----

|                                                                                                                 |          |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------|----------|--|--|--|--|
| Report of Independent Auditors                                                                                  | 3   |  |
|                                                                                                                 |          |
| Consolidated Statements of Assets, Liabilities and Members’ Equity as of December 31, 2021 and 2020  | 4   |  |
|                                                                                                                 |          |
| Consolidated Schedules of Investments as of December 31, 2021 and 2020                                     | 5   |  |
|                                                                                                                 |          |
| Consolidated Statements of Operations for the years ended December 31, 2021 and 2020                       | 12  |  |
|                                                                                                                 |          |
| Consolidated Statements of Changes in Members’ Equity for the years ended December 31, 2021 and 2020 | 13  |  |
|                                                                                                                 |          |
| Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020                       | 14  |  |
|                                                                                                                 |          |
| Notes to Consolidated Financial Statements                                                                      | 15  |  |

----

----

----

|                                                                                                             |                   |                 |                   |                 |   |                 |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------|-------------------|-----------------|-------------------|-----------------|---|-----------------|--|--|--|--|--|
|                                                                                                        | December 31, 2021 |                 | December 31, 2020 |
| ASSETS                                                                                                      |                   |                 |                   |
| Cash, cash equivalents and restricted cash                                                                  | $                 | 54,041     |                   |                 | $ | 119,796    |  |
| Investments, at fair value (amortized cost of $940,092 and $1,080,538, respectively)                        | 926,959      |                 |                   | 1,056,381  |   |
| Deferred financing asset                                                                                    | 2,618        |                 |                   | 3,139      |   |
| Interest receivable                                                                                         | 4,200        |                 |                   | 4,120      |   |
| Receivable for investments sold/repaid                                                                  | 568          |                 |                   | 201        |   |
| Prepaid expenses and other assets                                                                           | 312          |                 |                   | 93         |   |
| Total assets                                                                                                | $                 | 988,698    |                   |                 | $ | 1,183,730  |  |
|                                                                                                             |                   |                 |                   |
| LIABILITIES AND MEMBERS’ EQUITY                                                                       |                   |                 |                   |
| Secured borrowings (Note 5)                                                                                 | $                 | 600,651    |                   |                 | $ | 514,261    |  |
|                                                                                                             |                   |                 |                   |
|                                                                                                             |                   |                 |                   |
| 2019-2 Notes payable, net of unamortized debt issuance costs of $0 and $1,559, respectively (Note 6)        | —      |                 |                   | 253,933    |   |
| Subordinated Loans (Note 7)                                                                                 | 386,000      |                 |                   | 432,000    |   |
| Payable for investments purchased                                                                           | 5,219        |                 |                   | —    |   |
|                                                                                                             |                   |                 |                   |
| Interest and credit facility fees payable (Note 5)                                                          | 3,741        |                 |                   | 5,010      |   |
| Dividend payable                                                                                            | 10,000       |                 |                   | 10,000     |   |
| Other accrued expenses and liabilities                                                                      | 868          |                 |                   | 533        |   |
|         Total liabilities                                           | $                 | 1,006,479  |                   |                 | $ | 1,215,737  |  |
|         Commitments and contingencies (Note 8)                      |                   |                 |                   |
|                                                                                                             |                   |                 |                   |
| MEMBERS' EQUITY/(DEFICIT)                                                                               |                   |                 |                   |
| Members' equity                                                                                             | $                 | 2          |                   |                 | $ | 2          |  |
| Accumulated net investment income (loss) net of cumulative dividends of $162,159 and $122,159, respectively | 5,075        |                 |                   | 433        |   |
| Accumulated net realized gain (loss) net of cumulative dividends of $91 and $91, respectively               | (9,725)           |                 |                   | (8,285)         |   |
| Accumulated net unrealized appreciation (depreciation)                                                      | (13,133)          |                 |                   | (24,157)        |   |
| Total members' equity (deficit), net                                                                        | $                 | (17,781)        |                   |                 | $ | (32,007)        |  |
| Total liabilities and members’ equity (deficit)                                                       | $                 | 988,698    |                   |                 | $ | 1,183,730  |  |

----

|                                                              |        |  |           |  |                                               |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |              |              |  |   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|--------|--|-----------|--|-----------------------------------------------|--|---------------------------------|--|-----------------------------|--|--------------------|--|---------------------------|--------------|-------------------------|--------------|----------------|--------------|--------------|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Consolidated Schedule of Investments as of December 31, 2021 |
| Investments (1)                                              |        |  | Footnotes |  | Industry                                      |  | Reference Rate & Spread (2) |  | Interest Rate (2) |  | Maturity Date      |  | Par/ Principal Amount |              | Amortized Cost (4) |              | Fair Value (5) |
| First Lien Debt (100.0% of fair value)                       |        |  |           |  |                                               |  |                                 |  |                             |  |                    |  |                           |              |
| ACR Group Borrower, LLC                                      | ^+ |  | (2)(3)(6) |  | Aerospace & Defense                       |  | L + 4.25%                       |  | 5.50%                       |  | 3/31/2028  |  | $                         | 34,477  |                         |              | $              | 33,913  |              |  | $ | 34,477  |  |
| Acrisure, LLC                                                | +#     |  | (2)(3)    |  | Banking, Finance, Insurance & Real Estate |  | L + 3.50%                       |  | 3.78%                       |  | 2/13/2027  |  | 25,376               |              |                         | 25,353  |                |              | 25,203  |  |
| Acrisure, LLC                                                | +      |  | (2)(3)    |  | Banking, Finance, Insurance & Real Estate |  | L + 4.25%                       |  | 4.75%                       |  | 2/13/2027  |  | 6,700                |              |                         | 6,650   |                |              | 6,687   |  |
| Analogic Corporation                                         | ^+ |  | (2)(3)(6) |  | Capital Equipment                             |  | L + 5.25%                       |  | 6.25%                       |  | 6/22/2024  |  | 19,796               |              |                         | 19,781  |                |              | 19,587  |  |
| Anchor Packaging, Inc.                                       | +#     |  | (2)(3)    |  | Containers, Packaging & Glass             |  | L + 4.00%                       |  | 4.10%                       |  | 7/18/2026  |  | 24,472               |              |                         | 24,385  |                |              | 24,215  |  |
| API Technologies Corp.                                       | +#     |  | (2)(3)    |  | Aerospace & Defense                       |  | L + 4.25%                       |  | 4.35%                       |  | 5/9/2026   |  | 14,625               |              |                         | 14,575  |                |              | 14,251  |  |
| Aptean, Inc.                                                 | +#     |  | (2)(3)    |  | Software                                      |  | L + 4.25%                       |  | 4.35%                       |  | 4/23/2026  |  | 12,157               |              |                         | 12,113  |                |              | 12,087  |  |
| Avalign Technologies, Inc.                                   | +#     |  | (2)(3)    |  | Healthcare & Pharmaceuticals              |  | L + 4.50%                       |  | 4.63%                       |  | 12/22/2025 |  | 14,443               |              |                         | 14,354  |                |              | 14,320  |  |
| Avenu Holdings, LLC                                          | +      |  | (2)(3)    |  | Sovereign & Public Finance                |  | L + 5.25%                       |  | 6.25%                       |  | 9/28/2024  |  | 23,350               |              |                         | 23,350  |                |              | 23,350  |  |
| BMS Holdings III Corp.                                       | +      |  | (2)(3)    |  | Construction & Building                   |  | L + 5.50%                       |  | 6.50%                       |  | 9/30/2026  |  | 11,244               |              |                         | 11,143  |                |              | 11,071  |  |
| Chartis Holding, LLC                                         | +      |  | (2)(3)(6) |  | Business Services                             |  | L + 5.50%                       |  | 6.50%                       |  | 5/1/2025   |  | 6,964                |              |                         | 6,964   |                |              | 6,964   |  |
| Chemical Computing Group ULC (Canada)                        | ^+ |  | (2)(3)(6) |  | Software                                      |  | L + 4.50%                       |  | 5.50%                       |  | 8/30/2024  |  | 13,912               |              |                         | 13,480  |                |              | 13,845  |  |
| Chudy Group, LLC                                             | ^+ |  | (2)(3)(6) |  | Healthcare & Pharmaceuticals              |  | L + 5.75%                       |  | 6.75%                       |  | 6/30/2027  |  | 33,021               |              |                         | 32,465  |                |              | 33,657  |  |
| Diligent Corporation                                         | ^+ |  | (2)(3)(6) |  | Telecommunications                            |  | L + 6.25%                       |  | 7.25%                       |  | 8/4/2025   |  | 9,049                |              |                         | 8,816   |                |              | 9,228   |  |
| Divisions Holding Corporation                                | +#     |  | (2)(3)    |  | Business Services                             |  | L + 4.75%                       |  | 5.50%                       |  | 5/27/2028  |  | 24,938               |              |                         | 24,706  |                |              | 24,953  |  |
| DTI Holdco, Inc.                                             | +      |  | (2)(3)    |  | High Tech Industries                          |  | L + 4.75%                       |  | 5.75%                       |  | 9/30/2023  |  | 18,495               |              |                         | 18,442  |                |              | 18,237  |  |
| Eliassen Group, LLC                                          | +      |  | (2)(3)    |  | Business Services                             |  | L + 4.50%                       |  | 4.60%                       |  | 11/5/2024  |  | 15,159               |              |                         | 15,103  |                |              | 15,152  |  |
| EPS Nass Parent, Inc.                                        | ^+ |  | (2)(3)(6) |  | Utilities: Electric                       |  | L + 5.75%                       |  | 6.75%                       |  | 4/19/2028  |  | 32,846               |              |                         | 32,169  |                |              | 32,507  |  |
| EvolveIP, LLC                                                | ^+ |  | (2)(3)(6) |  | Telecommunications                            |  | L + 5.50%                       |  | 6.50%                       |  | 6/7/2025   |  | 40,196               |              |                         | 40,126  |                |              | 39,973  |  |
| Exactech, Inc.                                               | +#     |  | (2)(3)    |  | Healthcare & Pharmaceuticals              |  | L + 3.75%                       |  | 4.75%                       |  | 2/14/2025  |  | 21,307               |              |                         | 21,221  |                |              | 21,073  |  |
| Excel Fitness Holdings, Inc.                                 | +#     |  | (2)(3)    |  | Hotel, Gaming & Leisure                   |  | L + 5.25%                       |  | 6.25%                       |  | 10/7/2025  |  | 24,500               |              |                         | 24,336  |                |              | 24,500  |  |
| Frontline Technologies Holdings, LLC                         | +      |  | (2)(3)    |  | Software                                      |  | L + 5.25%                       |  | 6.25%                       |  | 9/18/2023  |  | 14,736               |              |                         | 14,269  |                |              | 14,736  |  |
| GSM Acquisition Corp.                                        | ^+ |  | (2)(3)(6) |  | Hotel, Gaming & Leisure                   |  | L + 5.00%                       |  | 6.00%                       |  | 11/16/2026 |  | 25,623               |              |                         | 25,331  |                |              | 25,396  |  |
| Heartland Home Services, Inc                                 | +      |  | (2)(3)(6) |  | Consumer Services                             |  | L + 6.00%                       |  | 7.00%                       |  | 12/15/2026 |  | 17,664               |              |                         | 17,664  |                |              | 17,735  |  |
| HMT Holding Inc.                                             | ^+ |  | (2)(3)(6) |  | Energy: Oil & Gas                     |  | L + 5.75%                       |  | 6.75%                       |  | 11/17/2023 |  | 32,484               |              |                         | 32,245  |                |              | 31,086  |  |
| Integrity Marketing Acquisition, LLC                         | ^+ |  | (2)(3)(6) |  | Banking, Finance, Insurance & Real Estate |  | L + 5.50%                       |  | 6.25%                       |  | 8/27/2025  |  | 32,853               |              |                         | 32,309  |                |              | 32,403  |  |
| Jensen Hughes, Inc.                                          | +      |  | (2)(3)(6) |  | Utilities: Electric                       |  | L + 4.50%                       |  | 5.50%                       |  | 3/22/2024  |  | 34,392               |              |                         | 34,347  |                |              | 33,395  |  |
| K2 Insurance Services, LLC                                   | +      |  | (2)(3)(6) |  | Banking, Finance, Insurance & Real Estate |  | L + 5.00%                       |  | 6.00%                       |  | 7/1/2026   |  | 12,929               |              |                         | 12,929  |                |              | 12,906  |  |
| KAMC Holdings, Inc.                                          | +#     |  | (2)(3)    |  | Energy: Electricity                       |  | L + 4.00%                       |  | 4.18%                       |  | 8/14/2026  |  | 13,685               |              |                         | 13,638  |                |              | 11,450  |  |

----

|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |              |               |               |               |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|--------|--|-----------|--|---------------------------------------------------|--|---------------------------------|--|-----------------------------|--|--------------------|--|---------------------------|--------------|-------------------------|---------------|----------------|--------------|---------------|---------------|---------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Consolidated Schedule of Investments as of December 31, 2021 |
| Investments (1)                                              |        |  | Footnotes |  | Industry                                          |  | Reference Rate & Spread (2) |  | Interest Rate (2) |  | Maturity Date      |  | Par/ Principal Amount |              | Amortized Cost (4) |               | Fair Value (5) |
| KBP Investments, LLC                                         | +      |  | (2)(3)(6) |  | Beverage, Food & Tobacco                      |  | L + 5.00%                       |  | 5.75%                       |  | 5/25/2027  |  | $                         | 36,973  |                         |               | $              | 36,599  |               |               | $             | 36,570  |  |
| Odyssey Logistics & Technology Corp.                     | +#     |  | (2)(3)    |  | Transportation: Cargo                         |  | L + 4.00%                       |  | 5.00%                       |  | 10/12/2024 |  | 9,605                |              |                         | 9,580    |                |              | 9,509    |               |
| Output Services Group                                        | ^+ |  | (2)(3)    |  | Media: Advertising, Printing & Publishing |  | L + 4.50%                       |  | 5.50%                       |  | 3/27/2024  |  | 19,222               |              |                         | 19,194   |                |              | 16,467   |               |
| Premise Health Holding Corp.                                 | +#     |  | (2)(3)    |  | Healthcare & Pharmaceuticals                  |  | L + 3.50%                       |  | 3.72%                       |  | 7/10/2025  |  | 13,445               |              |                         | 13,409   |                |              | 13,419   |               |
| Q Holding Company                                            | +#     |  | (2)(3)    |  | Automotive                                        |  | L + 5.00%                       |  | 6.00%                       |  | 12/31/2023 |  | 21,515               |              |                         | 21,421   |                |              | 21,098   |               |
| QW Holding Corporation                                       | ^+ |  | (2)(3)(6) |  | Environmental Industries                          |  | L + 6.25%                       |  | 7.25%                       |  | 8/31/2024  |  | 14,116               |              |                         | 13,887   |                |              | 13,645   |               |
| Radiology Partners, Inc.                                     | +#     |  | (2)(3)    |  | Healthcare & Pharmaceuticals                  |  | L + 4.25%                       |  | 4.36%                       |  | 7/9/2025   |  | 27,686               |              |                         | 27,603   |                |              | 27,245   |               |
| RevSpring Inc.                                               | +#     |  | (2)(3)    |  | Media: Advertising, Printing & Publishing |  | L + 4.25%                       |  | 4.47%                       |  | 10/11/2025 |  | 29,149               |              |                         | 29,001   |                |              | 29,067   |               |
| Striper Buyer, LLC                                           | +      |  | (2)(3)    |  | Containers, Packaging & Glass                 |  | L + 5.50%                       |  | 6.25%                       |  | 12/30/2026 |  | 14,850               |              |                         | 14,720   |                |              | 14,850   |               |
| Turbo Buyer, Inc.                                            | +      |  | (2)(3)(6) |  | Automotive                                        |  | L + 6.00%                       |  | 7.00%                       |  | 12/2/2025  |  | 13,960               |              |                         | 13,960   |                |              | 13,661   |               |
| U.S. TelePacific Holdings Corp.                              | +      |  | (2)(3)    |  | Telecommunications                                |  | L + 5.50%                       |  | 6.50%                       |  | 5/2/2023   |  | 6,660                |              |                         | 6,643    |                |              | 4,995    |               |
| USALCO, LLC                                                  | +      |  | (2)(3)    |  | Chemicals, Plastics & Rubber                  |  | L + 6.00%                       |  | 7.00%                       |  | 10/19/2027 |  | 14,995               |              |                         | 14,704   |                |              | 14,704   |               |
| VRC Companies, LLC                                           | ^+ |  | (2)(3)(6) |  | Business Services                                 |  | L + 5.50%                       |  | 6.25%                       |  | 6/29/2027  |  | 26,520               |              |                         | 26,103   |                |              | 26,162   |               |
| Welocalize, Inc.                                             | +      |  | (2)(3)(6) |  | Business Services                                 |  | L + 4.75%                       |  | 5.75%                       |  | 12/23/2024 |  | 34,201               |              |                         | 33,868   |                |              | 33,444   |               |
| WRE Holding Corp.                                            | ^+ |  | (2)(3)(6) |  | Environmental Industries                          |  | SOFR + 5.50%                    |  | 6.50%                       |  | 1/3/2025   |  | 8,740                |              |                         | 8,724    |                |              | 8,584    |               |
| Yellowstone Buyer Acquisition, LLC                           | +      |  | (2)(3)    |  | Consumer Goods: Durable                       |  | L + 5.75%                       |  | 6.75%                       |  | 9/13/2027  |  | 39,900               |              |                         | 39,135   |                |              | 39,095   |               |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
| First Lien Debt Total                                        |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           | $            | 934,728            |               |                | $            | 926,959  |               |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |                |
|                                                              |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |               |
| Equity Investments (0.0% of fair value)                      |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |
| DBI Holding, LLC                                             | ^  |  |           |  | Transportation: Cargo                         |  |                                 |  |                             |  |                    |  | 2,961                |              |                         | $             | —   |              |               | $             | —  |              |
| DBI Holding, LLC                                             | ^  |  |           |  | Transportation: Cargo                         |  |                                 |  |                             |  |                    |  | 13,996               |              |                         | 5,364    |                |              | —  |               |
| Equity Investments Total                                     |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           | $            | 5,364              |               |                | $            | —  |               |
| Total Investments                                            |        |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              | $                       | 940,092  |                |              | $             | 926,959  |               |

----

|                                                                                    |  |              |  |                 |   |                           |              |             |               |   |       |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------|--|--------------|--|-----------------|---|---------------------------|--------------|-------------|---------------|---|-------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| First Lien Debt – unfunded delayed draw and revolving term loans commitments |  | Type         |  | Unused Fee |   | Par/ Principal Amount |              | Fair Value  |
| ACR Group Borrower, LLC                                                            |  | Revolver     |  | 0.38       | % |                           | $            | 7,350  |               |   | $     | —  |  |
| Analogic Corporation                                                               |  | Revolver     |  | 0.50            |   | 847                  |              |             | (9)           |   |
| Chartis Holding, LLC                                                               |  | Revolver     |  | 0.50            |   | 2,183                |              |             | —  |   |
| Chemical Computing Group ULC (Canada)                                              |  | Revolver     |  | 0.50            |   | 873                  |              |             | (4)           |   |
| Chudy Group, LLC                                                                   |  | Delayed Draw |  | 1.00            |   | 5,517                |              |             | 88       |   |
| Chudy Group, LLC                                                                   |  | Revolver     |  | 0.50            |   | 1,379                |              |             | 22       |   |
| Diligent Corporation                                                               |  | Delayed Draw |  | 1.00            |   | 1,653                |              |             | 26       |   |
| Diligent Corporation                                                               |  | Revolver     |  | 0.50            |   | 703                  |              |             | 11       |   |
| EPS Nass Parent, Inc.                                                              |  | Delayed Draw |  | 1.00            |   | 3,136                |              |             | (29)          |   |
| EPS Nass Parent, Inc.                                                              |  | Revolver     |  | 0.50            |   | 941                  |              |             | (9)           |   |
| EvolveIP, LLC                                                                      |  | Revolver     |  | 0.50            |   | 3,360                |              |             | (17)          |   |
| GSM Acquisition Corp.                                                              |  | Delayed Draw |  | 1.00            |   | 4,313                |              |             | (33)          |   |
| Heartland Home Services, Inc                                                       |  | Revolver     |  | 0.50            |   | 746                  |              |             | 3        |   |
| HMT Holding Inc.                                                                   |  | Revolver     |  | 0.50            |   | 6,173                |              |             | (223)         |   |
| Integrity Marketing Acquisition, LLC                                               |  | Delayed Draw |  | 0.00            |   | 7,000                |              |             | (71)          |   |
| Integrity Marketing Acquisition, LLC                                               |  | Delayed Draw |  | 1.00            |   | 4,453                |              |             | (45)          |   |
| Jensen Hughes, Inc.                                                                |  | Revolver     |  | 0.50            |   | 2,000                |              |             | (55)          |   |
| K2 Insurance Services, LLC                                                         |  | Revolver     |  | 0.50            |   | 1,170                |              |             | (2)           |   |
| KBP Investments, LLC                                                               |  | Delayed Draw |  | 1.00            |   | 503                  |              |             | (5)           |   |
| KBP Investments, LLC                                                               |  | Delayed Draw |  | 1.00            |   | 2,415                |              |             | (24)          |   |
| QW Holding Corporation                                                             |  | Delayed Draw |  | 1.00            |   | 9,338                |              |             | (162)         |   |
| QW Holding Corporation                                                             |  | Revolver     |  | 0.50            |   | 3,794                |              |             | (66)          |   |
| Turbo Buyer, Inc.                                                                  |  | Revolver     |  | 0.50            |   | 933                  |              |             | (19)          |   |
| VRC Companies, LLC                                                                 |  | Delayed Draw |  | 0.75            |   | 2,521                |              |             | (30)          |   |
| VRC Companies, LLC                                                                 |  | Revolver     |  | 0.50            |   | 833                  |              |             | (10)          |   |
| Welocalize, Inc.                                                                   |  | Revolver     |  | 0.50            |   | 3,375                |              |             | (64)          |   |
| Welocalize, Inc.                                                                   |  | Revolver     |  | 0.50            |   | 2,250                |              |             | (43)          |   |
| WRE Holding Corp.                                                                  |  | Revolver     |  | 0.50            |   | 624                  |              |             | (10)          |   |
|                                                                                    |  |              |  |                 |   |                           |              |             |
|                                                                                    |  |              |  |                 |   |                           |              |             |
|                                                                                    |  |              |  |                 |   |                           |              |             |
| Total unfunded commitments                                                         |  |              |  |                 |   | $                         | 80,383  |             |               | $ | (780) |               |

----

|                                                              |             |  |           |  |                                               |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |              |              |  |   |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|-------------|--|-----------|--|-----------------------------------------------|--|---------------------------------|--|-----------------------------|--|--------------------|--|---------------------------|--------------|-------------------------|--------------|----------------|--------------|--------------|--|---|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Consolidated Schedule of Investments as of December 31, 2020 |
| Investments (1)                                              |             |  | Footnotes |  | Industry                                      |  | Reference Rate & Spread (2) |  | Interest Rate (2) |  | Maturity Date      |  | Par/ Principal Amount |              | Amortized Cost (4) |              | Fair Value (5) |
| First Lien Debt (97.5% of fair value)                        |             |  |           |  |                                               |  |                                 |  |                             |  |                    |  |                           |              |
| Acrisure, LLC                                                | \#      |  | (2)(3)    |  | Banking, Finance, Insurance & Real Estate |  | L + 3.50%                       |  | 3.65%                       |  | 2/15/2027  |  | $                         | 25,634  |                         |              | $              | 25,606  |              |  | $ | 25,104  |  |
| Alku, LLC                                                    | +#          |  | (2)(3)    |  | Business Services                             |  | L + 5.50%                       |  | 5.75%                       |  | 7/29/2026  |  | 23,666               |              |                         | 23,466  |                |              | 23,512  |  |
| Alpha Packaging Holdings, Inc.                               | +\      |  | (2)(3)    |  | Containers, Packaging & Glass             |  | L + 6.00%                       |  | 7.00%                       |  | 11/12/2021 |  | 16,378               |              |                         | 16,378  |                |              | 16,378  |  |
| AmeriLife Holdings LLC                                       | #           |  | (2)(3)    |  | Banking, Finance, Insurance & Real Estate |  | L + 4.00%                       |  | 4.15%                       |  | 3/18/2027  |  | 9,951                |              |                         | 9,929   |                |              | 9,802   |  |
| Analogic Corporation                                         | ^+      |  | (2)(3)(6) |  | Capital Equipment                             |  | L + 5.25%                       |  | 6.25%                       |  | 6/22/2024  |  | 18,857               |              |                         | 18,837  |                |              | 18,857  |  |
| Anchor Packaging, Inc.                                       | +#          |  | (2)(3)    |  | Containers, Packaging & Glass             |  | L + 4.00%                       |  | 4.15%                       |  | 7/18/2026  |  | 24,723               |              |                         | 24,617  |                |              | 24,656  |  |
| API Technologies Corp.                                       | +\      |  | (2)(3)    |  | Aerospace & Defense                       |  | L + 4.25%                       |  | 4.49%                       |  | 5/9/2026   |  | 14,775               |              |                         | 14,713  |                |              | 13,999  |  |
| Aptean, Inc.                                                 | +\      |  | (2)(3)    |  | Software                                      |  | L + 4.25%                       |  | 4.40%                       |  | 4/23/2026  |  | 12,281               |              |                         | 12,227  |                |              | 12,077  |  |
| AQA Acquisition Holding, Inc.                                | +\      |  | (2)(3)(6) |  | High Tech Industries                          |  | L + 4.25%                       |  | 5.25%                       |  | 5/24/2023  |  | 18,759               |              |                         | 18,752  |                |              | 18,757  |  |
| Astra Acquisition Corp.                                      | +#          |  | (2)(3)    |  | Software                                      |  | L + 5.50%                       |  | 6.50%                       |  | 3/1/2027   |  | 28,783               |              |                         | 28,392  |                |              | 28,783  |  |
| Avalign Technologies, Inc.                                   | +\      |  | (2)(3)    |  | Healthcare & Pharmaceuticals              |  | L + 4.50%                       |  | 4.73%                       |  | 12/22/2025 |  | 14,592               |              |                         | 14,481  |                |              | 14,334  |  |
| Big Ass Fans, LLC                                            | +\#     |  | (2)(3)    |  | Capital Equipment                             |  | L + 3.75%                       |  | 4.75%                       |  | 5/21/2024  |  | 13,766               |              |                         | 13,714  |                |              | 13,766  |  |
| BK Medical Holding Company, Inc.                             | ^+      |  | (2)(3)(6) |  | Healthcare & Pharmaceuticals              |  | L + 5.25%                       |  | 6.25%                       |  | 6/22/2024  |  | 24,165               |              |                         | 23,951  |                |              | 22,363  |  |
| Chemical Computing Group ULC (Canada)                        | ^+      |  | (2)(3)(6) |  | Software                                      |  | L + 5.00%                       |  | 6.00%                       |  | 8/30/2023  |  | 14,055               |              |                         | 13,378  |                |              | 14,055  |  |
| Clarity Telecom LLC.                                         | +           |  | (2)(3)    |  | Media: Broadcasting & Subscription    |  | L + 4.25%                       |  | 4.40%                       |  | 8/30/2026  |  | 14,813               |              |                         | 14,773  |                |              | 14,813  |  |
| Clearent Newco, LLC                                          | ^       |  | (2)(3)(6) |  | High Tech Industries                          |  | L + 6.50%                       |  | 7.50%                       |  | 3/20/2025  |  | 4,079                |              |                         | 4,079   |                |              | 3,907   |  |
| Clearent Newco, LLC                                          | ^+\ |  | (2)(3)    |  | High Tech Industries                          |  | L + 5.50%                       |  | 6.50%                       |  | 3/20/2025  |  | 29,486               |              |                         | 29,236  |                |              | 28,722  |  |
| DecoPac, Inc.                                                | ^+\ |  | (2)(3)(6) |  | Non-durable Consumer Goods                    |  | L + 4.25%                       |  | 5.25%                       |  | 9/29/2024  |  | 12,336               |              |                         | 12,253  |                |              | 12,318  |  |
| Diligent Corporation                                         | ^+      |  | (2)(3)(6) |  | Telecommunications                            |  | L + 6.25%                       |  | 7.25%                       |  | 8/4/2025   |  | 8,683                |              |                         | 8,411   |                |              | 8,819   |  |
| DTI Holdco, Inc.                                             | ^+\ |  | (2)(3)    |  | High Tech Industries                          |  | L + 4.75%                       |  | 5.75%                       |  | 9/30/2023  |  | 18,690               |              |                         | 18,642  |                |              | 16,655  |  |
| Eliassen Group, LLC                                          | +\      |  | (2)(3)    |  | Business Services                             |  | L + 4.25%                       |  | 4.40%                       |  | 11/5/2024  |  | 7,543                |              |                         | 7,516   |                |              | 7,483   |  |
| EvolveIP, LLC                                                | ^+      |  | (2)(3)(6) |  | Telecommunications                            |  | L + 5.75%                       |  | 6.75%                       |  | 6/7/2023   |  | 19,800               |              |                         | 19,759  |                |              | 19,775  |  |
| Exactech, Inc.                                               | +\#     |  | (2)(3)    |  | Healthcare & Pharmaceuticals              |  | L + 3.75%                       |  | 4.75%                       |  | 2/14/2025  |  | 21,528               |              |                         | 21,416  |                |              | 20,422  |  |
| Excel Fitness Holdings, Inc.                                 | +#          |  | (2)(3)    |  | Hotel, Gaming & Leisure                   |  | L + 5.25%                       |  | 6.25%                       |  | 10/7/2025  |  | 24,750               |              |                         | 24,546  |                |              | 22,780  |  |
| Frontline Technologies Holdings, LLC                         | +           |  | (2)(3)    |  | Software                                      |  | L + 5.75%                       |  | 6.75%                       |  | 9/18/2023  |  | 14,886               |              |                         | 14,198  |                |              | 14,589  |  |
| Golden West Packaging Group LLC                              | +\      |  | (2)(3)    |  | Containers, Packaging & Glass             |  | L + 5.25%                       |  | 6.25%                       |  | 6/20/2023  |  | 29,012               |              |                         | 28,896  |                |              | 28,974  |  |
| HMT Holding Inc.                                             | +\      |  | (2)(3)(6) |  | Energy: Oil & Gas                     |  | L + 5.00%                       |  | 6.00%                       |  | 11/17/2023 |  | 32,821               |              |                         | 32,458  |                |              | 30,984  |  |
| Integrity Marketing Acquisition, LLC                         | ^+      |  | (2)(3)(6) |  | Banking, Finance, Insurance & Real Estate |  | L + 6.25%                       |  | 7.25%                       |  | 8/27/2025  |  | 7,836                |              |                         | 7,701   |                |              | 7,956   |  |
| Jensen Hughes, Inc.                                          | +\      |  | (2)(3)(6) |  | Utilities: Electric                       |  | L + 4.50%                       |  | 5.50%                       |  | 3/22/2024  |  | 34,584               |              |                         | 34,489  |                |              | 33,424  |  |

----

|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |              |                 |   |               |              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|-------------|--|-----------|--|---------------------------------------------------|--|---------------------------------|--|-----------------------------|--|--------------------|--|---------------------------|--------------|-------------------------|--------------|----------------|--------------|-----------------|---|---------------|--------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Consolidated Schedule of Investments as of December 31, 2020 |
| Investments (1)                                              |             |  | Footnotes |  | Industry                                          |  | Reference Rate & Spread (2) |  | Interest Rate (2) |  | Maturity Date      |  | Par/ Principal Amount |              | Amortized Cost (4) |              | Fair Value (5) |
| KAMC Holdings, Inc.                                          | +#          |  | (2)(3)    |  | Energy: Electricity                           |  | L + 4.00%                       |  | 4.23%                       |  | 8/14/2026  |  | $                         | 13,825  |                         |              | $              | 13,768  |                 |   | $             | 12,531  |  |
| KBP Investments, LLC                                         | ^+      |  | (2)(3)(6) |  | Beverage, Food & Tobacco                      |  | L + 5.00%                       |  | 6.00%                       |  | 5/15/2023  |  | 9,292                |              |                         | 9,059   |                |              | 9,350      |   |
| Marco Technologies, LLC                                      | ^+\ |  | (2)(3)(6) |  | Media: Advertising, Printing & Publishing |  | L + 4.00%                       |  | 5.00%                       |  | 10/30/2023 |  | 7,332                |              |                         | 7,293   |                |              | 7,332      |   |
| Mold-Rite Plastics, LLC                                      | +\      |  | (2)(3)    |  | Chemicals, Plastics & Rubber                  |  | L + 4.25%                       |  | 5.25%                       |  | 12/14/2021 |  | 14,520               |              |                         | 14,501  |                |              | 14,520     |   |
| Newport Group Holdings II, Inc.                              | +\#     |  | (2)(3)    |  | Banking, Finance, Insurance & Real Estate     |  | L + 3.50%                       |  | 3.75%                       |  | 9/13/2025  |  | 23,475               |              |                         | 23,285  |                |              | 23,405     |   |
| Odyssey Logistics & Technology Corp.                     | +\#     |  | (2)(3)    |  | Transportation: Cargo                         |  | L + 4.00%                       |  | 5.00%                       |  | 10/12/2024 |  | 38,897               |              |                         | 38,773  |                |              | 37,766     |   |
| Output Services Group                                        | ^+\ |  | (2)(3)    |  | Media: Advertising, Printing & Publishing |  | L + 4.50%                       |  | 5.50%                       |  | 3/27/2024  |  | 19,421               |              |                         | 19,382  |                |              | 14,178     |   |
| Pasternack Enterprises, Inc.                                 | +\      |  | (2)(3)    |  | Capital Equipment                                 |  | L + 4.00%                       |  | 5.00%                       |  | 7/2/2025   |  | 22,524               |              |                         | 22,513  |                |              | 22,218     |   |
| Pharmalogic Holdings Corp.                                   | +\      |  | (2)(3)    |  | Healthcare & Pharmaceuticals                  |  | L + 4.00%                       |  | 5.00%                       |  | 6/11/2023  |  | 11,205               |              |                         | 11,189  |                |              | 11,158     |   |
| Premise Health Holding Corp.                                 | +\#     |  | (2)(3)    |  | Healthcare & Pharmaceuticals                  |  | L + 3.50%                       |  | 3.75%                       |  | 7/10/2025  |  | 13,584               |              |                         | 13,538  |                |              | 13,503     |   |
| Propel Insurance Agency, LLC                                 | ^+\ |  | (2)(3)(6) |  | Banking, Finance, Insurance & Real Estate     |  | L + 5.00%                       |  | 6.00%                       |  | 6/1/2024   |  | 38,134               |              |                         | 37,662  |                |              | 37,716     |   |
| Q Holding Company                                            | +\#     |  | (2)(3)    |  | Automotive                                        |  | L + 5.00%                       |  | 6.00%                       |  | 12/31/2023 |  | 21,735               |              |                         | 21,604  |                |              | 20,229     |   |
| QW Holding Corporation                                       | +           |  | (2)(3)(6) |  | Environmental Industries                          |  | L + 6.25%                       |  | 7.25%                       |  | 8/31/2022  |  | 11,566               |              |                         | 11,465  |                |              | 10,727     |   |
| Radiology Partners, Inc.                                     | +\#     |  | (2)(3)    |  | Healthcare & Pharmaceuticals                  |  | L + 4.25%                       |  | 4.81%                       |  | 7/9/2025   |  | 27,686               |              |                         | 27,581  |                |              | 27,193     |   |
| RevSpring Inc.                                               | +\#     |  | (2)(3)    |  | Media: Advertising, Printing & Publishing |  | L + 4.25%                       |  | 4.40%                       |  | 10/11/2025 |  | 29,449               |              |                         | 29,265  |                |              | 29,199     |   |
| Situs Group Holdings Corporation                             | +\      |  | (2)(3)    |  | Banking, Finance, Insurance & Real Estate     |  | L + 4.75%                       |  | 5.75%                       |  | 6/28/2025  |  | 14,781               |              |                         | 14,689  |                |              | 14,636     |   |
| T2 Systems, Inc.                                             | ^+      |  | (2)(3)(6) |  | Transportation: Consumer                      |  | L + 6.75%                       |  | 7.75%                       |  | 9/28/2022  |  | 29,119               |              |                         | 28,743  |                |              | 29,118     |   |
| The Original Cakerie, Ltd. (Canada)                          | +\      |  | (2)(3)(6) |  | Beverage, Food & Tobacco                      |  | L + 4.50%                       |  | 5.50%                       |  | 7/20/2022  |  | 6,295                |              |                         | 6,281   |                |              | 6,289      |   |
| The Original Cakerie, Ltd. (Canada)                          | +           |  | (2)(3)    |  | Beverage, Food & Tobacco                      |  | L + 5.00%                       |  | 6.00%                       |  | 7/20/2022  |  | 8,837                |              |                         | 8,815   |                |              | 8,829      |   |
| Thoughtworks, Inc.                                           | \#      |  | (2)(3)    |  | Business Services                                 |  | L + 3.75%                       |  | 4.75%                       |  | 10/11/2024 |  | 11,704               |              |                         | 11,683  |                |              | 11,704     |   |
| U.S. Acute Care Solutions, LLC                               | +\      |  | (2)(3)    |  | Healthcare & Pharmaceuticals                  |  | L + 6.00%                       |  | 7.00%                       |  | 5/15/2021  |  | 31,211               |              |                         | 31,184  |                |              | 29,104     |   |
| U.S. TelePacific Holdings Corp.                              | +\      |  | (2)(3)    |  | Telecommunications                                |  | L + 5.50%                       |  | 6.50%                       |  | 5/2/2023   |  | 26,660               |              |                         | 26,585  |                |              | 23,984     |   |
| VRC Companies, LLC                                           | +           |  | (2)(3)(6) |  | Business Services                                 |  | L + 6.50%                       |  | 7.50%                       |  | 3/31/2023  |  | 30,582               |              |                         | 29,464  |                |              | 30,582     |   |
| Water Holdings Acquisition LLC                               | ^+      |  | (2)(3)(6) |  | Utilities: Water                              |  | L + 5.25%                       |  | 6.25%                       |  | 12/18/2026 |  | 26,316               |              |                         | 25,520  |                |              | 25,516     |   |
| Welocalize, Inc.                                             | +           |  | (2)(3)(6) |  | Business Services                                 |  | L + 4.50%                       |  | 5.50%                       |  | 12/23/2023 |  | 22,629               |              |                         | 22,414  |                |              | 22,584     |   |
| WRE Holding Corp.                                            | ^+      |  | (2)(3)(6) |  | Environmental Industries                          |  | L + 5.25%                       |  | 6.25%                       |  | 1/3/2023   |  | 8,367                |              |                         | 8,336   |                |              | 8,252      |   |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
| First Lien Debt Total                                        |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           | $            | 1,051,406          |              |                | $            | 1,029,687  |   |
| Second Lien Debt (2.3% of fair value)                        |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |
| DBI Holding, LLC                                             | ^       |  | (2)       |  | Transportation: Cargo                         |  | 9.00% PIK                       |  | 9%                          |  | 2/1/2026   |  | $                         | 24,113  |                         |              | $              | 23,768  |                 |   | $             | 24,113  |  |
|                                                              |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           |              |                         |              |                |
| Second Lien Debt Total                                       |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |                           | $            | 23,768             |              |                | $            | 24,113     |   |
| Equity Investments (0.2% of fair value)                      |             |  |           |  |                                                   |  |                                 |  |                             |  |                    |  |
| DBI Holding, LLC                                             | ^       |  |           |  | Transportation: Cargo                         |  |                                 |  |                             |  |                    |  | 2,961                |              |                         | $            | —   |              |                 | $ | —  |              |
| DBI Holding, LLC                                             | ^       |  |           |  | Transportation: Cargo                         |  |                                 |  |                             |  |                    |  | 13,996               |              |                         | 5,364   |                |              | 2,581      |   |

----

|                                                              |  |  |           |  |          |  |                                 |  |                             |  |               |  |                           |   |                         |                 |                |   |             |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------|--|--|-----------|--|----------|--|---------------------------------|--|-----------------------------|--|---------------|--|---------------------------|---|-------------------------|-----------------|----------------|---|-------------|-----------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Consolidated Schedule of Investments as of December 31, 2020 |
| Investments (1)                                              |  |  | Footnotes |  | Industry |  | Reference Rate & Spread (2) |  | Interest Rate (2) |  | Maturity Date |  | Par/ Principal Amount |   | Amortized Cost (4) |                 | Fair Value (5) |
| Equity Investments Total                                     |  |  |           |  |          |  |                                 |  |                             |  |               |  |                           | $ | 5,364              |                 |                | $ | 2,581  |                 |
| Total Investments                                            |  |  |           |  |          |  |                                 |  |                             |  |               |  |                           |   | $                       | 1,080,538  |                |   | $           | 1,056,381  |  |

----

|                                                                                    |  |              |  |                 |   |                           |              |             |               |   |         |               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------|--|--------------|--|-----------------|---|---------------------------|--------------|-------------|---------------|---|---------|---------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| First Lien Debt – unfunded delayed draw and revolving term loans commitments |  | Type         |  | Unused Fee |   | Par/ Principal Amount |              | Fair Value  |
| Analogic Corporation                                                               |  | Revolver     |  | 0.50       | % |                           | $            | 1,975  |               |   | $       | —  |  |
| AQA Acquisition Holding, Inc.                                                      |  | Revolver     |  | 0.50            |   | 2,459                |              |             | —  |   |
| BK Medical Holding Company, Inc.                                                   |  | Revolver     |  | 0.50            |   | 2,609                |              |             | (176)         |   |
| Chemical Computing Group ULC (Canada)                                              |  | Revolver     |  | 0.50            |   | 873                  |              |             | —  |   |
| Clearent Newco, LLC                                                                |  | Delayed Draw |  | 1.00            |   | 2,549                |              |             | (66)          |   |
| DecoPac, Inc.                                                                      |  | Revolver     |  | 0.50            |   | 2,143                |              |             | (3)           |   |
| Diligent Corporation                                                               |  | Delayed Draw |  | 1.00            |   | 2,109                |              |             | 25       |   |
| Diligent Corporation                                                               |  | Revolver     |  | 0.50            |   | 703                  |              |             | 8        |   |
| EvolveIP, LLC                                                                      |  | Delayed Draw |  | 1.00            |   | 1,904                |              |             | (2)           |   |
| EvolveIP, LLC                                                                      |  | Revolver     |  | 0.50            |   | 1,680                |              |             | (2)           |   |
| HMT Holding Inc.                                                                   |  | Revolver     |  | 0.50            |   | 6,173                |              |             | (291)         |   |
| Integrity Marketing Acquistion, LLC                                                |  | Delayed Draw |  | 1.00            |   | 4,144                |              |             | 41       |   |
| Jensen Hughes, Inc.                                                                |  | Delayed Draw |  | 1.00            |   | 1,127                |              |             | (35)          |   |
| Jensen Hughes, Inc.                                                                |  | Revolver     |  | 0.50            |   | 1,364                |              |             | (43)          |   |
| KBP Investments, LLC                                                               |  | Delayed Draw |  | 1.00            |   | 503                  |              |             | 1        |   |
| KBP Investments, LLC                                                               |  | Delayed Draw |  | 1.00            |   | 10,190               |              |             | 30       |   |
| Marco Technologies, LLC                                                            |  | Delayed Draw |  | 1.00            |   | 7,500                |              |             | —  |   |
| Propel Insurance Agency, LLC                                                       |  | Revolver     |  | 0.50            |   | 1,905                |              |             | (19)          |   |
| Propel Insurance Agency, LLC                                                       |  | Delayed Draw |  | 1.00            |   | 1,733                |              |             | (17)          |   |
| QW Holding Corporation                                                             |  | Revolver     |  | 0.50            |   | 5,498                |              |             | (268)         |   |
| QW Holding Corporation                                                             |  | Delayed Draw |  | 1.00            |   | 161                  |              |             | (8)           |   |
| T2 Systems, Inc.                                                                   |  | Revolver     |  | 0.50            |   | 1,955                |              |             | —  |   |
| The Original Cakerie, Ltd. (Canada)                                                |  | Revolver     |  | 0.50            |   | 1,665                |              |             | (1)           |   |
| VRC Companies, LLC                                                                 |  | Revolver     |  | 0.50            |   | 858                  |              |             | —  |   |
| Water Holdings Acquisition LLC                                                     |  | Delayed Draw |  | 1.00            |   | 8,421                |              |             | (168)         |   |
| Water Holdings Acquisition LLC                                                     |  | Revolver     |  | 0.50            |   | 5,263                |              |             | (105)         |   |
| Welocalize, Inc.                                                                   |  | Revolver     |  | 0.50            |   | 2,250                |              |             | (4)           |   |
| WRE Holding Corp.                                                                  |  | Revolver     |  | 0.50            |   | 852                  |              |             | (10)          |   |
| WRE Holding Corp.                                                                  |  | Delayed Draw |  | 1.00            |   | 563                  |              |             | (7)           |   |
|                                                                                    |  |              |  |                 |   |                           |              |             |
|                                                                                    |  |              |  |                 |   |                           |              |             |
| Total unfunded commitments                                                         |  |              |  |                 |   | $                         | 81,129  |             |               | $ | (1,120) |               |

----

|                                                                                                                          |                                       |              |        |               |   |              |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------|---------------------------------------|--------------|--------|---------------|---|--------------|--|--|--|--|--|
|                                                                                                                     | For the years ended December 31, |
|                                                                                                                     | 2021                                  |              | 2020   |
| Investment income:                                                                                                   |                                       |              |   |
|     Interest income                                                                                  | $                                     | 66,733  |        |               | $ | 81,282  |  |
|     Other income                                                                                     | 1,664                            |              |        | 2,194    |   |
| Total investment income                                                                                                  | 68,397                           |              |        | 83,476   |   |
|                                                                                                                     |                                       |              |   |
| Expenses:                                                                                                            |                                       |              |   |
|     Interest expense                                                                                 | 19,666                           |              |        | 37,435   |   |
|     Credit facility fees                                                                             | 2,097                            |              |        | 2,803    |   |
|     Other general and administrative                                                                 | 868                              |              |        | 871      |   |
|     Professional fees                                                                                | 833                              |              |        | 1,050    |   |
|     Administrative service fees                                                                      | 291                              |              |        | 113      |   |
|                                                                                                                          |                                       |              |        |
| Total expenses                                                                                                           | 23,755                           |              |        | 42,272   |   |
| Net investment income (loss)                                                                                             | 44,642                           |              |        | 41,204   |   |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments:                    |                                       |              |   |
|     Net realized gain (loss) on investments                                                          | (1,440)                               |              |        | —  |   |
|     Net change in unrealized appreciation (depreciation) on investments                              | 11,024                           |              |        | (12,839)      |   |
|     Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | 9,584                            |              |        | (12,839)      |   |
| Net increase in members’ equity resulting from operations                                                          | $                                     | 54,226  |        |               | $ | 28,365  |  |

----

|                                                                                      |                                       |              |        |               |   |              |  |  |  |  |  |
|--------------------------------------------------------------------------------------|---------------------------------------|--------------|--------|---------------|---|--------------|--|--|--|--|--|
|                                                                                 | For the years ended December 31, |
|                                                                                 | 2021                                  |              | 2020   |
| Increase (decrease) in members’ equity resulting from operations:          |                                       |              |   |
| Net investment income (loss)                                                         | $                                     | 44,642  |        |               | $ | 41,204  |  |
| Net realized gain (loss) on investments                                              | (1,440)                               |              |        | —  |   |
| Net change in unrealized appreciation (depreciation) on investments                  | 11,024                           |              |        | (12,839)      |   |
| Net increase (decrease) in members’ equity resulting from operations           | 54,226                           |              |        | 28,365   |   |
|                                                                                 |                                       |              |   |
| Capital transactions:                                                            |                                       |              |   |
| Dividends declared                                                                   | (40,000)                              |              |        | (39,500)      |   |
| Net increase (decrease) in members’ equity resulting from capital transactions | (40,000)                              |              |        | (39,500)      |   |
| Net increase (decrease) in members’ equity                                     | 14,226                           |              |        | (11,135)      |   |
| Members’ equity (deficit) at beginning of year                                 | (32,007)                              |              |        | (20,872)      |   |
| Members’ deficit at end of year                                                | $                                     | (17,781)     |        |               | $ | (32,007)     |  |

----

|                                                                                                                                                                 |                                       |              |        |               |   |               |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|--------------|--------|---------------|---|---------------|--|--|--|--|--|
|                                                                                                                                                                 | For the years ended December 31, |
|                                                                                                                                                                 | 2021                                  |              | 2020   |
| Cash flows from operating activities:                                                                                                                       |                                       |              |        |
| Net increase (decrease) in members’ equity resulting from operations                                                                                      | $                                     | 54,226  |        |               | $ | 28,365   |  |
| Adjustments to reconcile net increase (decrease) in members’ equity resulting from operations to net cash provided by (used in) operating activities: |                                       |              |   |
| Payment-in-kind interest                                                                                                                                        | —                          |              |        | (3,067)       |   |
| Amortization of deferred financing costs                                                                                                                        | 2,575                            |              |        | 2,909    |   |
| Amortization of discount on notes                                                                                                                               | 341                              |              |        | 824      |   |
| Net accretion of discount on investments                                                                                                                        | (6,221)                               |              |        | (4,429)       |   |
| Net realized (gain) loss on investments                                                                                                                         | 1,440                            |              |        | —  |   |
| Net change in unrealized (appreciation) depreciation on investments                                                                                             | (11,024)                              |              |        | 12,839   |   |
| Cost of investments purchased and change in payable for investments purchased                                                                                   | (463,089)                             |              |        | (362,986)     |   |
| Proceeds from sales and repayments of investments                                                                                                               | 613,167                          |              |        | 536,083  |   |
| Changes in operating assets:                                                                                                                                |                                       |              |        |
| Interest receivable                                                                                                                                             | (80)                                  |              |        | 489      |   |
| Prepaid expenses and other assets                                                                                                                               | (219)                                 |              |        | 579      |   |
| Changes in operating liabilities:                                                                                                                           |                                       |              |   |
|                                                                                                                                                                 |                                       |              |        |
| Interest and credit facility fees payable                                                                                                                       | (1,269)                               |              |        | (7,374)       |   |
| Other liabilities                                                                                                                                               | 335                              |              |        | 299      |   |
| Net cash provided by (used in) operating activities                                                                                                             | 190,182                          |              |        | 204,531  |   |
| Cash flows from financing activities:                                                                                                                       |                                       |              |   |
| Proceeds from issuance of subordinated loans                                                                                                                    | —                          |              |        | 185,000  |   |
| Repayment of subordinated loans                                                                                                                                 | (46,000)                              |              |        | —  |   |
| Borrowings on Credit Fund Facility and Credit Fund Sub Facility                                                                                                 | 444,000                          |              |        | 332,813  |   |
|                                                                                                                                                                 |                                       |              |        |
| Borrowings on Credit Fund Warehouse II                                                                                                                          | 52,250                           |              |        | 54,373   |   |
| Repayments of Credit Fund Facility and Credit Fund Sub Facility                                                                                                 | (350,238)                             |              |        | (348,460)     |   |
|                                                                                                                                                                 |                                       |              |        |
| Repayments on Credit Fund Warehouse II                                                                                                                          | (59,622)                              |              |        | (58,542)      |   |
|                                                                                                                                                                 |                                       |              |        |
| Repayments of 2017-1 CLO notes                                                                                                                                  | —                          |              |        | (210,673)     |   |
|                                                                                                                                                                 |                                       |              |        |
| Repayments of 2019-2 CLO notes                                                                                                                                  | (255,832)                             |              |        | (66,533)      |   |
| Debt issuance costs paid                                                                                                                                        | (495)                                 |              |        | —  |   |
| Dividends paid in cash                                                                                                                                          | (40,000)                              |              |        | (37,500)      |   |
| Net cash provided by (used in) financing activities                                                                                                             | (255,937)                             |              |        | (149,522)     |   |
| Net increase (decrease) in cash, cash equivalents and restricted cash                                                                                           | (65,755)                              |              |        | 55,009   |   |
| Cash, cash equivalents and restricted cash, beginning of year                                                                                                   | 119,796                          |              |        | 64,787   |   |
| Cash, cash equivalents and restricted cash, end of year                                                                                                         | $                                     | 54,041  |        |               | $ | 119,796  |  |
| Supplemental disclosures:                                                                                                                                   |                                       |              |   |
| Dividends declared during the year                                                                                                                              | $                                     | 40,000  |        |               | $ | 39,500   |  |
| Interest paid during the year                                                                                                                                   | $                                     | 20,097  |        |               | $ | 47,612   |  |
| Taxes paid during the year                                                                                                                                      | $                                     | 186     |        |               | $ | 240      |  |

----

----

----

----

----

----

|                    |                   |               |              |               |              |               |               |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|--------------------|-------------------|---------------|--------------|---------------|--------------|---------------|---------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|               | December 31, 2021 |
|               | Level 1      |               | Level 2 |               | Level 3 |               | Total         |
| Assets             |              |               |         |               |         |               |          |
| First Lien Debt    | $                 | —  |              |               | $            | —  |               |  | $ | 926,959  |  |  | $ | 926,959  |  |
| Second Lien Debt   | —      |               |              | —  |              |               | —  |  |   | —  |  |
| Equity Investments | —      |               |              | —  |              |               | —  |  |   | —  |  |
| Total              | $                 | —  |              |               | $            | —  |               |  | $ | 926,959  |  |  | $ | 926,959  |  |

|                    |                   |               |              |               |              |               |              |  |   |                 |  |  |   |                 |  |  |  |  |  |  |  |  |  |
|--------------------|-------------------|---------------|--------------|---------------|--------------|---------------|--------------|--|---|-----------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|
|               | December 31, 2020 |
|               | Level 1      |               | Level 2 |               | Level 3 |               | Total        |
| Assets             |              |               |         |               |         |               |         |
| First Lien Debt    | $                 | —  |              |               | $            | —  |              |  | $ | 1,029,687  |  |  | $ | 1,029,687  |  |
| Second Lien Debt   | —      |               |              | —  |              |               | 24,113  |  |   | 24,113     |  |
| Equity Investments | —      |               |              | —  |              |               | 2,581   |  |   | 2,581      |  |
| Total              | $                 | —  |              |               | $            | —  |              |  | $ | 1,056,381  |  |  | $ | 1,056,381  |  |

|                                                                                                                                                                    |                                                       |                 |                             |               |                    |               |               |  |           |               |  |  |   |                 |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|-----------------|-----------------------------|---------------|--------------------|---------------|---------------|--|-----------|---------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                    | Financial Assets for the Year Ended December 31, 2021 |
|                                                                                                                                                               | First Lien Debt                                  |                 | Second Lien Debt  |               | Equity Investments |               | Total         |
| Balance, beginning of year                                                                                                                                         | $                                                     | 1,029,687  |                             |               | $                  | 24,113   |               |  | $         | 2,581    |  |  | $ | 1,056,381  |  |
| Purchases                                                                                                                                                          | 468,308                                          |                 |                             | —  |                    |               | —  |  |           | 468,308  |  |
| Sales                                                                                                                                                              | (78,994)                                              |                 |                             | (24,065)      |                    |               |               |  | (103,059) |               |
| Paydowns                                                                                                                                                           | (510,428)                                             |                 |                             | (48)          |                    |               | —  |  |           | (510,476)     |  |
| Accretion of discount                                                                                                                                              | 6,200                                            |                 |                             | 21       |                    |               | —  |  |           | 6,221    |  |
| Net realized gains (losses)                                                                                                                                        | (1,764)                                               |                 |                             | 324      |                    |               | —  |  |           | (1,440)       |  |
| Net change in unrealized appreciation (depreciation)                                                                                                               | 13,950                                           |                 |                             | (345)         |                    |               | (2,581)       |  |           | 11,024   |  |
| Balance, end of year                                                                                                                                               | $                                                     | 926,959    |                             |               | $                  | —  |               |  | $         | —  |  |  | $ | 926,959    |  |
| Net change in unrealized appreciation (depreciation) included on the Consolidated Statements of Operations related to investments still held at the reporting date | $                                                     | 11,531     |                             |               | $                  | —  |               |  | $         | (2,581)       |  |  | $ | 8,950      |  |

----

|                                                                                                                                                                    |                                                       |                 |                       |               |                    |              |               |  |   |               |  |  |   |                 |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|-----------------|-----------------------|---------------|--------------------|--------------|---------------|--|---|---------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|
|                                                                                                                                                                    | Financial Assets for the Year Ended December 31, 2020 |
|                                                                                                                                                               | First Lien Debt                                  |                 | Second Lien Debt |               | Equity Investments |              | Total         |
| Balance, beginning of year                                                                                                                                         | $                                                     | 1,223,215  |                       |               | $                  | 21,814  |               |  | $ | 1,810    |  |  | $ | 1,246,839  |  |
| Purchases                                                                                                                                                          | 351,260                                          |                 |                       | 2,962    |                    |              | —  |  |   | 354,222  |  |
| Sales                                                                                                                                                              | (17,391)                                              |                 |                       | —  |                    |              | —  |  |   | (17,391)      |  |
| Paydowns                                                                                                                                                           | (518,213)                                             |                 |                       | (666)         |                    |              | —  |  |   | (518,879)     |  |
| Accretion of discount                                                                                                                                              | 4,314                                            |                 |                       | 115      |                    |              | —  |  |   | 4,429    |  |
| Net realized gains (losses)                                                                                                                                        | —                                          |                 |                       | —  |                    |              | —  |  |   | —  |  |
| Net change in unrealized appreciation (depreciation)                                                                                                               | (13,498)                                              |                 |                       | (112)         |                    |              | 771      |  |   | (12,839)      |  |
| Balance, end of year                                                                                                                                               | $                                                     | 1,029,687  |                       |               | $                  | 24,113  |               |  | $ | 2,581    |  |  | $ | 1,056,381  |  |
| Net change in unrealized appreciation (depreciation) included on the Consolidated Statements of Operations related to investments still held at the reporting date | $                                                     | (18,610)        |                       |               | $                  | (108)        |               |  | $ | 771      |  |  | $ | (17,947)        |  |

|                                |                                    |               |                      |                   |                                 |                   |               |             |            |   |                  |             |   |             |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|--------------------------------|------------------------------------|---------------|----------------------|-------------------|---------------------------------|-------------------|---------------|-------------|------------|---|------------------|-------------|---|-------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                |                                    |               |                      |                   |                                 |                   | Range         |             |            |
|                                | Fair Value as of December 31, 2021 |               | Valuation Techniques |                   | Significant Unobservable Inputs |                   | Low           |             | High       |   | Weighted Average |
| Investments in First Lien Debt | $                                  | 807,360  |                      |                   | Discounted Cash Flow            |                   | Discount Rate |             | 3.78  | % |                  | 11.45  | % |             | 6.63  | % |
|                                | 119,599                       |               |                      | Consensus Pricing |                                 | Indicative Quotes |               | 75.00  |            |   | 100.06      |             |   | 96.38  |            |
|                                |                                    |               |                      |                   |                                 |                   |               |             |            |   |                  |
|                                |                                    |               |                      |                   |                                 |                   |               |             |            |   |                  |
| Total First Lien Debt          | 926,959                       |               |                      |                   |                                 |                   |               |             |            |   |                  |             |
|                                |                                    |               |                      |                   |                                 |                   |               |             |            |   |                  |
|                                |                                    |               |                      |                   |                                 |                   |               |             |            |   |                  |
|                                |                                    |               |                      |                   |                                 |                   |               |             |            |   |                  |
|                                |                                    |               |                      |                   |                                 |                   |               |             |            |   |                  |
|                                |                                    |               |                      |                   |                                 |                   |               |             |            |   |                  |
|                                |                                    |               |                      |                   |                                 |                   |               |             |            |   |                  |
| Total Level 3 Investments      | $                                  | 926,959  |                      |                   |                                 |                   |               |             |            |   |                  |             |   |

----

|                                 |                                    |                 |                      |                   |                                 |                   |               |             |            |   |                  |             |   |             |            |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------|------------------------------------|-----------------|----------------------|-------------------|---------------------------------|-------------------|---------------|-------------|------------|---|------------------|-------------|---|-------------|------------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                 |                                    |                 |                      |                   |                                 |                   | Range         |             |            |
|                                 | Fair Value as of December 31, 2020 |                 | Valuation Techniques |                   | Significant Unobservable Inputs |                   | Low           |             | High       |   | Weighted Average |
| Investments in First Lien Debt  | $                                  | 749,615    |                      |                   | Discounted Cash Flow            |                   | Discount Rate |             | 3.56  | % |                  | 10.37  | % |             | 6.91  | % |
|                                 | 280,072                       |                 |                      | Consensus Pricing |                                 | Indicative Quotes |               | 73.00  |            |   | 100.00      |             |   | 95.64  |            |
|                                 |                                    |                 |                      |                   |                                 |                   |               |             |            |   |                  |
|                                 |                                    |                 |                      |                   |                                 |                   |               |             |            |   |                  |
| Total First Lien Debt           | 1,029,687                     |                 |                      |                   |                                 |                   |               |             |            |   |                  |             |
| Investments in Second Lien Debt | 24,113                        |                 |                      | Income Approach   |                                 | Discount Rate     |               | 11.73  | %          |   | 11.73       | %           |   | 11.73  | %          |
|                                 |                                    |                 | Market Approach      |                   | Comparable Multiple             |                   | 6.89x         |             | 6.89x      |   | 6.89x            |
| Total Second Lien Debt          | 24,113                        |                 |                      |                   |                                 |                   |               |             |            |   |                  |             |
| Equity Investments              | 2,581                         |                 |                      | Income Approach   |                                 | Discount Rate     |               | 11.73  | %          |   | 11.73       | %           |   | 11.73  | %          |
|                                 |                                    |                 | Market Approach      |                   | Comparable Multiple             |                   | 6.89x         |             | 6.89x      |   | 6.89x            |
| Total Equity Investments        | 2,581                         |                 |                      |                   |                                 |                   |               |             |            |   |                  |             |
| Total Level 3 Investments       | $                                  | 1,056,381  |                      |                   |                                 |                   |               |             |            |   |                  |             |   |

|                    |                     |               |                   |               |                     |               |                 |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|--------------------|---------------------|---------------|-------------------|---------------|---------------------|---------------|-----------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|               | December 31, 2021   |               | December 31, 2020 |
|               | Carrying Value |               | Fair Value   |               | Carrying Value |               | Fair Value |
| Secured borrowings | $                   | 600,651  |                   |               | $                   | 600,651  |                 |  | $ | 514,261  |  |  | $ | 514,261  |  |
|                    |                     |               |                   |               |                     |               |                 |
| Subordinated loans | 386,000        |               |                   | 368,282  |                     |               | 432,000    |  |   | 411,782  |  |
| Total              | $                   | 986,651  |                   |               | $                   | 968,933  |                 |  | $ | 946,261  |  |  | $ | 926,043  |  |

----

|                 |  |  |                   |  |                     |               |                 |              |   |               |  |  |  |  |  |  |  |  |  |
|-----------------|--|--|-------------------|--|---------------------|---------------|-----------------|--------------|---|---------------|--|--|--|--|--|--|--|--|--|
|            |  |  | December 31, 2020 |  |                     |
| 2019-2 Notes    |  |  |                   |  | Carrying Value |               | Fair Value |              |   |               |  |
| Class A-1 Notes |  |  |                   |  | $                   | 136,832  |                 |              | $ | 136,613  |  |  |  |  |  |
| Class A-2 Notes |  |  |                   |  | 48,000         |               |                 | 47,916  |   |               |  |  |  |
| Class B Notes   |  |  |                   |  | 23,000         |               |                 | 23,002  |   |               |  |  |  |
| Class C Notes   |  |  |                   |  | 27,000         |               |                 | 26,312  |   |               |  |  |  |
| Class D Notes   |  |  |                   |  | 21,000         |               |                 | 19,551  |   |               |  |  |  |
| Total           |  |  |                   |  | $                   | 255,832  |                 |              | $ | 253,394  |  |  |  |  |  |

----

|                                             |  |                      |               |                          |               |   |               |                                   |  |              |  |   |              |  |  |  |  |  |  |  |  |  |
|---------------------------------------------|--|----------------------|---------------|--------------------------|---------------|---|---------------|-----------------------------------|--|--------------|--|---|--------------|--|--|--|--|--|--|--|--|--|
|                                             |  | Credit Fund Facility |               | Credit Fund Sub Facility |               |   |               | Credit Fund Warehouse II Facility |
|                                             |  |                      |               |                          |               |   |               |                                   |
| Outstanding balance as of December 31, 2019 |  | $                    | 93,000   |                          |               | $ | 343,506  |                                   |  |              |  | $ | 97,571  |  |
| Borrowings                                  |  | 63,500          |               |                          | 269,313  |   |               |                                   |  | 54,373  |  |
| Repayments                                  |  | (156,500)            |               |                          | (191,960)     |   |               |                                   |  | (58,542)     |  |
| Outstanding balance as of December 31, 2020 |  | —         |               |                          | 420,859  |   |               |                                   |  | 93,402  |  |
| Borrowings                                  |  | —         |               |                          | 444,000  |   |               |                                   |  | 52,250  |  |
| Repayments                                  |  | —         |               |                          | (350,238)     |   |               |                                   |  | (59,622)     |  |
| Outstanding balance as of December 31, 2021 |  | $                    | —  |                          |               | $ | 514,621  |                                   |  |              |  | $ | 86,030  |  |

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|                                                        |                     |               |                       |               |                              |               |               |  |   |               |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|---------------------|---------------|-----------------------|---------------|------------------------------|---------------|---------------|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                   | December 31, 2021   |
|                                                   | Total Facility |               | BorrowingsOutstanding |               | Unused Portion (1) |               |               |
| Secured borrowings - Credit Fund Sub Facility          | $                   | 640,000  |                       |               | $                            | 514,621  |               |  | $ | 125,379  |  |  |  |
| Secured borrowings - Credit Fund Warehouse Facility II | 150,000        |               |                       | 86,030   |                              |               | 63,970   |  |   |               |
| Mezzanine loans                                        | 175,000        |               |                       | —  |                              |               | 175,000  |  |   |               |
| Total                                                  | $                   | 965,000  |                       |               | $                            | 600,651  |               |  | $ | 364,349  |  |  |  |
|                                                        |                     |               |                       |               |                              |               |               |
|                                                   | December 31, 2020   |
|                                                   | Total Facility |               | BorrowingsOutstanding |               | Unused Portion (1) |               |               |
| Secured borrowings - Credit Fund Sub Facility          | $                   | 640,000  |                       |               | $                            | 420,859  |               |  | $ | 219,141  |  |  |  |
| Secured borrowings - Credit Fund Warehouse Facility II | 150,000        |               |                       | 93,402   |                              |               | 56,598   |  |   |               |
| Mezzanine loans                                        | 175,000        |               |                       | —  |                              |               | 175,000  |  |   |               |
| Total                                                  | $                   | 965,000  |                       |               | $                            | 514,261  |               |  | $ | 450,739  |  |  |  |

|                                                 |                                  |              |      |             |   |              |  |  |  |  |  |
|-------------------------------------------------|----------------------------------|--------------|------|-------------|---|--------------|--|--|--|--|--|
|                                                 | For the years ended December 31, |
|                                            | 2021                             |              | 2020 |
| Interest expense                                | $                                | 13,919  |      |             | $ | 18,505  |  |
| Facility unused commitment fee                  | 951                         |              |      | 1,493  |   |
| Amortization of deferred financing costs        | 1,064                       |              |      | 949    |   |
| Other fees                                      | 82                          |              |      | 143    |   |
| Total interest expense and credit facility fees | $                                | 16,016  |      |             | $ | 21,090  |  |
| Cash paid for interest expense                  | $                                | 14,519  |      |             | $ | 18,698  |  |
|                                                 |                                  |              |      |
|                                                 |                                  |              |      |
|                                                 |                                  |              |      |

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|                                                 |  |  |             |             |  |  |  |
|-------------------------------------------------|--|--|-------------|-------------|--|--|--|
|                                                 |  |  |             |
|                                                 |  |  |             |
| Interest expense                                |  |  | $           | 6,062  |  |
| Amortization of deferred financing costs        |  |  | 1,644  |             |
| Amortization of discount                        |  |  | 861    |             |
| Total interest expense and credit facility fees |  |  | $           | 8,567  |  |
| Cash paid for interest expense                  |  |  | $           | 7,234  |  |

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|                                                 |                                  |             |      |           |   |              |  |  |  |  |  |
|-------------------------------------------------|----------------------------------|-------------|------|-----------|---|--------------|--|--|--|--|--|
|                                                 | For the years ended December 31, |
|                                            | 2021                             |             | 2020 |
| Interest expense                                | $                                | 3,894  |      |           | $ | 10,083  |  |
| Amortization of deferred financing costs        | 1,511                       |             |      | 238  |   |
| Amortization of discount                        | 341                         |             |      | 43   |   |
| Total interest expense and credit facility fees | $                                | 5,746  |      |           | $ | 10,364  |  |
| Cash paid for interest expense                  | $                                | 5,578  |      |           | $ | 11,565  |  |

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|                                            |                    |               |      |               |   |                 |  |  |  |  |  |
|--------------------------------------------|--------------------|---------------|------|---------------|---|-----------------|--|--|--|--|--|
|                                            |                    |
|                                            | As of December 31, |
|  Payment Due by Period | 2021               |               | 2020 |
| Less than 1 Year                           | $                  | 386,000  |      |               | $ | 432,000    |  |
| 1-3 Years                                  | 86,030        |               |      | 93,402   |   |
| 3-5 Years                                  | 514,621       |               |      | 420,859  |   |
| More than 5 Years                          | —       |               |      | 255,832  |   |
| Total                                      | $                  | 986,651  |      |               | $ | 1,202,093  |  |

|                                          |                              |              |      |              |   |              |  |  |  |  |  |
|------------------------------------------|------------------------------|--------------|------|--------------|---|--------------|--|--|--|--|--|
|                                          | Par Value as of December 31, |
|                                     | 2021                         |              | 2020 |
| Unfunded delayed draw commitments        | $                            | 40,849  |      |              | $ | 40,904  |  |
| Unfunded revolving term loan commitments | 39,534                  |              |      | 40,225  |   |
| Total unfunded commitments               | $                            | 80,383  |      |              | $ | 81,129  |  |

|                                         |                                  |   |         |                 |   |  |  |  |  |  |  |
|-----------------------------------------|----------------------------------|---|---------|-----------------|---|--|--|--|--|--|--|
|                                         | For the years ended December 31, |
|                                    | 2021                             |   | 2020    |
| Internal rate of return (1)             | N/M                          |   | N/M |
|                                         |                                  |   |         |
| Ratios and supplemental data            |                                  |   |         |
| Ratios to average members’ equity |                                  |   |         |
| Operating expenses (2)                  | 204,450                     | % |         | 241,850    | % |
| Interest expense (2)                    | 983,300                     | % |         | 1,871,750  | % |
| Total expenses (2)                      | 1,187,750                   | % |         | 2,113,600  | % |
| Net investment income (3)               | 2,232,100                   | % |         | 2,060,200  | % |

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