v3.26.1
Consolidated Schedule of Investments in and Advances to Affiliates
 6 Months Ended
Jun. 30, 2026
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Consolidated Schedule of Investments in and Advances to Affiliates
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)		June 30,
2026 Fair Value (13)
Majority-Owned Investments
BDB Holdings, LLCPreferred Equity(7)$— $(6,190)$— $12,640 $— $6,190 $6,450 
12.00%Secured Debt(7)— — 131 1,773 801 — 2,574 
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, LLC13.72%SF+10.00%Secured Debt(9)— — 347 5,016 — — 5,016 
Preferred Member Units(9)— (410)60 3,460 — 410 3,050 
15.00%15.00%Preferred Member Units(9)— — 32 336 24 — 360 
California Splendor Holdings LLC14.00%Secured Debt(9)— (249)1,820 25,638 4 249 25,393 
Secured Debt(9)— — 2 (11)2 — (9)
Preferred Member Units(9)— (4,410)— 12,801 — 4,410 8,391 
15.00%15.00%Preferred Member Units(9)— — 1,129 12,569 4,129 — 16,698 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — 10 — — — — 
10.00%Secured Debt(5)— (12)473 9,480 12 588 8,904 
10.00%Secured Debt(5)— — 46 929 — 24 905 
Member Units(5)— 770 695 14,120 770 — 14,890 
Member Units(5)— 240 — 1,270 240 — 1,510 
Cody Pools, Inc.12.50%Secured Debt (12)(8)— 1 57 — 3,371 2,107 1,264 
12.50%Secured Debt(8)— (76)2,209 34,901 76 1,359 33,618 
Preferred Member Units(8)— (1,670)787 65,060 — 1,670 63,390 
CompareNetworks Topco, LLC14.72%SF+11.00%Secured Debt(9)— (58)300 4,031 1 95 3,937 
Preferred Member Units(9)— (5,030)— 7,650 — 5,030 2,620 
Compass Systems & Sales, LLCSecured Debt(5)— — 3 (15)2 — (13)
13.50%Secured Debt(5)— 139 1,155 16,961 166 2,198 14,929 
Preferred Equity(5)— 274 120 7,180 662 — 7,842 
Cybermedia Technologies, LLCSecured Debt(6)— — 5 — — — — 
13.00%Secured Debt(6)— (250)1,773 27,076 30 1,011 26,095 
Preferred Member Units(6)— 770 125 — 770 — 770 
Preferred Equity(6)— 570 — 6,340 570 — 6,910 
Datacom, LLC10.00%Secured Debt(8)— — 30 675 405 135 945 
10.00%Secured Debt(8)— (1,859)389 4,169 — 1,954 2,215 
Preferred Member Units(8)— — — — — — — 
Direct Marketing Solutions, Inc.Secured Debt (12)(9)— 26 141 1,785 1,615 3,400 — 
Secured Debt(9)— (3)281 23,082 — 23,082 — 
14.00%Secured Debt(9)— 321 3,265 — 43,857 — 43,857 
Preferred Stock(9)— 7,544 8 19,760 12,344 160 31,944 
Gamber-Johnson Holdings, LLC11.12%SF+7.50%Secured Debt(5)— — 63 — 1,600 — 1,600 
11.12%SF+7.50%Secured Debt(5)— — 4,307 70,526 4,440 — 74,966 
Member Units(5)— 10,650 2,518 113,810 10,650 — 124,460 
Member Units(5)— — — 396 — 92 304 
Garreco, LLCMember Units(8)— (490)— 1,830 — 490 1,340 
GRT Rubber Technologies LLC9.72%SF+6.00%Secured Debt(8)— (2)157 3,146 2 2 3,146 
11.72%SF+8.00%Secured Debt(8)— (23)2,423 40,493 23 23 40,493 
Member Units(8)— (3,450)1,643 46,360 — 3,450 42,910 
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)		June 30,
2026 Fair Value (13)
IG Investor, LLC13.00%Secured Debt (12)(6)— (4)83 1,600 4 804 800 
13.00%Secured Debt(6)— (41)2,271 35,064 41 1,641 33,464 
Common Equity(6)— 3,170 — 28,030 3,170 — 31,200 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — — — — — — 
13.50%P+6.75%Secured Debt(9)— — 54 878 — 300 578 
Member Units(9)— 730 606 11,540 730 — 12,270 
Kickhaefer Manufacturing Company, LLC11.50%Secured Debt(5)— — 615 10,195 12,202 10,995 11,402 
9.00%Secured Debt(5)— — 176 3,878 1 26 3,853 
Preferred Equity(5)— 2,670 — 17,180 2,670 — 19,850 
Member Units(5)— — 48 4,190 — — 4,190 
MSC Adviser I, LLCMember Units(8)— (29,820)4,952 255,020 — 29,820 225,200 
NRP Jones, LLC12.00%Secured Debt(5)— (105)— 474 — 105 369 
Member Units(5)— — — — — — — 
Member Units(5)— — — — — — — 
Preferred Equity(5)— — — — — — — 
Common Equity(5)— — — 928 — — 928 
OMi Topco, LLC12.00%Secured Debt(8)— (6)1,755 29,000 6 6 29,000 
Preferred Member Units(8)— (600)6,166 77,900 — 600 77,300 
Principle Environmental, LLC13.00%Secured Debt(8)— (10)330 4,897 10 10 4,897 
Preferred Member Units(8)— — 2,086 15,740 — — 15,740 
Common Stock(8)— — — 750 — — 750 
Quality Lease Service, LLCMember Units(7)— 54 — 460 54 37 477 
Robbins Bros. Jewelry, Inc.Secured Debt(9)— — 96 (62)— 11 (73)
12.50%10.00%Secured Debt(9)— 238 — 14,029 — 188 13,841 
Preferred Equity(9)— — — — — — — 
Trantech Radiator Topco, LLC11.50%Secured Debt(7)— — 51 — 1,600 — 1,600 
Secured Debt(7)— (41)240 9,000 — 9,000 — 
13.50%Secured Debt(7)— 209 1,690 — 31,280 — 31,280 
Common Stock(7)— 11,164 — 14,920 12,530 — 27,450 
Common Equity(7)— — — 696 — — 696 
9.00%Secured Debt(7)— (2)94 2,040 2 2 2,040 
9.00%Secured Debt(7)— 8 52 — 2,100 — 2,100 
9.00%Secured Debt(7)— 1 10 — 400 — 400 
Victory Energy Operations, LLC13.00%Secured Debt (12)(8)— — 131 836 1,727 431 2,132 
13.00%Secured Debt(8)— — 3,202 47,889 48 — 47,937 
Preferred Equity(8)— 1,830 215 23,380 1,830 — 25,210 
Volusion, LLC10.00%Secured Debt(8)— — 106 2,100 — — 2,100 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— (563)— 2,910 — 1,164 1,746 
Common Stock(8)— — — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 9 150 — — 150 
12.00%Secured Debt(8)— (54)106 1,687 — 54 1,633 
Preferred Member Units(8)— (50)— 50 — 50 — 
Other Controlled 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)		June 30,
2026 Fair Value (13)
American Nuts, LLCPreferred Equity(9)$— $(470)$— $4,250 $— $470 $3,780 
12.34%SF+8.50%12.34%Secured Debt(9)— — 514 8,161 514 — 8,675 
12.34%SF+8.50%12.34%Secured Debt(9)— 110 514 6,582 623 — 7,205 
12.34%SF+8.50%12.34%Secured Debt(9)— — 10 — 321 — 321 
Analytical Systems Keco Holdings, LLC13.25%Secured Debt(8)— — 255 3,860 6 203 3,663 
Preferred Member Units(8)— 480 — 120 480 — 600 
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 30 1,532 — 
Preferred Member Units(8)(88)178 — — 178 178 — 
Member Units(8)(1,500)1,500 — — 1,500 1,500 — 
Batjer TopCo, LLCSecured Debt(8)— (1)1 — 1 1 — 
10.00%Secured Debt(8)— (10)505 9,945 10 122 9,833 
Preferred Stock(8)— 750 761 8,750 750 — 9,500 
Bolder Panther Group, LLC11.98%SF+8.36%Secured Debt(9)— (66)6,197 101,046 66 66 101,046 
8.00%Class B Preferred Member Units(9)— 910 1,472 31,190 910 — 32,100 
Secured Debt(9)— — 37 — — — — 
Bridge Capital Solutions CorporationPreferred Member Units(6)— — — — — — — 
Warrants(6)— — — — — — — 
Warrants(6)— — — — — — — 
CBT Nuggets, LLCMember Units(9)— (5,760)825 47,930 — 5,760 42,170 
Centre Technologies Holdings, LLCSF+8.00%Secured Debt(8)— — 8 — 240 240 — 
SF+8.00%Secured Debt(8)— (26)1,409 24,085 6,826 30,911 — 
Preferred Member Units(8)46,401 (36,324)2,441 42,710 42,401 85,111 — 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (6)18 — 6 6 — 
11.74%SF+8.00%Secured Debt(8)— (42)2,518 42,020 42 842 41,220 
Member Units(8)— 9,910 3,092 35,530 9,910 — 45,440 
Member Units(8)— 160 46 4,170 160 — 4,330 
Charps, LLC14.00%Unsecured Debt(5)— (52)448 5,694 52 52 5,694 
Preferred Member Units(5)— (840)490 16,020 — 840 15,180 
Colonial Electric Company LLCSecured Debt (12)(6)— — 4 — — — — 
9.00%Secured Debt(6)— 76 417 8,779 — — 8,779 
Preferred Member Units(6)— 5,280 2,026 16,830 5,280 — 22,110 
Copper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— 65 — 390 65 75 380 
Digital Products Holdings LLC13.62%SF+10.00%Secured Debt(5)— 606 827 11,338 561 330 11,569 
Preferred Member Units(5)— — 100 9,835 — — 9,835 
Doral Holdings, LLCPreferred Equity(5)— 16,410 1,102 15,740 16,410 — 32,150 
11.00%Secured Debt(5)— 166 1,575 26,270 231 5,001 21,500 
Elgin AcquireCo, LLCSF+6.00%Secured Debt(5)— — 4 (3)1 — (2)
12.00%Secured Debt(5)— (62)1,024 16,719 17 178 16,558 
9.00%Secured Debt(5)— — 280 6,156 1 28 6,129 
Common Stock(5)— (970)— 5,050 — 970 4,080 
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)		June 30,
2026 Fair Value (13)
Common Stock(5)— 130 — 3,270 130 — 3,400 
Flame King Holdings, LLCPreferred Equity(9)— 3,290 2,529 54,630 3,290 — 57,920 
12.00%Secured Debt(9)— (65)4,049 66,000 65 65 66,000 
Common Equity(9)— — 52 — 3,929 — 3,929 
Harris Preston Fund InvestmentsLP Interests (2717 MH, L.P.)(8)— 70 — 1,795 70 — 1,865 
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)— (250)— 5,244 — 250 4,994 
Harrison Hydra-Gen, Ltd.Common Stock(8)— (580)— 7,080 — 580 6,500 
JTI Electrical & Mechanical, LLC9.89%SF+6.00%9.89%Secured Debt(9)— (28,744)— 36,429 — 28,744 7,685 
15.00%15.00%Secured Debt(9)— (939)— 939 — 939 — 
8.89%SF+5.00%8.89%Secured Debt(9)— (249)— 6,316 — 36 6,280 
Common Equity(9)— — — — — — — 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 1,430 23,263 23 — 23,286 
Preferred Equity(9)— 2,750 241 10,990 2,750 — 13,740 
KBK Industries, LLCMember Units(5)17,327 (17,396)1,603 18,180 17,327 35,507 — 
Secured Debt(5)— — — — — — — 
Secured Debt(5)— (34)51 7,200 34 7,234 — 
Legacy Swim Group13.00%Secured Debt(7)— — 2,124 31,691 32 — 31,723 
Preferred Equity(7)— — 186 14,996 — — 14,996 
13.00%Secured Debt (12)(7)— — 58 — 789 — 789 
Metalforming Holdings, LLCSecured Debt(7)— 9 10 — — — — 
8.75%Secured Debt(7)— (17)775 17,237 17 17 17,237 
8.00%8.00%Preferred Equity(7)— — 251 5,916 — — 5,916 
Common Stock(7)— 900 972 9,770 900 — 10,670 
Moffitt Holdings, LLC13.00%Secured Debt(8)— — 2,227 33,840 40 875 33,005 
Preferred Equity(8)— — 10 15,560 — — 15,560 
MS Private Loan Fund I, LP6.62%SF+3.00%Secured Debt (12)(8)— — 430 12,000 8,480 4,000 16,480 
LP Interests(8)— (502)653 14,697 — 502 14,195 
MS Private Loan Fund II, LPSF+3.00%Secured Debt (12)(8)— — 25 (84)263 250 (71)
LP Interests (12)(8)— 439 935 11,064 439 — 11,503 
MSC Income Fund, Inc.Common Equity(8)— (2,910)729 21,412 4,930 2,910 23,432 
SF+4.50%Secured Debt (12)(8)— — 92 — 23,863 24,000 (137)
MVI MSO, LLC13.00%Secured Debt(6)— — 653 9,768 9 — 9,777 
Preferred Equity(6)— (1,340)101 4,770 — 1,340 3,430 
NAPCO Precast, LLCMember Units(8)— (4,220)63 14,480 — 4,220 10,260 
Member Units(8)— 52 15 568 52 — 620 
Nello Industries Investco, LLCSecured Debt(5)— (205)550 32,072 — 32,072 — 
13.00%Secured Debt(5)— 189 2,250 — 41,344 — 41,344 
Preferred Equity(5)— 6,220 410 23,330 6,220 — 29,550 
NexRev LLCPreferred Member Units(8)— 480 40 12,870 480 — 13,350 
NuStep, LLC10.22%SF+6.50%Secured Debt(5)— — 144 1,000 1,600 — 2,600 
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)		June 30,
2026 Fair Value (13)
12.00%Secured Debt(5)— (495)1,148 18,440 — 751 17,689 
Preferred Member Units(5)— (2,160)— 12,200 — 2,160 10,040 
Preferred Member Units(5)— 360 — 6,110 360 — 6,470 
Orttech Holdings, LLCSF+11.00%Secured Debt(5)— — 16 612 — 612 — 
14.72%SF+11.00%Secured Debt(5)— (21)1,564 20,760 21 21 20,760 
Preferred Stock(5)— (3,110)120 13,450 — 3,110 10,340 
Pinnacle TopCo, LLCSecured Debt (12)(8)— (2)6 — 2 2 — 
13.00%Secured Debt(8)— (33)1,760 27,200 33 1,153 26,080 
Preferred Equity(8)— — 392 20,440 — — 20,440 
PPL RVs, Inc.SF+8.75%Secured Debt(8)— (1)1 — 1 1 — 
12.54%SF+8.75%Secured Debt(8)— (18)980 15,191 18 18 15,191 
Common Stock(8)— (1,270)— 17,330 — 1,270 16,060 
Common Stock(8)— 103 — 575 103 — 678 
River Aggregates, LLCMember Units(8)(75)80 25 9,700 80 — 9,780 
Spring Engineering Holdings, LLC13.00%Secured Debt(7)— — 1,534 — 23,176 — 23,176 
Preferred Member Units(7)— — — — 4,650 — 4,650 
Shift Transit ParentCo, LPPreferred Equity(5)— — — — 12,000 — 12,000 
13.00%Secured Debt(5)— — 816 — 17,632 — 17,632 
13.00%Secured Debt(5)— — 468 — 10,104 — 10,104 
13.00%Secured Debt (12)(5)— — 101 — 1,734 — 1,734 
Tedder Industries, LLC12.00%12.00%Secured Debt(9)— (82)475 962 475 82 1,355 
12.00%12.00%Secured Debt(9)— 3,000 — 2,827 3,001 — 5,828 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Televerde, LLCMember Units(8)— (4,210)— 4,822 — 4,210 612 
Preferred Stock(8)— — — 1,794 — — 1,794 
Trinity Medical Holdings, LLC13.00%Secured Debt(7)— 497 3,882 57,944 556 — 58,500 
Preferred Equity(7)— 10,690 300 22,500 10,690 — 33,190 
VVS Holdco LLCSF+6.00%Secured Debt(5)— — 8 — — — — 
11.50%Secured Debt(5)— — 1,385 23,956 25 1,200 22,781 
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$56,361 $(60,606)$119,846 $2,569,626 $449,882 $431,724 $2,587,784 
Affiliate Investments
AAC Holdings, Inc.20.00%20.00%Secured Debt(7)$— $— $94 $895 $93 $— $988 
Preferred Equity(7)— (2,080)— 2,080 — 2,080 — 
20.00%20.00%Secured Debt(7)— (1,372)— 2,756 — 1,371 1,385 
20.00%20.00%Secured Debt(7)— (1,372)— 2,756 — 1,371 1,385 
Common Stock(7)— — — — — — — 
21.00%21.00%Secured Debt(7)— 101 107 503 638 — 1,141 
21.00%21.00%Secured Debt(7)— 270 52 — 1,364 — 1,364 
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)		June 30,
2026 Fair Value (13)
BLI Acquisition, LLC14.00%Secured Debt(7)— — 1,040 — 13,079 — 13,079 
Member Units(7)— — — — 2,100 — 2,100 
Boccella Precast Products LLC10.00%Secured Debt(6)— — 33 256 — — 256 
Member Units(6)— (190)60 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)— (83)— — 83 83 — 
Career Team Holdings, LLCSF+6.00%Secured Debt (12)(6)— — 18 (45)455 450 (40)
13.00%Secured Debt(6)— — 1,471 21,551 — 35 21,516 
Common Stock(6)— (204)— 5,370 240 204 5,406 
CGMS Parent LLC13.00%Secured Debt(6)— — 1,646 24,754 27 312 24,469 
Secured Debt (12)(6)— — 14 (39)4 — (35)
Preferred Equity(6)— — 357 10,000 — — 10,000 
Classic H&G Holdings, LLCPreferred Member Units(6)— — — 2,040 — — 2,040 
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)— — 1,559 24,153 33 1,261 22,925 
Preferred Equity(6)— — — 12,596 — — 12,596 
DMA Industries, LLC13.00%Secured Debt(7)— (7)747 12,800 7 7 12,800 
Preferred Equity(7)— 6,710 — 9,174 6,710 — 15,884 
13.00%Secured Debt(7)— 22 208 560 4,082 — 4,642 
15.00%15.00%Preferred Equity(7)— 3,460 292 5,424 3,744 — 9,168 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— (1,004)— 8,027 — 1,141 6,886 
LP Interests (Dos Rios Partners - A, LP)(8)— (319)— 2,549 — 362 2,187 
Dos Rios Stone Products LLCClass A Preferred Units(8)— — — — — — — 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)— (37)— 37 — 37 — 
FCC Intermediate Holdco, LLC13.00%Secured Debt(5)— (458)2,454 31,160 458 1,278 30,340 
Warrants(5)— (1,540)360 15,140 — 1,540 13,600 
Freeport Financial FundsLP Interests (Freeport Financial SBIC Fund LP)(5)— (201)— 1,600 — 896 704 
LP Interests (Freeport First Lien Loan Fund III LP)(5)— — — 193 — 85 108 
FRG AcquireCo, LLCSecured Debt(7)— — 7 (19)4 — (15)
13.50%Secured Debt(7)— — 655 10,402 27 2,018 8,411 
Preferred Equity(7)— — — 3,500 — — 3,500 
GFG Group, LLC13.50%Secured Debt(5)— 111 748 14,053 120 — 14,173 
Preferred Member Units(5)— — 306 10,940 — — 10,940 
Gulf Manufacturing, LLC11.76%SF+8.13%Secured Debt (12)(8)— (60)131 (32)4,005 60 3,913 
11.76%SF+8.13%Secured Debt(8)— — 2,358 36,784 165 1,000 35,949 
Member Units(8)— (2,970)367 6,600 — 2,970 3,630 
Common Stock(8)— 80 36 1,450 80 — 1,530 
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)		June 30,
2026 Fair Value (13)
Preferred Equity(8)— — — 5,190 — — 5,190 
Harris Preston Fund InvestmentsLP Interests (423 HAR, L.P.)(8)— 76 — 1,226 76 — 1,302 
LP Interests (HPEP 3, L.P.)(12)(8)— (58)— 4,116 — 310 3,806 
LP Interests (HPEP 4, L.P.)(12)(8)— 870 — 7,463 2,154 — 9,617 
Hawk Ridge Systems, LLCSecured Debt(9)— — — 3,219 — 3,219 — 
SF+6.00%Secured Debt (12)(9)— 21 33 — 1,852 1,852 — 
Secured Debt(9)— — — 45,256 — 45,256 — 
12.00%Secured Debt(9)— 247 3,267 — 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)— 28 153 3,000 1 1 3,000 
Member Units(8)— (530)98 3,720 — 530 3,190 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— (80)— 19,000 — 80 18,920 
Infinity X1 Holdings, LLCPreferred Equity(9)— 8,780 1,402 8,010 8,780 — 16,790 
12.00%Secured Debt(9)— (3)905 15,299 3 453 14,849 
Secured Debt (12)(9)— — 49 — 4,000 4,000 — 
Integral Energy Services11.46%SF+7.50%Secured Debt(8)— (52)731 12,042 — 172 11,870 
10.00%10.00%Preferred Equity(8)— — 14 420 15 — 435 
Common Stock(8)— 70 — 350 70 — 420 
10.00%10.00%Preferred Equity(8)— 86 — 404 86 — 490 
Iron-Main Investments, LLCSecured Debt(5)— — 260 4,500 — 4,500 — 
Secured Debt(5)— — 169 2,931 — 2,931 — 
Secured Debt(5)— — 488 8,944 — 8,944 — 
Secured Debt(5)— — 1,009 17,569 — 17,569 — 
Secured Debt(5)— — 639 9,421 — 9,421 — 
13.00%Secured Debt(5)— — 1,136 — 50,990 — 50,990 
Secured Debt (12)(5)— — 8 — — 16 (16)
Common Stock(5)— 150 — 2,700 150 — 2,850 
25.00%25.00%Preferred Equity(5)— 140 — 1,030 140 — 1,170 
25.00%25.00%Preferred Equity(5)— — — 155 — — 155 
25.00%25.00%Preferred Equity(5)— — — — 136 — 136 
ITA Holdings Group, LLC10.90%SF+7.00%Secured Debt(8)— (2)67 1,180 2 2 1,180 
10.90%SF+7.00%Secured Debt(8)— (5)327 5,310 1,185 5 6,490 
10.90%SF+7.00%Secured Debt(8)— (133)404 4,935 133 133 4,935 
10.90%SF+7.00%Secured Debt(8)— (133)404 4,935 133 133 4,935 
10.90%SF+7.00%Secured Debt(8)— (2)98 1,770 2 2 1,770 
10.90%SF+7.00%Secured Debt(8)— — 85 — 2,360 — 2,360 
Warrants(8)— (400)1,688 15,230 — 400 14,830 
CenterPeak Holdings, LLCSecured Debt(8)— (6)141 1,800 6 1,806 — 
Secured Debt(8)— (4)2,086 25,107 4 25,111 — 
Preferred Equity(8)— 3,960 4,876 24,340 3,960 — 28,300 
Kennedy Fab HoldCo, LLCSecured Debt(8)— — 33 — — — — 
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)		June 30,
2026 Fair Value (13)
Secured Debt(8)— — 1,803 — 30,000 30,000 — 
Secured Debt(8)— — 789 — 20,000 20,000 — 
Preferred Equity(8)— — 212 — 11,490 — 11,490 
KMS, LLC12.50%Secured Debt(5)— 20 81 1,146 27 — 1,173 
12.50%Secured Debt(5)— — 61 1,007 — 152 855 
Preferred Equity(5)— — — 6,270 — — 6,270 
9.23%SF+5.50%Secured Debt (12)(5)— 32 42 (40)1,343 760 543 
Mills Fleet Farm Group, LLC9.16%SF+5.50%9.16%Secured Debt(5)— 58 142 2,796 199 — 2,995 
9.17%SF+5.50%9.17%Secured Debt(5)— 34 79 1,664 115 — 1,779 
Preferred Equity(5)— (783)566 12,557 566 783 12,340 
MoneyThumb Acquisition, LLC13.00%Secured Debt(9)— — 680 7,696 151 1,776 6,071 
12.00%12.00%Preferred Member Units(9)— 660 118 2,112 778 — 2,890 
Warrants(9)— 280 — 800 280 — 1,080 
Nearshore AcquireCo, LLCSecured Debt (12)(8)— — 6 (24)2 — (22)
Secured Debt(8)— — 6 (61)6 — (55)
13.00%Secured Debt(8)— — 1,455 21,688 22 — 21,710 
Preferred Equity(8)— 100 — 5,260 100 — 5,360 
OnAsset Intelligence, Inc.12.00%12.00%Secured Debt(8)— 153 — 141 153 — 294 
12.00%12.00%Secured Debt(8)— 156 — 144 156 — 300 
12.00%12.00%Secured Debt(8)— 336 — 309 336 — 645 
12.00%12.00%Secured Debt(8)— 701 — 645 701 — 1,346 
10.00%10.00%Unsecured Debt(8)— — — — — — — 
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCPreferred Stock(7)— — 97 3,270 — — 3,270 
RA Outdoors LLC10.58%SF+6.75%10.58%Secured Debt(8)— — 77 1,182 76 — 1,258 
10.58%SF+6.75%10.58%Secured Debt(8)— (2)806 12,355 807 2 13,160 
10.58%SF+6.75%10.58%Secured Debt(8)— (80)14 — 479 80 399 
10.58%SF+6.75%10.58%Secured Debt(8)— (78)14 — 467 78 389 
Revenue Recovery Holdings, LLCSecured Debt (12)(7)— — 6 (18)2 — (16)
13.00%Secured Debt(7)— — 444 6,640 6 — 6,646 
Preferred Equity(7)— 911 — 1,049 911 — 1,960 
RFG AcquireCo, LLCSecured Debt (12)(7)— — 5 (7)2 — (5)
13.50%Secured Debt(7)— — 762 7,932 3,978 — 11,910 
Secured Debt(7)— — 300 33,700 — 33,700 — 
13.50%Secured Debt(7)— — 2,927 — 41,404 — 41,404 
Preferred Equity(7)— — — 12,771 — — 12,771 
SI East, LLC11.80%Secured Debt (12)(7)— (2)145 2,250 2 2 2,250 
12.84%Secured Debt(7)— (16)4,332 66,850 16 16 66,850 
Preferred Member Units(7)— (640)277 17,190 — 640 16,550 
Slick Innovations, LLC14.00%Secured Debt(6)— (43)1,745 24,680 43 1,963 22,760 
Common Stock(6)— 730 — 2,160 730 — 2,890 
Specialized Aviation Holdings, LLC13.00%Secured Debt(7)— — 1,592 28,362 75 5,749 22,688 
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)		June 30,
2026 Fair Value (13)
Preferred Stock(7)— — 590 15,000 — — 15,000 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— 269 — 1,438 270 — 1,708 
8.50%8.50%Secured Debt(6)— 72 8 780 80 — 860 
Superior Rigging & Erecting Co.Preferred Member Units(7)— 980 751 17,500 980 — 18,480 
The Affiliati Network, LLCPreferred Stock(9)— — 256 6,400 — — 6,400 
Preferred Stock(9)— — — 313 — — 313 
UnionRock Energy Fund II, LPLP Interests (12)(9)— 134 — 4,164 339 275 4,228 
UnionRock Energy Fund III, LPLP Interests (12)(9)— 631 — 5,165 1,004 271 5,898 
UniTek Global Services, Inc.20.00%20.00%Preferred Stock(6)— 1,820 — 9,388 1,820 — 11,208 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Urgent DSO LLC13.50%Secured Debt(5)— (191)606 8,672 9 190 8,491 
Preferred Equity(5)— (3,584)— 4,356 — 3,584 772 
Wildcats Topco LLCCommon Equity(5)— 1,880 292 22,760 1,880 — 24,640 
World Micro Holdings, LLC13.00%Secured Debt(7)— — 641 9,848 12 659 9,201 
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$— $17,227 $58,417 $965,179 $286,256 $246,277 $1,005,158 
___________________________
(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 June 30, 2026 for Control investments located in this region was $632,266. This represented 20.0% of net assets as of June 30, 2026. The fair value as of June 30, 2026 for Affiliate investments located in this region was $185,008. This represented 5.8% of net assets as of June 30, 2026.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of June 30, 2026 for Control investments located in this region was $143,335. This represented 4.5% of net assets as of June 30, 2026. The fair value as of June 30, 2026 for Affiliate investments located in this region was $160,109. This represented 5.1% of net assets as of June 30, 2026.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2026 for Control investments located in this region was $275,914. This represented 8.7% of net assets as of June 30, 2026. The fair value as of June 30, 2026 for Affiliate investments located in this region was $308,636. This represented 9.7% of net assets as of June 30, 2026.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2026 for Control investments located in this region was $986,696. This represented 31.2% of net assets as of June 30, 2026. The fair value as of June 30, 2026 for Affiliate investments located in this region was $215,325. This represented 6.8% of net assets as of June 30, 2026.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of June 30, 2026 for Control investments located in this region was $549,573. This represented 17.4% of net assets as of June 30, 2026. The fair value as of June 30, 2026 for Affiliate investments located in this region was $136,080. This represented 4.3% of net assets as of June 30, 2026.
(10)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.
(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.
(12)Investment has an unfunded commitment as of June 30, 2026 (see Note K — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
CompanyTotal RateBase RateSpreadPIK RateType of Investment
(1) (10) (11)		GeographyAmount of
Realized
Gain/(Loss)		Amount of
Unrealized
Gain/(Loss)		Amount of
Interest,
Fees or
Dividends
Credited to
Income (2)		December 31,
2024 Fair Value (13)		Gross
Additions (3)		Gross
Reductions (4)		June 30,
2025 Fair Value (13)
Majority-Owned Investments
Analytical Systems Keco Holdings, LLCSecured Debt(8)$— $— $— $— $— $— $— 
17.50%Secured Debt(8)— — 360 4,048 6 100 3,954 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)— 40 — 5,300 40 — 5,340 
Warrants(8)— — — — — — — 
BDB Holdings, LLCPreferred Equity(7)— (1,060)— 18,920 — 1,060 17,860 
12.00%Secured Debt (12)(7)— — 17 — 420 — 420 
Brewer Crane Holdings, LLC14.48%SF+10.00%Secured Debt(9)— — 364 5,016 — — 5,016 
Preferred Member Units(9)— (1,420)60 4,680 — 1,420 3,260 
Café Brazil, LLCMember Units(8)— (190)34 1,200 — 190 1,010 
California Splendor Holdings LLC14.00%Secured Debt(9)— 388 1,933 28,465 593 3,292 25,766 
Secured Debt (12)(9)— — 44 1,506 18 1,540 (16)
Preferred Member Units(9)— (6,940)125 22,215 — 6,940 15,275 
15.00%15.00%Preferred Member Units(9)— — 823 10,909 823 — 11,732 
Clad-Rex Steel, LLCSecured Debt (12)(5)— — 1 — — — — 
9.00%Secured Debt(5)— (5)312 6,760 5 485 6,280 
10.00%Secured Debt(5)— — 48 973 — 22 951 
Member Units(5)— 1,300 811 10,990 1,300 — 12,290 
Member Units(5)— 320 — 950 320 — 1,270 
Cody Pools, Inc.12.50%Secured Debt (12)(8)— (3)119 — 4,197 425 3,772 
12.50%Secured Debt(8)— (6)2,375 39,227 7 2,154 37,080 
Preferred Member Units(8)— (660)1,344 67,810 — 660 67,150 
CompareNetworks Topco, LLC13.48%SF+9.00%Secured Debt(9)— — 204 2,903 11 210 2,704 
Preferred Member Units(9)— (1,630)— 11,260 — 1,630 9,630 
Cybermedia Technologies, LLCSecured Debt(6)— — 5 — — — — 
13.00%Secured Debt(6)— (592)1,810 27,116 28 681 26,463 
Preferred Member Units(6)— (15,000)125 15,000 — 15,000 — 
Preferred Equity(6)— 1,000 — — 3,500 100 3,400 
Datacom, LLC7.50%Secured Debt(8)— — 36 493 721 540 674 
10.00%Secured Debt(8)— (689)471 7,947 68 823 7,192 
Preferred Member Units(8)— (600)— 240 360 600 — 
Direct Marketing Solutions, Inc.Secured Debt(9)— (14)23 — 14 14 — 
14.00%Secured Debt(9)— (20)1,669 23,902 20 840 23,082 
Preferred Stock(9)— 540 — 17,930 540 — 18,470 
Gamber-Johnson Holdings, LLCSF+7.50%Secured Debt (12)(5)— — 3 — — — — 
11.50%SF+7.50%Secured Debt (12)(5)— (25)4,252 73,126 25 825 72,326 
Member Units(5)— — 3,484 114,750 — — 114,750 
Garreco, LLCMember Units(8)— (230)39 2,060 — 230 1,830 
GRT Rubber Technologies LLC10.48%SF+6.00%Secured Debt (12)(8)— (2)167 3,146 2 2 3,146 
12.48%SF+8.00%Secured Debt(8)— (23)2,561 40,493 23 23 40,493 
Member Units(8)— 930 3,128 45,890 930 — 46,820 
Gulf Publishing Holdings, LLCSF+9.50%Secured Debt(8)— — — — — — — 
12.50%Secured Debt(8)— 467 — 1,518 360 — 1,878 
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)		June 30,
2025 Fair Value (13)
Preferred Equity(8)— — — — — — — 
Member Units(8)— — — — — — — 
IG Investor, LLC13.00%Secured Debt (12)(6)— 24 115 1,572 28 — 1,600 
13.00%Secured Debt(6)— 209 2,330 35,257 247 440 35,064 
Common Equity(6)— 3,330 — 16,230 3,330 — 19,560 
Jensen Jewelers of Idaho, LLCP+6.75%Secured Debt (12)(9)— — — — — — — 
14.25%P+6.75%Secured Debt(9)— — 102 1,498 — 320 1,178 
Member Units(9)— (280)544 11,820 — 280 11,540 
MSC Adviser I, LLCMember Units(8)— 26,600 5,342 246,000 26,600 — 272,600 
Mystic Logistics Holdings, LLCSecured Debt (12)(6)— — 2 — — — — 
10.00%Secured Debt(6)— (4)292 5,746 4 4 5,746 
Common Stock(6)— 410 1,972 26,370 410 — 26,780 
NRP Jones, LLC12.00%Secured Debt(5)— — 137 2,178 6 — 2,184 
Member Units(5)— (1,601)— 2,696 — 1,601 1,095 
Member Units(5)— (49)— 94 — 49 45 
Preferred Equity(5)— 756 — — 1,238 — 1,238 
Common Equity(5)— — — — 1,200 — 1,200 
OMi Topco, LLCSecured Debt(8)— (30)207 9,000 — 9,000 — 
Secured Debt(8)— — 434 — — — — 
12.00%Secured Debt(8)— 44 146 — 19,000 — 19,000 
Preferred Member Units(8)— 4,900 14,093 72,720 4,900 — 77,620 
PPL RVs, Inc.SF+7.00%Secured Debt(8)— (1)1 — 1 1 — 
11.48%SF+7.00%Secured Debt(8)— (26)946 16,456 26 1,154 15,328 
Common Stock(8)— 1,140 261 17,110 1,140 — 18,250 
Common Stock(8)— 61 — 514 61 — 575 
Principle Environmental, LLC13.00%Secured Debt(8)— — 330 4,861 9 — 4,870 
Preferred Member Units(8)— 1,190 654 12,600 1,190 — 13,790 
Common Stock(8)— 60 — 600 60 — 660 
Quality Lease Service, LLCMember Units(7)— — — 460 — — 460 
Robbins Bros. Jewelry, Inc.10.00%Secured Debt(9)— — — (39)— 12 (51)
12.50%10.00%Secured Debt(9)— — — 14,562 — 427 14,135 
Preferred Equity(9)— — — — — — — 
Trantech Radiator Topco, LLCSecured Debt (12)(7)— — 2 (1)— — (1)
13.50%Secured Debt(7)— — 551 7,855 14 — 7,869 
Common Stock(7)— 890 58 8,570 890 — 9,460 
Victory Energy Operations, LLC13.00%Secured Debt (12)(8)— — 68 (33)1,727 — 1,694 
13.00%Secured Debt(8)— — 3,202 47,792 49 — 47,841 
Preferred Equity(8)— — 232 22,686 — 215 22,471 
Volusion, LLC10.00%Secured Debt(8)— — 106 2,100 — — 2,100 
Preferred Member Units(8)— — — — — — — 
Preferred Member Units(8)22 (1,627)— 7,003 22 2,745 4,280 
Preferred Member Units(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Ziegler’s NYPD, LLC12.00%Secured Debt(8)— — 107 1,750 — — 1,750 
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)		June 30,
2025 Fair Value (13)
Preferred Member Units(8)— (270)— 320 — 270 50 
Warrants(8)— — — — — — — 
Other Controlled Investments
2717 MH, L.P.LP Interests (2717 MH, L.P.)(8)5,466 (4,945)— 8,818 4,046 11,178 1,686 
LP Interests (2717 HPP-MS, L.P.)(8)— 64 — 383 64 — 447 
LP Interests (2717 GRE-LP, L.P.)(8)— — — 441 — — 441 
HPEP 423 COR, LPLP Interests (423 COR, L.P.)(8)— 981 — 4,187 981 — 5,168 
American Nuts, LLCPreferred Equity(9)— (1,180)— — 8,970 1,180 7,790 
12.95%SF+8.50%12.95%Secured Debt(9)— — 253 — 7,653 — 7,653 
12.95%SF+8.50%12.95%Secured Debt(9)— — 253 — 7,653 — 7,653 
ASC Interests, LLC13.00%Secured Debt(8)— — 27 400 — — 400 
13.00%Secured Debt(8)— (98)105 1,598 — 170 1,428 
Preferred Member Units(8)— — — — — — — 
Member Units(8)— — — — — — — 
ATS Workholding, LLC5.00%Secured Debt(9)(1,897)2,261 — 113 2,324 2,437 — 
5.00%Secured Debt(9)(2,842)2,698 — 143 2,698 2,841 — 
Preferred Member Units(9)(3,725)3,726 — — 3,726 3,726 — 
Barfly Ventures, LLC7.00%Secured Debt (12)(5)— — 24 711 — — 711 
Member Units(5)— 950 1,103 5,860 950 — 6,810 
Batjer TopCo, LLCSecured Debt (12)(8)— — 12 446 1 450 (3)
10.00%Secured Debt (12)(8)— — 14 270 — — 270 
10.00%Secured Debt(8)— — 569 10,529 11 — 10,540 
Preferred Stock(8)— 1,820 350 5,160 1,820 — 6,980 
Bolder Panther Group, LLC11.67%SF+7.29%Secured Debt(9)— (69)6,000 101,643 68 665 101,046 
8.00%Class B Preferred Member Units(9)— (220)1,187 30,520 — 220 30,300 
Secured Debt(9)— — 76 — — — — 
Bridge Capital Solutions CorporationPreferred Member Units(6)— — — — — — — 
Warrants(6)— — — — — — — 
Warrants(6)— — — — — — — 
CBT Nuggets, LLCMember Units(9)— (580)1,235 49,540 — 580 48,960 
Centre Technologies Holdings, LLCSF+10.00%Secured Debt (12)(8)— — 6 — — — — 
14.48%SF+10.00%Secured Debt(8)— (8)1,775 25,534 8 1,078 24,464 
Preferred Member Units(8)— 4,140 60 12,410 4,140 — 16,550 
Chamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (45)49 — 45 45 — 
12.49%SF+8.00%Secured Debt(8)— 4 1,064 15,620 3,200 — 18,820 
Member Units(8)— (820)4,758 33,110 — 820 32,290 
Member Units(8)— 140 46 3,550 140 — 3,690 
Charps, LLC14.00%Unsecured Debt(5)— (49)444 5,694 50 50 5,694 
Preferred Member Units(5)— (220)536 15,580 — 220 15,360 
Colonial Electric Company LLCSecured Debt (12)(6)— — 4 — — — — 
12.00%Secured Debt(6)— (19)833 14,310 19 2,835 11,494 
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)		June 30,
2025 Fair Value (13)
Preferred Member Units(6)— 1,700 1,871 13,570 1,700 — 15,270 
Compass Systems & Sales, LLCSecured Debt(5)— — 3 (21)3 — (18)
13.50%Secured Debt(5)— (139)1,184 17,067 17 140 16,944 
Preferred Equity(5)— 4 120 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)— — 898 12,422 23 660 11,785 
Preferred Member Units(5)— — 100 9,835 — — 9,835 
Doral Holdings, LLCPreferred Equity(5)— — — — 13,000 — 13,000 
Secured Debt(5)— — — — — — — 
13.00%Secured Debt(5)— — 1,047 — 29,215 — 29,215 
Elgin AcquireCo, LLCSF+6.00%Secured Debt(5)— — 5 (5)1 — (4)
12.00%Secured Debt(5)— — 1,099 17,969 20 492 17,497 
9.00%Secured Debt(5)— — 283 6,207 1 26 6,182 
Common Stock(5)— (570)— 5,730 — 570 5,160 
Common Stock(5)— 110 — 3,050 110 — 3,160 
Flame King Holdings, LLCPreferred Equity(9)— 5,450 6,952 35,920 5,450 — 41,370 
12.00%Secured Debt(9)— — 671 — 65,351 — 65,351 
Harrison Hydra-Gen, Ltd.Common Stock(8)— 260 — 7,010 260 — 7,270 
JorVet Holdings, LLC12.00%Secured Debt(9)— — 1,430 23,216 24 — 23,240 
Preferred Equity(9)— 300 539 13,180 300 — 13,480 
KBK Industries, LLCSecured Debt(5)— (24)130 3,700 — 3,700 — 
Member Units(5)— — 2,333 25,180 — — 25,180 
9.50%Secured Debt(5)— 51 156 — 9,400 700 8,700 
Kickhaefer Manufacturing Company, LLC12.00%Secured Debt(5)— — 836 14,987 4 1,600 13,391 
9.00%Secured Debt(5)— — 178 3,926 1 24 3,903 
Preferred Equity(5)— 2,040 — 12,240 2,040 — 14,280 
Member Units(5)— — 59 2,710 — — 2,710 
Metalforming Holdings, LLCSecured Debt (12)(7)— 4 12 (11)11 — — 
9.75%Secured Debt(7)— 85 977 20,844 117 2,397 18,564 
8.00%8.00%Preferred Equity(7)— (360)604 6,397 — 362 6,035 
Common Stock(7)— (90)748 6,850 — 90 6,760 
MS Private Loan Fund I, LP5.00%SF+3.00%Secured Debt (12)(8)— — 200 1,600 10,100 7,700 4,000 
LP Interests (12)(8)— (508)878 14,034 — 508 13,526 
MS Private Loan Fund II, LPSF+3.00%Secured Debt (12)(8)— — 37 (59)1,612 1,650 (97)
LP Interests (12)(8)— — 490 7,843 1,551 — 9,394 
MSC Income Fund, Inc.Common Equity(8)— 202 991 16,810 4,747 — 21,557 
MVI MSO, LLC (Milford Vascular)13.00%Secured Debt(6)— — 541 — 9,758 — 9,758 
Preferred Equity(6)— — — — 2,700 — 2,700 
NAPCO Precast, LLCMember Units(8)— 2,770 275 9,050 2,770 — 11,820 
Nello Industries Investco, LLCSF+6.50%Secured Debt(5)— — 16 (16)16 — — 
13.50%Secured Debt(5)— — 1,874 26,959 27 — 26,986 
Preferred Equity(5)— 2,680 398 15,560 2,680 — 18,240 
NexRev LLCSecured Debt(8)— — — — — — — 
Secured Debt(8)— (9)151 9,811 9 9,820 — 
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)		June 30,
2025 Fair Value (13)
Preferred Member Units(8)— 480 433 11,910 480 — 12,390 
NuStep, LLC10.98%SF+6.50%Secured Debt(5)— — 201 3,600 — 1,200 2,400 
12.00%Secured Debt(5)— — 1,114 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)— (24)1,700 21,960 24 824 21,160 
Preferred Stock(5)— — 120 13,450 — — 13,450 
Pinnacle TopCo, LLCSecured Debt (12)(8)— (2)6 — 2 2 — 
13.00%Secured Debt(8)— (34)1,888 28,640 34 834 27,840 
Preferred Equity(8)— 1,170 1,019 18,360 1,170 — 19,530 
River Aggregates, LLCMember Units(8)— 60 — 9,530 60 — 9,590 
Tedder Industries, LLC12.00%12.00%Secured Debt(9)— (3)— 1,646 — 2 1,644 
12.00%12.00%Secured Debt(9)— (150)— 3,603 — 151 3,452 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Preferred Member Units(9)— — — — — — — 
Televerde, LLCMember Units(8)— 769 298 4,252 769 — 5,021 
Preferred Stock(8)— — — 1,794 — — 1,794 
VVS Holdco LLCSF+6.00%Secured Debt (12)(5)— — 8 — — — — 
11.50%Secured Debt(5)— — 1,491 25,661 30 1,281 24,410 
Preferred Equity(5)— — 99 12,240 — — 12,240 
Other
Amounts related to investments transferred to or from other 1940 Act classification during the period— (3,450)227 (35,920)— — — 
Total Control investments$(2,976)$33,555 $116,454 $2,087,890 $291,307 $119,552 $2,295,565 
Affiliate Investments
423 HAR, LPLP Interests (423 HAR, L.P.)(8)$— $— $— $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)— (360)— — 8,520 360 8,160 
10.00%10.00%Secured Debt(7)— — — — 3,109 — 3,109 
12.00%12.00%Secured Debt(7)— — — — 3,109 — 3,109 
Common Stock(7)— — — — — — — 
Warrants(7)— — — — — — — 
18.00%18.00%Secured Debt (12)(7)— — — — 779 — 779 
Boccella Precast Products LLC10.00%Secured Debt(6)— 55 15 266 55 65 256 
Member Units(6)— 1,180 254 310 1,180 — 1,490 
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)— (391)— — 391 391 — 
Career Team Holdings, LLCSF+6.00%Secured Debt (12)(6)— — 95 887 — 936 (49)
12.50%Secured Debt(6)— — 1,341 19,364 2,298 203 21,459 
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)		June 30,
2025 Fair Value (13)
Common Stock(6)— (186)— 4,740 666 186 5,220 
Classic H&G Holdings, LLCPreferred Member Units(6)— (890)— 2,850 — 890 1,960 
Congruent Credit Opportunities FundsLP Interests (Congruent Credit Opportunities Fund III, LP)(8)— (78)69 2,276 — 1,614 662 
Connect Telecommunications Solutions Holdings, Inc.13.00%Secured Debt(6)— — 1,801 27,315 46 2,160 25,201 
Preferred Equity(6)— — — 12,596 — — 12,596 
DMA Industries, LLC12.00%Secured Debt(7)— — 1,022 16,722 8 — 16,730 
Preferred Equity(7)— 350 — 5,944 350 — 6,294 
12.00%Secured Debt(7)— — 34 555 1 — 556 
15.00%15.00%Preferred Equity(7)— 180 245 3,240 425 — 3,665 
Dos Rios PartnersLP Interests (Dos Rios Partners, LP)(8)— 226 — 7,708 226 139 7,795 
LP Interests (Dos Rios Partners - A, LP)(8)— 72 — 2,447 72 44 2,475 
Dos Rios Stone Products LLCClass A Preferred Units(8)— — — — — — — 
EIG Fund InvestmentsLP Interests (EIG Global Private Debt Fund-A, L.P.)(8)— — 16 369 — — 369 
FCC Intermediate Holdco, LLC13.00%Secured Debt(5)— 3,191 2,603 29,109 3,691 820 31,980 
Warrants(5)— 3,790 570 10,840 3,790 — 14,630 
Freeport Financial SBIC Fund LPLP Interests (Freeport Financial SBIC Fund LP)(5)— (347)— 2,190 — 347 1,843 
LP Interests (Freeport First Lien Loan Fund III LP)(5)— (82)(23)1,263 — 1,070 193 
GFG Group, LLCSecured Debt(5)— (21)185 8,185 — 8,185 — 
Preferred Member Units(5)— (430)582 10,540 — 430 10,110 
8.00%Secured Debt(5)— — 185 — 9,253 — 9,253 
Gulf Manufacturing, LLCSF+7.63%Secured Debt(8)— (42)18 — 5 42 (37)
12.00%SF+7.63%Secured Debt(8)— (325)2,352 39,000 46 1,325 37,721 
Member Units(8)— (130)354 14,730 — 130 14,600 
Common Stock(8)— 72 — 888 72 — 960 
Hawk Ridge Systems, LLC10.48%SF+6.00%Secured Debt(9)— — 173 2,645 3,245 3,400 2,490 
12.50%Secured Debt(9)— (27)2,871 45,256 27 27 45,256 
Preferred Member Units(9)— 2,470 — 20,260 2,470 — 22,730 
Preferred Member Units(9)— 130 — 1,070 130 — 1,200 
Houston Plating and Coatings, LLC10.00%Unsecured Convertible Debt(8)— 60 151 2,940 60 — 3,000 
Member Units(8)— 420 114 3,930 420 — 4,350 
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)— 425 — 5,861 1,302 — 7,163 
Independent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— (630)— 20,390 — 630 19,760 
Infinity X1 Holdings, LLCSecured Debt(9)— (96)683 15,050 — 15,050 — 
Preferred Equity(9)— (530)1,155 9,080 — 530 8,550 
12.00%Secured Debt(9)— 14 339 — 16,372 — 16,372 
Integral Energy Services12.06%SF+7.50%Secured Debt(8)— (187)839 12,728 29 829 11,928 
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)		June 30,
2025 Fair Value (13)
10.00%10.00%Preferred Equity(8)— 55 13 452 68 — 520 
Common Stock(8)— 140 — 550 140 — 690 
10.00%10.00%Preferred Equity(8)— 76 — — 190 — 190 
Iron-Main Investments, LLC13.00%Secured Debt(5)— — 298 4,493 4 — 4,497 
13.00%Secured Debt(5)— — 194 2,927 2 — 2,929 
13.00%Secured Debt(5)— — 585 8,944 — — 8,944 
13.00%Secured Debt(5)— — 1,165 17,542 14 — 17,556 
13.00%Secured Debt(5)— — 667 9,638 38 288 9,388 
Common Stock(5)— (150)— 2,850 — 150 2,700 
25.00%25.00%Preferred Equity(5)— 150 — 760 150 — 910 
ITA Holdings Group, LLC12.46%SF+8.00%Secured Debt(8)— (2)79 1,180 2 2 1,180 
SF+8.00%Secured Debt(8)— (12)77 994 — 994 — 
SF+7.00%Secured Debt (12)(5)— — — — — — — 
11.46%SF+7.00%Secured Debt(8)— (133)403 4,438 630 133 4,935 
13.46%SF+9.00%Secured Debt(8)— (133)448 4,438 630 133 4,935 
11.46%SF+7.00%Secured Debt(8)— 7 11 — 1,770 — 1,770 
Warrants(8)— 4,150 844 5,690 4,150 — 9,840 
Johnson Downie Opco, LLCSecured Debt (12)(8)— (3)12 — 3 3 — 
15.00%Secured Debt(8)— (25)1,645 21,507 23 23 21,507 
Preferred Equity(8)— 4,220 1,397 14,550 4,220 — 18,770 
KMS, LLC14.50%SF+9.75%Secured Debt(5)(415)339 — — — — — 
14.50%SF+9.75%Secured Debt(5)(3,037)2,562 — — — — — 
SF+9.75%14.23%Secured Debt(5)— — — — — — — 
SF+9.75%14.23%Secured Debt(5)— — — — — — — 
14.23%SF+9.75%14.23%Secured Debt(5)— — — — — — — 
12.50%12.50%Secured Debt (12)(5)— — 60 — 1,113 — 1,113 
12.50%12.50%Secured Debt(5)— — 56 — 1,180 — 1,180 
Preferred Equity(5)— — — — 4,890 — 4,890 
Mills Fleet Farm Group, LLC9.79%SF+5.50%9.79%Secured Debt (12)(5)— — 114 — 2,763 — 2,763 
Preferred Equity(5)— (1,516)556 13,840 556 1,516 12,880 
Moffitt Holdings, LLC13.00%Secured Debt(8)— — 1,167 — 34,673 — 34,673 
Preferred Equity(8)— — — — 14,300 — 14,300 
MoneyThumb Acquisition, LLC14.00%Secured Debt(9)— — 756 8,967 87 320 8,734 
12.00%12.00%Preferred Member Units(9)— — 105 1,707 105 — 1,812 
Warrants(9)— — — 594 — — 594 
Nebraska Vet AcquireCo, LLCSF+7.00%Secured Debt(5)— (7)10 — 7 7 — 
Preferred Member Units(5)55,647 (25,053)5,695 32,040 55,647 87,687 — 
Secured Debt(5)— (115)3,143 62,200 115 62,315 — 
Secured Debt(5)— (171)193 4,650 2,771 7,421 — 
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 1 2 456 
10.00%10.00%Unsecured Debt(8)— — — 305 — — 305 
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)		June 30,
2025 Fair Value (13)
7.00%7.00%Preferred Stock(8)— — — — — — — 
Common Stock(8)— — — — — — — 
Warrants(8)— — — — — — — 
Oneliance, LLCPreferred Stock(7)— 510 52 2,580 510 — 3,090 
RA Outdoors (Aspira) LLC11.25%SF+6.75%11.25%Secured Debt(8)— (148)80 1,257 42 150 1,149 
11.25%SF+6.75%11.25%Secured Debt(8)— (1,553)824 13,155 425 1,569 12,011 
Common Equity(8)— — — — — — — 
RFG AcquireCo, LLCSecured Debt (12)(7)— — 1 — — 10 (10)
Secured Debt(7)— — — — — — — 
12.50%Secured Debt(7)— — 1,040 — 33,666 — 33,666 
Preferred Equity(7)— — — — 11,401 — 11,401 
SI East, LLC11.85%Secured Debt (12)(7)— (2)145 2,250 2 2 2,250 
12.79%Secured Debt(7)— 48 4,368 67,661 — — 67,661 
Preferred Member Units(7)— (1,190)— 13,660 — 1,190 12,470 
Slick Innovations, LLCSecured Debt(6)— (140)510 16,320 — 16,320 — 
14.00%Secured Debt(6)— 265 1,371 — 25,880 320 25,560 
Common Stock(6)— (450)873 2,440 — 450 1,990 
Student Resource Center, LLC8.50%8.50%Secured Debt(6)— (583)— 1,644 — 583 1,061 
Preferred Equity(6)— — — — — — — 
8.50%8.50%Secured Debt(6)— 673 9 204 682 — 886 
Superior Rigging & Erecting Co.Preferred Member Units(7)— 5,420 — 10,530 5,420 — 15,950 
The Affiliati Network, LLCSecured Debt (12)(9)— — 36 394 2,562 2,960 (4)
13.00%Secured Debt(9)— 51 307 5,053 57 — 5,110 
Preferred Stock(9)— — 115 6,400 — — 6,400 
Preferred Stock(9)— — — 287 26 — 313 
UnionRock Energy Fund II, LPLP Interests (12)(9)— — — 4,732 — 335 4,397 
UnionRock Energy Fund III, LPLP Interests (12)(9)— (405)— 5,612 447 887 5,172 
UniTek Global Services, Inc.15.00%Secured Convertible Debt(6)3,762 (2,384)41 5,642 505 6,147 — 
15.00%Secured Convertible Debt(6)1,743 (1,155)21 2,663 235 2,898 — 
20.00%Preferred Stock(6)— — 104 3,181 1,633 4,814 — 
20.00%20.00%Preferred Stock(6)— (788)— 4,272 5,116 — 9,388 
19.00%19.00%Preferred Stock(6)— — — — — — — 
13.50%13.50%Preferred Stock(6)— — — — — — — 
Common Stock(6)— — — — — — — 
Urgent DSO LLC13.50%Secured Debt(5)— — 606 8,727 8 — 8,735 
9.00%9.00%Preferred Equity(5)— — 194 4,320 194 — 4,514 
Wildcats Topco LLC (NVS Heritage)Common Equity(5)— — — — 22,427 — 22,427 
World Micro Holdings, LLC11.00%Secured Debt(7)— — 579 10,702 15 878 9,839 
Preferred Equity(7)— — 198 3,845 — — 3,845 
Other
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)		June 30,
2025 Fair Value (13)
Amounts related to investments transferred to or from other 1940 Act classification during the period3,453 550 291 35,920 — — — 
Total Affiliate investments$57,711 $(8,742)$49,501 $846,798 $303,836 $258,488 $856,226 
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(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 June 30, 2025 for Control investments located in this region was $586,104. This represented 20.3% of net assets as of June 30, 2025. The fair value as of June 30, 2025 for Affiliate investments located in this region was $173,435. This represented 6.0% of net assets as of June 30, 2025.
(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of June 30, 2025 for Control investments located in this region was $157,835. This represented 5.5% of net assets as of June 30, 2025. The fair value as of June 30, 2025 for Affiliate investments located in this region was $126,778. This represented 4.4% of net assets as of June 30, 2025.
(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of June 30, 2025 for Control investments located in this region was $67,427. This represented 2.3% of net assets as of June 30, 2025. The fair value as of June 30, 2025 for Affiliate investments located in this region was $202,564. This represented 7.0% of net assets as of June 30, 2025.
(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of June 30, 2025 for Control investments located in this region was $990,024. This represented 34.3% of net assets as of June 30, 2025. The fair value as of June 30, 2025 for Affiliate investments located in this region was $224,323. This represented 7.8% of net assets as of June 30, 2025.
(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of June 30, 2025 for Control investments located in this region was $494,175. This represented 17.1% of net assets as of June 30, 2025. The fair value as of June 30, 2025 for Affiliate investments located in this region was $129,126. This represented 4.5% of net assets as of June 30, 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 June 30, 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.