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Investments | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments [Abstract] |
Investments | Investments The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments):
| March 31, 2024 |  | December 31, 2023
Amortized Cost: |  |  |  |  |  |  |
Senior secured loans | $ | 409,506 |  |  | 77.9 | % |  | $ | 393,723 |  |  | 77.1 | %
Unitranche secured loans | 6,057 |  |  | 1.1 |  |  | 13,740 |  |  | 2.7 |
Junior secured loans | 29,832 |  |  | 5.7 |  |  | 29,372 |  |  | 5.8 |
LLC equity interest in SLF | 42,650 |  |  | 8.1 |  |  | 42,650 |  |  | 8.3 |
Equity securities | 37,613 |  |  | 7.2 |  |  | 31,391 |  |  | 6.1 |
Total | $ | 525,658 |  |  | 100.0 | % |  | $ | 510,876 |  |  | 100.0 | %
| March 31, 2024 |  | December 31, 2023
Fair Value: |  |  |  |  |  |  |
Senior secured loans | $ | 404,051 |  |  | 80.7 | % |  | $ | 388,882 |  |  | 79.6 | %
Unitranche secured loans | 6,091 |  |  | 1.2 |  |  | 13,877 |  |  | 2.8 |
Junior secured loans | 27,427 |  |  | 5.5 |  |  | 26,594 |  |  | 5.5 |
LLC equity interest in SLF | 32,990 |  |  | 6.6 |  |  | 33,122 |  |  | 6.8 |
Equity securities | 30,330 |  |  | 6.0 |  |  | 25,911 |  |  | 5.3 |
Total | $ | 500,889 |  |  | 100.0 | % |  | $ | 488,386 |  |  | 100.0 | %
The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:
| March 31, 2024 |  | December 31, 2023
Amortized Cost: |  |  |  |  |  |  |
Midwest | $ | 165,246 |  |  | 31.4 | % |  | $ | 158,383 |  |  | 31.0 | %
Northeast | 112,794 |  |  | 21.4 |  |  | 108,707 |  |  | 21.3 |
Southeast | 143,960 |  |  | 27.4 |  |  | 134,899 |  |  | 26.4 |
Southwest | 17,690 |  |  | 3.4 |  |  | 25,163 |  |  | 4.9 |
West (1) | 85,968 |  |  | 16.4 |  |  | 83,724 |  |  | 16.4 |
Total | $ | 525,658 |  |  | 100.0 | % |  | $ | 510,876 |  |  | 100.0 | %
___________________________________________________ (1)Includes one international portfolio investment with no cost as of March 31, 2024 and December 31, 2023, respectively.
| March 31, 2024 |  | December 31, 2023
Fair Value: |  |  |  |  |  |  |
Midwest | $ | 140,869 |  |  | 28.1 | % |  | $ | 135,352 |  |  | 27.7 | %
Northeast | 113,827 |  |  | 22.7 |  |  | 110,180 |  |  | 22.6 |
Southeast | 140,731 |  |  | 28.1 |  |  | 130,595 |  |  | 26.8 |
Southwest | 18,092 |  |  | 3.6 |  |  | 25,610 |  |  | 5.2 |
West (1) | 87,370 |  |  | 17.5 |  |  | 86,649 |  |  | 17.7 |
Total | $ | 500,889 |  |  | 100.0 | % |  | $ | 488,386 |  |  | 100.0 | %
_______________________________________________________ (1)Includes one international portfolio investment with $1,763 and $1,695 of fair value as of March 31, 2024 and December 31, 2023, respectively. The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments):
| March 31, 2024 |  | December 31, 2023
Amortized Cost |  |  |  |  |  |  |
Aerospace & Defense | $ | — |  |  | — | % |  | $ | 7,784 |  |  | 1.5 | %
Automotive | 20,095 |  |  | 3.8 |  |  | 19,781 |  |  | 3.9 |
Banking | 16,326 |  |  | 3.1 |  |  | 16,290 |  |  | 3.2 |
Beverage, Food & Tobacco | 4,476 |  |  | 0.9 |  |  | 4,481 |  |  | 0.9 |
Capital Equipment | 4,855 |  |  | 0.9 |  |  | 4,880 |  |  | 1.0 |
Chemicals, Plastics & Rubber | 2,950 |  |  | 0.6 |  |  | 2,934 |  |  | 0.6 |
Construction & Building | 9,794 |  |  | 1.8 |  |  | 8,689 |  |  | 1.7 |
Consumer Goods: Durable | 8,149 |  |  | 1.5 |  |  | 8,295 |  |  | 1.6 |
Consumer Goods: Non-Durable | 3,547 |  |  | 0.7 |  |  | 3,415 |  |  | 0.7 |
Environmental Industries | 5,412 |  |  | 1.0 |  |  | 5,421 |  |  | 1.1 |
FIRE: Finance | 15,122 |  |  | 2.9 |  |  | 14,771 |  |  | 2.9 |
FIRE: Real Estate | 90,609 |  |  | 17.2 |  |  | 87,226 |  |  | 17.1 |
Healthcare & Pharmaceuticals | 79,423 |  |  | 15.1 |  |  | 70,992 |  |  | 13.9 |
High Tech Industries | 41,329 |  |  | 7.9 |  |  | 42,123 |  |  | 8.2 |
Hotels, Gaming & Leisure | 111 |  |  | 0.0 |  |  | 111 |  |  | 0.0 |
Investment Funds & Vehicles | 42,650 |  |  | 8.1 |  |  | 42,650 |  |  | 8.3 |
Media: Advertising, Printing & Publishing | 18,213 |  |  | 3.5 |  |  | 18,267 |  |  | 3.6 |
Media: Broadcasting & Subscription | 4,486 |  |  | 0.9 |  |  | 4,214 |  |  | 0.8 |
Media: Diversified & Production | 42,385 |  |  | 8.1 |  |  | 41,734 |  |  | 8.2 |
Retail | 2,465 |  |  | 0.5 |  |  | 2,443 |  |  | 0.5 |
Services: Business | 58,848 |  |  | 11.2 |  |  | 55,852 |  |  | 10.9 |
Services: Consumer | 25,713 |  |  | 4.9 |  |  | 25,283 |  |  | 4.9 |
Telecommunications | 7,543 |  |  | 1.4 |  |  | 7,262 |  |  | 1.4 |
Transportation: Cargo | 4,893 |  |  | 0.9 |  |  | — |  |  | — |
Wholesale | 16,264 |  |  | 3.1 |  |  | 15,978 |  |  | 3.1 |
Total | $ | 525,658 |  |  | 100.0 | % |  | $ | 510,876 |  |  | 100.0 | %
| March 31, 2024 |  | December 31, 2023
Fair Value: |  |  |  |  |  |  |
Aerospace & Defense | $ | — |  |  | — | % |  | $ | 7,876 |  |  | 1.6 | %
Automotive | 17,924 |  |  | 3.6 |  |  | 18,495 |  |  | 3.8 |
Banking | 15,163 |  |  | 3.0 |  |  | 15,385 |  |  | 3.2 |
Beverage, Food & Tobacco | 6,187 |  |  | 1.2 |  |  | 6,098 |  |  | 1.2 |
Capital Equipment | 4,924 |  |  | 1.0 |  |  | 4,893 |  |  | 1.0 |
Chemicals, Plastics & Rubber | 3,525 |  |  | 0.7 |  |  | 3,987 |  |  | 0.8 |
Construction & Building | 9,937 |  |  | 2.0 |  |  | 8,813 |  |  | 1.8 |
Consumer Goods: Durable | 8,087 |  |  | 1.6 |  |  | 8,242 |  |  | 1.7 |
Consumer Goods: Non-Durable | 2,198 |  |  | 0.5 |  |  | 2,387 |  |  | 0.5 |
Environmental Industries | 5,871 |  |  | 1.2 |  |  | 5,896 |  |  | 1.2 |
FIRE: Finance | 15,718 |  |  | 3.1 |  |  | 15,388 |  |  | 3.3 |
FIRE: Real Estate | 88,564 |  |  | 17.7 |  |  | 85,153 |  |  | 17.4 |
Healthcare & Pharmaceuticals | 78,105 |  |  | 15.6 |  |  | 69,354 |  |  | 14.2 |
High Tech Industries | 39,305 |  |  | 7.8 |  |  | 40,723 |  |  | 8.3 |
Hotels, Gaming & Leisure | 140 |  |  | 0.0 |  |  | 110 |  |  | 0.0 |
Investment Funds & Vehicles | 32,990 |  |  | 6.6 |  |  | 33,122 |  |  | 6.8 |
Media: Advertising, Printing & Publishing | 20,670 |  |  | 4.1 |  |  | 20,238 |  |  | 4.1 |
Media: Broadcasting & Subscription | 1,973 |  |  | 0.4 |  |  | 2,217 |  |  | 0.5 |
Media: Diversified & Production | 42,621 |  |  | 8.5 |  |  | 41,897 |  |  | 8.6 |
Retail | 1,886 |  |  | 0.4 |  |  | 1,995 |  |  | 0.4 |
Services: Business | 59,705 |  |  | 11.9 |  |  | 56,655 |  |  | 11.6 |
Services: Consumer | 17,244 |  |  | 3.5 |  |  | 16,772 |  |  | 3.4 |
Telecommunications | 7,746 |  |  | 1.5 |  |  | 7,508 |  |  | 1.5 |
Transportation: Cargo | 4,913 |  |  | 1.0 |  |  | — |  |  | — |
Wholesale | 15,493 |  |  | 3.1 |  |  | 15,182 |  |  | 3.1 |
Total | $ | 500,889 |  |  | 100.0 | % |  | $ | 488,386 |  |  | 100.0 | %
MRCC Senior Loan Fund I, LLC The Company co-invests with Life Insurance Company of the Southwest (“LSW”) in senior secured loans through SLF, an unconsolidated Delaware LLC. SLF is capitalized as underlying investment transactions are completed, taking into account available debt and equity commitments available for funding these investments. All portfolio and investment decisions in respect to SLF must be approved by the SLF investment committee, consisting of one representative from the Company and one representative from LSW. SLF may cease making new investments upon notification of either member but operations will continue until all investments have been sold or paid-off in the normal course of business. Investments held by SLF are measured at fair value using the same valuation methodologies as described in Note 4. The Company’s investment is illiquid in nature as SLF does not allow for withdrawal from the LLC or the sale of a member’s interest unless approved by the board members of SLF. The full withdrawal of a member would result in an orderly wind-down of SLF. SLF’s profits and losses are allocated to the Company and LSW in accordance with their respective ownership interests. As of March 31, 2024 and December 31, 2023, the Company and LSW each owned 50.0% of the LLC equity interests of SLF. As of March 31, 2024 and December 31, 2023, SLF had $100,000 in equity commitments from its members (in the aggregate), of which $85,300 was funded. As of March 31, 2024 and December 31, 2023, the Company had committed to fund $50,000 of LLC equity interest subscriptions to SLF. As of March 31, 2024 and December 31, 2023, $42,650 of the Company’s LLC equity interest subscriptions to SLF had been called and contributed, net of return of capital distributions subject to recall. As of March 31, 2024 and December 31, 2023, SLF had a fair value of $33.0 million and $33.1 million. For both the three months ended March 31, 2024 and 2023, the Company received $900 of dividend income from its LLC equity interest in SLF. SLF has a senior secured revolving credit facility (as amended, the “SLF Credit Facility”) with Capital One, N.A., through its wholly-owned subsidiary MRCC Senior Loan Fund I Financing SPV, LLC (“SLF SPV”). The SLF Credit Facility allows SLF SPV to borrow up to $110,000 (reduced from $175,000 on June 9, 2023), subject to leverage and borrowing base restrictions. Borrowings on the SLF Credit Facility bear interest at an annual rate of SOFR (three-month) plus 2.10% and the SLF Credit Facility has a maturity date of November 23, 2031. SLF does not pay any fees to MC Advisors or its affiliates; however, SLF has entered into an administration agreement with Monroe Capital Management Advisors, LLC (“MC Management”), pursuant to which certain loan servicing and administrative functions are delegated to MC Management. SLF may reimburse MC Management for its allocable share of overhead and other expenses incurred by MC Management. For the three months ended March 31, 2024 and 2023, SLF incurred $44 and $63 of allocable expenses, respectively. There are no agreements or understandings by which the Company guarantees any SLF obligations. As of March 31, 2024 and December 31, 2023, SLF had total assets at fair value of $124,865 and $148,449, respectively. As of March 31, 2024 and December 31, 2023, SLF had four portfolio company investments on non-accrual status with a fair value of $5,034 and $4,260, respectively. The portfolio companies in SLF are in industries and geographies similar to those in which the Company may invest directly. Additionally, as of March 31, 2024 and December 31, 2023, SLF had $1,796 and $3,332, respectively, in outstanding commitments to fund investments under undrawn revolvers and delayed draw commitments. Below is a summary of SLF’s portfolio, followed by a listing of the individual investments in SLF’s portfolio as of March 31, 2024 and December 31, 2023:
| March 31, 2024 |  | December 31, 2023
Secured loans (1) | 124,816 |  |  | 150,674 |
Weighted average current interest rate on secured loans (2) | 10.2% |  | 10.2%
Number of portfolio company investments in SLF | 41 |  | 49
Largest portfolio company investment (1) | 6,580 |  |  | 6,580 |
Total of five largest portfolio company investments (1) | 26,366 |  |  | 26,415 |
________________________________________________________ (1)Represents outstanding principal amount, excluding unfunded commitments. (2)Computed as the (a) annual stated interest rate on accruing secured loans divided by (b) total secured loans at outstanding principal amount.
Portfolio Company (a) |  | Index (b) |  | Spread (b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |
Trident Maritime Systems, Inc. |  | SF |  | 5.65 | % |  | 10.96 | % |  | 2/26/2027 |  | 2,406 |  |  | $ | 2,388 |
Trident Maritime Systems, Inc. |  | SF |  | 5.65 | % |  | 10.96 | % |  | 2/26/2027 |  | 746 |  |  | 741 |
Trident Maritime Systems, Inc. |  | SF |  | 5.65 | % |  | 10.96 | % |  | 2/26/2027 |  | 188 |  |  | 186 |
Trident Maritime Systems, Inc. (Revolver) |  | SF |  | 5.60 | % |  | 10.93 | % |  | 2/26/2027 |  | 319 |  |  | 317 |
|  |  |  |  |  |  |  |  |  | 3,659 |  |  | 3,632 |
Automotive |  |  |  |  |  |  |  |  |  |  |  |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.24 | % |  | 12/1/2027 |  | 1,354 |  |  | 1,337 |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.22 | % |  | 12/1/2027 |  | 387 |  |  | 382 |
Accelerate Auto Works Intermediate, LLC (Revolver) (d) |  | SF |  | 4.90 | % |  | 10.24 | % |  | 12/1/2027 |  | 132 |  |  | 21 |
|  |  |  |  |  |  |  |  |  | 1,873 |  |  | 1,740 |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |
SW Ingredients Holdings, LLC |  | SF |  | 5.50 | % |  | 10.93 | % |  | 7/3/2025 |  | 3,534 |  |  | 3,534 |
|  |  |  |  |  |  |  |  |  | 3,534 |  |  | 3,534 |
Capital Equipment |  |  |  |  |  |  |  |  |  |  |  |
MacQueen Equipment, LLC |  | SF |  | 5.51 | % |  | 10.81 | % |  | 1/7/2028 |  | 2,070 |  |  | 2,069 |
MacQueen Equipment, LLC (Delayed Draw) (d) |  | SF |  | 5.51 | % |  | 10.81 | % |  | 1/7/2028 |  | 590 |  |  | 334 |
MacQueen Equipment, LLC (Revolver) (d) |  | SF |  | 5.51 | % |  | 10.81 | % |  | 1/7/2028 |  | 296 |  |  | — |
|  |  |  |  |  |  |  |  |  | 2,956 |  |  | 2,403 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Phoenix Chemical Holding Company LLC |  | SF |  | 7.11 | % |  | 12.44 | % |  | 8/2/2024 |  | 1,129 |  |  | 964 |
TJC Spartech Acquisition Corp. |  | SF |  | 4.75 | % |  | 10.07 | % |  | 5/5/2028 |  | 4,200 |  |  | 3,507 |
|  |  |  |  |  |  |  |  |  | 5,329 |  |  | 4,471 |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) |  | SF |  | 6.65 | % |  | 11.98% (e) |  | 9/30/2027 |  | 796 |  |  | 585 |
Runner Buyer INC. |  | SF |  | 5.61 | % |  | 10.96 | % |  | 10/23/2028 |  | 2,940 |  |  | 2,245 |
|  |  |  |  |  |  |  |  |  | 3,736 |  |  | 2,830 |
Consumer Goods: Non-Durable |  |  |  |  |  |  |  |  |  |  |  |
PH Beauty Holdings III, INC. |  | SF |  | 5.00 | % |  | 10.72 | % |  | 9/26/2025 |  | 2,361 |  |  | 2,338 |
|  |  |  |  |  |  |  |  |  | 2,361 |  |  | 2,338 |
Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |  |  |
Polychem Acquisition, LLC |  | SF |  | 5.11 | % |  | 10.44 | % |  | 3/17/2025 |  | 2,850 |  |  | 2,836 |
PVHC Holding Corp |  | SF |  | 5.65 | % |  | 10.96% Cash/ 0.75% PIK |  | 2/17/2027 |  | 1,894 |  |  | 1,894 |
|  |  |  |  |  |  |  |  |  | 4,744 |  |  | 4,730 |
Energy: Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.44 | % |  | 6/22/2026 |  | 2,249 |  |  | 2,248 |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.44 | % |  | 6/22/2026 |  | 856 |  |  | 856 |
|  |  |  |  |  |  |  |  |  | 3,105 |  |  | 3,104 |
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.15 | % |  | 10.45 | % |  | 12/13/2024 |  | 2,842 |  |  | 2,842 |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.10 | % |  | 10.43 | % |  | 12/13/2024 |  | 61 |  |  | 61 |
Minotaur Acquisition, Inc. |  | SF |  | 4.85 | % |  | 10.18 | % |  | 3/27/2026 |  | 4,794 |  |  | 4,805 |
TEAM Public Choices, LLC |  | SF |  | 5.00 | % |  | 10.58 | % |  | 12/17/2027 |  | 2,917 |  |  | 2,921 |
|  |  |  |  |  |  |  |  |  | 10,614 |  |  | 10,629 |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. (f) |  | SF |  | 6.50 | % |  | 11.84% (e) |  | 3/12/2028 |  | 606 |  |  | 599 |
|  |  |  |  |  |  |  |  |  | 606 |  |  | 599 |
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
Cano Health, LLC |  | SF |  | 4.00 | % |  | 9.33% (e) |  | 11/23/2027 |  | 1,950 |  |  | 590 |
HAH Group Holding Company LLC |  | SF |  | 5.00 | % |  | 10.44 | % |  | 10/29/2027 |  | 2,943 |  |  | 2,936 |
LSCS Holdings, Inc. |  | SF |  | 4.61 | % |  | 9.94 | % |  | 12/15/2028 |  | 1,805 |  |  | 1,781 |
Portfolio Company (a) |  | Index (b) |  | Spread (b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Natus Medical Incorporated |  | SF |  | 5.65 | % |  | 10.96 | % |  | 7/20/2029 |  | 4,937 |  |  | 4,666 |
|  |  |  |  |  |  |  |  |  | 11,635 |  |  | 9,973 |
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |
Corel Inc. (c) |  | SF |  | 5.10 | % |  | 10.44 | % |  | 7/2/2026 |  | 3,350 |  |  | 3,303 |
Lightbox Intermediate, L.P. |  | SF |  | 5.26 | % |  | 10.56 | % |  | 5/11/2026 |  | 4,763 |  |  | 4,620 |
TGG TS Acquisition Company |  | SF |  | 6.61 | % |  | 11.94 | % |  | 12/12/2025 |  | 2,885 |  |  | 2,880 |
|  |  |  |  |  |  |  |  |  | 10,998 |  |  | 10,803 |
Hotels, Gaming & Leisure |  |  |  |  |  |  |  |  |  |  |  |
Excel Fitness Holdings, Inc. |  | SF |  | 5.40 | % |  | 10.70 | % |  | 4/27/2029 |  | 4,309 |  |  | 4,309 |
Excel Fitness Holdings, Inc. (Revolver) (d) |  | SF |  | 5.40 | % |  | 10.70 | % |  | 4/28/2028 |  | 625 |  |  | — |
North Haven Spartan US Holdco, LLC |  | SF |  | 6.25 | % |  | 11.57 | % |  | 6/5/2026 |  | 2,244 |  |  | 2,244 |
|  |  |  |  |  |  |  |  |  | 7,178 |  |  | 6,553 |
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |
Research Now Group, Inc. and Survey Sampling International, LLC |  | SF |  | 5.76 | % |  | 11.07 | % |  | 12/20/2024 |  | 6,580 |  |  | 3,971 |
STATS Intermediate Holdings, LLC |  | SF |  | 5.51 | % |  | 10.83 | % |  | 7/10/2026 |  | 4,788 |  |  | 4,746 |
TA TT Buyer, LLC |  | SF |  | 5.00 | % |  | 10.30 | % |  | 3/30/2029 |  | 3,283 |  |  | 3,301 |
|  |  |  |  |  |  |  |  |  | 14,651 |  |  | 12,018 |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
Eliassen Group, LLC |  | SF |  | 5.50 | % |  | 10.81 | % |  | 4/14/2028 |  | 3,209 |  |  | 3,177 |
Eliassen Group, LLC (Delayed Draw) (d) |  | SF |  | 5.50 | % |  | 10.82 | % |  | 4/14/2028 |  | 738 |  |  | 229 |
Engage2Excel, Inc. |  | SF |  | 6.60 | % |  | 11.78 | % |  | 7/1/2024 |  | 3,907 |  |  | 3,912 |
Engage2Excel, Inc. |  | SF |  | 6.60 | % |  | 11.78 | % |  | 7/1/2024 |  | 705 |  |  | 706 |
Engage2Excel, Inc. |  | SF |  | 6.60 | % |  | 11.78 | % |  | 7/1/2024 |  | 550 |  |  | 550 |
Output Services Group, Inc. |  | SF |  | 6.68 | % |  | 12.07% (e) |  | 11/30/2028 |  | 1,042 |  |  | 1,040 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.32 | % |  | 12/29/2028 |  | 1,672 |  |  | 1,663 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.32 | % |  | 12/29/2028 |  | 267 |  |  | 265 |
SIRVA Worldwide Inc. |  | SF |  | 5.76 | % |  | 11.10 | % |  | 8/4/2025 |  | 1,738 |  |  | 1,267 |
|  |  |  |  |  |  |  |  |  | 13,828 |  |  | 12,809 |
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |
Laseraway Intermediate Holdings II, LLC |  | SF |  | 5.75 | % |  | 11.33 | % |  | 10/14/2027 |  | 2,172 |  |  | 2,167 |
McKissock Investment Holdings, LLC |  | SF |  | 5.00 | % |  | 10.46 | % |  | 3/9/2029 |  | 2,450 |  |  | 2,461 |
|  |  |  |  |  |  |  |  |  | 4,622 |  |  | 4,628 |
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |
Intermedia Holdings, Inc. |  | SF |  | 6.11 | % |  | 11.43 | % |  | 7/21/2025 |  | 1,737 |  |  | 1,720 |
Mavenir Systems, Inc. |  | SF |  | 5.01 | % |  | 10.34 | % |  | 8/18/2028 |  | 1,633 |  |  | 1,169 |
Sandvine Corporation |  | SF |  | 4.93 | % |  | 10.15 | % |  | 10/31/2025 |  | 1,973 |  |  | 1,473 |
|  |  |  |  |  |  |  |  |  | 5,343 |  |  | 4,362 |
Transportation: Cargo |  |  |  |  |  |  |  |  |  |  |  |
Keystone Purchaser, LLC |  | SF |  | 6.18 | % |  | 11.51 | % |  | 5/7/2027 |  | 4,892 |  |  | 4,874 |
|  |  |  |  |  |  |  |  |  | 4,892 |  |  | 4,874 |
Wholesale |  |  |  |  |  |  |  |  |  |  |  |
HALO Buyer, Inc. |  | SF |  | 4.60 | % |  | 9.93 | % |  | 6/30/2025 |  | 4,710 |  |  | 3,452 |
|  |  |  |  |  |  |  |  |  | 4,710 |  |  | 3,452 |
Total Non-Controlled/Non-Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  | 120,374 |  |  | 109,482 |
Junior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
Radiology Partners, Inc. |  | SF |  | 3.76 | % |  | 9.09% Cash/ 1.50% PIK |  | 1/31/2029 |  | 4,236 |  |  | 4,102 |
|  |  |  |  |  |  |  |  |  | 4,236 |  |  | 4,102 |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. |  | SF |  | 8.26 | % |  | 13.58% (e) |  | 3/12/2029 |  | 1,492 |  |  | 1,193 |
Avison Young (USA) Inc. |  | SF |  | 8.26 | % |  | 13.58% (e) |  | 3/12/2029 |  | 510 |  |  | 305 |
|  |  |  |  |  |  |  |  |  | 2,002 |  |  | 1,498 |
Total Non-Controlled/Non-Affiliate Junior Secured Loans |  |  |  |  |  |  |  |  |  | 6,238 |  |  | 5,600 |
Portfolio Company (a) |  | Index (b) |  | Spread (b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Equity Securities (g) (h) |  |  |  |  |  |  |  |  |  |  |  |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) |  | — |  | — |  | — (i) |  | — |  | 26 |  |  | 83 |
|  |  |  |  |  |  |  |  |  | 26 |  |  | 83 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Polyventive Lender Holding Company LLC (0.84% of the equity) |  | — |  | — |  | — (i) |  | — |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  |  | — |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. (1,605,312 Class A preferred shares) |  | n/a |  | n/a |  | 12.50% PIK (e) |  | n/a |  | 1,605 |  |  | 722 |
Avison Young (USA) Inc. (1,199 Class F common shares) |  | — |  | — |  | — (i) |  | — |  | 1 |  |  | — |
|  |  |  |  |  |  |  |  |  | 1,606 |  |  | 722 |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc. (51,370 Class A units) |  | — |  | — |  | — (i) |  | — |  | 51 |  |  | 552 |
|  |  |  |  |  |  |  |  |  | 51 |  |  | 552 |
Total Non-Controlled/Non-Affiliate Equities |  |  |  |  |  |  |  |  |  | 1,683 |  |  | 1,357 |
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  |  |  | $ | 116,439 |
________________________________________________________ (a)All investments are U.S. companies unless otherwise noted. (b)The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. We have provided the spread over SOFR or Prime and the current contractual rate of interest in effect at March 31, 2024. Certain investments may be subject to an interest rate floor or cap. Certain investments contain a PIK provision. (c)This is an international company. (d)All or a portion of this commitment was unfunded as of March 31, 2024. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding. (e)This position was on non-accrual status as of March 31, 2024, meaning that we have ceased accruing interest income on the position. (f)Investment position or portion thereof unsettled at March 31, 2024. (g)Represents less than 5% ownership of the portfolio company’s voting securities. (h)Ownership of certain equity investments may occur through a holding company partnership. (i)Represents a non-income producing security.
Portfolio Company (a) |  | Index (b) |  | Spread(b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Non-Controlled/Non-Affiliate Company Investments |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  |  |  |  |  |  |  |  |  |  |  |
Trident Maritime Systems, Inc. |  | SF |  | 5.60 | % |  | 10.95 | % |  | 2/26/2027 |  | 2,414 |  |  | $ | 2,385 |
Trident Maritime Systems, Inc. |  | SF |  | 5.60 | % |  | 10.95 | % |  | 2/26/2027 |  | 746 |  |  | 737 |
Trident Maritime Systems, Inc. |  | SF |  | 5.60 | % |  | 10.96 | % |  | 2/26/2027 |  | 188 |  |  | 186 |
Trident Maritime Systems, Inc. (Revolver) |  | SF |  | 5.60 | % |  | 10.96 | % |  | 2/26/2027 |  | 319 |  |  | 315 |
|  |  |  |  |  |  |  |  |  | 3,667 |  |  | 3,623 |
Automotive |  |  |  |  |  |  |  |  |  |  |  |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.29 | % |  | 12/1/2027 |  | 1,358 |  |  | 1,342 |
Accelerate Auto Works Intermediate, LLC |  | SF |  | 4.90 | % |  | 10.30 | % |  | 12/1/2027 |  | 388 |  |  | 383 |
Accelerate Auto Works Intermediate, LLC (Revolver) (d) |  | SF |  | 4.90 | % |  | 10.29 | % |  | 12/1/2027 |  | 132 |  |  | — |
Truck-Lite Co., LLC |  | SF |  | 6.35 | % |  | 11.71 | % |  | 12/14/2026 |  | 1,674 |  |  | 1,670 |
Truck-Lite Co., LLC |  | SF |  | 6.35 | % |  | 11.71 | % |  | 12/14/2026 |  | 248 |  |  | 248 |
Truck-Lite Co., LLC |  | SF |  | 6.35 | % |  | 11.71 | % |  | 12/14/2026 |  | 42 |  |  | 42 |
|  |  |  |  |  |  |  |  |  | 3,842 |  |  | 3,685 |
Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |  |  |
SW Ingredients Holdings, LLC |  | SF |  | 4.75 | % |  | 10.21 | % |  | 7/3/2025 |  | 3,544 |  |  | 3,539 |
|  |  |  |  |  |  |  |  |  | 3,544 |  |  | 3,539 |
Capital Equipment |  |  |  |  |  |  |  |  |  |  |  |
DS Parent, Inc. |  | SF |  | 5.75 | % |  | 11.21 | % |  | 12/8/2028 |  | 2,700 |  |  | 2,706 |
MacQueen Equipment, LLC |  | SF |  | 5.51 | % |  | 10.86 | % |  | 1/7/2028 |  | 2,075 |  |  | 2,075 |
MacQueen Equipment, LLC (Delayed Draw) (d) |  | SF |  | 5.51 | % |  | 10.86 | % |  | 1/7/2028 |  | 591 |  |  | 78 |
MacQueen Equipment, LLC (Revolver) (d) |  | SF |  | 5.51 | % |  | 10.86 | % |  | 1/7/2028 |  | 296 |  |  | — |
|  |  |  |  |  |  |  |  |  | 5,662 |  |  | 4,859 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Phoenix Chemical Holding Company LLC |  | SF |  | 7.11 | % |  | 12.47 | % |  | 8/2/2024 |  | 1,131 |  |  | 1,020 |
TJC Spartech Acquisition Corp. |  | SF |  | 4.75 | % |  | 10.16 | % |  | 5/5/2028 |  | 4,210 |  |  | 4,063 |
|  |  |  |  |  |  |  |  |  | 5,341 |  |  | 5,083 |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) |  | SF |  | 6.65 | % |  | 12.04% (e) |  | 9/30/2027 |  | 798 |  |  | 798 |
Runner Buyer INC. |  | SF |  | 5.61 | % |  | 11.00 | % |  | 10/23/2028 |  | 2,948 |  |  | 2,333 |
|  |  |  |  |  |  |  |  |  | 3,746 |  |  | 3,131 |
Consumer Goods: Non-Durable |  |  |  |  |  |  |  |  |  |  |  |
PH Beauty Holdings III, INC. |  | SF |  | 5.00 | % |  | 10.35 | % |  | 9/26/2025 |  | 2,368 |  |  | 2,253 |
|  |  |  |  |  |  |  |  |  | 2,368 |  |  | 2,253 |
Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |  |  |
Polychem Acquisition, LLC |  | SF |  | 5.11 | % |  | 10.47 | % |  | 3/17/2025 |  | 2,858 |  |  | 2,855 |
PVHC Holding Corp |  | SF |  | 5.65 | % |  | 11.00% Cash/ 0.75% PIK |  | 2/17/2027 |  | 1,895 |  |  | 1,895 |
|  |  |  |  |  |  |  |  |  | 4,753 |  |  | 4,750 |
Energy: Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.47 | % |  | 6/22/2026 |  | 2,249 |  |  | 2,249 |
Offen, Inc. |  | SF |  | 5.11 | % |  | 10.47 | % |  | 6/22/2026 |  | 858 |  |  | 858 |
|  |  |  |  |  |  |  |  |  | 3,107 |  |  | 3,107 |
FIRE: Finance |  |  |  |  |  |  |  |  |  |  |  |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.15 | % |  | 10.50 | % |  | 12/13/2024 |  | 2,854 |  |  | 2,852 |
Harbour Benefit Holdings, Inc. |  | SF |  | 5.10 | % |  | 10.46 | % |  | 12/13/2024 |  | 61 |  |  | 61 |
Minotaur Acquisition, Inc. |  | SF |  | 4.85 | % |  | 10.21 | % |  | 3/27/2026 |  | 4,806 |  |  | 4,814 |
TEAM Public Choices, LLC |  | SF |  | 5.43 | % |  | 10.88 | % |  | 12/17/2027 |  | 2,925 |  |  | 2,908 |
|  |  |  |  |  |  |  |  |  | 10,646 |  |  | 10,635 |
FIRE: Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Avison Young (USA) Inc. (c) |  | SF |  | 6.50 | % |  | 11.97% (e) |  | 1/30/2026 |  | 4,775 |  |  | 1,564 |
|  |  |  |  |  |  |  |  |  | 4,775 |  |  | 1,564 |
Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |  |  |
Cano Health, LLC (e) |  | SF |  | 4.10 | % |  | 9.42% (e) |  | 11/23/2027 |  | 1,950 |  |  | 857 |
HAH Group Holding Company LLC |  | SF |  | 5.00 | % |  | 10.46 | % |  | 10/29/2027 |  | 2,950 |  |  | 2,942 |
LSCS Holdings, Inc. |  | SF |  | 4.61 | % |  | 9.97 | % |  | 12/15/2028 |  | 1,809 |  |  | 1,786 |
Portfolio Company (a) |  | Index (b) |  | Spread(b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
Natus Medical Incorporated |  | SF |  | 5.50 | % |  | 10.85 | % |  | 7/20/2029 |  | 4,950 |  |  | $ | 4,604 |
Paragon Healthcare, Inc. |  | SF |  | 5.85 | % |  | 11.25 | % |  | 1/19/2027 |  | 2,105 |  |  | 2,083 |
Paragon Healthcare, Inc. |  | SF |  | 5.75 | % |  | 11.22 | % |  | 1/19/2027 |  | 363 |  |  | 359 |
Paragon Healthcare, Inc. (Revolver) (d) |  | SF |  | 5.75 | % |  | 11.22 | % |  | 1/19/2027 |  | 490 |  |  | — |
Radiology Partners, Inc. |  | SF |  | 4.68 | % |  | 10.18 | % |  | 7/9/2025 |  | 4,737 |  |  | 3,844 |
|  |  |  |  |  |  |  |  |  | 19,354 |  |  | 16,475 |
High Tech Industries |  |  |  |  |  |  |  |  |  |  |  |
Corel Inc. (c) |  | SF |  | 5.10 | % |  | 10.49 | % |  | 7/2/2026 |  | 3,400 |  |  | 3,323 |
Lightbox Intermediate, L.P. |  | SF |  | 5.26 | % |  | 10.61 | % |  | 5/11/2026 |  | 4,775 |  |  | 4,632 |
TGG TS Acquisition Company |  | SF |  | 6.61 | % |  | 11.97 | % |  | 12/12/2025 |  | 2,885 |  |  | 2,791 |
|  |  |  |  |  |  |  |  |  | 11,060 |  |  | 10,746 |
Hotels, Gaming & Leisure |  |  |  |  |  |  |  |  |  |  |  |
Excel Fitness Holdings, Inc. |  | SF |  | 5.40 | % |  | 10.75 | % |  | 4/27/2029 |  | 4,320 |  |  | 4,308 |
Excel Fitness Holdings, Inc. (Revolver) (d) |  | SF |  | 5.40 | % |  | 10.75 | % |  | 4/28/2028 |  | 625 |  |  | — |
North Haven Spartan US Holdco, LLC |  | SF |  | 6.25 | % |  | 11.63 | % |  | 6/6/2025 |  | 2,250 |  |  | 2,241 |
Tait LLC |  | SF |  | 4.50 | % |  | 10.00 | % |  | 3/28/2025 |  | 4,040 |  |  | 4,026 |
Tait LLC (Revolver) (d) |  | SF |  | 4.50 | % |  | 10.00 | % |  | 3/28/2025 |  | 769 |  |  | — |
|  |  |  |  |  |  |  |  |  | 12,004 |  |  | 10,575 |
Media: Diversified & Production |  |  |  |  |  |  |  |  |  |  |  |
Research Now Group, Inc. and Survey Sampling International, LLC |  | SF |  | 5.76 | % |  | 11.14 | % |  | 12/20/2024 |  | 6,580 |  |  | 4,914 |
STATS Intermediate Holdings, LLC |  | SF |  | 5.51 | % |  | 10.88 | % |  | 7/10/2026 |  | 4,800 |  |  | 4,684 |
TA TT Buyer, LLC |  | SF |  | 5.00 | % |  | 10.35 | % |  | 3/30/2029 |  | 3,292 |  |  | 3,275 |
|  |  |  |  |  |  |  |  |  | 14,672 |  |  | 12,873 |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
CHA Holdings, Inc |  | SF |  | 4.61 | % |  | 9.97 | % |  | 4/10/2025 |  | 1,939 |  |  | 1,908 |
CHA Holdings, Inc |  | SF |  | 4.61 | % |  | 9.97 | % |  | 4/10/2025 |  | 409 |  |  | 402 |
Eliassen Group, LLC |  | SF |  | 5.50 | % |  | 10.85 | % |  | 4/14/2028 |  | 3,218 |  |  | 3,152 |
Eliassen Group, LLC (Delayed Draw) (d) |  | SF |  | 5.50 | % |  | 10.86 | % |  | 4/14/2028 |  | 739 |  |  | 227 |
Engage2Excel, Inc. |  | SF |  | 7.35 | % |  | 12.53 | % |  | 7/1/2024 |  | 3,918 |  |  | 3,918 |
Engage2Excel, Inc. |  | SF |  | 7.35 | % |  | 12.53 | % |  | 7/1/2024 |  | 707 |  |  | 707 |
Engage2Excel, Inc. (Revolver) |  | SF |  | 7.35 | % |  | 12.53 | % |  | 7/1/2024 |  | 550 |  |  | 550 |
Output Services Group, Inc. |  | SF |  | 6.68 | % |  | 12.07% (e) |  | 11/30/2028 |  | 1,042 |  |  | 1,041 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.36 | % |  | 12/29/2028 |  | 1,676 |  |  | 1,676 |
Secretariat Advisors LLC |  | SF |  | 5.01 | % |  | 10.36 | % |  | 12/29/2028 |  | 267 |  |  | 267 |
SIRVA Worldwide Inc. |  | SF |  | 5.76 | % |  | 11.15 | % |  | 8/4/2025 |  | 1,750 |  |  | 1,556 |
Teneo Holdings LLC |  | SF |  | 5.35 | % |  | 10.71 | % |  | 7/11/2025 |  | 4,787 |  |  | 4,791 |
|  |  |  |  |  |  |  |  |  | 21,002 |  |  | 20,195 |
Services: Consumer |  |  |  |  |  |  |  |  |  |  |  |
360Holdco, Inc. |  | SF |  | 5.60 | % |  | 10.96 | % |  | 8/1/2025 |  | 2,124 |  |  | 2,124 |
360Holdco, Inc. |  | SF |  | 5.60 | % |  | 10.96 | % |  | 8/1/2025 |  | 821 |  |  | 821 |
Laseraway Intermediate Holdings II, LLC |  | SF |  | 5.75 | % |  | 11.41 | % |  | 10/14/2027 |  | 2,178 |  |  | 2,153 |
McKissock Investment Holdings, LLC |  | SF |  | 5.00 | % |  | 10.54 | % |  | 3/9/2029 |  | 2,456 |  |  | 2,459 |
|  |  |  |  |  |  |  |  |  | 7,579 |  |  | 7,557 |
Telecommunications |  |  |  |  |  |  |  |  |  |  |  |
Intermedia Holdings, Inc. |  | SF |  | 6.11 | % |  | 11.47 | % |  | 7/21/2025 |  | 1,742 |  |  | 1,687 |
Mavenir Systems, Inc. |  | SF |  | 5.01 | % |  | 10.39 | % |  | 8/18/2028 |  | 1,638 |  |  | 1,159 |
Sandvine Corporation |  | SF |  | 4.50 | % |  | 9.97 | % |  | 10/31/2025 |  | 1,973 |  |  | 1,598 |
|  |  |  |  |  |  |  |  |  | 5,353 |  |  | 4,444 |
Transportation: Cargo |  |  |  |  |  |  |  |  |  |  |  |
Keystone Purchaser, LLC |  | SF |  | 6.18 | % |  | 11.53 | % |  | 5/7/2027 |  | 4,905 |  |  | 4,868 |
|  |  |  |  |  |  |  |  |  | 4,905 |  |  | 4,868 |
Utilities: Oil & Gas |  |  |  |  |  |  |  |  |  |  |  |
Dresser Utility Solutions, LLC |  | SF |  | 4.10 | % |  | 9.46 | % |  | 10/1/2025 |  | 1,660 |  |  | 1,602 |
Dresser Utility Solutions, LLC |  | SF |  | 5.35 | % |  | 10.71 | % |  | 10/1/2025 |  | 243 |  |  | 239 |
|  |  |  |  |  |  |  |  |  | 1,903 |  |  | 1,841 |
Wholesale |  |  |  |  |  |  |  |  |  |  |  |
HALO Buyer, Inc. |  | SF |  | 4.60 | % |  | 9.96 | % |  | 6/30/2025 |  | 4,723 |  |  | 3,570 |
Portfolio Company (a) |  | Index (b) |  | Spread(b) |  | Interest Rate (b) |  | Maturity |  | Principal |  | Fair Value
|  |  |  |  |  |  |  |  |  | 4,723 |  |  | $ | 3,570 |
Total Non-Controlled/Non-Affiliate Senior Secured Loans |  |  |  |  |  |  |  |  |  | 154,006 |  |  | 139,373 |
Equity Securities (f) (g) |  |  |  |  |  |  |  |  |  |  |  |
Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |  |  |
Elevate Textiles, Inc. (fka International Textile Group, Inc.) (25,524 shares of common units) |  | — |  | — |  | — (h) |  | — |  | 26 |  |  | 103 |
|  |  |  |  |  |  |  |  |  | 26 |  |  | 103 |
Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |  |  |
Polyventive Lender Holding Company LLC (0.84% of the equity) |  | — |  | — |  | — (h) |  | — |  | — |  |  | — |
|  |  |  |  |  |  |  |  |  | — |  |  | — |
Services: Business |  |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc. (51,370 Class A units) |  | — |  | — |  | — (h) |  | — |  | 51 |  |  | 438 |
|  |  |  |  |  |  |  |  |  | 51 |  |  | 438 |
Total Non-Controlled/Non-Affiliate Equities |  |  |  |  |  |  |  |  |  | 77 |  |  | 541 |
TOTAL INVESTMENTS |  |  |  |  |  |  |  |  |  |  |  | $ | 139,914 |
________________________________________________________ (a)All investments are U.S. companies unless otherwise noted. (b)The majority of investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “SF”) or Prime (“P”) which reset daily, monthly, quarterly or semiannually. The Company has provided the spread over SOFR or Prime and the current contractual rate of interest in effect at December 31, 2023. Certain investments may be subject to an interest rate floor or cap. Certain investments contain PIK provision. (c)This is an international company. (d)All or a portion of this commitment was unfunded as of December 31, 2023. As such, interest is earned only on the funded portion of this commitment. Principal reflects the commitment outstanding. (e)This position was on non-accrual status as of December 31, 2023, meaning that we have ceased accruing interest income on the position. (f)Represents less than 5% ownership of the portfolio company’s voting securities. (g)Ownership of certain equity investments may occur through a holding company partnership. (h)Represents a non-income producing security. Below is certain summarized financial information for SLF as of March 31, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023:
| March 31, 2024 |  | December 31, 2023
| (unaudited) |  |
Assets |  |  |
Investments, at fair value | $ | 116,439 |  |  | $ | 139,914 |
Cash and cash equivalents | 2,335 |  |  | 1,884 |
Restricted cash and cash equivalents | 4,842 |  |  | 5,265 |
Interest receivable | 1,248 |  |  | 1,380 |
Other assets | — |  |  | 6 |
Total assets | $ | 124,864 |  |  | $ | 148,449 |
Liabilities |  |  |
Revolving credit facility | $ | 58,014 |  |  | $ | 82,014 |
Less: Unamortized deferred financing costs | (518) |  |  | (717) |
Total debt, less unamortized deferred financing costs | 57,496 |  |  | 81,297 |
Interest payable | 446 |  |  | 590 |
Payable for open trades | 592 |  |  | — |
Accounts payable and accrued expenses | 349 |  |  | 320 |
Total liabilities | 58,883 |  |  | 82,207 |
Members’ capital | 65,981 |  |  | 66,242 |
Total liabilities and members’ capital | $ | 124,864 |  |  | $ | 148,449 |
| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (unaudited) |  |
Investment income: |  |  |  |  |  |  |
Interest income | $ | 4,038 |  |  | $ | 5,143 |  |  |  |  |
Total investment income | 4,038 |  |  | 5,143 |  |  |  |  |
Expenses: |  |  |  |  |  |  |
Interest and other debt financing expenses | 1,690 |  |  | 2,352 |  |  |  |  |
Professional fees and other expenses | 227 |  |  | 206 |  |  |  |  |
Total expenses | 1,917 |  |  | 2,558 |  |  |  |  |
Net investment income | 2,121 |  |  | 2,585 |  |  |  |  |
Net gain (loss): |  |  |  |  |  |  |
Net realized gain (loss) | 36 |  |  | (540) |  |  |  |  |
Net change in unrealized gain (loss) | (618) |  |  | 264 |  |  |  |  |
Net gain (loss) | (582) |  |  | (276) |  |  |  |  |
Net increase (decrease) in members’ capital | $ | 1,539 |  |  | $ | 2,309 |  |  |  |  |

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