Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 22.8% of total investments at fair value as of September 30, 2026. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

[3]

The fair value of the investment was determined using significant unobservable inputs.

[4]

PIK non-accrual investment.

[5]

Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 24.0% of total investments at fair value as of December 31, 2025. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

[6]

The fair value of the investment was determined using significant unobservable inputs.

[7]

Position or portion thereof is an unfunded loan or equity commitment.

[8]

The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2025 was 3.65166%.

[9]

Debt investment includes interest rate floor feature.

[10]

Investment is non-income producing.

[11]

The interest rate on these loans is subject to 3 Month SOFR, which as of September 30, 2026 was 4.08330%.

[12]

Debt investment includes interest rate floor feature.

[13]

Position or portion thereof is an unfunded loan or equity commitment.

[14]

Investment is non-income producing.

[15]

Investment was purchased as part of the Sierra Merger and is part of the Prior Sierra Reference Portfolio for purposes of the Prior Sierra Credit Support Agreement.

[16]

The interest rate on these loans is subject to 3 Month EURIBOR, which as of September 30, 2026 was 2.61700%.

[17]

The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2025 was 2.02600%.

[18]

The interest rate on these loans is subject to 1 Month SOFR, which as of September 30, 2026 was 3.91252%.

[19]

The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2025 was 3.68751%.

[20]

Non-accrual investment.

[21]

Non-accrual investment.

[22]

The interest rate on these loans is subject to 3 Month SONIA, which as of September 30, 2026 was 3.74800%.

[23]

The interest rate on these loans is subject to 6 Month EURIBOR, which as of September 30, 2026 was 3.07400%.

[24]

The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2025 was 2.10700%.

[25]

The interest rate on these loans is subject to 6 Month SOFR, which as of September 30, 2026 was 4.26907%.

[26]

The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2025 was 3.71660%.

[27]

The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2025 was 3.64430%.

[28]

The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2025 was 3.57418%.

[29]

The interest rate on these loans is subject to 6 Month SONIA, which as of September 30, 2026 was 3.76542%.

[30]

The interest rate on these loans is subject to 3 Month BBSY, which as of September 30, 2026 was 4.77150%.

[31]

The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2025 was 3.73750%.

[32]

The interest rate on these loans is subject to 1 Month CORRA, which as of September 30, 2026 was 2.30555%.

[33]

The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2025 was 1.93900%.

[34]

Non-accrual investment

[35]

In accordance with the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns at least 5% but not more than 25% of the portfolio company’s outstanding voting securities and does not otherwise control (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2025 were as follows:


		December 31, 2024 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2025 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Biolam(d)	First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 6.5% PIK)(e)	$	—	$	1,258	$	(128)	$	44	$	557	$	1,731	$	(27)


	Ordinary Shares (42,639,498 shares)	—		—		—		—		—		—		—







		—		1,258		(128)		44		557		1,731		(27)

Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 11.7% PIK)	6,414		2,266		—		—		(217)		8,463		987

	Common Stock (1,243,071 shares)	11,262		—		—		—		(2,337)		8,925		—
		17,676		2,266		—		—		(2,554)		17,388		987

Coastal Marina Holdings, LLC(d)	Subordinated Term Loan (8.0% Cash)	15,770		103		—		—		18		15,891		1,432
	Subordinated Term Loan (8.0% Cash)	7,271		38		—		—		18		7,327		650
	LLC Units (3,518,097 units)	16,852		—		—		—		3,131		19,983		—
		39,893		141		—		—		3,167		43,201		2,082

Eclipse Business Capital, LLC(d)	Revolver (SOFR + 6.50%, 10.3% Cash)	10,091		8,650		(8,820)		—		(12)		9,909		1,116
	Second Lien Senior Secured Term Loan (7.5% Cash)	4,545		7		—		—		(6)		4,546		354
	LLC units (89,447,396 units)	136,855		23		—		—		2,661		139,539		16,551
		151,491		8,680		(8,820)		—		2,643		153,994		18,021


		December 31, 2024 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2025 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Jocassee Partners LLC	9.1% Member Interest	$	40,761	$	—	$	—	$	—	$	(2,775)	$	37,986	$	5,709
		40,761		—		—		—		(2,775)		37,986		5,709

Rocade Holdings LLC(d)	Second Lien Senior Secured Term Loan (SOFR + 8.00%, 11.9% Cash)	—		2,671		—		—		(4)		2,667		38
	Preferred LP Units (71,000 units) (SOFR + 6.00%, 9.9% PIK)	83,000		8,818		(2,355)		—		(13)		89,450		8,818
	Common LP Units (23.8 units)	243		—		—		—		3,353		3,596		308
		83,243		11,489		(2,355)		—		3,336		95,713		9,164

Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest	41,453		—		(20,472)		—		(4,577)		16,404		7,121
		41,453		—		(20,472)		—		(4,577)		16,404		7,121

Skyvault Holdings LLC(d)	First Lien Senior Secured Term Loan (12.0% Cash)	3,586		12,615		(181)		—		—		16,020		1,409
	LLC Units (5,340,186.4 units)	1,195		4,153		—		—		(9)		5,339		—
		4,781		16,768		(181)		—		(9)		21,359		1,409

Thompson Rivers LLC	16.0% Member Interest	7,208		—		(2,876)		—		(61)		4,271		—
		7,208		—		(2,876)		—		(61)		4,271		—

Waccamaw River LLC	20% Member Interest	10,730		—		(5,843)		—		(398)		4,489		907
		10,730		—		(5,843)		—		(398)		4,489		907

Zeppelin Bidco Limited(d)	First Lien Senior Secured Term Loan (SONIA + 6.50%, 10.5% Cash)	—		2,826		(13)		(4,835)		4,587		2,565		111

	Ordinary Shares (879 shares)	—		—		—		—		82		82		—
		—		2,826		(13)		(4,835)		4,669		2,647		111

Total Affiliate Investments		$	397,236	$	43,428	$	(40,688)	$	(4,791)	$	3,998	$	399,183	$	45,484

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(e) Non-accrual investment

[36]

Non-accrual investment

[37]

Non-accrual investment.

[38]

The interest rate on these loans is subject to 3 Month CORRA, which as of December 31, 2025 was 2.30000%.

[39]


		December 31, 2025 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		September 30, 2026 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Biolam(d)	First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 6.6% PIK)(e)	$	1,731	$	—	$	(1,304)	$	(1,233)	$	806	$	—	$	—
	Ordinary Shares (42,639,498 shares)	—		—		—		—		—		—		—









		1,731		—		(1,304)		(1,233)		806		—		—

Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 8.00%, 12.1% Cash)	8,463		43		—		—		72		8,578		774

	Common Stock (1,243,071 shares)	8,925		—		—		—		1,293		10,218		—
		17,388		43		—		—		1,365		18,796		774


		December 31, 2025 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		September 30, 2026 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Coastal Marina Holdings, LLC(d)	Subordinated Term Loan (8.0% Cash)	$	15,891	$	94	$	(226)	$	—	$	25	$	15,784	$	1,088
	Subordinated Term Loan (8.0% Cash)	7,327		46		(339)		—		17		7,051		504
	LLC Units (3,518,097 units)	19,983		—		—		—		1,302		21,285		513
		43,201		140		(565)		—		1,344		44,120		2,105

Eclipse Business Capital, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 6.60%, 10.5% Cash)	—		3,333		—		—		—		3,333		124
	Revolver (SOFR + 6.60%, 10.5% Cash)	9,909		44,862		(42,485)		—		(13)		12,273		774
	Second Lien Senior Secured Term Loan (7.5% Cash)	4,546		4		—		—		(4)		4,546		265
	LLC units (89,447,396 units)	139,539		—		—		—		—		139,539		12,111
		153,994		48,199		(42,485)		—		(17)		159,691		13,274

EMI Porta Holdco LLC(d)	First Lien Senior Secured Term Loan (SOFR + 5.50%, 9.2% Cash)	—		4,656		(252)		—		—		4,404		166
	Revolver (SOFR + 5.50%, 9.2% Cash)	—		127		(127)		—		—		—		2
	Preferred Stock (2,322,860 shares) (12.0% PIK)	—		2,432		—		—		7		2,439		109
	Common Stock (6,017,772 shares)	—		3,004		—		—		907		3,911		—
		—		10,219		(379)		—		914		10,754		277






Jocassee Partners LLC	9.1% Member Interest	37,986		—		—		—		(6,827)		31,159		8,564
		37,986		—		—		—		(6,827)		31,159		8,564





Policy Services Company, LLC(d)	First Lien Senior Secured Term Loan (SOFR + 6.00%, 14.3% PIK)	—		56,563		—		—		(7,594)		48,969		4,196
	Class A Units (251.4 units)	—		—		—		—		—		—		—
	Warrants - Class A (2.5582 units)	—		—		—		—		—		—		—
	Warrants - Class B (0.8634 units)	—		—		—		—		—		—		—
	Warrants - Class CC (0.0888 units)	—		—		—		—		—		—		—
	Warrants - Class D (0.2471 units)	—				—		—		—		—		—
		—		56,563		—		—		(7,594)		48,969		4,196

Rocade Holdings LLC(d)	Second Lien Senior Secured Term Loan (SOFR + 8.00%, 11.7% Cash)	2,667		9,292		—		—		(10)		11,949		704
	Preferred LP Units (71,000 units) (SOFR + 6.00%, 9.9% Cash)	89,450		6,439		(7,010)		—		(8)		88,871		6,439
	Common LP Units (23.8 units)	3,596		—		—		—		1,873		5,469		1,236
		95,713		15,731		(7,010)		—		1,855		106,289		8,379

Sierra Senior Loan Strategy JV I LLC	89.01% Member Interest	16,404		—		(16,437)		—		33		—		223
		16,404		—		(16,437)		—		33		—		223

Skyvault Holdings LLC(d)	First Lien Senior Secured Term Loan (12.0% Cash)	16,020		123		(1,527)		—		—		14,616		1,427
	LLC Units (5,381,304.8 units)	5,339		41		(2,140)		—		3,055		6,295		1,899
		21,359		164		(3,667)		—		3,055		20,911		3,326

Thompson Rivers LLC	16.0% Member Interest	4,271		—		(1,997)		—		(13)		2,261		—
		4,271		—		(1,997)		—		(13)		2,261		—


		December 31, 2025 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		September 30, 2026 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment

Waccamaw River LLC	20% Member Interest	$	4,489	$	—	$	(4,406)	$	—	$	(23)	$	60	$	161
		4,489		—		(4,406)		—		(23)		60		161

Zeppelin Bidco Limited(d)	First Lien Senior Secured Term Loan (SONIA + 6.50%, 3.8% Cash, 6.5% PIK)	2,565		282		—		—		(664)		2,183		216

	Ordinary Shares (879 shares)	82		—		—		—		(82)		—		—
		2,647		282		—		—		(746)		2,183		216

Total Affiliate Investments		$	399,183	$	131,341	$	(78,250)	$	(1,233)	$	(5,848)	$	445,193	$	41,495

(b) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(e) Non-accrual investment

[40]

The interest rate on these loans is subject to 6 Month CORRA, which as of September 30, 2026 was 2.29821%.

[41]

The interest rate on these loans is subject to 1 Month EURIBOR, which as of September 30, 2026 was 2.49600%.

[42]

The interest rate on these loans is subject to 3 Month BKBM, which as of September 30, 2026 was 3.13000%.

[43]

The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2025 was 2.49000%.

[44]

The interest rate on these loans is subject to 1 Month SARON, which as of December 31, 2025 was -0.04570%.

[45]

Portfolio company does not issue shares or units; member interest is based on commitments.

[46]

Portfolio company does not issue shares or units, member interest is based on commitments.

[47]

Investment was purchased as part of the Sierra Merger and is part of the New Sierra Reference Portfolio for purposes of the New Sierra Credit Support Agreement.

[48]

Investment was purchased from MVC Capital, Inc. (“MVC”) in connection with the MVC Acquisition (as defined in “Note 2. Agreements and Related Party Transactions”).

[49]

As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:


		December 31, 2024 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2025 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Black Angus Steakhouses, LLC(d)	First Lien Senior Secured Term Loan (14.4% PIK)(e)	$	2,744	$	—	$	(610)	$	(7,481)	$	5,347	$	—	$	(6)
	First Lien Senior Secured Term Loan (10.0% PIK)(e)	—		—		—		(9,628)		9,628		—		—
	LLC Units (44.6 units)	—		—		—		—		—		—		—
		2,744		—		(610)		(17,109)		14,975		—		(6)

MVC Automotive Group GmbH(d)	First Lien Senior Secured Term Loan (7.0% Cash)	—		2,338		(2,341)		3		—		—		85
	Common Equity Interest (18,000 Shares)	13,741		4,000		—		—		(3,598)		14,143		—
		13,741		6,338		(2,341)		3		(3,598)		14,143		85

MVC Private Equity Fund LP	General Partnership Interest (1,831.4 units)	—		—		—		(183)		183		—		—
	Limited Partnership Interest (71,790.4 units)	11		—		(116)		(7,166)		7,271		—		—
		11		—		(116)		(7,349)		7,454		—		—

Security Holdings B.V(d)	Bridge Loan (5.0% PIK)	6,655		342		—		—		—		6,997		342
	Revolver (6.0% Cash)	5,333		165		(3)		2		728		6,225		379
	Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)	2,293		299		—		—		317		2,909		474
	Senior Subordinated Term Loan (3.1% PIK)	11,191		374		—		—		—		11,565		360
	Common Stock Series A (17,100 shares)	399		—		—		—		37		436		—
	Common Stock Series B (1,236 shares)	37,296		—		—		—		3,406		40,702		2,817
		63,167		1,180		(3)		2		4,488		68,834		4,372

Total Control Investments		$	79,663	$	7,518	$	(3,070)	$	(24,453)	$	23,319	$	82,977	$	4,451

(b) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(e) Non-accrual investment.

[50]

As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the nine months ended September 30, 2026 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:


		December 31, 2025 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		September 30, 2026 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment





MVC Automotive Group GmbH(d)	First Lien Senior Secured Term Loan (7.7% Cash)	$	—	$	4,833	$	—	$	—	$	(62)	$	4,771	$	106
	First Lien Senior Secured Term Loan (EURIBOR + 7.65%, 9.9% Cash)	—		5,582		(3,733)		(63)		(81)		1,705		198
	Common Equity Interest (25,404 Shares)	14,143		—		—		—		(5,603)		8,540		—
		14,143		10,415		(3,733)		(63)		(5,746)		15,016		304





Security Holdings B.V(d)	First Lien Senior Secured Term Loan (6.0% PIK)	—		1,496		—		—		(19)		1,477		16
	Bridge Loan (5.0% PIK)	6,997		176		—		—		—		7,173		268
	Revolver (6.0% PIK)	6,225		5,527		—		(6)		(495)		11,251		443
	Senior Subordinated Term Loan (3.1% PIK)	11,565		342		—		—		—		11,907		277
	Senior Unsecured Term Loan (15.0% PIK)	2,909		335		—		—		(98)		3,146		337
	Common Stock Series A (17,100 shares)	436		—		—		—		33		469		—
	Common Stock Series B (1,236 shares)	40,702		—		—		—		3,138		43,840		—
		68,834		7,876		—		(6)		2,559		79,263		1,341

Total Control Investments		$	82,977	$	18,291	$	(3,733)	$	(69)	$	(3,187)	$	94,279	$	1,645

(b) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.

(d) The fair value of the investment was determined using significant unobservable inputs.

[51]

The interest rate on these loans is subject to 1 Month SONIA, which as of September 30, 2026 was 3.73630%.

[52]

The interest rate on these loans is subject to 3 Month NIBOR, which as of September 30, 2026 was 4.80000%.

[53]

The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2025 was 3.89000%.

[54]

The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2025 was 4.12100%.

[55]

The interest rate on these loans is subject to 6 Month BBSY, which as of September 30, 2026 was 5.12300%.

[56]

The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2025 was 3.55000%.

[57]

The interest rate on these loans is subject to 3 Month SARON, which as of September 30, 2026 was -0.04590%

[58]

The interest rate on these loans is subject to 3 Month SARON, which as of December 31, 2025 was -0.04360%.

[59]

The interest rate on these loans is subject to 3 Month STIBOR, which as of September 30, 2026 was 2.00700%.

[60]

The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2025 was 1.95800%.