Consolidated Schedule of Investments In and Advances to Affiliates (Tables)

6 Months Ended

Jun. 30, 2026

Investments in and Advances to Affiliates [Abstract]

Schedule of Investments in and Advances to Affiliates, Schedule of Investments


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1)(10)(11)	Geography	Amount 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)
Control Investments
BDB Holdings, LLC					Preferred Equity	(7)	$	—	$	(4,130)	$	—	$	8,430	$	—	$	4,130	$	4,300
	12.00%				Secured Debt	(7)	—		—		88		1,182		534		—		1,716
Copper Trail Fund Investments					LP Interests (CTMH, LP)	(9)	—		65		—		390		65		75		380
GRT Rubber Technologies LLC	9.72%	SF+	6.00%		Secured Debt	(8)	—		(3)		79		1,550		3		3		1,550
	11.72%	SF+	8.00%		Secured Debt	(8)	—		(24)		1,206		19,944		25		25		19,944
					Member Units	(8)	—		(1,700)		809		22,830		—		1,700		21,130
Harris Preston Fund Investments					LP Interests (2717 MH, L.P.)	(8)	—		60		—		1,897		60		—		1,957
Volusion, LLC	10.00%				Secured Debt	(8)	—		—		45		900		—		—		900
					Preferred Member Units	(8)	—		—		—		—		—		—		—
					Preferred Member Units	(8)	—		(249)		—		1,249		—		506		743
					Common Stock	(8)	—		—		—		—		—		—		—
Other Amounts related to investments transferred to or from other 1940 Act classification during the period							—		—		—		—		—		—		—
Total Control investments							$	—	$	(5,981)	$	2,227	$	58,372	$	687	$	6,439	$	52,620
Affiliate Investments
American Nuts, LLC					Preferred Equity	(9)	$	—	$	(130)	$	—	$	1,210	$	—	$	130	$	1,080
	12.34%	SF+	8.50%	12.34%	Secured Debt	(9)	—		—		146		2,325		147		—		2,472
	12.34%	SF+	8.50%	12.34%	Secured Debt	(9)	—		31		146		1,875		178		—		2,053
	12.34%	SF+	8.50%	12.34%	Secured Debt	(9)	—		—		3		—		91		—		91
Analytical Systems Keco Holdings, LLC	13.25%				Secured Debt	(8)	—		—		64		965		2		51		916
					Preferred Member Units	(8)	—		120		—		30		120		—		150
					Preferred Member Units	(8)	—		—		—		1,510		—		—		1,510
					Warrants	(8)	—		—		—		—		—		—		—
Batjer TopCo, LLC	10.00%				Secured Debt	(8)	—		(2)		57		1,105		2		14		1,093
					Preferred Stock	(8)	—		80		85		970		80		—		1,050
Bettercloud, Inc.					Common Equity	(6)	(1,656)		354		—		4,550		354		4,904		—
		SF+	8.25%		Secured Debt	(6)	—		—		90		1,747		670		2,417		—
Brewer Crane Holdings, LLC	13.72%	SF+	10.00%		Secured Debt	(9)	—		—		87		1,254		—		—		1,254
					Preferred Member Units	(9)	—		(100)		17		860		—		100		760
	15.00%			15.00%	Preferred Member Units	(9)	—		—		6		84		6		—		90
Centre Technologies Holdings, LLC		SF+	8.00%		Secured Debt	(8)	—		—		2		—		60		60		—
		SF+	8.00%		Secured Debt	(8)	—		(18)		359		6,021		1,718		7,739		—
					Preferred Member Units	(8)	11,595		(9,084)		610		10,680		10,595		21,275		—
Chamberlin Holding LLC		SF+	6.00%		Secured Debt (12)	(8)	—		(3)		6		—		3		3		—
	11.74%	SF+	8.00%		Secured Debt	(8)	—		(26)		645		10,505		26		226		10,305
					Member Units	(8)	—		2,480		773		8,880		2,480		—		11,360
					Member Units	(8)	—		40		12		1,043		40		—		1,083


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1)(10)(11)	Geography	Amount 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)
Charps, LLC					Preferred Member Units	(5)	—	(220)	123	4,010	—	220	3,790
Clad-Rex Steel, LLC					Secured Debt (12)	(5)	—	—	3	—	—	—	—
	10.00%				Secured Debt	(5)	—	(4)	119	2,370	4	148	2,226
	10.00%				Secured Debt	(5)	—	—	12	232	—	5	227
					Member Units	(5)	—	190	174	3,530	190	—	3,720
					Member Units	(5)	—	60	—	317	60	—	377
Cody Pools, Inc.					Secured Debt (12)	(8)	—	1	8	—	629	393	236
	12.50%				Secured Debt	(8)	—	(14)	374	5,891	14	231	5,674
					Preferred Member Units	(8)	—	(420)	197	16,270	—	420	15,850
Colonial Electric Company LLC					Secured Debt (12)	(6)	—	—	1	—	—	—	—
	9.00%				Secured Debt	(6)	—	19	105	2,195	—	—	2,195
					Preferred Member Units	(6)	—	1,320	507	4,210	1,320	—	5,530
Compass Systems & Sales, LLC					Secured Debt	(5)	—	—	2	(12)	2	—	(10)
	13.50%				Secured Debt	(5)	—	(23)	302	4,249	21	573	3,697
					Preferred Equity	(5)	—	63	30	1,800	161	—	1,961
Datacom, LLC	10.00%				Secured Debt	(8)	—	—	3	75	45	15	105
	10.00%				Secured Debt	(8)	—	(207)	44	463	—	216	247
					Preferred Member Units	(8)	—	—	—	—	—	—	—
Digital Products Holdings LLC	13.62%	SF+	10.00%		Secured Debt	(5)	—	151	207	2,834	141	83	2,892
					Preferred Member Units	(5)	—	—	25	2,459	—	—	2,459
Direct Marketing Solutions, Inc.					Secured Debt (12)	(9)	—	17	12	315	285	600	—
	14.00%				Secured Debt	(9)	—	(1)	55	4,501	—	4,501	—
	14.00%				Secured Debt	(9)	—	204	514	—	8,726	—	8,726
					Preferred Stock	(9)	—	1,881	2	4,940	3,081	40	7,981
DMA Industries, LLC	13.00%				Secured Debt	(7)	—	19	39	140	1,020	—	1,160
	13.00%				Secured Debt	(7)	—	(3)	188	3,200	3	3	3,200
					Preferred Equity	(7)	—	1,670	—	2,296	1,670	—	3,966
	15.00%			15.00%	Preferred Equity	(7)	—	861	73	1,358	932	—	2,290
Flame King Holdings, LLC					Preferred Equity	(9)	—	820	630	13,660	820	—	14,480
	12.00%				Secured Debt	(9)	—	(32)	1,030	16,500	32	32	16,500
					Common Equity	(9)	—	—	13	—	982	—	982
Freeport Financial Funds					LP Interests (Freeport First Lien Loan Fund III LP)	(5)	—	—	—	193	—	85	108
Gamber-Johnson Holdings, LLC	11.12%	SF+	7.50%		Secured Debt	(5)	—	—	16	—	400	—	400
	11.12%	SF+	7.50%		Secured Debt	(5)	—	(2)	1,078	17,632	1,112	2	18,742
					Member Units	(5)	—	2,660	630	28,450	2,660	—	31,110
					Member Units	(5)	—	—	—	99	—	23	76
GFG Group, LLC	13.50%				Secured Debt	(5)	—	22	193	3,513	31	1	3,543
					Preferred Member Units	(5)	—	—	76	2,740	—	—	2,740
Harris Preston Fund Investments					LP Interests (HPEP 3, L.P.) (12)	(8)	—	(58)	—	4,116	—	310	3,806
IG Investor, LLC	13.00%				Secured Debt (12)	(6)	—	(3)	23	400	3	203	200
	13.00%				Secured Debt	(6)	—	(31)	588	8,766	31	431	8,366
					Common Equity	(6)	—	790	—	7,010	790	—	7,800
Independent Pet Partners Intermediate Holdings, LLC					Common Equity	(6)	—	(30)	—	6,790	—	30	6,760


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1)(10)(11)	Geography	Amount 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)
Integral Energy Services	11.46%	SF+	7.50%		Secured Debt	(8)	—	(62)	855	14,071	—	202	13,869
	10.00%			10.00%	Preferred Equity	(8)	—	—	17	490	17	—	507
					Common Stock	(8)	—	80	—	410	80	—	490
	10.00%			10.00%	Preferred Equity	(8)	—	90	—	480	90	—	570
Kickhaefer Manufacturing Company, LLC	11.50%				Secured Debt	(5)	—	—	160	2,547	508	200	2,855
	9.00%				Secured Debt	(5)	—	—	44	970	—	6	964
					Preferred Equity	(5)	—	670	—	4,290	670	—	4,960
					Member Units	(5)	—	—	12	1,048	—	—	1,048
KMS, LLC	12.50%				Secured Debt	(5)	—	24	101	1,433	33	—	1,466
	12.50%				Secured Debt	(5)	—	—	76	1,259	—	190	1,069
					Preferred Equity	(5)	—	—	—	7,830	—	—	7,830
	9.23%	SF+	5.50%		Secured Debt (12)	(5)	—	40	52	(49)	1,678	950	679
Mills Fleet Farm Group, LLC					Preferred Equity	(5)	—	(631)	457	10,134	457	631	9,960
	9.16%	SF+	5.50%	9.16%	Secured Debt	(5)	—	46	114	2,256	161	—	2,417
	9.17%	SF+	5.50%	9.17%	Secured Debt	(5)	—	30	64	1,344	91	—	1,435
Nello Industries Investco, LLC	13.00%				Secured Debt	(5)	—	(156)	243	8,018	—	8,018	—
	13.00%				Secured Debt	(5)	—	47	563	—	10,336	—	10,336
					Preferred Equity	(5)	—	1,560	103	5,830	1,560	—	7,390
NexRev LLC					Preferred Member Units	(8)	—	130	10	3,210	130	—	3,340
NuStep, LLC	10.22%	SF+	6.50%		Secured Debt	(5)	—	—	38	250	400	—	650
	12.00%				Secured Debt	(5)	—	(124)	287	4,610	—	188	4,422
					Preferred Member Units	(5)	—	(540)	—	3,050	—	540	2,510
					Preferred Member Units	(5)	—	90	—	1,530	90	—	1,620
Oneliance, LLC					Preferred Stock	(7)	—	—	24	810	—	—	810
Orttech Holdings, LLC		SF+	11.00%		Secured Debt	(5)	—	(3)	7	153	3	156	—
	14.72%	SF+	11.00%		Secured Debt	(5)	—	(11)	396	5,190	11	11	5,190
					Preferred Stock	(5)	—	(770)	30	3,360	—	770	2,590
Pinnacle TopCo, LLC					Secured Debt (12)	(8)	—	(1)	2	—	1	1	—
	13.00%				Secured Debt	(8)	—	(21)	453	6,800	21	301	6,520
					Preferred Equity	(8)	—	—	98	5,110	—	—	5,110
RA Outdoors LLC	10.58%	SF+	6.75%	10.58%	Secured Debt	(8)	—	—	72	1,142	74	—	1,216
	10.58%	SF+	6.75%	10.58%	Secured Debt	(8)	—	(2)	779	11,937	780	2	12,715
	10.58%	SF+	6.75%	10.58%	Secured Debt	(8)	—	(77)	14	—	462	77	385
	10.58%	SF+	6.75%	10.58%	Secured Debt	(8)	—	(75)	13	—	451	75	376
Robbins Bros. Jewelry, Inc.					Secured Debt	(9)	—	—	6	(12)	—	2	(14)
	12.50%			10.00%	Secured Debt	(9)	—	35	—	1,559	—	21	1,538
					Preferred Equity	(9)	—	—	—	—	—	—	—
SI East, LLC	11.80%				Secured Debt (12)	(7)	—	(1)	49	750	1	1	750
	12.84%				Secured Debt	(7)	—	(6)	1,444	22,283	6	6	22,283
					Preferred Member Units	(7)	—	(220)	93	5,730	—	220	5,510
Student Resource Center, LLC	8.50%			8.50%	Secured Debt	(6)	—	299	—	1,598	299	—	1,897
	8.50%			8.50%	Secured Debt	(6)	—	80	9	866	89	—	955
Tedder Industries, LLC	12.00%			12.00%	Secured Debt	(9)	—	(21)	119	241	119	21	339
	12.00%			12.00%	Secured Debt	(9)	—	750	—	707	750	—	1,457


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1)(10)(11)	Geography	Amount 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 Member Units	(9)	—		—		—		—		—		—		—
					Preferred Member Units	(9)	—		—		—		—		—		—		—
					Preferred Member Units	(9)	—		—		—		—		—		—		—
Trantech Radiator Topco, LLC	11.50%				Secured Debt	(7)	—		—		13		—		400		—		400
	13.50%				Secured Debt	(7)	—		(18)		69		2,250		—		2,250		—
	13.50%				Secured Debt	(7)	—		156		318		—		7,820		—		7,820
					Common Stock	(7)	—		2,789		—		3,730		3,130		—		6,860
					Common Equity	(7)	—		—		—		174		—		—		174
	9.00%				Secured Debt	(7)	—		(1)		24		510		1		1		510
	9.00%				Secured Debt	(7)	—		2		13		—		525		—		525
	9.00%				Secured Debt	(7)	—		—		3		—		100		—		100
Urgent DSO LLC	13.50%				Secured Debt	(5)	—		(50)		156		2,168		7		50		2,125
					Preferred Equity	(5)	—		(896)		—		1,089		—		896		193
Victory Energy Operations, LLC	13.00%				Secured Debt (12)	(8)	—		—		19		127		276		70		333
	13.00%				Secured Debt	(8)	—		—		530		7,575		23		—		7,598
					Preferred Equity	(8)	—		290		35		3,760		290		—		4,050
VVS Holdco LLC		SF+	6.00%		Secured Debt	(5)	—		—		2		—		—		—		—
	11.50%				Secured Debt	(5)	—		—		359		5,967		19		300		5,686
					Preferred Equity	(5)	—		—		—		3,060		—		—		3,060
Other Amounts related to investments transferred to or from other 1940 Act classification during the period							—		—		—		—		—		—		—
Total Affiliate investments							$	9,939	$	6,964	$	18,849	$	406,771	$	73,696	$	61,640	$	418,827

_________________________

(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 Affiliate investments located in this region was $158,513. This represented 21.2% 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 Affiliate investments located in this region was $33,703. This represented 4.5% 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 $6,016. This represented 0.8% of net assets as of June 30, 2026. The fair value as of June 30, 2026 for Affiliate investments located in this region was $56,358. This represented 7.5% 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 $46,224. This represented 6.2% of net assets as of June 30, 2026. The fair value as of June 30, 2026 for Affiliate investments located in this region was $110,464. This represented 14.8% 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 $380. This represented 0.1% of net assets as of June 30, 2026. The fair value as of June 30, 2026 for Affiliate investments located in this region was $59,789. This represented 8.0% of net assets as of June 30, 2026.

(10)All of the Fund’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 H — 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.


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1)(10)(11)	Geography	Amount of Realized Gain/(Loss)		Amount of Unrealized Gain/(Loss)		Amount of Interest, Fees or Dividends Credited to Income (2)		December 31, 2024 Fair Value		Gross Additions (3)		Gross Reductions (4)		June 30, 2025 Fair Value (13)
Control Investments
BDB Holdings, LLC					Preferred Equity	(7)	$	—	$	(700)	$	—	$	12,610	$	—	$	700	$	11,910
	12.00%				Secured Debt (12)	(7)	—		—		10		—		280		—		280
Copper Trail Fund Investments					LP Interests (CTMH, LP)	(9)	—		—		—		530		—		16		514
GRT Rubber Technologies LLC	10.48%	SF+	6.00%		Secured Debt (12)	(8)	—		(3)		85		1,550		3		3		1,550
	12.48%	SF+	8.00%		Secured Debt	(8)	—		(25)		1,275		19,944		25		25		19,944
					Member Units	(8)	—		460		1,541		22,600		460		—		23,060
Harris Preston Fund Investments					LP Interests (2717 MH, L.P.)	(8)	5,295		(4,939)		—		8,740		3,875		11,001		1,614
Volusion, LLC	10.00%				Secured Debt	(8)	—		—		45		900		—		—		900
					Preferred Member Units	(8)	—		—		—		—		—		—		—
					Preferred Member Units	(8)	10		(694)		—		3,004		9		1,173		1,840
					Preferred Member Units	(8)	—		—		—		—		—		—		—
					Common Stock	(8)	—		—		—		—		—		—		—
Other Amounts related to investments transferred to or from other 1940 Act classification during the period							—		—		—		—		—		—		—
Total Control investments							$	5,305	$	(5,901)	$	2,956	$	69,878	$	4,652	$	12,918	$	61,612
Affiliate Investments
American Nuts, LLC					Preferred Equity	(9)	$	—	$	(336)	$	—	$	—	$	2,556	$	336	$	2,220
	12.95%	SF+	8.50%	12.95%	Secured Debt	(9)	—		—		72		—		2,180		—		2,180
	12.95%	SF+	8.50%	12.95%	Secured Debt	(9)	—		—		72		—		2,180		—		2,180
Analytical Systems Keco Holdings, LLC					Secured Debt	(8)	—		—		—		—		—		—		—
	17.50%				Secured Debt	(8)	—		—		90		1,012		2		26		988
					Preferred Member Units	(8)	—		—		—		—		—		—		—
					Preferred Member Units	(8)	—		—		—		1,330		—		—		1,330
					Warrants	(8)	—		—		—		—		—		—		—
Barfly Ventures, LLC					Member Units	(5)	—		317		368		1,953		317		—		2,270
Batjer TopCo, LLC					Secured Debt (12)	(8)	—		—		1		50		—		50		—
	10.00%				Secured Debt (12)	(8)	—		—		2		30		—		—		30
	10.00%				Secured Debt	(8)	—		—		64		1,165		2		—		1,167
					Preferred Stock	(8)	—		200		39		570		200		—		770
Brewer Crane Holdings, LLC	14.48%	SF+	10.00%		Secured Debt	(9)	—		—		91		1,254		—		—		1,254
					Preferred Member Units	(9)	—		(350)		15		1,170		—		350		820
Centre Technologies Holdings, LLC		SF+	10.00%		Secured Debt (12)	(8)	—		—		2		—		—		—		—
	14.48%	SF+	10.00%		Secured Debt	(8)	—		(6)		451		6,384		6		274		6,116
					Preferred Member Units	(8)	—		1,030		15		3,110		1,030		—		4,140
Chamberlin Holding LLC		SF+	6.00%		Secured Debt (12)	(8)	—		(11)		12		—		11		11		—
	12.49%	SF+	8.00%		Secured Debt	(8)	—		3		264		3,905		800		—		4,705
					Member Units	(8)	—		(210)		1,189		8,280		—		210		8,070
					Member Units	(8)	—		35		12		888		35		—		923
Charps, LLC					Preferred Member Units	(5)	—		(60)		134		3,900		—		60		3,840
Clad-Rex Steel, LLC					Secured Debt (12)	(5)	—		—		—		—		—		—		—
	9.00%				Secured Debt	(5)	—		(1)		78		1,690		1		121		1,570


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1)(10)(11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2024 Fair Value	Gross Additions (3)	Gross Reductions (4)	June 30, 2025 Fair Value (13)
	10.00%				Secured Debt	(5)	—	—	12	243	—	5	238
					Member Units	(5)	—	320	203	2,750	320	—	3,070
					Member Units	(5)	—	80	—	237	80	—	317
Cody Pools, Inc.	12.50%				Secured Debt (12)	(8)	—	3	19	—	782	79	703
	12.50%				Secured Debt	(8)	—	(4)	401	6,598	4	389	6,213
					Preferred Member Units	(8)	—	(160)	336	16,950	—	160	16,790
Colonial Electric Company LLC					Secured Debt (12)	(6)	—	—	1	—	—	—	—
	12.00%				Secured Debt	(6)	—	(12)	215	3,578	12	716	2,874
					Preferred Member Units	(6)	—	430	467	3,390	430	—	3,820
Compass Systems & Sales, LLC					Secured Debt	(5)	—	—	2	(16)	2	—	(14)
	13.50%				Secured Debt	(5)	—	23	305	4,201	35	—	4,236
					Preferred Equity	(5)	—	3	30	1,860	3	—	1,863
Datacom, LLC	7.50%				Secured Debt	(8)	—	—	4	55	79	60	74
	10.00%				Secured Debt	(8)	—	(74)	55	878	10	89	799
					Preferred Member Units	(8)	—	(70)	—	30	40	70	—
Digital Products Holdings LLC	14.38%	SF+	10.00%		Secured Debt	(5)	—	—	225	3,105	5	165	2,945
					Preferred Member Units	(5)	—	—	25	2,459	—	—	2,459
Direct Marketing Solutions, Inc.					Secured Debt	(9)	—	(1)	2	—	1	1	—
	14.00%				Secured Debt	(9)	—	(6)	328	4,668	6	173	4,501
					Preferred Stock	(9)	—	140	—	4,480	140	—	4,620
DMA Industries, LLC	12.00%				Secured Debt	(7)	—	—	9	138	—	—	138
	12.00%				Secured Debt	(7)	—	—	258	4,161	5	—	4,166
					Preferred Equity	(7)	—	90	—	1,486	90	—	1,576
	15.00%			15.00%	Preferred Equity	(7)	—	50	61	810	111	—	921
Flame King Holdings, LLC					Preferred Equity	(9)	—	1,360	1,738	8,980	1,360	—	10,340
	12.00%				Preferred Equity	(9)	—	—	5	—	16,175	—	16,175
Freeport Financial Funds					LP Interests (Freeport First Lien Loan Fund III LP)	(5)	—	(82)	(23)	1,263	—	1,070	193
Gamber-Johnson Holdings, LLC		SF+	7.50%		Secured Debt (12)	(5)	—	—	1	—	—	—	—
	11.50%	SF+	7.50%		Secured Debt (12)	(5)	—	(19)	1,074	18,282	19	219	18,082
					Member Units	(5)	—	—	810	28,690	—	—	28,690
GFG Group, LLC					Secured Debt	(5)	—	(16)	57	2,046	2	2,048	—
					Preferred Member Units	(5)	—	(110)	145	2,640	—	110	2,530
	8.00%				Secured Debt	(5)	—	—	46	—	2,313	—	2,313
Gulf Publishing Holdings, LLC		SF+	9.50%		Secured Debt	(8)	—	—	—	—	—	—	—
	12.50%				Secured Debt	(8)	—	123	—	378	91	—	469
					Preferred Equity	(8)	—	—	—	—	—	—	—
					Member Units	(8)	—	—	—	—	—	—	—
HPEP 3, L.P.					LP Interests (HPEP 3, L.P.)	(8)	—	194	—	4,472	195	205	4,462
IG Investor, LLC	13.00%				Secured Debt (12)	(6)	—	18	31	379	21	—	400
	13.00%				Secured Debt	(6)	—	156	600	8,693	183	110	8,766
					Common Equity	(6)	—	830	—	4,060	830	—	4,890
Independent Pet Partners Intermediate Holdings, LLC					Common Equity	(6)	—	(230)	—	7,290	—	230	7,060
Integral Energy Services	12.06%	SF+	7.50%		Secured Debt	(8)	—	(217)	979	14,872	33	968	13,937


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1)(10)(11)	Geography	Amount of Realized Gain/(Loss)	Amount of Unrealized Gain/(Loss)	Amount of Interest, Fees or Dividends Credited to Income (2)	December 31, 2024 Fair Value	Gross Additions (3)	Gross Reductions (4)	June 30, 2025 Fair Value (13)
	10.00%			10.00%	Preferred Equity	(8)	—	60	15	535	75	—	610
					Common Stock	(8)	—	170	—	640	170	—	810
	10.00%			10.00%	Preferred Equity	(8)	—	97	—	—	230	—	230
Kickhaefer Manufacturing Company, LLC	12.00%				Secured Debt	(5)	—	—	211	3,741	3	400	3,344
	9.00%				Secured Debt	(5)	—	—	45	982	—	6	976
					Preferred Equity	(5)	—	510	—	3,060	510	—	3,570
					Member Units	(5)	—	—	15	678	—	—	678
KMS, LLC	14.50%	SF+	9.75%		Secured Debt	(5)	(511)	409	—	829	—	829	—
	14.50%	SF+	9.75%		Secured Debt	(5)	(3,788)	3,202	—	5,973	—	5,973	—
		SF+	9.75%	14.23%	Secured Debt	(5)	—	—	—	562	—	562	—
		SF+	9.75%	14.23%	Secured Debt	(5)	—	—	—	550	—	550	—
	14.23%	SF+	9.75%	14.23%	Secured Debt	(5)	—	—	—	—	—	—	—
	12.50%			12.50%	Secured Debt (12)	(5)	—	—	76	—	1,392	—	1,392
	12.50%			12.50%	Secured Debt	(5)	—	—	70	—	1,476	—	1,476
					Preferred Equity	(5)	—	—	—	—	6,113	—	6,113
Mills Fleet Farm Group, LLC					Preferred Equity	(5)	—	(1,225)	449	11,166	450	1,226	10,390
	9.79%	SF+	5.50%	9.79%	Secured Debt (12)	(5)	—	—	93	—	2,230	—	2,230
Mystic Logistics Holdings, LLC					Secured Debt (12)	(6)	—	—	1	—	—	—	—
	10.00%				Secured Debt	(6)	—	(1)	73	1,436	1	1	1,436
					Common Stock	(6)	—	110	493	6,590	110	—	6,700
Nello Industries Investco, LLC		SF+	6.50%		Secured Debt	(5)	—	—	12	(12)	12	—	—
	13.50%				Secured Debt	(5)	—	—	482	6,619	20	—	6,639
					Common Equity	(5)	—	670	100	3,890	670	—	4,560
NexRev LLC					Secured Debt	(8)	—	—	—	—	—	—	—
					Secured Debt	(8)	—	(3)	38	2,453	3	2,456	—
					Preferred Member Units	(8)	—	130	108	2,970	130	—	3,100
NuStep, LLC	10.98%	SF+	6.50%		Secured Debt	(5)	—	—	51	900	—	300	600
	12.00%				Secured Debt	(5)	—	—	278	4,610	—	—	4,610
					Preferred Member Units	(5)	—	160	—	2,890	160	—	3,050
					Preferred Member Units	(5)	—	—	—	1,500	—	—	1,500
Oneliance, LLC					Preferred Stock	(7)	—	130	13	640	130	—	770
Orttech Holdings, LLC		SF+	11.00%		Secured Debt (12)	(5)	—	—	—	—	—	—	—
	15.48%	SF+	11.00%		Secured Debt	(5)	—	(12)	431	5,490	12	212	5,290
					Preferred Stock	(5)	—	—	30	3,360	—	—	3,360
Pinnacle TopCo, LLC					Secured Debt (12)	(8)	—	(1)	2	—	1	1	—
	13.00%				Secured Debt	(8)	—	(21)	486	7,160	21	221	6,960
					Preferred Equity	(8)	—	300	255	4,590	300	—	4,890
RA Outdoors LLC	11.25%	SF+	6.75%	11.25%	Secured Debt	(8)	—	(143)	76	1,215	40	145	1,110
	11.25%	SF+	6.75%	11.25%	Secured Debt	(8)	—	(1,500)	796	12,710	410	1,515	11,605
	11.25%	SF+	6.75%	11.25%	Secured Debt (12)	(8)	—	—	—	—	1	—	1
					Common Equity	(8)	—	—	—	—	—	—	—
Robbins Bros. Jewelry, Inc.				10.00%	Secured Debt	(9)	—	—	—	(7)	—	1	(8)
	12.50%			10.00%	Secured Debt	(9)	—	—	—	1,617	—	38	1,579
					Preferred Equity	(9)	—	—	—	—	—	—	—


Company	Total Rate	Base Rate	Spread	PIK Rate	Type of Investment (1)(10)(11)	Geography	Amount of Realized Gain/(Loss)		Amount of Unrealized Gain/(Loss)		Amount of Interest, Fees or Dividends Credited to Income (2)		December 31, 2024 Fair Value		Gross Additions (3)		Gross Reductions (4)		June 30, 2025 Fair Value (13)
SI East, LLC	11.85%				Secured Debt (12)	(7)	—		(1)		49		750		1		1		750
	12.79%				Secured Debt	(7)	—		15		1,457		22,554		—		—		22,554
					Preferred Member Units	(7)	—		(400)		—		4,550		—		400		4,150
Student Resource Center, LLC	8.50%			8.50%	Secured Debt	(6)	—		(647)		—		1,826		—		647		1,179
					Preferred Equity	(6)	—		—		—		—		—		—		—
	8.50%			8.50%	Secured Debt	(6)	—		748		9		227		758		—		985
Tedder Industries, LLC	12.00%			12.00%	Secured Debt	(9)	—		(1)		—		412		—		1		411
	12.00%			12.00%	Secured Debt	(9)	—		(38)		—		901		—		38		863
					Preferred Member Units	(9)	—		—		—		—		—		—		—
					Preferred Member Units	(9)	—		—		—		—		—		—		—
					Preferred Member Units	(9)	—		—		—		—		—		—		—
Trantech Radiator Topco, LLC					Secured Debt (12)	(7)	—		—		1		(1)		1		—		—
	13.50%				Secured Debt	(7)	—		—		138		1,962		3		—		1,965
					Common Stock	(7)	—		230		15		2,140		230		—		2,370
Urgent DSO LLC	13.50%				Secured Debt	(5)	—		—		156		2,145		7		—		2,152
	9.00%			9.00%	Preferred Equity	(5)	—		—		49		1,080		49		—		1,129
Victory Energy Operations, LLC	13.00%				Secured Debt (12)	(8)	—		—		6		(5)		272		—		267
	13.00%				Secured Debt	(8)	—		—		530		7,529		23		—		7,552
					Preferred Equity	(8)	—		—		37		3,644		—		35		3,609
VVS Holdco LLC		SF+	6.00%		Secured Debt (12)	(5)	—		—		2		—		—		—		—
	11.50%				Secured Debt	(5)	—		—		387		6,366		22		320		6,068
					Preferred Equity	(5)	—		—		25		3,060		—		—		3,060
Other Amounts related to investments transferred to or from other 1940 Act classification during the period							4,301		(3,611)		—		(7,914)		—		—		—
Total Affiliate investments							$	2	$	2,767	$	18,952	$	351,360	$	48,733	$	24,183	$	383,824

___________________________________________________

(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 Affiliate investments located in this region was $146,789. This represented 20.3% 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 Affiliate investments located in this region was $38,110. This represented 5.3% 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 Affiliate investments located in this region was $12,190. This represented 1.7% of net assets as of June 30, 2025. The fair value as of June 30, 2025 for Affiliate investments located in this region was $39,360. This represented 5.4% 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 $48,908. This represented 6.8% of net assets as of June 30, 2025. The fair value as of June 30, 2025 for Affiliate investments located in this region was $112,430. This represented 15.6% 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 $514. This represented 0.1% of net assets as of June 30, 2025. The fair value as of June 30, 2025 for Affiliate investments located in this region was $47,135. This represented 6.5% of net assets as of June 30, 2025.

(10)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.

(12)Investment has an unfunded commitment as of June 30, 2025 (see Note H — 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.