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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Schedule of Composition of the Company's Investment Portfolio

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		%

Schedule of Summarized Financial Information for SLF

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.

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

Summary of SLF's Portfolio, Followed by a Listing of the Individual Investments in SLF's Portfolio

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.

X

- Definition

Tabular disclosure of summarized financial information for nonconsolidated subsidiary of investment company. Excludes information consolidated by reporting entity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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