v3.26.1
Consolidated Schedule of Investments in and Advances to Affiliates (Tables)
 3 Months Ended
Mar. 31, 2026
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Schedule of Investments in and Advances to Affiliates, Schedule of Investments
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2025 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2026 Fair Value (13)
Majority-Owned Investments
BDB Holdings, LLCPreferred Equity(7)$— $(4,860)$— $12,640 $— $4,860 $7,780 
12.00%Secured Debt(7)— — 53 1,773 — — 1,773 
Bettercloud, Inc.SF+8.25%Secured Debt(6)— — 310 6,017 2,307 8,324 — 
Common Equity(6)(5,704)1,200 — 15,690 1,200 16,890 — 
Brewer Crane Holdings, LLC13.79%SF+10.00%Secured Debt(9)— — 173 5,016 — — 5,016 
Preferred Member Units(9)— (490)30 3,460 — 490 2,970 
15.00%15.00%Preferred Member Units(9)— — 12 336 12 — 348 
California Splendor Holdings LLC14.00%Secured Debt(9)— (249)905 25,638 2 249 25,391 
Secured Debt(9)— — 1 (11)1 — (10)
Preferred Member Units(9)— (4,410)— 12,801 — 4,410 8,391 
15.00%15.00%Preferred Member Units(9)— — 539 12,569 3,538 — 16,107 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — 9 — — — — 
10.00%Secured Debt(5)— (6)239 9,480 6 246 9,240 
10.00%Secured Debt(5)— — 23 929 — 12 917 
Member Units(5)— 770 423 14,120 770 — 14,890 
Member Units(5)— 240 — 1,270 240 — 1,510 
Cody Pools, Inc.Secured Debt (12)(8)— 5 27 — 1,685 1,685 — 
12.50%Secured Debt(8)— (39)1,111 34,901 40 681 34,260 
Preferred Member Units(8)— (790)389 65,060 — 790 64,270 
CompareNetworks Topco, LLC14.79%SF+11.00%Secured Debt(9)— (58)150 4,031 1 96 3,936 
Preferred Member Units(9)— (3,750)— 7,650 — 3,750 3,900 
Compass Systems & Sales, LLCSecured Debt(5)— — 1 (15)1 — (14)
13.50%Secured Debt(5)— — 591 16,961 15 1,000 15,976 
Preferred Equity(5)— 270 60 7,180 270 — 7,450 
Cybermedia Technologies, LLCSecured Debt(6)— — 3 — — — — 
13.00%Secured Debt(6)— — 889 27,076 16 400 26,692 
Preferred Member Units(6)— 4,050 63 — 4,050 — 4,050 
Preferred Equity(6)— 570 — 6,340 570 — 6,910 
Datacom, LLC7.50%Secured Debt(8)— — 13 675 135 135 675 
10.00%Secured Debt(8)— (1,015)194 4,169 — 1,083 3,086 
Preferred Member Units(8)— — — — — — — 
Direct Marketing Solutions, Inc.Secured Debt (12)(9)— 27 134 1,785 1,615 3,400 — 
Secured Debt(9)— (3)281 23,082 — 23,082 — 
14.00%Secured Debt(9)— 338 1,696 — 43,857 — 43,857 
Preferred Stock(9)— 4,434 — 19,760 9,234 160 28,834 
Gamber-Johnson Holdings, LLC11.19%SF+7.50%Secured Debt(5)— — 17 — 1,600 — 1,600 
11.19%SF+7.50%Secured Debt(5)— 12 2,176 70,526 4,440 — 74,966 
Member Units(5)— 4,020 1,098 113,810 4,020 — 117,830 
Member Units(5)— — — 396 — 92 304 
Garreco, LLCMember Units(8)— (110)— 1,830 — 110 1,720 
GRT Rubber Technologies LLC9.79%SF+6.00%Secured Debt(8)— (1)78 3,146 1 1 3,146 
11.79%SF+8.00%Secured Debt(8)— (12)1,207 40,493 12 12 40,493 
Member Units(8)— (2,350)1,008 46,360 — 2,350 44,010 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2025 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2026 Fair Value (13)
IG Investor, LLC13.00%Secured Debt (12)(6)— (2)51 1,600 2 802 800 
13.00%Secured Debt(6)— (21)1,140 35,064 21 821 34,264 
Common Equity(6)— 730 — 28,030 730 — 28,760 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — — — — — — 
13.50%P+6.75%Secured Debt(9)— — 30 878 — 150 728 
Member Units(9)— 620 301 11,540 620 — 12,160 
MSC Adviser I, LLCMember Units(8)— (21,960)2,868 255,020 — 21,960 233,060 
NRP Jones, LLC12.00%Secured Debt(5)— (105)— 474 — 104 370 
Member Units(5)— — — — — — — 
Member Units(5)— — — — — — — 
Preferred Equity(5)— — — — — — — 
Common Equity(5)— — — 928 — — 928 
OMi Topco, LLC12.00%Secured Debt(8)— (3)873 29,000 3 3 29,000 
Preferred Member Units(8)— 1,140 3,083 77,900 1,140 — 79,040 
Principle Environmental, LLC13.00%Secured Debt(8)— (5)164 4,897 5 5 4,897 
Preferred Member Units(8)— — 1,554 15,740 — — 15,740 
Common Stock(8)— — — 750 — — 750 
Quality Lease Service, LLCMember Units(7)— — — 460 — — 460 
Robbins Bros. Jewelry, Inc.Secured Debt(9)— — 68 (62)— 6 (68)
12.50%10.00%Secured Debt(9)— 149 — 14,029 — 61 13,968 
Preferred Equity(9)— — — — — — — 
Trantech Radiator Topco, LLC11.50%Secured Debt(7)— — 5 — 1,600 — 1,600 
Secured Debt(7)— (41)240 9,000 — 9,000 — 
13.50%Secured Debt(7)— 219 612 — 31,280 — 31,280 
Common Stock(7)— 3,564 — 14,920 4,930 — 19,850 
Common Equity(7)— — — 696 — — 696 
9.00%Secured Debt(7)— (1)47 2,040 1 1 2,040 
9.00%Secured Debt(7)— 9 4 — 2,000 — 2,000 
9.00%Secured Debt(7)— 2 1 — 400 — 400 
Victory Energy Operations, LLC13.00%Secured Debt (12)(8)— — 56 836 1,725 431 2,130 
13.00%Secured Debt(8)— — 1,592 47,889 24 — 47,913 
Preferred Equity(8)— 260 108 23,380 260 — 23,640 
Volusion, LLC10.00%Secured Debt(8)— — 52 2,100 — — 2,100 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— (563)— 2,910 — 870 2,040 
Common Stock(8)— — — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 5 150 — — 150 
12.00%Secured Debt(8)— (54)52 1,687 — 54 1,633 
Preferred Member Units(8)— (50)— 50 — 50 — 
Other Controlled Investments
American Nuts, LLCPreferred Equity(9)$— $(470)$— $4,250 $— $470 $3,780 
12.31%SF+8.50%12.31%Secured Debt(9)— — 251 8,161 251 — 8,412 
12.31%SF+8.50%12.31%Secured Debt(9)— 110 251 6,582 361 — 6,943 
12.36%SF+8.50%12.36%Secured Debt(9)— — 1 — 311 — 311 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2025 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2026 Fair Value (13)
Analytical Systems Keco Holdings, LLC13.25%Secured Debt(8)— — 129 3,860 3 153 3,710 
Preferred Member Units(8)— 430 — 120 430 — 550 
Preferred Member Units(8)— — — 6,030 — — 6,030 
Warrants(8)— — — — — — — 
ASC Interests, LLCSecured Debt(8)— — 10 400 — 400 — 
Secured Debt(8)— 30 37 1,502 31 1,533 — 
Preferred Member Units(8)(88)178 — — 178 178 — 
Member Units(8)(1,500)1,500 — — 1,500 1,500 — 
Batjer TopCo, LLCSecured Debt(8)— — — — — — — 
10.00%Secured Debt(8)— (5)251 9,945 6 118 9,833 
Preferred Stock(8)— 620 583 8,750 620 — 9,370 
Bolder Panther Group, LLC12.09%SF+8.40%Secured Debt(9)— (33)3,092 101,046 33 33 101,046 
8.00%Class B Preferred Member Units(9)— — 621 31,190 — — 31,190 
Secured Debt(9)— — 32 — — — — 
Bridge Capital Solutions CorporationPreferred Member Units(6)— — — — — — — 
Warrants(6)— — — — — — — 
Warrants(6)— — — — — — — 
CBT Nuggets, LLCMember Units(9)— (2,360)412 47,930 — 2,360 45,570 
Centre Technologies Holdings, LLCSF+8.00%Secured Debt (12)(8)— — 5 — 240 240 — 
11.79%SF+8.00%Secured Debt(8)— (3)714 24,085 3 3 24,085 
Preferred Member Units(8)— 3,230 30 42,710 3,230 — 45,940 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (3)9 — 3 3 — 
11.86%SF+8.00%Secured Debt(8)— (23)1,268 42,020 23 823 41,220 
Member Units(8)— 3,980 1,523 35,530 3,980 — 39,510 
Member Units(8)— (90)23 4,170 — 90 4,080 
Charps, LLC14.00%Unsecured Debt(5)— (26)223 5,694 26 26 5,694 
Preferred Member Units(5)— — — 16,020 — — 16,020 
Colonial Electric Company LLCSecured Debt (12)(6)— — 2 — — — — 
9.00%Secured Debt(6)— 88 206 8,779 — — 8,779 
Preferred Member Units(6)— 2,120 1,455 16,830 2,120 — 18,950 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— 140 — 390 140 — 530 
Digital Products Holdings LLC13.69%SF+10.00%Secured Debt(5)— — 420 11,338 10 — 11,348 
Preferred Member Units(5)— — 50 9,835 — — 9,835 
Doral Holdings, LLCPreferred Equity(5)— 8,460 554 15,740 8,460 — 24,200 
13.00%Secured Debt(5)— 184 939 26,270 230 4,000 22,500 
Elgin AcquireCo, LLCSF+6.00%Secured Debt(5)— — 2 (3)1 — (2)
12.00%Secured Debt(5)— — 510 16,719 9 117 16,611 
9.00%Secured Debt(5)— — 140 6,156 1 14 6,143 
Common Stock(5)— 140 — 5,050 140 — 5,190 
Common Stock(5)— 60 — 3,270 60 — 3,330 
Flame King Holdings, LLCPreferred Equity(9)— 1,120 1,587 54,630 1,120 — 55,750 
12.00%Secured Debt(9)— (32)2,014 66,000 32 32 66,000 
Harris Preston Fund InvestmentsLP Interests (2717 MH, L.P.)(8)— 70 — 1,795 70 — 1,865 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2025 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2026 Fair Value (13)
LP Interests (2717 HPP-MS, L.P.) (12)(8)— (190)282 447 — 190 257 
LP Interests (2717 GRE-LP, L.P.)(8)— 75 — 441 75 — 516 
LP Interests (423 COR, L.P.)(8)— 95 — 5,244 95 — 5,339 
Harrison Hydra-Gen, Ltd.Common Stock(8)— — — 7,080 — — 7,080 
JTI Electrical & Mechanical, LLC9.92%SF+6.00%9.92%Secured Debt(9)— (27,772)— 36,429 — 27,772 8,657 
15.00%15.00%Secured Debt(9)— (939)— 939 — 939 — 
8.92%SF+5.00%8.92%Secured Debt(9)— — — 6,316 213 — 6,529 
Common Equity(9)— — — — — — — 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 711 23,263 12 — 23,275 
Preferred Equity(9)— 3 106 10,990 3 — 10,993 
KBK Industries, LLCMember Units(5)17,327 (17,396)1,603 18,180 17,326 35,506 — 
Secured Debt(5)— — — — — — — 
Secured Debt(5)— (34)51 7,200 34 7,234 — 
Kickhaefer Manufacturing Company, LLC11.50%Secured Debt(5)— — 294 10,195 1 — 10,196 
9.00%Secured Debt(5)— — 88 3,878 — 12 3,866 
Preferred Equity(5)— 1,170 — 17,180 1,170 — 18,350 
Member Units(5)— — 24 4,190 — — 4,190 
Legacy Swim Group13.00%Secured Debt(7)— — 1,056 31,691 16 — 31,707 
Preferred Equity(7)— — 186 14,996 — — 14,996 
Metalforming Holdings, LLCSecured Debt(7)— — 3 — — — — 
8.75%Secured Debt(7)— (8)386 17,237 8 8 17,237 
8.00%8.00%Preferred Equity(7)— — 120 5,916 — — 5,916 
Common Stock(7)— 290 490 9,770 290 — 10,060 
Moffitt Holdings, LLC13.00%Secured Debt(8)— — 1,115 33,840 20 438 33,422 
Preferred Equity(8)— — — 15,560 — — 15,560 
MS Private Loan Fund I, LP6.69%SF+3.00%Secured Debt (12)(8)— — 175 12,000 4,300 4,000 12,300 
LP Interests(8)— (1,104)363 14,697 — 1,104 13,593 
MS Private Loan Fund II, LPSF+3.00%Secured Debt (12)(8)— — 12 (84)257 250 (77)
LP Interests (12)(8)— 89 498 11,064 89 — 11,153 
MSC Income Fund, Inc.Common Equity(8)— (1,675)729 21,412 4,930 1,675 24,667 
SF+4.50%Secured Debt (12)(8)— — 53 — 23,853 24,000 (147)
MVI MSO, LLC13.00%Secured Debt(6)— — 325 9,768 4 — 9,772 
Preferred Equity(6)— (690)81 4,770 — 690 4,080 
NAPCO Precast, LLCMember Units(8)— (3,330)42 14,480 — 3,330 11,150 
Member Units(8)— — 7 568 — — 568 
Nello Industries Investco, LLCSecured Debt(5)— (205)550 32,072 — 32,072 — 
12.50%Secured Debt(5)— 205 818 — 41,272 — 41,272 
Preferred Equity(5)— 6,220 274 23,330 6,220 — 29,550 
NexRev LLCPreferred Member Units(8)— (280)24 12,870 — 280 12,590 
NuStep, LLC10.29%SF+6.50%Secured Debt(5)— — 63 1,000 1,600 — 2,600 
12.00%Secured Debt(5)— — 571 18,440 — 274 18,166 
Preferred Member Units(5)— (1,270)— 12,200 — 1,270 10,930 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2025 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2026 Fair Value (13)
Preferred Member Units(5)— 180 — 6,110 180 — 6,290 
Orttech Holdings, LLCSF+11.00%Secured Debt(5)— — 16 612 — 612 — 
14.79%SF+11.00%Secured Debt(5)— (10)779 20,760 10 10 20,760 
Preferred Stock(5)— — 60 13,450 — — 13,450 
Pinnacle TopCo, LLCSecured Debt (12)(8)— (1)3 — 1 1 — 
13.00%Secured Debt(8)— (18)885 27,200 18 818 26,400 
Preferred Equity(8)— — 332 20,440 — — 20,440 
PPL RVs, Inc.SF+8.75%Secured Debt(8)— — — — — — — 
12.60%SF+8.75%Secured Debt(8)— (9)487 15,191 9 9 15,191 
Common Stock(8)— (1,620)— 17,330 — 1,620 15,710 
Common Stock(8)— — — 575 — — 575 
River Aggregates, LLCMember Units(8)— — 25 9,700 — — 9,700 
Spring Engineering Holdings, LLC13.00%Secured Debt(7)— — 754 — 23,165 — 23,165 
Preferred Member Units(7)— — — — 4,650 — 4,650 
Tedder Industries, LLC12.00%12.00%Secured Debt(9)— (82)433 962 433 82 1,313 
12.00%12.00%Secured Debt(9)— 2,553 — 2,827 2,553 — 5,380 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Televerde, LLCMember Units(8)— (2,551)— 4,822 — 2,551 2,271 
Preferred Stock(8)— — — 1,794 — — 1,794 
Trinity Medical Holdings, LLC13.00%Secured Debt(7)— — 1,931 57,944 30 — 57,974 
Preferred Equity(7)— — — 22,500 — — 22,500 
VVS Holdco LLCSF+6.00%Secured Debt(5)— — 4 — — — — 
11.50%Secured Debt(5)— — 702 23,956 12 — 23,968 
Preferred Equity(5)— — — 12,240 — — 12,240 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— — — — — — — 
Total Control investments$10,035 $(47,208)$61,664 $2,569,626 $280,850 $267,466 $2,583,010 
Affiliate Investments
AAC Holdings, Inc.20.00%20.00%Secured Debt(7)$— $— $45 $895 $45 $— $940 
Preferred Equity(7)— (2,060)— 2,080 — 2,060 20 
20.00%20.00%Secured Debt(7)— (212)— 2,756 — 212 2,544 
20.00%20.00%Secured Debt(7)— (212)— 2,756 — 212 2,544 
Common Stock(7)— — — — — — — 
21.00%21.00%Secured Debt(7)— 105 45 503 580 — 1,083 
BLI Acquisition, LLC14.00%Secured Debt(7)— — 566 — 13,072 — 13,072 
Member Units(7)— — — — 2,100 — 2,100 
Boccella Precast Products LLC10.00%Secured Debt(6)— — — 256 — — 256 
Member Units(6)— (190)— 2,820 — 190 2,630 
Buca C, LLC15.00%15.00%Secured Debt(7)— — — — — — — 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
15.00%15.00%Secured Debt(7)— (51)— — 51 51 — 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2025 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2026 Fair Value (13)
Career Team Holdings, LLCSF+6.00%Secured Debt (12)(6)— — 5 (45)2 — (43)
13.00%Secured Debt(6)— — 731 21,551 19 — 21,570 
Common Stock(6)— — — 5,370 — — 5,370 
CGMS Parent LLC13.00%Secured Debt(6)— — 821 24,754 14 156 24,612 
Secured Debt (12)(6)— — 7 (39)2 — (37)
Preferred Equity(6)— — 195 10,000 — — 10,000 
Classic H&G Holdings, LLCPreferred Member Units(6)— 90 — 2,040 90 — 2,130 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— 812 — 24 812 — 836 
Connect Telecommunications Solutions Holdings, Inc.13.00%Secured Debt(6)— — 786 24,153 18 900 23,271 
Preferred Equity(6)— — — 12,596 — — 12,596 
DMA Industries, LLC10.00%Secured Debt(7)— (3)323 12,800 3 3 12,800 
Preferred Equity(7)— 4,500 — 9,174 4,500 — 13,674 
10.00%Secured Debt(7)— — 14 560 — — 560 
15.00%15.00%Preferred Equity(7)— 2,321 139 5,424 2,459 — 7,883 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— — — 8,027 — — 8,027 
LP Interests (Dos Rios Partners - A, LP)(8)— — — 2,549 — — 2,549 
Dos Rios Stone Products LLCClass A Preferred Units(8)— — — — — — — 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)— — — 37 — — 37 
FCC Intermediate Holdco, LLC13.00%Secured Debt(5)— (232)1,231 31,160 232 642 30,750 
Warrants(5)— (480)180 15,140 — 480 14,660 
Freeport Financial FundsLP Interests (Freeport Financial SBIC Fund LP)(5)— (54)— 1,600 — 54 1,546 
LP Interests (Freeport First Lien Loan Fund III LP)(5)— — — 193 — — 193 
FRG AcquireCo, LLCSecured Debt(7)— — 4 (19)2 — (17)
13.50%Secured Debt(7)— — 362 10,402 23 2,018 8,407 
Preferred Equity(7)— — — 3,500 — — 3,500 
GFG Group, LLC8.00%Secured Debt(5)— (3)284 14,053 3 3 14,053 
Preferred Member Units(5)— — 140 10,940 — — 10,940 
Gulf Manufacturing, LLC11.82%SF+8.13%Secured Debt (12)(8)— — 22 (32)3,003 — 2,971 
11.82%SF+8.13%Secured Debt(8)— — 1,182 36,784 83 500 36,367 
Member Units(8)— (100)142 6,600 — 100 6,500 
Common Stock(8)— — 18 1,450 — — 1,450 
Preferred Equity(8)— — — 5,190 — — 5,190 
Harris Preston Fund InvestmentsLP Interests (423 HAR, L.P.)(8)— — — 1,226 — — 1,226 
LP Interests (HPEP 3, L.P.) (12)(8)— (128)— 4,116 — 380 3,736 
LP Interests (HPEP 4, L.P.) (12)(8)— 787 — 7,463 2,072 — 9,535 
Hawk Ridge Systems, LLCSecured Debt(9)— — — 3,219 — 3,219 — 
SF+6.00%Secured Debt (12)(9)— 23 7 — — — — 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2025 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2026 Fair Value (13)
Secured Debt(9)— — — 45,256 — 45,256 — 
11.00%Secured Debt(9)— 271 1,772 — 49,871 — 49,871 
Preferred Member Units(9)— — — 26,310 — — 26,310 
Preferred Member Units(9)— — — 1,380 — — 1,380 
Houston Plating and Coatings, LLC10.00%Unsecured Convertible Debt(8)— — 75 3,000 — — 3,000 
Member Units(8)— (210)49 3,720 — 210 3,510 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— — — 19,000 — — 19,000 
Infinity X1 Holdings, LLCPreferred Equity(9)— 330 180 8,010 330 — 8,340 
12.00%Secured Debt(9)— (1)454 15,299 1 226 15,074 
Secured Debt (12)(9)— — 44 — 4,000 4,000 — 
Integral Energy Services11.42%SF+7.50%Secured Debt(8)— (269)363 12,042 13 269 11,786 
10.00%10.00%Preferred Equity(8)— — 7 420 7 — 427 
Common Stock(8)— (70)— 350 — 70 280 
10.00%10.00%Preferred Equity(8)— — — 404 — — 404 
Iron-Main Investments, LLC13.00%Secured Debt(5)— — 148 4,500 2 — 4,502 
13.00%Secured Debt(5)— — 97 2,931 1 — 2,932 
13.00%Secured Debt(5)— — 291 8,944 — — 8,944 
13.00%Secured Debt(5)— — 577 17,569 7 207 17,369 
13.00%Secured Debt(5)— — 323 9,421 20 353 9,088 
Common Stock(5)— 150 — 2,700 150 — 2,850 
25.00%25.00%Preferred Equity(5)— 70 — 1,030 70 — 1,100 
25.00%25.00%Preferred Equity(5)— — — 155 — — 155 
ITA Holdings Group, LLC10.84%SF+7.00%Secured Debt(8)— (1)33 1,180 1 1 1,180 
10.84%SF+7.00%Secured Debt(8)— (2)146 5,310 2 2 5,310 
10.84%SF+7.00%Secured Debt(8)— (67)200 4,935 67 67 4,935 
10.84%SF+7.00%Secured Debt(8)— (67)200 4,935 67 67 4,935 
10.84%SF+7.00%Secured Debt(8)— (1)49 1,770 1 1 1,770 
10.84%SF+7.00%Secured Debt(8)— — — — 2,360 — 2,360 
Warrants(8)— — 1,125 15,230 — — 15,230 
CenterPeak Holdings, LLC15.00%Secured Debt (12)(8)— (2)71 1,800 2 2 1,800 
15.00%Secured Debt(8)— (1)943 25,107 1 1 25,107 
Preferred Equity(8)— 1,240 1,141 24,340 1,240 — 25,580 
Kennedy Fab HoldCo, LLCSecured Debt (12)(8)— — 22 — — 5 (5)
13.00%Secured Debt(8)— — 533 — 29,705 — 29,705 
9.00%Secured Debt(8)— — 301 — 19,961 — 19,961 
Preferred Equity(8)— — — — 11,490 — 11,490 
KMS, LLC12.50%Secured Debt(5)— 22 41 1,146 27 — 1,173 
12.50%Secured Debt(5)— — 31 1,007 — — 1,007 
Preferred Equity(5)— — — 6,270 — — 6,270 
9.20%SF+5.50%Secured Debt (12)(5)— 36 15 (40)1,343 — 1,303 
Mills Fleet Farm Group, LLC9.81%SF+5.50%9.81%Secured Debt(5)— — 71 2,796 71 — 2,867 
9.17%SF+5.50%9.17%Secured Debt(5)— — 40 1,664 42 — 1,706 
Preferred Equity(5)— (1,105)278 12,557 278 1,105 11,730 
MoneyThumb Acquisition, LLC14.00%Secured Debt(9)— — 342 7,696 63 596 7,163 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2025 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2026 Fair Value (13)
12.00%12.00%Preferred Member Units(9)— 130 58 2,112 188 — 2,300 
Warrants(9)— 70 — 800 70 — 870 
Nearshore AcquireCo, LLCSecured Debt (12)(8)— — 3 (24)1 — (23)
Secured Debt(8)— — 3 (61)3 — (58)
13.00%Secured Debt(8)— — 723 21,688 11 — 21,699 
Preferred Equity(8)— — — 5,260 — — 5,260 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— — — 141 — — 141 
12.00%12.00%Secured Debt(8)— — — 144 — — 144 
12.00%12.00%Secured Debt(8)— — — 309 — — 309 
12.00%12.00%Secured Debt(8)— — — 645 1 — 646 
10.00%10.00%Unsecured Debt(8)— — — — — — — 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCPreferred Stock(7)— — 13 3,270 — — 3,270 
RA Outdoors LLC10.56%SF+6.75%10.56%Secured Debt(8)— — 38 1,182 37 — 1,219 
10.56%SF+6.75%10.56%Secured Debt(8)— (2)397 12,355 398 2 12,751 
10.59%SF+6.75%10.59%Secured Debt(8)— (80)— — 465 80 385 
10.59%SF+6.75%10.59%Secured Debt(8)— (78)— — 453 78 375 
Revenue Recovery Holdings, LLCSecured Debt (12)(7)— — 3 (18)1 — (17)
13.00%Secured Debt(7)— — 221 6,640 3 — 6,643 
Preferred Equity(7)— 911 — 1,049 911 — 1,960 
RFG AcquireCo, LLCSecured Debt (12)(7)— — 3 (7)1 — (6)
13.50%Secured Debt(7)— — 267 7,932 4 — 7,936 
Secured Debt(7)— — 300 33,700 — 33,700 — 
13.50%Secured Debt(7)— — 1,505 — 41,398 — 41,398 
Preferred Equity(7)— — — 12,771 — — 12,771 
SI East, LLC11.80%Secured Debt (12)(7)— (1)72 2,250 1 1 2,250 
12.86%Secured Debt(7)— (8)2,159 66,850 8 8 66,850 
Preferred Member Units(7)— — 269 17,190 — — 17,190 
Slick Innovations, LLC14.00%Secured Debt(6)— (17)879 24,680 17 417 24,280 
Common Stock(6)— 430 — 2,160 430 — 2,590 
Specialized Aviation Holdings, LLC13.00%Secured Debt(7)— — 825 28,362 61 5,375 23,048 
Preferred Stock(7)— — 338 15,000 — — 15,000 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— 197 — 1,438 198 — 1,636 
8.50%8.50%Secured Debt(6)— — 4 780 4 — 784 
Superior Rigging & Erecting Co.Preferred Member Units(7)— 310 — 17,500 310 — 17,810 
The Affiliati Network, LLCPreferred Stock(9)— — 128 6,400 — — 6,400 
Preferred Stock(9)— — — 313 — — 313 
UnionRock Energy Fund II, LPLP Interests (12)(9)— — — 4,164 205 134 4,235 
UnionRock Energy Fund III, LPLP Interests (12)(9)— — — 5,165 372 130 5,407 
UniTek Global Services, Inc.20.00%20.00%Preferred Stock(6)— — — 9,388 — — 9,388 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2025 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2026 Fair Value (13)
Urgent DSO LLC13.50%Secured Debt(5)— (191)301 8,672 5 191 8,486 
Preferred Equity(5)— (1,796)— 4,356 — 1,796 2,560 
Wildcats Topco LLCCommon Equity(5)— 70 135 22,760 70 — 22,830 
World Micro Holdings, LLC13.00%Secured Debt(7)— — 326 9,848 5 — 9,853 
Preferred Equity(7)— — — 3,845 — — 3,845 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— — — — — — — 
Total Affiliate investments$— $5,181 $26,181 $965,179 $196,009 $105,530 $1,055,658 
___________________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, dividends and fees credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $582,664. This represented 18.8% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $179,014. This represented 5.8% of net assets as of March 31, 2026.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $143,057. This represented 4.6% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $160,033. This represented 5.2% of net assets as of March 31, 2026.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $256,084. This represented 8.3% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $298,911. This represented 9.7% of net assets as of March 31, 2026.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $1,059,998. This represented 34.3% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $290,037. This represented 9.4% of net assets as of March 31, 2026.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $541,207. This represented 17.5% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $127,663. This represented 4.1% of net assets as of March 31, 2026.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of March 31, 2026 (see Note K — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Majority-Owned Investments
Analytical Systems Keco Holdings, LLCSecured Debt(8)$— $— $— $— $— $— $— 
17.50%Secured Debt(8)— — 180 4,048 3 50 4,001 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— (160)— 5,300 — 160 5,140 
Warrants(8)— — — — — — — 
BDB Holdings, LLCPreferred Equity(7)— — — 18,920 — — 18,920 
12.00%Secured Debt (12)(7)— — 4 — 420 — 420 
Brewer Crane Holdings, LLC14.48%SF+10.00%Secured Debt(9)— — 181 5,016 — — 5,016 
Preferred Member Units(9)— (570)30 4,680 — 570 4,110 
Café Brazil, LLCMember Units(8)— (100)— 1,200 — 100 1,100 
California Splendor Holdings LLC14.00%4.00%Secured Debt(9)— 388 984 28,465 582 1,092 27,955 
4.00%Secured Debt (12)(9)— — 40 1,506 14 1,539 (19)
Preferred Member Units(9)— — 63 22,215 — — 22,215 
15.00%15.00%Preferred Member Units(9)— — 409 10,909 409 — 11,318 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — 1 — — — — 
9.00%Secured Debt(5)— 2 159 6,760 — 240 6,520 
10.00%Secured Debt(5)— — 24 973 — 11 962 
Member Units(5)— 50 443 10,990 50 — 11,040 
Member Units(5)— 320 — 950 320 — 1,270 
Cody Pools, Inc.Secured Debt (12)(8)— (2)7 — 2 2 — 
12.50%Secured Debt(8)— (3)1,201 39,227 3 1,515 37,715 
Preferred Member Units(8)— 1,690 1,284 67,810 1,690 — 69,500 
CompareNetworks Topco, LLC13.48%SF+9.00%Secured Debt(9)— — 107 2,903 7 210 2,700 
Preferred Member Units(9)— (650)— 11,260 — 650 10,610 
Cybermedia Technologies, LLCSecured Debt(6)— — 3 — — — — 
13.00%Secured Debt(6)— (509)901 27,116 15 509 26,622 
Preferred Member Units(6)— (5,980)63 15,000 — 5,980 9,020 
Datacom, LLC7.50%Secured Debt(8)— — 17 493 586 135 944 
10.00%Secured Debt(8)— — 235 7,947 35 68 7,914 
Preferred Member Units(8)— — — 240 — — 240 
Direct Marketing Solutions, Inc.Secured Debt(9)— (7)11 — 7 7 — 
14.00%Secured Debt(9)— (10)837 23,902 10 420 23,492 
Preferred Stock(9)— 540 — 17,930 540 — 18,470 
Gamber-Johnson Holdings, LLCSF+7.50%Secured Debt (12)(5)— — 2 — — — — 
11.50%SF+7.50%Secured Debt (12)(5)— (12)2,114 73,126 12 12 73,126 
Member Units(5)— — 1,903 114,750 — — 114,750 
Garreco, LLCMember Units(8)— (230)19 2,060 — 230 1,830 
GRT Rubber Technologies LLC10.48%SF+6.00%Secured Debt (12)(8)— (1)83 3,146 1 1 3,146 
12.48%SF+8.00%Secured Debt(8)— (12)1,273 40,493 12 12 40,493 
Member Units(8)— — 1,506 45,890 — — 45,890 
Gulf Publishing Holdings, LLCSF+9.50%Secured Debt(8)— — — — — — — 
12.50%12.50%Secured Debt(8)— 298 — 1,518 220 — 1,738 
Preferred Equity(8)— — — — — — — 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Member Units(8)— — — — — — — 
IG Investor, LLC13.00%Secured Debt (12)(6)— 26 57 1,572 28 — 1,600 
13.00%Secured Debt(6)— 227 1,160 35,257 247 440 35,064 
Common Equity(6)— 1,550 — 16,230 1,550 — 17,780 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — — — — — — 
14.25%P+6.75%Secured Debt(9)— — 53 1,498 — 160 1,338 
Member Units(9)— (280)260 11,820 — 280 11,540 
MSC Adviser I, LLCMember Units(8)— (7,830)2,493 246,000 — 7,830 238,170 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — 1 — — — — 
10.00%Secured Debt(6)— (2)145 5,746 2 2 5,746 
Common Stock(6)— — 942 26,370 — — 26,370 
NRP Jones, LLC12.00%Secured Debt(5)— — 70 2,178 5 — 2,183 
Member Units(5)— (1,178)— 2,696 — 1,178 1,518 
Member Units(5)— (32)— 94 — 32 62 
Preferred Equity(5)— 756 — — 1,238 — 1,238 
OMi Topco, LLCSecured Debt(8)— (30)207 9,000 — 9,000 — 
Preferred Member Units(8)— 3,100 7,487 72,720 3,100 — 75,820 
12.00%Secured Debt(8)— 49 101 — 14,000 — 14,000 
Principle Environmental, LLC13.00%Secured Debt(8)— — 164 4,861 4 — 4,865 
Preferred Member Units(8)— 350 327 12,600 350 — 12,950 
Common Stock(8)— 20 — 600 20 — 620 
Quality Lease Service, LLCMember Units(7)— — — 460 — — 460 
Robbins Bros. Jewelry, Inc.10.00%Secured Debt(9)— — — (39)— 6 (45)
12.50%10.00%Secured Debt(9)— — — 14,562 — 210 14,352 
Preferred Equity(9)— — — — — — — 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— — 1 (1)— — (1)
13.50%Secured Debt(7)— — 274 7,855 7 — 7,862 
Common Stock(7)— — 29 8,570 — — 8,570 
Victory Energy Operations, LLCSecured Debt(8)— — 6 (33)2 — (31)
13.00%Secured Debt(8)— — 1,592 47,792 24 — 47,816 
Preferred Equity(8)— — 116 22,686 — — 22,686 
Volusion, LLC10.00%Secured Debt(8)— — 52 2,100 — — 2,100 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)22 (1,528)— 7,003 21 1,854 5,170 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 54 1,750 — — 1,750 
Preferred Member Units(8)— (160)— 320 — 160 160 
Warrants(8)— — — — — — — 
Other controlled investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)— (166)— 8,818 80 166 8,732 
LP Interests (2717 HPP-MS, L.P.)(8)— — — 383 — — 383 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
LP Interests (2717 GRE-LP, L.P.)(8)— — — 441 — — 441 
HPEP 423 COR, LPLP Interests (423 COR, L.P.)(8)— 83 — 4,187 83 — 4,270 
American Nuts, LLCPreferred Equity(9)— — — — 8,970 — 8,970 
12.95%SF+8.50%12.95%Secured Debt(9)— — 11 — 7,410 — 7,410 
12.95%SF+8.50%12.95%Secured Debt(9)— — 11 — 7,410 — 7,410 
ASC Interests, LLC13.00%Secured Debt(8)— — 13 400 — — 400 
13.00%Secured Debt(8)— — 53 1,598 — 73 1,525 
Preferred Member Units(8)— — — — — — — 
Member Units(8)— — — — — — — 
ATS Workholding, LLC5.00%Secured Debt(9)— (155)— 113 42 155 — 
5.00%Secured Debt(9)— (143)— 143 — 143 — 
Preferred Member Units(9)— — — — — — — 
Barfly Ventures, LLC7.00%Secured Debt (12)(5)— — 12 711 — — 711 
Member Units(5)— (100)1,103 5,860 — 100 5,760 
Batjer TopCo, LLC11.00%Secured Debt (12)(8)— — 10 446 — 270 176 
11.00%Secured Debt (12)(8)— — 7 270 — — 270 
11.00%Secured Debt(8)— — 279 10,529 5 — 10,534 
Preferred Stock(8)— — 188 5,160 — — 5,160 
Bolder Panther Group, LLC11.70%SF+7.33%Secured Debt(9)— (35)2,987 101,643 34 631 101,046 
8.00%Class B Preferred Member Units(9)— 480 795 30,520 480 — 31,000 
Secured Debt(9)— — 40 — — — — 
Bridge Capital Solutions CorporationPreferred Member Units(6)— — — — — — — 
Warrants(6)— — — — — — — 
Warrants(6)— — — — — — — 
CBT Nuggets, LLCMember Units(9)— — 824 49,540 — — 49,540 
Centre Technologies Holdings, LLCSF+10.00%Secured Debt (12)(8)— — 3 — — — — 
14.48%SF+10.00%Secured Debt(8)— (5)876 25,534 5 1,075 24,464 
Preferred Member Units(8)— 1,870 30 12,410 1,870 — 14,280 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (22)24 — 22 22 — 
12.49%SF+8.00%Secured Debt(8)— 3 503 15,620 1,600 — 17,220 
Member Units(8)— 1,130 2,791 33,110 1,130 — 34,240 
Member Units(8)— 80 23 3,550 80 — 3,630 
Charps, LLC10.00%Unsecured Debt(5)— (23)219 5,694 23 23 5,694 
Preferred Member Units(5)— — 329 15,580 — — 15,580 
Colonial Electric Company LLCSecured Debt (12)(6)— — 2 — — — — 
12.00%Secured Debt(6)— (8)428 14,310 8 323 13,995 
Preferred Member Units(6)— 760 414 13,570 760 — 14,330 
Compass Systems & Sales, LLCSecured Debt(5)— — 1 (21)2 — (19)
13.50%Secured Debt(5)— — 589 17,067 9 — 17,076 
Preferred Equity(5)— 4 60 7,450 4 — 7,454 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 500 15 — 515 
Digital Products Holdings LLC14.38%SF+10.00%Secured Debt(5)— — 453 12,422 12 330 12,104 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Preferred Member Units(5)— — 50 9,835 — — 9,835 
Elgin AcquireCo, LLCSF+6.00%Secured Debt(5)— — 2 (5)— — (5)
12.00%Secured Debt(5)— — 551 17,969 9 70 17,908 
9.00%Secured Debt(5)— — 141 6,207 1 13 6,195 
Common Stock(5)— (690)— 5,730 — 690 5,040 
Common Stock(5)— 50 — 3,050 50 — 3,100 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 50 — 7,010 50 — 7,060 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 711 23,216 12 — 23,228 
Preferred Equity(9)— 490 285 13,180 490 — 13,670 
KBK Industries, LLC9.00%Secured Debt(5)— (4)85 3,700 4 304 3,400 
Member Units(5)— — 707 25,180 — — 25,180 
Kickhaefer Manufacturing Company, LLC11.50%Secured Debt(5)— — 423 14,987 2 800 14,189 
9.00%Secured Debt(5)— — 89 3,926 — 12 3,914 
Preferred Equity(5)— 650 — 12,240 650 — 12,890 
Member Units(5)— — 30 2,710 — — 2,710 
Metalforming Holdings, LLCSecured Debt (12)(7)— — 6 (11)4 — (7)
9.75%Secured Debt(7)— — 498 20,844 20 1,931 18,933 
8.00%8.00%Preferred Equity(7)— (481)604 6,397 — 481 5,916 
Common Stock(7)— 520 698 6,850 520 — 7,370 
Moffitt Holdings, LLC13.00%(8)— — 520 — 34,656 — 34,656 
(8)— — — — 14,300 — 14,300 
MS Private Loan Fund I, LP5.00%Secured Debt(8)— — 55 1,600 10,100 1,700 10,000 
LP Interests (12)(8)— (177)479 14,034 — 177 13,857 
MS Private Loan Fund II, LPSF+3.50%Secured Debt (12)(8)— — 12 (59)605 650 (104)
LP Interests (12)(8)— — 219 7,843 708 — 8,551 
MSC Income Fund, Inc.Common Equity(8)— 202 495 16,810 4,702 — 21,512 
MVI MSO, LLC13.00%(6)— — 199 — 9,753 — 9,753 
(6)— — — — 2,700 — 2,700 
NAPCO Precast, LLCMember Units(8)— (160)137 9,050 — 160 8,890 
Nello Industries Investco, LLCSF+6.50%Secured Debt(5)— — 16 (16)16 — — 
13.50%Secured Debt(5)— — 932 26,959 13 — 26,972 
Common Equity(5)— 940 171 15,560 940 — 16,500 
NexRev LLCSecured Debt(8)— — — — — — — 
Secured Debt(8)— (9)151 9,811 9 9,820 — 
Preferred Member Units(8)— 1,510 413 11,910 1,510 — 13,420 
NuStep, LLC10.98%SF+6.50%Secured Debt(5)— — 99 3,600 — — 3,600 
12.00%Secured Debt(5)— — 554 18,439 1 — 18,440 
Preferred Member Units(5)— 650 — 11,550 650 — 12,200 
Preferred Member Units(5)— — — 6,000 — — 6,000 
Orttech Holdings, LLCSF+11.00%Secured Debt (12)(5)— — — — — — — 
15.48%SF+11.00%Secured Debt(5)— (12)846 21,960 12 412 21,560 
Preferred Stock(5)— — 60 13,450 — — 13,450 
Pinnacle TopCo, LLCSecured Debt (12)(8)— (1)3 — 1 1 — 
13.00%Secured Debt(8)— (14)945 28,640 14 14 28,640 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Preferred Equity(8)— 1,740 782 18,360 1,740 — 20,100 
PPL RVs, Inc.SF+7.00%Secured Debt(8)— — — — — — — 
11.48%SF+7.00%Secured Debt(8)— (15)489 16,456 15 915 15,556 
Common Stock(8)— 1,050 177 17,110 1,050 — 18,160 
Common Stock(8)— — — 514 — — 514 
River Aggregates, LLCMember Units(8)— — — 9,530 — — 9,530 
Tedder Industries, LLC12.00%12.00%Secured Debt(9)— (92)— 1,646 — 91 1,555 
12.00%12.00%Secured Debt(9)— (396)— 3,603 — 396 3,207 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Televerde, LLCMember Units(8)— 769 — 4,252 769 — 5,021 
Preferred Stock(8)— — — 1,794 — — 1,794 
VVS Holdco LLCSF+6.00%Secured Debt (12)(5)— — 4 — — — — 
11.50%Secured Debt(5)— — 754 25,661 13 — 25,674 
Preferred Equity(5)— — 99 12,240 — — 12,240 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period
Total Control investments$22 $401 $56,242 $2,087,890 $141,679 $56,613 $2,172,956 
Affiliate Investments
423 HAR, LPLP Interests (423 HAR, L.P.)(8)$— $— $— $1,226 $— $— $1,226 
AAC Holdings, Inc.18.00%18.00%Secured Debt(7)(139)3 — 609 — 609 — 
18.00%18.00%Secured Debt(7)(3,303)80 — 17,365 — 17,365 — 
Preferred Equity(7)— — — — 8,520 — 8,520 
10.00%10.00%Secured Debt(7)— — — — 3,109 — 3,109 
10.00%10.00%Secured Debt(7)— — — — 3,109 — 3,109 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
Boccella Precast Products LLC10.00%Secured Debt(6)— — 8 266 — — 266 
Member Units(6)— 810 140 310 810 — 1,120 
Buca C, LLC15.00%15.00%Secured Debt(7)— — — — — — — 
6.00%6.00%Preferred Member Units(7)— — — — — — — 
15.00%15.00%Secured Debt(7)— — — — — — — 
15.00%15.00%Secured Debt(7)— (368)— — 368 368 — 
Career Team Holdings, LLC10.38%SF+6.00%Secured Debt (12)(6)— — 42 887 902 — 1,789 
12.50%Secured Debt(6)— — 617 19,364 11 203 19,172 
Common Stock(6)— — — 4,740 — — 4,740 
Classic H&G Holdings, LLCPreferred Member Units(6)— (210)— 2,850 — 210 2,640 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— — — 2,276 — — 2,276 
Connect Telecommunications Solutions Holdings, Inc.13.00%Secured Debt(6)— — 910 27,315 14 — 27,329 
Preferred Equity(6)— — — 12,596 — — 12,596 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
DMA Industries, LLC12.00%Secured Debt(7)— — 508 16,722 4 — 16,726 
Preferred Equity(7)— — — 5,944 — — 5,944 
12.00%Secured Debt(7)— — 17 555 — — 555 
15.00%15.00%Preferred Equity(7)— — 120 3,240 120 — 3,360 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— — — 7,708 — — 7,708 
LP Interests (Dos Rios Partners - A, LP)(8)— — — 2,447 — — 2,447 
Dos Rios Stone Products LLCClass A Preferred Units(8)— — — — — — — 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)— — 9 369 — — 369 
FCC Intermediate Holdco, LLC13.00%Secured Debt(5)— 3,438 1,305 29,109 3,691 410 32,390 
Warrants(5)— 3,790 390 10,840 3,790 — 14,630 
Flame King Holdings, LLCPreferred Equity(9)— 3,450 2,296 35,920 3,450 — 39,370 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP)(5)— — — 2,190 — — 2,190 
LP Interests (Freeport First Lien Loan Fund III LP)(5)— — — 1,263 — 965 298 
GFG Group, LLC8.00%Secured Debt(5)— (4)168 8,185 4 4 8,185 
Preferred Member Units(5)— (930)437 10,540 — 930 9,610 
Gulf Manufacturing, LLCSF+7.63%Secured Debt(8)— (2)9 — 2 2 — 
12.00%SF+7.63%Secured Debt(8)— (23)1,177 39,000 23 523 38,500 
Member Units(8)— — 178 14,730 — — 14,730 
Common Stock(8)— 132 — 888 132 — 1,020 
Hawk Ridge Systems, LLC10.48%SF+6.00%Secured Debt(9)— — 83 2,645 1,497 1,640 2,502 
12.50%Secured Debt(9)— (14)1,428 45,256 14 14 45,256 
Preferred Member Units(9)— 860 — 20,260 860 — 21,120 
Preferred Member Units(9)— 40 — 1,070 40 — 1,110 
Houston Plating and Coatings, LLC10.00%Unsecured Convertible Debt(8)— — 75 2,940 — — 2,940 
Member Units(8)— 310 49 3,930 310 — 4,240 
HPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 194 — 4,472 194 204 4,462 
LP Interests (HPEP 4, L.P.) (12)(8)— 113 — 5,861 113 — 5,974 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— (540)— 20,390 — 540 19,850 
Infinity X1 Holdings, LLC12.00%Secured Debt(9)— (9)453 15,050 9 234 14,825 
Preferred Equity(9)— (1,150)838 9,080 — 1,150 7,930 
Integral Energy Services12.07%SF+7.50%Secured Debt(8)— — 403 12,728 13 — 12,741 
10.00%10.00%Preferred Equity(8)— — 6 452 6 — 458 
Common Stock(8)— — — 550 — — 550 
Iron-Main Investments, LLC13.00%Secured Debt(5)— — 148 4,493 2 — 4,495 
13.00%Secured Debt(5)— — 97 2,927 1 — 2,928 
13.00%Secured Debt(5)— — 291 8,944 — — 8,944 
13.00%Secured Debt(5)— — 579 17,542 7 — 17,549 
13.00%Secured Debt(5)— — 337 9,638 22 288 9,372 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Common Stock(5)— — — 2,850 — — 2,850 
25.00%25.00%Preferred Equity(5)— — — 760 — — 760 
ITA Holdings Group, LLC12.96%SF+8.50%Secured Debt(8)— (1)40 1,180 1 1 1,180 
12.96%SF+8.50%Secured Debt(8)— (1)34 994 1 1 994 
11.96%SF+7.50%Secured Debt(8)— (67)201 4,438 67 67 4,438 
13.96%SF+9.50%Secured Debt(8)— (67)223 4,438 67 67 4,438 
Warrants(8)— 970 — 5,690 970 — 6,660 
Johnson Downie Opco, LLCSecured Debt (12)(8)— (2)6 — 2 2 — 
15.00%Secured Debt(8)— (12)818 21,507 12 12 21,507 
Preferred Equity(8)— 1,480 384 14,550 1,480 — 16,030 
KMS, LLC14.50%SF+9.75%Secured Debt(5)(415)339 — 663 — 663 — 
14.50%SF+9.75%Secured Debt(5)(3,037)2,562 — 4,779 — 4,779 — 
SF+9.75%14.23%Secured Debt(5)— — 7 450 — 450 — 
SF+9.75%14.23%Secured Debt(5)— — 7 440 — 440 — 
14.23%SF+9.75%14.23%Secured Debt(5)— — 3 — — — — 
12.50%12.50%Secured Debt (12)(5)— — 20 — 1,073 — 1,073 
12.50%12.50%Secured Debt(5)— — 20 — 1,144 — 1,144 
Preferred Equity(5)— — — — 4,890 — 4,890 
Mills Fleet Farm Group, LLC9.79%SF+5.50%Secured Debt(5)— — 44 — 2,652 — 2,652 
Common Equity(5)— (500)— 13,840 — 500 13,340 
MoneyThumb Acquisition, LLC14.00%Secured Debt(9)— — 370 8,967 34 — 9,001 
12.00%12.00%Preferred Member Units(9)— — 51 1,707 51 — 1,758 
Warrants(9)— — — 594 — — 594 
Nebraska Vet AcquireCo, LLCSF+7.00%Secured Debt (12)(5)— (1)3 — 1 1 — 
Preferred Member Units(5)— 28,520 570 32,040 28,520 — 60,560 
12.50%Secured Debt(5)— (12)1,956 62,200 12 12 62,200 
12.50%Secured Debt(5)— (8)224 4,650 2,608 8 7,250 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— — — 99 — — 99 
12.00%12.00%Secured Debt(8)— — — 101 — — 101 
12.00%12.00%Secured Debt(8)— — — 218 — — 218 
12.00%12.00%Secured Debt(8)— — — 457 — — 457 
10.00%10.00%Unsecured Debt(8)— — — 305 — — 305 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCPreferred Stock(7)— 250 52 2,580 250 — 2,830 
RA Outdoors LLC11.25%SF+6.75%Secured Debt(8)— (20)40 1,257 3 60 1,200 
11.25%SF+6.75%Secured Debt(8)— (207)408 13,155 11 621 12,545 
Common Equity(8)— — — — — — — 
SI East, LLC11.75%Secured Debt (12)(7)— (1)72 2,250 1 1 2,250 
12.82%Secured Debt(7)— (4)2,172 67,661 4 4 67,661 
Preferred Member Units(7)— (1,190)— 13,660 — 1,190 12,470 
Slick Innovations, LLCSecured Debt(6)— (139)510 16,320 — 16,320 — 
14.00%Secured Debt(6)— 282 441 — 25,880 — 25,880 
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		March 31,
2025 Fair Value (13)
Common Stock(6)— (550)873 2,440 — 550 1,890 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— (744)— 1,644 — 744 900 
Preferred Equity(6)— — — — — — — 
8.50%8.50%Secured Debt(6)— 673 4 204 678 — 882 
Superior Rigging & Erecting Co.Preferred Member Units(7)— 3,870 — 10,530 3,870 — 14,400 
The Affiliati Network, LLC10.00%Secured Debt (12)(9)— — 12 394 1,281 1,560 115 
10.00%Secured Debt(9)— 51 133 5,053 54 — 5,107 
Preferred Stock(9)— — 51 6,400 — — 6,400 
Preferred Stock(9)— — — 287 26 — 313 
UnionRock Energy Fund II, LPLP Interests (12)(9)— — — 4,732 — 168 4,564 
UnionRock Energy Fund III, LPLP Interests (12)(9)— — — 5,612 — 363 5,249 
UniTek Global Services, Inc.15.00%Secured Convertible Debt(6)3,762 (2,384)41 5,642 504 6,146 — 
15.00%Secured Convertible Debt(6)1,743 (1,155)21 2,662 236 2,898 — 
20.00%Preferred Stock(6)— — 104 3,182 1,632 4,814 — 
20.00%20.00%Preferred Stock(6)— — — 4,272 5,904 — 10,176 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Common Stock(6)— — — — — — — 
Urgent DSO LLC13.50%Secured Debt(5)— — 301 8,727 4 — 8,731 
9.00%9.00%Preferred Equity(5)— — 95 4,320 95 — 4,415 
World Micro Holdings, LLC11.00%Secured Debt(7)— — 299 10,702 11 879 9,834 
Preferred Equity(7)— — 22 3,845 — — 3,845 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period3,452 (2,900)(17)(6,332)— — — 
Total Affiliate investments$2,064 $39,003 $23,734 $846,798 $115,176 $68,980 $899,326 
___________________________
(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
(2)Represents the total amount of interest, dividends and fees credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.”
(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.
(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $538,021. This represented 18.9% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $280,456. This represented 9.9% of net assets as of March 31, 2025.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $162,980. This represented 5.7% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $129,230. This represented 4.6% of net assets as of March 31, 2025.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $68,443. This represented 2.4% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $154,613. This represented 5.4% of net assets as of March 31, 2025.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $1,002,909. This represented 35.3% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $169,813. This represented 6.0% of net assets as of March 31, 2025.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $400,603. This represented 14.1% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $165,214. This represented 5.8% of net assets as of March 31, 2025.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of March 31, 2025 (see Note K — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.