | | — | | | 2,960 | | | — | | | — | | | (6,284) | | | 34,433 | | | | | | | | | | | | | | | | | | | | | | Mnine Holdings, Inc. | | 6,187 | | | — | | | — | | | — | | | 326 | | | — | | | — | | | 79 | | | 6,592 | | | Mnine Holdings, Inc. | | 55 | | | — | | | — | | | — | | | 3 | | | — | | | — | | | — | | | 58 | | | Mnine Holdings, Inc. (Revolver) | | 658 | | | — | | | 170 | | | (703) | | | — | | | — | | | — | | | 8 | | | 133 | | Mnine Holdings, Inc. (6,400 Class B units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 6,900 | | | — | | | 170 | | | (703) | | | 329 | | | — | | | — | | | 87 | | | 6,783 | | | | | | | | | | | | | | | | | | | | | | NECB Collections, LLC (Revolver) | | 424 | | | — | | | — | | | — | | | — | | | — | | | — | | | (2) | | | 422 | | NECB Collections, LLC, LLC (20.8% of LLC units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 424 | | | — | | | — | | | — | | | — | | | — | | | — | | | (2) | | | 422 | | | | | | | | | | | | | | | | | | | | | Second Avenue SFR Holdings II LLC (Revolver) (2) | | 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
December 31, 2024 | | SFR Holdco, LLC | | $ | 5,539 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 54 | | | $ | 5,593 | | SFR Holdco, LLC (24.4% of equity commitments) | | 4,372 | | | — | | | — | | | — | | | — | | | — | | | — | | | 425 | | | 4,797 | | | | 9,911 | | | — | | | — | | | — | | | — | | | — | | | — | | | 479 | | | 10,390 | | | | | | | | | | | | | | | | | | | | | | SFR Holdco 2, LLC (Delayed Draw) | | — | | | — | | | 1,295 | | | — | | | — | | | — | | | — | | | — | | | 1,295 | | SFR Holdco 2, LLC (13.9% of equity commitment) | | — | | | — | | | 864 | | | — | | | — | | | — | | | — | | | — | | | 864 | | | | — | | | — | | | 2,159 | | | — | | | — | | | — | | | — | | | — | | | 2,159 | | | | | | | | | | | | | | | | | | | | | | TJ Management HoldCo, LLC (Revolver) | | — | | | — | | | 955 | | | (955) | | | — | | | — | | | — | | | — | | | — | | TJ Management HoldCo, LLC (16 shares of common stock) | | 3,229 | | | — | | | — | | | — | | | — | | | — | | | — | | | (153) | | | 3,076 | | | | 3,229 | | | — | | | 955 | | | (955) | | | — | | | — | | | — | | | (153) | | | 3,076 | | | Total non-controlled affiliate company investments | | $ | 83,541 | | | $ | — | | | $ | 4,295 | | | $ | (4,981) | | | $ | 5,284 | | | $ | — | | | $ | — | | | $ | (7,656) | | | $ | 80,483 | | | Controlled affiliate company investments: | | | | | | | | | | | | | | | | | | | | MRCC Senior Loan Fund I, LLC | | $ | 33,122 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (392) | | | $ | 32,730 | | | | 33,122 | | | — | | | — | | | — | | | — | | | — | | | — | | | (392) | | | 32,730 | | | Total controlled affiliate company investments | | $ | 33,122 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (392) | | | $ | 32,730 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | 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. | | $ | 611 | | | $ | — | | | $ | — | | | $ | 900 | | | $ | — | | | $ | — | | | American Community Homes, Inc. | | 301 | | | — | | | — | | | 442 | | | — | | | — | | | American Community Homes, Inc. | | 37 | | | — | | | — | | | 56 | | | — | | | — | | | American Community Homes, Inc. | | 137 | | | — | | | — | | | 200 | | | — | | | — | | | American Community Homes, Inc. | | 252 | | | — | | | — | | | 373 | | | — | | | — | | | American Community Homes, Inc. | | — | | | — | | | — | | | 3 | | | — | | | — | | | American Community Homes, Inc. | | 4 | | | — | | | — | | | 7 | | | — | | | — | | | American Community Homes, Inc. (Revolver) | | 7 | | | — | | | — | | | 1 | | | — | | | — | | American Community Homes, Inc. (Common Stock) | | — | | | — | | | — | | | — | | | — | | | — | | | | 1,349 | | | — | | | — | | | 1,982 | | | — | | | — | | | | | | | | | | | | | | | Ascent Midco, LLC (Class A units) | | — | | | 237 | | | — | | | — | | | 220 | | | — | | | | — | | | 237 | | | — | | | — | | | 220 | | | — | | | | | | | | | | | | | | | Familia Dental Group Holdings, LLC (Class A units) | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | HFZ Capital Group, LLC | | 1,075 | | | — | | | — | | | 2,409 | | | — | | | — | | | HFZ Capital Group, LLC | | 385 | | | — | | | — | | | 845 | | | — | | | — | | | MC Asset Management (Corporate), LLC | | 1,109 | | | — | | | — | | | 2,379 | | | — | | | — | | | MC Asset Management (Corporate), LLC (Delayed Draw) | | 330 | | | — | | | — | | | 710 | | | — | | | — | | MC Asset Management (Corporate), LLC (LLC interest) | | — | | | — | | | — | | | — | | | — | | | — | | | | 2,899 | | | — | | | — | | | 6,343 | | | — | | | — | | | | | | | | | | | | | | | | Mnine Holdings, Inc. | | — | | | — | | | — | | | 871 | | | — | | | 16 | | | Mnine Holdings, Inc. | | — | | | — | | | — | | | 7 | | | — | | | — | | | Mnine Holdings, Inc. (Revolver) | | — | | | — | | | — | | | 11 | | | — | | | 2 | | Mnine Holdings, Inc. (Class B units) | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | — | | | 889 | | | — | | | 18 | | | | | | | | | | | | | | | | NECB Collections, LLC (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | NECB Collections, LLC (LLC units) | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | Second Avenue SFR Holdings II LLC (Revolver) (1) | | n/a | | n/a | | n/a | | 330 | | | — | | | — | | | | n/a | | n/a | | n/a | | 330 | | | — | | | — | | | | | | | | | | | | | | | | SFR Holdco, LLC (Delayed Draw) | | 592 | | | — | | | — | | | 657 | | | — | | | — | | | SFR Holdco, LLC (Equity Commitment) | | — | | | — | | | — | | | — | | | — | | | — | | | | 592 | | | — | | | — | | | 657 | | | — | | | — | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | 2025 | | 2024 | | Portfolio Company | | Interest
Income | | Dividend
Income | | Other Income | | Interest
Income | | Dividend
Income | | Other Income | | SFR Holdco 2, LLC (Delayed Draw) | | $ | 176 | | | $ | — | | | $ | — | | | $ | 14 | | | $ | — | | | $ | — | | | SFR Holdco 2, LLC (Equity Commitment) | | — | | | — | | | — | | | — | | | — | | | — | | | | 176 | | | — | | | — | | | 14 | | | — | | | — | | | | | | | | | | | | | | | | TJ Management HoldCo LLC (Revolver) | | 10 | | | — | | | — | | | 32 | | | — | | | — | | TJ Management HoldCo LLC (Common Stock) | | — | | | — | | | — | | | — | | | — | | | — | | | | 10 | | | — | | | — | | | 32 | | | — | | | — | | | | | | | | | | | | | | | | Total non-controlled affiliate company investments | | $ | 5,026 | | | $ | 237 | | | $ | — | | | $ | 10,247 | | | $ | 220 | | | $ | 18 | | | | | | | | | | | | | | | | Controlled affiliate company investments: | | | | | | | | | | | | | | MRCC Senior Loan Fund I, LLC | | $ | — | | | $ | 1,600 | | | $ | — | | | $ | — | | | $ | 3,600 | | | $ | — | | | | — | | | 1,600 | | | — | | | — | | | 3,600 | | | — | | | Total controlled affiliate company investments | | $ | — | | | $ | 1,600 | | | $ | — | | | $ | — | | | $ | 3,600 | | | $ | — | |
_________________________________________(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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