MFIC 10-K Fiscal year ended Dec. 31, 2024

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10- K

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

For the fiscal year ended December 31 , 2024

OR

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

Commission File Number: 814-00646

MIDCAP FINANCIAL INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)

Maryland	52-2439556
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57 th Street 37th Floor New York , New York	10019
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: ( 212 ) 515-3450

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	MFIC	NASDAQ Global Select Market
8.00% Notes due 2028	MFICL	NASDAQ Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No ¨

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨	Non-accelerated filer	¨	Smaller reporting company	¨	Emerging growth company	¨

If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes ¨ No ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes x No ¨

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

The aggregate market value of the common equity held by non-affiliates of the Registrant as of June 30, 2024 was $ 0.98 billion (based on the closing sale price of the Registrant’s Common Stock on that date as reported on the NASDAQ Global Select Market). For the purposes of calculating this amount only, all executive officers and Directors are “affiliates” of the Registrant.

As of February 24, 202 5, there were 93,780,278 shares of the Registrant’s Common Stock outstanding.

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M IDCAP FINANCIAL INVESTMENT CORPORATION

Table of Contents

		Page
	PART I
Item 1.	Business	5
Item 1A.	Risk Factors	22
Item 1B.	Unresolved Staff Comments	63
Item 1C.	Cybersecurity	63
Item 2.	Properties	65
Item 3.	Legal Proceedings	65
Item 4.	Mine Safety Disclosures	65
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	66
Item 6.	Reserved	74
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	75
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	90
Item 8.	Consolidated Financial Statements and Supplementary Data	92
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	221
Item 9A.	Controls and Procedures	221
Item 9B.	Other Information	221
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	222
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	223
Item 11.	Executive Compensation	223
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	223
Item 13.	Certain Relationships and Related Transactions, and Director Independence	223
Item 14.	Principal Accounting Fees and Services	223
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	224
Item 16.	Signatures	228

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Risk Factor Summary

The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in the section titled “Item 1A. Risk Factors” in this report.

Risk Relating to the Current Environment

Risks Relating to our Business and Structure

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Risks Relating to our Investments

Risks Relating to our Debt Instruments

Risks Relating to an Investment in our Common Stock

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PART I

Item 1. Business

In this report, the terms the “Company”, “MFIC”, “we”, “us”, and “our” refer to MidCap Financial Investment Corporation unless the context specifically states otherwise.

General

MidCap Financial Investment Corporation, a Maryland corporation organized on February 2, 2004, is a closed-end, externally managed, diversified management investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for tax purposes we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through December 31, 2024, we have raised approximately $2.68 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $248.1 million.

On August 1, 2022, the Company changed its name from “Apollo Investment Corporation” to “MidCap Financial Investment Corporation”. Our common stock began to trade under the ticker “MFIC” on the NASDAQ Global Stock Market on August 12, 2022. Prior to August 12, 2022, the Company's common stock traded on the NASDAQ Global Select Market under the ticker “AINV”.

On November 7, 2023, the Company entered into (i) an Agreement and Plan of Merger (the “AFT Merger Agreement”) with Apollo Senior Floating Rate Fund Inc., a Maryland corporation (“AFT”), AFT Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AFT Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser, and (ii) an Agreement and Plan of Merger (the “AIF Merger Agreement” and, together with the AFT Merger Agreement, the “Merger Agreements”) with Apollo Tactical Income Fund Inc., a Maryland corporation (“AIF”), AIF Merger Sub, Inc., a Maryland corporation and a direct wholly-owned subsidiary of the Company (“AIF Merger Sub”), and, solely for the limited purposes set forth therein, the Adviser. The Merger Agreements provide that, subject to the terms and conditions set forth in the applicable Merger Agreement, at the effective time of such merger, AFT (the “AFT Effective Time”) and AIF (the “AIF Effective Time”) will, through a two-step merger process, merge with and into the Company, with the Company continuing as the surviving company (each, the “AFT Merger” or the “AIF Merger”, and collectively, the “Mergers”). Each of the Company’s board of directors (the “Board”), and AFT’s and AIF’s board of directors, including all of the respective independent directors, in each case, on the recommendation of special committees comprised solely of certain independent directors of the Company or AFT and AIF, as applicable, approved the applicable Merger Agreement and the transactions contemplated thereby. The Company's stockholders approved the necessary proposal related to the mergers of AFT and AIF with and into the Company at a special meeting of stockholders held on May 28, 2024. AFT and AIF received stockholder approval of the necessary proposals related to their previously announced mergers with and into the Company at the AFT and AIF special meetings of stockholders reconvened on June 21, 2024. On July 22, 2024, the Company completed its acquisition of AFT and AIF. For more information on the Mergers, please see Note 13 “Mergers with AFT and AIF” to our consolidated financial statements included in this report.

This Annual Report on Form 10-K covers the twelve-month period from January 1, 2024 to December 31, 2024 (the “Annual Report”). On November 3, 2022, the Company's Board changed the Company’s fiscal year end from March 31 to December 31, effective December 31, 2022. Prior to this Annual Report, we filed an Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Unless otherwise noted, all references to “fiscal years” in this Annual Report refers to the twelve-month fiscal year ended on December 31.

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Our portfolio is comprised primarily of investments in debt, including secured and unsecured debt of private middle-market companies that, in the case of senior secured loans, generally are not broadly syndicated and whose aggregate tranche size is typically less than $300 million. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options. Most of the debt instruments we invest in are unrated or rated below investment grade, which is often an indication of size, credit worthiness and speculative nature relative to the capacity of the borrower to pay interest and principal. Generally, if the Company's unrated investments were rated, they would be rated below investment grade. These securities, which are often referred to as “junk” or “high yield,” have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and are illiquid.

During the year ended December 31, 2024, we invested $1.6 billion across 167 new and 130 existing portfolio companies primarily through a combination of primary and secondary debt investments. This compares to $0.4 billion across 32 new and 84 existing portfolio companies during the year ended December 31, 2023. Investments sold or repaid during the year ended December 31, 2024 totaled $0.9 billion versus $0.5 billion during the year ended December 31, 2023. The weighted average yields on our secured debt portfolio, unsecured debt portfolio, total debt portfolio and total portfolio as of December 31, 2024 at our current cost basis were 10.8%, 9.5%, 10.8% and 9.5%, respectively. As of December 31, 2023, the yields were 12.1%, –%, 12.1% and 10.1%, respectively. The portfolio yields may be higher than an investor’s yield on an investment in us due to sales load and other expenses. For the year ended December 31, 2024 and the year ended December 31, 2023, the total return based on the change in market price per share and taking into account dividends and distributions, if any, reinvested in accordance with the dividend reinvestment plan was 11.1% and 34.9%, respectively. Such returns do not reflect any sales load that stockholders may have paid in connection with their purchase of shares of our common stock.

As of December 31, 2024, our portfolio consisted of 233 portfolio companies and was invested 93% in secured debt, 0% in unsecured debt, 1% in structured products and other, 1% in preferred equity, and 5% in common equity/interests and warrants measured at fair value. As of December 31, 2023, our portfolio consisted of 152 portfolio companies and was invested 90% in secured debt, 0% in unsecured debt, 2% in structured products and other, 1% in preferred equity and 7% in common equity/interests and warrants measured at fair value.

Since the initial public offering of the Company in April 2004 and through December 31, 2024, invested capital totaled $25.5 billion in 794 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.

As of December 31, 2024, 99% of the corporate lending portfolio is floating rate debt, measured at fair value. On a cost basis, 99% is floating rate debt. As of December 31, 2023, 100% of the corporate lending portfolio is floating rate debt, measured at fair value. On a cost basis, 100% is floating rate debt. The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes investments on non-accrual status.

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Apollo Investment Management, L.P.

Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board, manages the day-to-day operations of, and provides investment advisory services to the Company. AGM and other affiliates manage other funds that may have investment mandates that are similar, in whole or in part, with ours. AIM and its affiliates may determine that an investment is appropriate both for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, AIM may determine that we should invest on a side-by-side basis with one or more other funds. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the Securities and Exchange Commission (“SEC”) permitting us to do so.

AIM is led by Howard Widra, Tanner Powell, Ted McNulty and Patrick Ryan. Potential investment and disposition opportunities are generally approved by one or more committees composed of personnel across AGM, including Messrs. Widra, Powell, McNulty and Ryan, by all or a majority of Messrs. Widra, Powell, McNulty or Ryan depending on the underlying investment type and/or the amount of such investment. The composition of such committees and the overall approval process for the Company’s investments may change from time to time. AIM draws upon AGM’s 30 year history and benefits from the broader firm’s significant capital markets, trading and research expertise developed through investments in many core sectors in over 200 companies since inception.

Apollo Investment Administration, LLC

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. In addition to furnishing us with office facilities, equipment, and clerical, bookkeeping and recordkeeping services, AIA also oversees our financial records as well as prepares our reports to stockholders and reports filed with the SEC. AIA also performs the calculation and publication of our net asset value, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

Operating and Regulatory Structure

Our investment activities are managed by AIM and supervised by our Board, a majority of whom are independent of AGM and its affiliates. AIM is an investment adviser that is registered under the Investment Advisers Act of 1940. Under our investment advisory management agreement, we pay AIM an annual base management fee as well as an incentive fee.

As a BDC, we are required to comply with certain regulatory requirements. Also, while we are permitted to finance investments using debt, our ability to use debt is limited in certain significant respects, see “Item 1A. Risk Factors”. We have elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code.

Investments

The Company seeks to create a portfolio of primarily debt investments, including secured and unsecured debt of private middle-market companies that, in the case of senior secured loans, generally are not broadly syndicated and whose aggregate tranche size is typically less than $300 million. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options. The average investment size will vary as the size of our capital base varies. Our target portfolio consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. Structurally, unsecured and mezzanine debt usually ranks subordinate in priority of payment to senior debt, such as bank debt, and is characterized as unsecured. As such, other creditors may rank senior to us in the event of an insolvency.

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However, unsecured and mezzanine debt ranks senior to common and preferred equity in a borrowers’ capital structure. Unsecured and mezzanine debt may have a fixed or floating interest rate. Additional income can be generated from upfront fees, call protections including call premiums, equity co-investments or warrants.

Our principal focus is to provide capital to middle-market companies in a variety of industries. We generally seek to target companies that generate positive free cash flows or that may support debt investments with strong asset coverage, and we may provide debtor-in-possession or reserve financing. Additionally, we may acquire investments in the secondary market if we believe the risk-adjusted returns are attractive.

The following is a representative list of the industries in which we have invested as of December 31, 2024:

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We may also invest in other industries if we are presented with attractive opportunities. In an effort to increase our returns and the number of investments that we can make, we may in the future seek to securitize our debt investments. To the extent we elect to include higher quality portfolio holdings in the securitization vehicle and retain lower quality holdings in our portfolio, investing in our shares may be riskier. To securitize debt investments, we may create a wholly owned subsidiary and contribute a pool of loans to the subsidiary. We may sell debt of or interests in the subsidiary on a non-recourse basis to purchasers whom we would expect to be willing to accept a lower interest rate to invest in investment-grade securities. We may use the proceeds of such sales to reduce indebtedness or to fund additional investments. We may also invest through special purpose entities or other arrangements, including total return swaps and repurchase agreements, in order to obtain non-recourse financing or for other purposes.

We may invest, to the extent permitted by law, in the securities and instruments of other investment companies and in private funds. We may also co-invest on a concurrent basis with affiliates of ours, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so. On January 14, 2025, we received an exemptive order from the SEC (the “Order”) permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates, subject to the conditions included therein. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

The following table summarizes our top ten portfolio companies and industries based on fair value as of December 31, 2024:

Portfolio Company	% of Portfolio		Industry	% of Portfolio
Merx Aviation Finance, LLC	6.1%		High Tech Industries	20.5%
ChyronHego Corporation	4.7%		Healthcare & Pharmaceuticals	15.8%
LashCo	1.5%		Business Services	10.4%
Lending Point	1.5%		Aviation and Consumer Transport	7.7%
Beacon Mobility	1.3%		Diversified Investment Vehicles, Banking, Finance, Real Estate	6.3%
Medical Guardian	1.2%		Consumer Goods – Non-durable	5.1%
IPS	1.1%		Consumer Services	4.6%
US Legal Support	1.1%		Transportation – Cargo, Distribution	3.5%
Berner Foods	1.1%		Construction & Building	3.4%
Thomas Scientific	1.1%		Wholesale	3.4%
Total	20.7%		Total	80.7%

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The following table summarizes our top ten portfolio companies and industries based on fair value as of December 31, 2023:

Portfolio Company	% of Portfolio		Industry	% of Portfolio
Merx Aviation Finance, LLC	8.2%		High Tech Industries	19.3%
ChyronHego Corporation	5.5%		Healthcare & Pharmaceuticals	17.5%
Lending Point	1.9%		Business Services	11.9%
LashCo	1.9%		Aviation and Consumer Transport	8.4%
Beacon Mobility	1.6%		Consumer Services	8.1%
PSI Services, LLC	1.5%		Beverage, Food & Tobacco	4.8%
UpStack	1.4%		Consumer Goods – Non-durable	3.6%
Activ	1.4%		Transportation – Cargo, Distribution	3.1%
Rise Baking	1.4%		Manufacturing, Capital Equipment	2.9%
Truck-Lite Co., LLC	1.3%		Automotive	2.6%
Total	26.1%		Total	82.1%

Investment Selection and Due Diligence

We are committed to a value-oriented philosophy of, among other things, capital preservation and commit resources to managing risks associated with our investment portfolio. Our Investment Adviser conducts due diligence on prospective portfolio companies. In conducting its due diligence, our Investment Adviser uses information provided by the company and its management team, publicly available information, as well as information from their extensive relationships with former and current management teams, consultants, competitors and investment bankers and the direct experience of the senior partners of our affiliates.

Our Investment Adviser’s due diligence will typically include:

Upon the completion of due diligence and a decision to seek approval for an investment in a company, the professionals leading the proposed investment generally present the investment opportunity to and seek approval in accordance with our investment approval process. Additional due diligence with respect to any investment may be conducted on our behalf by attorneys and accountants prior to the closing of the investment, as well as other outside advisers, as appropriate.

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Investment Structure

Once we have determined that a prospective portfolio company is suitable for investment, we work with the management of that company and its other capital providers, including senior, junior and equity capital providers, to structure an investment.

We generally seek to structure our investments as secured loans with a direct lien on the assets or cash flows of the company that provide for increased downside protection in the event of insolvency while maintaining attractive risk-adjusted returns and current interest income. We generally seek for these secured loans to obtain security interests in the assets of our portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first or second priority liens on the assets of a portfolio company. In some cases, we may enter into debt investments that, by their terms, convert into equity or additional debt securities or defer payments of interest after our investment. Also, in some cases our debt investments may be collateralized by a subordinated lien on some or all of the assets of the borrower. Typically, our loans have maturities of three to ten years.

We seek to tailor the terms of our investments to the facts and circumstances of the transaction and the prospective portfolio company, negotiating a structure that protects our rights and manages our risk while creating incentives for the portfolio company to achieve its business plan and improve its profitability.

For example, in addition to seeking a senior position in the capital structure of our portfolio companies, we seek to limit the downside potential of our investments by:

We expect to hold most of our investments to maturity or repayment, but we may sell certain of our investments sooner if a liquidity event takes place such as a sale or recapitalization or worsening of credit quality of a portfolio company, among other reasons.

Investment Valuation Process

The Board has designated the Investment Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Investment Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Company's Board designated the Company's Investment Adviser as “valuation designee,” the Company's Board continues to be responsible for overseeing the processes for determining fair valuation.

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Under the Company's valuation policies and procedures, the Investment Adviser values investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of the Investment Adviser including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Investment Adviser. Such determination of fair values may involve subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Investment Adviser undertakes a multi-step valuation process each quarter, as described below:

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides valuation. In addition, some of our investments provide for payment-in-kind (“PIK”) interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments.

Ongoing Relationships with Portfolio Companies

Monitoring

AIM monitors our portfolio companies on an ongoing basis and also monitors the financial trends of each portfolio company to determine if each is meeting its respective business plans and to assess the appropriate course of action for each company. In addition, senior investment professionals of AIM may take board seats or obtain board observation rights for our portfolio companies.

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AIM has several methods of evaluating and monitoring the performance and fair value of our investments, which can include, but are not limited to, the assessment of success of the portfolio company in adhering to its business plan and compliance with covenants; periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; comparisons to other portfolio companies in the industry; attendance at and participation in board meetings; and review of monthly and quarterly financial statements and financial projections for portfolio companies.

AIM also uses an investment rating system to characterize and monitor our expected level of returns on each investment in our portfolio. These ratings are just one of several factors that AIM uses to monitor our portfolio, but they are not in and of themselves a determinative of fair value. AIM grades the credit risk of all investments on a scale of 1 to 5 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors.

Under this system, investments with a grade of 1 involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit. Investments graded 2 involve a level of risk to our initial cost basis that is similar to the level of risk underwritten at the time of origination or acquisition. This portfolio company is generally performing in accordance with our analysis of its business and the full return of principal and interest or dividend is expected. Investments graded 3 indicate that the risk to our ability to recoup the cost of such investment has increased since origination or acquisition, but full return of principal and interest or dividend is expected. A portfolio company with an investment grade of 3 requires closer monitoring. Investments graded 4 indicate that the risk to our ability to recoup the cost of such investment has increased significantly since origination or acquisition, including as a result of factors such as declining performance and noncompliance with debt covenants, and we expect some loss of interest, dividend or capital appreciation, but still expect an overall positive internal rate of return on the investment. Investments graded 5 indicate that the risk to our ability to recoup the cost of such investment has increased materially since origination or acquisition and the portfolio company likely has materially declining performance. Loss of interest or dividend and some loss of principal investment is expected, which would result in an overall negative internal rate of return on the investment. For investments graded 4 or 5, AIM enhances its level of scrutiny over the monitoring of such portfolio company.

AIM monitors and, when appropriate, changes the investment ratings assigned to each investment in our portfolio. In connection with our valuation process, AIM reviews these investment ratings on a quarterly basis, and the Audit Committee of the Board monitors such ratings. It is possible that the grade of certain of these portfolio investments may be reduced or increased over time.

Managerial Assistance

As a BDC, we must offer, and must provide upon request, significant managerial assistance to certain of our portfolio companies. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. We may receive fees for these services.

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Competition

Our primary competitors in providing financing to middle-market companies include public and private funds, commercial and investment banks, commercial financing companies, other BDCs or hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Some of our existing and potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the restrictions that the Code imposes on us as a RIC.

We also expect to use the industry information of AGM’s investment professionals to which we have access to assess investment risks and determine appropriate pricing for our investments in portfolio companies. In addition, we believe that the relationships of the senior managers of AIM and those of our affiliates enable us to learn about, and compete effectively for, financing opportunities with attractive middle-market companies in the industries in which we seek to invest.

Staffing

The Company has no employees. All of the services we utilize are provided by third parties. Our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and additional personnel assisting them in such functions are employees of AIA and perform their respective functions under the terms of the administration agreement with AIA. Certain of our other executive officers are managing partners of our Investment Adviser. Our day-to-day investment operations are managed by our Investment Adviser, which draws on the broader capabilities of the Credit segment of AGM’s credit business. In addition, we generally reimburse AIA for our allocable portion of expenses incurred by it in performing its obligations under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

Investment Advisory Management Agreement

Management Services

AIM serves as our investment adviser and is a wholly-owned direct subsidiary of Apollo Global Management. AIM is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Subject to the overall supervision of our Board, the Investment Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company. Under the terms of the investment advisory management agreement, AIM:

AIM’s services under the investment advisory management agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to us are not impaired.

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Management and Incentive Fee

Pursuant to the investment advisory management agreement, we incur a fee payable to AIM for investment advisory and management services consisting of two components - a base management fee and an incentive fee. For the fiscal years ended December 31, 2024, December 31, 2023, and for the nine months ended December 31, 2022, we incurred $19.45 million, $17.37 million and $26.62 million, respectively, in base management fees and incurred $21.55 million, $24.57 million and $5.69 million, respectively, in performance-based incentive fees.

Base Management Fee

The base management fee is calculated at an annual rate of 1.75% (0.4375% per quarter) of the Company's net asset value as of the final business day of the prior calendar quarter; provided, however, that the base management fee shall not be greater than 1.50% (0.375% per quarter) of the lesser of (i) the average of the value of the Company's gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company's gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter. The base management fee is payable quarterly in arrears. The value of the Company's gross assets is calculated in accordance with the Company's valuation procedures.

For the period from April 1, 2018 to December 31, 2022, the base management fee was calculated initially at an annual rate of 1.50% (0.375% per quarter) of the lesser of (i) the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter; provided, however, in each case, the base management fee was calculated at an annual rate of 1.00% (0.250% per quarter) of the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) that exceeds the product of (A) 200% and (B) the value of the Company’s net asset value at the end of the prior calendar quarter. The base management fee was payable quarterly in arrears. The value of the Company’s gross assets was calculated in accordance with the Company's valuation procedures.

Performance-Based Incentive Fee

The incentive fee (the “Incentive Fee”) consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below:

(i) Incentive Fee on Pre-Incentive Fee Net Income - effective January 1, 2023

The Incentive Fee on pre-incentive fee net investment income is determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters (in either case, the “Trailing Twelve Quarters”) exceeds (y) the preferred return amount in respect of the Trailing Twelve Quarters; provided, however, that the pre-incentive fee net investment income in respect of the current calendar quarter exceeds the multiple of (A) 1.75% and (B) the Company's net asset value at the beginning of such calendar quarter. For the purposes of the Incentive Fee calculations, each calendar quarter comprising the relevant Trailing Twelve Quarters that commenced prior to January 1, 2023 shall be known as a “Legacy Fee Quarter” while a calendar quarter that commenced on or after January 1, 2023 shall be known as a “Current Fee Quarter.”

The preferred return amount is determined on a quarterly basis, and is calculated by summing the amounts obtained by multiplying 1.75% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The preferred return amount is calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

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The amount of the Incentive Fee on Income that is paid to the Investment Adviser for a particular quarter equals the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant Trailing Twelve Quarters.

The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the Trailing Twelve Quarters does not exceed the preferred return amount.

(2) 100% of our pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the preferred return amount but is less than or equal to the catch-up amount, which shall be the sum of (i) the product of 2.1875% multiplied by the Company's net asset value at the beginning of each applicable Legacy Fee Quarter included in the relevant Trailing Twelve Quarters and (ii) the product of 2.1212% multiplied by the Company's net asset value at the beginning of each applicable Current Fee Quarter included in the relevant Trailing Twelve Quarters.

(3) for any quarter in which the Company’s pre-incentive fee net investment income for the Trailing Twelve Quarters exceeds the catch-up amount, the incentive fee shall equal 20.00% for each Legacy Fee Quarter and 17.50% otherwise of the amount of the Company’s pre-incentive fee net investment income for such Trailing Twelve Quarters, provided, however, that the incentive fee on income for any quarter shall not be greater than 20.00% or 17.50%, as applicable, of the amount of the Company's current quarter’s pre-incentive fee net investment income.

The Incentive Fee on Income as calculated is subject to the Incentive Fee Cap. The Incentive Fee Cap in any quarter is an amount equal to (a) 20.00% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Legacy Fee Quarters included in the relevant Trailing Twelve Quarters and 17.50% of the Cumulative Pre-Incentive Fee Net Return during the relevant Current Fee Quarters included in the relevant Trailing Twelve Quarters less (b) the aggregate Incentive Fees on Income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

(ii) Incentive Fee on Pre-Incentive Fee Net Income - (January 1, 2019 - December 31, 2022)

For the period from January 1, 2019 to December 31, 2022, the incentive fee on pre-incentive fee net investment income was determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the applicable calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after April 1, 2018 (the “trailing twelve quarters”) exceeds (y) the preferred return amount in respect of the trailing twelve quarters.

The preferred return amount was determined on a quarterly basis, and was calculated by summing the amounts obtained by multiplying 1.75% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters. The preferred return amount was calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

The amount of the Incentive Fee on Income that was paid to the Investment Adviser for a particular quarter equaled the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant trailing twelve quarters.

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The Company paid the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the trailing twelve quarters did not exceed the preferred return amount.

(2) 100% of our pre-incentive fee net investment income for the trailing twelve quarters, if any, that exceeded the preferred return amount but is less than or equal to an amount (the “catch-up amount”) determined by multiplying 2.1875% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters.

(3) for any quarter in which the Company’s pre-incentive fee net investment income for the trailing twelve quarters exceeded the catch-up amount, the incentive fee should equal 20% of the amount of the Company’s pre-incentive fee net investment income for such trailing twelve quarters.

The Incentive Fee on Income as calculated was subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter was an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant trailing twelve quarters less (b) the aggregate Incentive Fees on Income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant trailing twelve quarters.

For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant trailing twelve quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the trailing twelve quarters less (y) any Net Capital Loss, since April 1, 2018, in respect of the trailing twelve quarters. If, in any quarter, the Incentive Fee Cap was zero or a negative value, the Company shall pay no Incentive Fee on Income to the Investment Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap was equal to or greater than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee on Income for such quarter.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

B. Incentive Fee Based on Cumulative Net Realized Gains

The Incentive Fee on Capital Gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee shall equal 17.50% of the sum of the Company’s realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Investment Adviser. The aggregate unrealized capital depreciation of the Company shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

Prior to January 1, 2023, the Incentive Fee on Capital Gains was determined and paid in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee equaled 20.0% of the sum of the Company’s realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Investment Adviser. The aggregate unrealized capital depreciation of the Company was calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

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For accounting purposes only, we are required under GAAP to accrue a theoretical capital gains incentive fee based upon net realized capital gains and unrealized capital gain and loss on investments held at the end of each period. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. There was no accrual for theoretical capital gains incentive fee for the years ended December 31, 2024 and 2023. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

On January 16, 2019, we entered into a fee offset agreement with AIM in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets. We received an offsetting credit against total incentive fees otherwise due to AIM under the investment advisory management agreement. The amount offset was initially 20% of the management fee revenue earned and incentive fee revenue realized by AIM and its affiliates in connection with managing aircraft assets on related insurance balance sheets (“New Balance Sheet Investments”), new aircraft managed account capital (“New Managed Accounts”) and new dedicated aircraft funds (“New Aircraft Funds”). Once the aggregate capital raised by New Aircraft Funds or New Managed Accounts and capital invested by the New Balance Sheet Investments exceeded $3 billion cumulatively, the fee offset would step down to 10% of the amount of incremental management fee revenue earned and incentive fee revenue realized by AIM and its affiliates. The fee offset was supposed to be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period would also be used to offset incentive fees payable to AIM by us. The offset would be limited to the amount of incentive fee payable by the us to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by us in subsequent quarters.

In 2022, we announced our plans to reduce our aviation leasing platform that is operating through Merx. Effective February 21, 2023, as a result of the planned reduction and the pending departure of certain Merx personnel, Merx and Apollo agreed to an Amended Servicing Agreement and to terminate the Research Support Agreement, the Technical Support Agreement and the Fee Offset Agreement in exchange for a termination fee of $7.5 million. Under the Amended Servicing Agreement and the subservicing agreement with an affiliate, as part of the February 21, 2023 termination payment, Merx will continue to service certain legacy Apollo aircraft investments during its reduction.

Please see Part II of this Annual Report, Item 8. Consolidated Financial Statements and Supplementary Data for subsequent events relating to the Company's fee offset agreement with AIM.

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Payment of Our Expenses

All investment professionals of the Investment Adviser and their respective staffs when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by AIM. We bear all other costs and expenses of our operations and transactions, including those relating to: calculation of our net asset value (including the cost and expenses of any independent valuation firm); expenses incurred by AIM payable to third parties, including agents, consultants or other advisers, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies; interest payable on debt, if any, incurred to finance our investments; offerings of our common stock and other securities; investment advisory and management fees; fees payable to third parties, including agents, consultants or other advisers, relating to, or associated with, evaluating and making investments; transfer agent and custodial fees; registration fees; listing fees; taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other documents of the SEC; the costs of any reports, proxy statements or other notices to stockholders, including printing costs; our allocable portion of the fidelity bond, directors’ and officers’ errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration, including auditor and legal costs; and all other expenses incurred by us or Apollo Administration in connection with administering our business, such as our allocable portion of overhead under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

Duration and Termination

The continuation of our investment advisory management agreement was approved by our Board on May 7, 2024. Unless terminated earlier as described below, it will remain in effect from year to year if approved annually by our Board or by the affirmative vote of the holders of a majority of our outstanding voting securities, including, in either case, approval by a majority of our directors who are not “interested persons” as defined in the 1940 Act. The investment advisory management agreement will automatically terminate in the event of its assignment. Either party may terminate the investment advisory management agreement without penalty upon not more than 60 days’ written notice to the other party. See “Risk Factors - Risks Relating to our Business and Structure.”

Indemnification

The investment advisory management agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or reckless disregard of its duties and obligations, AIM and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of AIM’s services under the investment advisory management agreement or otherwise as an investment adviser of the Company.

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Administrative Agreement

Pursuant to a separate administration agreement, AIA furnishes us with office facilities, equipment and clerical, bookkeeping and record keeping services at such facilities. Under the administration agreement, AIA also performs, or oversees the performance of, our required administrative services, which include, among other things, being responsible for the financial records that we are required to maintain and preparing reports to our stockholders and reports filed with the SEC. In addition, AIA assists us in determining and publishing our net asset value, oversees the preparation and filing of our tax returns and the printing and dissemination of reports to our stockholders, and generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others. Payments under the administration agreement are equal to an amount based upon our allocable portion of AIA’s overhead in performing its obligations under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs. Under the administration agreement, AIA also provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance. Either party may terminate the administration agreement without penalty upon 60 days’ written notice to the other party.

At the fiscal years ended December 31, 2024, 2023, and at the nine months ended December 31, 2022, expenses incurred (net of reimbursements) under the administration agreement were $4.1 million, $5.6 million and $4 million, respectively. For administrative expenses incurred during the most recently completed fiscal quarter, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations; Expenses.”

Indemnification

The administration agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or reckless disregard of its duties and obligations, AIA and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of AIA’s services under the administration agreement or otherwise as administrator for us.

License Agreement

We have entered into a license agreement with AGM pursuant to which AGM has agreed to grant us a non-exclusive, royalty-free license to use the name “Apollo.” Under this agreement, we have the right to use the “Apollo” name, for so long as AIM or one of its affiliates remains our Investment Adviser. Other than with respect to this limited license, we will have no legal right to the “Apollo” name. This license agreement will remain in effect for so long as the investment advisory management agreement with our Investment Adviser is in effect.

On August 2, 2022, we entered into a license agreement with AGM pursuant to which AGM agreed to grant us a non-exclusive, non-transferable royalty-free license to use the name “MidCap Financial” (the “Licensed Mark”). Under this agreement, we have the right to use the “MidCap Financial” name, for so long as AIM or one of its affiliates remains our Investment Adviser. AGM has the right to use and license the “Licensed Mark” for use in connection with financial services pursuant to the Investment Management Agreement among MidCap FinCo Holdings Limited, MidCap FinCo Limited (now known as MidCap FinCo Designated Activity Company) (collectively with MidCap FinCo Holdings Limited, “MidCap”), and Apollo Capital Management, L.P. MidCap is a wholly-owned subsidiary of AGM. Other than with respect to this limited license, we will have no legal right to the “MidCap” name. This license agreement will remain in effect for so long as the investment advisory management agreement with our Investment Adviser is in effect.

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Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:

The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

Available Information

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements, codes of ethics and other information meeting the informational requirements of the 1934 Act. The SEC maintains a website that contains reports, proxy and information statements, and other information filed electronically by us with the SEC which are available on the SEC’s website at http://www.sec.gov. In addition, information specifically regarding how we voted proxies relating to portfolio securities for the fiscal year ended December 31, 2024 is available without charge, upon request, by calling 212-515-3450. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Our website is www.midcapfinancialic.com. We make available free of charge on our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Information contained on our website is not incorporated by reference into this Annual Report, and you should not consider information contained on our website to be part of this Annual Report.

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Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

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Item 2. Properties

As of December 31, 2024, we did not own any real estate or other physical properties materially important to our operations. Our administrative and principal executive offices are located at 3 Bryant Park, New York, NY 10036 and 9 West 57th Street, New York, NY 10019, respectively. We believe that our office facilities are suitable and adequate for our business as it is currently conducted.

Item 3. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

While our common stock has from time to time traded in excess of our net asset value, there can be no assurance, however, that it will trade at such a premium (to NAV) in the future. The last reported closing market price of our common stock on February 24, 2025 was $14.51 per share. As of February 24, 2025, we had 45 stockholders of record.

Distributions

We intend to continue to make quarterly distributions to our stockholders. Our quarterly distributions, if any, will be determined by our Board. We expect that our distributions to stockholders generally will be from accumulated net investment income and from cumulative net realized capital gains, as applicable, although a portion may represent a return of capital.

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We have elected to be taxed as a RIC under Subchapter M of the Code. To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare distributions if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC.

In addition, in accordance with U.S. generally accepted accounting principles and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual payment-in-kind interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.

All distributions declared in cash payable to stockholders that are participants in our dividend reinvestment plan are generally automatically reinvested in shares of our common stock. Stockholders who do not elect to receive distributions in shares of common stock may experience accretion to the net asset value of their shares if our shares are trading at a premium and dilution if our shares are trading at a discount. The level of accretion or discount would depend on various factors, including the proportion of our stockholders who participate in the plan, the level of premium or discount at which our shares are trading and the amount of the dividend payable to a stockholder.

The following table lists the quarterly distributions per share from our common stock for the past two calendar years:

		Distributions Declared
Quarter Ended
December 31, 2024		$		0.38
September 30, 2024				0.58
June 30, 2024				0.38
March 31, 2024				0.38
December 31, 2023				0.38
September 30, 2023				0.38
June 30, 2023				0.38
March 31, 2023				0.38

September 30, 2024 distribution includes special dividend of $0.20 per share.

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Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

The Company adopted the following plans, approved by the Board, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the 1934 Act (the “Repurchase Plans”):

Date of Agreement/Amendment		Maximum Cost of Shares That May Be Repurchased			Cost of Shares Repurchased			Remaining Cost of Shares That May Be Repurchased
August 5, 2015		$	50.0 million		$	50.0 million		$	— million
December 14, 2015			50.0 million			50.0 million			— million
September 14, 2016			50.0 million			50.0 million			— million
October 30, 2018			50.0 million			50.0 million			— million
February 6, 2019			50.0 million			48.1 million			1.9 million
February 3, 2022			25.0 million			— million			25.0 million
Total as of December 31, 2024		$	275.0 million		$	248.1 million		$	26.9 million

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date		Termination Date		Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015		November 5, 2015		$	5.0 million
January 1, 2016		February 5, 2016			10.0 million
April 1, 2016		May 19, 2016			5.0 million
July 1, 2016		August 5, 2016			15.0 million
September 30, 2016		November 8, 2016			20.0 million
January 4, 2017		February 6, 2017			10.0 million
March 31, 2017		May 19, 2017			10.0 million
June 30, 2017		August 7, 2017			10.0 million
October 2, 2017		November 6, 2017			10.0 million
January 3, 2018		February 8, 2018			10.0 million
June 18, 2018		August 9, 2018			10.0 million
September 17, 2018		October 31, 2018			10.0 million
December 12, 2018		February 7, 2019			10.0 million
February 25, 2019		May 17, 2019			25.0 million
March 18, 2019		May 17, 2019			10.0 million
June 4, 2019		August 7, 2019			25.0 million
June 17, 2019		August 7, 2019			20.0 million
September 16, 2019		November 6, 2019			20.0 million
December 6, 2019		February 5, 2020			25.0 million
December 16, 2019		February 5, 2020			15.0 million
March 12, 2020		March 19, 2020			20.0 million
March 30, 2021		May 21, 2021			10.0 million
June 16, 2021		November 5, 2021			10.0 million
December 16, 2021		August 3, 2022			5.0 million
December 27, 2022		February 22, 2023			10.0 million

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The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through December 31, 2024:

Month		Total Number of Shares Purchased				Average Price Paid Per Share*					Total Number of Shares Purchased as Part of Publicly Announced Plans				Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans
August 2015			510,000			$	19.71					510,000			$	$ 40.0 million
September 2015			603,466				18.46					603,466				28.8 million
November 2015			1,116,666					18.10				1,116,666				8.6 million
December 2015			627,443				17.58					627,443				47.6 million
January 2016			670,708				14.91					670,708				37.6 million
June 2016			362,933				16.73					362,933				31.5 million
July 2016			16,491				16.53					16,491				31.2 million
August 2016			596,294				17.67					596,294				20.7 million
September 2016			411,523				18.13					411,523				63.2 million
October 2016			527,417				17.82					527,417				53.8 million
November 2016			239,289				17.45					239,289				49.6 million
August 2017			33,333				17.96					33,333				49.0 million
September 2017			186,767				17.98					186,767				45.7 million
October 2017			144,867				17.96					144,867				43.1 million
November 2017			64,500				17.79					64,500				41.9 million
December 2017			50,100				17.89					50,100				41.0 million
January 2018			577,386				17.32					577,386				31.0 million
February 2018			70,567				16.23					70,567				29.9 million
May 2018			263,667				17.12					263,667				25.4 million
June 2018			198,601				16.94					198,601				22.0 million
July 2018			8,867				16.75					8,867				21.9 million
August 2018			502,767				17.11					502,767				13.3 million
September 2018			444,467				16.54					444,467				5.9 million
October 2018			160,800				16.46					160,800				53.3 million
November 2018			595,672				15.81					595,672				43.9 million
December 2018			741,389				13.49					741,359				33.9 million
February 2019			19,392				15.16					19,392				83.6 million
March 2019			291,426					15.40				291,426				79.1 million
April 2019			44,534				15.23					44,534				78.4 million
May 2019			298,026				15.93					298,026				73.6 million
June 2019			607,073				15.97					607,073				63.9 million
July 2019			89,610					16.10				89,610				62.5 million
August 2019			758,020				16.15					758,020				50.3 million
September 2019			32,371				16.26					32,371				49.7 million
October 2019			495,464				15.65					495,464				42.0 million
November 2019			6,147				15.91					6,147				41.9 million
March 2020			1,286,565				11.62					1,286,565				26.9 million
May 2021			145,572				13.92					145,572				24.9 million
July 2021			44,418				13.46					44,418				24.3 million
August 2021			45,675				13.32					45,675				23.7 million
September 2021			360,860				13.02					360,860				19.0 million
October 2021			308,005					13.30				308,005				14.9 million
November 2021			419,372				13.05					419,372				9.4 million
December 2021			227,429				12.44					227,429				6.6 million
January 2022			60,605					12.70				60,605				30.8 million
April 2022			88,478				12.82					88,478				29.7 million
May 2022			40,044				12.57					40,044				29.2 million
May 2023			171,061				11.56					171,061				27.2 million
June 2023			27,023				11.84					27,023				26.9 million
Total			15,593,150			$		15.91				15,593,120

* The average price per share is inclusive of commissions.

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Stock Performance Graph

This graph compares the return on our common stock with that of the Standard & Poor’s 500 Stock Index, the Russell 2000 Financial Services Index, and the S&P Small Cap 600 Financials Index, for the period of December 31, 2019 through December 31, 2024. The graph assumes that, on December 31, 2019, a person invested $100 in each of the following: our common stock, the S&P 500 Index, the Russell 2000 Financial Services Index, and the S&P Small Cap 600 Financials Index. The graph measures total stockholder return, which takes into account both changes in stock price and distributions. It assumes that distributions paid are invested in like securities. On November 3, 2022, the Company's Board changed the Company’s fiscal year end from March 31 to December 31, effective December 31, 2022. The 5-year stock performance comparison below is based on calendar-year periods rather than historical fiscal-year periods ending March 31. This change was made to enhance comparability with broader market indices and peer companies.

The graph and other information furnished under this Part II, Item 5 of this Annual Report on Form 10-K shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the 1934 Act. The stock price performance included in the above graph is not necessarily indicative of future stock price performance.

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Fee and Expenses

While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. Assuming a 5% annual return, the incentive fee under the investment advisory management agreement may not be earned or payable and is not included in the example. This illustration assumes that we will not realize any capital gains computed net of all realized capital losses and gross unrealized capital depreciation in any of the indicated time periods. If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive fee of a material amount, our expenses, and returns to our investors, would be higher.

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In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the dividend.

These examples and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown.

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Item 6. Reserved

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

MidCap Financial Investment Corporation (the “Company”, “MFIC”, “we”, “us”, or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through December 31, 2024, we have raised approximately $2.68 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $248.1 million.

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This Annual Report on Form 10-K covers the twelve-month period from January 1, 2024 to December 31, 2024 (the “Annual Report”). On November 3, 2022, the Company's Board changed the Company’s fiscal year end from March 31 to December 31, effective December 31, 2022. Prior to this Annual Report, we filed an Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of the Company's Board of Directors (the “Board”), manages the day-to-day operations of, and provides investment advisory services to the Company. AGM and other affiliates manage other funds that may have investment mandates that are similar, in whole or in part, with ours. AIM and its affiliates may determine that an investment is appropriate both for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, AIM may determine that we should invest on a side-by-side basis with one or more other funds. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order (the “Order”) we received from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with the Board's approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. In addition to furnishing us with office facilities, equipment, and clerical, bookkeeping and recordkeeping services, AIA also oversees our financial records as well as prepares our reports to stockholders and reports filed with the SEC. AIA also performs the calculation and publication of our net asset value, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

Investments

Our investment objective is to generate current income and, to a lesser extent, long term capital appreciation. We invest primarily in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which we generally define as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, we may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies.

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of December 31, 2024, non-qualifying assets represented approximately 8.5% of the total assets of the Company.

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Revenue

We generate revenue primarily in the form of interest and dividend income from the securities we hold and capital gains, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of mezzanine or senior secured loans, generally have a stated term of five to ten years and bear interest at a fixed rate or a floating rate usually determined on the basis of a benchmark, such as SOFR, the federal funds rate, or the prime rate. Interest on debt securities is generally payable quarterly or semiannually and while U.S. subordinated debt and corporate notes typically accrue interest at fixed rates, some of our investments may include zero coupon and/or step-up bonds that accrue income on a constant yield to call or maturity basis. In addition, some of our investments provide for payment-in-kind (“PIK”) interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees, etc.

Expenses

For all investment professionals of AIM and their staff, when and to the extent engaged in providing investment advisory and management services to us, the compensation and routine overhead expenses of that personnel which is allocable to those services are provided and paid for by AIM. We bear all other costs and expenses of our operations and transactions, including those relating to:

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We expect our general and administrative operating expenses related to our ongoing operations to increase moderately in dollar terms. During periods of asset growth, we generally expect our general and administrative operating expenses to decline as a percentage of our total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities, among others, may also increase or reduce overall operating expenses based on portfolio performance, interest rate benchmarks, and offerings of our securities relative to comparative periods, among other factors.

Portfolio and Investment Activity

Our portfolio and investment activity during the years ended December 31, 2024 and 2023 were as follows:

		Year Ended December 31,
(in millions)*		2024					2023
Investments made in portfolio companies		$		1,613.6			$		417.1
Investments sold				(271.5	)				—
Net activity before repaid investments				1,342.1					417.1
Investments repaid				(657.5	)				(504.3	)
Net investment activity		$		684.6			$		(87.2	)
Portfolio companies, at beginning of period				152					135
Number of investments in new portfolio companies				167					32
Number of exited companies				(86	)				(15	)
Portfolio companies at end of period				233					152
Number of investments in existing portfolio companies				130					84

* Totals may not foot due to rounding.

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Our portfolio composition and weighted average yields as of December 31, 2024 and 2023 were as follows:

		December 31, 2024					December 31, 2023
Portfolio composition, at fair value:
First lien secured debt				92	%				89	%
Second lien secured debt				1	%				1	%
Total secured debt				93	%				90	%
Unsecured debt				0	%				—	%
Structured products and other				1	%				2	%
Preferred equity				1	%				1	%
Common equity/interests and warrants				5	%				7	%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)				10.8	%				12.1	%
Second lien secured debt (2)				14.4	%				13.7	%
Secured debt portfolio (2)				10.8	%				12.1	%
Unsecured debt portfolio (2)				9.5	%				—	%
Total debt portfolio (2)				10.8	%				12.1	%
Total portfolio (3)				9.5	%				10.1	%
Interest rate type, at fair value (4):
Fixed rate amount		$	0.0 billion				$	0.0 billion
Floating rate amount		$	2.7 billion				$	2.0 billion
Fixed rate, as percentage of total				1	%				0	%
Floating rate, as percentage of total				99	%				100	%
Interest rate type, at amortized cost (4):
Fixed rate amount		$	0.0 billion				$	0.0 billion
Floating rate amount		$	2.7 billion				$	2.0 billion
Fixed rate, as percentage of total				1	%				0	%
Floating rate, as percentage of total				99	%				100	%

Since the initial public offering of the Company in April 2004 and through December 31, 2024, invested capital totaled $25.5 billion in 794 portfolio companies. Over the same period, the Company completed transactions with more than 100 different financial sponsors.

Recent Developments

On October 17, 2024, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of April 19, 2023, December 22, 2020 and November 19, 2018. The amended and restated agreement extended the final maturity date through October 17, 2029. Lender commitments under the Senior Secured Facility will increase from $1,705,000 to $1,815,000 until December 22, 2024 and will decrease to $1,660,000 thereafter. The Senior Secured Facility includes an “accordion” feature that allows the Company to increase the size of the Facility to $2,722,500. The Senior Secured Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents.

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Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our critical accounting policies are further described in the notes to the consolidated financial statements.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

As of December 31, 2024, $2.89 billion or 96.0% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

Senior secured loans, or senior loans, are higher in the capital structure than high-yield bonds, and are typically secured by assets of the borrowing company. This improves their recovery prospects in the event of default and affords senior loans a structural advantage over high-yield bonds. Many of the Company’s investments are also privately negotiated and contain covenant protections that limit the issuer to take actions that could harm us as a creditor. High-yield bonds typically do not contain such covenants.

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Given the structural advantages of capital seniority and covenant protection, the valuation of our private debt portfolio is driven more by investment specific credit factors than movements in the broader debt capital markets. Each security is evaluated individually and as indicated below, we value our private investments based upon a multi-step valuation process, including valuation recommendations from independent valuation firms.

Investment Valuation Process

The Board has designated the Investment Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Investment Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Company's Board. Even though the Company's Board designated the Company's Investment Adviser as “valuation designee,” the Company's Board continues to be responsible for overseeing the process for determining fair valuation.

Under the Company's valuation policies and procedures, the Investment Adviser values investments, including certain secured debt, unsecured debt, and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case, such investments shall be valued at fair value as determined in good faith by or under the direction of the Investment Adviser, including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Investment Adviser. Such determination of fair values may involve subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Investment Adviser undertakes a multi-step valuation process each quarter, as described below:

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Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the year ended December 31, 2024, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Investment Income Recognition

The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual PIK interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. Certain PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.

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Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, administrative fees, management fees, bridge fees, and structuring fees which are recorded when earned.

The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pools of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are payable solely from the cash flows from such assets. As such, any unforeseen event in these underlying pools of assets might impact the expected recovery and future accrual of income.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses)

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized gains or losses previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized gain (loss) reflects the net change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized gains or losses.

Within the context of these critical accounting policies, we are not currently aware of any reasonably likely events or circumstances that would result in materially different amounts being reported.

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Results of Operations

Operating results for the year ended December 31, 2024 and 2023 were as follows:

		Year Ended December 31,
(in millions)*			2024				2023
Investment Income
Interest income		$		284.6			$		268.1
Dividend income				0.8					1.4
PIK interest income				12.2					3.0
Other income				4.2					4.0
Total investment income		$		301.8			$		276.5
Expenses
Management and performance-based incentive fees, net of amounts waived		$		41.0			$		41.7
Interest and other debt expenses, net of reimbursements				115.5					103.2
Administrative services expense, net of reimbursements				3.8					5.5
Other general and administrative expenses				8.2					10.1
Net Expenses		$		168.5			$		160.5
Net Investment Income		$		133.3			$		116.0
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses)		$		(77.0	)		$		0.2
Net change in unrealized gains (losses)				42.5					2.6
Net Realized and Change in Unrealized Gains (Losses)		$		(34.5	)		$		2.8
Net Increase in Net Assets Resulting from Operations		$		98.8			$		118.8
Net Investment Income on Per Average Share Basis (1)		$		1.71			$		1.78
Earnings per share — basic (1)		$		1.27			$		1.82

* Totals may not foot due to rounding.

Total Investment Income

For the year ended December 31, 2024 as compared to the year ended December 31, 2023

The increase in total investment income of $25.3 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by the increase in total interest income of $25.6 million. The increase in total interest income was due to an increase in the average yield portfolio given the mergers with AFT and AIF on July 22, 2024.

Net Expenses

For the year ended December 31, 2024 as compared to the year ended December 31, 2023

The increase in net expenses of $8.0 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily due to the increase in interest and other debt expenses of $12.3 million. The increase of interest and other debt expenses was primarily attributed to an increase in average debt balance from $1.45 billion for year ended December 31, 2023 to $1.57 billion for year ended December 31, 2024. In addition, total annualized cost of debt increased from 7.10% for the year ended December 31, 2023 to 7.35% for the year ended December 31, 2024. The increase in net expenses was partially offset by the decrease in excise tax comparing to year ended December 31, 2023.

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Income Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieve us from corporate-level U.S. federal income taxes. Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the year ended December 31, 2024 as compared to the year ended December 31, 2023

For the year ended December 31, 2024 and December 31, 2023, the Company incurred none and $1.1 million, respectively, of U.S. federal excise tax. The excise tax was included in other general and administrative expenses for the year ended December 31, 2023.

Net Realized Gains (Losses)

For the year ended December 31, 2024 as compared to the year ended December 31, 2023

During the year ended December 31, 2024, we recognized gross realized gains of $5.4 million and gross realized losses of $82.4 million, resulting in net realized losses of $(77.0) million. Significant realized gains (losses) for the year ended December 31, 2024 are summarized below:

(in millions)		Net Realized Gain (Loss)
Spotted Hawk		$		(44.8	)
MSEA Tankers LLC				(15.7	)
Pelican				(11.7	)
ViewRay				(7.1	)
Mannkind Corporation				2.0
Soliant				1.3

Spotted Hawk, MSEA Tankers LLC, Pelican were exited and ViewRay was written off during the year as no proceeds were expected to be realized. The realized gain(losses) on these investments were previously recorded as unrealized gain(losses).

During the year ended December 31, 2023, we recognized gross realized gains of $1.6 million and gross realized losses of $1.4 million, resulting in net realized gain of $0.2 million. Significant realized gains (losses) for the year ended December 31, 2023 are summarized below:

(in millions)		Net Realized Gain (Loss)
NFA Group		$		1.2

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Net Change in Unrealized Gains (Losses)

For the year ended December 31, 2024 as compared to the year ended December 31, 2023

During the year ended December 31, 2024, we recognized gross unrealized gains of $106.6 million and gross unrealized losses of $64.1 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $42.5 million. Net change in unrealized gains (losses) for the year ended December 31, 2024 was primarily driven by Spotted Hawk, MSEA Tankers LLC, Pelican were exited and ViewRay was written off during the period as no proceeds were expected to be realized. The realized gain(losses) on these investments were previously recorded as unrealized gain(losses). Additional significant changes in unrealized gains (losses) for the year ended December 31, 2024 are summarized below:

(in millions)		Net Change in Unrealized Gain (Loss)
Spotted Hawk		$		44.5
MSEA Tankers LLC				15.7
Pelican				11.7
ViewRay				7.1
Merx Aviation Finance, LLC				6.8
US Auto				(9.6	)
International Cruise & Excursion Gallery, Inc.				(7.5	)
Renovo				(6.7	)
PHS				(4.3	)
Naviga				(3.0	)
Mitel Networks				(2.2	)
Ambrosia Buyer Corp.				(2.1	)
AVAD, LLC				(1.8	)

During the year ended December 31, 2023, we recognized gross unrealized gains of 29.7 million and gross unrealized losses of 27.2 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $2.6 million. Net change in unrealized gains (losses) for the year ended December 31, 2023 was primarily driven by the increase in cash flows from Merx Aviation Finance, LLC, increase in fair value from securitization assets owned by US Auto, which was partially offset by the financial under-performance with ongoing bankruptcy procedures from ViewRay and widening credit spreads. Additional significant changes in unrealized gains (losses) for the year ended December 31, 2023 are summarized below:

(in millions)		Net Change in Unrealized Gain (Loss)
Merx Aviation Finance, LLC		$		5.6
US Auto				3.8
Golden Bear				1.2
PSI Services, LLC				1.1
ViewRay				(7.1	)
ChyronHego Corporation				(2.1	)
Ambrosia Buyer Corp.				(2.1	)
Renew Financial LLC (f/k/a Renewable Funding, LLC)				(1.8	)
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)				(1.5	)
Berner Foods				(1.3	)
Sequential Brands Group, Inc.				(1.1	)

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Liquidity and Capital Resources

The Company’s liquidity and capital resources are generated and generally available through periodic follow-on equity and debt offerings, our Senior Secured Facility (as defined in Note 7 to the consolidated financial statements), our senior secured notes, our senior unsecured notes, investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.

We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from the sale of our 2025 Notes, 2026 Notes, 2028 Notes and Bethesda CLO 1, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months.

Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (See Note 2 to the consolidated financial statements.) At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. The Company may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined.

Debt

See Note 7 to the consolidated financial statements for information on the Company’s debt.

The following table shows the contractual maturities of our debt obligations as of December 31, 2024:

			Payments Due by Period
(in millions)		Total					Less than 1 Year					1 to 3 Years					3 to 5 Years					More than 5 Years
Senior Secured Facility (1)		$		970.1			$		—			$		—			$		970.1			$		—
2025 Notes				350.0					350.0					—					—					—
2026 Notes				125.0					—					125.0					—					—
2028 Notes				80.0					—					—					80.0					—
Bethesda CLO 1 Class A-1				232.0					—					—					—					232.0
Total Debt Obligations		$		1,757.1			$		350.0			$		125.0			$		1,050.1			$		232.0

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Stockholders’ Equity

See Note 8 to the consolidated financial statements for information on the Company’s public offerings and share repurchase plans.

Equity Issuances

We may from time to time issue and sell shares of our common stock through public or at-the-market ("ATM”) offerings. On August 13, 2024, we entered into (i) an equity distribution agreement by and among us, the Investment Adviser, the Administrator and Truist Securities, Inc. (“Truist”) and (ii) an equity distribution agreement by and among us, the Investment Adviser, the Administrator and Jefferies LLC (“Jefferies,” and together with Truist, the “Sales Agents”). The equity distribution agreements with Sales Agents described in the preceding sentence are collectively referred to herein as the “Equity Distribution Agreements.” For further details regarding the Equity Distribution Agreements, see Note 8 "Stockholders’ Equity—Equity Issuances — At-the-market (“ATM”) Offering” to our consolidated financial statements included in this report.

Distributions

Distributions paid to stockholders during the years ended December 31, 2024 and 2023 totaled $139.6 million ($1.72 per share) and $123.6 million ($1.89 per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through December 31, 2024 may include return of capital, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended December 31, 2024. Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board.

To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, at least annually, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, then stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash dividends.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.

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PIK Income

For the years ended December 31, 2024 and 2023, PIK income totaled $12.2 million and $3.0 million on total investment income of $301.8 million and $276.5 million, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 6 to the consolidated financial statements for additional information regarding the Company’s PIK income.

Related Party Transactions

See Note 4 to the consolidated financial statements for information on the Company’s related party transactions.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio.

Investment valuation risk

Because there is not a readily available market value for most of the investments in our portfolio, we value substantially all of our portfolio investments at fair value as determined in good faith by our Board based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our Board to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our consolidated financial statements for the year ended December 31, 2024, for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of December 31, 2024, the majority of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Further, our Senior Secured Facility and Class A-1 Notes under the Bethesda CLO 1 bear interest at SOFR rates with no interest rate floors, while our 2025 Notes, 2026 Notes and 2028 Notes bear interest at a fixed rate.

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We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of December 31, 2024, assuming no changes in our investment and borrowing structure:

Basis Point Change		Net Investment Income			Net Investment Income Per Share
Up 150 basis points		$	18.7 million		$		0.200
Up 100 basis points			12.5 million				0.133
Up 50 basis points			6.2 million				0.066
Down 50 basis points			(6.1) million				(0.065	)
Down 100 basis points			(12.3) million				(0.131	)
Down 150 basis points			(18.4) million				(0.196	)

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

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Item 8. Consolidated Financial Statements and Supplementary Data

Index to Consolidated Financial Statements

	Page
Management’s Report on Internal Control Over Financial Reporting	93
Report of Independent Registered Public Accounting Firm (PCAOB ID: 34 )	94
Consolidated Statements of Assets and Liabilities	97
Consolidated Statements of Operations	98
Consolidated Statements of Changes in Net Assets	99
Consolidated Statements of Cash Flows	100
Consolidated Schedules of Investments	101
Notes to Consolidated Financial Statements	177

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Management’s R eport on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2024. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.

Management performed an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024 based upon criteria in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our assessment, management determined that the Company’s internal control over financial reporting was effective as of December 31, 2024 based on the criteria on Internal Control — Integrated Framework issued by COSO.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2024 has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which appears herein.

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Report of I ndependent Registered Public Accounting Firm

To the shareholders and the Board of Directors of Midcap Financial Investment Corporation

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers and selling or agent banks; when replies were not received from brokers and selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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Fair Value of Level 3 Investments — Refer to Notes 2 and 6 to the Financial Statements

Critical Audit Matter Description

The Company held investments classified as Level 3 investments under accounting principles generally accepted in the United States of America. These investments included debt and equity securities with unique contract terms and conditions and/or complexity that considers a combination of multiple levels of market and asset specific inputs. The valuation techniques used in estimating the fair value of these investments vary and certain significant inputs used were unobservable.

We identified the valuation of Level 3 investments as a critical audit matter because of the judgments necessary for management to select valuation techniques and to use significant unobservable inputs to estimate the fair value. This required a high degree of auditor judgement and extensive effort to audit management’s estimate of fair value of Level 3 investments, including the need to involve fair value specialists possessing relevant valuation experience to evaluate the appropriateness of the valuation techniques and the significant unobservable inputs used in the valuation of certain investments.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the valuation of certain Level 3 investments included the following, among other factors:

/s/ Deloitte & Touche LLP

New York, New York
February 25, 2025

We have served as the Company's auditor since 2022.

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Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of MidCap Financial Investment Corporation

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Midcap Financial Investment Corporation and subsidiaries (the “Company”) as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB),the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in net assets, cash flows, and the consolidated financial highlights for the years ended December 31, 2024 and 2023, and the nine-month period ended December 31, 2022, and the related notes (collectively referred to as the "financial statements") and our report dated February 25, 2025 , expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying financial statements. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

New York, New York
February 25, 2025

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

		December 31, 2024					December 31, 2023
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $ 2,700,957 and $ 2,012,273 , respectively)		$		2,605,329			$		1,936,327
Non-controlled/affiliated investments (cost — $ 142,686 and $ 130,648 , respectively)				84,334					77,528
Controlled investments (cost — $ 333,754 and $ 395,221 , respectively)				324,753					320,344
Cash and cash equivalents				74,357					93,575
Foreign currencies (cost — $ 1,487 and $ 28,563 , respectively)				1,429					28,553
Receivable for investments sold				57,195					2,796
Interest receivable				19,289					21,441
Dividends receivable				709					1,327
Deferred financing costs				23,555					19,435
Prepaid expenses and other assets				—					5
Total Assets		$		3,190,950			$		2,501,331
Liabilities
Debt		$		1,751,621			$		1,462,267
Payable for investments purchased				4,190					—
Management fees payable				6,247					4,397
Performance-based incentive fees payable				5,336					6,332
Interest payable				12,813					14,494
Accrued administrative services expense				60					1,657
Other liabilities and accrued expenses				6,037					6,874
Total Liabilities		$		1,786,304			$		1,496,021
Commitments and contingencies (Note 9)
Net Assets		$		1,404,646			$		1,005,310
Net Assets
Common stock, $ 0.001 par value ( 130,000,000 shares authorized; 93,780,278 and 65,253,275 shares issued and outstanding, respectively)		$		94			$		65
Capital in excess of par value				2,658,090					2,103,718
Accumulated under-distributed (over-distributed) earnings				( 1,253,538	)				( 1,098,473	)
Net Assets		$		1,404,646			$		1,005,310
Net Asset Value Per Share		$		14.98			$		15.41

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF OPERA TIONS

(In thousands, except per share data)

		Year Ended December 31,										Nine Months Ended December 31,
		2024					2023					2022
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)		$		265,157			$		249,102			$		143,564
Dividend income				40					409					61
PIK interest income				12,011					2,012					1,156
Other income				4,147					3,727					2,234
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)				2,685					1,126					363
Dividend income				726					1,010					718
PIK interest income				140					125					58
Controlled investments:
Interest income (excluding PIK interest income)				16,781					17,892					25,530
PIK interest income				—					869					1,448
Other income				95					250					477
Total Investment Income		$		301,782			$		276,522			$		175,609
Expenses
Management fees		$		19,450			$		17,369			$		26,621
Performance-based incentive fees				21,548					24,565					5,691
Interest and other debt expenses				115,961					104,198					59,363
Administrative services expense				4,120					5,840					4,188
Other general and administrative expenses				8,176					10,131					6,551
Total expenses				169,255					162,103					102,414
Performance-based incentive fee offset				—					( 274	)				( 178	)
Expense reimbursements				( 769	)				( 1,306	)				( 770	)
Net Expenses		$		168,486			$		160,523			$		101,466
Net Investment Income		$		133,296			$		115,999			$		74,143
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments		$		( 4,273	)		$		131			$		1,977
Non-controlled/affiliated investments				( 11,668	)				—					( 2,224	)
Controlled investments				( 60,487	)				—					( 69,265	)
Foreign currency transactions				( 592	)				69					273
Net realized gains (losses)				( 77,020	)				200					( 69,239	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments				( 19,626	)				( 1,326	)				( 35,113	)
Non-controlled/affiliated investments				( 5,232	)				3,799					( 5,008	)
Controlled investments				65,876					2,636					53,726
Foreign currency translations				1,525					( 2,548	)				4,431
Net change in unrealized gains (losses)				42,543					2,561					18,036
Net Realized and Change in Unrealized Gains (Losses)		$		( 34,477	)		$		2,761			$		( 51,203	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$		98,819			$		118,760			$		22,940
Earnings (Loss) Per Share — Basic				1.27					1.82					0.36

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(In thousands, except share data)

		Year Ended December 31,										Nine Months Ended December 31,
		2024					2023					2022
Operations
Net investment income		$		133,296			$		115,999			$		74,143
Net realized gains (losses)				( 77,020	)				200					( 69,239	)
Net change in unrealized gains (losses)				42,543					2,561					18,036
Net Increase (Decrease) in Net Assets Resulting from Operations		$		98,819			$		118,760			$		22,940
Distributions to Stockholders
Distribution of net investment income		$		( 139,623	)		$		( 99,259	)		$		( 68,028	)
Net Decrease in Net Assets Resulting from Distributions to Stockholders		$		( 139,623	)		$		( 99,259	)		$		( 68,028	)
Capital Share Transactions
Net proceeds from the issuance of common stock (1)		$		440,140			$		—			$		30,000
Repurchase of common stock				—					( 2,297	)		$		( 1,638	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		$		440,140			$		( 2,297	)		$		28,362
Net Assets
Net increase (decrease) in net assets during the period		$		399,336			$		17,204			$		( 16,726	)
Net assets at beginning of period				1,005,310					988,106					1,004,832
Net Assets at End of Period		$		1,404,646			$		1,005,310			$		988,106
Capital Share Activity
Shares issued during the period				28,527,003					—					1,932,641
Shares repurchased during the period				—					( 198,084	)				( 128,522	)
Shares issued and outstanding at beginning of period				65,253,275					65,451,359					63,647,240
Shares Issued and Outstanding at End of Period				93,780,278					65,253,275					65,451,359

(1) Refer to Note 13 for more information related to the Company's acquisitions of AFT and AIF.

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MIDCAP FINANCIAL INVESTMENT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

		Year Ended December 31,										Nine Months Ended December 31,
		2024					2023					2022
Operating Activities
Net increase (decrease) in net assets resulting from operations		$		98,819			$		118,760			$		22,940
Net realized (gains) losses				77,020					( 200	)				69,239
Net change in unrealized (gains) losses				( 42,543	)				( 2,561	)				( 18,036	)
Net amortization of premiums and accretion of discounts on investments				( 8,889	)				( 7,751	)				( 6,131	)
Accretion of discount on notes				1,789					604					453
Amortization of deferred financing costs				5,158					5,258					3,899
Increase in gains/(losses) from foreign currency transactions				( 592	)				69					273
PIK interest and dividends capitalized				( 14,842	)				( 2,970	)				( 2,154	)
Purchases of investments				( 1,013,393	)				( 417,124	)				( 499,632	)
Proceeds from sales and repayments of investments				867,173					497,313					581,952
Cash acquired in AFT and AIF Mergers				9,931					—					—
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable				2,153					( 4,273	)				( 1,615	)
Decrease (increase) in dividends receivable				618					3,509					247
Decrease (increase) in prepaid expenses and other assets				16,103					1,792					( 1,078	)
Increase (decrease) in management and performance-based incentive fees payable				854					1,669					( 853	)
Increase (decrease) in interest payable				( 1,681	)				948					10,211
Increase (decrease) in accrued administrative services expense				( 1,597	)				909					( 149	)
Increase (decrease) in other liabilities and accrued expenses				( 5,613	)				429					( 1,178	)
Net Cash Used in/Provided by Operating Activities		$		( 9,532	)		$		196,381			$		158,388
Financing Activities
Issuances of debt		$		446,115			$		630,595			$		168,000
Payments of debt				( 334,371	)				( 655,285	)				( 231,543	)
Financing costs paid and deferred				( 8,883	)				( 10,896	)				—
Net proceeds from the issuance of common stock				—					—					30,000
Repurchase of common stock				—					( 2,297	)				( 1,638	)
Distributions paid				( 139,623	)				( 123,477	)				( 66,724	)
Net Cash Used in/Provided by Financing Activities		$		( 36,762	)		$		( 161,360	)		$		( 101,905	)
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period		$		( 46,294	)		$		35,021			$		56,483
Effect of foreign exchange rate changes on cash and cash equivalents				( 48	)				16					10
Cash, cash equivalents and foreign currencies at beginning of period				122,128					87,091					30,598
Cash, Cash Equivalents and Foreign Currencies at the End of Period		$		75,786			$		122,128			$		87,091
Supplemental Disclosure of Cash Flow Information
Cash interest paid		$		110,719			$		97,472			$		44,613
Supplemental Disclosure of Non-Cash Activity
PIK income		$		12,151			$		3,006			$		2,662
Purchases of investments (1)				595,887					—					—
Debt assumed (1)				( 177,000	)				—					—
Issuance of common stock (1)				440,140					—					—

(1) Refer to Note 13 for more information related to the Company's acquisitions of AFT and AIF.

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I ndustry/Company		Investment Type				Interest Rate (6)				Maturity Date				Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Advertising, Printing & Publishing
Accelerate360
Accelerate360 Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+ 600 , 1.00 % Floor				02/11/27				$		3,875			$		3,875			$		3,836			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				02/11/27						1,382					1,382					1,356			(9)(21)(23)(31)
																					5,257					5,192
Acosta
Acosta Holdings Corp.		Preferred Equity - Preferred Equity				N/A				N/A					10,213 Shares						473					491			(13)(24)
		Common Equity - Common Stock				N/A				N/A					6,266 Shares						77					80			(13)(24)
																					550					571
FingerPaint Marketing
KL Charlie Acquisition Company		First Lien Secured Debt - Term Loan				SOFR+ 560 , 1.00 % Floor				12/30/26						18,185					18,041					18,003			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 560 , 1.00 % Floor				12/30/26						5,399					5,360					5,294			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				12/30/26						—					( 17	)				( 20	)		(8)(9)(21)(23)
KL Charlie Co-Invest, L.P.		Common Equity - Common Stock				N/A				N/A					218,978 Shares						220					320			(9)(13)
																					23,604					23,597
Hero Digital
HRO (Hero Digital) Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+ 210 Cash plus 5.00 % PIK, 1.00 % Floor				11/18/28						19,182					18,961					18,365			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 210 Cash plus 5.00 % PIK, 1.00 % Floor				11/18/28						6,980					6,895					6,683			(9)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 210 Cash plus 5.00 % PIK, 1.00 % Floor				11/18/26						2,545					2,523					2,412			(9)(20)(21)(23) (31)
HRO Holdings I LP		Common Equity - Common Stock				N/A				N/A					213 Shares						213					269			(9)(13)
																					28,592					27,729
Houghton Mifflin
Houghton Mifflin Harcourt Company		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.50 % Floor				04/09/29						6,151					5,863					6,074			(10)(30)
						Total Advertising, Printing & Publishing													$		63,866			$		63,163
Automotive
Club Car Wash
Club Car Wash Operating, LLC		First Lien Secured Debt - Term Loan				SOFR+ 565 , 1.00 % Floor				06/16/27				$		12,463			$		12,361			$		12,353			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 565 , 1.00 % Floor				06/16/27						18,065					17,800					17,851			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				06/16/27						—					( 14	)				( 14	)		(8)(9)(21)(23)
																					30,147					30,190

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
K&N Parent, Inc.
K&N Holdco, LLC		Common Equity - Common Stock				N/A				N/A			125,967 Shares						23,718					252			(13)
Truck-Lite Co., LLC
TL Lighting Holdings, LLC		Common Equity - Equity				N/A				N/A			350 Shares						350					828			(9)(13)
Truck-Lite Co., LLC		First Lien Secured Debt - Term Loan				SOFR+ 575 , 0.75 % Floor				02/13/31				2,448					2,412					2,426			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 575 , 0.75 % Floor				02/13/31				—					( 4	)				( 2	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 0.75 % Floor				02/13/30				—					( 4	)				( 2	)		(8)(9)(21)(23)
																			2,754					3,250
Ultra Clean Newco
Ultra Clean Holdco LLC		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				07/01/30				2,488					2,447					2,450			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 1.00 % Floor				07/01/30				4,423					4,296					4,257			(9)(21)(23)(30) (31)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 1.00 % Floor				07/01/30				—					( 23	)				( 21	)		(8)(9)(21)(23)
																			6,720					6,686
						Total Automotive											$		63,339			$		40,378
Aviation and Consumer Transport
Bird
Bird Scooter Acquisition Corp. (4)		Common Equity - Common Stock				N/A				N/A			4,656,670 Shares				$		366			$		373			(9)(13)(24)
Blue Jay Transit Inc. (4)		First Lien Secured Debt - Term Loan				SOFR+ 300 , 1.00 % Floor				03/22/28				19,940					19,676					19,939			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 300 , 1.00 % Floor				03/22/28				—					—					—			(9)(23)
																			20,042					20,312
GAT-Airline Ground Support Inc
GAT-Airline Ground Support Inc		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				05/09/29				15,162					14,956					15,010			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 550 , 1.00 % Floor				05/09/29				951					929					927			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 1.00 % Floor				05/09/29				—					( 31	)				( 24	)		(8)(9)(21)(23)
																			15,854					15,913
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)		First Lien Secured Debt - Revolver				10.00 %				10/31/25				59,575					59,575					59,576			(23)
		Common Equity - Membership Interests				N/A				N/A				—					146,500					123,815			(13)(24)
																			206,075					183,391

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Primeflight
PrimeFlight Acquisition, LLC		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				05/01/29				10,358					10,142					10,358			(9)(31)(32)
		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				05/01/29				3,250					3,206					3,218			(9)(31)
																			13,348					13,576
						Total Aviation and Consumer Transport											$		255,319			$		233,192
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC		First Lien Secured Debt - Term Loan				SOFR+ 565 , 1.00 % Floor				07/30/27		$		34,302			$		33,923			$		33,531			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 565 , 1.00 % Floor				07/30/26				—					( 22	)				( 50	)		(8)(9)(21)(23)
																			33,901					33,481
Bolthouse Farms
Wm. Bolthouse Farms, Inc.		Common Equity - Equity Interests				N/A				N/A			1,086,122 Shares						1,147					1,423			(13)
Cave
Cave Enterprises Operations, LLC		First Lien Secured Debt - Term Loan				SOFR+ 660 , 1.50 % Floor				08/09/28				8,551					8,425					8,551			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 660 , 1.50 % Floor				08/09/28				—					( 1	)				—			(9)(23)
																			8,424					8,551
Hive
FCP-Hive Holdings, LLC		Preferred Equity - Preferred Equity				N/A				N/A			589 Shares						448					229			(9)(13)
		Common Equity - Common Stock				N/A				N/A			589 Shares						3					—			(9)(13)
Hive Intermediate, LLC		First Lien Secured Debt - Term Loan				SOFR+ 610 Cash plus 2.00 % PIK, 1.00 % Floor				09/22/27				14,126					13,988					13,914			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 610 Cash plus 2.00 % PIK, 1.00 % Floor				09/22/27				843					822					809			(9)(21)(23)(30)
																			15,261					14,952
Nutpods
Green Grass Foods, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 625 , 1.00 % Floor				12/26/29				3,713					3,648					3,703			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 1.00 % Floor				12/26/29				—					( 21	)				( 3	)		(8)(9)(21)(23)
Nutpods Holdings, Inc.		Common Equity - Common Stock				N/A				N/A			125 Shares						125					153			(9)(13)
																			3,752					3,853
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.		Common Equity - Membership Interests				N/A				N/A			490,000 Shares						90					1,999			'(13)

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Patriot Pickle
Patriot Foods Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				12/24/29				248					243					245			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 600 , 1.00 % Floor				12/24/29				—					( 4	)				( 5	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				12/24/29				—					( 4	)				( 2	)		(8)(9)(21)(23)
																			235					238
Turkey Hill
IC Holdings LLC		Common Equity - Series A Units				N/A				N/A			169 Shares						169					-			(9)(13)
THLP CO. LLC		First Lien Secured Debt - Term Loan				SOFR+ 600 Cash plus 2.00 % PIK, 1.00 % Floor				05/31/25				26,172					26,127					25,911			(9)(31)
		First Lien Secured Debt - Term Loan				SOFR+ 600 Cash plus 6.00 % PIK, 1.00 % Floor				05/31/25				1,453					1,449					1,453			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 Cash plus 2.00 % PIK, 1.00 % Floor				05/31/25				1,921					1,915					1,876			(9)(20)(21)(23) (31)
																			29,660					29,240
						Total Beverage, Food & Tobacco											$		92,470			$		93,737
Business Services
Accelerate Learning
Eagle Purchaser, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 675 , 1.00 % Floor				03/22/30		$		3,361			$		3,281			$		3,344			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 675 , 1.00 % Floor				03/22/30				469					455					464			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				03/22/29				658					643					648			(9)(23)(31)
																			4,379					4,456
AlpineX
Alpinex Opco, LLC		First Lien Secured Debt - Term Loan				SOFR+ 626 , 1.00 % Floor				12/27/27				17,308					17,069					17,271			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 626 , 1.00 % Floor				12/27/27				4,374					4,323					4,374			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 626 , 1.00 % Floor				12/27/27				1,102					1,081					1,103			(9)(21)(23)(31)
																			22,473					22,748
AML Rightsource
Gabriel Partners, LLC		First Lien Secured Debt - Term Loan				SOFR+ 640 , 1.00 % Floor				09/21/26				29,956					29,739					29,503			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 640 , 1.00 % Floor				09/21/26				1,270					1,260					1,251			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 640 , 1.00 % Floor				09/21/26				338					332					328			(9)(21)(23)(31)
																			31,331					31,082

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Atlas Technical Consultants
GI Apple Midco LLC		First Lien Secured Debt - Term Loan				SOFR+ 675 , 1.00 % Floor				04/19/30				7,556					7,465					7,556			(9)(30)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 675 , 1.00 % Floor				04/19/30				86					67					86			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				04/19/29				214					202					214			(9)(20)(21)(23) (30)
																			7,734					7,856
Avenu
ACP Avenu Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				10/02/29				1,238					1,209					1,219			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 1.00 % Floor				10/02/29				2,240					2,158					2,158			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				10/02/29				167					150					156			(9)(21)(23)(31)
																			3,517					3,533
BDO USA
BDO USA, P.A.		First Lien Secured Debt - Term Loan				SOFR+ 500 , 2.00 % Floor				08/31/28				11,850					11,850					11,850			(9)(30)
Best Trash
Bingo Group Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				07/10/31				7,009					6,926					6,939			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 1.00 % Floor				07/10/31				—					( 13	)				( 21	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 1.00 % Floor				07/10/31				25					15					17			(9)(21)(23)(31)
																			6,928					6,935
Carestream Health
Carestream Health Holdings, Inc.		Common Equity - Common Stock				N/A				N/A			173,887 Shares						1,426					1,443			(17)(24)
Carestream Health, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 750 , 1.00 % Floor				09/30/27				167					151					128			(10)(17)(31)
																			1,577					1,571
Core Roofing
CRS Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				06/06/30				1,918					1,882					1,889			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 1.00 % Floor				06/06/30				—					( 65	)				( 106	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 1.00 % Floor				06/06/30				—					( 17	)				( 14	)		(8)(9)(20)(21) (23)
																			1,800					1,769
CoreTrust
Coretrust Purchasing Group LLC (HPG Enterprises LLC)		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				10/01/29				5,373					5,323					5,319			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 0.75 % Floor				10/01/29				—					( 10	)				( 12	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 0.75 % Floor				10/01/29				—					( 6	)				( 7	)		(8)(9)(21)(23)
																			5,307					5,300

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Distinct
Distinct Holdings Inc		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				07/18/29				13,209					12,994					12,996			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 1.00 % Floor				07/18/29				—					( 28	)				( 28	)		(8)(9)(21)(23)
																			12,966					12,968
Escalent
M&M OPCO, LLC		First Lien Secured Debt - Term Loan				SOFR+ 810 , 1.00 % Floor				04/07/29				12,226					11,952					11,982			(9)(31)(32)
		First Lien Secured Debt - Revolver				SOFR+ 810 , 1.00 % Floor				04/07/29				—					( 5	)				( 5	)		(8)(9)(21)(23)
																			11,947					11,977
G&A
G&A Partners Holding Company II, LLC		First Lien Secured Debt - Term Loan				SOFR+ 550 , 0.75 % Floor				03/01/31				3,223					3,165					3,167			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 550 , 0.75 % Floor				03/01/31				574					514					462			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 0.75 % Floor				03/01/30				—					( 6	)				( 6	)		(8)(9)(21)(23)
																			3,673					3,623
Go1
Apiom, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 745 , 2.00 % Floor				05/02/28				2,500					2,485					2,513			(9)(17)(30)
Heritage Environmental Services
Heritage Environmental Services, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				01/31/31				1,749					1,745					1,763			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 4.50 % Floor				01/31/30				—					( 1	)				—			(9)(20)(21)(23)
																			1,744					1,763
HMA
Health Management Associates Superholdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 635 , 1.00 % Floor				03/30/29				3,897					3,810					3,877			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 635 , 1.00 % Floor				03/30/29				350					335					347			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 010 , 0.00 % Floor				03/30/29				135					129					134			(9)(20)(21)(23) (28)
																			4,274					4,358
Ingenovis Health
Ingenovis Health, Inc. (CCRR Parent Inc)		First Lien Secured Debt - Term Loan				SOFR+ 425 , 0.75 % Floor				03/06/28				2,880					2,608					1,711			(10)(31)
		First Lien Secured Debt - Term Loan				SOFR+ 425 , 0.50 % Floor				03/06/28				980					887					603			(10)(31)
																			3,495					2,314

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
IRP
Precision Refrigeration & Air Conditioning LLC		First Lien Secured Debt - Term Loan				SOFR+ 690 , 1.00 % Floor				03/08/28				10,956					10,804					10,683			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 690 , 1.00 % Floor				03/08/28				4,950					4,880					4,826			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 690 , 1.00 % Floor				03/08/28				1,932					1,912					1,875			(9)(21)(23)(31)
SMC IR Holdings, LLC		Common Equity - Common Stock				N/A				N/A			153 Shares						179					270			(9)(13)
																			17,775					17,654
Jacent
Jacent Strategic Merchandising		First Lien Secured Debt - Term Loan				SOFR+ 510 Cash plus 0.75 % PIK, 1.00 % Floor				10/23/25				22,207					22,199					22,050			(9)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				10/23/25				1,564					1,559					1,541			(9)(23)(30)
		Common Equity - Common Stock				N/A				N/A			498 Shares						500					151			(9)(13)
JSM Equity Investors, L.P.		Preferred Equity - Class P Partnership Units				N/A				N/A			11 Shares						11					1			(9)(13)
																			24,269					23,743
Jones & Frank
JF Acquisition, LLC		First Lien Secured Debt - Term Loan				SOFR+ 560 , 1.00 % Floor				07/31/26				7,730					7,705					7,721			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 560 , 1.00 % Floor				07/31/26				5,101					5,082					5,094			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				07/31/26				879					872					877			(9)(23)(31)
																			13,659					13,692
North Highland
The North Highland Company LLC		First Lien Secured Debt - Term Loan				SOFR+ 475 , 0.75 % Floor				12/22/31				3,065					3,034					3,034			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 475 , 0.75 % Floor				12/22/31									( 6	)				( 6	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 475 , 0.75 % Floor				12/20/30				161					153					153			(9)(21)(23)(31)
																			3,181					3,181
PSI Services, LLC
Lifelong Learner Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+ 790 , 1.00 % Floor				10/20/25				4,354					4,305					4,344			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 790 , 1.00 % Floor				10/20/25				927					913					924			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 790 , 1.00 % Floor				10/20/25				537					536					536			(9)(21)(23)(31)
																			5,754					5,804
SafetyCo
HEF Safety Ultimate Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				11/19/29				7,425					7,265					7,425			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 575 , 1.00 % Floor				11/19/29				—					( 56	)				—			(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				11/17/29				710					679					710			(9)(21)(23)(31)
																			7,888					8,135

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Schlesinger Group
Schlesinger Global, LLC		First Lien Secured Debt - Term Loan				SOFR+ 275 Cash plus 5.85 % PIK, 1.00 % Floor				07/12/25				11,942					11,957					11,705			(9)(30)
SEER
GS SEER Group Borrower LLC		First Lien Secured Debt - Term Loan				SOFR+ 675 , 1.00 % Floor				04/29/30				3,208					3,128					3,160			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 675 , 1.00 % Floor				04/29/30				709					676					688			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				04/30/29				—					( 8	)				( 6	)		(8)(9)(21)(23)
GS SEER Group Holdings, LLC		Common Equity - Common Stock				N/A				N/A			42 Shares						42					43			(9)(13)
																			3,838					3,885
Smith System
Smith Topco, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				11/06/29				8,783					8,616					8,783			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				11/06/29				—					( 21	)				—			(9)(21)(23)
																			8,595					8,783
Solera
Polaris Newco, LLC		First Lien Secured Debt - Term Loan				SOFR+ 426 , 0.50 % Floor				06/02/28				6,716					6,733					6,737			(10)(31)
Solera, LLC		Second Lien Secured Debt - Term Loan				SOFR+ 910 , 1.00 % Floor				06/04/29				5,686					5,636					5,627			(10)(31)
																			12,369					12,364
Trench Plate
Trench Plate Rental Co.		First Lien Secured Debt - Term Loan				SOFR+ 560 , 1.00 % Floor				12/03/26				17,727					17,581					17,417			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				12/03/26				1,427					1,414					1,395			(9)(20)(21)(23) (31)
Trench Safety Solutions Holdings, LLC		Common Equity - Common Stock				N/A				N/A			331 Shares						50					32			(9)(13)
																			19,045					18,844
US Legal Support
US Legal Support Investment Holdings, LLC		Common Equity - Series A-1 Units				N/A				N/A			631,972 Shares						632					1,055			(9)(13)
USLS Acquisition, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 590 , 1.00 % Floor				06/01/26				28,370					28,225					28,235			(9)(31)(32)
		First Lien Secured Debt - Delayed Draw				SOFR+ 590 , 1.00 % Floor				06/01/26				4,428					4,412					4,411			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 590 , 1.00 % Floor				12/01/27				804					796					798			(9)(20)(23)(31)
																			34,065					34,499
Vixxo
Vixxo Corporation		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				08/01/30				3,750					3,697					3,694			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 1.00 % Floor				08/01/30				—					( 9	)				( 19	)		(8)(9)(21)(23)
																			3,688					3,675

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Wilson Language Training
Owl Acquisition, LLC		First Lien Secured Debt - Term Loan				SOFR+ 535 , 1.00 % Floor				02/04/28				9,635					9,515					9,586			(9)(30)
Owl Parent Holdings, LLC		Common Equity - Common Stock				N/A				N/A			100 Shares						100					172			(9)(13)
																			9,615					9,758
						Total Business Services											$		313,178			$		312,338
Chemicals, Plastics & Rubber
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 450 , 4.50 % Floor				08/19/29		$		23,605			$		23,161			$		23,133			(9)(17)(30)
		First Lien Secured Debt - Revolver				SOFR+ 460 , 2.50 % Floor				08/19/29				43					43					43			(9)(17)(21)(23) (30)
																			23,204					23,176
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)		Common Equity - Common Equity / Interest				N/A				N/A			1,246 Shares						56,505					18,933			(13)(16)(24)
FC2 LLC (4)		Common Equity - Common Stock				N/A				N/A			5 Shares						-					-			(24)
		Secured Debt - Promissory Note				6.50 %				10/14/27				12,500					12,501					12,459
																			69,006					31,392
Heubach
Heubach Holdings USA LLC		First Lien Secured Debt - Term Loan				10.00 %				04/30/24				1,631					383					815			(14)(17)(18)
SK Neptune Husky Group Sarl (Luxembourg Investment Company 428 S.a r.l.)		First Lien Secured Debt - Term Loan				7.00 %				01/03/29				9,438					—					—			(14)(17)
																			383					815
IPS
SI Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 585 , 1.00 % Floor				12/31/27				34,624					34,495					34,552			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				12/31/27				—					( 12	)				( 15	)		(8)(9)(21)(23)
																			34,483					34,537
Meristem Crop Performance
Lunar Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+ 550 , 0.75 % Floor				10/03/30				9,091					8,915					8,909			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 550 , 0.75 % Floor				10/03/30				—					( 65	)				( 68	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 550, 0.75 % Floor				10/03/30				455					376					373			(9)(21)(23)(30)
																			9,226					9,214
W.R. Grace
W.R. Grace Holdings LLC		First Lien Secured Debt - Corporate Bond				4.88 %				06/15/27				2,000					1,943					1,938			(10)
						Total Chemicals, Plastics & Rubber											$		138,245			$		101,072

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Construction & Building
Allstar Holdings
Athlete Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+ 585 , 1.00 % Floor				04/26/29		$		1,927			$		1,890			$		1,908			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 585 , 1.00 % Floor				04/26/29				23,681					23,172					23,442			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				04/26/29				3,292					3,211					3,240			(9)(20)(21)(23)(31)
																			28,273					28,590
American Restoration
American Restoration Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+ 510 , 1.00 % Floor				07/24/30				6,463					6,340					6,350			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 510 , 1.00 % Floor				07/24/30				5,222					5,109					5,105			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 510 , 1.00 % Floor				07/24/30				389					356					358			(9)(21)(23)(31)
																			11,805					11,813
OmniMax International, LLC
Omnimax International, LLC		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				12/06/30				15,280					14,977					14,975			(9)(32)
		First Lien Secured Debt - Delayed Draw				SOFR+ 575 , 1.00 % Floor				12/06/30				—					( 47	)				( 47	)		(8)(9)(23)
																			14,930					14,928
Pave America
Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)		First Lien Secured Debt - Term Loan				SOFR+ 690 , 1.00 % Floor				02/07/28				14,310					13,993					14,095			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 690 , 1.00 % Floor				02/07/28				1,423					1,394					1,402			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 690 , 1.00 % Floor				02/07/28				1,371					1,321					1,332			(9)(21)(23)(31)
																			16,708					16,829
Pavement Preservation
Pavement Preservation Acquisition, LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				08/09/30				8,999					8,826					8,819			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 1.00 % Floor				08/09/30				2,155					2,114					2,112			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				08/09/30				—					( 24	)				( 26	)		(8)(9)(21)(23)
																			10,916					10,905
Renovo
HomeRenew Buyer, Inc.		First Lien Secured Debt - Term Loan				8.65 %				11/23/27				9,073					8,177					4,900			(9)(14)(30)
		First Lien Secured Debt - Term Loan				SOFR+ 900 , 2.50 % Floor				03/13/25				1,276					1,241					1,244			(9)(30)
		First Lien Secured Debt - Delayed Draw				8.65 %				11/23/27				7,998					7,198					4,319			(9)(14)(30)
		First Lien Secured Debt - Revolver				8.65 %				11/23/27				2,161					1,975					1,167			(9)(14)(23)(30)
																			18,591					11,630

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
RF Fager
R.F. Fager Company, LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				03/04/30				930					911					914			(9)(30)(31)(32)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 1.00 % Floor				03/04/30				—					( 17	)				( 32	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				03/04/30				—					( 5	)				( 4	)		(8)(9)(21)(23)
																			889					878
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				11/26/30				7,379					7,269					7,268			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 1.00 % Floor				11/26/30				—					( 45	)				( 46	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 1.00 % Floor				11/26/30				121					100					100			(9)(21)(23)(31)
																			7,324					7,322
						Total Construction & Building											$		109,436			$		102,895
Consumer Goods - Durable
Club Champion
Club Champion LLC		First Lien Secured Debt - Term Loan				SOFR+ 500 , 0.75 % Floor				06/14/29		$		8,152			$		8,039			$		8,009			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 0.75 % Floor				06/14/29				663					638					631			(9)(21)(23)(32)
																			8,677					8,640
KLO Holdings, LLC
1244311 B.C. Ltd. (4)		Common Equity - Common Stock				N/A				N/A			1,000,032 Shares						1,000					202			(13)(17)(24)(26)
Polywood
Poly-Wood, LLC		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				03/20/30				2,165					2,120					2,165			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 575 , 1.00 % Floor				03/20/30				—					( 13	)				—			(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 1.00 % Floor				03/20/30				—					( 8	)				—			(9)(21)(23)
																			2,099					2,165
Sorenson Holdings, LLC
Sorenson Holdings, LLC		First Lien Secured Debt - Term Loan				8.00 % PIK				04/01/30				247					197					203
		First Lien Secured Debt - Term Loan				10.00 % PIK				04/01/30				60					54					55
		Common Equity - Membership Interests				N/A				N/A			279 Shares						108					119			(13)
																			359					377
						Total Consumer Goods – Durable											$		12,135			$		11,384

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Consumer Goods - Non-durable
3D Protein
Protein For Pets Opco, LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				09/20/30		$		8,561			$		8,410			$		8,411			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				09/20/30				—					( 15	)				( 16	)		(8)(9)(21)
																			8,395					8,395
Dan Dee
Project Comfort Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 710 , 1.00 % Floor				02/01/26				17,757					17,716					17,653			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 710 , 1.00 % Floor				02/01/26				—					( 3	)				( 9	)		(8)(9)(21)(23)
		Preferred Equity - Preferred Equity				N/A				N/A			491,405 Shares						493					246			(9)(13)
																			18,206					17,890
Elida Beauty
PHOENIX YW BUYER, INC.		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				05/31/30				8,137					7,968					7,975			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 1.00 % Floor				05/31/30				—					( 23	)				( 23	)		(8)(9)(21)(23)
																			7,945					7,952
Excelligence
Excelligence Learning Corporation		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				01/18/30				15,418					15,123					15,264			(9)(31)
		First Lien Secured Debt - Revolver				P+ 475				01/18/30				148					101					123			(9)(20)(21)(23) (28)
																			15,224					15,387
Iconix Brand Group
IBG Borrower LLC		First Lien Secured Debt - Term Loan				SOFR+ 600 , 1.00 % Floor				08/22/29				5,953					5,897					5,894			(9)(31)
LashCo
Lash OpCo, LLC		First Lien Secured Debt - Term Loan				SOFR+ 275 Cash plus 5.10 % PIK, 1.00 % Floor				03/18/26				42,662					42,398					41,794			(9)(32)
		First Lien Secured Debt - Delayed Draw				SOFR+ 275 Cash plus 5.10 % PIK, 1.00 % Floor				03/18/26				2,302					2,293					2,256			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+ 275 Cash plus 5.10 % PIK, 1.00 % Floor				03/18/26				1,673					1,658					1,637			(9)(23)(32)
																			46,349					45,687
Paladone
Paladone Group Bidco Limited		First Lien Secured Debt - Term Loan				SOFR+ 560 , 1.00 % Floor				11/12/27				5,936					5,867					5,913			(9)(17)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 560 , 1.00 % Floor				11/12/27				930					924					926			(9)(17)(31)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				11/12/27				659					645					653			(9)(17)(21)(23) (28)(31)
		First Lien Secured Debt - Revolver				SON+ 550 , 1.00 % Floor				11/12/27		£		353					469					439			(9)(17)(23)(29)
Paladone Group Holdings Limited		Common Equity - Common Stock				N/A				N/A			94,151 Shares						92					121			(9)(13)(17)
																			7,997					8,052

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
RoC Skincare
RoC Holdco LLC		First Lien Secured Debt - Term Loan				SOFR+ 600 , 1.00 % Floor				02/21/31				12,709					12,480					12,486			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				02/21/30				—					( 38	)				( 38	)		(8)(9)(21)(23)
																			12,442					12,448
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC		Common Equity - Common Stock				N/A				N/A			10,854 Shares						2,041					106			(16)(17)
Galaxy Universal LLC		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				11/12/26				1,241					1,229					1,237			(17)(31)
Swisstech IP CO, LLC		First Lien Secured Debt - Term Loan				6.00 % PIK				05/28/25				201					154					201			(17)
																			3,424					1,544
Suave
Silk Holdings I Corp.		Common Equity - Common Stock				N/A				N/A			100 Shares						100					215			(9)(13)
Silk Holdings III Corp.		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				05/01/29				29,652					29,046					29,355			(9)(31)
																			29,146					29,570
Tailored Brands
The Men's Wearhouse, LLC		First Lien Secured Debt - Term Loan				SOFR+ 650 , 0.00 % Floor				02/26/29				1,270					1,268					1,271			(10)(31)
						Total Consumer Goods – Non-durable											$		156,293			$		154,090
Consumer Services
Clarus Commerce
Marlin DTC-LS Midco 2, LLC		First Lien Secured Debt - Term Loan				SOFR+ 660 , 1.00 % Floor				07/01/25		$		21,078			$		21,012			$		21,075			(31)
		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				07/01/25				—					( 2	)				—			(21)(23)
																			21,010					21,075
Gateway Services
Gateway US Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 475 , 0.75 % Floor				09/22/28				10,225					10,184					10,172			(9)(31)
		First Lien Secured Debt - Term Loan				SOFR+ 475 , 0.75 % Floor				09/22/26				2,349					2,340					2,337			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 475 , 0.75 % Floor				09/22/26				533					532					531			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 475 , 0.75 % Floor				11/14/26				—					( 9	)				( 5	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 0.75 % Floor				09/22/26				—					( 1	)				( 2	)		(8)(9)(21)(23)
																			13,046					13,033

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Go Car Wash
Go Car Wash Management Corp.		First Lien Secured Debt - Term Loan				SOFR+ 585 , 1.00 % Floor				12/31/26				1,600					1,588					1,557			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 585 , 1.00 % Floor				12/31/26				9,318					9,243					9,080			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				12/31/26									—					( 11	)		(8)(9)(21)(23)
																			10,831					10,626
Legacy.com
Lotus Topco Inc.		First Lien Secured Debt - Term Loan				SOFR+ 475 , 1.00 % Floor				06/07/30				2,926					2,886					2,883			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 475 , 1.00 % Floor				06/07/30				—					( 10	)				( 22	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 475 , 1.00 % Floor				06/07/30				—					( 8	)				( 9	)		(8)(9)(21)(23)
																			2,868					2,852
Regis
Regis Corporation		First Lien Secured Debt - Term Loan				SOFR+ 450 , 2.50 % Floor				06/24/29				6,942					6,814					6,802			(9)(30)(31)
		First Lien Secured Debt - Revolver				SOFR+ 450 , 2.50 % Floor				06/24/29				721					646					638			(9)(20)(21)(23) (31)
																			7,460					7,440
SEV
SEV Intermediate Holdco, LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				06/21/30				8,292					8,148					8,147			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 0.75 % Floor				06/21/30				633					605					604			(9)(21)(23)(31) (32)
																			8,753					8,751
Team Car Wash
TCW Midco LLC		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				10/22/29				5,000					4,952					4,950			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 575 , 1.00 % Floor				10/22/29				—					( 40	)				( 42	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 1.00 % Floor				10/22/29				—					( 8	)				( 8	)		(8)(9)(21)(23)
																			4,904					4,900
The Club Company
Eldrickco Limited		First Lien Secured Debt - Term Loan				SON+ 578 , 0.50 % Floor				11/26/26		£		9,057					11,696					11,038			(9)(17)(29)
		First Lien Secured Debt - Delayed Draw				SON+ 578 , 0.50 % Floor				11/26/26		£		8,497					10,516					10,275			(9)(17)(21)(23) (29)
		First Lien Secured Debt - Revolver				SON+ 578 , 0.50 % Floor				11/26/26		£		356					416					433			(9)(17)(23)(29)
		First Lien Secured Debt - Revolver				SON+ 553 , 0.50 % Floor				05/26/26		£		—					( 1	)				( 11	)		(8)(9)(17)(21) (23)
																			22,627					21,735

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
The Weather Company
Zephyr Buyer, L.P.		First Lien Secured Debt - Term Loan				SOFR+ 650 , 1.00 % Floor				01/31/30				30,816					30,134					30,272			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				01/31/30				—					( 84	)				( 69	)		(8)(9)(21)(23)
																			30,050					30,203
Village Pet Care
Village Pet Care, LLC		First Lien Secured Debt - Term Loan				SOFR+ 650 , 1.00 % Floor				09/22/29				1,500					1,475					1,485			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 650 , 1.00 % Floor				09/22/29				750					708					700			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				P+ 550				09/22/29				800					784					790			(9)(21)(23)(28)
																			2,967					2,975
Walters Wedding Estates
WH BorrowerCo, LLC		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				08/01/30				14,348					14,140					14,129			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 1.00 % Floor				08/01/30									( 114	)				( 122	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 1.00 % Floor				08/01/30				1,223					1,188					1,185			(9)(21)(23)(31)
																			15,214					15,192
						Total Consumer Services											$		139,730			$		138,782
Containers, Packaging & Glass
Truvant
NPPI Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				08/20/29		$		22,050			$		21,737			$		21,719			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 1.00 % Floor				08/20/29				—					( 33	)				( 71	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				08/20/29				—					( 44	)				( 47	)		(8)(9)(21)(23)
						Total Containers, Packaging & Glass											$		21,660			$		21,601
Diversified Investment Vehicles, Banking, Finance, Real Estate
Basswood Park CLO Ltd
Basswood Park CLO Ltd 2021-1		Asset Backed Security - CLO Debt								04/20/34		$		2,000			$		2,011			$		2,003			(10)(17)
Celink
Compu-Link Corporation (dba Celink)		First Lien Secured Debt - Term Loan				SOFR+ 610 , 1.00 % Floor				11/30/29				18,076					17,695					17,819			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 610 , 1.00 % Floor				11/30/29				—					( 5	)				( 41	)		(8)(9)(21)(23)
Peer Advisors, LLC		First Lien Secured Debt - Term Loan				SOFR+ 610 , 1.00 % Floor				11/30/29				4,347					4,340					4,285			(9)(30)
																			22,030					22,063

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Churchill Middle Market CLO Lt
Churchill Middle Market CLO Ltd 2021-1		Asset Backed Security - CLO Debt								10/24/33				4,000					4,000					4,002			(10)(17)
Definiti LLC
Greylock Holdings LLC		Common Equity - Common Stock				N/A				N/A			100,000 Shares						100					96			(9)(13)
RHI Acquisition LLC		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				03/16/29				5,985					5,843					5,864			(9)(32)
		First Lien Secured Debt - Delayed Draw				SOFR+ 575 , 1.00 % Floor				03/16/29				1,302					1,259					1,240			(9)(21)(23)(32)
		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				03/16/29				—					( 14	)				( 13	)		(8)(9)(21)(23)
																			7,188					7,187
Fortress Credit BSL Limited
Fortress Credit BSL Limited 2021-3		Asset Backed Security - CLO Debt								07/20/34				3,000					3,001					3,005			(10)(17)
Fortress Credit Opportunities
Fortress Credit Opportunities CLO LLC 2024-25		Asset Backed Security - CLO Debt								01/15/37				4,000					4,000					4,000			(10)(17)
Generator Buyer, Inc.
Generator Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				07/22/30		C$		16,086					12,536					12,188			(9)(17)(31)(33)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 0.75 % Floor				07/22/30		C$		416					286					259			(9)(17)(21)(23) (33)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 0.75 % Floor				07/22/30		C$		—					( 21	)				( 15	)		(8)(9)(17)(20)(21) (23)
																			12,801					12,432
Golden Bear
Golden Bear 2016-R, LLC (4)		Structured Products and Other - Membership Interests				N/A				09/20/42			N/A						15,451					9,736			(3)(17)
Golub Capital Partners CLO, LT
Golub Capital Partners CLO, LTD 2021-55		Asset Backed Security - CLO Debt								07/20/34				2,000					2,016					2,013			(10)(17)
Insight XI Aggregator, L.P.
Insight XI Aggregator, L.P.		First Lien Secured Debt - Term Loan				SOFR+ 325 , 0.00 % Floor				08/28/25				3,041					3,041					3,041			(9)(17)(31)
Lending Point
LendingPoint 2018-1 Funding Trust		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				12/31/27				36,294					35,918					36,109			(9)(31)
LendingPoint LLC		First Lien Secured Debt - Term Loan				0.00 %				12/30/26				2,197					2,197					2,192			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 300 , 1.00 % Floor				12/31/27				6,971					6,971					6,945			(9)(21)(23)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 1.00 % Floor				12/31/27				—					—					( 8	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 300 , 1.00 % Floor				12/31/27				—					—					( 21	)		(8)(9)(21)(23)
																			45,086					45,217

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Nexity
Evoriel		First Lien Secured Debt - Term Loan				EURIBOR+ 525 , 0.00 % Floor				04/02/31		€		2,283					2,438					2,335			(9)(17)(34)
		First Lien Secured Debt - Delayed Draw				EURIBOR+ 525 , 0.00 % Floor				04/02/31		€		391					402					390			(9)(17)(21)(23) (34)
																			2,840					2,725
Origami Opportunities Fund III
Origami Opportunities Fund III, L.P.		First Lien Secured Debt - Term Loan				SOFR+ 625 , 2.00 % Floor				10/25/27				6,667					6,572					6,567			(9)(17)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 625 , 2.00 % Floor				10/25/27				—					( 47	)				( 50	)		(8)(9)(17)(21) (23)
																			6,525					6,517
PMA
PMA Parent Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				01/31/31				14,013					13,869					13,865			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 0.75 % Floor				01/31/31				—					( 10	)				( 10	)		(8)(9)(21)(23)
																			13,859					13,855
Purchasing Power, LLC
Purchasing Power Funding I, LLC		First Lien Secured Debt - Revolver				SOFR+ 710 , 0.00 % Floor				02/26/27				2,825					2,825					2,825			(9)(21)(23)(30)
Redfin
Redfin Corporation		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.50 % Floor				10/20/28				3,456					3,385					3,378			(9)(17)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 575 , 1.50 % Floor				10/20/28				3,474					3,402					3,396			(9)(17)(31)
																			6,787					6,774
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC		Preferred Equity - Preferred Stock				N/A				N/A			142 Shares						534					193			(15)(17)
Renew Financial LLC (f/k/a Renewable Funding, LLC)		Common Equity - Common Stock				N/A				N/A			1,368,286 Shares						16,813					69			(13)(17)
Renew JV LLC		Common Equity - Membership Interests				N/A				N/A			233,308 Shares						233					400			(13)(17)
																			17,580					662
Spectrum Automotive
Shelby 2021 Holdings Corp.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				06/29/28				14,109					13,985					14,039			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 0.75 % Floor				06/29/28				412					357					393			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 0.75 % Floor				06/29/27				—					( 3	)				( 2	)		(8)(9)(21)(23)
																			14,339					14,430
Stretto
Stretto, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 600 , 1.00 % Floor				10/13/28				11,194					11,143					11,138			(9)(31)
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4)		Structured Products and Other - Membership Interests				N/A				02/28/29			N/A						23,192					16,366			(9)(25)
						Total Diversified Investment Vehicles, Banking, Finance, Real Estate											$		219,715			$		189,991

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Energy - Electricity
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited		First Lien Secured Debt - Term Loan				4.00 %				03/08/23		£		5,562			$		7,231			$		1,997			(11)(14)(17)
		Preferred Equity - Preferred Stock				N/A				N/A			4,286 Shares						5,623					—			(13)(17)(26)
		Common Equity - Ordinary Shares				N/A				N/A			2,825 Shares						4					—			(13)(17)(26)
						Total Energy – Electricity											$		12,858			$		1,997
Environmental Industries
Liberty Tire Recycling
LTR Intermediate Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 450 , 1.00 % Floor				05/05/28		$		2,067			$		2,030			$		2,036			(10)(30)
						Total Environmental Industries											$		2,030			$		2,036
Healthcare & Pharmaceuticals
Akoya
Akoya Biosciences, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 691 , 2.50 % Floor				11/01/27		$		13,125			$		13,142			$		13,093			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 691 , 2.50 % Floor				11/01/27				9,375					9,357					9,353			(9)(30)
																			22,499					22,446
Alcami
Alcami Corporation		First Lien Secured Debt - Term Loan				SOFR+ 710 , 1.00 % Floor				12/21/28				8,055					7,853					7,874			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 710 , 1.00 % Floor				12/21/28				593					578					579			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 710 , 1.00 % Floor				12/21/28				82					56					58			(9)(21)(23)(30)
																			8,487					8,511
Alcresta Therapeutics Inc.
Alcresta Holdings, LP		Preferred Equity - Preferred Equity				N/A				N/A			116 Shares						116					124			(9)(24)
		Common Equity - Common Stock				N/A				N/A			1,176 Shares						1					28			(9)(24)
Alcresta Therapeutics Inc.		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				03/12/30				2,276					2,236					2,242			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 575 , 1.00 % Floor				03/12/30				—					( 123	)				( 106	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 1.00 % Floor				03/31/29				—					( 7	)				( 7	)		(8)(9)(21)(23)
																			2,223					2,281
All Star
All Star Recruiting Locums, LLC		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				05/01/30				6,922					6,793					6,887			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 550 , 1.00 % Floor				05/01/30				—					( 15	)				( 9	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 1.00 % Floor				05/01/30				217					194					211			(9)(21)(23)(31)
																			6,972					7,089

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Allied Benefit Systems
Allied Benefit Systems Intermediate LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				10/31/30				5,873					5,873					5,873			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 0.75 % Floor				10/31/30				1,077					1,069					1,077			(9)(30)
																			6,942					6,950
August Bio
August Bioservices, LLC		First Lien Secured Debt - Term Loan				SOFR+ 595 , 2.00 % Floor				06/01/29				12,000					11,945					11,850			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 595 , 2.00 % Floor				06/01/29				3,000					2,987					2,963			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 400 , 2.00 % Floor				06/01/29				—					( 2	)				( 7	)		(8)(9)(21)(23)
																			14,930					14,806
Azurity Pharmaceuticals
Azurity Pharmaceuticals, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 662 , 0.75 % Floor				09/20/27				4,765					4,729					4,670			(10)(30)
Bausch Health
Bausch Health Companies Inc. (f/k/a Valeant Pharmaceuticals International, Inc.)		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.50 % Floor				02/01/27				7,200					6,747					7,047			(10)(17)(30)
		First Lien Secured Debt - Corporate Bond				5.50 %				11/01/25				1,088					1,048					1,061			(10)(17)
																			7,795					8,108
Cato Research
LS Clinical Services Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 751 , 1.00 % Floor				12/16/27				14,782					14,612					14,227			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 751 , 1.00 % Floor				06/16/27				1,609					1,585					1,544			(9)(21)(23)(31)
																			16,197					15,771
Celerion
Celerion Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 500 , 0.75 % Floor				11/05/29				11,117					10,908					11,006			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 550 , 0.75 % Floor				11/05/29				—					( 27	)				( 13	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 0.75 % Floor				11/03/28				—					( 12	)				( 6	)		(8)(9)(21)(23)
																			10,869					10,987
Cerus
Cerus Corporation		First Lien Secured Debt - Term Loan				SOFR+ 660 , 1.80 % Floor				03/01/28				12,000					11,978					12,000			(9)(17)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 660 , 1.80 % Floor				03/01/28				4,500					4,492					4,500			(9)(17)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 660 , 1.00 % Floor				03/01/28				3,000					2,980					3,000			(9)(17)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 385 , 1.00 % Floor				03/01/28				415					414					415			(9)(17)(21)(23) (30)
																			19,864					19,915

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC)		First Lien Secured Debt - Term Loan				SOFR+ 550 , 0.50 % Floor				12/17/29				17,640					17,167					17,462			(9)(31)
		First Lien Secured Debt - Term Loan				SOFR+ 575 , 0.50 % Floor				12/17/28				3,960					3,912					3,940			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 0.50 % Floor				12/17/29				213					163					193			(9)(21)(23)(31)
																			21,242					21,595
Compass Health
Roscoe Medical, Inc		First Lien Secured Debt - Term Loan				SOFR+ 636 , 1.00 % Floor				03/31/25				7,391					7,309					7,354			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 011 , 0.00 % Floor				03/31/25				492					482					488			(9)(21)(23)(28)
																			7,791					7,842
EmpiRx
EmpiRx Health LLC		First Lien Secured Debt - Term Loan				SOFR+ 510 , 1.00 % Floor				08/05/27				8,818					8,721					8,818			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 510 , 1.00 % Floor				08/05/27				—					( 8	)				-			(9)(20)(21)(23)
																			8,713					8,818
ExactCare
ExactCare Parent, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				11/05/29				17,898					17,468					17,808			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 1.00 % Floor				11/05/29				—					( 44	)				( 10	)		(8)(9)(21)(23)
																			17,424					17,798
Gainwell
Gainwell Acquisition Corp. (Milano Acquisition Corp)		First Lien Secured Debt - Term Loan				SOFR+ 400 , 0.75 % Floor				10/01/27				16,778					15,875					16,293			(10)(31)
Health & Safety Institute
HSI Halo Holdings, LLC		Common Equity - Common Stock				N/A				N/A			104 Shares						16					21			(9)
HSI HALO Acquisition, Inc.		Common Equity - Common Stock				N/A				N/A			500 Shares						31					2,026			(9)(13)
																			47					2,047
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)		Common Equity - Common Stock				N/A				N/A			133 Shares						133					305			(9)(13)
Kure Pain Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 610 , 1.00 % Floor				08/27/27				21,047					21,006					21,047			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 510 , 1.00 % Floor				08/27/27				—					( 6	)				-			(9)(21)(23)
																			21,133					21,352
LucidHealth
Premier Imaging, LLC		First Lien Secured Debt - Term Loan				SOFR+ 426 Cash plus 2.00 % PIK, 1.00 % Floor				03/31/26				7,057					7,025					5,716			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 426 Cash plus 2.00 % PIK, 1.00 % Floor				03/31/26				1,911					1,837					1,548			(9)(31)
																			8,862					7,264

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Mannkind Corporation
Mannkind Corporation		Common Equity - Common Stock				N/A				N/A			34,226 Shares						-					220			(9)(10)(13)(17)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 610 , 1.00 % Floor				03/01/29				10,000					9,900					9,900			(9)(13)
Maxor National Pharmacy Services, LLC		First Lien Secured Debt - Term Loan				SOFR+ 610 , 1.00 % Floor				03/01/29				13,185					12,882					13,053			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 700 , 1.00 % Floor				03/01/29				—					( 32	)				( 15	)		(8)(9)(21)(23)
Maxor Topco, L.P.		Preferred Equity - Preferred Equity				N/A				N/A			50,000 Shares						50					75			(9)(13)
																			22,800					23,013
Medical Guardian
Medical Guardian, LLC		First Lien Secured Debt - Term Loan				SOFR+ 585 , 1.00 % Floor				04/26/28				31,062					30,844					30,902			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 585 , 1.00 % Floor				04/26/28				4,738					4,690					4,714			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				04/26/28				—					( 24	)				( 19	)		(8)(9)(21)(23)
																			35,510					35,597
Midwest Vision
Midwest Vision Partners Management, LLC		First Lien Secured Debt - Term Loan				SOFR+ 450 Cash plus 2.00 % PIK, 1.00 % Floor				01/12/27				20,776					20,548					20,517			(9)(31)
		First Lien Secured Debt - Term Loan				SOFR+ 650 PIK, 1.00 % Floor				01/12/27				1,127					1,115					899			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 1.00 % Floor				01/12/27				612					606					595			(9)(23)(31)
																			22,269					22,011
Omega Healthcare
OMH-Healthedge Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 600 , 1.00 % Floor				10/08/29				9,850					9,804					9,850			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				10/08/29				—					( 5	)				—			(9)(21)(23)
																			9,799					9,850
Ora LLC
Orion Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				07/18/30				6,901					6,771					6,763			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 1.00 % Floor				07/18/30									( 15	)				( 34	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				P+ 400				07/18/30				280					254					252			(9)(21)(23)(28)
TVG Orion Blocker, Inc.		Common Equity - Common Stock				N/A				N/A			2 Shares						110					103			(9)(24)
		Unsecured Debt - Promissory Note				11.34 %				07/18/30				21					21					21			(9)
																			7,141					7,105

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Partner Therapeutics, Inc
Partner Therapeutics, Inc		Preferred Equity - Preferred Equity				N/A				N/A			55,556 Shares						333					333			(9)(13)
		Warrants - Warrants											73,333 Shares						389					136			(9)(13)
																			722					469
PHS
PHS Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 410 Cash plus 1.00 % PIK, 1.00 % Floor				01/31/27				25,785					25,598					21,853			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 410 Cash plus 1.00 % PIK, 1.00 % Floor				01/31/27				1,441					1,417					1,136			(9)(21)(23)(31)
																			27,015					22,989
Rarebreed
Rarebreed Veterinary Partners, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				04/18/30				4,237					4,160					4,152			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 1.00 % Floor				04/18/30				6,457					6,286					6,088			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				04/18/30				—					( 17	)				( 19	)		(8)(9)(21)(23)
																			10,429					10,221
RHA Health Services
Pace Health Companies, LLC		First Lien Secured Debt - Term Loan				SOFR+ 565 , 1.00 % Floor				08/02/25				1,389					1,381					1,384			(9)(31)
		First Lien Secured Debt - Term Loan				SOFR+ 540 , 1.00 % Floor				08/02/25				464					463					461			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 540 , 1.00 % Floor				08/02/25				3,231					3,221					3,209			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 565 , 1.00 % Floor				08/02/25				195					190					191			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 540 , 1.00 % Floor				08/02/25				—					( 30	)				( 3	)		(8)(9)(20)(21) (23)
																			5,225					5,242
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 661 , 1.50 % Floor				09/01/27				3,000					3,019					3,000			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 661 , 1.50 % Floor				09/01/27				15,000					14,981					15,000			(9)(30)
																			18,000					18,000
Sterling Pharma
Saffron Bidco Ltd		First Lien Secured Debt - Term Loan				SOFR+ 575 , 0.75 % Floor				09/11/31				13,467					13,216					13,201			(9)(17)(30)(35)
		First Lien Secured Debt - Delayed Draw				SON+ 575 , 0.75 % Floor				09/11/31		£		—					( 79	)				( 154	)		(8)(9)(17)(21) (23)
																			13,137					13,047

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Team Select
TS Investors, LLC		First Lien Secured Debt - Term Loan				SOFR+ 560 , 1.00 % Floor				05/04/29				9,526					9,372					9,407			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 560 , 1.00 % Floor				05/04/29				110					92					76			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				05/04/29				—					( 4	)				( 2	)		(8)(9)(21)(23)
																			9,460					9,481
TELA Bio, Inc.
TELA Bio, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 635 , 1.00 % Floor				05/01/27				13,333					13,296					13,333			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 635 , 1.00 % Floor				05/01/27				—					( 1	)				-			(9)(23)
																			13,295					13,333
TersSera
TerSera Therapeutics LLC		First Lien Secured Debt - Term Loan				SOFR+ 575 , 1.00 % Floor				04/04/29				16,750					16,373					16,750			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 1.00 % Floor				04/04/29				—					( 24	)				—			(9)(21)(23)
																			16,349					16,750
Treace
Treace Medical Concepts, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 610 , 1.00 % Floor				04/01/27				14,583					14,543					14,438			(9)(17)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 610 , 1.00 % Floor				04/01/27									( 3	)				( 87	)		(8)(9)(17)(23)
		First Lien Secured Debt - Revolver				SOFR+ 410 , 1.00 % Floor				04/01/27				400					393					370			(9)(17)(21)(23) (27)(30)
																			14,933					14,721
Trillium
AHP Timberwolf Bidco Corp.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				08/06/31				8,125					7,969					7,963			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				08/06/31				—					( 35	)				( 37	)		(8)(9)(21)(23)
																			7,934					7,926
Unchained Labs
Unchained Labs, LLC		First Lien Secured Debt - Term Loan				SOFR+ 555 , 1.00 % Floor				08/09/27				1,868					1,850					1,854			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 555 , 1.00 % Floor				08/09/27				2,212					2,200					2,195			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 555 , 1.00 % Floor				08/09/27				—					( 6	)				( 5	)		(8)(9)(21)(23)
																			4,044					4,044
WellDyneRx, LLC
WelldyneRX, LLC		First Lien Secured Debt - Term Loan				SOFR+ 685 , 0.75 % Floor				03/09/27				17,580					17,387					17,228			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 685 , 0.75 % Floor				03/09/26				—					( 12	)				( 24	)		(8)(9)(21)(23)
																			17,375					17,204
						Total Healthcare & Pharmaceuticals											$		478,031			$		475,766

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
High Tech Industries
Acronis AG
ACRONIS AG		First Lien Secured Debt - Term Loan				SOFR+ 595 Cash plus 1.00 % PIK, 1.00 % Floor				04/01/27		$		27,213			$		27,096			$		27,211			(9)(17)(30)
AGDATA
AGDATA Midco, LLC		First Lien Secured Debt - Term Loan				SOFR+ 475 , 0.75 % Floor				07/01/30				2,653					2,615					2,613			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 475 , 0.75 % Floor				07/01/30				—					( 12	)				( 27	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 475 , 0.75 % Floor				07/01/30				—					( 7	)				( 8	)		(8)(9)(21)(23)
																			2,596					2,578
Align
RMCF V CIV L, L.P.		Common Equity - Common Stock				N/A				N/A			241 Shares						500					508			(13)(24)
American Megatrends
AMI Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				10/17/31				13,095					12,903					12,899			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 0.75 % Floor				10/17/31				463					435					435			(9)(21)(23)(32)
																			13,338					13,334
Anaplan
Anaplan, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				06/21/29				11,301					11,301					11,273			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 0.75 % Floor				06/21/28				—					-					( 2	)		(8)(9)(21)(23)
																			11,301					11,271
Avalara
Avalara, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 625 , 0.75 % Floor				10/19/28				9,091					9,153					9,091			(31)
		First Lien Secured Debt - Revolver				SOFR+ 625 , 0.75 % Floor				10/19/28				—					—					—			(21)(23)
																			9,153					9,091
BarTender
Sigma Buyer LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				01/04/28				13,584					13,339					13,414			(9)(32)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 0.75 % Floor				01/04/28				7,273					7,135					7,182			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 0.75 % Floor				01/04/28				700					672					681			(9)(21)(23)(32)
																			21,146					21,277
Beeline
IQN Holding Corp.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				05/02/29				4,007					4,007					4,007			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 0.75 % Floor				05/02/28				126					126					126			(9)(21)(23)(31)
																			4,133					4,133

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Biamp
Biamp		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				04/30/30				873					857					850			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 1.00 % Floor				04/30/30				—					( 2	)				( 3	)		(8)(9)(21)(23)
																			855					847
BusPatrol
BusPatrol Holdco		First Lien Secured Debt - Term Loan				SOFR+ 600 , 1.00 % Floor				08/02/29				8,333					8,254					8,249			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 600 , 1.00 % Floor				08/02/29				—					( 31	)				( 33	)		(8)(9)(23)
		First Lien Secured Debt - Revolver				SOFR+ 400 , 1.00 % Floor				08/02/29				300					286					285			(9)(21)(23)(30)
																			8,509					8,501
Calero Holdings, Inc.
Telesoft Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+ 585 , 1.00 % Floor				12/16/26				21,648					21,536					21,507			(30)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				12/16/26				568					557					553			(21)(23)(30)
																			22,093					22,060
Carbon6
Carbon6 Technologies, Inc.		Preferred Equity - Preferred Equity				N/A				N/A			280,899 Shares						250					250			(9)(13)
ChyronHego Corporation
ChyronHego Corporation (5)		Preferred Equity - Preferred Equity				N/A				N/A			7,800 Shares						6,000					19,456			(13)(24)
ChyronHego US Holding Corporation (5)		First Lien Secured Debt - Term Loan				SOFR+ 350 , 1.75 % Floor				06/30/26				106,406					106,196					106,406			(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.75 % Floor				06/30/26				15,500					15,483					15,500			(20)(21)(23)(31)
		First Lien Secured Debt - Revolver				3.50 %				11/14/25		€		—					—					—			(23)
																			127,679					141,362
Dairy.com
Momentx Corporation		First Lien Secured Debt - Term Loan				SOFR+ 585 , 1.00 % Floor				06/24/27				14,892					14,754					14,594			(9)(31)
		First Lien Secured Debt - Term Loan				SOFR+ 635 , 1.00 % Floor				06/24/27				1,343					1,325					1,330			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				06/24/27				1,257					1,245					1,232			(9)(23)(31)
																			17,324					17,156
DigiCert
Dcert Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 400 , 0.00 % Floor				10/16/26				8,591					8,259					8,275			(10)(30)
		Second Lien Secured Debt - Term Loan				SOFR+ 700 , 0.00 % Floor				02/19/29				7,860					7,057					6,406			(10)(30)
																			15,316					14,681

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Digital.ai
Digital.ai Software Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 600 , 1.00 % Floor				08/10/28				22,931					22,588					22,475			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				08/10/28				242					206					194			(9)(21)(23)(31)
																			22,794					22,669
ELECTRONICS FOR IMAGING
Electronics for Imaging, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 500 , 0.00 % Floor				07/23/28				2,861					2,451					2,335			(10)(31)
G2CI
Evergreen IX Borrower 2023, LLC		First Lien Secured Debt - Term Loan				SOFR+ 475 , 0.75 % Floor				09/30/30				7,133					7,133					7,062			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 475 , 0.75 % Floor				10/01/29				—					—					( 8	)		(8)(9)(21)(23)
																			7,133					7,054
GrayMatter Systems
Genius Bidco LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				05/01/30				1,334					1,309					1,310			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 1.00 % Floor				05/01/30									( 44	)				( 87	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				05/01/30									( 21	)				( 20	)		(8)(9)(20)(21) (23)
		Common Equity - Common Stock				N/A				N/A			773 Shares						77					68			(9)(24)
																			1,321					1,271
Gtreasury
G Treasury SS LLC		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				06/29/29				250					246					246			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 550 , 1.00 % Floor				06/29/29				591					576					582			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 550 , 1.00 % Floor				12/31/25				—					( 20	)				( 21	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 1.00 % Floor				06/29/29				—					( 4	)				( 4	)		(8)(9)(21)(23)
																			798					803
Inovalon
Inovalon Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 625 , 0.75 % Floor				11/24/28				6,704					6,597					6,318			(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 350 , 0.75 % Floor				11/24/28				509					504					484			(31)
		Second Lien Secured Debt - Term Loan				SOFR+ 1050 , 0.75 % Floor				11/25/33				153					146					132			(31)
																			7,247					6,934
Litify
Litify Holdings Inc.		Common Equity - Common Stock				N/A				N/A			217,892 Shares						107					447			(9)(13)
Litify LLC		First Lien Secured Debt - Term Loan				SOFR+ 660 , 1.00 % Floor				02/02/29				29,167					28,494					28,657			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				02/02/29				—					( 17	)				( 15	)		(8)(9)(21)(23)
																			28,584					29,089

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Lookout
Lookout, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 625 , 3.00 % Floor				06/01/29				5,000					4,977					5,000			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 625 , 3.00 % Floor				06/01/29				5,000					4,978					5,000			(9)(30)
																			9,955					10,000
Modern Campus
Destiny Solutions U.S., Inc.		First Lien Secured Debt - Term Loan				SOFR+ 560 , 1.00 % Floor				06/08/26				13,100					12,996					13,100			(19)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 560 , 1.00 % Floor				06/08/26				12,026					11,913					12,026			(19)(30)
RMCF IV CIV XXXV, L.P.		Common Equity - Common Stock				N/A				N/A			482 Shares						1,000					1,868			(13)
																			25,909					26,994
MYCOM
Magnate Holding Corp.		First Lien Secured Debt - Term Loan				SOFR+ 615 , 0.50 % Floor				02/28/25				18,748					18,755					18,337			(9)(17)(31)
Naviga
Colonnade Parent Inc (fka Naviga Inc.)		First Lien Secured Debt - Term Loan				7.10 %				04/27/24				11,200					11,176					8,848			(9)(14)(18)(31)
		First Lien Secured Debt - Delayed Draw				7.10 %				04/27/24				1,926					1,909					1,522			(9)(14)(18)(31)
		First Lien Secured Debt - Revolver				7.10 %				04/27/24				500					500					395			(9)(14)(18)(23)(28) (31)
																			13,585					10,765
New Era Technology, Inc.
New Era Technology, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 640 , 1.00 % Floor				10/31/26				13,773					13,686					13,463			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 640 , 1.00 % Floor				10/31/26				17,811					17,663					17,410			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 640 , 1.00 % Floor				10/30/26				1,732					1,720					1,693			(9)(23)(31)
																			33,069					32,566
New Relic
Crewline Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 675 , 1.00 % Floor				11/08/30				5,623					5,573					5,623			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				11/08/30				—					—					—			(9)(21)(23)
																			5,573					5,623
Omada
Omada Health, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 710 , 2.50 % Floor				06/01/28				1,450					1,439					1,450			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 710 , 2.50 % Floor				06/01/28				—					( 10	)				—			(9)(23)
		First Lien Secured Debt - Revolver				SOFR+ 410 , 2.50 % Floor				06/01/28				5					4					5			(9)(21)(23)(30)
																			1,433					1,455

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Pro Vigil
Pro-Vigil Holding Company, LLC		First Lien Secured Debt - Term Loan				SOFR+ 860 , 1.00 % Floor				01/11/26				7,700					7,643					7,570			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 860 , 1.00 % Floor				01/11/26				18,791					18,601					18,419			(9)(21)(23)(31)
																			26,244					25,989
Riverbed Technology, Inc.
Riverbed Technology, Inc.		First Lien Secured Debt - Revolver				6.00 %				04/03/28				—					( 5	)				( 6	)		(8)(14)(21)(23)
Simeio
Simeio Group Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 310 Cash plus 4.00 % PIK, 1.00 % Floor				02/02/26				8,128					8,105					7,539			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 310 Cash plus 4.00 % PIK, 1.00 % Floor				02/02/26				884					881					820			(9)(23)(30)
																			8,986					8,359
Team LINX, LLC
TeamLINX Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				12/18/30				8,571					8,444					8,443			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 1.00 % Floor				12/18/30				—					( 21	)				( 21	)		(8)(9)(21)(23)
																			8,423					8,422
Texada
Texada Software LLC		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				04/30/30				6,923					6,794					6,802			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 550 , 1.00 % Floor				04/30/30				—					( 18	)				( 36	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 1.00 % Floor				04/30/30				—					( 18	)				( 18	)		(8)(9)(21)(23)
																			6,758					6,748
Uniguest
Uniguest Holdings, Inc		First Lien Secured Debt - Term Loan				SOFR+ 500 , 1.00 % Floor				11/27/30				19,841					19,547					19,544			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 1.00 % Floor				11/27/30				—					( 28	)				( 30	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 1.00 % Floor				11/27/30				—					( 18	)				( 18	)		(8)(9)(21)(23)
																			19,501					19,496
Uplight
Uplight, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 610 , 4.00 % Floor				06/01/29				10,000					9,908					9,900			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 610 , 4.00 % Floor				06/01/29				—					-					( 100	)		(8)(9)(23)
		First Lien Secured Debt - Revolver				SOFR+ 360 , 4.00 % Floor				06/01/29				120					120					110			(9)(21)(23)(30)
																			10,028					9,910

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
VikingCloud
Bullcave Limited		First Lien Secured Debt - Term Loan				SOFR+ 500 , 0.75 % Floor				08/06/30				29,400					28,981					28,959			(9)(31)
Sysnet North America, Inc.		First Lien Secured Debt - Revolver				SOFR+ 500 , 0.75 % Floor				08/06/30				2,947					2,870					2,864			(9)(21)(23)(31)
																			31,851					31,823
Wolfspeed
Wolfspeed, Inc.		First Lien Secured Debt - Corporate Bond				10.88 %				06/23/30				11,045					10,716					11,045			(9)(17)
Zendesk
Zendesk, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 500 , 0.75 % Floor				11/22/28				7,550					7,550					7,531			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 0.75 % Floor				11/22/28				—					—					( 5	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 0.75 % Floor				11/22/28				—					—					( 2	)		(8)(9)(20)(21) (23)
																			7,550					7,524
Zinnia
Zinnia Corporate Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+ 800 , 2.00 % Floor				09/23/29				17,647					17,308					17,294			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 800 , 2.00 % Floor				09/23/29				—					( 24	)				( 47	)		(8)(9)(23)
																			17,284					17,247
						Total High Tech Industries											$		607,232			$		616,712
Hotel, Gaming, Leisure, Restaurants
CircusTrix
CircusTrix Holdings LLC		First Lien Secured Debt - Term Loan				SOFR+ 650 , 1.00 % Floor				07/18/28		$		987			$		968			$		987			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 650 , 1.00 % Floor				07/18/28				2,388					2,339					2,388			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 1.00 % Floor				07/18/28				1,000					982					1,000			(9)(23)(30)
																			4,289					4,375
Guernsey
Guernsey Holdings SDI LA LLC		First Lien Secured Debt - Term Loan				6.95 %				11/18/26				1,691					1,684					1,619			(9)
		First Lien Secured Debt - Delayed Draw				SOFR+ 595 , 1.00 % Floor				11/18/26				—					( 1	)				—			(9)(23)
																			1,683					1,619
International Cruise & Excursion Gallery, Inc.
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc) (4)		First Lien Secured Debt - Term Loan				6.00 %				12/31/28				4,250					9,255					4,183			(14)(30)
		Common Equity - Membership Interests				N/A				N/A			531,312 Shares						4,740					2,143			(13)
																			13,995					6,326

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Munson
Munson Buffalo Restaurant Group LLC		First Lien Secured Debt - Term Loan				SOFR+ 625 , 1.00 % Floor				05/31/29				3,503					3,456					3,468			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 625 , 1.00 % Floor				05/31/29				5,510					5,440					5,446			(9)(21)(23)(30)
																			8,896					8,914
PARS Group LLC
PARS Group LLC		First Lien Secured Debt - Term Loan				SOFR+ 685 , 1.50 % Floor				04/03/28				8,794					8,706					8,662			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 685 , 1.50 % Floor				04/03/28				—					—					( 14	)		(8)(9)(23)
																			8,706					8,648
Taco Cabana
YTC Enterprises, LLC		First Lien Secured Debt - Term Loan				SOFR+ 636 , 1.00 % Floor				08/16/26				8,900					8,858					8,589			(9)(30)
Tasty Chick'n
Tasty Chick'n LLC		First Lien Secured Debt - Term Loan				SOFR+ 600 , 1.00 % Floor				05/16/29				11,768					11,607					11,562			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 600 , 1.00 % Floor				05/16/29				549					540					442			(9)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				05/16/29				—					( 27	)				( 36	)		(8)(9)(23)
																			12,120					11,968
						Total Hotel, Gaming, Leisure, Restaurants											$		58,547			$		50,439
Insurance
GoHealth
Norvax, LLC		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				06/30/25		$		539			$		536			$		539			(9)(21)(23)(31)
High Street Insurance
High Street Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				04/14/28				10,100					9,990					10,049			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 0.75 % Floor				04/14/28				19,180					18,990					19,084			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 0.75 % Floor				04/16/27				—					( 17	)				( 11	)		(8)(9)(21)(23)
																			28,963					29,122
KCF Puerto Rico, LLC
KCF Puerto Rico, LLC		Secured Debt - Promissory Note				N/A				06/28/28				1,697					700					634			(17)
PGM Holdings Corporation
Turbo Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 625 , 1.00 % Floor				12/02/25				16,681					16,591					16,347			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 625 , 1.00 % Floor				12/02/25				2,010					1,997					1,970			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 625 , 1.00 % Floor				12/02/25				462					458					443			(9)(21)(23)(31)
																			19,046					18,760
						Total Insurance											$		49,245			$		49,055

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Manufacturing, Capital Equipment
AVAD, LLC
Surf Opco, LLC		First Lien Secured Debt - Term Loan				SOFR+ 411 , 1.00 % Floor				09/10/26		$		9,633			$		14,612			$		9,633			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 411 , 1.00 % Floor				09/10/26				15,677					15,677					15,677			(9)(20)(21)(23) (30)
		Preferred Equity - Class P-1 Preferred				N/A				N/A			13,195 Shares						1,713					3,405			(9)(13)(16)
		Common Equity - Class A-1 Common				N/A				N/A			3,333 Shares						—					375			(9)(13)(16)
																			32,002					29,090
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC		First Lien Secured Debt - Term Loan				SOFR+ 650 , 1.00 % Floor				10/02/29				14,813					14,499					14,561			(9)(30)
International Wire Group
IW Buyer LLC		First Lien Secured Debt - Term Loan				SOFR+ 510 , 1.00 % Floor				06/28/29				2,521					2,472					2,496			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 510 , 1.00 % Floor				06/28/29				—					( 9	)				( 4	)		(8)(9)(20)(21) (23)
																			2,463					2,492
JPW
JPW Industries Holding Corporation		First Lien Secured Debt - Term Loan				SOFR+ 588 , 2.00 % Floor				11/22/28				2,463					2,463					2,444			(9)(31)
Kauffman
Kauffman Holdco, LLC		Common Equity - Common Stock				N/A				N/A			250,000 Shares						250					43			(9)(13)
Kauffman Intermediate, LLC		First Lien Secured Debt - Term Loan				SOFR+ 660 , 1.00 % Floor				05/08/25				16,758					16,723					15,903			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				05/08/25				1,246					1,240					1,182			(9)(21)(23)(31)
																			18,213					17,128
US MetalCo Holdings
US MetalCo Holdings LLC		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				10/31/29				13,611					13,347					13,407			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 1.00 % Floor				10/31/29				—					( 26	)				( 20	)		(8)(9)(21)(23)
																			13,321					13,387
						Total Manufacturing, Capital Equipment											$		82,961			$		79,102
Media - Diversified & Production
DHX
WildBrain Ltd.		First Lien Secured Debt - Term Loan				SOFR+ 600 , 0.50 % Floor				07/23/29		$		13,486			$		13,235			$		13,250			(9)(17)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 0.50 % Floor				07/23/29				217					190					192			(9)(17)(21)(23) (31)
						Total Media – Diversified & Production											$		13,425			$		13,442

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Retail
EG Group
EG Global Finance PLC		First Lien Secured Debt - Corporate Bond				SOFR+ 750 , 0.50 % Floor				11/30/28		$		6,267			$		6,436			$		6,564			(17)(31)
PetSmart
PetSmart Inc / PetSmart Finance Corp		Unsecured Debt - Corporate Bond				7.75 %				02/15/29				2,000					1,958					1,937			(10)
PetSmart LLC		First Lien Secured Debt - Term Loan				SOFR+ 375 , 0.75 % Floor				02/11/28				8,961					8,936					8,942			(10)(30)
																			10,894					10,879
						Total Retail											$		17,330			$		17,443
Telecommunications
Cablevision Systems
CSC Holdings, LLC		First Lien Secured Debt - Term Loan				SOFR+ 450 , 0.00 % Floor				01/18/28		$		984			$		955			$		967			(10)(17)(30)
		First Lien Secured Debt - Revolver				SOFR+ 235 , 0.00 % Floor				07/13/27				77					60					69			(17)(23)(30)
		Unsecured Debt - Corporate Bond				4.13 %				12/01/30				2,000					1,408					1,448			(10)(17)
																			2,423					2,484
CommScope
Commscope, LLC (f/k/a Commscope, Inc.)		First Lien Secured Debt - Term Loan				SOFR+ 550 , 2.00 % Floor				12/17/29				7,046					6,511					7,148			(10)(17)(30)
		First Lien Secured Debt - Corporate Bond				9.50 %				12/15/31				54					53					56			(10)(17)
																			6,564					7,204
Global Eagle
Anuvu Corp. (fka GEE Acquisition Holdings Corp.)		Common Equity - Common Stock				N/A				N/A			211,026 Shares						—					—			(13)(24)
Anuvu Holdings 2 LLC (fka GEE Holdings 2 LLC)		First Lien Secured Debt - Term Loan				4.00 %				09/27/27				4,974					3,971					4,277			(14)(31)
		First Lien Secured Debt - Term Loan				8.25 %				03/23/26				4,770					2,221					1,431			(14)
																			6,192					5,708
MCA
Mobile Communications America, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				10/16/29				2,475					2,422					2,469			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 1.00 % Floor				10/16/29				1,648					1,561					1,626			(9)(21)(23)(30) (31)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				10/16/29				340					312					336			(9)(21)(23)(31)
																			4,295					4,431
Mitel Networks
MLN US Holdco LLC		First Lien Secured Debt - Term Loan				6.44 %				10/18/27				1,021					899					745			(14)(17)(31)
		Second Lien Secured Debt - Term Loan				6.70 %				10/18/27				6,092					2,912					914			(14)(17)
																			3,811					1,659

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.		Second Lien Secured Debt - Term Loan				1.26 %				11/01/25				7,998					7,703					4,719			(14)(31)
						Total Telecommunications											$		30,988			$		26,205
Transportation - Cargo, Distribution
Beacon Mobility
Beacon Mobility Corp.		First Lien Secured Debt - Term Loan				SOFR+ 635 , 1.00 % Floor				12/31/25		$		12,767			$		12,741			$		12,684			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 635 , 1.00 % Floor				12/31/25				23,833					23,854					23,678			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 0.00 % Floor				12/31/25				2,146					2,126					2,120			(9)(20)(21)(23) (28)
		First Lien Secured Debt - Revolver				4.10 %				05/22/25				—					—					—			(9)(23)
																			38,721					38,482
Boasso
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)		First Lien Secured Debt - Term Loan				SOFR+ 475 , 0.75 % Floor				06/30/28				3,542					3,534					3,533			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 475 , 0.75 % Floor				06/30/28				—					—					—			(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 475 , 0.75 % Floor				07/01/26				—					( 1	)				( 1	)		(8)(9)(20)(21) (23)
																			3,533					3,532
Camin Cargo
Camin Cargo Control Holdings, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 550 , 1.00 % Floor				12/07/29				990					971					978			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 550 , 1.00 % Floor				12/07/29				—					( 26	)				( 35	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 550 , 1.00 % Floor				12/07/29				553					534					542			(9)(21)(23)(28) (31)
																			1,479					1,485
Heniff and Superior
Heniff Holdco, LLC		First Lien Secured Debt - Term Loan				SOFR+ 585 , 1.00 % Floor				12/03/26				29,133					28,940					28,987			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				12/03/26				2,584					2,576					2,564			(9)(20)(21)(23)(30)
																			31,516					31,551
IronClad
Ironhorse Purchaser, LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				09/30/27				3,037					2,991					2,976			(9)(30)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 1.00 % Floor				09/30/27				—					( 21	)				( 29	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				09/30/27				157					150					147			(9)(20)(21)(23) (30)
																			3,120					3,094

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Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
Meritus Gas Partners
MGP Holdings III Corp.		First Lien Secured Debt - Term Loan				SOFR+ 525 , 1.00 % Floor				03/01/30				7,846					7,706					7,729			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 1.00 % Floor				03/01/30				963					943					944			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 1.00 % Floor				03/01/30				183					170					171			(9)(21)(23)(28) (31)
																			8,819					8,844
Olympus Terminals
Olympus Terminals Holdco II LLC		First Lien Secured Debt - Term Loan				SOFR+ 525 , 0.75 % Floor				12/17/30				18,627					18,255					18,255			(9)(16)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 525 , 0.75 % Floor				12/17/30				—					( 34	)				( 34	)		(8)(9)(16)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 525 , 0.75 % Floor				12/17/30				—					( 59	)				( 59	)		(8)(9)(16)(21)(23)
																			18,162					18,162
						Total Transportation – Cargo, Distribution											$		105,350			$		105,150
Utilities - Electric
Congruex
Congruex Group LLC		First Lien Secured Debt - Term Loan				SOFR+ 165 Cash plus 5.00 % PIK, 0.75 % Floor				05/03/29		$		14,923			$		14,688			$		11,612			(9)(10)(31)
						Total Utilities – Electric											$		14,688			$		11,612
Wholesale
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.		Common Equity - Common Stock				N/A				N/A			152,029 Shares				$		11,961			$		—			(13)(24)
		Unsecured Debt - Term Loan				11 % PIK				12/15/31				363					2,672					96			(14)
		Warrants - Warrants				N/A				N/A			58,773 Shares						576					—
																			15,209					96
Banner Solutions
Banner Buyer, LLC		First Lien Secured Debt - Term Loan				SOFR+ 590 Cash plus 0.50 % PIK, 1.00 % Floor				10/31/25				11,968					11,929					11,692			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 590 Cash plus 0.50 % PIK, 1.00 % Floor				10/31/25				2,921					2,910					2,854			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 590 Cash plus 0.50 % PIK, 1.00 % Floor				10/31/25				388					381					343			(9)(21)(23)(31)
Banner Parent Holdings, Inc.		Common Equity - Common Stock				N/A				N/A			6,125 Shares						613					140			(9)(13)
																			15,833					15,029

---

Industry/Company		Investment Type				Interest Rate (6)				Maturity Date		Par/Shares (2)					Cost (37)					Fair Value (1)(38)
ORS Nasco
WC ORS Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 500 , 0.75 % Floor				08/07/31				25,281					24,918					24,902			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 500 , 0.75 % Floor				08/07/31				—					( 34	)				( 72	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 500 , 0.75 % Floor				08/07/31				1,255					1,187					1,183			(9)(21)(23)(30) (31)
WC ORS Holdings, L.P.		Common Equity - Common Stock				N/A				N/A			100,000 Shares						100					103			(9)(24)
																			26,171					26,116
PSE
Graffiti Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 560 , 1.00 % Floor				08/10/27				10,858					10,732					10,696			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 560 , 1.00 % Floor				08/10/27				3,663					3,619					3,553			(9)(21)(23)(30) (31)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				08/10/27				828					815					808			(9)(21)(23)(30) (31)
Graffiti Parent, LP		Common Equity - Common Stock				N/A				N/A			2,439 Shares						244					296			(9)(13)
																			15,410					15,353
Thomas Scientific
BSP-TS, LP		Preferred Equity - Preferred Equity				N/A				N/A			30 Shares						25					28			(9)(13)(24)
		Common Equity - Common Stock				N/A				N/A			185 Shares						185					97			(9)(13)
Thomas Scientific, LLC		First Lien Secured Debt - Term Loan				SOFR+ 340 Cash plus 4.50 % PIK, 1.00 % Floor				12/14/27				31,448					31,083					30,746			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 335 Cash plus 4.50 % PIK, 1.00 % Floor				12/14/27				2,239					2,209					2,176			(9)(20)(21)(23) (31)
																			33,502					33,047
Universal Air Conditioner
Cool Acquisition Holdings, LP		Common Equity - Common Stock				N/A				N/A			137,931 Shares						138					138			(9)(24)
Cool Buyer, Inc.		First Lien Secured Debt - Term Loan				SOFR+ 475 , 1.00 % Floor				10/31/30				13,333					13,138					13,133			(9)(31)
		First Lien Secured Debt - Delayed Draw				SOFR+ 475 , 1.00 % Floor				10/31/30				—					( 22	)				( 23	)		(8)(9)(21)(23)
		First Lien Secured Debt - Revolver				SOFR+ 475 , 1.00 % Floor				10/31/30				—					( 53	)				( 55	)		(8)(9)(21)(23)
																			13,201					13,193
						Total Wholesale											$		119,326			$		102,834
Total Investments before Cash Equivalents																	$		3,177,397			$		3,014,416
J.P. Morgan U.S. Government Money Market Fund						N/A				N/A				147			$		147			$		147			(36)
Goldman Sachs Financial Square Government Fund						N/A				N/A				2,663			$		2,663			$		2,663			(36)
Total Investments after Cash Equivalents																	$		3,180,207			$		3,017,226			(7)(12)

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Name of Issuer		Fair Value at December 31, 2023						Gross Additions ●					Gross Reductions ■					Net Change in Unrealized Gains (Losses)					Fair Value at December 31, 2024					Net Realized Gains (Losses)					Interest/ Dividend/ Other Income
1244311 B.C. Ltd.,Common Stock		$		1,087			$		—			$		—			$		( 885	)		$		202			$		—			$		—
1244311 B.C. Ltd.,Term Loan				3,740					168					( 4,016	)				107					—					—					271
Carbonfree Chemicals Holdings LLC,Common Equity / Interest				18,727					—					—					206					18,933					—					—
FC2 LLC,Common Stock				—					—					—					—					—					—					—
FC2 LLC,Term Loan				12,501					—					—					( 41	)				12,459					—					812
Golden Bear 2016-R, LLC,Membership Interests				10,712					21					( 1,698	)				700					9,736					—					726
Pelican Energy, LLC,Membership Interests				140					—					( 134	)				11,662					—					( 11,668	)				—
Auto Pool 2023 Trust (Del. Stat. Trust) ,Membership Interests				30,621					2,533					( 7,206	)				( 9,582	)				16,366					—					—
Blue Jay Transit Inc.,Term Loan				—					22,140					( 2,464	)				264					19,940					—					1,737
Blue Jay Transit Inc.,Unfunded Delayed Draw				—					—					—					—					—					—					—
Bird Scooter Acquisition Corp.,Common Stock				—					366					—					6					373					—					4
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Membership Interests				—					4,740					—					( 2,598	)				2,144					—					—
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc),Term Loan				—					9,255					—					( 5,071	)				4,183					—					—
		$		77,528			$		39,223			$		( 15,518	)		$		( 5,232	)		$		84,334			$		( 11,668	)		$		3,551

•

Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

▪

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

---

Name of Issuer		Fair Value at December 31, 2023						Gross Additions ●					Gross Reductions ■					Net Change in Unrealized Gains (Losses)					Fair Value at December 31, 2024					Net Realized Gains (Losses)					Interest/ Dividend/ Other Income
Majority Owned Company
ChyronHego US Holding Corporation		$		1,300			$		14,183			$		—			$		17			$		15,500			$		—			$		747
ChyronHego US Holding Corporation				106,906					—					( 494	)				( 6	)				106,406					—					9,505
ChyronHego US Holding Corporation				—					—					—					—					—					—					—
ChyronHego Corporation				20,628					—					—					( 1,172	)				19,456					—					—
Merx Aviation Finance, LLC				—					—					—					—					—					—					—
Merx Aviation Finance, LLC				117,043					—					—					6,772					123,815					—					—
Merx Aviation Finance, LLC				74,076					( 0	)				( 14,500	)				0					59,576					—					6,624
MSEA Tankers LLC				45					—					( 91	)				15,746					—					( 15,700	)				—
Controlled Company
SHD Oil & Gas, LLC				346					—					( 79	)				43,108					—					( 43,376	)				—
SHD Oil & Gas, LLC				—					—					—					1,411					—					( 1,411	)				—
		$		320,344			$		14,183			$		( 15,164	)		$		65,876			$		324,753			$		( 60,487	)		$		16,876

•

Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

•

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

As of December 31, 2024, the Company had a 87 % and 100 % equity ownership interest in ChyronHego Corporation and Merx Aviation Finance, LLC, respectively.

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Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
ACP Avenu Buyer, LLC		$		3,999			$		167			$		—			$		3,832
AGDATA Midco, LLC				2,334					—					—					2,334
AHP Timberwolf Bidco Corp.				1,875					—					—					1,875
AMI Buyer, Inc.				1,905					463					—					1,442
Accelerate360 Holdings, LLC				2,545					1,382					—					1,163
Acentra Holdings, LLC (fka CNSI Holdings, LLC)				2,000					213					—					1,787
Alcami Corporation				1,096					82					—					1,014
Alcresta Therapeutics Inc.				7,529					—					—					7,529
All Star Recruiting Locums, LLC				3,043					217					—					2,826
Alpinex Opco, LLC				1,489					1,102					—					387
American Restoration Holdings, LLC				3,285					389					—					2,896
Anaplan, Inc.				699					—					—					699
Aspen Aerogels, Inc.				100					43					—					57
Athlete Buyer, LLC				5,437					3,292					181					1,964
August Bioservices, LLC				500					—					—					500
Avalara, Inc.				909					—					—					909
Banner Buyer, LLC				1,936					388					—					1,548
Beacon Mobility Corp.				59,146					2,146					4,842					52,158
Berner Food & Beverage, LLC				2,881					—					—					2,881
Biamp				120					—					—					120
Bingo Group Buyer, Inc.				2,973					25					—					2,948
Blue Jay Transit Inc.				667					—					—					667
BusPatrol Holdco				4,833					300					—					4,533
CRS Holdings, Inc.				8,000					—					125					7,875
CSC Holdings, LLC				100					77					—					23
Camin Cargo Control Holdings, Inc.				4,000					553					—					3,447
Cave Enterprises Operations, LLC				1,333					—					—					1,333
Celerion Buyer, Inc.				1,918					—					—					1,918
Cerus Corporation				5,000					415					—					4,585
Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)				396					—					73					323
ChyronHego US Holding Corporation				20,633					15,500					3,212					1,921
ChyronHego US Holding Corporation*				1,578					—					—					1,578
CircusTrix Holdings LLC				1,600					1,000					—					600
Club Car Wash Operating, LLC				7,875					—					—					7,875
Club Champion LLC				1,808					663					—					1,145
Colonnade Parent Inc (fka Naviga Inc.)				500					500					—					—
Compu-Link Corporation (dba Celink)				2,883					—					—					2,883
Cool Buyer, Inc.				6,667					—					—					6,667
Coretrust Purchasing Group LLC (HPG Enterprises LLC)				1,805					—					—					1,805
Crewline Buyer, Inc.				377					—					—					377
Digital.ai Software Holdings, Inc.				2,419					242					—					2,177
Distinct Holdings Inc				1,758					—					—					1,758
Eagle Purchaser, Inc.				1,105					658					—					447
Eldrickco Limited*				3,693					445					—					3,248
EmpiRx Health LLC				909					—					227					682
Evergreen IX Borrower 2023, LLC				795					—					—					795
Evoriel*				811					—					—					811
ExactCare Parent, Inc.				1,967					—					—					1,967

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Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
Excelligence Learning Corporation				2,466					148					259					2,059
G Treasury SS LLC				1,659					—					—					1,659
G&A Partners Holding Company II, LLC				6,184					—					—					6,184
GAT-Airline Ground Support Inc				3,810					—					—					3,810
GI Apple Midco LLC				1,262					214					41					1,007
GS SEER Group Borrower LLC				1,028					—					—					1,028
Gabriel Partners, LLC				665					338					—					327
Gateway US Holdings, Inc.				1,416					—					—					1,416
Generator Buyer, Inc.*				3,360					—					27					3,333
Genius Bidco LLC				6,160					—					77					6,083
Go Car Wash Management Corp.				417					—					—					417
Graffiti Buyer, Inc.				4,973					828					—					4,145
Green Grass Foods, Inc.				1,250					—					—					1,250
Guernsey Holdings SDI LA LLC				1,167					—					—					1,167
HEF Safety Ultimate Holdings, LLC				7,500					710					—					6,790
HRO (Hero Digital) Holdings, LLC				2,579					2,545					31					3
Health Management Associates Superholdings, Inc.				640					135					5					500
Heniff Holdco, LLC				3,925					2,584					164					1,177
Heritage Environmental Services, Inc.				242					—					4					238
High Street Buyer, Inc.				2,203					—					—					2,203
Hive Intermediate, LLC				2,326					843					—					1,483
HomeRenew Buyer, Inc.				2,161					2,161					—					—
IQN Holding Corp.				321					126					—					195
IW Buyer LLC				393					—					9					384
Ironhorse Purchaser, LLC				1,932					157					15					1,760
JF Acquisition, LLC				1,569					879					—					690
Jacent Strategic Merchandising				3,500					1,564					—					1,936
KL Charlie Acquisition Company				6,962					—					—					6,962
Kauffman Intermediate, LLC				1,248					1,246					—					2
Kure Pain Holdings, Inc.				2,654					—					—					2,654
LS Clinical Services Holdings, Inc.				1,875					1,609					—					266
Lash OpCo, LLC				1,673					1,673					—					—
LendingPoint LLC				15,904					—					—					15,904
Lifelong Learner Holdings, LLC				597					537					—					60
Litify LLC				833					—					—					833
Lotus Topco Inc.				2,059					—					—					2,059
Lunar Buyer, LLC				10,909					455					—					10,454
M&M OPCO, LLC				238					—					—					238
MGP Holdings III Corp.				1,126					183					—					943
Marlin DTC-LS Midco 2, LLC				685					—					—					685
Maxor National Pharmacy Services, LLC				1,530					—					—					1,530
Medical Guardian, LLC				3,810					—					—					3,810
Merx Aviation Finance, LLC				59,575					59,575					—					—
Midwest Vision Partners Management, LLC				612					612					—					—
Mobile Communications America, Inc.				8,345					340					—					8,005
Momentx Corporation				1,257					1,257					—					—
Munson Buffalo Restaurant Group LLC				947					—					—					947
NPPI Buyer, LLC				7,895					—					—					7,895
New Era Technology, Inc.				1,732					1,732					—					—
Norvax, LLC				1,591					539					—					1,052
OMH-Healthedge Holdings, Inc.				1,075					—					—					1,075
Olympus Terminals Holdco II LLC				6,373					—					—					6,373
Omada Health, Inc.				1,550					5					—					1,545
Omnimax International, LLC				4,720					—					—					4,720
Origami Opportunities Fund III, L.P.				3,333					—					—					3,333

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Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
Orion Buyer, LLC				3,081					280					—					2,801
PARS Group LLC				952					—					—					952
PHOENIX YW BUYER, INC.				1,136					—					—					1,136
PHS Buyer, Inc.				2,000					1,441					—					559
PMA Parent Holdings, LLC				987					—					—					987
Pace Health Companies, LLC				1,400					—					118					1,282
Paladone Group Bidco Limited				1,412					659					—					753
Paladone Group Bidco Limited*				442					442					—					—
Patriot Foods Buyer, Inc.				750					—					—					750
Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)				1,995					1,371					—					624
Pavement Preservation Acquisition, LLC				1,293					—					—					1,293
Poly-Wood, LLC				818					—					—					818
Precision Refrigeration & Air Conditioning LLC				2,273					1,932					—					341
Pro-Vigil Holding Company, LLC				3,248					—					—					3,248
Project Comfort Buyer, Inc.				1,731					—					—					1,731
Protein For Pets Opco, LLC				896					—					—					896
Purchasing Power Funding I, LLC				9,113					2,825					—					6,288
R.F. Fager Company, LLC				2,063					—					—					2,063
RHI Acquisition LLC				2,495					—					—					2,495
Rarebreed Veterinary Partners, Inc.				12,930					—					—					12,930
Regis Corporation				4,167					721					625					2,821
Riverbed Technology, Inc.				160					—					—					160
RoC Holdco LLC				2,195					—					—					2,195
Roscoe Medical, Inc				819					492					—					327
SEV Intermediate Holdco, LLC				1,667					633					—					1,034
SI Holdings, Inc.				4,246					—					—					4,246
Saffron Bidco Ltd*				7,697					—					—					7,697
Shelby 2021 Holdings Corp.				3,933					—					—					3,933
Sigma Buyer LLC				1,500					700					—					800
Simeio Group Holdings, Inc.				884					884					—					—
Smith Topco, Inc.				1,128					—					—					1,128
Surf Opco, LLC				23,333					15,677					667					6,989
Sysnet North America, Inc.				5,526					2,947					—					2,579
TCW Midco LLC				5,000					—					—					5,000
TELA Bio, Inc.				3,333					—					—					3,333
THLP CO. LLC				4,494					1,921					182					2,391
TS Investors, LLC				2,796					—					—					2,796
Tasty Chick'n LLC				7,614					—					—					7,614
TeamLINX Buyer, LLC				1,429					—					—					1,429
Telesoft Holdings, LLC				2,273					568					—					1,705
TerSera Therapeutics LLC				1,395					—					—					1,395
Texada Software LLC				3,077					—					—					3,077
The North Highland Company LLC				1,935					161					—					1,774
Thomas Scientific, LLC				2,963					2,239					296					428
Traffic Management Solutions, LLC				7,621					121					—					7,500
Treace Medical Concepts, Inc.				11,750					400					—					11,350
Trench Plate Rental Co.				1,818					1,427					125					266
Truck-Lite Co., LLC				533					—					—					533
Turbo Buyer, Inc.				923					462					—					461
US MetalCo Holdings LLC				1,320					—					—					1,320
USLS Acquisition, Inc.				1,608					804					73					731
Ultra Clean Holdco LLC				8,071					—					—					8,071
Unchained Labs, LLC				726					—					—					726
Uniguest Holdings, Inc				5,159					—					—					5,159
Uplight, Inc.				11,000					120					—					10,880

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Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
Village Pet Care, LLC				5,250					800					—					4,450
Vixxo Corporation				1,250					—					—					1,250
WC ORS Buyer, Inc.				9,655					1,255					—					8,400
WH BorrowerCo, LLC				10,652					1,223					—					9,429
WelldyneRX, LLC				1,923					—					—					1,923
WildBrain Ltd.				1,446					217					—					1,229
Zendesk, Inc.				2,603					—					5					2,598
Zephyr Buyer, L.P.				3,952					—					—					3,952
Zinnia Corporate Holdings, LLC				2,353					—					—					2,353
Total Commitments		$		641,639			$		155,979			$		11,383			$		474,277

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2024 exchange rate.

** For all letters of credit issued and outstanding on December 31, 2024 , $ 8,169 will expire in 2025 and $3,214 will expire in 2026 .

Issuer		Investment Type		Acquisition Date
1244311 B.C. Ltd.		Common Equity - Common Stock		9/30/2020
Acosta Holdings Corp.*		Preferred Equity - Preferred Equity		7/22/2024
Alcresta Holdings, LP		Preferred Equity - Preferred Equity		3/12/2024
Ambrosia Buyer Corp.		Common Equity - Common Stock		2/1/2024
Anuvu Corp. (fka GEE Acquisition Holdings Corp.)*		Common Equity - Common Stock		7/22/2024
Arrivia, Inc. (International Cruise & Excursion Gallery, Inc)		Common Equity - Membership Interests		12/31/2024
Bird Scooter Acquisition Corp.		Common Equity - Common Stock		3/22/2024
BSP-TS, LP		Preferred Equity - Preferred Equity		12/23/2024
Carbonfree Chemicals Holdings LLC		Common Equity - Common Equity / Interest		11/1/2019
Carestream Health Holdings, Inc.*		Common Equity - Common Stock		7/22/2024
ChyronHego Corporation		Preferred Equity - Preferred Equity		12/29/2020
Cool Acquisition Holdings, LP		Common Equity - Common Stock		10/31/2024
FC2 LLC		Common Equity - Common Stock		10/14/2022
Fortress Credit BSL Limited 2021-3		Asset Backed Security - CLO Debt		7/22/2024
Fortress Credit Opportunities CLO LLC 2024-25		Asset Backed Security - CLO Debt		11/12/2024
Genius Bidco LLC		Common Equity - Common Stock		5/1/2024
Merx Aviation Finance, LLC		Common Equity - Membership Interests		9/1/2022
RMCF V CIV L, L.P.		Common Equity - Common Stock		9/5/2024
TVG Orion Blocker, Inc.		Common Equity - Common Stock		7/18/2024
WC ORS Holdings, L.P.		Common Equity - Common Stock		8/7/2024

*Securities acquired as part of the AFT and AIF mergers on July 22, 2024.

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Industry		First Lien - Secured Debt					Second Lien - Secured Debt					Unsecured Debt					Structured Products and Other					Preferred Equity					Common Equity/Interests					Warrants					Total
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing		$		62,883			$		—			$		—			$		—			$		473			$		510			$		—			$		63,866
Automotive				39,271					—					—					—					—					24,068					—					63,339
Aviation and Consumer Transport				29,202					—					—					—					—					—					—					29,202
Beverage, Food & Tobacco				90,488					—					—					—					448					1,534					—					92,470
Business Services				304,602					5,636					—					—					11					2,929					—					313,178
Chemicals, Plastics & Rubber				69,239					—					—					—					—					—					—					69,239
Construction & Building				109,436					—					—					—					—					—					—					109,436
Consumer Goods – Durable				11,027					—					—					—					—					108					—					11,135
Consumer Goods – Non-durable				153,567					—					—					—					493					2,233					—					156,293
Consumer Services				139,730					—					—					—					—					—					—					139,730
Containers, Packaging & Glass				21,660					—					—					—					—					—					—					21,660
Diversified Investment Vehicles, Banking, Finance, Real Estate				148,364					—					—					15,028					534					17,146					—					181,072
Energy – Electricity				7,231					—					—					—					5,623					4					—					12,858
Environmental Industries				2,030					—					—					—					—					—					—					2,030
Healthcare & Pharmaceuticals				476,831					—					21					—					499					291					389					478,031
High Tech Industries				470,416					7,203					—					—					250					1,684					—					479,553
Hotel, Gaming, Leisure, Restaurants				44,552					—					—					—					—					—					—					44,552
Insurance				49,245					—					—					—					—					—					—					49,245
Manufacturing, Capital Equipment				80,998					—					—					—					1,713					250					—					82,961
Media – Diversified & Production				13,425					—					—					—					—					—					—					13,425
Retail				15,372					—					1,958					—					—					—					—					17,330
Telecommunications				18,965					10,615					1,408					—					—					—					—					30,988
Transportation – Cargo, Distribution				105,350					—					—					—					—					—					—					105,350
Utilities – Electric				14,688					—					—					—					—					—					—					14,688
Wholesale				102,812					—					2,672					—					25					13,241					576					119,326
Total Non-Controlled / Non-Affiliated Investments		$		2,581,384			$		23,454			$		6,059			$		15,028			$		10,069			$		63,998			$		965			$		2,700,957
Non-Controlled / Affiliated Investments
Aviation and Consumer Transport		$		19,676			$		—			$		—			$		—			$		—			$		366			$		—			$		20,042
Chemicals, Plastics & Rubber				12,501					—					—					—					—					56,505					—					69,006
Consumer Goods – Durable				—					—					—					—					—					1,000					—					1,000
Consumer Services				—					—					—					—					—					—					—					—
Diversified Investment Vehicles, Banking, Finance, Real Estate				—					—					—					38,643					—					—					—					38,643
Hotel, Gaming, Leisure, Restaurants				9,255					—					—					—					—					4,740					—					13,995
Total Non-Controlled / Affiliated Investments		$		41,432			$		—			$		—			$		38,643			$		—			$		62,611			$		—			$		142,686

Industry		First Lien - Secured Debt					Second Lien - Secured Debt					Unsecured Debt					Structured Products and Other					Preferred Equity					Common Equity/Interests					Warrants					Total
Controlled Investments
Aviation and Consumer Transport		$		59,575			$		—			$		—			$		—			$		—			$		146,500			$		—			$		206,075
High Tech Industries				121,679					—					—					—					6,000					—					—					127,679
Total Controlled Investments		$		181,254			$		—			$		—			$		—			$		6,000			$		146,500			$		—			$		333,754
Total		$		2,804,070			$		23,454			$		6,059			$		53,671			$		16,069			$		273,109			$		965			$		3,177,397

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Industry		First Lien - Secured Debt					Second Lien - Secured Debt					Unsecured Debt					Structured Products and Other					Preferred Equity					Common Equity/Interests					Warrants					Total					% of Net Assets
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing		$		62,003			$		—			$		—			$		—			$		491			$		669			$		—			$		63,163				4.50	%
Automotive				39,298					—					—					—					—					1,080					—					40,378				2.87	%
Aviation and Consumer Transport				29,489					—					—					—					—					—					—					29,489				2.10	%
Beverage, Food & Tobacco				89,933					—					—					—					229					3,575					—					93,737				6.67	%
Business Services				303,544					5,627					—					—					1					3,166					—					312,338				22.24	%
Chemicals, Plastics & Rubber				69,680					—					—					—					—					—					—					69,680				4.96	%
Construction & Building				102,895					—					—					—					—					—					—					102,895				7.33	%
Consumer Goods – Durable				11,063					—					—					—					—					119					—					11,182				0.80	%
Consumer Goods – Non-durable				153,402					—					—					—					246					442					—					154,090				10.96	%
Consumer Services				138,782					—					—					—					—					—					—					138,782				9.88	%
Containers, Packaging & Glass				21,601					—					—					—					—					—					—					21,601				1.54	%
Diversified Investment Vehicles, Banking, Finance, Real Estate				148,108					—					—					15,023					193					565					—					163,889				11.67	%
Energy – Electricity				1,997					—					—					—					—					—					—					1,997				0.14	%
Environmental Industries				2,036					—					—					—					—					—					—					2,036				0.14	%
Healthcare & Pharmaceuticals				472,374					—					21					—					532					2,703					136					475,766				33.87	%
High Tech Industries				465,671					6,538					—					—					250					2,891					—					475,350				33.84	%
Hotel, Gaming, Leisure, Restaurants				44,113					—					—					—					—					—					—					44,113				3.14	%
Insurance				49,055					—					—					—					—					—					—					49,055				3.49	%
Manufacturing, Capital Equipment				75,279					—					—					—					3,405					418					—					79,102				5.63	%
Media – Diversified & Production				13,442					—					—					—					—					—					—					13,442				0.96	%
Retail				15,506					—					1,937					—					—					—					—					17,443				1.24	%
Telecommunications				19,124					5,633					1,448					—					—					—					—					26,205				1.87	%
Transportation – Cargo, Distribution				105,150					—					—					—					—					—					—					105,150				7.49	%
Utilities – Electric				11,612					—					—					—					—					—					—					11,612				0.83	%
Wholesale				101,936					—					96					—					28					774					—					102,834				7.32	%
Total Non-Controlled / Non-Affiliated Investments		$		2,547,093			$		17,798			$		3,502			$		15,023			$		5,375			$		16,402			$		136			$		2,605,329				185.48	%
% of Net Assets				181.33	%				1.27	%				0.25	%				1.07	%				0.38	%				1.17	%				0.01	%				185.48	%

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Industry		First Lien - Secured Debt					Second Lien - Secured Debt					Unsecured Debt					Structured Products and Other					Preferred Equity					Common Equity/Interests					Warrants					Total					% of Net Assets
Non-Controlled / Affiliated Investments
Aviation and Consumer Transport		$		19,939			$		—			$		—			$		—			$		—			$		373			$		—			$		20,312				1.45	%
Chemicals, Plastics & Rubber				12,459					—					—					—					—					18,933					—					31,392				2.23	%
Consumer Goods – Durable				—					—					—					—					—					202					—					202				0.01	%
Consumer Services				—					—					—					—					—					—					—					—				0.00	%
Diversified Investment Vehicles, Banking, Finance, Real Estate				—					—					—					26,102					—					—					—					26,102				1.86	%
Hotel, Gaming, Leisure, Restaurants				4,183					—					—					—					—					2,143					—					6,326				0.45	%
Total Non-Controlled / Affiliated Investments		$		36,581			$		—			$		—			$		26,102			$		—			$		21,651			$		—			$		84,334				6.00	%
% of Net Assets				2.60	%				0.00	%				0.00	%				1.86	%				0.00	%				1.54	%				0.00	%				6.00	%
Controlled Investments
Aviation and Consumer Transport		$		59,576			$		—			$		—			$		—			$		—			$		123,815			$		—			$		183,391				13.06	%
High Tech Industries				121,906					—					—					—					19,456					—					—					141,362				10.06	%
Total Controlled Investments		$		181,482			$		—			$		—			$		—			$		19,456			$		123,815			$		—			$		324,753				23.12	%
% of Net Assets				12.92	%				0.00	%				0.00	%				0.00	%				1.39	%				8.81	%				0.00	%				23.12	%
Total		$		2,765,156			$		17,798			$		3,502			$		41,125			$		24,831			$		161,868			$		136			$		3,014,416				214.60	%
% of Net Assets				196.85	%				1.27	%				0.25	%				2.93	%				1.77	%				11.52	%				0.01	%				214.60	%

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Industry Classification		Percentage of Total Investments (at Fair Value) as of December 31, 2024
High Tech Industries		20.5 %
Healthcare & Pharmaceuticals		15.8 %
Business Services		10.3 %
Aviation and Consumer Transport		7.7 %
Diversified Investment Vehicles, Banking, Finance, Real Estate		6.3 %
Consumer Goods – Non-durable		5.1 %
Consumer Services		4.6 %
Transportation – Cargo, Distribution		3.5 %
Construction & Building		3.4 %
Wholesale		3.4 %
Chemicals, Plastics & Rubber		3.4 %
Beverage, Food & Tobacco		3.1 %
Manufacturing, Capital Equipment		2.6 %
Advertising, Printing & Publishing		2.1 %
Hotel, Gaming, Leisure, Restaurants		1.7 %
Insurance		1.6 %
Automotive		1.3 %
Telecommunications		0.9 %
Containers, Packaging & Glass		0.7 %
Retail		0.6 %
Media – Diversified & Production		0.4 %
Utilities – Electric		0.4 %
Consumer Goods – Durable		0.4 %
Environmental Industries		0.1 %
Energy – Electricity		0.1 %
Total Investments		100.0 %

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Industry/Company		Investment Type				Interest Rate				Maturity Date				Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition Company		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				12/30/26				$		23,280			$		23,020			$		22,699			(9)(31)
		First Lien Secured Debt				SOFR+ 685 , 1.00 % Floor				12/30/26						715					703					701			(9)(31)
		First Lien Secured Debt - Revolver				P+ 525				12/30/26						1,962					1,409					1,390			(9)(21)(23)(28)
KL Charlie Co-Invest, L.P.		Common Equity - Common Stock				N/A				N/A					218,978 Shares						220					357			(9)(13)
																					25,352					25,147
Hero Digital
HRO (Hero Digital) Holdings, LLC		First Lien Secured Debt				SOFR+ 610 , 1.00 % Floor				11/18/28						26,842					19,463					18,608			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 610 , 1.00 % Floor				11/18/26						2,553					2,487					2,407			(9)(20)(21)(23)(31)
HRO Holdings I LP		Common Equity - Common Stock				N/A				N/A					213 Shares						213					167			(9)(13)
																					22,163					21,182
						Total Advertising, Printing & Publishing													$		47,515			$		46,329
Automotive
Club Car Wash
Club Car Wash Operating, LLC		First Lien Secured Debt				SOFR+ 665 , 1.00 % Floor				06/16/27				$		27,847			$		26,226			$		26,134			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 665 , 1.00 % Floor				06/16/27						1,625					1,607					1,600			(9)(23)(31)
																					27,833					27,734
Crowne Automotive
Vari-Form Group, LLC		First Lien Secured Debt				11.00 % ( 7.00 % Cash plus 4.00 % PIK)				02/02/23						5,860					893					293			(9)(11)(14)
Vari-Form Inc.		First Lien Secured Debt				11.00 % ( 7.00 % Cash plus 4.00 % PIK)				02/02/23						2,110					391					105			(9)(11)(14)
																					1,284					398
K&N Parent, Inc.
K&N Holdco, LLC		Common Equity - Common Stock				N/A				N/A					77,622 Shares						23,621					1,515			(13)
Truck-Lite Co., LLC
TL Lighting Holdings, LLC		Common Equity - Equity				N/A				N/A					350 Shares						350					464			(9)(13)
Truck-Lite Co., LLC		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				12/14/26						31,409					31,035					30,979			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				12/13/24						3,052					—					( 14	)		(8)(9)(20)(21)(23)
																					31,385					31,429
						Total Automotive													$		84,123			$		61,076
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)		First Lien Secured Debt - Revolver				10.00 %				10/31/25				$		106,177			$		74,075			$		74,076			(20)(23)
		Common Equity - Membership Interests				N/A				N/A											146,500					117,043			(24)
																					220,575					191,119
Primeflight
PrimeFlight Acquisition, LLC		First Lien Secured Debt				SOFR+ 685 , 1.00 % Floor				05/01/29						5,450					5,300					5,286			(9)(31)(32)
						Total Aviation and Consumer Transport													$		225,875			$		196,405

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC		First Lien Secured Debt				SOFR+ 565 , 1.00 % Floor				07/30/27		$		30,418			$		29,960			$		29,202			(9)(31)
		First Lien Secured Debt - Revolver				P+ 450				07/30/26				801					791					769			(9)(28)
		First Lien Secured Debt - Revolver				SOFR+ 565 , 1.00 % Floor				07/30/26				2,080					550					493			(9)(21)(23)(31)
																			31,301					30,464
Bolthouse Farms
Wm. Bolthouse Farms, Inc.		Common Equity - Equity Interests				N/A				N/A			1,086,122 Shares						1,147					1,043			(13)
Hive
FCP-Hive Holdings, LLC		Preferred Equity - Preferred Equity				N/A				N/A			589 Shares						448					148			(9)(13)
		Common Equity - Common Stock				N/A				N/A			589 Shares						3					—			(9)(13)
Hive Intermediate, LLC		First Lien Secured Debt				SOFR+ 610 Cash plus 2.00 % PIK, 1.00 % Floor				09/22/27				13,925					13,745					13,368			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 610 Cash plus 2.00 % PIK, 1.00 % Floor				09/22/27				2,326					603					539			(9)(21)(23)(30)
																			14,799					14,055
Nutpods
Green Grass Foods, Inc.		First Lien Secured Debt				SOFR+ 625 , 1.00 % Floor				12/26/29				3,750					3,675					3,675			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 625 , 1.00 % Floor				12/26/29				1,250					( 25	)				( 25	)		(8)(9)(21)(23)
Nutpods Holdings, Inc.		Common Equity - Common Stock				N/A				N/A			125 Shares						125					125			(9)(13)(24)
																			3,775					3,775
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.		Common Equity - Membership Interests				N/A				N/A			490,000 Shares						90					1,142
Patriot Pickle
Patriot Foods Buyer, Inc.		First Lien Secured Debt				SOFR+ 600 , 1.00 % Floor				12/22/29				750					240					235			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				12/22/29				250					( 5	)				( 5	)		(8)(9)(21)(23)
																			235					230
Rise Baking
Ultimate Baked Goods Midco LLC		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				08/13/27				26,222					25,787					26,193			(9)(30)
		First Lien Secured Debt				SOFR+ 560 , 1.00 % Floor				08/13/27				5,661					5,584					5,550			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				08/13/27				3,243					( 50	)				( 5	)		(8)(9)(20)(21)(23)
																			31,321					31,738

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Turkey Hill
IC Holdings LLC		Common Equity - Series A Units				N/A				N/A			169 Shares						169					—			(9)(13)
THLP CO. LLC		First Lien Secured Debt				SOFR+ 600 Cash plus 2.00 % PIK, 1.00 % Floor				05/31/25				25,921					25,778					25,791			(9)(32)
		First Lien Secured Debt				SOFR+ 600 Cash plus 6.00 % PIK, 1.00 % Floor				05/31/24				1,383					1,379					1,383			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+ 600 Cash plus 2.00 % PIK, 1.00 % Floor				05/31/24				4,494					2,101					2,107			(9)(20)(21)(23)(31)(32)
																			29,427					29,281
						Total Beverage, Food & Tobacco											$		112,095			$		111,728
Business Services
Accelerate Learning
Eagle Purchaser, Inc.		First Lien Secured Debt				SOFR+ 675 , 1.00 % Floor				03/22/30		$		4,316			$		3,372			$		3,442			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				03/22/29				658					246					252			(9)(21)(23)(31)
																			3,618					3,694
Access Information
Access CIG, LLC		Second Lien Secured Debt				SOFR+ 775 , 0.00 % Floor				02/27/26				15,900					15,859					15,701			(31)
AlpineX
Alpinex Opco, LLC		First Lien Secured Debt				SOFR+ 626 , 1.00 % Floor				12/27/27				21,273					20,922					20,889			(9)(31)
		First Lien Secured Debt				SOFR+ 752 , 1.00 % Floor				12/27/27				630					614					614			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 626 , 1.00 % Floor				12/27/27				1,489					568					584			(9)(21)(23)(31)
																			22,104					22,087
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.		Second Lien Secured Debt				8.00 %				08/28/25				21,429					15,201					2,207			(14)
AML Rightsource
Gabriel Partners, LLC		First Lien Secured Debt				SOFR+ 615 , 1.00 % Floor				09/21/26				30,729					30,388					30,495			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 615 , 1.00 % Floor				09/21/26				665					258					259			(9)(21)(23)(30) (31)
																			30,646					30,754
Avenu
ACP Avenu Buyer, LLC		First Lien Secured Debt				SOFR+ 625 , 1.00 % Floor				10/02/29				6,750					1,146					1,140			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 625 , 1.00 % Floor				10/02/29				750					( 20	)				( 21	)		(8)(9)(21)(23)
																			1,126					1,119
Continuum
Continuum Global Solutions, LLC		Preferred Equity - Preferred Equity				N/A				N/A			775 Shares						78					78			(9)(13)
Escalent
M&M OPCO, LLC		First Lien Secured Debt				SOFR+ 810 , 1.00 % Floor				04/07/29				9,452					9,195					9,240			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 810 , 1.00 % Floor				04/07/29				476					( 13	)				( 11	)		(8)(9)(21)(23)
																			9,182					9,229

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Go1
Apiom, Inc.		First Lien Secured Debt				SOFR+ 745 , 2.00 % Floor				05/02/28				2,500					2,482					2,481			(9)(17)(30)
HMA
Health Management Associates Superholdings, Inc.		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				03/30/29				4,624					4,016					4,025			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				03/30/29				284					( 8	)				( 7	)		(8)(9)(20)(21)(23)
																			4,008					4,018
IRP
Precision Refrigeration & Air Conditioning LLC		First Lien Secured Debt				SOFR+ 690 , 1.00 % Floor				03/08/28				21,048					15,679					15,417			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 690 , 1.00 % Floor				03/08/28				1,705					828					801			(9)(21)(23)(31)
SMC IR Holdings, LLC		Common Equity - Common Stock				N/A				N/A			148 Shares						170					263			(9)
																			16,677					16,481
Jacent
Jacent Strategic Merchandising		First Lien Secured Debt				SOFR+ 585 Cash plus 0.75 % PIK, 1.00 % Floor				04/23/24				22,263					22,231					21,807			(9)(30)(31)
		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				04/23/24				3,500					1,560					1,502			(9)(21)(23)(30)
		Common Equity - Common Stock				N/A				N/A			5,000 Shares						500					4			(9)(13)
JSM Equity Investors, L.P.		Preferred Equity - Class P Partnership Units				N/A				N/A			114 Shares						11					11			(9)(13)
																			24,302					23,324
Jones & Frank
JF Acquisition, LLC		First Lien Secured Debt				SOFR+ 560 , 1.00 % Floor				07/31/26				12,964					12,887					12,823			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				07/31/26				1,569					( 11	)				( 17	)		(8)(9)(21)(23)
																			12,876					12,806
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)		First Lien Secured Debt				SOFR+ 710 , 1.00 % Floor				02/27/24				13,160					13,144					13,292			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 710 , 1.00 % Floor				02/27/24				500					450					450			(9)(23)(31)
																			13,594					13,742
PSE
Graffiti Buyer, Inc.		First Lien Secured Debt				SOFR+ 560 , 1.00 % Floor				08/10/27				8,305					8,203					8,222			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				08/10/27				1,307					434					437			(9)(21)(23)(31)
Graffiti Parent, LP		Common Equity - Common Stock				N/A				N/A			2,439 Shares						244					398			(9)(13)
																			8,881					9,057
PSI Services, LLC
Lifelong Learner Holdings, LLC		First Lien Secured Debt				SOFR+ 590 , 1.00 % Floor				10/19/26				33,367					33,063					32,786			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 590 , 1.00 % Floor				10/20/25				2,985					2,962					2,945			(9)(21)(23)(31)
																			36,025					35,731

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
SafetyCo
HEF Safety Ultimate Holdings, LLC		First Lien Secured Debt				SOFR+ 575 , 1.00 % Floor				11/17/29				13,500					7,243					7,238			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 1.00 % Floor				11/17/29				1,500					363					363			(9)(21)(23)(31)
																			7,606					7,601
SEER
GS SEER Group Borrower LLC		First Lien Secured Debt				SOFR+ 675 , 1.00 % Floor				04/29/30				4,616					3,331					3,333			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				04/30/29				367					( 10	)				( 10	)		(8)(9)(21)(23)
GS SEER Group Holdings, LLC		Common Equity - Common Stock				N/A				N/A			42 Shares						42					39			(9)(13)(24)
																			3,363					3,362
Smith System
Smith Topco, Inc.		First Lien Secured Debt				SOFR+ 600 , 1.00 % Floor				11/06/29				8,872					8,675					8,673			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				11/06/29				1,128					( 25	)				( 25	)		(8)(9)(21)(23)
																			8,650					8,648
Soliant
Soliant Health, Inc.		Common Equity - Membership Interests				N/A				N/A			300 Shares						300					1,428			(9)
Trench Plate
Trench Plate Rental Co.		First Lien Secured Debt				SOFR+ 560 , 1.00 % Floor				12/03/26				17,909					17,709					17,640			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 560 , 1.00 % Floor				12/03/26				1,818					573					564			(9)(20)(21)(23)(31)
Trench Safety Solutions Holdings, LLC		Common Equity - Common Stock				N/A				N/A			331 Shares						50					50			(9)(13)
																			18,332					18,254
US Legal Support
US Legal Support Investment Holdings, LLC		Common Equity - Series A-1 Units				N/A				N/A			631,972 Shares						632					935			(9)(13)
USLS Acquisition, Inc.		First Lien Secured Debt				SOFR+ 590 , 1.00 % Floor				12/02/24				23,569					23,428					23,407			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 590 , 1.00 % Floor				12/02/24				1,608					952					954			(9)(20)(21)(23) (30)(31)
																			25,012					25,296
Wilson Language Training
Owl Acquisition, LLC		First Lien Secured Debt				SOFR+ 540 , 1.00 % Floor				02/04/28				9,635					9,486					9,562			(9)(31)
Owl Parent Holdings, LLC		Common Equity - Common Stock				N/A				N/A			100 Shares						100					195			(9)(13)
																			9,586					9,757
						Total Business Services											$		289,508			$		276,855

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Chemicals, Plastics & Rubber
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I
Carbonfree Chemicals Holdings LLC (4)		Common Equity - Common Equity / Interest				N/A				N/A			1,246 Shares				$		56,505			$		18,727			(13)(16)(24)
FC2 LLC (4)		Common Equity - Common Stock				N/A				N/A			5 Shares						—					—			(13)(24)
		Secured Debt - Promissory Note				6.50 %				10/14/27				12,500					12,500					12,501
																			69,005					31,228
Westfall Technik, Inc.
Westfall Technik, Inc.		First Lien Secured Debt				SOFR+ 760 Cash plus 0.75 % PIK, 1.00 % Floor				09/13/24				21,459					21,381					20,850			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 760 Cash plus 0.75 % PIK, 1.00 % Floor				09/13/24				2,042					2,037					1,984			(9)(23)(30)
																			23,418					22,834
						Total Chemicals, Plastics & Rubber											$		92,423			$		54,062
Construction & Building
Allstar Holdings
Athlete Buyer, LLC		First Lien Secured Debt				SOFR+ 610 , 1.00 % Floor				04/26/29		$		5,323			$		5,189			$		5,190			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 610 , 1.00 % Floor				04/26/29				652					( 14	)				( 16	)		(8)(9)(21)(23)
																			5,175					5,174
Englert
Gutter Buyer, Inc.		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				03/06/25				28,669					28,525					28,125			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				03/06/24				2,727					2,622					2,615			(9)(20)(21)(23)(31)
Gutter Holdings, LP		Common Equity - Common Stock				N/A				N/A			500 Shares						500					137			(9)(13)
																			31,647					30,877
Pave America
Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)		First Lien Secured Debt				SOFR+ 690 , 1.00 % Floor				02/07/28				11,035					10,744					10,704			(9)(31)
		First Lien Secured Debt				SOFR+ 700 , 1.00 % Floor				02/07/28				1,438					1,402					1,394			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+ 690 , 1.00 % Floor				02/07/28				942					( 24	)				( 28	)		(8)(9)(21)(23)
																			12,122					12,070
Yak Access
Yak Access LLC		First Lien Secured Debt - Revolver				SOFR+ 486 , 1.00 % Floor				09/10/27				5,000					1,187					1,225			(9)(21)(23)(30)
						Total Construction & Building											$		50,131			$		49,346

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Consumer Goods - Durable
A&V
A&V Holdings Midco, LLC		First Lien Secured Debt - Revolver				SOFR+ 461 , 1.00 % Floor				03/10/25		$		1,505			$		327			$		337			(21)(23)(30)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)		First Lien Secured Debt				SOFR+ 500 , 1.00 % Floor				09/30/25				2,600					2,600					2,529			(17)(30)
		First Lien Secured Debt				SOFR+ 500 PIK, 1.00 % Floor				09/30/25				1,248					1,248					1,211			(17)(30)
		Common Equity - Common Stock				N/A				N/A			1,000,032 Shares						1,000					1,087			(2)(13)(17)(24)
																			4,848					4,827
NSi Industries
Wildcat BuyerCo, Inc.		First Lien Secured Debt				SOFR+ 575 , 1.00 % Floor				02/26/27				27,059					24,387					24,405			(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 575 , 1.00 % Floor				02/26/27				725					( 7	)				( 14	)		(8)(20)(21)(23)
Wildcat Parent LP		Common Equity - Common Stock				N/A				N/A			1,070 Shares						107					231
																			24,487					24,622
Sorenson Holdings, LLC
Sorenson Holdings, LLC		Common Equity - Membership Interests				N/A				N/A			587 Shares						—					595
						Total Consumer Goods – Durable											$		29,662			$		30,381
Consumer Goods - Non-durable
3D Protein
Protein For Pets Opco, LLC		First Lien Secured Debt - Revolver				SOFR+ 450 , 1.00 % Floor				05/31/24		$		2,219			$		( 5	)		$		—			(9)(21)(23)
Dan Dee
Project Comfort Buyer, Inc.		First Lien Secured Debt				SOFR+ 725 , 1.00 % Floor				02/01/25				18,172					18,041					17,888			(9)(32)
		First Lien Secured Debt				SOFR+ 710 , 1.00 % Floor				02/01/25				3,116					3,100					3,068			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 710 , 1.00 % Floor				02/01/25				1,731					( 8	)				( 27	)		(8)(9)(21)(23)
		Preferred Equity - Preferred Equity				N/A				N/A			491,405 Shares						492					73			(9)(13)
																			21,625					21,002
LashCo
Lash OpCo, LLC		First Lien Secured Debt				SOFR+ 710 , 1.00 % Floor				03/18/26				42,702					42,213					42,189			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 710 , 1.00 % Floor				09/18/25				1,612					1,192					1,199			(9)(21)(23)(31) (32)
																			43,405					43,388
Paladone
Paladone Group Bidco Limited		First Lien Secured Debt				SOFR+ 585 , 1.00 % Floor				11/12/27				6,937					6,843					6,853			(9)(17)(31)
		First Lien Secured Debt - Revolver				SON+ 585 , 1.00 % Floor				11/12/27		£		353					( 6	)				( 5	)		(8)(9)(17)(21) (23)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				11/12/27				1,412					( 18	)				( 17	)		(8)(9)(17)(21) (23)
Paladone Group Holdings Limited		Common Equity - Common Stock				N/A				N/A			94,151 Shares						94					58			(9)(13)(17)
																			6,913					6,889

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC		Common Equity - Common Stock				N/A				N/A			10,854 Shares						2,041					72			(13)(16)(17)
Galaxy Universal LLC		First Lien Secured Debt				SOFR+ 500 , 1.00 % Floor				11/12/26				1,241					1,224					1,235			(17)(31)
Sequential Brands Group, Inc.		Second Lien Secured Debt				8.75 %				02/07/24				1,293					—					238			(14)(17)
Swisstech IP CO, LLC		First Lien Secured Debt				6.00 % PIK				11/29/24				189					55					186			(17)
																			3,320					1,731
Suave
Silk Holdings I Corp.		Common Equity - Common Stock				N/A				N/A			100 Shares						100					172			(9)(13)(24)
Silk Holdings III Corp.		First Lien Secured Debt				SOFR+ 775 , 1.00 % Floor				05/01/29				9,851					9,570					9,703			(9)(13)
		First Lien Secured Debt				SOFR+ 650 , 1.00 % Floor				05/01/29				20,125					—					—			(9)(23)
																			9,670					9,875
Village Pet Care
Village Pet Care, LLC		First Lien Secured Debt				SOFR+ 650 , 1.00 % Floor				09/22/29				6,500					2,168					2,088			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 1.00 % Floor				09/22/29				1,000					( 19	)				( 25	)		(8)(9)(21)(23)
																			2,149					2,063
						Total Consumer Goods – Non-durable											$		87,077			$		84,948
Consumer Services
Activ
Activ Software Holdings, LLC		First Lien Secured Debt				SOFR+ 650 , 1.00 % Floor				05/04/27		$		32,119			$		31,633			$		31,812			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 1.00 % Floor				05/04/27				2,407					( 27	)				( 24	)		(8)(9)(21)(23)
																			31,606					31,788
Atlas Technical Consultants
GI Apple Midco LLC		First Lien Secured Debt				SOFR+ 675 , 1.00 % Floor				04/19/30				4,426					3,593					3,642			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				04/19/29				556					295					300			(9)(20)(21)(23)(30)
																			3,888					3,942
Bird
Bird Rides, Inc.		First Lien Secured Debt				SOFR+ 760 , 1.00 % Floor				07/12/25				13,118					13,032					12,725			(9)(30)
		First Lien Secured Debt				15.00 % ( 6.00 % Cash plus 9.00 % PIK)				03/18/24				6,540					1,333					1,177			(9)(23)
		First Lien Secured Debt				15.00 %				09/12/25				667					667					647			(9)
																			15,032					14,549

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Clarus Commerce
Marlin DTC-LS Midco 2, LLC		First Lien Secured Debt				SOFR+ 660 , 1.00 % Floor				07/01/25				21,410					21,250					21,232			(31)
		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				07/01/25				685					—					( 6	)		(8)(21)(23)
																			21,250					21,226
Go Car Wash
Go Car Wash Management Corp.		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				12/31/26				23,756					10,724					10,622			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				12/31/26				417					( 1	)				( 7	)		(8)(9)(21)(23)
																			10,723					10,615
Lending Point
LendingPoint LLC		First Lien Secured Debt				SOFR+ 1065 , 1.00 % Floor				12/30/26				32,229					31,908					31,946			(9)(31)
		First Lien Secured Debt				SOFR+ 590 , 1.00 % Floor				12/30/26				4,167					4,140					4,131			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 590 , 1.00 % Floor				12/30/26				8,333					8,285					8,263			(9)(23)(31)
																			44,333					44,340
Renovo
HomeRenew Buyer, Inc.		First Lien Secured Debt				SOFR+ 665 , 1.00 % Floor				11/23/27				15,323					15,116					14,863			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 665 , 1.00 % Floor				11/23/27				1,958					1,929					1,899			(9)(23)(31)
																			17,045					16,762
The Club Company
Eldrickco Limited		First Lien Secured Debt				SON+ 603 , 0.50 % Floor				11/26/25		£		14,858					15,695					15,566			(9)(17)(21)(23) (29)
		First Lien Secured Debt - Revolver				SON+ 603 , 0.50 % Floor				11/26/25		£		356					415					447			(9)(17)(23)(29)
		First Lien Secured Debt - Revolver				SON+ 603 , 0.50 % Floor				05/26/25		£		345					—					( 5	)		(8)(9)(17)(21) (23)
																			16,110					16,008
US Auto
Auto Pool 2023 Trust (Del. Stat. Trust) (4)		Structured Products and Other - Membership Interests				N/A				02/28/29			N/A						27,865					30,621			(9)(25)
						Total Consumer Services											$		187,852			$		189,851
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation		First Lien Secured Debt - Revolver				SOFR+ 610 , 1.00 % Floor				06/11/24		$		2,273			$		( 5	)		$		( 43	)		(8)(9)(21)(23)
Compu-Link Corporation (dba Celink)		First Lien Secured Debt				SOFR+ 610 , 1.00 % Floor				11/30/28				9,501					9,311					9,320			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 610 , 1.00 % Floor				11/30/28				610					( 12	)				( 12	)		(8)(9)(21)(23)
Peer Advisors, LLC		First Lien Secured Debt				SOFR+ 610 , 1.00 % Floor				06/11/24				5,114					5,101					5,016			(9)(30)
																			14,395					14,281

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Definiti LLC
Greylock Holdings LLC		Common Equity - Common Stock				N/A				N/A			100,000 Shares						100					86			(9)(13)(24)
RHI Acquisition LLC		First Lien Secured Debt				SOFR+ 660 , 1.00 % Floor				03/16/29				9,192					6,343					6,230			(9)(21)(23)(32)
		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				03/16/29				660					( 17	)				( 23	)		(8)(9)(21)(23)
																			6,426					6,293
Golden Bear
Golden Bear 2016-R, LLC (4)		Structured Products and Other - Membership Interests				N/A				09/20/42			N/A						17,128					10,712			(3)(17)
Purchasing Power, LLC
Purchasing Power Funding I, LLC		First Lien Secured Debt - Revolver				SOFR+ 710 , 0.00 % Floor				02/24/25				9,113					9,112					9,113			(9)(23)(30)
Spectrum Automotive
Shelby 2021 Holdings Corp.		First Lien Secured Debt				SOFR+ 586 , 0.75 % Floor				06/29/28				14,252					13,546					13,490			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 586 , 0.75 % Floor				06/29/27				420					( 4	)				( 6	)		(8)(9)(21)(23)
																			13,542					13,484
		Total Diversified Investment Vehicles, Banking, Finance, Real Estate															$		60,603			$		53,883
Energy - Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC		Preferred Equity - Preferred Stock				N/A				N/A			142 Shares				$		534			$		109			(15)(17)
Renew Financial LLC (f/k/a Renewable Funding, LLC)		Common Equity - Common Stock				N/A				N/A			1,368,286 Shares						16,813					96			(13)(17)
Renew JV LLC		Common Equity - Membership Interests				N/A				N/A			305,832 Shares						306					412			(13)(17)
																			17,653					617
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited		First Lien Secured Debt				4.00 %				03/08/23		£		5,562					7,231					2,146			(11)(14)(17)
		Preferred Equity - Preferred Stock				N/A				N/A			4,286 Shares						5,623					—			(2)(13)(17)
		Common Equity - Ordinary Shares				N/A				N/A			2,825 Shares						4					—			(2)(13)(17)
																			12,858					2,146
						Total Energy – Electricity											$		30,511			$		2,763
Energy - Oil & Gas
Pelican
Pelican Energy, LLC (4)		Common Equity - Membership Interests				N/A				N/A			1,444 Shares						11,802					140			(13)(16)(17)(24)

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Spotted Hawk
SHD Oil & Gas, LLC (5)		Common Equity - Series C Units				N/A				N/A			50,952,525 Shares						43,454					346			(13)(16)(24)
		Common Equity - Series A Units				N/A				N/A			7,600,000 Shares						1,411					—			(13)(16)(24)
																			44,865					346
						Total Energy – Oil & Gas											$		56,667			$		486
Healthcare & Pharmaceuticals
83bar
83Bar, Inc.		First Lien Secured Debt				SOFR+ 586 , 1.50 % Floor				07/02/26		$		3,108			$		3,101			$		3,054			(9)(30)
Akoya
Akoya Biosciences, Inc.		First Lien Secured Debt				SOFR+ 691 , 2.50 % Floor				11/01/27				22,500					22,493					22,498			(9)(30)
Alcami
Alcami Corporation		First Lien Secured Debt				SOFR+ 710 , 1.00 % Floor				12/21/28				8,822					7,872					7,960			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 710 , 1.00 % Floor				12/21/28				1,096					( 32	)				( 22	)		(8)(9)(21)(23)
																			7,840					7,938
Carbon6
Carbon6 Technologies, Inc.		Preferred Equity - Preferred Equity				N/A				N/A			280,899 Shares						250					250			(9)(13)
Cato Research
LS Clinical Services Holdings, Inc.		First Lien Secured Debt				SOFR+ 651 Cash plus 1.00 % PIK, 1.00 % Floor				12/16/27				13,285					13,074					12,696			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 651 Cash plus 1.00 % PIK, 1.00 % Floor				06/16/27				1,875					719					672			(9)(21)(23)(31)
																			13,793					13,368
Celerion
Celerion Buyer, Inc.		First Lien Secured Debt				SOFR+ 650 , 0.75 % Floor				11/05/29				9,280					7,763					7,908			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 0.75 % Floor				11/03/28				639					( 16	)				( 6	)		(8)(9)(21)(23)
																			7,747					7,902
Cerus
Cerus Corporation		First Lien Secured Debt				SOFR+ 660 , 1.80 % Floor				03/01/28				16,500					16,464					16,500			(9)(17)(30)
		First Lien Secured Debt				SOFR+ 660 , 1.00 % Floor				03/01/28				6,000					1,474					1,500			(9)(17)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 385 , 1.00 % Floor				03/01/28				2,000					1,761					1,763			(9)(17)(21)(23) (30)
																			19,699					19,763
CNSI
Acentra Holdings, LLC (fka CNSI Holdings, LLC)		First Lien Secured Debt				SOFR+ 650 , 0.50 % Floor				12/15/28				17,820					17,287					17,462			(9)(31)
		First Lien Secured Debt				SOFR+ 650 , 0.50 % Floor				12/17/28				4,000					3,920					3,920			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 0.50 % Floor				12/17/27				2,000					677					693			(9)(21)(23)(30)
																			21,884					22,075

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Compass Health
Roscoe Medical, Inc		First Lien Secured Debt				SOFR+ 636 , 1.00 % Floor				09/30/24				7,468					7,199					7,281			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 636 , 1.00 % Floor				09/30/24				1,393					480					498			(9)(23)(30)
																			7,679					7,779
EmpiRx
EmpiRx Health LLC		First Lien Secured Debt				SOFR+ 510 , 1.00 % Floor				08/05/27				8,909					8,784					8,865			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 510 , 1.00 % Floor				08/05/27				909					( 11	)				( 5	)		(8)(9)(20)(21)(23)
																			8,773					8,860
ExactCare
ExactCare Parent, Inc.		First Lien Secured Debt				SOFR+ 650 , 1.00 % Floor				11/03/29				18,033					17,543					17,537			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 1.00 % Floor				11/03/29				1,967					( 53	)				( 54	)		(8)(9)(21)(23)
																			17,490					17,483
Gateway Services
Gateway US Holdings, Inc.		First Lien Secured Debt				SOFR+ 665 , 0.75 % Floor				09/22/26				9,632					9,565					9,585			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 665 , 0.75 % Floor				09/22/26				304					( 2	)				( 2	)		(8)(9)(21)(23)
																			9,563					9,583
Gossamer
GB001, Inc.		First Lien Secured Debt				SOFR+ 711 , 2.00 % Floor				01/01/25				26,516					2,477					2,516			(9)(17)(23)(30)
Health & Safety Institute
HSI HALO Acquisition, Inc.		First Lien Secured Debt				SOFR+ 585 , 1.00 % Floor				08/31/26				16,101					15,950					15,862			(9)(31)
		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				08/31/26				2,441					2,400					2,429			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				09/02/25				677					675					674			(9)(23)(32)
		First Lien Secured Debt - Revolver				P+ 475				09/02/25				135					135					135			(9)(23)(28)
		Common Equity - Common Stock				N/A				N/A			500 Shares						31					1,356			(9)(13)
HSI Halo Holdings, LLC		Common Equity - Common Stock				N/A				N/A			104 Shares						16					14			(9)(13)
																			19,207					20,470
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)		Common Equity - Common Stock				N/A				N/A			133 Shares						133					242			(9)(13)
Kure Pain Holdings, Inc.		First Lien Secured Debt				SOFR+ 610 , 1.00 % Floor				08/27/25				21,269					21,171					21,264			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 610 , 1.00 % Floor				08/27/24				2,654					( 10	)				—			(9)(21)(23)
																			21,294					21,506
LucidHealth
Premier Imaging, LLC		First Lien Secured Debt				SOFR+ 611 , 1.00 % Floor				01/02/25				8,032					7,972					7,932			(9)(31)

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Mannkind Corporation
Mannkind Corporation		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				08/01/25				11,556					11,523					11,555			(9)(26)(30)
		Common Equity - Common Stock				N/A				N/A			334,226 Shares						76					1,217			(9)(10)(13)(17)
																			11,599					12,772
Maxor National Pharmacy Services, LLC
Maxor National Pharmacy Services, LLC		First Lien Secured Debt				SOFR+ 700 , 1.00 % Floor				03/01/29				13,319					12,956					12,986			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+ 700 , 1.00 % Floor				03/01/29				1,530					( 40	)				( 38	)		(8)(9)(21)(23)
Maxor Topco, L.P.		Preferred Equity - Preferred Equity				N/A				N/A			50,000 Shares						50					60			(9)(13)(24)
																			12,966					13,008
Medical Guardian
Medical Guardian, LLC		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				10/26/26				35,562					30,499					30,444			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				10/26/26				3,810					519					514			(9)(21)(23)(30)
																			31,018					30,958
Midwest Vision
Midwest Vision Partners Management, LLC		First Lien Secured Debt				SOFR+ 665 , 1.00 % Floor				01/12/27				21,624					21,358					21,083			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 665 , 1.00 % Floor				01/12/27				612					605					595			(9)(23)(31)
																			21,963					21,678
Orchard
Orchard Therapeutics PLC		First Lien Secured Debt				SOFR+ 605 , 1.00 % Floor				05/28/26				7,595					7,580					8,006			(9)(17)(30)
Partner Therapeutics, Inc
Partner Therapeutics, Inc		Preferred Equity - Preferred Equity				N/A				N/A			55,556 Shares						333					399			(9)(13)
		Warrants - Warrants											73,333 Shares						389					199			(9)(13)
																			722					598
PHS
PHS Buyer, Inc.		First Lien Secured Debt				SOFR+ 610 Cash plus 1.50 % PIK, 1.00 % Floor				01/31/27				23,908					23,643					23,848			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 610 Cash plus 1.50 % PIK, 1.00 % Floor				01/31/27				2,000					1,301					1,330			(9)(21)(23)(30)
																			24,944					25,178
RHA Health Services
Pace Health Companies, LLC		First Lien Secured Debt				SOFR+ 640 , 1.00 % Floor				08/02/25				3,731					3,707					3,667			(9)(31)
		First Lien Secured Debt				SOFR+ 665 , 1.00 % Floor				08/02/25				2,500					1,567					1,563			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 640 , 1.00 % Floor				08/02/25				500					( 5	)				( 9	)		(8)(9)(20)(21)(23)
																			5,269					5,221
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.		First Lien Secured Debt				SOFR+ 576 , 1.50 % Floor				09/01/26				18,000					17,998					18,000			(9)(30)

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Team Select
TS Investors, LLC		First Lien Secured Debt				SOFR+ 660 , 1.00 % Floor				05/04/29				2,306					1,872					1,913			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				05/04/29				185					( 5	)				( 2	)		(8)(9)(21)(23)
																			1,867					1,911
TELA Bio, Inc.
TELA Bio, Inc.		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				05/01/27				16,667					13,283					13,333			(9)(23)(30)
TersSera
TerSera Therapeutics LLC		First Lien Secured Debt				SOFR+ 675 , 1.00 % Floor				04/04/29				13,860					13,478					13,756			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				04/04/29				1,140					( 30	)				( 9	)		(8)(9)(21)(23)
																			13,448					13,747
TissueTech
TissueTech, Inc.		First Lien Secured Debt				SOFR+ 586 , 1.00 % Floor				04/01/27				17,500					12,205					12,250			(9)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 411 , 1.00 % Floor				04/01/27				1,000					497					500			(9)(21)(23)(30)
																			12,702					12,750
Treace
Treace Medical Concepts, Inc.		First Lien Secured Debt				SOFR+ 610 , 1.00 % Floor				04/01/27				35,000					14,528					14,146			(9)(17)(23)(27) (30)
		First Lien Secured Debt - Revolver				SOFR+ 410 , 1.00 % Floor				04/01/27				3,000					390					355			(9)(17)(21)(23) (27)(30)
																			14,918					14,501
Unchained Labs
Unchained Labs, LLC		First Lien Secured Debt				SOFR+ 555 , 1.00 % Floor				08/09/27				4,121					4,079					4,080			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 555 , 1.00 % Floor				08/09/27				726					( 9	)				( 7	)		(8)(9)(21)(23)
																			4,070					4,073
US Fertility
US Fertility Enterprises, LLC		First Lien Secured Debt				SOFR+ 660 , 1.00 % Floor				12/21/27				2,958					2,896					2,913			(9)(30)(31)
		First Lien Secured Debt - Revolver				SOFR+ 651 , 1.00 % Floor				12/21/27				63					28					28			(9)(21)(23)(31)
																			2,924					2,941
ViewRay
ViewRay Inc.		First Lien Secured Debt				3.50 %				11/01/27				9,583					7,852					717			(9)(14)(17)
WellDyneRx, LLC
WelldyneRX, LLC		First Lien Secured Debt				SOFR+ 685 , 0.75 % Floor				03/09/27				17,761					17,499					17,272			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 685 , 0.75 % Floor				03/09/26				1,923					( 21	)				( 53	)		(8)(9)(21)(23)
																			17,478					17,219
						Total Healthcare & Pharmaceuticals											$		413,863			$		409,588

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
High Tech Industries
Acronis AG
ACRONIS AG		First Lien Secured Debt				SOFR+ 595 , 1.00 % Floor				04/01/27		$		21,000			$		20,945			$		21,000			(9)(17)(30)
American Megatrends
AMI US Holdings Inc.		First Lien Secured Debt				SOFR+ 535 , 1.00 % Floor				04/01/25				21,044					20,925					21,044			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 535 , 0.00 % Floor				04/01/24				2,907					( 3	)				—			(9)(21)(23)
																			20,922					21,044
BarTender
Sigma Buyer LLC		First Lien Secured Debt				SOFR+ 675 , 0.75 % Floor				01/04/28				5,955					5,804					5,940			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 0.75 % Floor				01/04/28				1,500					64					96			(9)(21)(23)(32)
																			5,868					6,036
Calero Holdings, Inc.
Telesoft Holdings, LLC		First Lien Secured Debt				SOFR+ 585 , 1.00 % Floor				12/16/25				21,875					21,696					21,548			(30)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				12/16/25				2,273					308					291			(21)(23)(30)
																			22,004					21,839
ChyronHego Corporation
ChyronHego Corporation (5)		Preferred Equity - Preferred Equity				N/A				N/A			7,800 Shares						6,000					20,628			(13)(24)
ChyronHego US Holding Corporation (5)		First Lien Secured Debt				SOFR+ 350 , 1.75 % Floor				06/30/26				106,906					106,690					106,906			(31)
		First Lien Secured Debt - Revolver				P+ 600				06/30/26				5,000					1,300					1,300			(21)(23)(28)
																			113,990					128,834
Dairy.com
Momentx Corporation		First Lien Secured Debt				SOFR+ 585 , 1.00 % Floor				06/24/27				15,046					14,859					14,886			(9)(31)
		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				06/24/27				1,357					1,333					1,357			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				06/24/27				1,257					1,242					1,243			(9)(23)(31)
																			17,434					17,486
Digital.ai
Digital.ai Software Holdings, Inc.		First Lien Secured Debt				SOFR+ 710 , 1.00 % Floor				02/10/27				21,960					21,589					21,356			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 710 , 1.00 % Floor				02/10/27				2,419					990					950			(9)(21)(23)(31)
																			22,579					22,306
GoHealth
Norvax, LLC		First Lien Secured Debt - Revolver				SOFR+ 660 , 1.00 % Floor				09/13/24				3,182					( 11	)				—			(9)(21)(23)

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Gtreasury
G Treasury SS LLC		First Lien Secured Debt				SOFR+ 600 , 1.00 % Floor				06/29/29				2,250					208					205			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				06/29/29				250					( 5	)				( 5	)		(8)(9)(21)(23)
																			203					200
International Cruise & Excursion Gallery, Inc.
International Cruise & Excursion Gallery, Inc.		First Lien Secured Debt				SOFR+ 535 , 1.00 % Floor				06/06/25				14,175					14,105					13,935			(31)
Litify
Litify Holdings Inc.		Common Equity - Common Stock				N/A				N/A			217,892 Shares						107					255			(9)(13)(24)
Litify LLC		First Lien Secured Debt				SOFR+ 710 , 1.00 % Floor				02/02/29				11,667					11,354					11,346			(9)(31)
		First Lien Secured Debt				SOFR+ 760 , 1.00 % Floor				02/02/29				7,500					7,278					7,313			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 710 , 1.00 % Floor				02/02/29				833					( 21	)				( 23	)		(8)(9)(21)(23)
																			18,718					18,891
Modern Campus
Destiny Solutions U.S., Inc.		First Lien Secured Debt				SOFR+ 585 , 1.00 % Floor				06/08/26				25,382					25,031					24,935			(19)(30)
RMCF IV CIV XXXV, L.P.		Common Equity - Common Stock				N/A				N/A			482 Shares						1,000					1,745			(13)
																			26,031					26,680
MYCOM
Magnate Holding Corp.		First Lien Secured Debt				SOFR+ 615 , 0.50 % Floor				12/16/24				18,873					18,858					18,790			(9)(17)(31)
		First Lien Secured Debt - Revolver				SOFR+ 615 , 0.50 % Floor				02/14/24				3,150					3,146					3,145			(9)(17)(23)(31)
																			22,004					21,935
New Era Technology, Inc.
New Era Technology, Inc.		First Lien Secured Debt				SOFR+ 640 , 1.00 % Floor				10/31/26				31,911					31,550					31,111			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 640 , 1.00 % Floor				10/30/26				1,732					( 19	)				( 43	)		(8)(9)(21)(23)
																			31,531					31,068
Omada
Omada Health, Inc.		First Lien Secured Debt				SOFR+ 710 , 2.50 % Floor				06/01/28				2,900					1,423					1,422			(9)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 410 , 2.50 % Floor				06/01/28				100					4					4			(9)(21)(23)(30)
																			1,427					1,426
Pro Vigil
Pro-Vigil Holding Company, LLC		First Lien Secured Debt				SOFR+ 860 , 1.00 % Floor				01/11/25				22,939					22,699					22,744			(9)(31)
Schlesinger Group
Schlesinger Global, LLC		First Lien Secured Debt				SOFR+ 615 Cash plus 1.00 % PIK, 1.00 % Floor				07/12/25				10,260					10,175					10,200			(9)(31)
		First Lien Secured Debt				SOFR+ 790 , 1.00 % Floor				07/12/25				944					937					944			(9)(31)
																			11,112					11,144

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Simeio
Simeio Group Holdings, Inc.		First Lien Secured Debt				SOFR+ 585 , 1.00 % Floor				02/02/26				8,116					8,069					8,015			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				02/02/26				1,731					1,146					1,125			(9)(21)(23)(30)
																			9,215					9,140
Sirsi Corporation
Sirsi Corporation		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				03/15/25				4,658					4,655					4,611			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				03/15/25				429					( 1	)				( 4	)		(8)(9)(21)(23)
																			4,654					4,607
Springbrook
Springbrook Holding Company, LLC		First Lien Secured Debt				SOFR+ 561 , 1.00 % Floor				12/23/26				15,647					15,494					15,406			(31)
		First Lien Secured Debt				SOFR+ 661 , 1.00 % Floor				12/23/26				2,331					2,306					2,341			(30)
		First Lien Secured Debt - Revolver				SOFR+ 561 , 1.00 % Floor				12/23/26				1,463					( 11	)				( 23	)		(8)(21)(23)
																			17,789					17,724
UpStack
Upstack Holdco Inc.		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				08/20/27				31,390					30,819					31,076			(9)(32)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				08/20/27				3,000					849					870			(9)(20)(21)(23)
																			31,668					31,946
						Total High Tech Industries											$		434,887			$		449,985
Hotel, Gaming, Leisure, Restaurants
Cave
Cave Enterprises Operations, LLC		First Lien Secured Debt				SOFR+ 660 , 1.50 % Floor				08/09/28		$		9,971			$		8,484			$		8,635			(9)(23)(30)
CircusTrix
CircusTrix Holdings LLC		First Lien Secured Debt				SOFR+ 675 , 1.00 % Floor				07/18/28				3,998					943					938			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 675 , 1.00 % Floor				07/18/28				1,000					( 23	)				( 15	)		(8)(9)(21)(23)
																			920					923
Guernsey
Guernsey Holdings SDI LA LLC		First Lien Secured Debt				6.95 %				11/18/26				1,821					1,810					1,716			(9)
		First Lien Secured Debt				SOFR+ 595 , 1.00 % Floor				11/18/26				1,167					—					—			(9)(23)
																			1,810					1,716
PARS Group LLC
PARS Group LLC		First Lien Secured Debt				SOFR+ 685 , 1.50 % Floor				04/03/28				9,932					8,869					8,831			(9)(23)(30)
Taco Cabana
YTC Enterprises, LLC		First Lien Secured Debt				SOFR+ 636 , 1.00 % Floor				08/16/26				9,483					9,412					9,294			(9)(30)
						Total Hotel, Gaming, Leisure, Restaurants											$		29,495			$		29,399

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Insurance
High Street Insurance
High Street Buyer, Inc.		First Lien Secured Debt				SOFR+ 590 , 0.75 % Floor				04/14/28		$		29,582			$		29,207			$		29,138			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 590 , 0.75 % Floor				04/16/27				2,203					( 24	)				( 33	)		(8)(9)(21)(23)
																			29,183					29,105
PGM Holdings Corporation
Turbo Buyer, Inc.		First Lien Secured Debt				SOFR+ 625 , 1.00 % Floor				12/02/25				18,887					18,703					18,462			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 625 , 1.00 % Floor				12/02/25				923					( 7	)				( 21	)		(8)(9)(21)(23)
																			18,696					18,441
									Total Insurance								$		47,879			$		47,546
Manufacturing, Capital Equipment
AVAD, LLC
Surf Opco, LLC		First Lien Secured Debt - Revolver				SOFR+ 411 , 1.00 % Floor				03/17/26		$		20,000			$		15,820			$		15,786			(9)(16)(20)(21)(23) (30)
		Preferred Equity - Class P-1 Preferred				N/A				N/A			33,333 Shares						3,333					6,667			(9)(13)(16)
		Preferred Equity - Class P-2 Preferred				N/A				N/A			85,164 Shares						8,516					3,964			(9)(13)(16)
		Common Equity - Class A-1 Common				N/A				N/A			3,333 Shares						—					185			(9)(13)(16)
																			27,669					26,602
Carlisle Fluid Technologies
LSF12 Donnelly Bidco, LLC		First Lien Secured Debt				SOFR+ 650 , 1.00 % Floor				10/02/29				14,963					14,601					14,588			(9)(30)
International Wire Group
IW Buyer LLC		First Lien Secured Debt				SOFR+ 685 , 1.00 % Floor				06/28/29				2,096					2,037					2,054			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 685 , 1.00 % Floor				06/28/29				393					( 11	)				( 8	)		(8)(9)(20)(21)(23)
																			2,026					2,046
Kauffman
Kauffman Holdco, LLC		Common Equity - Common Stock				N/A				N/A			250,000 Shares						250					248			(9)
Kauffman Intermediate, LLC		First Lien Secured Debt				SOFR+ 585 , 1.00 % Floor				05/08/25				15,976					15,894					15,779			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				05/08/25				1,243					311					295			(9)(21)(20)(23)(30)
																			16,455					16,322
MedPlast Holdings Inc.
Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.)		Second Lien Secured Debt				SOFR+ 786 , 0.00 % Floor				07/02/26				8,000					7,976					7,710			(30)
						Total Manufacturing, Capital Equipment											$		68,727			$		67,268
Retail
IPS
SI Holdings, Inc.		First Lien Secured Debt				SOFR+ 610 , 1.00 % Floor				12/30/27		$		30,789			$		30,311			$		30,460			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 610 , 1.00 % Floor				12/30/27				3,413					503					469			(9)(21)(23)(30)
										Total Retail							$		30,814			$		30,929

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Telecommunications
MCA
Mobile Communications America, Inc.		First Lien Secured Debt				SOFR+ 600 , 1.00 % Floor				10/16/29		$		11,141			$		2,338			$		2,330			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				10/16/29				1,359					( 33	)				( 34	)		(8)(9)(21)(23)
																			2,305					2,296
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.		Second Lien Secured Debt				SOFR+ 865 , 1.00 % Floor				11/01/25				7,266					7,238					6,031			(31)
						Total Telecommunications											$		9,543			$		8,327
Transportation - Cargo, Distribution
Beacon Mobility
Beacon Mobility Corp.		First Lien Secured Debt				SOFR+ 635 , 1.00 % Floor				12/31/25		$		37,049			$		36,895			$		36,940			(9)(31)
		First Lien Secured Debt - Revolver				4.10 %				05/22/24				55,000					—					—			(9)(22)(23)
		First Lien Secured Debt - Revolver				SOFR+ 635 , 1.00 % Floor				12/31/25				4,145					( 42	)				( 15	)		(8)(9)(20)(21)(23)
																			36,853					36,925
Camin Cargo
Camin Cargo Control Holdings, Inc.		First Lien Secured Debt				SOFR+ 600 , 1.00 % Floor				12/06/29		$		4,000			$		945			$		911			(9)(21)(23)(30)
		First Lien Secured Debt - Revolver				SOFR+ 600 , 1.00 % Floor				12/06/29				1,000					( 22	)				( 22	)		(8)(9)(21)(23)
																			923					889
Heniff and Superior
Heniff Holdco, LLC		First Lien Secured Debt				SOFR+ 585 , 1.00 % Floor				12/03/26				29,443					29,153					29,296			(9)(31)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 1.00 % Floor				12/03/24				3,925					1,488					1,495			(9)(20)(21)(23) (30)
																			30,641					30,791
IronClad
Ironhorse Purchaser, LLC		First Lien Secured Debt				SOFR+ 650 , 1.00 % Floor				09/30/27				4,517					2,978					2,977			(9)(21)(23)(31)
		First Lien Secured Debt - Revolver				SOFR+ 650 , 1.00 % Floor				09/30/27				483					268					268			(9)(20)(21)(23)(31)
																			3,246					3,245
MSEA Tankers LLC
MSEA Tankers LLC (5)		Common Equity - Class A Units				N/A				N/A									15,791					45			(13)(17)(18)(24)
						Total Transportation – Cargo, Distribution											$		87,454			$		71,895
Utilities - Electric
Congruex
Congruex Group LLC		First Lien Secured Debt				SOFR+ 590 , 0.75 % Floor				05/03/29		$		14,775			$		14,489			$		14,369			(9)(31)
						Total Utilities – Electric											$		14,489			$		14,369

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Industry/Company		Investment Type				Interest Rate				Maturity Date		Par/Shares (12)					Cost (34)					Fair Value (1)(35)
Wholesale
Banner Solutions
Banner Buyer, LLC		First Lien Secured Debt				SOFR+ 585 , 1.00 % Floor				10/31/25		$		15,025			$		14,933			$		14,934			(9)(30)
		First Lien Secured Debt - Revolver				SOFR+ 585 , 0.00 % Floor				10/31/25				1,935					( 13	)				( 12	)		(8)(9)(21)(23)
Banner Parent Holdings, Inc.		Common Equity - Common Stock				N/A				N/A			6,125 Shares						613					549			(9)(13)
																			15,533					15,471
Thomas Scientific
BSP-TS, LP		Preferred Equity - Preferred Equity				N/A				N/A			17 Shares						17					18			(9)(13)(24)
		Common Equity - Common Stock				N/A				N/A			185 Shares						185					161			(9)(13)
Thomas Scientific, LLC		First Lien Secured Debt				SOFR+ 640 , 1.00 % Floor				12/14/27				31,254					30,809					30,735			(9)(31)
		First Lien Secured Debt - Revolver				P+ 525				12/14/27				2,963					405					395			(9)(21)(23)(28)
																			31,416					31,309
						Total Wholesale											$		46,949			$		46,780
Total Investments before Cash Equivalents																	$		2,538,142			$		2,334,199
J.P. Morgan U.S. Government Money Market Fund						N/A				N/A				140			$		140			$		140			(34)
Goldman Sachs Financial Square Government Fund						N/A				N/A				112			$		112			$		112			(34)
Total Investments after Cash Equivalents																	$		2,538,394			$		2,334,451			(6)(7)

____________________

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Name of Issuer		Fair Value at December 31, 2022						Gross Additions ●					Gross Reductions ■					Net Change in Unrealized Gains (Losses)					Fair Value at December 31, 2023					Net Realized Gains (Losses)					Interest/ Dividend/ Other Income
1244311 B.C. Ltd., Common Stock		$		339			$		—			$		—			$		748			$		1,087			$		—			$		—
1244311 B.C. Ltd., Term Loan				3,830					115					( 378	)				173					3,740					—					421
AIC SPV Holdings II, LLC, Preferred Equity*				74					—					( 74	)				—					—					—					—
Carbonfree Chemicals Holdings LLC, Common Stock				20,202					—					—					( 1,475	)				18,727					—					—
FC2 LLC, Term Loan				12,500					—					—					1					12,501					—					817
FC2 LLC, Common Stock				—					—					—					—					—					—					—
Golden Bear 2016-R, LLC, Membership Interests				9,413					131					—					1,168					10,712					—					—
GSC Technologies Inc., Term Loan				177					7					( 198	)				14					—					—					13
Pelican Energy, LLC, Common Stock				195					—					( 469	)				414					140					—					—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock*				—					—					—					—					—					—					—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock*				—					—					—					—					—					—					—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock				—					—					—					—					—					—					—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Preferred Equity*				1,961					—					( 1,961	)				—					—					—					—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Common Stock*				—					—					—					—					—					—					—
Renew JV LLC, Membership Interests*				449					—					( 449	)				—					—					—					—
Auto Pool 2023 Trust (Del. Stat. Trust)				—					29,946					( 2,082	)				2,757					30,621					—					1,010
		$		49,141			$		30,199			$		( 5,611	)		$		3,799			$		77,528			$		—			$		2,261

* As of December 31, 2023 this investment was not considered to be an “Affiliated Person” to the Company. The Company’s ownership of, or power to vote, the outstanding voting securities of the investment was reduced below 5 % during the current period.

● Gross additions include increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

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Name of Issuer		Fair Value at December 31, 2022						Gross Additions ●					Gross Reductions ■					Net Change in Unrealized Gains (Losses)					Fair Value at December 31, 2023					Net Realized Gains (Losses)					Interest/ Dividend/ Other Income
Majority Owned Company
ChyronHego Corporation, Preferred Equity		$		22,500			$		—			$		—			$		( 1,872	)		$		20,628			$		—			$		—
ChyronHego Corporation, Revolver				8,956					1,044					( 9,989	)				( 11	)				—					—					440
ChyronHego Corporation, Term Loan				91,042					1,246					( 91,833	)				( 455	)				—					—					4,823
ChyronHego US Holding Corporation, Term Loan				—					106,691					—					215					106,906					—					5,379
ChyronHego US Holding Corporation, Revolver				—					1,300					—					—					1,300					—					18
Merx Aviation Finance, LLC, Letter of Credit				—					—					—					—					—					—					30
Merx Aviation Finance, LLC, Membership Interests				111,446					—					—					5,597					117,043					—					—
Merx Aviation Finance, LLC, Revolver				150,000					—					( 75,926	)				2					74,076					—					8,321
MSEA Tankers LLC, Class A Units				4,256					—					( 3,605	)				( 606	)				45					—					—
Controlled Company
SHD Oil & Gas, LLC, Series C Units				580					—					—					( 234	)				346					—					—
SHD Oil & Gas, LLC, Series A Units				—					—					—					—					—					—					—
		$		388,780			$		110,281			$		( 181,353	)		$		2,636			$		320,344			$		—			$		19,011

● Gross additions include increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

As of December 31, 2023, the Company had an 87 %, 100 %, 100 % and 38 % equity ownership interest in ChyronHego Corporation; Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC ( f/k/a Spotted Hawk Development LLC), respectively.

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Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
A&V Holdings Midco, LLC		$		1,505			$		361			$		—			$		1,144
ACP Avenu Buyer, LLC				6,250					—					—					6,250
AMI US Holdings Inc.				2,907					—					—					2,907
Acentra Holdings, LLC (fka CNSI Holdings, LLC)				2,000					733					—					1,267
Activ Software Holdings, LLC				2,407					—					—					2,407
Alcami Corporation				1,781					—					—					1,781
Alpinex Opco, LLC				1,489					596					—					893
Athlete Buyer, LLC				652					—					—					652
Banner Buyer, LLC				1,935					—					—					1,935
Beacon Mobility Corp.				59,145					—					34,336					24,809
Berner Food & Beverage, LLC				2,881					1,377					—					1,504
Bird Rides, Inc.				5,167					—					—					5,167
Camin Cargo Control Holdings, Inc.				4,000					—					—					4,000
Cave Enterprises Operations, LLC				1,333					—					—					1,333
Celerion Buyer, Inc.				1,918					—					—					1,918
Cerus Corporation				6,500					1,763					—					4,737
ChyronHego US Holding Corporation				5,000					1,300					—					3,700
CircusTrix Holdings LLC				4,000					—					—					4,000
Club Car Wash Operating, LLC				2,900					1,625					—					1,275
Compu-Link Corporation				2,273					—					—					2,273
Compu-Link Corporation (dba Celink)				610					—					—					610
Digital.ai Software Holdings, Inc.				2,419					1,028					—					1,391
Eagle Purchaser, Inc.				1,500					263					—					1,237
Eldrickco Limited*				4,051					452					—					3,599
EmpiRx Health LLC				909					—					227					682
ExactCare Parent, Inc.				1,967					—					—					1,967
G Treasury SS LLC				2,250					—					—					2,250
GB001, Inc.				24,000					—					—					24,000
GI Apple Midco LLC				1,262					310					39					913
GS SEER Group Borrower LLC				1,523					—					—					1,523
Gabriel Partners, LLC				665					266					—					399
Gateway US Holdings, Inc.				304					—					—					304
Go Car Wash Management Corp.				13,142					—					—					13,142
Graffiti Buyer, Inc.				1,307					451					—					856
Green Grass Foods, Inc.				1,250					—					—					1,250
Guernsey Holdings SDI LA LLC				1,167					—					—					1,167
Gutter Buyer, Inc.				2,727					2,625					102					—
HEF Safety Ultimate Holdings, LLC				7,500					400					—					7,100
HRO (Hero Digital) Holdings, LLC				9,617					2,520					31					7,066
HSI HALO Acquisition, Inc.				813					813					—					—
Health Management Associates Superholdings, Inc.				768					—					5					763
Heniff Holdco, LLC				3,925					1,504					164					2,257
High Street Buyer, Inc.				2,203					—					—					2,203
Hive Intermediate, LLC				2,326					633					—					1,693
HomeRenew Buyer, Inc.				1,958					1,958					—					—
IW Buyer LLC				393					—					9					384
Ironhorse Purchaser, LLC				1,932					277					13					1,642
JF Acquisition, LLC				1,569					—					—					1,569
Jacent Strategic Merchandising				3,500					1,564					—					1,936
KL Charlie Acquisition Company				1,962					1,439					—					523
Kauffman Intermediate, LLC				1,243					311					155					777
Kure Pain Holdings, Inc.				2,654					—					—					2,654

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Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
LS Clinical Services Holdings, Inc.				1,875					750					—					1,125
Lash OpCo, LLC				1,612					1,216					—					396
LendingPoint LLC				8,333					8,333					—					—
Lifelong Learner Holdings, LLC				2,985					2,982					—					3
Litify LLC				833					—					—					833
M&M OPCO, LLC				476					—					—					476
Magnate Holding Corp.				3,150					3,150					—					—
Marlin DTC-LS Midco 2, LLC				685					—					—					685
Maxor National Pharmacy Services, LLC				1,530					—					—					1,530
Medical Guardian, LLC				8,571					552					—					8,019
Merx Aviation Finance, LLC				80,252					74,075					6,177					—
Midwest Vision Partners Management, LLC				612					612					—					—
Mobile Communications America, Inc.				10,000					—					—					10,000
Momentx Corporation				1,257					1,257					—					—
Naviga Inc. (fka Newscycle Solutions, Inc.)				500					450					—					50
New Era Technology, Inc.				1,732					—					—					1,732
Norvax, LLC				3,182					—					—					3,182
Omada Health, Inc.				1,550					5					—					1,545
PARS Group LLC				952					—					—					952
PHS Buyer, Inc.				2,000					1,335					—					665
Pace Health Companies, LLC				1,400					—					118					1,282
Paladone Group Bidco Limited				1,412					—					—					1,412
Paladone Group Bidco Limited*				449					—					—					449
Patriot Foods Buyer, Inc.				750					—					—					750
Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)				942					—					—					942
Precision Refrigeration & Air Conditioning LLC				6,705					853					—					5,852
Project Comfort Buyer, Inc.				1,731					—					—					1,731
Protein For Pets Opco, LLC				2,219					—					—					2,219
Purchasing Power Funding I, LLC				9,112					9,112					—					—
RHI Acquisition LLC				3,300					—					—					3,300
Roscoe Medical, Inc				1,393					533					—					860
SI Holdings, Inc.				3,413					512					—					2,901
Shelby 2021 Holdings Corp.				969					—					—					969
Sigma Buyer LLC				1,500					100					—					1,400
Silk Holdings III Corp.				20,125					—					—					20,125
Simeio Group Holdings, Inc.				1,731					1,156					—					575
Sirsi Corporation				429					—					—					429
Smith Topco, Inc.				1,128					—					—					1,128
Springbrook Holding Company, LLC				1,463					—					—					1,463
Surf Opco, LLC				20,000					15,882					333					3,785
TELA Bio, Inc.				3,333					—					—					3,333
THLP CO. LLC				4,494					2,106					180					2,208
TS Investors, LLC				554					—					—					554
Telesoft Holdings, LLC				2,273					326					—					1,947
TerSera Therapeutics LLC				1,140					—					—					1,140
Thomas Scientific, LLC				2,963					444					—					2,519
TissueTech, Inc.				6,250					500					—					5,750
Treace Medical Concepts, Inc.				23,417					400					—					23,017
Trench Plate Rental Co.				1,818					590					125					1,103
Truck-Lite Co., LLC				3,052					—					95					2,957
Turbo Buyer, Inc.				923					—					—					923
US Fertility Enterprises, LLC				62					28					—					34
USLS Acquisition, Inc.				1,608					965					27					616
Ultimate Baked Goods Midco LLC				3,244					—					645					2,599
Unchained Labs, LLC				726					—					—					726

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Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
Upstack Holdco Inc.				3,000					900					110					1,990
Village Pet Care, LLC				5,250					—					—					5,250
WelldyneRX, LLC				1,923					—					—					1,923
Westfall Technik, Inc.				2,042					2,042					—					—
Wildcat BuyerCo, Inc.				2,851					—					30					2,821
Yak Access LLC				5,000					1,250					—					3,750
Total Commitments		$		507,640			$		156,985			$		42,921			$		307,734

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2023 exchange rate.

** For all letters of credit issued and outstanding on December 31, 2023, $ 42,921 will expire in 2024 .

Issuer		Investment Type		Acquisition Date
1244311 B.C. Ltd.		Common Equity - Common Stock		9/30/2020
BSP-TS, LP		Preferred Equity - Preferred Equity		10/23/2023
Carbonfree Chemicals Holdings LLC		Common Equity - Common Equity / Interest		11/1/2019
ChyronHego Corporation		Preferred Equity - Preferred Equity		12/29/2020
FC2 LLC		Common Equity - Common Stock		10/14/2022
Greylock Holdings LLC		Common Equity - Common Stock		3/16/2023
GS SEER Group Holdings, LLC		Common Equity - Common Stock		4/28/2023
Litify Holdings Inc.		Common Equity - Common Stock		2/3/2023
Maxor Topco, L.P.		Preferred Equity - Preferred Equity		3/1/2023
Merx Aviation Finance, LLC		Common Equity - Membership Interests		9/1/2022
MSEA Tankers LLC		Common Equity - Class A Units		12/12/2014
Nutpods Holdings, Inc.		Common Equity - Common Stock		12/26/2023
Pelican Energy, LLC		Common Equity - Membership Interests		3/28/2012
SHD Oil & Gas, LLC		Common Equity - Series A Units		11/18/2016
SHD Oil & Gas, LLC		Common Equity - Series C Units		12/27/2012
Silk Holdings I Corp.		Common Equity - Common Stock		5/1/2023

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Industry		First Lien - Secured Debt					Second Lien - Secured Debt					Unsecured Debt					Structured Products and Other					Preferred Equity					Common Equity/Interests					Warrants					Total
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing		$		47,082			$		—			$		—			$		—			$		—			$		433			$		—			$		47,515
Automotive				60,152					—					—					—					—					23,971					—					84,123
Aviation and Consumer Transport				5,300					—					—					—					—					—					—					5,300
Beverage, Food & Tobacco				110,113					—					—					—					448					1,534					—					112,095
Business Services				256,321					31,060					—					—					89					2,038					—					289,508
Chemicals, Plastics & Rubber				23,418					—					—					—					—					—					—					23,418
Construction & Building				49,631					—					—					—					—					500					—					50,131
Consumer Goods – Durable				24,707					—					—					—					—					107					—					24,814
Consumer Goods – Non-durable				84,351					—					—					—					492					2,234					—					87,077
Consumer Services				159,987					—					—					—					—					—					—					159,987
Diversified Investment Vehicles, Banking, Finance, Real Estate				43,375					—					—					—					—					100					—					43,475
Energy – Electricity				7,231					—					—					—					6,157					17,123					—					30,511
Healthcare & Pharmaceuticals				412,585					—					—					—					633					256					389					413,863
High Tech Industries				319,790					—					—					—					—					1,107					—					320,897
Hotel, Gaming, Leisure, Restaurants				29,495					—					—					—					—					—					—					29,495
Insurance				47,879					—					—					—					—					—					—					47,879
Manufacturing, Capital Equipment				48,652					7,976					—					—					11,849					250					—					68,727
Retail				30,814					—					—					—					—					—					—					30,814
Telecommunications				2,305					7,238					—					—					—					—					—					9,543
Transportation – Cargo, Distribution				71,663					—					—					—					—					—					—					71,663
Utilities – Electric				14,489					—					—					—					—					—					—					14,489
Wholesale				46,134					—					—					—					17					798					—					46,949
Total Non-Controlled / Non-Affiliated Investments		$		1,895,474			$		46,274			$		—			$		—			$		19,685			$		50,451			$		389			$		2,012,273
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber		$		12,500			$		—			$		—			$		—			$		—			$		56,505			$		—			$		69,005
Consumer Goods – Durable				3,848					—					—					—					—					1,000					—					4,848
Consumer Services				—					—					—					27,865					—					—					—					27,865
Diversified Investment Vehicles, Banking, Finance, Real Estate				—					—					—					17,128					—					—					—					17,128
Energy – Oil & Gas				—					—					—					—					—					11,802					—					11,802
Total Non-Controlled / Affiliated Investments		$		16,348			$		—			$		—			$		44,993			$		—			$		69,307			$		—			$		130,648
Controlled Investments
Aviation and Consumer Transport		$		74,075			$		—			$		—			$		—			$		—			$		146,500			$		—			$		220,575
Energy – Oil & Gas				—					—					—					—					—					44,865					—					44,865
High Tech Industries				107,990					—					—					—					6,000					—					—					113,990
Transportation – Cargo, Distribution				—					—					—					—					—					15,791					—					15,791
Total Controlled Investments		$		182,065			$		—			$		—			$		—			$		6,000			$		207,156			$		—			$		395,221
Total		$		2,093,887			$		46,274			$		—			$		44,993			$		25,685			$		326,914			$		389			$		2,538,142

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(35) The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of December 31, 2023:

Industry		First Lien - Secured Debt					Second Lien - Secured Debt					Unsecured Debt					Structured Products and Other					Preferred Equity					Common Equity/Interests					Warrants					Total					% of Net Assets
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing		$		45,805			$		—			$		—			$		—			$		—			$		524			$		—			$		46,329				4.61	%
Automotive				59,097					—					—					—					—					1,979					—					61,076				6.08	%
Aviation and Consumer Transport				5,286					—					—					—					—					—					—					5,286				0.53	%
Beverage, Food & Tobacco				109,270					—					—					—					148					2,310					—					111,728				11.11	%
Business Services				255,546					17,908					—					—					89					3,312					—					276,855				27.54	%
Chemicals, Plastics & Rubber				22,834					—					—					—					—					—					—					22,834				2.27	%
Construction & Building				49,209					—					—					—					—					137					—					49,346				4.91	%
Consumer Goods – Durable				24,728					—					—					—					—					826					—					25,554				2.54	%
Consumer Goods – Non-durable				84,335					238					—					—					73					302					—					84,948				8.45	%
Consumer Services				159,230					—					—					—					—					—					—					159,230				15.84	%
Diversified Investment Vehicles, Banking, Finance, Real Estate				43,085					—					—					—					—					86					—					43,171				4.29	%
Energy – Electricity				2,146					—					—					—					109					508					—					2,763				0.27	%
Healthcare & Pharmaceuticals				405,851					—					—					—					709					2,829					199					409,588				40.74	%
High Tech Industries				319,151					—					—					—					—					2,000					—					321,151				31.95	%
Hotel, Gaming, Leisure, Restaurants				29,399					—					—					—					—					—					—					29,399				2.92	%
Insurance				47,546					—					—					—					—					—					—					47,546				4.73	%
Manufacturing, Capital Equipment				48,494					7,710					—					—					10,631					433					—					67,268				6.69	%
Retail				30,929					—					—					—					—					—					—					30,929				3.08	%
Telecommunications				2,296					6,031					—					—					—					—					—					8,327				0.83	%
Transportation – Cargo, Distribution				71,850					—					—					—					—					—					—					71,850				7.15	%
Utilities – Electric				14,369					—					—					—					—					—					—					14,369				1.43	%
Wholesale				46,052					—					—					—					18					710					—					46,780				4.65	%
Total Non-Controlled / Non-Affiliated Investments		$		1,876,508			$		31,887			$		—			$		—			$		11,777			$		15,956			$		199			$		1,936,327				192.61	%
% of Net Assets				186.66	%				3.17	%				0.00	%				0.00	%				1.17	%				1.59	%				0.02	%				192.61	%
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber		$		12,501			$		—			$		—			$		—			$		—			$		18,727			$		—			$		31,228				3.11	%
Consumer Goods – Durable				3,740					—					—					—					—					1,087					—					4,827				0.48	%
Consumer Services				—					—					—					30,621					—					—					—					30,621				3.05	%
Diversified Investment Vehicles, Banking, Finance, Real Estate				—					—					—					10,712					—					—					—					10,712				1.07	%
Energy – Oil & Gas				—					—					—					—					—					140					—					140				0.01	%
Total Non-Controlled / Affiliated Investments		$		16,241			$		—			$		—			$		41,333			$		—			$		19,954			$		—			$		77,528				7.72	%
% of Net Assets				1.62	%				0.00	%				0.00	%				4.11	%				0.00	%				1.99	%				0.00	%				7.72	%
Controlled Investments
Aviation and Consumer Transport		$		74,076			$		—			$		—			$		—			$		—			$		117,043			$		—			$		191,119				19.01	%
Energy – Oil & Gas				—					—					—					—					—					346					—					346				0.03	%
High Tech Industries				108,206					—					—					—					20,628					—					—					128,834				12.82	%
Transportation – Cargo, Distribution				—					—					—					—					—					45					—					45				0.00	%
Total Controlled Investments		$		182,282			$		—			$		—			$		—			$		20,628			$		117,434			$		—			$		320,344				31.86	%
% of Net Assets				18.13	%				0.00	%				0.00	%				0.00	%				2.05	%				11.68	%				0.00	%				31.86	%
Total		$		2,075,031			$		31,887			$		—			$		41,333			$		32,405			$		153,344			$		199			$		2,334,199				232.19	%
% of Net Assets				206.41	%				3.17	%				0.00	%				4.11	%				3.22	%				15.26	%				0.02	%				232.19	%

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Industry Classification		Percentage of Total Investments (at Fair Value) as of December 31, 2023
High Tech Industries		19.3 %
Healthcare & Pharmaceuticals		17.6 %
Business Services		11.9 %
Aviation and Consumer Transport		8.4 %
Consumer Services		8.1 %
Beverage, Food & Tobacco		4.8 %
Consumer Goods – Non-durable		3.6 %
Transportation – Cargo, Distribution		3.1 %
Manufacturing, Capital Equipment		2.9 %
Automotive		2.6 %
Chemicals, Plastics & Rubber		2.3 %
Diversified Investment Vehicles, Banking, Finance, Real Estate		2.3 %
Construction & Building		2.1 %
Insurance		2.0 %
Wholesale		2.0 %
Advertising, Printing & Publishing		2.0 %
Retail		1.3 %
Consumer Goods – Durable		1.3 %
Hotel, Gaming, Leisure, Restaurants		1.3 %
Utilities – Electric		0.6 %
Telecommunications		0.4 %
Energy – Electricity		0.1 %
Energy – Oil & Gas		0.0 %
Total Investments		100.0 %

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liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.

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To the extent that the Company determines that its estimated current year annual taxable income will exceed its estimated current year dividends from such taxable income, the Company accrues excise tax on estimated excess taxable income. The excise tax is included in other general and administrative expenses. For the year ended December 31, 2024 and 2023,$- and $ 1,103 was recorded for U.S. federal excise tax respectively.

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The Mergers were considered a tax-free reorganization and the Company has carried forward the historical adjusted tax cost of AFT and AIF investments for tax purposes. The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Mergers:

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Not applicable.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of December 31, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Management’s Report on Internal Control Over Financial Reporting

Management’s Report on Internal Control Over Financial Reporting, which is contained in “Item 8. Consolidated Financial Statements and Supplementary Data” of this report, is incorporated by reference herein.

Attestation Report of the Independent Registered Public Accounting Firm

Our independent registered public accounting firm, Deloitte & Touche LLP, has issued an attestation report on the Company’s internal control over financial reporting, which is contained in “Item 8. Consolidated Financial Statements and Supplementary Data” of this report.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the fiscal year ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Item 9B. Other Information

Rule 10b5-1 Trading Plans

During the fiscal year ended December 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Bethesda CLO 2

On February 24, 2025, the Company completed a $529.6 million term debt securitization (the “Bethesda CLO 2”), a form of secured financing incurred by MFIC Bethesda CLO 2 LLC (the “Bethesda CLO 2 Issuer”), an indirect wholly owned, consolidated subsidiary of the Company. The notes offered by the Bethesda CLO 2 Issuer in connection with the Bethesda CLO 2 consist of $304.5 million of AAA(sf) Class A-1 Senior Secured Floating Rate Notes due 2037, which bear interest at the three-month SOFR plus 1.48%, $21.0 million of AAA(sf) Class A-2 Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.70%, $31.5 million of AA(sf) Class B Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 1.85%, $42 million of A(sf) Class C Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 2.30%, $31.5 million of BBB-(sf) Class D Senior Secured Floating Rate Notes due 2037, which bear interest at three-month SOFR plus 3.75% and $99.1 million of Subordinated notes due 2125, which do not bear interest. The Bethesda CLO 2 is backed by a diversified portfolio of middle-market commercial loans, which the Bethesda CLO 2 Issuer purchased from the Company pursuant to a loan sale agreement entered into on the closing date of the Bethesda CLO 2 using the proceeds of the Bethesda CLO 2. The Company retained all Class D Notes and all Subordinated Notes and the proceeds from the Bethesda CLO 2 were used to repay borrowings under the Company’s Facility. The Company serves as collateral manager to the Bethesda CLO 2 Issuer, Citigroup Global Markets Inc. acted as initial purchaser and Apollo Global Securities, LLC acted as placement agent.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

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PART III

Item 10. Directors, Executive Officers and Corporate Governance

Information required by this item will be contained in the Company’s definitive Proxy Statement for its 2025 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

Item 11. Executive Compensation

Information required by this item will be contained in the Company’s definitive Proxy Statement for its 2025 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information required by this item will be contained in the Company’s definitive Proxy Statement for its 2025 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Information required by this item will be contained in the Company’s definitive Proxy Statement for its 2025 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

Item 14. Principal Accounting Fees and Services

Information required by this item will be contained in the Company’s definitive Proxy Statement for its 2025 Annual Stockholder Meeting, to be filed with the SEC within 120 days after December 31, 2024, and is incorporated herein by reference.

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PART IV

Item 15. Exhibits and Financial Statement Schedules

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2.1	Agreement and Plan of Merger, dated as of November 7, 2023, among the Registrant, Apollo Senior Floating Rate Fund Inc., AFT Merger Sub, Inc. and Apollo Investment Management, L.P. (for the limited purposes set forth therein) (1)
2.2	Agreement and Plan of Merger, dated as of November 7, 2023, among the Registrant, Apollo Tactical Income Fund Inc., AIF Merger Sub, Inc. and Apollo Investment Management, L.P. (for the limited purposes set forth therein) (2)
3.1	Articles of Amendment and Restatement (7)
3.2	Sixth Amended and Restated Bylaws (8)
4.1	Form of Stock Certificate (5)
4.2	In accordance with Item 601(b)(4)(iii)(A) of Regulation S-K, certain instruments respecting long-term debt of the Registrant have been omitted but will be furnished to the SEC upon request.
4.3	Indenture, dated as of October 9, 2012, between the Registrant and U.S. Bank National Association, as Trustee (9)
4.4	Fourth Supplemental Indenture, dated as of March 3, 2015, relating to the 5.250% Notes due 2025, between the Registrant and U.S. Bank National Association, as Trustee (10)
4.5	Form of 5.250% Notes due 2025 (contained in the Fourth Supplemental Indenture filed as Exhibit 4.4 hereto) (10)
4.6	Fifth Supplemental Indenture, dated July 16, 2021, relating to the 4.500% Notes due 2026, between the Registrant and U.S. Bank National Association, as Trustee (11)
4.7	Form of 4.500% Notes due 2026 (contained in the Fifth Supplemental Indenture filed as Exhibit 4.6 hereto) (11)
4.8	Sixth Supplemental Indenture, dated December 13, 2023, relating to the 8.00% Notes due 2028, between the Registrant and U.S. Bank Trust Company, National Association, as Trustee (12)
4.9	Form of 8.00% Notes due 2028 (contained in the Sixth Supplemental Indenture filed as Exhibit 4.8 hereto) (12)
4.10	Description of the Registrant’s Registered Securities (13)
10.1	Fourth Amended and Restated Investment Advisory Management Agreement between the Registrant and Apollo Investment Management, L.P. (14)
10.2	Second Amended and Restated Administration Agreement between the Registrant and Apollo Investment Administration, LLC (15)
10.3	Dividend Reinvestment Plan (16)
10.4	Custodian Agreement (17)
10.5	Amended and Restated Trademark License Agreement between the Registrant and Apollo Management Holdings, L.P., dated as of May 14, 2012 (18)
10.6	Form of Transfer Agency and Service Agreement (19)
10.7	Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 19, 2023, between the Registrant, the lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (20)
10.8	Trademark License Agreement between the Registrant and Apollo Capital Management, L.P., dated August 2, 2022 (21)
10.9	Fee Offset Agreement, dated as of January 16, 2019 (22)
10.10	Indenture, dated as of November 2, 2023, by and between MFIC Bethesda CLO 1 LLC, as issuer and Deutsche Bank National Trust Company, as trustee (23)
10.11	Purchase and Placement Agency Agreement, dated as of November 2, 2023, by and among MFIC Bethesda CLO 1 LLC, as issuer, Deutsche Bank Securities Inc., as initial purchaser and Apollo Global Securities Inc., as placement agent (24)
10.12	Collateral Management Agreement, dated as of November 2, 2023, by and between MFIC Bethesda CLO 1 LLC, as issuer, and the Registrant, as collateral manager (25)
10.13	Master Loan Sale Agreement, dated as of November 2, 2023, by and among the Registrant, as transferor, MFIC Bethesda CLO 1 Depositor LLC, as retention holder and MFIC Bethesda CLO 1 LLC, as issuer (26)
10.14	Form of Equity Distribution Agreement, dated as of August 13, 2024, by and among MidCap Financial Investment Corporation, Apollo Investment Management, L.P., Apollo Investment Administration, LLC and the Sales Agent party thereto (3)
10.15	Amended and Restated Senior Secured Revolving Credit Agreement, dated as of October 17, 2024, by and among MidCap Financial Investment Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (4)
11.1	Computation of Per Share Earnings (included in the notes to the financial statements contained in this annual report)
12.1	Computation of Ratios (included in the notes to the financial statements contained in this annual report)
14.1	Amended and Restated Code of Ethics*
19.1	Insider Trading Policy*

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21.1	Subsidiaries of the Registrant (included in the notes to the financial statements contained in this annual report)
23.1	Consent of Independent Registered Public Accounting Firm*
31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
97.1	Clawback Policy (6)
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*
101.SHC	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104	Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)*

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 25, 2025.

	MIDCAP FINANCIAL INVESTMENT CORPORATION
	By:	/s/ TANNER POWELL
	Tanner Powell
	Chief Executive Officer

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Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ TANNER POWELL		/s/ GREGORY W. HUNT
Tanner Powell		Gregory W. Hunt
Chief Executive Officer		Chief Financial Officer and Treasurer
(Principal Executive Officer)		(Principal Financial Officer and Principal Accounting Officer)
February 25, 2025		February 25, 2025
/s/ HOWARD WIDRA		/s/ R. RUDOLPH REINFRANK
Howard Widra		R. Rudolph Reinfrank
Executive Chairman of the Board of Directors, Director		Director
February 25, 2025		February 25, 2025
/s/ CARMENCITA WHONDER		/s/ BARBARA MATAS
Carmencita Whonder		Barbara Matas
Director		Director
February 25, 2025		February 25, 2025
/s/ ELLIOT STEIN, JR.		/s/ EMANUEL PEARLMAN
Elliot Stein, Jr.		Emanuel Pearlman
Director		Director
February 25, 2025		February 25, 2025
/s/ JOHN J. HANNAN
John J. Hannan
Director
February 25, 2025

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