----

|         |
|---------|
|         |  |
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|         |
|---------|
|         |  |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |
| Maryland                                                      |   | 80-0789789 |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification Number) |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |
| Title of each class                     |   | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share |   | The NASDAQ Global Select Market |

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |
| Large accelerated filer |   | x |    | Accelerated filer |   | ☐ |
|                              |   |   |   |
| Non-accelerated filer             |   | ☐  (Do not check if a smaller reporting company) |    | Smaller reporting company |   | ☐ |

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|                                                                                                            |
|------------------------------------------------------------------------------------------------------------|
|                                                                                                            |  |
| Report of Independent Registered Public Accounting Firm                                                    | 4 |
|                                                                                                       |   |
| Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting       | 5 |
|                                                                                                       |   |
| Consolidated Statements of Assets and Liabilities as of December 31, 2017 and 2016                    | 6 |
|                                                                                                       |   |
| Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015            | 7 |
|                                                                                                       |   |
| Consolidated Statements of Changes in Net Assets for the years ended December 31, 2017, 2016 and 2015 | 8 |
|                                                                                                       |   |
| Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015            | 9 |
|                                                                                                       |   |
| Consolidated Schedules of Investments as of December 31, 2017 and 2016                                | 10 |
|                                                                                                       |   |
| Notes to Consolidated Financial Statements                                                                 | 26 |

----

----

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|                                                                                                                                             |
|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                             |  |  |  |  |  |  |  |
|                                                                                                                                        | December 31, 2017 |   | December 31, 2016 |
| ASSETS                                                                                                                                      |   |   |   |
| Investments, at fair value                                                                                                                  |   |   |   |
| Investments—non-controlled/non-affiliated, at fair value (amortized cost of $1,782,488 and $1,332,596, respectively)                  | $ | 1,779,584 |  |   | $ | 1,323,102 |  |
| Investments—non-controlled/affiliated, at fair value (amortized cost of $16,273 and $0, respectively)                                 | 15,431 |  |   | — |  |
| Investments—controlled/affiliated, at fair value (amortized cost of $172,251 and $97,385, respectively)                               | 172,516 |  |   | 99,657 |  |
| Total investments, at fair value (amortized cost of $1,971,012 and $1,429,981, respectively)                                                | 1,967,531 |  |   | 1,422,759 |  |
| Cash and cash equivalents                                                                                                                   | 32,039 |  |   | 38,489 |  |
| Receivable for investment sold                                                                                                              | 7,022 |  |   | 19,750 |  |
| Deferred financing costs                                                                                                                    | 3,626 |  |   | 3,308 |  |
| Interest receivable from non-controlled/non-affiliated investments                                                                          | 5,066 |  |   | 3,407 |  |
| Interest receivable from non-controlled/affiliated investments                                                                              | 42 |  |   | — |  |
| Interest and dividend receivable from controlled/affiliated investments                                                                     | 5,981 |  |   | 2,400 |  |
| Prepaid expenses and other assets                                                                                                           | 76 |  |   | 42 |  |
| Total assets                                                                                                                                | $ | 2,021,383 |  |   | $ | 1,490,155 |  |
| LIABILITIES                                                                                                                                 |   |   |   |
| Secured borrowings (Note 6)                                                                                                                 | $ | 562,893 |  |   | $ | 421,885 |  |
| 2015-1 Notes payable, net of unamortized debt issuance costs of $1,947 and $2,151, respectively (Note 7)                                    | 271,053 |  |   | 270,849 |  |
| Payable for investments purchased                                                                                                           | 9,469 |  |   | — |  |
| Due to Investment Adviser                                                                                                                   | 69 |  |   | 215 |  |
| Interest and credit facility fees payable (Notes 6 and 7)                                                                                   | 5,353 |  |   | 3,599 |  |
| Base management and incentive fees payable (Note 4)                                                                                         | 13,098 |  |   | 8,157 |  |
| Dividend payable (Note 9)                                                                                                                   | 30,481 |  |   | 20,018 |  |
| Administrative service fees payable (Note 4)                                                                                                | 95 |  |   | 137 |  |
| Other accrued expenses and liabilities                                                                                                      | 1,568 |  |   | 1,158 |  |
| Total liabilities                                                                                                                           | 894,079 |  |   | 726,018 |  |
| Commitments and contingencies (Notes 8 and 11)                                                                                              |   |   |   |
| NET ASSETS                                                                                                                                  |   |   |   |
| Common stock, $0.01 par value; 200,000,000 shares authorized; 62,207,603 shares and 41,702,318 shares, respectively, issued and outstanding | 622 |  |   | 417 |  |
| Paid-in capital in excess of par value                                                                                                      | 1,172,807 |  |   | 799,580 |  |
| Offering costs                                                                                                                              | (1,618 | ) |   | (74 | ) |
| Accumulated net investment income (loss), net of cumulative dividends of $222,254 and $129,065, respectively                                | 2,522 |  |   | (3,207 | ) |
| Accumulated net realized gain (loss)                                                                                                        | (43,548 | ) |   | (25,357 | ) |
| Accumulated net unrealized appreciation (depreciation)                                                                                      | (3,481 | ) |   | (7,222 | ) |
| Total net assets                                                                                                                            | $ | 1,127,304 |  |   | $ | 764,137 |  |
| NET ASSETS PER SHARE                                                                                                                        | $ | 18.12 |  |   | $ | 18.32 |  |

----

|                                                                                                   |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                              | For the years ended December 31, |
|                                                                                              | 2017 |   | 2016 |   | 2015 |
| Investment income:                                                                                |   |   |   |   |   |
| From non-controlled/non-affiliated investments:                                                   |   |   |   |   |   |
| Interest income                                                                                   | $ | 133,807 |  |   | $ | 101,196 |  |   | $ | 68,356 |  |
| Other income                                                                                      | 10,526 |  |   | 6,635 |  |   | 834 |  |
| Total investment income from non-controlled/non-affiliated investments                            | 144,333 |  |   | 107,831 |  |   | 69,190 |  |
| From non-controlled/affiliated investments:                                                       |   |   |   |   |   |
| Interest income                                                                                   | 1,215 |  |   | — |  |   | — |  |
| Total investment income from non-controlled/affiliated investments                                | 1,215 |  |   | — |  |   | — |  |
| From controlled/affiliated investments:                                                           |   |   |   |   |   |
| Interest income                                                                                   | 10,753 |  |   | 1,465 |  |   | — |  |
| Dividend income                                                                                   | 8,700 |  |   | 1,675 |  |   | — |  |
| Total investment income from controlled/affiliated investments                                    | 19,453 |  |   | 3,140 |  |   | — |  |
| Total investment income                                                                           | 165,001 |  |   | 110,971 |  |   | 69,190 |  |
| Expenses:                                                                                         |   |   |   |   |   |
| Base management fees (Note 4)                                                                     | 25,254 |  |   | 18,539 |  |   | 13,361 |  |
| Incentive fees (Note 4)                                                                           | 21,084 |  |   | 14,905 |  |   | 8,881 |  |
| Professional fees                                                                                 | 2,895 |  |   | 2,103 |  |   | 1,845 |  |
| Administrative service fees (Note 4)                                                              | 661 |  |   | 703 |  |   | 595 |  |
| Interest expense (Notes 6 and 7)                                                                  | 24,510 |  |   | 16,462 |  |   | 9,582 |  |
| Credit facility fees (Note 6)                                                                     | 1,983 |  |   | 2,573 |  |   | 1,898 |  |
| Directors’ fees and expenses                                                                | 443 |  |   | 553 |  |   | 419 |  |
| Other general and administrative                                                                  | 1,683 |  |   | 1,616 |  |   | 1,539 |  |
| Total expenses                                                                                    | 78,513 |  |   | 57,454 |  |   | 38,120 |  |
| Waiver of base management fees (Note 4)                                                           | 5,927 |  |   | 6,180 |  |   | 4,454 |  |
| Net expenses                                                                                      | 72,586 |  |   | 51,274 |  |   | 33,666 |  |
| Net investment income (loss) before taxes                                                         | 92,415 |  |   | 59,697 |  |   | 35,524 |  |
| Excise tax expense                                                                                | 264 |  |   | 76 |  |   | — |  |
| Net investment income (loss)                                                                      | 92,151 |  |   | 59,621 |  |   | 35,524 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments: |   |   |   |   |   |
| Net realized gain (loss) from:                                                                    |   |   |   |   |   |
| Non-controlled/non-affiliated investments                                                         | (11,692 | ) |   | (9,644 | ) |   | 1,164 |  |
| Net change in unrealized appreciation (depreciation):                                             |   |   |   |   |   |
| Non-controlled/non-affiliated investments                                                         | 6,590 |  |   | 17,560 |  |   | (18,015 | ) |
| Non-controlled/affiliated investments                                                             | (842 | ) |   | — |  |   | — |  |
| Controlled/affiliated investments                                                                 | (2,007 | ) |   | 2,272 |  |   | — |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments  | (7,951 | ) |   | 10,188 |  |   | (16,851 | ) |
| Net increase (decrease) in net assets resulting from operations                                   | $ | 84,200 |  |   | $ | 69,809 |  |   | $ | 18,673 |  |
| Basic and diluted earnings per common share (Note 9)                                              | $ | 1.59 |  |   | $ | 1.93 |  |   | $ | 0.75 |  |
| Weighted-average shares of common stock outstanding—Basic and Diluted (Note 9)              | 52,997,450 |  |   | 36,152,390 |  |   | 24,830,200 |  |
| Dividends declared per common share (Note 9)                                                      | $ | 1.64 |  |   | $ | 1.68 |  |   | $ | 1.74 |  |

----

|                                                                                 |
|---------------------------------------------------------------------------------|
|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            | For the years ended December 31, |
|                                                                            | 2017 |   | 2016 |   | 2015 |
| Increase (decrease) in net assets resulting from operations:                    |   |   |   |   |   |
| Net investment income (loss)                                                    | $ | 92,151 |  |   | $ | 59,621 |  |   | $ | 35,524 |  |
| Net realized gain (loss) on investments                                         | (11,692 | ) |   | (9,644 | ) |   | 1,164 |  |
| Net change in unrealized appreciation (depreciation) on investments             | 3,741 |  |   | 19,832 |  |   | (18,015 | ) |
| Net increase (decrease) in net assets resulting from operations                 | 84,200 |  |   | 69,809 |  |   | 18,673 |  |
| Capital transactions:                                                           |   |   |   |   |   |
| Common stock issued, net of offering and underwriting costs                     | 365,475 |  |   | 185,537 |  |   | 262,354 |  |
| Reinvestment of dividends                                                       | 6,681 |  |   | 279 |  |   | 131 |  |
| Dividends declared (Note 12)                                                    | (93,189 | ) |   | (63,214 | ) |   | (47,689 | ) |
| Net increase (decrease) in net assets resulting from capital share transactions | 278,967 |  |   | 122,602 |  |   | 214,796 |  |
| Net increase (decrease) in net assets                                           | 363,167 |  |   | 192,411 |  |   | 233,469 |  |
| Net assets at beginning of year                                                 | 764,137 |  |   | 571,726 |  |   | 338,257 |  |
| Net assets at end of year                                                       | $ | 1,127,304 |  |   | $ | 764,137 |  |   | $ | 571,726 |  |

----

|                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                             | For the years ended December 31, |
|                                                                                                                                             | 2017 |   | 2016 |   | 2015 |
| Cash flows from operating activities:                                                                                                            |   |   |   |   |   |
| Net increase (decrease) in net assets resulting from operations                                                                                  | $ | 84,200 |  |   | $ | 69,809 |  |   | $ | 18,673 |  |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |   |   |   |   |   |
| Amortization of deferred financing costs                                                                                                         | 949 |  |   | 1,417 |  |   | 1,051 |  |
| Net accretion of discount on investments                                                                                                         | (11,747 | ) |   | (5,605 | ) |   | (3,035 | ) |
| Paid-in-kind interest                                                                                                                            | (1,057 | ) |   | — |  |   | — |  |
| Net realized (gain) loss on investments                                                                                                          | 11,692 |  |   | 9,644 |  |   | (1,164 | ) |
| Net change in unrealized (appreciation) depreciation on investments                                                                              | (3,741 | ) |   | (19,832 | ) |   | 18,015 |  |
| Cost of investments purchased and change in payable for investments purchased                                                                    | (1,280,124 | ) |   | (755,654 | ) |   | (653,154 | ) |
| Proceeds from sales and repayments of investments and change in receivable for investments sold                                                  | 812,576 |  |   | 383,591 |  |   | 228,004 |  |
| Changes in operating assets:                                                                                                                     |   |   |   |   |   |
| Interest receivable                                                                                                                              | (3,767 | ) |   | (1,203 | ) |   | 1,233 |  |
| Dividend receivable                                                                                                                              | (1,515 | ) |   | (1,325 | ) |   | — |  |
| Prepaid expenses and other assets                                                                                                                | (34 | ) |   | 344 |  |   | (229 | ) |
| Changes in operating liabilities:                                                                                                                |   |   |   |   |   |
| Due to Investment Adviser                                                                                                                        | (146 | ) |   | 26 |  |   | 148 |  |
| Interest and credit facility fees payable                                                                                                        | 1,754 |  |   | 1,022 |  |   | 1,384 |  |
| Base management and incentive fees payable                                                                                                       | 4,941 |  |   | 2,880 |  |   | (1,042 | ) |
| Administrative service fees payable                                                                                                              | (42 | ) |   | 40 |  |   | 6 |  |
| Other accrued expenses and liabilities                                                                                                           | 410 |  |   | 233 |  |   | 165 |  |
| Net cash provided by (used in) operating activities                                                                                              | (385,651 | ) |   | (314,613 | ) |   | (389,945 | ) |
| Cash flows from financing activities:                                                                                                            |   |   |   |   |   |
| Proceeds from issuance of common stock, net of offering and underwriting costs                                                                   | 357,429 |  |   | 185,537 |  |   | 262,354 |  |
| Borrowings on SPV Credit Facility and Credit Facility                                                                                            | 816,216 |  |   | 566,351 |  |   | 402,200 |  |
| Repayments of SPV Credit Facility and Credit Facility                                                                                            | (675,208 | ) |   | (378,779 | ) |   | (476,328 | ) |
| Repayments of debt assumed from NFIC Acquisition                                                                                                 | (42,128 | ) |   | — |  |   | — |  |
| Proceeds from issuance of 2015-1 Notes                                                                                                           | — |  |   | — |  |   | 273,000 |  |
| Debt issuance costs paid                                                                                                                         | (1,063 | ) |   | (643 | ) |   | (2,648 | ) |
| Dividends paid in cash                                                                                                                           | (76,045 | ) |   | (61,201 | ) |   | (35,550 | ) |
| Net cash provided by (used in) financing activities                                                                                              | 379,201 |  |   | 311,265 |  |   | 423,028 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                             | (6,450 | ) |   | (3,348 | ) |   | 33,083 |  |
| Cash and cash equivalents, beginning of year                                                                                                     | 38,489 |  |   | 41,837 |  |   | 8,754 |  |
| Cash and cash equivalents, end of year                                                                                                           | $ | 32,039 |  |   | $ | 38,489 |  |   | $ | 41,837 |  |
| Supplemental disclosures:                                                                                                                        |   |   |   |   |   |
| Offering expenses and debt issuance costs due                                                                                                    | $ | — |  |   | $ | — |  |   | $ | 1 |  |
| Interest paid during the year                                                                                                                    | $ | 22,519 |  |   | $ | 15,267 |  |   | $ | 8,083 |  |
| Taxes, including excise tax, paid during year                                                                                                    | $ | 179 |  |   | $ | 79 |  |   | $ | 50 |  |
| Dividends declared during the year                                                                                                               | $ | 93,189 |  |   | $ | 63,214 |  |   | $ | 47,689 |  |
| Reinvestment of dividends                                                                                                                        | $ | 6,681 |  |   | $ | 279 |  |   | $ | 131 |  |
| Cost of investments received in the NFIC Acquisition from shares issued (Note 13)                                                                | $ | (8,046 | ) |   | $ | — |  |   | $ | — |  |
| Shares issued in consideration of NFIC Acquisition (Note 13)                                                                                     | $ | 8,046 |  |   | $ | — |  |   | $ | — |  |
| Debt assumed from NFIC Acquisition (Note 13)                                                                                                     | $ | 42,128 |  |   | $ | — |  |   | $ | — |  |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                         | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value(7) |   | Percentage of Net Assets |
| First Lien Debt (77.04%)                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC (2)(3)(4)(13)(16)                                           | Business Services |   | L + 5.00% (1.00% Floor) |   | 10/17/2021 |   | $ | 18,149 |  |   | $ | 18,054 |  |   | $ | 18,263 |  |   | 1.62 | % |
| Achilles Acquisition LLC (2)(3)(4)(5)(13)(15)                               | Banking, Finance, Insurance & Real Estate |   | L + 6.00% (1.00% Floor) |   | 6/6/2023 |   | 40,910 |  |   | 39,931 |  |   | 40,523 |  |   | 3.59 |  |
| Advanced Instruments, LLC (2)(3)(4)(5)(13)(15)(16)                          | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 10,421 |  |   | 10,227 |  |   | 10,421 |  |   | 0.92 |  |
| Alpha Packaging Holdings, Inc. (2)(3)(4)(13)                                | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 2,896 |  |   | 2,894 |  |   | 2,896 |  |   | 0.26 |  |
| AMS Group HoldCo, LLC (2)(3)(4)(5)(13)(15)                                  | Transportation: Cargo |   | L + 6.00% (1.00% Floor) |   | 9/29/2023 |   | 29,925 |  |   | 29,254 |  |   | 29,925 |  |   | 2.65 |  |
| Anaren, Inc. (2)(3)(4)(13)                                                  | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 3,802 |  |   | 3,789 |  |   | 3,809 |  |   | 0.34 |  |
| Audax AAMP Holdings, Inc. (2)(3)(5)                                         | Durable Consumer Goods |   | L + 7.50% (1.00% Floor) |   | 1/31/2018 |   | 12,487 |  |   | 12,459 |  |   | 12,362 |  |   | 1.10 |  |
| BeyondTrust Software, Inc. (2)(3)(4)(5)(13)                                 | Software |   | L + 6.25% (1.00% Floor) |   | 11/21/2023 |   | 17,000 |  |   | 16,758 |  |   | 16,910 |  |   | 1.50 |  |
| Brooks Equipment Company, LLC (2)(3)(4)(13)                                 | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 2,546 |  |   | 2,535 |  |   | 2,546 |  |   | 0.23 |  |
| Capstone Logistics Acquisition, Inc. (2)(3)(4)(13)(16)                      | Transportation: Cargo |   | L + 4.50% (1.00% Floor) |   | 10/7/2021 |   | 19,198 |  |   | 19,081 |  |   | 18,895 |  |   | 1.68 |  |
| Captive Resources Midco, LLC (2)(3)(4)(5)(13)(15)(16)                       | Banking, Finance, Insurance & Real Estate |   | L + 6.00% (1.00% Floor) |   | 12/18/2021 |   | 30,900 |  |   | 30,635 |  |   | 30,783 |  |   | 2.73 |  |
| Central Security Group, Inc. (2)(3)(4)(13)(16)                              | Consumer Services |   | L + 5.63% (1.00% Floor) |   | 10/6/2021 |   | 39,007 |  |   | 38,668 |  |   | 38,941 |  |   | 3.45 |  |
| CIP Revolution Holdings, LLC (2)(3)(4)(5)(13)(15)                           | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 8/19/2021 |   | 19,048 |  |   | 18,917 |  |   | 18,993 |  |   | 1.68 |  |
| Colony Hardware Corporation (2)(3)(4)(13)                                   | Construction & Building |   | L + 6.00% (1.00% Floor) |   | 10/23/2021 |   | 22,071 |  |   | 21,838 |  |   | 22,049 |  |   | 1.96 |  |
| Continuum Managed Services Holdco, LLC (2)(3)(4)(5)(13)(15)(16)             | High Tech Industries |   | L + 8.75% (1.00% Floor) |   | 6/8/2023 |   | 22,885 |  |   | 22,208 |  |   | 23,237 |  |   | 2.06 |  |
| Dade Paper & Bag, LLC (2)(3)(4)(5)(16)                                  | Forest Products & Paper |   | L + 7.50% (1.00% Floor) |   | 6/10/2024 |   | 49,750 |  |   | 48,822 |  |   | 49,884 |  |   | 4.42 |  |
| Datto, Inc. (2)(3)(5)(15)(16)                                               | High Tech Industries |   | L + 8.00% (1.00% Floor) |   | 12/7/2022 |   | 35,622 |  |   | 35,082 |  |   | 35,818 |  |   | 3.18 |  |
| Dent Wizard International Corporation (2)(3)(4)(16)                         | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 895 |  |   | 893 |  |   | 894 |  |   | 0.08 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) (2)(3)(4)(5)(13)(15) | Healthcare & Pharmaceuticals |   | L + 6.50% (1.00% Floor) |   | 5/31/2022 |   | 50,658 |  |   | 50,104 |  |   | 50,441 |  |   | 4.47 |  |
| DermaRite Industries, LLC (2)(3)(5)(13)(15)(16)                             | Healthcare & Pharmaceuticals |   | L + 7.00% (1.00% Floor) |   | 3/3/2022 |   | 20,003 |  |   | 19,729 |  |   | 19,850 |  |   | 1.76 |  |
| Dimensional Dental Management, LLC (2)(3)(5)(12)(15)(16)                    | Healthcare & Pharmaceuticals |   | L + 6.75% (1.00% Floor) |   | 2/12/2021 |   | 33,674 |  |   | 33,038 |  |   | 33,514 |  |   | 2.97 |  |
| Direct Travel, Inc. (2)(3)(4)(5)(13)(15)                                    | Hotel, Gaming & Leisure |   | L + 6.50% (1.00% Floor) |   | 12/1/2021 |   | 29,623 |  |   | 29,136 |  |   | 29,708 |  |   | 2.64 |  |
| EIP Merger Sub, LLC (Evolve IP) (2)(3)(5)(12)(13)(16)                       | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 27,284 |  |   | 26,618 |  |   | 26,738 |  |   | 2.37 |  |
| Emergency Communications Network, LLC (2)(3)(4)(5)(13)(16)                  | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/1/2023 |   | 24,875 |  |   | 24,669 |  |   | 24,850 |  |   | 2.20 |  |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value(7) |   | Percentage of Net Assets |
| First Lien Debt (77.04%) (continued)                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| EP Minerals, LLC (2)(3)(4)(13)                                | Metals & Mining |   | L + 4.50% (1.00% Floor) |   | 8/20/2020 |   | $ | 7,920 |  |   | $ | 7,901 |  |   | $ | 7,931 |  |   | 0.70 | % |
| FCX Holdings Corp. (2)(3)(4)(13)(16)                               | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 3,820 |  |   | 3,823 |  |   | 3,824 |  |   | 0.34 |  |
| Frontline Technologies Holdings, LLC (2)(3)(5)(15)                 | Software |   | L + 6.50% (1.00% Floor) |   | 9/18/2023 |   | 39,197 |  |   | 38,757 |  |   | 39,159 |  |   | 3.47 |  |
| FWR Holding Corporation (2)(3)(4)(5)(13)(15)                       | Beverage, Food & Tobacco |   | L + 6.00% (1.00% Floor) |   | 8/21/2023 |   | 36,692 |  |   | 35,525 |  |   | 36,098 |  |   | 3.20 |  |
| Global Franchise Group, LLC (2)(3)(4)(5)(13)(15)                   | Beverage, Food & Tobacco |   | L + 5.75% (1.00% Floor) |   | 12/18/2019 |   | 14,468 |  |   | 14,345 |  |   | 14,468 |  |   | 1.28 |  |
| Global Software, LLC(2)(3)(4)(13)(16)                              | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 5/2/2022 |   | 20,800 |  |   | 20,501 |  |   | 20,774 |  |   | 1.84 |  |
| Green Energy Partners/Stonewall LLC(2)(3)(4)(13)                   | Energy: Electricity |   | L + 5.50% (1.00% Floor) |   | 11/13/2021 |   | 19,950 |  |   | 19,621 |  |   | 19,334 |  |   | 1.71 |  |
| Hummel Station LLC (2)(3)(5)(13)(16)                               | Energy: Electricity |   | L + 6.00% (1.00% Floor) |   | 10/27/2022 |   | 15,000 |  |   | 14,375 |  |   | 13,905 |  |   | 1.23 |  |
| Hydrofarm, LLC (2)(5)(13)(16)                                      | Wholesale |   | L + 7.00% |   | 5/12/2022 |   | 18,763 |  |   | 18,640 |  |   | 18,241 |  |   | 1.62 |  |
| Indra Holdings Corp. (Totes Isotoner) (2)(3)(5)(13)                | Non-durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 5/1/2021 |   | 18,965 |  |   | 17,224 |  |   | 11,222 |  |   | 1.00 |  |
| Legacy.com Inc. (2)(3)(5)(12)                                      | High Tech Industries |   | L + 6.00% (1.00% Floor) |   | 3/20/2023 |   | 17,000 |  |   | 16,653 |  |   | 17,558 |  |   | 1.56 |  |
| Metrogistics LLC (2)(3)(4)(13)                                     | Transportation: Cargo |   | L + 6.50% (1.00% Floor) |   | 9/30/2022 |   | 17,978 |  |   | 17,774 |  |   | 17,921 |  |   | 1.59 |  |
| Moxie Liberty LLC (2)(3)(5)(13)                                    | Energy: Electricity |   | L + 6.50% (1.00% Floor) |   | 8/21/2020 |   | 9,975 |  |   | 9,008 |  |   | 9,148 |  |   | 0.81 |  |
| National Technical Systems, Inc. (2)(3)(4)(5)(13)(15)(16)          | Aerospace & Defense |   | L + 6.25% (1.00% Floor) |   | 6/12/2021 |   | 26,351 |  |   | 26,072 |  |   | 24,817 |  |   | 2.20 |  |
| NES Global Talent Finance US LLC (United Kingdom) (2)(3)(4)(8)(13) | Energy: Oil & Gas |   | L + 5.50% (1.00% Floor) |   | 10/3/2019 |   | 13,600 |  |   | 13,439 |  |   | 13,369 |  |   | 1.19 |  |
| NMI AcquisitionCo, Inc. (2)(3)(4)(5)(15)                           | High Tech Industries |   | L + 6.75% (1.00% Floor) |   | 9/6/2022 |   | 51,091 |  |   | 50,112 |  |   | 50,944 |  |   | 4.52 |  |
| OnCourse Learning Corporation (2)(3)(4)(5)(13)(15)                 | Consumer Services |   | L + 6.50% (1.00% Floor) |   | 9/12/2021 |   | 35,905 |  |   | 35,513 |  |   | 35,740 |  |   | 3.17 |  |
| Payment Alliance International, Inc. (2)(3)(5)(12)(16)             | Business Services |   | L + 6.05% (1.00% Floor) |   | 9/15/2021 |   | 26,544 |  |   | 25,983 |  |   | 26,464 |  |   | 2.35 |  |
| Pelican Products, Inc. (2)(3)(4)(13)                               | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 4/11/2020 |   | 3,585 |  |   | 3,589 |  |   | 3,581 |  |   | 0.32 |  |
| Plano Molding Company, LLC(2)(3)(4)(5)(16)                         | Hotel, Gaming & Leisure |   | L + 7.50% (1.00% Floor) |   | 5/12/2021 |   | 19,523 |  |   | 19,263 |  |   | 16,934 |  |   | 1.50 |  |
| PMG Acquisition Corporation (2)(3)(4)(5)(13)(15)                   | Healthcare & Pharmaceuticals |   | L + 6.25% (1.00% Floor) |   | 5/22/2022 |   | 27,025 |  |   | 26,649 |  |   | 27,161 |  |   | 2.41 |  |
| PPT Management Holdings, LLC(2)(3)(4)(5)(13)                       | Healthcare & Pharmaceuticals |   | L + 6.00% (1.00% Floor) |   | 12/16/2022 |   | 24,750 |  |   | 24,572 |  |   | 23,443 |  |   | 2.08 |  |
| Prime Risk Partners, Inc. (2)(3)(5)(15)                            | Banking, Finance, Insurance & Real Estate |   | L + 5.75% (1.00% Floor) |   | 8/13/2023 |   | 1,639 |  |   | 1,594 |  |   | 1,650 |  |   | 0.15 |  |
| Prime Risk Partners, Inc. (2)(3)(5)(12)(15)                        | Banking, Finance, Insurance & Real Estate |   | L + 5.75% (1.00% Floor) |   | 8/13/2023 |   | 20,521 |  |   | 19,959 |  |   | 21,032 |  |   | 1.87 |  |
| Product Quest Manufacturing, LLC(2)(3)(5)(10)(12)                  | Containers, Packaging & Glass |   | L + 6.75% (1.00% Floor) |   | 9/9/2020 |   | 33,000 |  |   | 32,270 |  |   | 19,487 |  |   | 1.73 |  |
| Product Quest Manufacturing, LLC (2)(3)(5)(15)(16)                 | Containers, Packaging & Glass |   | L + 6.75% (3.25% Floor) |   | 3/31/2019 |   | 2,729 |  |   | 2,729 |  |   | 2,729 |  |   | 0.24 |  |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                        | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value(7) |   | Percentage of Net Assets |
| First Lien Debt (77.04%) (continued)                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2)(3)(4)(13) | Wholesale |   | L + 4.50% (1.00% Floor) |   | 1/28/2020 |   | $ | 14,910 |  |   | $ | 14,285 |  |   | $ | 14,133 |  |   | 1.25 | % |
| QW Holding Corporation (Quala) (2)(3)(4)(5)(13)                            | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 36,549 |  |   | 35,772 |  |   | 35,715 |  |   | 3.17 |  |
| Reliant Pro Rehab, LLC (2)(3)(5)(12)                                       | Healthcare & Pharmaceuticals |   | L + 10.00% (1.00% Floor) |   | 12/28/2018 |   | 24,563 |  |   | 24,544 |  |   | 24,563 |  |   | 2.18 |  |
| Smile Doctors, LLC (2)(3)(5)(13)(15)                                       | Healthcare & Pharmaceuticals |   | L + 5.75% (1.00% Floor) |   | 10/6/2022 |   | 9,059 |  |   | 8,930 |  |   | 9,011 |  |   | 0.80 |  |
| SolAero Technologies Corp.(2)(3)(4)(5)(16)                                 | Telecommunications |   | L + 5.25% (1.00% Floor) |   | 12/10/2020 |   | 24,828 |  |   | 24,221 |  |   | 23,416 |  |   | 2.08 |  |
| Superior Health Linens, LLC (2)(3)(4)(5)(13)(15)(16)                  | Business Services |   | L + 6.50% (1.00% Floor) |   | 9/30/2021 |   | 21,061 |  |   | 20,788 |  |   | 21,026 |  |   | 1.87 |  |
| Surgical Information Systems, LLC (2)(3)(4)(5)(12)(13)(16)                 | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 4/24/2023 |   | 30,000 |  |   | 29,728 |  |   | 30,075 |  |   | 2.67 |  |
| T2 Systems Canada, Inc.(2)(3)(4)(16)                                       | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 4,009 |  |   | 3,926 |  |   | 3,950 |  |   | 0.35 |  |
| T2 Systems, Inc. (2)(3)(4)(5)(13)(15)(16)                                  | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 32,649 |  |   | 31,956 |  |   | 32,146 |  |   | 2.85 |  |
| The Hilb Group, LLC (2)(3)(5)(12)(15)                                      | Banking, Finance, Insurance & Real Estate |   | L + 6.00% (1.00% Floor) |   | 6/24/2021 |   | 38,622 |  |   | 38,132 |  |   | 38,204 |  |   | 3.39 |  |
| The SI Organization, Inc.(2)(3)(4)(5)(13)                                  | Aerospace & Defense |   | L + 4.75% (1.00% Floor) |   | 11/23/2019 |   | 14,300 |  |   | 14,310 |  |   | 14,419 |  |   | 1.28 |  |
| The Topps Company, Inc. (2)(3)(4)(13)                                      | Non-durable Consumer Goods |   | L + 6.00% (1.25% Floor) |   | 10/2/2020 |   | 23,130 |  |   | 22,970 |  |   | 22,991 |  |   | 2.04 |  |
| TruckPro, LLC (2)(3)(4)(13)                                                | Automotive |   | L + 5.00% (1.00% Floor) |   | 8/6/2018 |   | 8,860 |  |   | 8,850 |  |   | 8,831 |  |   | 0.78 |  |
| Tweddle Group, Inc. (2)(3)(4)(13)                                          | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 10/24/2022 |   | 7,356 |  |   | 7,266 |  |   | 7,264 |  |   | 0.64 |  |
| Vetcor Professional Practices, LLC (2)(3)(4)(5)(13)(15)               | Consumer Services |   | L + 6.25% (1.00% Floor) |   | 4/20/2021 |   | 38,868 |  |   | 38,502 |  |   | 38,725 |  |   | 3.43 |  |
| Vistage Worldwide, Inc. (2)(3)(4)(13)(16)                                  | Business Services |   | L + 5.50% (1.00% Floor) |   | 8/19/2021 |   | 32,916 |  |   | 32,753 |  |   | 32,916 |  |   | 2.92 |  |
| VRC Companies, LLC (2)(3)(4)(5)(13)(15)(16)                                | Business Services |   | L + 6.50% (1.00% Floor) |   | 3/31/2023 |   | 38,600 |  |   | 37,873 |  |   | 38,541 |  |   | 3.42 |  |
| W/S Packaging Group Inc. (2)(3)(4)(16)                                     | Containers, Packaging & Glass |   | L + 5.00% (1.00% Floor) |   | 8/9/2019 |   | 4,004 |  |   | 3,887 |  |   | 3,789 |  |   | 0.34 |  |
| Watchfire Enterprises, Inc. (2)(3)(13)                                     | Media: Advertising, Printing & Publishing |   | L + 4.25% (1.00% Floor) |   | 10/2/2020 |   | 1,362 |  |   | 1,351 |  |   | 1,362 |  |   | 0.12 |  |
| Winchester Electronics Corporation (2)(3)(4)(5)(13)                   | Capital Equipment |   | L + 6.50% (1.00% Floor) |   | 6/30/2022 |   | 36,547 |  |   | 36,292 |  |   | 36,933 |  |   | 3.28 |  |
| Zenith Merger Sub, Inc. (2)(3)(4)(5)(13)(15)                               | Business Services |   | L + 5.50% (1.00% Floor) |   | 12/12/2023 |   | 15,290 |  |   | 15,069 |  |   | 15,198 |  |   | 1.35 |  |
| Zest Holdings, LLC (2)(3)(4)(13)(16)                                       | Durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 8/16/2023 |   | 3,431 |  |   | 3,423 |  |   | 3,453 |  |   | 0.31 |  |
| First Lien Debt Total                                                      |   |   |   |   |   |   |   |   | $ | 1,526,058 |  |   | $ | 1,515,845 |  |   | 134.46 | % |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Second Lien Debt (12.51%)                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AIM Group USA Inc. (2)(3)(4)(5)(13)                                        | Aerospace & Defense |   | L + 9.00% (1.00% Floor) |   | 8/2/2022 |   | $ | 23,000 |  |   | $ | 22,737 |  |   | $ | 23,230 |  |   | 2.06 | % |
| AmeriLife Group, LLC (2)(3)(5)(13)(16)                                     | Banking, Finance, Insurance & Real Estate |   | L + 8.75% (1.00% Floor) |   | 1/10/2023 |   | 22,000 |  |   | 21,647 |  |   | 21,817 |  |   | 1.94 |  |

----

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                              | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value(7) |   | Percentage of Net Assets |
| Second Lien Debt (12.51%) (continued)                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Argon Medical Devices, Inc.(2)(3)(4)(5)(16)                                      | Healthcare & Pharmaceuticals |   | L + 9.50% (1.00% Floor) |   | 6/23/2022 |   | $ | 25,000 |  |   | $ | 24,447 |  |   | $ | 25,000 |  |   | 2.22 | % |
| Argon Medical Devices Holdings, Inc.(2)(3)(5)(16)                                | Healthcare & Pharmaceuticals |   | L + 8.00% (1.00% Floor) |   | 1/23/2026 |   | 7,500 |  |   | 7,465 |  |   | 7,515 |  |   | 0.67 |  |
| Berlin Packaging L.L.C. (2)(3)(13)(16)                                           | Containers, Packaging & Glass |   | L + 6.75% (1.00% Floor) |   | 10/1/2022 |   | 1,146 |  |   | 1,140 |  |   | 1,153 |  |   | 0.10 |  |
| Confie Seguros Holding II Co.(2)(3)(5)(13)                                       | Banking, Finance, Insurance & Real Estate |   | L + 9.50% (1.25% Floor) |   | 5/8/2019 |   | 9,000 |  |   | 8,959 |  |   | 8,715 |  |   | 0.77 |  |
| Drew Marine Group Inc.(2)(3)(4)(5)(13)(16)                                       | Chemicals, Plastics & Rubber |   | L + 7.00% (1.00% Floor) |   | 5/19/2021 |   | 12,500 |  |   | 12,484 |  |   | 12,456 |  |   | 1.10 |  |
| Genex Holdings, Inc. (2)(3)(5)(16)                                               | Banking, Finance, Insurance & Real Estate |   | L + 7.75% (1.00% Floor) |   | 5/30/2022 |   | 8,990 |  |   | 8,915 |  |   | 8,924 |  |   | 0.79 |  |
| Paradigm Acquisition Corp. (2)(3)(5)(17)                                         | Business Services |   | L + 8.50% (1.00% Floor) |   | 10/12/2025 |   | 9,600 |  |   | 9,507 |  |   | 9,584 |  |   | 0.85 |  |
| Pathway Partners Vet Management Company LLC (2)(3)(5)(15)(16)                    | Consumer Services |   | L + 8.00% (1.00% Floor) |   | 10/10/2025 |   | 7,751 |  |   | 7,644 |  |   | 7,741 |  |   | 0.69 |  |
| Pexco LLC (2)(3)(5)(16)                                                          | Chemicals, Plastics & Rubber |   | L + 8.00% (1.00% Floor) |   | 5/8/2025 |   | 20,000 |  |   | 19,818 |  |   | 20,362 |  |   | 1.81 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2)(3)(5) | Wholesale |   | L + 8.50% (1.00% Floor) |   | 7/28/2020 |   | 3,000 |  |   | 2,967 |  |   | 2,485 |  |   | 0.22 |  |
| Q International Courier, LLC (2)(3)(5)(16)                                       | Transportation: Cargo |   | L + 8.25% (1.00% Floor) |   | 9/19/2025 |   | 18,750 |  |   | 18,384 |  |   | 18,621 |  |   | 1.65 |  |
| Reladyne, Inc. (2)(3)(4)(13)                                                     | Wholesale |   | L + 9.50% (1.00% Floor) |   | 1/21/2023 |   | 5,000 |  |   | 4,884 |  |   | 4,929 |  |   | 0.44 |  |
| Rough Country, LLC (2)(3)(5)(13)(16)                                             | Durable Consumer Goods |   | L + 8.50% (1.00% Floor) |   | 11/25/2023 |   | 42,500 |  |   | 41,311 |  |   | 42,802 |  |   | 3.80 |  |
| Santa Cruz Holdco, Inc. (2)(3)(5)                                                | Non-durable Consumer Goods |   | L + 8.25% (1.00% Floor) |   | 12/13/2024 |   | 17,138 |  |   | 16,967 |  |   | 17,079 |  |   | 1.51 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC) (2)(3)(13)                 | Sovereign & Public Finance |   | L + 8.50% (1.00% Floor) |   | 1/31/2025 |   | 1,800 |  |   | 1,784 |  |   | 1,820 |  |   | 0.16 |  |
| Watchfire Enterprises, Inc.(2)(3)(5)                                             | Media: Advertising, Printing & Publishing |   | L + 8.00% (1.00% Floor) |   | 10/2/2021 |   | 7,000 |  |   | 6,941 |  |   | 7,000 |  |   | 0.62 |  |
| Zywave, Inc. (2)(3)(5)                                                           | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 4,950 |  |   | 4,886 |  |   | 5,000 |  |   | 0.44 |  |
| Second Lien Debt Total                                                           |   |   |   |   |   |   |   |   | $ | 242,887 |  |   | $ | 246,233 |  |   | 21.84 | % |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1) | Industry |   | Shares/ Units |   | Cost |   | Fair Value(7) |   | Percentage of Net Assets |
| Equity Investments (0.89%) (5)                           |   |   |   |   |   |   |   |   |   |
| CIP Revolution Holdings, LLC                             | Media: Advertising, Printing & Publishing |   | 30,000 |  |   | $ | 300 |  |   | $ | 369 |  |   | 0.03 | % |
| Dade Paper & Bag, LLC                                | Forest Products & Paper |   | 1,500,000 |  |   | 1,500 |  |   | 2,140 |  |   | 0.19 |  |
| DecoPac, Inc.                                            | Non-durable Consumer Goods |   | 1,500,000 |  |   | 1,500 |  |   | 1,500 |  |   | 0.13 |  |
| Derm Growth Partners III, LLC (Dermatology Associates)   | Healthcare & Pharmaceuticals |   | 1,000,000 |  |   | 1,000 |  |   | 1,796 |  |   | 0.16 |  |
| GS Holdco LLC (Global Software, LLC)                     | High Tech Industries |   | 1,000,000 |  |   | 1,001 |  |   | 1,550 |  |   | 0.14 |  |
| Legacy.com Inc.                                          | High Tech Industries |   | 1,500,000 |  |   | 1,500 |  |   | 1,739 |  |   | 0.15 |  |
| Power Stop Intermediate Holdings, LLC                    | Automotive |   | 7,150 |  |   | 369 |  |   | 1,191 |  |   | 0.11 |  |
| Rough Country, LLC                                       | Durable Consumer Goods |   | 754,775 |  |   | 755 |  |   | 873 |  |   | 0.08 |  |
| T2 Systems Parent Corporation                            | Transportation: Consumer |   | 555,556 |  |   | 556 |  |   | 499 |  |   | 0.04 |  |
| Tailwind HMT Holdings Corp.                              | Energy: Oil & Gas |   | 2,000,000 |  |   | 2,000 |  |   | 2,000 |  |   | 0.18 |  |
| THG Acquisition, LLC (The Hilb Group, LLC)               | Banking, Finance, Insurance & Real Estate |   | 1,500,000 |  |   | 1,500 |  |   | 2,287 |  |   | 0.20 |  |
| Zenith American Holding, Inc.                            | Business Services |   | 1,561,644 |  |   | 1,562 |  |   | 1,562 |  |   | 0.14 |  |
| Equity Investments Total                                 |   |   |   |   | $ | 13,543 |  |   | $ | 17,506 |  |   | 1.55 | % |
| Total investments—non-controlled/non-affiliated    |   |   |   |   | $ | 1,782,488 |  |   | $ | 1,779,584 |  |   | 157.85 | % |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated (5)(18) | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value(7) |   | Percentage of Net Assets |
| First Lien Debt (0.78%)                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| TwentyEighty, Inc. - Revolver (2)(3)(15)            | Business Services |   | L + 8.00% (1.00% Floor) |   | 3/21/2020 |   | $ | — |  |   | $ | (6 | ) |   | $ | (20 | ) |   | — | % |
| TwentyEighty, Inc. - (Term A Loans) (2)(3)          | Business Services |   | L + 3.50% (1.00% Floor), cash, 4.50% PIK |   | 3/21/2020 |   | 3,890 |  |   | 3,871 |  |   | 3,760 |  |   | 0.33 |  |
| TwentyEighty, Inc. - (Term B Loans)                 | Business Services |   | 1.00% cash, 7.00% PIK |   | 3/21/2020 |   | 6,715 |  |   | 6,494 |  |   | 6,360 |  |   | 0.57 |  |
| TwentyEighty, Inc. - (Term C Loans)                 | Business Services |   | 0.25% cash, 8.75% PIK |   | 3/21/2020 |   | 6,521 |  |   | 5,914 |  |   | 5,331 |  |   | 0.47 |  |
| First Lien Debt Total                               |   |   |   |   |   |   |   |   | $ | 16,273 |  |   | $ | 15,431 |  |   | 1.37 | % |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/affiliated (5)(18) | Industry |   | Shares/Units |   | Cost |   | Fair Value(7) |   | Percentage ofNet Assets |
| Equity Investments (0.00%)                               |   |   |   |   |   |   |   |   |   |
| TwentyEighty Investors LLC                               | Business Services |   | 69,786 |  |   | $ | — |  |   | $ | — |  |   | — | % |
| Equity Investments Total                                 |   |   |   |   | $ | — |  |   | $ | — |  |   | — | % |
| Total Investments - non-controlled/affiliated            |   |   |   |   | $ | 16,273 |  |   | $ | 15,431 |  |   | 1.37 | % |

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                                    | Industry |   | Interest Rate(2) |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value(7) |   | Percentage of Net Assets |
| Investment Fund (8.77%) (8)                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Middle Market Credit Fund, LLC, Mezzanine Loan (2)(5)(9)(11)                               | Investment Fund |   | L + 9.00% |   | 6/22/2018 |   | $ | 85,750 |  |   | $ | 85,750 |  |   | $ | 85,750 |  |   | 7.61 | % |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest (5)(11) | Investment Fund |   | 0.001% |   | 3/1/2021 |   | 86,501 |  |   | 86,501 |  |   | 86,766 |  |   | 7.7 |  |
| Investment Fund Total                                                                      |   |   |   |   |   |   |   |   | $ | 172,251 |  |   | $ | 172,516 |  |   | 15.31 | % |
| Total investments—controlled/affiliated                                              |   |   |   |   |   |   |   |   | $ | 172,251 |  |   | $ | 172,516 |  |   | 15.31 | % |
| Total investments                                                                          |   |   |   |   |   |   |   |   | $ | 1,971,012 |  |   | $ | 1,967,531 |  |   | 174.53 | % |

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of debt and equity investments held by TCG BDC, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “TCG BDC” or the “Company”) are domiciled in the United States and issuers of structured finance obligations are domiciled in the Cayman Islands. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2017, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2017, the Company is not an “affiliated person” of any of these portfolio companies. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has provided the interest rate in effect as of December 31, 2017. As of December 31, 2017, all of our LIBOR loans were indexed to the 90-day LIBOR rate at 1.69%, except for those loans as indicated in Notes 16 and 17 below. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by the Company’s wholly owned subsidiary, TCG BDC SPV LLC (the “SPV”). The SPV has entered into a senior secured revolving credit facility (as amended, the “SPV Credit Facility”). The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of the SPV (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the Company or Carlyle GMS Finance MM CLO 2015-1 LLC (the “2015-1 Issuer”). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Denotes that all or a portion of the assets are owned by the Company. The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility” and, together with the SPV Credit Facility, the “Facilities”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 6, Borrowings). Accordingly, such assets are not available to creditors of the SPV or the 2015-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment fund mezzanine loan was determined using significant unobservable inputs. |

|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund. |

|      |                                                              |
|------|--------------------------------------------------------------|
| (10) | Loan was on non-accrual status as of December 31, 2017. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Dimensional Dental Management, LLC (4.58%), EIP Merger Sub, LLC (Evolve IP) (3.97%), Legacy.com Inc. (4.11%), Payment Alliance International, Inc. (2.70%), Prime Risk Partners, Inc. (3.32%), Product Quest Manufacturing, LLC (3.54%), Reliant Pro Rehab (nil), Surgical Information Systems, LLC (1.01%) and The Hilb Group, LLC (3.38%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|      |                                                                                                                                                                                                                                                                                                                                                                               |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | Denotes that all or a portion of the assets are owned by the 2015-1 Issuer and secure the notes issued in connection with a $400,000 term debt securitization completed by the Company on June 26, 2015 (the “2015-1 Debt Securitization”, see Note 7, 2015-1 Notes). Accordingly, such assets are not available to the creditors of the SPV or the Company. |

----

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (14) | As of December 31, 2017, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                             |
|---------------------------------------------------------------------------------------------|
|                                                                                             |  |  |  |  |  |  |  |  |  |  |  |
| First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Achilles Acquisition LLC                                                                    | Delayed Draw |   | 1.00% |   | $ | 2,051 |  |   | $ | (18 | ) |
| Advanced Instruments, LLC                                                                   | Revolver |   | 0.50 |   | 1,167 |  |   | — |  |
| AMS Group HoldCo, LLC                                                                       | Delayed Draw |   | 1.00 |   | 5,491 |  |   | — |  |
| AMS Group HoldCo, LLC                                                                       | Revolver |   | 0.50 |   | 2,315 |  |   | — |  |
| Captive Resources Midco, LLC                                                                | Delayed Draw |   | 1.25 |   | 3,571 |  |   | (11 | ) |
| Captive Resources Midco, LLC                                                                | Revolver |   | 0.50 |   | 2,143 |  |   | (7 | ) |
| CIP Revolution Holdings, LLC                                                                | Revolver |   | 0.50 |   | 1,331 |  |   | (5 | ) |
| Continuum Managed Services HoldCo, LLC                                                      | Delayed Draw |   | 1.00 |   | 1,917 |  |   | 25 |  |
| Continuum Managed Services HoldCo, LLC                                                      | Revolver |   | 0.50 |   | 2,500 |  |   | 32 |  |
| Datto, Inc.                                                                                 | Revolver |   | 0.50 |   | 726 |  |   | 4 |  |
| DermaRite Industries LLC                                                                    | Revolver |   | 0.50 |   | 3,848 |  |   | (28 | ) |
| Derm Growth Partners III, LLC (Dermatology Associates)                                      | Revolver |   | 0.50 |   | 2,420 |  |   | (10 | ) |
| Dimensional Dental Management, LLC                                                          | Delayed Draw |   | 1.00 |   | 9,584 |  |   | (35 | ) |
| Direct Travel, Inc.                                                                         | Delayed Draw |   | 1.00 |   | 4,118 |  |   | 7 |  |
| Frontline Technologies Holdings, LLC                                                        | Delayed Draw |   | 1.00 |   | 7,705 |  |   | (6 | ) |
| FWR Holding Corporation                                                                     | Delayed Draw |   | 1.00 |   | 9,333 |  |   | (111 | ) |
| FWR Holding Corporation                                                                     | Revolver |   | 0.50 |   | 3,889 |  |   | (46 | ) |
| Global Franchise Group, LLC                                                                 | Revolver |   | 0.50 |   | 495 |  |   | — |  |
| National Technical Systems, Inc.                                                            | Revolver |   | 0.50 |   | 2,500 |  |   | (161 | ) |
| NMI AcquisitionCo, Inc.                                                                     | Revolver |   | 0.50 |   | 1,280 |  |   | (4 | ) |
| OnCourse Learning Corporation                                                               | Revolver |   | 0.50 |   | 1,324 |  |   | (6 | ) |
| Pathway Partners Vet Management Company LLC                                                 | Delayed Draw |   | 1.00 |   | 3,410 |  |   | (3 | ) |
| Prime Risk Partners, Inc.                                                                   | Delayed Draw |   | 0.50 |   | 768 |  |   | 4 |  |
| Prime Risk Partners, Inc.                                                                   | Delayed Draw |   | 0.50 |   | 9,562 |  |   | 163 |  |
| PMG Acquisition Corporation                                                                 | Revolver |   | 0.50 |   | 2,356 |  |   | 9 |  |
| Product Quest Manufacturing, LLC                                                            | Revolver |   | 0.50 |   | 3,229 |  |   | — |  |
| Smile Doctors, LLC                                                                          | Delayed Draw |   | 1.00 |   | 6,345 |  |   | (26 | ) |
| Smile Doctors, LLC                                                                          | Revolver |   | 0.50 |   | 827 |  |   | (3 | ) |
| Superior Health Linens, LLC                                                                 | Revolver |   | 0.50 |   | 2,617 |  |   | (4 | ) |
| T2 Systems, Inc.                                                                            | Revolver |   | 0.50 |   | 1,760 |  |   | (26 | ) |
| The Hilb Group, LLC                                                                         | Delayed Draw |   | 1.00 |   | 3,594 |  |   | (36 | ) |
| TwentyEighty, Inc. (f/k/a Miller Heiman, Inc.)                                              | Revolver |   | 0.50 |   | 607 |  |   | (20 | ) |
| Vetcor Professional Practices, LLC                                                          | Delayed Draw |   | 1.00 |   | 8,248 |  |   | (31 | ) |
| VRC Companies, LLC                                                                          | Delayed Draw |   | 0.75 |   | 3,294 |  |   | (8 | ) |
| VRC Companies, LLC                                                                          | Revolver |   | 0.50 |   | 401 |  |   | (1 | ) |
| Zenith Merger Sub, Inc.                                                                     | Revolver |   | 0.50 |   | 1,648 |  |   | (9 | ) |
| Total unfunded commitments                                                                  |   |   |   |   | $ | 118,374 |  |   | $ | (371 | ) |

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (16) | As of December 31, 2017, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.56%. |

|      |                                                                                                    |
|------|----------------------------------------------------------------------------------------------------|
| (17) | As of December 31, 2017, this LIBOR loan was indexed to the 180-day LIBOR rate at 1.84%. |

|      |                                                                                                                                                                                                                          |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (18) | Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Type                                            |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt (excluding First Lien/Last Out) |   | $ | 1,295,406 |  |   | $ | 1,293,641 |  |   | 65.75 | % |
| First Lien/Last Out Unitranche                  |   | 246,925 |  |   | 237,635 |  |   | 12.08 |  |
| Second Lien Debt                                |   | 242,887 |  |   | 246,233 |  |   | 12.51 |  |
| Equity Investments                              |   | 13,543 |  |   | 17,506 |  |   | 0.89 |  |
| Investment Fund                                 |   | 172,251 |  |   | 172,516 |  |   | 8.77 |  |
| Total                                           |   | $ | 1,971,012 |  |   | $ | 1,967,531 |  |   | 100.00 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |
| Rate Type     |   | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate |   | $ | 1,772,810 |  |   | $ | 1,765,818 |  |   | 99.34 | % |
| Fixed Rate    |   | 12,408 |  |   | 11,691 |  |   | 0.66 |  |
| Total         |   | $ | 1,785,218 |  |   | $ | 1,777,509 |  |   | 100.00 | % |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |
| Industry                                           |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                       |   | $ | 63,119 |  |   | $ | 62,466 |  |   | 3.17 | % |
| Automotive                                         |   | 10,112 |  |   | 10,916 |  |   | 0.55 |  |
| Banking, Finance, Insurance & Real Estate |   | 171,272 |  |   | 173,935 |  |   | 8.84 |  |
| Beverage, Food & Tobacco                  |   | 49,870 |  |   | 50,566 |  |   | 2.57 |  |
| Business Services                                  |   | 177,862 |  |   | 178,985 |  |   | 9.10 |  |
| Capital Equipment                                  |   | 40,115 |  |   | 40,757 |  |   | 2.07 |  |
| Chemicals, Plastics & Rubber                   |   | 32,302 |  |   | 32,818 |  |   | 1.67 |  |
| Construction & Building                   |   | 24,373 |  |   | 24,595 |  |   | 1.25 |  |
| Consumer Services                                  |   | 120,327 |  |   | 121,147 |  |   | 6.16 |  |
| Containers, Packaging & Glass                  |   | 46,509 |  |   | 33,635 |  |   | 1.71 |  |
| Durable Consumer Goods                             |   | 57,948 |  |   | 59,490 |  |   | 3.02 |  |
| Energy: Electricity                                |   | 43,004 |  |   | 42,387 |  |   | 2.15 |  |
| Energy: Oil & Gas                              |   | 15,439 |  |   | 15,369 |  |   | 0.78 |  |
| Environmental Industries                           |   | 35,772 |  |   | 35,715 |  |   | 1.82 |  |
| Forest Products & Paper                        |   | 50,322 |  |   | 52,024 |  |   | 2.64 |  |
| Healthcare & Pharmaceuticals                   |   | 230,705 |  |   | 232,715 |  |   | 11.83 |  |
| High Tech Industries                               |   | 181,671 |  |   | 186,695 |  |   | 9.49 |  |
| Hotel, Gaming & Leisure                   |   | 48,399 |  |   | 46,642 |  |   | 2.37 |  |
| Investment Fund                                    |   | 172,251 |  |   | 172,516 |  |   | 8.77 |  |
| Media: Advertising, Printing & Publishing      |   | 34,775 |  |   | 34,988 |  |   | 1.78 |  |
| Metals & Mining                           |   | 7,901 |  |   | 7,931 |  |   | 0.40 |  |
| Non-durable Consumer Goods                         |   | 58,661 |  |   | 52,792 |  |   | 2.68 |  |
| Software                                           |   | 55,515 |  |   | 56,069 |  |   | 2.85 |  |
| Sovereign & Public Finance                     |   | 1,784 |  |   | 1,820 |  |   | 0.09 |  |
| Telecommunications                                 |   | 79,297 |  |   | 78,813 |  |   | 4.01 |  |
| Transportation: Cargo                              |   | 84,493 |  |   | 85,362 |  |   | 4.34 |  |
| Transportation: Consumer                           |   | 36,438 |  |   | 36,595 |  |   | 1.86 |  |
| Wholesale                                          |   | 40,776 |  |   | 39,788 |  |   | 2.03 |  |
| Total                                              |   | $ | 1,971,012 |  |   | $ | 1,967,531 |  |   | 100.00 | % |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |
| Geography      |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| United Kingdom |   | $ | 13,439 |  |   | $ | 13,369 |  |   | 0.68 | % |
| United States  |   | 1,957,573 |  |   | 1,954,162 |  |   | 99.32 |  |
| Total          |   | $ | 1,971,012 |  |   | $ | 1,967,531 |  |   | 100.00 | % |

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                         | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (80.09%)                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Access CIG, LLC (2)(3)(4)(13)                                               | Business Services |   | L + 5.00% (1.00% Floor) |   | 10/17/2021 |   | $ | 18,335 |  |   | $ | 18,222 |  |   | $ | 18,335 |  |   | 2.40 | % |
| Advanced Instruments, LLC (2)(3)(4)(5)(13)(15)                              | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 22,500 |  |   | 22,019 |  |   | 22,252 |  |   | 2.91 |  |
| AF Borrower LLC (Accuvant) (2)(3)(4)                                        | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 1/28/2022 |   | 16,113 |  |   | 15,923 |  |   | 16,113 |  |   | 2.11 |  |
| Alpha Packaging Holdings, Inc. (2)(3)(4)(13)                                | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 11,322 |  |   | 11,313 |  |   | 11,322 |  |   | 1.48 |  |
| Anaren, Inc. (2)(3)(4)(13)                                                  | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 10,869 |  |   | 10,800 |  |   | 10,869 |  |   | 1.42 |  |
| Audax AAMP Holdings, Inc.(2)(3)(4)(13)                                      | Durable Consumer Goods |   | L + 6.00% (1.00% Floor) |   | 6/24/2017 |   | 10,424 |  |   | 10,400 |  |   | 10,348 |  |   | 1.35 |  |
| BAART Programs, Inc. (2)(4)(16)                                             | Healthcare & Pharmaceuticals |   | L + 7.75% (0.00% Floor) |   | 10/9/2021 |   | 7,406 |  |   | 7,355 |  |   | 7,534 |  |   | 0.99 |  |
| Brooks Equipment Company, LLC (2)(3)(4)(13)                                 | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 6,694 |  |   | 6,657 |  |   | 6,683 |  |   | 0.87 |  |
| Capstone Logistics Acquisition, Inc.(2)(3)(4)(13)                           | Transportation: Cargo |   | L + 4.50% (1.00% Floor) |   | 10/7/2021 |   | 19,478 |  |   | 19,337 |  |   | 19,212 |  |   | 2.51 |  |
| Captive Resources Midco,LLC (2)(3)(4)(13)(15)                               | Banking, Finance, Insurance & Real Estate |   | L + 5.75% (1.00% Floor) |   | 6/30/2020 |   | 29,050 |  |   | 28,683 |  |   | 29,009 |  |   | 3.80 |  |
| Central Security Group, Inc. (2)(3)(4)(13)(16)                              | Consumer Services |   | L + 5.63% (1.00% Floor) |   | 10/6/2020 |   | 28,658 |  |   | 28,300 |  |   | 28,557 |  |   | 3.74 |  |
| CIP Revolution Holdings, LLC (2)(3)(5)(15)                                  | Media: Advertising,Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 8/19/2021 |   | 16,500 |  |   | 16,325 |  |   | 16,585 |  |   | 2.17 |  |
| Colony Hardware Corporation (2)(3)(4)(13)                                   | Construction & Building |   | L + 6.00% (1.00% Floor) |   | 10/23/2021 |   | 17,038 |  |   | 16,806 |  |   | 17,038 |  |   | 2.23 |  |
| Datapipe, Inc. (2)(3)(13)(16)                                               | Telecommunications |   | L + 4.75% (1.00% Floor) |   | 3/15/2019 |   | 9,750 |  |   | 9,666 |  |   | 9,764 |  |   | 1.28 |  |
| Dent Wizard International Corporation (2)(3)(4)(13)(16)                     | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 7,216 |  |   | 7,190 |  |   | 7,216 |  |   | 0.94 |  |
| Derm Growth Partners III, LLC (Dermatology Associates) (2)(3)(4)(5)(13)(15) | Healthcare & Pharmaceuticals |   | L + 6.50% (1.00% Floor) |   | 5/31/2022 |   | 32,929 |  |   | 32,393 |  |   | 32,958 |  |   | 4.31 |  |
| Dimensional Dental Management, LLC (2)(3)(5)(12)(15)                        | Healthcare & Pharmaceuticals |   | L + 7.00% (1.00% Floor) |   | 2/12/2021 |   | 18,000 |  |   | 17,601 |  |   | 17,811 |  |   | 2.33 |  |
| Dimora Brands, Inc. (fka TK USA Enterprises,Inc.) (2)(3)(5)(15)             | Construction & Building |   | L + 4.50% (1.00% Floor) |   | 4/4/2022 |   | — |  |   | (60 | ) |   | (30 | ) |   | — |  |
| Direct Travel, Inc. (2)(3)(4)(5)(13)(15)                                    | Hotel, Gaming & Leisure |   | L + 6.50% (1.00% Floor) |   | 12/1/2021 |   | 12,842 |  |   | 12,420 |  |   | 12,712 |  |   | 1.66 |  |
| EIP Merger Sub, LLC (Evolve IP) (2)(3)(5)(12)                               | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 23,750 |  |   | 23,098 |  |   | 23,242 |  |   | 3.04 |  |
| Emerging Markets Communications, LLC (2)(3)(4)(8)(13)                       | Telecommunications |   | L + 5.75% (1.00% Floor) |   | 7/1/2021 |   | 17,730 |  |   | 16,299 |  |   | 17,730 |  |   | 2.32 |  |
| EP Minerals, LLC (2)(3)(4)(13)                                              | Metals & Mining |   | L + 4.50% (1.00% Floor) |   | 8/20/2020 |   | 10,264 |  |   | 10,232 |  |   | 10,259 |  |   | 1.34 |  |
| FCX Holdings Corp. (2)(3)(4)(13)(16)                                        | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 9,856 |  |   | 9,852 |  |   | 9,856 |  |   | 1.29 |  |
| Genex Holdings, Inc. (2)(3)(13)(16)                                         | Banking, Finance, Insurance & Real Estate |   | L + 4.25% (1.00% Floor) |   | 5/30/2021 |   | 4,200 |  |   | 4,187 |  |   | 4,196 |  |   | 0.55 |  |
| Global Software, LLC (2)(3)(4)(13)(16)                                      | High Tech Industries |   | L + 5.50% (1.00% Floor) |   | 5/2/2022 |   | 16,163 |  |   | 15,880 |  |   | 16,163 |  |   | 2.12 |  |
| Green Energy Partners/Stonewall LLC (2)(3)(5)(13)                           | Energy: Electricity |   | L + 5.50% (1.00% Floor) |   | 11/13/2021 |   | 16,600 |  |   | 16,475 |  |   | 16,598 |  |   | 2.17 |  |
| Green Plains II LLC (2)(3)(4)(5)(13)(15)                                    | Beverage, Food & Tobacco |   | L + 7.00% (1.00% Floor) |   | 10/3/2022 |   | 15,205 |  |   | 15,059 |  |   | 15,379 |  |   | 2.01 |  |
| Hummel Station LLC (2)(3)(5)(13)(16)                                        | Energy: Electricity |   | L + 6.00% (1.00% Floor) |   | 10/27/2022 |   | 21,000 |  |   | 20,308 |  |   | 20,160 |  |   | 2.64 |  |
| Imagine! Print Solutions, LLC (2)(3)(4)(13)                                 | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 3/30/2022 |   | 18,461 |  |   | 18,213 |  |   | 18,603 |  |   | 2.43 |  |
| Imperial Bag & Paper Co. LLC (2)(3)(4)(13)(16)                | Forest Products & Paper |   | L + 6.00% (1.00% Floor) |   | 1/7/2022 |   | 24,074 |  |   | 23,752 |  |   | 23,924 |  |   | 3.13 |  |
| Indra Holdings Corp. (Totes Isotoner) (2)(3)(5)(13)                    | Non-durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 5/1/2021 |   | 14,224 |  |   | 14,130 |  |   | 10,553 |  |   | 1.38 |  |
| International Medical Group, Inc. (2)(3)(5)(12)                             | Banking, Finance, Insurance & Real Estate |   | L + 6.50% (1.00% Floor) |   | 10/30/2020 |   | 30,000 |  |   | 29,505 |  |   | 30,237 |  |   | 3.96 |  |
| Jackson Hewitt Inc. (2)(3)(4)(13)                                           | Retail |   | L + 7.00% (1.00% Floor) |   | 7/30/2020 |   | 8,758 |  |   | 8,625 |  |   | 8,320 |  |   | 1.09 |  |

----

|                                                                        |
|------------------------------------------------------------------------|
|                                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                    | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (80.09%) (continued)                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Metrogistics LLC (2)(3)(4)(5)(13)                                      | Transportation: Cargo |   | L + 6.50% (1.00% Floor) |   | 9/30/2022 |   | $ | 15,200 |  |   | $ | 14,986 |  |   | $ | 15,094 |  |   | 1.98 | % |
| MSX International, Inc. (2)(3)(4)(13)                                  | Automotive |   | L + 5.00% (1.00% Floor) |   | 8/21/2020 |   | 8,940 |  |   | 8,882 |  |   | 8,940 |  |   | 1.17 |  |
| National Technical Systems, Inc. (2)(3)(4)(13)(15)                     | Aerospace & Defense |   | L + 6.25% (1.00% Floor) |   | 6/12/2021 |   | 25,123 |  |   | 24,854 |  |   | 23,927 |  |   | 3.13 |  |
| NES Global Talent Finance US LLC (United Kingdom) (2)(3)(4)(8)(13)     | Energy: Oil & Gas |   | L + 5.50% (1.00% Floor) |   | 10/3/2019 |   | 11,250 |  |   | 11,132 |  |   | 10,911 |  |   | 1.43 |  |
| OnCourse Learning Corporation (2)(3)(4)(5)(13)(15)(16)                 | Consumer Services |   | L + 6.50% (1.00% Floor) |   | 9/12/2021 |   | 26,141 |  |   | 25,770 |  |   | 26,220 |  |   | 3.43 |  |
| Paradigm Acquisition Corp. (2)(3)(4)(13)                          | Business Services |   | L + 5.00% (1.00% Floor) |   | 6/2/2022 |   | 23,246 |  |   | 22,963 |  |   | 23,223 |  |   | 3.04 |  |
| Pelican Products, Inc. (2)(3)(4)(13)                                   | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 4/11/2020 |   | 7,643 |  |   | 7,654 |  |   | 7,593 |  |   | 0.99 |  |
| Plano Molding Company, LLC (2)(3)(4)(5)(13)                            | Hotel, Gaming & Leisure |   | L + 7.00% (1.00% Floor) |   | 5/12/2021 |   | 18,163 |  |   | 18,030 |  |   | 17,302 |  |   | 2.26 |  |
| PPT Management Holdings, LLC (2)(3)(5)                                 | Healthcare & Pharmaceuticals |   | L + 6.00% (1.00% Floor) |   | 12/16/2022 |   | 22,500 |  |   | 22,288 |  |   | 22,426 |  |   | 2.93 |  |
| Premier Senior Marketing, LLC (2)(3)(5)(16)                            | Banking, Finance, Insurance & Real Estate |   | L + 5.00% (1.00% Floor) |   | 7/1/2022 |   | 3,741 |  |   | 3,690 |  |   | 3,741 |  |   | 0.49 |  |
| Product Quest Manufacturing, LLC (2)(3)(4)(5)(12)                      | Containers, Packaging & Glass |   | L + 5.75% (1.00% Floor) |   | 9/9/2020 |   | 28,000 |  |   | 27,565 |  |   | 25,838 |  |   | 3.38 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2)(3)(4) | Wholesale |   | L + 4.50% (1.00% Floor) |   | 1/28/2020 |   | 10,798 |  |   | 10,739 |  |   | 8,101 |  |   | 1.06 |  |
| PSC Industrial Holdings Corp (2)(3)(4)(13)                             | Environmental Industries |   | L + 4.75% (1.00% Floor) |   | 12/5/2020 |   | 11,760 |  |   | 11,679 |  |   | 11,290 |  |   | 1.48 |  |
| PSI Services LLC (2)(3)(4)(5)(12)(16)                                  | Business Services |   | L + 6.75% (1.00% Floor) |   | 2/27/2021 |   | 32,705 |  |   | 32,022 |  |   | 34,784 |  |   | 4.56 |  |
| PT Intermediate Holdings III,LLC (Parts Town) (2)(3)(4)(5)(13)(15)     | Wholesale |   | L + 6.50% (1.00% Floor) |   | 6/23/2022 |   | 17,417 |  |   | 17,215 |  |   | 17,563 |  |   | 2.30 |  |
| QW Holding Corporation (Quala) (2)(3)(4)(5)(13)                        | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 29,925 |  |   | 29,084 |  |   | 30,009 |  |   | 3.93 |  |
| Reliant Pro Rehab, LLC (2)(3)(5)(12)                                   | Healthcare & Pharmaceuticals |   | L + 10.00% (1.00% Floor) |   | 12/29/2017 |   | 22,331 |  |   | 22,024 |  |   | 22,331 |  |   | 2.92 |  |
| SolAero Technologies Corp.(2)(3)(4)(5)                                 | Telecommunications |   | L + 5.25% (1.00% Floor) |   | 12/10/2020 |   | 19,677 |  |   | 19,541 |  |   | 18,901 |  |   | 2.47 |  |
| Superior Health Linens, LLC (2)(3)(4)(5)(13)(15)                       | Business Services |   | L + 6.50% (1.00% Floor) |   | 9/30/2021 |   | 19,206 |  |   | 18,891 |  |   | 19,068 |  |   | 2.50 |  |
| T2 Systems, Inc.(2)(3)(4)(5)(13)(15)(16)                               | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 22,950 |  |   | 22,333 |  |   | 23,208 |  |   | 3.04 |  |
| T2 Systems Canada, Inc. (2)(3)(5)(16)                                  | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 4,050 |  |   | 3,952 |  |   | 4,090 |  |   | 0.54 |  |
| Teaching Strategies, LLC (2)(3)(4)(13)                                 | Media: Advertising, Printing & Publishing |   | L + 5.50% (0.50% Floor) |   | 10/1/2019 |   | 13,369 |  |   | 13,333 |  |   | 13,369 |  |   | 1.75 |  |
| The Hilb Group, LLC (2)(3)(5)(12)(15)                                  | Banking, Finance, Insurance & Real Estate |   | L + 6.50% (1.00% Floor) |   | 6/24/2021 |   | 29,682 |  |   | 29,113 |  |   | 29,826 |  |   | 3.90 |  |
| The SI Organization, Inc. (2)(3)(4)(13)                                | Aerospace & Defense |   | L + 4.75% (1.00% Floor) |   | 11/23/2019 |   | 8,574 |  |   | 8,527 |  |   | 8,676 |  |   | 1.15 |  |
| The Topps Company, Inc. (2)(3)(4)(13)                                  | Non-durable Consumer Goods |   | L + 6.00% (1.25% Floor) |   | 10/2/2020 |   | 18,707 |  |   | 18,629 |  |   | 18,795 |  |   | 2.46 |  |
| TruckPro, LLC (2)(3)(4)(13)(16)                                        | Automotive |   | L + 5.00% (1.00% Floor) |   | 8/6/2018 |   | 9,292 |  |   | 9,267 |  |   | 9,262 |  |   | 1.21 |  |
| Tweddle Group, Inc. (2)(3)(4)(13)                                      | Media: Advertising, Printing & Publishing |   | L + 6.00% (1.00% Floor) |   | 10/24/2022 |   | 16,200 |  |   | 15,885 |  |   | 16,114 |  |   | 2.11 |  |
| TwentyEighty, Inc. (fka Miller Heiman, Inc.) (2)(3)(5)(10)(13)         | Business Services |   | L + 6.00% (1.00% Floor) |   | 9/30/2019 |   | 18,719 |  |   | 18,571 |  |   | 7,628 |  |   | 1.00 |  |
| U.S. Farathane, LLC (2)(3)(4)(13)                                      | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/23/2021 |   | 1,925 |  |   | 1,895 |  |   | 1,925 |  |   | 0.25 |  |
| U.S. TelePacific Holdings Corp.(2)(3)(5)                               | Telecommunications |   | L + 8.50% (1.00% Floor) |   | 2/24/2021 |   | 30,000 |  |   | 29,149 |  |   | 29,853 |  |   | 3.91 |  |
| Vetcor Professional Practices, LLC (2)(3)(4)(5)(13)(15)           | Consumer Services |   | L + 6.25% (1.00% Floor) |   | 4/20/2021 |   | 25,001 |  |   | 24,623 |  |   | 25,164 |  |   | 3.29 |  |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)                                | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| First Lien Debt (80.09%) (continued)                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Violin Finco S.A.R.L. (Alexander Mann Solutions) (United Kingdom) (2)(3)(4)(8)(13) | Business Services |   | L + 4.75% (1.00% Floor) |   | 12/20/2019 |   | $ | 10,065 |  |   | $ | 10,012 |  |   | $ | 10,058 |  |   | 1.32 | % |
| Vistage Worldwide, Inc. (2)(3)(4)(13)(16)                                          | Business Services |   | L + 5.50% (1.00% Floor) |   | 8/19/2021 |   | 28,757 |  |   | 28,524 |  |   | 28,688 |  |   | 3.75 |  |
| Vitera Healthcare Solutions, LLC (2)(3)(4)(13)                                     | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 11/4/2020 |   | 9,104 |  |   | 9,050 |  |   | 9,078 |  |   | 1.19 |  |
| Winchester Electronics Corporation (2)(3)(4)(5)(13)(15)                       | Capital Equipment |   | L + 6.50% (1.00% Floor) |   | 6/30/2022 |   | 27,367 |  |   | 26,959 |  |   | 27,460 |  |   | 3.59 |  |
| Zest Holdings, LLC (2)(3)(4)(13)                                                   | Durable Consumer Goods |   | L + 4.75% (1.00% Floor) |   | 8/16/2020 |   | 9,530 |  |   | 9,530 |  |   | 9,584 |  |   | 1.25 |  |
| First Lien Debt Total                                                              |   |   |   |   |   |   |   |   | $ | 1,145,326 |  |   | $ | 1,139,548 |  |   | 149.13 | % |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Second Lien Debt (12.08%)                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AF Borrower LLC (Accuvant) (2)(3)(5)                                               | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 1/30/2023 |   | $ | 8,000 |  |   | $ | 7,934 |  |   | $ | 8,000 |  |   | 1.05 | % |
| AIM Group USA Inc. (2)(3)(5)(13)                                                   | Aerospace & Defense |   | L + 9.00% (1.00% Floor) |   | 8/2/2022 |   | 23,000 |  |   | 22,701 |  |   | 23,196 |  |   | 3.04 |  |
| AmeriLife Group, LLC (2)(3)(5)                                                     | Banking, Finance, Insurance & Real Estate |   | L + 8.75% (1.00% Floor) |   | 1/10/2023 |   | 20,000 |  |   | 19,656 |  |   | 19,208 |  |   | 2.51 |  |
| Argon Medical Devices, Inc. (2)(3)(4)(5)                                           | Healthcare & Pharmaceuticals |   | L + 9.50% (1.00% Floor) |   | 6/23/2022 |   | 24,000 |  |   | 23,363 |  |   | 24,233 |  |   | 3.17 |  |
| Berlin Packaging L.L.C. (2)(3)(5)(13)                                              | Containers, Packaging & Glass |   | L + 6.75% (1.00% Floor) |   | 10/1/2022 |   | 2,927 |  |   | 2,910 |  |   | 2,953 |  |   | 0.39 |  |
| Charter NEX US Holdings, Inc.(2)(3)(5)(13)                                         | Chemicals, Plastics & Rubber |   | L + 8.25% (1.00% Floor) |   | 2/5/2023 |   | 7,394 |  |   | 7,303 |  |   | 7,468 |  |   | 0.98 |  |
| Confie Seguros Holding II Co. (2)(3)(5)(16)                                        | Banking, Finance, Insurance & Real Estate |   | L + 9.00% (1.25% Floor) |   | 5/8/2019 |   | 12,000 |  |   | 11,921 |  |   | 11,918 |  |   | 1.56 |  |
| Drew Marine Group Inc. (2)(3)(4)(5)(13)                                            | Chemicals, Plastics & Rubber |   | L + 7.00% (1.00% Floor) |   | 5/19/2021 |   | 12,500 |  |   | 12,481 |  |   | 12,333 |  |   | 1.61 |  |
| Genex Holdings, Inc. (2)(3)(5)                                                     | Banking, Finance, Insurance & Real Estate |   | L + 7.75% (1.00% Floor) |   | 5/30/2022 |   | 7,990 |  |   | 7,915 |  |   | 7,978 |  |   | 1.04 |  |
| Institutional Shareholder Services Inc. (2)(3)(5)(13)                         | Banking, Finance, Insurance & Real Estate |   | L + 8.50% (1.00% Floor) |   | 4/29/2022 |   | 12,500 |  |   | 12,408 |  |   | 12,359 |  |   | 1.62 |  |
| Jazz Acquisition, Inc. (Wencor) (2)(3)(5)(13)                                      | Aerospace & Defense |   | L + 6.75% (1.00% Floor) |   | 6/19/2022 |   | 6,700 |  |   | 6,677 |  |   | 5,572 |  |   | 0.73 |  |
| MRI Software, LLC (2)(3)(5)                                                        | Software |   | L + 8.00% (1.00% Floor) |   | 6/23/2022 |   | 11,250 |  |   | 11,110 |  |   | 11,265 |  |   | 1.47 |  |
| Power Stop, LLC (5)(9)                                                             | Automotive |   | 11.00% |   | 5/29/2022 |   | 10,000 |  |   | 9,831 |  |   | 9,863 |  |   | 1.29 |  |
| Prowler Acquisition Corp. (Pipeline Supply and Service, LLC) (2)(3)(5)   | Wholesale |   | L + 8.50% (1.00% Floor) |   | 7/28/2020 |   | 3,000 |  |   | 2,960 |  |   | 1,682 |  |   | 0.22 |  |
| Vitera Healthcare Solutions, LLC (2)(3)(4)                                         | Healthcare & Pharmaceuticals |   | L + 8.25% (1.00% Floor) |   | 11/4/2021 |   | 2,000 |  |   | 1,979 |  |   | 1,945 |  |   | 0.26 |  |
| Watchfire Enterprises, Inc. (2)(3)(5)(13)                                          | Media: Advertising, Printing & Publishing |   | L + 8.00% (1.00% Floor) |   | 10/2/2021 |   | 7,000 |  |   | 6,932 |  |   | 6,976 |  |   | 0.91 |  |
| Zywave, Inc. (2)(3)(5)                                                             | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 4,950 |  |   | 4,879 |  |   | 4,915 |  |   | 0.64 |  |
| Second Lien Debt Total                                                             |   |   |   |   |   |   |   |   | $ | 172,960 |  |   | $ | 171,864 |  |   | 22.49 | % |

----

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    |   | Industry |   | Maturity Date |   | Par Amount |   | Amortized Cost (6) |   | Fair Value (7) |   | Percentage of Net Assets |
| Structured Finance Obligations (0.37%) (5)(8)(11) |   |   |   |   |   |   |   |   |   |   |   |   |
| 1776 CLO I, Ltd., Subordinated Notes                   |   | Structured Finance |   | 5/8/2020 |   | $ | 11,750 |  |   | $ | 6,739 |  |   | $ | 2,761 |  |   | 0.36 | % |
| Clydesdale CLO 2005, Ltd., Subordinated Notes          |   | Structured Finance |   | 12/6/2017 |   | 5,750 |  |   | — |  |   | 10 |  |   | — |  |
| MSIM Peconic Bay, Ltd., Subordinated Notes             |   | Structured Finance |   | 7/20/2019 |   | 4,500 |  |   | 63 |  |   | 5 |  |   | — |  |
| Nautique Funding Ltd., Income Notes                    |   | Structured Finance |   | 4/15/2020 |   | 5,000 |  |   | 2,437 |  |   | 2,440 |  |   | 0.32 |  |
| Structured Finance Obligations Total                   |   |   |   |   |   |   |   | $ | 9,239 |  |   | $ | 5,216 |  |   | 0.68 | % |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—non-controlled/non-affiliated (1)    |   | Industry |   | Shares/Units |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Equity Investments (0.46%) (5)                         |   |   |   |   |   |   |   |   |   |   |
| CIP Revolution Investments, LLC                        |   | Media: Advertising, Printing & Publishing |   | 30,000 |  |   | $ | 300 |  |   | $ | 352 |  |   | 0.05 | % |
| Derm Growth Partners III, LLC (Dermatology Associates) |   | Healthcare & Pharmaceuticals |   | 1,000,000 |  |   | 1,000 |  |   | 976 |  |   | 0.13 |  |
| GS Holdco LLC (Global Software, LLC)                   |   | High Tech Industries |   | 1,000,000 |  |   | 1,001 |  |   | 1,126 |  |   | 0.15 |  |
| Power Stop Intermediate Holdings, LLC                  |   | Automotive |   | 7,150 |  |   | 715 |  |   | 1,208 |  |   | 0.16 |  |
| T2 Systems Parent Corporation                          |   | Transportation: Consumer |   | 555,556 |  |   | 556 |  |   | 584 |  |   | 0.07 |  |
| THG Acquisition, LLC (The Hilb Group, LLC)             |   | Banking, Finance, Insurance & Real Estate |   | 1,500,000 |  |   | 1,499 |  |   | 2,228 |  |   | 0.29 |  |
| Equity Investments Total                               |   |   |   |   |   | $ | 5,071 |  |   | $ | 6,474 |  |   | 0.85 | % |
| Total Investments—non-controlled/non-affiliated  |   |   |   |   |   | $ | 1,332,596 |  |   | $ | 1,323,102 |  |   | 173.15 | % |

|                                                                                            |
|--------------------------------------------------------------------------------------------|
|                                                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments—controlled/affiliated                                                    | Industry |   | Interest Rate (2) |   | Maturity Date |   | Par Amount/ LLC Interest |   | Cost |   | Fair Value (7) |   | Percentage of Net Assets |
| Investment Fund (7.00%) (8)                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Middle Market Credit Fund, LLC, Mezzanine Loan (2)(5)(9)(14)                               | Investment Fund |   | L + 9.50% |   | 6/24/2017 |   | $ | 62,384 |  |   | $ | 62,384 |  |   | $ | 62,384 |  |   | 8.16 | % |
| Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest (5)(14) | Investment Fund |   | 0.001 |   | 3/1/2021 |   | 35,001 |  |   | 35,001 |  |   | 37,273 |  |   | 4.88 |  |
| Investment Fund Total                                                                      |   |   |   |   |   |   |   |   | $ | 97,385 |  |   | $ | 99,657 |  |   | 13.04 | % |
| Total investments—controlled/affiliated                                              |   |   |   |   |   |   |   |   | $ | 97,385 |  |   | $ | 99,657 |  |   | 13.04 | % |
| Total investments                                                                          |   |   |   |   |   |   |   |   | $ | 1,429,981 |  |   | $ | 1,422,759 |  |   | 186.19 | % |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States and issuers of structured finance obligations are domiciled in the Cayman Islands. Under the Investment Company Act the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2016, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2016, the Company is not an “affiliated person” of any of these portfolio companies.  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has provided the interest rate in effect as of December 31, 2016. As of December 31, 2016, all of our LIBOR loans were indexed to the 90-day LIBOR rate at 1.00%, except for those loans as indicated in Note 16 below. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by the SPV. The SPV has entered into the SPV Credit Facility. The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of the SPV. Accordingly, such assets are not available to creditors of the Company or the 2015-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                                                                                                |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Denotes that all or a portion of the assets are owned by the Company. The Company has entered into the Credit Facility. The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company. Accordingly, such assets are not available to creditors of the SPV or the 2015-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. Equity tranche CLO fund investments, which are referred to as “structured finance obligations”, are recorded at amortized cost using the effective interest method. |

----

|     |                                                                                                                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements), pursuant to the Company’s valuation policy. |

|     |                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. |

|     |                                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund. |

|      |                                                              |
|------|--------------------------------------------------------------|
| (10) | Loan was on non-accrual status as of December 31, 2016. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | As of December 31, 2016, the Company has a greater than 25% but less than 50% equity or subordinated notes ownership interest in certain structured finance obligations. These investments have governing documents that preclude the Company from controlling management of the entity and therefore the Company has determined that the issuer of the investment is not a controlled affiliate or a non-controlled affiliate because the investments are not “voting securities”. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: Dimensional Dental Management, LLC (4.54%), EIP Merger Sub, LLC (Evolve IP) (3.84%), International Medical Group, Inc. (4.64%), Product Quest Manufacturing, LLC (3.54%), PSI Services LLC (4.40%), Reliant Pro Rehab, LLC (nil) and The Hilb Group, LLC (3.96%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|      |                                                                                                                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | Denotes that all or a portion of the assets are owned by the 2015-1 Issuer and secure the notes issued in connection with the 2015-1 Debt Securitization. Accordingly, such assets are not available to the creditors of the SPV or the Company. |

|      |                                                                                                                                                                                                                                                                                                                                                                                                                    |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (14) | Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, for more details. |

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (15) | As of December 31, 2016, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                  |
|----------------------------------------------------------------------------------|
|                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt—unfunded delayed draw and revolving term loans commitments | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                        | Revolver |   | 0.50 | % |   | $ | 2,500 |  |   | $ | (25 | ) |
| Captive Resources Midco, LLC                                                     | Revolver |   | 0.50 | % |   | 1,875 |  |   | (2 | ) |
| Captive Resources Midco, LLC                                                     | Delayed Draw |   | 1.25 | % |   | 3,125 |  |   | (4 | ) |
| CIP Revolution Holdings, LLC                                                     | Revolver |   | 0.50 | % |   | 1,331 |  |   | 6 |  |
| CIP Revolution Holdings, LLC                                                     | Delayed Draw |   | 0.75 | % |   | 1,331 |  |   | 6 |  |
| Derm Growth Partners III, LLC (Dermatology Associates)                           | Revolver |   | 0.50 | % |   | 1,672 |  |   | 1 |  |
| Derm Growth Partners III, LLC (Dermatology Associates)                           | Delayed Draw |   | 1.00 | % |   | 5,247 |  |   | 4 |  |
| Dimensional Dental Management, LLC                                               | Delayed Draw |   | 1.00 | % |   | 2,507 |  |   | (23 | ) |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.)                               | Revolver |   | 0.50 | % |   | 4,750 |  |   | (30 | ) |
| Direct Travel, Inc.                                                              | Delayed Draw |   | 1.00 | % |   | 9,658 |  |   | (56 | ) |
| Green Plains II LLC                                                              | Revolver |   | 0.50 | % |   | 1,352 |  |   | 14 |  |
| National Technical Systems, Inc.                                                 | Revolver |   | 0.50 | % |   | 2,031 |  |   | (102 | ) |
| National Technical Systems, Inc.                                                 | Delayed Draw |   | 1.00 | % |   | 4,469 |  |   | (165 | ) |
| OnCourse Learning Corporation                                                    | Revolver |   | 0.50 | % |   | 859 |  |   | 2 |  |
| PT Intermediate Holdings III, LLC (Parts Town)                                   | Revolver |   | 0.50 | % |   | 2,025 |  |   | 15 |  |
| Superior Health Linens, LLC                                                      | Revolver |   | 0.50 | % |   | 2,735 |  |   | (17 | ) |
| T2 Systems, Inc.                                                                 | Revolver |   | 0.50 | % |   | 2,933 |  |   | 29 |  |
| The Hilb Group, LLC                                                              | Delayed Draw |   | 1.00 | % |   | 3,810 |  |   | 16 |  |
| Vetcor Professional Practices, LLC                                               | Delayed Draw |   | 1.00 | % |   | 3,057 |  |   | 18 |  |
| Winchester Electronics Corporation                                               | Delayed Draw |   | 1.00 | % |   | 2,500 |  |   | 8 |  |
| Total unfunded commitments                                                       |   |   |   |   | $ | 59,767 |  |   | $ | (305 | ) |

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (16) | As of December 31, 2016, this LIBOR loan was indexed to the 30-day LIBOR rate at 0.77%. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
| Type                                            |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| First Lien Debt (excluding First Lien/Last Out) |   | $ | 964,398 |  |   | $ | 955,478 |  |   | 67.15 | % |
| First Lien/Last Out Unitranche                  |   | 180,928 |  |   | 184,070 |  |   | 12.94 |  |
| Second Lien Debt                                |   | 172,960 |  |   | 171,864 |  |   | 12.08 |  |
| Structured Finance Obligations                  |   | 9,239 |  |   | 5,216 |  |   | 0.37 |  |
| Equity Investments                              |   | 5,071 |  |   | 6,474 |  |   | 0.46 |  |
| Investment Fund                                 |   | 97,385 |  |   | 99,657 |  |   | 7.00 |  |
| Total                                           |   | $ | 1,429,981 |  |   | $ | 1,422,759 |  |   | 100.00 | % |

|               |
|---------------|
|               |  |  |  |  |  |  |  |  |  |  |  |
| Rate Type     |   | Amortized Cost |   | Fair Value |   | % of Fair Value of First and Second Lien Debt |
| Floating Rate |   | $ | 1,308,455 |  |   | $ | 1,301,549 |  |   | 99.25 | % |
| Fixed Rate    |   | 9,831 |  |   | 9,863 |  |   | 0.75 |  |
| Total         |   | $ | 1,318,286 |  |   | $ | 1,311,412 |  |   | 100.00 | % |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |
| Industry                                           |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Aerospace & Defense                       |   | $ | 62,759 |  |   | $ | 61,371 |  |   | 4.31 | % |
| Automotive                                         |   | 37,780 |  |   | 38,414 |  |   | 2.70 |  |
| Banking, Finance, Insurance & Real Estate |   | 148,577 |  |   | 150,700 |  |   | 10.59 |  |
| Beverage, Food & Tobacco                  |   | 15,059 |  |   | 15,379 |  |   | 1.08 |  |
| Business Services                                  |   | 149,205 |  |   | 141,784 |  |   | 9.97 |  |
| Capital Equipment                                  |   | 36,811 |  |   | 37,316 |  |   | 2.62 |  |
| Chemicals, Plastics & Rubber              |   | 19,784 |  |   | 19,801 |  |   | 1.39 |  |
| Construction & Building                   |   | 23,403 |  |   | 23,691 |  |   | 1.67 |  |
| Consumer Services                                  |   | 78,693 |  |   | 79,941 |  |   | 5.62 |  |
| Containers, Packaging & Glass             |   | 49,442 |  |   | 47,706 |  |   | 3.35 |  |
| Durable Consumer Goods                             |   | 19,930 |  |   | 19,932 |  |   | 1.40 |  |
| Energy: Electricity                                |   | 36,783 |  |   | 36,758 |  |   | 2.59 |  |
| Energy: Oil & Gas                         |   | 11,132 |  |   | 10,911 |  |   | 0.77 |  |
| Environmental Industries                           |   | 40,763 |  |   | 41,299 |  |   | 2.90 |  |
| Forest Products & Paper                   |   | 23,752 |  |   | 23,924 |  |   | 1.68 |  |
| Healthcare & Pharmaceuticals              |   | 159,072 |  |   | 161,544 |  |   | 11.36 |  |
| High Tech Industries                               |   | 45,617 |  |   | 46,317 |  |   | 3.26 |  |
| Hotel, Gaming & Leisure                   |   | 30,450 |  |   | 30,014 |  |   | 2.11 |  |
| Investment Fund                                    |   | 97,385 |  |   | 99,657 |  |   | 7.00 |  |
| Media: Advertising, Printing & Publishing |   | 70,988 |  |   | 71,999 |  |   | 5.06 |  |
| Metals & Mining                           |   | 10,232 |  |   | 10,259 |  |   | 0.72 |  |
| Non-durable Consumer Goods                         |   | 32,759 |  |   | 29,348 |  |   | 2.06 |  |
| Retail                                             |   | 8,625 |  |   | 8,320 |  |   | 0.58 |  |
| Software                                           |   | 11,110 |  |   | 11,265 |  |   | 0.79 |  |
| Structured Finance                                 |   | 9,239 |  |   | 5,216 |  |   | 0.37 |  |
| Telecommunications                                 |   | 108,553 |  |   | 110,359 |  |   | 7.76 |  |
| Transportation: Cargo                              |   | 34,323 |  |   | 34,306 |  |   | 2.41 |  |
| Transportation: Consumer                           |   | 26,841 |  |   | 27,882 |  |   | 1.96 |  |
| Wholesale                                          |   | 30,914 |  |   | 27,346 |  |   | 1.92 |  |
| Total                                              |   | $ | 1,429,981 |  |   | $ | 1,422,759 |  |   | 100.00 | % |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |
| Geography      |   | Amortized Cost |   | Fair Value |   | % of Fair Value |
| Cayman Islands |   | $ | 9,239 |  |   | $ | 5,216 |  |   | 0.37 | % |
| United Kingdom |   | 21,144 |  |   | 20,969 |  |   | 1.47 |  |
| United States  |   | 1,399,598 |  |   | 1,396,574 |  |   | 98.16 |  |
| Total          |   | $ | 1,429,981 |  |   | $ | 1,422,759 |  |   | 100.00 | % |

----

----

----

----

----

----

|         |                                                    |
|---------|----------------------------------------------------|
| • | the nature and realizable value of any collateral; |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | call features, put features and other relevant terms of debt; |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | the portfolio company’s leverage and ability to make payments; |

|         |                                                                |
|---------|----------------------------------------------------------------|
| • | the portfolio company’s public or private credit rating; |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | the portfolio company’s actual and expected earnings and discounted cash flow; |

|         |                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------|
| • | prevailing interest rates and spreads for similar securities and expected volatility in future interest rates; |

|         |                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------|
| • | the markets in which the portfolio company does business and recent economic and/or market events; and |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | comparisons to comparable transactions and publicly traded securities. |

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. The types of financial instruments in Level 1 generally include unrestricted securities, including equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. The type of financial instruments in this category generally includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are in this category generally include investments in privately-held entities, CLOs, and certain over-the-counter derivatives where the fair value is based on unobservable inputs. |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        | December 31, 2017 |
|                                        | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                      |   |   |   |   |   |   |   |
| First Lien Debt                             | $ | — |  |   | $ | — |  |   | $ | 1,531,276 |  |   | $ | 1,531,276 |  |
| Second Lien Debt                            | — |  |   | — |  |   | 246,233 |  |   | 246,233 |  |
| Equity Investments                          | — |  |   | — |  |   | 17,506 |  |   | 17,506 |  |
| Investment Fund                             |   |   |   |   |   |   |   |
| Mezzanine Loan                              | — |  |   | — |  |   | 85,750 |  |   | 85,750 |  |
| Subtotal                                    | $ | — |  |   | $ | — |  |   | $ | 1,880,765 |  |   | $ | 1,880,765 |  |
| Investments measured at net asset value (1) |   |   |   |   |   |   | $ | 86,766 |  |
| Total                                       |   |   |   |   |   |   | $ | 1,967,531 |  |
|                                        |
|                                        | December 31, 2016 |
|                                        | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets                                      |   |   |   |   |   |   |   |
| First Lien Debt                             | $ | — |  |   | $ | — |  |   | $ | 1,139,548 |  |   | $ | 1,139,548 |  |
| Second Lien Debt                            | — |  |   | — |  |   | 171,864 |  |   | 171,864 |  |
| Structured Finance Obligations              | — |  |   | — |  |   | 5,216 |  |   | 5,216 |  |
| Equity Investments                          | — |  |   | — |  |   | 6,474 |  |   | 6,474 |  |
| Investment Fund                             |   |   |   |   |   |   |   |
| Mezzanine Loan                              | — |  |   | — |  |   | 62,384 |  |   | 62,384 |  |
| Subtotal                                    | $ | — |  |   | $ | — |  |   | $ | 1,385,486 |  |   | $ | 1,385,486 |  |
| Investments measured at net asset value (1) |   |   |   |   |   |   | $ | 37,273 |  |
| Total                                       |   |   |   |   |   |   | $ | 1,422,759 |  |

|     |                                                                                                                                                                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Amount represents the Company’s subordinated loan and member’s interest investments in Credit Fund. The fair value of these investments has been estimated using the net asset value of the Company’s ownership interests in Credit Fund. |

----

|                                                                                                                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                  | Financial Assets |
|                                                                                                                                                                                                                                                                  | For the year ended December 31, 2017 |
|                                                                                                                                                                                                                                                                  | First Lien Debt |   | Second Lien Debt |   | Structured Finance Obligations |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Total |
| Balance, beginning of year                                                                                                                                                                                                                                            | $ | 1,139,548 |  |   | $ | 171,864 |  |   | $ | 5,216 |  |   | $ | 6,474 |  |   | $ | 62,384 |  |   | $ | 1,385,486 |  |
| Purchases                                                                                                                                                                                                                                                             | 968,783 |  |   | 175,763 |  |   | — |  |   | 8,818 |  |   | 135,960 |  |   | 1,289,324 |  |
| Sales                                                                                                                                                                                                                                                                 | (201,994 | ) |   | (12,377 | ) |   | — |  |   | — |  |   | — |  |   | (214,371 | ) |
| Paydowns                                                                                                                                                                                                                                                              | (371,499 | ) |   | (94,891 | ) |   | (6,147 | ) |   | (346 | ) |   | (112,594 | ) |   | (585,477 | ) |
| Accretion of discount                                                                                                                                                                                                                                                 | 9,955 |  |   | 1,792 |  |   | — |  |   | — |  |   | — |  |   | 11,747 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                           | (8,240 | ) |   | (360 | ) |   | (3,092 | ) |   | — |  |   | — |  |   | (11,692 | ) |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                                  | (5,277 | ) |   | 4,442 |  |   | 4,023 |  |   | 2,560 |  |   | — |  |   | 5,748 |  |
| Balance, end of year                                                                                                                                                                                                                                                  | $ | 1,531,276 |  |   | $ | 246,233 |  |   | $ | — |  |   | $ | 17,506 |  |   | $ | 85,750 |  |   | $ | 1,880,765 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of December 31, 2017 included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (9,040 | ) |   | $ | 3,672 |  |   | $ | — |  |   | $ | 2,560 |  |   | — |  |   | $ | (2,808 | ) |

|                                                                                                                                                                                                                                                                       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                                                                  | Financial Assets |
|                                                                                                                                                                                                                                                                  | For the year ended December 31, 2016 |
|                                                                                                                                                                                                                                                                  | First Lien Debt |   | Second Lien Debt |   | Structured Finance Obligations |   | Equity Investments |   | Investment Fund - Mezzanine Loan |   | Total |
| Balance, beginning of year                                                                                                                                                                                                                                            | $ | 785,459 |  |   | $ | 210,396 |  |   | $ | 44,812 |  |   | $ | 2,424 |  |   | $ | — |  |   | $ | 1,043,091 |  |
| Purchases                                                                                                                                                                                                                                                             | 594,633 |  |   | 38,380 |  |   | — |  |   | 2,857 |  |   | 84,784 |  |   | 720,654 |  |
| Sales                                                                                                                                                                                                                                                                 | (77,434 | ) |   | (25,398 | ) |   | (33,327 | ) |   | — |  |   | — |  |   | (136,159 | ) |
| Paydowns                                                                                                                                                                                                                                                              | (167,699 | ) |   | (57,855 | ) |   | (7,041 | ) |   | — |  |   | (22,400 | ) |   | (254,995 | ) |
| Accretion of discount                                                                                                                                                                                                                                                 | 4,757 |  |   | 850 |  |   | (31 | ) |   | — |  |   | — |  |   | 5,576 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                           | (40 | ) |   | 275 |  |   | (10,302 | ) |   | — |  |   | — |  |   | (10,067 | ) |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                                  | (128 | ) |   | 5,216 |  |   | 11,105 |  |   | 1,193 |  |   | — |  |   | 17,386 |  |
| Balance, end of year                                                                                                                                                                                                                                                  | $ | 1,139,548 |  |   | $ | 171,864 |  |   | $ | 5,216 |  |   | $ | 6,474 |  |   | $ | 62,384 |  |   | $ | 1,385,486 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of December 31, 2016 included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (1,000 | ) |   | $ | 3,331 |  |   | $ | 1,372 |  |   | $ | 1,193 |  |   | $ | — |  |   | $ | 4,896 |  |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Fair Value as |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   | Weighted Average |
|                                                  | of December 31, 2017 | Low |   | High |   |
| Investments in First Lien Debt                        | $ | 1,369,558 |  |   | Discounted Cash Flow |   | Discount Rate |   | 4.85 | % |   | 17.40 | % |   | 8.18 | % |
|                                                  | 142,231 |  |   | Consensus Pricing |   | Indicative Quotes |   | 59.17 |  |   | 100.83 |  |   | 95.93 |  |
|                                                  | 19,487 |  |   | Income Approach |   | Discount Rate |   | 9.78 | % |   | 9.78 | % |   | 9.78 | % |
|                                                  |   |   | Market Approach |   | Comparable Multiple |   | 8.33x |  |   | 8.33x |  |   | 8.33x |  |
| Total First Lien Debt                                 | 1,531,276 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt                       | 211,365 |  |   | Discounted Cash Flow |   | Discount Rate |   | 7.61 | % |   | 18.26 | % |   | 9.43 | % |
|                                                  | 34,868 |  |   | Consensus Pricing |   | Indicative Quotes |   | 96.83 |  |   | 100.58 |  |   | 99.23 |  |
| Total Second Lien Debt                                | 246,233 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                                 | 17,506 |  |   | Income Approach |   | Discount Rate |   | 7.60 | % |   | 10.61 | % |   | 8.81 | % |
|                                                  |   |   | Market Approach |   | Comparable Multiple |   | 7.80x |  |   | 14.69x |  |   | 10.41x |  |
| Total Equity Investments                         | 17,506 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Investment Fund – Mezzanine Loan | 85,750 |  |   | Income Approach |   | Repayment Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Total Investment Fund – Mezzanine Loan          | 85,750 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments                        | $ | 1,880,765 |  |   |   |   |   |   |   |   |   |   |   |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                  | Fair Value as |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Range |   | Weighted Average |
|                                                  | of December 31, 2016 | Low |   | High |   |
| Investments in First Lien Debt                        | $ | 986,695 |  |   | Discounted Cash Flow |   | Discount Rate |   | 4.50 | % |   | 16.33 | % |   | 7.94 | % |
|                                                  | 152,853 |  |   | Consensus Pricing |   | Indicative Quotes |   | 40.75 |  |   | 106.36 |  |   | 97.29 |  |
| Total First Lien Debt                                 | 1,139,548 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt                       | 153,657 |  |   | Discounted Cash Flow |   | Discount Rate |   | 7.93 | % |   | 11.05 | % |   | 9.75 | % |
|                                                  | 16,525 |  |   | Consensus Pricing |   | Indicative Quotes |   | 83.17 |  |   | 100.88 |  |   | 94.48 |  |
|                                                  | 1,682 |  |   | Income Approach |   | Discount Rate |   | 15.32 | % |   | 15.32 | % |   | 15.32 | % |
|                                                  |   |   | Market Approach |   | ComparableMultiple |   | 8.01x |  |   | 8.68x |  |   | 8.34x |  |
| Total Second Lien Debt                                | 171,864 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Structured Finance Obligations         | 2,761 |  |   | Discounted Cash Flow |   | Discount Rate |   | 22.00 | % |   | 22.00 | % |   | 22.00 | % |
|                                                  |   |   |   |   | Default Rate |   | 1.13 |  |   | 1.13 |  |   | 1.13 |  |
|                                                  |   |   |   |   | Prepayment Rate |   | 35.00 |  |   | 35.00 |  |   | 35.00 |  |
|                                                  |   |   |   |   | Recovery Rate |   | 65.00 |  |   | 65.00 |  |   | 65.00 |  |
|                                                  | 2,455 |  |   | Consensus Pricing |   | Indicative Quotes |   | 0.10 |  |   | 48.79 |  |   | 48.50 |  |
| Total Structured Finance Obligations                  | 5,216 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Equity                                 | 6,474 |  |   | Income Approach |   | Discount Rate |   | 8.68 | % |   | 10.40 | % |   | 9.41 | % |
|                                                  |   |   | Market Approach |   | ComparableMultiple |   | 7.22x |  |   | 13.71x |  |   | 11.00x |  |
| Total Equity Investments                              | 6,474 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Investment Fund – Mezzanine Loan | 62,384 |  |   | Income Approach |   | Repayment Rate |   | 100.00 | % |   | 100.00 | % |   | 100.00 | % |
| Total Investment Fund – Mezzanine Loan          | 62,384 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments                        | $ | 1,385,486 |  |   |   |   |   |   |   |   |   |   |   |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | December 31, 2017 |   | December 31, 2016 |
|               | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Secured borrowings | $ | 562,893 |  |   | $ | 562,893 |  |   | $ | 421,885 |  |   | $ | 421,885 |  |
| Total              | $ | 562,893 |  |   | $ | 562,893 |  |   | $ | 421,885 |  |   | $ | 421,885 |  |

----

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          | December 31, 2017 |   | December 31, 2016 |
|                          | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Aaa/AAA Class A-1A Notes | $ | 160,000 |  |   | $ | 160,064 |  |   | $ | 160,000 |  |   | $ | 160,072 |  |
| Aaa/AAA Class A-1B Notes | 40,000 |  |   | 40,020 |  |   | 40,000 |  |   | 39,960 |  |
| Aaa/AAA Class A-1C Notes | 27,000 |  |   | 27,014 |  |   | 27,000 |  |   | 26,951 |  |
| Aa2 Class A-2 Notes      | 46,000 |  |   | 46,027 |  |   | 46,000 |  |   | 45,784 |  |
| Total                         | $ | 273,000 |  |   | $ | 273,125 |  |   | $ | 273,000 |  |   | $ | 272,767 |  |

----

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which its pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%; |

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.82% in any calendar quarter (7.28% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.82%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.82% in any calendar quarter; and |

|         |                                                                                                                                                                                                                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 17.5% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.82% in any calendar quarter (7.28% annualized) will be payable to the Investment Adviser. This reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all pre-incentive fee investment income thereafter is allocated to the Investment Adviser. |

----

----

----

|                                                                             |
|-----------------------------------------------------------------------------|
|                                                                             |  |  |  |  |  |  |
|                                                                        | As of December 31, 2017 | As of December 31, 2016 |
| Senior secured loans (1)                                                    | $ | 993,380 |  | $ | 439,086 |  |
| Weighted average yields of senior secured loans based on amortized cost (2) | 6.80 | % | 6.47 | % |
| Weighted average yields of senior secured loans based on fair value (2)     | 6.79 | % | 6.41 | % |
| Number of portfolio companies in Credit Fund                                | 51 |  | 28 |  |
| Average amount per portfolio company (1)                                    | $ | 19,478 |  | $ | 15,682 |  |

|     |                          |
|-----|--------------------------|
| (1) | At par/principal amount. |

|     |                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 2017 and 2016. Weighted average yield on debt and income producing securities at |

----

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2017                 |
| Investments (1)                                                                   | Industry |   | Interest Rate  |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.39% of fair value)                                            |   |   |   |   |   |   |   |   |   |   |   |
| Acrisure, LLC (2)(3)(4)(11)                                                       | Banking, Finance, Insurance & Real Estate |   | L + 4.25% (1.00% Floor) |   | 11/22/2023 |   | $ | 21,097 |  |   | $ | 21,055 |  |   | $ | 21,291 |  |
| Advanced Instruments, LLC (2)(3)(4)(7)(10)(11)(13)                                | Healthcare & Pharmaceuticals |   | L + 5.25% (1.00% Floor) |   | 10/31/2022 |   | 11,910 |  |   | 11,793 |  |   | 11,910 |  |
| Alpha Packaging Holdings, Inc. (2)(3)(4)(13)                                      | Containers, Packaging & Glass |   | L + 4.25% (1.00% Floor) |   | 5/12/2020 |   | 16,860 |  |   | 16,812 |  |   | 16,860 |  |
| AM Conservation Holding Corporation (2)(3)(4)(13)                                 | Energy: Electricity |   | L + 4.50% (1.00% Floor) |   | 10/31/2022 |   | 38,700 |  |   | 38,433 |  |   | 38,553 |  |
| AMS Finco, S.A.R.L. (Alexander Mann Solutions) (United Kingdom) (2)(3)(4)(11)(13) | Business Services |   | L + 5.50% (1.00% Floor) |   | 5/26/2024 |   | 24,875 |  |   | 24,646 |  |   | 24,875 |  |
| Anaren, Inc. (2)(3)(4)                                                            | Telecommunications |   | L + 4.50% (1.00% Floor) |   | 2/18/2021 |   | 9,993 |  |   | 9,971 |  |   | 9,993 |  |
| AQA Acquisition Holding, Inc. (2)(3)(4)(7)(10)(13)                           | High Tech Industries |   | L + 4.50% (1.00% Floor) |   | 5/24/2023 |   | 27,403 |  |   | 27,288 |  |   | 27,403 |  |
| Big Ass Fans, LLC (2)(3)(4)(13)                                                   | Capital Equipment |   | L + 4.25% (1.00% Floor) |   | 5/21/2024 |   | 8,000 |  |   | 7,964 |  |   | 8,010 |  |
| Borchers, Inc. (2)(3)(4)(7)(10)(13)                                               | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 11/1/2024 |   | 15,748 |  |   | 15,694 |  |   | 15,665 |  |
| Brooks Equipment Company, LLC (2)(3)(4)(13)                                       | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 8/29/2020 |   | 7,061 |  |   | 7,045 |  |   | 7,061 |  |
| DBI Holding LLC (2)(3)(4)(11)(13)                                                 | Transportation: Cargo |   | L + 5.25% (1.00% Floor) |   | 8/1/2021 |   | 19,800 |  |   | 19,659 |  |   | 19,833 |  |
| DecoPac, Inc. (2)(3)(4)(7)(10)(13)                                                | Non-durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 9/29/2024 |   | 13,414 |  |   | 13,270 |  |   | 13,415 |  |
| Dent Wizard International Corporation  (2)(3)(4)(11)                              | Automotive |   | L + 4.75% (1.00% Floor) |   | 4/7/2020 |   | 24,502 |  |   | 24,382 |  |   | 24,475 |  |
| DTI Holdco, Inc. (2)(3)(4)(11)(13)                                                | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 9/30/2023 |   | 19,750 |  |   | 19,575 |  |   | 19,663 |  |
| EIP Merger Sub, LLC (Evolve IP) (2)(3)(4)(8)(11)(13)                              | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2022 |   | 22,663 |  |   | 22,127 |  |   | 22,153 |  |
| EIP Merger Sub, LLC (Evolve IP) (2)(3)(9)(11)(13)                                 | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2022 |   | 1,500 |  |   | 1,462 |  |   | 1,470 |  |
| Empower Payments Acquisitions, Inc. (2)(3)(4)(13)                                 | Media: Advertising, Printing & Publishing |   | L + 5.50% (1.00% Floor) |   | 11/30/2023 |   | 17,325 |  |   | 17,018 |  |   | 17,325 |  |
| FCX Holdings Corp. (2)(3)(4)(11)                                                  | Capital Equipment |   | L + 4.50% (1.00% Floor) |   | 8/4/2020 |   | 18,491 |  |   | 18,438 |  |   | 18,512 |  |
| Golden West Packaging Group LLC (2)(3)(4)(11)(13)                                 | Containers, Packaging & Glass |   | L + 5.25% (1.00% Floor) |   | 6/20/2023 |   | 20,895 |  |   | 20,709 |  |   | 20,895 |  |
| HMT Holding Inc. (2)(3)(4)(7)(10)(13)                                             | Energy: Oil & Gas |   | L + 4.50% (1.00% Floor) |   | 11/17/2023 |   | 35,062 |  |   | 34,387 |  |   | 34,709 |  |
| J.S. Held LLC (2)(3)(4)(7)(10)(13)                                           | Banking, Finance, Insurance & Real Estate |   | L + 5.50% (1.00% Floor) |   | 9/27/2023 |   | 18,204 |  |   | 18,018 |  |   | 18,144 |  |
| Jensen Hughes, Inc. (2)(3)(4)(7)(10)(11)(13)                                      | Utilities: Electric |   | L + 5.00% (1.00% Floor) |   | 12/4/2021 |   | 20,963 |  |   | 20,784 |  |   | 20,963 |  |
| Kestra Financial, Inc. (2)(3)(4)(13)                                              | Banking, Finance, Insurance & Real Estate |   | L + 5.25% (1.00% Floor) |   | 6/24/2022 |   | 17,206 |  |   | 17,009 |  |   | 17,203 |  |
| Mold-Rite Plastics, LLC (2)(3)(4)(11)                                        | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 12/14/2021 |   | 15,000 |  |   | 14,946 |  |   | 14,993 |  |
| MSHC, Inc. (2)(3)(4)(13)                                                          | Construction & Building |   | L + 4.25% (1.00% Floor) |   | 7/31/2023 |   | 10,000 |  |   | 9,957 |  |   | 10,032 |  |
| North American Dental Management, LLC (2)(3)(4)(7)(10)(11)(13)                    | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 7/7/2023 |   | 23,978 |  |   | 23,157 |  |   | 23,577 |  |
| North Haven CA Holdings, Inc. (CoAdvantage) (2)(3)(4)(7)(10)(13)                  | Business Services |   | L + 4.50% (1.00% Floor) |   | 10/2/2023 |   | 31,565 |  |   | 31,237 |  |   | 31,436 |  |
| Odyssey Logistics & Technology Corporation (2)(3)(4)(11)(13)                  | Transportation: Cargo |   | L + 4.25% (1.00% Floor) |   | 10/12/2024 |   | 20,000 |  |   | 19,906 |  |   | 19,998 |  |
| PAI Holdco, Inc. (Parts Authority) (2)(3)(4)(7)(10)(11)(13)                       | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/30/2022 |   | 16,564 |  |   | 16,459 |  |   | 16,515 |  |
| Paradigm Acquisition Corp. (2)(3)(4)(13)                                          | Business Services |   | L + 4.25% (1.00% Floor) |   | 10/12/2024 |   | 23,500 |  |   | 23,445 |  |   | 23,554 |  |
| Pasternack Enterprises, Inc. (Infinite RF) (2)(3)(4)(11)                          | Capital Equipment |   | L + 5.00% (1.00% Floor) |   | 5/27/2022 |   | 20,228 |  |   | 20,134 |  |   | 20,174 |  |
| Premier Senior Marketing, LLC (2)(3)(4)(11)(13)                                   | Banking, Finance, Insurance & Real Estate |   | L + 5.00% (1.00% Floor) |   | 7/1/2022 |   | 11,675 |  |   | 11,606 |  |   | 11,628 |  |
| PSI Services LLC (2)(3)(4)(7)(10)(11)(13)                                    | Business Services |   | L + 5.00% (1.00% Floor) |   | 1/20/2023 |   | 30,676 |  |   | 30,171 |  |   | 30,082 |  |
| Q Holding Company (2)(3)(4)(13)                                                   | Automotive |   | L + 5.00% (1.00% Floor) |   | 12/18/2021 |   | 17,277 |  |   | 17,227 |  |   | 17,277 |  |
| QW Holding Corporation (Quala) (2)(3)(4)(7)(10)(11)(13)                           | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 11,453 |  |   | 10,879 |  |   | 10,933 |  |
| Radiology Partners, Inc. (2)(3)(4)(7)(10)(12)                                     | Healthcare & Pharmaceuticals |   | L + 5.75% (1.00% Floor) |   | 12/4/2023 |   | 25,793 |  |   | 25,494 |  |   | 25,642 |  |
| Restaurant Technologies, Inc. (2)(3)(4)(11)(13)                                   | Retail |   | L + 4.75% (1.00% Floor) |   | 11/23/2022 |   | 17,369 |  |   | 17,241 |  |   | 17,219 |  |
| Sovos Brands Intermediate, Inc. (2)(3)(4)(7)(10)(13)                         | Beverage, Food & Tobacco |   | L + 4.50% (1.00% Floor) |   | 7/18/2024 |   | 21,568 |  |   | 21,419 |  |   | 21,633 |  |
| Superion (fka Ramundsen Public Sector, LLC) (2)(3)(4)(13)                         | Sovereign & Public Finance |   | L + 4.25% (1.00% Floor) |   | 2/1/2024 |   | 3,970 |  |   | 3,955 |  |   | 4,000 |  |
| Surgical Information Systems, LLC (2)(3)(4)(9)(11)(13)                       | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 4/24/2023 |   | 30,000 |  |   | 29,728 |  |   | 30,075 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2017 |
| Investments (1)                                                   | Industry |   | Interest Rate  |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.39% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |
| Systems Maintenance Services Holding, Inc. (2)(3)(4)(11)(13)      | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 10/28/2023 |   | $ | 24,255 |  |   | $ | 24,126 |  |   | $ | 20,617 |  |
| T2 Systems Canada, Inc. (2)(3)(4)                            | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 2,673 |  |   | 2,617 |  |   | 2,634 |  |
| T2 Systems, Inc. (2)(3)(4)(7)(10)(13)                             | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 15,929 |  |   | 15,577 |  |   | 15,679 |  |
| Teaching Strategies, LLC (2)(3)(4)(7)(10)(11)(13)            | Media: Advertising, Printing & Publishing |   | L + 4.75% (1.00% Floor) |   | 2/27/2023 |   | 17,964 |  |   | 17,803 |  |   | 17,952 |  |
| The Original Cakerie, Ltd. (Canada) (2)(3)(4)(7)(10)(11)     | Beverage, Food & Tobacco |   | L + 5.00% (1.00% Floor) |   | 7/20/2021 |   | 6,939 |  |   | 6,879 |  |   | 6,922 |  |
| The Original Cakerie, Co. (Canada) (2)(3)(11)(13)            | Beverage, Food & Tobacco |   | L + 5.50% (1.00% Floor) |   | 7/20/2021 |   | 3,585 |  |   | 3,572 |  |   | 3,579 |  |
| ThoughtWorks, Inc. (2)(3)(11)(13)                                 | Business Services |   | L + 4.50% (1.00% Floor) |   | 10/12/2024 |   | 8,000 |  |   | 7,980 |  |   | 8,032 |  |
| U.S. Acute Care Solutions, LLC (2)(3)(4)(13)                 | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 5/15/2021 |   | 32,030 |  |   | 31,808 |  |   | 31,537 |  |
| U.S. TelePacific Holdings Corp. (2)(3)(4)(13)                     | Telecommunications |   | L + 5.00% (1.00% Floor) |   | 5/2/2023 |   | 29,850 |  |   | 29,566 |  |   | 28,581 |  |
| Valicor Environmental Services, LLC (2)(3)(4)(7)(10)(11)(13) | Environmental Industries |   | L + 5.00% (1.00% Floor) |   | 6/1/2023 |   | 27,047 |  |   | 26,576 |  |   | 26,984 |  |
| WIRB - Copernicus Group, Inc. (2)(3)(4)(13)                  | Healthcare & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 8/12/2022 |   | 14,838 |  |   | 14,780 |  |   | 14,838 |  |
| WRE Holding Corp. (2)(3)(4)(7)(10)(11)(13)                        | Environmental Industries |   | L + 4.75% (1.00% Floor) |   | 1/3/2023 |   | 5,367 |  |   | 5,283 |  |   | 5,279 |  |
| Zest Holdings, LLC (2)(3)(4)(11)                                  | Durable Consumer Goods |   | L + 4.25% (1.00% Floor) |   | 8/16/2023 |   | 19,152 |  |   | 19,107 |  |   | 19,272 |  |
| Zywave, Inc. (2)(3)(4)(7)(10)(13)                                 | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 11/17/2022 |   | 17,663 |  |   | 17,508 |  |   | 17,663 |  |
| First Lien Debt Total                                             |   |   |   |   |   |   |   |   | $ | 977,682 |  |   | $ | 978,718 |  |
| Second Lien Debt (0.61% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |
| Paradigm Acquisition Corp. (2)(3)(12)(13)                         | Business Services |   | L + 8.50% (1.00% Floor) |   | 10/12/2025 |   | $ | 4,800 |  |   | $ | 4,753 |  |   | $ | 4,792 |  |
| Superion, LLC (fka Ramundsen Public Sector, LLC) (2)(3)(13)       | Sovereign & Public Finance |   | L + 8.50% (1.00% Floor) |   | 2/1/2025 |   | 200 |  |   | 198 |  |   | 202 |  |
| Zywave, Inc. (2)(3)(13)                                           | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 1,050 |  |   | 1,036 |  |   | 1,061 |  |
| Second Lien Debt Total                                            |   |   |   |   |   |   |   |   | $ | 5,987 |  |   | $ | 6,055 |  |
| Total Investments                                                 |   |   |   |   |   |   |   |   | $ | 983,669 |  |   | $ | 984,773 |  |

|     |                                                                                                                                                                                                                                                                                                                        |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2017, the geographical composition of investments as a percentage of fair value was 1.07% in Canada, 2.52% in the United Kingdom, and 96.41% in the United States. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate (“P”)), which generally resets quarterly. For each such loan, Credit Fund has provided the interest rate in effect as of December 31, 2017. As of December 31, 2017, all of Credit Fund’s LIBOR loans were indexed to the 90-day LIBOR rate at 1.69%, except for those loans as indicated in Notes 11 and 12 below. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub Facility”). The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund or the 2017-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |

|     |                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements. |

|     |                                                                                                                                                                                                                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. The lenders of the Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund. Accordingly, such assets are not available to creditors of Credit Fund Sub or the 2017-1 Issuer. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Credit Fund receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.25% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.97%) and Surgical Information Systems, LLC (1.01%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | As of December 31, 2017, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt – unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                          |   | Revolver |   | 0.50 | % |   | $ | 1,333 |  |   | $ | — |  |
| AQA Acquisition Holding, Inc.                                                      |   | Revolver |   | 0.50 | % |   | 2,459 |  |   | — |  |
| Borchers, Inc.                                                                     |   | Revolver |   | 0.50 | % |   | 1,935 |  |   | (9 | ) |
| DecoPac, Inc.                                                                      |   | Revolver |   | 0.50 | % |   | 1,457 |  |   | — |  |
| HMT Holding Inc.                                                                   |   | Revolver |   | 0.50 | % |   | 4,938 |  |   | (43 | ) |
| Jensen Hughes, Inc.                                                                |   | Delayed Draw |   | 1.00 | % |   | 1,180 |  |   | — |  |
| Jensen Hughes, Inc.                                                                |   | Revolver |   | 0.50 | % |   | 2,000 |  |   | — |  |
| J.S. Held LLC                                                                      |   | Delayed Draw |   | 1.00 | % |   | 2,253 |  |   | (7 | ) |
| North American Dental Management, LLC                                              |   | Delayed Draw |   | 1.00 | % |   | 13,354 |  |   | (134 | ) |
| North American Dental Management, LLC                                              |   | Revolver |   | 0.50 | % |   | 2,727 |  |   | (27 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                        |   | Revolver |   | 0.50 | % |   | 3,362 |  |   | (12 | ) |
| PAI Holdco, Inc. (Parts Authority)                                                 |   | Delayed Draw |   | 1.00 | % |   | 3,286 |  |   | (8 | ) |
| PSI Services LLC                                                                   |   | Revolver |   | 0.50 | % |   | 302 |  |   | (6 | ) |
| QW Holding Corporation (Quala)                                                     |   | Delayed Draw |   | 1.00 | % |   | 7,515 |  |   | (171 | ) |
| QW Holding Corporation (Quala)                                                     |   | Revolver |   | 0.50 | % |   | 3,849 |  |   | (88 | ) |
| Radiology Partners, Inc.                                                           |   | Delayed Draw |   | 1.00 | % |   | 2,483 |  |   | (12 | ) |
| Radiology Partners, Inc.                                                           |   | Revolver |   | 0.50 | % |   | 1,725 |  |   | (9 | ) |
| Sovos Brands Intermediate, Inc.                                                    |   | Revolver |   | 0.50 | % |   | 3,378 |  |   | 9 |  |
| T2 Systems, Inc.                                                                   |   | Revolver |   | 0.50 | % |   | 1,173 |  |   | (17 | ) |
| Teaching Strategies, LLC                                                           |   | Revolver |   | 0.50 | % |   | 1,900 |  |   | (1 | ) |
| The Original Cakerie, Ltd. (Canada)                                                |   | Revolver |   | 0.50 | % |   | 1,665 |  |   | (3 | ) |
| Valicor Environmental Services, LLC                                                |   | Revolver |   | 0.50 | % |   | 2,838 |  |   | (6 | ) |
| WRE Holding Corp.                                                                  |   | Delayed Draw |   | 1.04 | % |   | 3,435 |  |   | (32 | ) |
| WRE Holding Corp.                                                                  |   | Revolver |   | 0.50 | % |   | 748 |  |   | (7 | ) |
| Zywave, Inc.                                                                       |   | Revolver |   | 0.50 | % |   | 1,163 |  |   | — |  |
| Total unfunded commitments                                                         |   |   |   |   |   | $ | 72,458 |  |   | $ | (583 | ) |

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (11) | As of December 31, 2017, this LIBOR loan was indexed to the 30-day LIBOR rate at 1.56%. |

|      |                                                                                               |
|------|-----------------------------------------------------------------------------------------------|
| (12) | As of December 31, 2017, this LIBOR loan was indexed to the 180-day LIBOR rate at 1.84%. |

|      |                                                                                                                                                                                                                                                                                                                                                             |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | Denotes that all or a portion of the assets are owned by the 2017-1 Issuer and secure the notes issued in connection with a $399,900 term debt securitization completed by Credit Fund on December 19, 2017 (the “2017-1 Debt Securitization”). Accordingly, such assets are not available to creditors of Credit Fund or Credit Fund Sub. |

----

|                                                                     |
|---------------------------------------------------------------------|
|                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2016   |
| Investments (1)                                                     | Industry (2) |   | Interest Rate |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.31% of fair value)                              |   |   |   |   |   |   |   |   |   |   |   |
| AM Conservation Holding Corporation (2) (3) (4)                | Energy: Electricity |   | L + 4.75% (1.00% Floor) |   | 10/31/2022 |   | $ | 30,000 |  |   | $ | 29,721 |  |   | $ | 29,925 |  |
| Datapipe, Inc. (2) (3) (4) (11)                                     | Telecommunications |   | L + 4.75% (1.00% Floor) |   | 3/15/2019 |   | 9,750 |  |   | 9,654 |  |   | 9,764 |  |
| Dimora Brands, Inc. (fka TK USA Enterprises, Inc.) (2) (3) (4) (11) | Construction & Building |   | L + 4.50% (1.00% Floor) |   | 4/4/2023 |   | 19,850 |  |   | 19,580 |  |   | 19,723 |  |
| Diversitech Corporation (2) (4) (10) (11)                      | Capital Equipment |   | P + 3.50% |   | 11/19/2021 |   | 14,803 |  |   | 14,617 |  |   | 14,803 |  |
| DTI Holdco, Inc. (2) (3) (4) (7)                               | High Tech Industries |   | L + 5.25% (1.00% Floor) |   | 9/30/2023 |   | 19,950 |  |   | 19,751 |  |   | 19,651 |  |
| DYK Prime Acquisition LLC (2) (3) (4)                               | Chemicals, Plastics & Rubber |   | L + 4.75% (1.00% Floor) |   | 4/1/2022 |   | 5,775 |  |   | 5,735 |  |   | 5,775 |  |
| EAG, Inc. (2) (3) (4) (11)                                          | Business Services |   | L + 4.25% (1.00% Floor) |   | 7/28/2018 |   | 8,713 |  |   | 8,686 |  |   | 8,720 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (8)                     | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 22,971 |  |   | 22,323 |  |   | 22,509 |  |
| EIP Merger Sub, LLC (Evolve IP) (2) (3) (4) (9)                | Telecommunications |   | L + 6.25% (1.00% Floor) |   | 6/7/2021 |   | 1,500 |  |   | 1,455 |  |   | 1,468 |  |
| Empower Payments Acquisitions, Inc. (2) (3) (7)                | Media: Advertising, Printing & Publishing |   | L + 5.50% (1.00% Floor) |   | 11/30/2023 |   | 17,500 |  |   | 17,154 |  |   | 17,279 |  |
| Generation Brands Holdings, Inc. (2) (3) (4)                        | Durable Consumer Goods |   | L + 5.00% (1.00% Floor) |   | 6/10/2022 |   | 19,900 |  |   | 19,712 |  |   | 20,099 |  |
| Jensen Hughes, Inc. (2) (3) (4) (10)                           | Utilities: Electric |   | L + 5.00% (1.00% Floor) |   | 12/4/2021 |   | 20,409 |  |   | 20,188 |  |   | 20,327 |  |
| Kestra Financial, Inc. (2) (3) (4)                             | Banking, Finance, Insurance & Real Estate |   | L + 5.25% (1.00% Floor) |   | 6/24/2022 |   | 19,900 |  |   | 19,632 |  |   | 19,814 |  |
| MSHC, Inc. (2) (3) (4) (10)                                         | Construction & Building |   | L + 5.00% (1.00% Floor) |   | 7/19/2021 |   | 13,177 |  |   | 13,062 |  |   | 13,003 |  |
| PAI Holdco, Inc. (Parts Authority) (2) (3) (4)                      | Automotive |   | L + 4.75% (1.00% Floor) |   | 12/30/2022 |   | 9,950 |  |   | 9,886 |  |   | 9,950 |  |
| Pasternack Enterprises, Inc. (Infinite RF) (2) (3) (4)         | Capital Equipment |   | L + 5.00% (1.00% Floor) |   | 5/27/2022 |   | 11,941 |  |   | 11,844 |  |   | 11,941 |  |
| Q Holding Company (2) (3) (4)                                  | Automotive |   | L + 5.00% (1.00% Floor) |   | 12/18/2021 |   | 13,964 |  |   | 13,828 |  |   | 13,941 |  |
| QW Holding Corporation (Quala) (2) (3) (4) (7) (10)                 | Environmental Industries |   | L + 6.75% (1.00% Floor) |   | 8/31/2022 |   | 8,975 |  |   | 8,413 |  |   | 9,030 |  |
| RelaDyne Inc. (2) (3) (4) (10)                                      | Wholesale |   | L + 5.25% (1.00% Floor) |   | 7/22/2022 |   | 23,514 |  |   | 23,117 |  |   | 23,443 |  |
| Restaurant Technologies, Inc. (2) (3) (4)                           | Retail |   | L + 4.75% (1.00% Floor) |   | 11/23/2022 |   | 14,000 |  |   | 13,871 |  |   | 13,969 |  |
| Systems Maintenance Services Holding, Inc. (2) (3) (4)         | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 10/30/2023 |   | 12,000 |  |   | 11,885 |  |   | 12,001 |  |
| T2 Systems Canada, Inc. (2) (3) (4) (11)                       | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 2,700 |  |   | 2,635 |  |   | 2,727 |  |
| T2 Systems, Inc. (2) (3) (4) (10) (11)                         | Transportation: Consumer |   | L + 6.75% (1.00% Floor) |   | 9/28/2022 |   | 15,300 |  |   | 14,888 |  |   | 15,473 |  |
| The Original Cakerie, Ltd. (Canada) (2) (3) (4) (10)           | Beverage, Food & Tobacco |   | L + 5.00% (1.00% Floor) |   | 7/20/2021 |   | 7,009 |  |   | 6,946 |  |   | 7,009 |  |
| The Original Cakerie, Co. (Canada) (2) (3) (4)                      | Beverage, Food & Tobacco |   | L + 5.50% (1.00% Floor) |   | 7/20/2021 |   | 3,621 |  |   | 3,591 |  |   | 3,621 |  |
| U.S. Acute Care Solutions, LLC (2) (3) (4)                          | Health & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 5/15/2021 |   | 26,400 |  |   | 26,154 |  |   | 26,336 |  |
| U.S. Anesthesia Partners, Inc. (2) (3) (4)                          | Health & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 12/31/2019 |   | 10,374 |  |   | 10,275 |  |   | 10,362 |  |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)             | Chemicals, Plastics & Rubber |   | L + 4.50% (1.00% Floor) |   | 2/5/2021 |   | 17,910 |  |   | 17,786 |  |   | 17,903 |  |
| WIRB – Copernicus Group, Inc. (2) (3) (4)                     | Health & Pharmaceuticals |   | L + 5.00% (1.00% Floor) |   | 8/12/2022 |   | $ | 7,980 |  |   | $ | 7,916 |  |   | $ | 8,050 |  |
| Zest Holdings, LLC (2) (3) (4)                                 | Durable Consumer Goods |   | L + 4.75% (1.00% Floor) |   | 8/16/2020 |   | 8,700 |  |   | 8,658 |  |   | 8,749 |  |
| Zywave, Inc. (2) (3) (4) (7) (10)                              | High Tech Industries |   | L + 5.00% (1.00% Floor) |   | 11/17/2022 |   | 17,500 |  |   | 17,315 |  |   | 17,434 |  |
| First Lien Debt Total                                               |   |   |   |   |   |   |   |   | $ | 430,278 |  |   | $ | 434,799 |  |
| Second Lien Debt (0.69% of fair value)                              |   |   |   |   |   |   |   |   |   |   |   |
| Vantage Specialty Chemicals, Inc. (2) (3) (4) (11)             | Chemicals, Plastics & Rubber |   | L + 8.75% (1.00% Floor) |   | 2/5/2022 |   | $ | 2,000 |  |   | $ | 1,960 |  |   | $ | 1,987 |  |
| Zywave, Inc. (2) (3) (4)                                            | High Tech Industries |   | L + 9.00% (1.00% Floor) |   | 11/17/2023 |   | 1,050 |  |   | 1,034 |  |   | 1,043 |  |
| Second Lien Debt Total                                              |   |   |   |   |   |   |   |   | $ | 2,994 |  |   | $ | 3,030 |  |
| Total Investments                                                   |   |   |   |   |   |   |   |   | $ | 433,272 |  |   | $ | 437,829 |  |

|     |                                                                                                                                                                                                                                                                                      |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2016, the geographical composition of investments as a percentage of fair value was 2.43% in Canada and 97.57% in the United States. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has provided the interest rate in effect as of December 31, 2016. As of December 31, 2016, all of Credit Fund’s LIBOR loans were indexed to the 90-day LIBOR rate at 1.00%, except for those loans as indicated in Note 11 below, and the U.S. Prime Rate loan was indexed at 3.75%. |

|     |                                            |
|-----|--------------------------------------------|
| (3) | Loan includes interest rate floor feature. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Denotes that all or a portion of the assets are owned by Credit Fund Sub. Credit Fund Sub has entered into a revolving credit facility (the “Credit Fund Sub Facility”). The lenders of the Credit Fund Sub Facility have a first lien security interest in substantially all of the assets of Credit Fund Sub. Accordingly, such assets are not available to creditors of Credit Fund. |

----

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |

|     |                                                                                                                                                                                                                                                                                                                                |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, which is substantially similar to the valuation policy of the Company provided in “—Critical Accounting Policies—Fair Value Measurements.” |

|     |                                                                                                                                                                                                                                                                                                                                         |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Denotes that all or a portion of the assets are owned by Credit Fund. Credit Fund has entered into the Credit Fund Facility. The lenders of the Credit Fund Facility have a first lien security interest in substantially all of the assets of Credit Fund. Accordingly, such assets are not available to creditors of Credit Fund Sub. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Credit Fund receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.25% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.84%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

|      |                                                                                                                                           |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | As of December 31, 2016, Credit Fund had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt – unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Diversitech Corporation                                                            |   | Delayed Draw |   | 1.00 | % |   | $ | 5,000 |  |   | $ | — |  |
| Jensen Hughes, Inc.                                                                |   | Revolver |   | 0.50 | % |   | 2,000 |  |   | (7 | ) |
| Jensen Hughes, Inc.                                                                |   | Delayed Draw |   | 0.50 | % |   | 1,461 |  |   | (5 | ) |
| MSHC, Inc.                                                                         |   | Delayed Draw |   | 1.50 | % |   | 1,790 |  |   | (21 | ) |
| QW Holding Corporation (Quala)                                                     |   | Revolver |   | 1.00 | % |   | 5,086 |  |   | 14 |  |
| QW Holding Corporation (Quala)                                                     |   | Delayed Draw |   | 1.00 | % |   | 5,918 |  |   | 17 |  |
| RelaDyne Inc.                                                                      |   | Revolver |   | 0.50 | % |   | 2,162 |  |   | (6 | ) |
| RelaDyne Inc.                                                                      |   | Delayed Draw |   | 0.50 | % |   | 1,824 |  |   | (5 | ) |
| T2 Systems, Inc.                                                                   |   | Revolver |   | 1.00 | % |   | 1,955 |  |   | 20 |  |
| The Original Cakerie, Ltd. (Canada)                                                |   | Revolver |   | 0.50 | % |   | 1,665 |  |   | — |  |
| Zywave, Inc.                                                                       |   | Revolver |   | 0.50 | % |   | 1,500 |  |   | (5 | ) |
| Total unfunded commitments                                                         |   |   |   |   |   | $ | 30,361 |  |   | $ | 2 |  |

|      |                                                                                              |
|------|----------------------------------------------------------------------------------------------|
| (11) | As of December 31, 2016, this LIBOR loan was indexed to the 30-day LIBOR rate at 0.77%. |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |
|                                                                               | December 31, 2017 | December 31, 2016 |
| Selected Consolidated Balance Sheet Information                                    |   |   |
| ASSETS                                                                             |   |   |
| Investments, at fair value (amortized cost of $983,669 and $433,272, respectively) | $ | 984,773 |  | $ | 437,829 |  |
| Cash and other assets                                                              | 26,441 |  | 11,326 |  |
| Total assets                                                                       | $ | 1,011,214 |  | $ | 449,155 |  |
| LIABILITIES AND MEMBERS’ EQUITY                                              |   |   |
| Secured borrowings                                                                 | $ | 377,686 |  | $ | 248,540 |  |
| 2017-1 Notes payable, net of unamortized debt issuance costs of $2,051             | 348,938 |  | — |  |
| Mezzanine loans                                                                    | 85,750 |  | 62,384 |  |
| Other liabilities                                                                  | 25,308 |  | 63,684 |  |
| Subordinated loans and members’ equity                                       | 173,532 |  | 74,547 |  |
| Liabilities and members’ equity                                              | $ | 1,011,214 |  | $ | 449,155 |  |
|                                                                               |   |   |
|                                                                               | For the years ended |
|                                                                               | December 31, 2017 | December 31, 2016 |
| Selected Consolidated Statement of Operations Information:                         |   |   |
| Total investment income                                                            | $ | 49,504 |  | $ | 9,973 |  |
| Expenses                                                                           |   |   |
| Interest and credit facility expenses                                              | 29,191 |  | 5,410 |  |
| Other expenses                                                                     | 3,493 |  | 1,266 |  |
| Total expenses                                                                     | 32,684 |  | 6,676 |  |
| Net investment income (loss)                                                       | 16,820 |  | 3,297 |  |
| Net realized gain (loss) on investments                                            | 17 |  | 41 |  |
| Net change in unrealized appreciation (depreciation) on investments                | (3,453 | ) | 4,557 |  |
| Net increase (decrease) resulting from operations                                  | $ | 13,384 |  | $ | 7,895 |  |

----

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | December 31, 2017 |
|                | TotalFacility |   | BorrowingsOutstanding |   | Unused Portion (1) |   | AmountAvailable (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 287,393 |  |   | $ | 112,607 |  |   | $ | 27,147 |  |
| Credit Facility     | 413,000 |  |   | 275,500 |  |   | 137,500 |  |   | 137,500 |  |
| Total               | $ | 813,000 |  |   | $ | 562,893 |  |   | $ | 250,107 |  |   | $ | 164,647 |  |

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                | December 31, 2016 |
|                | TotalFacility |   | BorrowingsOutstanding |   | Unused Portion (1) |   | AmountAvailable (2) |
| SPV Credit Facility | $ | 400,000 |  |   | $ | 252,885 |  |   | $ | 147,115 |  |   | $ | 5,988 |  |
| Credit Facility     | 220,000 |  |   | 169,000 |  |   | 51,000 |  |   | 51,000 |  |
| Total               | $ | 620,000 |  |   | $ | 421,885 |  |   | $ | 198,115 |  |   | $ | 56,988 |  |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (1) | The unused portion is the amount upon which commitment fees are based. |

|     |                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                            | For the years ended December 31, |
|                                            | 2017 |   | 2016 |   | 2015 |
| Interest expense                                | $ | 15,296 |  |   | $ | 8,559 |  |   | $ | 6,008 |  |
| Facility unused commitment fee                  | 1,117 |  |   | 1,253 |  |   | 847 |  |
| Amortization of deferred financing costs        | 745 |  |   | 1,213 |  |   | 945 |  |
| Other fees                                      | 121 |  |   | 107 |  |   | 106 |  |
| Total interest expense and credit facility fees | $ | 17,279 |  |   | $ | 11,132 |  |   | $ | 7,906 |  |
| Cash paid for interest expense                  | $ | 13,806 |  |   | $ | 7,828 |  |   | $ | 6,062 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                            | For the years ended December 31, |
|                                            | 2017 |   | 2016 |   | 2015 |
| Interest expense                                | $ | 9,010 |  |   | $ | 7,698 |  |   | $ | 3,468 |  |
| Amortization of deferred financing costs        | 204 |  |   | 205 |  |   | 106 |  |
| Total interest expense and credit facility fees | $ | 9,214 |  |   | $ | 7,903 |  |   | $ | 3,574 |  |
| Cash paid for interest expense                  | $ | 8,713 |  |   | $ | 7,439 |  |   | $ | 2,021 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 | SPV Credit Facility and Credit Facility |   | 2015-1 Notes |
| Payment Due by Period | December 31, 2017 |   | December 31, 2016 |   | December 31, 2017 |   | December 31, 2016 |
| Less than 1 Year                     | $ | — |  |   | $ | — |  |   | $ | — |  |   | $ | — |  |
| 1-3 Years                            | — |  |   | — |  |   | — |  |   | — |  |
| 3-5 Years                            | 562,893 |  |   | 421,885 |  |   | — |  |   | — |  |
| More than 5 Years                    | — |  |   | — |  |   | 273,000 |  |   | 273,000 |  |
| Total                                | $ | 562,893 |  |   | $ | 421,885 |  |   | $ | 273,000 |  |   | $ | 273,000 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Par Value as of |
|                                     | December 31, 2017 |   | December 31, 2016 |
| Unfunded delayed draw commitments        | $ | 39,383 |  |   | $ | 35,704 |  |
| Unfunded revolving term loan commitments | 78,991 |  |   | 24,063 |  |
| Total unfunded commitments               | $ | 118,374 |  |   | $ | 59,767 |  |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                               | Common Stock |   | Capital in Excess of Par Value |   | Offering Costs |   | Accumulated Net Investment Income (Loss) |   | Accumulated Net Realized Gain (Loss) on Investments |   | Accumulated Net Unrealized Appreciation (Depreciation) on Investments |   | Total Net Assets |
| Shares                                                                             |   | Amount |   |
| Balance, beginning of year                                                         | 41,702,318 |  |   | $ | 417 |  |   | $ | 799,580 |  |   | $ | (74 | ) |   | $ | (3,207 | ) |   | $ | (25,357 | ) |   | $ | (7,222 | ) |   | $ | 764,137 |  |
| Common stock issued                                                                | 20,146,561 |  |   | 201 |  |   | 366,818 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 367,019 |  |
| Reinvestment of dividends                                                          | 358,724 |  |   | 4 |  |   | 6,677 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 6,681 |  |
| Offering costs                                                                     | — |  |   | — |  |   | — |  |   | (1,544 | ) |   | — |  |   | — |  |   | — |  |   | (1,544 | ) |
| Net investment income (loss)                                                       | — |  |   | — |  |   | — |  |   | — |  |   | 92,151 |  |   | — |  |   | — |  |   | 92,151 |  |
| Net realized gain (loss) on investments                                            | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (11,692 | ) |   | — |  |   | (11,692 | ) |
| Net change in unrealized appreciation (depreciation) on investments                | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 3,741 |  |   | 3,741 |  |
| Dividends declared                                                                 | — |  |   | — |  |   | — |  |   | — |  |   | (93,189 | ) |   | — |  |   | — |  |   | (93,189 | ) |
| Tax reclassification of stockholders’ equity in accordance with US GAAP | — |  |   | — |  |   | (268 | ) |   | — |  |   | 6,767 |  |   | (6,499 | ) |   | — |  |   | — |  |
| Balance, end of year                                                               | 62,207,603 |  |   | $ | 622 |  |   | $ | 1,172,807 |  |   | $ | (1,618 | ) |   | $ | 2,522 |  |   | $ | (43,548 | ) |   | $ | (3,481 | ) |   | $ | 1,127,304 |  |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                               | Common Stock |   | Capital in Excess of Par Value |   | Offering Costs |   | Accumulated Net Investment Income (Loss) |   | Accumulated Net Realized Gain (Loss) on Investments |   | Accumulated Net Unrealized Appreciation (Depreciation) on Investments |   | Total Net Assets |
| Shares                                                                             |   | Amount |   |
| Balance, beginning of year                                                         | 31,524,083 |  |   | $ | 315 |  |   | $ | 613,944 |  |   | $ | (74 | ) |   | $ | (12,994 | ) |   | $ | (2,411 | ) |   | $ | (27,054 | ) |   | $ | 571,726 |  |
| Common stock issued                                                                | 10,162,898 |  |   | 102 |  |   | 185,435 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 185,537 |  |
| Reinvestment of dividends                                                          | 15,337 |  |   | — |  |   | 279 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 279 |  |
| Net investment income (loss)                                                       | — |  |   | — |  |   | — |  |   | — |  |   | 59,621 |  |   | — |  |   | — |  |   | 59,621 |  |
| Net realized gain (loss) on investments                                            | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (9,644 | ) |   | — |  |   | (9,644 | ) |
| Net change in unrealized appreciation (depreciation) on investments                | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 19,832 |  |   | 19,832 |  |
| Dividends declared                                                                 | — |  |   | — |  |   | — |  |   | — |  |   | (63,214 | ) |   | — |  |   | — |  |   | (63,214 | ) |
| Tax reclassification of stockholders’ equity in accordance with US GAAP | — |  |   | — |  |   | (78 | ) |   | — |  |   | 13,380 |  |   | (13,302 | ) |   | — |  |   | — |  |
| Balance, end of year                                                               | 41,702,318 |  |   | $ | 417 |  |   | $ | 799,580 |  |   | $ | (74 | ) |   | $ | (3,207 | ) |   | $ | (25,357 | ) |   | $ | (7,222 | ) |   | $ | 764,137 |  |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                               | Common Stock |   | Capital in Excess of Par Value |   | Offering Costs |   | Accumulated Net Investment Income (Loss) |   | Accumulated Net Realized Gain (Loss) on Investments |   | Accumulated Net Unrealized Appreciation (Depreciation) on Investments |   | Total Net Assets |
| Shares                                                                             |   | Amount |   |
| Balance, beginning of year                                                         | 17,932,697 |  |   | $ | 179 |  |   | $ | 351,636 |  |   | $ | (74 | ) |   | $ | (4,388 | ) |   | $ | (57 | ) |   | $ | (9,039 | ) |   | $ | 338,257 |  |
| Common stock issued                                                                | 13,584,508 |  |   | 136 |  |   | 262,218 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 262,354 |  |
| Reinvestment of dividends                                                          | 6,878 |  |   | — |  |   | 131 |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 131 |  |
| Net investment income (loss)                                                       | — |  |   | — |  |   | — |  |   | — |  |   | 35,524 |  |   | — |  |   | — |  |   | 35,524 |  |
| Net realized gain (loss) on investments                                            | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | 1,164 |  |   | — |  |   | 1,164 |  |
| Net change in unrealized appreciation (depreciation) on investments                | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | — |  |   | (18,015 | ) |   | (18,015 | ) |
| Dividends declared                                                                 | — |  |   | — |  |   | — |  |   | — |  |   | (47,689 | ) |   | — |  |   | — |  |   | (47,689 | ) |
| Tax reclassification of stockholders’ equity in accordance with US GAAP | — |  |   | — |  |   | (41 | ) |   | — |  |   | 3,559 |  |   | (3,518 | ) |   | — |  |   | — |  |
| Balance, end of year                                                               | 31,524,083 |  |   | $ | 315 |  |   | $ | 613,944 |  |   | $ | (74 | ) |   | $ | (12,994 | ) |   | $ | (2,411 | ) |   | $ | (27,054 | ) |   | $ | 571,726 |  |

|                   |
|-------------------|
|                   |  |  |  |  |  |  |
|              | Shares Issued |   | Proceeds Received |
| January 24, 2017* | 5,837 |  |   | $ | 108 |  |
| April 24, 2017*   | 5,133 |  |   | 94 |  |
| May 19, 2017      | 2,141,417 |  |   | 39,488 |  |
| June 9, 2017      | 8,116,711 |  |   | 149,997 |  |
| June 9, 2017**    | 434,233 |  |   | 8,046 |  |
| June 19, 2017     | 9,000,000 |  |   | 161,505 |  |
| July 5, 2017      | 454,200 |  |   | 7,983 |  |
| October 18, 2017* | 347,754 |  |   | 6,479 |  |
| Total             | 20,505,285 |  |   | $ | 373,700 |  |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |
|                    | Shares Issued |   | Proceeds Received |
| January 22, 2016*  | 3,885 |  |   | $ | 74 |  |
| March 11, 2016     | 1,815,181 |  |   | 33,000 |  |
| April 22, 2016*    | 2,988 |  |   | 54 |  |
| May 6, 2016        | 1,510,859 |  |   | 26,999 |  |
| June 24, 2016      | 1,660,333 |  |   | 30,102 |  |
| July 22, 2016*     | 3,756 |  |   | 66 |  |
| August 26, 2016    | 1,909,449 |  |   | 35,000 |  |
| September 16, 2016 | 1,360,948 |  |   | 25,001 |  |
| October 24, 2016*  | 4,708 |  |   | 85 |  |
| November 18, 2016  | 1,906,128 |  |   | 35,435 |  |
| Total                   | 10,178,235 |  |   | $ | 185,816 |  |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |
|                    | Shares Issued |   | Proceeds Received |
| January 16, 2015   | 924,977 |  |   | $ | 18,000 |  |
| January 26, 2015*  | 1,051 |  |   | 20 |  |
| February 26, 2015  | 2,312,659 |  |   | 45,005 |  |
| April 21, 2015*    | 1,351 |  |   | 25 |  |
| May 1, 2015        | 1,462,746 |  |   | 28,085 |  |
| May 22, 2015       | 1,708,068 |  |   | 33,000 |  |
| June 25, 2015      | 2,412,386 |  |   | 46,992 |  |
| July 22, 2015*     | 2,018 |  |   | 38 |  |
| August 21, 2015    | 1,032,504 |  |   | 20,002 |  |
| September 30, 2015 | 104,954 |  |   | 2,009 |  |
| October 9, 2015    | 1,255,914 |  |   | 24,038 |  |
| October 22, 2015*  | 2,458 |  |   | 47 |  |
| December 21, 2015  | 2,370,300 |  |   | 45,224 |  |
| Total                   | 13,591,386 |  |   | $ | 262,485 |  |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                                            | For the years ended December 31, |
|                                                            | 2017 |   | 2016 |   | 2015 |
| Net increase (decrease) in net assets resulting from operations | $ | 84,200 |  |   | $ | 69,809 |  |   | $ | 18,673 |  |
| Weighted-average common shares outstanding                      | 52,997,450 |  |   | 36,152,390 |  |   | 24,830,200 |  |
| Basic and diluted earnings per common share                     | $ | 1.59 |  |   | $ | 1.93 |  |   | $ | 0.75 |  |

----

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |  |  |
| Date Declared           |   | Record Date |   | Payment Date |   | Per Share Amount |   |
| March 11, 2015     |   | March 13, 2015 |   | April 17, 2015 |   | $ | 0.37 |  |   |
| June 24, 2015      |   | June 30, 2015 |   | July 22, 2015 |   | $ | 0.37 |  |   |
| September 24, 2015 |   | September 24, 2015 |   | October 22, 2015 |   | $ | 0.42 |  |   |
| December 29, 2015  |   | December 29, 2015 |   | January 22, 2016 |   | $ | 0.40 |  |   |
| December 29, 2015  |   | December 29, 2015 |   | January 22, 2016 |   | $ | 0.18 |  | (1)  |
| March 10, 2016     |   | March 14, 2016 |   | April 22, 2016 |   | $ | 0.40 |  |   |
| June 8, 2016       |   | June 8, 2016 |   | July 22, 2016 |   | $ | 0.40 |  |   |
| September 28, 2016 |   | September 28, 2016 |   | October 24, 2016 |   | $ | 0.40 |  |   |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.41 |  |   |
| December 29, 2016  |   | December 29, 2016 |   | January 24, 2017 |   | $ | 0.07 |  | (1)  |
| March 20, 2017          |   | March 20, 2017 |   | April 24, 2017 |   | $ | 0.41 |  |   |
| June 20, 2017           |   | June 30, 2017 |   | July 18, 2017 |   | $ | 0.37 |  |   |
| August 7, 2017          |   | September 29, 2017 |   | October 18, 2017 |   | $ | 0.37 |  |   |
| November 7, 2017   |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.37 |  |   |
| December 13, 2017  |   | December 29, 2017 |   | January 17, 2018 |   | $ | 0.12 |  | (1)  |

|     |                                |
|-----|--------------------------------|
| (1) | Represents a special dividend. |

----

|                                                                                                                                         |
|-----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                         |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                    | For the years ended December 31, |
|                                                                                                                                    | 2017 |   | 2016 |   | 2015 |   | 2014 |   | 2013 |
| Per Share Data:                                                                                                                         |   |   |   |   |   |   |   |   |   |
| Net asset value per share, beginning of year                                                                                            | $ | 18.32 |  |   | $ | 18.14 |  |   | $ | 18.86 |  |   | $ | 19.42 |  |   | $ | 20.00 |  |
| Net investment income (loss) (1)                                                                                                        | 1.74 |  |   | 1.65 |  |   | 1.43 |  |   | 1.09 |  |   | (0.55 | ) |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments                                        | (0.19 | ) |   | 0.20 |  |   | (0.52 | ) |   | (0.49 | ) |   | (0.34 | ) |
| Net increase (decrease) in net assets resulting from operations                                                                         | 1.55 |  |   | 1.85 |  |   | 0.91 |  |   | 0.60 |  |   | (0.89 | ) |
| Dividends declared (2)                                                                                                                  | (1.64 | ) |   | (1.68 | ) |   | (1.74 | ) |   | (1.25 | ) |   | — |  |
| Effect of offering price of subscriptions and the offering price of common stock in the IPO, net of underwriting and offering costs (3) | (0.11 | ) |   | 0.01 |  |   | 0.11 |  |   | 0.09 |  |   | 0.31 |  |
| Net asset value per share, end of year                                                                                                  | $ | 18.12 |  |   | $ | 18.32 |  |   | $ | 18.14 |  |   | $ | 18.86 |  |   | $ | 19.42 |  |
| Market price per share, end of year                                                                                                     | $ | 20.04 |  |   | n/a |  |   | n/a |  |   | n/a |  |   | n/a |  |
| Number of shares outstanding, end of year                                                                                               | 62,207,603 |  |   | 41,702,318 |  |   | 31,524,083 |  |   | 17,932,697 |  |   | 9,575,990 |  |
| Total return based on net asset value (4)                                                                                               | 7.86 | % |   | 10.25 | % |   | 5.41 | % |   | 3.55 | % |   | (2.90 | )% |
| Total return based on market price (5)                                                                                                  | 14.97 | % |   | n/a |  |   | n/a |  |   | n/a |  |   | n/a |  |
| Net assets, end of year                                                                                                                 | $ | 1,127,304 |  |   | $ | 764,137 |  |   | $ | 571,726 |  |   | $ | 338,257 |  |   | $ | 186,002 |  |
| Ratio to average net assets (6):                                                                                                        |   |   |   |   |   |   |   |   |   |
| Expenses net of waiver, before incentive fees                                                                                           | 5.25 | % |   | 5.46 | % |   | 5.11 | % |   | 5.78 | % |   | 9.75 |  % |
| Expenses net of waiver, after incentive fees                                                                                            | 7.39 | % |   | 7.69 | % |   | 6.94 | % |   | 7.15 | % |   | 9.75 |  % |
| Expenses gross of waiver, after incentive fees                                                                                          | 7.97 | % |   | 8.62 | % |   | 7.86 | % |   | 7.98 | % |   | 10.21 |  % |
| Net investment income (loss) (7)                                                                                                        | 9.35 | % |   | 8.93 | % |   | 7.33 | % |   | 5.45 | % |   | (2.45 | )% |
| Interest expense and credit facility fees                                                                                               | 2.69 | % |   | 2.85 | % |   | 2.37 | % |   | 2.56 | % |   | 2.23 |  % |
| Ratios/Supplemental Data:                                                                                                               |   |   |   |   |   |   |   |   |   |
| Asset coverage, end of period                                                                                                           | 234.86 | % |   | 209.97 | % |   | 212.70 | % |   | 209.67 | % |   | 378.35 |  % |
| Portfolio turnover                                                                                                                      | 49.18 | % |   | 32.39 | % |   | 26.04 | % |   | 28.06 | % |   | 6.43 |  % |
| Weighted-average shares outstanding                                                                                                     | 52,997,450 |  |   | 36,152,390 |  |   | 24,830,200 |  |   | 13,091,544 |  |   | 3,016,298 |  |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | For the years ended December 31, 2017, 2016, 2015, 2014 and 2013, net investment income (loss) per share was calculated as net investment income (loss) for the year divided by the weighted-average number of shares outstanding for the year. For the year ended December 31, 2013, net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period June 5, 2013 (date of issuance of shares related to the first capital drawdown) through December 31, 2013. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | For the years ended December 31, 2017, 2016, 2015, 2014 and 2013, dividends declared per share was calculated as the sum of dividends declared during the year divided by the number of shares outstanding at each respective quarter-end date (refer to Notes 9 and 12). |

|     |                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Increase (decrease) is due to the offering price of subscriptions and the issuance of common stock in the IPO, net of underwriting and offering costs during the period (refer to Note 9). |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Total return is based on the change in net asset value per share during the year plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year. Total return for the year ended December 31, 2013 was calculated for the period from commencement of operations through December 31, 2013. Total return for the years ended December 31, 2017, 2016, 2015, 2014 and 2013 was inclusive of $(0.11), $0.01, $0.11, $0.09, and $0.32 respectively, per share increase (decrease) in net asset value for the years related to the offering price of subscriptions and the offering price of common stock in the IPO, net of underwriting and offering costs during the year. Excluding the effects of these common stock issuances, total return would have been 8.46%, 10.20%, 4.83%, 3.09% and (4.50%), respectively (refer to Note 9). |

|     |                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Total return based on market value (not annualized) is calculated as the change in market value per share during the period plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment |

----

|     |                                                                                                                                                                                                                                  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | The Company commenced operations on May 2, 2013; therefore, ratios to average net assets and portfolio turnover for the year ended December 31, 2013 may have been different had there been a full year of operations. |

|     |                                                                               |
|-----|-------------------------------------------------------------------------------|
| (7) | The net investment income ratio is net of the waiver of base management fees. |

|                       |
|-----------------------|
|                       |  |  |  |  |  |  |  |  |  |  |  |
|                  | For the years endedDecember 31, |
|                  | 2017 |   | 2016 |   | 2015 |
| Ordinary income       | $ | 93,189 |  |   | $ | 63,214 |  |   | $ | 47,689 |  |
| Tax return of capital | $ | — |  |   | $ | — |  |   | $ | — |  |

|                                                               |
|---------------------------------------------------------------|
|                                                               |  |  |  |  |  |  |  |
|                                                          | 2017 |   | 2016 |
| Undistributed ordinary income                                 | $ | 4,291 |  |   | $ | 5,365 |  |
| Other book/tax temporary differences(1)                       | (1,770 | ) |   | (2,108 | ) |
| Capital loss carryforwards                                    | (43,967 | ) |   | (25,414 | ) |
| Net unrealized appreciation (depreciation) on investments (2) | (3,063 | ) |   | (13,629 | ) |
| Total accumulated earnings (deficit)                          | $ | (44,509 | ) |   | $ | (35,786 | ) |

|     |                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------|
| (1) | Consists of the unamortized portion of organization costs as of December 31, 2017 and 2016, respectively. |

|     |                                                                                                                                                                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The difference between the book-basis and tax-basis unrealized appreciation (depreciation) on investments is attributable primarily to the tax treatment of passive foreign investment companies, which include the structured finance obligations. |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
|                                                      | 2017 |   | 2016 |
| Cost of investments                                       | $ | 1,970,594 |  |   | $ | 1,436,387 |  |
| Gross unrealized appreciation on investments              | 25,041 |  |   | 22,390 |  |
| Gross unrealized depreciation on investments              | (28,104 | ) |   | (36,019 | ) |
| Net unrealized appreciation (depreciation) on investments | $ | (3,063 | ) |   | $ | (13,629 | ) |

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             | 2017 |
|                                                                                             | Q4 |   | Q3 |   | Q2 |   | Q1 |
| Total investment income                                                                          | $ | 49,510 |  |   | $ | 42,648 |  |   | $ | 38,744 |  |   | $ | 34,099 |  |
| Net expenses                                                                                     | 22,994 |  |   | 17,568 |  |   | 17,296 |  |   | 14,992 |  |
| Net investment income (loss)                                                                     | 26,516 |  |   | 25,080 |  |   | 21,448 |  |   | 19,107 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | 467 |  |   | 463 |  |   | (5,947 | ) |   | (2,934 | ) |
| Net increase (decrease) in net assets resulting from operations                                  | 26,983 |  |   | 25,543 |  |   | 15,501 |  |   | 16,173 |  |
| NAV per share                                                                                    | 18.12 |  |   | 18.18 |  |   | 18.14 |  |   | 18.30 |  |
| Basic and diluted earnings per common share                                                      | $ | 0.44 |  |   | $ | 0.41 |  |   | $ | 0.34 |  |   | $ | 0.39 |  |

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             | 2016 |
|                                                                                             | Q4 |   | Q3 |   | Q2 |   | Q1 |
| Total investment income                                                                          | $ | 33,156 |  |   | $ | 28,957 |  |   | $ | 25,748 |  |   | $ | 23,110 |  |
| Net expenses                                                                                     | 14,807 |  |   | 13,111 |  |   | 12,282 |  |   | 11,150 |  |
| Net investment income (loss)                                                                     | 18,349 |  |   | 15,846 |  |   | 13,466 |  |   | 11,960 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | (953 | ) |   | 13,324 |  |   | 12,485 |  |   | (14,668 | ) |
| Net increase (decrease) in net assets resulting from operations                                  | 17,396 |  |   | 29,170 |  |   | 25,951 |  |   | (2,708 | ) |
| NAV per share                                                                                    | 18.32 |  |   | 18.38 |  |   | 18.02 |  |   | 17.66 |  |
| Basic and diluted earnings per common share                                                      | $ | 0.48 |  |   | $ | 0.78 |  |   | $ | 0.75 |  |   | $ | (0.08 | ) |

----

|                                                                                                  |
|--------------------------------------------------------------------------------------------------|
|                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                             | 2015 |
|                                                                                             | Q4 |   | Q3 |   | Q2 |   | Q1 |
| Total investment income                                                                          | $ | 20,685 |  |   | $ | 19,601 |  |   | $ | 15,925 |  |   | $ | 12,979 |  |
| Net expenses                                                                                     | 9,920 |  |   | 9,267 |  |   | 7,980 |  |   | 6,499 |  |
| Net investment income (loss)                                                                     | 10,765 |  |   | 10,334 |  |   | 7,945 |  |   | 6,480 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | (20,748 | ) |   | (681 | ) |   | 1,270 |  |   | 3,308 |  |
| Net increase (decrease) in net assets resulting from operations                                  | (9,983 | ) |   | 9,653 |  |   | 9,215 |  |   | 9,788 |  |
| NAV per share                                                                                    | 18.14 |  |   | 19.02 |  |   | 19.09 |  |   | 19.05 |  |
| Basic and diluted earnings per common share                                                      | $ | (0.34 | ) |   | $ | 0.35 |  |   | $ | 0.40 |  |   | $ | 0.50 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |
| ASSETS                                 |   |
| Total investments, at fair value       | $ | 190,672 |  |
| Cash and other assets                  | 12,464 |  |
| Total assets                           | $ | 203,136 |  |
| LIABILITIES                            |   |
| Secured borrowings                     | $ | 42,128 |  |
| Other accrued expenses and liabilities | 7,360 |  |
| Total liabilities                      | 49,488 |  |
| NET ASSETS                             |   |
| Total net assets                       | $ | 153,648 |  |

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|                                                                                                            |
|------------------------------------------------------------------------------------------------------------|
|                                                                                                            |  |
| Report of Independent Registered Public Accounting Firm                                                    | 4 |
|                                                                                                       |   |
| Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting       | 5 |
|                                                                                                       |   |
| Consolidated Statements of Assets and Liabilities as of December 31, 2017 and 2016                    | 6 |
|                                                                                                       |   |
| Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015            | 7 |
|                                                                                                       |   |
| Consolidated Statements of Changes in Net Assets for the years ended December 31, 2017, 2016 and 2015 | 8 |
|                                                                                                       |   |
| Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015            | 9 |
|                                                                                                       |   |
| Consolidated Schedules of Investments as of December  31, 2017 and 2016                               | 10 |
|                                                                                                       |   |
| Notes to Consolidated Financial Statements                                                                 | 26 |

|        |
|--------|
|        |  |
| 3.1    | Articles of Amendment and Restatement(1) |
|   |   |
| 3.2    | Articles of Amendment(2) |
|   |   |
| 3.3    | Amended and Restated Bylaws(3) |
|   |   |
| 3.4    | First Amendment to the Amended and Restated Bylaws(4) |
|   |   |
| 4.1    | Form of Subscription Agreement for Private Offerings(5) |
|   |   |
| 10.1   | Indenture, dated as of June 26, 2015, between Carlyle GMS Finance MM CLO 2015-1 LLC, as issuer, and State Street Bank and Trust Company, as trustee(6) |
|   |   |
| 10.2   | Dividend Reinvestment Plan for TCG BDC, Inc.(7) |
|   |   |
| 10.3   | Amended and Restated Investment Advisory Agreement, dated as of September 15, 2017, between TCG BDC, Inc. and Carlyle GMS Investment Management L.L.C., as adviser(8) |
|   |   |
| 10.4   | Custodian Agreement, dated March 21, 2012, between Carlyle GMS Finance, Inc. and State Street Bank and Trust Company, as custodian(9) |
|   |   |
| 10.5   | Administration Agreement, dated as of April 3, 2013 by and between Carlyle GMS Finance, Inc. and Carlyle GMS Finance Administration L.L.C., as administrator(10) |
|   |   |
| 10.6   | Form of Indemnification Agreement(11) |
|   |   |
| 10.7   | Loan and Servicing Agreement, dated as of May 24, 2013, among Carlyle GMS Finance SPV LLC, as borrower, Carlyle GMS Finance, Inc., as servicer and transferor, each of the Conduit Lenders, Liquidity Banks, Lender Agent and Institutional Lenders party thereto, Citibank, N.A. as collateral and administrative agent, Wells Fargo Bank, National Association, as account bank, backup servicer and collateral administrator, and Citibank, N.A. and Suntrust Robinson Humphrey, Inc., as joint lead arrangers(12) |
|   |   |
| 10.8   | Senior Secured Revolving Credit Agreement, dated as of March 21, 2014, among Carlyle GMS Finance, Inc., as borrower, the Lenders party thereto, Suntrust Bank, as administrative agent, and JPMorgan Chase Bank, N.A., as syndication agent(13) |
|   |   |

----

|        |
|--------|
|        |  |
| 10.9   | First Amendment to the Loan and Servicing Agreement, dated as of June 30, 2014, among Carlyle GMS Finance SPV LLC, as borrower, Carlyle GMS Finance, Inc., as servicer and transferor, each of the Conduit Lenders, Liquidity Banks, Lender Agent and Institutional Lenders party thereto, Citibank, N.A. as collateral and administrative agent, Wells Fargo Bank, National Association, as account bank, backup servicer and collateral administrator, and Citibank, N.A. and Suntrust Robinson Humphrey, Inc., as joint lead arrangers(14) |
|   |   |
| 10.10  | Omnibus Amendment No. 1, dated as of January 8, 2015, among Carlyle GMS Finance, Inc., as borrower, the Lenders party thereto, Suntrust Bank, as administrative agent, and JPMorgan Chase Bank, N.A., as syndication agent(15) |
|   |   |
| 10.11  | Omnibus Amendment No. 2, dated as of May 25, 2016, among Carlyle GMS Finance, Inc., as borrower, the Lenders party thereto, Suntrust Bank, as existing administrative agent, and HSBC Bank USA, N.A., as successor administrative agent(16) |
|   |   |
| 10.12  | Second Amendment to the Loan and Servicing Agreement, dated as of June 19, 2015, among Carlyle GMS Finance SPV LLC, as borrower, Carlyle GMS Finance, Inc., as servicer and transferor, each of the Conduit Lenders, Liquidity Banks, Lender Agent and Institutional Lenders party thereto, Citibank, N.A. as collateral and administrative agent, Wells Fargo Bank, National Association, as account bank, backup servicer and collateral administrator, and Citibank, N.A. and Suntrust Robinson Humphrey, Inc., as joint lead arrangers(17) |
|   |   |
| 10.13  | Collateral Management Agreement, dated as of June 26, 2015, by and between Carlyle GMS Finance MM CLO 2015-1 LLC, as issuer, and Carlyle GMS Investment Management L.L.C., as collateral manager(18) |
|   |   |
| 10.14  | Contribution Agreement, dated as of June 26, 2015, by and between Carlyle GMS Finance, Inc., as the contributor, and Carlyle GMS Finance MM CLO 2015-1 LLC, as the contributee(19) |
|   |   |
| 10.15  | Third Amendment to the Loan and Servicing Agreement, dated as of June 9, 2016, among Carlyle GMS Finance SPV LLC, as borrower, Carlyle GMS Finance, Inc., as servicer and transferor, each of the Conduit Lenders, Liquidity Banks, Lender Agent and Institutional Lenders party thereto, Citibank, N.A. as collateral and administrative agent, Wells Fargo Bank, National Association, as account bank, backup servicer and collateral administrator, and Citibank, N.A., as lead arranger(20) |
|   |   |
| 10.16  | Omnibus Amendment No. 3, dated as of March 22, 2017, among TCG BDC, Inc., as borrower, the Lenders party thereto and HSBC Bank USA, N.A, as administrative agent and collateral agent(21) |
|   |   |
| 10.17  | Fourth Amendment to the Loan and Servicing Agreement, dated as of May 26, 2017, among TCG BDC SPV LLC, as borrower, TCG BDC, Inc., as servicer and transferor, each of the Conduit Lenders, Liquidity Banks, Lender Agents and Institutional Lenders party thereto, Citibank, N.A. as collateral and administrative agent, Wells Fargo Bank, National Association, as account bank, backup servicer and collateral administrator, and Citibank, N.A., as lead arranger(22) |
|   |   |
| 10.18  | Second Amended and Restated Limited Liability Company Agreement, dated as of June 24, 2016, between Carlyle GMS Finance, Inc. and Credit Partners USA LLC, as members(23) |
|   |   |
| 10.19  | Agreement and Plan of Merger, dated as of May 3, 2017, between TCG BDC, Inc. and NF Investment Corp.(24) |
|   |   |
| 10.20  | Code of Ethics for TCG BDC, Inc.(25) |
|   |   |
| 10.21  | Code of Ethics for Carlyle GMS Investment Management L.L.C.(26) |
|   |   |
| 11.1   | Computation of Per Share Earnings (included in the notes to the audited consolidated financial statements in this Form 10-K) |
|   |   |
| 21.1   | List of Subsidiaries(27) |
|   |   |
| 31.1   | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.* |
|   |   |
| 31.2   | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.* |
|   |   |
| 32.1   | Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
|   |   |
| 32.2   | Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
|   |   |

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|      |
|------|
|      |  |
| 99.1 | Consolidated Financial Statements of Middle Market Credit Fund, LLC for the year ended December 31, 2017 and the period from May 11, 2016 (commencement of operations) to December 31, 2016(28) |

----

|   |                 |
|---|-----------------|
| * | Filed herewith. |

|     |                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013 (File No. 000-54899) |

|     |                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-K filed by the Company on March 22, 2017 (File No. 000-54899) |

|     |                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Incorporated by reference to Exhibit 3.2 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013 (File No. 000-54899) |

|     |                                                                                                                                                 |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Incorporated by reference to Exhibit 3.4 to the Company’s Form 10-K filed by the Company on March 22, 2017 (File No. 000-54899) |

|     |                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Incorporated by reference to Exhibit 4.1 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013 (File No. 000-54899) |

|     |                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q filed by the Company on August 12, 2015 (File No. 814-00995) |

|     |                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Incorporated by reference to Exhibit (e)(1) to the Company’s Form N-2 filed by the Company on June 5, 2017 (File No. 333-218114) |

|     |                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|
| (7) | Incorporated by reference to Exhibit (e)(2) to the Company’s Form N-2 filed by the Company on June 5, 2017 (File No. 333-218114) |

|     |                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | Incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed by the Company on September 20, 2017 (File No. 814-00995) |

|     |                                                                                                                                                                    |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9) | Incorporated by reference to Exhibit (j) to the Company’s Registration Statement on Form N-2 filed by the Company on May 19, 2017 (File No. 333-218114) |

|      |                                                                                                                                                 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (10) | Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013 (File No. 000-54899) |

|      |                                                                                                                                                 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (11) | Incorporated by reference to Exhibit 10.3 to the Company’s Form 10-12G/A filed by the Company on April 11, 2013 (File No. 000-54899) |

|      |                                                                                                                                                 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| (12) | Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed by the Company on July 31, 2013 (File No. 814-00995) |

|      |                                                                                                                                               |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| (13) | Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed by the Company on May 9, 2014 (File No. 814-00995) |

|      |                                                                                                                                                   |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (14) | Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed by the Company on August 13, 2014 (File No. 814-00995) |

|      |                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| (15) | Incorporated by reference to Exhibit 10.7 to the Company’s Form 10-K filed by the Company on March 27, 2015 (File No. 814-00995) |

|      |                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| (16) | Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed by the Company on August 8, 2016 (File No. 814-00995) |

|      |                                                                                                                                                   |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (17) | Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed by the Company on August 12, 2015 (File No. 814-00995) |

|      |                                                                                                                                                   |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (18) | Incorporated by reference to Exhibit 10.3 to the Company’s Form 10-Q filed by the Company on August 12, 2015 (File No. 814-00995) |

|      |                                                                                                                                                   |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (19) | Incorporated by reference to Exhibit 10.4 to the Company’s Form 10-Q filed by the Company on August 12, 2015 (File No. 814-00995) |

|      |                                                                                                                                                  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| (20) | Incorporated by reference to Exhibit 10.2 to the Company’s Form 10-Q filed by the Company on August 8, 2016 (File No. 814-00995) |

|      |                                                                                                                                                     |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| (21) | Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed by the Company on May 10, 2017 (File No. 814-00995) |

|      |                                                                                                                                         |
|------|-----------------------------------------------------------------------------------------------------------------------------------------|
| (22) | Incorporated by reference to Exhibit (k)(13) to the Company’s Form N-2 filed by the Company on June 5, 2017 (File No. 333-218114) |

|      |                                                                                                                                                     |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| (23) | Incorporated by reference to Exhibit 10.1 to the Company’s Form 10-Q filed by the Company on November 10, 2016 (File No. 814-00995) |

|      |                                                                                                                                   |
|------|-----------------------------------------------------------------------------------------------------------------------------------|
| (24) | Incorporated by reference to Exhibit 2.1 to the Company’s Form 8-K filed by the Company on May 9, 2017 (File No. 814-00995) |

|      |                                                                                                                                        |
|------|----------------------------------------------------------------------------------------------------------------------------------------|
| (25) | Incorporated by reference to Exhibit (r)(1) to the Company’s Form N-2 filed by the Company on June 8, 2017 (File No. 333-218114) |

|      |                                                                                                                                        |
|------|----------------------------------------------------------------------------------------------------------------------------------------|
| (26) | Incorporated by reference to Exhibit (r)(2) to the Company’s Form N-2 filed by the Company on June 8, 2017 (File No. 333-218114) |

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|      |                                                                                                                                                      |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| (27) | Incorporated by reference to Exhibit 21.1 to the Company's Form 10-12G filed by the Company on February 11, 2013 (File No. 000-54899) |

|      |                                                                                                                                                    |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| (28) | Incorporated by reference to Exhibit 99.1 to the Company's Form 10-K filed by the Company on February 27, 2018 (File No. 814-00995) |

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|                       |
|-----------------------|
|                       |  |  |  |  |
|                  |   | TCG BDC, INC. |
|                  |   |   |   |
| Dated: March 16, 2018 |   | By |   | /s/ Thomas M. Hennigan |
|                  |   |   |   | Thomas M. Hennigan |
|                  |   |   |   | Chief Financial Officer(principal financial officer) |