| Schedule of Investments [Text Block] |
Consolidated Schedule of Investments (Unaudited)
March 31, 2026
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Non-Affiliate Investments — 189.2% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-Affiliate Debt Investments — 181.9% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-Affiliate Debt Investments — Life Science — 97.3% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Castle Creek Biosciences, Inc. (2)(12) | | Biotechnology | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 4.00 | % | March 1, 2028 | | $ | 10,000 | | | $ | 9,955 | | | $ | 9,955 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 4.00 | % | March 1, 2028 | | | 5,500 | | | | 5,475 | | | | 5,475 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 4.00 | % | March 1, 2028 | | | 5,000 | | | | 4,977 | | | | 4,977 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 4.00 | % | March 1, 2028 | | | 5,000 | | | | 4,977 | | | | 4,977 | |
| Emalex Biosciences, Inc. (2)(12) | | Biotechnology | | Term Loan | | | 11.47 | % | Prime | | | 4.72 | % | | | 9.75 | % | | | — | | | | 5.00 | % | May 1, 2026 | | | 417 | | | | 416 | | | | 416 | |
| KSQ Therapeutics, Inc. (2)(12) | | Biotechnology | | Term Loan | | | 10.75 | % | Prime | | | 3.75 | % | | | 10.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 4,000 | | | | 3,988 | | | | 3,988 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.75 | % | | | 10.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 4,000 | | | | 3,988 | | | | 3,988 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.75 | % | | | 10.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 4,000 | | | | 3,988 | | | | 3,988 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.75 | % | | | 10.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 4,000 | | | | 3,988 | | | | 3,988 | |
| Long Grove Pharmaceuticals, LLC (2)(12) | | Biotechnology | | Term Loan | | | 7.67 | %(11) | 1-month
SOFR | | | 4.00 | % | | | 6.00 | % | | | — | | | | — | | February 27, 2031 | | | 10,375 | | | | 10,168 | | | | 10,168 | |
| Pelthos Therapeutics, Inc. (2)(5)(12) | | Biotechnology | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 10.50 | % | | | — | | | | 5.00 | % | January 31, 2031 | | | 10,000 | | | | 9,785 | | | | 9,785 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 10.50 | % | | | — | | | | 5.00 | % | January 31, 2031 | | | 10,000 | | | | 9,785 | | | | 9,785 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 10.50 | % | | | — | | | | 5.00 | % | January 31, 2031 | | | 5,000 | | | | 4,893 | | | | 4,893 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 10.50 | % | | | — | | | | 5.00 | % | January 31, 2031 | | | 5,000 | | | | 4,893 | | | | 4,893 | |
| Provivi, Inc. (2)(12)(13) | | Biotechnology | | Term Loan | | | 12.11 | % | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.30 | % | January 1, 2027 | | | 1,822 | | | | 1,561 | | | | 886 | |
| | | | | Term Loan | | | 12.11 | % | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.30 | % | January 1, 2027 | | | 1,822 | | | | 1,561 | | | | 886 | |
| | | | | Term Loan | | | 12.11 | % | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.31 | % | January 1, 2027 | | | 911 | | | | 778 | | | | 442 | |
| | | | | Term Loan | | | 12.11 | % | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.31 | % | January 1, 2027 | | | 911 | | | | 777 | | | | 442 | |
| | | | | Term Loan | | | 12.11 | % | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.31 | % | January 1, 2027 | | | 911 | | | | 777 | | | | 441 | |
| | | | | Term Loan | | | 12.11 | % | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.31 | % | January 1, 2027 | | | 911 | | | | 777 | | | | 441 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments (Unaudited)
March 31, 2026
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Avive Solutions, Inc. (2)(12) | | Medical Device | | Term Loan | | | 9.75 | % | Prime | | | 3.00 | % | | | 9.50 | % | | | — | | | | 3.00 | % | April 1, 2031 | | | 5,000 | | | | 4,929 | | | | 4,929 | |
| | | | | Term Loan | | | 9.75 | % | Prime | | | 3.00 | % | | | 9.50 | % | | | — | | | | 3.00 | % | April 1, 2031 | | | 5,000 | | | | 4,929 | | | | 4,929 | |
| | | | | Term Loan | | | 9.75 | % | Prime | | | 3.00 | % | | | 9.50 | % | | | — | | | | 3.00 | % | April 1, 2031 | | | 2,500 | | | | 2,464 | | | | 2,464 | |
| | | | | Term Loan | | | 9.75 | % | Prime | | | 3.00 | % | | | 9.50 | % | | | — | | | | 3.00 | % | April 1, 2031 | | | 2,500 | | | | 2,464 | | | | 2,464 | |
| | | | | Term Loan | | | 9.75 | % | Prime | | | 3.00 | % | | | 9.50 | % | | | — | | | | 3.00 | % | April 1, 2031 | | | 2,500 | | | | 2,464 | | | | 2,464 | |
| | | | | Term Loan | | | 9.75 | % | Prime | | | 3.00 | % | | | 9.50 | % | | | — | | | | 3.00 | % | April 1, 2031 | | | 2,500 | | | | 2,464 | | | | 2,464 | |
| Ceribell, Inc. (2)(5)(12) | | Medical Device | | Term Loan | | | 9.50 | % | Prime | | | 2.75 | % | | | 9.25 | % | | | — | | | | 4.00 | % | March 1, 2029 | | | 5,000 | | | | 4,837 | | | | 4,837 | |
| | | | | Term Loan | | | 9.50 | % | Prime | | | 2.75 | % | | | 9.25 | % | | | — | | | | 4.00 | % | March 1, 2029 | | | 5,000 | | | | 4,957 | | | | 4,957 | |
| | | | | Term Loan | | | 9.50 | % | Prime | | | 2.75 | % | | | 9.25 | % | | | — | | | | 4.00 | % | March 1, 2029 | | | 4,000 | | | | 3,966 | | | | 3,966 | |
| Conventus Orthopaedics, Inc. (2)(12) | | Medical Device | | Term Loan | | | 13.07 | % | Prime | | | 6.32 | % | | | 10.75 | % | | | — | | | | 10.88 | % | July 1, 2026 | | | 2,801 | | | | 2,793 | | | | 2,793 | |
| | | | | Term Loan | | | 13.07 | % | Prime | | | 6.32 | % | | | 10.75 | % | | | — | | | | 10.88 | % | July 1, 2026 | | | 2,801 | | | | 2,793 | | | | 2,793 | |
| Hyperfine, Inc. (2)(5)(12) | | Medical Device | | Term Loan | | | 11.00 | % | Prime | | | 4.25 | % | | | 10.75 | % | | | — | | | | 5.00 | % | March 18, 2031 | | | 5,000 | | | | 4,611 | | | | 4,611 | |
| | | | | Term Loan | | | 11.00 | % | Prime | | | 4.25 | % | | | 10.75 | % | | | — | | | | 5.00 | % | March 18, 2031 | | | 5,000 | | | | 4,909 | | | | 4,909 | |
| | | | | Term Loan | | | 11.00 | % | Prime | | | 4.25 | % | | | 10.75 | % | | | — | | | | 5.00 | % | March 18, 2031 | | | 5,000 | | | | 4,909 | | | | 4,909 | |
| Infobionic, Inc. (2)(12) | | Medical Device | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 2.00 | % | September 1, 2029 | | | 5,000 | | | | 4,941 | | | | 4,941 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 2.00 | % | September 1, 2029 | | | 5,000 | | | | 4,941 | | | | 4,941 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 2.00 | % | September 1, 2029 | | | 5,000 | | | | 4,941 | | | | 4,941 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 4.00 | % | September 1, 2029 | | | 2,500 | | | | 2,384 | | | | 2,384 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 4.00 | % | September 1, 2029 | | | 2,500 | | | | 2,434 | | | | 2,434 | |
| Mobia Medical, Inc. fka Microtransponder, Inc. (2)(12) | | Medical Device | | Term Loan | | | 12.25 | % | Prime | | | 3.75 | % | | | 12.25 | % | | | — | | | | 3.50 | % | January 1, 2029 | | | 3,750 | | | | 3,714 | | | | 3,714 | |
| | | | | Term Loan | | | 12.25 | % | Prime | | | 3.75 | % | | | 12.25 | % | | | — | | | | 3.50 | % | January 1, 2029 | | | 3,750 | | | | 3,714 | | | | 3,714 | |
| MML US, Inc. (2)(12) | | Medical Device | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 2,584 | | | | 2,464 | | | | 2,464 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 2,584 | | | | 2,564 | | | | 2,564 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 5,168 | | | | 5,127 | | | | 5,127 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 5,168 | | | | 5,127 | | | | 5,127 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 5,129 | | | | 5,087 | | | | 5,087 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 5,129 | | | | 5,087 | | | | 5,087 | |
| Onkos Surgical, Inc. (2)(12) | | Medical Device | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 10,000 | | | | 9,882 | | | | 9,882 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 10,000 | | | | 9,882 | | | | 9,882 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 5,000 | | | | 4,941 | | | | 4,941 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 5,000 | | | | 4,941 | | | | 4,941 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | October 1, 2030 | | | 5,000 | | | | 4,930 | | | | 4,930 | |
| Ossio, Inc. (2)(12) | | Medical Device | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.25 | % | | | 3.25 | % | | | — | | | | 3.00 | % | January 20, 2031 | | | 12,549 | | | | 12,365 | | | | 12,365 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.25 | % | | | 3.25 | % | | | — | | | | 3.00 | % | January 20, 2031 | | | 7,530 | | | | 7,420 | | | | 7,420 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.25 | % | | | 3.25 | % | | | — | | | | 3.00 | % | January 20, 2031 | | | 2,501 | | | | 2,463 | | | | 2,463 | |
| Scientia Vascular, Inc. (2)(12) | | Medical Device | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 10,000 | | | | 9,895 | | | | 9,895 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 10,000 | | | | 9,895 | | | | 9,895 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 5,000 | | | | 4,948 | | | | 4,948 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 1,500 | | | | 1,484 | | | | 1,484 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 3,500 | | | | 3,460 | | | | 3,460 | |
| Sonex Health, Inc. (2)(12) | | Medical Device | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 10,000 | | | | 9,749 | | | | 9,749 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 10,000 | | | | 9,849 | | | | 9,849 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 3,750 | | | | 3,693 | | | | 3,693 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 3,750 | | | | 3,693 | | | | 3,693 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 2,500 | | | | 2,462 | | | | 2,462 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 2,500 | | | | 2,462 | | | | 2,462 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments (Unaudited)
March 31, 2026
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Spineology, Inc. (2)(12) | | Medical Device | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 1.00 | % | August 1, 2029 | | | 5,000 | | | | 4,942 | | | | 4,942 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 1.00 | % | August 1, 2029 | | | 4,250 | | | | 4,200 | | | | 4,200 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 1.00 | % | August 1, 2029 | | | 4,250 | | | | 4,200 | | | | 4,200 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 1.00 | % | August 1, 2029 | | | 2,500 | | | | 2,471 | | | | 2,471 | |
| Total Non-Affiliate Debt Investments — Life Science | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 327,748 | | | | 325,055 | |
| Non-Affiliate Debt Investments — Sustainability — 1.5% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SparkCharge, Inc. (2)(12) | | Alternative Energy | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 5.00 | % | May 1, 2029 | | | 2,500 | | | | 2,401 | | | | 2,401 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 5.00 | % | May 1, 2029 | | | 2,500 | | | | 2,473 | | | | 2,473 | |
| Total Non-Affiliate Debt Investments — Sustainability | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,874 | | | | 4,874 | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Non-Affiliate Debt Investments — Technology — 59.7% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Havenly, Inc. (2)(12) | | Consumer-related Technologies | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 5.00 | % | | | — | | | | 16.79 | % | March 1, 2027 | | | 1,111 | | | | 1,016 | | | | 1,016 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 5.00 | % | | | — | | | | 16.79 | % | March 1, 2027 | | | 1,667 | | | | 1,533 | | | | 1,533 | |
| | | | | Term Loan (17) | | | 10.50 | % | Prime | | | 3.50 | % | | | 10.50 | % | | | — | | | | 12.56 | % | February 1, 2028 | | | 3,375 | | | | 1,915 | | | | 3,374 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.50 | % | | | 10.50 | % | | | — | | | | 12.56 | % | February 1, 2028 | | | 2,813 | | | | 2,809 | | | | 2,809 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.50 | % | | | 10.50 | % | | | — | | | | 12.56 | % | February 1, 2028 | | | 2,813 | | | | 2,809 | | | | 2,809 | |
| Lyrical Foods, Inc. (2)(12) | | Consumer-related Technologies | | Term Loan | | | 10.25 | % | Prime | | | 3.50 | % | | | 9.00 | % | | | — | | | | 5.00 | % | July 1, 2028 | | | 2,679 | | | | 2,771 | | | | 2,441 | |
| | | | | Term Loan (17) | | | 10.25 | % | Prime | | | 3.50 | % | | | 9.00 | % | | | — | | | | 5.00 | % | July 1, 2028 | | | 2,679 | | | | 1,286 | | | | 2,361 | |
| Apkudo, Inc. (2)(12) | | Software | | Term Loan | | | 11.25 | % | Prime | | | 4.25 | % | | | 11.25 | % | | | — | | | | 3.00 | % | October 1, 2029 | | | 5,000 | | | | 4,914 | | | | 4,914 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 4.25 | % | | | 11.25 | % | | | — | | | | 3.00 | % | October 1, 2029 | | | 5,000 | | | | 4,914 | | | | 4,914 | |
| BriteCore Holdings, Inc. (2)(12) | | Software | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 10.25 | % | | | — | | | | 3.00 | % | January 1, 2031 | | | 10,000 | | | | 9,837 | | | | 9,837 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 10.25 | % | | | — | | | | 3.00 | % | January 1, 2031 | | | 7,500 | | | | 7,415 | | | | 7,415 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 10.25 | % | | | — | | | | 3.00 | % | January 1, 2031 | | | 2,500 | | | | 2,472 | | | | 2,472 | |
| Crafty Holdings, Inc. (2)(12) | | Software | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 5,000 | | | | 4,919 | | | | 4,919 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 5,000 | | | | 4,938 | | | | 4,938 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 5,000 | | | | 4,938 | | | | 4,938 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 2,000 | | | | 1,972 | | | | 1,972 | |
| Dropoff, Inc. (2)(12) | | Software | | Term Loan (17) | | | 13.25 | % | Prime | | | 6.50 | % | | | 9.75 | % | | | — | | | | 3.50 | % | June 1, 2026 | | | 7,850 | | | | 2,450 | | | | 4,421 | |
| | | | | Term Loan | | | 13.25 | % | Prime | | | 6.50 | % | | | 9.75 | % | | | — | | | | 3.50 | % | June 1, 2026 | | | 6,804 | | | | 6,795 | | | | 3,826 | |
| | | | | Term Loan | | | 13.25 | % | Prime | | | 6.50 | % | | | 9.75 | % | | | — | | | | 3.50 | % | June 1, 2026 | | | 6,280 | | | | 6,272 | | | | 3,531 | |
| | | | | Term Loan | | | 13.25 | % | Prime | | | 6.50 | % | | | 9.75 | % | | | — | | | | 3.50 | % | June 1, 2026 | | | 2,617 | | | | 2,616 | | | | 1,473 | |
| HappyCo, Inc. (2)(12) | | Software | | Term Loan | | | 11.13 | % | Prime | | | 3.75 | % | | | 11.00 | % | | | — | | | | 2.75 | % | February 1, 2030 | | | 3,000 | | | | 2,972 | | | | 2,972 | |
| | | | | Term Loan | | | 11.13 | % | Prime | | | 3.75 | % | | | 11.00 | % | | | — | | | | 2.75 | % | February 1, 2030 | | | 3,000 | | | | 2,972 | | | | 2,972 | |
| | | | | Term Loan | | | 11.13 | % | Prime | | | 3.75 | % | | | 11.00 | % | | | — | | | | 2.75 | % | February 1, 2030 | | | 2,000 | | | | 1,980 | | | | 1,980 | |
| | | | | Term Loan | | | 11.13 | % | Prime | | | 3.75 | % | | | 11.00 | % | | | — | | | | 2.75 | % | February 1, 2030 | | | 2,000 | | | | 1,977 | | | | 1,977 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments (Unaudited)
March 31, 2026
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Kodiak Robotics, Inc. (2)(12) | | Software | | Term Loan | | | 10.25 | % | Prime | | | 3.50 | % | | | 10.00 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 15,000 | | | | 14,625 | | | | 14,625 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 3.50 | % | | | 10.00 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 7,500 | | | | 7,312 | | | | 7,312 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 3.50 | % | | | 10.00 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 7,500 | | | | 7,312 | | | | 7,312 | |
| MasteryPrep, LLC (2)(12) | | Software | | Term Loan | | | 11.50 | % | Prime | | | 4.00 | % | | | 11.50 | % | | | — | | | | 3.75 | % | July 1, 2029 | | | 7,500 | | | | 7,387 | | | | 7,387 | |
| | | | | Term Loan | | | 11.50 | % | Prime | | | 4.00 | % | | | 11.50 | % | | | — | | | | 3.75 | % | July 1, 2029 | | | 7,500 | | | | 7,437 | | | | 7,437 | |
| Mirantis, Inc. (2)(12) | | Software | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2028 | | | 4,306 | | | | 4,270 | | | | 4,270 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2028 | | | 4,306 | | | | 4,270 | | | | 4,270 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2028 | | | 4,306 | | | | 4,270 | | | | 4,270 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2028 | | | 4,306 | | | | 4,270 | | | | 4,270 | |
| Samba TV, Inc. (2)(12) | | Software | | Term Loan | | | 10.25 | %(11) | Prime | | | 3.50 | % | | | 3.50 | % | | | — | | | | 4.00 | % | December 1, 2030 | | | 10,039 | | | | 9,823 | | | | 9,823 | |
| | | | | Term Loan | | | 10.25 | %(11) | Prime | | | 3.50 | % | | | 3.50 | % | | | — | | | | 4.00 | % | December 1, 2030 | | | 7,529 | | | | 7,424 | | | | 7,424 | |
| | | | | Term Loan | | | 10.25 | %(11) | Prime | | | 3.50 | % | | | 3.50 | % | | | — | | | | 4.00 | % | December 1, 2030 | | | 5,019 | | | | 4,949 | | | | 4,949 | |
| | | | | Term Loan | | | 10.25 | %(11) | Prime | | | 3.50 | % | | | 3.50 | % | | | — | | | | 4.00 | % | December 1, 2030 | | | 2,510 | | | | 2,475 | | | | 2,475 | |
| Supply Network Visibility Holdings LLC (2)(12) | | Software | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | June 1, 2028 | | | 2,500 | | | | 2,496 | | | | 2,254 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | June 1, 2028 | | | 3,500 | | | | 3,495 | | | | 3,156 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | June 1, 2028 | | | 2,500 | | | | 2,496 | | | | 2,254 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | June 1, 2028 | | | 1,500 | | | | 1,498 | | | | 1,353 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | July 1, 2029 | | | 5,000 | | | | 4,988 | | | | 4,505 | |
| Ursa Space Systems, Inc. (2)(12) | | Software | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 3.00 | % | November 1, 2028 | | | 2,348 | | | | 2,314 | | | | 2,314 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 3.00 | % | November 1, 2028 | | | 2,348 | | | | 2,314 | | | | 2,314 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 3.00 | % | November 1, 2028 | | | 2,348 | | | | 2,301 | | | | 2,301 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 3.00 | % | November 1, 2028 | | | 2,348 | | | | 2,301 | | | | 2,301 | |
| Viken Detection Corporation (2)(12) | | Software | | Term Loan | | | 11.75 | % | Prime | | | 4.00 | % | | | 11.75 | % | | | — | | | | 3.50 | % | June 1, 2027 | | | 2,500 | | | | 2,487 | | | | 2,487 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 4.00 | % | | | 11.75 | % | | | — | | | | 3.50 | % | June 1, 2027 | | | 1,250 | | | | 1,244 | | | | 1,244 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 4.00 | % | | | 11.75 | % | | | — | | | | 3.50 | % | June 1, 2027 | | | 1,250 | | | | 1,244 | | | | 1,244 | |
| Total Non-Affiliate Debt Investments — Technology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 203,494 | | | | 199,365 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments (Unaudited)
March 31, 2026
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Non-Affiliate Debt Investments — Healthcare information and services — 23.4% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BrightInsight, Inc. (2)(12) | | Software | | Term Loan (17) | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 5,500 | | | | 2,905 | | | | 4,400 | |
| | | | | Term Loan | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 6,417 | | | | 6,403 | | | | 5,123 | |
| | | | | Term Loan | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 3,208 | | | | 3,202 | | | | 2,561 | |
| | | | | Term Loan | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 3,208 | | | | 3,202 | | | | 2,561 | |
| | | | | Term Loan | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 2,750 | | | | 2,734 | | | | 2,188 | |
| | | | | Term Loan (17) | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 2,250 | | | | 1,277 | | | | 1,800 | |
| Elligo Health Research, Inc. (2)(12) | | Software | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2027 | | | 10,000 | | | | 9,948 | | | | 9,948 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2027 | | | 5,000 | | | | 4,974 | | | | 4,974 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2027 | | | 5,000 | | | | 4,974 | | | | 4,974 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2027 | | | 5,000 | | | | 4,974 | | | | 4,974 | |
| GT Medical Technologies, Inc. (2)(12) | | Other Healthcare Services | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 4.00 | % | October 1, 2029 | | | 3,750 | | | | 3,657 | | | | 3,657 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 4.00 | % | October 1, 2029 | | | 3,750 | | | | 3,707 | | | | 3,707 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 4.00 | % | October 1, 2029 | | | 7,500 | | | | 7,414 | | | | 7,414 | |
| Hometeam Technologies, Inc. (2)(12)(13) | | Other Healthcare Services | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,781 | | | | 3,958 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,781 | | | | 3,958 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,731 | | | | 3,917 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,781 | | | | 3,958 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,781 | | | | 3,958 | |
| Total Non-Affiliate Debt Investments — Healthcare information and services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 83,226 | | | | 78,030 | |
| Total Non- Affiliate Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 619,342 | | | $ | 607,324 | |
| | | | | | | | | | | Cost of | | | Fair | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Number of Shares | | | Investments (6)(9) | | | Value (9) | |
| Non-Affiliate Warrant Investments — 5.0% (8) | | | | | | | | | | | | | | | | |
| Non-Affiliate Warrants — Life Science — 2.1% (8) | | | | | | | | | | | | | | | | |
| Avalo Therapeutics, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 149 | | | $ | 311 | | | $ | — | |
| BioVaxys Technology Corp. (5)(12) | | Biotechnology | | Common Stock Warrant | | | 400,000 | | | | 5 | | | | — | |
| Castle Creek Biosciences, Inc. (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 13,821 | | | | 372 | | | | 177 | |
| Emalex Biosciences, Inc. (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 110,402 | | | | 176 | | | | 410 | |
| Imunon, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 19,671 | | | | 65 | | | | — | |
| KSQ Therapeutics, Inc. (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 134,614 | | | | 138 | | | | 74 | |
| Mustang Bio, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 568 | | | | 146 | | | | — | |
| Native Microbials, Inc (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 178,631 | | | | 93 | | | | 4 | |
| PDS Biotechnology Corporation (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 381,625 | | | | 161 | | | | — | |
| Pelthos Therapeutics, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 65,488 | | | | 369 | | | | 201 | |
| Provivi, Inc. (2)(12) | | Biotechnology | | Common Stock Warrant | | | 175,098 | | | | 278 | | | | — | |
| Provivi, Inc. (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 709,980 | | | | 312 | | | | — | |
| Stealth Biotherapeutics Inc. (2)(12) | | Biotechnology | | Common Stock Warrant | | | 454,544 | | | | 266 | | | | 6 | |
| Xeris Pharmaceuticals, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 126,000 | | | | 73 | | | | 434 | |
| Aerin Medical, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 1,818,183 | | | | 66 | | | | 1,335 | |
| Avive Solutions, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 1,434,720 | | | | 86 | | | | 86 | |
| Canary Medical Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 12,153 | | | | 86 | | | | — | |
| Ceribell, Inc. (2)(5)(12) | | Medical Device | | Common Stock Warrant | | | 89,903 | | | | 147 | | | | 892 | |
| Cognoa, Inc. (2)(12) | | Medical Device | | Common Stock Warrant | | | 61,170 | | | | — | | | | 4 | |
| Cognoa, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 7,152,669 | | | | 162 | | | | 2 | |
| Conventus Orthopaedics, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 13,203,395 | | | | 268 | | | | — | |
| CSA Medical, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 4,939,813 | | | | 174 | | | | 468 | |
| CVRx, Inc. (2)(5)(12) | | Medical Device | | Common Stock Warrant | | | 47,410 | | | | 76 | | | | 62 | |
| Hyperfine, Inc. (2)(5)(12) | | Medical Device | | Common Stock Warrant | | | 562,500 | | | | 173 | | | | 102 | |
| Infobionic, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 8,488,456 | | | | 361 | | | | 709 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments (Unaudited)
March 31, 2026
(Dollars in thousands)
| | | | | | | | | | | Cost of | | | Fair | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Number of Shares | | | Investments (6)(9) | | | Value (9) | |
| Magnolia Medical Technologies, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 900,043 | | | | 194 | | | | 325 | |
| Meditrina, Inc. (12) | | Medical Device | | Preferred Stock Warrant | | | 233,993 | | | | 83 | | | | 96 | |
| Mobia Medical, Inc. fka Microtransponder, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 103,172 | | | | 47 | | | | 89 | |
| Onkos Surgical, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 443,674 | | | | 192 | | | | 203 | |
| Ossio, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 34,066 | | | | 116 | | | | 116 | |
| Scientia Vascular, Inc (2)(12) | | Medical Device | | Common Stock Warrant | | | 24,000 | | | | 60 | | | | 101 | |
| Scientia Vascular, Inc (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 49,157 | | | | 206 | | | | 734 | |
| Sonex Health, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 5,592,571 | | | | 443 | | | | 197 | |
| Spineology, Inc. (2)(12) | | Medical Device | | Common Stock Warrant | | | 27,139 | | | | 65 | | | | 1 | |
| Spineology, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 45,101 | | | | 109 | | | | 16 | |
| VERO Biotech LLC (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 3,701 | | | | 379 | | | | 113 | |
| Total Non-Affiliate Warrants — Life Science | | | | | | | 6,258 | | | | 6,957 | |
| Non-Affiliate Warrants — Sustainability — 0.0% (8) | | | | | | | | | | | | |
| SparkCharge, Inc. (2)(12) | | Alternative Energy | | Preferred Stock Warrant | | | 2,264,151 | | | | 45 | | | | 37 | |
| Pivot Bio, Inc. (2)(12) | | Energy Efficiency | | Preferred Stock Warrant | | | 210,418 | | | | 14 | | | | 2 | |
| LiquiGlide, Inc. (2)(12) | | Other Sustainability | | Preferred Stock Warrant | | | 122,717 | | | | 53 | | | | 47 | |
| Temperpack Technologies, Inc. (2)(12) | | Other Sustainability | | Preferred Stock Warrant | | | 66,605 | | | | 185 | | | | 28 | |
| Total Non-Affiliate Warrants — Sustainability | | | | | | | 297 | | | | 114 | |
| Non-Affiliate Warrants — Technology — 2.8% (8) | | | | | | | | | | | | |
| Axiom Space Holdings, Inc. (2)(12) | | Communications | | Common Stock Warrant | | | 2,654 | | | | 50 | | | | 38 | |
| Intelepeer Holdings, Inc. (2)(12) | | Communications | | Preferred Stock Warrant | | | 2,936,535 | | | | 138 | | | | 2,737 | |
| Alula Holdings, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 20,000 | | | | 93 | | | | 7 | |
| CAMP NYC, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 224,712 | | | | 57 | | | | 77 | |
| Clara Foods Co. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 46,745 | | | | 30 | | | | 42 | |
| Divergent Technologies, Inc. (2)(12) | | Consumer-related Technologies | | Common Stock Warrant | | | 13,068 | | | | 80 | | | | 59 | |
| Divergent Technologies, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 71,014 | | | | 538 | | | | 771 | |
| Havenly, Inc. (2)(12) | | Consumer-related Technologies | | Common Stock Warrant | | | 1,633,929 | | | | 3,463 | | | | 3,510 | |
| MyForest Foods Co. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 500 | | | | 41 | | | | 48 | |
| Primary Kids, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 553,778 | | | | 57 | | | | 65 | |
| Quip NYC Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 10,833 | | | | 325 | | | | — | |
| Updater, Inc.(2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 108,333 | | | | 34 | | | | — | |
| CPG Beyond, Inc. (2)(12) | | Data Storage | | Preferred Stock Warrant | | | 500,000 | | | | 242 | | | | 44 | |
| Silk, Inc. (2)(12) | | Data Storage | | Preferred Stock Warrant | | | 394,110 | | | | 175 | | | | 177 | |
| Global Worldwide LLC (2)(12) | | Internet and Media | | Preferred Stock Warrant | | | 245,810 | | | | 75 | | | | — | |
| Rocket Lawyer Incorporated (2)(12) | | Internet and Media | | Preferred Stock Warrant | | | 261,721 | | | | 92 | | | | 67 | |
| Skillshare, Inc. (2)(12) | | Internet and Media | | Preferred Stock Warrant | | | 139,316 | | | | 162 | | | | — | |
| Liqid, Inc. (2)(12) | | Networking | | Common Stock Warrant | | | 344,102 | | | | 364 | | | | — | |
| Apkudo, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 31,848 | | | | 97 | | | | 46 | |
| BriteCore Holdings, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 194,570 | | | | 137 | | | | 451 | |
| Crafty Holdings, Inc. (2)(12) | | Software | | Common Stock Warrant | | | 260,972 | | | | 138 | | | | 178 | |
| Dropoff, Inc. (2)(12) | | Software | | Common Stock Warrant | | | 723,228 | | | | 455 | | | | — | |
| HappyCo, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 96,228 | | | | 26 | | | | 20 | |
| Everstream Holdings, LLC (2)(12) | | Software | | Preferred Stock Warrant | | | 525,000 | | | | 82 | | | | — | |
| Lemongrass Holdings, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 202,616 | | | | 57 | | | | 87 | |
| Mirantis, Inc. (2)(12) | | Software | | Common Stock Warrant | | | 948,275 | | | | 223 | | | | 425 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments (Unaudited)
March 31, 2026
(Dollars in thousands)
| | | | | | | | | | | Cost of | | | Fair | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Number of Shares | | | Investments (6)(9) | | | Value (9) | |
| Noodle Partners, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 84,037 | | | | 116 | | | | — | |
| OneNetworks, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 184,646 | | | | 3 | | | | 2 | |
| Revinate Holdings, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 682,034 | | | | 44 | | | | 86 | |
| SIGNiX, Inc. (12) | | Software | | Preferred Stock Warrant | | | 186,235 | | | | 177 | | | | — | |
| Slingshot Aerospace, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 309,208 | | | | 123 | | | | 45 | |
| Supply Network Visibility Holdings LLC (2)(12) | | Software | | Preferred Stock Warrant | | | 682 | | | | 64 | | | | — | |
| Topia Mobility, Inc. (2)(12) | | Software | | Common Stock Warrant | | | 30,496 | | | | 138 | | | | — | |
| Ursa Space Systems, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 1,075,072 | | | | 151 | | | | 144 | |
| Viken Detection Corporation (2)(12) | | Software | | Preferred Stock Warrant | | | 345,443 | | | | 120 | | | | 316 | |
| Total Non-Affiliate Warrants — Technology | | | | | | | 8,167 | | | | 9,442 | |
| Non-Affiliate Warrants — Healthcare information and services — 0.1% (8) | | | | | | | | | | | | | | | | |
| GT Medical Technologies, Inc. (2)(12) | | Other Healthcare | | Preferred Stock Warrant | | | 326,640 | | | | 144 | | | | 72 | |
| BrightInsight, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 232,871 | | | | 168 | | | | — | |
| Elligo Health Research, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 652,250 | | | | 191 | | | | — | |
| SafelyYou, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 206,983 | | | | 163 | | | | 100 | |
| Total Non-Affiliate Warrants — Healthcare information and services | | | | | | | 666 | | | | 172 | |
| Total Non-Affiliate Warrants | | | | | | $ | 15,388 | | | $ | 16,685 | |
| Non-Affiliate Other Investments — 0.7% (8) | | | | | | | | | | | | | | | | |
| Non-Affiliate Other Investments — Life Science — 0.7% (8) | | | | | | | | | | | | | | | | |
| BioVaxys Technology Corp. (5)(12) | | Biotechnology | | Royalty Agreement | | | | | | $ | 5,073 | | | $ | — | |
| Aerobiotix, LLC (12) | | Medical Device | | Royalty Agreement | | | | | | | 1,372 | | | | 1,827 | |
| Lumithera, Inc. (12) | | Medical Device | | Royalty Agreement | | | | | | | 1,083 | | | | 351 | |
| Robin Healthcare, Inc. (2)(12) | | Medical Device | | Royalty Agreement | | | | | | | 7,330 | | | | — | |
| Total Non-Affiliate Other Investments — Life Science | | | | | | | 14,858 | | | | 2,178 | |
| Non-Affiliate Other Investments — Technology — 0.0% (8) | | | | | | | | | | | | | | | | |
| Better Place Forests Co. (12)(16) | | Consumer-related Technologies | | Other Investment | | | | | | | 10,149 | | | | — | |
| Total Non-Affiliate Other Investments — Technology | | | | | | | 10,149 | | | | — | |
| Total Non-Affiliate Other Investments | | | | | | $ | 25,007 | | | $ | 2,178 | |
| Non-Affiliate Equity — 1.6% (8) | | | | | | | | | | | | | | | | |
| BioVaxys Technology Corp. (5)(12) | | Biotechnology | | Common Stock | | | 66,170 | | | $ | 14 | | | $ | 5 | |
| Cadrenal Therapeutics, Inc. (5) | | Biotechnology | | Common Stock | | | 40,000 | | | | — | | | | 204 | |
| Castle Creek Biosciences, Inc. (12) | | Biotechnology | | Common Stock | | | 1,162 | | | | 250 | | | | 217 | |
| Emalex Biosciences, Inc. (12) | | Biotechnology | | Preferred Stock | | | 47,461 | | | | 545 | | | | 656 | |
| Axiom Space Holdings, Inc. (12) | | Communications | | Preferred Stock | | | 1,810 | | | | 261 | | | | 306 | |
| PebblePost, Inc. (2)(12) | | Communications | | Preferred Stock | | | 56,212 | | | | 73 | | | | 73 | |
| SnagAJob.com, Inc. (12) | | Consumer-related Technologies | | Common Stock | | | 82,974 | | | | 9 | | | | — | |
| Cognoa, Inc. (2)(12) | | Medical Device | | Common Stock | | | 16,247,754 | | | | 976 | | | | 975 | |
| Cognoa, Inc. (2)(12) | | Medical Device | | Preferred Stock | | | 2,119,272 | | | | 500 | | | | 500 | |
| Tigo Energy, Inc. (5) | | Other Sustainability | | Common Stock | | | 5,205 | | | | 111 | | | | 21 | |
| Decisyon, Inc. (12) | | Software | | Preferred Stock | | | 280,000 | | | | 2,800 | | | | — | |
| Kodiak Robotics, Inc. (2)(5) | | Software | | Common Stock | | | 338,798 | | | | 3,100 | | | | 2,351 | |
| Total Non-Affiliate Equity | | | | | | $ | 8,639 | | | $ | 5,308 | |
| Total Non-Affiliate Portfolio Investment Assets | | | | | | $ | 668,376 | | | $ | 631,495 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments (Unaudited)
March 31, 2026
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Non-Controlled Affiliate Investments — 19.2% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-Controlled Affiliate Debt Investments — 11.5% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Hound Labs II, LLC (12) | | Diagnostics | | Term Loan | | | 12.75 | % (11) | Prime | | | 6.00 | % | | | 9.25 | % | | | — | | | | — | | July 1, 2027 | | $ | 7,008 | | | $ | 7,008 | | | $ | 6,809 | |
| NextCar Holding Company, Inc. (12)(14) | | Consumer-related Technologies | | Term Loan | | | 10.00 | % | Fixed | | | 0.00 | % | | | 0.00 | % | | | — | | | | — | | March 31, 2026 | | | 2,024 | | | | 2,024 | | | | 1,005 | |
| Nexii, Inc. (12) | | Other Sustainability | | Term Loan | | | 10.00 | % | Fixed | | | 0.00 | % | | | 0.00 | % | | | — | | | | — | | July 1, 2027 | | | 790 | | | | 830 | | | | — | |
| | | | | Term Loan (17) | | | 10.00 | % | Fixed | | | 0.00 | % | | | 0.00 | % | | | — | | | | — | | July 1, 2027 | | | 304 | | | | 172 | | | | — | |
| Shengrow, Inc. aka Soli Organic, Inc. (2)(12) | | Other Sustainability | | Term Loan (17) | | | 11.75 | % (11) | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 5,402 | | | | 583 | | | | 5,402 | |
| | | | | Term Loan | | | 11.75 | % (11) | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 3,601 | | | | 3,557 | | | | 3,557 | |
| | | | | Term Loan | | | 11.75 | % (11) | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 1,801 | | | | 1,778 | | | | 1,778 | |
| | | | | Term Loan | | | 11.75 | % (11) | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 3,601 | | | | 3,556 | | | | 3,556 | |
| | | | | Term Loan | | | 11.75 | % (11) | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 1,801 | | | | 1,778 | | | | 1,778 | |
| | | | | Term Loan | | | 11.75 | % (11) | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 3,601 | | | | 3,554 | | | | 3,554 | |
| | | | | Term Loan | | | 11.75 | % (11) | Prime | | | 5.00 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 1,801 | | | | 1,777 | | | | 1,777 | |
| | | | | Revolver | | | 11.75 | % | Prime | | | 5.00 | % | | | 9.75 | % | | | — | | | | — | | November 26, 2026 | | | 5,000 | | | | 5,000 | | | | 5,000 | |
| | | | | Revolver | | | 11.75 | % | Prime | | | 5.00 | % | | | 9.75 | % | | | — | | | | — | | November 26, 2026 | | | 5,000 | | | | 4,089 | | | | 4,089 | |
| Total Non-Controlled Affiliate Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 35,706 | | | | 38,305 | |
| | | | | | | | | | | Cost of | | | Fair | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Number of Shares | | | Investments (6)(9) | | | Value (9) | |
| Non-Controlled Affiliate Other Investments — 0.4% (8) | | | | | | | | | | | | | | | | |
| Evelo Holdings, Inc. (2)(5)(12)(15) | | Biotechnology | | Other Investment | | | | | | | 20,092 | | | | 1,486 | |
| Total Non-Controlled Affiliate Other Investments | | | | | | | 20,092 | | | | 1,486 | |
| Non-controlled Affiliate Equity — 7.3% (8) | | | | | | | | | | | | | | | | |
| Aulea Medical, Inc. (12) | | Medical Device | | Common Stock | | | 660,537 | | | | — | | | | — | |
| Evelo Holdings, Inc. (2)(5)(12) | | Biotechnology | | Common Stock | | | 2,164,502 | | | | 5,000 | | | | — | |
| Hound Labs II, LLC (12) | | Diagnostics | | Preferred Stock | | | 4,769 | | | | 4,764 | | | | 4,764 | |
| NextCar Holding Company, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock | | | 2,688,971 | | | | — | | | | — | |
| Nexii, Inc. (2)(12) | | Other Sustainability | | Preferred Stock | | | 168,377 | | | | 9,751 | | | | — | |
| Shengrow, Inc. aka Soli Organic, Inc. (2)(12) | | Other Sustainability | | Common Stock | | | 4,274,555 | | | | 1,292 | | | | 1,292 | |
| Shengrow, Inc. aka Soli Organic, Inc. (2)(12) | | Other Sustainability | | Preferred Stock | | | 1,964,733 | | | | 13,209 | | | | 18,355 | |
| Total Non-Controlled Affiliate Equity | | | | | | | 34,016 | | | | 24,411 | |
| Non-controlled Affiliate Warrants — 0.0% (8) | | | | | | | | | | | | | | | | |
| Evelo Holdings, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 23,196 | | | | 127 | | | | — | |
| Total Non-Controlled Affiliate Warrants | | | | | | | 127 | | | | — | |
| Total Non-Controlled Affiliate Portfolio Investment Assets | | | | | | $ | 89,941 | | | $ | 64,202 | |
| Total Portfolio Investment Assets — 208.4% (8) | | | | | | $ | 758,317 | | | $ | 695,697 | |
| Short Term Investments - Unrestricted Investments - 10.8% (8) | | | | | | | | |
| US Bank Money Market Deposit Account | | | 36,139 | | | | 36,139 | |
| Total Short Term Investments - Unrestricted Investments | | $ | 36,139 | | | $ | 36,139 | |
| | | | | | | | | |
| Short Term Investments - Restricted Investments - 0.8% (8) | | | | | | | | |
| US Bank Money Market Deposit Account | | | 2,634 | | | | 2,634 | |
| Total Short Term Investments - Restricted Investments | | $ | 2,634 | | | $ | 2,634 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments (Unaudited)
March 31, 2026
(Dollars in thousands)
| (1) |
All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted. |
| (2) |
Has been pledged as collateral under the revolving credit facility (the “Key Facility”) with KeyBank National Association (“Key”), a credit facility (the “NYL Facility”) led by New York Life Insurance Company and/or a credit facility (the “Nuveen Facility”, together with the Key Facility and the NYL Facility, the “Credit Facilities”) led by Nuveen Alternatives Advisors LLC. |
| (3) |
All non-affiliate investments are investments in which the Company owns less than 5% of the voting securities of the portfolio company. All non-controlled affiliate investments are investments in which the Company owns 5% or more of the voting securities of the portfolio company but not more than 25% of the voting securities of the portfolio company. All controlled affiliate investments are investments in which the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). |
| (4) |
All interest is payable in cash due monthly in arrears, unless otherwise indicated, and applies only to the Company’s debt investments. Interest rate is the annual interest rate on the debt investment and does not include end-of-term payments (“ETPs”), and any additional fees related to the investments, such as deferred interest, commitment fees or prepayment fees. Debt investments are at variable rates for the term of the debt investment, unless otherwise indicated. For each debt investment, the current interest rate in effect as of March 31, 2026 is provided. |
| (5) |
Portfolio company is a public company. |
| (6) |
For debt investments, represents principal balance less unearned income. |
| (7) |
Warrants, Equity and Other Investments are non-income producing. |
| (8) |
Value as a percent of net assets. |
| (9) |
As of March 31, 2026, 0.6% and 0.0% the Company's total assets on a cost and fair value basis, respectively, are in non-qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |
| (10) |
ETPs are contractual fixed-interest payments due in cash at the maturity date of the applicable debt investment, including upon any prepayment, and are a fixed percentage of the original principal balance of the debt investments unless otherwise noted. Interest will accrue during the life of the debt investment on each ETP and will be recognized as non-cash income until it is actually paid. Therefore, a portion of the incentive fee the Company may pay its Advisor will be based on income that the Company has not yet received in cash. |
| (11) |
Investment has a PIK feature in which the accrued interest or a portion of the accrued interest is added to the then-outstanding principal amount of the investment. |
| (12) |
The fair value of the investment was valued using significant unobservable inputs. |
| (13) |
Debt investment is on non-accrual status as of March 31, 2026. |
| (14) |
Debt investment is on non-accrual status as of March 31, 2026 and interest payments will be recognized as income on a cash basis. |
| (15) |
The investment originally consisted of debt investments in Evelo Biosciences Inc. (“Evelo”). Evelo was a clinical stage life science company that was unable to raise additional capital to continue as a going concern and, through a series of transactions, Evelo became a subsidiary of Evelo Holdings, Inc. (“Evelo Holdings”) and Evelo Holdings assumed the indebtedness of Evelo to the Company. Evelo Holdings is not an operating company but holds certain contractual rights to contingent payments and owns equity in Evelo, as well as certain assets it seeks to sell. The Company has a first priority security interest in the assets of Evelo Holdings, so if any payments are received by Evelo Holdings or any of its equity holdings or other assets are sold, the Company will receive substantially all of the proceeds from the same, until such time, if ever, that all of the indebtedness is repaid. Accordingly, the Company characterizes this investment as an “Other Investment” rather than a “Debt Investment". |
| (16) |
The investment originally consisted of debt investments in Better Place Forests Co. (“Better Place”). On April 30, 2025, Better Place transferred ownership of all of its right, title and interest in and to all of its tangible and intangible assets to Better Place ABC, LLC, a California limited liability company (“BP ABC”) and BP ABC sold a portion of such assets to Memorial Forests Foundation in consideration for, among other things, the assumption of certain liabilities of BP ABC. The Company has a first priority security interest in the remaining assets of BP ABC, including certain rights to employee retention tax credits, so if any payments are received by BP ABC, the Company will receive a portion of the proceeds from the same, until such time, if ever, that all of the obligations of BP ABC to the Company are repaid. Accordingly, the Company characterizes this investment as an “Other Investment” rather than a “Debt Investment". |
| (17) |
On August 6, 2025, the Company purchased a portfolio of debt and related investments of Powerscourt XXV LP, a fund managed by Waterfall Asset Management (“WAM”), for a purchase price of $22.5 million, which assets at the purchase date had a fair value of $36.5 million and included debt investments on accrual status with a principal balance of $34.9 million. WAM and the Advisor (as defined in Note 1) had previously entered into Master Program Agreement in March 2023 whereby the Advisor offered WAM the opportunity to participate, as a co-lender with the Company, in debt investments originated by the Advisor. WAM retained all investment decisions. In 2023, WAM ceased making new investments under the program, as it no longer wished to pursue a venture debt strategy. |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Non-Affiliate Investments — 183.3% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-Affiliate Debt Investments — 175.4% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-Affiliate Debt Investments — Life Science — 85.2% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Castle Creek Biosciences, Inc. (2)(12) | | Biotechnology | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 4.00 | % | March 1, 2028 | | $ | 10,000 | | | $ | 9,947 | | | $ | 9,947 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 4.00 | % | March 1, 2028 | | | 5,500 | | | | 5,471 | | | | 5,471 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 4.00 | % | March 1, 2028 | | | 5,000 | | | | 4,974 | | | | 4,974 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 4.00 | % | March 1, 2028 | | | 5,000 | | | | 4,974 | | | | 4,974 | |
| Emalex Biosciences, Inc. (2)(12) | | Biotechnology | | Term Loan | | | 11.47 | % | Prime | | | 4.72 | % | | | 9.75 | % | | | — | | | | 5.00 | % | May 1, 2026 | | | 1,667 | | | | 1,665 | | | | 1,665 | |
| KSQ Therapeutics, Inc. (2)(12) | | Biotechnology | | Term Loan | | | 10.75 | % | Prime | | | 3.75 | % | | | 10.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 4,250 | | | | 4,237 | | | | 4,237 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.75 | % | | | 10.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 4,250 | | | | 4,237 | | | | 4,237 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.75 | % | | | 10.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 4,250 | | | | 4,237 | | | | 4,237 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.75 | % | | | 10.75 | % | | | — | | | | 5.00 | % | April 1, 2030 | | | 4,250 | | | | 4,237 | | | | 4,237 | |
| Long Grove Pharmaceuticals, LLC (2)(12) | | Biotechnology | | Term Loan | | | 7.87% | (11) | 1-month
SOFR | | | 4.00 | % | | | 6.00 | % | | | — | | | | — | | February 27, 2031 | | | 10,298 | | | | 10,086 | | | | 10,086 | |
| Provivi, Inc. (2)(12)(13) | | Biotechnology | | Term Loan | | | 12.11% | (11) | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.30 | % | January 1, 2027 | | | 1,906 | | | | 1,683 | | | | 924 | |
| | | | | Term Loan | | | 12.11% | (11) | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.30 | % | January 1, 2027 | | | 1,906 | | | | 1,683 | | | | 924 | |
| | | | | Term Loan | | | 12.11% | (11) | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.31 | % | January 1, 2027 | | | 953 | | | | 838 | | | | 460 | |
| | | | | Term Loan | | | 12.11% | (11) | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.31 | % | January 1, 2027 | | | 953 | | | | 838 | | | | 460 | |
| | | | | Term Loan | | | 12.11% | (11) | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.31 | % | January 1, 2027 | | | 953 | | | | 838 | | | | 460 | |
| | | | | Term Loan | | | 12.11% | (11) | Prime | | | 5.36 | % | | | 9.50 | % | | | — | | | | 4.31 | % | January 1, 2027 | | | 953 | | | | 838 | | | | 460 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Ceribell, Inc. (2)(5)(12) | | Medical Device | | Term Loan | | | 9.50 | % | Prime | | | 2.75 | % | | | 9.25 | % | | | — | | | | 4.00 | % | March 1, 2029 | | | 5,000 | | | | 4,833 | | | | 4,833 | |
| | | | | Term Loan | | | 9.50 | % | Prime | | | 2.75 | % | | | 9.25 | % | | | — | | | | 4.00 | % | March 1, 2029 | | | 5,000 | | | | 4,954 | | | | 4,954 | |
| | | | | Term Loan | | | 9.50 | % | Prime | | | 2.75 | % | | | 9.25 | % | | | — | | | | 4.00 | % | March 1, 2029 | | | 4,000 | | | | 3,963 | | | | 3,963 | |
| Conventus Orthopaedics, Inc. (2)(12) | | Medical Device | | Term Loan | | | 13.07 | % | Prime | | | 6.32 | % | | | 10.75 | % | | | — | | | | 10.88 | % | July 1, 2026 | | | 2,801 | | | | 2,785 | | | | 2,785 | |
| | | | | Term Loan | | | 13.07 | % | Prime | | | 6.32 | % | | | 10.75 | % | | | — | | | | 10.88 | % | July 1, 2026 | | | 2,801 | | | | 2,785 | | | | 2,785 | |
| Infobionic, Inc. (2)(12) | | Medical Device | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 2.00 | % | September 1, 2029 | | | 5,000 | | | | 4,937 | | | | 4,937 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 2.00 | % | September 1, 2029 | | | 5,000 | | | | 4,937 | | | | 4,937 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 2.00 | % | September 1, 2029 | | | 5,000 | | | | 4,937 | | | | 4,937 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 4.00 | % | September 1, 2029 | | | 2,500 | | | | 2,379 | | | | 2,379 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 4.00 | % | September 1, 2029 | | | 2,500 | | | | 2,429 | | | | 2,429 | |
| Mobia Medical, Inc. fka Microtransponder, Inc. (2)(12) | | Medical Device | | Term Loan | | | 12.25 | % | Prime | | | 3.75 | % | | | 12.25 | % | | | — | | | | 3.50 | % | January 1, 2029 | | | 3,750 | | | | 3,710 | | | | 3,710 | |
| | | | | Term Loan | | | 12.25 | % | Prime | | | 3.75 | % | | | 12.25 | % | | | — | | | | 3.50 | % | January 1, 2029 | | | 3,750 | | | | 3,710 | | | | 3,710 | |
| MML US, Inc. (2)(12) | | Medical Device | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 2,565 | | | | 2,444 | | | | 2,444 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 2,565 | | | | 2,543 | | | | 2,543 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 5,129 | | | | 5,086 | | | | 5,086 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 5,129 | | | | 5,086 | | | | 5,086 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 5,091 | | | | 5,046 | | | | 5,046 | |
| | | | | Term Loan | | | 10.00 | % (11) | Prime | | | 3.00 | % | | | 10.00 | % | | | 13.50 | % | | | 3.00 | % | March 1, 2030 | | | 5,091 | | | | 5,046 | | | | 5,046 | |
| Onkos Surgical, Inc. (2)(12) | | Medical Device | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 10,000 | | | | 9,874 | | | | 9,874 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 10,000 | | | | 9,874 | | | | 9,874 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 5,000 | | | | 4,937 | | | | 4,937 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 5,000 | | | | 4,937 | | | | 4,937 | |
| | | | | Term Loan | | | 10.75 | % | Prime | | | 3.25 | % | | | 10.75 | % | | | — | | | | 4.00 | % | October 1, 2030 | | | 5,000 | | | | 4,926 | | | | 4,926 | |
| Scientia Vascular, Inc. (2)(12) | | Medical Device | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 10,000 | | | | 9,890 | | | | 9,890 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 10,000 | | | | 9,890 | | | | 9,890 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 5,000 | | | | 4,945 | | | | 4,945 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 1,500 | | | | 1,483 | | | | 1,483 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 2.75 | % | | | 10.25 | % | | | — | | | | 4.00 | % | July 1, 2030 | | | 3,500 | | | | 3,459 | | | | 3,459 | |
| Sonex Health, Inc. (2)(12) | | Medical Device | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 8.00 | % | September 1, 2027 | | | 2,500 | | | | 2,489 | | | | 2,489 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 8.00 | % | September 1, 2027 | | | 2,500 | | | | 2,489 | | | | 2,489 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 8.00 | % | September 1, 2027 | | | 5,000 | | | | 4,977 | | | | 4,977 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 8.00 | % | September 1, 2027 | | | 5,000 | | | | 4,977 | | | | 4,977 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 8.00 | % | April 1, 2028 | | | 3,750 | | | | 3,725 | | | | 3,725 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 8.00 | % | April 1, 2028 | | | 3,750 | | | | 3,725 | | | | 3,725 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 8.00 | % | April 1, 2028 | | | 3,750 | | | | 3,725 | | | | 3,725 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 8.00 | % | April 1, 2028 | | | 3,750 | | | | 3,725 | | | | 3,725 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Spineology, Inc. (2)(12) | | Medical Device | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 1.00 | % | August 1, 2029 | | | 5,000 | | | | 4,936 | | | | 4,936 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 1.00 | % | August 1, 2029 | | | 4,250 | | | | 4,195 | | | | 4,195 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 1.00 | % | August 1, 2029 | | | 4,250 | | | | 4,196 | | | | 4,196 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 5.00 | % | | | 12.00 | % | | | — | | | | 1.00 | % | August 1, 2029 | | | 2,500 | | | | 2,468 | | | | 2,468 | |
| Vero Biotech, Inc. (2)(12) | | Medical Device | | Term Loan | | | 12.25 | % | Prime | | | 3.75 | % | | | 12.25 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 15,000 | | | | 14,803 | | | | 14,803 | |
| | | | | Term Loan | | | 12.25 | % | Prime | | | 3.75 | % | | | 12.25 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 10,000 | | | | 9,869 | | | | 9,869 | |
| | | | | Term Loan | | | 12.25 | % | Prime | | | 3.75 | % | | | 12.25 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 5,000 | | | | 4,933 | | | | 4,933 | |
| | | | | Term Loan | | | 12.25 | % | Prime | | | 3.75 | % | | | 12.25 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 2,500 | | | | 2,466 | | | | 2,466 | |
| Total Non-Affiliate Debt Investments — Life Science | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 274,306 | | | | 271,276 | |
| Non-Affiliate Debt Investments — Sustainability — 1.5% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SparkCharge, Inc. (2)(12) | | Alternative Energy | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 5.00 | % | May 1, 2029 | | | 2,500 | | | | 2,398 | | | | 2,398 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 5.00 | % | May 1, 2029 | | | 2,500 | | | | 2,471 | | | | 2,471 | |
| Total Non-Affiliate Debt Investments — Sustainability | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,869 | | | | 4,869 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Non-Affiliate Debt Investments — Technology — 63.3% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Havenly, Inc. (2)(12) | | Consumer-related Technologies | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 5.00 | % | | | — | | | | 10.40 | % | March 1, 2027 | | | 1,111 | | | | 982 | | | | 982 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 5.00 | % | | | 5.00 | % | | | — | | | | 10.40 | % | March 1, 2027 | | | 1,667 | | | | 1,482 | | | | 1,482 | |
| | | | | Term Loan (17) | | | 10.50 | % | Prime | | | 3.50 | % | | | 10.50 | % | | | — | | | | 7.78 | % | February 1, 2028 | | | 3,375 | | | | 1,915 | | | | 3,374 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.50 | % | | | 10.50 | % | | | — | | | | 7.78 | % | February 1, 2028 | | | 2,813 | | | | 2,813 | | | | 2,813 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.50 | % | | | 10.50 | % | | | — | | | | 7.78 | % | February 1, 2028 | | | 2,813 | | | | 2,813 | | | | 2,813 | |
| Lyrical Foods, Inc. (2)(12) | | Consumer-related Technologies | | Term Loan | | | 10.25 | % | Prime | | | 3.50 | % | | | 9.00 | % | | | — | | | | 5.00 | % | July 1, 2028 | | | 2,679 | | | | 2,771 | | | | 2,400 | |
| | | | | Term Loan (17) | | | 10.25 | % | Prime | | | 3.50 | % | | | 9.00 | % | | | — | | | | 5.00 | % | July 1, 2028 | | | 2,679 | | | | 1,286 | | | | 2,320 | |
| Apkudo, Inc. (2)(12) | | Software | | Term Loan | | | 11.25 | % | Prime | | | 4.25 | % | | | 7.00 | % | | | — | | | | 3.00 | % | October 1, 2029 | | | 5,000 | | | | 4,908 | | | | 4,908 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 4.25 | % | | | 7.00 | % | | | — | | | | 3.00 | % | October 1, 2029 | | | 5,000 | | | | 4,908 | | | | 4,908 | |
| BriteCore Holdings, Inc. (2)(12) | | Software | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 6.50 | % | | | — | | | | 3.00 | % | January 1, 2031 | | | 10,000 | | | | 9,831 | | | | 9,831 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 6.50 | % | | | — | | | | 3.00 | % | January 1, 2031 | | | 7,500 | | | | 7,410 | | | | 7,410 | |
| | | | | Term Loan | | | 10.50 | % | Prime | | | 3.75 | % | | | 6.50 | % | | | — | | | | 3.00 | % | January 1, 2031 | | | 2,500 | | | | 2,470 | | | | 2,470 | |
| Crafty Holdings, Inc. (2)(12) | | Software | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 5,000 | | | | 4,894 | | | | 4,894 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 5,000 | | | | 4,933 | | | | 4,933 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 5,000 | | | | 4,933 | | | | 4,933 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.50 | % | | | 12.00 | % | | | — | | | | 4.00 | % | January 1, 2029 | | | 2,000 | | | | 1,969 | | | | 1,969 | |
| Dropoff, Inc. (2)(12) | | Software | | Term Loan (17) | | | 13.25 | % | Prime | | | 6.50 | % | | | 9.75 | % | | | — | | | | 3.50 | % | June 1, 2026 | | | 7,850 | | | | 2,450 | | | | 4,411 | |
| | | | | Term Loan | | | 13.25 | % | Prime | | | 6.50 | % | | | 9.75 | % | | | — | | | | 3.50 | % | June 1, 2026 | | | 6,804 | | | | 6,785 | | | | 3,813 | |
| | | | | Term Loan | | | 13.25 | % | Prime | | | 6.50 | % | | | 9.75 | % | | | — | | | | 3.50 | % | June 1, 2026 | | | 6,280 | | | | 6,263 | | | | 3,520 | |
| | | | | Term Loan | | | 13.25 | % | Prime | | | 6.50 | % | | | 9.75 | % | | | — | | | | 3.50 | % | June 1, 2026 | | | 2,617 | | | | 2,613 | | | | 1,468 | |
| HappyCo, Inc. (2)(12) | | Software | | Term Loan | | | 11.13 | % | Prime | | | 3.75 | % | | | 11.00 | % | | | — | | | | 2.75 | % | February 1, 2030 | | | 3,000 | | | | 2,969 | | | | 2,969 | |
| | | | | Term Loan | | | 11.13 | % | Prime | | | 3.75 | % | | | 11.00 | % | | | — | | | | 2.75 | % | February 1, 2030 | | | 3,000 | | | | 2,969 | | | | 2,969 | |
| | | | | Term Loan | | | 11.13 | % | Prime | | | 3.75 | % | | | 11.00 | % | | | — | | | | 2.75 | % | February 1, 2030 | | | 2,000 | | | | 1,978 | | | | 1,978 | |
| | | | | Term Loan | | | 11.13 | % | Prime | | | 3.75 | % | | | 11.00 | % | | | — | | | | 2.75 | % | February 1, 2030 | | | 2,000 | | | | 1,975 | | | | 1,975 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Kodiak Robotics, Inc. (2)(12) | | Software | | Term Loan | | | 10.25 | % | Prime | | | 3.50 | % | | | 6.50 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 15,000 | | | | 14,599 | | | | 14,599 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 3.50 | % | | | 6.50 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 7,500 | | | | 7,300 | | | | 7,300 | |
| | | | | Term Loan | | | 10.25 | % | Prime | | | 3.50 | % | | | 6.50 | % | | | — | | | | 4.00 | % | January 1, 2030 | | | 7,500 | | | | 7,300 | | | | 7,300 | |
| MasteryPrep, LLC (2)(12) | | Software | | Term Loan | | | 11.50 | % | Prime | | | 4.00 | % | | | 11.50 | % | | | — | | | | 3.75 | % | July 1, 2029 | | | 7,500 | | | | 7,383 | | | | 7,383 | |
| | | | | Term Loan | | | 11.50 | % | Prime | | | 4.00 | % | | | 11.50 | % | | | — | | | | 3.75 | % | July 1, 2029 | | | 7,500 | | | | 7,433 | | | | 7,433 | |
| Mirantis, Inc. (2)(12) | | Software | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2028 | | | 4,583 | | | | 4,541 | | | | 4,541 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2028 | | | 4,583 | | | | 4,541 | | | | 4,541 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2028 | | | 4,583 | | | | 4,541 | | | | 4,541 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2028 | | | 4,583 | | | | 4,541 | | | | 4,541 | |
| Samba TV, Inc. (2)(12) | | Software | | Term Loan | | | 10.25 | % (11) | Prime | | | 3.50 | % | | | 3.50 | % | | | — | | | | 4.00 | % | December 1, 2030 | | | 10,014 | | | | 9,792 | | | | 9,792 | |
| | | | | Term Loan | | | 10.25 | % (11) | Prime | | | 3.50 | % | | | 3.50 | % | | | — | | | | 4.00 | % | December 1, 2030 | | | 7,510 | | | | 7,400 | | | | 7,400 | |
| | | | | Term Loan | | | 10.25 | % (11) | Prime | | | 3.50 | % | | | 3.50 | % | | | — | | | | 4.00 | % | December 1, 2030 | | | 5,007 | | | | 4,934 | | | | 4,934 | |
| | | | | Term Loan | | | 10.25 | % (11) | Prime | | | 3.50 | % | | | 3.50 | % | | | — | | | | 4.00 | % | December 1, 2030 | | | 2,503 | | | | 2,467 | | | | 2,467 | |
| Supply Network Visibility Holdings LLC (2)(12) | | Software | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | June 1, 2028 | | | 2,500 | | | | 2,435 | | | | 2,280 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | June 1, 2028 | | | 3,500 | | | | 3,495 | | | | 3,273 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | June 1, 2028 | | | 2,500 | | | | 2,496 | | | | 2,338 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | June 1, 2028 | | | 1,500 | | | | 1,498 | | | | 1,403 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.25 | % | | | 12.00 | % | | | — | | | | 2.50 | % | July 1, 2029 | | | 5,000 | | | | 4,988 | | | | 4,671 | |
| Ursa Space Systems, Inc. (2)(12) | | Software | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 3.00 | % | November 1, 2028 | | | 2,500 | | | | 2,460 | | | | 2,460 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 3.00 | % | November 1, 2028 | | | 2,500 | | | | 2,460 | | | | 2,460 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 3.00 | % | November 1, 2028 | | | 2,500 | | | | 2,445 | | | | 2,445 | |
| | | | | Term Loan | | | 12.00 | % | Prime | | | 4.00 | % | | | 12.00 | % | | | — | | | | 3.00 | % | November 1, 2028 | | | 2,500 | | | | 2,445 | | | | 2,445 | |
| Viken Detection Corporation (2)(12) | | Software | | Term Loan | | | 11.75 | % | Prime | | | 4.00 | % | | | 11.75 | % | | | — | | | | 3.50 | % | June 1, 2027 | | | 2,833 | | | | 2,814 | | | | 2,814 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 4.00 | % | | | 11.75 | % | | | — | | | | 3.50 | % | June 1, 2027 | | | 1,417 | | | | 1,407 | | | | 1,407 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 4.00 | % | | | 11.75 | % | | | — | | | | 3.50 | % | June 1, 2027 | | | 1,417 | | | | 1,407 | | | | 1,407 | |
| Total Non-Affiliate Debt Investments — Technology | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 205,442 | | | | 201,718 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Non-Affiliate Debt Investments — Healthcare information and services — 25.4% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BrightInsight, Inc. (2)(12) | | Software | | Term Loan (17) | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 5,500 | | | | 2,905 | | | | 5,105 | |
| | | | | Term Loan | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 6,417 | | | | 6,398 | | | | 5,939 | |
| | | | | Term Loan | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 3,208 | | | | 3,199 | | | | 2,969 | |
| | | | | Term Loan | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 3,208 | | | | 3,199 | | | | 2,969 | |
| | | | | Term Loan | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 2,750 | | | | 2,731 | | | | 2,535 | |
| | | | | Term Loan (17) | | | 12.50 | % | Prime | | | 5.50 | % | | | 9.50 | % | | | — | | | | 4.00 | % | August 1, 2027 | | | 2,250 | | | | 1,277 | | | | 2,089 | |
| Elligo Health Research, Inc. (2)(12) | | Software | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2027 | | | 10,000 | | | | 9,936 | | | | 9,936 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2027 | | | 5,000 | | | | 4,968 | | | | 4,968 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2027 | | | 5,000 | | | | 4,968 | | | | 4,968 | |
| | | | | Term Loan | | | 11.75 | % | Prime | | | 3.50 | % | | | 11.75 | % | | | — | | | | 4.00 | % | October 1, 2027 | | | 5,000 | | | | 4,968 | | | | 4,968 | |
| GT Medical Technologies, Inc. (2)(12) | | Other Healthcare Services | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 4.00 | % | October 1, 2029 | | | 3,750 | | | | 3,604 | | | | 3,604 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 4.00 | % | October 1, 2029 | | | 3,750 | | | | 3,705 | | | | 3,705 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 4.00 | % | October 1, 2029 | | | 7,500 | | | | 7,409 | | | | 7,409 | |
| Hometeam Technologies, Inc. (2)(12)(13) | | Other Healthcare Services | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,781 | | | | 3,967 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,781 | | | | 3,967 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,682 | | | | 3,883 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,781 | | | | 3,967 | |
| | | | | Term Loan | | | 11.25 | % | Prime | | | 3.25 | % | | | 11.25 | % | | | — | | | | 3.50 | % | August 1, 2029 | | | 4,821 | | | | 4,781 | | | | 3,967 | |
| Total Non-Affiliate Debt Investments — Healthcare information and services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 83,073 | | | | 80,915 | |
| Total Non- Affiliate Debt Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 567,690 | | | $ | 558,778 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| | | | | | | | | | | Cost of | | | Fair | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Number of Shares | | | Investments (6)(9) | | | Value (9) | |
| Non-Affiliate Warrant Investments — 5.2% (8) | | | | | | | | | | | | | | | | |
| Non-Affiliate Warrants — Life Science — 2.2% (8) | | | | | | | | | | | | | | | | |
| Avalo Therapeutics, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 149 | | | $ | 311 | | | $ | — | |
| BioVaxys Technology Corp. (5)(12) | | Biotechnology | | Common Stock Warrant | | | 400,000 | | | | 5 | | | | — | |
| Castle Creek Biosciences, Inc. (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 13,821 | | | | 372 | | | | 274 | |
| Emalex Biosciences, Inc. (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 110,402 | | | | 176 | | | | 447 | |
| Imunon, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 19,671 | | | | 65 | | | | — | |
| KSQ Therapeutics, Inc. (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 134,614 | | | | 138 | | | | 13 | |
| Mustang Bio, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 568 | | | | 146 | | | | — | |
| Native Microbials, Inc (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 178,631 | | | | 93 | | | | 4 | |
| PDS Biotechnology Corporation (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 381,625 | | | | 161 | | | | — | |
| Provivi, Inc. (2)(12) | | Biotechnology | | Common Stock Warrant | | | 175,098 | | | | 278 | | | | — | |
| Provivi, Inc. (2)(12) | | Biotechnology | | Preferred Stock Warrant | | | 709,980 | | | | 312 | | | | — | |
| Stealth Biotherapeutics Inc. (2)(12) | | Biotechnology | | Common Stock Warrant | | | 454,544 | | | | 266 | | | | 6 | |
| Xeris Pharmaceuticals, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 126,000 | | | | 73 | | | | 691 | |
| Aerin Medical, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 1,818,183 | | | | 66 | | | | 1,333 | |
| Canary Medical Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 12,153 | | | | 86 | | | | — | |
| Ceribell, Inc. (2)(5)(12) | | Medical Device | | Common Stock Warrant | | | 89,903 | | | | 147 | | | | 1,205 | |
| Cognoa, Inc. (2)(12) | | Medical Device | | Common Stock Warrant | | | 61,170 | | | | — | | | | 2 | |
| Cognoa, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 7,152,669 | | | | 162 | | | | 3 | |
| Conventus Orthopaedics, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 13,203,395 | | | | 268 | | | | — | |
| CSA Medical, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 4,939,813 | | | | 174 | | | | 462 | |
| CVRx, Inc. (2)(5)(12) | | Medical Device | | Common Stock Warrant | | | 47,410 | | | | 76 | | | | 20 | |
| Infobionic, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 8,488,456 | | | | 361 | | | | 705 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| | | | | | | | | | | Cost of | | | Fair | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Number of Shares | | | Investments (6)(9) | | | Value (9) | |
| Magnolia Medical Technologies, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 900,043 | | | | 194 | | | | 321 | |
| Meditrina, Inc. (12) | | Medical Device | | Preferred Stock Warrant | | | 233,993 | | | | 83 | | | | 95 | |
| Mobia Medical, Inc. fka Microtransponder, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 103,172 | | | | 47 | | | | 47 | |
| Onkos Surgical, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 443,674 | | | | 192 | | | | 200 | |
| Scientia Vascular, Inc (2)(12) | | Medical Device | | Common Stock Warrant | | | 24,000 | | | | 60 | | | | 235 | |
| Scientia Vascular, Inc (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 49,157 | | | | 206 | | | | 481 | |
| Sonex Health, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 2,637,133 | | | | 275 | | | | 199 | |
| Spineology, Inc. (2)(12) | | Medical Device | | Common Stock Warrant | | | 27,139 | | | | 65 | | | | 41 | |
| Spineology, Inc. (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 45,101 | | | | 109 | | | | 69 | |
| VERO Biotech LLC (2)(12) | | Medical Device | | Preferred Stock Warrant | | | 3,701 | | | | 379 | | | | 111 | |
| Total Non-Affiliate Warrants — Life Science | | | | | | | 5,346 | | | | 6,964 | |
| Non-Affiliate Warrants — Sustainability — 0.0% (8) | | | | | | | | | | | | | | | | |
| SparkCharge, Inc. (2)(12) | | Alternative Energy | | Preferred Stock Warrant | | | 2,264,151 | | | | 45 | | | | 36 | |
| Pivot Bio, Inc. (2)(12) | | Energy Efficiency | | Preferred Stock Warrant | | | 210,418 | | | | 14 | | | | 2 | |
| New Aerofarms, Inc. assignee of Aerofarms, Inc. (2)(12) | | Other Sustainability | | Preferred Stock Warrant | | | 800,000 | | | | 88 | | | | 30 | |
| LiquiGlide, Inc. (2)(12) | | Other Sustainability | | Preferred Stock Warrant | | | 122,717 | | | | 53 | | | | 47 | |
| Temperpack Technologies, Inc. (2)(12) | | Other Sustainability | | Preferred Stock Warrant | | | 66,605 | | | | 185 | | | | 28 | |
| Total Non-Affiliate Warrants — Sustainability | | | | | | | 385 | | | | 143 | |
| Non-Affiliate Warrants — Technology — 3.0% (8) | | | | | | | | | | | | | | | | |
| Axiom Space Holdings, Inc. (2)(12) | | Communications | | Common Stock Warrant | | | 2,654 | | | | 50 | | | | 33 | |
| Intelepeer Holdings, Inc. (2)(12) | | Communications | | Preferred Stock Warrant | | | 2,936,535 | | | | 138 | | | | 2,730 | |
| Alula Holdings, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 20,000 | | | | 93 | | | | 6 | |
| CAMP NYC, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 224,712 | | | | 57 | | | | 76 | |
| Clara Foods Co. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 46,745 | | | | 30 | | | | 41 | |
| Divergent Technologies, Inc. (2)(12) | | Consumer-related Technologies | | Common Stock Warrant | | | 13,068 | | | | 80 | | | | 59 | |
| Divergent Technologies, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 71,014 | | | | 538 | | | | 771 | |
| Havenly, Inc. (2)(12) | | Consumer-related Technologies | | Common Stock Warrant | | | 1,633,929 | | | | 3,463 | | | | 3,510 | |
| MyForest Foods Co. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 500 | | | | 41 | | | | 47 | |
| Primary Kids, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 553,778 | | | | 57 | | | | 73 | |
| Quip NYC Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 10,833 | | | | 325 | | | | — | |
| Updater, Inc.(2)(12) | | Consumer-related Technologies | | Preferred Stock Warrant | | | 108,333 | | | | 34 | | | | — | |
| CPG Beyond, Inc. (2)(12) | | Data Storage | | Preferred Stock Warrant | | | 500,000 | | | | 242 | | | | 57 | |
| Silk, Inc. (2)(12) | | Data Storage | | Preferred Stock Warrant | | | 394,110 | | | | 175 | | | | 173 | |
| Global Worldwide LLC (2)(12) | | Internet and Media | | Preferred Stock Warrant | | | 245,810 | | | | 75 | | | | — | |
| Rocket Lawyer Incorporated (2)(12) | | Internet and Media | | Preferred Stock Warrant | | | 261,721 | | | | 92 | | | | 151 | |
| Skillshare, Inc. (2)(12) | | Internet and Media | | Preferred Stock Warrant | | | 139,316 | | | | 162 | | | | — | |
| Liqid, Inc. (2)(12) | | Networking | | Common Stock Warrant | | | 344,102 | | | | 364 | | | | — | |
| Apkudo, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 31,848 | | | | 97 | | | | 118 | |
| BriteCore Holdings, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 194,570 | | | | 137 | | | | 229 | |
| Crafty Holdings, Inc. (2)(12) | | Software | | Common Stock Warrant | | | 260,972 | | | | 138 | | | | 178 | |
| Dropoff, Inc. (2)(12) | | Software | | Common Stock Warrant | | | 723,228 | | | | 455 | | | | — | |
| HappyCo, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 96,228 | | | | 26 | | | | 20 | |
| Everstream Holdings, LLC (2)(12) | | Software | | Preferred Stock Warrant | | | 525,000 | | | | 82 | | | | — | |
| Lemongrass Holdings, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 202,616 | | | | 57 | | | | 96 | |
| Mirantis, Inc. (2)(12) | | Software | | Common Stock Warrant | | | 948,275 | | | | 223 | | | | 420 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| | | | | | | | | | | Cost of | | | Fair | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Number of Shares | | | Investments (6)(9) | | | Value (9) | |
| Noodle Partners, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 84,037 | | | | 116 | | | | — | |
| OneNetworks, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 184,646 | | | | 3 | | | | 2 | |
| Revinate Holdings, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 682,034 | | | | 44 | | | | 86 | |
| SIGNiX, Inc. (12) | | Software | | Preferred Stock Warrant | | | 186,235 | | | | 177 | | | | — | |
| Slingshot Aerospace, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 309,208 | | | | 123 | | | | 45 | |
| Supply Network Visibility Holdings LLC (2)(12) | | Software | | Preferred Stock Warrant | | | 682 | | | | 64 | | | | — | |
| Topia Mobility, Inc. (2)(12) | | Software | | Common Stock Warrant | | | 30,496 | | | | 138 | | | | — | |
| Ursa Space Systems, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 1,075,072 | | | | 151 | | | | 169 | |
| Viken Detection Corporation (2)(12) | | Software | | Preferred Stock Warrant | | | 345,443 | | | | 120 | | | | 314 | |
| xAd, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 4,343,348 | | | | 177 | | | | — | |
| Total Non-Affiliate Warrants — Technology | | | | | | | 8,344 | | | | 9,404 | |
| Non-Affiliate Warrants — Healthcare information and services — 0.0% (8) | | | | | | | | | | | | | | | | |
| GT Medical Technologies, Inc. (2)(12) | | Other Healthcare | | Preferred Stock Warrant | | | 326,640 | | | | 144 | | | | 39 | |
| BrightInsight, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 232,871 | | | | 168 | | | | — | |
| Elligo Health Research, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 652,250 | | | | 191 | | | | — | |
| SafelyYou, Inc. (2)(12) | | Software | | Preferred Stock Warrant | | | 206,983 | | | | 163 | | | | 98 | |
| Total Non-Affiliate Warrants — Healthcare information and services | | | | | | | 666 | | | | 137 | |
| Total Non-Affiliate Warrants | | | | | | | 14,741 | | | | 16,648 | |
| Non-Affiliate Other Investments — 0.6% (8) | | | | | | | | | | | | | | | | |
| Non-Affiliate Other Investments — Life Science — 0.6% (8) | | | | | | | | | | | | | | | | |
| BioVaxys Technology Corp. (5)(12) | | Biotechnology | | Royalty Agreement | | | | | | | 5,073 | | | | — | |
| Aerobiotix, LLC (12) | | Medical Device | | Royalty Agreement | | | | | | | 1,498 | | | | 1,574 | |
| Lumithera, Inc. (12) | | Medical Device | | Royalty Agreement | | | | | | | 1,116 | | | | 384 | |
| Robin Healthcare, Inc. (2)(12) | | Medical Device | | Royalty Agreement | | | | | | | 7,330 | | | | — | |
| Total Non-Affiliate Other Investments — Life Science | | | | | | | 15,017 | | | | 1,958 | |
| Non-Affiliate Other Investments — Technology — 0.0% (8) | | | | | | | | | | | | | | | | |
| Better Place Forests Co. (12)(16) | | Consumer-related Technologies | | Other Investment | | | | | | | 10,149 | | | | — | |
| Total Non-Affiliate Other Investments — Technology | | | | | | | 10,149 | | | | — | |
| Total Non-Affiliate Other Investments | | | | | | | 25,166 | | | | 1,958 | |
| Non-Affiliate Equity — 2.1% (8) | | | | | | | | | | | | | | | | |
| BioVaxys Technology Corp. (5)(12) | | Biotechnology | | Common Stock | | | 66,170 | | | | 14 | | | | 11 | |
| Cadrenal Therapeutics, Inc. (5) | | Biotechnology | | Common Stock | | | 40,000 | | | | — | | | | 271 | |
| Castle Creek Biosciences, Inc. (12) | | Biotechnology | | Common Stock | | | 1,162 | | | | 250 | | | | 217 | |
| Emalex Biosciences, Inc. (12) | | Biotechnology | | Preferred Stock | | | 47,461 | | | | 545 | | | | 656 | |
| Axiom Space Holdings, Inc. (12) | | Communications | | Preferred Stock | | | 1,810 | | | | 261 | | | | 306 | |
| PebblePost, Inc. (2)(12) | | Communications | | Preferred Stock | | | 56,212 | | | | 73 | | | | 73 | |
| SnagAJob.com, Inc. (12) | | Consumer-related Technologies | | Common Stock | | | 82,974 | | | | 9 | | | | — | |
| Cognoa, Inc. (2)(12) | | Medical Device | | Common Stock | | | 16,247,754 | | | | 976 | | | | 975 | |
| Cognoa, Inc. (2)(12) | | Medical Device | | Preferred Stock | | | 2,119,272 | | | | 500 | | | | 500 | |
| Tigo Energy, Inc. (5) | | Other Sustainability | | Common Stock | | | 5,205 | | | | 111 | | | | 7 | |
| Decisyon, Inc. (12) | | Software | | Preferred Stock | | | 280,000 | | | | 2,800 | | | | — | |
| Kodiak Robotics, Inc. (2)(5) | | Software | | Common Stock | | | 338,798 | | | | 3,100 | | | | 3,700 | |
| Total Non-Affiliate Equity | | | | | | $ | 8,639 | | | $ | 6,716 | |
| Total Non-Affiliate Portfolio Investment Assets | | | | | | $ | 616,236 | | | $ | 584,100 | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Cash Rate (4) | | | Index | | Margin | | | Floor | | | Ceiling | | | ETP (10) | | Maturity Date | | Principal Amount | | | Cost of Investments (6)(9) | | | Fair Value (9) | |
| Non-Controlled Affiliate Investments — 19.9% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-Controlled Affiliate Debt Investments — 11.7% (8) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Hound Labs II, LLC (12) | | Diagnostics | | Term Loan | | | 12.75% | (11) | | Prime | | | 6.00 | % | | | 9.25 | % | | | — | | | | — | | July 1, 2027 | | $ | 6,789 | | | $ | 6,789 | | | $ | 6,605 | |
| NextCar Holding Company, Inc. (12)(14) | | Consumer-related Technologies | | Term Loan | | | 10.00 | % | | Fixed | | | 0.00 | % | | | 0.00 | % | | | — | | | | — | | March 31, 2026 | | | 2,266 | | | | 2,266 | | | | 1,079 | |
| Nexii, Inc. (12) | | Other Sustainability | | Term Loan | | | 10.00 | % | | Fixed | | | 0.00 | % | | | 0.00 | % | | | — | | | | — | | July 1, 2027 | | | 790 | | | | 826 | | | | — | |
| | | | | Term Loan (17) | | | 10.00 | % | | Fixed | | | 0.00 | % | | | 0.00 | % | | | — | | | | — | | July 1, 2027 | | | 304 | | | | 172 | | | | — | |
| Shengrow, Inc. aka Soli Organic, Inc. (2)(12) | | Other Sustainability | | Term Loan (17) | | | 11.75% | (11) | | Prime | | | 4.50 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 5,246 | | | | 428 | | | | 5,246 | |
| | | | | Term Loan | | | 11.75% | (11) | | Prime | | | 4.50 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 3,497 | | | | 3,447 | | | | 3,447 | |
| | | | | Term Loan | | | 11.75% | (11) | | Prime | | | 4.50 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 1,749 | | | | 1,724 | | | | 1,724 | |
| | | | | Term Loan | | | 11.75% | (11) | | Prime | | | 4.50 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 3,497 | | | | 3,447 | | | | 3,447 | |
| | | | | Term Loan | | | 11.75% | (11) | | Prime | | | 4.50 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 1,749 | | | | 1,723 | | | | 1,723 | |
| | | | | Term Loan | | | 11.75% | (11) | | Prime | | | 4.50 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 3,497 | | | | 3,445 | | | | 3,445 | |
| | | | | Term Loan | | | 11.75% | (11) | | Prime | | | 4.50 | % | | | 11.75 | % | | | — | | | | 2.75 | % | September 1, 2028 | | | 1,749 | | | | 1,722 | | | | 1,722 | |
| | | | | Revolver | | | 11.75 | % | | Prime | | | 5.00 | % | | | 9.75 | % | | | — | | | | — | | November 26, 2026 | | | 5,000 | | | | 5,000 | | | | 5,000 | |
| | | | | Revolver | | | 11.75 | % | | Prime | | | 5.00 | % | | | 9.75 | % | | | — | | | | — | | November 26, 2026 | | | 5,000 | | | | 3,809 | | | | 3,809 | |
| Total Non-Controlled Affiliate Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 34,798 | | | | 37,247 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| | | | | | | | | | | Cost of | | | Fair | |
| Portfolio Company (1)(3) | | Sector | | Type of Investment (7) | | Number of Shares | | | Investments (6)(9) | | | Value (9) | |
| Non-Controlled Affiliate Other Investments — 0.5% (8) | | | | | | | | | | | | | | | | |
| Evelo Holdings, Inc. (2)(5)(12)(15) | | Biotechnology | | Other Investment | | | | | | | 20,092 | | | | 1,486 | |
| Total Non-Controlled Affiliate Other Investments | | | | | | | 20,092 | | | | 1,486 | |
| Non-controlled Affiliate Equity — 7.7% (8) | | | | | | | | | | | | | | | | |
| Aulea Medical, Inc. (12) | | Medical Device | | Common Stock | | | 660,537 | | | | — | | | | — | |
| Evelo Holdings, Inc. (2)(5)(12) | | Biotechnology | | Common Stock | | | 2,164,502 | | | | 5,000 | | | | — | |
| Hound Labs II, LLC (12) | | Diagnostics | | Preferred Stock | | | 4,769 | | | | 4,764 | | | | 4,764 | |
| NextCar Holding Company, Inc. (2)(12) | | Consumer-related Technologies | | Preferred Stock | | | 2,688,971 | | | | — | | | | — | |
| Nexii, Inc. (2)(12) | | Other Sustainability | | Preferred Stock | | | 168,377 | | | | 9,751 | | | | — | |
| Shengrow, Inc. aka Soli Organic, Inc. (2)(12) | | Other Sustainability | | Common Stock | | | 4,274,555 | | | | 1,292 | | | | 1,292 | |
| Shengrow, Inc. aka Soli Organic, Inc. (2)(12) | | Other Sustainability | | Preferred Stock | | | 1,964,733 | | | | 13,209 | | | | 18,355 | |
| Total Non-Controlled Affiliate Equity | | | | | | | 34,016 | | | | 24,411 | |
| Non-controlled Affiliate Warrants — 0.0% (8) | | | | | | | | | | | | | | | | |
| Evelo Holdings, Inc. (2)(5)(12) | | Biotechnology | | Common Stock Warrant | | | 23,196 | | | | 127 | | | | — | |
| Total Non-Controlled Affiliate Warrants | | | | | | | 127 | | | | — | |
| Total Non-Controlled Affiliate Portfolio Investment Assets | | | | | | | | | | $ | 89,033 | | | $ | 63,144 | |
| Total Portfolio Investment Assets — 203.2% (8) | | | | | | | | | | $ | 705,269 | | | $ | 647,244 | |
| Short Term Investments - Unrestricted Investments - 8.1% (8) | | | | | | | | |
| US Bank Money Market Deposit Account | | | 34,711 | | | | 34,711 | |
| Total Short Term Investments - Unrestricted Investments | | | $34,711 | | | | $34,711 | |
| | | | | | | | | |
| Short Term Investments - Restricted Investments - 1.0% (8) | | | | | | | | |
| US Bank Money Market Deposit Account | | | 2,463 | | | | 2,463 | |
| Total Short Term Investments - Restricted Investments | | | $2,463 | | | | $2,463 | |
See Notes to Consolidated Financial Statements
Consolidated Schedule of Investments
December 31, 2025
(Dollars in thousands)
| (1) |
All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted. |
| (2) |
Has been pledged as collateral under the Key Facility, the NYL Facility and/or the Nuveen Facility. |
| (3) |
All non-affiliate investments are investments in which the Company owns less than 5% of the voting securities of the portfolio company. All non-controlled affiliate investments are investments in which the Company owns 5% or more of the voting securities of the portfolio company but not more than 25% of the voting securities of the portfolio company. All controlled affiliate investments are investments in which the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). |
| (4) |
All interest is payable in cash due monthly in arrears, unless otherwise indicated, and applies only to the Company’s debt investments. Interest rate is the annual interest rate on the debt investment and does not include end-of-term payments (“ETPs”), and any additional fees related to the investments, such as deferred interest, commitment fees or prepayment fees. Debt investments are at variable rates for the term of the debt investment, unless otherwise indicated. For each debt investment, the current interest rate in effect as of December 31, 2025 is provided. |
| (5) |
Portfolio company is a public company. |
| (6) |
For debt investments, represents principal balance less unearned income. |
| (7) |
Warrants, Equity and Other Investments are non-income producing. |
| (8) |
Value as a percent of net assets. |
| (9) |
As of December 31, 2025, 0.0% of the Company's total assets on a cost and fair value basis are in non-qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |
| (10) |
ETPs are contractual fixed-interest payments due in cash at the maturity date of the applicable debt investment, including upon any prepayment, and are a fixed percentage of the original principal balance of the debt investments unless otherwise noted. Interest will accrue during the life of the debt investment on each ETP and will be recognized as non-cash income until it is actually paid. Therefore, a portion of the incentive fee the Company may pay its Advisor will be based on income that the Company has not yet received in cash. |
| (11) |
Debt investment has a PIK feature in which the accrued interest is added to the then-outstanding principal amount of the debt investment. |
| (12) |
The fair value of the investment was valued using significant unobservable inputs. |
| (13) |
Debt investment is on non-accrual status as of December 31, 2025. |
| (14) |
Debt investment is on non-accrual status as of December 31, 2025 and interest payments will be recognized as income on a cash basis. |
| (15) |
The investment originally consisted of debt investments in Evelo. Evelo was a clinical stage life science company that was unable to raise additional capital to continue as a going concern and, through a series of transactions, Evelo became a subsidiary of Evelo Holdings and Evelo Holdings assumed the indebtedness of Evelo to the Company. Evelo Holdings is not an operating company but holds certain contractual rights to contingent payments and owns equity in Evelo, as well as certain assets it seeks to sell. The Company has a first priority security interest in the assets of Evelo Holdings, so if any payments are received by Evelo Holdings or any of its equity holdings or other assets are sold, the Company will receive substantially all of the proceeds from the same, until such time, if ever, that all of the indebtedness is repaid. Accordingly, the Company characterizes this investment as an “Other Investment” rather than a “Debt Investment”. |
| (16) |
The investment originally consisted of debt investments in Better Place. On April 30, 2025, Better Place transferred ownership of all of its right, title and interest in and to all of its tangible and intangible assets to BP ABC and BP ABC sold a portion of such assets to Memorial Forests Foundation in consideration for, among other things, the assumption of certain liabilities of BP ABC. The Company has a first priority security interest in the remaining assets of BP ABC, including certain rights to employee retention tax credits, so if any payments are received by BP ABC, the Company will receive a portion of the proceeds from the same, until such time, if ever, that all of the obligations of BP ABC to the Company are repaid. Accordingly, the Company characterizes this investment as an “Other Investment” rather than a “Debt Investment". |
| (17) |
On August 6, 2025, the Company purchased this investment as a part of a portfolio of debt and related investments of Powerscourt XXV LP, a fund managed by WAM, for a purchase price of $22.5 million, which assets at the purchase date had a fair value of $36.5 million and included debt investments on accrual status with a principal balance of $34.9 million. WAM and the Advisor (as defined in Note 1) had previously entered into Master Program Agreement in March 2023 whereby the Advisor offered WAM the opportunity to participate, as a co-lender with the Company, in debt investments originated by the Advisor. WAM retained all investment decisions. In 2023, WAM ceased making new investments under the program, as it no longer wished to pursue a venture debt strategy. |
See Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements
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