Consolidated Schedule of Investments In and Advances to Affiliates (Tables)

v3.25.4

Consolidated Schedule of Investments In and Advances to Affiliates (Tables)	12 Months Ended
	Dec. 31, 2025
Investments in and Advances to Affiliates [Abstract]
Schedule of Investments in and Advances to Affiliates, Schedule of Investments	Company Total Rate Base Rate Spread PIK Rate Type of Investment (1)(10)(11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) December 31, 2025 Fair Value (13) Control Investments BDB Holdings, LLC Preferred Equity (7) $ —  $ (4,180) $ —  $ 12,610  $ —  $ 4,180  $ 8,430  12.00% Secured Debt (7) —  —  58  —  1,182  —  1,182  Copper Trail Fund Investments LP Interests (CTMH, LP) (9) —  —  —  530  —  140  390  GRT Rubber Technologies LLC 9.98% SF+ 6.00% Secured Debt (8) —  (6) 169  1,550  6  6  1,550  11.98% SF+ 8.00% Secured Debt (8) —  (50) 2,552  19,944  50  50  19,944  Member Units (8) —  230  2,608  22,600  230  —  22,830  Harris Preston Fund Investments LP Interests (2717 MH, L.P.) (8) 5,295  (4,655) —  8,740  3,875  10,718  1,897  Volusion, LLC 10.00% Secured Debt (8) —  —  91  900  —  —  900  Preferred Member Units (8) —  —  5  —  —  —  —  Preferred Member Units (8) 10  (834) —  3,004  9  1,764  1,249  Preferred Member Units (8) —  —  —  —  —  —  —  Common Stock (8) —  —  —  —  —  —  —  Other Amounts related to investments transferred to or from other 1940 Act classification during the period —  —  —  —  —  —  —  Total Control investments $ 5,305  $ (9,495) $ 5,483  $ 69,878  $ 5,352  $ 16,858  $ 58,372  Affiliate Investments American Nuts, LLC Preferred Equity (9) $ —  $ (1,346) $ —  $ —  $ 2,556  $ 1,346  $ 1,210  12.64% SF+ 8.50% 12.64% Secured Debt (9) —  —  217  —  2,325  —  2,325  12.64% SF+ 8.50% 12.64% Secured Debt (9) —  (450) 217  —  2,325  450  1,875  Analytical Systems Keco Holdings, LLC 13.75% Secured Debt (8) —  —  162  1,012  3  50  965  Preferred Member Units (8) —  30  —  —  30  —  30  Preferred Member Units (8) —  190  —  1,330  190  10  1,510  Warrants (8) —  —  —  —  —  —  —  Barfly Ventures, LLC Member Units (5) 2,688  (1,425) 368  1,953  2,688  4,641  —  Batjer TopCo, LLC Secured Debt (8) —  —  1  50  —  50  —  Secured Debt (8) —  —  2  30  —  30  —  10.00% Secured Debt (8) —  5  125  1,165  10  70  1,105  Preferred Stock (8) —  400  145  570  400  —  970  Bettercloud, Inc. Common Equity (6) —  (354) —  —  4,904  354  4,550  12.07% SF+ 8.25% 12.07% Secured Debt (12) (6) —  —  27  —  1,747  —  1,747  Brewer Crane Holdings, LLC 13.98% SF+ 10.00% Secured Debt (9) —  —  182  1,254  —  —  1,254  Preferred Member Units (9) —  (310) 30  1,170  —  310  860  15.00% 15.00% Preferred Member Units (9) —  —  6  —  84  —  84  Centre Technologies Holdings, LLC SF+ 8.00% Secured Debt (12) (8) —  —  3  —  —  —  —  11.98% SF+ 8.00% Secured Debt (8) —  (10) 848  6,384  10  373  6,021  Preferred Member Units (8) —  7,570  30  3,110  7,570  —  10,680  Chamberlin Holding LLC SF+ 6.00% Secured Debt (12) (8) —  (5) 22  —  5  5  —  SF+ 8.00% Secured Debt (8) —  (1) 480  3,905  —  3,905  —  11.99% SF+ 8.00% Secured Debt (8) —  150  189  —  10,505  —  10,505  Member Units (8) —  600  1,739  8,280  600  —  8,880  Member Units (8) —  155  23  888  155  —  1,043  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1)(10)(11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) December 31, 2025 Fair Value (13) Charps, LLC Preferred Member Units (5) —  110  270  3,900  110  —  4,010  Clad-Rex Steel, LLC Secured Debt (12) (5) —  —  1  —  —  —  —  Secured Debt (5) —  (9) 98  1,690  —  1,690  —  10.00% Secured Debt (5) —  22  107  —  2,450  80  2,370  10.00% Secured Debt (5) —  —  24  243  —  11  232  Member Units (5) —  780  330  2,750  780  —  3,530  Member Units (5) —  80  —  236  81  —  317  Cody Pools, Inc. Secured Debt (12) (8) —  16  39  —  157  157  —  12.50% Secured Debt (8) —  94  811  6,598  629  1,336  5,891  Preferred Member Units (8) —  (680) 443  16,950  —  680  16,270  Colonial Electric Company LLC Secured Debt (12) (6) —  —  2  —  —  —  —  9.00% Secured Debt (6) —  (20) 357  3,578  20  1,403  2,195  Preferred Member Units (6) —  820  1,204  3,390  820  —  4,210  Compass Systems & Sales, LLC Secured Debt (5) —  —  4  (16) 4  —  (12) 13.50% Secured Debt (5) —  23  614  4,201  48  —  4,249  Preferred Equity (5) —  (60) 60  1,860  —  60  1,800  Datacom, LLC 7.50% Secured Debt (8) —  —  7  55  85  65  75  10.00% Secured Debt (8) —  (405) 109  878  20  435  463  Preferred Member Units (8) —  (70) —  30  40  70  —  Digital Products Holdings LLC 13.88% SF+ 10.00% Secured Debt (5) —  (117) 446  3,105  11  282  2,834  Preferred Member Units (5) —  —  50  2,459  —  —  2,459  Direct Marketing Solutions, Inc. 14.00% Secured Debt (9) —  (2) 15  —  317  2  315  14.00% Secured Debt (9) —  (12) 656  4,668  12  179  4,501  Preferred Stock (9) —  460  —  4,480  460  —  4,940  DMA Industries, LLC 10.00% Secured Debt (7) —  2  17  138  2  —  140  10.00% Secured Debt (7) —  23  484  4,161  39  1,000  3,200  Preferred Equity (7) —  810  —  1,486  810  —  2,296  15.00% 15.00% Preferred Equity (7) —  420  128  810  548  —  1,358  Flame King Holdings, LLC Preferred Equity (9) —  4,680  2,175  8,980  4,680  —  13,660  12.00% Secured Debt (9) —  292  1,055  —  16,500  —  16,500  Secured Debt (12) (9) —  —  5  —  —  —  —  Freeport Financial Funds LP Interests (Freeport First Lien Loan Fund III LP) (5) —  (82) —  1,263  —  1,070  193  Gamber-Johnson Holdings, LLC SF+ 7.50% Secured Debt (12) (5) —  —  2  —  —  —  —  11.38% SF+ 7.50% Secured Debt (5) —  (40) 2,144  18,282  40  690  17,632  Member Units (5) —  (240) 1,744  28,690  —  240  28,450  Common Equity (5) —  —  —  —  99  —  99  GFG Group, LLC Secured Debt (5) —  (16) 57  2,046  —  2,046  —  Secured Debt (5) —  —  46  —  —  —  —  8.00% Secured Debt (5) —  7  153  —  3,513  —  3,513  Preferred Member Units (5) —  100  232  2,640  100  —  2,740  Gulf Publishing Holdings, LLC SF+ 9.50% Secured Debt (8) —  —  —  —  —  —  —  Secured Debt (8) (58) 202  —  378  156  534  —  Preferred Equity (8) (1,400) 1,400  —  —  1,400  1,400  —  Member Units (8) (920) 920  —  —  920  920  —  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1)(10)(11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) December 31, 2025 Fair Value (13) HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (12) (8) —  391  5  4,472  391  747  4,116  IG Investor, LLC 13.00% Secured Debt (12) (6) —  15  62  379  21  —  400  13.00% Secured Debt (6) —  130  1,209  8,693  183  110  8,766  Common Equity (6) —  2,950  —  4,060  2,950  —  7,010  Independent Pet Partners Intermediate Holdings, LLC Common Equity (6) —  (500) 36  7,290  —  500  6,790  Integral Energy Services 11.75% SF+ 7.50% Secured Debt (8) —  (114) 1,881  14,872  63  864  14,071  10.00% 10.00% Preferred Equity (8) —  (76) 31  535  31  76  490  Common Stock (8) —  (230) —  640  —  230  410  10.00% 10.00% Preferred Equity (8) —  97  —  —  480  —  480  Kickhaefer Manufacturing Company, LLC 11.50% Secured Debt (5) —  —  412  3,741  6  1,200  2,547  9.00% Secured Debt (5) —  —  89  982  —  12  970  Preferred Equity (5) —  1,230  407  3,060  1,230  —  4,290  Member Units (5) —  370  24  678  370  —  1,048  KMS, LLC SF+ 9.75% Secured Debt (5) (511) 409  —  829  —  829  —  SF+ 9.75% Secured Debt (5) (3,791) 3,202  —  5,973  —  5,973  —  SF+ 9.75% Secured Debt (5) —  —  9  562  —  562  —  SF+ 9.75% Secured Debt (5) —  —  9  550  —  550  —  SF+ 9.75% Secured Debt (5) —  —  4  —  —  —  —  12.50% Secured Debt (5) —  —  180  —  1,433  —  1,433  12.50% Secured Debt (5) —  —  155  —  1,504  245  1,259  Preferred Equity (5) —  1,718  —  —  7,831  1  7,830  SF+ 5.50% Secured Debt (12) (5) —  —  2  —  —  49  (49) Mills Fleet Farm Group, LLC Preferred Equity (5) —  (1,925) 892  11,166  893  1,925  10,134  9.81% SF+ 5.50% 9.81% Secured Debt (5) —  (86) 207  —  2,308  52  2,256  9.32% SF+ 5.50% 9.32% Secured Debt (5) —  (51) 48  —  1,380  36  1,344  Mystic Logistics Holdings, LLC Secured Debt (6) —  —  1  —  —  —  —  Secured Debt (6) —  (4) 144  1,436  4  1,440  —  Common Stock (6) 5,953  (5,910) 1,951  6,590  5,951  12,541  —  Nello Industries Investco, LLC SF+ 6.50% Secured Debt (5) —  —  12  (12) 12  —  —  12.50% Secured Debt (5) —  156  973  6,619  1,399  —  8,018  Preferred Equity (5) 58  2,171  547  3,890  2,229  289  5,830  NexRev LLC Secured Debt (8) —  —  —  —  —  —  —  Secured Debt (8) —  (3) 38  2,453  3  2,456  —  Preferred Member Units (8) —  240  36  2,970  240  —  3,210  NuStep, LLC 10.48% SF+ 6.50% Secured Debt (5) —  —  87  900  —  650  250  12.00% Secured Debt (5) —  —  561  4,610  —  —  4,610  Preferred Member Units (5) —  160  —  2,890  160  —  3,050  Preferred Member Units (5) —  30  —  1,500  30  —  1,530  Oneliance, LLC Preferred Stock (7) —  170  35  640  170  —  810  Orttech Holdings, LLC 14.98% SF+ 11.00% Secured Debt (5) —  2  2  —  153  —  153  14.98% SF+ 11.00% Secured Debt (5) —  (23) 849  5,490  23  323  5,190  Preferred Stock (5) —  —  60  3,360  —  —  3,360  Pinnacle TopCo, LLC Secured Debt (12) (8) —  (2) 4  —  2  2  —  Company Total Rate Base Rate Spread PIK Rate Type of Investment (1)(10)(11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income (2) December 31, 2024 Fair Value (13) Gross Additions (3) Gross Reductions (4) December 31, 2025 Fair Value (13) 13.00% Secured Debt (8) —  (40) 964  7,160  40  400  6,800  Preferred Equity (8) —  520  446  4,590  520  —  5,110  RA Outdoors LLC 10.89% SF+ 6.75% 10.89% Secured Debt (8) —  (151) 152  1,215  116  189  1,142  10.89% SF+ 6.75% 10.89% Secured Debt (8) —  (1,582) 1,599  12,710  1,215  1,988  11,937  SF+ 6.75% Secured Debt (8) —  —  —  —  —  —  —  Common Equity (8) —  —  —  —  —  —  —  Robbins Bros. Jewelry, Inc. Secured Debt (9) —  —  6  (7) —  5  (12) 12.50% Secured Debt (9) —  28  —  1,617  —  58  1,559  Preferred Equity (9) —  —  —  —  —  —  —  SI East, LLC 11.80% Secured Debt (12) (7) —  (2) 98  750  2  2  750  12.85% Secured Debt (7) —  9  2,927  22,554  —  271  22,283  Preferred Member Units (7) —  1,180  157  4,550  1,180  —  5,730  Student Resource Center, LLC 8.50% 8.50% Secured Debt (6) —  (228) —  1,826  —  228  1,598  Preferred Equity (6) —  —  —  —  —  —  —  8.50% 8.50% Secured Debt (6) —  620  19  227  639  —  866  Tedder Industries, LLC 12.00% 12.00% Secured Debt (9) —  69  —  412  —  171  241  12.00% 12.00% Secured Debt (9) —  (194) —  901  —  194  707  Preferred Member Units (9) —  —  —  —  —  —  —  Preferred Member Units (9) —  —  —  —  —  —  —  Preferred Member Units (9) —  —  —  —  —  —  —  Trantech Radiator Topco, LLC Secured Debt (12) (7) —  —  1  —  —  —  —  13.50% Secured Debt (7) —  18  283  1,962  288  —  2,250  Common Stock (7) —  1,590  222  2,140  1,590  —  3,730  Common Equity (7) —  —  —  —  174  —  174  9.00% Secured Debt (7) —  2  5  —  510  —  510  Urgent DSO LLC 13.50% Secured Debt (5) —  10  314  2,145  23  —  2,168  Preferred Equity (5) —  (65) 74  1,080  74  65  1,089  Victory Energy Operations, LLC 13.00% Secured Debt (12) (8) —  —  13  (5) 409  277  127  13.00% Secured Debt (8) —  —  1,068  7,529  46  —  7,575  Preferred Equity (8) —  151  86  3,644  151  35  3,760  VVS Holdco LLC SF+ 6.00% Secured Debt (5) —  —  4  —  —  —  —  11.50% Secured Debt (5) —  —  764  6,366  41  440  5,967  Preferred Equity (5) —  —  25  3,060  —  —  3,060  Other Amounts related to investments transferred to or from other 1940 Act classification during the period 4,301  (3,611) (45) (7,914) —  —  —  Total Affiliate investments $ 6,320  $ 17,548  $ 38,849  $ 351,360  $ 109,426  $ 61,929  $ 406,771  ___________________________________________________ (1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K. (2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.” (3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category. (4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category. (5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2025 for Affiliate investments located in this region was $151,753. This represented 20.5% of net assets as of December 31, 2025. (6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of December 31, 2025 for Affiliate investments located in this region was $38,132. This represented 5.2% of net assets as of December 31, 2025. (7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of December 31, 2025 for Control investments located in this region was $9,612. This represented 1.3% of net assets as of December 31, 2025. The fair value as of December 31, 2025 for Affiliate investments located in this region was $43,231. This represented 5.9% of net assets as of December 31, 2025. (8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2025 for Control investments located in this region was $48,370. This represented 6.5% of net assets as of December 31, 2025. The fair value as of December 31, 2025 for Affiliate investments located in this region was $123,636. This represented 16.7% of net assets as of December 31, 2025. (9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of December 31, 2025 for Control investments located in this region was $390. This represented 0.1% of net assets as of December 31, 2025. The fair value as of December 31, 2025 for Affiliate investments located in this region was $50,019. This represented 6.8% of net assets as of December 31, 2025. (10)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted. (11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs. (12)Investment has an unfunded commitment as of December 31, 2025 (see Note I — Commitments and Contingencies in the notes to the consolidated financial statements included in Item 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K). The fair value of the investment includes the impact of the fair value of any unfunded commitments. (13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income(2) December 31, 2023 Fair Value (13) Gross Additions(3) Gross Reductions(4) December 31, 2024 Fair Value (13) Control Investments BDB Holdings, LLC Preferred Equity (7) $ —  $ (415) $ —  $ —  $ 13,025  $ 415  $ 12,610  Copper Trail Fund Investments LP Interests (CTMH, LP) (9) —  —  —  568  —  38  530  GRT Rubber Technologies LLC 10.66% SF+ 6.00% Secured Debt (12) (8) —  2  167  1,182  368  —  1,550  12.66% SF+ 8.00% Secured Debt (8) —  (50) 2,746  19,944  50  50  19,944  Member Units (8) —  710  113  21,890  710  —  22,600  Harris Preston Fund Investments LP Interests (2717 MH, L.P.) (8) 147  2,691  311  6,050  2,837  147  8,740  Volusion, LLC 10.00% Secured Debt (8) —  —  91  900  —  —  900  Preferred Member Units (8) —  —  13  —  —  —  —  Preferred Member Units (8) —  1,895  —  3,110  1,895  2,001  3,004  Preferred Member Units (8) —  —  —  —  —  —  —  Common Stock (8) —  —  —  —  —  —  —  Other Amounts related to investments transferred to or from other 1940 Act classification during the period —  —  —  —  —  —  —  Total Control Investments $ 147  $ 4,833  $ 3,441  $ 53,644  $ 18,885  $ 2,651  $ 69,878  Affiliate Investments Analytical Systems Keco Holdings, LLC Secured Debt (12) (8) $ —  $ —  $ 4  $ 54  $ —  $ 54  $ —  13.75% Secured Debt (8) —  —  175  1,020  79  87  1,012  Preferred Member Units (8) —  —  —  —  —  —  —  Preferred Member Units (8) —  120  —  1,210  120  —  1,330  Warrants (8) —  —  —  —  —  —  —  Barfly Ventures, LLC Member Units (5) —  573  —  1,380  573  —  1,953  Batjer TopCo, LLC 10.00% Secured Debt (12) (8) —  (1) 5  —  51  1  50  10.00% Secured Debt (12) (8) —  —  3  30  —  —  30  10.00% Secured Debt (8) —  (15) 124  1,175  5  15  1,165  Preferred Stock (8) —  (110) 85  680  —  110  570  Brewer Crane Holdings, LLC 14.66% SF+ 10.00% Secured Debt (9) —  —  205  1,374  4  124  1,254  Preferred Member Units (9) —  (230) 30  1,400  —  230  1,170  Centre Technologies Holdings, LLC SF+ 9.00% Secured Debt (12) (8) —  —  3  —  —  —  —  13.66% SF+ 9.00% Secured Debt (8) —  28  79  —  6,564  180  6,384  SF+ 10.00% Secured Debt (8) —  —  725  —  919  919  —  Secured Debt (8) —  (29) 84  4,394  —  4,394  —  Preferred Member Units (8) —  284  30  2,760  350  —  3,110  Chamberlin Holding LLC SF+ 6.00% Secured Debt (12) (8) —  (22) 25  —  22  22  —  12.74% SF+ 8.00% Secured Debt (8) —  (1) 530  3,905  1  1  3,905  Member Units (8) —  950  1,179  7,330  950  —  8,280  Member Units (8) —  173  23  715  174  1  888  Charps, LLC Preferred Member Units (5) —  (20) 200  3,920  —  20  3,900  Clad-Rex Steel, LLC Secured Debt (12) (5) —  —  1  —  —  —  —  9.00% Secured Debt (5) —  46  219  2,103  37  450  1,690  10.00% Secured Debt (5) —  2  25  251  2  10  243  Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income(2) December 31, 2023 Fair Value (13) Gross Additions(3) Gross Reductions(4) December 31, 2024 Fair Value (13) Member Units (5) —  1,450  173  1,300  1,450  —  2,750  Member Units (5) —  (45) —  282  —  45  237  Cody Pools, Inc. Secured Debt (12) (8) —  1  8  —  236  236  —  12.50% Secured Debt (8) —  (8) 873  7,111  7  520  6,598  Preferred Member Units (8) —  (1,170) 407  18,120  —  1,170  16,950  Colonial Electric Company LLC Secured Debt (12) (6) —  —  2  —  —  —  —  12.00% Secured Debt (6) —  64  598  5,407  106  1,935  3,578  Preferred Member Units (6) —  (360) 503  600  —  600  —  Preferred Member Units (6) —  1,470  577  1,920  1,470  —  3,390  Compass Systems & Sales, LLC Secured Debt (5) —  —  19  —  584  600  (16) 13.50% Secured Debt (5) —  —  616  4,175  26  —  4,201  Preferred Equity (5) —  (3) 60  1,863  —  3  1,860  Datacom, LLC 7.50% Secured Debt (8) —  —  4  49  66  60  55  10.00% Secured Debt (8) —  43  114  844  64  30  878  Preferred Member Units (8) —  20  —  10  20  —  30  Digital Products Holdings LLC 14.56% SF+ 10.00% Secured Debt (5) —  (18) 532  3,673  14  582  3,105  Preferred Member Units (5) —  —  50  2,459  —  —  2,459  Direct Marketing Solutions, Inc. Secured Debt (9) —  (2) 11  217  302  519  —  14.00% Secured Debt (9) —  (14) 700  5,002  14  348  4,668  Preferred Stock (9) —  (700) —  5,180  —  700  4,480  DMA Industries, LLC 12.00% Secured Debt (7) —  —  9  —  138  —  138  12.00% Secured Debt (7) —  (58) 555  4,700  19  558  4,161  Preferred Equity (7) —  (434) —  1,920  —  434  1,486  15.00% 15.00% Preferred Equity (7) —  —  43  —  810  —  810  Flame King Holdings, LLC Preferred Equity (9) —  2,010  1,229  6,970  2,010  —  8,980  Freeport Financial Funds LP Interests (Freeport First Lien Loan Fund III LP) (5) —  59  41  3,705  58  2,500  1,263  Gamber-Johnson Holdings, LLC SF+ 7.00% Secured Debt (12) (5) —  —  2  —  —  —  —  11.00% SF+ 7.00% Secured Debt (12) (5) —  115  181  —  18,282  —  18,282  SF+ 7.00% Secured Debt (5) —  (184) 1,395  13,520  —  13,520  —  Member Units (5) —  4,510  1,984  24,180  4,510  —  28,690  GFG Group, LLC 8.00% Secured Debt (5) —  (17) 198  2,336  17  307  2,046  Preferred Member Units (5) —  (230) 453  2,870  —  230  2,640  Gulf Publishing Holdings, LLC SF+ 9.50% Secured Debt (12) (8) —  —  —  —  —  —  —  12.50% 12.50% Secured Debt (8) —  (173) 20  571  —  193  378  Preferred Equity (8) —  (620) —  620  —  620  —  Member Units (8) —  —  —  —  —  —  —  HPEP 3, L.P. LP Interests (HPEP 3, L.P.) (12) (8) —  247  1  4,225  247  —  4,472  IG Investor, LLC 13.00% Secured Debt (12) (6) —  —  33  (27) 406  —  379  13.00% Secured Debt (6) —  —  1,259  9,069  64  440  8,693  Common Equity (6) —  460  —  3,600  460  —  4,060  Independent Pet Partners Intermediate Holdings, LLC Common Equity (6) —  970  —  6,320  970  —  7,290  Integral Energy Services 12.35% SF+ 7.50% Secured Debt (8) —  390  2,138  16,232  475  1,835  14,872  Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income(2) December 31, 2023 Fair Value (13) Gross Additions(3) Gross Reductions(4) December 31, 2024 Fair Value (13) 10.00% 10.00% Preferred Equity (8) —  153  32  350  185  —  535  Common Stock (8) —  450  50  190  450  —  640  Kickhaefer Manufacturing Company, LLC 11.50% Secured Debt (5) —  —  543  4,933  8  1,200  3,741  9.00% Secured Debt (5) —  —  88  951  42  11  982  Preferred Equity (5) —  640  —  2,420  640  —  3,060  Member Units (5) —  (5) 31  683  —  5  678  MH Corbin Holding LLC Secured Debt (5) (960) 95  139  1,256  94  1,350  —  Preferred Member Units (5) (1,100) 1,020  —  80  1,020  1,100  —  Preferred Member Units (5) (1,500) 1,500  —  —  1,500  1,500  —  Mills Fleet Farm Group, LLC SF+ 7.00% Secured Debt (5) (5,022) 339  1,820  17,524  —  17,524  —  Common Equity (5) —  —  —  —  11,166  —  11,166  Mystic Logistics Holdings, LLC Secured Debt (12) (6) —  —  1  —  —  —  —  10.00% Secured Debt (6) —  4  147  1,436  —  —  1,436  Common Stock (6) —  (8) 950  6,598  —  8  6,590  Nello Industries Investco, LLC SF+ 6.50% Secured Debt (5) —  —  248  —  5,388  5,400  (12) 13.50% Secured Debt (5) —  —  538  —  6,619  —  6,619  Common Equity (5) —  860  234  —  3,890  —  3,890  NexRev LLC Secured Debt (12) (8) —  —  30  —  844  844  —  9.00% Secured Debt (8) —  3  260  2,435  18  —  2,453  Preferred Member Units (8) —  1,380  244  1,590  1,380  —  2,970  NuStep, LLC 11.16% SF+ 6.50% Secured Debt (5) —  —  110  899  1  —  900  12.00% Secured Debt (5) —  —  566  4,606  4  —  4,610  Preferred Member Units (5) —  164  —  2,310  580  —  2,890  Preferred Member Units (5) —  29  —  1,290  210  —  1,500  Oneliance, LLC SF+ 10.00% Secured Debt (7) —  7  142  1,339  21  1,360  —  Preferred Stock (7) —  358  3  282  358  —  640  Orttech Holdings, LLC SF+ 11.00% Secured Debt (12) (5) —  (1) 1  —  1  1  —  15.66% SF+ 11.00% Secured Debt (5) —  (23) 932  5,510  23  43  5,490  Preferred Stock (5) —  (900) 112  4,260  —  900  3,360  Pinnacle TopCo, LLC Secured Debt (12) (8) —  8  5  105  10  115  —  13.00% Secured Debt (8) —  141  1,033  7,472  188  500  7,160  Preferred Equity (8) —  1,455  530  3,135  1,455  —  4,590  RA Outdoors LLC 11.74% SF+ 6.75% 11.74% Secured Debt (8) —  (44) 65  745  519  49  1,215  11.74% SF+ 6.75% 11.74% Secured Debt (8) —  (460) 685  12,089  850  229  12,710  Common Equity (8) —  —  —  —  —  —  —  Robbins Bros. Jewelry, Inc. 10.00% Secured Debt (9) —  —  1  (6) —  1  (7) 12.50% 10.00% Secured Debt (9) —  (1,663) 123  3,421  —  1,804  1,617  Preferred Equity (9) —  —  —  —  —  —  —  SI East, LLC 11.75% Secured Debt (12) (7) —  —  88  375  750  375  750  Secured Debt (7) —  (161) 947  18,179  —  18,179  —  12.79% Secured Debt (7) —  21  1,948  —  22,554  —  22,554  Preferred Member Units (7) —  (1,840) 541  6,390  —  1,840  4,550  Student Resource Center, LLC 8.50% 8.50% Secured Debt (6) —  (1,717) —  3,543  —  1,717  1,826  Preferred Equity (6) —  —  —  —  —  —  —  Company Total Rate Base Rate Spread PIK Rate Type of Investment(1)(10)(11) Geography Amount of Realized Gain/(Loss) Amount of Unrealized Gain/(Loss) Amount of Interest, Fees or Dividends Credited to Income(2) December 31, 2023 Fair Value (13) Gross Additions(3) Gross Reductions(4) December 31, 2024 Fair Value (13) 8.50% 8.50% Secured Debt (6) —  —  5  —  227  —  227  Tedder Industries, LLC 12.00% 12.00% Secured Debt (9) —  (15) 14  432  —  20  412  12.00% 12.00% Secured Debt (9) —  (2,626) 115  3,565  —  2,664  901  Preferred Member Units (9) —  —  —  —  —  —  —  Preferred Member Units (9) —  —  —  —  —  —  —  Preferred Member Units (9) —  —  —  —  —  —  —  Trantech Radiator Topco, LLC Secured Debt (12) (7) —  (1) 1  —  —  1  (1) 13.50% Secured Debt (7) —  (6) 274  1,980  —  18  1,962  Common Stock (7) —  (1,040) 29  3,180  —  1,040  2,140  Urgent DSO LLC 13.50% Secured Debt (5) —  —  280  —  2,145  —  2,145  9.00% 9.00% Preferred Equity (5) —  —  80  —  1,080  —  1,080  Victory Energy Operations, LLC Secured Debt (8) —  —  1  —  —  5  (5) 13.00% Secured Debt (8) —  —  263  —  7,529  —  7,529  Preferred Equity (8) —  —  —  —  4,198  554  3,644  VVS Holdco LLC SF+ 6.00% Secured Debt (12) (5) —  —  4  —  —  —  —  11.50% Secured Debt (5) —  —  843  6,926  50  610  6,366  Preferred Equity (5) —  —  100  3,060  —  —  3,060  Other Amounts related to investments transferred to or from other 1940 Act classification during the period 5,022  153  (2,516) (36,978) —  —  —  Total Affiliate investments $ (3,560) $ 7,791  $ 31,222  $ 291,279  $ 118,673  $ 95,570  $ 351,360  ___________________________________________________ (1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K. (2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.” (3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category. (4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category. (5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2024 for Affiliate investments located in this region was $136,828. This represented 21.9% of net assets as of December 31, 2024. (6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of December 31, 2024 for Affiliate investments located in this region was $37,469. This represented 6.0% of net assets as of December 31, 2024. (7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of December 31, 2024 for Affiliate investments located in this region was $39,190. This represented 6.3% of net assets as of December 31, 2024. (8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of December 31, 2024 for Control investments located in this region was $56,738. This represented 9.1% of net assets as of December 31, 2024. The fair value as of December 31, 2024 for Affiliate investments located in this region was $114,398. This represented 18.3% of net assets as of December 31, 2024. (9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of December 31, 2024 for Control investments located in this region was $530. This represented 0.1% of net assets as of December 31, 2024. The fair value as of December 31, 2024 for Affiliate investments located in this region was $23,475. This represented 3.8% of net assets as of December 31, 2024. (10)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted. (11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs. (12)Investment has an unfunded commitment as of December 31, 2024 (see Note I — Commitments and Contingencies in the notes to the consolidated financial statements included in Item 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K). The fair value of the investment includes the impact of the fair value of any unfunded commitments. (13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.