----

|                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                                 |  |  |
| Report of Independent Auditors                                                                                  | 3 |  |
|                                                                                                            |   |
| Consolidated Statements of Assets, Liabilities and Members’ Equity as of December 31, 2019 and 2018  | 4 |  |
|                                                                                                            |   |
| Consolidated Schedules of Investments as of December 31, 2019 and 2018                                     | 5 |  |
|                                                                                                            |   |
| Consolidated Statements of Operations for the years ended December 31, 2019 and 2018                       | 13 |  |
|                                                                                                            |   |
| Consolidated Statements of Changes in Members’ Equity for the years ended December 31, 2019 and 2018 | 14 |  |
|                                                                                                            |   |
| Consolidated Statements of Cash Flows for the years ended December 31, 2019 and 2018                       | 15 |  |
|                                                                                                            |   |
| Notes to Consolidated Financial Statements                                                                      | 16 |  |

----

----

|                                                                                                           |
|-----------------------------------------------------------------------------------------------------------|
|                                                                                                           |  |  |  |  |  |  |  |
|                                                                                                      | December 31, 2019 |   | December 31, 2018 |
| ASSETS                                                                                                    |   |   |   |
| Cash and cash equivalents                                                                                 | $ | 64,787 |  |   | $ | 55,698 |  |
| Investments, at fair value (amortized cost of $1,258,157 and $1,198,537, respectively)                    | 1,246,839 |  |   | 1,173,508 |  |
| Deferred financing asset                                                                                  | 4,088 |  |   | 5,087 |  |
| Interest receivable                                                                                       | 4,609 |  |   | 1,732 |  |
| Prepaid expenses and other assets                                                                         | 672 |  |   | 30 |  |
| Total assets                                                                                              | $ | 1,320,995 |  |   | $ | 1,236,055 |  |
|                                                                                                      |   |   |   |
| LIABILITIES AND MEMBERS’ EQUITY                                                                     |   |   |   |
| Secured borrowings (Note 5)                                                                               | $ | 441,077 |  |   | $ | 572,178 |  |
| Mezzanine Loans (Note 5)                                                                                  | 93,000 |  |   | 112,000 |  |
| 2017-1 Notes payable, net of unamortized debt issuance costs of $1,644 and $1,849, respectively (Note 6)  | 208,222 |  |   | 309,114 |  |
| 2019-2 Notes payable, net of unamortized debt issuance costs of $1,797 and $0, respectively (Note 6)      | 320,185 |  |   | — |  |
| Subordinated Loans (Note 7)                                                                               | 247,000 |  |   | 236,000 |  |
| Payable for investments purchased                                                                         | 11,765 |  |   | 12,937 |  |
| Due to affiliate                                                                                          | — |  |   | 146 |  |
| Interest and credit facility fees payable (Note 5)                                                        | 12,384 |  |   | 12,828 |  |
| Dividend payable                                                                                          | 8,000 |  |   | 7,400 |  |
| Other accrued expenses and liabilities                                                                    | 234 |  |   | 884 |  |
|         Total liabilities                                         | $ | 1,341,867 |  |   | $ | 1,263,487 |  |
|         Commitments and contingencies (Note 8)                    |   |   |   |
|                                                                                                      |   |   |   |
| MEMBERS' EQUITY/(DEFICIT)                                                                                 |   |   |   |
| Members' equity                                                                                           | $ | 2 |  |   | $ | 2 |  |
| Accumulated net investment income (loss) net of cumulative dividends of $82,659 and $51,159, respectively | (1,271 | ) |   | (2,405 | ) |
| Accumulated net realized gain (loss) net of cumulative dividends of $91 and $91, respectively             | (8,285 | ) |   | — |  |
| Accumulated net unrealized appreciation (depreciation)                                                    | (11,318 | ) |   | (25,029 | ) |
| Total members' equity (deficit), net                                                                      | $ | (20,872 | ) |   | $ | (27,432 | ) |
| Total liabilities and members’ equity (deficit)                                                     | $ | 1,320,995 |  |   | $ | 1,236,055 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2019 |
| Investments (1)                                                   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread (2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (98.11% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Achilles Acquisition, LLC                                         | \+# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.00% |   | 5.75% |   | 10/13/2025 |   | $ | 17,865 |  |   | $ | 17,776 |  |   | $ | 17,763 |  |
| Acrisure, LLC                                                     | +\ |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 5.85% |   | 11/22/2023 |   | 11,820 |  |   | 11,810 |  |   | 11,805 |  |
| Acrisure, LLC                                                     | +\# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.35% |   | 11/22/2023 |   | 20,674 |  |   | 20,639 |  |   | 20,674 |  |
| Advanced Instruments, LLC                                         | ^+\* |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 5.25% |   | 6.99% |   | 10/31/2022 |   | 35,610 |  |   | 35,536 |  |   | 35,466 |  |
| Alku, LLC                                                         | +# |   | (2) (3) |   | Business Services |   | L + 5.50% |   | 7.44% |   | 7/29/2026 |   | 25,000 |  |   | 24,754 |  |   | 24,624 |  |
| Alpha Packaging Holdings, Inc.                                    | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 4.25% |   | 6.35% |   | 5/12/2020 |   | 16,684 |  |   | 16,676 |  |   | 16,601 |  |
| AmeriLife Group, LLC                                              | ^# |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.50% |   | 6.20% |   | 6/5/2026 |   | 16,627 |  |   | 16,557 |  |   | 16,558 |  |
| Anchor Packaging, Inc.                                            | ^# |   | (2) (3) (7) |   | Containers, Packaging & Glass |   | L + 4.00% |   | 5.70% |   | 7/18/2026 |   | 20,462 |  |   | 20,363 |  |   | 20,457 |  |
| API Technologies Corp.                                            | \+ |   | (2) (3) |   | Aerospace & Defense |   | L + 4.25% |   | 5.95% |   | 5/9/2026 |   | 14,925 |  |   | 14,853 |  |   | 14,807 |  |
| Aptean, Inc.                                                      | +\ |   | (2) (3) |   | Software |   | L + 4.25% |   | 6.34% |   | 4/23/2026 |   | 12,406 |  |   | 12,344 |  |   | 12,385 |  |
| AQA Acquisition Holding, Inc.                                     | ^*\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 4.25% |   | 6.16% |   | 5/24/2023 |   | 18,954 |  |   | 18,922 |  |   | 18,860 |  |
| Avalign Technologies, Inc.                                        | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.50% |   | 6.70% |   | 12/22/2025 |   | 14,741 |  |   | 14,610 |  |   | 14,626 |  |
| Big Ass Fans, LLC                                                 | +*\ |   | (2) (3) |   | Capital Equipment |   | L + 3.75% |   | 5.85% |   | 5/21/2024 |   | 13,909 |  |   | 13,841 |  |   | 13,903 |  |
| Borchers, Inc.                                                    | +*\ |   | (2) (3) (7) |   | Chemicals, Plastics & Rubber |   | L + 4.50% |   | 6.60% |   | 11/1/2024 |   | 15,116 |  |   | 15,072 |  |   | 15,085 |  |
| Brooks Equipment Company, LLC                                     | * |   | (2) (3) |   | Construction & Building |   | L + 5.00% |   | 6.91% |   | 8/29/2020 |   | 5,144 |  |   | 5,141 |  |   | 5,141 |  |
| Clarity Telecom LLC.                                              | + |   | (2) (3) |   | Media: Broadcasting & Subscription |   | L + 4.50% |   | 6.20% |   | 8/30/2026 |   | 14,963 |  |   | 14,915 |  |   | 14,902 |  |
| Clearent Newco, LLC                                               | ^+\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 5.50% |   | 7.44% |   | 3/20/2025 |   | 29,738 |  |   | 29,436 |  |   | 29,134 |  |
| Datto, Inc.                                                       | +\ |   | (2) (3) |   | High Tech Industries |   | L + 4.25% |   | 5.95% |   | 4/2/2026 |   | 12,438 |  |   | 12,375 |  |   | 12,420 |  |
| DecoPac, Inc.                                                     | +*\ |   | (2) (3) (7) |   | Non-durable Consumer Goods |   | L + 4.25% |   | 6.01% |   | 9/29/2024 |   | 12,336 |  |   | 12,233 |  |   | 12,292 |  |
| Dent Wizard International Corporation                             | +\ |   | (2) (3) |   | Automotive |   | L + 4.00% |   | 5.70% |   | 4/7/2020 |   | 36,880 |  |   | 36,843 |  |   | 36,717 |  |
| DTI Holdco, Inc.                                                  | +*\ |   | (2) (3) |   | High Tech Industries |   | L + 4.75% |   | 6.68% |   | 9/30/2023 |   | 18,885 |  |   | 18,771 |  |   | 17,611 |  |
| Eliassen Group, LLC                                               | +\ |   | (2) (3) |   | Business Services |   | L + 4.50% |   | 6.20% |   | 11/5/2024 |   | 7,581 |  |   | 7,548 |  |   | 7,579 |  |
| EIP Merger Sub, LLC (Evolve IP)                                   | +^ |   | (2) (3) (7) |   | Telecommunications |   | L + 5.75% |   | 7.45% |   | 6/7/2023 |   | 19,661 |  |   | 19,605 |  |   | 19,661 |  |
| Exactech, Inc.                                                    | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 3.75% |   | 5.45% |   | 2/14/2025 |   | 21,772 |  |   | 21,634 |  |   | 21,751 |  |
| Excel Fitness Holdings, Inc.                                      | +# |   | (2) (3) |   | Hotel, Gaming & Leisure |   | L + 5.25% |   | 6.95% |   | 10/7/2025 |   | 25,000 |  |   | 24,758 |  |   | 24,875 |  |
| Golden West Packaging Group LLC                                   | +*\ |   | (2) (3) |   | Containers, Packaging & Glass |   | L + 5.75% |   | 7.45% |   | 6/20/2023 |   | 29,464 |  |   | 29,303 |  |   | 29,072 |  |
| HMT Holding Inc.                                                  | ^+*\ |   | (2) (3) (7) |   | Energy: Oil & Gas |   | L + 5.00% |   | 6.74% |   | 11/17/2023 |   | 33,157 |  |   | 32,678 |  |   | 32,972 |  |
| Jensen Hughes, Inc.                                               | \+^* |   | (2) (3) (7) |   | Utilities: Electric |   | L + 4.50% |   | 6.24% |   | 3/22/2024 |   | 33,909 |  |   | 33,757 |  |   | 33,550 |  |
| KAMC Holdings, Inc.                                               | +# |   | (2) (3) |   | Energy: Electricity |   | L + 4.00% |   | 5.91% |   | 8/14/2026 |   | 13,965 |  |   | 13,899 |  |   | 13,881 |  |
| MAG DS Corp.                                                      | ^+\ |   | (2) (3) (7) |   | Aerospace & Defense |   | L + 4.75% |   | 6.46% |   | 6/6/2025 |   | 28,471 |  |   | 28,242 |  |   | 28,286 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2019 |
| Investments (1)                                                   |   |   | Footnotes |   | Industry |   | Reference Rate & Spread(2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (98.11% of fair value) (continued)                |   |   |   |   |   |   |   |   |   |   |   |   |
| Maravai Intermediate Holdings, LLC                                | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 6.00% |   | 8/2/2025 |   | $ | 29,625 |  |   | $ | 29,378 |  |   | $ | 29,400 |  |
| Marco Technologies, LLC                                           | ^+\ |   | (2) (3) (7) |   | Media: Advertising, Printing & Publishing |   | L + 4.25% |   | 6.16% |   | 10/30/2023 |   | 7,463 |  |   | 7,410 |  |   | 7,463 |  |
| Mold-Rite Plastics, LLC                                           | +\ |   | (2) (3) |   | Chemicals, Plastics & Rubber |   | L + 4.25% |   | 5.95% |   | 12/14/2021 |   | 14,557 |  |   | 14,519 |  |   | 14,524 |  |
| MSHC, Inc.                                                        | ^+*\ |   | (2) (3) (7) |   | Construction & Building |   | L + 4.25% |   | 5.95% |   | 12/31/2024 |   | 38,251 |  |   | 38,138 |  |   | 38,166 |  |
| Newport Group Holdings II, Inc.                                   | \+# |   | (2) (3) |   | Banking, Finance, Insurance & Real Estate |   | L + 3.75% |   | 5.65% |   | 9/13/2025 |   | 23,715 |  |   | 23,487 |  |   | 23,663 |  |
| Odyssey Logistics & Technology Corp.                          | +*\# |   | (2) (3) |   | Transportation: Cargo |   | L + 4.00% |   | 5.70% |   | 10/12/2024 |   | 39,013 |  |   | 38,859 |  |   | 38,763 |  |
| Output Services Group                                             | ^+\ |   | (2) (3) (7) |   | Media: Advertising, Printing & Publishing |   | L + 4.50% |   | 6.20% |   | 3/27/2024 |   | 19,621 |  |   | 19,570 |  |   | 19,469 |  |
| PAI Holdco, Inc.                                                  | +*\ |   | (2) (3) |   | Automotive |   | L + 4.25% |   | 6.35% |   | 1/5/2025 |   | 19,532 |  |   | 19,458 |  |   | 19,532 |  |
| Park Place Technologies, Inc.                                     | +\# |   | (2) (3) |   | High Tech Industries |   | L + 4.00% |   | 5.70% |   | 3/28/2025 |   | 22,566 |  |   | 22,489 |  |   | 22,566 |  |
| Pasternack Enterprises, Inc.                                      | +\ |   | (2) (3) |   | Capital Equipment |   | L + 4.00% |   | 5.70% |   | 7/2/2025 |   | 22,755 |  |   | 22,742 |  |   | 22,653 |  |
| Pathway Vet Alliance LLC                                          | +\ |   | (2) (3) (7) |   | Consumer Services |   | L + 4.50% |   | 6.21% |   | 12/20/2024 |   | 19,085 |  |   | 18,708 |  |   | 19,217 |  |
| Pharmalogic Holdings Corp.                                        | +\ |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.00% |   | 5.70% |   | 6/11/2023 |   | 11,320 |  |   | 11,296 |  |   | 11,302 |  |
| Premise Health Holding Corp.                                      | ^+\# |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 3.50% |   | 5.60% |   | 7/10/2025 |   | 13,723 |  |   | 13,665 |  |   | 13,501 |  |
| Propel Insurance Agency, LLC                                      | ^+\ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.25% |   | 6.35% |   | 6/1/2024 |   | 22,532 |  |   | 22,056 |  |   | 22,395 |  |
| Q Holding Company                                                 | +*\# |   | (2) (3) |   | Automotive |   | L + 5.00% |   | 6.70% |   | 12/31/2023 |   | 21,955 |  |   | 21,777 |  |   | 21,922 |  |
| QW Holding Corporation (Quala)                                    | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 5.75% |   | 7.73% |   | 8/31/2022 |   | 11,630 |  |   | 11,449 |  |   | 11,531 |  |
| Radiology Partners, Inc.                                          | +\# |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 4.75% |   | 6.66% |   | 7/9/2025 |   | 28,719 |  |   | 28,590 |  |   | 28,768 |  |
| RevSpring Inc.                                                    | +*\# |   | (2) (3) |   | Media: Advertising, Printing & Publishing |   | L + 4.00% |   | 5.95% |   | 10/11/2025 |   | 24,750 |  |   | 24,631 |  |   | 24,608 |  |
| Situs Group Holdings Corporation                                  | \+^ |   | (2) (3) (7) |   | Banking, Finance, Insurance & Real Estate |   | L + 4.75% |   | 6.45% |   | 6/28/2025 |   | 13,715 |  |   | 13,621 |  |   | 13,697 |  |
| Systems Maintenance Services Holding, Inc.                        | +* |   | (2) (3) |   | High Tech Industries |   | L + 5.00% |   | 6.70% |   | 10/30/2023 |   | 23,765 |  |   | 23,672 |  |   | 18,180 |  |
| Surgical Information Systems, LLC                                 | +*\ |   | (2) (3) (6) |   | High Tech Industries |   | L + 4.75% |   | 7.47% |   | 4/24/2023 |   | 26,168 |  |   | 26,005 |  |   | 25,715 |  |
| T2 Systems, Inc.                                                  | ^+* |   | (2) (3) (7) |   | Transportation: Consumer |   | L + 6.75% |   | 8.85% |   | 9/28/2022 |   | 18,045 |  |   | 17,789 |  |   | 18,045 |  |
| The Original Cakerie, Ltd. (Canada)                               | +* |   | (2) (3) (7) |   | Beverage, Food & Tobacco |   | L + 5.00% |   | 6.84% |   | 7/20/2022 |   | 8,928 |  |   | 8,897 |  |   | 8,887 |  |
| The Original Cakerie, Ltd. (Canada)                               | ^* |   | (2) (3) (7) |   | Beverage, Food & Tobacco |   | L + 4.50% |   | 6.34% |   | 7/20/2022 |   | 6,826 |  |   | 6,801 |  |   | 6,790 |  |
| ThoughtWorks, Inc.                                                | +*\ |   | (2) (3) |   | Business Services |   | L + 4.00% |   | 5.70% |   | 10/11/2024 |   | 11,824 |  |   | 11,794 |  |   | 11,824 |  |
| U.S. Acute Care Solutions, LLC                                    | +\* |   | (2) (3) |   | Healthcare & Pharmaceuticals |   | L + 5.00% |   | 6.91% |   | 5/15/2021 |   | 31,431 |  |   | 31,331 |  |   | 29,869 |  |
| U.S. TelePacific Holdings Corp.                                   | +*\ |   | (2) (3) |   | Telecommunications |   | L + 5.00% |   | 7.10% |   | 5/2/2023 |   | 26,660 |  |   | 26,499 |  |   | 25,430 |  |
| Valet Waste Holdings, Inc.                                        | +\ |   | (2) (3) |   | Construction & Building |   | L + 3.75% |   | 5.70% |   | 9/28/2025 |   | 11,850 |  |   | 11,825 |  |   | 11,688 |  |
| Welocalize, Inc.                                                  | +^ |   | (2) (3) (7) |   | Business Services |   | L + 4.50% |   | 6.21% |   | 12/2/2024 |   | 23,038 |  |   | 22,788 |  |   | 22,787 |  |
| WIRB - Copernicus Group, Inc.                                     | +*\ |   | (2) (3) (7) |   | Healthcare & Pharmaceuticals |   | L + 4.25% |   | 5.95% |   | 8/15/2022 |   | 20,888 |  |   | 20,822 |  |   | 20,887 |  |

----

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated Schedule of Investments as of December 31, 2019 |
| Investments (1)                                                   |   |   |   |   | Industry |   | Reference Rate & Spread(2) |   | Interest Rate (2) |   | Maturity Date |   | Par/ Principal Amount |   | Amortized Cost (5) |   | Fair Value (6) |
| First Lien Debt (98.11% of fair value) (continued)                |   |   |   |   |   |   |   |   |   |   |   |   |
| WRE Holding Corp.                                                 | ^+* |   | (2) (3) (7) |   | Environmental Industries |   | L + 5.00% |   | 6.91% |   | 1/3/2023 |   | $ | 7,431 |  |   | $ | 7,372 |  |   | $ | 7,304 |  |
| Zywave, Inc.                                                      | +*\ |   | (2) (3) (7) |   | High Tech Industries |   | L + 5.00% |   | 6.93% |   | 11/17/2022 |   | 19,228 |  |   | 19,107 |  |   | 19,211 |  |
| First Lien Debt Total                                             |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,231,436 |  |   | $ | 1,223,215 |  |
| Second Lien Debt (1.75% of fair value)                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                                                  | ^* |   | (2) (3) (8) |   | Transportation: Cargo |   | 8.00% PIK |   | 8% |   | 2/1/2026 |   | $ | 21,150 |  |   | $ | 20,697 |  |   | $ | 21,150 |  |
| Zywave, Inc.                                                      | * |   | (2) (3) |   | High Tech Industries |   | L + 9.00% |   | 10.94% |   | 11/17/2023 |   | 666 |  |   | 660 |  |   | 664 |  |
| Second Lien Debt Total                                            |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 21,357 |  |   | $ | 21,814 |  |
| Equity Investments (0.15% of fair value)                          |   |   |   |   |   |   |   |   |   |   |   |   |
| DBI Holding, LLC                                                  | ^ |   |  |   | Transportation: Cargo |   |   |   |   |   |   |   | 16,957 |  |   | $ | 5,364 |  |   | $ | 1,810 |  |
| Equity Investments Total                                          |   |   |   |   |   |   |   |   |   |   |   |   |   | 5,364 |  |   | 1,810 |  |
| Total Investments                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 1,258,157 |  |   | $ | 1,246,839 |  |

|          |                                                                                                                                                                                                                                                                                                                                                                              |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2019, the geographical composition of investments as a percentage of fair value was 1.26% in Canada and 98.74% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2019. As of December 31, 2019, the reference rates for Credit Fund's variable rate loans were the 30-day LIBOR at 1.75%, the 90-day LIBOR at 1.91% and the 180-day LIBOR at 1.91%. |
|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |
|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |
|     |                                                                                                                                                                                                                                                                                                                                                                         |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of these loans, these investments represent a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

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|     |                                                                                                                                                               |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | As of December 31, 2019, Credit Fund and Credit Fund Sub had the following unfunded commitments to fund delayed draw and revolving senior secured loans: |

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt – unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                          |   | Revolver |   | 0.50 | % |   | $ | 563 |  |   | $ | (2 | ) |
| AmeriLife Group, LLC                                                               |   | Delayed Draw |   | 1.00 |   | 298 |  |   | (1 | ) |
| Anchor Packaging, Inc.                                                             |   | Delayed Draw |   | 1.00 |   | 4,487 |  |   | (1 | ) |
| AQA Acquisition Holding, Inc.                                                      |   | Revolver |   | 0.50 |   | 2,459 |  |   | (11 | ) |
| Borchers, Inc.                                                                     |   | Revolver |   | 0.50 |   | 1,935 |  |   | (3 | ) |
| Clearent Newco, LLC                                                                |   | Delayed Draw |   | 1.00 |   | 6,636 |  |   | (110 | ) |
| DecoPac, Inc.                                                                      |   | Revolver |   | 0.50 |   | 2,143 |  |   | (7 | ) |
| EIP Merger Sub, LLC (Evolve IP)                                                    |   | Revolver |   | 0.50 |   | 1,680 |  |   | — |  |
| EIP Merger Sub, LLC (Evolve IP)                                                    |   | Delayed Draw |   | 1.00 |   | 2,240 |  |   | — |  |
| HMT Holding Inc.                                                                   |   | Revolver |   | 0.50 |   | 6,173 |  |   | (29 | ) |
| Jensen Hughes, Inc.                                                                |   | Revolver |   | 0.50 |   | 1,136 |  |   | (11 | ) |
| Jensen Hughes, Inc.                                                                |   | Delayed Draw |   | 1.00 |   | 2,365 |  |   | (23 | ) |
| MAG DS Corp.                                                                       |   | Revolver |   | 0.50 |   | 2,188 |  |   | (13 | ) |
| Marco Technologies, LLC                                                            |   | Delayed Draw |   | 1.00 |   | 7,500 |  |   | — |  |
| MSHC, Inc.                                                                         |   | Delayed Draw |   | 1.00 |   | 1,913 |  |   | (4 | ) |
| Output Services Group                                                              |   | Delayed Draw |   | 4.25 |   | 116 |  |   | (1 | ) |
| Pathway Vet Alliance LLC                                                           |   | Delayed Draw |   | 1.00 |   | 19,867 |  |   | 68 |  |
| Premise Health Holding Corp.                                                       |   | Delayed Draw |   | 1.00 |   | 1,103 |  |   | (17 | ) |
| Propel Insurance Agency, LLC                                                       |   | Revolver |   | 0.50 |   | 2,381 |  |   | (10 | ) |
| Propel Insurance Agency, LLC                                                       |   | Delayed Draw |   | 0.50 |   | 7,143 |  |   | (31 | ) |
| QW Holding Corporation (Quala)                                                     |   | Revolver |   | 0.50 |   | 5,498 |  |   | (31 | ) |
| QW Holding Corporation (Quala)                                                     |   | Delayed Draw |   | 1.00 |   | 217 |  |   | (1 | ) |
| Situs Group Holdings Corporation                                                   |   | Delayed Draw |   | 1.00 |   | 1,216 |  |   | (1 | ) |
| T2 Systems, Inc.                                                                   |   | Revolver |   | 0.50 |   | 1,369 |  |   | — |  |
| The Original Cakerie, Ltd. (Canada)                                                |   | Revolver |   | 0.50 |   | 1,199 |  |   | (5 | ) |
| Welocalize, Inc.                                                                   |   | Revolver |   | 0.50 |   | 2,057 |  |   | (21 | ) |
| WIRB - Copernicus Group, Inc.                                                      |   | Revolver |   | 0.50 |   | 1,000 |  |   | — |  |
| WIRB - Copernicus Group, Inc.                                                      |   | Delayed Draw |   | 1.00 |   | 2,592 |  |   | — |  |
| WRE Holding Corp.                                                                  |   | Revolver |   | 0.50 |   | 441 |  |   | (6 | ) |
| WRE Holding Corp.                                                                  |   | Delayed Draw |   | 1.00 |   | 1,981 |  |   | (25 | ) |
| Zywave, Inc.                                                                       |   | Revolver |   | 0.50 |   | 998 |  |   | (1 | ) |
| Total unfunded commitments                                                         |   |   |   |   |   | $ | 92,894 |  |   | $ | (297 | ) |

|     |                                                              |
|-----|--------------------------------------------------------------|
| (8) | Loan was on non-accrual status as of December 31, 2019. |

----

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

----

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

----

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

|     |                                                                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | Unless otherwise indicated, issuers of investments held by Credit Fund are domiciled in the United States. As of December 31, 2018, the geographical composition of investments as a percentage of fair value was 1.35% in Canada and 98.65% in the United States. Certain portfolio company investments are subject to contractual restrictions on sales. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to either LIBOR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, Credit Fund has provided the interest rate in effect as of December 31, 2018. As of December 31, 2018, all of Credit Fund’s LIBOR loans were indexed to the 30-day LIBOR at 2.50%, the 90-day LIBOR at 2.81% and the 180-day LIBOR at 2.88%. |
|     |                                                                      |
|-----|----------------------------------------------------------------------|
| (3) | Loan includes interest rate floor feature, which is generally 1.00%. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (4) | Credit Fund receives less than the stated interest rate of this loan as a result of an agreement among lenders. The interest rate reduction is 1.20% on EIP Merger Sub, LLC (Evolve IP). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/first out loan, which has first priority ahead of the first lien/last out loan with respect to principal, interest and other payments. |
|     |                                                                                                                                                                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method. |
|     |                                                                                                                                                                                                                                                                                                                                                                              |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (6) | Fair value is determined in good faith by or under the direction of the board of managers of Credit Fund, pursuant to Credit Fund’s valuation policy, with the fair value of all investments determined using significant unobservable inputs, which is substantially similar to the valuation policy of the Company provided in Note 3, Fair Value Measurements. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (7) | In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, Credit Fund is entitled to receive additional interest as a result of an agreement among lenders as follows: EIP Merger Sub, LLC (Evolve IP) (3.75%) and Surgical Information Systems, LLC (0.89%). Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments. |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |
| First Lien Debt – unfunded delayed draw and revolving term loans commitments |   | Type |   | Unused Fee |   | Par/ Principal Amount |   | Fair Value |
| Advanced Instruments, LLC                                                          |   | Revolver |   | 0.50 | % |   | $ | 1,333 |  |   | $ | (10 | ) |
| Ahead, LLC                                                                         |   | Revolver |   | 0.50 |  |   | 4,688 |  |   | (38 | ) |
| AQA Acquisition Holding, Inc.                                                      |   | Revolver |   | 0.50 |  |   | 2,459 |  |   | (19 | ) |
| Borchers, Inc.                                                                     |   | Revolver |   | 0.50 |  |   | 1,935 |  |   | (5 | ) |
| Clearent Newco, LLC                                                                |   | Delayed Draw |   | 1.00 |  |   | 4,988 |  |   | (46 | ) |
| Clearent Newco, LLC                                                                |   | Revolver |   | 0.50 |  |   | 1,760 |  |   | (16 | ) |
| DecoPac, Inc.                                                                      |   | Revolver |   | 0.50 |  |   | 2,143 |  |   | (11 | ) |
| Executive Consulting Group, LLC, Inc.                                              |   | Revolver |   | 0.50 |  |   | 2,368 |  |   | (25 | ) |
| HMT Holding Inc.                                                                   |   | Revolver |   | 0.50 |  |   | 6,173 |  |   | (49 | ) |
| Jensen Hughes, Inc.                                                                |   | Revolver |   | 0.50 |  |   | 2,000 |  |   | (39 | ) |
| Jensen Hughes, Inc.                                                                |   | Delayed Draw |   | 1.00 |  |   | 337 |  |   | (7 | ) |
| MAG DS Corp.                                                                       |   | Revolver |   | 0.50 |  |   | 2,022 |  |   | (18 | ) |
| MSHC, Inc.                                                                         |   | Delayed Draw |   | 0.32 |  |   | 9,852 |  |   | (145 | ) |
| North American Dental Management, LLC                                              |   | Revolver |   | 0.50 |  |   | 2,000 |  |   | (35 | ) |
| North Haven CA Holdings, Inc. (CoAdvantage)                                        |   | Revolver |   | 0.50 |  |   | 6,114 |  |   | (109 | ) |
| Output Services Group                                                              |   | Delayed Draw |   | 4.25 |  |   | 2,518 |  |   | (93 | ) |
| Pharmalogic Holdings Corp.                                                         |   | Delayed Draw |   | 1.00 |  |   | 2,947 |  |   | (20 | ) |
| Premise Health Holding Corp.                                                       |   | Delayed Draw |   | 1.00 |  |   | 1,103 |  |   | (11 | ) |
| Propel Insurance Agency, LLC                                                       |   | Delayed Draw |   | 0.50 |  |   | 7,143 |  |   | (110 | ) |
| Propel Insurance Agency, LLC                                                       |   | Revolver |   | 0.50 |  |   | 1,667 |  |   | (26 | ) |
| PSI Services LLC                                                                   |   | Revolver |   | 0.50 |  |   | 754 |  |   | (17 | ) |
| QW Holding Corporation (Quala)                                                     |   | Revolver |   | 0.50 |  |   | 5,498 |  |   | (52 | ) |
| T2 Systems, Inc.                                                                   |   | Revolver |   | 0.50 |  |   | 1,173 |  |   | (7 | ) |
| The Original Cakerie, Ltd. (Canada)                                                |   | Revolver |   | 0.50 |  |   | 1,132 |  |   | (10 | ) |
| Upstream Intermediate, LLC                                                         |   | Revolver |   | 0.50 |  |   | 1,606 |  |   | (22 | ) |
| Valicor Environmental Services, LLC                                                |   | Revolver |   | 0.50 |  |   | 4,971 |  |   | (54 | ) |
| WIRB - Copernicus Group, Inc.                                                      |   | Delayed Draw |   | 1.00 |  |   | 6,480 |  |   | (69 | ) |
| WIRB - Copernicus Group, Inc.                                                      |   | Revolver |   | 0.50 |  |   | 1,000 |  |   | (11 | ) |
| WRE Holding Corp.                                                                  |   | Delayed Draw |   | 0.89 |  |   | 2,069 |  |   | (51 | ) |
| WRE Holding Corp.                                                                  |   | Revolver |   | 0.50 |  |   | 613 |  |   | (15 | ) |
| Zywave, Inc.                                                                       |   | Revolver |   | 0.50 |  |   | 600 |  |   | (2 | ) |
| Total unfunded commitments                                                         |   |   |   |   |   | $ | 91,446 |  |   | $ | (1,142 | ) |

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

----

|                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                          |  |  |  |  |  |  |  |
|                                                                                                                     | For the years ended December 31, |
|                                                                                                                     | 2019 |   | 2018 |
| Investment income:                                                                                                       |   |   |   |
|     Interest income                                                                                  | $ | 91,942 |  |   | $ | 80,161 |  |
|     Other income                                                                                     | 2,150 |  |   | 2,399 |  |
| Total investment income                                                                                                  | 94,092 |  |   | 82,560 |  |
|                                                                                                                     |   |   |   |  |
| Expenses:                                                                                                                |   |   |   |  |
|     Interest expense                                                                                 | 56,361 |  |   | 49,498 |  |
|     Credit facility fees                                                                             | 2,867 |  |   | 2,438 |  |
|     Other general and administrative                                                                 | 916 |  |   | 1,149 |  |
|     Professional fees                                                                                | 848 |  |   | 691 |  |
|     Administrative service fees                                                                      | 137 |  |   | 148 |  |
|     Organization expenses                                                                            | 329 |  |   | — |  |
| Total expenses                                                                                                           | 61,458 |  |   | 53,924 |  |
| Net investment income                                                                                                    | 32,634 |  |   | 28,636 |  |
| Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments:                        |   |   |   |  |
|     Net realized gain (loss) on investments                                                          | (8,285 | ) |   | 33 |  |
|     Net change in unrealized appreciation (depreciation) on investments                              | 13,711 |  |   | (26,133 | ) |
|     Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments | 5,426 |  |   | (26,100 | ) |
| Net increase in members’ equity resulting from operations                                                          | $ | 38,060 |  |   | $ | 2,536 |  |

----

|                                                                                      |
|--------------------------------------------------------------------------------------|
|                                                                                      |  |  |  |  |  |  |  |
|                                                                                 | For the years ended December 31, |
|                                                                                 | 2019 |   | 2018 |
| Increase (decrease) in members’ equity resulting from operations:              |   |   |   |
| Net investment income (loss)                                                         | $ | 32,634 |  |   | $ | 28,636 |  |
| Net realized gain (loss) on investments                                              | (8,285 | ) |   | 33 |  |
| Net change in unrealized appreciation (depreciation) on investments                  | 13,711 |  |   | (26,133 | ) |
| Net increase (decrease) in members’ capital resulting from operations          | 38,060 |  |   | 2,536 |  |
|                                                                                 |   |   |   |  |
| Capital transactions:                                                                |   |   |   |  |
| Dividends declared                                                                   | (31,500 | ) |   | (30,500 | ) |
| Net increase (decrease) in members’ equity resulting from capital transactions | (31,500 | ) |   | (30,500 | ) |
| Net increase (decrease) in members’ equity                                     | 6,560 |  |   | (27,964 | ) |
| Members’ equity (deficit) at beginning of year                                 | (27,432 | ) |   | 532 |  |
| Members’ deficit at end of year                                                | $ | (20,872 | ) |   | $ | (27,432 | ) |

----

|                                                                                                                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                             |  |  |  |  |  |  |  |
|                                                                                                                                                        | For the years ended December 31, |
|                                                                                                                                                        | 2019 |   | 2018 |
| Cash flows from operating activities:                                                                                                                       |   |   |   |
| Net increase (decrease) in members’ equity resulting from operations                                                                                  | $ | 38,060 |  |   | $ | 2,536 |  |
| 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                                                                                                                                    | (66 | ) |   | — |  |
| Amortization of deferred financing costs                                                                                                                    | 1,604 |  |   | 1,541 |  |
| Amortization of discount on notes                                                                                                                           | 137 |  |   | — |  |
| Net accretion of discount on investments                                                                                                                    | (5,135 | ) |   | (3,625 | ) |
| Net realized (gain) loss on investments                                                                                                                     | 8,285 |  |   | (33 | ) |
| Net change in unrealized (appreciation) depreciation on investments                                                                                         | (13,711 | ) |   | 26,133 |  |
| Cost of investments purchased and change in payable for investments purchased                                                                               | (480,015 | ) |   | (495,147 | ) |
| Proceeds from sales and repayments of investments                                                                                                           | 416,187 |  |   | 287,263 |  |
| Changes in operating assets:                                                                                                                                |   |   |   |
| Interest receivable                                                                                                                                         | (2,877 | ) |   | 193 |  |
| Prepaid expenses and other assets                                                                                                                           | (642 | ) |   | 2 |  |
| Changes in operating liabilities:                                                                                                                           |   |   |   |  |
| Due to affiliate                                                                                                                                            | (146 | ) |   | 17 |  |
| Interest and credit facility fees payable                                                                                                                   | (444 | ) |   | 4,058 |  |
| Other liabilities                                                                                                                                           | (650 | ) |   | (235 | ) |
| Net cash provided by (used in) operating activities                                                                                                         | (39,413 | ) |   | (177,297 | ) |
|                                                                                                                                                        |   |   |   |  |
| Cash flows from financing activities:                                                                                                                       |   |   |   |  |
| Proceeds from issuance of subordinated loans                                                                                                                | 11,000 |  |   | 63,000 |  |
| Borrowings on Credit Fund Facility and Credit Fund Sub Facility                                                                                             | 350,070 |  |   | 359,385 |  |
| Borrowings on Credit Fund Warehouse                                                                                                                         | 34,544 |  |   | 101,044 |  |
| Borrowings on Credit Fund Warehouse II                                                                                                                      | 97,571 |  |   | — |  |
| Repayments of Credit Fund Facility and Credit Fund Sub Facility                                                                                             | (496,698 | ) |   | (239,687 | ) |
| Repayments on Credit Fund Warehouse                                                                                                                         | (135,589 | ) |   | — |  |
| Repayments of 2017-1 CLO notes                                                                                                                              | (101,196 | ) |   | (40,131 | ) |
| Proceeds from issuance of 2019-2 CLO notes                                                                                                                  | 351,580 |  |   |   |
| Repayments of 2019-2 CLO notes                                                                                                                              | (29,634 | ) |   |   |
| Debt issuance costs paid                                                                                                                                    | (2,245 | ) |   | (1,338 | ) |
| Dividends paid in cash                                                                                                                                      | (30,900 | ) |   | (28,780 | ) |
| Net cash provided by (used in) financing activities                                                                                                         | 48,503 |  |   | 213,493 |  |
| Net increase (decrease) in cash and cash equivalents                                                                                                        | 9,090 |  |   | 36,196 |  |
| Cash and cash equivalents, beginning of year                                                                                                                | 55,698 |  |   | 19,502 |  |
| Cash and cash equivalents, end of year                                                                                                                      | $ | 64,787 |  |   | $ | 55,698 |  |
|                                                                                                                                                        |   |   |   |  |
| Supplemental disclosures:                                                                                                                                   |   |   |   |  |
| Dividends declared during the year                                                                                                                          | $ | 31,500 |  |   | $ | 30,500 |  |
| Interest paid during the year                                                                                                                               | $ | 54,941 |  |   | $ | 45,277 |  |
| Taxes paid during the year                                                                                                                                  | $ | 554 |  |   | $ | 415 |  |

----

----

----

----

----

|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. The types of financial instruments in Level 1 generally include unrestricted securities, including equities and derivatives, listed in active markets. Credit Fund does not adjust the quoted price for these investments, even in situations where Credit Fund holds a large position and a sale could reasonably impact the quoted price. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. The type of financial instruments in this category generally includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs. |
|         |                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are in this category generally include investments in privately-held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs. |

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | December 31, 2019 |
|               | Level 1 |   | Level 2  |   | Level 3  |   | Total  |
| Assets             |   |   |   |   |   |   |   |
| First Lien Debt    | $ | — |  |   | $ | — |  |   | $ | 1,223,215 |  |   | $ | 1,223,215 |  |
| Second Lien Debt   | — |  |   | — |  |   | 21,814 |  |   | 21,814 |  |
| Equity Investments | — |  |   | — |  |   | 1,810 |  |   | 1,810 |  |
| Total              | $ | — |  |   | $ | — |  |   | $ | 1,246,839 |  |   | $ | 1,246,839 |  |

----

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

|                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                               | Financial Assets for the Year Ended December 31, 2019 |
|                                                                                                                                                               | First Lien Debt |   | Second Lien Debt  |   | Equity Investments |   | Total |
| Balance, beginning of year                                                                                                                                         | $ | 1,172,460 |  |   | $ | 1,048 |  |   | $ | — |  |   | $ | 1,173,508 |  |
| Purchases                                                                                                                                                          | 452,968 |  |   | 20,626 |  |   | 5,364 |  |   | 478,958 |  |
| Sales                                                                                                                                                              | (41,731 | ) |   | — |  |   |   |   | (41,731 | ) |
| Paydowns                                                                                                                                                           | (374,073 | ) |   | (384 | ) |   | — |  |   | (374,457 | ) |
| Accretion of discount                                                                                                                                              | 5,058 |  |   | 77 |  |   | — |  |   | 5,135 |  |
| Net realized gains (losses)                                                                                                                                        | (8,285 | ) |   | — |  |   | — |  |   | (8,285 | ) |
| Net change in unrealized appreciation (depreciation)                                                                                                               | 16,818 |  |   | 447 |  |   | (3,554 | ) |   | 13,711 |  |
| Balance, end of year                                                                                                                                               | $ | 1,223,215 |  |   | $ | 21,814 |  |   | $ | 1,810 |  |   | $ | 1,246,839 |  |
| Net change in unrealized appreciation (depreciation) included on the Consolidated Statements of Operations related to investments still held at the reporting date | $ | 6,535 |  |   | $ | 447 |  |   | $ | (3,554 | ) |   | $ | 3,428 |  |

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

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            |   |   |   |   |   |   | Range |   |   |
|                            | Fair Value as of December 31, 2019 |   | Valuation Techniques |   | Significant Unobservable Inputs |   | Low |   | High |   | Weighted Average |
| Investments in First Lien Debt  | $ | 1,011,544 |  |   | Discounted Cash Flow |   | Discount Rate |   | 3.86 | % |   | 7.83 | % |   | 5.57 | % |
|                            | 211,671 |  |   | Consensus Pricing |   | Indicative Quotes |   | 76.50 |  |   | 100.17 |  |   | 96.39 |  |
| Total First Lien Debt           | 1,223,215 |  |   |   |   |   |   |   |   |   |   |   |
| Investments in Second Lien Debt | 664 |  |   | Discounted Cash Flow |   | Discount Rate |   | 10.23 | % |   | 10.23 | % |   | 10.23 | % |
|                            | 21,150 |  |   | Income Approach |   | Discount Rate |   | 10.33 | % |   | 10.33 | % |   | 10.33 | % |
|                            |   |   | Market Approach |   | Comparable Multiple |   | 8.73x |  |   | 8.73x |  |   | 8.73x |  |
| Total Second Lien Debt          | 21,814 |  |   |   |   |   |   |   |   |   |   |   |
| Equity Investments              | 1,810 |  |   | Income Approach |   | Discount Rate |   | 10.33 | % |   | 10.33 | % |   | 10.33 | % |
|                            |   |   | Market Approach |   | Comparable Multiple |   | 8.73x |  |   | 8.73x |  |   | 8.73x |  |
| Total Equity Investments        | 1,810 |  |   |   |   |   |   |   |   |   |   |   |
| Total Level 3 Investments       | $ | 1,246,839 |  |   |   |   |   |   |   |   |   |   |   |

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

----

|                    |
|--------------------|
|                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|               | December 31, 2019 |   | December 31, 2018 |
|               | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Secured borrowings | $ | 441,077 |  |   | $ | 441,077 |  |   | $ | 572,178 |  |   | $ | 572,178 |  |
| Mezzanine loans    | 93,000 |  |   | 93,000 |  |   | 112,000 |  |   | 112,000 |  |
| Subordinated loans | 247,000 |  |   | 226,128 |  |   | 236,000 |  |   | 208,568 |  |
| Total              | $ | 781,077 |  |   | $ | 760,205 |  |   | $ | 920,178 |  |   | $ | 892,746 |  |

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|            | December 31, 2019 |   | December 31, 2018 |
| 2017-1 Notes    | Carrying Value |   | Fair Value |   | Carrying Value |   | Fair Value |
| Class A-1 Notes | $ | 90,373 |  |   | $ | 90,046 |  |   | $ | 191,569 |  |   | $ | 191,330 |  |
| Class A-2 Notes | 48,300 |  |   | 47,845 |  |   | 48,300 |  |   | 47,608 |  |
| Class B-1 Notes | 15,000 |  |   | 14,703 |  |   | 15,000 |  |   | 14,621 |  |
| Class B-2 Notes | 9,000 |  |   | 8,876 |  |   | 9,000 |  |   | 8,743 |  |
| Class C Notes   | 22,900 |  |   | 22,213 |  |   | 22,900 |  |   | 21,782 |  |
| Class D Notes   | 25,100 |  |   | 24,422 |  |   | 25,100 |  |   | 24,033 |  |
| Total           | $ | 210,673 |  |   | $ | 208,105 |  |   | $ | 311,869 |  |   | $ | 308,117 |  |

----

|                 |
|-----------------|
|                 |  |  |  |  |  |  |  |
|            | December 31, 2019 |
| 2019-2 Notes    | Carrying Value |   | Fair Value |
| Class A-1 Notes | $ | 203,366 |  |   | $ | 203,136 |  |
| Class A-2 Notes | 48,000 |  |   | 48,245 |  |
| Class B Notes   | 23,000 |  |   | 23,249 |  |
| Class C Notes   | 27,000 |  |   | 27,000 |  |
| Class D Notes   | 21,000 |  |   | 21,000 |  |
| Total           | $ | 322,366 |  |   | $ | 322,630 |  |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        |   | Credit Fund Facility |   | Credit Fund Sub Facility |   | Credit Fund Warehouse Facility |   | Credit Fund Warehouse II Facility |
|                                        |   |   |   |   |   |   |   |   |
| Outstanding balance as of December 31, 2017 |   | $ | 85,750 |  |   | $ | 377,686 |  |   | $ | — |  |   | N/A |
| Borrowings                                  |   | 120,150 |  |   | 239,235 |  |   | 101,044 |  |   | N/A |
| Repayments                                  |   | (93,900 | ) |   | (145,787 | ) |   | — |  |   | N/A |
| Outstanding balance as of December 31, 2018 |   | 112,000 |  |   | 471,134 |  |   | 101,044 |  |   | — |  |
| Borrowings                                  |   | 126,200 |  |   | 223,870 |  |   | 34,544 |  |   | 97,571 |  |
| Repayments                                  |   | (145,200 | ) |   | (351,498 | ) |   | (135,588 | ) |   | — |  |
| Outstanding balance as of December 31, 2019 |   | $ | 93,000 |  |   | $ | 343,506 |  |   | $ | — |  |   | $ | 97,571 |  |

----

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |
|                                                   | December 31, 2019 |
|                                                   | Total Facility |   | BorrowingsOutstanding |   | Unused Portion (1) |
| Secured borrowings - Credit Fund Sub Facility          | $ | 640,000 |  |   | $ | 343,506 |  |   | $ | 296,494 |  |
| Secured borrowings - Credit Fund Warehouse Facility II | 150,000 |  |   | 97,571 |  |   | 52,429 |  |
| Mezzanine loans                                        | 175,000 |  |   | 93,000 |  |   | 82,000 |  |
| Total                                                  | $ | 965,000 |  |   | $ | 534,077 |  |   | $ | 430,923 |  |
|                                                   |   |   |   |   |   |
|                                                   | December 31, 2018 |
|                                                   | Total Facility |   | BorrowingsOutstanding |   | Unused Portion (1) |
| Secured borrowings - Credit Fund Sub Facility          | $ | 640,000 |  |   | $ | 471,134 |  |   | $ | 168,866 |  |
| Secured borrowings - Credit Fund Warehouse Facility    | 150,000 |  |   | 101,044 |  |   | 48,956 |  |
| Mezzanine loans                                        | 175,000 |  |   | 112,000 |  |   | 63,000 |  |
| Total                                                  | $ | 965,000 |  |   | $ | 684,178 |  |   | $ | 280,822 |  |

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

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | For the years ended December 31, |
|                                            | 2019 |   | 2018 |
| Interest expense                                | $ | 34,110 |  |   | $ | 35,606 |  |
| Facility unused commitment fee                  | 1,772 |  |   | 1,086 |  |
| Amortization of deferred financing costs        | 951 |  |   | 1,233 |  |
| Other fees                                      | 86 |  |   | 119 |  |
| Total interest expense and credit facility fees | $ | 36,919 |  |   | $ | 38,044 |  |
| Cash paid for interest expense                  | $ | 36,891 |  |   | $ | 34,175 |  |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |
|                                            | For the years ended December 31, |
|                                            | 2019 |   | 2018 |
| Interest expense                                | $ | 11,856 |  |   | $ | 13,584 |  |
| Amortization of deferred financing costs        | 302 |  |   | 204 |  |
| Amortization of discount                        | 101 |  |   | 104 |  |
| Total interest expense and credit facility fees | $ | 12,259 |  |   | $ | 13,892 |  |
| Cash paid for interest expense                  | $ | 12,839 |  |   | $ | 11,102 |  |

|         |                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------|
| • | $233,000 of Aaa/AAA Class A-1 Notes, which bear interest at the three-month LIBOR plus 1.50%; |
|         |                                                                                                  |
|---------|--------------------------------------------------------------------------------------------------|
| • | $48,000 of Aa2/AA Class A-2 Notes, which bear interest at the three-month LIBOR plus 2.40%; |
|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | $23,000 of A2/A Class B Notes, which bear interest at the three-month LIBOR plus 3.45%; |
|         |                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------|
| • | $27,000 of Baa2/BBB- Class C Notes which bear interest at the three-month LIBOR plus 4.55%; and |
|         |                                                                                                |
|---------|------------------------------------------------------------------------------------------------|
| • | $21,000 of Ba2/BB- Class D Notes which bear interest at the three-month LIBOR plus 8.03%. |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |
| Interest expense                                | $ | 9,893 |  |
| Amortization of deferred financing costs        | 448 |  |
| Amortization of discount                        | 37 |  |
| Total interest expense and credit facility fees | $ | 10,378 |  |
| Cash paid for interest expense                  | $ | 6,782 |  |

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |
|                                       | As of December 31, |
|  Payment Due by Period | 2019 |   | 2018 |
| Less than 1 Year                           | $ | 93,000 |  |   | $ | 213,044 |  |
| 1-3 Years                                  | 344,571 |  |   | — |  |
| 3-5 Years                                  | 343,506 |  |   | 236,000 |  |
| More than 5 Years                          | 533,039 |  |   | 780,248 |  |
| Total                                      | $ | 1,314,116 |  |   | $ | 1,229,292 |  |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |
|                                     | Par Value as of December 31, |
|                                     | 2019 |   | 2018 |
| Unfunded delayed draw commitments        | $ | 59,674 |  |   | $ | 37,437 |  |
| Unfunded revolving term loan commitments | 33,220 |  |   | 54,009 |  |
| Total unfunded commitments               | $ | 92,894 |  |   | $ | 91,446 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
|                                    | For the years ended December 31, |
|                                    | 2019 |   | 2018 |
| Internal rate of return (1)             | N/M |   | N/M |
|                                    |   |   |   |
| Ratios and supplemental data            |   |   |   |
| Ratios to average members’ equity |   |   |   |
| Operating expenses (2)             | 248650.0% |   | 221300% |
| Interest expense (2)                    | 2834500.0% |   | 2474900% |
| Total expenses (2)                      | 3083150.0% |   | 2696200% |
| Net investment income (3)               | 1621450.0% |   | 1431800% |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1) | The internal rate of return since inception (“IRR”) was computed based on the dates of members’ equity contributions to Credit Fund, distributions from Credit Fund to Members in respect of their equity, and the fair value of the members’ equity as of December 31, 2019 and 2018. The IRR of the Members is net of all fees and expenses. Because IRR does not include contributions from, distribution to or the carrying value of the Members’ subordinated loans, the IRRs for the years ended December 31, 2019 and 2018 are not a meaningful measure of Credit Fund’s performance for its Members. Inclusive of contributions from, distribution to and the carrying value of the Members’ equity and subordinated loans, the IRR of the Members’ equity and subordinated loans for the period from the commencement of operations to December 31, 2019 and 2018 was 9.62% and 7.58%, respectively. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The expense ratios are calculated as the total operating expenses allocated to the Members divided by the fair value of the Members’ weighted average capital balance for the period presented as defined by the disclosure requirements for investment companies. Pursuant to the LLC Agreement, there are no management or incentive fees. Expenses were not annualized in calculating the expense ratio. Because the expense ratios do not include the carrying value of the Members’ weighted average subordinated loans, the expense ratios for the period from the year ended December 31, 2019 and 2018 are not a meaningful measure of Credit Fund’s expenses for its Members. Inclusive of the carrying value of the Members’ equity and subordinated loans, the total expense ratio of the Members’ equity and subordinated loans for the years ended December 31, 2019 and 2018 were 28.7% and 27.8%, respectively. |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | The net investment income ratio is the excess of the Members’ investment income over total expenses divided by the fair value of the Members’ weighted average capital balance for the period presented. Net investment income was not annualized in calculating the net investment income ratio. Because the net investment income ratio does not include the carrying value of the Members’ weighted average subordinated loans, the net investment income ratios for the years ended December 31, 2019 and 2018 are not a meaningful measure of Credit Fund’s net investment income for its Members. Inclusive of the carrying value of the Members’ equity and subordinated loans, the net |

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