msif-20260331


	March 31, 2026		December 31, 2025
ASSETS	(Unaudited)
Investments at fair value:
Control investments (cost: $52,432 and $52,550 as of March 31, 2026 and December 31, 2025, respectively)	$	53,802	$	58,372
Affiliate investments (cost: $333,498 and $322,074 as of March 31, 2026 and December 31, 2025, respectively)	426,618		406,771
Non‑Control/Non‑Affiliate investments (cost: $910,600 and $885,299 as of March 31, 2026 and December 31, 2025, respectively)	888,782		870,244
Total investments (cost: $1,296,530 and $1,259,923 as of March 31, 2026 and December 31, 2025, respectively)	1,369,202		1,335,387
Cash and cash equivalents	15,559		20,635

Interest and dividend receivable	11,942		12,273
Prepaids and other assets	10,094		9,546
Deferred financing costs (net of accumulated amortization of $7,467 and $7,259 as of March 31, 2026 and December 31, 2025, respectively)	3,128		3,190

Total assets	$	1,409,925	$	1,381,031
LIABILITIES
Credit Facilities	$	350,000	$	453,000
October 2026 Notes (par: $150,000 as of both March 31, 2026 and December 31, 2025)	149,826		149,751
May 2029 Notes (par: $150,000 as of March 31, 2026)	149,274		—

Accounts payable and other liabilities	4,408		3,549

Interest payable	7,463		5,946
Dividend payable	16,324		16,772
Base management and incentive fees payable	7,340		8,388
Deferred tax liability, net	5,762		4,966


Total liabilities	690,397		642,372
Commitments and contingencies (Note I)
NET ASSETS
Common stock, $0.001 par value per share (450,000,000 shares authorized; 45,345,229 and 46,588,608 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)	45		47
Additional paid‑in capital	765,979		782,007



Total overdistributed earnings	(46,496)		(43,395)
Total net assets	719,528		738,659
Total liabilities and net assets	$	1,409,925	$	1,381,031
NET ASSET VALUE PER SHARE	$	15.87	$	15.85


	Three Months Ended March 31,
	2026		2025
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments	$	1,195	$	1,442
Affiliate investments	9,247		9,335
Non‑Control/Non‑Affiliate investments	23,645		22,450
Total investment income	34,087		33,227
EXPENSES:
Interest	(8,920)		(8,243)
Base management fee	(5,225)		(4,972)
Incentive fee on income	(3,099)		(2,023)
Incentive fee on capital gains	638		—
General and administrative	(1,039)		(1,027)
Internal administrative services expenses	(186)		(174)




Total expenses before expense waivers	(17,831)		(16,439)
Waiver of incentive fee on income	985		—
Total expenses, net of expense waivers	(16,846)		(16,439)
NET INVESTMENT INCOME BEFORE TAXES	17,241		16,788
Excise tax expense	(50)		(192)
Federal and state income and other tax expenses	(956)		(850)
NET INVESTMENT INCOME	16,235		15,746
NET REALIZED GAIN (LOSS):
Control investments	—		9
Affiliate investments	(1,656)		—
Non‑Control/Non‑Affiliate investments	1,415		(21,075)

Total net realized loss	(241)		(21,066)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	(4,452)		(833)
Affiliate investments	8,423		2,836
Non‑Control/Non‑Affiliate investments	(6,614)		16,780
Total net unrealized appreciation (depreciation)	(2,643)		18,783
Income tax benefit (provision) on net realized loss and net unrealized appreciation (depreciation)	(128)		2,412
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,223	$	15,875
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.35	$	0.35
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.29	$	0.36
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	46,116,898		44,680,084


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


















































































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















Balances as of December 31, 2025	46,588,608	$	47	$	782,007	$	(43,395)	$	738,659



Common stock repurchased	(1,243,379)	(2)		(16,028)		—		(16,030)

Net increase in net assets resulting from operations	—	—		—		13,223		13,223
Dividends to stockholders	—	—		—		(16,324)		(16,324)
Balances as of March 31, 2026	45,345,229	$	45	$	765,979	$	(46,496)	$	719,528


	Three Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	13,223	$	15,875
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:

Investments in portfolio companies	(73,732)		(142,755)
Proceeds from sales and repayments of debt investments in portfolio companies	33,827		52,244
Proceeds from sales and return of capital of equity investments in portfolio companies	7,796		8,909
Net unrealized (appreciation) depreciation	2,643		(18,783)
Net realized loss	241		21,066

Accretion of unearned income	(1,692)		(1,750)
Payment-in-kind interest	(2,500)		(1,915)
Cumulative dividends	(285)		(74)
Amortization of deferred financing costs	298		247

Deferred taxes	796		(1,853)
Changes in other assets and liabilities:
Interest and dividend receivable	168		(803)

Prepaid and other assets	(506)		784

Accounts payable and other liabilities	867		(2,978)
Interest payable	1,517		806
Base management and incentive fees payable	(1,048)		(1,514)


Net cash used in operating activities	(18,387)		(72,494)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of underwriting and offering costs	—		90,532

Redemption of common stock	(16,030)		—

Dividends paid	(16,772)		(9,991)
Proceeds from Credit Facilities	138,000		130,000
Repayments on Credit Facilities	(241,000)		(125,000)

Proceeds from May 2029 Notes	150,000		—


Payment of deferred financing costs	(887)		(1,963)
Net cash provided by financing activities	13,311		83,578

Net increase (decrease) in cash and cash equivalents	(5,076)		11,084
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD	20,635		28,375
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD	$	15,559	$	39,459




Supplemental cash flow disclosures:
Interest paid	$	7,106	$	7,189
Taxes paid	$	88	$	4,120
Non-cash financing activities:
Dividends declared and unpaid	$	16,324	$	16,866
Value of shares issued pursuant to the dividend reinvestment plan	$	—	$	4,496


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	$	1,182	$	1,182	$	1,182
			Preferred Equity		11/4/2024	13,024,663								13,025		5,189
														14,207		6,371
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(24)	7/17/2017	38.75%								515		530

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		9.79%	SF+	6.00%		10/29/2026	1,550		1,546		1,550
			Secured Debt		12/19/2014		11.79%	SF+	8.00%		10/29/2026	19,944		19,914		19,944
			Member Units	(8)	12/19/2014	2,896								6,435		21,680
														27,895		43,174
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(24)	10/1/2017	49.26%								1,158		1,957

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								653		870
			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		—
														8,657		1,770
Subtotal Control investments (7.5% of net assets at fair value)														$	52,432	$	53,802
Affiliate Investments (6)
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/27/2026		12.36%	SF+	8.50%	12.36%	3/28/2028	$	89	$	89	$	89
			Secured Debt	(9)	3/25/2025		12.31%	SF+	8.50%	12.31%	3/28/2028	2,397		2,397		2,397
			Secured Debt	(9)	3/25/2025		12.31%	SF+	8.50%	12.31%	3/28/2028	2,397		2,397		1,978
			Preferred Equity		3/25/2025	7,590								2,556		1,080
														7,439		5,544
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.25%				8/16/2029	935		928		928
			Preferred Member Units		5/20/2021	603								597		1,510
			Preferred Member Units		8/16/2019	777								800		140
			Warrants	(27)	8/16/2019	105					8/16/2029			79		—
														2,404		2,578
Batjer TopCo, LLC		HVAC Mechanical Contractor


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	(30)	3/7/2022						3/7/2027	—	—	—
		Secured Debt	(30)	3/7/2022						3/7/2027	—	—	—
		Secured Debt		3/7/2022		10.00%				3/7/2027	1,093	1,088	1,093
		Preferred Stock	(8)	3/7/2022	453							455	1,040
												1,543	2,133
Brewer Crane Holdings, LLC	Provider of Crane Rental and Operating Services
		Secured Debt	(9)	1/9/2018		13.79%	SF+	10.00%		12/31/2026	1,254	1,254	1,254
		Preferred Member Units	(8)	1/9/2018	737							1,070	740
		Preferred Member Units	(8)	7/7/2025	78	15.00%			15.00%			87	87
												2,411	2,081
Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (30)	1/4/2019			SF+	8.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		11.79%	SF+	8.00%		1/4/2028	6,021	6,005	6,021
		Preferred Member Units		1/4/2019	3,471							1,596	11,490
												7,601	17,511
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (30)	2/26/2018			SF+	6.00%		2/26/2029	—	(20)	—
		Secured Debt	(9)	2/26/2018		11.86%	SF+	8.00%		2/26/2029	10,305	10,170	10,305
		Member Units	(8)	2/26/2018	1,087							2,860	9,880
		Member Units	(8) (23)	11/2/2018	261,786							443	1,020
												13,453	21,205
Charps, LLC	Pipeline Maintenance and Construction
		Preferred Member Units	(8)	2/3/2017	457							491	4,010

Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(30)	10/28/2022						7/31/2027	—	—	—
		Secured Debt		12/20/2016		10.00%				7/31/2030	2,310	2,289	2,310
		Secured Debt		12/20/2016		10.00%				12/20/2036	229	228	229
		Member Units	(8)	12/20/2016	179							1,820	3,720
		Member Units	(23)	12/20/2016	200							127	377
												4,464	6,636
Cody Pools, Inc.	Designer of Residential and Commercial Pools
		Secured Debt	(30)	3/6/2020						12/3/2030	—	(21)	—
		Secured Debt		3/6/2020		12.50%				12/3/2030	5,783	5,683	5,783
		Preferred Member Units	(8) (23)	3/6/2020	147							2,079	16,070
												7,741	21,853
Colonial Electric Company LLC	Provider of Electrical Contracting Services
		Secured Debt	(30)	3/31/2021						3/31/2028	—	—	—
		Secured Debt		3/31/2021		9.00%				3/31/2028	2,195	2,169	2,195
		Preferred Member Units	(8)	3/31/2021	4,320							1,920	4,740
												4,089	6,935


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)
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(30)	11/22/2023						11/22/2028	—	(11)	(11)
			Secured Debt		11/22/2023		13.50%				11/22/2028	4,050	3,986	4,008
			Preferred Equity		11/22/2023	1,863							1,863	1,860
													5,838	5,857
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt	(17)	3/1/2022		7.50%				12/31/2025	75	75	75
			Secured Debt	(17)	3/31/2021		10.00%				12/31/2025	861	861	343
			Preferred Member Units		3/31/2021	1,040							330	—
													1,266	418
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		13.69%	SF+	10.00%		4/27/2029	2,989	2,988	2,837
			Preferred Member Units	(8)	4/1/2018	964							2,375	2,459
													5,363	5,296
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(30)	2/13/2018						2/28/2031	—	(18)	—
			Secured Debt		12/27/2022		14.00%				2/28/2031	8,726	8,511	8,726
			Preferred Stock		2/13/2018	2,484							3,260	7,209
													11,753	15,935
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		10.00%				6/18/2029	140	138	140
			Secured Debt		11/19/2021		10.00%				6/18/2029	3,200	3,179	3,200
			Preferred Equity		11/19/2021	1,486							1,486	3,416
			Preferred Equity	(8)	6/18/2024	767	15.00%			15.00%			973	1,973
													5,776	8,729
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt		6/30/2025		12.00%				6/30/2030	16,500	16,224	16,500
			Preferred Equity	(8)	10/29/2021	2,340							2,600	13,940
													18,824	30,440
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)	6/24/2016		11.19%	SF+	7.50%		1/1/2028	400	400	400
			Secured Debt	(9)	11/22/2024		11.19%	SF+	7.50%		1/1/2028	18,742	18,656	18,742
			Member Units	(8)	6/24/2016	2,261							4,423	29,460
			Member Units	(23)	12/15/2025	102							76	76
													23,555	48,678
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	3,513	3,513	3,513


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	56							1,225	2,740
													4,738	6,253
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(24)	8/9/2017	8.22%							1,297	3,736

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	200	187	200
			Secured Debt		6/21/2023		13.00%				6/21/2028	8,566	8,452	8,566
			Common Equity		6/21/2023	3,600							3,600	7,190
													12,239	15,956
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	6,436,566							6,540	6,790

Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.42%	SF+	7.50%		8/20/2026	14,340	14,315	13,770
			Preferred Equity	(8)	12/7/2023	3,725	10.00%			10.00%			337	498
			Preferred Equity		6/3/2025	3,596	10.00%			10.00%			383	480
			Common Stock		8/20/2021	11,647							1,584	330
													16,619	15,078
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	2,550	2,548	2,548
			Secured Debt		10/31/2018		9.00%				10/31/2048	974	967	967
			Preferred Equity	(8)	10/31/2018	145							3,060	4,590
			Member Units	(8) (23)	10/31/2018	200							248	1,048
													6,823	9,153
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt	(9)	12/29/2025		9.20%	SF+	5.50%		10/1/2028	1,629	1,584	1,629
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,466	1,439	1,466
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,259	1,259	1,259
			Preferred Equity		2/10/2025	11,516							6,113	7,830
													10,395	12,184
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.81%	SF+	5.50%	9.81%	1/28/2031	2,400	2,400	2,314
			Secured Debt	(9)	4/11/2025		9.17%	SF+	5.50%	9.17%	1/28/2031	1,427	1,427	1,376
			Preferred Equity	(8) (23)	12/19/2024	53,505							12,283	9,460
													16,110	13,150
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		12.50%				6/4/2029	10,318	10,267	10,318
			Preferred Equity	(8)	6/4/2024	84,201							2,799	7,390
													13,066	17,708
NexRev LLC		Provider of Energy Efficiency Products & 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)
			Preferred Member Units		2/28/2018	25,786,046							2,053	3,140

NuStep, LLC		Designer, Manufacturer and Distributor of Fitness Equipment
			Secured Debt	(9)	1/31/2017		10.29%	SF+	6.50%		1/31/2028	650	650	650
			Secured Debt		1/31/2017		12.00%				1/31/2030	4,610	4,542	4,542
			Preferred Member Units		11/2/2022	600							696	1,570
			Preferred Member Units		1/31/2017	122							2,966	2,730
													8,854	9,492
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	282							282	810

Orttech Holdings, LLC		Distributor of Industrial Clutches, Brakes and Other Components
			Secured Debt	(9) (30)	7/30/2021			SF+	11.00%		7/31/2026	—	(2)	—
			Secured Debt	(9)	7/30/2021		14.79%	SF+	11.00%		7/31/2026	5,190	5,183	5,190
			Preferred Stock	(23)	7/30/2021	2,500							2,500	3,360
													7,681	8,550
Pinnacle TopCo, LLC		Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
			Secured Debt	(30)	12/21/2023						12/21/2028	—	(5)	—
			Secured Debt		12/21/2023		13.00%				12/21/2028	6,600	6,510	6,600
			Preferred Equity	(8)	12/21/2023	110							3,135	5,110
													9,640	11,710
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		10.56%	SF+	6.75%	10.56%	6/30/2027	1,422	1,421	1,178
			Secured Debt	(9)	2/5/2025		10.59%	SF+	6.75%	10.59%	6/30/2027	449	449	372
			Secured Debt	(9)	7/17/2025		10.59%	SF+	6.75%	10.59%	6/30/2027	438	438	363
			Secured Debt	(9)	4/8/2021		10.56%	SF+	6.75%	10.56%	6/30/2027	14,867	14,859	12,320
			Common Equity		8/12/2024	107							—	—
													17,167	14,233
Robbins Bros. Jewelry, Inc.		Bridal Jewelry Retailer
			Secured Debt	(14) (30)	12/15/2021						12/15/2026	—	(13)	(13)
			Secured Debt	(14)	12/15/2021		12.50%			10.00%	12/15/2026	3,740	3,486	1,552
			Preferred Equity		12/15/2021	1,230							1,230	—
													4,703	1,539
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.80%				6/16/2028	750	746	750
			Secured Debt	(33)	6/16/2023		12.86%				6/16/2028	22,283	22,256	22,283
			Preferred Member Units	(8)	8/31/2018	55							508	5,730
													23,510	28,763
Student Resource Center, LLC	(10)	Higher Education 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		9/11/2024		8.50%			8.50%	12/31/2027	251		251		871
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,918		5,425		1,817
			Preferred Equity		12/31/2022	6,564,055								—		—
														5,676		2,688
Tedder Industries, LLC		Manufacturer of Firearm Holsters and Accessories
			Secured Debt	(17)	8/31/2018		12.00%			12.00%	8/31/2023	328		324		328
			Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	3,800		3,761		1,344
			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		—
														6,702		1,672
Trantech Radiator Topco, LLC		Transformer Cooling Products and Services
			Secured Debt		5/31/2019		11.50%				5/31/2031	400		400		400
			Secured Debt		5/31/2019		13.50%				5/31/2031	7,820		7,656		7,820
			Secured Debt		11/21/2025		9.00%				5/31/2027	510		508		510
			Secured Debt		3/25/2026		9.00%				5/31/2027	500		498		500
			Secured Debt		3/25/2026		9.00%				5/31/2027	100		100		100
			Common Stock	(8)	5/31/2019	163								1,505		4,960
			Common Equity	(23)	11/21/2025	181								174		174
														10,841		14,464
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	2,200		2,162		2,122
			Preferred Equity	(8)	2/16/2024	1,000								1,154		640
														3,316		2,762
Victory Energy Operations, LLC		Provider of Industrial and Commercial Combustion Systems
			Secured Debt		10/3/2024		13.00%				10/3/2029	346		332		332
			Secured Debt		10/3/2024		13.00%				10/3/2029	7,749		7,587		7,587
			Preferred Equity		10/3/2024	8,259								3,609		3,800
														11,528		11,719
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (30)	12/1/2021			SF+	6.00%		12/1/2026	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	6,000		5,976		5,976
			Preferred Equity	(23)	12/1/2021	3,060								3,060		3,060
														9,036		9,036
Subtotal Affiliate investments (59.3% of net assets at fair value)														$	333,498	$	426,618
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		11/24/2025		21.00%			21.00%	11/24/2032	$	373	$	337	$	373
			Secured Debt		4/1/2025		20.00%			20.00%	11/24/2032	323		323		323
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	1,070		1,070		875
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	1,070		1,070		875
			Preferred Equity		3/28/2025	4,342,688								2,931		10


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 Stock		12/11/2020	593,927							3,148	—
													8,879	2,456
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	958	958	953
			Secured Debt	(9)	11/26/2025		11.00%	SF+	8.00%	1.00%	3/11/2027	92	91	91
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	1,895	1,894	1,887
													2,943	2,931
AGS American Glass Services Acquisition, LLC	(10)	Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions
			Secured Debt	(9) (30)	7/24/2025			SF+	5.50%		7/24/2031	—	(45)	(45)
			Secured Debt	(9) (30)	7/24/2025			SF+	5.50%		7/24/2031	—	(26)	(26)
			Secured Debt	(9)	7/24/2025		9.17%	SF+	5.50%		7/24/2031	13,737	13,556	13,415
			Preferred Equity		7/24/2025	10,000							1,000	780
													14,485	14,124
Airo Purchaser, Inc.	(10)	Provider of HVAC and Plumbing Installation Services
			Secured Debt	(9) (30)	8/1/2025			SF+	5.25%		8/1/2030	—	(48)	(48)
			Secured Debt	(9) (30)	8/1/2025			SF+	5.25%		8/1/2030	—	(24)	(24)
			Secured Debt	(9)	8/1/2025		8.92%	SF+	5.25%		8/1/2030	22,318	21,980	22,318
			Common Equity		8/1/2025	1,233							1,233	1,340
													23,141	23,586
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	11							83	—

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (30)	11/19/2021			P+	5.25%		11/19/2028	—	(2)	(2)
			Secured Debt	(9)	11/19/2021		12.00%	P+	5.25%		11/19/2028	6,720	6,709	6,720
													6,707	6,718
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	2,303	2,303	2,303
			Secured Debt	(9)	11/6/2023		10.28%	SF+	6.50%	10.28%	11/6/2028	4,896	4,896	4,896
			Preferred Equity		11/6/2023	17,265							7,468	9,256
			Preferred Equity		11/6/2023	17,265							—	—
			Common Equity		11/9/2021	2,070							124	—
													14,791	16,455
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		9.92%	SF+	6.00%		1/18/2028	225	216	225
			Secured Debt	(9)	1/18/2022		8.92%	SF+	5.00%		1/18/2028	925	920	925
			Secured Debt	(9)	1/18/2022		10.92%	SF+	7.00%		1/18/2028	925	920	925
			Common Stock		1/18/2022	100,000							100	140
													2,156	2,215


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)
Auria Space, LLC	(10)	Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms
			Secured Debt	(9) (30)	12/31/2025			SF+	5.00%		12/31/2030	—	(36)	(36)
			Secured Debt	(9)	12/31/2025		8.68%	SF+	5.00%		12/31/2030	13,793	13,598	13,598
			Secured Debt	(9)	12/31/2025		8.68%	SF+	5.00%		12/31/2030	12,931	12,750	12,642
			Member Units		2/6/2026	127,648							690	690
													27,002	26,894
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (30)	12/23/2022			SF+	7.25%		12/23/2027	—	(8)	(8)
			Secured Debt	(9) (30)	12/18/2025			SF+	7.25%		12/23/2027	—	(5)	(5)
			Secured Debt	(9)	12/23/2022		11.11%	SF+	7.25%		12/23/2027	3,236	3,192	3,236
			Common Equity	(8)	12/15/2021	137							130	152
													3,309	3,375
Behavior Development Group Holdings	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9)	12/17/2025		9.67%	SF+	6.00%		12/17/2030	1,000	965	965
			Secured Debt	(9)	12/17/2025		9.70%	SF+	6.00%		12/17/2030	15,953	15,730	15,730
			Common Equity		12/17/2025	500							500	500
													17,195	17,195
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	—
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.28%	SF+	8.50%	11.28%	5/6/2026	215	134	264
			Secured Debt	(9) (14)	10/19/2022		14.25%	P+	7.50%	13.25%	5/6/2026	2,980	2,927	95
			Secured Debt	(9) (14)	8/28/2020		12.28%	SF+	8.50%	11.28%	5/6/2026	4,486	4,174	—
			Common Stock		10/1/2020	700,446							—	—
			Warrants	(27)	10/19/2022	175,110					10/19/2032		1,111	—
													8,346	359
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	660
													628	724
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	—	(11)	(11)
			Secured Debt	(9)	2/3/2025		8.41%	SF+	4.75%		2/3/2030	2,850	2,812	2,833
			Secured Debt	(9)	2/3/2025		10.41%	SF+	6.75%		2/3/2030	2,850	2,812	2,833
			Common Equity		2/3/2025	180,000							180	180
													5,793	5,835
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		9.56%	SF+	5.75%		5/1/2028	360	353	360


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)	10/31/2025		9.56%	SF+	5.75%		5/1/2028	878	862	878
			Secured Debt	(9)	5/1/2023		8.56%	SF+	4.75%		5/1/2028	3,949	3,916	3,949
			Secured Debt	(9)	5/1/2023		10.56%	SF+	6.75%		5/1/2028	3,949	3,916	3,949
			Preferred Equity		5/1/2023	360							360	390
			Common Equity		5/1/2023	360							—	—
													9,407	9,526
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(24)	7/21/2014	1.59%							1,727	869
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (24)	10/26/2016	0.59%							6,440	6,447
													8,167	7,316
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	4,492	4,222	—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	—	—	—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	4,078	4,078	—
			Preferred Member Units		6/30/2015	4	6.00%			6.00%			3,040	—
													11,340	—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (30)	12/17/2021			SF+	6.00%		6/5/2030	—	(6)	(6)
			Secured Debt		12/17/2021		13.00%				6/5/2030	2,432	2,382	2,382
			Common Stock		12/17/2021	57,402							574	600
													2,950	2,976
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	105,856							106	230

CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt		12/10/2021		15.00%				12/10/2026	200	199	200
			Secured Debt		12/10/2021		15.00%				12/10/2026	2,790	2,789	2,790
			Preferred Equity	(8)	12/10/2021	368							404	2,840
													3,392	5,830
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (28)	2/7/2022		10.66%	SF+	6.75%		2/7/2027	438	431	438
			Secured Debt	(9)	2/7/2022		10.64%	SF+	6.75%		2/7/2027	3,283	3,271	3,283
			Secured Debt	(9)	6/24/2022		10.64%	SF+	6.75%		2/7/2027	182	181	182
			Secured Debt	(9)	3/27/2023		10.64%	SF+	6.75%		2/7/2027	440	437	440
													4,320	4,343
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,644	2,300	8

Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	39							—	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)
Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt		3/6/2026		15.00%			15.00%	8/6/2026	632	613	613
			Secured Debt	(9) (28)	8/6/2021		12.06%	SF+	8.25%	12.06%	8/6/2026	7,552	7,537	6,472
			Secured Debt	(9)	8/6/2021		12.06%	SF+	8.25%	12.06%	8/6/2026	18,333	18,302	15,713
													26,452	22,798
Connect Telecommunications Solutions Holdings, Inc.	(13) (21)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	2,604	2,548	2,548
			Preferred Equity		10/9/2024	2,478							1,400	1,400
													3,948	3,948
Core Transformers	(10)	Refurbisher and Distributor of Electric Transformers
			Secured Debt	(9) (30)	9/24/2025			SF+	5.50%		9/23/2031	—	(90)	(90)
			Secured Debt	(9) (30)	9/24/2025			SF+	5.50%		9/23/2031	—	(90)	(90)
			Secured Debt	(9)	9/24/2025		9.18%	SF+	5.50%		9/23/2031	10,000	9,819	10,000
			Common Equity		9/24/2025	1,000,000							1,000	1,640
													10,639	11,460
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9) (28)	6/29/2024		10.17%	SF+	6.50%		6/28/2029	449	433	444
			Secured Debt	(9)	6/29/2024		10.17%	SF+	6.50%		6/28/2029	2,834	2,790	2,802
			Secured Debt	(9)	6/29/2024		10.42%	SF+	6.75%		6/28/2029	8,524	8,386	8,329
			Secured Debt	(9)	8/15/2024		10.16%	SF+	6.50%		6/28/2029	1,889	1,864	1,867
													13,473	13,442
CoreStack, Inc.	(10)	Multi-Cloud Governance Platform Provider
			Secured Debt		3/25/2026		10.00%			10.00%	9/25/2028	400	400	400
			Secured Debt		3/25/2026						9/25/2028	3,800	3,800	3,800
													4,200	4,200
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (30)	12/27/2023			SF+	6.50%		6/27/2027	—	(16)	(16)
			Secured Debt	(9)	12/27/2023		10.30%	SF+	6.50%		6/27/2027	6,750	6,675	6,750
													6,659	6,734
CRC Evans USA 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) (30) (28)	8/19/2022			SF+	6.75%		6/30/2029	—	(11)	—
			Secured Debt	(9) (30)	12/31/2025			SF+	6.75%		6/30/2029	—	(17)	(17)
			Secured Debt	(9)	12/31/2025		10.71%	SF+	6.75%		6/30/2029	617	606	617
			Secured Debt	(9)	8/19/2022		10.71%	SF+	6.75%		6/30/2029	967	947	967
													1,525	1,567
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+	7.00%		6/27/2029	—	(20)	(20)
			Secured Debt	(9)	3/4/2025		10.65%	SF+	7.00%		6/27/2029	16,578	16,326	16,578
			Secured Debt	(9)	6/27/2024		10.70%	SF+	7.00%		6/27/2029	10,400	10,265	10,400


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		3/4/2025	2,862							286	180
													26,857	27,138
Dalton US Inc.	(10)	Provider of Supplemental Labor Services
			Common Stock		8/16/2022	37						52	52	50

Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.77%	SF+	8.00%	11.77%	12/31/2026	2,689	2,610	2,689
			Secured Debt	(9)	12/20/2022		12.77%	SF+	9.00%		12/31/2026	2,493	2,259	2,463
			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							—	—
													4,997	5,262
Electro Technical Industries, LLC	(10)	Manufacturer of Mission-Critical Electrical Distribution Systems
			Secured Debt	(9) (30)	3/31/2025			SF+	5.50%		3/31/2030	—	(68)	(68)
			Secured Debt	(9)	3/31/2025		9.18%	SF+	5.50%		3/31/2030	24,311	23,922	24,311
			Common Equity		3/31/2025	714,286							714	1,580
													24,568	25,823
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	1,089	1,079	1,079
			Secured Debt		10/3/2022		9.00%				10/3/2052	405	402	402
			Common Stock		10/3/2022	19							374	340
			Common Stock	(23)	10/3/2022	61							102	218
													1,957	2,039
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.10%	SF+	6.25%		12/29/2027	2,266	2,251	1,391

Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (30)	4/7/2023			SF+	6.00%		4/7/2029	—	(5)	—
			Secured Debt	(9)	10/2/2024		9.70%	SF+	6.00%		4/7/2029	354	349	354
			Secured Debt	(9)	4/7/2023		9.70%	SF+	6.00%		4/7/2029	6,663	6,559	6,663
			Common Equity		4/7/2023	170,998							174	240
													7,077	7,257
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		10.96%	SF+	7.00%		12/22/2026	308	307	308
			Secured Debt	(9)	12/22/2021		10.96%	SF+	7.00%		12/22/2026	3,991	3,986	3,991
													4,293	4,299
FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt	(30)	5/28/2024						5/28/2029	—	—	—
			Secured Debt		5/28/2024		13.00%				5/29/2029	7,688	6,971	7,688
			Warrants	(8) (27)	5/28/2024	3					5/28/2034		980	3,660
													7,951	11,348
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products


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)	4/14/2025		10.92%	SF+	7.25%		10/14/2027	611	593	611
			Secured Debt	(9)	4/14/2025		10.92%	SF+	7.25%		10/14/2027	8,460	8,357	8,460
			Common Equity		11/10/2023	210,084							210	130
													9,160	9,201
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		11.18%	SF+	7.50%		10/4/2029	424	391	417
			Secured Debt	(9)	10/4/2024		11.18%	SF+	7.50%		10/4/2029	1,959	1,924	1,924
			Secured Debt	(9) (26)	10/4/2024		11.17%	SF+	7.50%		10/4/2029	14,360	14,158	14,059
			Common Equity		10/4/2024	570							564	350
													17,037	16,750
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(24)	6/2/2025	4.13%							1,590	1,831

Hawk Ridge Systems, LLC		Value-Added Reseller of Engineering Design and Manufacturing Solutions
			Secured Debt	(9) (30)	12/2/2016			SF+	6.00%		1/15/2029	—	(5)	—
			Secured Debt	(30)	1/2/2026						1/15/2029	—	—	—
			Secured Debt	(30)	1/2/2026						1/15/2029	—	—	—
			Secured Debt		12/2/2016		11.00%				1/15/2029	10,879	10,820	10,879
			Preferred Member Units	(8)	12/2/2016	56							713	6,580
			Preferred Member Units	(23)	12/2/2016	56							38	350
													11,566	17,809
HDC/HW Intermediate Holdings	(10)	Managed Services and Hosting Provider
			Secured Debt	(9) (14)	3/7/2024		9.01%	SF+	3.50%	2.50%	6/21/2026	1,465	1,436	1,104
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	6/21/2026	914	401	—
			Common Equity		3/7/2024	35,971							—	—
													1,837	1,104
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (28)	7/3/2024		9.18%	SF+	5.50%	1.50%	7/3/2029	2,446	2,430	2,419
			Secured Debt	(9)	7/3/2024		9.15%	SF+	5.50%	1.50%	7/3/2029	16,464	16,340	16,256
													18,770	18,675
Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		11.91%	SF+	8.25%		12/31/2027	8,000	7,917	8,000

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9) (30)	7/30/2021			SF+	5.75%		7/30/2028	—	(5)	—
			Secured Debt	(9)	7/30/2021		9.52%	SF+	5.75%		7/30/2028	6,122	6,089	6,122
			Secured Debt	(9)	7/30/2021		9.52%	SF+	5.75%		7/30/2028	1,897	1,887	1,897
													7,971	8,019
Ignite Visibility LLC	(10)	Digital Marketing Services Agency
			Secured Debt	(9)	12/15/2025		8.41%	SF+	4.75%		12/1/2028	7,931	7,826	7,826
			Secured Debt	(9)	12/15/2025		10.41%	SF+	6.75%		12/1/2028	7,931	7,826	7,826
													15,652	15,652
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment


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	(8)	6/8/2023	422							580	540

Implus Footcare, LLC	(10)	Provider of Footwear and Related Accessories
			Secured Debt	(9)	6/13/2025		9.70%	SF+	6.00%	4.00%	10/30/2028	1,794	1,794	1,794
			Secured Debt	(9)	7/31/2025		9.70%	SF+	6.00%	9.70%	10/30/2028	4,142	4,142	4,142
			Common Equity		7/31/2025	3,874,040							5,191	3,420
													11,127	9,356
Infinity X1 Holdings, LLC		Manufacturer and Supplier of Personal Lighting Products
			Secured Debt	(30)	2/2/2026						3/31/2028	—	—	—
			Secured Debt		3/31/2023		12.00%				3/31/2028	3,769	3,765	3,769
			Preferred Equity	(8)	3/31/2023	21,840							1,092	2,130
													4,857	5,899
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9) (30)	7/19/2023			SF+	6.25%		7/19/2028	—	(21)	(21)
			Secured Debt	(9)	7/19/2023		9.92%	SF+	6.25%		7/19/2029	16,548	16,411	15,069
			Common Equity		7/19/2023	47,847							239	40
													16,629	15,088
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9) (28)	4/3/2023		13.27%	SF+	9.50%	1.50%	4/3/2028	737	729	696
			Secured Debt	(9)	4/3/2023		13.27%	SF+	9.50%	1.50%	4/3/2028	6,270	6,205	5,920
			Secured Debt	(9)	6/14/2023		13.27%	SF+	9.50%	1.50%	4/3/2028	1,263	1,249	1,192
			Secured Debt	(9)	12/31/2024		13.27%	SF+	9.50%	1.50%	4/3/2028	291	291	275
			Common Equity		4/3/2023	137,302							358	75
													8,832	8,158
Interface Security Systems, L.L.C	(10)	Commercial Security & Alarm Services
			Secured Debt	(17) (28)	12/9/2021		13.77%	SF+	10.00%	13.77%	8/7/2023	2,475	2,475	2,160
			Secured Debt	(9) (14) (17)	8/7/2019		11.02%	SF+	7.00%	11.02%	8/7/2023	7,334	7,254	5
			Common Stock		12/7/2021	2,143							—	—
													9,729	2,165
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9) (28)	8/28/2019		11.32%	SF+	7.50%		3/31/2028	1,556	1,550	1,226
			Secured Debt	(9)	8/28/2019		11.32%	SF+	8.00%	3.32%	3/31/2028	16,945	16,910	13,289
													18,460	14,515
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	1,119	1,119
			Secured Debt		9/1/2021		13.00%				1/31/2028	735	729	729
			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	4,354	4,318	4,318
			Secured Debt		1/31/2023		13.00%				1/31/2028	2,300	2,255	2,255
			Preferred Equity		6/26/2024	178	25.00%			25.00%			178	270
			Preferred Equity		9/26/2025	39	25.00%			25.00%			39	39
			Common Stock		8/3/2021	50,753							689	710
													11,563	11,676


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)
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (14)	4/13/2023		11.27%	SF+	7.50%	8.77%	4/14/2028	2,962	2,828	429
			Common Equity		4/13/2023	186,322							—	—
													2,828	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		10.92%	SF+	7.00%		5/17/2029	456	453	386
			Secured Debt	(9) (26)	5/20/2024		9.92%	SF+	6.00%		5/17/2029	2,111	2,086	1,785
			Secured Debt	(9) (26)	5/20/2024		10.92%	SF+	7.00%		5/17/2029	2,111	2,086	1,785
			Secured Debt	(9) (26)	5/20/2024		11.92%	SF+	8.00%		5/17/2029	2,111	2,086	1,785
													6,711	5,741
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		10.84%	SF+	7.00%		6/21/2027	295	292	295
			Secured Debt	(9)	6/30/2025		10.84%	SF+	7.00%		6/21/2027	1,328	1,319	1,327
			Secured Debt	(9) (30)	3/4/2026			SF+	7.00%		6/21/2027	—	—	—
			Secured Debt	(9)	6/21/2023		10.84%	SF+	7.00%		6/21/2027	1,234	1,148	1,234
			Secured Debt	(9)	6/21/2023		10.84%	SF+	7.00%		6/21/2027	1,234	1,148	1,234
			Secured Debt	(9)	6/30/2025		10.84%	SF+	7.00%		6/21/2027	443	440	443
			Secured Debt	(9)	3/4/2026		10.84%	SF+	7.00%		6/21/2027	590	590	590
			Warrants	(8) (27)	6/21/2023	48,327					6/21/2033		523	3,810
													5,460	8,933
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.31%	SF+	7.50%		11/4/2026	1,480	1,474	1,480
			Secured Debt	(9) (26)	2/27/2024		11.29%	SF+	7.50%		11/4/2026	1,251	1,246	1,251
			Secured Debt	(9) (26)	11/1/2024		11.18%	SF+	7.50%		11/4/2026	1,333	1,321	1,333
			Secured Debt	(9)	11/8/2021		11.31%	SF+	7.50%		11/4/2026	3,423	3,410	3,423
			Preferred Equity		11/8/2021	5,653,333							216	1,300
													7,667	8,787
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		11.77%	SF+	8.00%		3/29/2029	1,523	1,523	1,523
			Secured Debt	(9)	3/30/2024		11.77%	SF+	8.00%		3/29/2029	1,137	1,137	1,137
			Common Stock		3/29/2024	4,535,784							166	230
													2,826	2,890
JorVet Holdings, LLC		Supplier and Distributor of Veterinary Equipment and Supplies
			Secured Debt		3/28/2022		12.00%				3/28/2027	2,591	2,581	2,581
			Preferred Equity	(8)	3/28/2022	12,214							1,221	1,221
													3,802	3,802
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (14)	8/25/2025		8.92%	SF+	5.00%	8.92%	6/20/2030	544	544	544
			Secured Debt	(9) (14)	8/25/2025		9.92%	SF+	6.00%	9.92%	6/20/2030	3,043	3,043	720
			Secured Debt	(14)	8/25/2025		15.00%			15.00%	6/20/2030	1,404	517	—
			Common Equity		12/22/2021	140,351							140	—
			Common Equity		8/25/2025	70,000							70	—
													4,314	1,264
LLFlex, LLC	(10)	Provider of Metal-Based Laminates


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)	8/16/2021		11.81%	SF+	8.00%	3.00%	12/31/2029	4,718	4,631	3,837

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	4/11/2025		11.17%	SF+	7.50%	2.75%	12/31/2028	20,693	20,401	20,693
			Secured Debt		4/11/2025						12/31/2028	1,380	1,091	1,051
													21,492	21,744
MCT Purchaserco Holding Inc.	(10) (13) (21)	Manufacturer and Distributor of High-Voltage Disconnect Switches
			Secured Debt	(9)	12/1/2025		9.20%	SF+	5.50%		12/2/2030	4,857	4,799	4,799
			Secured Debt	(9)	12/1/2025		9.17%	SF+	5.50%		12/2/2030	21,533	21,332	21,332
			Common Equity		12/1/2025	863,506							619	619
													26,750	26,750
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(30)	10/19/2022						10/19/2026	—	—	—
			Secured Debt		10/19/2022		8.75%				10/19/2027	1,266	1,254	1,266
			Preferred Equity	(8)	10/19/2022	434,331	8.00%			8.00%			434	434
			Common Stock	(8)	10/19/2022	112,865							113	740
													1,801	2,440
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (30)	4/4/2022			SF+	5.50%		4/3/2028	—	(3)	(3)
			Secured Debt	(9)	11/20/2024		9.27%	SF+	5.50%		4/3/2028	1,325	1,313	1,325
			Secured Debt	(9)	4/4/2022		9.27%	SF+	5.50%		4/3/2028	1,608	1,596	1,608
													2,906	2,930
Mini Melts of America, LLC	(10)	Manufacturer and Distributor of Branded Premium Beaded Ice Cream
			Secured Debt	(9) (28)	11/30/2023		9.92%	SF+	6.25%		11/30/2028	1,005	990	932
			Secured Debt	(9) (26)	11/30/2023		9.92%	SF+	6.25%		11/30/2028	850	838	788
			Secured Debt	(9)	11/30/2023		8.92%	SF+	5.25%		11/30/2028	3,146	3,106	2,919
			Secured Debt	(9)	11/30/2023		10.92%	SF+	7.25%		11/30/2028	3,146	3,104	2,918
			Common Equity		11/30/2023	342,574							343	150
													8,381	7,707
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (30)	4/17/2025			SF+	5.50%		4/17/2030	—	(51)	(51)
			Secured Debt	(9)	4/17/2025		9.17%	SF+	5.50%		4/17/2030	4,090	3,991	4,090
			Secured Debt	(9)	4/17/2025		9.17%	SF+	5.50%		4/17/2030	18,392	18,096	18,392
			Common Equity		6/7/2023	532							532	9,590
													22,568	32,021
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		14.00%				8/19/2029	1,891	1,762	1,762
			Preferred Member Units	(8)	8/19/2024	40,821	12.00%			12.00%			496	580
			Warrants	(27)	8/19/2024	14,842					8/19/2029		148	220
													2,406	2,562
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt	(9)	5/24/2022		10.21%	SF+	6.25%		5/24/2027	1,181	1,176	1,246


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)	5/24/2022		10.21%	SF+	6.25%		5/24/2027	3,033	3,019	3,457
			Secured Debt	(9)	5/24/2022		10.21%	SF+	6.25%		5/24/2027	5,152	5,129	5,152
			Secured Debt	(9)	6/25/2025		10.21%	SF+	6.25%		5/24/2027	354	350	350
			Common Stock		8/30/2022	31,980,838							352	154
													10,026	10,359
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	—	(9)	(9)
			Secured Debt	(9)	6/21/2024		11.04%	SF+	7.25%		6/21/2029	11,829	11,602	11,829
			Secured Debt	(9)	5/13/2025		11.04%	SF+	7.25%		6/21/2029	1,345	1,314	1,345
													12,907	13,165
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		9.45%	SF+	5.75%		11/16/2027	1,037	1,031	1,037
			Secured Debt	(9)	4/1/2024		9.45%	SF+	5.75%		11/16/2027	2,881	2,862	2,881
													3,893	3,918
PavCon LLC	(10)	Provider of Predictive Data Analytics to the Department of Defense
			Secured Debt	(9) (30)	1/2/2026			SF+	5.50%		1/2/2031	—	(48)	(48)
			Secured Debt	(9) (30)	1/2/2026			SF+	5.50%		1/2/2031	—	(48)	(48)
			Secured Debt	(9)	1/2/2026		9.46%	SF+	5.50%		1/2/2031	17,500	17,167	17,167
													17,071	17,071
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		9.16%	SF+	5.50%		5/1/2029	5,835	5,723	5,835
			Secured Debt	(9)	9/7/2023		9.20%	SF+	5.50%		5/1/2029	557	546	557
			Secured Debt	(9)	1/30/2024		9.20%	SF+	5.50%		5/1/2029	560	551	560
			Secured Debt	(9)	6/28/2024		8.95%	SF+	5.25%		5/1/2029	636	630	636
			Secured Debt	(9)	1/21/2025		8.92%	SF+	5.25%		5/1/2029	1,411	1,401	1,411
			Secured Debt	(9)	7/31/2025		8.92%	SF+	5.25%		5/1/2029	1,323	1,313	1,323
			Secured Debt	(9)	11/21/2025		8.41%	SF+	4.75%		5/1/2029	1,080	1,071	1,080
			Secured Debt	(9)	2/4/2026		8.41%	SF+	4.75%		5/1/2029	5,890	5,834	5,890
													17,069	17,292
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (30) (28)	8/24/2023			SF+	5.00%		8/24/2028	—	(28)	—
			Secured Debt	(9)	8/24/2023		8.67%	SF+	5.00%		8/24/2028	9,956	9,807	9,955
			Secured Debt	(9)	9/10/2024		8.65%	SF+	5.00%		8/24/2028	4,906	4,845	4,905
													14,624	14,860
Roof Opco, LLC	(10)	Residential Re-Roofing/Repair
			Secured Debt	(30)	8/27/2021						8/31/2029	—	(2)	—
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	4,590	4,569	3,427
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	4,635	4,613	3,320
													9,180	6,747
Royal Cup Inc.	(10)	Coffee Roaster and Beverage Solutions Provider


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)	11/26/2025		8.91%	SF+	5.25%		11/26/2030	943	895	933
			Secured Debt	(9) (30)	11/26/2025			SF+	5.25%		11/26/2030	—	(18)	(18)
			Secured Debt	(9) (30)	11/26/2025			SF+	5.25%		11/26/2030	—	(78)	(78)
			Secured Debt	(9)	11/26/2025		8.93%	SF+	5.25%		11/26/2030	11,970	11,805	11,841
			Preferred Equity		11/26/2025	857,143							857	857
													13,461	13,535
Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		9.17%	SF+	5.50%		5/16/2028	3,134	3,041	3,134
			Secured Debt	(9)	7/16/2021		9.20%	SF+	5.50%		5/16/2028	7,474	7,473	7,474
													10,514	10,608
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%				3/21/2030	6,070	5,979	6,070
			Common Stock		9/13/2018	17,500							—	670
													5,979	6,740
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		9.02%	SF+	5.25%		8/8/2029	33,214	33,192	33,214
			Secured Debt	(9)	7/31/2025		9.02%	SF+	5.25%		8/8/2029	6,509	6,456	6,509
			Common Equity		12/10/2021	61							61	71
													39,709	39,794
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (28)	7/1/2022		10.84%	SF+	7.00%		7/2/2029	460	449	460
			Secured Debt	(9)	7/1/2022		10.85%	SF+	7.00%		7/2/2029	4,813	4,758	4,812
			Common Stock		7/1/2022	200,000							200	200
													5,407	5,472
TEC Services, LLC	(10)	Provider of Janitorial Service for Food Retailers
			Secured Debt	(9) (30)	12/31/2024			SF+	5.50%		12/31/2029	—	(5)	(5)
			Secured Debt	(9) (30)	12/31/2024			SF+	5.50%		12/31/2029	—	(4)	(4)
			Secured Debt	(9)	12/31/2024		9.30%	SF+	5.50%		12/31/2029	2,304	2,279	2,304
													2,270	2,295
Tex Tech Tennis, LLC	(10)	Sporting Goods & Textiles
			Preferred Equity	(8) (23)	7/7/2021	1,000,000							1,000	3,100

The Affiliati Network, LLC		Performance Marketing Solutions
			Preferred Stock		9/1/2023	78,227							78	78
			Preferred Stock	(8)	8/9/2021	320,000							1,600	1,600
													1,678	1,678
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		10.20%	SF+	6.50%		3/11/2029	554	525	554
			Secured Debt	(9)	3/11/2024		10.20%	SF+	6.50%		3/11/2029	12,884	12,619	12,884
			Secured Debt	(9)	2/27/2025		10.20%	SF+	6.50%		3/11/2029	1,649	1,619	1,649
			Secured Debt	(9)	8/5/2025		10.20%	SF+	6.50%		3/11/2029	1,866	1,828	1,866
			Preferred Equity		3/11/2024	522,651	8.00%			8.00%			529	710
													17,120	17,663


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)
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9)	3/18/2026		14.78%	SF+	11.00%	10.00%	5/2/2026	454	454	454
			Secured Debt	(9) (14)	6/1/2023		13.75%	P+	7.00%	7.00%	5/2/2027	6,741	1,783	2,774
			Secured Debt	(14)	6/1/2023						5/2/2027	692	15	—
													2,252	3,228
UBM AcquireCo LLC		Mail Commingling and Logistics Provider
			Secured Debt	(30)	12/20/2025						12/20/2027	—	(22)	(22)
			Secured Debt		12/20/2025		10.00%				12/20/2030	10,700	10,448	10,448
			Common Equity	(8)	12/20/2025	20							2,000	2,000
													12,426	12,426
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		10.17%	SF+	6.50%		7/27/2029	19,245	18,977	19,239
			Common Equity		7/29/2024	412							412	460
													19,389	19,699
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/7/2026		11.40%	SF+	7.75%	1.75%	4/5/2029	243	238	243
			Secured Debt	(9)	1/11/2023		11.42%	SF+	7.75%	1.75%	4/5/2029	3,012	2,962	3,012
													3,200	3,255
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(28)	12/22/2023		10.95%	SF+	7.00%		12/22/2028	2,273	2,238	2,273
			Secured Debt	(9)	3/4/2026		10.92%	SF+	7.00%		12/22/2028	1,055	1,029	1,055
			Secured Debt	(9)	12/22/2023		10.96%	SF+	7.00%		12/22/2028	12,219	12,051	12,219
													15,318	15,547
VORTEQ Coil Finishers, LLC	(10)	Specialty Coating of Aluminum and Light-Gauge Steel
			Common Equity	(8)	11/30/2021	769,231							769	2,980

Wash & Wax Systems LLC	(10)	Express Car Wash Operator
			Secured Debt	(9)	4/30/2025		9.19%	SF+	5.50%		4/30/2028	44	44	44
			Secured Debt	(9)	4/30/2025		9.17%	SF+	5.50%		4/30/2028	1,022	1,022	1,022
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	735	735	735
			Common Equity		4/30/2025	439							465	190
													2,266	1,991
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	319	308	183
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	55	51	31
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	2,255	2,179	1,295
			Secured Debt	(14)	12/17/2021		12.00%			4.00%	12/17/2026	2,035	1,966	1,169
													4,504	2,678
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (28)	11/19/2021		11.43%	SF+	7.50%		11/19/2027	3,667	3,594	3,667
			Secured Debt	(9)	11/19/2021		11.42%	SF+	7.50%		11/19/2027	2,343	2,328	2,343


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)	1/16/2024		10.42%	SF+	6.50%		11/19/2027	9,050	8,989		9,050
			Secured Debt	(9)	1/16/2024		12.42%	SF+	8.50%		11/19/2027	9,050	8,989		9,050
													23,900		24,110
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		13.00%				12/12/2027	1,364	1,355		1,355
			Preferred Equity	(8)	12/12/2022	530							530		530
													1,885		1,885
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		9.54%	SF+	5.75%		12/20/2028	1,161	1,148		1,161
			Secured Debt	(9)	12/17/2021		9.52%	SF+	5.75%		12/20/2028	2,298	2,282		2,298
			Secured Debt	(9)	3/31/2025		9.55%	SF+	5.75%		12/20/2028	602	593		602
													4,023		4,061
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018		11.26%	SF+	7.50%		8/9/2027	4,965	4,936		4,222

ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		11.75%	P+	5.00%		6/14/2029	1,080	1,064		1,080
			Secured Debt	(9) (26)	6/14/2024		9.69%	SF+	6.00%		6/14/2029	1,980	1,952		1,980
			Secured Debt	(9)	6/14/2024		9.60%	SF+	6.00%		6/14/2029	807	800		807
			Secured Debt	(9)	6/14/2024		9.69%	SF+	6.00%		6/14/2029	5,769	5,696		5,769
													9,512		9,636
Subtotal Non-Control/Non-Affiliate investments (123.5% of net assets at fair value)													$	910,600	$	888,782
Total Portfolio Company investments, March 31, 2026 (190.3% of net assets at fair value)													$	1,296,530	$	1,369,202

Money market funds (included in cash and cash equivalents)
First American Treasury Obligations Fund Class Z	(16)												$	7,213	$	7,213
Fidelity Government Portfolio Fund Class III	(31)												1,478		1,478
Total money market funds													$	8,691	$	8,691

(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 March 31, 2026, 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
			Secured Debt		2/24/2025		12.00%				2/27/2027	$	1,182	$	1,182	$	1,182
			Preferred Equity		11/4/2024	12,504,663								13,025		8,430
														14,207		9,612
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(24)	7/17/2017	38.75%								515		390

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		9.98%	SF+	6.00%		10/29/2026	1,550		1,545		1,550
			Secured Debt		12/19/2014		11.98%	SF+	8.00%		10/29/2026	19,944		19,902		19,944
			Member Units	(8)	12/19/2014	2,896								6,435		22,830
														27,882		44,324
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(24)	10/1/2017	49.26%								1,158		1,897

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								784		1,249
			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		—
														8,788		2,149
Subtotal Control investments (7.9% of net assets at fair value)														$	52,550	$	58,372
Affiliate Investments (6)
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/25/2025		12.64%	SF+	8.50%	12.64%	3/28/2028	$	2,325	$	2,325	$	2,325
			Secured Debt	(9)	3/25/2025		12.64%	SF+	8.50%	12.64%	3/28/2028	2,325		2,325		1,875
			Preferred Equity		3/25/2025	7,590								2,556		1,210
														7,206		5,410
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.75%				8/16/2029	974		965		965
			Preferred Member Units		5/20/2021	603								597		1,510
			Preferred Member Units		8/16/2019	777								800		30
			Warrants	(27)	8/16/2019	105					8/16/2029			79		—
														2,441		2,505
Batjer TopCo, LLC		HVAC Mechanical Contractor
			Secured Debt	(30)	3/7/2022						3/7/2027	—		—		—
			Secured Debt	(30)	3/7/2022						3/7/2027	—		—		—
			Secured Debt		3/7/2022		10.00%				3/7/2027	1,105		1,100		1,105
			Preferred Stock	(8)	3/7/2022	453								455		970
														1,555		2,075


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)
Bettercloud, Inc.	(10)	SaaS Provider of Workflow Management and Business Application Solutions
			Secured Debt	(9)	11/10/2025		12.07%	SF+	8.25%	12.07%	6/30/2028	1,747	1,747	1,747
			Common Equity		11/10/2025	20							4,904	4,550
													6,651	6,297
Brewer Crane Holdings, LLC		Provider of Crane Rental and Operating Services
			Secured Debt	(9)	1/9/2018		13.98%	SF+	10.00%		12/31/2026	1,254	1,254	1,254
			Preferred Member Units	(8)	1/9/2018	737							1,070	860
			Preferred Member Units	(8)	7/7/2025	78	15.00%			15.00%			84	84
													2,408	2,198
Centre Technologies Holdings, LLC		Provider of IT Hardware Services and Software Solutions
			Secured Debt	(9) (30)	1/4/2019			SF+	8.00%		1/4/2028	—	—	—
			Secured Debt	(9)	11/29/2024		11.98%	SF+	8.00%		1/4/2028	6,021	6,003	6,021
			Preferred Member Units		1/4/2019	3,471							1,596	10,680
													7,599	16,701
Chamberlin Holding LLC		Roofing and Waterproofing Specialty Contractor
			Secured Debt	(9) (30)	2/26/2018			SF+	6.00%		2/26/2029	—	(21)	—
			Secured Debt	(9)	2/26/2018		11.99%	SF+	8.00%		2/26/2029	10,505	10,355	10,505
			Member Units	(8)	2/26/2018	1,087							2,860	8,880
			Member Units	(8) (23)	11/2/2018	261,786							443	1,043
													13,637	20,428
Charps, LLC		Pipeline Maintenance and Construction
			Preferred Member Units	(8)	2/3/2017	457							491	4,010

Clad-Rex Steel, LLC		Specialty Manufacturer of Vinyl-Clad Metal
			Secured Debt	(30)	10/28/2022						7/31/2027	—	—	—
			Secured Debt		12/20/2016		10.00%				7/31/2030	2,370	2,348	2,370
			Secured Debt		12/20/2016		10.00%				12/20/2036	232	231	232
			Member Units	(8)	12/20/2016	179							1,820	3,530
			Member Units	(23)	12/20/2016	200							127	317
													4,526	6,449
Cody Pools, Inc.		Designer of Residential and Commercial Pools
			Secured Debt	(30)	3/6/2020						12/3/2030	—	(19)	—
			Secured Debt		3/6/2020		12.50%				12/3/2030	5,891	5,785	5,891
			Preferred Member Units	(8) (23)	3/6/2020	147							2,079	16,270
													7,845	22,161
Colonial Electric Company LLC		Provider of Electrical Contracting Services
			Secured Debt	(30)	3/31/2021						3/31/2028	—	—	—
			Secured Debt		3/31/2021		9.00%				3/31/2028	2,195	2,191	2,195
			Preferred Member Units	(8)	3/31/2021	4,320							1,920	4,210
													4,111	6,405
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(30)	11/22/2023						11/22/2028	—	(12)	(12)
			Secured Debt		11/22/2023		13.50%				11/22/2028	4,300	4,227	4,249


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		11/22/2023	1,863							1,863	1,800
													6,078	6,037
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		7.50%				12/31/2025	75	75	75
			Secured Debt		3/31/2021		10.00%				12/31/2025	868	868	463
			Preferred Member Units		3/31/2021	1,040							330	—
													1,273	538
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		13.88%	SF+	10.00%		4/27/2026	2,989	2,986	2,834
			Preferred Member Units	(8)	4/1/2018	964							2,375	2,459
													5,361	5,293
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt		2/13/2018		14.00%				2/13/2026	315	315	315
			Secured Debt		12/27/2022		14.00%				2/13/2026	4,501	4,500	4,501
			Preferred Stock		2/13/2018	2,100							2,100	4,940
													6,915	9,756
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		10.00%				6/18/2029	140	138	140
			Secured Debt		11/19/2021		10.00%				6/18/2029	3,200	3,177	3,200
			Preferred Equity		11/19/2021	1,486							1,486	2,296
			Preferred Equity	(8)	6/18/2024	767	15.00%			15.00%			938	1,358
													5,739	6,994
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt	(30)	6/30/2025						6/30/2030	—	—	—
			Secured Debt		6/30/2025		12.00%				6/30/2030	16,500	16,208	16,500
			Preferred Equity	(8)	10/29/2021	2,340							2,600	13,660
													18,808	30,160
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		11.38%	SF+	7.50%		1/1/2028	17,632	17,557	17,632
			Member Units	(8)	6/24/2016	2,261							4,423	28,450
			Common Equity	(23)	12/15/2025	133							99	99
													22,079	46,181
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	3,513	3,506	3,513
			Preferred Member Units	(8)	3/31/2021	56							1,225	2,740
													4,731	6,253


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)
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(24)	8/9/2017	8.22%							1,549	4,116

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	400	385	400
			Secured Debt		6/21/2023		13.00%				6/21/2028	8,766	8,636	8,766
			Common Equity		6/21/2023	3,600							3,600	7,010
													12,621	16,176
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	6,436,566							6,540	6,790

Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.75%	SF+	7.50%		8/20/2026	14,340	14,299	14,071
			Preferred Equity	(8)	12/7/2023	3,725	10.00%			10.00%			329	490
			Preferred Equity		6/3/2025	3,596	10.00%			10.00%			383	480
			Common Stock		8/20/2021	11,647							1,584	410
													16,595	15,451
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	2,550	2,547	2,547
			Secured Debt		10/31/2018		9.00%				10/31/2048	978	970	970
			Preferred Equity	(8)	10/31/2018	145							3,060	4,290
			Member Units	(8) (23)	10/31/2018	200							248	1,048
													6,825	8,855
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt	(9) (30)	12/29/2025			SF+	5.50%		10/1/2028	—	(49)	(49)
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,463	1,433	1,433
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,259	1,259	1,259
			Preferred Equity		2/10/2025	11,516							6,113	7,830
													8,756	10,473
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.81%	SF+	5.50%	9.81%	1/28/2031	2,342	2,342	2,256
			Secured Debt	(9)	4/11/2025		9.32%	SF+	5.50%	9.32%	1/28/2031	1,395	1,395	1,344
			Preferred Equity	(8) (23)	12/19/2024	53,505							12,058	10,134
													15,795	13,734
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		12.50%				6/4/2029	8,018	7,862	8,018
			Preferred Equity	(8)	6/4/2024	84,201							2,799	5,830
													10,661	13,848
NexRev LLC		Provider of Energy Efficiency Products & Services
			Preferred Member Units	(8)	2/28/2018	25,786,046							2,053	3,210

NuStep, LLC		Designer, Manufacturer and Distributor of Fitness Equipment


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) (17)	1/31/2017		10.48%	SF+	6.50%		1/31/2025	250	250	250
			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	1,530
			Preferred Member Units		1/31/2017	122							2,966	3,050
													8,522	9,440
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	282							282	810

Orttech Holdings, LLC		Distributor of Industrial Clutches, Brakes and Other Components
			Secured Debt	(9)	7/30/2021		14.98%	SF+	11.00%		7/31/2026	153	150	153
			Secured Debt	(9)	7/30/2021		14.98%	SF+	11.00%		7/31/2026	5,190	5,178	5,190
			Preferred Stock	(23)	7/30/2021	2,500							2,500	3,360
													7,828	8,703
Pinnacle TopCo, LLC		Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
			Secured Debt	(30)	12/21/2023						12/21/2028	—	(6)	—
			Secured Debt		12/21/2023		13.00%				12/21/2028	6,800	6,699	6,800
			Preferred Equity	(8)	12/21/2023	110							3,135	5,110
													9,828	11,910
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		10.89%	SF+	6.75%	10.89%	6/30/2027	1,385	1,384	1,142
			Secured Debt	(9) (30)	2/5/2025			SF+	6.75%		6/30/2027	—	—	—
			Secured Debt	(9)	4/8/2021		10.89%	SF+	6.75%	10.89%	6/30/2027	14,484	14,475	11,937
			Secured Debt	(9) (30)	7/17/2025			SF+	6.75%		6/30/2027	—	—	—
			Common Equity		8/12/2024	107							—	—
													15,859	13,079
Robbins Bros. Jewelry, Inc.		Bridal Jewelry Retailer
			Secured Debt	(14) (30)	12/15/2021						12/15/2026	—	(12)	(12)
			Secured Debt	(14)	12/15/2021		12.50%			10.00%	12/15/2026	3,740	3,518	1,559
			Preferred Equity		12/15/2021	1,230							1,230	—
													4,736	1,547
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.80%				6/16/2028	750	746	750
			Secured Debt	(33)	6/16/2023		12.85%				6/16/2028	22,283	22,253	22,283
			Preferred Member Units	(8)	8/31/2018	55							508	5,730
													23,507	28,763
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%			8.50%	12/31/2027	246	246	866
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,918	5,425	1,598
			Preferred Equity		12/31/2022	6,564,055							—	—
													5,671	2,464
Tedder Industries, LLC		Manufacturer of Firearm Holsters and Accessories
			Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	301	215	241
			Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	3,800	3,761	707
			Preferred Member Units		8/28/2023	1,651							165	—


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		2/1/2023	1,411								141		—
			Preferred Member Units		8/31/2018	136								2,311		—
														6,593		948
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	2,250		2,232		2,250
			Secured Debt		11/21/2025		9.00%				5/31/2027	510		508		510
			Common Equity	(23)	11/21/2025	181								174		174
			Common Stock	(8)	5/31/2019	154								1,164		3,730
														4,078		6,664
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	2,200		2,158		2,168
			Preferred Equity	(8)	2/16/2024	1,000								1,154		1,089
														3,312		3,257
Victory Energy Operations, LLC		Provider of Industrial and Commercial Combustion Systems
			Secured Debt		10/3/2024		13.00%				10/3/2029	138		127		127
			Secured Debt		10/3/2024		13.00%				10/3/2029	7,749		7,575		7,575
			Preferred Equity		10/3/2024	8,259								3,609		3,760
														11,311		11,462
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (30)	12/1/2021			SF+	6.00%		12/1/2026	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	6,000		5,967		5,967
			Preferred Equity	(8) (23)	12/1/2021	3,060								3,060		3,060
														9,027		9,027
Subtotal Affiliate investments (55.1% of net assets at fair value)														$	322,074	$	406,771
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		4/1/2025		20.00%			20.00%	11/24/2032	$	308	$	308	$	308
			Secured Debt		11/24/2025		21.00%			21.00%	11/24/2032	177		173		173
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	1,070		1,070		948
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	1,070		1,070		948
			Preferred Equity		3/28/2025	4,342,688								2,931		720
			Common Stock		12/11/2020	593,927								3,148		—
														8,700		3,097
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	955		955		951
			Secured Debt	(9)	11/26/2025		11.00%	SF+	7.00%	1.00%	3/11/2027	94		93		93
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	7.00%	1.00%	3/11/2027	1,967		1,965		1,959
														3,013		3,003
AGS American Glass Services Acquisition, LLC	(10)	Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions
			Secured Debt	(9) (30)	7/24/2025			SF+	5.50%		7/24/2031	—		(47)		(47)
			Secured Debt	(9) (30)	7/24/2025			SF+	5.50%		7/24/2031	—		(27)		(27)
			Secured Debt	(9)	7/24/2025		9.22%	SF+	5.50%		7/24/2031	13,771		13,582		13,440
			Preferred Equity		7/24/2025	10,000								1,000		1,000


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)
													14,508	14,366
Airo Purchaser, Inc.	(10)	Provider of HVAC and Plumbing Installation Services
			Secured Debt	(9) (30)	8/1/2025			SF+	5.25%		8/1/2030	—	(51)	(51)
			Secured Debt	(9) (30)	8/1/2025			SF+	5.25%		8/1/2030	—	(26)	(26)
			Secured Debt	(9)	8/1/2025		9.22%	SF+	5.25%		8/1/2030	22,374	22,016	22,110
			Common Equity		8/1/2025	1,233							1,233	1,233
													23,172	23,266
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	11							83	—

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (30)	11/19/2021			P+	5.00%		11/19/2026	—	(3)	(3)
			Secured Debt	(9)	11/19/2021		11.75%	P+	5.00%		11/19/2026	7,000	6,987	7,000
													6,984	6,997
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	2,218	2,218	2,218
			Secured Debt	(9)	11/6/2023		10.34%	SF+	6.50%	10.34%	11/6/2028	4,772	4,772	4,772
			Preferred Equity		11/6/2023	17,265							7,468	8,848
			Preferred Equity		11/6/2023	17,265							—	—
			Common Equity		11/9/2021	2,070							124	—
													14,582	15,838
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		10.22%	SF+	6.00%		1/18/2028	250	241	250
			Secured Debt	(9)	1/18/2022		9.25%	SF+	5.00%		1/18/2028	925	919	925
			Secured Debt	(9)	1/18/2022		11.25%	SF+	7.00%		1/18/2028	925	919	925
			Common Stock		1/18/2022	100,000							100	140
													2,179	2,240
Auria Space, LLC	(10)	Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms
			Secured Debt	(9) (30)	12/31/2025			SF+	5.00%		12/31/2030		(38)	(38)
			Secured Debt	(9) (30)	12/31/2025			SF+	5.00%		12/31/2030		(68)	(68)
			Secured Debt	(9)	12/31/2025		8.72%	SF+	5.00%		12/31/2030		12,740	12,740
													12,634	12,634
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (30)	12/23/2022			SF+	7.25%		12/23/2027	—	(9)	(9)
			Secured Debt	(9)	12/23/2022		11.09%	SF+	7.25%		12/23/2027	3,257	3,208	3,257
			Secured Debt	(9) (30)	12/18/2025			SF+	7.25%		12/23/2027	—	(5)	(5)
			Common Equity	(8)	12/15/2021	137							130	128
													3,324	3,371
Behavior Development Group Holdings	(10)	Applied Behavior Analysis Therapy Provider


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)	12/17/2025			SF+	6.00%		12/17/2030	—	(37)	(37)
			Secured Debt	(9)	12/17/2025		9.70%	SF+	6.00%		12/17/2030	15,993	15,757	15,757
			Common Equity		12/17/2025	500							500	500
													16,220	16,220
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	—
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.49%	SF+	8.50%	11.49%	1/31/2026	215	138	255
			Secured Debt	(9) (14)	10/19/2022		14.25%	P+	7.50%	13.25%	1/31/2026	2,980	2,980	195
			Secured Debt	(9) (14)	8/28/2020		12.49%	SF+	8.50%	11.49%	1/31/2026	4,486	4,231	—
			Common Stock		10/1/2020	700,446							—	—
			Warrants	(27)	10/19/2022	175,110					10/19/2032		1,111	—
													8,460	450
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	700
													628	764
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	—	(12)	(12)
			Secured Debt	(9)	2/3/2025		8.74%	SF+	4.75%		2/3/2030	2,850	2,809	2,831
			Secured Debt	(9)	2/3/2025		10.74%	SF+	6.75%		2/3/2030	2,850	2,809	2,831
			Common Equity		2/3/2025	180,000							180	180
													5,786	5,830
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		9.89%	SF+	5.75%		5/1/2028	360	352	360
			Secured Debt	(9)	10/31/2025		9.59%	SF+	5.75%		5/1/2028	880	863	880
			Secured Debt	(9)	5/1/2023		8.89%	SF+	4.75%		5/1/2028	3,959	3,922	3,959
			Secured Debt	(9)	5/1/2023		10.89%	SF+	6.75%		5/1/2028	3,959	3,922	3,959
			Preferred Equity		5/1/2023	360							360	350
			Common Equity		5/1/2023	360							—	—
													9,419	9,508
BP Loenbro Holdings Inc.	(10)	Specialty Industrial Maintenance Services
			Secured Debt	(9) (28)	2/1/2024		9.75%	SF+	5.75%		2/1/2029	1,024	993	1,024
			Secured Debt	(9)	2/1/2024		9.84%	SF+	5.75%		2/1/2029	1,279	1,260	1,279
			Secured Debt	(9)	2/1/2024		9.75%	SF+	5.75%		2/1/2029	11,003	10,865	11,003
			Secured Debt	(9)	1/2/2025		9.83%	SF+	5.75%		2/1/2029	—	—	—
			Secured Debt	(9)	7/1/2025		9.84%	SF+	5.75%		2/1/2029	4,219	4,146	4,219
			Common Equity		2/1/2024	1,000,000							1,000	3,790
													18,264	21,315
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership


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)
			LP Interests (Brightwood Capital Fund III, LP)	(24)	7/21/2014	1.59%							1,755	897
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (24)	10/26/2016	0.59%							6,440	6,447
													8,195	7,344
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	4,458	4,188	—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	—	—	—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	4,078	4,078	—
			Preferred Member Units		6/30/2015	4	6.00%			6.00%			3,040	—
													11,306	—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (30)	12/17/2021			SF+	6.00%		6/5/2030	—	(6)	(6)
			Secured Debt		12/17/2021		13.00%				6/5/2030	2,432	2,379	2,379
			Common Stock		12/17/2021	57,402							574	600
													2,947	2,973
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	105,856							106	230

CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt		12/10/2021		15.00%				12/10/2026	200	199	200
			Secured Debt		12/10/2021		15.00%				12/10/2026	2,790	2,789	2,790
			Preferred Equity	(8)	12/10/2021	368							404	2,700
													3,392	5,690
Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (28)	2/7/2022		10.84%	SF+	6.75%		2/7/2027	667	657	667
			Secured Debt	(9)	2/7/2022		10.84%	SF+	6.75%		2/7/2027	3,291	3,276	3,291
			Secured Debt	(9)	6/24/2022		10.84%	SF+	6.75%		2/7/2027	182	182	182
			Secured Debt	(9)	3/27/2023		10.84%	SF+	6.75%		2/7/2027	441	437	441
													4,552	4,581
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17)	9/23/2014						1/5/2015	2,644	2,300	8

Classic H&G Holdings, LLC		Provider of Engineered Packaging Solutions
			Preferred Member Units		3/12/2020	39							—	510

Computer Data Source, LLC	(10)	Third Party Maintenance Provider to the Data Center Ecosystem
			Secured Debt	(9) (28)	8/6/2021		12.28%	SF+	8.25%	12.02%	8/6/2026	7,359	7,333	6,996
			Secured Debt	(9)	8/6/2021		12.02%	SF+	8.25%	12.02%	8/6/2026	17,842	17,787	16,960
													25,120	23,956
Connect Telecommunications Solutions Holdings, Inc.	(13) (21)	Value-Added Distributor of Fiber Products and Equipment
			Secured Debt		10/9/2024		13.00%				10/9/2029	2,704	2,642	2,642
			Preferred Equity		10/9/2024	2,478							1,400	1,400
													4,042	4,042


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)
Core Transformers	(10)	Refurbisher and Distributor of Electric Transformers
			Secured Debt	(9) (30)	9/24/2025			SF+	5.50%		9/23/2031		(95)	(95)
			Secured Debt	(9) (30)	9/24/2025			SF+	5.50%		9/23/2031		(95)	(95)
			Secured Debt	(9)	9/24/2025		9.23%	SF+	5.50%		9/23/2031		9,811	9,811
			Common Equity		9/24/2025	1,000,000							1,000	1,000
													10,621	10,621
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9) (28)	6/29/2024		10.32%	SF+	6.50%		6/28/2029	449	432	445
			Secured Debt	(9)	6/29/2024		10.34%	SF+	6.50%		6/28/2029	2,841	2,793	2,818
			Secured Debt	(9)	6/29/2024		10.59%	SF+	6.75%		6/28/2029	8,546	8,396	8,516
			Secured Debt	(9)	8/15/2024		10.37%	SF+	6.50%		6/28/2029	1,894	1,868	1,879
													13,489	13,658
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (30)	12/27/2023			SF+	6.75%		6/27/2027	—	(19)	(19)
			Secured Debt	(9)	12/27/2023		10.52%	SF+	6.75%		6/27/2027	6,844	6,753	6,844
													6,734	6,825
CRC Evans USA 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		10.87%	SF+	6.75%		6/30/2029	448	436	448
			Secured Debt	(30)	12/31/2025			SF+	6.75%		6/30/2029	—	(18)	(18)
			Secured Debt	(9)	12/31/2025		10.70%	SF+	6.75%		6/30/2029	625	613	613
			Secured Debt	(9)	8/19/2022		10.83%	SF+	6.75%		6/30/2029	979	957	979
													1,988	2,022
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+	6.75%		6/27/2029	—	(22)	(22)
			Secured Debt	(9)	3/4/2025		10.69%	SF+	6.75%		6/27/2029	16,578	16,307	16,578
			Secured Debt	(9)	6/27/2024		10.44%	SF+	6.75%		6/27/2029	10,400	10,255	10,400
			Common Equity		3/4/2025	2,862							286	230
													26,826	27,186
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)		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		11.82%	SF+	8.00%	11.82%	12/31/2026	2,612	2,507	2,612
			Secured Debt	(9)	12/20/2022		12.82%	SF+	9.00%		12/31/2026	2,493	2,259	2,464
			Preferred Equity		12/20/2022	125,000							128	110


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		12/20/2022	2,376,241							—	—
			Common Equity		12/20/2022	1,250,000							—	—
													4,894	5,186
Electro Technical Industries, LLC	(10)	Manufacturer of Mission-Critical Electrical Distribution Systems
			Secured Debt	(9) (30)	3/31/2025			SF+	5.50%		3/31/2030	—	(73)	(73)
			Secured Debt	(9)	3/31/2025		9.22%	SF+	5.50%		3/31/2030	24,466	24,052	24,466
			Common Equity		3/31/2025	714,286							714	1,080
													24,693	25,473
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	1,097	1,085	1,085
			Secured Debt		10/3/2022		9.00%				10/3/2052	406	402	402
			Common Stock		10/3/2022	19							374	330
			Common Stock	(23)	10/3/2022	61							102	214
													1,963	2,031
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.22%	SF+	6.25%		12/29/2027	2,266	2,249	1,427

Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9) (30)	4/7/2023			SF+	6.00%		4/7/2029	—	(6)	—
			Secured Debt	(9)	10/2/2024		9.67%	SF+	6.00%		4/7/2029	356	352	356
			Secured Debt	(9)	4/7/2023		9.67%	SF+	6.00%		4/7/2029	6,715	6,602	6,715
			Common Equity		4/7/2023	170,998							174	240
													7,122	7,311
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		10.93%	SF+	7.00%		12/22/2026	308	307	308
			Secured Debt	(9)	12/22/2021		10.93%	SF+	7.00%		12/22/2026	4,003	3,996	4,003
													4,303	4,311
FCC Intermediate Holdco, LLC		Supply Chain Management Services
			Secured Debt	(30)	5/28/2024						5/28/2029	—	—	—
			Secured Debt		5/28/2024		13.00%				5/29/2029	7,790	7,007	7,790
			Warrants	(8) (27)	5/28/2024	3					5/28/2034		980	3,780
													7,987	11,570
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9) (30)	4/14/2025			SF+	7.25%		10/14/2027	—	(21)	—
			Secured Debt	(9)	4/14/2025		10.98%	SF+	7.25%		10/14/2027	8,514	8,394	8,514
			Common Equity		11/10/2023	210,084							210	130
													8,583	8,644
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		11.23%	SF+	7.50%		10/4/2029	400	365	391
			Secured Debt	(9)	10/4/2024		11.23%	SF+	7.50%		10/4/2029	1,959	1,922	1,922
			Secured Debt	(9) (26)	10/4/2024		11.31%	SF+	7.25%		10/4/2029	14,453	14,235	14,136
			Common Equity		10/4/2024	570							564	423
													17,086	16,872


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—March 3 1 , 202 6 (unaudited) and December 31, 20 25	1
	Consolidated Statements of Operations (unaudited)—Three months ended M a rch 3 1 , 202 6 and 202 5	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three months ended March 3 1 , 202 6 and 202 5	3
	Consolidated Statements of Cash Flows (unaudited)—Three months ended March 31, 202 6 and 202 5	4
	Consolidated Schedule of Investments (unaudited)—March 31, 202 6	5
	Consolidated Schedule of Investments—December 31, 202 5	26
	Notes to Consolidated Financial Statements (unaudited)	46
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Three months ended March 31, 202 6 and 202 5	89
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	99
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	115
Item 4.	Controls and Procedures	116
PART II
OTHER INFORMATION
Item 1.	Legal Proceedings	117
Item 1A.	Risk Factors	117
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	117
Item 5.	Other Information	117
Item 6.	Exhibits	118
	Signatures	119