| Summary of Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Dividends or
Interest (2) |
|
|
Fair Value at
December 31, 2025 |
|
|
Net realized
gain or loss |
|
|
Net increase
or decrease
in unrealized
appreciation
or depreciation |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at
June 30, 2026 |
|
TVG-Edmentum Holdings, LLC, Series B-1 Common Units |
|
$ |
— |
|
|
$ |
2,569 |
|
|
$ |
— |
|
|
$ |
(2,390 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
179 |
|
TVG-Edmentum Holdings, LLC, Series B-2 Common Units |
|
|
— |
|
|
|
2,569 |
|
|
|
— |
|
|
|
(2,390 |
) |
|
|
— |
|
|
|
— |
|
|
|
179 |
|
TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units |
|
|
— |
|
|
|
4,029,848 |
|
|
|
— |
|
|
|
(2,398,372 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,631,476 |
|
Hylan Global LLC, Parent Common Units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/29 |
|
|
1,676 |
|
|
|
5,824,453 |
|
|
|
— |
|
|
|
(1,446,387 |
) |
|
|
1,676 |
|
|
|
(146,381 |
) |
|
|
4,233,361 |
|
SellerX Germany GMBH & Co. KG, Senior Secured First Lien Revolver, SOFR + 5.00%, 0% SOFR Floor, due 11/05/26 |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
8,190 |
|
|
|
— |
|
|
|
(8,197 |
) |
|
|
— |
|
SellerX Preferred Non Convertible Shares Series Z |
|
|
39,870 |
|
|
|
1,346,022 |
|
|
|
— |
|
|
|
(5,992 |
) |
|
|
5,992 |
|
|
|
(1,346,022 |
) |
|
|
— |
|
SellerX Preferred Non Convertible Shares Series Z |
|
|
— |
|
|
|
486 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
486 |
|
SellerX Germany GMBH, Senior Secured First Lien Revolver, SOFR + 5%, 2% SOFR Floor, due 6/18/29 |
|
|
520,038 |
|
|
|
12,582,986 |
|
|
|
— |
|
|
|
30,046 |
|
|
|
(30,046 |
) |
|
|
— |
|
|
|
12,582,986 |
|
SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28 |
|
|
483,973 |
|
|
|
5,138,001 |
|
|
|
— |
|
|
|
(154,200 |
) |
|
|
322,007 |
|
|
|
— |
|
|
|
5,305,808 |
|
SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28 |
|
|
555,275 |
|
|
|
5,894,966 |
|
|
|
— |
|
|
|
(176,919 |
) |
|
|
369,447 |
|
|
|
— |
|
|
|
6,087,494 |
|
Vingil Holding 2 S. à r.l. (SellerX) Class A Common Shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,047 |
) |
|
|
2,049 |
|
|
|
— |
|
|
|
2 |
|
Vingil Holding 2 S. à r.l. (SellerX) Class B Common Shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,047 |
) |
|
|
2,049 |
|
|
|
— |
|
|
|
2 |
|
Vingil Holding 2 S. à r.l. (SellerX) Class C Common Shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,047 |
) |
|
|
2,049 |
|
|
|
— |
|
|
|
2 |
|
Vingil Holding 2 S. à r.l. (SellerX) Class D Common Shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,047 |
) |
|
|
2,049 |
|
|
|
— |
|
|
|
2 |
|
Suited Connector, LLC Common units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
68 |
|
|
|
— |
|
|
|
68 |
|
Suited Connector, LLC Preferred Units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,685 |
|
|
|
144,737 |
|
|
|
— |
|
|
|
157,422 |
|
Suited Connector, LLC, Senior Secured First Lien Delayed Draw Term Loan, SOFR + 6%, 1% SOFR Floor, Due 3/29/30 |
|
|
3,983 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
161,959 |
|
|
|
— |
|
|
|
161,959 |
|
Suited Connector LLC, First Lien TakeBack Term Loan, SOFR + 6%,1% SOFR Floor, due 03/31/30 |
|
|
49,331 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,011,518 |
|
|
|
— |
|
|
|
2,011,518 |
|
Total |
|
$ |
1,654,146 |
|
|
$ |
34,821,907 |
|
|
$ |
— |
|
|
$ |
(4,143,910 |
) |
|
$ |
2,995,554 |
|
|
$ |
(1,500,600 |
) |
|
$ |
32,172,951 |
|
Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates: (1)The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities. (2)Also includes fee income as applicable. (3)Acquisitions include new purchases, PIK income and amortization of original issue and market discounts and investments acquired in connection with the Merger. (4)Dispositions include decreases in the cost basis from sales and paydowns.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Dividends or
Interest (2) |
|
|
Fair Value at
December 31, 2024 |
|
|
Net realized
gain or loss |
|
|
Net increase
or decrease
in unrealized
appreciation
or depreciation |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at
December 31, 2025 |
|
Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/29 |
|
$ |
735,547 |
|
|
$ |
11,376,522 |
|
|
$ |
— |
|
|
$ |
(5,552,069 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,824,453 |
|
Hylan Global LLC, Parent Common Units |
|
|
— |
|
|
|
298,333 |
|
|
|
— |
|
|
|
(298,333 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/26 |
|
|
83,477 |
|
|
|
842,642 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(842,642 |
) |
|
|
— |
|
Iracore Investments Holdings, Inc., Class A Common Stock |
|
|
— |
|
|
|
1,050,376 |
|
|
|
(4,097,709 |
) |
|
|
3,127,334 |
|
|
|
— |
|
|
|
(80,001 |
) |
|
|
— |
|
TVG-Edmentum Holdings, LLC, Series B-1 Common Units |
|
|
803,280 |
|
|
|
14,458,626 |
|
|
|
— |
|
|
|
(15,259,336 |
) |
|
|
803,279 |
|
|
|
— |
|
|
|
2,569 |
|
TVG-Edmentum Holdings, LLC, Series B-2 Common Units |
|
|
— |
|
|
|
14,458,626 |
|
|
|
— |
|
|
|
(14,456,057 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,569 |
|
TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units |
|
|
640,770 |
|
|
|
6,959,570 |
|
|
|
— |
|
|
|
(3,570,492 |
) |
|
|
640,770 |
|
|
|
— |
|
|
|
4,029,848 |
|
Vingil Holding 2 S. à r.l. (SellerX) Common Shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,190 |
) |
|
|
8,197 |
|
|
|
— |
|
|
|
7 |
|
SellerX Germany GMBH & Co. KG, Senior Secured First Lien Revolver, SOFR + 5.00%, 0% SOFR Floor, due 11/05/26 |
|
|
94,971 |
|
|
|
— |
|
|
|
— |
|
|
|
(6,520 |
) |
|
|
1,352,542 |
|
|
|
— |
|
|
|
1,346,022 |
|
SellerX Preferred Non Convertible Shares Series Z |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,106,812 |
) |
|
|
15,107,298 |
|
|
|
— |
|
|
|
486 |
|
SellerX Germany GMBH, Senior Secured First Lien Revolver, SOFR + 5%, 2% SOFR Floor, due 6/18/29 |
|
|
487,097 |
|
|
|
— |
|
|
|
— |
|
|
|
(226,207 |
) |
|
|
12,809,193 |
|
|
|
— |
|
|
|
12,582,986 |
|
SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28 |
|
|
563,006 |
|
|
|
— |
|
|
|
— |
|
|
|
(2,308,377 |
) |
|
|
7,446,378 |
|
|
|
— |
|
|
|
5,138,001 |
|
SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28 |
|
|
645,952 |
|
|
|
— |
|
|
|
— |
|
|
|
(2,648,463 |
) |
|
|
8,543,429 |
|
|
|
— |
|
|
|
5,894,966 |
|
Homerenew Buyer, Inc. (Renovo), Class B-1 Preferred Units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
HomeRenew Buyer, Inc., Senior Secured Super Priority Delayed Draw Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/30 |
|
|
73,033 |
|
|
|
— |
|
|
|
(1,253,663 |
) |
|
|
— |
|
|
|
1,167,698 |
|
|
|
85,965 |
|
|
|
— |
|
HomeRenew Buyer,INC, Senior Secured First Lien Term Loan, SOFR + 6.5%, 2.5% SOFR Floor, due 4/14/30 |
|
|
107,310 |
|
|
|
— |
|
|
|
(2,979,209 |
) |
|
|
— |
|
|
|
2,979,209 |
|
|
|
— |
|
|
|
— |
|
HomeRenew Buyer,INC, Senior Secured Priority Term Loan, SOFR + 7.00%, 2.5% SOFR Floor, due 4/14/30 |
|
|
88,813 |
|
|
|
— |
|
|
|
(1,293,699 |
) |
|
|
— |
|
|
|
1,293,699 |
|
|
|
— |
|
|
|
— |
|
HomeRenew Buyer,INC, Senior Secured Super Priority Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/30 |
|
|
257,054 |
|
|
|
— |
|
|
|
(5,647,061 |
) |
|
|
— |
|
|
|
5,647,061 |
|
|
|
— |
|
|
|
— |
|
Homerenew Buyer, Inc. (Renovo), Class C-1 Common Units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Homerenew Buyer, Inc. (Renovo), Class A Preferred Units |
|
|
— |
|
|
|
— |
|
|
|
(2,203,054 |
) |
|
|
— |
|
|
|
2,203,054 |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
4,580,310 |
|
|
$ |
49,444,695 |
|
|
$ |
(17,474,395 |
) |
|
$ |
(56,313,522 |
) |
|
$ |
60,001,807 |
|
|
$ |
(836,678 |
) |
|
$ |
34,821,907 |
|
Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates: (1)The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities. (2)Also includes fee income as applicable. (3)Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. (4)Dispositions include decreases in the cost basis from sales and paydowns.
|
| Summary of Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Dividends
or Interest (2) |
|
|
Fair Value at
December 31, 2025 |
|
|
Net realized
gain or loss |
|
|
Net increase
or decrease
in unrealized
appreciation
or depreciation |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at
June 30, 2026 |
|
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/30 |
|
$ |
3,585,386 |
|
|
$ |
59,756,438 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,756,438 |
|
36th Street Capital Partners Holdings, LLC, Membership Units |
|
|
2,614,290 |
|
|
|
51,042,936 |
|
|
|
— |
|
|
|
34,732 |
|
|
|
4,000,001 |
|
|
|
20,000 |
|
|
|
55,097,669 |
|
AA Acquisition Aggregator, LLC, Ordinary Shares |
|
|
— |
|
|
|
978,126 |
|
|
|
(9,085,917 |
) |
|
|
8,107,796 |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28 |
|
|
287,231 |
|
|
|
11,757,894 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,757,894 |
) |
|
|
— |
|
AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29 |
|
|
448,761 |
|
|
|
12,296,081 |
|
|
|
(884,437 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,411,644 |
) |
|
|
— |
|
Fishbowl INC., Common Membership Units |
|
|
— |
|
|
|
6 |
|
|
|
(787,032 |
) |
|
|
787,026 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/2027 |
|
|
— |
|
|
|
1,719,743 |
|
|
|
(10,674,984 |
) |
|
|
11,504,302 |
|
|
|
— |
|
|
|
(2,549,061 |
) |
|
|
— |
|
Gordon Brothers Finance Company, Common Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gordon Brothers Finance Company, Unsecured 1st Lien Term Loan, SOFR +11%, 1% SOFR Floor, due 6/3/26 |
|
|
— |
|
|
|
127,489 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
127,489 |
|
Gordon Brothers Finance Company, Preferred Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
6,935,668 |
|
|
$ |
137,678,713 |
|
|
$ |
(21,432,370 |
) |
|
$ |
20,433,856 |
|
|
$ |
4,000,001 |
|
|
$ |
(25,698,599 |
) |
|
$ |
114,981,601 |
|
Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates: (1)The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities. (2)Also includes fee income as applicable. (3)Acquisitions include new purchases, PIK income and amortization of original issue and market discounts and investments acquired in connection with the Merger. (4)Dispositions include decreases in the cost basis from sales and paydowns.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security |
|
Dividends
or Interest (2) |
|
|
Fair Value at
December 31, 2024 |
|
|
Net realized
gain or loss |
|
|
Net increase
or decrease
in unrealized
appreciation
or depreciation |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at
December 31, 2025 |
|
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/30 |
|
$ |
7,118,413 |
|
|
$ |
59,756,438 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,756,438 |
|
36th Street Capital Partners Holdings, LLC, Membership Units |
|
|
4,016,312 |
|
|
|
51,054,000 |
|
|
|
— |
|
|
|
(5,726,318 |
) |
|
|
5,337,172 |
|
|
|
378,082 |
|
|
|
51,042,936 |
|
Anacomp, Inc., Class A Common Stock |
|
|
— |
|
|
|
1,155,295 |
|
|
|
(24,827,757 |
) |
|
|
25,555,753 |
|
|
|
— |
|
|
|
(1,883,291 |
) |
|
|
— |
|
AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28 |
|
|
1,715,563 |
|
|
|
18,812,631 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,054,737 |
) |
|
|
11,757,894 |
|
AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29 |
|
|
1,614,478 |
|
|
|
10,718,897 |
|
|
|
— |
|
|
|
— |
|
|
|
1,577,184 |
|
|
|
— |
|
|
|
12,296,081 |
|
AA Acquisition Aggregator, LLC, Ordinary Shares |
|
|
— |
|
|
|
9,513,635 |
|
|
|
— |
|
|
|
(8,535,509 |
) |
|
|
— |
|
|
|
— |
|
|
|
978,126 |
|
Conventional Lending TCP Holdings, LLC, Membership Units |
|
|
453,090 |
|
|
|
14,543,083 |
|
|
|
(2,050,143 |
) |
|
|
3,132,707 |
|
|
|
85,000 |
|
|
|
(15,710,647 |
) |
|
|
— |
|
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/21 |
|
|
— |
|
|
|
— |
|
|
|
(2,110,141 |
) |
|
|
2,110,141 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Conergy Asia Holdings Limited, Ordinary Shares |
|
|
— |
|
|
|
— |
|
|
|
(7,833,333 |
) |
|
|
7,833,333 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Conergy Asia Holdings Limited, Class B Shares |
|
|
— |
|
|
|
— |
|
|
|
(1,000,000 |
) |
|
|
1,000,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Fishbowl INC., Common Membership Units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/2027 |
|
|
338,940 |
|
|
|
7,843,476 |
|
|
|
— |
|
|
|
(6,937,214 |
) |
|
|
297,556 |
|
|
|
515,925 |
|
|
|
1,719,743 |
|
Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/2021 |
|
|
— |
|
|
|
5,016,017 |
|
|
|
523 |
|
|
|
(2,349,828 |
) |
|
|
— |
|
|
|
(2,539,223 |
) |
|
|
127,489 |
|
Gordon Brothers Finance Company, Preferred Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gordon Brothers Finance Company, Common Stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21 |
|
|
— |
|
|
|
60,889 |
|
|
|
(6,578,877 |
) |
|
|
6,517,988 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21 |
|
|
— |
|
|
|
1,235,527 |
|
|
|
(4,512,868 |
) |
|
|
4,299,990 |
|
|
|
— |
|
|
|
(1,022,649 |
) |
|
|
— |
|
Kawa Solar Holdings Limited, Ordinary Shares |
|
|
— |
|
|
|
— |
|
|
|
34,353 |
|
|
|
— |
|
|
|
— |
|
|
|
(34,353 |
) |
|
|
— |
|
Kawa Solar Holdings Limited, Series B Preferred Shares |
|
|
— |
|
|
|
— |
|
|
|
(1,395,349 |
) |
|
|
1,395,349 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
15,256,796 |
|
|
$ |
179,709,888 |
|
|
$ |
(50,273,592 |
) |
|
$ |
28,296,398 |
|
|
$ |
7,296,912 |
|
|
$ |
(27,350,893 |
) |
|
$ |
137,678,713 |
|
Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates: (1)The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities. (2)Also includes fee income as applicable. (3)Acquisitions include new purchases, PIK income and amortization of original issue and market discounts. (4)Dispositions include decreases in the cost basis from sales and paydowns.
|