Transactions with Affiliate Companies

3 Months Ended

Mar. 31, 2025

Investments in and Advances to Affiliates [Abstract]

An affiliated company is a company in which the Company has an ownership interest of 5% or more of its voting securities. A controlled affiliate company is a company in which the Company has an ownership interest of more than 25% of its voting securities. Please see the Company’s consolidated schedule of investments for the type of investment, principal amount, interest rate including the spread, and the maturity date for each investment. Transactions related to the Company’s investments with affiliates for the three months ended March 31, 2025 and 2024 were as follows:


Portfolio Company	Fair value at December 31, 2024		Transfers in (out) (1)		Purchases (cost)		Sales and paydowns (cost)		PIK interest capitalized (cost)		Discount accretion		Net realized gain (loss)		Net change in unrealized gain (loss)		Fair value at March 31, 2025
Non-controlled affiliate company investment:
BTR Opco LLC	$	1,177	$	—	$	—	$	—	$	—	$	—	$	—	$	120	$	1,297
BTR Opco LLC	—		—		—		—		—		—		—		—		—
BTR Opco LLC (Delayed Draw)	1,131		—		—		—		—		—		—		38		1,169
BTR Opco LLC (659 Class A common units)	—		—		—		—		—		—		—		—		—
	2,308		—		—		—		—		—		—		158		2,466

ClearlyRated Capital, LLC (5,500,000 Class A units)	5,500		—		—		—		—		—		—		—		5,500
	5,500		—		—		—		—		—		—		—		5,500

MC Voyager SPV II LLC ($7,490 of $45,000 equity commitment)	—		—		7,490		—		—		—		—		(150)		7,340
	—		—		7,490		—		—		—		—		(150)		7,340

Nastel Technologies, LLC	3,478		—		—		—		—		4		—		—		3,482
Nastel Technologies, LLC (Revolver)	—		—		—		—		—		—		—		—		—
Nastel Technologies, LLC (3,408 Class A units)	4,611		—		—		—		—		—		—		34		4,645
	8,089		—		—		—		—		4		—		34		8,127

SFR Holdco, LLC	5,593		—		—		—		—		—		—		125		5,718
SFR Holdco, LLC	4,631		—		—		—		—		—		—		110		4,741
SFR Holdco, LLC (13.9% of equity commitments)	4,797		—		—		—		—		—		—		122		4,919
SFR Holdco, LLC (10.5% of equity commitments)	3,597		—		—		—		—		—		—		92		3,689
	18,618		—		—		—		—		—		—		449		19,067

SFR Holdco 2, LLC (Delayed Draw)	2,267		—		1,425		—		—		—		—		48		3,740
SFR Holdco 2, LLC (24.4% of equity commitments)	1,510		—		950		—		—		—		—		32		2,492
	3,777		—		2,375		—		—		—		—		80		6,232

SheerTrans Solutions, LLC	5,261		—		—		(12)		53		7		—		(7)		5,302


Portfolio Company	Fair value at December 31, 2024		Transfers in (out) (1)		Purchases (cost)		Sales and paydowns (cost)		PIK interest capitalized (cost)		Discount accretion		Net realized gain (loss)		Net change in unrealized gain (loss)		Fair value at March 31, 2025
SheerTrans Solutions, LLC	1,503		—		—		(4)		15		2		—		(2)		1,514
SheerTrans Solutions, LLC (Revolver)	998		—		—		—		11		—		—		—		1,009
SheerTrans Solutions, LLC (12,233,889 preferred interests)	11,989		—		—		—		—		—		—		245		12,234
	19,751		—		—		(16)		79		9		—		236		20,059

Summit Professional Education, LLC	10,244		—		—		(26)		—		12		—		94		10,324
Summit Professional Education, LLC (Revolver)	1,145		—		—		(1,145)		—		—		—		—		—
Summit Professional Education, LLC (18,781 Class A units)	16,676		—		2,105		—		—		—		—		—		18,781
	28,065		—		2,105		(1,171)		—		12		—		94		29,105

Triad Financial Services, Inc. ($4,803 of $41,855 equity commitment)	4,803		—		—		—		—		—		—		—		4,803
	4,803		—		—		—		—		—		—		—		4,803

Whistler Parent Holdings III, Inc.	22,772		—		—		—		385		27		—		(1,618)		21,566
Whistler Parent Holdings III, Inc. (Delayed Draw)	1,980		—		414		—		31		—		—		—		2,425
Whistler Parent Holdings III, Inc. (Revolver)	1,539		—		—		—		22		—		—		—		1,561
Whistler Parent Holdings III, Inc. (518,970 Series A preferred stock)	—		—		—		—		—		—		—		—		—
Whistler Parent Holdings III, Inc. (116,083 Series B preferred stock)	—		—		—		—		—		—		—		—		—
	26,291		—		414		—		438		27		—		(1,618)		25,552

YBR OZ ECE, LLC	—		—		1,960		—		—		2		—		(2)		1,960
YBR OZ ECE, LLC (Delayed Draw)	—		—		—		—		—		—		—		—		—
YBR OZ ECE, LLC (Revolver)	—		—		—		—		—		—		—		—		—
YBR OZ ECE, LLC (6,875 Class A units)	—		—		6,875		—		—		—		—		—		6,875
	—		—		8,835		—		—		2		—		(2)		8,835

Zodega Landscaping, LLC	12,431		—		—		(30)		—		27		—		2		12,430
Zodega Landscaping, LLC (Revolver)	992		—		—		—		—		—		—		—		992
Zodega Landscaping, LLC (146,757 preferred interests)	15,130		—		—		—		—		—		—		494		15,624
	28,553		—		—		(30)		—		27		—		496		29,046
Total non-controlled affiliate company investments	$	145,755	$	—	$	21,219	$	(1,217)	$	517	$	81	$	—	$	(223)	$	166,132


Portfolio Company	Fair value at December 31, 2023		Transfers in (out) (1)		Purchases (cost)		Sales and paydowns (cost)		PIK interest capitalized (cost)		Discount accretion		Net realized gain (loss)		Net change in unrealized gain (loss)		Fair value at March 31, 2024
Non-controlled affiliate company investment:
ClearlyRated Capital, LLC (5,500,000 Class A units)	$	5,500	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5,500
	5,500		—		—		—		—		—		—		—		5,500

Nastel Technologies, LLC	3,500		—		—		—		—		3		—		(16)		3,487
Nastel Technologies, LLC (Revolver)	—		—		—		—		—		—		—		—		—
Nastel Technologies, LLC (3,408 Class A units)	4,226		—		—		—		—		—		—		170		4,396
	7,726		—		—		—		—		3		—		154		7,883

Second Avenue SFR Holdings II LLC (Revolver) (2)	3,323		—		—		—		—		—		—		—		3,323
	3,323		—		—		—		—		—		—		—		3,323

SFR Holdco, LLC	6,557		—		—		—		—		—		—		(1,024)		5,533
SFR Holdco, LLC	4,917		—		—		—		—		—		—		(405)		4,512
SFR Holdco, LLC (13.9% of equity commitments)	4,371		—		—		—		—		—		—		75		4,446
SFR Holdco, LLC (10.5% of equity commitments)	3,278		—		—		—		—		—		—		56		3,334
	19,123		—		—		—		—		—		—		(1,298)		17,825

SheerTrans Solutions, LLC	5,101		—		—		(13)		53		5		—		(6)		5,140
SheerTrans Solutions, LLC	—		—		1,436		(3)		7		1		—		27		1,468
SheerTrans Solutions, LLC (Revolver)	959		—		—		—		9		—		—		—		968
SheerTrans Solutions, LLC (9,191,624 preferred interests)	9,192		—		3,042		—		—		—		—		(122)		12,112
	15,252		—		4,478		(16)		69		6		—		(101)		19,688

Zodega Landscaping, LLC	11,969		—		—		(30)		—		21		—		546		12,506
Zodega Landscaping, LLC (Revolver)	—		—		—		—		—		—		—		—		—
Zodega Landscaping, LLC (124,206 preferred interests)	12,421		—		—		—		—		—		—		56		12,477
	24,390		—		—		(30)		—		21		—		602		24,983
Total non-controlled affiliate company investments	$	75,314	$	—	$	4,478	$	(46)	$	69	$	30	$	—	$	(643)	$	79,202

_________________________________________

(1)Transfers in (out) may include increases (decreases) in the cost basis of investments resulting from the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category as a result of a restructuring.

(2)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason.


	For the three months ended March 31,
	2025						2024
Portfolio Company	Interest Income		Dividend Income		Other Income		Interest Income	Dividend Income	Other Income
Non-controlled affiliate company investments:
BTR Opco LLC	$	—	$	—	$	—	$ n/a	$ n/a	$ n/a
BTR Opco LLC	—		—		—		n/a	n/a	n/a
BTR Opco LLC (Delayed Draw)	—		—		—		n/a	n/a	n/a
BTR Opco LLC (Class A units)	—		—		—		n/a	n/a	n/a
	—		—		—		—	—	—

ClearlyRated Capital (Class A units)	—		—		—		—	—	—
	—		—		—		—	—	—

MC Voyager SPV II LLC (Equity commitment)	—		—		—		n/a	n/a	n/a
	—		—		—		—	—	—

Nastel Technologies, LLC	100		—		—		109	—	—
Nastel Technologies, LLC (Revolver)	—		—		—		—	—	—
Nastel Technologies, LLC (Class A units)	—		—		—		—	—	—
	100		—		—		109	—	—

Second Avenue SFR Holdings II LLC (Revolver) (1)	n/a		n/a		n/a		104	—	—
	—		—		—		104	—	—

SFR Holdco, LLC	147		—		—		117	—	—
SFR Holdco, LLC	102		—		—		88	—	—
SFR Holdco, LLC (LLC interest)	—		—		—		—	—	—
SFR Holdco, LLC (LLC interest)	—		—		—		—	—	—
	249		—		—		205	—	—

SFR Holdco 2, LLC (Delayed Draw)	55		—		—		n/a	n/a	n/a
SFR Holdco 2, LLC (LLC interest)	—		—				n/a	n/a	n/a
	55		—		—		—	—	—

SheerTrans Solutions, LLC	171		—		—		179	—	—
SheerTrans Solutions, LLC	48		—		—		26	—	—
SheerTrans Solutions, LLC (Revolver)	32		—		—		33	—	—
SheerTrans Solutions, LLC (Preferred interests)	—		—		—		—	—	—
	251		—		—		238	—	—

Summit Professional Education, LLC	286		—		—		n/a	n/a	n/a
Summit Professional Education, LLC (Revolver)	14		—		—		n/a	n/a	n/a
Summit Professional Education, LLC (Class A units)	—		—		—		n/a	n/a	n/a
	300		—		—		—	—	—


	For the three months ended March 31,
	2025						2024
Portfolio Company	Interest Income		Dividend Income		Other Income		Interest Income		Dividend Income		Other Income

Triad Financial Services, Inc. (Equity commitment)	—		—		—		n/a		n/a		n/a
	—		—		—		—		—		—

Whistler Parent Holdings III, Inc.	767		—		—		n/a		n/a		n/a
Whistler Parent Holdings III, Inc. (Delayed Draw)	60		—		—		n/a		n/a		n/a
Whistler Parent Holdings III, Inc. (Revolver)	44		—		—		n/a		n/a		n/a
Whistler Parent Holdings III, Inc. (Series A preferred stock)	—		—		—		n/a		n/a		n/a
Whistler Parent Holdings III, Inc. (Series B preferred stock)	—		—		—		n/a		n/a		n/a
	871		—		—		—		—		—

YBR OZ ECE, LLC	41		—		—		n/a		n/a		n/a
YBR OZ ECE, LLC (Delayed Draw)	2		—		—		n/a		n/a		n/a
YBR OZ ECE, LLC (Revolver)	—		—		—		n/a		n/a		n/a
YBR OZ ECE, LLC (Class A units)	—		—		—		n/a		n/a		n/a
	43		—		—		—		—		—

Zodega Landscaping, LLC	405		—		—		439		—		—
Zodega Landscaping, LLC (Revolver)	31		—		—		3		—		—
Zodega Landscaping, LLC (Preferred interests)	—		—		—		—		—		—
	436		—		—		442		—		—
Total non-controlled affiliate company investments	$	2,305	$	—	$	—	$	1,098	$	—	$	—

_________________________________________

(1)Second Avenue SFR Holdings II LLC is a related entity to SFR Holdco, LLC and SFR Holdco 2, LLC and is presented as a non-controlled affiliate for that reason.