| Schedule of Investments in and Advances to Affiliates |
SCHEDULE 12-14 Schedule of Investments in and Advances to Affiliates (In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | Type of Investment (1) | Industry | December 31, 2025 Principal Amount - Debt Investments | | Amount of Interest or Dividends Credited in Income (2) | | Fair Value at March 31, 2025 | | Gross Additions (3) | | Gross Reductions (4) | | Amount of Realized Gain/(Loss) (5) | | Amount of Unrealized Gain/(Loss) | | Fair Value at December 31, 2025 | | Control Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Brandner Design, LLC | Revolving Loan | Building & Infrastructure Products | $ | 140 | | | $ | 13 | | | $ | 85 | | | $ | 343 | | | $ | — | | | $ | — | | | $ | (100) | | | $ | 328 | | | First Lien | | 9,138 | | | 714 | | | 7,437 | | | 398 | | | — | | | — | | | (1,055) | | | 6,780 | | | First Lien | | 136 | | | — | | | — | | | 300 | | | (164) | | | — | | | — | | | 136 | | | 27,000 Class A Units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Warrants | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | KMS, LLC | Revolving Loan | Distribution | — | | | 1 | | | — | | | (85) | | | — | | | — | | | 85 | | | — | | | First Lien | | 4,590 | | | 477 | | | 2,407 | | | 2,537 | | | (411) | | | — | | | 57 | | | 4,590 | | | Delayed Draw Term Loan | | — | | | — | | | 2,261 | | | (2,261) | | | — | | | — | | | — | | | — | | | 19,395.96 Series A Preferred Units | | — | | | — | | | 6,305 | | | — | | | — | | | — | | | 2,737 | | | 9,042 | | | National Credit Care, LLC | First Lien - Term Loan A | Financial Services | 11,250 | | | 463 | | | 11,282 | | | 273 | | | (872) | | | — | | | (502) | | | 10,181 | | | First Lien - Term Loan B | | 11,250 | | | 466 | | | 9,500 | | | 291 | | | (889) | | | — | | | 1,279 | | | 10,181 | | | 191,049.33 Class A-3 Preferred Units | | — | | | 24 | | | 2,007 | | | — | | | — | | | — | | | (7) | | | 2,000 | | | Warrants | | — | | | — | | | 92 | | | — | | | — | | | — | | | 1,100 | | | 1,192 | | | Spectrum of Hope, LLC | First Lien - Superpriority Term Loan | Healthcare Services | 4,269 | | | 180 | | | 2,284 | | | 1,985 | | | — | | | — | | | — | | | 4,269 | | | First Lien - Tranche A Term Loan | | 11,120 | | | — | | | 9,318 | | | — | | | — | | | — | | | (2,646) | | | 6,672 | | | First Lien - Tranche B Term Loan | | 11,120 | | | — | | | 3,114 | | | — | | | — | | | — | | | (3,114) | | | — | | | 402,350 Common Units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Total Control Investments | | | $ | 63,013 | | | $ | 2,338 | | | $ | 56,092 | | | $ | 3,781 | | | $ | (2,336) | | | $ | — | | | $ | (2,166) | | | $ | 55,371 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | Type of Investment (1) | Industry | December 31, 2025 Principal Amount - Debt Investments | | Amount of Interest or Dividends Credited in Income (2) | | Fair Value at March 31, 2025 | | Gross Additions (3) | | Gross Reductions (4) | | Amount of Realized Gain/(Loss) (5) | | Amount of Unrealized Gain/(Loss) | | Fair Value at December 31, 2025 | | Affiliate Investments | | | | | | | | | | | | | | | | | | AAC New Holdco Inc. | First Lien | Healthcare Services | $ | 208 | | | $ | 27 | | | $ | 181 | | | $ | 27 | | | $ | — | | | $ | — | | | $ | — | | | $ | 208 | | | First Lien - Term Loan A | | 3,198 | | | 265 | | | 2,933 | | | 265 | | | — | | | — | | | — | | | 3,198 | | | First Lien - Term Loan B | | 3,023 | | | 90 | | | 2,933 | | | 89 | | | — | | | — | | | (1,647) | | | 1,375 | | | Delayed Draw Term Loan | | 844 | | | 62 | | | — | | | 844 | | | — | | | — | | | — | | | 844 | | | Delayed Draw Term Loan | | 484 | | | 9 | | | — | | | 484 | | | — | | | — | | | — | | | 484 | | | 11,909,273.85 Preferred Units | | — | | | — | | | 5,702 | | | — | | | — | | | — | | | (5,702) | | | — | | | 617,803 Common Units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Warrants | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Air Conditioning Specialist, Inc. | Revolving Loan | Consumer Services | — | | | — | | | 685 | | | — | | | (685) | | | — | | | — | | | — | | | First Lien | | — | | | — | | | 20,761 | | | — | | | (20,761) | | | — | | | — | | | — | | | Delayed Draw Term Loan | | — | | | — | | | 2,893 | | | — | | | (2,893) | | | — | | | — | | | — | | | 1,006,045.85 Preferred Units | | — | | | — | | | 2,941 | | | — | | | (5,431) | | | 4,087 | | | (1,597) | | | — | | | American Nuts Operations LLC | First Lien - Term Loan A | Food, Agriculture & Beverage | 6,251 | | | 593 | | | 5,851 | | | 400 | | | — | | | — | | | — | | | 6,251 | | | First Lien - Term Loan B | | 6,251 | | | 593 | | | 4,973 | | | 401 | | | — | | | — | | | (279) | | | 5,095 | | | 21,062.03 Class A Preferred Units | | — | | | — | | | 1,843 | | | — | | | — | | | — | | | (1,843) | | | — | | | 28.16 Class C Common Units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | Type of Investment (1) | Industry | December 31, 2025 Principal Amount - Debt Investments | | Amount of Interest or Dividends Credited in Income (2) | | Fair Value at March 31, 2025 | | Gross Additions (3) | | Gross Reductions (4) | | Amount of Realized Gain/(Loss) (5) | | Amount of Unrealized Gain/(Loss) | | Fair Value at December 31, 2025 | | ArborWorks, LLC | Revolving Loan | Environmental Services | 1,784 | | | 136 | | | 886 | | | 935 | | | (37) | | | — | | | 39 | | | 1,823 | | | First Lien | | 3,825 | | | 303 | | | 3,473 | | | 310 | | | — | | | — | | | 4 | | | 3,787 | | | 100 Class A Units | | — | | | — | | | 5 | | | — | | | — | | | — | | | 5 | | | 10 | | | 13,898.32 Class A-1 Preferred Units | | — | | | — | | | 3,032 | | | — | | | — | | | — | | | 2,849 | | | 5,881 | | | 13,898.32 Class B-1 Preferred Units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,666.67 Class A-1 Common Units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Catbird NYC, LLC | Revolving Loan | Specialty Retail | — | | | 24 | | | — | | | 993 | | | (1,000) | | | — | | | 7 | | | — | | | First Lien | | 14,277 | | | 1,273 | | | 14,700 | | | 26 | | | (423) | | | — | | | (26) | | | 14,277 | | | 1,000,000 Class A Units | | — | | | — | | | 1,805 | | | — | | | — | | | — | | | 352 | | | 2,157 | | | 500,000 Class B Units | | — | | | — | | | 797 | | | — | | | — | | | — | | | 122 | | | 919 | | | Central Medical Supply LLC | Revolving Loan | Healthcare Equipment & Supplies | 1,000 | | | 115 | | | 1,450 | | | 1,508 | | | (1,975) | | | — | | | 17 | | | 1,000 | | | First Lien | | 20,616 | | | 1,533 | | | 18,525 | | | 1,964 | | | — | | | — | | | 127 | | | 20,616 | | | Delayed Draw Term Loan | | — | | | — | | | 101 | | | (101) | | | — | | | — | | | — | | | — | | | 2,620,670 Preferred Units | | — | | | — | | | 3,163 | | | — | | | — | | | — | | | — | | | 3,163 | | | | | | | | | | | | | | | | | | | | | Command Group Acquisition, LLC | First Lien | Healthcare Equipment & Supplies | 6,000 | | | 549 | | | 5,880 | | | 15 | | | — | | | — | | | 105 | | | 6,000 | | | 1,250,000 Preferred Units | | — | | | — | | | 1,038 | | | — | | | — | | | — | | | 693 | | | 1,731 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Crafty Apes, LLC | First Lien | Movies & Entertainment | 4,163 | | | 379 | | | 3,653 | | | 380 | | | — | | | — | | | (124) | | | 3,909 | | | Delayed Draw Term Loan | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,519.07 Class A Common Units | | — | | | — | | | 5,037 | | | — | | | — | | | — | | | (3,482) | | | 1,555 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | Type of Investment (1) | Industry | December 31, 2025 Principal Amount - Debt Investments | | Amount of Interest or Dividends Credited in Income (2) | | Fair Value at March 31, 2025 | | Gross Additions (3) | | Gross Reductions (4) | | Amount of Realized Gain/(Loss) (5) | | Amount of Unrealized Gain/(Loss) | | Fair Value at December 31, 2025 | | Dynamic Communities, LLC | First Lien - Term Loan A | Business Services | 5,223 | | | 459 | | | 4,766 | | | 459 | | | — | | | — | | | (264) | | | 4,961 | | | First Lien - Term Loan B | | 4,985 | | | 501 | | | 4,985 | | | — | | | — | | | — | | | (249) | | | 4,736 | | | 250,000 Class A Preferred units | | — | | | — | | | 317 | | | — | | | — | | | — | | | (151) | | | 166 | | | 5,435,211.03 Class B Preferred units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 255,984.22 Class C Preferred units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,500,000 Common units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | GPT Industries, LLC | Revolving Loan | Industrial Products | — | | | 42 | | | — | | | 34 | | | — | | | — | | | (34) | | | — | | | First lien | | — | | | 457 | | | 5,866 | | | 79 | | | (5,866) | | | — | | | (79) | | | — | | | 1,000,000 Class A Preferred Units | | — | | | 622 | | | 2,747 | | | — | | | — | | | — | | | 558 | | | 3,305 | | | GrammaTech, Inc. | Revolving Loan | Software & IT Services | — | | | 11 | | | — | | | 7 | | | — | | | — | | | (7) | | | — | | | First Lien | | — | | | 39 | | | 563 | | | — | | | (563) | | | — | | | — | | | — | | | 1,000 Class A Units | | — | | | — | | | 336 | | | — | | | — | | | — | | | (135) | | | 201 | | | 360.06 Class A-1 Units | | — | | | — | | | 121 | | | — | | | — | | | — | | | (48) | | | 73 | | | Gravitiq LLC | Revolving Loan | Consumer Products | — | | | 86 | | | — | | | 4,158 | | | (4,150) | | | — | | | (8) | | | — | | | First Lien - Term Loan A | | 14,292 | | | 1,293 | | | 14,082 | | | 145 | | | (708) | | | — | | | 773 | | | 14,292 | | | First Lien - Term Loan B | | 14,292 | | | 1,513 | | | 14,082 | | | 139 | | | (708) | | | — | | | 779 | | | 14,292 | | | Warrants | | — | | | — | | | 1,597 | | | — | | | — | | | — | | | 2,606 | | | 4,203 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | Type of Investment (1) | Industry | December 31, 2025 Principal Amount - Debt Investments | | Amount of Interest or Dividends Credited in Income (2) | | Fair Value at March 31, 2025 | | Gross Additions (3) | | Gross Reductions (4) | | Amount of Realized Gain/(Loss) (5) | | Amount of Unrealized Gain/(Loss) | | Fair Value at December 31, 2025 | | ITA Holdings Group, LLC | Revolving Loan | Transportation & Logistics | 3,525 | | | 332 | | | 3,525 | | | 14 | | | — | | | — | | | (14) | | | 3,525 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Lien - Term Loan | | 14,840 | | | 1,712 | | | 13,356 | | | 1,890 | | | — | | | — | | | (406) | | | 14,840 | | | First Lien - Term Loan B | | 14,840 | | | 1,786 | | | 13,356 | | | 1,901 | | | — | | | — | | | (417) | | | 14,840 | | | First Lien - Term Loan C | | 21,150 | | | 975 | | | — | | | 21,150 | | | — | | | — | | | — | | | 21,150 | | | Delayed Draw Term Loan - A | | — | | | — | | | 1,484 | | | (1,484) | | | — | | | — | | | — | | | — | | | Delayed Draw Term Loan - B | | — | | | — | | | 1,484 | | | (1,484) | | | — | | | — | | | — | | | — | | | Delayed Draw Term Loan | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Warrants | | — | | | 3,005 | | | 9,755 | | | — | | | — | | | — | | | 2,876 | | | 12,631 | | | Warrants | | — | | | 2,373 | | | 11,369 | | | — | | | — | | | — | | | 4,119 | | | 15,488 | | | 9.25% Class A Membership Interest | | — | | | 2,283 | | | 8,776 | | | — | | | — | | | — | | | 3,869 | | | 12,645 | | | iVueit, LLC | Revolving Loan | Business Services | — | | | 18 | | | — | | | 252 | | | (250) | | | — | | | (2) | | | — | | | First Lien | | 10,000 | | | 791 | | | 9,902 | | | 12 | | | | | — | | | 86 | | | 10,000 | | | Delayed Draw Term Loan | | — | | | 38 | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,000 Preferred Units | | — | | | — | | | 2,000 | | | — | | | — | | | — | | | 232 | | | 2,232 | | | Kindred Pet Service, LLC (fka Red Dog Operations Holding Company LLC) | Revolving Loan | Consumer Services | — | | | 11 | | | — | | | 3 | | | — | | | — | | | (3) | | | — | | | First Lien | | 10,800 | | | 803 | | | 7,425 | | | 3,279 | | | — | | | — | | | (12) | | | 10,692 | | | 1,244 Class A Units | | — | | | — | | | 1,000 | | | 244 | | | — | | | — | | | (570) | | | 674 | | | Lighting Retrofit International, LLC (DBA Envocore) | Revolving Loan | Environmental Services | — | | | 18 | | | 701 | | | 521 | | | (1,250) | | | — | | | 28 | | | — | | | First Lien | | 5,000 | | | 288 | | | 4,842 | | | — | | | (39) | | | — | | | 106 | | | 4,909 | | | Second Lien | | 5,208 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 208,333.33 Series A Preferred units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 203,124.99 Common units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | Type of Investment (1) | Industry | December 31, 2025 Principal Amount - Debt Investments | | Amount of Interest or Dividends Credited in Income (2) | | Fair Value at March 31, 2025 | | Gross Additions (3) | | Gross Reductions (4) | | Amount of Realized Gain/(Loss) (5) | | Amount of Unrealized Gain/(Loss) | | Fair Value at December 31, 2025 | | Local Web Leads, LLC | Revolving Loan | Media & Marketing | — | | | 4 | | | — | | | (9) | | | — | | | — | | | 9 | | | — | | | First Lien - Term Loan A | | 6,666 | | | 350 | | | — | | | 6,689 | | | (84) | | | — | | | (6) | | | 6,599 | | | First Lien - Term Loan B | | 6,666 | | | 418 | | | — | | | 6,689 | | | (84) | | | — | | | (6) | | | 6,599 | | | 750,000 Common Units | | — | | | — | | | — | | | 750 | | | — | | | — | | | — | | | 750 | | | Pool Service Partners, Inc. | Revolving Loan | Consumer Services | 1,300 | | | 19 | | | — | | | 1,305 | | | — | | | — | | | (19) | | | 1,286 | | | First Lien | | 10,400 | | | 872 | | | 4,765 | | | 5,112 | | | — | | | — | | | 409 | | | 10,286 | | | Delayed Draw Term Loan | | — | | | — | | | 5,146 | | | (5,146) | | | — | | | — | | | — | | | — | | | 10,667 Common units | | — | | | — | | | 610 | | | — | | | — | | | — | | | 336 | | | 946 | | | Precision Spray & Coatings, LLC | First Lien | Industrial Services | 4,000 | | | 200 | | | — | | | 3,963 | | | — | | | — | | | 37 | | | 4,000 | | | 2,000 Class A-2 Units | | — | | | — | | | — | | | 2,000 | | | — | | | — | | | 817 | | | 2,817 | | | Rodizio Opco LLC | Revolving Loan | Restaurants | — | | | 2 | | | — | | | (15) | | | — | | | — | | | 15 | | | — | | | First Lien | | 9,168 | | | 112 | | | — | | | 9,101 | | | — | | | — | | | — | | | 9,101 | | | 537.97 Common Units | | — | | | — | | | — | | | 750 | | | — | | | — | | | — | | | 750 | | | Roseland Management, LLC | Revolving Loan | Healthcare Services | — | | | 7 | | | — | | | (1) | | | — | | | — | | | 1 | | | — | | | First Lien | | 14,473 | | | 1,260 | | | 14,598 | | | (1) | | | (125) | | | — | | | 1 | | | 14,473 | | | 3,364 Class A-2 Units | | — | | | — | | | 802 | | | — | | | — | | | — | | | (28) | | | 774 | | | 1,100 Class A-1 Units | | — | | | — | | | 196 | | | — | | | — | | | — | | | (9) | | | 187 | | | 16,084 Class A Units | | — | | | — | | | 941 | | | — | | | — | | | — | | | (135) | | | 806 | | | Sonobi, Inc. | 500,000 Class A Common Units | Media & Marketing | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company | Type of Investment (1) | Industry | December 31, 2025 Principal Amount - Debt Investments | | Amount of Interest or Dividends Credited in Income (2) | | Fair Value at March 31, 2025 | | Gross Additions (3) | | Gross Reductions (4) | | Amount of Realized Gain/(Loss) (5) | | Amount of Unrealized Gain/(Loss) | | Fair Value at December 31, 2025 | | STATinMED, LLC | First Lien | Pharmaceuticals, Biotechnology & Life Sciences | — | | | — | | | — | | | — | | | — | | | (7,560) | | | 7,560 | | | — | | | | | | | | | | | | | | | | | | | | | 4,718.62 Class A Preferred Units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 39,097.96 Class B Preferred Units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | Student Resource Center LLC | First Lien | Education | 9,644 | | | — | | | 3,761 | | | — | | | — | | | — | | | — | | | 3,761 | | | 355,555.56 Senior Preferred units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 10,502,487.46 Preferred units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,000,000 Preferred units | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | TalkNY Management Holdings, LLC | First Lien | Healthcare Services | 7,500 | | | 670 | | | 7,312 | | | 15 | | | — | | | — | | | 61 | | | 7,388 | | | 1,625,472 Class A-1 Preferred Units | | — | | | — | | | 1,082 | | | 90 | | | — | | | — | | | (323) | | | 849 | | | White Plains Linen LLC | Revolving Loan | Commercial Services & Supplies | — | | | 45 | | | — | | | 973 | | | (1,000) | | | — | | | 27 | | | — | | | First Lien - Term Loan A | | 12,200 | | | 545 | | | — | | | 12,086 | | | — | | | — | | | (8) | | | 12,078 | | | First Lien - Term Loan B | | 12,200 | | | 649 | | | — | | | 12,086 | | | — | | | — | | | (8) | | | 12,078 | | | 16.75% LP Interest | | — | | | — | | | — | | | 335 | | | — | | | — | | | — | | | 335 | | | Total Affiliate Investments | | | $ | 290,296 | | | $ | 30,560 | | | $ | 292,891 | | | $ | 96,631 | | | $ | (48,032) | | | $ | (3,473) | | | $ | 11,984 | | | $ | 350,001 | | | Total Control & Affiliate Investments | | | $ | 353,309 | | | $ | 32,898 | | | $ | 348,983 | | | $ | 100,412 | | | $ | (50,368) | | | $ | (3,473) | | | $ | 9,818 | | | $ | 405,372 | |
(1)The principal amount and ownership detail as shown in the Consolidated Schedules of Investments. (2)Represents the total amount of interest or dividends credited to income for the portion of the year an investment was included in the Control or Affiliate categories, respectively. (3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest, and accretion of OID. Gross additions also include movement of an existing portfolio company into this category and out of a different category. (4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include movement of an existing portfolio company out of this category and into a different category. (5)The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the Consolidated Statements of Operations according to the control classification at the time the investment was exited. |