| Transactions with Affiliate Companies |
Transactions with Affiliate Companies An affiliated company is a company in which the Company has an ownership interest of 5% or more of its voting securities. A controlled affiliate company is a company in which the Company has an ownership interest of more than 25% of its voting securities. Please see the Company’s consolidated schedule of investments for the type of investment, principal amount, interest rate including the spread, and the maturity date for each investment. Transactions related to the Company’s investments with affiliates for the six months ended June 30, 2026 and 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31,
2025 | | Transfers in (out) (1) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest
capitalized
(cost) | | Discount
accretion | | Net
realized
gain (loss) | | Net
change in unrealized
gain (loss) | | Fair value at
June 30, 2026 | | Non-controlled affiliate company investment: | | | | | | | | | | | | | | | | | | | | American Community Homes, Inc. | | $ | — | | | $ | — | | | $ | 8,458 | | | $ | — | | | $ | 136 | | | $ | — | | | $ | — | | | $ | (163) | | | $ | 8,431 | | | American Community Homes, Inc. | | — | | | — | | | 4,162 | | | — | | | 67 | | | — | | | — | | | (81) | | | 4,148 | | | American Community Homes, Inc. | | — | | | — | | | 513 | | | — | | | 8 | | | — | | | — | | | (10) | | | 511 | | | American Community Homes, Inc. | | — | | | — | | | 1,885 | | | — | | | 31 | | | — | | | — | | | (37) | | | 1,879 | | | American Community Homes, Inc. | | — | | | — | | | 3,490 | | | — | | | 56 | | | — | | | — | | | (67) | | | 3,479 | | | American Community Homes, Inc. | | — | | | — | | | 16 | | | — | | | 1 | | | — | | | — | | | — | | | 17 | | | American Community Homes, Inc. | | — | | | — | | | 80 | | | — | | | 1 | | | — | | | — | | | (1) | | | 80 | | | American Community Homes, Inc. (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | American Community Homes, Inc. (4,940 shares of common stock) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | 18,604 | | | — | | | 300 | | | — | | | — | | | (359) | | | 18,545 | | | | | | | | | | | | | | | | | | | | | Ascent Midco, LLC (2,758,065 Class A units) | | — | | | 726 | | | 1,651 | | | — | | | — | | | — | | | — | | | 757 | | | 3,134 | | | | — | | | 726 | | | 1,651 | | | — | | | — | | | — | | | — | | | 757 | | | 3,134 | | | | | | | | | | | | | | | | | | | | | | Baystate Sewage Disposal, LLC | | 4,389 | | | — | | | — | | | (22) | | | — | | | 9 | | | — | | | (9) | | | 4,367 | | | Baystate Sewage Disposal, LLC (Delayed Draw) | | 126 | | | — | | | 860 | | | — | | | — | | | — | | | — | | | — | | | 986 | | | Baystate Sewage Disposal, LLC (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Baystate Sewage Disposal, LLC (8,841,724 Class A-1 preferred units) | | 8,926 | | | — | | | — | | | — | | | — | | | — | | | — | | | (174) | | | 8,752 | | | | 13,441 | | | — | | | 860 | | | (22) | | | — | | | 9 | | | — | | | (183) | | | 14,105 | | | | | | | | | | | | | | | | | | | | | | BTR Opco LLC | | 395 | | | — | | | 66 | | | — | | | — | | | — | | | — | | | (181) | | | 280 | | | BTR Opco LLC | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | BTR Opco LLC (Delayed Draw) | | 1,478 | | | — | | | 861 | | | — | | | — | | | — | | | — | | | 117 | | | 2,456 | | BTR Opco LLC (863 Class A common units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 1,873 | | | — | | | 927 | | | — | | | — | | | — | | | — | | | (64) | | | 2,736 | | | | | | | | | | | | | | | | | | | | | | ClearlyRated Capital, LLC | | 1,427 | | | — | | | — | | | (8) | | | — | | | 4 | | | — | | | (1) | | | 1,422 | | | ClearlyRated Capital, LLC (Delayed Draw) | | — | | | — | | | 287 | | | — | | | — | | | — | | | — | | | — | | | 287 | | ClearlyRated Capital, LLC (7,093,224 Class A units) | | 7,626 | | | — | | | — | | | — | | | — | | | — | | | — | | | (413) | | | 7,213 | | | | 9,053 | | | — | | | 287 | | | (8) | | | — | | | 4 | | | — | | | (414) | | | 8,922 | | | | | | | | | | | | | | | | | | | | | | Engineered Metal Solutions, Inc. | | 6,850 | | | — | | | — | | | (34) | | | — | | | 13 | | | — | | | (13) | | | 6,816 | | | Engineered Metal Solutions, Inc. | | — | | | — | | | 7,102 | | | — | | | — | | | 5 | | | — | | | 140 | | | 7,247 | | | Engineered Metal Solutions, Inc. (Delayed Draw) | | — | | | — | | | 857 | | | — | | | — | | | — | | | — | | | 8 | | | 865 | | | Engineered Metal Solutions, Inc. (Revolver) | | — | | | — | | | 190 | | | (124) | | | — | | | — | | | — | | | — | | | 66 | | Engineered Metal Solutions, Inc. (9,181 Class A units) | | 7,633 | | | — | | | 1,768 | | | — | | | — | | | — | | | — | | | 2,377 | | | 11,778 | | | | 14,483 | | | — | | | 9,917 | | | (158) | | | — | | | 18 | | | — | | | 2,512 | | | 26,772 | | | | | | | | | | | | | | | | | | | | | Familia Dental Group Holdings, LLC (1,525 Class A units) | | — | | | — | | | 2,623 | | | — | | | — | | | — | | | — | | | (266) | | | 2,357 | | | | — | | | — | | | 2,623 | | | — | | | — | | | — | | | — | | | (266) | | | 2,357 | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31,
2025 | | Transfers in (out) (1) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest
capitalized
(cost) | | Discount
accretion | | Net
realized
gain (loss) | | Net
change in unrealized
gain (loss) | | Fair value at
June 30, 2026 | | FLEET Response, LLC | | $ | — | | | $ | 8,851 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 8,851 | | | FLEET Response, LLC (Revolver) | | — | | | 379 | | | — | | | (126) | | | — | | | — | | | — | | | — | | | 253 | | FLEET Response, LLC (177,011 common units) | | — | | | 3,670 | | | — | | | — | | | — | | | — | | | — | | | (162) | | | 3,508 | | FLEET Response, LLC (177,011 preferred units) | | — | | | — | | | 1,770 | | | — | | | — | | | — | | | — | | | 885 | | | 2,655 | | | | — | | | 12,900 | | | 1,770 | | | (126) | | | — | | | — | | | — | | | 723 | | | 15,267 | | | | | | | | | | | | | | | | | | | | | | HFZ Capital Group LLC | | — | | | — | | | 13,515 | | | — | | | — | | | — | | | — | | | 39 | | | 13,554 | | | HFZ Capital Group LLC | | — | | | — | | | 4,856 | | | — | | | — | | | — | | | — | | | 13 | | | 4,869 | | | | — | | | — | | | 18,371 | | | — | | | — | | | — | | | — | | | 52 | | | 18,423 | | | | | | | | | | | | | | | | | | | | | | Jumpstart Holdco, Inc. (Delayed Draw) | | 4,431 | | | — | | | 1,998 | | | — | | | — | | | — | | | — | | | (531) | | | 5,898 | | | Jumpstart Holdco, Inc. (Revolver) | | 748 | | | — | | | — | | | (32) | | | — | | | — | | | — | | | 39 | | | 755 | | Jumpstart Holdco, Inc. (188,000 Class A common units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Jumpstart Holdco, Inc. (1,566,667 Class A units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 5,179 | | | — | | | 1,998 | | | (32) | | | — | | | — | | | — | | | (492) | | | 6,653 | | | | | | | | | | | | | | | | | | | | | | MC Asset Management (Corporate), LLC | | — | | | — | | | 14,650 | | | — | | | — | | | (22) | | | — | | | (83) | | | 14,545 | | | MC Asset Management (Corporate), LLC | | — | | | — | | | 4,367 | | | — | | | — | | | (8) | | | — | | | (24) | | | 4,335 | | MC Asset Management (Corporate), LLC (15.9% of interests) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | 19,017 | | | — | | | — | | | (30) | | | — | | | (107) | | | 18,880 | | | | | | | | | | | | | | | | | | | | | MC Aviation Limited (commitment to purchase up to 40.0% of the equity) | | 23,603 | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,209 | | | 25,812 | | | | 23,603 | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,209 | | | 25,812 | | | | | | | | | | | | | | | | | | | | | MC Voyager SPV II LLC ($26,440 of $45,000 equity commitment funded) | | 20,522 | | | — | | | 5,918 | | | — | | | — | | | — | | | — | | | — | | | 26,440 | | | | 20,522 | | | — | | | 5,918 | | | — | | | — | | | — | | | — | | | — | | | 26,440 | | | | | | | | | | | | | | | | | | | | | | Nastel Technologies, LLC | | 3,496 | | | — | | | — | | | — | | | — | | | 8 | | | — | | | (4) | | | 3,500 | | | Nastel Technologies, LLC (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Nastel Technologies, LLC (3,408 Class A units) | | 5,504 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,016 | | | 6,520 | | | | 9,000 | | | — | | | — | | | — | | | — | | | 8 | | | — | | | 1,012 | | | 10,020 | | | | | | | | | | | | | | | | | | | | | NFS Intermediate HoldCo, LLC (53,255 Series B preferred units) | | 60,650 | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,157 | | | 63,807 | | | | 60,650 | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,157 | | | 63,807 | | | | | | | | | | | | | | | | | | | | | Residential Homes for Rent LLC (1,208,942 Series A preferred units) | | — | | | 3,183 | | | 2,034 | | | — | | | — | | | — | | | — | | | 60 | | | 5,277 | | Residential Homes for Rent LLC (warrant to purchase up to 2.6% of the equity) | | — | | | — | | | 512 | | | — | | | — | | | — | | | — | | | 1,179 | | | 1,691 | | | | — | | | 3,183 | | | 2,546 | | | — | | | — | | | — | | | — | | | 1,239 | | | 6,968 | | | | | | | | | | | | | | | | | | | | | SFR Holdco, LLC (2) | | 5,875 | | | (5,850) | | | — | | | — | | | — | | | — | | | — | | | (25) | | | — | | SFR Holdco, LLC (2) | | 4,839 | | | (4,387) | | | — | | | — | | | — | | | — | | | — | | | (452) | | | — | | SFR Holdco, LLC (24.4% of equity commitments) (2) | | 8,669 | | | (6,825) | | | — | | | — | | | — | | | — | | | — | | | (1,844) | | | — | | | | 19,383 | | | (17,062) | | | — | | | — | | | — | | | — | | | — | | | (2,321) | | | — | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31,
2025 | | Transfers in (out) (1) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest
capitalized
(cost) | | Discount
accretion | | Net
realized
gain (loss) | | Net
change in unrealized
gain (loss) | | Fair value at
June 30, 2026 | SFR Holdco 2, LLC (2) | | $ | 4,937 | | | $ | (5,119) | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 182 | | | $ | — | | SFR Holdco 2, LLC (24.4% of equity commitments) (2) | | 3,464 | | | (3,412) | | | — | | | — | | | — | | | — | | | — | | | (52) | | | — | | | | 8,401 | | | (8,531) | | | — | | | — | | | — | | | — | | | — | | | 130 | | | — | | | | | | | | | | | | | | | | | | | | | | SheerTrans Solutions, LLC | | 5,687 | | | — | | | — | | | (26) | | | 347 | | | 13 | | | — | | | (12) | | | 6,009 | | | SheerTrans Solutions, LLC | | 1,624 | | | — | | | — | | | (7) | | | 99 | | | 3 | | | — | | | (3) | | | 1,716 | | | SheerTrans Solutions, LLC (Revolver) | | 763 | | | — | | | 439 | | | (1,205) | | | 3 | | | — | | | — | | | — | | | — | | SheerTrans Solutions, LLC (3,042,264 Class A preferred interests) | | 4,747 | | | — | | | — | | | — | | | — | | | — | | | — | | | 273 | | | 5,020 | | SheerTrans Solutions, LLC (4,692,038 Class B preferred interests) | | 7,320 | | | — | | | — | | | — | | | — | | | — | | | — | | | 422 | | | 7,742 | | SheerTrans Solutions, LLC (9,191,624 preferred interests) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 20,141 | | | — | | | 439 | | | (1,238) | | | 449 | | | 16 | | | — | | | 680 | | | 20,487 | | | | | | | | | | | | | | | | | | | | | | Summit Professional Education, LLC | | 9,994 | | | — | | | — | | | (50) | | | — | | | 22 | | | — | | | 128 | | | 10,094 | | | Summit Professional Education, LLC | | 3,960 | | | — | | | — | | | (20) | | | — | | | 10 | | | — | | | 74 | | | 4,024 | | | Summit Professional Education, LLC (Delayed Draw) | | — | | | — | | | 589 | | | — | | | — | | | — | | | — | | | 3 | | | 592 | | | Summit Professional Education, LLC (Revolver) | | — | | | — | | | 638 | | | — | | | — | | | — | | | — | | | — | | | 638 | | Summit Professional Education, LLC (19,762 Class A units) | | 18,138 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,854 | | | 19,992 | | | | 32,092 | | | — | | | 1,227 | | | (70) | | | — | | | 32 | | | — | | | 2,059 | | | 35,340 | | | | | | | | | | | | | | | | | | | | | | TJ Management HoldCo LLC (Revolver) | | — | | | — | | | 127 | | | — | | | — | | | — | | | — | | | — | | | 127 | | TJ Management HoldCo LLC (16 shares of common stock) | | — | | | — | | | 2,813 | | | — | | | — | | | — | | | — | | | (337) | | | 2,476 | | | | — | | | — | | | 2,940 | | | — | | | — | | | — | | | — | | | (337) | | | 2,603 | | | | | | | | | | | | | | | | | | | | | Triad Financial Services, Inc. ($6,902 of $41,855 equity commitment funded) | | 6,902 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 6,902 | | | | 6,902 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 6,902 | | | | | | | | | | | | | | | | | | | | | | Whistler Parent Holdings III, Inc. | | 15,572 | | | — | | | 3,179 | | | — | | | 1,723 | | | 31 | | | — | | | (4,519) | | | 15,986 | | | Whistler Parent Holdings III, Inc. | | 3,197 | | | — | | | 708 | | | — | | | 193 | | | — | | | — | | | (5) | | | 4,093 | | | Whistler Parent Holdings III, Inc. (Revolver) | | 3,487 | | | — | | | 1,573 | | | — | | | 216 | | | — | | | — | | | — | | | 5,276 | | Whistler Parent Holdings III, Inc. (630,178 Series A preferred stock) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Whistler Parent Holdings III, Inc. (140,958 Series B preferred stock) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | 22,256 | | | — | | | 5,460 | | | — | | | 2,132 | | | 31 | | | — | | | (4,524) | | | 25,355 | | | | | | | | | | | | | | | | | | | | | | YBR OZ ECE, LLC | | 1,994 | | | — | | | — | | | (10) | | | — | | | 4 | | | — | | | (5) | | | 1,983 | | | YBR OZ ECE, LLC (Delayed Draw) | | 901 | | | — | | | — | | | (5) | | | — | | | — | | | — | | | — | | | 896 | | | YBR OZ ECE, LLC (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | YBR OZ ECE, LLC (6,875 Class A units) | | 6,875 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 6,875 | | | | 9,770 | | | — | | | — | | | (15) | | | — | | | 4 | | | — | | | (5) | | | 9,754 | | | | | | | | | | | | | | | | | | | | | | Zodega Landscaping, LLC | | 12,281 | | | — | | | — | | | (61) | | | — | | | 57 | | | — | | | (89) | | | 12,188 | | | Zodega Landscaping, LLC (Revolver) | | 992 | | | — | | | 496 | | | (595) | | | — | | | — | | | — | | | — | | | 893 | | Zodega Landscaping, LLC (146,757 preferred interests) | | 18,148 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,413 | | | 19,561 | | | | 31,421 | | | — | | | 496 | | | (656) | | | — | | | 57 | | | — | | | 1,324 | | | 32,642 | | | Total non-controlled affiliate company investments | | $ | 308,170 | | | $ | (8,784) | | | $ | 95,051 | | | $ | (2,325) | | | $ | 2,881 | | | $ | 149 | | | $ | — | | | $ | 6,782 | | | $ | 401,924 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31,
2025 | | Transfers in (out) (1) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest
capitalized
(cost) | | Discount
accretion | | Net
realized
gain (loss) | | Net
change in unrealized
gain (loss) | | Fair value at
June 30, 2026 | | Controlled affiliate company investment: | | | | | | | | | | | | | | | | | | | SFR Holdco, LLC (2) | | $ | — | | | $ | 5,850 | | | $ | 5,850 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (238) | | | $ | 11,462 | | SFR Holdco, LLC (2) | | — | | | 4,387 | | | — | | | — | | | — | | | — | | | — | | | 353 | | | 4,740 | | SFR Holdco, LLC (38.3% of equity commitments) (2) | | — | | | 6,825 | | | 5,052 | | | — | | | — | | | (119) | | | — | | | 1,860 | | | 13,618 | | | | — | | | 17,062 | | | 10,902 | | | — | | | — | | | (119) | | | — | | | 1,975 | | | 29,820 | | | | | | | | | | | | | | | | | | | | | SFR Holdco 2, LLC (2) | | — | | | 5,119 | | | 2,925 | | | — | | | — | | | — | | | — | | | (553) | | | 7,491 | | SFR Holdco 2, LLC (38.3% of equity commitments) (2) | | — | | | 3,412 | | | 2,045 | | | — | | | — | | | (4) | | | — | | | 118 | | | 5,571 | | | | — | | | 8,531 | | | 4,970 | | | — | | | — | | | (4) | | | — | | | (435) | | | 13,062 | | | Total controlled affiliate company investments | | $ | — | | | $ | 25,593 | | | $ | 15,872 | | | $ | — | | | $ | — | | | $ | (123) | | | $ | — | | | $ | 1,540 | | | $ | 42,882 | |
(1)Transfers in (out) may include increases (decreases) in the cost basis of investments resulting from the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category as a result of a restructuring. (2)During the second quarter of 2026, in connection with the Company's purchase of additional investments in these portfolio companies from MRCC, the Company's aggregate share of voting securities increased such that each of these portfolio companies became a "Control" investment, as defined under the 1940 Act. Prior to this transaction, each portfolio company was classified as an "Affiliate" investment. Accordingly, activity for these portfolio companies is presented within the non-controlled affiliate company investment category for the period prior to reclassification and within the controlled affiliate company investment category for the period following reclassification. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31,
2024 | | Transfers in (out) (1) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest
capitalized
(cost) | | Discount
accretion | | Net
realized
gain (loss) | | Net
change in unrealized
gain (loss) | | Fair value at
June 30, 2025 | | | | | | | | | | Non-controlled affiliate company investment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Baystate Sewage Disposal, LLC | | $ | — | | | $ | — | | | $ | 4,312 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,312 | | | | | | | | | | | Baystate Sewage Disposal, LLC (Delayed Draw) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | Baystate Sewage Disposal, LLC (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | Baystate Sewage Disposal, LLC (8,841,724 Class A-1 preferred units) | | — | | | — | | | 8,842 | | | — | | | — | | | — | | | — | | | — | | | 8,842 | | | | | | | | | | | | — | | | — | | | 13,154 | | | — | | | — | | | — | | | — | | | — | | | 13,154 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | BTR Opco LLC | | 1,177 | | | — | | | — | | | — | | | — | | | — | | | — | | | 185 | | | 1,362 | | | | | | | | | | | BTR Opco LLC | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | BTR Opco LLC (Delayed Draw) | | 1,131 | | | — | | | — | | | — | | | — | | | — | | | — | | | 76 | | | 1,207 | | | | | | | | | | BTR Opco LLC (fka Born To Run, LLC) (659 Class A common units) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | 2,308 | | | — | | | — | | | — | | | — | | | — | | | — | | | 261 | | | 2,569 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ClearlyRated Capital, LLC | | — | | | — | | | 1,407 | | | — | | | — | | | 1 | | | — | | | 27 | | | 1,435 | | | | | | | | | | | ClearlyRated Capital, LLC (Delayed Draw) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | ClearlyRated Capital, LLC (7,093,224 Class A units) | | 5,500 | | | — | | | 1,593 | | | — | | | — | | | — | | | — | | | — | | | 7,093 | | | | | | | | | | | | 5,500 | | | — | | | 3,000 | | | — | | | — | | | 1 | | | — | | | 27 | | | 8,528 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | MC Voyager SPV II LLC ($13,306 of $45,000 equity commitment funded) | | — | | | — | | | 13,306 | | | — | | | — | | | — | | | — | | | — | | | 13,306 | | | | | | | | | | | | — | | | — | | | 13,306 | | | — | | | — | | | — | | | — | | | — | | | 13,306 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nastel Technologies, LLC | | 3,478 | | | — | | | — | | | — | | | — | | | 7 | | | — | | | 6 | | | 3,491 | | | | | | | | | | | Nastel Technologies, LLC (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | Nastel Technologies, LLC (3,408 Class A units) | | 4,611 | | | — | | | — | | | — | | | — | | | — | | | — | | | 613 | | | 5,224 | | | | | | | | | | | | 8,089 | | | — | | | — | | | — | | | — | | | 7 | | | — | | | 619 | | | 8,715 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | NFS Intermediate HoldCo, LLC (53,255 Series B preferred units) | | — | | | — | | | 53,255 | | | — | | | — | | | — | | | — | | | — | | | 53,255 | | | | | | | | | | | | — | | | — | | | 53,255 | | | — | | | — | | | — | | | — | | | — | | | 53,255 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SFR Holdco, LLC | | 5,593 | | | — | | | — | | | — | | | — | | | — | | | — | | | 5 | | | 5,598 | | | | | | | | | | | SFR Holdco, LLC | | 4,631 | | | — | | | — | | | — | | | — | | | — | | | — | | | 50 | | | 4,681 | | | | | | | | | | SFR Holdco, LLC (24.4% of equity commitments) | | 8,394 | | | — | | | — | | | — | | | — | | | — | | | — | | | 209 | | | 8,603 | | | | | | | | | | | | 18,618 | | | — | | | — | | | — | | | — | | | — | | | — | | | 264 | | | 18,882 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SFR Holdco 2, LLC (Delayed Draw) | | 2,267 | | | — | | | 1,425 | | | — | | | — | | | — | | | — | | | (5) | | | 3,687 | | | | | | | | | | SFR Holdco 2, LLC (24.4% of equity commitments) | | 1,510 | | | — | | | 950 | | | — | | | — | | | — | | | — | | | 101 | | | 2,561 | | | | | | | | | | | | 3,777 | | | — | | | 2,375 | | | — | | | — | | | — | | | — | | | 96 | | | 6,248 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | | Fair value at
December 31,
2024 | | Transfers in (out) (1) | | Purchases
(cost) | | Sales and
paydowns
(cost) | | PIK
interest
capitalized
(cost) | | Discount
accretion | | Net
realized
gain (loss) | | Net
change in unrealized
gain (loss) | | Fair value at
June 30, 2025 | | | | | | | | | | SheerTrans Solutions, LLC | | $ | 5,261 | | | $ | — | | | $ | — | | | $ | (25) | | | $ | 133 | | | $ | 11 | | | $ | — | | | $ | (11) | | | $ | 5,369 | | | | | | | | | | | SheerTrans Solutions, LLC | | 1,503 | | | — | | | — | | | (8) | | | 38 | | | 3 | | | — | | | (2) | | | 1,534 | | | | | | | | | | | SheerTrans Solutions, LLC (Revolver) | | 998 | | | — | | | — | | | (1,017) | | | 19 | | | — | | | — | | | — | | | — | | | | | | | | | | SheerTrans Solutions, LLC (14,113,182 preferred interests) | | 11,989 | | | — | | | 1,879 | | | — | | | — | | | — | | | — | | | (1,267) | | | 12,601 | | | | | | | | | | | | 19,751 | | | — | | | 1,879 | | | (1,050) | | | 190 | | | 14 | | | — | | | (1,280) | | | 19,504 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Summit Professional Education, LLC | | 10,244 | | | — | | | — | | | (51) | | | — | | | 20 | | | — | | | 4 | | | 10,217 | | | | | | | | | | | Summit Professional Education, LLC (Revolver) | | 1,145 | | | — | | | 490 | | | (1,145) | | | — | | | — | | | — | | | — | | | 490 | | | | | | | | | | Summit Professional Education, LLC (18,781 Class A units) | | 16,676 | | | — | | | 2,105 | | | — | | | — | | | — | | | — | | | — | | | 18,781 | | | | | | | | | | | | 28,065 | | | — | | | 2,595 | | | (1,196) | | | — | | | 20 | | | — | | | 4 | | | 29,488 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Triad Financial Services, Inc. ($6,324 of $41,855 equity commitment funded) | | 4,803 | | | — | | | 1,521 | | | — | | | — | | | — | | | — | | | 16 | | | 6,340 | | | | | | | | | | | | 4,803 | | | — | | | 1,521 | | | — | | | — | | | — | | | — | | | 16 | | | 6,340 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Whistler Parent Holdings III, Inc. | | 22,772 | | | — | | | — | | | — | | | 776 | | | 46 | | | — | | | (6,518) | | | 17,076 | | | | | | | | | | | Whistler Parent Holdings III, Inc. (Delayed Draw) | | 1,980 | | | — | | | 840 | | | — | | | 68 | | | — | | | — | | | — | | | 2,888 | | | | | | | | | | | Whistler Parent Holdings III, Inc. (Revolver) | | 1,539 | | | — | | | 446 | | | — | | | 45 | | | — | | | — | | | — | | | 2,030 | | | | | | | | | | Whistler Parent Holdings III, Inc. (518,970 Series A preferred stock) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | Whistler Parent Holdings III, Inc. (116,083 Series B preferred stock) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | 26,291 | | | — | | | 1,286 | | | — | | | 889 | | | 46 | | | — | | | (6,518) | | | 21,994 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | YBR OZ ECE, LLC | | — | | | — | | | 1,961 | | | — | | | — | | | 3 | | | — | | | 38 | | | 2,002 | | | | | | | | | | | YBR OZ ECE, LLC (Delayed Draw) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | YBR OZ ECE, LLC (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | YBR OZ ECE, LLC (6,875 Class A units) | | — | | | — | | | 6,875 | | | — | | | — | | | — | | | — | | | — | | | 6,875 | | | | | | | | | | | | — | | | — | | | 8,836 | | | — | | | — | | | 3 | | | — | | | 38 | | | 8,877 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Zodega Landscaping, LLC | | 12,431 | | | — | | | — | | | (60) | | | — | | | 51 | | | — | | | (11) | | | 12,411 | | | | | | | | | | | Zodega Landscaping, LLC (Revolver) | | 992 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 992 | | | | | | | | | | Zodega Landscaping, LLC (146,757 preferred interests) | | 15,130 | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,218 | | | 17,348 | | | | | | | | | | | | 28,553 | | | — | | | — | | | (60) | | | — | | | 51 | | | — | | | 2,207 | | | 30,751 | | | | | | | | | | | Total non-controlled affiliate company investments | | $ | 145,755 | | | $ | — | | | $ | 101,207 | | | $ | (2,306) | | | $ | 1,079 | | | $ | 142 | | | $ | — | | | $ | (4,266) | | | $ | 241,611 | | | | | | | | | |
________________________________________(1)Transfers in (out) may include increases (decreases) in the cost basis of investments resulting from the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category as a result of a restructuring. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the six months ended June 30, 2026 | | | 2026 | | 2025 | | Portfolio Company | | Interest
Income | | Dividend Income | | Other Income | | Interest
Income | | Dividend Income | | Other Income | | Non-controlled affiliate company investments: | | | | | | | | | | | | | | American Community Homes, Inc. | | $ | 117 | | | $ | — | | | $ | — | | | n/a | | n/a | | n/a | | American Community Homes, Inc. | | 58 | | | — | | | — | | | n/a | | n/a | | n/a | | American Community Homes, Inc. | | 7 | | | — | | | — | | | n/a | | n/a | | n/a | | American Community Homes, Inc. | | 26 | | | — | | | — | | | n/a | | n/a | | n/a | | American Community Homes, Inc. | | 48 | | | — | | | — | | | n/a | | n/a | | n/a | | American Community Homes, Inc. | | — | | | — | | | — | | | n/a | | n/a | | n/a | | American Community Homes, Inc. | | 1 | | | — | | | — | | | n/a | | n/a | | n/a | | American Community Homes, Inc. (Revolver) | | 1 | | | — | | | — | | | n/a | | n/a | | n/a | | American Community Homes, Inc. (Common stock) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | | 258 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | Ascent Midco, LLC (Class A units) | | — | | | 78 | | | — | | | n/a | | n/a | | n/a | | | — | | | 78 | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | Baystate Sewage Disposal, LLC | | 221 | | | — | | | — | | | 1 | | | — | | | — | | | Baystate Sewage Disposal, LLC (Delayed Draw) | | 13 | | | — | | | — | | | — | | | — | | | — | | | Baystate Sewage Disposal, LLC (Revolver) | | 2 | | | — | | | — | | | — | | | — | | | — | | | Baystate Sewage Disposal, LLC (Class A-1 preferred units) | | — | | | 351 | | | — | | | — | | | 2 | | | — | | | | 236 | | | 351 | | | — | | | 1 | | | 2 | | | — | | | | | | | | | | | | | | | | BTR Opco LLC | | — | | | — | | | — | | | — | | | — | | | — | | | BTR Opco LLC | | — | | | — | | | — | | | — | | | — | | | — | | | BTR Opco LLC (Delayed Draw) | | — | | | — | | | — | | | — | | | — | | | — | | | BTR Opco LLC (Class A common units) | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | ClearlyRated Capital, LLC | | 76 | | | — | | | — | | | 32 | | | — | | | — | | | ClearlyRated Capital, LLC (Delayed Draw) | | 4 | | | — | | | — | | | 1 | | | — | | | — | | | ClearlyRated Capital, LLC (Class A units) | | — | | | — | | | — | | | — | | | — | | | — | | | | 80 | | | — | | | — | | | 33 | | | — | | | — | | | | | | | | | | | | | | | | Engineered Metal Solutions, Inc. | | 328 | | | — | | | — | | | n/a | | n/a | | n/a | | Engineered Metal Solutions, Inc. | | 130 | | | — | | | — | | | n/a | | n/a | | n/a | | Engineered Metal Solutions, Inc. (Delayed Draw) | | 15 | | | — | | | — | | | n/a | | n/a | | n/a | | Engineered Metal Solutions, Inc. (Revolver) | | 5 | | | — | | | — | | | n/a | | n/a | | n/a | | Engineered Metal Solutions, Inc. (Class A units) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | | 478 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | Familia Dental Group Holdings, LLC (Class A units) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | FLEET Response, LLC | | 214 | | | — | | | — | | | n/a | | n/a | | n/a | | FLEET Response, LLC (Revolver) | | 11 | | | — | | | — | | | n/a | | n/a | | n/a | | FLEET Response, LLC (Common units) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | FLEET Response, LLC (Preferred units) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | | 225 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the six months ended June 30, 2026 | | | 2026 | | 2025 | | Portfolio Company | | Interest
Income | | Dividend Income | | Other Income | | Interest
Income | | Dividend Income | | Other Income | | HFZ Capital Group LLC | | $ | 230 | | | $ | — | | | $ | — | | | n/a | | n/a | | n/a | | HFZ Capital Group LLC | | 82 | | | — | | | — | | | n/a | | n/a | | n/a | | | 312 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | Jumpstart Holdco, Inc. (Delayed Draw) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | Jumpstart Holdco, Inc. (Revolver) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | Jumpstart Holdco, Inc. (Class A common units) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | Jumpstart Holdco, Inc. (Class A units) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | MC Asset Management (Corporate), LLC | | 231 | | | — | | | — | | | n/a | | n/a | | n/a | | MC Asset Management (Corporate), LLC | | 68 | | | — | | | — | | | n/a | | n/a | | n/a | | MC Asset Management (Corporate), LLC (LLC interests) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | | 299 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | MC Aviation Limited (Equity Commitment) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | MC Voyager SPV II LLC (Equity commitment) | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | Nastel Technologies, LLC | | 180 | | | — | | | — | | | 196 | | | — | | | — | | | Nastel Technologies, LLC (Revolver) | | — | | | — | | | — | | | 1 | | | — | | | — | | | Nastel Technologies, LLC (Class A units) | | — | | | — | | | — | | | — | | | — | | | — | | | | 180 | | | — | | | — | | | 197 | | | — | | | — | | | | | | | | | | | | | | | | NFS Intermediate HoldCo, LLC (Series B preferred units) | | — | | | 5,677 | | | — | | | — | | | 779 | | | — | | | | — | | | 5,677 | | | — | | | — | | | 779 | | | — | | | | | | | | | | | | | | | | Residential Homes for Rent LLC (Series A preferred units) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | Residential Homes for Rent LLC (Warrant) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | SFR Holdco, LLC | | 146 | | | — | | | — | | | 296 | | | — | | | — | | | SFR Holdco, LLC | | 101 | | | — | | | — | | | 205 | | | — | | | — | | | SFR Holdco, LLC (LLC interest) | | — | | | — | | | — | | | — | | | — | | | — | | | | 247 | | | — | | | — | | | 501 | | | — | | | — | | | | | | | | | | | | | | | | SFR Holdco 2, LLC | | 107 | | | — | | | — | | | 130 | | | — | | | — | | | SFR Holdco 2, LLC (LLC interest) | | — | | | — | | | — | | | — | | | — | | | | | | 107 | | | — | | | — | | | 130 | | | — | | | — | | | | | | | | | | | | | | | | SheerTrans Solutions, LLC | | 358 | | | — | | | — | | | 343 | | | — | | | 26 | | | SheerTrans Solutions, LLC | | 101 | | | — | | | — | | | 96 | | | — | | | 8 | | | SheerTrans Solutions, LLC (Revolver) | | 6 | | | — | | | — | | | 57 | | | — | | | 8 | | | SheerTrans Solutions, LLC (Preferred interests) | | — | | | — | | | — | | | — | | | — | | | — | | | SheerTrans Solutions, LLC (Class A preferred interests) | | — | | | — | | | — | | | — | | | — | | | — | | | SheerTrans Solutions, LLC (Class B preferred interests) | | — | | | — | | | — | | | — | | | — | | | — | | | | 465 | | | — | | | — | | | 496 | | | — | | | 42 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the six months ended June 30, 2026 | | | 2026 | | 2025 | | Portfolio Company | | Interest
Income | | Dividend Income | | Other Income | | Interest
Income | | Dividend Income | | Other Income | | Summit Professional Education, LLC | | 213 | | | — | | | — | | | 570 | | | — | | | — | | | Summit Professional Education, LLC | | 532 | | | — | | | — | | | n/a | | n/a | | n/a | | Summit Professional Education, LLC (Delayed Draw) | | 24 | | | — | | | — | | | n/a | | n/a | | n/a | | Summit Professional Education, LLC (Revolver) | | 15 | | | — | | | — | | | 28 | | | — | | | — | | | Summit Professional Education, LLC (Class A units) | | — | | | — | | | — | | | — | | | — | | | — | | | | 784 | | | — | | | — | | | 598 | | | — | | | — | | | | | | | | | | | | | | | | TJ Management HoldCo LLC (Revolver) | | 17 | | | — | | | — | | | n/a | | n/a | | n/a | | TJ Management HoldCo LLC (Common stock) | | — | | | — | | | — | | | n/a | | n/a | | n/a | | | 17 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | Triad Financial Services, Inc. (Equity commitment) | | — | | | — | | | — | | | — | | | — | | | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | Whistler Parent Holdings III, Inc. | | 1,708 | | | — | | | — | | | 1,546 | | | — | | | — | | | Whistler Parent Holdings III, Inc. | | 189 | | | — | | | — | | | 133 | | | — | | | — | | | Whistler Parent Holdings III, Inc. (Revolver) | | 215 | | | — | | | — | | | 90 | | | — | | | — | | | Whistler Parent Holdings III, Inc. (Series A preferred stock) | | — | | | — | | | — | | | — | | | — | | | — | | | Whistler Parent Holdings III, Inc. (Series B preferred stock) | | — | | | — | | | — | | | — | | | — | | | — | | | | 2,112 | | | — | | | — | | | 1,769 | | | — | | | — | | | | | | | | | | | | | | | | YBR OZ ECE, LLC | | 100 | | | — | | | — | | | 94 | | | — | | | — | | | YBR OZ ECE, LLC (Delayed Draw) | | 47 | | | — | | | — | | | 5 | | | — | | | — | | | YBR OZ ECE, LLC (Revolver) | | — | | | — | | | — | | | — | | | — | | | — | | | YBR OZ ECE, LLC (Class A units) | | — | | | — | | | — | | | — | | | — | | | — | | | | 147 | | | — | | | — | | | 99 | | | — | | | — | | | | | | | | | | | | | | | | Zodega Landscaping, LLC | | 766 | | | — | | | — | | | 809 | | | — | | | — | | | Zodega Landscaping, LLC (Revolver) | | 42 | | | — | | | — | | | 63 | | | — | | | — | | | Zodega Landscaping, LLC (Preferred interests) | | — | | | — | | | — | | | — | | | — | | | — | | | | 808 | | | — | | | — | | | 872 | | | — | | | — | | | Total non-controlled affiliate company investments | | $ | 6,755 | | | $ | 6,106 | | | $ | — | | | $ | 4,696 | | | $ | 781 | | | $ | 42 | | | | | | | | | | | | | | | | Controlled affiliate company investments: | | | | | | | | | | | | | | SFR Holdco, LLC | | 277 | | | — | | | — | | | n/a | | n/a | | n/a | | SFR Holdco, LLC | | 103 | | | — | | | — | | | n/a | | n/a | | n/a | | SFR Holdco, LLC (LLC interest) | | (119) | | | — | | | — | | | n/a | | n/a | | n/a | | | 261 | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | SFR Holdco 2, LLC | | 165 | | | — | | | — | | | n/a | | n/a | | n/a | | SFR Holdco 2, LLC (LLC interest) | | (3) | | | — | | | — | | | n/a | | n/a | | n/a | | | 162 | | | — | | | — | | | — | | | — | | | — | | | Total controlled affiliate company investments | | $ | 423 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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