msif-20250630


	June 30, 2025		December 31, 2024
ASSETS	(Unaudited)
Investments at fair value:
Control investments (cost: $52,196 and $54,560 as of June 30, 2025 and December 31, 2024, respectively)	$	61,612	$	69,878
Affiliate investments (cost: $313,908 and $284,211 as of June 30, 2025 and December 31, 2024, respectively)	383,824		351,360
Non‑Control/Non‑Affiliate investments (cost: $825,421 and $799,974 as of June 30, 2025 and December 31, 2024, respectively)	800,127		756,269
Total investments (cost: $1,191,525 and $1,138,745 as of June 30, 2025 and December 31, 2024, respectively)	1,245,563		1,177,507
Cash and cash equivalents	28,338		28,375

Interest and dividend receivable	11,668		11,925
Deferred financing costs (net of accumulated amortization of $6,832 and $6,449 as of June 30, 2025 and December 31, 2024, respectively)	3,596		1,985
Prepaids and other assets	3,060		4,254
Deferred tax asset, net	842		625
Total assets	$	1,293,067	$	1,224,671
LIABILITIES
Credit Facilities	$	389,000	$	415,688
Series A Notes due 2026 (par: $150,000 as of both June 30, 2025 and December 31, 2024)	149,602		149,453
Accounts payable and other liabilities	503		4,723

Interest payable	5,862		6,909
Dividend payable	16,974		14,487
Management and incentive fees payable	8,338		8,508



Total liabilities	570,279		599,768
Commitments and contingencies (Note I)
NET ASSETS
Common stock, $0.001 par value per share (450,000,000 shares authorized; 47,148,802 and 40,240,358 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)	47		40
Additional paid‑in capital	789,134		689,580



Total overdistributed earnings	(66,393)		(64,717)
Total net assets	722,788		624,903
Total liabilities and net assets	$	1,293,067	$	1,224,671
NET ASSET VALUE PER SHARE	$	15.33	$	15.53


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments	$	1,514	$	1,014	$	2,956	$	1,824
Affiliate investments	9,617		8,243		18,952		15,171
Non‑Control/Non‑Affiliate investments	24,512		24,689		46,962		50,900
Total investment income	35,643		33,946		68,870		67,895
EXPENSES:
Interest	(8,678)		(9,546)		(16,921)		(19,095)
Base management fees	(4,907)		(5,179)		(9,879)		(10,207)
Incentive fees	(3,431)		(3,591)		(5,454)		(7,228)
Internal administrative services expenses	(172)		(2,520)		(346)		(4,787)




General and administrative	(1,149)		(1,106)		(2,176)		(2,139)
Total expenses before expense waivers	(18,337)		(21,942)		(34,776)		(43,456)
Waiver of internal administrative services expenses	—		2,361		—		4,472
Total expenses, net of expense waivers	(18,337)		(19,581)		(34,776)		(38,984)
NET INVESTMENT INCOME BEFORE TAXES	17,306		14,365		34,094		28,911
Excise tax expense	(87)		(4)		(279)		(80)
Federal and state income and other tax expenses	(912)		(942)		(1,761)		(1,425)
NET INVESTMENT INCOME	16,307		13,419		32,054		27,406
NET REALIZED GAIN (LOSS):
Control investments	5,296		47		5,305		57
Affiliate investments	2		—		2		—
Non‑Control/Non‑Affiliate investments	(519)		267		(21,594)		(1,627)

Total net realized gain (loss)	4,779		314		(16,287)		(1,570)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	(5,068)		3,297		(5,901)		3,719
Affiliate investments	(69)		1,003		2,767		984
Non‑Control/Non‑Affiliate investments	1,233		1,926		18,013		390
Total net unrealized appreciation (depreciation)	(3,904)		6,226		14,879		5,093
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation)	(893)		(1,830)		1,518		(2,212)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,289	$	18,129	$	32,164	$	28,717
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED (1)	$	0.35	$	0.33	$	0.70	$	0.68
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED (1)	$	0.35	$	0.45	$	0.70	$	0.72
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED (1)	47,047,888		40,166,664		45,870,527		40,148,029


	Common Stock (1)			Additional Paid-In Capital		Total Overdistributed Earnings		Total Net Asset Value
	Number of Shares	Par Value



























































Balances as of December 31, 2023	40,054,433	$	40	$	686,176	$	(63,909)	$	622,307
Issuance of common stock	157,034	—		2,500		—		2,500
Dividend reinvestment	282,485	1		4,492		—		4,493
Common stock repurchased	(437,658)	(1)		(6,546)		—		(6,547)
Net increase in net assets resulting from operations	—	—		—		10,589		10,589
Dividends to stockholders	—	—		—		(14,821)		(14,821)

Balances as of March 31, 2024	40,056,294	$	40	$	686,622	$	(68,141)	$	618,521
Issuance of common stock	157,629	—		2,500		—		2,500
Dividend reinvestment	291,938	1		4,631		—		4,632
Common stock repurchased	(435,190)	(1)		(6,181)		—		(6,182)
Net increase in net assets resulting from operations	—	—		—		18,129		18,129
Dividends to stockholders	—	—		—		(14,425)		(14,425)

Balances as of June 30, 2024	40,070,671	$	40	$	687,572	$	(64,437)	$	623,175








Balances as of December 31, 2024	40,240,358	$	40	$	689,580	$	(64,717)	$	624,903
Issuances of common stock, net of underwriting and offering costs	6,325,000	6		90,526		—		90,532
Dividend reinvestment	284,173	1		4,495		—		4,496

Net increase in net assets resulting from operations	—	—		—		15,875		15,875
Dividends to stockholders	—	—		—		(16,866)		(16,866)
Balances as of March 31, 2025	46,849,531	$	47	$	784,601	$	(65,708)	$	718,940


Dividend reinvestment	309,276	—		4,679		—		4,679
Common stock repurchased	(10,005)	—		(146)		—		(146)
Net increase in net assets resulting from operations	—	—		—		16,289		16,289
Dividends to stockholders	—	—		—		(16,974)		(16,974)
Balances as of June 30, 2025	47,148,802	$	47	$	789,134	$	(66,393)	$	722,788


	Six Months Ended June 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	32,164	$	28,717
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:

Investments in portfolio companies	(206,881)		(183,263)
Proceeds from sales and repayments of debt investments in portfolio companies	129,999		122,437
Proceeds from sales and return of capital of equity investments in portfolio companies	17,051		8,738
Net unrealized appreciation	(14,879)		(5,093)
Net realized loss	16,287		1,570

Amortization of deferred financing costs	532		1,551

Accretion of unearned income	(3,672)		(3,908)
Payment-in-kind interest	(3,798)		(2,862)
Cumulative dividends	(600)		(51)
Deferred taxes	(217)		2,840
Changes in other assets and liabilities:
Interest and dividend receivable	(1,205)		(4)

Prepaid and other assets	1,092		(11,567)

Management and incentive fees payable	(170)		25


Interest payable	(1,047)		554
Accounts payable and other liabilities	(4,219)		482
Net cash used in operating activities	(39,563)		(39,834)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of underwriting and offering costs	90,532		5,000
Redemption of common stock	(146)		(12,729)

Dividends paid	(22,178)		(19,713)
Proceeds from Credit Facilities	214,000		191,000
Repayments on Credit Facilities	(240,688)		(125,000)



Payment of deferred financing costs	(1,994)		(26)
Net cash provided by financing activities	39,526		38,532

Net decrease in cash and cash equivalents	(37)		(1,302)
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD	28,375		30,786
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD	$	28,338	$	29,484




Supplemental cash flow disclosures:
Interest paid	$	17,436	$	16,990
Taxes paid	$	5,292	$	438
Non-cash financing activities:
Dividends declared and unpaid	$	16,974	$	14,425
Value of shares issued pursuant to the dividend reinvestment plan	$	9,175	$	9,125


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Control Investments (5)
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	$	280	$	280	$	280
			Preferred Equity		11/4/2024	12,504,663								13,025		11,910
														13,305		12,190
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(24)	7/17/2017	38.75%								640		514

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		10.48%	SF+	6.00%		10/29/2026	1,550		1,542		1,550
			Secured Debt		12/19/2014		12.48%	SF+	8.00%		10/29/2026	19,944		19,877		19,944
			Member Units	(8)	12/19/2014	2,896								6,435		23,060
														27,854		44,554
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(24)	10/1/2017	49.26%								1,158		1,614

Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt	(17)	3/31/2023		10.00%				3/31/2025	900		900		900
			Preferred Member Units		3/31/2023	2,184,683						1,235		1,235		1,840
			Preferred Member Units		3/31/2023	61,077						—		—		—
			Preferred Member Units		1/26/2015	2,090,001						6,000		6,000		—
			Common Stock		3/31/2023	772,620								1,104		—
														9,239		2,740
Subtotal Control investments (8.5% of net assets at fair value)														$	52,196	$	61,612
Affiliate Investments (6)
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/25/2025		12.95%	SF+	8.50%	12.95%	3/28/2028	$	2,180	$	2,180	$	2,180
			Secured Debt	(9)	3/25/2025		12.95%	SF+	8.50%	12.95%	3/28/2028	2,180		2,180		2,180
			Preferred Equity		3/25/2025	7,590								2,556		2,220
														6,916		6,580
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(30)	8/16/2019						8/16/2029	—		—		—
			Secured Debt		8/16/2019		17.50%				8/16/2029	999		988		988
			Preferred Member Units		5/20/2021	607								607		1,330
			Preferred Member Units		8/16/2019	800								800		—
			Warrants	(27)	8/16/2019	105					8/16/2029			79		—
														2,474		2,318
Barfly Ventures, LLC	(10)	Casual Restaurant Group


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
		Member Units	(8)	10/26/2020	12						528	528	2,270

Batjer TopCo, LLC	HVAC Mechanical Contractor
		Secured Debt	(30)	3/7/2022						3/7/2027	—	—	—
		Secured Debt		3/7/2022		10.00%				3/7/2027	30	30	30
		Secured Debt		3/7/2022		10.00%				3/7/2027	1,175	1,167	1,167
		Preferred Stock	(8)	3/7/2022	453							455	770
												1,652	1,967
Brewer Crane Holdings, LLC	Provider of Crane Rental and Operating Services
		Secured Debt	(9)	1/9/2018		14.48%	SF+	10.00%		12/31/2025	1,254	1,254	1,254
		Preferred Member Units	(8)	1/9/2018	737							1,070	820
												2,324	2,074
Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (30)	1/4/2019			SF+	10.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		14.48%	SF+	10.00%		1/4/2028	6,116	6,095	6,116
		Preferred Member Units		1/4/2019	3,471							1,596	4,140
												7,691	10,256
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (30)	2/26/2018			SF+	6.00%		2/26/2026	—	(15)	—
		Secured Debt	(9)	2/26/2018		12.49%	SF+	8.00%		2/26/2026	4,705	4,701	4,705
		Member Units	(8)	2/26/2018	1,087							2,860	8,070
		Member Units	(8) (23)	11/2/2018	261,786							443	923
												7,989	13,698
Charps, LLC	Pipeline Maintenance and Construction
		Preferred Member Units	(8)	2/3/2017	457							491	3,840

Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(30)	10/28/2022						1/15/2027	—	—	—
		Secured Debt		12/20/2016		9.00%				1/15/2027	1,570	1,562	1,570
		Secured Debt		12/20/2016		10.00%				12/20/2036	238	236	238
		Member Units	(8)	12/20/2016	179							1,820	3,070
		Member Units	(23)	12/20/2016	200							127	317
												3,745	5,195
Cody Pools, Inc.	Designer of Residential and Commercial Pools
		Secured Debt		3/6/2020		12.50%				12/17/2026	703	698	703
		Secured Debt		3/6/2020		12.50%				12/17/2026	6,213	6,203	6,213
		Preferred Member Units	(8) (23)	3/6/2020	147							2,079	16,790
												8,980	23,706
Colonial Electric Company LLC	Provider of Electrical Contracting Services
		Secured Debt	(30)	3/31/2021						3/31/2026	—	—	—
		Secured Debt		3/31/2021		12.00%				3/31/2026	2,874	2,862	2,874


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Preferred Member Units	(8)	3/31/2021	4,320							1,920	3,820
													4,782	6,694
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(30)	11/22/2023						11/22/2028	—	(14)	(14)
			Secured Debt		11/22/2023		13.50%				11/22/2028	4,300	4,213	4,236
			Preferred Equity		11/22/2023	1,863							1,863	1,863
													6,062	6,085
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%				12/31/2025	75	74	74
			Secured Debt		3/31/2021		10.00%				12/31/2025	883	873	799
			Preferred Member Units		3/31/2021	1,040							330	—
													1,277	873
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		14.38%	SF+	10.00%		4/27/2026	2,989	2,981	2,945
			Preferred Member Units	(8)	4/1/2018	964							2,375	2,459
													5,356	5,404
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(30)	2/13/2018						2/13/2026	—	(1)	—
			Secured Debt		12/27/2022		14.00%				2/13/2026	4,501	4,495	4,501
			Preferred Stock		2/13/2018	2,100							2,100	4,620
													6,594	9,121
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		12.00%				6/18/2029	140	138	138
			Secured Debt		11/19/2021		12.00%				6/18/2029	4,200	4,166	4,166
			Preferred Equity		11/19/2021	1,486							1,486	1,576
			Preferred Equity	(8)	6/18/2024	767	15.00%			15.00%			871	921
													6,661	6,801
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt		6/30/2025		12.00%				6/30/2030	16,500	16,175	16,175
			Preferred Equity	(8)	10/29/2021	2,340							2,600	10,340
													18,775	26,515
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport First Lien Loan Fund III LP)	(24)	7/31/2015	5.95%							671	193

Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (32) (30)	6/24/2016			SF+	7.50%		1/1/2028	—	—	—
			Secured Debt	(9)	11/22/2024		11.50%	SF+	7.50%		1/1/2028	18,082	17,986	18,082
			Member Units	(8)	6/24/2016	2,261							4,423	28,690
													22,409	46,772


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%				3/31/2026	2,313	2,313	2,313
			Preferred Member Units	(8)	3/31/2021	56							1,225	2,530
													3,538	4,843
Gulf Publishing Holdings, LLC		Energy Industry Focused Media and Publishing
			Secured Debt	(9) (14) (30)	9/29/2017			SF+	9.50%		7/1/2027	—	—	—
			Secured Debt	(14)	7/1/2022		12.50%				7/1/2027	600	548	469
			Preferred Equity		7/1/2022	15,930							1,400	—
			Member Units		4/29/2016	920							920	—
													2,868	469
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(24)	8/9/2017	8.22%							2,092	4,462

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	400	382	400
			Secured Debt		6/21/2023		13.00%				6/21/2028	8,766	8,610	8,766
			Common Equity		6/21/2023	3,600							3,600	4,890
													12,592	14,056
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	6,436,566							6,540	7,060

Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		12.06%	SF+	7.50%		8/20/2026	14,340	14,269	13,937
			Preferred Equity	(8)	12/7/2023	3,725	10.00%			10.00%			312	610
			Preferred Equity		6/3/2025	1,246	10.00%			10.00%			133	230
			Common Stock		8/20/2021	11,647							1,584	810
													16,298	15,587
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		12.00%				10/31/2026	3,350	3,344	3,344
			Secured Debt		10/31/2018		9.00%				10/31/2048	984	976	976
			Preferred Equity		10/31/2018	145							3,060	3,570
			Member Units	(8) (23)	10/31/2018	200							248	678
													7,628	8,568
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,427	1,392	1,392
			Secured Debt		2/10/2025		12.50%			12.50%	10/1/2028	1,476	1,476	1,476
			Preferred Equity		2/10/2025	11,516							6,113	6,113
													8,981	8,981
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.79%	SF+	5.50%		12/31/2026	2,230	2,230	2,230


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9) (30)	4/11/2025			SF+	5.50%		12/31/2026	—	—	—
			Preferred Equity	(8) (23)	12/19/2024	53,505							11,615	10,390
													13,845	12,620
Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
			Secured Debt	(30)	8/18/2014						1/31/2027	—	—	—
			Secured Debt		8/18/2014		10.00%				1/31/2027	1,436	1,434	1,436
			Common Stock	(8)	8/18/2014	1,468							680	6,700
													2,114	8,136
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		13.50%				6/4/2029	6,800	6,639	6,639
			Preferred Equity	(8)	6/4/2024	91,145							3,030	4,560
													9,669	11,199
NexRev LLC		Provider of Energy Efficiency Products & Services
			Preferred Member Units	(8)	2/28/2018	25,786,046							2,053	3,100

NuStep, LLC		Designer, Manufacturer and Distributor of Fitness Equipment
			Secured Debt	(9) (17)	1/31/2017		10.98%	SF+	6.50%		1/31/2025	600	600	600
			Secured Debt	(17)	1/31/2017		12.00%				1/31/2025	4,610	4,610	4,610
			Preferred Member Units		11/2/2022	600							696	1,500
			Preferred Member Units		1/31/2017	122							2,966	3,050
													8,872	9,760
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	282							282	770

Orttech Holdings, LLC		Distributor of Industrial Clutches, Brakes and Other Components
			Secured Debt	(9) (30)	7/30/2021			SF+	11.00%		7/31/2026	—	(1)	—
			Secured Debt	(9)	7/30/2021		15.48%	SF+	11.00%		7/31/2026	5,290	5,268	5,290
			Preferred Stock	(23)	7/30/2021	2,500							2,500	3,360
													7,767	8,650
Pinnacle TopCo, LLC		Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
			Secured Debt	(30)	12/21/2023						12/31/2028	—	(7)	—
			Secured Debt		12/21/2023		13.00%				12/31/2028	6,960	6,840	6,960
			Preferred Equity	(8)	12/21/2023	110							3,135	4,890
													9,968	11,850
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	1,347	1,345	1,110
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	1	1	1
			Secured Debt	(9) (30)	2/5/2025			SF+	6.75%		4/8/2026	—	—	—


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9)	4/8/2021		11.25%	SF+	6.75%		4/8/2026	14,089	14,060	11,605
			Common Equity		8/12/2024	107							—	—
													15,406	12,716
Robbins Bros. Jewelry, Inc.		Bridal Jewelry Retailer
			Secured Debt	(14) (30)	12/15/2021					10.00%	12/15/2026	—	(8)	(8)
			Secured Debt	(14)	12/15/2021		12.50%			10.00%	12/15/2026	3,740	3,565	1,579
			Preferred Equity		12/15/2021	1,230							1,230	—
													4,787	1,571
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.85%				6/16/2028	750	745	750
			Secured Debt	(33)	6/16/2023		12.79%				6/16/2028	22,554	22,517	22,554
			Preferred Member Units		8/31/2018	55							508	4,150
													23,770	27,454
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%			8.50%	12/31/2027	237	237	985
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,918	5,425	1,179
			Preferred Equity		12/31/2022	6,564,055							—	—
													5,662	2,164
Tedder Industries, LLC		Manufacturer of Firearm Holsters and Accessories
			Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	460	455	411
			Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	3,800	3,761	863
			Preferred Member Units		8/28/2023	1,651							165	—
			Preferred Member Units		2/1/2023	1,411							141	—
			Preferred Member Units		8/31/2018	136							2,311	—
													6,833	1,274
Trantech Radiator Topco, LLC		Transformer Cooling Products and Services
			Secured Debt	(30)	5/31/2019						5/31/2027	—	—	—
			Secured Debt		5/31/2019		13.50%				5/31/2027	1,980	1,965	1,965
			Common Stock	(8)	5/31/2019	154							1,164	2,370
													3,129	4,335
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	2,200	2,152	2,152
			Preferred Equity	(8)	2/16/2024	1,000	9.00%			9.00%			1,129	1,129
													3,281	3,281
Victory Energy Operations, LLC		Provider of Industrial and Commercial Combustion Systems
			Secured Debt		10/3/2024		13.00%				10/3/2029	277	267	267
			Secured Debt		10/3/2024		13.00%				10/3/2029	7,749	7,552	7,552
			Preferred Equity	(8)	10/3/2024	8,259							3,609	3,609
													11,428	11,428
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (30)	12/1/2021			SF+	6.00%		12/1/2025	—	—	—
			Secured Debt		12/1/2021		11.50%				12/1/2026	6,120	6,068	6,068
			Preferred Equity	(8) (23)	12/1/2021	3,060							3,060	3,060


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
														9,128		9,128
Subtotal Affiliate investments (53.1% of net assets at fair value)														$	313,908	$	383,824
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		4/1/2025		18.00%			18.00%	8/6/2025	$	268	$	268	$	268
			Secured Debt	(14)	3/28/2025		10.00%			10.00%	3/31/2030	1,070		1,070		1,070
			Secured Debt	(14)	3/28/2025		12.00%			12.00%	3/31/2030	1,070		1,070		1,070
			Preferred Equity		3/28/2025	4,342,688								2,931		2,810
			Common Stock		12/11/2020	593,927								3,148		—
			Warrants	(27)	12/11/2020	197,717					12/11/2025			—		—
														8,487		5,218
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	950		950		937
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	2,109		2,107		2,079
														3,057		3,016
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	11								83		20

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (30)	11/19/2021			P+	5.00%		11/19/2026	—		(5)		(5)
			Secured Debt	(9)	11/19/2021		12.50%	P+	5.00%		11/19/2026	7,385		7,364		7,385
														7,359		7,380
Ansira Partners II, LLC	(10)	Provider of Data-Driven Marketing Services
			Secured Debt	(9) (30)	7/1/2024			SF+	6.75%		7/1/2029	—		(40)		(40)
			Secured Debt	(9)	7/1/2024		11.07%	SF+	6.75%		7/1/2029	17,659		17,286		17,555
														17,246		17,515
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	1,143		1,143		1,143
			Secured Debt	(9)	11/6/2023		10.91%	SF+	6.50%	10.91%	11/6/2028	4,518		4,518		4,518
			Preferred Equity		11/6/2023	17,265								7,468		7,614
			Preferred Equity		11/6/2023	17,265								—		—
			Common Equity		11/9/2021	2,070								124		—
														13,253		13,275
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock	(8)	8/11/2022	62,402								62		110

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (28)	1/18/2022		10.57%	SF+	6.00%		1/18/2028	175		164		175
			Secured Debt	(9)	1/18/2022		9.56%	SF+	5.00%		1/18/2028	925		918		925
			Secured Debt	(9)	1/18/2022		11.56%	SF+	7.00%		1/18/2028	925		918		925
			Common Stock		1/18/2022	100,000								100		120


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
													2,100	2,145
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (30)	12/23/2022			SF+	7.25%		12/23/2027	—	(10)	(10)
			Secured Debt	(9)	12/23/2022		11.70%	SF+	7.25%		12/23/2027	3,300	3,241	3,300
			Common Equity	(8)	12/15/2021	137							130	128
													3,361	3,418
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(23)	3/8/2024	286,109							286	—
			Preferred Member Units	(23)	11/12/2019	122,416							—	—
			Preferred Member Units	(23)	7/6/2018	1,548,387							—	—
													286	—
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (14)	6/30/2022		14.53%	SF+	10.25%		6/30/2028	146	132	23
			Secured Debt	(9) (14) (35)	6/30/2025		14.53%	SF+	10.25%	7.25%	6/30/2028	454	18	69
			Secured Debt	(9) (14)	6/30/2022		14.58%	SF+	10.25%	7.25%	6/30/2028	9,230	9,139	1,400
			Secured Debt	(9) (14) (35)	6/30/2025		14.58%	SF+	10.25%	7.25%	6/30/2028	29,307	1,182	4,445
													10,471	5,937
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Member Units		3/10/2017	1,050,000							1,050	1,060

Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.94%	SF+	8.50%	11.94%	8/28/2025	215	138	108
			Secured Debt	(9) (14)	10/19/2022		15.00%	P+	7.50%	14.75%	8/28/2025	3,377	3,377	1,698
			Secured Debt	(9) (14)	8/28/2020		12.94%	SF+	8.50%	12.94%	8/28/2025	4,486	4,231	2,255
			Common Stock		10/1/2020	700,446							—	—
			Warrants	(27)	10/19/2022	175,110					10/19/2032		1,111	—
													8,857	4,061
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	64	64	64
			Member Units	(8)	6/30/2017	540,000							564	370
													628	434
B-O-F Corporation	(10)	Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
			Secured Debt	(9) (30)	2/3/2025			SF+	5.75%		2/3/2030	—	(13)	(13)
			Secured Debt	(9)	2/3/2025		9.05%	SF+	4.75%		2/3/2030	3,000	2,952	2,952
			Secured Debt	(9)	2/3/2025		11.05%	SF+	6.75%		2/3/2030	3,000	2,952	2,952
			Common Equity		2/3/2025	180,000							180	180
													6,071	6,071
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		11.45%	SF+	7.00%		5/1/2028	360	350	360
			Secured Debt	(9)	5/1/2023		10.45%	SF+	6.00%		5/1/2028	3,969	3,924	3,969


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9)	5/1/2023		12.45%	SF+	8.00%		5/1/2028	3,969	3,924	3,969
			Preferred Equity		5/1/2023	360							360	350
			Common Equity		5/1/2023	360							—	—
													8,558	8,648
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9) (28)	2/1/2024		10.18%	SF+	5.75%		2/1/2029	385	367	385
			Secured Debt	(9)	2/1/2024		10.15%	SF+	5.75%		2/1/2029	867	850	867
			Secured Debt	(9)	2/1/2024		10.11%	SF+	5.75%		2/1/2029	11,074	10,912	11,074
			Secured Debt	(9)	1/2/2025		10.14%	SF+	5.75%		2/1/2029		—	—
			Common Equity		2/1/2024	1,000,000							1,000	2,240
													13,129	14,566
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(24)	7/21/2014	0.52%							1,824	966
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (24)	10/26/2016	1.17%							6,987	6,954
													8,811	7,920
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	4,903	3,977	—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	11	—	—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	6,865	4,078	—
			Preferred Member Units		6/30/2015	4	6.00%			6.00%			3,040	—
													11,095	—
Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics
			Secured Debt	(9)	6/14/2021		9.19%	SF+	5.00%		6/10/2026	1,136	1,131	1,136
			Secured Debt	(9)	6/14/2021		9.45%	SF+	5.00%		6/10/2028	10,955	10,869	10,955
													12,000	12,091
CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software
			Preferred Equity		12/13/2021	454,344							454	744
			Preferred Equity		12/13/2021	126,446							—	—
													454	744
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (30)	12/17/2021			SF+	6.00%		12/17/2026	—	(7)	(7)
			Secured Debt		12/17/2021		12.50%				12/17/2026	2,432	2,365	2,365
			Common Stock		12/17/2021	57,402							574	580
													2,932	2,938
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	105,856							106	210

CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt	(30)	12/10/2021						12/10/2026	—	(2)	—
			Secured Debt		12/10/2021		15.00%				12/10/2026	2,390	2,371	2,390


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Preferred Equity	(8)	12/10/2021	368							404	2,080
													2,773	4,470
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (28)	2/7/2022		11.57%	SF+	7.00%		2/7/2027	400	392	398
			Secured Debt	(9)	2/7/2022		11.55%	SF+	7.00%		2/7/2027	3,309	3,287	3,287
			Secured Debt	(9)	6/24/2022		11.55%	SF+	7.00%		2/7/2027	183	182	182
			Secured Debt	(9)	3/27/2023		11.55%	SF+	7.00%		2/7/2027	443	438	440
													4,299	4,307
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,653	2,309	8

Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	39							—	490

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (28)	8/6/2021		12.69%	SF+	8.25%	12.69%	8/6/2026	6,937	6,890	6,354
			Secured Debt	(9)	8/6/2021		12.70%	SF+	8.25%	12.70%	8/6/2026	16,906	16,803	15,486
													23,693	21,840
Connect Telecommunications Solutions Holdings, Inc.	(13)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	2,824	2,751	2,751
			Preferred Equity		10/9/2024	2,478							1,400	1,400
													4,151	4,151
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9) (28)	6/29/2024		10.83%	SF+	6.50%		6/28/2029	449	430	449
			Secured Debt	(9)	6/29/2024		10.83%	SF+	6.50%		6/28/2029	2,856	2,801	2,856
			Secured Debt	(9)	8/15/2024		10.83%	SF+	6.50%		6/28/2029	1,904	1,873	1,904
			Secured Debt	(9)	6/29/2024		11.08%	SF+	6.75%		6/28/2029	8,589	8,418	8,618
													13,522	13,827
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (30)	12/27/2023			SF+	7.00%		6/27/2027	—	(25)	(25)
			Secured Debt	(9)	12/27/2023		11.40%	SF+	7.00%		6/27/2027	7,031	6,908	7,031
													6,883	7,006
Creative Foam Corporation	(10)	Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
			Secured Debt	(9) (30)	6/27/2024			SF+	6.25%		6/27/2029	—	(25)	(25)
			Secured Debt	(9)	6/27/2024		10.55%	SF+	6.25%		6/27/2029	10,675	10,506	10,675
			Secured Debt	(9)	3/4/2025		10.57%	SF+	6.25%		6/27/2029	16,999	16,681	16,999
			Common Equity		3/4/2025	2,862							286	286
													27,448	27,935
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	37							52	50


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Class AA Preferred Member Units (non-voting)		4/13/2018		10.00%			10.00%			1,316	—
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	—
													2,092	—
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.43%	SF+	7.00%	11.43%	12/31/2026	2,456	2,298	2,414
			Secured Debt	(9)	12/20/2022		12.43%	SF+	8.00%		12/31/2026	2,493	2,259	2,383
			Preferred Equity		12/20/2022	125,000							128	110
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													4,685	4,907
Electro Technical Industries, LLC	(10)	Manufacturer of Mission-Critical Electrical Distribution Systems
			Secured Debt	(9) (30)	3/31/2025			SF+	6.00%		3/31/2030	—	(81)	(81)
			Secured Debt	(9)	3/31/2025		10.33%	SF+	6.00%		3/31/2030	24,778	24,311	24,530
			Common Equity		3/31/2025	714,286							714	714
													24,944	25,163
Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassis Components
			Secured Debt	(9) (30)	10/3/2022			SF+	6.00%		10/3/2026	—	—	—
			Secured Debt		10/3/2022		12.00%				10/3/2027	1,149	1,134	1,134
			Secured Debt		10/3/2022		9.00%				10/3/2052	408	404	404
			Common Stock		10/3/2022	19							374	340
			Common Stock	(23)	10/3/2022	61							102	207
													2,014	2,085
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.73%	SF+	6.25%		12/29/2027	2,297	2,276	1,608

Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (30)	4/7/2023			SF+	6.00%		4/7/2029	—	(7)	(7)
			Secured Debt	(9)	10/2/2024		10.30%	SF+	6.00%		4/7/2029	362	357	362
			Secured Debt	(9)	4/7/2023		10.30%	SF+	6.00%		4/7/2029	6,820	6,690	6,820
			Common Equity	(8)	4/7/2023	170,998							174	240
													7,214	7,415
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		12.56%	SF+	8.00%		12/22/2026	308	307	308
			Secured Debt	(9)	12/22/2021		12.56%	SF+	8.00%	4.00%	12/22/2026	4,026	4,015	4,026
													4,322	4,334
FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt		5/28/2024		13.00%				5/29/2029	7,995	7,073	7,995
			Warrants	(8) (27)	5/28/2024	3							980	3,660


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
													8,053	11,655
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9)	4/14/2025		11.32%	SF+	7.00%		10/14/2027	917	890	890
			Secured Debt	(9)	4/14/2025		11.31%	SF+	7.00%		10/14/2027	8,622	8,466	8,466
			Common Equity		11/10/2023	210,084							210	150
													9,566	9,506
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		13.75%	P+	6.25%		10/4/2029	306	266	299
			Secured Debt	(9) (30)	10/4/2024			SF+	7.25%		10/4/2029	—	(20)	(20)
			Secured Debt	(9) (26)	10/4/2024		11.47%	SF+	7.25%		10/4/2029	14,638	14,389	14,320
			Common Equity		10/4/2024	471							471	370
													15,106	14,969
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(24)	6/2/2025	4.13%							1,526	1,526

Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		10.48%	SF+	6.00%		1/15/2026	622	622	622
			Secured Debt		12/2/2016		12.50%				1/15/2026	9,744	9,731	9,744
			Preferred Member Units	(8)	12/2/2016	56							713	5,680
			Preferred Member Units	(23)	12/2/2016	56							38	300
													11,104	16,346
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9)	4/30/2025		13.56%	SF+	9.00%		6/21/2026	38	38	38
			Secured Debt	(9)	3/7/2024		9.01%	SF+	3.50%	9.01%	6/21/2026	1,472	1,436	1,348
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	914	401	10
			Common Equity		3/7/2024	35,971							—	—
													1,875	1,396
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (30)	8/1/2022			SF+	6.50%		8/1/2027	—	(8)	(8)
			Secured Debt	(9)	8/1/2022		10.83%	SF+	6.50%		8/1/2027	1,965	1,946	1,965
			Secured Debt	(9)	6/3/2024		10.83%	SF+	6.50%		8/1/2027	1,390	1,373	1,390
			Secured Debt	(9)	8/1/2022		10.83%	SF+	6.50%		8/1/2027	4,850	4,809	4,850
			Secured Debt	(9)	6/3/2024		10.83%	SF+	6.50%		8/1/2027	2,370	2,354	2,370
													10,474	10,567
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (28)	7/3/2024		9.80%	SF+	5.50%		7/3/2029	2,432	2,413	2,419
			Secured Debt	(9)	7/3/2024		9.78%	SF+	5.50%		7/3/2029	16,382	16,230	16,291
													18,643	18,710
Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		12.81%	SF+	8.25%		12/31/2027	8,000	7,882	8,000

IG Parent Corporation	(11)	Software Engineering


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9) (30)	7/30/2021			SF+	5.75%		7/30/2028	—	(6)	—
			Secured Debt	(9)	7/30/2021		10.18%	SF+	5.75%		7/30/2028	6,154	6,110	6,154
			Secured Debt	(9)	7/30/2021		10.18%	SF+	5.75%		7/30/2028	1,912	1,899	1,912
													8,003	8,066
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Common Equity		6/8/2023	422							580	490

Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/13/2025		10.45%	SF+	6.00%	4.00%	8/29/2025	776	776	776
			Secured Debt	(9) (14)	6/1/2017		13.70%	SF+	7.75%		7/31/2025	17,023	17,023	10,236
													17,799	11,012
Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		12.00%				3/31/2028	4,093	4,087	4,093
			Preferred Equity	(8)	3/31/2023	21,840							1,092	2,180
													5,179	6,273
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (30)	7/19/2023			SF+	6.25%		7/19/2028	—	(27)	(27)
			Secured Debt	(9)	7/19/2023		10.52%	SF+	6.25%		7/19/2029	16,656	16,464	15,729
			Common Equity		7/19/2023	47,847							239	120
													16,676	15,822
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9) (28)	4/3/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	727	716	678
			Secured Debt	(9)	4/3/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	6,242	6,152	5,823
			Secured Debt	(9)	6/14/2023		14.42%	SF+	10.00%	2.00%	4/3/2028	1,257	1,239	1,173
			Secured Debt	(9)	12/31/2024		14.42%	SF+	10.00%	2.00%	4/3/2028	290	290	271
			Common Equity		4/3/2023	137,302							358	30
													8,755	7,975
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (28)	12/9/2021		14.43%	SF+	10.00%	14.43%	8/7/2023	2,228	2,228	1,850
			Secured Debt	(9) (14) (17)	8/7/2019		11.43%	SF+	7.00%	11.43%	8/7/2023	7,334	7,254	11
			Common Stock		12/7/2021	2,143							—	—
													9,482	1,861
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9) (28)	8/28/2019		11.98%	SF+	7.50%		12/31/2026	1,037	1,034	963
			Secured Debt	(9)	8/28/2019		11.98%	SF+	7.50%		12/31/2026	16,535	16,485	15,347
													17,519	16,310
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/2/2021		13.00%				1/31/2028	1,128	1,116	1,116
			Secured Debt		9/1/2021		13.00%				1/31/2028	735	727	727
			Secured Debt		11/15/2021		13.00%				1/31/2028	2,236	2,236	2,236
			Secured Debt		11/15/2021		13.00%				1/31/2028	4,406	4,354	4,354
			Secured Debt		1/31/2023		13.00%				1/31/2028	2,389	2,322	2,322


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Preferred Equity		6/26/2024	178	25.00%			25.00%			178	230
			Common Stock		8/3/2021	50,753							689	680
													11,622	11,665
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (31)	4/13/2023		2.50%				4/14/2028	2,962	2,802	429
			Common Equity		4/13/2023	186,322							—	—
													2,802	429
Island Pump and Tank, LLC	(10)	Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
			Secured Debt	(9)	5/20/2024		11.57%	SF+	7.00%		5/17/2029	183	178	178
			Secured Debt	(9) (26)	5/20/2024		10.56%	SF+	6.00%		5/17/2029	2,111	2,080	2,065
			Secured Debt	(9) (26)	5/20/2024		11.56%	SF+	7.00%		5/17/2029	2,111	2,080	2,065
			Secured Debt	(9) (26)	5/20/2024		12.56%	SF+	8.00%		5/17/2029	2,111	2,080	2,065
													6,418	6,373
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		12.46%	SF+	8.00%		6/21/2027	295	291	295
			Secured Debt	(9) (30)	6/30/2025			SF+	7.00%		6/21/2027	—	—	—
			Secured Debt	(9)	6/21/2023		11.46%	SF+	7.00%		6/21/2027	1,234	1,096	1,234
			Secured Debt	(9)	6/21/2023		13.46%	SF+	9.00%		6/21/2027	1,234	1,096	1,234
			Secured Debt	(9)	6/30/2025		11.46%	SF+	7.00%		6/21/2027	443	438	443
			Warrants	(8) (27)	6/21/2023	48,327					6/21/2033		523	2,460
													3,444	5,666
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.41%	SF+	7.00%		11/4/2026	1,542	1,528	1,542
			Secured Debt	(9) (26)	2/27/2024		11.38%	SF+	7.00%		11/4/2026	1,251	1,240	1,251
			Secured Debt	(9) (26)	11/1/2024		11.45%	SF+	7.00%		11/4/2026	1,333	1,306	1,333
			Secured Debt	(9)	11/8/2021		11.38%	SF+	7.00%		11/4/2026	3,580	3,549	3,581
			Preferred Equity		11/8/2021	5,653,333							216	1,550
													7,839	9,257
JDC Power Services, LLC	(10)	Provider of Electrical Equipment and Maintenance Services for Datacenters
			Secured Debt	(9) (30)	6/28/2024			SF+	6.25%		6/28/2029	—	(41)	(41)
			Secured Debt	(9)	6/28/2024		10.55%	SF+	6.25%		6/28/2029	17,447	17,102	17,447
													17,061	17,406
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		13.13%	SF+	8.75%	6.00%	3/29/2029	1,515	1,515	1,515
			Secured Debt	(9)	3/30/2024		13.13%	SF+	8.75%	6.00%	3/29/2029	1,131	1,131	1,131
			Common Stock		3/29/2024	4,535,784							166	290
													2,812	2,936
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	2,591	2,573	2,573
			Preferred Equity	(8)	3/28/2022	12,214							1,221	1,500
													3,794	4,073
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (14) (28)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	702	697	530


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9) (14)	12/22/2021		10.80%	SF+	6.25%		12/22/2026	2,941	2,919	2,221
			Secured Debt	(9) (14)	2/1/2024		10.80%	SF+	6.25%		12/22/2026	275	270	208
			Common Equity		12/22/2021	140,351							140	—
													4,026	2,959
LL Management, Inc.	(10)	Medical Transportation Service Provider
			Secured Debt	(9)	9/17/2024		11.84%	SF+	7.25%		12/31/2025	701	701	701
			Secured Debt	(9)	5/2/2019		11.84%	SF+	7.25%		12/31/2025	7,806	7,777	7,806
			Secured Debt	(9)	5/2/2019		11.84%	SF+	7.25%		12/31/2025	5,154	5,135	5,154
			Secured Debt	(9)	2/26/2021		11.84%	SF+	7.25%		12/31/2025	856	853	856
			Secured Debt	(9)	5/12/2022		11.84%	SF+	7.25%		12/31/2025	8,673	8,639	8,673
													23,105	23,190
LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		12.45%	SF+	8.00%	3.00%	8/16/2026	4,649	4,627	3,511

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	4/11/2025		10.07%	SF+	5.75%		12/31/2028	19,571	19,292	19,292
			Secured Debt		4/11/2025						12/31/2028	1,291	938	938
													20,230	20,230
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(30)	10/19/2022						10/19/2025	—	—	—
			Secured Debt		10/19/2022		9.75%				10/19/2027	1,363	1,344	1,363
			Preferred Equity	(8)	10/19/2022	434,331	8.00%			8.00%			434	443
			Common Stock	(8)	10/19/2022	112,865							113	500
													1,891	2,306
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (30)	4/4/2022			SF+	5.75%		4/3/2028	—	(4)	(4)
			Secured Debt	(9)	11/20/2024		10.17%	SF+	5.75%		4/3/2028	1,335	1,320	1,335
			Secured Debt	(9)	4/4/2022		10.18%	SF+	5.75%		4/3/2028	2,129	2,107	2,129
													3,423	3,460
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (28)	11/30/2023		10.54%	SF+	6.25%		11/30/2028	855	836	819
			Secured Debt	(9) (26)	11/30/2023		10.56%	SF+	6.25%		11/30/2028	854	839	825
			Secured Debt	(9)	11/30/2023		9.58%	SF+	5.25%		11/30/2028	3,162	3,110	3,054
			Secured Debt	(9)	11/30/2023		11.58%	SF+	7.25%		11/30/2028	3,162	3,108	3,056
			Common Equity		11/30/2023	342,574							343	220
													8,236	7,974
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (30)	4/17/2025			SF+	6.00%		4/17/2030	—	(61)	(61)
			Secured Debt	(9) (30)	4/17/2025			SF+	6.00%		4/17/2030	—	(73)	(73)
			Secured Debt	(9)	4/17/2025		10.28%	SF+	6.00%		4/17/2030	18,531	18,178	18,178
			Common Equity		6/7/2023	532							532	2,680
													18,576	20,724
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt		8/19/2024		14.00%				8/19/2029	2,320	2,145	2,145
			Preferred Member Units	(8)	8/19/2024	40,821	12.00%			12.00%			453	453
			Warrants	(27)	8/19/2024	14,842					8/19/2029		148	148
													2,746	2,746
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	1,181	1,173	1,272
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	3,056	3,033	3,555
			Secured Debt	(9)	5/24/2022		10.81%	SF+	6.25%		5/24/2027	5,188	5,151	5,188
			Secured Debt	(9)	6/25/2025		10.81%	SF+	6.25%		5/24/2027	355	349	349
			Unsecured Debt	(30)	3/1/2024		8.00%			8.00%	6/30/2025	—	—	—
			Unsecured Debt		9/25/2024		8.00%			8.00%	12/21/2025	32	32	32
			Unsecured Debt		1/31/2025		8.00%			8.00%	3/31/2026	22	22	22
			Common Stock		8/30/2022	22,734,483							301	174
													10,061	10,592
Northwind Midstream Partners LLC	(10)	Owner and Operator of Midstream Gas Infrastructure
			Secured Debt	(9)	3/18/2025		10.70%	SF+	6.25%		3/18/2030	12,500	12,266	12,375

Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9) (30)	6/21/2024			SF+	7.25%		12/21/2028	—	(12)	(12)
			Secured Debt	(9)	6/21/2024		11.68%	SF+	7.25%		6/21/2029	11,919	11,637	11,919
			Secured Debt	(9)	5/13/2025		11.68%	SF+	7.25%		6/21/2029	1,355	1,316	1,355
													12,941	13,262
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		10.30%	SF+	6.00%		11/16/2027	1,045	1,036	1,045
			Secured Debt	(9)	4/1/2024		10.30%	SF+	6.00%		11/16/2027	2,903	2,875	2,903
													3,911	3,948
Peaches Holding Corporation		Wholesale Provider of Consumer Packaging Solutions
			Common Equity		5/22/2024	806							1,805	—

PrimeFlight Aviation Services	(10) (13)	Air Freight & Logistics
			Secured Debt	(9)	5/1/2023		9.78%	SF+	5.50%		5/1/2029	5,880	5,740	5,880
			Secured Debt	(9)	9/7/2023		9.80%	SF+	5.50%		5/1/2029	561	547	561
			Secured Debt	(9)	1/30/2024		9.80%	SF+	5.50%		5/1/2029	564	553	564
			Secured Debt	(9)	6/28/2024		9.55%	SF+	5.25%		5/1/2029	641	634	641
			Secured Debt	(9)	1/21/2025		9.52%	SF+	5.25%		5/1/2029	1,421	1,409	1,421
													8,883	9,067
PTL US Bidco, Inc	(10) (13) (21)	Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved in the Drilling, Evaluation and Completion of Oil and Gas Wells
			Secured Debt	(9) (28)	8/19/2022		12.78%	SF+	8.25%		8/19/2027	448	440	445
			Secured Debt	(9)	8/19/2022		12.84%	SF+	8.25%		8/19/2027	1,073	1,057	1,065
													1,497	1,510


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
Purge Rite, LLC	(10)	HVAC Flushing and Filtration Services
			Preferred Equity		10/2/2023	13,021							1,289	1,289
			Common Equity		4/1/2024	13,021							13	2,580
													1,302	3,869
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (30) (28)	8/24/2023			SF+	6.50%		8/24/2028	—	(37)	—
			Secured Debt	(9)	8/24/2023		10.78%	SF+	6.50%		8/24/2028	10,155	9,958	10,155
			Secured Debt	(9)	9/10/2024		10.71%	SF+	6.50%		8/24/2028	5,001	4,921	5,001
													14,842	15,156
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(9)(30)	8/27/2021			SF+	8.00%		8/27/2026	—	(5)	—
			Secured Debt	(9)	8/27/2021		11.56%	SF+	7.00%		8/27/2026	4,219	4,180	3,627
			Secured Debt	(9)	8/27/2021		13.56%	SF+	9.00%		8/27/2026	4,219	4,180	3,619
													8,355	7,246
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		12.49%	SF+	8.00%	2.00%	11/16/2025	6,608	6,603	6,608
			Secured Debt	(9)	7/16/2021		12.49%	SF+	8.00%	2.00%	11/16/2025	7,896	7,890	7,896
													14,493	14,504
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%				3/21/2030	6,390	6,277	6,390
			Common Stock	(8)	9/13/2018	17,500							—	520
													6,277	6,910
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (30)	8/8/2024			SF+	5.25%		8/8/2029	—	—	—
			Secured Debt	(9)	8/8/2024		9.68%	SF+	5.25%		8/8/2029	33,214	33,187	33,214
			Common Equity		12/10/2021	61							61	66
													33,248	33,280
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (28)	7/1/2022		11.46%	SF+	7.00%		7/1/2027	660	650	660
			Secured Debt	(9)	7/1/2022		11.45%	SF+	7.00%		7/1/2027	4,850	4,801	4,850
			Common Stock		7/1/2022	200,000							200	220
													5,651	5,730
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (30)	12/31/2024			SF+	5.50%		12/31/2029	—	(6)	(6)
			Secured Debt	(9) (30)	12/31/2024			SF+	5.50%		12/31/2029	—	(5)	(5)
			Secured Debt	(9)	12/31/2024		9.90%	SF+	5.50%		12/31/2029	2,322	2,291	2,295
													2,280	2,284
Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(23)	7/7/2021	1,000,000							1,000	2,350

The Affiliati Network, LLC		Performance Marketing Solutions
			Secured Debt	(30)	8/9/2021						8/9/2026	—	(1)	(1)
			Secured Debt		8/9/2021		13.00%				8/9/2026	1,300	1,293	1,278
			Preferred Stock	(8)	9/1/2023	78,227							78	78
			Preferred Stock	(8)	8/9/2021	320,000							1,600	1,600


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
													2,970	2,955
Titan Meter Midco Corp.	(10)	Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry
			Secured Debt	(9)	3/11/2024		10.81%	SF+	6.50%		3/11/2029	554	518	554
			Secured Debt	(9)	3/11/2024		10.80%	SF+	6.50%		3/11/2029	12,983	12,647	12,983
			Secured Debt	(9)	2/27/2025		10.80%	SF+	6.50%		3/11/2029	1,661	1,624	1,661
			Preferred Equity		3/11/2024	468,750	8.00%			8.00%			469	540
													15,258	15,738
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (14)	6/1/2023		11.72%	SF+	7.40%	6.25%	5/2/2027	6,741	1,890	2,696
			Secured Debt	(14)	6/1/2023						5/2/2027	692	15	—
													1,905	2,696
UPS Intermediate, LLC	(10)	Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets
			Secured Debt	(9)	7/29/2024		10.33%	SF+	6.00%		7/27/2029	19,392	19,062	19,259
			Common Equity		7/29/2024	412,371							412	480
													19,474	19,739
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/11/2023		11.78%	SF+	7.50%		4/5/2029	3,000	2,945	3,000

Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(28)	12/22/2023		11.43%	SF+	7.00%		12/22/2028	2,273	2,229	2,273
			Secured Debt	(9)	12/22/2023		11.44%	SF+	7.00%		12/22/2028	12,313	12,098	12,312
													14,327	14,585
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	769,231							769	2,090

Wash & Wax Systems LLC	(10)	Express Car Wash Operator
			Secured Debt	(9)	4/30/2025		9.78%	SF+	5.50%		4/30/2028	1	1	1
			Secured Debt	(9)	4/30/2025		9.78%	SF+	5.50%		4/30/2028	1,007	1,007	1,007
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	658	658	658
			Common Equity		4/30/2025	439							465	500
													2,131	2,166
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	316	314	297
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	55	52	52
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	2,245	2,234	2,114
			Secured Debt		12/17/2021		12.00%			4.00%	12/17/2026	2,026	2,016	1,908
													4,616	4,371
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)		Fair Value (18)
			Secured Debt	(9) (30) (28)	11/19/2021			SF+	8.00%		11/19/2026	—	(36)		(36)
			Secured Debt	(9)	11/19/2021		12.56%	SF+	8.00%		11/19/2026	2,343	2,318		2,343
			Secured Debt	(9)	1/16/2024		11.56%	SF+	7.00%		11/19/2026	9,050	8,947		9,050
			Secured Debt	(9)	1/16/2024		13.56%	SF+	9.00%		11/19/2026	9,050	8,947		9,050
													20,176		20,407
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		11.00%				12/12/2027	1,364	1,351		1,351
			Preferred Equity	(8)	12/12/2022	530							530		530
													1,881		1,881
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		10.17%	SF+	5.75%		12/20/2028	1,170	1,153		1,170
			Secured Debt	(9)	12/17/2021		10.12%	SF+	5.75%		12/20/2028	2,316	2,295		2,316
			Secured Debt	(9)	3/31/2025		10.15%	SF+	5.75%		12/20/2028	607	596		607
													4,044		4,093
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018		11.88%	SF+	7.50%		8/9/2026	5,012	4,974		4,284

ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		12.50%	P+	5.00%		6/14/2029	648	628		648
			Secured Debt	(9) (26)	6/14/2024		10.28%	SF+	6.00%		6/14/2029	997	974		997
			Secured Debt	(9)	6/14/2024		10.17%	SF+	6.00%		6/14/2029	813	803		813
			Secured Debt	(9)	6/14/2024		10.31%	SF+	6.00%		6/14/2029	5,819	5,727		5,819
													8,132		8,277
Subtotal Non-Control/Non-Affiliate investments (110.7% of net assets at fair value)													$	825,421	$	800,127
Total Portfolio Company investments, June 30, 2025 (172.3% of net assets at fair value)													$	1,191,525	$	1,245,563

Money market funds (included in cash and cash equivalents)
First American Treasury Obligations Fund Class Z	(16)												$	16,519	$	16,519
Fidelity Government Portfolio Fund Class III	(34)												$	5,420	$	5,420
Total money market funds													$	21,939	$	21,939

(25)A majority of the variable rate loans in the Investment Portfolio (as defined below) bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate base rate (commonly based on the federal funds rate or the prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of June 30, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Control Investments (5)
BDB Holdings, LLC		Casual Restaurant Group
			Preferred Equity		11/4/2024	12,504,663								$	13,025	$	12,610

Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(24)	7/17/2017	38.75%								655		530

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		10.66%	SF+	6.00%		10/29/2026	1,550		1,539		1,550
			Secured Debt		12/19/2014		12.66%	SF+	8.00%		10/29/2026	19,944		19,852		19,944
			Member Units		12/19/2014	2,896								6,435		22,600
														27,826		44,094
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(8) (24)	10/1/2017	49.3%								3,345		8,740

Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt		3/31/2023		10.00%				3/31/2025	900		900		900
			Preferred Member Units		3/31/2023	2,184,683								1,705		3,004
			Preferred Member Units		3/31/2023	61,077								—		—
			Preferred Member Units		1/26/2015	2,090,001								6,000		—
			Common Stock		3/31/2023	772,620								1,104		—
														9,709		3,904
Subtotal Control investments (11.2% of net assets at fair value)														$	54,560	$	69,878
Affiliate Investments (6)
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt	(30)	8/16/2019						8/16/2029	$	—	$	—	$	—
			Secured Debt		8/16/2019		13.75%				8/16/2029	1,024		1,012		1,012
			Preferred Member Units		5/20/2021	607								607		1,330
			Preferred Member Units		8/16/2019	800								800		—
			Warrants	(27)	8/16/2019	105					8/16/2029			79		—
														2,498		2,342
Barfly Ventures, LLC	(10)	Casual Restaurant Group
			Member Units		10/26/2020	12.25%								528		1,953

Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt		3/7/2022		10.00%				3/7/2027	50		50		50
			Secured Debt		3/7/2022		10.00%				3/7/2027	30		30		30
			Secured Debt		3/7/2022		10.00%				3/7/2027	1,175		1,165		1,165
			Preferred Stock	(8)	3/7/2022	453								455		570
														1,700		1,815
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		14.66%	SF+	10.00%		12/31/2025	1,254		1,254		1,254
			Preferred Member Units	(8)	1/9/2018	737								1,070		1,170


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
												2,324	2,424
Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (30)	1/4/2019			SF+	9.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		13.66%	SF+	9.00%		1/4/2028	6,384	6,356	6,384
		Preferred Member Units		1/4/2019	3,471							1,596	3,110
												7,952	9,494
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (30)	2/26/2018			SF+	6.00%		2/26/2026	—	(26)	—
		Secured Debt	(9)	2/26/2018		12.74%	SF+	8.00%		2/26/2026	3,905	3,904	3,905
		Member Units	(8)	2/26/2018	1,087							2,860	8,280
		Member Units	(8) (23)	11/2/2018	261,786							443	888
												7,181	13,073
Charps, LLC	Pipeline Maintenance and Construction
		Preferred Member Units	(8)	2/3/2017	457							491	3,900

Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(30)	10/28/2022						1/15/2027	—	—	—
		Secured Debt		12/20/2016		9.00%				1/15/2027	1,690	1,681	1,690
		Secured Debt		12/20/2016		10.00%				12/20/2036	243	242	243
		Member Units	(8)	12/20/2016	179							1,820	2,750
		Member Units	(23)	12/20/2016	200							127	237
												3,870	4,920
Cody Pools, Inc.	Designer of Residential and Commercial Pools
		Secured Debt	(30)	3/6/2020						12/17/2026	—	(3)	—
		Secured Debt		3/6/2020		12.50%				12/17/2026	6,598	6,585	6,598
		Preferred Member Units	(8) (23)	3/6/2020	147							2,079	16,950
												8,661	23,548
Colonial Electric Company LLC	Provider of Electrical Contracting Services
		Secured Debt	(30)	3/31/2021						3/31/2026	—	—	—
		Secured Debt		3/31/2021		12.00%				3/31/2026	3,578	3,554	3,578
		Preferred Member Units	(8)	3/31/2021	4,320							1,920	3,390
												5,474	6,968
Compass Systems & Sales, LLC	Designer of End-to-End Material Handling Solutions
		Secured Debt	(30)	11/22/2023						11/22/2028	—	(16)	(16)
		Secured Debt		11/22/2023		13.50%				11/22/2028	4,300	4,201	4,201
		Preferred Equity		11/22/2023	1,863							1,863	1,860
												6,048	6,045
Datacom, LLC	Technology and Telecommunications Provider
		Secured Debt		3/1/2022		7.50%				12/31/2025	55	55	55
		Secured Debt		3/31/2021		10.00%				12/31/2025	898	878	878
		Preferred Member Units		3/31/2021	1,000							290	30
												1,223	963
Digital Products Holdings LLC	Designer and Distributor of Consumer Electronics


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9)	4/1/2018		14.56%	SF+	10.00%		4/27/2026	3,154	3,140	3,105
			Preferred Member Units	(8)	4/1/2018	964							2,375	2,459
													5,515	5,564
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(30)	2/13/2018						2/13/2026	—	(2)	—
			Secured Debt		12/27/2022		14.00%				2/13/2026	4,668	4,656	4,668
			Preferred Stock		2/13/2018	2,100							2,100	4,480
													6,754	9,148
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		12.00%				6/19/2029	140	138	138
			Secured Debt		11/19/2021		12.00%				6/19/2029	4,200	4,161	4,161
			Preferred Equity		11/19/2021	1,486							1,486	1,486
			Preferred Equity	(8)	6/18/2024	767	15.00%			15.00%			810	810
													6,595	6,595
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Preferred Equity	(8)	10/29/2021	2,340							2,600	8,980

Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport First Lien Loan Fund III LP)	(8) (24)	7/31/2015	5.95%							1,659	1,263

Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (32) (30)	6/24/2016			SF+	7.00%		1/1/2028	—	—	—
			Secured Debt	(9) (32)	11/22/2024		11.00%	SF+	7.00%		1/1/2028	18,282	18,166	18,282
			Member Units	(8)	6/24/2016	2,261							4,423	28,690
													22,589	46,972
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%				3/31/2026	2,046	2,030	2,046
			Preferred Member Units	(8)	3/31/2021	56.39%							1,225	2,640
													3,255	4,686
Gulf Publishing Holdings, LLC		Energy Industry Focused Media and Publishing
			Secured Debt	(9) (14) (30)	9/29/2017			SF+	9.50%		7/1/2027	—	—	—
			Secured Debt	(14)	7/1/2022		12.50%			12.50%	7/1/2027	600	581	378
			Preferred Equity		7/1/2022	15,930							1,400	—
			Member Units		4/29/2016	920							920	—
													2,901	378
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(24)	8/9/2017	8.2%							2,296	4,472

IG Investor, LLC		Military and Other Tactical Gear


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt		6/21/2023		13.00%				6/21/2028	400	379	379
			Secured Debt		6/21/2023		13.00%				6/21/2028	8,876	8,693	8,693
			Common Equity		6/21/2023	3,600							3,600	4,060
													12,672	13,132
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	6,436,566							6,540	7,290

Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		12.35%	SF+	7.50%		8/20/2026	15,090	14,986	14,872
			Preferred Equity	(8)	12/7/2023	3,725	10.00%			10.00%			297	535
			Common Stock		8/20/2021	11,647							1,584	640
													16,867	16,047
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	3,750	3,741	3,741
			Secured Debt		10/31/2018		9.00%				10/31/2048	990	982	982
			Preferred Equity		10/31/2018	145							3,060	3,060
			Member Units	(8) (23)	10/31/2018	200							248	678
													8,031	8,461
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Common Equity	(23)	12/19/2024	53,505					12/31/2026		11,166	11,166

Mystic Logistics Holdings, LLC		Logistics and Distribution Services Provider for Large Volume Mailers
			Secured Debt	(30)	8/18/2014						1/31/2027	—	—	—
			Secured Debt		8/18/2014		10.00%				1/31/2027	1,436	1,433	1,436
			Common Stock	(8)	8/18/2014	1,468							680	6,590
													2,113	8,026
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt	(9) (30)	6/4/2024			SF+	6.50%		6/4/2025	—	(12)	(12)
			Secured Debt		6/4/2024		13.50%				6/4/2029	6,800	6,619	6,619
			Common Equity	(8)	6/4/2024	91,145							3,030	3,890
													9,637	10,497
NexRev LLC		Provider of Energy Efficiency Products & Services
			Secured Debt		2/28/2018						2/28/2025	—	—	—
			Secured Debt		2/28/2018		9.00%				2/28/2025	2,453	2,450	2,453
			Preferred Member Units	(8)	2/28/2018	25,786,046							2,053	2,970
													4,503	5,423
NuStep, LLC		Designer, Manufacturer and Distributor of Fitness Equipment
			Secured Debt	(9)	1/31/2017		11.16%	SF+	6.50%		1/31/2025	900	900	900
			Secured Debt		1/31/2017		12.00%				1/31/2025	4,610	4,610	4,610
			Preferred Member Units		11/2/2022	600							696	1,500
			Preferred Member Units		1/31/2017	122							2,966	2,890
													9,172	9,900


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock		8/6/2021	282							282	640

Orttech Holdings, LLC		Distributor of Industrial Clutches, Brakes and Other Components
			Secured Debt	(9) (30)	7/30/2021			SF+	11.00%		7/31/2026	—	(1)	—
			Secured Debt	(9)	7/30/2021		15.66%	SF+	11.00%		7/31/2026	5,490	5,456	5,490
			Preferred Stock	(8) (23)	7/30/2021	2,500							2,500	3,360
													7,955	8,850
Pinnacle TopCo, LLC		Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
			Secured Debt	(30)	12/21/2023						12/31/2028	—	(8)	—
			Secured Debt		12/21/2023		13.00%				12/31/2028	7,160	7,019	7,160
			Preferred Equity	(8)	12/21/2023	110							3,135	4,590
													10,146	11,750
RA Outdoors LLC	(10) (13)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		11.74%	SF+	6.75%	11.74%	4/8/2026	1,311	1,307	1,215
			Secured Debt	(9)	4/8/2021		11.74%	SF+	6.75%	11.74%	4/8/2026	13,714	13,665	12,710
			Common Equity		8/12/2024	107		SF+	6.75%	11.59%	4/8/2026		—	—
													14,972	13,925
Robbins Bros. Jewelry, Inc.		Bridal Jewelry Retailer
			Secured Debt	(14) (30)	12/15/2021					10.00%	12/15/2026	—	(7)	(7)
			Secured Debt	(14)	12/15/2021		12.50%			10.00%	12/15/2026	3,740	3,604	1,617
			Preferred Equity		12/15/2021	1,230							1,230	—
													4,827	1,610
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.75%				6/16/2028	750	744	750
			Secured Debt	(33)	6/16/2023		12.79%				6/16/2028	22,554	22,533	22,554
			Preferred Member Units	(8)	8/31/2018	55							508	4,550
													23,785	27,854
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%			8.50%	12/31/2027	227	227	227
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,918	5,425	1,826
			Preferred Equity		12/31/2022	6,564,055							—	—
													5,652	2,053
Tedder Industries, LLC		Manufacturer of Firearm Holsters and Accessories
			Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	460	455	412
			Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	3,800	3,761	901
			Preferred Member Units		8/28/2023	1,651							165	—
			Preferred Member Units		2/1/2023	1,411							141	—
			Preferred Member Units		8/31/2018	136							2,311	—
													6,833	1,313
Trantech Radiator Topco, LLC		Transformer Cooling Products and Services
			Secured Debt	(30)	5/31/2019						5/31/2027	—	(1)	(1)
			Secured Debt		5/31/2019		13.50%				5/31/2027	1,980	1,962	1,962
			Common Stock	(8)	5/31/2019	154							1,164	2,140


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
														3,125		4,101
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	2,200		2,145		2,145
			Preferred Equity	(8)	2/16/2024	1,000	9.00%			9.00%				1,080		1,080
														3,225		3,225
Victory Energy Operations, LLC		Provider of Industrial and Commercial Combustion Systems
			Secured Debt	(30)	10/3/2024						10/3/2029	—		(5)		(5)
			Secured Debt		10/3/2024		13.00%				10/3/2029	7,749		7,529		7,529
			Preferred Equity		10/3/2024	8,338								3,644		3,644
														11,168		11,168
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (30)	12/1/2021			SF+	6.00%		12/1/2025	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	6,440		6,366		6,366
			Preferred Equity	(8) (23)	12/1/2021	3,060								3,060		3,060
														9,426		9,426
Subtotal Affiliate investments (56.2% of net assets at fair value)														$	284,211	$	351,360
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		1/31/2023		18.00%			18.00%	6/25/2025	$	210	$	210	$	209
			Secured Debt		12/11/2020		18.00%			18.00%	6/25/2025	6,013		5,971		5,975
			Common Stock		12/11/2020	593,927								3,148		$	—
			Warrants	(27)	12/11/2020	197,717					12/11/2025			—		—
														9,329		6,184
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	946		946		928
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	2,251		2,248		2,209
														3,194		3,137
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	11								83		30

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (30)	11/19/2021			P+	5.00%		11/19/2026	—		(6)		(6)
			Secured Debt	(9)	11/19/2021		12.50%	P+	5.00%		11/19/2026	7,703		7,673		7,703
														7,667		7,697
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/11/2022		14.49%	SF+	9.75%	14.49%	4/10/2026	5,626		5,614		4,480
			Secured Debt	(9) (14)	3/11/2022		16.49%	SF+	11.75%	16.49%	4/10/2026	4,270		4,244		2,621
														9,858		7,101
American Teleconferencing Services, Ltd.	(11)	Provider of Audio Conferencing and Video Collaboration Solutions
			Secured Debt	(14) (17)	9/17/2021						4/7/2023	2,425		2,375		59
			Secured Debt	(14) (17)	5/19/2016						6/8/2023	11,693		11,451		282
														13,826		341


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
Ansira Partners II, LLC	(10)	Provider of Data-Driven Marketing Services
			Secured Debt	(9) (30)	7/1/2024			SF+	6.75%		7/1/2029	—	(45)	(45)
			Secured Debt	(9)	7/1/2024		11.25%	SF+	6.75%		7/1/2029	17,659	17,239	17,375
													17,194	17,330
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	1,061	1,061	1,061
			Secured Debt	(9)	11/6/2023		11.08%	SF+	6.50%	11.08%	11/6/2028	4,278	4,278	4,278
			Preferred Equity		11/6/2023	17,265							7,468	6,667
			Preferred Equity		11/6/2023	17,265							—	—
			Common Equity		11/9/2021	2,070							124	—
													12,931	12,006
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock		8/11/2022	62,403							62	110

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9)	1/18/2022		10.85%	SF+	6.00%		1/18/2027	50	50	50
			Secured Debt	(9)	1/18/2022		9.85%	SF+	5.00%		1/18/2027	925	916	925
			Secured Debt	(9)	1/18/2022		11.85%	SF+	7.00%		1/18/2027	925	916	925
			Common Stock		1/18/2022	100,000							100	120
													1,982	2,020
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (30)	12/23/2022			SF+	7.25%		12/23/2027	—	(12)	(12)
			Secured Debt	(9)	12/23/2022		11.73%	SF+	7.25%		12/23/2027	3,343	3,271	3,343
			Common Equity	(8)	12/15/2021	137							130	124
													3,389	3,455
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units		3/8/2024	286,109							286	—
			Preferred Member Units	(23)	11/12/2019	122,416							—	—
			Preferred Member Units	(23)	7/6/2018	1,548,387							—	—
													286	—
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9) (30)	6/30/2022			SF+	10.25%		6/30/2028	—	(14)	(14)
			Secured Debt	(9)	6/30/2022		15.76%	SF+	10.25%	9.25%	6/30/2028	9,230	9,139	6,963
													9,125	6,949
Binswanger Enterprises, LLC	(10)	Glass Repair and Installation Service Provider
			Member Units		3/10/2017	1,050,000							1,050	650

Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9)	1/9/2024		13.17%	SF+	8.50%	12.17%	8/28/2025	215	138	181
			Secured Debt	(9)	10/19/2022		15.00%	P+	7.50%	14.75%	8/28/2025	3,304	3,304	2,792
			Secured Debt	(9)	8/28/2020		13.17%	SF+	8.50%	12.17%	8/28/2025	4,486	4,231	3,790
			Common Stock		10/1/2020	700,446							—	—
			Warrants	(27)	10/19/2022	175,110					10/19/2032		1,111	—
													8,784	6,763


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	80	80	66
			Member Units		6/30/2017	540,000							564	80
													644	146
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		11.65%	SF+	7.00%		5/1/2028	360	348	360
			Secured Debt	(9)	5/1/2023		10.74%	SF+	6.00%		5/1/2028	3,999	3,945	3,999
			Secured Debt	(9)	5/1/2023		12.74%	SF+	8.00%		5/1/2028	3,999	3,945	3,999
			Preferred Equity		5/1/2023	360							360	310
			Common Equity		5/1/2023	360							—	—
													8,598	8,668
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9) (28)	2/1/2024		10.68%	SF+	6.25%		2/1/2029	514	493	514
			Secured Debt	(9) (30)	2/1/2024			SF+	6.25%		2/1/2029	—	(10)	(10)
			Secured Debt	(9)	2/1/2024		10.92%	SF+	6.25%		2/1/2029	11,217	11,031	11,217
			Common Equity		2/1/2024	1,000,000							1,000	1,550
													12,514	13,271
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(24)	7/21/2014	0.52%							1,899	1,039
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (24)	10/26/2016	1.17%							8,064	8,031
													9,963	9,070
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	4,291	3,717	—
			Secured Debt	(14)	6/28/2024		15.00%			15.00%	4/1/2025	10	—	—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	6,369	4,078	—
			Preferred Member Units		6/30/2015	4	6.00%			6.00%			3,040	—
													10,835	—
Burning Glass Intermediate Holding Company, Inc.	(10)	Provider of Skills-Based Labor Market Analytics
			Secured Debt	(9) (30)	6/14/2021			SF+	5.00%		6/10/2026	—	(8)	—
			Secured Debt	(9)	6/14/2021		9.46%	SF+	5.00%		6/10/2028	11,575	11,469	11,575
													11,461	11,575
CAI Software LLC		Provider of Specialized Enterprise Resource Planning Software
			Preferred Equity		12/13/2021	454,344							454	513
			Preferred Equity		12/13/2021	126,446							—	—
													454	513
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9)	12/17/2021		10.56%	SF+	6.00%		12/17/2026	100	97	97
			Secured Debt		12/17/2021		12.50%				12/17/2026	2,160	2,134	2,134
			Common Stock		12/17/2021	50,000							500	530
													2,731	2,761
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Common Equity		12/30/2022	80,000							80	160

CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt	(30)	12/10/2021						12/10/2026	—	(3)	—
			Secured Debt		12/10/2021		15.00%				12/10/2026	2,390	2,364	2,390
			Preferred Equity	(8)	12/10/2021	368							404	1,610
													2,765	4,000
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (28)	2/7/2022		11.53%	SF+	7.00%		2/7/2027	467	456	444
			Secured Debt	(9)	2/7/2022		11.93%	SF+	7.00%		2/7/2027	3,326	3,297	3,166
			Secured Debt	(9)	6/24/2022		11.93%	SF+	7.00%		2/7/2027	184	183	175
			Secured Debt	(9)	3/27/2023		11.93%	SF+	7.00%		2/7/2027	445	439	424
													4,375	4,209
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,666	2,321	19

Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units	(8)	3/12/2020	39							—	710

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (28)	8/6/2021		12.93%	SF+	8.25%		8/6/2026	6,531	6,461	6,118
			Secured Debt	(9) (30)	3/29/2024			SF+	8.25%		8/6/2026	—	(42)	(42)
			Secured Debt	(9)	8/6/2021		12.92%	SF+	8.25%		8/6/2026	15,807	15,656	14,807
													22,075	20,883
Connect Telecommunications Solutions Holdings, Inc.	(13)	Value-added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	3,064	2,977	2,977
			Preferred Equity		10/9/2024	2,478							1,400	1,400
													4,377	4,377
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9)	6/29/2024		10.39%	SF+	6.00%		6/28/2029	449	427	440
			Secured Debt	(9)	6/29/2024		10.36%	SF+	6.00%		6/28/2029	2,877	2,816	2,824
			Secured Debt	(9)	8/15/2024		10.40%	SF+	6.00%		6/28/2029	1,913	1,878	1,878
			Secured Debt	(9)	6/29/2024		10.61%	SF+	6.25%		6/28/2029	8,611	8,417	8,109
													13,538	13,251
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (30)	12/27/2023			SF+	6.75%		6/27/2027	—	(31)	(31)
			Secured Debt	(9) (30)	12/27/2023			SF+	6.75%		6/27/2027	—	(31)	(31)
			Secured Debt	(9)	12/27/2023		11.18%	SF+	6.75%		6/27/2027	7,219	7,064	7,169
													7,002	7,107
Creative Foam Corporation	(10)	Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
			Secured Debt	(9) (30)	6/27/2024			SF+	5.75%		6/27/2029	—	(28)	(28)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9)	6/27/2024		10.11%	SF+	5.75%		6/27/2029	10,801	10,610	10,694
													10,582	10,666
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	37							52	50

DTE Enterprises, LLC	(10)	Industrial Powertrain Repair and Services
			Class AA Preferred Member Units (non-voting)	(8)	4/13/2018		10.00%			10.00%			1,316	438
			Class A Preferred Member Units		4/13/2018	776,316	8.00%			8.00%			776	—
													2,092	438
Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.46%	SF+	7.00%	11.46%	12/31/2026	2,318	2,160	2,220
			Secured Debt	(9)	12/20/2022		13.46%	SF+	9.00%	13.46%	12/31/2026	2,413	2,179	2,219
			Preferred Equity		12/20/2022	125,000							128	60
			Preferred Equity		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													4,467	4,499
Elgin AcquireCo, LLC		Manufacturer and Distributor of Engine and Chassis Components
			Secured Debt	(9) (30)	10/3/2022			SF+	6.00%		10/3/2027	—	—	—
			Secured Debt		10/3/2022		12.00%				10/3/2027	1,181	1,162	1,162
			Secured Debt		10/3/2022		9.00%				10/3/2052	409	406	406
			Common Stock		10/3/2022	19							374	370
			Common Stock	(23)	10/3/2022	61							102	199
													2,044	2,137
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.71%	SF+	6.25%		12/29/2027	2,328	2,303	1,863

Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (30)	4/7/2023			SF+	8.00%		4/7/2029	—	(7)	(7)
			Secured Debt	(9)	10/2/2024		12.39%	SF+	8.00%		4/7/2029	364	358	358
			Secured Debt	(9)	4/7/2023		12.43%	SF+	8.00%		4/7/2029	6,855	6,707	6,855
			Common Equity		4/7/2023	170,998							174	240
													7,232	7,446
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		12.59%	SF+	8.00%		12/22/2026	308	306	308
			Secured Debt	(9)	12/22/2021		12.59%	SF+	8.00%	6.00%	12/22/2026	3,969	3,955	3,969
													4,261	4,277
FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt		5/28/2024		13.00%				5/29/2029	8,200	7,135	7,135
			Warrants	(27)	5/28/2024	3							980	2,710
													8,115	9,845
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (28)	11/10/2023		11.29%	SF+	6.75%		11/10/2028	2,416	2,355	2,416
			Secured Debt	(9)	11/10/2023		11.34%	SF+	6.75%		11/10/2028	9,567	9,346	9,567


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Common Equity		11/10/2023	210,084							210	150
													11,911	12,133
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9) (30)	10/4/2024			SF+	7.25%		10/4/2029	—	(45)	(45)
			Secured Debt	(9) (30)	10/4/2024			SF+	7.25%		10/4/2029	—	(22)	(22)
			Secured Debt	(9)	10/4/2024		11.74%	SF+	7.25%		10/4/2029	14,824	14,542	14,542
			Common Equity		10/4/2024	471							471	471
													14,946	14,946
Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9)	12/2/2016		10.73%	SF+	6.00%		1/15/2026	661	661	661
			Secured Debt		12/2/2016		12.50%				1/15/2026	9,744	9,721	9,744
			Preferred Member Units	(8)	12/2/2016	56							713	5,060
			Preferred Member Units	(23)	12/2/2016	56							38	270
													11,133	15,735
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9)	3/7/2024		8.75%	SF+	3.50%	2.50%	6/21/2026	1,361	1,307	1,307
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	914	401	235
			Common Equity		3/7/2024	35,971							—	—
													1,708	1,542
HEADLANDS OP-CO LLC	(10)	Clinical Trial Sites Operator
			Secured Debt	(9) (30)	8/1/2022			SF+	6.50%		8/1/2027	—	(10)	(10)
			Secured Debt	(9)	8/1/2022		10.86%	SF+	6.50%		8/1/2027	1,975	1,951	1,975
			Secured Debt	(9)	6/3/2024		10.86%	SF+	6.50%		8/1/2027	1,397	1,362	1,396
			Secured Debt	(9)	8/1/2022		10.86%	SF+	6.50%		8/1/2027	4,875	4,824	4,875
			Secured Debt	(9)	6/3/2024		10.86%	SF+	6.50%		8/1/2027	2,382	2,363	2,382
													10,490	10,618
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9)	7/3/2024		9.92%	SF+	5.50%		7/3/2029	1,215	1,192	1,204
			Secured Debt	(9)	7/3/2024		10.11%	SF+	5.50%		7/3/2029	15,490	15,338	15,338
													16,530	16,542
Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		13.10%	SF+	8.25%		12/31/2027	8,000	7,859	8,000

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (30)	7/30/2021			SF+	5.75%		7/30/2026	—	(8)	—
			Secured Debt	(9)	7/30/2021		10.21%	SF+	5.75%		7/30/2028	6,154	6,102	6,154
			Secured Debt	(9)	7/30/2021		10.21%	SF+	5.75%		7/30/2028	1,922	1,906	1,922
													8,000	8,076
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			Secured Debt	(9) (28)	6/8/2023		11.39%	SF+	7.00%		6/30/2028	791	791	791
			Secured Debt	(9)	6/8/2023		11.62%	SF+	7.00%		6/30/2028	10,280	10,034	10,280
			Common Equity		6/8/2023	422							580	510
													11,405	11,581
Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/1/2017		13.73%	SF+	7.75%	1.50%	7/31/2025	17,066	17,066	14,524


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)

Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt		3/31/2023		12.00%				3/31/2028	3,763	3,714	3,763
			Preferred Equity	(8)	3/31/2023	21,840							1,092	2,310
													4,806	6,073
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (30)	7/19/2023			SF+	6.25%		7/19/2028	—	(32)	(32)
			Secured Debt	(9) (30)	7/19/2023			SF+	6.25%		7/19/2029	—	(27)	(27)
			Secured Debt	(9)	7/19/2023		10.87%	SF+	6.25%		7/19/2029	8,289	8,100	7,869
			Common Equity		7/19/2023	47,847							239	120
													8,280	7,930
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9) (28)	4/3/2023		14.69%	SF+	10.00%		4/3/2028	677	664	620
			Secured Debt	(9)	4/3/2023		14.58%	SF+	10.00%		4/3/2028	6,198	6,091	5,681
			Secured Debt	(9)	6/14/2023		14.58%	SF+	10.00%		4/3/2028	1,248	1,227	1,144
			Common Equity		4/3/2023	128,727							349	21
													8,331	7,466
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (28)	12/9/2021		14.54%	SF+	10.00%	14.54%	8/7/2023	2,075	2,075	1,580
			Secured Debt	(9) (14) (17)	8/7/2019		11.67%	SF+	7.00%	11.67%	8/7/2023	7,334	7,254	13
			Common Stock		12/7/2021	2,143							—	—
													9,329	1,593
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9) (28)	8/28/2019		12.01%	SF+	7.50%		12/31/2026	1,037	1,033	996
			Secured Debt	(9)	8/28/2019		12.01%	SF+	7.50%		12/31/2026	16,771	16,704	16,098
													17,737	17,094
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt		8/2/2021		13.00%				1/31/2028	1,128	1,113	1,113
			Secured Debt		9/1/2021		13.00%				1/31/2028	735	725	725
			Secured Debt		11/15/2021		13.00%				1/31/2028	2,236	2,236	2,236
			Secured Debt		11/15/2021		13.00%				1/31/2028	4,406	4,344	4,344
			Secured Debt		1/31/2023		13.00%				1/31/2028	2,461	2,379	2,379
			Preferred Equity		6/26/2024	177,800	25.00%			25.00%			178	190
			Common Stock		8/3/2021	50,753							689	710
													11,664	11,697
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9)	4/13/2023		11.25%	SF+	6.60%	8.75%	4/14/2028	2,962	2,778	622
			Common Equity		4/13/2023	186,322							—	—
													2,778	622
Island Pump and Tank, LLC	(10)	Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
			Secured Debt	(9) (30)	5/20/2024			SF+	6.50%		5/17/2029	—	(5)	(5)
			Secured Debt	(9)	5/20/2024		10.35%	SF+	5.50%		5/17/2029	1,735	1,708	1,722


Maryland			45-3999996
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1300 Post Oak Boulevard, 8th Floor Houston, TX			77056
(Address of principal executive offices)			(Zip Code)


PART I
FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—June 3 0 , 2025 (unaudited) and December 31, 2024	1
	Consolidated Statements of Operations (unaudited)—Three and six months ended June 3 0 , 2025 and 2024	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three and six months ended June 3 0 , 2025 and 2024	3
	Consolidated Statements of Cash Flows (unaudited)—Six months ended June 3 0 , 2025 and 2024	4
	Consolidated Schedule of Investments (unaudited)—June 3 0 , 2025	5
	Consolidated Schedule of Investments—December 31, 2024	26
	Notes to Consolidated Financial Statements (unaudited)	46
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Six months ended June 3 0 , 2025 and 2024	87
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	97
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	114
Item 4.	Controls and Procedures	115
PART II
OTHER INFORMATION
Item 1.	Legal Proceedings	116
Item 1A.	Risk Factors	116
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	116
Item 5.	Other Information	116
Item 6.	Exhibits	117
	Signatures	118


þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934