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Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates and Controlled Affiliates (Tables)
 9 Months Ended
Sep. 30, 2025
Non Controlled Affiliate  
Summary of Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates

Security

 

Dividends or
Interest (2)

 

 

Fair Value at
December 31, 2024

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
September 30, 2025

 

Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/29

 

$

927,026

 

 

$

11,376,522

 

 

$

—

 

 

$

(376,352

)

 

$

—

 

 

$

—

 

 

$

11,000,170

 

Hylan Global LLC, Parent Common Units

 

 

—

 

 

 

298,333

 

 

 

—

 

 

 

(298,325

)

 

 

—

 

 

 

—

 

 

 

8

 

Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/26

 

 

83,477

 

 

 

842,642

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(842,642

)

 

 

—

 

Iracore Investments Holdings, Inc., Class A Common Stock

 

 

—

 

 

 

1,050,376

 

 

 

(4,097,709

)

 

 

3,127,334

 

 

 

—

 

 

 

(80,001

)

 

 

—

 

TVG-Edmentum Holdings, LLC, Series B-1 Common Units

 

 

803,280

 

 

 

14,458,626

 

 

 

—

 

 

 

(1,360,954

)

 

 

803,280

 

 

 

—

 

 

 

13,900,952

 

TVG-Edmentum Holdings, LLC, Series B-2 Common Units

 

 

—

 

 

 

14,458,626

 

 

 

—

 

 

 

(557,674

)

 

 

—

 

 

 

—

 

 

 

13,900,952

 

TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units

 

 

640,770

 

 

 

6,959,570

 

 

 

—

 

 

 

597,707

 

 

 

640,770

 

 

 

—

 

 

 

8,198,047

 

Vingil Holding 2 S. à r.l. (SellerX) Common Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,190

)

 

 

8,197

 

 

 

—

 

 

 

7

 

SellerX Germany GMBH & Co. KG, Senior Secured First Lien Revolver, SOFR + 5.00%, 0% SOFR Floor, due 10/28/26

 

 

63,205

 

 

 

—

 

 

 

—

 

 

 

(5,098

)

 

 

812,711

 

 

 

—

 

 

 

807,613

 

SellerX Preferred Non Convertible Shares Series Z

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,505,872

)

 

 

15,107,297

 

 

 

—

 

 

 

13,601,425

 

SellerX Germany GMBH, Senior Secured First Lien Revolver, SOFR + 5%, 2% SOFR Floor, due 6/18/29

 

 

215,361

 

 

 

—

 

 

 

—

 

 

 

(238,767

)

 

 

11,129,492

 

 

 

—

 

 

 

10,890,725

 

SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28

 

 

301,749

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,286,727

 

 

 

—

 

 

 

7,286,727

 

SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28

 

 

346,204

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,360,256

 

 

 

—

 

 

 

8,360,256

 

Homerenew Buyer, Inc. (Renovo), Class B-1 Preferred Units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

HomeRenew Buyer, Inc., Senior Secured Super Priority Delayed Draw Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/30

 

 

78,122

 

 

 

—

 

 

 

—

 

 

 

531,687

 

 

 

1,168,918

 

 

 

—

 

 

 

1,700,605

 

HomeRenew Buyer,INC, Senior Secured First Lien Term Loan, SOFR + 6.5%, 2.5% SOFR Floor, due 4/14/30

 

 

150,539

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,979,209

 

 

 

—

 

 

 

2,979,209

 

HomeRenew Buyer,INC, Senior Secured Priority Term Loan, SOFR + 7.00%, 2.5% SOFR Floor, due 4/14/30

 

 

74,128

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,293,699

 

 

 

—

 

 

 

1,293,699

 

HomeRenew Buyer,INC, Senior Secured Super Priority Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/30

 

 

361,585

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,647,061

 

 

 

—

 

 

 

5,647,061

 

Homerenew Buyer, Inc. (Renovo), Class C-1 Common Units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Homerenew Buyer, Inc. (Renovo), Class A Preferred Units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,271,897

)

 

 

2,203,054

 

 

 

—

 

 

 

931,157

 

Total

 

$

4,045,446

 

 

$

49,444,695

 

 

$

(4,097,709

)

 

$

(1,366,401

)

 

$

57,440,671

 

 

$

(922,643

)

 

$

100,498,613

 

 

Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:

(1)
The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts and investments acquired in connection with the Merger.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

Security

 

Dividends or
Interest (2)

 

 

Fair Value at
December 31, 2023

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2024

 

Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + 10%, 1% SOFR Floor, due 3/11/2027

 

$

228,253

 

 

$

5,232,821

 

 

$

(184,796

)

 

$

(146,321

)

 

$

(5,086,500

)

 

$

184,796

 

 

$

—

 

Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/29

 

 

990,675

 

 

 

—

 

 

 

—

 

 

 

(199,170

)

 

 

11,575,692

 

 

 

—

 

 

 

11,376,522

 

Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/26

 

 

176,882

 

 

 

4,979,720

 

 

 

—

 

 

 

3,987

 

 

 

(4,983,707

)

 

 

—

 

 

 

—

 

Hylan Novellus LLC, Class A Units

 

 

—

 

 

 

2,827,373

 

 

 

(12,625,342

)

 

 

10,990,444

 

 

 

(1,192,475

)

 

 

—

 

 

 

—

 

Hylan Global LLC, Parent Common Units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(440,114

)

 

 

738,447

 

 

 

—

 

 

 

298,333

 

Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/26

 

 

169,332

 

 

 

1,324,151

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(481,509

)

 

 

842,642

 

Iracore Investments Holdings, Inc., Class A Common Stock

 

 

283,370

 

 

 

1,799,178

 

 

 

—

 

 

 

(748,802

)

 

 

—

 

 

 

—

 

 

 

1,050,376

 

TVG-Edmentum Holdings, LLC, Series B-1 Common Units

 

 

2,985,869

 

 

 

24,629,566

 

 

 

—

 

 

 

(13,156,809

)

 

 

2,985,869

 

 

 

—

 

 

 

14,458,626

 

TVG-Edmentum Holdings, LLC, Series B-2 Common Units

 

 

—

 

 

 

24,629,566

 

 

 

—

 

 

 

(10,170,940

)

 

 

—

 

 

 

—

 

 

 

14,458,626

 

TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units

 

 

456,587

 

 

 

—

 

 

 

—

 

 

 

1,472,182

 

 

 

5,487,388

 

 

 

—

 

 

 

6,959,570

 

Total

 

$

5,290,968

 

 

$

65,422,375

 

 

$

(12,810,138

)

 

$

(12,395,543

)

 

$

9,524,714

 

 

$

(296,713

)

 

$

49,444,695

 

 

 

Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:

(1)
The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.
Controlled Investments  
Summary of Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates

Security

 

Dividends
or Interest (2)

 

 

Fair Value at
December 31, 2024

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
September 30, 2025

 

36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/25

 

$

5,378,079

 

 

$

59,756,438

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

59,756,438

 

36th Street Capital Partners Holdings, LLC, Membership Units

 

 

3,103,163

 

 

 

51,054,000

 

 

 

—

 

 

 

(5,368,254

)

 

 

5,337,172

 

 

 

31,082

 

 

 

51,054,000

 

Anacomp, Inc., Class A Common Stock

 

 

—

 

 

 

1,155,295

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,155,295

 

AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28

 

 

1,383,898

 

 

 

18,812,631

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,812,631

 

AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29

 

 

1,193,869

 

 

 

10,718,897

 

 

 

—

 

 

 

—

 

 

 

1,161,524

 

 

 

—

 

 

 

11,880,421

 

AA Acquisition Aggregator, LLC, Ordinary Shares

 

 

—

 

 

 

9,513,635

 

 

 

—

 

 

 

(4,322,931

)

 

 

—

 

 

 

—

 

 

 

5,190,704

 

Conventional Lending TCP Holdings, LLC, Membership Units

 

 

453,090

 

 

 

14,543,083

 

 

 

(2,010,790

)

 

 

3,132,707

 

 

 

85,000

 

 

 

(15,750,000

)

 

 

—

 

Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/21

 

 

—

 

 

 

—

 

 

 

(2,110,141

)

 

 

2,110,141

 

 

 

—

 

 

 

—

 

 

 

—

 

Conergy Asia Holdings Limited, Ordinary Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

53

 

 

 

—

 

 

 

—

 

 

 

53

 

Conergy Asia Holdings Limited, Class B Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

10

 

Fishbowl INC., Common Membership Units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

—

 

 

 

—

 

 

 

6

 

Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/2027

 

 

338,939

 

 

 

7,843,476

 

 

 

—

 

 

 

(2,363,720

)

 

 

297,555

 

 

 

515,925

 

 

 

6,293,236

 

Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/2021

 

 

—

 

 

 

5,016,017

 

 

 

523

 

 

 

(2,349,827

)

 

 

—

 

 

 

(2,539,223

)

 

 

127,490

 

Gordon Brothers Finance Company, Preferred Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Gordon Brothers Finance Company, Common Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21

 

 

—

 

 

 

60,889

 

 

 

(6,578,877

)

 

 

6,517,988

 

 

 

—

 

 

 

—

 

 

 

—

 

Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21

 

 

—

 

 

 

1,235,527

 

 

 

(4,512,868

)

 

 

4,299,990

 

 

 

—

 

 

 

(1,022,649

)

 

 

—

 

Kawa Solar Holdings Limited, Ordinary Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

23

 

 

 

—

 

 

 

—

 

 

 

23

 

Kawa Solar Holdings Limited, Series B Preferred Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

1

 

Total

 

$

11,851,038

 

 

$

179,709,888

 

 

$

(15,212,153

)

 

$

1,656,187

 

 

$

6,881,251

 

 

$

(18,764,865

)

 

$

154,270,308

 

Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:

(1)
The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts and investments acquired in connection with the Merger.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

Security

 

Dividends
or Interest (2)

 

 

Fair Value at
December 31, 2023

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2024

 

36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/25

 

$

6,643,097

 

 

$

52,318,937

 

 

$

—

 

 

$

—

 

 

$

7,437,501

 

 

$

—

 

 

$

59,756,438

 

36th Street Capital Partners Holdings, LLC, Membership Units

 

 

1,359,774

 

 

 

50,541,000

 

 

 

—

 

 

 

(549,500

)

 

 

1,062,500

 

 

 

—

 

 

 

51,054,000

 

Anacomp, Inc., Class A Common Stock

 

 

—

 

 

 

843,074

 

 

 

—

 

 

 

312,221

 

 

 

—

 

 

 

—

 

 

 

1,155,295

 

AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28

 

 

2,015,428

 

 

 

18,812,631

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,812,631

 

AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29

 

 

1,499,820

 

 

 

9,256,229

 

 

 

—

 

 

 

—

 

 

 

1,462,668

 

 

 

—

 

 

 

10,718,897

 

AA Acquisition Aggregator, LLC, Ordinary Shares

 

 

—

 

 

 

9,985,207

 

 

 

—

 

 

 

(541,338

)

 

 

69,766

 

 

 

—

 

 

 

9,513,635

 

Conventional Lending TCP Holdings, LLC, Membership Units

 

 

1,456,847

 

 

 

16,376,544

 

 

 

—

 

 

 

(1,833,461

)

 

 

—

 

 

 

—

 

 

 

14,543,083

 

Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/21

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Conergy Asia Holdings Limited, Ordinary Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Conergy Asia Holdings Limited, Class B Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fishbowl INC., Common Membership Units

 

 

—

 

 

 

135,403

 

 

 

—

 

 

 

(135,403

)

 

 

—

 

 

 

—

 

 

 

—

 

Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/2027

 

 

1,753,658

 

 

 

12,089,579

 

 

 

—

 

 

 

(4,567,088

)

 

 

320,985

 

 

 

—

 

 

 

7,843,476

 

Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/2021

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,098,235

)

 

 

13,114,252

 

 

 

—

 

 

 

5,016,017

 

Gordon Brothers Finance Company, Preferred Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Gordon Brothers Finance Company, Common Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21

 

 

—

 

 

 

101,315

 

 

 

—

 

 

 

(40,426

)

 

 

—

 

 

 

—

 

 

 

60,889

 

Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21

 

 

—

 

 

 

1,367,273

 

 

 

—

 

 

 

(131,746

)

 

 

—

 

 

 

—

 

 

 

1,235,527

 

Kawa Solar Holdings Limited, Ordinary Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Kawa Solar Holdings Limited, Series B Preferred Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

14,728,624

 

 

$

171,827,192

 

 

$

—

 

 

$

(15,584,976

)

 

$

23,467,672

 

 

$

—

 

 

$

179,709,888

 

 

 

Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:

(1)
The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.