----

|                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------|
|                                                                                                                  |  |  |
| Report of Independent Auditors                                                                                   | 3 |  |
|                                                                                                             |   |
| Consolidated Statements of Assets, Liabilities and Members’ Capital as of December 31, 2018 and 2017  | 4 |  |
|                                                                                                             |   |
| Consolidated Schedules of Investments as of December 31, 2018 and 2017                                      | 5 |  |
|                                                                                                             |   |
| Consolidated Statements of Operations for the years ended December 31, 2018 and 2017                        | 12 |  |
|                                                                                                             |   |
| Consolidated Statements of Changes in Members’ Capital for the years ended December 31, 2018 and 2017 | 13 |  |
|                                                                                                             |   |
| Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017                        | 14 |  |
|                                                                                                             |   |
| Notes to Consolidated Financial Statements                                                                       | 15 |  |

----

----

|                                                                                                           |
|-----------------------------------------------------------------------------------------------------------|
|                                                                                                           |  |  |  |  |  |  |  |
|                                                                                                      | December 31, 2018 |   | December 31, 2017 |
| ASSETS                                                                                                    |   |   |   |
| Cash and cash equivalents                                                                                 | $ | 55,698 |  |   | $ | 19,502 |  |
| Investments, at fair value (amortized cost of $1,198,537 and $983,669, respectively)                      | 1,173,508 |  |   | 984,773 |  |
| Deferred financing asset                                                                                  | 5,087 |  |   | 4,984 |  |
| Interest receivable                                                                                       | 1,732 |  |   | 1,925 |  |
| Prepaid expenses and other assets                                                                         | 30 |  |   | 31 |  |
| Total assets                                                                                              | $ | 1,236,055 |  |   | $ | 1,011,215 |  |
|                                                                                                      |   |   |   |
| LIABILITIES AND MEMBERS’ EQUITY                                                                     |   |   |   |
| Secured borrowings (Note 5)                                                                               | $ | 572,178 |  |   | $ | 377,686 |  |
| Mezzanine Loans (Note 5)                                                                                  | 112,000 |  |   | 85,750 |  |
| 2017-1 Notes payable, net of unamortized debt issuance costs of $1,849 and $2,051, respectively (Note 6)  | 309,114 |  |   | 348,939 |  |
| Subordinated Loans (Note 7)                                                                               | 236,000 |  |   | 173,000 |  |
| Payable for investments purchased                                                                         | 12,937 |  |   | 9,610 |  |
| Due to affiliate                                                                                          | 146 |  |   | 129 |  |
| Interest and credit facility fees payable (Note 5)                                                        | 12,828 |  |   | 8,770 |  |
| Dividend payable                                                                                          | 7,400 |  |   | 5,680 |  |
| Other accrued expenses and liabilities                                                                    | 884 |  |   | 1,119 |  |
|         Total liabilities                                         | $ | 1,263,487 |  |   | $ | 1,010,683 |  |
|         Commitments and contingencies (Note 8)                    |   |   |   |
|                                                                                                      |   |   |   |
| MEMBERS' CAPITAL/(DEFICIT)                                                                                |   |   |   |
| Members' equity                                                                                           | $ | 2 |  |   | $ | 2 |  |
| Accumulated net investment income (loss) net of cumulative dividends of $51,159 and $20,692, respectively | (2,200 | ) |   | (574 | ) |
| Accumulated net realized gain (loss), net of cumulative dividends of $91 and $58, respectively            | — |  |   | — |  |
| Accumulated net unrealized appreciation (depreciation)                                                    | (25,234 | ) |   | 1,104 |  |
| Total members' capital, net                                                                               | $ | (27,432 | ) |   | $ | 532 |  |
| Total liabilities and members' capital                                                                    | $ | 1,236,055 |  |   | $ | 1,011,215 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2018 |
| Investments (1)                                                   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.91% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                         | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 6.56% |   | 10/11/2025 |   | $ | 18,000 |  |   | $ | 17,906 |  |   | $ | 17,716 |  |
| Acrisure, LLC                                                     | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.77% |   | 11/22/2023 |   | 20,886 |  |   | 20,843 |  |   | 19,981 |  |
| Acrisure, LLC                                                     | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.27% |   | 11/22/2023 |   | 11,940 |  |   | 11,928 |  |   | 11,333 |  |
| Advanced Instruments, LLC                                         | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 7.63% |   | 10/31/2022 |   | 11,791 |  |   | 11,695 |  |   | 11,690 |  |
| Ahead, LLC                                                        | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 6.87% |   | 6/29/2023 |   | 20,059 |  |   | 19,959 |  |   | 19,856 |  |
| Alpha Packaging Holdings, Inc.                                    | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 7.05% |   | 5/12/2020 |   | 16,860 |  |   | 16,830 |  |   | 16,813 |  |
| AM Conservation Holding Corporation                               | +* |   | (2) (3) |   | Energy: Electricity |   | L + 4.50% |   | 7.30% |   | 10/31/2022 |   | 38,310 |  |   | 38,079 |  |   | 38,027 |  |
| AQA Acquisition Holding, Inc.                                     | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.25% |   | 7.05% |   | 5/24/2023 |   | 19,148 |  |   | 19,111 |  |   | 18,978 |  |
| Avalign Technologies, Inc.                                        | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 7.00% |   | 12/22/2025 |   | 13,000 |  |   | 12,874 |  |   | 12,848 |  |
| Big Ass Fans, LLC                                                 | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 6.55% |   | 5/21/2024 |   | 14,052 |  |   | 13,973 |  |   | 13,840 |  |
| Borchers, Inc.                                                    | ^+* |   | (2) (3) (8) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 7.30% |   | 11/1/2024 |   | 15,589 |  |   | 15,533 |  |   | 15,545 |  |
| Brooks Equipment Company, LLC                                     | +* |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 7.71% |   | 8/29/2020 |   | 5,948 |  |   | 5,940 |  |   | 5,935 |  |
| Clearent Newco, LLC                                               | ^+ |   | (2) (3) (8) |   | High Tech Industries |   | L + 4.00% |   | 6.52% |   | 3/20/2024 |   | 23,093 |  |   | 22,702 |  |   | 22,819 |  |
| DBI Holding, LLC                                                  | +* |   | (2) (3) (9) |   | Transportation: Cargo |   | L + 5.25% |   | 7.76% |   | 8/1/2021 |   | 34,494 |  |   | 34,276 |  |   | 25,400 |  |
| DBI Holding, LLC                                                  | ^ |   |  |   | Transportation: Cargo |   | 15% (100% PIK) |   | 7.76% |   | 2/1/2020 |   | 1,119 |  |   | 1,119 |  |   | 1,119 |  |
| DecoPac, Inc.                                                     | ^+* |   | (2) (3) (8) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 7.05% |   | 9/29/2024 |   | 12,696 |  |   | 12,571 |  |   | 12,619 |  |
| Dent Wizard International Corporation                             | + |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 6.51% |   | 4/7/2020 |   | 24,256 |  |   | 24,183 |  |   | 24,110 |  |
| DTI Holdco, Inc.                                                  | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 7.28% |   | 9/30/2023 |   | 19,081 |  |   | 18,941 |  |   | 17,793 |  |
| EIP Merger Sub, LLC (Evolve IP)                                   | +* |   | (2) (3) (4) |   | Telecommunications |   | L + 5.75% |   | 8.27% |   | 6/7/2022 |   | 22,358 |  |   | 21,923 |  |   | 21,788 |  |
| EIP Merger Sub, LLC (Evolve IP)                                   | * |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 8.27% |   | 6/7/2022 |   | 1,500 |  |   | 1,469 |  |   | 1,462 |  |
| Eliassen Group, LLC                                               | + |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 7.00% |   | 11/5/2024 |   | 6,250 |  |   | 6,226 |  |   | 6,202 |  |
| Exactech, Inc.                                                    | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.27% |   | 2/14/2025 |   | 12,903 |  |   | 12,849 |  |   | 12,741 |  |
| Executive Consulting Group, LLC, Inc.                             | ^+ |   | (2) (3) (8) |   | Business Services |   | L + 4.50% |   | 7.30% |   | 6/20/2024 |   | 15,318 |  |   | 15,168 |  |   | 15,132 |  |
| Golden West Packaging Group LLC                                   | +* |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.25% |   | 7.77% |   | 6/20/2023 |   | 30,180 |  |   | 29,978 |  |   | 29,760 |  |
| HMT Holding Inc.                                                  | ^+* |   | (2) (3) (8) |   | Energy: Oil & Gas |   | L + 4.50% |   | 7.02% |   | 11/17/2023 |   | 33,490 |  |   | 32,902 |  |   | 33,172 |  |
| J.S. Held, LLC                                                    | +* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.30% |   | 9/25/2024 |   | 20,309 |  |   | 20,137 |  |   | 19,998 |  |
| Jensen Hughes, Inc.                                               | ^+* |   | (2) (3) (8) |   | Utilities: Electric |   | L + 4.50% |   | 7.30% |   | 3/22/2024 |   | 27,978 |  |   | 27,896 |  |   | 27,382 |  |
| Kestra Financial, Inc.                                            | +* |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.76% |   | 6/24/2022 |   | 21,744 |  |   | 21,547 |  |   | 21,690 |  |
| MAG DS Corp.                                                      | ^+ |   | (2) (3) (8) |   | Aerospace & Defense |   | L + 4.75% |   | 7.27% |   | 6/6/2025 |   | 22,885 |  |   | 22,679 |  |   | 22,665 |  |
| Maravai Intermediate Holdings, LLC                                | +\ |   | (2) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.81% |   | 8/2/2025 |   | 29,925 |  |   | 29,640 |  |   | 29,578 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2018 |
| Investments (1)                                              |   |   | Footnotes |   | Industry |   | Reference Rate & Spread(2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.91% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Mold-Rite Plastics, LLC                                      | + |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 7.30% |   | 12/14/2021 |   | $ | 14,850 |  |   | $ | 14,793 |  |   | $ | 14,762 |  |
| MSHC, Inc.                                                   | ^+* |   | (2) (3) (8) |   | Construction & Building |   | L + 4.25% |   | 6.89% |   | 7/31/2023 |   | 23,579 |  |   | 23,514 |  |   | 23,088 |  |
| Newport Group Holdings II, Inc.                              | +\ |   | (2) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 6.54% |   | 9/13/2025 |   | 17,790 |  |   | 17,666 |  |   | 17,564 |  |
| North American Dental Management, LLC                        | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 8.04% |   | 7/7/2023 |   | 37,781 |  |   | 37,329 |  |   | 37,093 |  |
| North Haven CA Holdings, Inc.                                | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 4.50% |   | 7.02% |   | 10/2/2023 |   | 35,139 |  |   | 34,789 |  |   | 34,401 |  |
| Odyssey Logistics & Technology Corporation               | +*\ |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 6.52% |   | 10/12/2024 |   | 39,680 |  |   | 39,496 |  |   | 39,149 |  |
| Output Services Group                                        | ^+\ |   | (2) (3) (8) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.77% |   | 3/27/2024 |   | 17,400 |  |   | 17,338 |  |   | 16,663 |  |
| PAI Holdco, Inc.                                             | +* |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 7.05% |   | 1/5/2025 |   | 19,727 |  |   | 19,637 |  |   | 19,459 |  |
| Park Place Technologies, Inc.                                | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 6.52% |   | 3/29/2025 |   | 15,922 |  |   | 15,856 |  |   | 15,639 |  |
| Pasternack Enterprises, Inc.                                 | + |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 6.52% |   | 7/2/2025 |   | 20,076 |  |   | 20,076 |  |   | 19,745 |  |
| Pharmalogic Holdings Corp.                                   | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 6.52% |   | 6/11/2023 |   | 7,017 |  |   | 6,995 |  |   | 6,949 |  |
| Ping Identity Corporation                                    | +\ |   | (2) (3) |   | High Tech Industries |   | L + 3.75% |   | 6.27% |   | 1/25/2025 |   | 4,975 |  |   | 4,956 |  |   | 4,915 |  |
| Premier Senior Marketing, LLC                                | * |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.75% |   | 11/30/2025 |   | 4,953 |  |   | 4,953 |  |   | 4,875 |  |
| Premise Health Holding Corp.                                 | ^+\ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 6.55% |   | 7/10/2025 |   | 13,862 |  |   | 13,805 |  |   | 13,717 |  |
| Propel Insurance Agency, LLC                                 | ^+ |   | (2) (3) (8) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.75% |   | 6/1/2024 |   | 21,088 |  |   | 20,535 |  |   | 20,628 |  |
| PSI Services, LLC                                            | ^+* |   | (2) (3) (8) |   | Business Services |   | L + 5.00% |   | 7.52% |   | 1/20/2023 |   | 29,919 |  |   | 29,469 |  |   | 29,239 |  |
| Q Holding Company                                            | +* |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 7.52% |   | 12/18/2021 |   | 17,099 |  |   | 17,058 |  |   | 16,969 |  |
| QW Holding Corporation (Quala)                               | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 6.75% |   | 9.22% |   | 8/31/2022 |   | 9,704 |  |   | 9,338 |  |   | 9,489 |  |
| RevSpring, Inc.                                              | +*\ |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 7.05% |   | 10/11/2025 |   | 20,000 |  |   | 19,953 |  |   | 19,680 |  |
| Situs Group Holdings Corporation                             | + |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 7.02% |   | 2/26/2023 |   | 8,915 |  |   | 8,892 |  |   | 8,887 |  |
| Surgical Information Systems, LLC                            | +* |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.85% |   | 7.37% |   | 4/24/2023 |   | 27,708 |  |   | 27,494 |  |   | 27,171 |  |
| Systems Maintenance Services Holding, Inc.                   | +* |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 7.52% |   | 10/28/2023 |   | 24,010 |  |   | 23,907 |  |   | 17,842 |  |
| T2 Systems Canada, Inc.                                      | + |   | (2) (3) |   | Transportation: Consumer |   | L + 6.75% |   | 9.34% |   | 9/28/2022 |   | 2,646 |  |   | 2,598 |  |   | 2,630 |  |
| T2 Systems, Inc.                                             | ^+* |   | (2) (3) (8) |   | Transportation: Consumer |   | L + 6.75% |   | 9.34% |   | 9/28/2022 |   | 15,775 |  |   | 15,484 |  |   | 15,677 |  |
| The Original Cakerie, Co. (Canada)                           | +* |   | (2) (3) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 7.50% |   | 7/20/2022 |   | 9,019 |  |   | 8,968 |  |   | 8,932 |  |
| The Original Cakerie, Ltd. (Canada)                          | + |   | (2) (3) (8) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 7.02% |   | 7/20/2022 |   | 6,957 |  |   | 6,917 |  |   | 6,883 |  |
| ThoughtWorks, Inc.                                           | +*\ |   | (2) (3) |   | Business Services |   | L + 4.00% |   | 6.52% |   | 10/12/2024 |   | 11,944 |  |   | 11,909 |  |   | 11,770 |  |
| U.S. Acute Care Solutions, LLC                               | +* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 7.52% |   | 5/15/2021 |   | 31,705 |  |   | 31,540 |  |   | 31,395 |  |
| U.S. TelePacific Holdings Corp.                              | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 7.80% |   | 5/2/2023 |   | 26,660 |  |   | 26,459 |  |   | 24,768 |  |
| Upstream Intermediate, LLC                                   | ^+ |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.77% |   | 1/3/2024 |   | 17,939 |  |   | 17,863 |  |   | 17,677 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2018 |
| Investments (1)                                              |   |   |   |   | Industry |   | Reference Rate & Spread(2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.91% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Valet Waste Holdings, Inc.                                   | +\ |   | (2) (3) |   | Construction & Building |   | L + 4.00% |   | 6.52% |   | 9/28/2025 |   | $ | 11,970 |  |   | $ | 11,947 |  |   | $ | 11,902 |  |
| Valicor Environmental Services, LLC                          | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 4.75% |   | 7.27% |   | 6/1/2023 |   | 33,410 |  |   | 32,914 |  |   | 32,995 |  |
| WIRB - Copernicus Group, Inc.                                | ^+* |   | (2) (3) (8) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.77% |   | 8/15/2022 |   | 17,194 |  |   | 17,098 |  |   | 16,931 |  |
| WRE Holding Corp.                                            | ^+* |   | (2) (3) (8) |   | Environmental Industries |   | L + 5.00% |   | 7.52% |   | 1/3/2023 |   | 7,238 |  |   | 7,162 |  |   | 6,993 |  |
| Zywave, Inc.                                                 | ^+* |   | (2) (3) (8) |   | High Tech Industries |   | L + 5.00% |   | 7.52% |   | 11/17/2022 |   | 18,050 |  |   | 17,914 |  |   | 17,991 |  |
| First Lien Debt Total                                        |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,197,499 |  |   | $ | 1,172,460 |  |
| Second Lien Debt (0.09% of fair value)                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Zywave, Inc.                                                 | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 11.65% |   | 11/17/2023 |   | $ | 1,050 |  |   | $ | 1,038 |  |   | $ | 1,048 |  |
| Second Lien Debt Total                                       |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,038 |  |   | $ | 1,048 |  |
| Total Investments                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,198,537 |  |   | $ | 1,173,508 |  |

|          |                                                                                                                                                                                                                                                                                                                                                                              |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2018, the geographical composition of investments as a percentage of fair value was 1.35% in Canada and 98.65% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is 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 indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2018. As of December 31, 2018, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 2.50%, the 90-day LIBOR at 2.81% and the 180-day LIBOR at 2.88%. |

|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Credit Fund Sub receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.20%  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. |

|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (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) | 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) (3.75%) and Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent 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. |

|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (8) | As of December 31, 2018, Credit Fund and Credit Fund Sub 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 |  |   | $ | (10 | ) |
| Ahead, LLC                                                                         |   | Revolver |   | 0.50 |   | 4,688 |  |   | (38 | ) |
| AQA Acquisition Holding, Inc.                                                      |   | Revolver |   | 0.50 |   | 2,459 |  |   | (19 | ) |
| Borchers, Inc.                                                                     |   | Revolver |   | 0.50 |   | 1,935 |  |   | (5 | ) |
| Clearent Newco, LLC                                                                |   | Delayed Draw |   | 1.00 |   | 4,988 |  |   | (46 | ) |
| Clearent Newco, LLC                                                                |   | Revolver |   | 0.50 |   | 1,760 |  |   | (16 | ) |
| DecoPac, Inc.                                                                      |   | Revolver |   | 0.50 |   | 2,143 |  |   | (11 | ) |
| Executive Consulting Group, LLC, Inc.                                              |   | Revolver |   | 0.50 |   | 2,368 |  |   | (25 | ) |
| HMT Holding Inc.                                                                   |   | Revolver |   | 0.50 |   | 6,173 |  |   | (49 | ) |
| Jensen Hughes, Inc.                                                                |   | Revolver |   | 0.50 |   | 2,000 |  |   | (39 | ) |
| Jensen Hughes, Inc.                                                                |   | Delayed Draw |   | 1.00 |   | 337 |  |   | (7 | ) |
| MAG DS Corp.                                                                       |   | Revolver |   | 0.50 |   | 2,022 |  |   | (18 | ) |
| MSHC, Inc.                                                                         |   | Delayed Draw |   | 0.32 |   | 9,852 |  |   | (145 | ) |
| North American Dental Management, LLC                                              |   | Revolver |   | 0.50 |   | 2,000 |  |   | (35 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                        |   | Revolver |   | 0.50 |   | 6,114 |  |   | (109 | ) |
| Output Services Group                                                              |   | Delayed Draw |   | 4.25 |   | 2,518 |  |   | (93 | ) |
| Pharmalogic Holdings Corp.                                                         |   | Delayed Draw |   | 1.00 |   | 2,947 |  |   | (20 | ) |
| Premise Health Holding Corp.                                                       |   | Delayed Draw |   | 1.00 |   | 1,103 |  |   | (11 | ) |
| Propel Insurance Agency, LLC                                                       |   | Delayed Draw |   | 0.50 |   | 7,143 |  |   | (110 | ) |
| Propel Insurance Agency, LLC                                                       |   | Revolver |   | 0.50 |   | 1,667 |  |   | (26 | ) |
| PSI Services LLC                                                                   |   | Revolver |   | 0.50 |   | 754 |  |   | (17 | ) |
| QW Holding Corporation (Quala)                                                     |   | Revolver |   | 0.50 |   | 5,498 |  |   | (52 | ) |
| T2 Systems, Inc.                                                                   |   | Revolver |   | 0.50 |   | 1,173 |  |   | (7 | ) |
| The Original Cakerie, Ltd. (Canada)                                                |   | Revolver |   | 0.50 |   | 1,132 |  |   | (10 | ) |
| Upstream Intermediate, LLC                                                         |   | Revolver |   | 0.50 |   | 1,606 |  |   | (22 | ) |
| Valicor Environmental Services, LLC                                                |   | Revolver |   | 0.50 |   | 4,971 |  |   | (54 | ) |
| WIRB - Copernicus Group, Inc.                                                      |   | Delayed Draw |   | 1.00 |   | 6,480 |  |   | (69 | ) |
| WIRB - Copernicus Group, Inc.                                                      |   | Revolver |   | 0.50 |   | 1,000 |  |   | (11 | ) |
| WRE Holding Corp.                                                                  |   | Delayed Draw |   | 0.89 |   | 2,069 |  |   | (51 | ) |
| WRE Holding Corp.                                                                  |   | Revolver |   | 0.50 |   | 613 |  |   | (15 | ) |
| Zywave, Inc.                                                                       |   | Revolver |   | 0.50 |   | 600 |  |   | (2 | ) |
| Total unfunded commitments                                                         |   |   |   |   |   | $ | 91,446 |  |   | $ | (1,142 | ) |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (9) | Loan was on non-accrual status as of December 31, 2018. |

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments (1)                                                              | Industry |   | Interest Rate(2) |   | 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 |  |

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Investments (1)                                             | Industry |   | Interest Rate(2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (99.39% of fair value)                           |   |   |   |   |   |   |   |   |   |   |   |
| 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 |  |
| 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 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 (“L”) 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 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 “—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 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, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.97%) 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 the 2017-1 Debt Securitization. Accordingly, such assets are not available to creditors of Credit Fund or Credit Fund Sub. |

----

|                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                                     | For the years ended December 31, |
|                                                                                                                     | 2018 |   | 2017 |
| Investment income:                                                                                                       |   |   |   |
|     Interest income                                                                                  | $ | 80,161 |  |   | $ | 48,060 |  |
|     Other income                                                                                     | 2,399 |  |   | 1,445 |  |
| Total investment income                                                                                                  | 82,560 |  |   | 49,505 |  |
|                                                                                                                     |   |   |   |  |
| Expenses:                                                                                                                |   |   |   |  |
|     Interest expense                                                                                 | 49,498 |  |   | 29,191 |  |
|     Credit facility fees                                                                             | 2,438 |  |   | 1,852 |  |
|     Other general and administrative                                                                 | 1,149 |  |   | 663 |  |
|     Professional fees                                                                                | 691 |  |   | 592 |  |
|     Administrative service fees                                                                      | 148 |  |   | 114 |  |
|     Organization expenses                                                                            | — |  |   | 272 |  |
| Total expenses                                                                                                           | 53,924 |  |   | 32,684 |  |
| Net investment income (loss)                                                                                             | 28,636 |  |   | 16,821 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments:                        |   |   |   |  |
|     Net realized gain (loss) on investments                                                          | 33 |  |   | 17 |  |
|     Net change in unrealized appreciation (depreciation) on investments                              | (26,133 | ) |   | (3,453 | ) |
|     Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | (26,100 | ) |   | (3,436 | ) |
| Net increase (decrease) in members’ capital resulting from operations                                              | $ | 2,536 |  |   | $ | 13,385 |  |

----

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |
|                                                                                  | For the years ended December 31, |
|                                                                                  | 2018 |   | 2017 |
| Increase (decrease) in members’ capital resulting from operations:              |   |   |   |
| Net investment income (loss)                                                          | $ | 28,636 |  |   | $ | 16,821 |  |
| Net realized gain (loss) on investments                                               | 33 |  |   | 17 |  |
| Net change in unrealized appreciation (depreciation) on investments                   | (26,133 | ) |   | (3,453 | ) |
| Net increase (decrease) in members’ capital resulting from operations           | 2,536 |  |   | 13,385 |  |
|                                                                                  |   |   |   |  |
| Capital transactions:                                                                 |   |   |   |  |
| Dividends declared                                                                    | (30,500 | ) |   | (17,400 | ) |
| Net increase (decrease) in members’ capital resulting from capital transactions | (30,500 | ) |   | (17,400 | ) |
| Net increase (decrease) in members’ capital                                     | (27,964 | ) |   | (4,015 | ) |
| Members’ capital at beginning of year                                           | 532 |  |   | 4,547 |  |
| Members’ capital at end of year                                                 | $ | (27,432 | ) |   | $ | 532 |  |

----

|                                                                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                             |  |  |  |  |  |  |  |
|                                                                                                                                                        | For the years ended December 31, |
|                                                                                                                                                        | 2018 |   | 2017 |
| Cash flows from operating activities:                                                                                                                       |   |   |   |
| Net increase (decrease) in members’ capital resulting from operations                                                                                 | $ | 2,536 |  |   | $ | 13,385 |  |
| Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities: |   |   |   |  |
| Amortization of deferred financing costs                                                                                                                    | 1,541 |  |   | 1,200 |  |
| Net accretion of discount on investments                                                                                                                    | (3,625 | ) |   | (3,233 | ) |
| Net realized (gain) loss on investments                                                                                                                     | (33 | ) |   | (17 | ) |
| Net change in unrealized (appreciation) depreciation on investments                                                                                         | 26,133 |  |   | 3,453 |  |
| Cost of investments purchased and change in payable for investments purchased                                                                               | (495,147 | ) |   | (820,081 | ) |
| Proceeds from sales and repayments of investments                                                                                                           | 287,263 |  |   | 225,386 |  |
| Changes in operating assets:                                                                                                                                |   |   |   |
| Interest receivable                                                                                                                                         | 193 |  |   | (362 | ) |
| Prepaid expenses and other assets                                                                                                                           | 2 |  |   | 1 |  |
| Changes in operating liabilities:                                                                                                                           |   |   |   |  |
| Due to affiliate                                                                                                                                            | 17 |  |   | 59 |  |
| Interest and credit facility fees payable                                                                                                                   | 4,058 |  |   | 5,539 |  |
| Other liabilities                                                                                                                                           | (235 | ) |   | 544 |  |
| Net cash provided by (used in) operating activities                                                                                                         | (177,297 | ) |   | (574,126 | ) |
|                                                                                                                                                        |   |   |   |  |
| Cash flows from financing activities:                                                                                                                       |   |   |   |  |
| Proceeds from issuance of subordinated loans                                                                                                                | 63,000 |  |   | 103,000 |  |
| Borrowings on Credit Fund Facility and Credit Fund Sub Facility                                                                                             | 359,385 |  |   | 602,565 |  |
| Borrowings on Credit Fund Warehouse                                                                                                                         | 101,044 |  |   | — |  |
| Repayments of Credit Fund Facility and Credit Fund Sub Facility                                                                                             | (239,687 | ) |   | (450,053 | ) |
| Proceeds from issuance of 2017-1 CLO notes                                                                                                                  | — |  |   | 350,989 |  |
| Repayments of 2017-1 CLO notes                                                                                                                              | (40,131 | ) |   | — |  |
| Debt issuance costs paid                                                                                                                                    | (1,338 | ) |   | (4,606 | ) |
| Dividends paid in cash                                                                                                                                      | (28,780 | ) |   | (14,370 | ) |
| Net cash provided by (used in) financing activities                                                                                                         | 213,493 |  |   | 587,525 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                                        | 36,196 |  |   | 13,399 |  |
| Cash and cash equivalents, beginning of year                                                                                                                | 19,502 |  |   | 6,103 |  |
| Cash and cash equivalents, end of year                                                                                                                      | $ | 55,698 |  |   | $ | 19,502 |  |
|                                                                                                                                                        |   |   |   |  |
| Supplemental disclosures:                                                                                                                                   |   |   |   |  |
| Dividends declared during the year                                                                                                                          | $ | 30,500 |  |   | $ | 17,400 |  |
| Interest paid during the year                                                                                                                               | $ | 45,277 |  |   | $ | 23,476 |  |
| Taxes paid during the year                                                                                                                                  | $ | 415 |  |   | $ | — |  |

----

----

----

----

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 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. Credit Fund does not adjust the quoted price for these investments, even in situations where Credit Fund 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 and certain over-the-counter derivatives where the fair value is based on unobservable inputs. |

|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|             | December 31, 2018 |
|             | Level 1 |   | Level 2  |   | Level 3  |   | Total  |
| Assets           |   |   |   |   |   |   |   |
| First Lien Debt  | $ | — |  |   | $ | — |  |   | $ | 1,172,460 |  |   | $ | 1,172,460 |  |
| Second Lien Debt | — |  |   | — |  |   | 1,048 |  |   | 1,048 |  |
| Total            | $ | — |  |   | $ | — |  |   | $ | 1,173,508 |  |   | $ | 1,173,508 |  |

|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|             | December 31, 2017 |
|             | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Assets           |   |   |   |   |   |   |   |
| First Lien Debt  | $ | — |  |   | $ | — |  |   | $ | 978,718 |  |   | $ | 978,718 |  |
| Second Lien Debt | — |  |   | — |  |   | 6,055 |  |   | 6,055 |  |
| Total            | $ | — |  |   | $ | — |  |   | $ | 984,773 |  |   | $ | 984,773 |  |

----

|                                                                                                                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |
| Financial AssetsFor the year ended December 31, 2018                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                             | First Lien Debt |   | Second Lien Debt  |   | Total |
| Balance, beginning of year                                                                                                                                                                                                                                       | $ | 978,718 |  |   | $ | 6,055 |  |   | $ | 984,773 |  |
| Purchases                                                                                                                                                                                                                                                        | 498,813 |  |   | — |  |   | 498,813 |  |
| Paydowns                                                                                                                                                                                                                                                         | (282,603 | ) |   | (5,000 | ) |   | (287,603 | ) |
| Accretion of discount                                                                                                                                                                                                                                            | 3,573 |  |   | 52 |  |   | 3,625 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                      | 34 |  |   | (1 | ) |   | 33 |  |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                             | (26,075 | ) |   | (58 | ) |   | (26,133 | ) |
| Balance, end of year                                                                                                                                                                                                                                             | $ | 1,172,460 |  |   | $ | 1,048 |  |   | $ | 1,173,508 |  |
| Net change in unrealized appreciation (depreciation) included in earnings related to investments still held as of December 31, 2018 included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations | $ | (24,942 | ) |   | $ | (15 | ) |   | $ | (24,957 | ) |

|                                                                                                                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                  |  |  |  |  |  |  |  |  |  |  |  |
| Financial AssetsFor the year ended December 31, 2017                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                             | First Lien Debt |   | Second Lien Debt  |   | Total |
| Balance, beginning of year                                                                                                                                                                                                                                       | $ | 434,799 |  |   | $ | 3,030 |  |   | $ | 437,829 |  |
| Purchases                                                                                                                                                                                                                                                        | 767,583 |  |   | 4,950 |  |   | 772,533 |  |
| Sales                                                                                                                                                                                                                                                            | (4,792 | ) |   | — |  |   | (4,792 | ) |
| Paydowns                                                                                                                                                                                                                                                         | (218,594 | ) |   | (2,000 | ) |   | (220,594 | ) |
| Accretion of discount                                                                                                                                                                                                                                            | 3,190 |  |   | 43 |  |   | 3,233 |  |
| Net realized gains (losses)                                                                                                                                                                                                                                      | 17 |  |   | — |  |   | 17 |  |
| Net change in unrealized appreciation (depreciation)                                                                                                                                                                                                             | (3,485 | ) |   | 32 |  |   | (3,453 | ) |
| Balance, end of year                                                                                                                                                                                                                                             | $ | 978,718 |  |   | $ | 6,055 |  |   | $ | 984,773 |  |
| 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 | $ | (2,055 | ) |   | $ | 59 |  |   | $ | (1,996 | ) |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            |   |   |   |   |   |   | Range |   |   |
|                            | Fair Value as of December 31, 2018 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt  | $ | 1,055,342 |  |   | Discount Cash Flow |   | Discount Rate |   | 6.54 | % |   | 17.30 | % |   | 7.86 | % |
|                            | 91,717 |  |   | Consensus Pricing |   | Indicative Quotes |   | 74.31 |  |   | 95.67 |  |   | 90.20 |  |
|                            | 25,401 |  |   | Income Approach |   | Discount Rate |   | 13.27 | % |   | 13.27 | % |   | 13.27 | % |
|                            |   |   | Market Approach |   | Comparable Multiple |   | 7.43x |  |   | 7.43x |  |   | 7.43x |  |
| Total First Lien Debt           | $ | 1,172,460 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt | 1,048 |  |   | Discounted Cash Flow |   | Discount Rate |   | 11.93 | % |   | 11.93 | % |   | 11.93 | % |
| Total Second Lien Debt          | $ | 1,048 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments       | $ | 1,173,508 |  |   |   |   |   |   |   |   |   |   |   |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            |   |   |   |   |   |   | Range |   |   |
|                            | Fair Value as of December 31, 2017 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt  | $ | 857,283 |  |   | Discount Cash Flow |   | Discount Rate |   | 4.14 | % |   | 11.03 | % |   | 6.02 | % |
|                            | 121,435 |  |   | Consensus Pricing |   | Indicative Quotes |   | 85.00 |  |   | 100.92 |  |   | 96.68 |  |
| Total First Lien Debt           | $ | 978,718 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt | 6,055 |  |   | Discounted Cash Flow |   | Discount Rate |   | 9.32 | % |   | 9.69 | % |   | 9.66 | % |
| Total Second Lien Debt          | $ | 6,055 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments       | $ | 984,773 |  |   |   |   |   |   |   |   |   |   |   |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | December 31, 2018 |   | December 31, 2017 |
|               | Carrying Value  |   | Fair Value  |   | Carrying Value  |   | Fair Value  |
| Secured borrowings | $ | 572,178 |  |   | $ | 572,178 |  |   | $ | 377,686 |  |   | $ | 377,686 |  |
| Mezzanine loans    | 112,000 |  |   | 112,000 |  |   | 85,750 |  |   | 85,750 |  |
| Subordinated loans | 236,000 |  |   | 220,590 |  |   | 173,000 |  |   | 173,000 |  |
| Total              | $ | 920,178 |  |   | $ | 904,768 |  |   | $ | 636,436 |  |   | $ | 636,436 |  |

----

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|            | December 31, 2018 |   | December 31, 2017 |
|            | Carrying Value  |   | Fair Value  |   | Carrying Value  |   | Fair Value  |
| Class A-1 Notes | $ | 191,569 |  |   | $ | 191,330 |  |   | $ | 231,700 |  |   | $ | 231,700 |  |
| Class A-2 Notes | 48,300 |  |   | 47,608 |  |   | 48,300 |  |   | 48,300 |  |
| Class B-1 Notes | 15,000 |  |   | 14,621 |  |   | 15,000 |  |   | 15,000 |  |
| Class B-2 Notes | 9,000 |  |   | 8,743 |  |   | 9,000 |  |   | 9,000 |  |
| Class C Notes   | 22,900 |  |   | 21,782 |  |   | 22,900 |  |   | 22,642 |  |
| Class D Notes   | 25,100 |  |   | 24,033 |  |   | 25,100 |  |   | 24,347 |  |
| Total           | $ | 311,869 |  |   | $ | 308,117 |  |   | $ | 352,000 |  |   | $ | 350,989 |  |

----

----

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                | December 31, 2018 |
|                                                | Total Facility  |   | BorrowingsOutstanding  |   | Unused Portion (1)  |   | AmountAvailable (2)  |
| Secured borrowings - Credit Fund Sub Facility       | $ | 640,000 |  |   | $ | 471,134 |  |   | $ | 168,866 |  |   | $ | 10,590 |  |
| Secured borrowings - Credit Fund Warehouse Facility | 150,000 |  |   | 101,044 |  |   | 48,956 |  |   | — |  |
| Mezzanine loans                                     | 175,000 |  |   | 112,000 |  |   | 63,000 |  |   | 50,290 |  |
| Total                                               | $ | 965,000 |  |   | $ | 684,178 |  |   | $ | 280,822 |  |   | $ | 60,880 |  |
|                                                |   |   |   |   |   |   |   |
|                                                | December 31, 2017 |
|                                                | Total Facility  |   | BorrowingsOutstanding  |   | Unused Portion (1)  |   | AmountAvailable (2)  |
| Secured borrowings - Credit Fund Sub Facility       | $ | 640,000 |  |   | $ | 377,686 |  |   | $ | 262,314 |  |   | $ | 4,467 |  |
| Mezzanine loans                                     | 175,000 |  |   | 85,750 |  |   | 89,250 |  |   | 23,723 |  |
| Total                                               | $ | 815,000 |  |   | $ | 463,436 |  |   | $ | 351,564 |  |   | $ | 28,190 |  |

|     |                                                                        |
|-----|------------------------------------------------------------------------|
| (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. |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | For the year endedDecember 31, 2018 |   | For the year endedDecember 31, 2017 |
| Interest expense                                | $ | 35,606 |  |   | $ | 28,761 |  |
| Facility unused commitment fee                  | 1,086 |  |   | 607 |  |
| Amortization of deferred financing costs        | 1,233 |  |   | 1,192 |  |
| Other fees                                      | 119 |  |   | 54 |  |
| Total interest expense and credit facility fees | $ | 38,044 |  |   | $ | 30,614 |  |
| Cash paid for interest expense                  | $ | 34,175 |  |   | $ | 23,476 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | For the years ended |
|                                            | December 31, 2018 |   | December 31, 2017 |
| Interest expense                                | $ | 13,584 |  |   | $ | 418 |  |
| Amortization of deferred financing costs        | 204 |  |   | 7 |  |
| Amortization of discount                        | $ | 104 |  |   | $ | — |  |
| Total interest expense and credit facility fees | $ | 13,892 |  |   | $ | 425 |  |
| Cash paid for interest expense                  | $ | 11,102 |  |   | $ | — |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | Secured borrowings, mezzanine loans and subordinated loans |   | 2017-1 Notes |
|  Payment Due by Period | December 31, 2018 |   | December 31, 2017 |   | December 31, 2018 |   | December 31, 2017 |
| Less than 1 Year                           | $ | 213,044 |  |   | $ | 85,750 |  |   | $ | — |  |   | $ | — |  |
| 1-3 Years                                  | — |  |   | — |  |   | — |  |   | — |  |
| 3-5 Years                                  | 236,000 |  |   | 173,000 |  |   | — |  |   | — |  |
| More than 5 Years                          | 471,134 |  |   | 377,686 |  |   | 309,114 |  |   | 352,000 |  |
| Total                                      | $ | 920,178 |  |   | $ | 636,436 |  |   | $ | 309,114 |  |   | $ | 352,000 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Par Value as of |
|                                     | December 31, 2018 |   | December 31, 2017 |
| Unfunded delayed draw commitments        | $ | 37,437 |  |   | $ | 33,506 |  |
| Unfunded revolving term loan commitments | 54,009 |  |   | 38,952 |  |
| Total unfunded commitments               | $ | 91,446 |  |   | $ | 72,458 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
|                                    | For the years ended |
|                                    | December 31, 2018 |   | December 31, 2017 |
| Internal rate of return (1)             | N/M |   | N/M |
|                                    |   |   |   |
| Ratios and supplemental data            |   |   |   |
| Ratios to average members’ equity |   |   |   |
| Operating expenses (2)                  | 221300% |   | 174650% |
| Interest expense (2)                    | 2474900% |   | 1459550% |
| Total expenses (2)                      | 2696200% |   | 1634200% |
| Net investment income (3)               | 1431800% |   | 841050% |

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| (1) | The internal rate of return since inception (“IRR”) was computed based on the dates of members’ equity contributions to Credit Fund, distributions from Credit Fund to Members in respect of their equity, and the fair value of the members’ equity as of December 31, 2018 and 2017. The IRR of the Members is net of all fees and expenses. Because IRR does not include contributions from, distribution to or the carrying value of the Members’ subordinated loans, the IRRs for the years ended December 31, 2018 and 2017 are not a meaningful measure of Credit Fund’s performance for its Members. Inclusive of contributions from, distribution to and the carrying value of the |

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| (2) | The expense ratios are calculated as the total operating expenses allocated to the Members divided by the fair value of the Members’ weighted average capital balance for the period presented as defined by the disclosure requirements for investment companies. Pursuant to the LLC Agreement, there are no management or incentive fees. Expenses were not annualized in calculating the expense ratio. Because the expense ratios do not include the carrying value of the Members’ weighted average subordinated loans, the expense ratios for the period from the year ended December 31, 2018 and 2017 are not a meaningful measure of Credit Fund’s expenses for its Members. Inclusive of the carrying value of the Members’ equity and subordinated loans, the total expense ratio of the Members’ equity and subordinated loans for the years ended December 31, 2018 and 2017 were 27.8% and 25.1%, respectively. |

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| (3) | The net investment income ratio is the excess of the Members’ investment income over total expenses divided by the fair value of the Members’ weighted average capital balance for the period presented. Net investment income was not annualized in calculating the net investment income ratio. Because the net investment income ratio does not include the carrying value of the Members’ weighted average subordinated loans, the net investment income ratios for the years ended December 31, 2018 and 2017 are not a meaningful measure of Credit Fund’s net investment income for its Members. Inclusive of the carrying value of the Members’ equity and subordinated loans, the net investment income ratio of the Members’ equity and subordinated loans for the years ended December 31, 2018 and 2017 were 14.8% and 12.9%, respectively. |