msif-20260630


	June 30, 2026		December 31, 2025
ASSETS	(Unaudited)
Investments at fair value:
Control investments (cost: $52,779 and $52,550, respectively)	$	52,620	$	58,372
Affiliate investments (cost: $327,166 and $322,074, respectively)	418,827		406,771
Non‑Control/Non‑Affiliate investments (cost: $927,880 and $885,299, respectively)	917,956		870,244
Total investments (cost: $1,307,825 and $1,259,923, respectively)	1,389,403		1,335,387
Cash and cash equivalents	28,055		20,635
Interest and dividend receivable	11,722		12,273
Prepaids and other assets	11,740		9,546
Deferred financing costs (net of accumulated amortization of $7,692 and $7,259, respectively)	2,909		3,190

Total assets	$	1,443,829	$	1,381,031
LIABILITIES
Credit Facilities	$	362,000	$	453,000
October 2026 Notes (net of unamortized debt issuance costs of $99 and $249, respectively)	149,901		149,751
May 2029 Notes (net of unamortized debt issuance costs of $721)	149,279		—

Accounts payable and other liabilities	2,428		786

Interest payable	8,295		5,946
Dividend payable	—		16,772
Base management and incentive fees payable	8,198		8,388
Capital gains incentive fee accrual	5,074		2,763
Deferred tax liability, net	9,854		4,966


Total liabilities	695,029		642,372
Commitments and contingencies (Note H)
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, respectively)	45		47
Additional paid-in capital	765,979		782,007



Total overdistributed earnings	(17,224)		(43,395)
Total net assets	748,800		738,659
Total liabilities and net assets	$	1,443,829	$	1,381,031
NET ASSET VALUE PER SHARE	$	16.51	$	15.85


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
INVESTMENT INCOME:
Control investments:
Interest income	$	707	$	701	$	1,391	$	1,388

Dividend income	288		779		764		1,500

Fee income	37		34		72		68

Total investment income from Control investments	1,032		1,514		2,227		2,956
Affiliate investments:
Interest income (excluding payment-in-kind ("PIK") interest income)	6,136		5,118		11,929		10,678
PIK interest income	714		719		1,491		778
Dividend income	2,336		3,438		4,538		6,906

Fee income	416		342		891		590

Total investment income from Affiliate investments	9,602		9,617		18,849		18,952
Non‑Control/Non‑Affiliate investments:
Interest income (excluding PIK interest income)	20,662		21,551		41,084		40,763
PIK interest income	1,821		1,260		3,525		3,166
Dividend income	1,205		739		2,064		1,692

Fee income	1,378		962		2,038		1,341

Total investment income from Non-Control/Non-Affiliate investments	25,066		24,512		48,711		46,962
Total investment income	35,700		35,643		69,787		68,870
EXPENSES:
Interest	(9,865)		(8,678)		(18,785)		(16,921)
Base management fee	(5,341)		(4,907)		(10,566)		(9,879)
Incentive fee on income	(3,117)		(3,431)		(6,216)		(5,454)
Incentive fee on capital gains	(2,949)		—		(2,311)		—
General and administrative	(1,124)		(1,149)		(2,163)		(2,176)
Internal administrative services expenses	(188)		(172)		(374)		(346)
Total expenses before expense waivers	(22,584)		(18,337)		(40,415)		(34,776)
Waiver of incentive fee on income	258		—		1,243		—
Total expenses, net of expense waivers	(22,326)		(18,337)		(39,172)		(34,776)
NET INVESTMENT INCOME BEFORE TAXES	13,374		17,306		30,615		34,094
Excise tax expense	(239)		(87)		(289)		(279)
Federal and state income and other tax expenses	(1,136)		(912)		(2,092)		(1,761)
NET INVESTMENT INCOME	11,999		16,307		28,234		32,054
NET REALIZED GAIN (LOSS):
Control investments	—		5,296		—		5,305
Affiliate investments	11,595		2		9,939		2
Non‑Control/Non‑Affiliate investments	(1,738)		(519)		(323)		(21,594)

Total net realized gain (loss)	9,857		4,779		9,616		(16,287)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	(1,529)		(5,068)		(5,981)		(5,901)
Affiliate investments	(1,459)		(69)		6,964		2,767
Non‑Control/Non‑Affiliate investments	12,092		1,233		5,478		18,013
Total net unrealized appreciation (depreciation)	9,104		(3,904)		6,461		14,879
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation)	(1,688)		(893)		(1,816)		1,518
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	29,272	$	16,289	$	42,495	$	32,164

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.65	$	0.35	$	0.93	$	0.70
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	45,345,229		47,047,888		45,728,932		45,870,527


	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


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








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

Net increase in net assets resulting from operations	—	—		—		29,272		29,272

Balances as of June 30, 2026	45,345,229	$	45	$	765,979	$	(17,224)	$	748,800


	Six Months Ended June 30,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	42,495	$	32,164
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:

Investments in portfolio companies	(147,644)		(206,881)
Proceeds from sales and repayments of debt investments in portfolio companies	98,674		129,999
Proceeds from sales and return of capital of equity investments in portfolio companies	20,616		17,051
Net unrealized appreciation	(6,461)		(14,879)
Net realized (gain) loss	(9,616)		16,287

Accretion of unearned income	(3,824)		(3,672)
Payment-in-kind interest	(5,016)		(3,798)
Cumulative dividends	(580)		(600)
Amortization of deferred financing costs	653		532

Deferred taxes	4,888		(217)
Changes in other assets and liabilities:
Interest and dividend receivable	243		(1,205)

Prepaid and other assets	(2,039)		1,092

Accounts payable and other liabilities	1,631		(4,219)
Interest payable	2,349		(1,047)
Base management and incentive fees payable	(190)		(170)


Capital gains incentive fee accrual	2,311		—
Net cash used in operating activities	(1,510)		(39,563)

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)		(146)

Dividends paid	(33,096)		(22,178)
Proceeds from Credit Facilities	251,000		214,000
Repayments on Credit Facilities	(342,000)		(240,688)

Proceeds from May 2029 Notes	150,000		—


Payment of deferred financing costs	(944)		(1,994)
Net cash provided by financing activities	8,930		39,526

Net increase (decrease) in cash and cash equivalents	7,420		(37)
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD	20,635		28,375
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD	$	28,055	$	28,338




Supplemental cash flow disclosures:
Interest paid	$	15,784	$	17,436
Taxes paid	$	441	$	5,292
Non-cash financing activities:

Value of shares issued pursuant to the dividend reinvestment plan	$	—	$	9,175


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	$	1,716	1,716		1,716
			Preferred Equity		11/4/2024	13,024,663								13,025		4,300
														14,741		6,016
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(24)	7/17/2017	38.75%								440		380

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		9.72%	SF+	6.00%		10/29/2026	1,550		1,547		1,550
			Secured Debt		12/19/2014		11.72%	SF+	8.00%		10/29/2026	19,944		19,927		19,944
			Member Units	(8)	12/19/2014	2,896								6,435		21,130
														27,909		42,624
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								527		743
			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		—
														8,531		1,643
Subtotal Control investments (7.0% of net assets at fair value)														$	52,779	$	52,620
Affiliate Investments (6)
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/27/2026		12.34%	SF+	8.50%	12.34%	3/28/2028	$	91	$	91	$	91
			Secured Debt	(9)	3/25/2025		12.34%	SF+	8.50%	12.34%	3/28/2028	2,472		2,472		2,472
			Secured Debt	(9)	3/25/2025		12.34%	SF+	8.50%	12.34%	3/28/2028	2,472		2,472		2,053
			Preferred Equity		3/25/2025	7,590								2,556		1,080
														7,591		5,696
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.25%				8/16/2029	923		916		916
			Preferred Member Units		5/20/2021	603								597		1,510
			Preferred Member Units		8/16/2019	777								800		150
			Warrants	(27)	8/16/2019	105					8/16/2029			79		—
														2,392		2,576
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	1,090	1,093
		Preferred Stock	(8)	3/7/2022	453							455	1,050
												1,545	2,143
Brewer Crane Holdings, LLC	Provider of Crane Rental and Operating Services
		Secured Debt	(9)	1/9/2018		13.72%	SF+	10.00%		12/31/2026	1,254	1,254	1,254
		Preferred Member Units	(8)	1/9/2018	737							1,070	760
		Preferred Member Units	(8)	7/7/2025	78	15.00%			15.00%			90	90
												2,414	2,104
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (30)	2/26/2018			SF+	6.00%		2/26/2029	—	(18)	—
		Secured Debt	(9)	2/26/2018		11.74%	SF+	8.00%		2/26/2029	10,305	10,181	10,305
		Member Units	(8)	2/26/2018	1,087							2,860	11,360
		Member Units	(8) (23)	11/2/2018	261,786							443	1,083
												13,466	22,748
Charps, LLC	Pipeline Maintenance and Construction
		Preferred Member Units	(8)	2/3/2017	457							491	3,790

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	2,226	2,207	2,226
		Secured Debt		12/20/2016		10.00%				12/20/2036	227	225	227
		Member Units	(8)	12/20/2016	179							1,820	3,720
		Member Units	(23)	12/20/2016	200							127	377
												4,379	6,550
Cody Pools, Inc.	Designer of Residential and Commercial Pools
		Secured Debt		3/6/2020		12.50%				12/3/2030	236	216	236
		Secured Debt		3/6/2020		12.50%				12/3/2030	5,674	5,581	5,674
		Preferred Member Units	(8) (23)	3/6/2020	147							2,079	15,850
												7,876	21,760
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	2,173	2,195
		Preferred Member Units	(8)	3/31/2021	4,320							1,920	5,530
												4,093	7,725
Compass Systems & Sales, LLC	Designer of End-to-End Material Handling Solutions
		Secured Debt	(30)	11/22/2023						11/22/2028	—	(10)	(10)
		Secured Debt		11/22/2023		13.50%				11/22/2028	3,750	3,697	3,697
		Preferred Equity		11/22/2023	2,017							1,961	1,961
												5,648	5,648


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)
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt		3/1/2022		10.00%				12/31/2030	105	105	105
			Secured Debt		3/31/2021		10.00%				12/31/2030	858	858	247
			Preferred Member Units		3/31/2021	1,040							330	—
													1,293	352
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		13.62%	SF+	10.00%		4/27/2029	2,907	2,892	2,892
			Preferred Member Units	(8)	4/1/2018	964							2,375	2,459
													5,267	5,351
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(30)	2/13/2018						2/28/2031	—	(17)	—
			Secured Debt		12/27/2022		14.00%				2/28/2031	8,726	8,522	8,726
			Preferred Stock		2/13/2018	2,484							3,260	7,981
													11,765	16,707
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		13.00%				6/18/2029	1,160	1,139	1,160
			Secured Debt		11/19/2021		13.00%				6/18/2029	3,200	3,180	3,200
			Preferred Equity		11/19/2021	1,486							1,486	3,966
			Preferred Equity	(8)	6/18/2024	767	15.00%			15.00%			1,010	2,290
													6,815	10,616
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt		6/30/2025		12.00%				6/30/2030	16,500	16,240	16,500
			Common Equity	(8) (23)	4/15/2026	982							982	982
			Preferred Equity	(8)	10/29/2021	2,340							2,600	14,480
													19,822	31,962
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport First Lien Loan Fund III LP)	(24)	7/31/2015	5.95%							586	108

Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (32)	6/24/2016		11.12%	SF+	7.50%		1/1/2028	400	400	400
			Secured Debt	(9)	11/22/2024		11.12%	SF+	7.50%		1/1/2028	18,742	18,669	18,742
			Member Units	(8)	6/24/2016	2,261							4,423	31,110
			Member Units	(23)	12/15/2025	102							76	76
													23,568	50,328
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		13.50%				3/31/2031	3,543	3,515	3,543
			Preferred Member Units	(8)	3/31/2021	56							1,225	2,740
													4,740	6,283
Harris Preston 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 (HPEP 3, L.P.)	(24)	8/9/2017	8.22%							1,297	3,806

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	200	188	200
			Secured Debt		6/21/2023		13.00%				6/21/2028	8,366	8,267	8,366
			Common Equity		6/21/2023	3,600							3,600	7,800
													12,055	16,366
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	6,436,566							6,540	6,760

Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.46%	SF+	7.50%		8/20/2027	14,277	14,160	13,869
			Preferred Equity	(8)	12/7/2023	3,725	10.00%			10.00%			345	507
			Preferred Equity		6/3/2025	3,596	10.00%			10.00%			383	570
			Common Stock		8/20/2021	11,647							1,584	490
													16,472	15,436
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2029	2,877	2,855	2,855
			Secured Debt		10/31/2018		9.00%				10/31/2048	971	964	964
			Preferred Equity	(8)	10/31/2018	145							3,060	4,960
			Member Units	(8) (23)	10/31/2018	200							248	1,048
													7,127	9,827
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt	(9)	12/29/2025		9.23%	SF+	5.50%		10/1/2028	679	638	679
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,466	1,442	1,466
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,069	1,069	1,069
			Preferred Equity		2/10/2025	11,516							6,113	7,830
													9,262	11,044
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.16%	SF+	5.50%	9.16%	1/28/2031	2,457	2,457	2,417
			Secured Debt	(9)	4/11/2025		9.17%	SF+	5.50%	9.17%	1/28/2031	1,459	1,459	1,435
			Preferred Equity	(8) (23)	12/19/2024	53,505							12,515	9,960
													16,431	13,812
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		13.00%				6/4/2029	10,336	10,289	10,336
			Preferred Equity	(8)	6/4/2024	84,201							2,799	7,390
													13,088	17,726
NexRev LLC		Provider of Energy Efficiency Products & Services
			Preferred Member Units		2/28/2018	25,786,046							2,053	3,340


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)

NuStep, LLC		Designer, Manufacturer and Distributor of Fitness Equipment
			Secured Debt	(9)	1/31/2017		10.22%	SF+	6.50%		1/31/2028	650	650	650
			Secured Debt		1/31/2017		12.00%				1/31/2030	4,610	4,546	4,422
			Preferred Member Units		11/2/2022	600							696	1,620
			Preferred Member Units		1/31/2017	122							2,966	2,510
													8,858	9,202
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	—	—	—
			Secured Debt	(9)	7/30/2021		14.72%	SF+	11.00%		7/31/2026	5,190	5,188	5,190
			Preferred Stock	(23)	7/30/2021	2,500							2,500	2,590
													7,688	7,780
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	6,520	6,441	6,520
			Preferred Equity	(8)	12/21/2023	110							3,135	5,110
													9,571	11,630
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		10.58%	SF+	6.75%	10.58%	6/30/2027	1,459	1,459	1,216
			Secured Debt	(9)	2/5/2025		10.58%	SF+	6.75%	10.58%	6/30/2027	462	462	385
			Secured Debt	(9)	7/17/2025		10.58%	SF+	6.75%	10.58%	6/30/2027	451	451	376
			Secured Debt	(9)	4/8/2021		10.58%	SF+	6.75%	10.58%	6/30/2027	15,260	15,254	12,715
			Common Equity		8/12/2024	107							—	—
													17,626	14,692
Robbins Bros. Jewelry, Inc.		Bridal Jewelry Retailer
			Secured Debt	(14) (30)	12/15/2021						12/15/2026	—	(14)	(14)
			Secured Debt	(14)	12/15/2021		12.50%			10.00%	12/15/2026	3,740	3,462	1,538
			Preferred Equity		12/15/2021	1,230							1,230	—
													4,678	1,524
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.80%				6/16/2028	750	747	750
			Secured Debt	(33)	6/16/2023		12.84%				6/16/2028	22,283	22,259	22,283
			Preferred Member Units	(8)	8/31/2018	55							508	5,510
													23,514	28,543
Student Resource Center, LLC	(10)	Higher Education Services
			Secured Debt		9/11/2024		8.50%			8.50%	12/31/2027	256	256	955
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,918	5,425	1,897


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		12/31/2022	6,564,055								—		—
														5,681		2,852
Tedder Industries, LLC		Manufacturer of Firearm Holsters and Accessories
			Secured Debt	(17)	8/31/2018		12.00%			12.00%	8/31/2023	339		334		339
			Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	3,800		3,761		1,457
			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		—
														6,712		1,796
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		7,664		7,820
			Secured Debt		11/21/2025		9.00%				5/31/2027	510		509		510
			Secured Debt		3/25/2026		9.00%				5/31/2027	525		523		525
			Secured Debt		3/25/2026		9.00%				5/31/2027	100		100		100
			Common Stock	(8)	5/31/2019	163								1,505		6,860
			Common Equity	(23)	11/21/2025	181								174		174
														10,875		16,389
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	2,200		2,165		2,125
			Preferred Equity	(8)	2/16/2024	1,000								1,154		193
														3,319		2,318
Victory Energy Operations, LLC		Provider of Industrial and Commercial Combustion Systems
			Secured Debt		10/3/2024		13.00%				10/3/2029	346		333		333
			Secured Debt		10/3/2024		13.00%				10/3/2029	7,749		7,598		7,598
			Preferred Equity		10/3/2024	8,259								3,609		4,050
														11,540		11,981
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	5,700		5,686		5,686
			Preferred Equity	(23)	12/1/2021	3,060								3,060		3,060
														8,746		8,746
Subtotal Affiliate investments (55.9% of net assets at fair value)														$	327,166	$	418,827
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		4/15/2026		21.00%			21.00%	11/24/2032	$	469	$	376	$	469
			Secured Debt		11/24/2025		21.00%			21.00%	11/24/2032	393		357		393
			Secured Debt		4/1/2025		20.00%			20.00%	11/24/2032	340		340		340
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	1,070		1,070		476
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	1,070		1,070		476
			Preferred Equity		3/28/2025	4,342,688								2,931		—


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	—
													9,292	2,154
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	1,148	1,148	1,143
			Secured Debt	(9)	11/26/2025		11.00%	SF+	8.00%	1.00%	3/11/2027	90	89	89
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	1,824	1,823	1,816
													3,060	3,048
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	—	(43)	(43)
			Secured Debt	(9) (30)	7/24/2025			SF+	5.50%		7/24/2031	—	(24)	(24)
			Secured Debt	(9)	7/24/2025		9.16%	SF+	5.50%		7/24/2031	12,567	12,409	12,453
			Preferred Equity		7/24/2025	10,000							1,000	780
													13,342	13,166
Airo Purchaser, Inc.	(10)	Provider of HVAC and Plumbing Installation Services
			Secured Debt	(9) (30)	8/1/2025			SF+	5.25%		8/1/2030	—	(46)	(46)
			Secured Debt	(9) (30)	8/1/2025			SF+	5.25%		8/1/2030	—	(23)	(23)
			Secured Debt	(9)	8/1/2025		8.91%	SF+	5.25%		8/1/2030	22,263	21,944	22,263
			Common Equity		8/1/2025	1,233							1,233	1,340
													23,108	23,534
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	6,711	6,720
													6,709	6,718
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	2,392	2,392	2,392
			Secured Debt	(9)	11/6/2023		10.24%	SF+	6.50%	10.24%	11/6/2028	5,023	5,023	5,023
			Preferred Equity		11/6/2023	17,265							7,468	9,748
			Preferred Equity		11/6/2023	17,265							—	—
			Common Equity		11/9/2021	2,070							124	—
													15,007	17,163
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		9.95%	SF+	6.00%		1/18/2028	200	193	200
			Secured Debt	(9)	1/18/2022		8.95%	SF+	5.00%		1/18/2028	925	921	925
			Secured Debt	(9)	1/18/2022		10.95%	SF+	7.00%		1/18/2028	925	921	925
			Common Stock		1/18/2022	100,000							100	140
													2,135	2,190


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	—	(34)	(34)
			Secured Debt	(9)	12/31/2025		8.64%	SF+	5.00%		12/31/2030	13,793	13,608	13,793
			Secured Debt	(9)	12/31/2025		8.64%	SF+	5.00%		12/31/2030	12,931	12,759	12,931
			Member Units		2/6/2026	127,648							690	690
													27,023	27,380
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (30)	12/23/2022			SF+	7.25%		12/23/2027	—	(7)	(7)
			Secured Debt	(9) (30)	12/18/2025			SF+	7.25%		12/23/2027	—	(4)	(4)
			Secured Debt	(9)	12/23/2022		11.14%	SF+	7.25%		12/23/2027	3,214	3,177	3,214
			Common Equity		12/15/2021	137							130	168
													3,296	3,371
Behavior Development Group Holdings	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9)	12/17/2025		9.69%	SF+	6.00%		12/17/2030	1,500	1,467	1,500
			Secured Debt	(9)	12/17/2025		9.73%	SF+	6.00%		12/17/2030	15,913	15,702	15,913
			Common Equity		12/17/2025	500							500	500
													17,669	17,913
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(23)	3/8/2024	286,109							286	347
			Preferred Member Units	(23)	11/12/2019	122,416							—	—
			Preferred Member Units	(23)	7/6/2018	1,548,387							—	—
													286	347
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14) (17)	1/9/2024		12.23%	SF+	8.50%	11.23%	5/6/2026	215	134	269
			Secured Debt	(9) (14) (17)	10/19/2022		14.25%	P+	7.50%	13.25%	5/6/2026	2,930	2,878	90
			Secured Debt	(9) (14) (17)	8/28/2020		12.23%	SF+	8.50%	11.23%	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	—
													8,297	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		8.44%	SF+	4.75%		2/3/2030	2,850	2,814	2,836
			Secured Debt	(9)	2/3/2025		10.44%	SF+	6.75%		2/3/2030	2,850	2,814	2,836
			Common Equity		2/3/2025	180,000							180	180
													5,797	5,841
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		9.59%	SF+	5.75%		5/1/2028	180	173	180


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		9.59%	SF+	5.75%		5/1/2028	876	863	876
			Secured Debt	(9)	5/1/2023		8.59%	SF+	4.75%		5/1/2028	3,939	3,910	3,939
			Secured Debt	(9)	5/1/2023		10.59%	SF+	6.75%		5/1/2028	3,939	3,910	3,939
			Preferred Equity		5/1/2023	360							360	390
			Common Equity		5/1/2023	360							—	—
													9,216	9,324
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%							6,337	5,968
													8,064	6,837
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	4,513	4,244	—
			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	—
													11,362	—
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	2,385	2,385
			Common Stock		12/17/2021	60,066							601	600
													2,980	2,979
CenterPeak Holdings, LLC		Executive Search Services
			Preferred Equity	(8)	12/10/2021	368							404	3,140

Channel Partners Intermediateco, LLC	(10)	Outsourced Consumer Services Provider
			Secured Debt	(9) (28)	2/7/2022		10.66%	SF+	6.75%		2/7/2027	676	671	676
			Secured Debt	(9)	2/7/2022		10.64%	SF+	6.75%		2/7/2027	3,274	3,266	3,274
			Secured Debt	(9)	6/24/2022		10.64%	SF+	6.75%		2/7/2027	181	181	181
			Secured Debt	(9)	3/27/2023		10.64%	SF+	6.75%		2/7/2027	438	437	438
			Secured Debt	(9)	5/11/2026		10.65%	SF+	6.75%		2/7/2027	359	352	359
													4,907	4,928
Clarius BIGS, LLC	(10)	Prints & Advertising Film Financing
			Secured Debt	(14) (17) (34)	9/23/2014						1/5/2015	2,643	2,299	4

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		3/6/2026		15.00%			15.00%	8/6/2026	656	646	646


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) (28)	8/6/2021		14.05%	SF+	10.25%	14.05%	8/6/2026	7,552	7,537	4,927
			Secured Debt	(9) (14)	8/6/2021		14.05%	SF+	10.25%	14.05%	8/6/2026	18,391	18,359	11,998
													26,542	17,571
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	2,564	2,513	2,513
			Preferred Equity		10/9/2024	2,478							1,400	1,400
													3,913	3,913
Core Transformers	(10)	Refurbisher and Distributor of Electric Transformers
			Secured Debt	(9) (30)	9/24/2025			SF+	5.00%		9/23/2031	—	(86)	(86)
			Secured Debt	(9) (30)	9/24/2025			SF+	5.00%		9/23/2031	—	(86)	(86)
			Secured Debt	(9)	9/24/2025		8.66%	SF+	5.00%		9/23/2031	10,000	9,827	10,000
			Common Equity		9/24/2025	1,000,000							1,000	5,820
													10,655	15,648
Coregistics Buyer LLC	(10) (13) (21)	Contract Packaging Service Provider
			Secured Debt	(9) (28)	6/29/2024		10.16%	SF+	6.50%		6/28/2029	449	435	445
			Secured Debt	(9)	6/29/2024		10.16%	SF+	6.50%		6/28/2029	2,827	2,786	2,798
			Secured Debt	(9)	6/29/2024		10.41%	SF+	6.75%		6/28/2029	8,502	8,375	8,169
			Secured Debt	(9)	8/15/2024		10.15%	SF+	6.50%		6/28/2029	1,885	1,861	1,865
													13,457	13,277
CoreStack, Inc.	(10)	Multi-Cloud Governance Platform Provider
			Secured Debt		3/25/2026		10.00%			10.00%	9/25/2028	410	410	410
			Secured Debt	(34)	3/25/2026						9/25/2028	3,800	3,800	3,800
													4,210	4,210
CQ Fluency, LLC	(10)	Global Language Services Provider
			Secured Debt	(9) (30)	12/27/2023			SF+	6.50%		6/27/2027	—	(13)	(13)
			Secured Debt	(9)	12/27/2023		10.33%	SF+	6.50%		6/27/2027	6,656	6,597	6,656
													6,584	6,643
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	—	(10)	—
			Secured Debt	(9) (30)	12/31/2025			SF+	6.75%		6/30/2029	—	(16)	(16)
			Secured Debt	(9)	12/31/2025		10.74%	SF+	6.75%		6/30/2029	609	599	609
			Secured Debt	(9)	8/19/2022		10.71%	SF+	6.75%		6/30/2029	954	936	954
													1,509	1,547
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	—	(18)	(18)
			Secured Debt	(9)	3/4/2025		10.67%	SF+	7.00%		6/27/2029	16,568	16,336	16,568
			Secured Debt	(9)	6/27/2024		10.73%	SF+	7.00%		6/27/2029	10,391	10,267	10,391
			Common Equity		3/4/2025	2,862							286	160
													26,871	27,101
Dalton US Inc.	(10)	Provider of Supplemental Labor 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)
			Common Stock		8/16/2022	37							52	50

Dynamic Communities, LLC	(10)	Developer of Business Events and Online Community Groups
			Secured Debt	(9)	12/20/2022		11.74%	SF+	8.00%	11.74%	12/31/2026	2,769	2,716	2,769
			Secured Debt	(9)	12/20/2022		12.74%	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							—	—
													5,103	5,342
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	—	(64)	(64)
			Secured Debt	(9)	3/31/2025		9.14%	SF+	5.50%		3/31/2030	24,155	23,793	24,155
			Common Equity		3/31/2025	714,286							714	1,930
													24,443	26,021
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	1,081	1,081
			Secured Debt		10/3/2022		9.00%				10/3/2052	404	401	401
			Common Stock		10/3/2022	19							374	270
			Common Stock	(23)	10/3/2022	61							102	222
													1,958	1,974
Emerald Technologies Acquisition Co, Inc.	(11)	Design & Manufacturing
			Secured Debt	(9)	2/10/2022		10.13%	SF+	6.25%	5.25%	12/31/2029	2,306	2,293	1,810

Escalent, Inc.	(10)	Market Research and Consulting Firm
			Secured Debt	(9)	4/7/2023		9.73%	SF+	6.00%		4/7/2029	112	107	112
			Secured Debt	(9)	10/2/2024		9.73%	SF+	6.00%		4/7/2029	351	347	351
			Secured Debt	(9)	4/7/2023		9.73%	SF+	6.00%		4/7/2029	6,610	6,517	6,610
			Common Equity		4/7/2023	170,998							174	240
													7,145	7,313
Event Holdco, LLC	(10)	Event and Learning Management Software for Healthcare Organizations and Systems
			Secured Debt	(9)	12/22/2021		10.99%	SF+	7.00%		12/22/2026	308	307	308
			Secured Debt	(9)	12/22/2021		10.99%	SF+	7.00%		12/22/2026	3,980	3,976	3,980
													4,283	4,288
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	7,585	6,934	7,585
			Warrants	(8) (27)	5/28/2024	3					5/28/2034		980	3,400
													7,914	10,985
Garyline, LLC	(10)	Manufacturer of Consumer Plastic Products
			Secured Debt	(9)	4/14/2025		10.89%	SF+	7.25%		10/14/2027	611	596	611
			Secured Debt	(9)	4/14/2025		10.90%	SF+	7.25%		10/14/2027	8,405	8,321	8,405
			Common Equity		11/10/2023	210,084							210	130


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)
													9,127	9,146
GradeEight Corp.	(10)	Distributor of Maintenance and Repair Parts
			Secured Debt	(9)	10/4/2024		11.15%	SF+	7.50%		10/4/2029	71	40	70
			Secured Debt	(9)	10/4/2024		11.37%	SF+	7.50%		10/4/2029	1,947	1,915	1,938
			Secured Debt	(9) (26)	10/4/2024		11.13%	SF+	7.50%		10/4/2029	14,268	14,081	14,205
			Common Equity		10/4/2024	570							564	370
													16,600	16,583
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (423 AER II, LP)	(24)	6/2/2025	4.13%							1,678	2,089

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	—	(4)	—
			Secured Debt	(30)	1/2/2026						1/15/2029	—	—	—
			Secured Debt	(30)	1/2/2026						1/15/2029	—	—	—
			Secured Debt		12/2/2016		12.00%				1/15/2029	10,879	10,771	10,879
			Preferred Member Units	(8)	12/2/2016	56							713	6,580
			Preferred Member Units	(23)	12/2/2016	56							38	350
													11,518	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%	8/21/2026	1,465	1,437	652
			Secured Debt	(14)	3/7/2024		2.50%			2.50%	8/21/2026	890	377	—
			Common Equity		3/7/2024	35,971							—	—
													1,814	652
Hornblower Sub, LLC	(10)	Marine Tourism and Transportation
			Secured Debt	(9) (28)	7/3/2024		9.17%	SF+	5.50%	1.50%	7/3/2029	960	945	960
			Secured Debt	(9)	7/3/2024		9.18%	SF+	5.50%	1.50%	7/3/2029	16,526	16,412	16,526
													17,357	17,486
Horwitz Holdings, LLC	(10)	Provider of Mechanical, Electrical and Plumbing Services
			Secured Debt	(9) (30)	6/30/2026			SF+	5.50%		6/30/2031	—	(78)	(78)
			Secured Debt	(9) (30)	6/30/2026			SF+	5.50%		6/30/2031	—	(52)	(52)
			Secured Debt	(9)	6/30/2026		9.23%	SF+	5.50%		6/30/2031	13,235	12,975	12,975
													12,845	12,845
Hybrid Promotions, LLC	(10)	Wholesaler of Licensed, Branded and Private Label Apparel
			Secured Debt	(9)	6/30/2021		11.94%	SF+	8.25%		12/31/2027	8,000	7,929	8,000

IG Parent Corporation	(11)	Software Engineering
			Secured Debt	(9)	7/30/2021		9.49%	SF+	5.75%		7/30/2028	102	98	102
			Secured Debt	(9)	7/30/2021		9.49%	SF+	5.75%		7/30/2028	6,106	6,076	6,106
			Secured Debt	(9)	7/30/2021		9.49%	SF+	5.75%		7/30/2028	1,892	1,883	1,892
													8,057	8,100
Ignite Visibility LLC	(10)	Digital Marketing Services Agency
			Secured Debt	(9)	12/15/2025		8.69%	SF+	5.00%		12/1/2028	7,931	7,835	7,929


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)	12/15/2025		10.69%	SF+	7.00%		12/1/2028	7,931	7,835	7,926
													15,670	15,855
Imaging Business Machines, L.L.C.	(10)	Technology Hardware & Equipment
			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		9.74%	SF+	6.00%	4.00%	10/30/2028	1,812	1,812	1,812
			Secured Debt	(9)	7/31/2025		9.74%	SF+	6.00%	9.74%	10/30/2028	4,244	4,244	4,244
			Common Equity		7/31/2025	3,874,040							5,191	5,200
													11,247	11,256
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	3,712	3,709	3,712
			Preferred Equity	(8)	3/31/2023	21,840							1,092	4,200
													4,801	7,912
Insight Borrower Corporation	(10)	Test, Inspection, and Certification Instrument Provider
			Secured Debt	(9)	7/19/2023		9.95%	SF+	6.25%		7/19/2028	725	706	659
			Secured Debt	(9)	7/19/2023		9.92%	SF+	6.25%		7/19/2029	16,505	16,379	15,010
			Common Equity		7/19/2023	47,847							239	10
													17,324	15,679
Inspire Aesthetics Management, LLC	(10)	Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
			Secured Debt	(9) (28)	4/3/2023		13.22%	SF+	9.50%	1.50%	4/3/2028	740	733	700
			Secured Debt	(9)	4/3/2023		13.22%	SF+	9.50%	1.50%	4/3/2028	6,252	6,196	5,910
			Secured Debt	(9)	6/14/2023		13.22%	SF+	9.50%	1.50%	4/3/2028	1,259	1,248	1,190
			Secured Debt	(9)	12/31/2024		13.22%	SF+	9.50%	1.50%	4/3/2028	291	291	274
			Common Equity		4/3/2023	137,302							358	75
													8,826	8,149
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	2,561	2,561	2,333
			Secured Debt	(9) (14) (17)	8/7/2019		10.74%	SF+	7.00%	10.74%	8/7/2023	7,334	7,254	19
			Common Stock		12/7/2021	2,143							—	—
													9,815	2,352
Invincible Boat Company, LLC.	(10)	Manufacturer of Sport Fishing Boats
			Secured Debt	(9) (28)	8/28/2019		11.29%	SF+	7.50%		3/31/2029	934	928	738
			Secured Debt	(9)	8/28/2019		11.29%	SF+	7.50%	11.29%	3/31/2029	17,438	17,406	13,269
													18,334	14,007
Iron-Main Investments, LLC		Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
			Secured Debt	(30)	6/18/2026						6/30/2031	—	(6)	(6)
			Secured Debt		8/2/2021		13.00%				6/30/2031	12,874	12,595	12,595
			Preferred Equity		6/26/2024	178	25.00%			25.00%			178	290
			Preferred Equity		9/26/2025	39	25.00%			25.00%			39	39
			Preferred Equity		6/18/2026	34	25.00%			25.00%			34	34
			Common Stock		8/3/2021	50,753							689	710


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)
													13,529	13,662
Isagenix International, LLC	(11)	Direct Marketer of Health & Wellness Products
			Secured Debt	(9) (14)	4/13/2023		12.27%	SF+	8.50%	9.77%	4/14/2028	2,962	2,808	429
			Common Equity		4/13/2023	186,322							—	—
													2,808	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		10.95%	SF+	7.00%	10.95%	5/17/2029	482	478	395
			Secured Debt	(9) (26)	5/20/2024		10.95%	SF+	7.00%	10.95%	5/17/2029	2,222	2,199	1,824
			Secured Debt	(9) (26)	5/20/2024		10.95%	SF+	7.00%	10.95%	5/17/2029	2,228	2,205	1,828
			Secured Debt	(9) (26)	5/20/2024		10.95%	SF+	7.00%	10.95%	5/17/2029	2,233	2,210	1,832
													7,092	5,879
ITA Holdings Group, LLC		Air Ambulance Services
			Secured Debt	(9)	6/21/2023		10.90%	SF+	7.00%		6/21/2027	295	293	295
			Secured Debt	(9)	6/30/2025		10.90%	SF+	7.00%		6/21/2027	1,623	1,615	1,622
			Secured Debt	(9)	6/21/2023		10.90%	SF+	7.00%		6/21/2027	1,234	1,165	1,234
			Secured Debt	(9)	6/21/2023		10.90%	SF+	7.00%		6/21/2027	1,234	1,165	1,234
			Secured Debt	(9)	6/30/2025		10.90%	SF+	7.00%		6/21/2027	443	440	443
			Secured Debt	(9)	3/4/2026		10.90%	SF+	7.00%		6/21/2027	590	590	590
			Warrants	(8) (27)	6/21/2023	48,327					6/21/2033		523	3,710
													5,791	9,128
Jackmont Hospitality, Inc.	(10)	Franchisee of Casual Dining Restaurants
			Secured Debt	(9) (26)	10/26/2022		11.31%	SF+	7.50%		11/4/2026	1,458	1,455	1,458
			Secured Debt	(9) (26)	2/27/2024		11.32%	SF+	7.50%		11/4/2026	1,251	1,248	1,251
			Secured Debt	(9) (26)	11/1/2024		11.32%	SF+	7.50%		11/4/2026	1,333	1,326	1,333
			Secured Debt	(9)	11/8/2021		11.32%	SF+	7.50%		11/4/2026	3,370	3,363	3,370
			Preferred Equity		11/8/2021	5,653,333							216	1,300
													7,608	8,712
Joerns Healthcare, LLC	(11)	Manufacturer and Distributor of Health Care Equipment & Supplies
			Secured Debt	(9)	3/30/2024		11.76%	SF+	8.00%		3/29/2029	1,523	1,523	1,523
			Secured Debt	(9)	3/30/2024		11.76%	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	2,584	2,584
			Preferred Equity	(8)	3/28/2022	12,214							1,221	1,530
													3,805	4,114
JTI Electrical & Mechanical, LLC	(10)	Electrical, Mechanical and Automation Services
			Secured Debt	(9) (14)	8/25/2025		8.89%	SF+	5.00%	8.89%	6/20/2030	544	544	523
			Secured Debt	(9) (14)	8/25/2025		9.89%	SF+	6.00%	9.89%	6/20/2030	3,043	3,043	640
			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	1,163


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)
LBCT Topco LP		Provider of IT Hardware Services and Software Solutions
			Common Equity		6/22/2026	1,000,000							1,000	1,000

LLFlex, LLC	(10)	Provider of Metal-Based Laminates
			Secured Debt	(9)	8/16/2021		11.84%	SF+	8.00%	3.00%	12/31/2029	4,742	4,661	3,975

Logix Acquisition Company, LLC	(10)	Competitive Local Exchange Carrier
			Secured Debt	(9)	4/11/2025		10.67%	SF+	7.00%	1.25%	12/31/2028	20,711	20,447	20,711
			Secured Debt		4/11/2025						12/31/2028	1,380	1,117	1,079
													21,564	21,790
MCT Purchaserco Holding Inc.	(10) (13) (21)	Manufacturer and Distributor of High-Voltage Disconnect Switches
			Secured Debt	(9)	12/1/2025		9.23%	SF+	5.50%		12/2/2030	5,475	5,421	5,475
			Secured Debt	(9)	12/1/2025		9.23%	SF+	5.50%		12/2/2030	21,479	21,289	21,479
			Common Equity		12/1/2025	863,506							619	675
													27,329	27,629
Metalforming Holdings, LLC		Distributor of Sheet Metal Folding and Metal Forming Equipment
			Secured Debt	(30)	10/19/2022						10/19/2026	—	(1)	—
			Secured Debt		10/19/2022		8.75%				10/19/2027	1,266	1,255	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	780
													1,801	2,480
Microbe Formulas, LLC	(10)	Nutritional Supplements Provider
			Secured Debt	(9) (30)	4/4/2022			SF+	5.50%		4/3/2028	—	(2)	(2)
			Secured Debt	(9)	11/20/2024		9.24%	SF+	5.50%		4/3/2028	1,321	1,312	1,321
			Secured Debt	(9)	4/4/2022		9.24%	SF+	5.50%		4/3/2028	1,369	1,360	1,369
													2,670	2,688
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	1,125	1,111	1,015
			Secured Debt	(9) (26)	11/30/2023		9.91%	SF+	6.25%		11/30/2028	845	835	762
			Secured Debt	(9)	11/30/2023		8.92%	SF+	5.25%		11/30/2028	2,981	2,946	2,689
			Secured Debt	(9)	11/30/2023		10.92%	SF+	7.25%		11/30/2028	2,981	2,944	2,690
			Common Equity		11/30/2023	342,574							343	90
													8,179	7,246
Mission Critical Group	(10)	Backup Power Generation
			Secured Debt	(9) (30)	4/1/2026			SF+	5.25%		10/1/2030	—	(18)	(18)
			Secured Debt	(9) (30)	4/1/2026			SF+	5.25%		10/1/2030	—	(51)	(51)
			Secured Debt	(9)	4/1/2026		8.93%	SF+	5.25%		10/1/2030	24,121	23,799	24,121
			Common Equity		6/7/2023	532							532	17,960
													24,262	42,012
MoneyThumb Acquisition, LLC		Provider of Software-as-a-Service Financial File Conversion and Reconciliation
			Secured Debt		8/19/2024		13.00%				8/19/2029	1,596	1,496	1,496
			Preferred Member Units	(8)	8/19/2024	40,821	12.00%			12.00%			511	720


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)
			Warrants	(27)	8/19/2024	14,842					8/19/2029		148	270
													2,155	2,486
MonitorUS Holding, LLC	(10) (13) (21)	SaaS Provider of Media Intelligence Services
			Secured Debt		5/24/2022		9.00%			6.00%	5/30/2029	1,199	1,195	1,254
			Secured Debt		5/24/2022		9.00%			6.00%	5/30/2029	3,072	3,061	3,472
			Secured Debt		5/24/2022		9.00%			6.00%	5/30/2029	5,231	5,213	5,231
			Secured Debt		6/25/2025		9.00%			6.00%	5/30/2029	356	353	350
			Common Stock		8/30/2022	31,980,838							352	127
													10,174	10,434
Obra Capital, Inc.	(10)	Provider of Asset Management Services Specialized in Insurance-Linked Strategies
			Secured Debt	(9) (30)	6/21/2024			SF+	7.50%		12/21/2028	—	(13)	(13)
			Secured Debt	(9)	6/21/2024		11.25%	SF+	7.50%	0.50%	6/21/2029	11,809	11,481	11,809
			Secured Debt	(9)	5/13/2025		11.25%	SF+	7.50%	0.50%	6/21/2029	1,343	1,301	1,343
													12,769	13,139
OnPoint Industrial Services, LLC	(10)	Environmental & Facilities Services
			Secured Debt	(9)	12/18/2024		9.73%	SF+	6.00%		11/16/2027	1,011	1,006	1,011
			Secured Debt	(9)	4/1/2024		9.73%	SF+	6.00%		11/16/2027	2,810	2,794	2,810
													3,800	3,821
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	—	(45)	(45)
			Secured Debt	(9) (30)	1/2/2026			SF+	5.50%		1/2/2031	—	(45)	(45)
			Secured Debt	(9)	1/2/2026		9.49%	SF+	5.50%		1/2/2031	17,456	17,142	17,282
													17,052	17,192
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	5,820	5,717	5,820
			Secured Debt	(9)	9/7/2023		9.23%	SF+	5.50%		5/1/2029	556	545	556
			Secured Debt	(9)	1/30/2024		9.23%	SF+	5.50%		5/1/2029	559	551	559
			Secured Debt	(9)	6/28/2024		8.98%	SF+	5.25%		5/1/2029	635	629	635
			Secured Debt	(9)	1/21/2025		8.92%	SF+	5.25%		5/1/2029	1,407	1,398	1,407
			Secured Debt	(9)	7/31/2025		8.91%	SF+	5.25%		5/1/2029	1,320	1,310	1,320
			Secured Debt	(9)	11/21/2025		8.39%	SF+	4.75%		5/1/2029	1,078	1,069	1,078
			Secured Debt	(9)	2/4/2026		8.41%	SF+	4.75%		5/1/2029	5,875	5,824	5,875
													17,043	17,250
Pro-Max Restoration & Paint, LLC	(10)	Specialty Trade Contractors for the Construction Sector
			Secured Debt	(9) (30)	4/24/2026			SF+	5.75%		4/24/2031	—	(28)	(28)
			Secured Debt	(9)	4/24/2026		9.42%	SF+	5.75%		4/24/2031	16,150	15,993	15,993
			Common Equity		4/24/2026	952,381							952	952
													16,917	16,917
Richardson Sales Solutions	(10)	Business Services
			Secured Debt	(9) (30) (28)	8/24/2023			SF+	5.00%		8/24/2028	—	(25)	—


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)	8/24/2023		8.67%	SF+	5.00%		8/24/2028	9,611	9,482	9,611
			Secured Debt	(9)	9/10/2024		8.67%	SF+	5.00%		8/24/2028	4,736	4,683	4,736
													14,140	14,347
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	4,706	4,687	3,545
			Secured Debt		8/27/2021		10.00%			10.00%	8/31/2029	4,753	4,733	3,439
													9,418	6,984
Royal Cup Inc.	(10)	Coffee Roaster and Beverage Solutions Provider
			Preferred Equity		11/26/2025	1,349,113							1,349	1,349

Rug Doctor, LLC.	(10)	Carpet Cleaning Products and Machinery
			Secured Debt	(9)	7/16/2021		9.23%	SF+	5.50%		5/16/2028	3,134	3,052	3,134
			Secured Debt	(9)	7/16/2021		9.23%	SF+	5.50%		5/16/2028	7,358	7,358	7,358
													10,410	10,492
Slick Innovations, LLC		Text Message Marketing Platform
			Secured Debt		9/13/2018		14.00%				3/21/2030	5,690	5,613	5,690
			Common Stock		9/13/2018	17,500							—	750
													5,613	6,440
South Coast Terminals Holdings, LLC	(10)	Specialty Toll Chemical Manufacturer
			Secured Debt	(9) (30)	8/8/2024			SF+	5.00%		8/8/2029	—	—	—
			Secured Debt	(9)	8/8/2024		8.74%	SF+	5.00%		8/8/2029	32,113	32,093	32,113
			Secured Debt	(9)	7/31/2025		8.74%	SF+	5.00%		8/8/2029	6,492	6,443	6,492
			Common Equity		12/10/2021	61							61	83
													38,597	38,688
SPAU Holdings, LLC	(10)	Digital Photo Product Provider
			Secured Debt	(9) (28)	7/1/2022		10.86%	SF+	7.00%		7/2/2029	660	649	660
			Secured Debt	(9)	7/1/2022		10.88%	SF+	7.00%		7/2/2029	4,800	4,749	4,800
			Common Stock		7/1/2022	200,000							200	200
													5,598	5,660
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		9.33%	SF+	5.50%		12/31/2029	2,298	2,274	2,298
													2,265	2,289
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		10.23%	SF+	6.50%		3/11/2029	1,370	1,344	1,370


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)	3/11/2024		10.23%	SF+	6.50%		3/11/2029	12,852	12,608	12,852
			Secured Debt	(9)	2/27/2025		10.23%	SF+	6.50%		3/11/2029	1,645	1,617	1,645
			Secured Debt	(9)	8/5/2025		10.23%	SF+	6.50%		3/11/2029	1,861	1,826	1,861
			Preferred Equity		3/11/2024	522,651	8.00%			8.00%			529	710
													17,924	18,438
U.S. TelePacific Corp.	(11)	Provider of Communications and Managed Services
			Secured Debt	(9) (17)	3/18/2026		14.70%	SF+	11.00%	10.00%	5/2/2026	490	468	468
			Secured Debt	(9) (14)	6/1/2023		13.75%	P+	7.00%	7.00%	5/2/2027	6,741	1,783	1,333
			Secured Debt	(14)	6/1/2023						5/2/2027	692	15	—
													2,266	1,801
UBM AcquireCo LLC		Mail Commingling and Logistics Provider
			Secured Debt	(30)	12/20/2025						12/20/2027	—	(18)	(18)
			Secured Debt		12/20/2025		10.00%				12/20/2030	3,900	3,808	3,808
			Secured Debt		12/20/2025		10.00%				12/20/2030	10,700	10,461	10,461
			Common Equity	(8)	12/20/2025	20							2,000	1,970
													16,251	16,221
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		10.23%	SF+	6.50%		7/29/2029	19,196	18,949	19,196
			Common Equity		7/29/2024	435							435	460
													19,384	19,656
UserZoom Technologies, Inc.	(10)	Provider of User Experience Research Automation Software
			Secured Debt	(9)	1/7/2026		11.42%	SF+	7.75%	1.75%	4/5/2029	244	240	208
			Secured Debt	(9)	1/11/2023		11.40%	SF+	7.75%	1.75%	4/5/2029	3,026	2,979	2,579
													3,219	2,787
Vitesse Systems	(10)	Component Manufacturing and Machining Platform
			Secured Debt	(28)	12/22/2023		10.99%	SF+	7.00%		12/22/2028	2,273	2,241	2,273
			Secured Debt	(9)	3/4/2026		10.99%	SF+	7.00%		12/22/2028	1,052	1,029	1,052
			Secured Debt	(9)	12/22/2023		10.99%	SF+	7.00%		12/22/2028	12,188	12,036	12,187
													15,306	15,512
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		9.20%	SF+	5.50%		4/30/2028	44	44	44
			Secured Debt	(9)	4/30/2025		9.16%	SF+	5.50%	9.16%	4/30/2028	1,090	1,090	1,090
			Secured Debt		4/30/2025		12.00%			12.00%	7/31/2028	758	758	758
			Common Equity		4/30/2025	439							465	40
													2,357	1,932
Watterson Brands, LLC	(10)	Facility Management Services
			Secured Debt	(30)	6/30/2026						6/30/2029	—	—	—
			Secured Debt		6/30/2026		6.00%			6.00%	6/30/2029	1,905	1,905	1,905


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 Shares		6/30/2026	1,212							—		—
			Preferred Stock		6/30/2026	1,212	12.00%			12.00%			694		694
													2,599		2,599
Winter Services LLC	(10)	Provider of Snow Removal and Ice Management Services
			Secured Debt	(9) (30) (28)	11/19/2021			SF+	8.00%		11/19/2027	—	(62)		—
			Secured Debt	(9)	11/19/2021		11.95%	SF+	8.00%		11/19/2027	2,343	2,331		2,343
			Secured Debt	(9)	1/16/2024		10.95%	SF+	7.00%		11/19/2027	9,050	8,998		9,050
			Secured Debt	(9)	1/16/2024		12.95%	SF+	9.00%		11/19/2027	9,050	8,998		9,050
													20,265		20,443
World Micro Holdings, LLC		Supply Chain Management
			Secured Debt		12/12/2022		13.00%				12/12/2027	1,273	1,266		1,266
			Preferred Equity	(8)	12/12/2022	530							530		530
													1,796		1,796
Xenon Arc, Inc.	(10)	Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
			Secured Debt	(9)	12/17/2021		9.80%	SF+	6.00%		12/20/2028	1,158	1,146		1,158
			Secured Debt	(9)	12/17/2021		9.77%	SF+	6.00%		12/20/2028	2,292	2,277		2,292
			Secured Debt	(9)	3/31/2025		9.83%	SF+	6.00%		12/20/2028	601	593		601
													4,016		4,051
YS Garments, LLC	(11)	Designer and Provider of Branded Activewear
			Secured Debt	(9)	8/22/2018		11.24%	SF+	7.50%		8/9/2027	4,965	4,942		4,365

ZRG Partners, LLC	(10)	Talent Advisory Services Provider
			Secured Debt	(9)	6/14/2024		11.75%	P+	5.00%		6/14/2029	951	935		951
			Secured Debt	(9) (26)	6/14/2024		9.73%	SF+	6.00%		6/14/2029	1,975	1,949		1,975
			Secured Debt	(9)	6/14/2024		9.85%	SF+	6.00%		6/14/2029	805	799		805
			Secured Debt	(9)	4/24/2026		9.68%	SF+	6.00%		6/14/2029	935	916		935
			Secured Debt	(9)	6/14/2024		9.70%	SF+	6.00%		6/14/2029	5,753	5,685		5,753
													10,284		10,419
Subtotal Non-Control/Non-Affiliate investments (122.6% of net assets at fair value)													$	927,880	$	917,956
Total Portfolio Company investments, June 30, 2026 (185.6% of net assets at fair value)													$	1,307,825	$	1,389,403

Money market funds (included in cash and cash equivalents)
First American Treasury Obligations Fund Class Z	(16)												$	8,288	$	8,288
Fidelity Government Portfolio Fund Class III	(31)												11,980		11,980
Total money market funds													$	20,268	$	20,268

___________________________________________________

(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, 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


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 , 2026 (unaudited) and December 31, 2025	1
	Consolidated Statements of Operations (unaudited)—Three and six months ended June 3 0 , 2026 and 2025	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three and six months ended June 3 0 , 2026 and 2025	3
	Consolidated Statements of Cash Flows (unaudited)—Six months ended June 3 0 , 2026 and 2025	4
	Consolidated Schedule of Investments (unaudited)—June 3 0 , 2026	5
	Consolidated Schedule of Investments—December 31, 2025	26
	Notes to Consolidated Financial Statements (unaudited)	46
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Six months ended June 3 0 , 2026 and 2025	90
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	100
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	121
Item 4.	Controls and Procedures	122
PART II
OTHER INFORMATION
Item 1.	Legal Proceedings	123
Item 1A.	Risk Factors	123
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	123
Item 5.	Other Information	123
Item 6.	Exhibits	124
	Signatures	125